Bondoro Insights: Weekly Docket Update

This Week's Key Filings

Ascend Elements, Inc.

• Case Summary
  • Ascend Elements has filed for Chapter 11 bankruptcy following construction delays, cost overruns, and contested contractor claims exceeding $138 million at its Kentucky facility, compounded by depressed battery material pricing driven by Chinese market dominance and the cancellation of a $311 million DOE grant (of which $207 million had been received), pursuing a court-supervised sale of substantially all assets led by Jefferies while actively seeking DIP financing and stalking horse bids.

Morrison Hospital Association

• Case Summary
  • Morrison Hospital Association has filed for Chapter 11 bankruptcy to address approximately $23.8 million in secured debt driven by an overleveraged senior living campus expansion and post-pandemic financial pressures in the healthcare industry, seeking to reorganize and restructure its USDA obligations while sustaining operations through the use of cash collateral.

EEW American Offshore Structures Inc.

• Case Summary
  • EEW American Offshore Structures has filed for Chapter 11 bankruptcy after the collapse of major New Jersey offshore wind projects—including Ørsted's cancellation of Ocean Wind 1 and the EPA's withdrawal of Atlantic Shores' air permit—and sublease litigation that derailed a prospective acquisition of its Paulsboro Marine Terminal leasehold interest, pursuing a value-maximizing sale or sublease of the 85-acre deep-water port site to address approximately $21.7 million in total debt, backed by DIP financing from German affiliate DiScho.
• DIP Terms
  • EEW American Offshore Structures is seeking interim approval for a $6.5 million new-money super-priority DIP facility from prepetition secured lender DiScho Vermögensverwaltung that rolls up the full ~$9.7 million prepetition secured position on a staged basis—$3.25 million at interim and ~$6.4 million at final—priced at 5% interest with no commitment or exit fees, funding a Hilco-led sale process subject to milestones requiring an auction within 75 days and plan confirmation within 150 days.

Geddo Corporation

• Case Summary
  • Geddo Corporation and six affiliated entities, operators of 12 franchised Farmer Boys restaurants across California and Arizona, have filed for Chapter 11 bankruptcy following severe cash flow deterioration driven by collection efforts from approximately 40 merchant cash advance lenders on over $5.2 million in expansion-related borrowings, seeking to restructure their obligations and preserve going-concern operations through use of cash collateral.

TPI Composites, Inc.

• DIP Terms
  • TPI Composites obtained amended final approval for a $22.5 million Oaktree-administered super-priority DIP facility that structures a $15 million rollup of prepetition senior secured obligations at a 2:1 ratio against $7.5 million in new money, as amended to admit Vestas America as a DIP lender through its $12.4 million purchase of existing DIP obligations and establish a bifurcated collateral structure segregating Vestas collateral from all other collateral, while eliminating all prior milestones and preserving full credit-bid rights for both DIP and prepetition secured parties against against at least $450 million in outstanding prepetition debt.
• Plan Terms
  • The amended joint Chapter 11 plan of TPI Mexico V, LLC and TPI Mexico VI, LLC — subsidiaries of TPI Composites, Inc. — facilitates a ~$14 million equity sale to Vestas Wind Systems A/S affiliate Vestas America Holding, Inc., whereby the buyer credit-bids the full amount of DIP obligations (assigned to it from the original Oaktree-led DIP facility) to acquire 100% of the reorganized equity, with approximately $456.8 million in senior secured term loan claims recovering pro rata from excess sale proceeds and surplus recovery pool distributions, while general unsecured creditors receive interests in a trust funded with $1 million in cash and senior secured turnover rights under a global settlement resolving the creditors' committee's challenges, including its adversary proceeding contesting the Oaktree credit bid.

Shannon Wind, LLC

• Plan Terms
  • Shannon Wind’s Chapter 11 plan contemplates a dual-track process for its 204.1-megawatt Clay County, Texas wind project — either a sale of all or substantially all assets or the acquisition of 100% of the reorganized debtor’s new equity — under which net restructuring proceeds would be applied to estimated prepetition secured obligations of approximately $117.6 million, subject to final agreement or court order, arising under energy hedge agreements and a senior secured promissory note involving Citigroup Energy Inc. and Citibank, N.A.

Tonopah Solar Energy, LLC

• Plan / RSA Terms
  • Tonopah Solar Energy’s pre-negotiated Chapter 11 plan contemplates a going-concern sale of its net 110-megawatt concentrated solar power plant to stalking horse bidder Sons of Liberty Construction, followed by a wind-down, with Crescent Dunes Finance recovering remaining sale proceeds through its DIP and prepetition secured claims.

Avenger Flight Group, LLC

• Plan Terms
  • Avenger Flight Group’s liquidation plan centers on a $125M credit-bid sale of substantially all assets to a prepetition-lender designee, supported by a $43.5M DIP and a global settlement funding a litigation trust that generally allocates net proceeds 40/60 between general unsecured creditors and the prepetition lenders’ ~$162.5M deficiency claim.

Aleon Metals, LLC

• Plan Terms
  • Aleon Metals' committee-backed joint liquidation plan resolves approximately $403.2 million of funded debt, including tax-exempt municipal revenue bonds issued by GMR and ARM, through a $187.5 million credit-bid sale of substantially all assets to AM BidCo Operations LLC (as designee of stalking horse bidder AM BidCo Holdings, LLC), fully satisfying the DIP claims and channeling distributions to unsecured creditors through a GUC Trust, with Class 3 accepting by 97.9% in amount.

Reliz Technology Group Holdings Inc.

• Bidding Procedures Summary
  • Reliz Technology Group obtained approval of bidding procedures to sell substantially all assets, excluding cash and cryptocurrency, ahead of a May 15, 2026 auction, with Celsius Network entitled to credit bid up to $5.9 million in aggregate against certain debtor entities' assets.

Inspired Healthcare Capital Holdings, LLC

• Bidding Procedures Summary
  • Inspired Healthcare Capital Holdings obtained approval of bidding procedures to sell substantially all of its and its debtor affiliates' assets, authorizing the designation of one or more stalking horse bidders by May 18 with bid protections capped at a 3% break-up fee and $2.5 million in expense reimbursement, while preserving prepetition secured lenders' rights to credit bid and exercise a right of first refusal, ahead of a June 19 bid deadline and June 24 auction.

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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