Bondoro Insights: Weekly Docket Update

This Week's Key Filings

Signal National LLC

• Case Summary
  • Signal National has filed for Chapter 11 bankruptcy alongside affiliates 777 Partners and 600 Partners following rising interest rates, regulatory disruption at its 777 Re reinsurance platform, and double-pledged collateral allegations that spawned SEC, criminal, and Leadenhall litigation as well as an involuntary Chapter 7 petition from a lender, seeking a court-supervised wind-down of more than $2.7 billion in funded debt through asset sales and a liquidating trust for its self-liquidating receivables portfolios, backed by up to $24.95 million in DIP financing from its existing senior secured lenders.
• DIP Terms
  • Signal National is seeking approval of a $24.95 million senior secured, superpriority, priming DIP facility from its own prepetition lenders, with ACM Delegate LLC as administrative agent. The facility pairs $6.24 million of new money with an $18.71 million roll-up on a 3:1 basis, and makes only $2.3 million — $0.58 million of new money and a $1.73 million roll-up, subject to challenge — available on an interim basis. Pricing is 11.5% fixed, paid in kind, with 1% upfront and 1% arrangement fees, and the milestone schedule requires a plan term sheet by September 1, 2026, a confirmation order within 130 days of the petition date, and a plan effective date 14 days later.

And Go Concepts, LLC

• Case Summary
  • Salad and Go filed for Chapter 11 after an aggressive expansion into Texas and Oklahoma left it with high fixed overhead at its Garland production facility and rent obligations on more than 70 closed stores. Rising gas prices, weaker consumer spending, and a cyclospora outbreak accelerated cash losses in the months before filing. The Debtors have agreed to sell certain assets, including a number of unexpired leases, and intend to wind down their estates.
• APA Summary
  • Salad And Go filed a motion to sell material assets of their leasehold portfolio — 51 Salad and Go drive-thru locations in Arizona and Nevada plus 14 additional leases in Texas and Oklahoma — free and clear of liens, claims, encumbrances, and interests under section 363(f) to Boersma Bros. LLC, doing business as Dutch Bros, for $105 million in cash plus $50 for the Texas and Oklahoma leases. The sale is structured as a private transaction not subject to higher and better offers, preserving a fiduciary out that carries a $3.8 million termination fee plus expense reimbursement and requires a $10 million minimum initial overbid.

Lourdes University

• Case Summary
  • Lourdes University filed Chapter 11 to wind down the University after its sponsor, the Sisters of St. Francis, Sylvania, Ohio, declined further funding absent a viable turnaround plan. Years of operating deficits — amplified by the costs of the University's 2011 transition to university status, with expanded degree offerings and intercollegiate athletics — left no path to sustainability, and the University closed after arranging teach-outs led by the University of Toledo. The cases will liquidate the debtors' real estate and other assets against roughly $14.3 million of bond and bank debt, plus secured and unsecured obligations to the sponsor.

S.M.F. Group Inc.

• Case Summary
  • S.M.F. Group filed for Chapter 11 after ceasing payments on more than 30 merchant cash advances, prompting redirect notices that led its payment processors to withhold approximately $6 million in card receipts at its nine restaurants in New York City and Washington, D.C. and leaving it with less than $100,000 of cash on hand. The debtors are prosecuting a turnover adversary proceeding against the processors and seek approval of a proposed $1.5 million interim DIP facility from FHGRF LLC, in which CEO Benjamin Grossman holds a 35.8% equity interest.
• DIP Terms
  • S.M.F. Group is seeking interim and final approval of a senior secured superpriority DIP facility of up to approximately $12.7 million from FHGRF LLC — the prepetition secured party, in which the debtors' CEO holds a 35.8% non-controlling interest — consisting of $6.5 million in new money and up to roughly $6.2 million in rolled-up prepetition obligations. New money is capped at the holdback amounts held by the debtors' payment processors and splits into $2.3 million on entry of the interim order and up to $4.2 million after the final order, with each advance triggering a cashless 2:1 roll-up. Pricing is 12% PIK, a 2% exit fee, and a Dec. 31, 2026 maturity.

Quality Fresca I, LLC

• Case Summary
  • Quality Fresca I, a 38-unit Moe's Southwest Grill franchisee, filed for Chapter 11 after post-pandemic foot traffic losses, inflation, rising food and shipping costs, and reduced labor availability eroded its liquidity, and after the franchisor declared it in default under all of its franchise agreements in August 2025. Having already shrunk from 69 restaurants to 38 through successive closures of underperforming stores, the Debtor is pursuing a dual-track reorganization or value-maximizing sale that would exit remaining unprofitable locations and rationalize its lease portfolio and cost structure, supported by proposed DIP financing and the use of cash collateral. Its approximately $16 million of secured debt is held by GR Loanco 1 LLC, an affiliate of the Debtor's ultimate parent, which acquired the prepetition credit facility from PNC Bank in May 2026 and has since extended two additional secured loans.
• DIP Terms
  • Quality Fresca I sought interim approval of a $1.6 million delayed multi-draw DIP term loan and authority to use cash collateral from insider lender GR Loanco 1 LLC, an affiliate of ultimate parent Genrock Investment Fund I, LP that bought the prepetition credit agreement from PNC Bank in May 2026. The facility provides an initial $250,000 advance, upsizable to $500,000 with lender consent and no further court order, at 12% cash interest with a 1.5% fee and maturing no later than Feb. 26, 2027. Subject to a carve-out, it is secured by priming liens and a superpriority claim senior to the lender's own roughly $16 million of prepetition debt.

Trinseo PLC

• Plan Terms
  • Trinseo's amended prepackaged plan centers on a balance-sheet recapitalization financed in the interim by separate OpCo and Super HoldCo DIP facilities and capitalized on exit by a fully backstopped $450 million equity rights offering and backstop allocation purchase, alongside an $850 million exit term loan facility of new and/or takeback loans. Holders of $1.27 billion in allowed Super HoldCo first lien principal receive $810 million in takeback term loans and/or cash — less certain RCF and DIP roll-up distributions — plus 10% of the reorganized equity and subscription rights, while OpCo term lenders share a $35 million exit distribution and subscription rights under an intercompany settlement that gifts the intercompany lender's allocation to the supporting 2028 term lenders. Existing equity and unsecured funded debt claims are canceled without recovery as general unsecured claims ride through unimpaired.

Omnicare, LLC

• Plan Terms
  • Omnicare's amended combined plan of reorganization and liquidation centers on the previously approved $250.0 million cash sale of substantially all operating assets to GenieRx Holdings, with certain debtors emerging as reorganized going-concern entities and the rest winding down under a plan administrator, Omnicare itself surviving to administer the wind-down assets. Rule 9019 settlements among the debtors, the DOJ, CVS Health and the creditors' committee allow the DOJ's $952.7 million claim from the August 2025 False Claims Act judgment in full but defer all recovery until Class 3 general unsecured claims are paid, with CVS's prepetition claims — including a $54.5 million proof of claim — subordinated behind both. JMB Capital Partners' $110.0 million DIP facility is repaid in full in cash on the effective date.

Vanderbilt Minerals, LLC

• Plan Terms
  • Vanderbilt Minerals' Chapter 11 plan of liquidation follows the court-approved sale of substantially all assets to VM Buyer LLC and a global settlement with R.T. Vanderbilt Holding Co., Inc. and affiliated entities. Under the Trust Formation Transactions, the debtor's remaining assets and insurance rights vest in a liquidation trust that assumes all talc, administrative, priority, secured, and general unsecured claim liability, with talc recoveries channeled exclusively to a TC Recovery Fund governed by trust distribution procedures that have not yet been filed. An insurance entity injunction bars claims against the debtor's insurers to preserve the transferred rights, equity is cancelled, and confirmation grants no discharge.

Simply Interior Homes, LLC

• Plan Terms
  • Simply Interior Homes' amended combined disclosure statement and Chapter 11 plan of liquidation winds down the debtors' carved-out home textiles business through a liquidating trust, following an inventory liquidation and a July 30 auction of the Eclipse, Hookless and Historic Charleston brand intellectual property valued by the debtors at roughly $3.4 million, with $7.9 million of prepetition secured claims projected to recover 1% to 35% and $28.4 million to $123.6 million of general unsecured claims 0% to 17% — projections that ascribe no value to the trust's largest asset, the debtors' preserved claims against private equity sponsor Centre Lane Partners and former parent Live Comfortably over the 2025 carve-out, unremitted customer collections and insider notes, both of which the plan designates non-released parties, leaving those claims intact after confirmation.

DAMIS Holdings LLC

• Bidding Procedures Summary
  • DAMIS Holdings filed a motion to approve procedures governing one or more sales of the fee-owned and ground-leased multifamily, office, hotel, and retail properties held by it and its affiliated debtors, seeking authority — with no purchase agreement yet signed — to designate stalking horse bidders and grant break-up fees of up to 2% and expense reimbursement of up to 1% of the purchase price without further Court order, to hold auctions at least two days after a bid deadline set at least 30 days out, to assume and assign related contracts and leases, and to close private sales without an auction. Objections are due Aug. 19, 2026, with a hearing set for Aug. 26, 2026.

Lurin Real Estate Holdings XXI, LLC

• Plan Terms
  • Lurin Real Estate Holdings LXIV's plan of liquidation turns on a sale of substantially all of its assets — chiefly the Morgan Property, a multi-family apartment complex in St. Petersburg, Fla. — anchored by a $41.1 million credit bid from prepetition lender BDS Mortgage Capital G LLC ("Bridge") that remains subject to higher and better bids. A Liquidating Debtor will wind down the estate and distribute cash and recoveries on retained causes of action under a waterfall that satisfies priority and senior secured claims and Bridge's $47.2 million allowed secured claim in full before general unsecured creditors and equity, with Bridge's recourse claims against guarantor Jon P. Venetos expressly preserved.

SiFi Networks America, LLC

• APA Summary
  • SiFi Networks America obtained approval of the sale of substantially all of its assets free and clear of liens to stalking horse bidder ArcLink Fiber LLC, its prepetition noteholder, which was designated the successful bidder after no competing qualified bids were received by the July 27, 2026 bid deadline. The consideration is a section 363(k) credit bid of the DIP obligations and the aggregate principal amount of the prepetition note, plus $0.2 million in cash and any other accrued and unpaid fees and expenses as of closing, aggregating $5.9 million, together with the assumption of specified liabilities and payment of cure amounts.

Pacific Capital Funding Group, Inc.

• Bidding Procedures Summary
  • Pacific Capital Funding Group filed a motion to establish omnibus procedures for the sale of their portfolio of approximately 45 mortgage and note assets and roughly 10 REO properties, in lieu of filing a separate section 363 sale motion for each asset, providing for no stalking horse procedures, a 14-day objection deadline following service of each sale notice, minimum overbid increments of the greater of 5% or $10,000, and credit bidding by secured creditors up to their allowed secured claims conditioned on a cash payment of all closing costs, ahead of an Aug. 26 hearing.

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.

Want to change how often you hear from us? Update your preferences in Account Settings.