Restructuring Report

May 18, 2026 - Spanish Broadcasting System, YesCare Corp., Nied Ownership, National Railway Equipment Company

This episode covers key developments in four major restructuring and bankruptcy cases: Spanish Broadcasting System, the Spanish-language media company behind Mega TV and La Musica, files a pre-packaged Chapter 11 to restructure approximately $310 million in secured notes, with noteholders set to take ownership of the reorganized company through a debt-for-equity exchange. YesCare Corp. and affiliated correctional healthcare providers enter Chapter 11 after a $307 million jury verdict triggered contract terminations representing more than $350 million in annual revenue, leaving the company unable to meet payroll obligations and facing substantial litigation exposure. A secured creditor moves to dismiss the Nied Ownership bankruptcy as a bad-faith filing, arguing the Central Florida real estate holding company sought Chapter 11 protection just days before a scheduled foreclosure auction tied to a heavily distressed property portfolio carrying more than $457 million in mortgage debt. And National Railway Equipment Company, operating under T.R.M. N.R.E. Holding, seeks approval of a $3 million junior DIP financing facility from its own equity sponsor as the company warns it could exhaust liquidity within weeks while pursuing a restructuring under strict case milestones. 💡 From media restructurings and correctional healthcare fallout to distressed real estate and insider-backed DIP financing, this episode examines how litigation shocks, governance pressures, and capital constraints continue to shape the evolving Chapter 11 landscape. Thank you for listening! Visit researchsuite.stretto.com for more information. Follow us on LinkedIn [https://www.linkedin.com/company/stretto-com/].

May 11, 2026 - Spirit Airlines, Genesis Healthcare, BlockFills, Axip Energy Services

This episode covers key developments in four major restructuring and bankruptcy cases: Spirit Airlines moves to sell or abandon its remaining fleet following a full operational shutdown, seeking emergency court approval to dispose of aircraft, engines, and spare parts as surging fuel costs rendered its reorganization plan unworkable. A federal district court vacates the extension of the automatic stay to non-debtors in the Genesis Healthcare case, ruling that the bankruptcy court failed to follow required procedures and properly apply the preliminary injunction standard under Fifth Circuit precedent. In the BlockFills crypto bankruptcy, a creditor seeks appointment of both a Chapter 11 trustee and an independent examiner, alleging fraud, commingling of customer assets, and a significant balance sheet deficit tied to trading losses and unsecured lending practices. And Axip Energy Services files a Chapter 11 liquidation plan incorporating a global settlement following its asset sale, with recoveries projected at roughly 49% for senior lenders and 40% for unsecured creditors after a rapid Section 363 process. 💡 From airline shutdowns and appellate reversals to crypto governance disputes and energy-sector liquidations, this episode explores how operational collapse, procedural rigor, and creditor negotiations are shaping outcomes in complex bankruptcy cases. Thank you for listening! Visit researchsuite.stretto.com for more information. Follow us on LinkedIn [https://www.linkedin.com/company/stretto-com/].

May 4, 2026 - FreshRealm, Wiser Solutions, Impac Mortgage Holdings

This episode covers key developments in three major restructuring and bankruptcy cases: FreshRealm, a fresh food manufacturer supplying major partners like Blue Apron and Walmart, files for Chapter 11 after a series of Listeria outbreaks wiped out roughly 90% of its revenue, entering with $168 million in secured debt, a $63 million DIP facility, and a stalking horse sale to Misfits Market as it pursues insurance recoveries exceeding $40 million. Wiser Solutions, a pricing analytics and retail intelligence software provider, files for Chapter 11 with approximately $563 million in funded debt, launching a credit-bid sale process backed by its senior lender and supported by $34.2 million in DIP financing, following years of acquisition-driven growth that left the company with operational redundancies. And Impac Mortgage Holdings files a prepackaged Chapter 11 designed to preserve more than $1.4 billion in tax attributes, with a sponsor converting secured debt into full ownership of the reorganized company under a structure aimed at maximizing the value of net operating losses. 💡 From food safety crises and SaaS consolidation challenges to tax-driven restructurings, this episode explores how operational shocks, capital structure strain, and strategic bankruptcy tools are shaping outcomes across today’s Chapter 11 landscape. Thank you for listening! Visit researchsuite.stretto.com for more information. Follow us on LinkedIn [https://www.linkedin.com/company/stretto-com/].

April 27, 2026 - Artist & Craftsman Supply, Carbon Health Technologies, BRD Land & Investment, Cyprus Mines Corporation

This episode covers key developments in four major restructuring and bankruptcy cases: Artist & Craftsman Supply files a disclosure statement projecting a 100% recovery for all creditor classes, outlining a reorganization plan that preserves its remaining retail footprint while demonstrating significantly higher recoveries than a Chapter 7 liquidation. Carbon Health Technologies seeks court approval of a $100 million credit bid backstop sale, positioning its lender to acquire the business if its reorganization plan fails, as the company faces mounting administrative costs and potential liquidity constraints ahead of confirmation. BRD Land & Investment files a Chapter 11 liquidation plan projecting approximately 16% recovery for unsecured creditors, following a collapse in residential development demand that erased hundreds of millions in projected revenue. And Cyprus Mines Corporation secures approval for an additional $3 million in DIP financing, extending a long-running case tied to talc litigation as it approaches a critical plan confirmation deadline nearly five years after filing. 💡 From full-recovery retail reorganizations and healthcare sale backstops to real estate liquidations and litigation-driven bankruptcies, this episode explores how market shifts, capital constraints, and legal timelines are shaping outcomes across today’s Chapter 11 landscape. Thank you for listening! Visit researchsuite.stretto.com for more information. Follow us on LinkedIn [https://www.linkedin.com/company/stretto-com/].

April 13, 2026 - Office Properties Income Trust, FAT Brands, Axip Energy Services, BlockFills

This episode covers key developments in four major restructuring and bankruptcy cases: Office Properties Income Trust heads toward confirmation of its $2.4 billion restructuring, following extensive intercreditor disputes and a series of settlements that stabilized enterprise value and reduced leverage through conversion of its DIP facility into equity, leaving unsecured noteholders with modest recoveries and wiping out existing equity. FAT Brands enters the final phase of its Chapter 11 sale process after resolving a high-profile governance battle, with bids due April 24th and lenders positioned to credit bid nearly $1 billion in debt if no third-party offers emerge. Axip Energy Services completes a $161 million Section 363 sale in just 43 days, one of the fastest recent processes in the Southern District of Texas, though the outcome leaves unsecured creditors and junior stakeholders facing little to no recovery. And BlockFills, a digital asset brokerage, advances a dual-track restructuring strategy combining a potential customer-led NewCo transaction with a court-supervised sale, as the case centers on whether customer crypto assets constitute property of the estate. 💡 From distressed office real estate and franchise governance battles to rapid asset sales and crypto restructuring frameworks, this episode explores how speed, stakeholder negotiations, and emerging legal questions are shaping outcomes across today’s Chapter 11 landscape. Thank you for listening! Visit researchsuite.stretto.com for more information. Follow us on LinkedIn [https://www.linkedin.com/company/stretto-com/].