Bondoro Insights: Weekly Docket Update

This Week's Key Filings

Axip Energy Services, LP

• Case Summary
  • Axip Energy Services has filed for Chapter 11 bankruptcy to pursue a Section 363 sale to stalking horse bidder Service Compression after customer bankruptcies and defaults triggered a liquidity crisis, supported by $25.5 million in new-money DIP financing from its existing lenders.
• DIP Terms
  • Axip Energy Services filed a motion seeking approval for a $104.8 million DIP facility comprised of a $79.3 million rollup of prepetition obligations (including $13.2 million in superpriority debt and $66.2 million in ABL claims) and $25.5 million in new money (with $13 million available on an interim basis), with an interest rate of ABR+6.5%, to fund a sale process.
• Bidding Procedures / APA Summary
  • Axip Energy Services filed a motion to establish bidding procedures for a sale of substantially all assets, designating Service Compression as stalking horse bidder with a $161 million cash bid and 4% combined bid protections, ahead of a March 30 bid deadline and April 1 auction, with the process subject to credit bidding rights from DIP and prepetition lenders.

Eddie Bauer LLC

• Plan Terms
  • Eddie Bauer filed a Chapter 11 plan centering on a sale process governed by bidding procedures, whereby ABL lenders holding $728 million in claims receive 100% of net proceeds (less a contingent pool for general unsecured creditors if they vote to accept), while $600 million in term loan claims and $216 million in subordinated loan claims are extinguished with no recovery, all facilitated by a RSA with consenting lenders and followed by an orderly wind-down of remaining assets.

Office Properties Income Trust

• Plan Terms
  • Office Properties Income Trust filed an amended Chapter 11 plan backed by a $125 million DIP facility, whereby September 2029 Senior Secured Noteholders receive $300 million in Secured Exit Notes and reorganized equity (subject to recovery elections and dilution from two equity rights offerings), while RMR continues as manager under amended agreements providing 2% initial equity and up to 8% performance-based equity.

Luminar Technologies, Inc.

• Plan Terms
  • Luminar Technologies filed a third amended chapter 11 liquidation plan which will distribute proceeds from two completed section 363 asset sales through a Liquidation Trust, whereby First and Second Lien Noteholders receive tiered trust interests from sale proceeds, while approximately $519 million in General Unsecured Claims share a GUC Reserve seeded with $1.5 million in cash, unencumbered assets, and retained causes of action.

Saks Global Enterprises LLC

• DIP Terms
  • Saks Global Enterprises obtained final approval for a multi-facility DIP financing package comprising a $1.5 billion ABL revolver, a $2.56 billion term loan facility with $1 billion new money and $1.56 billion in refinanced prepetition debt, and a $1.75 billion OpCo term loan facility with $1 billion new money and $752 million in rolled-up FILO and NPC loans.

Pretium Packaging, L.L.C.

• DIP Terms
  • Pretium Packaging secured final approval for a $533.5 million DIP term loan facility, comprising $401 million in new-money loans to refinance first lien Tranche A debt and $132.5 million in delayed draw commitments, and a $100 million DIP ABL roll-up facility, priced at SOFR+5.25% and SOFR+3.50%, respectively.
• Plan Terms
  • Pretium Packaging secured approval of its prepackaged restructuring plan centering on a comprehensive delevering transaction whereby Consenting Lenders equitize their First Lien and Second Lien claims to enable full unsecured creditor recoveries, facilitated by DIP term loan financing, exit facilities, and a $50 million new money equity investment securing 21.9% ownership for the New Money Investor alongside equity premiums distributed to DIP term loan lenders and Backstop Parties.

Aleon Metals, LLC

• Plan Terms
  • Aleon Metals obtained approval of its liquidation plan centering on a $187.5 million credit-bid acquisition of all assets in full satisfaction of DIP claims, whereby general unsecured creditors receive recoveries through a GUC Trust with $757,500 in cash, commercial tort claims, and retained avoidance actions, all facilitated by a $1.1 million wind-down carve-out from the sale consideration.

Norcold LLC

• Plan Terms
  • Norcold obtained approval of its liquidation plan centering on the sale of substantially all of the Debtor's assets to a stalking horse purchaser that closed on February 6, 2026, whereby unsecured creditor recoveries are channeled through a liquidating trust funded with the unsecured pool and a wind-down reserve for administrative, priority tax, and secured claims.

Shannon Wind, LLC

• Bidding Procedures Summary
  • Shannon Wind received approval for bidding procedures for the sale of all or substantially all of its assets, soliciting both going-concern 363 bids and restructuring proposals, with no stalking horse designated at filing but authorization to name one by April 30 ahead of a May 15 qualified bid deadline and May 18 auction, with a June 3 sale hearing and June 24 closing deadline.

Everstream Solutions LLC

• Bidding Procedures / APA Summary
  • Everstream Solutions obtained court approval of an amendment to its asset purchase agreement, revising the base cash purchase price downward to $346.6 million from $384 million under the prior agreement, with Bluebird MidWest as buyer of substantially all assets subject to an initial outside date of Feb. 22, 2026, a $34.66 million specified reverse termination amount, and bid protections comprising an $8.55 million break-up fee and up to $2.85 million in expense reimbursement.

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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