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GoHealth, Medicare-Focused Insurance Marketplace, Evaluates Restructuring
GoHealth is preparing for a potential restructuring, including a chapter 11 filing, according to sources.
The publicly listed company, which allows users to compare plans from various insurers, has struggled in a “materially different Medicare Advantage environment.” No decision has been made about a chapter 11 filing, and the company may restructure on an out-of-court basis, the sources cautioned.
GoHealth is working with Kirkland & Ellis as counsel and Guggenheim Securities as investment banker amid the underperformance, Octus previously reported.
GoHealth, in its second-quarter 2025, obtained a new senior secured superpriority term loan facility, which includes $80 million in new-money term loans and $35 million in rollup loans. The existing credit agreement was amended to terminate Class A and A-1 revolver commitments and push out the maturity date of the remaining Class A revolver loans outstanding to August 2029. The company will also be able to PIK a portion of the interest on the Class A loan and the term loan and waive the amortization on the term loan until December 2026.
During the third-quarter investor call, GoHealth CEO Vijay Kotte said that the company had the ability to draw on the new-money senior secured superpriority term loan obtained in the second quarter.
The company’s third-quarter adjusted EBITDA was negative $47.1 million, compared with negative $12.1 million in the prior-year period. Revenue dropped 71% year over year, attributable to an intentional pullback in Medicare Advantage volume, reduced non-agency activity, and a broader industry shift toward margin integrity and renewal stability.
Business development company holders to the company, fka Norvax, can be found on Octus’ BDC Database. Large holders of its private credit loan as of February include Blue Owl and MidCap, per the database. The loan was added to nonaccrual status as of Sept. 30, 2025, by Blue Owl.
An estimate of GoHealth’s capital structure as of Sept. 30 is shown below:
GoHealth’s stock price was $1.97 at market close today, March 24.
GoHealth, Kirkland & Ellis, Guggenheim and significant shareholder Centerbridge Partners did not respond to requests for comment.
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