Bondoro Insights: Weekly Docket Update

This Week's Key Filings

U.S. TelePacific Corp.

• Case Summary
  • U.S. TelePacific has filed for Chapter 11 bankruptcy with a dual-track RSA backed by its equity sponsor and lenders holding roughly 98% of first lien debt, pursuing either a court-supervised section 363 sale or a toggle to a lender-led recapitalization that would cut roughly $1.1 billion of funded debt to about $129 million, funded by a $73.5 million DIP ($20 million new money plus a $53.5 million roll-up) from participating first lien lenders.
• Plan Terms
  • U.S. TelePacific's RSA-backed Chapter 11 plan is structured on a toggle basis that lets the debtors, at the Ad Hoc Group's election, pivot between a going-concern reorganization and a sale of some or all assets, whereby a reorganization would convert the DIP and rolled-up first lien debt into a roughly $54.1 million 1L exit facility plus 14% PIK preferred equity capturing about 75% of pro forma common stock on an as-converted basis, channel second lien holders into cashless warrants struck at a ~$326 million equity value for up to 5.94% of equity, and discharge third lien, general unsecured, and existing equity holders without recovery, while a sale would instead pay the DIP in cash and distribute net proceeds to the pari funded debt ahead of a wind-down.
• Bidding Procedures Summary
  • U.S. TelePacific obtained approval of bidding procedures to sell all or substantially all of its assets under section 363, authorizing but not requiring the designation of a stalking horse bidder and requiring a minimum purchase price of $175 million ahead of an Aug. 7 bid deadline and Aug. 12 auction, with the sale process backstopped by a Restructuring Support Agreement under which the Debtors would instead pursue a standalone reorganization equitizing the pari funded debt claims should the marketing process fail to maximize value.
• DIP Terms
  • U.S. TelePacific secured interim approval for a $73.5 million superpriority priming DIP term loan facility agented by Wilmington Savings Fund Society, FSB that combines $20 million of new-money term loans—split between a $10 million initial draw and a $10 million second draw—with a $53.5 million dollar-for-dollar cashless roll-up of prepetition superpriority and first lien obligations (the final $5 million of the roll-up and the second $10 million draw conditioned on entry of the Final Order), priced at Adjusted Term SOFR + 11.00% on the new money with an optional PIK component, a 1.25x MOIC repayment premium on the new-money advances, and a December 31, 2026 scheduled maturity (extendable in up to three successive three-month increments).

SIMAD Holdings Ltd.

• Bidding Procedures Summary
  • SIMAD obtained Court approval of bidding procedures to sell all, substantially all, or a portion of its portfolio of summer camps in one or more transactions, authorizing but not requiring the designation of one or more stalking horse bidders (with any stalking horse notice to be filed by July 9) ahead of a July 17 bid deadline and July 28 auction, with secured creditors—including the DIP agent, the bond trustee, and Bank of New Hampshire—entitled to credit bid against their respective collateral.
• DIP Terms
  • The SIMAD Debtors obtained interim approval for a $180 million superpriority senior secured priming multiple-draw DIP term loan facility agented by Mishmeret Trust Company and led by Klirmark Opportunity Fund IV, structured as a $60 million new-money First-Out Tranche ($20 million interim, $40 million on the final order) alongside an up-to-$120 million Second-Out Tranche that cashlessly rolls up prepetition obligations at a 2:1 ratio. Separately, Mesorahco LLC and Mesorahland LLC secured interim approval via consent order for an up-to-$4 million superpriority priming DIP from DHI Holdings as successor to Wayne Bank, with $1 million available immediately, a further $800,000 ahead of the final hearing, and the remaining $2.2 million unlocked only upon the final order. The BNH Borrower entities have also received interim approval for a $30 million senior secured priming DIP from Bank of New Hampshire, comprising up to $10 million in new-money term loans ($2 million interim, $8 million on the final order) against a $20 million cashless 2:1 roll-up of prepetition obligations.

DAMIS Holdings LLC

• Case Summary
  • DAMIS Holdings has filed for Chapter 11 bankruptcy amid an impending liquidity shortfall and aggressive merchant cash advance lender cash sweeps, triggered in part by cross-default exposure stemming from affiliated SIMAD entities' bond default, pursuing a CRO-led free-fall restructuring of roughly $466 million in mortgage debt and $134 million in MCA obligations while exploring asset sales and debtor-in-possession financing, backed by approximately $10.3 million of cash on hand and newly installed independent directors after stripping the Shabsels Brothers of control.

AvantGarde Senior Living

• Case Summary
  • AvantGarde Senior Living and its property-owning affiliate, Adelman Tarzana Investments, LLC ("ATI") (together, the "Debtors"), filed for Chapter 11 bankruptcy after ATI defaulted on its $31.3 million HUD-insured PGIM mortgage, with PGIM's breach-of-contract suit culminating in a state court order appointing a receiver. Facing that receivership, along with disputed IRS tax liens, the Debtors are seeking to preserve their 160-bed Tarzana senior care facility while pursuing a sale and a reorganization plan that would pay creditors from operating revenue and sale proceeds. The Debtors point to an estimated $45.8 million Northmarq valuation, which they contend leaves their secured creditors oversecured.

Goldenpeaks Poland Holding Limited

• Bidding Procedures / APA Summary
  • GoldenPeaks Poland Holding filed a motion to approve bidding procedures and authorize a stalking horse asset purchase agreement for a going-concern sale of substantially all assets, designating funds managed by Brookfield Asset Management as the stalking horse bidder pursuant to a credit bid of outstanding DIP obligations and offering an expense reimbursement of up to $3 million but no break-up fee, ahead of a July 27 bid deadline, a July 30 auction, and an August 4 sale hearing.

Sangamo Therapeutics, Inc.

• DIP Terms
  • Sangamo Therapeutics obtained interim approval for a $30 million non-amortizing senior secured superpriority DIP term loan facility from Northridge ATM, LLC, with up to $10.5 million available upon entry of the interim order and the balance of the commitments (the full $30 million less amounts drawn at the interim stage) available upon entry of a final order, priced at 12% cash interest (plus 2% default interest) and maturing on the earliest of several events but no later than December 30, 2026, while carrying a 2% commitment fee and a 5% exit fee and affording the lender the right to credit bid up to the full amount of its DIP obligations in any sale of the collateral (whether under Section 363, a plan, or a chapter 7 sale).

Linqto Texas, LLC

• APA Summary
  • Linqto filed four concurrent emergency motions to sell an aggregate 1,707,039 shares of Ripple Labs common stock for approximately $129.97 million in gross proceeds, free and clear of liens under Section 363, to Galaxy Digital Ventures ($60M, $68/share), Arrington Capital ($49.97M, $80/share), The Private Shares Fund ($16M, $100/share), and GAM Alternatives ($4M, $100/share). The sales are intended to bring the planned Closed-End Fund's Ripple concentration below the court-approved 25% threshold and fund the debtors' emergence from Chapter 11, with a hearing set for July 1.

Lugano Diamonds & Jewelry Inc.

• Plan Terms
  • Lugano Diamonds & Jewelry's Chapter 11 plan of liquidation centers on a Liquidation Trust seeded with the debtors' remaining assets and estate causes of action, facilitated by a UCC- and CODI-backed settlement whereby CODI's $718 million secured claim is exchanged for a Special Beneficial Interest entitling it to 34.79% of effective-date cash plus tiered recoveries—including 45% of net proceeds from claims against former auditor Grant Thornton—while general unsecured creditors receive pro rata General Beneficial Interests, with enhanced distributions available to those contributing colorable Grant Thornton claims to the trust.

White Rock Medical Center, LLC

• DIP Terms
  • White Rock Medical Center obtained final approval for a $3 million secured DIP term loan facility from White Rock Investors LLC—split between a $2 million committed tranche and a $1 million discretionary tranche—bearing 15% PIK interest and maturing no later than September 17, 2026, to fund working capital and operations pending confirmation of a Chapter 11 plan implementing the contemplated restructuring term sheet.

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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