Karyopharm Therapeutics filed for Chapter 11 with a prepackaged plan to equitize about $276 million of secured funded debt into up to 55% of a combined company with Ayrmid, subject to competing bids, after payment defaults and what it calls mixed Phase 3 results.
Redeemer Health filed for Chapter 11 after years of hospital and physician network losses, increased competition, and missed bond payments, seeking a going-concern sale of Holy Redeemer Hospital and its physician network while preserving its post-acute and life care operations.
ZOM Holding, Inc. and affiliates filed Chapter 11 after a $308.6 million Arizona judgment for breaching a 2019 non-circumvention agreement. They plan to sell substantially all assets, with related non-debtor ZOM Holding, LP as proposed DIP lender and stalking horse, and seek to continue the appeal.
RiverStreet filed for Chapter 11 after a roughly $153 million funding gap halted its subsidy-backed rural fiber buildout and triggered grant defaults, pursuing a 363 sale to an Oaktree stalking horse for $92.5 million, with a proposed $80 million CoBank-led DIP including $20 million of new money.
Getty Images filed for Chapter 11 citing warrant-litigation judgments, costs of a terminated Shutterstock merger and heavy debt service, entering with an RSA and prepackaged plan under which its largest shareholders, the Getty family and Koch, invest up to $533 million and take the company private.
Character.AI filed for Chapter 11 amid child-safety litigation, multistate regulatory scrutiny and persistent cash burn, pursuing a 363 process anchored by Disney's $20 million stalking horse bid for a non-exclusive license to its AI technology after most of its workforce joined Disney.
True Food Kitchen filed for Chapter 11, closing 12 of its 46 restaurants, citing strategic missteps, frequent management turnover and declining sales. A $20 million DIP from an affiliate of equity holder HumanCo funds a sale or recapitalization process.
American Hospitality Properties REIT filed for Chapter 11 without DIP financing amid SEC consent judgments against its former CEO and its sponsor, Marriott franchise defaults, ground lease litigation and shareholder suits. It warns that failing to obtain financing may force conversion to Chapter 7.
Pool and spa retailer Leslie's filed Chapter 11 after adjusted EBITDA fell from $292M to $61M in three years, leaving its $757M term loan unsustainable. The plan cuts over $685M of debt and hands the company to the term lenders who will fund a $90M DIP and a $60M equity infusion at emergence.
Brightline's holding companies filed Chapter 11, keeping the Miami–Orlando railroad out of court. An RSA with Assured and mutual funds would fund it and leave muni principal intact; the main Parent Notes group isn't a party. The Debtors cite heavy leverage and below-forecast ridership and fares.
TapestryHealth Files Chapter 11 in District of Delaware
Encanto Restaurants Files Chapter 11 in District of Puerto Rico
The New Roseland Community Hospital Files Chapter 11 in Northern District of Illinois
EYM Diner of DFW Files Chapter 11 in Northern District of Texas
Sterilization Services of Tennessee Files Chapter 11 in Northern District of Illinois
1583 58 Street Files Chapter 11 in Eastern District of New York
ITP Holdings Files Chapter 11 in District of Nevada
WeAre8 Files Chapter 11 in District of Delaware
Aspen Square Homes Files Chapter 11 in Northern District of Texas