Bondoro Insights: Weekly Docket Update

This Week's Key Filings

RAD Diversified REIT, Inc.

• Case Summary
  • RAD Diversified REIT filed for Chapter 11 bankruptcy following SEC regulatory action that halted the company's ability to raise new funds, allegations of investor fraud labeled as a potential Ponzi scheme by Florida's Attorney General, and operational distress marked by low occupancy rates and mounting foreclosures, seeking to preserve and maximize value across more than 300 residential properties under newly appointed independent management.

Hawthorne Race Course, Inc.

• Case Summary
  • Hawthorne Race Course filed for Chapter 11 bankruptcy following liquidity constraints stemming from industry pressures, the suspension of its affiliate's harness racing license, terminated simulcast and sports wagering agreements, and a frozen banking relationship with its senior lender, pursuing a section 363 sale of substantially all assets backed by $16 million in DIP financing from JDI Loans.
• DIP Terms
  • Hawthorne Race Course is seeking approval of a $16 million DIP facility from JDI Loans, with $12.6 million available on an interim basis to fund operations and pay prepetition obligations including ~$2.9 million in delinquent property taxes, $3.9 million in horsemen purse amounts, and $750,000 to restore simulcast signals, maturing in 120 days at 13% interest.

IPIC Theaters, LLC

• Case Summary
  • iPic Theaters has filed for Chapter 11 bankruptcy (Subchapter V), marking the second bankruptcy for the iPic brand since its predecessor's 2019 filing, citing persistently depressed box office receipts, reduced theatrical releases, and heightened streaming competition following the COVID-19 pandemic.

Oroville Hospital

• DIP Terms
  • Oroville Hospital obtained final approval for a $40 million super-priority DIP facility from UMB Bank as Series 2019 Bond Trustee, structured with $24 million sourced from existing funds held under the bond indentures and $16 million in new funding from bondholders following a $16 million interim draw, priced at 10.75% PIK interest plus a 3% exit fee and maturing January 8, 2027, with credit bid rights and milestones requiring sale approval by June 12, 2026 and consummation by year-end 2026.
• Bidding Procedures Summary
  • Oroville Hospital obtained approval of bidding procedures to sell any or all assets, with potential stalking horse designation by April 23 and a 2.0% break-up fee, ahead of a May 21 bid deadline and May 26 auction, allowing UMB Bank (as master trustee and DIP lender) and other secured creditors to credit bid their claims subject to senior lien consent requirements.

Axip Energy Services, LP

• DIP Terms
  • Axip Energy Services obtained interim approval for a $25.5 million super-priority DIP facility from JPMorgan Chase that combines new money term loans with a rollup structure—including a $13.2 million rollup at interim, a daily cashless creeping rollup of ABL obligations, and a $59.9 million ABL rollup at final—to support a sale process.

United Site Services, Inc.

• Plan Terms
  • United Site Services obtained approval of its second amended plan, supported by consenting stakeholders, centering on a debt-for-equity conversion facilitated by a fully backstopped equity rights offering and exit financing package, whereby general unsecured creditors receive payment in full, existing equity holders receive no recovery, and new common shares are distributed to second-out creditors and ERO participants.

Conscious Content Media, Inc.

• Plan Terms
  • Conscious Content Media seeks approval of an amended plan, supported by 100% of its secured noteholders, centering on a going-concern deleveraging facilitated by up to $10 million in DIP financing (inclusive of bridge loan roll-up) and $20 million in exit financing, whereby Magnetar, Bridge, Mezzanine, and Secured Convertible noteholders receive restructured take-back debt plus 2.8 million shares of new common equity while unsecured creditors elect among a $4 million cash pool (6-9% recovery), convertible notes at 25% of claim, or equity at $15.51 per share, targeting plan confirmation within 90 days of petition.

Vanderbilt Minerals, LLC

• DIP Terms
  • Vanderbilt Minerals obtained second interim approval for up to $6.5 million of a $15 million senior secured priming DIP facility led by Commodore Material Funding, structured with a $3 million initial draw and $12 million delayed-draw commitments priced at 7.5% PIK interest plus 1.5% in PIK fees, requiring a sale closing by June 16, 2026, with proceeds funding operations and a $2.3 million carve-out reserve while granting the lender priming liens and full credit-bid rights.

Office Properties Income Trust

• Global Sale Procedures Summary
  • Office Properties Income Trust obtained approval of global sale procedures to market and sell properties from its real estate portfolio through either broker-led processes or expedited bankruptcy auctions, with the debtors authorized to designate stalking horse bidders eligible for up to 3% bid protections and secured lenders permitted to credit bid on their collateral, subject to consultation with the September 2029 Ad Hoc Group, DIP lenders, the creditors committee, and prepetition secured parties throughout the sale processes.

Carbon Health Technologies, Inc.

• DIP Terms
  • Carbon Health Technologies obtained final approval for a $19.5 million super-priority DIP facility with Future Solution Investments as agent with $9 million available initially, priced at 11.5% PIK interest, featuring priming liens on prepetition collateral and a collateral package that includes proceeds from avoidance actions and insider claims upon final order entry.

Omnicare, LLC

• DIP Terms
  • Omnicare obtained approval to amend its JMB Capital Partners DIP facility, increasing the exit fee from 5% to 6% on both the interim and delayed-draw tranches, requiring execution of an acceptable stalking horse purchase agreement by March 31, 2026, and setting maturity at August 31, 2026 with a one-month extension available upon notice if regulatory approvals delay an acceptable sale closing.

Tonopah Solar Energy, LLC

• Bidding Procedures / APA Summary
  • Tonopah Solar Energy filed a supplement to its bidding procedures motion, designating Sons of Liberty Construction as stalking horse bidder for a sale of substantially all assets, including the Crescent Dunes concentrated solar energy plant in Nevada, with a $7 million cash bid protected by a 2.5% expense reimbursement, ahead of a March 4 auction.

Groff Tractor Mid Atlantic, LLC

• APA Summary
  • Groff Tractor Mid Atlantic filed a third amendment to its asset purchase agreement with LB Advisors, the successful bidder designated following a January 21, 2026 auction, stipulating a final $1.1 million net working capital reduction with no further purchase price adjustments, adding certain executory contracts including agreements with Factor Systems and VFS Leasing (with $111,504.99 in cure costs), establishing consulting arrangements with key personnel, and amending the outside closing date to February 27, 2026.

US Magnesium LLC

• Private Sale Summary
  • US Magnesium seeks approval of a private sale to Total Energy Corp. of a 26MW GE gas turbine generator package for $7.5 million, with the asset to be sold free and clear of liens on an as-is basis, subject to a $2 million good faith deposit and 30-day payment deadline following court approval.

FLOAT Alaska LLC

• DIP Terms
  • Float Alaska obtained final approval for a $3.33 million DIP facility from Jones Holding structured as a senior secured delayed draw term loan with a cashless roll-up of prepetition obligations, secured by first-priority priming liens on substantially all assets, with the first $300,000 in avoidance action proceeds preserved for the benefit of the estates.
• Bidding Procedures Summary
  • FLOAT Alaska obtained approval of bidding procedures to sell substantially all assets, reserving the right to designate one or more stalking horse bidders by March 2 ahead of a March 18 auction with a March 16 bid deadline, while authorizing the DIP Lender to credit bid.

Saks Global Enterprises LLC

• Store Closing Sales / Consulting Agreement Summary
  • Saks Global obtained final approval of store closing procedures to liquidate merchandise and FF&E at nine locations, through a consulting arrangement with GA Retail Solutions, LLC, targeted for completion by April 30, 2026 (but no later than May 31, 2026), with provision for severance payments to non-insider employees at closing locations.

Flipcause, Inc.

• APA Summary
  • Flipcause's Chapter 11 Trustee seeks court approval to sell substantially all assets to S4NP Corporation for $400,000 in cash plus assumption of liabilities and a post-closing revenue-based purchase price adjustment, following a cancelled auction where S4NP was the sole qualified bidder, with the transaction subject to a capped cure costs of $50,000.

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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