Major health care provider CareMax, which operates 56 medical centers across Florida, Texas, Tennessee and New York, filed for Chapter 11 bankruptcy in Texas on Sunday.

The company operates centers largely for older patients.

The Miami-based company listed debts of more than $690 million and assets of $390 million, according to a filing with the U.S. Bankruptcy Court for the Northern District of Texas obtained by USA TODAY Wednesday.

In August, the company posted its second-quarter results, including a loss of more than $170 million and issued a going-concern warning.

CareMax said it was not going to be able to file a third-quarter report to the U.S. Securities and Exchange Commission due to a lack of funds, Reuters reported.

Here's what to know.

A press release Sunday, CareMax said it is planning to pursue a sale for both its management services and core centers assets. The company also said it is seeking to continue normal operations in its clinics and payment of wages to its doctors and nurses.

CareMax has also hired Alvarez & Marsal as financial advisers and Piper Sandler as an investment banker, according to the bankruptcy release.

In May, Massachusetts-based Steward Health Care filed for bankruptcy, seeking to sell all of its 31 hospitals and $9 billion in debt.

CEO Ralph de la Torre faced criticism as he collected more than $100 million in compensation and bought a $40 million yacht while employees at Steward hospitals complained about a lack of basic supplies, according to the Senate Committee on Health, Education, Labor and Pensions.

In September, the committee approved a resolution seeking civil enforcement and a criminal contempt charge from de la Torre after he resisted a subpoena earlier that month.

Contributing: Ken Alltucker, USA TODAY.

Fernando Cervantes Jr. is a trending news reporter for USA TODAY. Reach him at [email protected] and follow him on X @fern_cerv_.