Cumulus Media filed for a prepackaged Chapter 11 to deleverage its balance sheet by $592 million, driven by advertising declines from digital competition, macroeconomic pressures, and a network tying dispute with Nielsen over access to ratings data, supported by an RSA with 72% of 2029 debt holders.
RAD Diversified REIT filed Chapter 11 following an SEC order declaring its offering statement abandoned, an ongoing Florida Attorney General investigation characterizing the enterprise as a potential Ponzi scheme, and mounting foreclosures across its portfolio of over 300 properties and vacant lots.
Hawthorne Race Course filed for Chapter 11 amid a liquidity crisis driven by a Churchill Downs judgment, frozen operating accounts at its senior lender, terminated simulcast agreements, and a suspended harness racing license, pursuing a Section 363 sale backed by $16 million in DIP financing.
IPIC Theaters has filed for Chapter 11 bankruptcy under subchapter V, its second restructuring since its predecessor’s 2019 filing, as the company grapples with persistently depressed box office revenue, a reduced slate of theatrical releases, and intensifying competition from streaming platforms.
Axip Energy Services filed for Chapter 11 bankruptcy to pursue a Section 363 sale to stalking horse bidder Service Compression after customer disruptions and covenant defaults led to a failed refinancing and liquidity crisis, supported by $25.5 million in new‑money DIP financing.
Vanderbilt Minerals has filed for Chapter 11 bankruptcy to sell its assets to stalking horse bidder Commodore Materials for $50 million, driven by over $117 million in legacy talc-related litigation liabilities and recent adverse jury verdicts, supported by $15 million in DIP financing.
FLOAT Alaska has filed for Chapter 11 bankruptcy to liquidate its assets after ceasing all operations, following the collapse of its transpacific strategy due to Russian airspace closures, regional competitive pressures, and the subsequent failure of its domestic and charter pivots.
Tonopah Solar Energy has filed for Chapter 11 bankruptcy to pursue a Section 363 sale of its concentrated solar power facility, following chronic technical failures that necessitated a permanent capacity reduction.
Saks Global has filed for Chapter 11 bankruptcy following a liquidity crisis triggered by its $2.7 billion Neiman Marcus acquisition, which saddled the luxury retailer with unsustainable debt and strained vendor relationships.
STG Logistics has filed for Chapter 11 bankruptcy to pursue a dual-track sale or recapitalization, following a severe freight market downturn and liquidity constraints despite a prior refinancing, supported by $294 million in DIP financing.
Cera Tile Files Chapter 11 in Southern District of New York
Viridis Chemical Files Chapter 11 in Southern District of Texas
SB Yen Management Group Affiliates File Chapter 11 in District of Delaware
Hronis, Inc. Files Chapter 11 in Eastern District of California
StopLoss Response Services Files Chapter 11 in Southern District of Texas
Cumulus Media Files Chapter 11 in Southern District of Texas
Letterman Chicago Apartments Owner Files Chapter 11 in Northern District of Illinois
Ynez Shops Files Chapter 11 in Central District of California
8535 Highfield Files Chapter 11 in District of Colorado