Restructuring Report

This episode covers key developments in asset sales and Chapter 11 plans across major restructuring cases:

RiverStreet Communications, a rural broadband provider, launches a $92.5 million stalking horse sale process backed by an Oaktree Capital Management affiliate, while DISH Wireless restructures its auction procedures after terminating its agreement with EchoStar. Meanwhile, Trajector Holdings advances a sale process without an initial bidder, and disputes over previously approved transactions highlight growing challenges in closing bankruptcy asset sales.

Republic National Distributing Company secures confirmation of its Chapter 11 liquidation plan despite overwhelming opposition from unsecured creditors, with approximately 96% of voting unsecured claim amounts at the lead debtor rejecting the plan. The ruling comes as several other major cases, including Stream TV Networks, Linqto, Paragon Industries, and Simply Interior Homes, reach confirmation or plan effectiveness.

The Dolphin Company faces objections from its unsecured creditors' committee over a proposed liquidation plan that would provide first-lien lenders with just 0.14% recovery while leaving unsecured creditors with nothing. The committee challenges the plan's voting structure, treatment of priority claims, and significant prepetition debt roll-up.

And The Phoenix Fund advances a lender-backed liquidation plan in Puerto Rico featuring a $4 million litigation trust, with unsecured creditors entitled to the first $25 million in recoveries before lenders participate. Meanwhile, Leslie's, the Archdiocese of San Francisco, and DISH Wireless face upcoming hearings and deadlines as their restructuring efforts continue.

💡 From competitive asset auctions and contested sale closings to creditor voting disputes and litigation-funded recoveries, this episode examines how sale execution, plan confirmation battles, and competing creditor interests are shaping outcomes in large Chapter 11 cases.

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This episode covers key developments in two major restructuring and bankruptcy cases:

Rad Power Bikes parent Summit Collective converts its Chapter 11 cases to Chapter 7 liquidation following the sale of its electric bike business to Life Electric Vehicles Holdings for approximately $14.9 million, including assumed liabilities. The conversion comes after pandemic-era overexpansion, declining demand, and mounting product liability concerns, with senior lender JPMorgan Chase paid in full while $26.3 million in subordinated noteholder claims remain outstanding.

RiverStreet Communications, a rural broadband cooperative serving more than 31,000 subscribers across Virginia and North Carolina, files for Chapter 11 after an ambitious fiber expansion project creates a $153 million funding gap. Facing suspended government grants, rising construction costs, and mounting creditor claims, the company enters bankruptcy with a $92.5 million stalking horse sale agreement backed by Oaktree Capital Management and seeks up to $80 million in DIP financing while working to preserve essential telecommunications services in underserved communities.

💡 From electric bike industry consolidation and post-sale liquidations to rural broadband financing challenges, this episode examines how shifting market demand, government funding structures, and creditor recoveries are shaping outcomes in complex Chapter 11 cases.

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This episode covers key developments in two major restructuring and bankruptcy cases:

Republic National Distributing Company seeks court approval for its participation in joint venture asset sales in Kentucky and Michigan, expected to generate approximately $50 million in net proceeds, alongside a $9 million settlement with Tito’s Handmade Vodka maker Fifth Generation. The transactions involve non-debtor joint ventures and are tied to critical liquidity deadlines as the wine and spirits distributor approaches confirmation of its Chapter 11 plan.

Highlands Community Charter and Technical Schools, a California nonprofit serving approximately 2,000 adult students, asks a bankruptcy court to halt a pending charter revocation appeal that threatens its ability to continue operating. Facing approximately $186.5 million in disputed state repayment demands, the schools argue that the automatic stay should prevent the revocation proceedings from moving forward while they pursue reorganization and seek to preserve educational services.

💡 From complex joint venture sales and supplier settlements to charter school funding disputes and the reach of the automatic stay, this episode examines how liquidity pressures, regulatory proceedings, and bankruptcy protections are shaping outcomes in Chapter 11 cases.

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This episode covers key developments in two major restructuring and bankruptcy cases:

Mirra-Access Holdings, one of Florida’s largest outpatient healthcare providers, files for Chapter 11 with approximately $400 million in matured debt, then takes the unusual step of seeking a 45-day suspension of its own bankruptcy proceedings. The company and its senior lender are requesting time to negotiate a consensual restructuring while preserving the automatic stay, raising questions about creditor representation and patient care oversight.

Spirit Airlines faces further complications in its Chapter 11 wind-down as its proposed $10 million data sale to Google is delayed until November amid continuing employee privacy objections, despite new safeguards for personal information. Meanwhile, a 20-aircraft sale unravels following alleged buyer defaults, with Spirit seeking to retain approximately $53 million in escrow deposits, while separately selecting a buyer for four flight simulators in an $8.3 million transaction.

💡 From unconventional bankruptcy pauses and healthcare debt negotiations to contested AI data sales and aircraft liquidation disputes, this episode examines how creditor negotiations, privacy concerns, and asset monetization challenges are shaping outcomes in complex Chapter 11 cases.

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This special report takes a deep dive into LIV Golf’s Chapter 11 restructuring and the high-stakes effort to build “LIV 2.0.”

LIV Golf files for Chapter 11 in New Jersey after its Saudi-backed investor ends new equity funding, leaving the professional golf league with approximately $495 million in secured debt after roughly $5 billion in prior equity investment. The restructuring follows years of operating losses and an extensive search for new capital that ultimately produced a deal with private equity firm BC Partners.

Under the proposed restructuring, BC Partners would invest $300 million in LIV 2.0, while participating players would collectively receive 52.5% of the reorganized company’s common equity, along with signing bonuses, certain restored name and likeness rights, and ownership stakes in their teams. The Saudi fund’s existing debt and equity would be cancelled, although it is providing up to $49.6 million in DIP financing to fund the bankruptcy process.

The restructuring now hinges heavily on player support. By October 13th, players representing at least two-thirds of player claims by dollar value and half of players by number must sign on to the new structure. If the BC Partners transaction cannot close within the required timeline, the alternative is a liquidation.

🏌️ From guaranteed player contracts and sponsor-backed financing to private equity ownership and a potential liquidation, this special report examines whether Chapter 11 can give LIV Golf a viable second act—or whether the league is headed for the clubhouse.

The episode also highlights a new Research Suite Intelligence Report examining 14 previous bankruptcies involving professional sports leagues, franchises, and governing bodies—including the XFL, Arena Football League, Los Angeles Dodgers, Texas Rangers, Phoenix Coyotes, and USA Gymnastics—to identify lessons for LIV around player claims, restructuring support agreements, and creditor recoveries.

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This episode covers key developments in three major restructuring and bankruptcy cases:

airBaltic, Latvia’s flag carrier, files for Chapter 11 in New York with approximately $584 million in funded debt and significant aircraft lease obligations after soaring fuel prices and limited hedging sharply strained liquidity. The airline plans to return surplus aircraft, reduce its fleet from 54 planes to 36, and cut approximately €45 million in annual costs as it restructures operations.

Noble Supply and Logistics, a major supplier to the U.S. military, asks a Delaware bankruptcy court to unblock more than $3.2 million in payments from the Defense Logistics Agency, warning that withheld receipts could trigger a default and potentially force the case into Chapter 7. The government counters that it is preserving setoff rights tied to more than $10.8 million in asserted claims against the company.

And a California bankruptcy court approves insider financing for CashCall while establishing a heightened framework for evaluating bankruptcy loans from related parties. Applying heightened scrutiny rather than ordinary business judgment, the court required additional protections—including removing liens on avoidance actions and restricting the lender’s enforcement rights—before approving the nearly $4 million facility.

💡 From airline restructuring and government contract disputes to heightened scrutiny of insider financing, this episode examines how liquidity pressures, creditor rights, and evolving bankruptcy standards are shaping complex Chapter 11 cases.

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This episode covers key developments in three major restructuring and bankruptcy cases:

Spirit Airlines’ proposed $10 million sale of corporate data to Google faces six objections and joinders over employee privacy, aviation safety records, and proprietary third-party information. The contested data set includes records tied to roughly 190 million passenger flights and hundreds of millions of corporate files and communications, while a new bidder has surfaced with a $12.5 million competing offer ahead of the September 30th sale hearing.

A Delaware district court affirms Nikola Corporation’s Chapter 11 confirmation order in two separate appeals, upholding the equitable subordination of the former CEO’s approximately $69.8 million claim and rejecting a procedural challenge from securities plaintiffs holding at least $13 million in claims. The rulings clarify the treatment of civil liability following a presidential pardon and the ability to subordinate claims through a Chapter 11 plan.

And the unsecured creditors’ committee in the Camp Mystic bankruptcy seeks appointment of a Chapter 11 trustee over all four debtor entities, alleging conflicts of interest, mismanagement, questionable prepetition transfers, and inadequate independent oversight following the deadly Guadalupe River flood. The debtors have proposed installing independent fiduciaries instead, setting up a significant governance dispute.

💡 From AI-driven data sales and appellate battles over claim priority to demands for independent oversight in a high-stakes bankruptcy, this episode examines how privacy, governance, and creditor protections are shaping some of the latest Chapter 11 disputes.

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This episode covers key developments in three major restructuring and bankruptcy cases:

Sleep Number Corporation files a Chapter 11 liquidation plan following the sale of nearly all its operating assets to an affiliate of Sleep Country Canada. The company is also seeking approval for a $153.5 million cash payment to prepetition lenders, while unsecured creditors would share remaining value through a trust and existing shareholders receive no recovery.

Republic National Distributing Company, once the nation’s second-largest alcoholic beverage distributor, continues its Chapter 11 wind-down with a $250 million bankruptcy financing facility and a proposed sale of its 17-state Control States business to Martignetti Companies for $14.5 million plus inventory, as it works toward an October confirmation hearing.

And DISH’s Chapter 11 restructuring splits into separate tracks for its satellite and streaming operations and its wireless business. While the satellite side moves toward confirmation of an updated plan, the wireless case faces growing uncertainty as the unsecured creditors committee seeks appointment of an independent Chapter 11 trustee or termination of the debtor’s exclusive right to propose a plan.

💡 From post-sale liquidations and piecemeal asset dispositions to diverging restructuring paths within a single bankruptcy, this episode examines how creditor recoveries, liquidity constraints, and demands for independent oversight are shaping complex Chapter 11 cases.

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This episode covers key developments in three major restructuring and bankruptcy cases:

A Puerto Rico bankruptcy court confirms the Grupo HIMA San Pablo liquidation plan and upholds its opt-out third-party releases, finding that creditors who received clear disclosure and failed to opt out could be deemed to have consented. The decision addresses an issue left open by the Supreme Court’s Purdue Pharma ruling, although the court emphasized that its holding is limited to the specific facts of the case.

Salad and Go parent And Go Concepts wins approval for a two-bidder auction between Dutch Bros and 7 Brew involving roughly 130 leases. Dutch Bros entered with a $105 million prepetition agreement, while the competing bid must remain above a contractual threshold of approximately $118.8 million, setting up a closely watched auction as landlords raise objections to proposed lease assignments.

And a Texas bankruptcy court orders the appointment of an examiner in the Hughes Satellite Systems Chapter 11 case amid allegations involving more than $1.5 billion in related-party transfers. The court leaves the investigation’s scope, budget, timing, and other key questions unresolved for a later hearing as competing investigations and discovery disputes continue.

💡 From post-Purdue third-party releases and competitive bankruptcy auctions to examiner investigations of major related-party transactions, this episode explores how consent, asset-sale strategy, and independent oversight are shaping outcomes in complex Chapter 11 cases.

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This episode covers key developments in three major restructuring and bankruptcy cases:

Braskem Idesa, Mexico’s primary polyethylene supplier, files a prepackaged Chapter 11 in Houston with approximately $3.6 billion in debt, after years of declining ethane deliveries from Pemex dramatically increased production costs. Backed by approximately $409 million in DIP financing, the plan would eliminate more than $920 million in funded debt while leaving trade creditors unimpaired.

BFG Supply, a national horticulture and garden products distributor, enters Chapter 11 after beginning an inventory liquidation 15 days before filing. With more than $340 million in funded debt, the company is pursuing three paths simultaneously—a going-concern sale, inventory liquidation, and real estate dispositions—supported by a proposed $55 million DIP revolver.

And TelePacific pivots from a sale process to a Chapter 11 reorganization after an extensive marketing effort fails to produce a single qualified bid. The amended plan would reduce approximately $1.1 billion in funded debt to a $129 million reorganized capital structure, while first-lien lenders face recoveries of just 2% to 7% and general unsecured creditors are projected to recover between 3% and 11%.

💡 From petrochemical supply disruptions and prepetition liquidations to failed bankruptcy auctions, this episode explores how operational pressures, constrained sale markets, and aggressive balance-sheet restructurings are shaping the latest Chapter 11 cases.

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This episode covers key developments in two major restructuring and bankruptcy cases:

A creditor in the American Efficient bankruptcy seeks appointment of a Chapter 11 trustee or independent examiner, citing federal regulatory findings that an affiliate allegedly sold nearly two gigawatts of “fake capacity” and received roughly $500 million in capacity payments. The motion also raises concerns over insider transactions, affiliate-provided DIP financing, and the absence of a creditors’ committee.

A Texas district court dismisses an appeal challenging Genesis Healthcare’s postpetition financing releases, holding that Section 364(e) prevents the court from disturbing provisions that were part of the lenders’ financing bargain when the underlying order was never stayed. The decision leaves the releases intact without deciding whether they were proper and weighs in on an unsettled question over the scope of appellate protections for bankruptcy financing orders.

💡 From allegations of energy-market misconduct and demands for independent oversight to appellate protections for DIP lenders, this episode examines how regulatory findings, insider relationships, and bankruptcy financing rules are shaping creditor rights in complex Chapter 11 cases.

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This episode covers key developments in three major restructuring and bankruptcy cases:

The Archdiocese of Baltimore sees both competing disclosure statements rejected, with the bankruptcy court finding that neither provides adequate information and that each describes a patently unconfirmable plan. The ruling highlights disputes over insurance trust assets, classification of unsecured claims, and the attempted treatment of non-debtor parishes and affiliates.

Vi-Jon files a prenegotiated Chapter 11 aimed at channeling hundreds of talc personal injury claims into a Section 524(g) trust. The proposed structure relies on a $25 million affiliate contribution, insurance rights with more than $900 million in stated limits, and other contingent assets as the company confronts a sharp increase in projected talc liabilities.

And a New York bankruptcy court rules that approximately $17.6 million in Sleep Number deferred compensation funds held in a rabbi trust are property of the estate, meaning the money will be available for general unsecured creditors rather than reserved for participating executives and employees.

💡 From mass-tort plan disputes and talc trust structures to executive compensation and estate property, this episode explores how courts are defining creditor rights, plan feasibility, and the boundaries of bankruptcy protection in complex Chapter 11 cases.

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This episode covers key developments in three major restructuring and bankruptcy cases:

Alkegen, a global manufacturer of high-performance industrial fibers, files a prepackaged Chapter 11 designed to eliminate approximately $3.1 billion in funded debt. Backed by overwhelming lender support and a $630 million DIP facility, the plan would reduce term debt to roughly $400 million, preserve trade creditor recoveries, and transfer substantially all reorganized equity to first-lien lenders.

FreshRealm seeks approval to solicit votes on a Chapter 11 liquidation plan funded largely by a settlement with former customer Blue Apron, whose departure—along with Walmart’s—eliminated approximately 90% of the company’s revenue. The proposed plan remains under negotiation, with no disclosed recovery estimates and no qualifying bids received for the company’s assets.

And a New York bankruptcy court approves $1.825 million in retention awards for 38 Sleep Number employees over the U.S. Trustee’s objection, finding that the participants were not statutory insiders and that the payments represented a reasonable exercise of business judgment following a $701.8 million winning auction bid.

💡 From multibillion-dollar balance sheet restructurings and customer-driven liquidations to contested employee retention programs, this episode explores how creditor support, settlement proceeds, and workforce stability are shaping outcomes across today’s Chapter 11 landscape.

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This episode covers key developments in three major restructuring and bankruptcy cases:

Alea Holdings files a prearranged Chapter 11 to complete a restructuring that failed outside of bankruptcy—not because creditors objected, but because 40% of trust preferred security holders never responded. The case highlights how Chapter 11 can bind nonresponsive creditors and facilitate a consensual restructuring that could not otherwise close.

Simply Interior Homes proposes a Chapter 11 liquidation plan built largely around potential litigation against its own private equity sponsor, arguing that the company's collapse began with a troubled carve-out transaction that left it undercapitalized, burdened with obsolete inventory, and unable to meet customer demand. The plan identifies litigation claims—not operating assets—as the estate's primary source of potential value.

And the Third Circuit rules that abuse claimants in the Boy Scouts of America bankruptcy cannot revoke their elections to receive expedited distributions, holding that neither the confirmed plan nor the Bankruptcy Code permits creditors to undo those choices after confirmation, even if made by mistake.

💡 From innovative restructuring strategies and sponsor liability claims to appellate rulings on plan finality, this episode explores how bankruptcy courts continue to define the limits of creditor rights, litigation recoveries, and the binding effect of confirmed Chapter 11 plans.

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This episode covers key developments in two major restructuring and bankruptcy cases:

The Celsius Network bankruptcy produces a landmark ruling establishing the first judicial framework for valuing appreciating cryptocurrency in clawback actions. The court rejects a one-size-fits-all approach, instead adopting a fact-specific methodology that ties recoveries to whether digital assets were held, sold, or lost—creating an important precedent for thousands of pending avoidance actions and future crypto bankruptcies.

QVC Group secures confirmation of its prepackaged Chapter 11 plan over vigorous objections from preferred shareholders, with the court approving a complex intercompany settlement after finding the company's independent governance process satisfied the business judgment standard. The ruling also upholds consensual opt-out third-party releases and confirms that preferred shareholders are out of the money despite challenging the allocation of enterprise value.

💡 From groundbreaking cryptocurrency valuation principles to complex corporate governance and plan confirmation issues, this episode examines how bankruptcy courts are addressing novel legal questions that could shape restructurings far beyond these individual cases.

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This episode covers key developments in four major restructuring and bankruptcy cases:

Central Falls Detention Facility Corporation, operator of Rhode Island’s Donald W. Wyatt Detention Facility, files a prearranged Chapter 11 to restructure more than $167 million in bond debt, using Chapter 11 rather than Chapter 9 to reduce bond principal by approximately 60% while resolving long-running litigation and ransomware-related claims.

A Texas bankruptcy court issues a landmark $261 million damages ruling in the Serta Simmons Bedding uptier litigation, holding that participating lenders breached the credit agreement’s pro rata sharing provisions and awarding excluded lenders the face value of the benefits received, plus six years of statutory interest.

Pacifica Hospital of the Valley, a California safety-net hospital serving predominantly low-income patients, files for Chapter 11 amid a dispute over the ownership of its $35 million Main Street Lending Program loan, raising novel questions about loan assignments while seeking to preserve critical healthcare services.

And the Second Circuit delivers a significant decision for distressed investors, ruling that properly drafted ownership blockers can shield investors from short-swing profit liability under federal securities law, rejecting claims tied to more than $300 million in trading profits generated during Bed Bath & Beyond’s final capital raise.

💡 From public-sector restructurings and lender liability to healthcare finance and distressed investing, this episode explores how courts are defining the boundaries of bankruptcy, contract rights, and securities law in some of the year's most consequential cases.

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This episode covers key developments in four major restructuring and bankruptcy cases:

DISH D.B.S. Corporation files a dual-track Chapter 11 that separates its Pay-TV and wireless businesses, combining a prepackaged plan to reduce $9.75 billion in debt with a Section 363 sale of its 5G network. The restructuring follows multibillion-dollar spectrum sales and establishes a $2.4 billion trust to resolve network-related claims.

The Ninth Circuit Bankruptcy Appellate Panel issues a significant ruling holding that a general partner’s management rights survive a bankruptcy filing, concluding that state laws automatically stripping those rights are unenforceable ipso facto provisions preempted by the Bankruptcy Code.

TPx Communications enters Chapter 11 with a pre-negotiated plan to eliminate approximately $971 million in funded debt, while preserving operations through either a lender-backed reorganization or a Section 363 sale. The case also raises governance questions as an independent committee investigates transactions involving the company's controlling shareholder and largest junior creditor.

And a Texas bankruptcy court rejects a minority partner’s attempt to enforce a right of first refusal in the Genesis Healthcare sale, holding that the partner failed to properly exercise its contractual option and reinforcing the Bankruptcy Code’s limitations on restraints to asset transfers.

💡 From multibillion-dollar telecom restructurings and landmark appellate rulings to governance conflicts and healthcare sale disputes, this episode explores how Chapter 11 continues to shape the balance between creditor rights, contractual protections, and enterprise value.

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This episode covers key developments in three major restructuring and bankruptcy cases:

In the long-running A&P bankruptcy, a New York court issues a series of rulings that reduce a $68 million preference recovery effort to just $3.3 million, drawing a sharp line between routine commercial payments protected by Bankruptcy Code defenses and transfers tainted by creditor pressure, altered payment methods, or stay violations.

A Delaware bankruptcy court enforces a Section 363 sale order in the iSun case, rejecting an attempt to invalidate a solar asset sale based on a missing signature page and reaffirming that sale orders and purchase agreements must be interpreted as a unified transaction rather than through isolated drafting errors.

And Freedom Forever, one of the nation’s largest residential solar installers, seeks approval for an accelerated “Project Sunshine” sale process, racing against tax credit deadlines, debt maturities, and the potential erosion of its dealer network as it markets the business without a stalking horse bidder.

💡 From preference litigation and contract interpretation to distressed renewable energy transactions, this episode examines how courts are balancing procedural rigor, asset value preservation, and creditor recoveries in some of today’s most closely watched Chapter 11 cases.

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This episode covers key developments in three major restructuring and bankruptcy cases:

Sleep Number Corporation files for Chapter 11 with a stalking horse bid of $415 million, launching an expedited sale process that leaves a $257.5 million shortfall against secured debt and raises immediate challenges from the U.S. Trustee over roll-up financing, critical-vendor payments, and the absence of value for unsecured creditors.

Simply Interior Homes, a wholesale home textiles company formed through a private-equity-backed carve-out, enters Chapter 11 less than two years after its creation, alleging it was launched with inadequate working capital, unsellable inventory, and operational deficiencies that led to lost retail programs and a collapse in projected revenue. The case now centers on a dual-track sale and liquidation process, with potential litigation claims serving as the primary source of recovery for unsecured creditors.

And GoHealth files a prepackaged Chapter 11 wind-down, converting from a once-high-growth Medicare Advantage marketplace into a long-term vehicle focused on collecting insurance commission streams. The plan is supported by all prepetition lenders and targets emergence within forty days, while preserving value from assets that would likely generate minimal recoveries in a Chapter 7 liquidation.

💡 From retail and consumer products to healthcare technology, this episode explores how companies facing operational disruption, overleveraged balance sheets, and shrinking markets are using Chapter 11 to maximize value through asset sales, litigation recoveries, and structured wind-downs.

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This episode covers key developments in two major restructuring and bankruptcy cases:

Inotiv, a global contract research organization serving the pharmaceutical and biomedical research industries, files a prepackaged Chapter 11 designed to eliminate approximately $325 million in funded debt. Backed by overwhelming creditor support, the plan converts debt into equity, preserves more than $300 million in tax attributes, and utilizes a unique DIP-to-exit financing structure that replaces cash repayment with long-term debt in the reorganized company.

GoldenPeaks Poland Holding, one of Eastern Europe’s largest solar power operators, brings a complex cross-border restructuring to the Southern District of Texas. With approximately $952 million in funded debt, severe liquidity constraints, and a sprawling portfolio of hundreds of solar projects, the company seeks $162.8 million in DIP financing from Brookfield while pursuing a sale or plan-based exit on an accelerated timeline.

💡 From life sciences and pharmaceutical research to utility-scale renewable energy, this episode explores how companies are using innovative financing structures, creditor-backed restructurings, and cross-border Chapter 11 strategies to address mounting debt burdens and operational challenges.

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