Bondoro Insights: Weekly Docket Update

This Week's Key Filings

West Marine, Inc.

• Case Summary
  • West Marine has filed for Chapter 11 bankruptcy following post-pandemic discretionary spending declines, extreme weather disruptions, tariff pressures, and an overexpanded 200-store retail footprint, pursuing a dual-track recapitalization or sale to equitize $251.2 million in term loan debt, backed by a Restructuring Support Agreement with 100% of FILO lenders, 96.2% of term loan lenders, and 93.9% of equity holders, with consensual use of cash collateral supported by Eclipse Business Capital LLC.
• Plan / RSA Terms
  • West Marine's prearranged Chapter 11 contemplates a dual-track restructuring under which the Debtors shall pursue a Recapitalization Transaction — equitizing $251.2 million of principal Term Loan Claims into 100% of New Equity (subject to MIP dilution), with Prepetition ABL Claims ($118.9 million principal) and Prepetition FILO Claims ($59.2 million principal) each either paid in full in cash or converted dollar-for-dollar into loans under, respectively, a new $135 million Exit ABL Facility and a new Exit Term Loan Facility — unless they determine, with the consent of the Required Consenting Term Loan Lenders, to pursue a Sale Transaction followed by a Plan-administered wind-down.
• Bidding Procedures Summary
  • West Marine filed a motion to establish bidding procedures for a sale of some or all of its assets as part of a dual-track Chapter 11 process under an RSA, proposing a June 26 bid deadline and June 29 auction, with any Sale Transaction conditioned on providing greater value than the baseline Recapitalization Transaction; the Debtors are authorized but not obligated to designate one or more stalking horse bidders (with bid protections capped at 3% of the cash purchase price), and secured parties may credit bid subject to section 363(k).

Bitcoin Depot Inc.

• Case Summary
  • Bitcoin Depot has filed for Chapter 11 bankruptcy following multi-state regulatory investigations, mounting litigation exposure, and a 49.2% year-over-year decline in Q1 2026 revenue driven by reduced transaction volume attributable to regulatory impacts and voluntary KYC compliance enhancements. The Debtors intend to pursue a sale of substantially all assets, establish a liquidation trust, and fund the cases through cash collateral.

Spanish Broadcasting System, Inc.

• DIP Terms
  • Spanish Broadcasting System obtained interim approval (with a final hearing set for June 8, 2026) for a $30 million Brigade-led super-priority priming DIP facility structured as $20 million in base loans ($7 million interim, $13 million final) and a $10 million delayed-draw tranche accessible upon Backstop Party consent or a Sale Pivot Date, priced at 9.75% with a 2.5% backstop premium, 2.0% commitment premium, and 2.00% exit premium, and requiring entry of the Final DIP Order, Disclosure Statement Order, and Confirmation Order within 55 days of the Petition Date.

iPic Theaters, LLC

• APA Summary
  • iPic Theaters obtained approval of the sale relating to seven theaters to Cinemex Holdings USA for a $7.5 million purchase price following a May 8 auction in which Cinemex outbid the stalking horse, Star Grill Cinema; Star Grill was designated the backup purchaser at $7.0 million and is authorized to receive a break-up fee and expense reimbursement at closing of the sale to Cinemex.

Omnicare, LLC

• APA Summary
  • Omnicare obtained approval of the sale of substantially all assets to stalking horse bidder GenieRx Holdings for $250 million in cash plus the assumption of liabilities, following cancellation of the auction and the Debtors' determination (in consultation with the Consultation Parties) that the stalking horse bid was the highest or otherwise best offer for the assets, with sale proceeds to be applied toward repayment of DIP obligations up to the aggregate outstanding amount of the DIP obligations.

TRM NRE Holding LLC

• DIP Terms
  • TRM NRE Holding secured interim approval for a $3 million 1.5-priority DIP revolving facility (with superpriority administrative expense claim status) from sponsor TRM Equity Fund II — which also holds the existing Sponsor Subordinated Note / second-lien debt — with approximately $2 million available on an interim basis and the remainder unlocked upon entry of the Final Order, priced at 10% PIK interest (compounded semi-annually) and conditioned on case milestones requiring confirmation of a Chapter 11 plan repaying the prepetition secured obligations in full by October 8, 2026.

TM36, LLC

• DIP Terms
  • TM36, LLC and its affiliated StopLoss debtors obtained final approval for a $5.75 million senior secured multi-draw DIP facility from Twelve Bridge Capital and 431 KW, LLC to fund working capital and a sale of substantially all assets, carrying a 5.0% commitment fee, 3.0% funding fee, and 2.0% exit fee alongside credit-bid rights and priming liens subject to the Carve Out, Recovery Logistics Finance's interest in specified equipment collateral, and permitted senior liens of PNC Bank and Wells Fargo Vendor Financial Services in their respective listed equipment.

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-led case summaries.

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