Bondoro Insights Weekly Docket Update
Key Filing Summaries for the week ending Dec. 30, 2025
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This Week's Key Filings
United Site Services, Inc. (Filed Dec. 29)
Case Summary – Published Dec. 29
- United Site Services has filed for Chapter 11 bankruptcy amid rising operating costs and a sharp decline in construction activity, seeking to implement a pre-negotiated reorganization backed by a restructuring support agreement with Platinum Equity and an ad hoc lender group.
Plan / RSA Terms – Published Dec. 29
- United Site Services’ prepackaged reorganization plan facilitates a $2.4 billion balance sheet deleveraging driven by the equitization of second-out and amended term loans, whereby the consenting ad hoc group secures control through a fully backstopped $480 million equity rights offering and provides $120 million in DIP financing, while first-out and ABL claims are paid in full and a settlement with sponsor Platinum Equity preserves the debtor's tax attributes.
DIP Terms – Published Dec. 29
- United Site Services filed a motion for interim and final approval of a $120 million senior secured superpriority DIP facility provided by an ad hoc group of lenders, available in a $62.5 million initial draw and a $57.5 million final draw, priced at SOFR+7.75% payable in cash with a 7.5% PIK backstop fee, and conditioned on a plan effective date within 75 days of the petition date.
American Signature, Inc. (Filed Nov. 22)
Bidding Procedures / APA Summary – Published Dec. 29
- American Signature obtained approval of bidding procedures to sell substantially all assets, designating ASI Purchaser LLC as the stalking horse bidder with a $147.9 million bid comprised of cash and assumed liabilities ahead of a Jan. 8 auction.
US Magnesium LLC (Filed Sep. 10)
DIP Terms – Published Dec. 29
- US Magnesium obtained fourth interim approval for a $12.3 million DIP facility administered by Wells Fargo with participation from The Renco Group, structuring $11.5 million in term loans and an $821,588 letter of credit tranche at an 8.5% interest rate.
SpiriTrust Lutheran (Filed Nov. 21)
APA Summary – Published Dec. 24
- SpiriTrust Lutheran moved for entry of an order approving the sale of substantially all assets, designating Concordia Lutheran Ministries as the stalking horse bidder with a $41 million cash bid subject to a $1.2 million break-up fee, proposing a Jan. 5, 2026 bid deadline and Jan. 13, 2026 sale hearing.
Antelope Hospitality LLC (Filed Dec. 22)
Case Summary – Published Dec. 23
- Antelope Hospitality has filed for Chapter 11 bankruptcy following a franchise default and a sharp decline in tourism driven by regional wildfires and a drop in international travel, seeking to restructure approximately $9.67 million in secured debt and transition its hotel property to independent operations.
FlexShopper, Inc. (Filed Dec. 22)
Case Summary – Published Dec. 23
- FlexShopper has filed for Chapter 11 bankruptcy following the discovery of significant management fraud and accounting irregularities, seeking to consummate a stalking horse sale to an affiliate of Snap U.S. Holdings backed by DIP financing from the purchaser.
Bidding Procedures / APA Summary – Published Dec. 23
- FlexShopper filed a motion to establish bidding procedures for a sale of substantially all assets, designating ReadySett LLC as the stalking horse bidder with an offer comprised of an $8 million closing payment and a $7.5 million warehouse payment, subject to a $620,000 break-up fee and DIP credit bidding rights, ahead of a Jan. 30, 2026, bid deadline and Feb. 5, 2026, auction.
DIP Terms – Published Dec. 23
- FlexShopper sought interim approval for an $8 million new-money delayed-draw DIP facility from stalking horse bidder ReadySett LLC, split between a $2 million initial draw and a $6 million tranche available upon entry of a final order, priced at 15% interest and maturing 80 days post-petition.
Conscious Content Media, Inc. (Filed Dec. 17)
Plan / RSA Terms – Published Dec. 23
- Conscious Content Media’s restructuring support agreement outlines a balance sheet recapitalization backed by a $10 million DIP and $20 million in preferred equity exit financing, whereby Consenting Secured Noteholders agree to extend maturities and exchange claims for a mix of restructured debt, cash, and new common equity, while allocating a portion of their distributable value to fund recoveries for otherwise out-of-the-money general unsecured creditors.
GST, Inc. (Filed Dec. 11)
DIP Terms – Published Dec. 23
- GST obtained interim approval for a Winners Alliance-provided DIP facility structuring a dollar-for-dollar roll-up of prepetition debt against interim draws on a $2.9 million new-money term loan, with $1.1 million available immediately, carrying 14.5% PIK interest and requiring a plan effective date by April 15, 2026.
Ample, Inc. (Filed Dec. 16)
Bidding Procedures / APA Summary – Published Dec. 23
- Ample filed an emergency motion to establish bidding procedures for a sale of substantially all assets, seeking authorization to designate a stalking horse bidder by Feb. 6 ahead of a Feb. 23 bid deadline and Feb. 25 auction.
Broadway Realty I Co., LLC (Filed May 21)
Bidding Procedures / APA Summary – Published Dec. 23
- Broadway Realty I designated Summit Gold as the stalking horse bidder for its real property assets with a $451.3 million purchase price subject to a potential reduction to $420.07 million based on financing availability, protected by a 2% break-up fee ahead of a Jan. 8 auction.
Razzoo's, Inc. (Filed Sep. 30)
Bidding Procedures / APA Summary – Published Dec. 23
- Razzoo's obtained approval to sell substantially all assets to stalking horse bidder Thirty Three97 LLC for approximately $18.8 million, comprised of a credit bid of senior secured and DIP obligations, assumption of liabilities, and transaction fees, following the cancellation of the auction due to the absence of competing qualified bids.
Last Week's Key Filings
Insights
About Bondoro Insights Summaries
Our goal with Bondoro Insights is to provide you with faster, broader coverage on active Chapter 11 cases. These summaries are generated by Bondoro's proprietary AI, tuned on our historical coverage and validated against source filings. While accuracy is a priority, they are intended for immediate informational purposes, may contain errors, and are not a substitute for professional or legal advice. Please refer to the source filings for definitive information.
This AI-powered coverage is designed to supplement our comprehensive, analyst-written case summaries.
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