Bondoro Insights: Weekly Docket Update

This Week's Key Filings

Braskem Idesa, S.A.P.I.

• Case Summary
  • Braskem Idesa filed for Chapter 11 following a prolonged petrochemical downcycle, compressed industry spreads and constrained ethane supply in Mexico that forced a shift from cheap Pemex feedstock to costlier imports. Amid severe liquidity constraints, its Veracruz petrochemical complex has been running at less than 50% utilization on average. The Company is seeking to restructure approximately $3.6 billion in debt through a prepackaged plan that would reduce prepetition funded debt by more than $920 million, backed by a $409 million superpriority DIP facility and a restructuring support agreement with Braskem, Inbursa and an ad hoc noteholder group holding roughly 79% of its prepetition secured debt.
• DIP Terms
  • Braskem Idesa filed a motion seeking interim and final approval of an approximately $408.9 million superpriority, senior secured and priming delayed-draw DIP term loan facility from Braskem Netherlands B.V. and Braskem America, Inc., non-debtor affiliates of its 75% shareholder Braskem S.A. The facility comprises $279 million of new money — $230 million on entry of the interim order and $49 million on entry of the final order — plus an approximately $129.9 million cashless roll-up of Emergency Braskem Bridge Facilities obligations. The facility is priced at 10% PIK with a six-month maturity, and is to be satisfied on the plan effective date in new equity of the reorganized debtors.
• Plan Terms
  • Braskem Idesa's prepackaged Chapter 11 plan of reorganization centers on a restructuring of roughly $3.6 billion of funded debt that cuts it by more than $920 million, converting part of the secured debt to equity and refinancing the rest. Holders of the $2.1 billion of senior secured notes surrender $825 million of their claims in exchange for one third of the reorganized equity, and take first lien exit notes for the remaining principal plus accrued interest. Holders of the roughly $129 million of senior secured term loans receive exit notes for their full claims and no equity. The exit notes total approximately $1.6 billion in aggregate principal across both groups. Braskem S.A. takes a second third of the equity for approximately $486 million, consisting of a $131 million roll-up of prepetition support financing, roughly $283 million of new money DIP loans equitized rather than repaid in cash, and a $71 million contribution on the effective date. Existing shareholders have their equity canceled and receive the final third as reorganized Class B shares, and general unsecured claims ride through unimpaired.

And Go Concepts, LLC

• DIP Terms
  • Salad and Go sought interim approval of a $20 million new-money, non-priming senior secured superpriority delayed-draw DIP facility from sole lender Rucio Investment Sarl, an insider of the debtors. The facility is split between a $10 million Tranche A available upon entry of the interim order and a $10 million Tranche B drawable in up to five $2 million increments only after entry of an order approving a section 363 sale of a material portion of the debtors' assets. Pricing is 8% fixed interest payable in cash or in kind, with no commitment, closing or underwriting fees, each waived in exchange for a $4 million Residual Fee equal to 20% of the commitment. The Residual Fee is non-recourse to the estates and payable solely out of amounts otherwise distributable to equity, upon either indefeasible payment in full in cash of all allowed claims or the establishment and funding of a reserve for all unpaid claims and budgeted winddown amounts.

Alea Holdings US Company

• DIP Terms
  • Alea Holdings US Company obtained final approval for a $35 million incremental DIP facility from prepetition lender and RSA plan sponsor Catalina Finance LLP. The facility is structured as a fungible increase to the debtors' existing revolving facility that lifts total commitments to $195 million, secured by priming liens and superpriority claims subject to the carve-out. Pricing is a 13.00% margin plus the applicable compounded reference rate, with interest payable in kind through the issuance of notes and maturity on the termination date the debtors represent to be July 25, 2027. The order also authorizes consensual use of approximately $3.1 million of cash collateral.

S.M.F. Group Inc.

• DIP Terms
  • S.M.F Group obtained interim approval for a senior secured superpriority DIP facility of up to $6.5 million from prepetition secured party FHGRF LLC, sized in no event to exceed the aggregate holdback amounts owed to the debtors by third-party payment processors and comprising a $1.5 million interim new-money revolver that may be increased to $2.3 million at the lender's sole discretion and an additional new-money commitment of up to $4.2 million available only upon entry of the final order and remittance of the holdback amounts then required, plus a 2:1 roll-up loans converting prepetition secured obligations, priced at 12% PIK interest with a 2% exit fee and an outside maturity of Dec. 31, 2026.

Quality Fresca I, LLC

• DIP Terms
  • Quality Fresca I obtained interim authority to borrow under a $1.6 million delayed multi-draw DIP term loan from GR Loanco 1 LLC, an affiliate of the debtor's ultimate parent, Genrock Investment Fund I, LP, that acquired the prepetition PNC Bank loans in May 2026 and holds $15.2 million of the $16.0 million in prepetition principal, with interim access limited to an initial $250,000 draw that the lender may increase to $500,000 without further court order, priced at 12% cash interest with a 1.5% loan fee, secured by priming liens under section 364(d), and maturing on the earliest of Feb. 26, 2027, a plan effective date, or an event of default.

DISH DBS Corporation

• Plan Terms
  • DISH DBS's second amended plan implements a March 19, 2026 restructuring support agreement through a bifurcated structure. The DISH DBS debtors' four series of 2026, 2028 and 2029 notes are amended and supplemented rather than reissued, in principal amounts equal to the outstanding principal of their allowed claims, with interest then due paid in cash. A quarterly available-cash sweep is applied to the 2028 senior secured notes beginning with the fiscal quarter ending March 31, 2027, and DBS equity is reinstated. The DISH Wireless debtors pursue an asset sale with EchoStar as initial stalking horse bidder and DIP lender — though the successful bidder is not predetermined — ahead of a wind-down. Unsecured recoveries run through sale proceeds, the $2.4 billion FCC Trust and its $200 million Type A claims reserve, and a DWLLC claims trust whose $8.86 billion intercompany loan claim recoveries redeem the 2028 and 2029 notes through a four-tier waterfall capped at $300 million only at its second tier.

West Marine, Inc.

• Plan Terms
  • West Marine's confirmed second amended plan of reorganization provides for an RSA-backed debt-for-equity recapitalization centered on the equitization of $251.2 million in term loan claims for 100% of the new equity, subject to management incentive plan dilution, with any resulting lender deficiency claim deemed waived. The $118.9 million in prepetition ABL claims are satisfied in cash or rolled dollar-for-dollar into a $135 million exit ABL facility, and the $59.2 million in FILO claims — plus MOIC and other make-whole amounts — are satisfied in cash or rolled dollar-for-dollar into an exit term loan facility that also carries up to $10 million in new-money loans bearing a 30% in-kind commitment premium. A Committee settlement seeds a GUC trust with $2 million in cash, payable in two equal installments and reduced by Committee professional fees above $2.85 million, plus 33% of net proceeds from four specified litigation and settlement claims, capped at $650,000. That settlement is paired with the Debtors' release of all section 547 preference actions and the term loan lenders' waiver of any recovery from the trust on their deficiency claims. Existing equity is cancelled without recovery.

Bitcoin Depot Inc.

• Plan Terms
  • Bitcoin Depot's confirmed plan of liquidation effectuates a wind-down of the debtors' North American Bitcoin ATM network, facilitated by a Hilco-led sale process that produced ten court-approved asset sales, whereby all unsold assets vest in a liquidation trust seeded with a minimum $550,000 in cash and retained causes of action against non-released parties including founder Brandon Mintz and former CEO C. Scott Buchanan, while the term loan secured parties receive a $500,000 settlement payment and Series A trust interests atop the $14.02 million payable from the adequate protection account, general unsecured creditors receive Series B trust interests, and existing equity is cancelled without recovery.

Ascend Elements, Inc.

• Plan Terms
  • Ascend Elements' confirmed combined disclosure statement and plan of liquidation winds down the battery recycler through a series of separate asset sales rather than a single going-concern transaction. Those were the Poland/IP sale to Bluegrass Infrastructure Partners for $3.0 million in cash and a $98.0 million credit bid of secured note obligations, the auctioned Hopkinsville sale to mechanic's lien claimant Turner-Kokosing Joint Venture, which cut its asserted claim against the estates by $50.0 million, and the $3.0 million Covington sale to R3 Lithium. Following the Poland/IP and Covington sales, no obligations remain outstanding under the senior or junior secured convertible notes. The cases were funded on cash collateral rather than DIP financing, and $149.6 million of general unsecured claims are channeled into a GUC Trust holding residual cash, retained causes of action and D&O policies for a projected 0.0% to 0.4% recovery, with equity cancelled and no discharge granted.

Leisure Investments Holdings LLC

• Plan Terms
  • Leisure Investments Holdings' liquidating plan winds down the Liquidating Debtors following a series of section 363 sales of their marine park portfolio, which yielded approximately $75.0 million in estimated proceeds. Only about $21.5 million of that remains available for distribution, from the assignment of the Miami Seaquarium lease to Terra-affiliated Resilient Aquarium LLC — approved by the bankruptcy court in October 2025 but not yet closed. The plan centers on a liquidation trust that takes the remaining assets and causes of action of the Liquidating Debtors, including retained litigation claims against the former CEO and other excluded directors and officers. The sole voting class, $35.8 million in first lien secured claims, receives a $50,000 cash pool funded from first lien collateral proceeds ahead of the superpriority claims under the $129.0 million DIP facility with the DIP secured parties' consent. Those DIP claims recover an estimated 13% to 20% through trust beneficial interests, while holders of $142.8 million in second lien claims and general unsecured creditors are projected to receive nothing.

Glenwood Caverns Holdings LLC

• Plan Terms
  • Glenwood Caverns Holdings' amended combined disclosure statement and plan of reorganization sells the Park as a going concern to GVC Glenwood LLC for $1.5 million in cash plus assumption of the prepetition secured lender's $12.1 million Class 1 claim, restructured with twelve months of interest-only payments. Class 3 general unsecured creditors receive 10% in cash within 30 days, while the Estifanos' disputed claim — on a more than $116 million wrongful death judgment now on appeal — recovers an estimated $11.4 million, or 9.5%, from residual net sale proceeds, roughly $7 million of previously tendered insurance and a litigation trust holding bad faith claims against former carrier NOVA Casualty.

Omnis Pleasants, LLC

• Bidding Procedures Summary
  • Omnis Pleasants filed a motion to approve bidding procedures for the sale of all or substantially all of its assets, including the 1,278-megawatt Pleasants Power Station coal-fired generation facility in Belmont, West Virginia. The Debtor proposes a Nov. 9 bid deadline, a Nov. 12 auction if more than one qualified bid is received, and a Nov. 18 sale hearing. It also seeks authority, but not direction, to designate a stalking horse bidder and offer bid protections by Oct. 22. Secured creditors TRAG LLC and RG Energy LLC would be permitted to credit bid up to the full amount of their claims against the assets constituting their collateral.

SiFi Networks America, LLC

• Plan Terms
  • SiFi Networks America's first amended combined disclosure statement and Chapter 11 plan of liquidation centers on the already-consummated $5.85 million credit-bid sale of substantially all assets to stalking horse ArcLink Fiber. The sale closed Aug. 7 after no competing qualified bids were submitted and satisfies ArcLink's $3.43 million DIP facility dollar-for-dollar. A global settlement among the debtor, the creditors' committee, the prepetition secured noteholder, and the DIP lender channels general unsecured recoveries through a liquidation trust seeded with at least $175,000 of DIP lender funding, excluded assets, and retained estate causes of action. Co-founders Mike Harris and Roland Pickstock, along with Benjamin Bawtree-Jobson, are carved out of the plan's releases. The parent's $23.1 million intercompany claim is subject to reinstatement or extinguishment at the debtor's or liquidation trustee's option, and equity interests are cancelled without recovery.

Simply Interior Homes, LLC

• Plan Terms
  • Simply Interior Homes' amended combined disclosure statement and Chapter 11 plan of liquidation centers on the wind-down of the debtors' home textiles business following a liquidation of inventory, receivables, FF&E and intellectual property and court-approved asset sales expected to yield approximately $3.0 million. Remaining assets vest in a liquidating trust overseen by a three-member board with two seats appointed by the DIP secured parties and one by the creditors' committee. Distributions are governed by a waterfall paying DIP and prepetition secured claims ahead of subordinated sponsor secured note claims estimated at $0 to $69.6 million and general unsecured claims estimated at $28.4 million to $123.6 million. Recoveries turn largely on retained causes of action against non-released sponsor and affiliate parties arising from the February 2025 carve-out transaction, the sponsor notes and the disputed transition services agreement.

Poolin Technology PTE. Ltd

• Bidding Procedures Summary
  • Poolin obtained approval of bidding procedures to sell substantially all of their assets, designating Thor CALAP, LLC as the stalking horse bidder under separate asset purchase agreements covering the Tarbush and Pyote assets, ahead of a Sept. 8 bid deadline, a Sept. 10 auction, and a Sept. 18 sale hearing, with the order authorizing an expense reimbursement as the stalking horse's only bid protection.

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.

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