Bondoro Insights: Weekly Docket Update

This Week's Key Filings

Sangamo Therapeutics, Inc.

• Case Summary
  • Sangamo Therapeutics has filed for Chapter 11 bankruptcy following the termination of its principal collaboration revenue streams from Biogen, Novartis, Kite, and Pfizer and more than $478 million in aggregate net losses over fiscal years 2023 through 2025, pursuing a dual-track Section 363 sale of its neurological technology platform assets to Eli Lilly at a $50 million stalking horse bid plus assumed liabilities, and its Fabry disease gene therapy program to Astellas Gene Therapies for $25 million at closing plus up to $25 million in milestones, backed by a DIP facility of up to $30 million from Northridge ATM.
• Bidding Procedures Summary
  • Sangamo Therapeutics filed a motion to approve bidding procedures for a sale of substantially all assets, designating Merope Acquisition Sub—with Eli Lilly joining as guarantor—as stalking horse for its proprietary capsids, technology platforms, and Prion disease program at $50 million, and Astellas Gene Therapies as stalking horse for its Fabry disease program at $25 million cash plus up to $25 million in milestones, while seeking authority to designate additional stalking horse bidders for its remaining assets ahead of a July 25 bid deadline and Aug. 4 auction.
• DIP Terms
  • Sangamo Therapeutics is seeking interim and final approval of a $30 million non-amortizing superpriority senior secured DIP term loan facility from Northridge ATM, with $10.5 million available upon entry of the interim order and the balance upon the final order, priced at 12% cash interest and carrying a 2% commitment fee plus a 5% exit fee, to fund a Section 363 sale process while preserving the DIP lender's right to credit bid, with the facility maturing December 30, 2026.

Pacific Capital Funding Group, Inc.

• Case Summary
  • Pacific Private Money has filed for Chapter 11 bankruptcy after widespread defaults by major borrowers and a sharp rise in interest rates contracted the secondary loan market it depended on for liquidity, forcing it to suspend investor distributions in late 2025. The Debtors are pursuing a managed wind-down of their funds — which hold roughly $140 million of investor capital — supported by planned debtor-in-possession financing and assisted by an informal ad hoc investor committee, while the company and its principals remain under parallel investigation by the SEC, DOJ and FBI, IRS, and California's DFPI, which has suspended the primary operating company's lending license.

Danskammer HoldCo LLC

• Case Summary
  • The Danskammer debtors have filed for Chapter 11 bankruptcy after the NYISO began garnishing the company’s revenues to collect a disputed $13.45 million penalty while the parties’ dispute-resolution process remained open. The filing follows adverse NYISO capacity-market rule changes projected to cut capacity revenue by roughly 45% and anticipated added supply from the Champlain Hudson Power Express, both of which the company expected would erode the economics of the 532 MW Newburgh generating station. The debtors are pursuing a Section 363 sale of substantially all of their assets while continuing to operate the station, and enter the case with no outstanding funded debt after their prepetition Mercuria lenders, MEI and MEA, forgave the funded loans under the credit facility.

GVO Partners LLC

• Case Summary
  • GVO Partners has filed for Chapter 11 bankruptcy following disputes with its investors, physician partners, and senior lender Firstrust Bank, including pending litigation in which Firstrust seeks damages and the imposition of a receiver, amid oppressive merchant cash advance obligations. The Debtors are pursuing a going-concern Section 363 sale to maximize value and are seeking authority to use cash collateral in which Firstrust asserts a valid, perfected security interest.

Fat Brands Inc.

• Plan Terms
  • FAT Brands' Chapter 11 plan of liquidation centers on the previously approved sale of substantially all assets to several purchasers — anchored by the WBS Ad Hoc Group's credit-bid transaction that satisfies all DIP claims in full — whereby residual sale proceeds, retained causes of action, and a $9.23 million NewCo-funded wind-down feed a Liquidation Trust seeded with at least $1.5 million, with distributions cascading through Class A–D trust beneficiaries pursuant to a global settlement among the debtors, the official creditors' committee, 352 Capital, and the WBS Ad Hoc Group, while $445.9 million in noteholder deficiency claims and approximately $168.4 million in Resid claims recover solely from the trust waterfall and all existing equity interests are extinguished entirely.

Simply Interior Homes, LLC

• Bidding Procedures Summary
  • Simply Interior Homes obtained approval of bidding procedures to sell substantially all assets, authorizing the optional designation of a stalking horse bidder by July 1 subject to DIP lender consent and permitting the DIP and prepetition lenders to credit bid their secured obligations, ahead of a July 27 bid deadline and July 30 auction in advance of an Aug. 6 sale hearing before Judge Craig Goldblatt in Delaware.

Spanish Broadcasting System, Inc.

• Plan Terms
  • Spanish Broadcasting System's prepackaged Chapter 11 plan effects a debt-for-equity reorganization centering on the equitization of its approximately $310 million in 9.750% senior secured notes due 2026,whereby holders of the existing notes exchange their claims for 100% of the reorganized equity (subject to dilution by a management incentive plan of up to 10%) plus $70 million of new 9.750% senior secured notes due 2030, facilitated by a $30 million Brigade-agented DIP facility convertible at the Required DIP Lenders' election into superpriority secured notes, with consummation conditioned on FCC approval of the transfer of control over the debtor's broadcast licenses.

West Marine, Inc.

• Plan Terms
  • West Marine's restructuring support agreement with its consenting term loan, FILO, and equity holders outlines a dual-path Chapter 11 defaulting to a debt-for-equity recapitalization, whereby $251.2 million in term loan claims equitize into 100% of the reorganized equity (subject to management incentive plan dilution) while the $118.9 million prepetition ABL is repaid in full in cash or refinanced dollar-for-dollar through the Exit ABL Facility (committed at $135 million) and the $59.2 million FILO claims roll into an exit term loan facility seeded with up to $10 million of new-money loans (plus a 30% in-kind commitment premium); the Debtors reserve the right, with the consent of the Required Consenting Term Loan Lenders, to instead pursue a free-and-clear or credit-bid asset sale and subsequent wind-down where they determine it is in the best interest of the Estates, such consent not to be unreasonably withheld where a successful bid's net cash proceeds exceed the aggregate Prepetition ABL, FILO, and Term Loan Claims, other projected plan distributions, and the wind-down amount.

Trinseo PLC

• DIP Terms
  • Trinseo obtained final approval for two senior secured superpriority priming DIP facilities. The OpCo facility, administered by Deutsche Bank, pairs up to $90 million of new-money term loans—funded through an initial $60 million interim draw and a delayed-draw tranche unlocked upon entry of the Final Order, priced at SOFR+9% (Base Rate +8%)—with a cashless 2:1 roll-up of up to $180 million of prepetition OpCo revolver obligations, maturing May 28, 2027. The roll-up tranche carries a lower margin of SOFR+2.25%. The Super HoldCo facility, administered by Alter Domus and backstopped by an ad hoc group of prepetition Super HoldCo lenders, pairs $52.5 million of new-money term loans—funded through a $35 million initial draw under the interim order with the balance available upon the final order, priced at SOFR+9%—with a cashless 2:1 roll-up of up to $105 million of prepetition Super HoldCo term loans at SOFR+8.5%, both subject to a 3% SOFR floor, maturing May 28, 2027.

Bitcoin Depot Inc.

• Plan Terms
  • Bitcoin Depot's combined disclosure statement and plan of liquidation centers on a Hilco-led Section 363 sale of substantially all assets following the wind-down of its North American Bitcoin ATM network, whereby holders of the approximately $13.3 million term loan are to be paid in cash from a $17.22 million adequate protection account—subject to a potential Challenge to the asserted $3.1 million exit fee—while equipment financiers recover their collateral proceeds plus trust interests for any deficiency, general unsecured creditors are relegated to interests in a Committee-selected Liquidation Trust funded with retained causes of action identified through parallel independent and Committee investigations, and subordinated claims and equity interests are canceled without recovery, all alongside ancillary CCAA recognition proceedings in Canada.

US Magnesium LLC

• Plan Terms
  • US Magnesium's court-confirmed UCC plan of liquidation centers on the consummated $30 million cash sale of its unencumbered Rowley Property and Mineral Lease to overbidder FFSL—which assumed the debtor's legacy environmental obligations under the Consent Decree—whereby the debtor's remaining estate assets and Causes of Action vest in a Liquidating Trust that distributes net proceeds under the statutory priority scheme, with impaired general unsecured creditors receiving pro rata trust interests supplemented by the 45% share of net Ace Claims litigation recoveries carved out from Wells Fargo and Renco's liens under the Committee Settlement, while all existing equity interests are cancelled for no recovery.

Harvest Sherwood Food Distributors, Inc.

• DIP Terms
  • Harvest Sherwood Food Distributors obtained final approval for a $150 million senior secured superpriority revolving DIP facility administered by Atlas Grove Management, the entire new-money amount of which is made available upon entry of the final order and structured as replacement financing to repay in full the debtors' existing JPMorgan Chase-led DIP credit agreement.

Searles Valley Minerals Inc.

• DIP Terms
  • Searles Valley Minerals obtained interim approval for a $20 million senior secured superpriority DIP facility from affiliate lender Karnavati Holdings, Inc.—split between a $7 million initial draw funded on entry of the interim order and $13 million in delayed-draw loans available upon final approval—to fund a sale process (on a going-concern or liquidation basis) that must be consummated within 90 days of the petition date, priced at 11% interest paid in kind and maturing December 1, 2026.

Reliz Technology Group Holdings Inc.

• Bidding Procedures / APA Summary
  • Reliz Technology Group Holdings Inc. and its affiliated debtors obtained Bankruptcy Court approval to sell substantially all assets of their crypto trading and financial technology business, free and clear of liens, claims, and interests, to Belgium-based Keyrock S.A. as the highest or best bidder. The consideration comprises a $2,150,000 initial cash component (plus cure costs and the assumption of assumed liabilities, less any Cayman entity indebtedness) and a separate UK equity purchase price of $1,100,000 (subject to reduction for VASP Act liabilities, capped at $125,000, and an increase of up to $270,000). The sale is structured across an initial closing for the transferred assets and Cayman equity interests and a later closing for the UK regulated entity that is conditioned on FCA change-of-control approval.

Warrior Technologies, LLC

• DIP Terms
  • Warrior Technologies (dba Lobo Trucking) obtained final approval for a cross-collateralized, two-tranche DIP package comprising an up-to-$18 million revolving facility from Commercial Funding Inc.—of which only roughly $3.88 million is new-money funding with the balance rolled up from prepetition obligations—and a $5.7 million term loan from Commercial Credit Group secured by a Section 364(d)(1) priming lien and bearing 14% per annum interest.

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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