HOUSTON (Reuters) – CareMax, which operates 56 medical centers in Florida, Texas, Tennessee and New York and focuses largely on older patients, filed for bankruptcy in Texas on Sunday.

The Miami-based company listed debts of $693 million and assets of $390 million, according to a filing with the US Bankruptcy Court for the Northern District of Texas.

In August, CareMax posted a second-quarter loss of $170.6 million and issued a going concern warning. This month it announced that it would not be able to file its third-quarter report with the U.S. Securities and Exchange Commission due to a lack of resources.

The company said it plans to pursue a sale or other transactions for its management services organization and its core center assets.

Directors approved the hiring of Alvarez & Marsal as financial advisors and Piper Sandler as investment banker, the filing said.

The move follows bankruptcies of other health care groups this year, including Massachusetts-based Steward Health Care. Steward filed for bankruptcy in May in an effort to sell all 31 hospitals and address a $9 billion debt burden.

CareMax had acquired the Medicare value-based company Steward in late 2022 for $25 million in cash and 23.5 million shares. CareMax shares closed Friday at $1.68, down 89% year to date.