Bondoro Insights: Weekly Docket Update

This Week's Key Filings

Spirit Aviation Holdings, Inc.

• Owned Fleet Sale & Abandonment Procedures
  • Spirit Aviation Holdings filed a motion seeking authority to sell or abandon its remaining owned fleet equipment, including 28 owned aircraft, 18 spare engines, and related spare parts, through tiered sale and abandonment procedures as part of an orderly wind-down following the cessation of all passenger flight operations on May 2, 2026.
• DIP Terms
  • Spirit Aviation Holdings and its subsidiaries filed a motion seeking approval to wind down operations and amend their $1.225 billion Wilmington Trust-administered superpriority priming DIP facility — comprising up to $475 million of new money term loans alongside up to $750 million of rolled-up prepetition secured notes — by terminating the Initial and Third Draw commitments and resizing the remaining commitments to $25 million for the Second Draw and $100 million for the Fourth Draw ahead of a July 14, 2026 scheduled maturity.

First Brands Group, LLC

• Plan Terms
  • Premier Marketing Group, LLC's Chapter 11 plan, filed on behalf of itself as Plan Debtor and effectuating a global settlement among the FBG Debtors, the Ad Hoc Group, and the Creditors' Committee, has the DIP Secured Parties credit-bid the Estate Claims (Litigation Trust Assets) and DIP Collateral into newly formed liquidating trusts, with junior creditor recoveries channeled through a Litigation Trust seeded with $25 million in cash and backed by $50 million in funding commitments, distributed via a tiered waterfall under which $3.3 billion in deemed-Allowed Roll-Up Claims share recovery alongside First Lien, Second Lien, and General Unsecured beneficiaries through Class 3 Litigation Trust Interests, while the remaining FBG Debtors' Chapter 11 cases convert to Chapter 7 following the Effective Date.

Saks Global Enterprises LLC

• Plan Terms
  • Saks Global's RSA-supported Chapter 11 plan, anchored by an April 1, 2026 restructuring support agreement with its Consenting DIP Term Loan Lenders, centers on a DIP Conversion whereby First Out DIP holders receive pro rata Take Back Term Loans (sized to a $750 million ceiling, reduced dollar-for-dollar by Incremental New Money Debt) and Take Back Preferred Units sized to the residual First Out claim, while Second Out and Third Out DIP holders split the reorganized equity 70/30 alongside Litigation Trust Class A-1 Interests, with exit liquidity from a $500 million Incremental New Money commitment and a $1.5 billion Exit ABL Facility, and a UCC Settlement establishing a $20 million Litigation Trust funded by the Reorganized Debtors and subject to a 1.5x MOIC repayment waterfall to the Reorganized Debtors before unsecured beneficiary distributions.

Georgia ProtonCare Center Inc.

• Asset Sale Summary
  • Georgia ProtonCare Center obtained approval of the sale of substantially all assets relating to its Atlanta-based proton therapy cancer treatment center to Emory University for $110 million in cash plus assumed liabilities, following a court-supervised marketing process in which Emory was designated stalking horse and ultimately selected as the successful bidder, with the sale order authorizing immediate closing free and clear of all liens, claims, and other interests and assignment of executory contracts subject to a cure cap of approximately $4.19 million plus any prepetition amounts owed under agreements with Emory or its affiliates.

Avenger Flight Group, LLC

• Plan Terms
  • Avenger Flight Group's combined disclosure statement and plan of liquidation centers on a $125 million credit-bid sale of substantially all assets to AFG Topco, a designee of the Prepetition Lenders, bridged by a $43.5 million DIP facility, whereby a global Committee Resolution channels unsecured creditor recoveries through a Litigation Trust seeded with $500,000 in cash plus retained causes of action and D&O claims, distributed under a waterfall allocating 60% to Prepetition Lenders' deficiency claims and 40% to general unsecured creditors until the deficiency is satisfied in full.

NRPF Group Two, LLC

• Bidding Procedures Summary
  • Neighborhood Restaurant Partners Florida obtained approval of bidding procedures to sell substantially all of its Applebee's franchised restaurant assets in Florida, Georgia, and Alabama, designating Applebee's Restaurants Mid-Atlantic as the stalking horse bidder under an APA valued at a $1 million cash payment plus the release of $6.92 million in pre-petition liabilities and assumption of certain liabilities, ahead of a May 19 bid deadline and May 20 auction.

Shannon Wind, LLC

• Stalking Horse Designation
  • Shannon Wind designated 1370 Clean Energy as the stalking horse bidder for the sale of substantially all assets related to its Clay County, Texas wind energy project pursuant to a $129.5 million asset purchase agreement, with bid protections including a 2.5% break-up fee ($3,237,500) and up to $100,000 in expense reimbursement ahead of a June 24 outside date.

FlexShopper, Inc.

• Plan Terms
  • FlexShopper's combined plan and disclosure statement centers on a Chapter 11 liquidation following the closed going-concern sale of substantially all assets to ReadySett, which delivered $8.56 million in cash proceeds to the Estates, whereby remaining estate property, retained causes of action, and residual cash are channeled into a two-year liquidating trust that distributes pro rata recoveries to impaired warehouse and general unsecured creditors across the FlexShopper, Inc., FlexShopper, LLC, and Other Debtor silos, while subordinated claims and equity interests are wiped out.

Anderson Hay Enterprise, Inc.

• Plan Terms
  • The Anderson Hay Enterprise debtors' joint reorganization plan centers on a refinancing-or-sale Financial Event by an October 31, 2026 Plan Deadline that will pay all Allowed Claims in full, facilitated by an operational pivot encompassing the $10.75 million sale of the Oregon Facility to Millicent Property, the wind-down of Pet Holdings' online small pet business, a risk-sharing overhaul of Agri's grower contracts with a shift toward Timothy hay, and more than $26.5 million in pre-petition secured debt paydowns from non-core asset sales, while existing equity (held directly by Mark T. Anderson in AHE, MTA Holdings, and MTA Ranch, and indirectly through AHE in the four operating subsidiaries) is retained and MTA Holdings subordinates its $4.554 million intercompany note to all other Allowed Claims.

Clearside Biomedical, Inc.

• Plan Terms
  • Clearside Biomedical's combined disclosure statement and plan centers on a bifurcated reorganization with Steel Partners as plan sponsor, whereby the debtor monetizes its Excess Royalties through a $1 million-baseline auction won by Aura Biosciences and conveys the Clearside Royalty Equity, CLS-AX, and certain molecules to stalking horse Health Ocean Pharma, while existing shareholders retain approximately 70% economic and 20% voting interest via Class A Common Stock alongside a Class B equity infusion from Steel Partners of up to $2.2 million (subject to a $1 million floor under the Class B Adjustment formula tied to the 20-day OTC closing price) that confers 80% voting control, supported by a $3 million SOFR+700 senior secured revolver and an HCR settlement extinguishing a disputed credit bid in excess of $103 million in exchange for up to $1.5 million in fees and a $1.5 million Royalty Holdback.

FreshRealm, Inc.

• Bidding Procedures Summary
  • FreshRealm filed a motion to establish bidding procedures for a sale of substantially all assets unrelated to its Blue Apron/Misfits Transaction, proposing a June 10 bid deadline and June 15 auction, with flexibility to designate one or more stalking horse bidders by May 29 entitled to a break-up fee of up to 3% and expense reimbursement, subject to consultation with DIP Lenders Birch Grove Investments and FaraNord.

Wiser Solutions, Inc.

• 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 obtained interim approval for a $34.2 million superpriority, priming multi-draw DIP facility agented by Crestline Direct Finance, comprising $11.4 million of new money and a $22.8 million roll-up of prepetition debt, to fund a 363 sale process anchored by Crestline Buyer as the stalking horse bidder and requiring consummation by June 30, 2026.

Hawthorne Race Course, Inc.

• Bidding Procedures Summary
  • Hawthorne Race Course obtained approval of bidding procedures to sell substantially all assets free and clear under section 363, authorizing the designation of a stalking horse with break-up fee and credit bid rights ahead of a June 26 bid deadline, July 7 auction, and July 13 sale hearing.

Lurin Real Estate Holdings XXI, LLC

• Bidding Procedures Summary
  • Lurin Real Estate Holdings obtained approval of bidding procedures to sell substantially all assets of its Round 2 Debtors, comprising two Dallas-area multifamily properties, ahead of an Aug. 24 auction and Sept. 2 sale hearing, with KeyBank authorized to credit bid its secured claim on a dollar-for-dollar basis without complying with standard bid requirements.

Viridis Chemical, LLC

• Notice of Stalking Horse Bidder
  • The Viridis Chemical debtors filed a notice designating BioUrja Capital, LLC as the stalking horse bidder for substantially all assets, for a $750,000 cash payment plus $1.5 million held in escrow that releases to the debtors only if a lien release condition is satisfied by June 30, 2026 (otherwise returning to the purchaser on July 1, 2026), with bid protections comprising a 3% termination fee and up to $75,000 in expense reimbursement.

IPIC Theaters, LLC

• Bidding Procedures / APA Summary
  • IPIC Theaters obtained approval of bidding procedures to sell substantially all assets, designating Star Grill Cinema as the stalking horse bidder with a $200,000 break-up fee and up to $35,000 expense reimbursement ahead of a May 8 auction and May 12 sale hearing.

Miyoshi America, Inc.

• DIP Terms
  • Miyoshi America obtained interim approval for a $20 million superpriority DIP facility from Japanese affiliate Miyoshi Kasei, comprising $5 million of new-money term loans ($2 million available on interim, $3 million on final) alongside a $15 million cashless roll-up of prepetition intercompany debt, priced at 7.50% deferred interest and supporting a prepackaged plan with milestones requiring confirmation by May 31 and effectiveness by the June 30, 2026 maturity.

Impac Mortgage Holdings, Inc.

• DIP Terms
  • Impac Mortgage Holdings obtained interim approval for a $5 million senior secured super-priority DIP facility from Hildene Re SPC, comprising up to $3 million of new-money term loans alongside a $2 million cashless roll-up of prepetition Bridge Note obligations, priced at 12% cash interest with a 4% facility fee and maturing no later than 90 days post-petition under milestones requiring plan effectiveness within 60 days.

The Venetian Care & Rehabilitation Center, LLC

• Case Summary
  • Venetian Care & Rehabilitation Center and its affiliated Debtors filed for Chapter 11 after pandemic-driven occupancy declines, Medicaid reimbursement delays, stagnant reimbursement rates, and substantial litigation burdens. The Debtors seek an orderly wind-down and Plan of Liquidation after their April 2025 sale of assets and portfolio related to eight New Jersey skilled nursing facilities to new operators for approximately $12.5 million proved insufficient to satisfy more than $25 million in unsecured claims.

Mizell Memorial Hospital Incorporated

• Case Summary
  • Mizell Memorial Hospital has filed for Chapter 11 bankruptcy following declining governmental reimbursement rates, rising wage and supply costs, adverse legal judgments, and lingering COVID-19 impacts, pursuing a restructuring or potential 363 sale.

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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