Shiny Well being Group says it is exploring the sale of its Medicare Benefit well being plan enterprise in California, a transfer that might successfully finish the corporate’s run as a well being insurer.

The Bloomington-based firm introduced the transfer Friday. It additionally disclosed lenders have prolonged a waiver to minimal liquidity necessities till June 30 as Shiny Well being seeks strategic options for the troubled enterprise.

Till the extension, Shiny Well being was dealing with an end-of-April deadline to boost extra capital after revealing in March that it had failed to take care of the minimal liquidity required by a financing settlement.

“We’ve got obtained inbound curiosity in Shiny Well being’s California Medicare Benefit enterprise, and given this, the board has determined to evaluation strategic options alongside different monetary choices,” Manny Kadre, lead unbiased director of Shiny Well being’s board of administrators, stated in a information launch.

Promoting the Medicare Benefit enterprise can be the most recent plot level in Shiny Well being’s dramatic rise-and-fall story. The corporate was financed by Minnesota’s largest-ever preliminary public providing of inventory earlier than it stumbled badly with claims processing and danger evaluation issues in what was as soon as a big enterprise promoting well being plans for people.

Shiny Well being, promoting via government-run medical insurance exchanges, at one level had 970,000 particular person market enrollees throughout 15 states. In October, the corporate introduced it could exit the enterprise completely this yr.

The corporate’s second space of focus had been Medicare Benefit well being plans, the place seniors go for authorities advantages via a personal managed-care well being insurer. Shortly after saying the person market exits, Shiny Well being disclosed that it could relinquish its Medicare Benefit plan in Florida — the corporate’s solely market aside from California for promoting the protection.

The Medicare enterprise in California has about 125,000 enrollees and is Shiny Well being’s final remaining foothold within the medical insurance market.

Proceeds from a sale “would considerably bolster the corporate’s monetary place and set up a powerful basis for long-term sustainable progress,” Shiny Well being stated Friday in a information launch.

Outdoors of medical insurance, Shiny Well being owns and operates various medical clinics that handle take care of sufferers via “value-based care” contracts with different well being insurers.

The brand new settlement with lenders means Shiny Well being “will likely be topic to extra money circulation, money steadiness and different reporting necessities,” the corporate stated Friday in a regulatory submitting.