Bondoro Insights: Weekly Docket Update

This Week's Key Filings

Impac Mortgage Holdings, Inc.

• Case Summary
  • Impac Mortgage Holdings has filed for Chapter 11 bankruptcy following the wind-down of its lending operations amid post-COVID interest rate pressures, GSE relationship deterioration, and protracted preferred shareholder litigation, pursuing a prepackaged recapitalization in which Plan Sponsor Hildene Re SPC will exchange its senior secured debt for 100% of the reorganized equity, backed by a DIP facility from Hildene and supported by holders of 100% of the Junior Subordinated Notes.
• Plan Terms
  • Impac Mortgage Holdings’ prepackaged Chapter 11 plan effectuates a debt-for-equity recapitalization centered on Plan Sponsor Hildene’s exchange of its Senior Indebtedness Claims for 100% of the New Common Stock, whereby a multi-draw exit term loan—comprising the rolled DIP plus $5 million of new money at SOFR+4% maturing in 36 months—refinances DIP obligations and funds plan distributions, while subordinated noteholders receive a Contingent Payment Certificate capped at $5 million tied to three years of consolidated earnings, general unsecured creditors share $300,000 in cash, and existing Impac equity is extinguished.
• DIP Terms
  • Impac Mortgage Holdings filed a motion seeking interim and final approval of an up to $5 million senior secured superpriority DIP facility from Hildene Re SPC, structured as up to $3 million in new-money borrowing capacity alongside a $2 million cashless roll-up of prepetition Bridge Note obligations, priced at 12% interest with a 4% facility fee on the new-money portion, and governed by milestones requiring plan effectiveness within 60 days of the petition date.

FreshRealm, Inc.

• Case Summary
  • FreshRealm has filed for Chapter 11 bankruptcy following Listeria-related recalls, the loss of key customer Walmart, and a disputed termination notice from Blue Apron under its production agreement. The company is pursuing an orderly wind-down through a proposed $47 million settlement with Blue Apron that would transition Blue Apron’s fulfillment business to Misfits Market, alongside a parallel section 363 sale of non-Blue Apron assets, supported by a DIP facility consisting of $3 million in protective advances and $15 million in postpetition new-money financing from BGC and FaraNord.
• FreshRealm - Settlement, Sale & Transition Services Summary
  • FreshRealm filed a motion seeking approval of an integrated settlement and private sale transaction, proposing to sell certain Blue Apron-related assets to Misfits Market for $1 plus the assumption of Assumed Liabilities, alongside a Rule 9019 settlement under which Blue Apron will pay the estates approximately $42 million ($10 million on the Effective Date plus $32 million in deferred payments over 15 months guaranteed by Wonder Group), plus a separate $5.1 million End of Life Product Payment, in lieu of a formal bidding process for the Blue Apron-related assets and supported by consenting prepetition secured lenders.
• DIP Terms
  • FreshRealm sought interim approval for a $63 million superpriority DIP facility from Birch Grove Investments LLC and/or affiliates and FaraNord, structured as $18 million in new money, including a $3 million roll-up of prepetition protective advances and $15 million in postpetition commitments with $10 million available on interim approval, alongside a 2.5:1 roll-up of $45 million in prepetition first- and second-lien term loans. The facility is priced at SOFR + 800 bps, payable in kind, and matures at the earliest of six months after the petition date and other customary case-related triggers.

Wiser Solutions, Inc.

• Case Summary
  • Wiser Solutions has filed for Chapter 11 bankruptcy following an over-leveraged acquisition strategy, integration failures, and a $15 million litigation judgment (the Seybold Judgment) that threatened imminent asset levy. The Debtors are pursuing a section 363 sale with their prepetition secured parties serving as stalking horse bidder via credit bid, supported by up to $34.2 million in DIP financing to fund operations through closing.
• Bidding Procedures / APA Summary
  • Wiser Solutions filed a motion to approve bidding procedures and designate CL Mateo-A LLC as stalking horse bidder for a sale of substantially all assets, supported by a $90 million credit bid comprising the Crestline DIP Obligations and a portion of the Crestline Prepetition Obligations, ahead of a June 15, 2026 bid deadline and June 18, 2026 auction, if necessary.
• DIP Terms
  • Wiser Solutions filed a motion seeking interim approval for an up to $34.2 million Crestline-led superpriority DIP facility, structured with an approximate 2:1 roll-up of $22.8 million in prepetition debt against $11.4 million of new money, priced at 20% PIK interest and tied to milestones requiring consummation of a 363 sale, with Crestline Buyer as stalking horse, by June 30, 2026.

Synergy Capital Auto Lending, LLC

• Case Summary
  • Synergy Capital Auto Lending and Texas Auto Save have filed for Chapter 11 bankruptcy after Westlake Capital Financial terminated their credit line in 2024 amid an in-house financing market downturn, and after a 2025 agreement giving the Debtors until October 2026 to refinance — premised on a ~65% lending ratio — was undermined when a corrected charge-off methodology revealed the actual ratio was substantially higher, rendering the deadline unattainable; the Debtors now seek to term out approximately $10.3 million in Westlake debt over eight years while using cash collateral to stabilize operations.

Miyoshi America, Inc.

• Case Summary
  • Miyoshi America filed for Chapter 11 bankruptcy to address approximately 270 talc- and asbestos-related personal injury claims that created unsustainable litigation costs and liquidity strain, pursuing a prepackaged section 524(g) plan that channels claims to a trust funded by a $19 million cash contribution and a $1 million promissory note, backed by a $5 million new-money DIP facility plus a roll-up of $15 million in prepetition loans from parent Miyoshi Kasei.
• Plan Terms
  • Miyoshi America’s prepackaged plan of reorganization centers on the establishment of a Section 524(g) channeling injunction trust funded by a $19 million cash contribution, a $1 million secured promissory note, and assigned insurance assets and causes of action. Miyoshi Kasei, Inc. (“MKI”) will receive 100% of the Reorganized Debtor Stock in consideration for the MKI Contribution (consisting of a $20 million cash equity contribution, the Debt Exchange, and the MKI Release). In addition, MKI will provide exit financing that is deemed advanced to satisfy $15 million of DIP obligations at 5.50% interest (with a 24-month PIK period), which is subordinated to the Miyoshi Promissory Note (itself secured by a 50.1% pledge of Reorganized Debtor equity granted by MKI).
• DIP Terms
  • Miyoshi America filed a motion seeking interim and final approval for a $20 million senior secured superpriority DIP facility from its Japanese parent Miyoshi Kasei, structured as $5 million in new money ($2 million interim/$3 million final) alongside a $15 million dollar-for-dollar cashless roll-up of prepetition principal, priced at 7.50% per annum with deferred interest, maturing at the earliest of June 30, 2026 and certain other trigger events, and requiring minimum liquidity of $1.5 million to fund the Chapter 11 case, going-concern reorganization, and establishment of a Talc Personal Injury Trust.

TRM NRE Holding LLC

• Case Summary
  • TRM NRE Holding LLC and its affiliate, operating as National Railway Equipment, have filed for Chapter 11 bankruptcy following disputes with their prepetition lender, Great Rock Capital, over alleged covenant and other defaults and a $2.4 million payment demand, amid mounting constraints on liquidity. The company is pursuing a reorganization that may include asset sales of its Power Systems Division and exit financing, with sponsor TRM Equity Fund II continuing to support the business and indicating a willingness to be part of the solution.

Freedom Forever LLC

• Case Summary
  • Freedom Forever has filed for Chapter 11 bankruptcy following federal solar incentive rollbacks, executive actions targeting solar subsidies, and alleged finance partner payment defaults that triggered IAD attrition and severe liquidity deterioration, seeking to restructure approximately $155.1 million in funded debt and other material obligations.

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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