Bondoro Insights: Weekly Docket Update

This Week's Key Filings

Trinseo PLC

• Case Summary
  • Trinseo has filed for Chapter 11 bankruptcy following sustained industry-wide headwinds including global overcapacity, weakened demand, elevated energy costs, and an unsustainable $2.9 billion debt load, pursuing a prepackaged plan of reorganization that includes a $450 million backstopped equity rights offering and $142.5 million in new-money DIP financing.
• Plan / RSA Terms
  • Trinseo’s prepackaged Chapter 11 plan, backed by an RSA with the Supporting Super HoldCo 1L Lenders, Supporting RCF Lenders, Supporting OpCo 2028 Term Lenders, and OpCo Intercompany Term Lender, centers on a comprehensive balance sheet recapitalization facilitated by dual OpCo and Super HoldCo DIP facilities and a $450 million backstopped Equity Rights Offering. Under the Plan, Holders of Allowed Super HoldCo 1L Claims receive a distribution consisting of $810 million, less amounts distributed on account of the RCF Distribution and the Super HoldCo DIP Roll-Up Distribution, in Takeback Term Loans and/or Cash, plus 10% of the Reorganized Common Interests and the Super HoldCo and OpCo Intercompany Subscription Rights. Holders of Allowed OpCo Term Loan Claims share pro rata in a $35 million OpCo Exit Distribution, with the OpCo Intercompany Term Lender’s pro rata portion instead gifted via a collateral carve-out to Supporting OpCo 2028 Term Lenders under the Intercompany Settlement. The reorganized parent will emerge as a private Delaware LLC supported by an $850 million Exit Term Loan and an Exit RCF Facility of at least $200 million.
• DIP Terms
  • Trinseo filed a motion seeking interim approval of two senior secured superpriority priming DIP facilities—a $157.5 million Super HoldCo facility administered by Alter Domus and a $270 million OpCo facility administered by Deutsche Bank—providing $285 million of interim borrowings and, upon final approval, $142.5 million of new-money loans and $285 million of rolled-up prepetition claims at a 2:1 roll-up ratio. The new-money loans are priced at SOFR + 9.00%, payable in cash for the Super HoldCo facility and in kind for the OpCo facility, and the RSA milestones require plan confirmation within 60 calendar days of the Petition Date.

Warrior Technologies, LLC

• Case Summary
  • Warrior Technologies has filed for Chapter 11 bankruptcy after rising insurance and fuel costs, a seasonal revenue slowdown compounded by a weather-related shutdown, and customer payment delays that eroded its borrowing base left it with few options. Against approximately $38 million of secured debt, the Debtor is pursuing a reorganization to restructure and replace its prepetition loan and any debtor-in-possession financing, backed by a DIP facility from existing lender Commercial Funding that rolls up the prepetition loan and adds $3.9 million in incremental borrowing capacity, alongside a $5.7 million term loan from affiliate Commercial Credit Group.
• DIP Terms
  • Warrior Technologies obtained interim approval for a $23.7 million senior secured super-priority DIP facility comprising an $18 million revolving facility from Commercial Funding Inc. that rolls up approximately $14.1 million in prepetition obligations against approximately $3.9 million in new post-petition money, and a $5.7 million term loan from Commercial Credit Group with up to $3 million available on an interim basis at 14% per annum; the two facilities are cross-collateralized and cross-defaulted.

Lena Brands LLC

• Case Summary
  • Lena Brands has filed for Chapter 11 bankruptcy after an unsustainable approximately $5.16 million merchant cash advance burden—incurred to fund liabilities assumed in its 2024 purchase of the Shari's and Coco's operations out of an assignment for the benefit of creditors and to support ongoing operations—was compounded by a roughly $650,000 freeze of receivables at Stripe that severely constrained liquidity. The Debtors are seeking to use cash collateral, pursue turnover of the frozen receivables, restructure the balance sheet, and implement a five-year priority tax payment plan, with sole member Samuel Nicholas Borgese pursuing a $400,000 DIP facility or, failing that, a personal capital infusion as a backstop.

FAT Brands Inc.

• Plan Terms
  • FAT Brands' Chapter 11 plan of liquidation centers on the distribution of proceeds from four court-approved sales—the WBS Ad Hoc Group's credit bid for the FBG and Twin Peaks assets (acquired by NewCos FBG Bid Co. and TWNPKS Bid Co.) and third-party sales of Hot Dog on a Stick to Amazing Brands and certain assets to TABCO International—whereby a Global Settlement among the Debtors, the Committee, 352 Capital, and the WBS Ad Hoc Group channels two $9.23 million NewCo cash contributions (a Funding Amount and a Sale Closing Funding Amount), a $1.5 million Liquidation Trust Funding Amount drawn from the Wind-Down Reserve, and retained causes of action against Andrew Wiederhorn into a Liquidation Trust governed by a tiered waterfall, with no less than $445.9 million of Prepetition Secured Obligations not utilized in the Credit Bids allowed as General Unsecured Claims (Class C-1 Liquidation Trust Interests) and a parallel $445.9 million of Noteholder Deficiency Claims allowed in Class D Liquidation Trust Interests, while cancelling existing equity.
• DIP Terms
  • FAT Brands obtained final approval for a $307.6 million UMB Bank-administered superpriority DIP facility split between a $184.56 million FBG tranche and a $123.04 million Twin Hospitality tranche, each comprising new-money commitments ($46.14 million and $30.76 million, respectively) and a 3:1 roll-up of Class A-2 prepetition notes; the loans bear 12% PIK interest and feature a 10% upfront backstop fee and a 2.5% exit fee that increases to 7% if paid in kind (no exit fee is payable on roll-up obligations).

Glenwood Caverns Holdings LLC

• Bidding Procedures Summary
  • Glenwood Caverns Holdings filed a motion to approve bidding procedures for a sale of all or substantially all of its assets, or of the equity in the Reorganized Debtor, to be implemented through a chapter 11 plan, proposing a July 10, 2026 bid deadline and a July 15, 2026 auction (if competing qualified bids are received), with authority to designate a stalking horse bidder by June 15, 2026 and to award that bidder a break-up fee of up to 3% of the purchase price.

Society Pass Incorporated

• Case Summary
  • Society Pass has filed for Chapter 11 bankruptcy to avoid a value-destructive receivership prompted by an approximately $11.9 million judgment in favor of a former employee in connection with a disputed common stock purchase warrant. With its common stock also facing imminent Nasdaq delisting, the Company seeks to address and satisfy those claims under the Bankruptcy Code while preserving the operations and value of its non-debtor subsidiaries for the benefit of all stakeholders.

Vanderbilt Minerals, LLC

• DIP Terms
  • Vanderbilt Minerals obtained final approval for a $20 million senior secured priming super-priority DIP facility from VM Buyer LLC, comprised of a $15 million Initial Term Loan tranche (the proceeds of which refinance the existing Commodore Material Funding-led DIP) and a $5 million delayed-draw tranche available upon entry of the Final Order, priced at 7.5% PIK interest with a $1.25 million exit fee waivable upon consummation of the contemplated 363 sale to VM Buyer LLC by June 23, 2026.

Broadway Ford Truck Sales, Inc.

• Case Summary
  • Broadway Ford Truck Sales filed for Chapter 11 bankruptcy on May 18, 2026, after a merchant cash advance spiral and a floorplan default with Ford Motor Credit Company (FMCC) — pressures compounded by the debt burden of an approximately $5.6 million service center build-out and by unprofitable expansion efforts such as a failed e-commerce platform. The Debtor is pursuing a sale of all of its business assets and has reached a cash collateral stipulation with FMCC governing its use of cash collateral and continued operations.

Impac Mortgage Holdings, Inc.

• DIP Terms
  • Impac Mortgage Holdings obtained final approval for a $5 million senior secured DIP facility from Hildene Re SPC, structured as a $3 million new-money term loan component (inclusive of a $1.5 million interim draw) alongside a $2 million roll-up of prepetition Bridge Note obligations, maturing 90 days after the petition date and subject to a $25,000 challenge budget.

Rolling Greens Nursery, Inc.

• Case Summary
  • Rolling Greens Nursery has filed for Subchapter V Chapter 11 bankruptcy following an ill-timed 2022 retail expansion, declining brick-and-mortar foot traffic, and the economic fallout from the January 2025 Los Angeles wildfires, seeking to shed unprofitable retail obligations and preserve its profitable commercial services and event lines, backed by a $350,000 interest-free DIP facility from co-CEO Greg Salmeri.

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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