Bondoro Insights: Weekly Docket Update

This Week's Key Filings

Cumulus Media Inc.

• Case Summary
  • Cumulus Media has filed for a prepackaged Chapter 11 bankruptcy to deleverage its balance sheet by approximately $592 million, driven by sustained advertising declines from digital competition, macroeconomic pressures, and a network tying dispute with Nielsen over access to national ratings data, supported by an RSA with approximately 72% of its 2029 debt holders.
• Plan / RSA Terms
  • Cumulus Media's prepackaged reorganization plan, backed by a restructuring support agreement with a majority of 2029 noteholders, executes a debt-for-equity conversion whereby holders of $169 million in 2029 secured claims receive 95% of the reorganized equity through new common stock and $50 million in exit convertible notes, while remaining funded debt claims split the residual 5% equity stake, all contingent on FCC approval of the transfer of control.

Viridis Chemical, LLC

• Case Summary
  • Viridis Chemical has filed for Chapter 11 bankruptcy following significant cost overruns and construction delays in relocating its bio-based ethyl acetate plant from Nebraska to Illinois, exacerbated by tariff-related equipment delivery issues, disputed contractor claims including a $6.1 million mechanics lien, and deteriorating ethyl acetate market conditions that forced a construction pause in December 2025, now pursuing strategic alternatives including a potential sale or recapitalization to complete the Peoria plant project.
• Bidding Procedures Summary
  • Viridis Chemical filed a motion to establish bidding procedures for a sale of substantially all assets with the Debtors authorized to designate one or more stalking horse bidders with bid protections not exceeding 3% of the cash purchase price and $75,000 in expense reimbursement and a competitive process requiring non-binding indications of interest by April 15 ahead of an April 27 bid deadline and April 29 auction.

BY Hotel SPE-3 LLC

• Case Summary
  • BY Hotel SPE-3 has filed for Chapter 11 bankruptcy following interest rate increases by senior lenders during COVID-19 forbearance negotiations, seeking to preserve operations of its two Chicago hotel properties while restructuring $146.7 million in secured debt.
• DIP Terms
  • BY Hotel SPE-3 seeks approval for a $1 million single-draw junior secured DIP facility from SBY DeKalb Inn to fund operations of two Chicago hotel properties, priced at 10% interest with $50,000 monthly payments and subject to partial disgorgement if the debtors fail to meet milestones including plan filing within 12 months and confirmation within 18 months of the petition date.

TM36, LLC

• Case Summary
  • TM36 has filed for Chapter 11 bankruptcy following the collapse of a $29 million remediation project after its financier failed to fund operations, pursuing litigation claims and a business restart while negotiating $5.75 million in DIP financing.

Nine Energy Service, Inc.

• Plan Terms
  • Nine Energy Service obtained confirmation of its prepackaged Chapter 11 plan, which executes a balance sheet deleveraging whereby senior secured noteholders equitize their claims in exchange for new equity interests in the reorganized company, facilitated by a DIP facility and exit ABL credit facility provided by the prepetition ABL lenders.
• DIP Terms
  • Nine Energy Service obtained final approval for a $125 million White Oak-led super-priority DIP revolving facility that refinances approximately $66.9 million in prepetition ABL obligations while remaining structurally subordinated to $319.5 million in prepetition senior secured notes on non-ABL priority collateral, with adequate protection to noteholders including superpriority claims for diminution in value and payment of Ad Hoc Group professional fees.

STG Logistics, Inc.

• Bidding Procedures Summary
  • STG Logistics obtained approval of bidding procedures to sell substantially all of their logistics and freight operations, authorizing the designation of one or more stalking horse bidders with protections including a break-up fee of up to 3% of purchase price plus reasonable expense reimbursement ahead of an April 24 auction, with qualified bids due April 17 and the process requiring minimum aggregate cash consideration sufficient to repay all DIP obligations, all FLFO claims in full, and provide FLSO claim holders recovery at least equal to the amount contemplated under the RSA.

Carbon Health Technologies, Inc.

• Plan Terms
  • Carbon Health Technologies' Chapter 11 plan offers a dual-path restructuring backed by a $19.5 million DIP facility from Future Solution Investments LLC, whereby the debtor will either pursue a third-party sale of substantially all assets generating proceeds sufficient to repay the DIP Claims and prepetition secured claims in full in cash, or execute a debt-for-equity swap that converts the secured debt into 100% of reorganized equity plus an exit facility, while unsecured creditors receive interests in a litigation trust seeded with $500,000 cash and assigned causes of action.

TPI Composites, Inc.

• APA Summary
  • TPI Composites designated Vestas Wind Systems A/S as the successful bidder for substantially all assets of its Indian operations and certain related debtor assets for $10 million (subject to adjustments) plus assumed liabilities, including assumed accounts payable capped at $14.5 million, following a Dec. 11 bid deadline that yielded no competing qualified bids, prompting cancellation of the auction ahead of a March 10 sale hearing.

Hawthorne Race Course, Inc.

• DIP Terms
  • Hawthorne Race Course obtained interim approval for a $16 million super-priority DIP facility from Derby DIP LLC to fund ongoing operations and preserve enterprise value, with an initial draw of up to $1.49 million, priced at 13% cash interest plus a 2% loan fee and 2% exit fee with maturity 120 days from interim approval or upon plan effectiveness.

Food52, Inc.

• Plan Terms
  • Salt House's liquidation plan distributes the residual proceeds from the completed sales of its Food52, Schoolhouse, and Dansk brands through a Liquidating Trust, which — after satisfying administrative claims, priority claims, and a professional fee reserve — will make pro rata distributions to general unsecured creditors (estimated at ~6.5% recovery) from available cash and any proceeds recovered through retained causes of action.

Axip Energy Services, LP

• Bidding Procedures Summary
  • Axip Energy Services obtained approval of bidding procedures to sell substantially all assets, designating Service Compression as the stalking horse bidder with bid protections ahead of a March 30 bid deadline and April 1 auction, with DIP lenders, prepetition superpriority lenders, and prepetition ABL lenders authorized to credit bid their respective obligations.

Dynacq Healthcare, Inc.

• APA Summary
  • Dynacq Healthcare obtained approval of an asset purchase agreement to sell substantially all assets, including a hospital and medical office building in Pasadena, Texas, to Caliburn Capital and Legent Hospital Northwest Houston for $6.25 million plus cure costs and assumed liabilities, with Caliburn Capital exercising its right to credit bid DIP obligations as the stalking horse bidder entitled to a $187,500 breakup fee and up to $150,000 in expense reimbursement.

Vanderbilt Minerals, LLC

• Bidding Procedures / APA Summary
  • Vanderbilt Minerals obtained approval to enter into a stalking horse agreement with Commodore Materials for the sale of substantially all assets, with the stalking horse bid deemed protected by a $2 million termination payment and up to $1 million in expense reimbursement ahead of a March 18 sale hearing.

Conscious Content Media, Inc.

• DIP Terms
  • Conscious Content Media obtained second interim approval for a $10 million DIP facility structured as a $3.2 million new-money component available immediately and a $6.8 million rollup of prepetition bridge loans (with $3 million rolled at interim and $3.8 million at final), priced at 14% interest.

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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