Bondoro Insights: Weekly Docket Update

This Week's Key Filings

Spanish Broadcasting System, Inc.

• Case Summary
  • Spanish Broadcasting System filed for Chapter 11 bankruptcy following the maturity default on $310 million of senior secured notes amid declining radio advertising revenue, streaming-driven audience shifts, and Los Angeles market disruptions, pursuing a prepackaged reorganization that will reduce funded debt to $70 million backed by $30 million in DIP financing from an ad hoc committee of noteholders holding over 90% support.
• Plan / RSA Terms
  • Spanish Broadcasting System's pre-packaged Chapter 11 plan effectuates a debt-for-equity restructuring of its approximately $310 million in 9.750% senior secured notes due 2026, whereby existing noteholders receive 100% of the New Common Stock and $70 million of new 9.750% senior secured notes due 2030 while existing preferred and common equity is cancelled, all supported by a $30 million DIP facility convertible at the lenders' election into superpriority take-back notes.
• DIP Terms
  • Spanish Broadcasting System filed a motion seeking approval of a $30 million senior secured super-priority multi-draw DIP facility from Brigade Capital Management, Bardin Hill Investment Partners, and Bayside Capital, structured with a $7 million interim draw, $13 million available upon final order, and a final $10 million tranche contingent on Backstop Party consent or a Sale Pivot Date, priced at 9.75% with a 2.00% exit premium and requiring confirmation within 55 days of the petition date.

CHS FL, LLC

• Case Summary
  • YesCare, through CHS FL, LLC and affiliated Debtors, has filed for Chapter 11 bankruptcy after a $307 million Jackson Verdict contributed to the loss of contracts representing nearly 80% of annual revenue, alongside over 100 pending litigation matters and Tehum Plan-related claims, and is pursuing a potential sale, balance-sheet restructuring, or recapitalization.

White Rock Medical Center, LLC

• Plan Terms
  • White Rock Medical Center's plan of reorganization centers on a sponsorship transaction with Nonprofit Holdco, whereby existing equity is cancelled and new securities are issued to the nonprofit sponsor in exchange for a $1.5 million unsecured exit loan, while the disputed SRC Hospital Investments secured claim is restructured into a five-year amortizing note subject to the outcome of the Pipeline Adversary Proceeding, general unsecured creditors share a $1 million base distribution pool (subject to increase), and REILS Finance receives a $5 million zero-interest promissory note plus contingent earn-out payments tied to EBITDA exceeding $12 million.

Viridis Chemical, LLC

• APA Summary
  • Viridis Chemical obtained approval of an asset purchase agreement with BioUrja Capital to sell substantially all assets, including its Nebraska real property, Peoria, Illinois ethyl acetate plant leasehold, and Prairie Green™ catalytic process IP, for $750,000 cash plus a $1.5 million escrow payment contingent on a June 30 lien release condition, after no competing qualified bids were received and the auction was cancelled.

Vanderbilt Minerals, LLC

• APA Summary
  • Vanderbilt Minerals obtained approval of the sale of substantially all assets to VM Buyer LLC, an affiliate of Riverspan Partners Fund I LP, for a $64 million cash amount (subject to adjustments) plus the assumption of certain liabilities, with the Debtor's DIP obligations owed to the Purchaser deemed satisfied at Closing, following a May 4, 2026 auction that designated Commodore Materials, LLC as the backup bidder.
• DIP Terms
  • Vanderbilt Minerals obtained interim approval for a $20 million senior secured replacement DIP facility from VM Buyer, with $15 million available during the interim period and the remaining $5 million unlocked upon entry of the final order, the proceeds of which will refinance approximately $9.44 million of existing DIP obligations and fund a sale process backstopped by the DIP Lender's right to credit bid up to the full amount of its claims.

Harvest Sherwood Food Distributors, Inc.

• Plan Terms
  • Harvest Sherwood Food Distributors' liquidation plan centers on a wind-down administered through a Liquidating Trust funded by a Plan Sponsor-backed Exit Capital Facility from JPMorgan Chase Funding and Asperity Investors, whereby the $105 million DIP is refinanced into the exit facility alongside $52.1 million in new-money capital and a $40 million contingent claw-back line, with general unsecured creditor recoveries channeled through tiered Series B trust interests subordinated to a six-step waterfall under which Plan Sponsors first recoup a GUC Recovery Threshold (the greater of a 1.25x MOIC or 25% IRR plus a 3.50% ticking fee on the unfunded Contingent Facility) before junior holders share in escalating splits up to a 50/50 sharing tier, with retained Antitrust and Sprouts Farmers Market litigation claims feeding the trust, while a $1.34 million Convenience Class cash pool addresses smaller claims.

Ascend Elements, Inc.

• DIP Terms
  • Ascend Elements filed an emergency motion seeking interim and final approval of a $30 million senior secured superpriority priming new-money DIP facility from Bluegrass Infrastructure Partners Holdings, with approximately $18 million earmarked to fund a non-Debtor Polish subsidiary's exercise of the Opole land option, priced at 8% PIK interest with a 5% upfront fee, and structured around a 12-week maturity and a stalking horse sale process culminating in a June 5 sale consummation backed by Newco's credit bid of DIP, Senior Notes, and $30 million of Junior Notes obligations.

The Lycra Company LLC

• Plan Terms
  • The LYCRA Company's received order for its prepackaged plan of reorganization, supported by 100% of ssTL and Euro Notes holders and over 90% of Dollar Notes and Promissory Note holders under a March 2026 Lock-Up Deed, centers on a debt-for-equity restructuring whereby ssTL claimants exchange their $214 million in claims for new secured Holdco notes and common stock, Euro and Dollar noteholders receive Class A warrants subject to a $480 million New Class A Warrant Equity Cap and Class B warrants with a separate $120 million Participation Threshold — with Class B holders accessing the Class A pool only after that threshold is reached — and the company emerges via a Share Transfer to new parent Stretch UK Topco backed by a minimum $75 million Exit Notes Facility refinancing the DIP.

Spirit Aviation Holdings, Inc.

• Sale And Abandonment Procedures Summary
  • Spirit Aviation Holdings obtained approval of procedures authorizing the sale or abandonment of its remaining owned aircraft, engines, and related equipment, permitting sales of $1 million or less without notice or hearing, sales above $1 million and up to $15 million on notice to designated transaction parties subject to a 14-day objection period, and requiring a Court motion for sales exceeding $15 million, with abandonments of equipment with book value of $5 million or less requiring 7 days' notice and abandonments above $5 million subject to a 14-day objection period.
• DIP Terms
  • Spirit Airlines obtained a signed wind-down order approving Amendment No. 2 to its $1.225 billion Wilmington Trust-administered superpriority priming DIP facility, which comprises up to $475 million in new-money term loans (Term SOFR+8.00% with a 3.0% floor, 3.00% OID, and 9.00% PIK backstop premium) and up to $750 million in roll-up loans tendered at ratios ranging from 2:1 on the $200 million interim draw to 1.25:1 on the third and fourth draws, alongside consensual use of cash collateral to fund an orderly wind-down through a July 14, 2026 scheduled maturity.

TPI Composites, Inc.

• Plan Terms
  • TPI Composites' joint Chapter 11 plan of liquidation centers on the court-approved $20 million ECP Sale Transaction to Blade Midco, whereby ECP Sale Proceeds fund payment in full of DIP Claims, a $5.5 million WindDown Reserve, and a Senior Claims Recovery Pool for administrative and priority obligations, while hholders of Senior Secured Term Loan Claims (Allowed in an aggregate amount of no less than $456.8 million) receive Excess Sale Proceeds and general unsecured creditors recover through a GUC Trust seeded with $1 million and Senior Secured Turnover Rights, including 1% Incremental Payment proceeds from GERNA blade purchases, pursuant to the previously approved Unsecured Claims Settlement resolving the Creditors' Committee Challenges.

Axip Energy Services, LP

• Plan Terms
  • Axip Energy Services' combined disclosure statement and Chapter 11 plan of liquidation centers on the consummated 363 sale of substantially all assets to stalking horse Service Compression, which delivered approximately $102.08 million in cash to Prepetition ABL Lenders for an estimated 49% aggregate recovery following a DIP roll-up of $66.85 million in ABL loans, while a Global Settlement with the Committee channels a capped $500,000 GUC Recovery (40% estimated) to unsecured creditors alongside $950,000 in 2L Payments to second lien lenders recovering 4.87%.
• DIP Terms
  • Axip Energy Services obtained a stipulated order amending the Final DIP Order to reflect the termination and full repayment of its JPMorgan-led DIP facility—comprising approximately $25.5 million in new money term loans alongside roll-ups of approximately $13.2 million of prepetition superpriority obligations and $59.9 million of prepetition ABL obligations—following the April 15 closing of the Sale Transaction, while authorizing consensual use of cash collateral, including an $8.5 million Holdback Amount, to fund a wind-down through a June 25 termination date governed by plan milestones requiring confirmation within 45 days and effectiveness within 50 days of the May 6 plan filing.

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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