Bondoro Insights: Weekly Docket Update

This Week's Key Filings

BFG Supply Co., LLC

• Case Summary
  • BFG Supply has filed for Chapter 11 citing failure to integrate a series of debt-financed acquisitions, sales force turnover that drove customer attrition and a nearly 8% revenue decline to $536.5 million in fiscal year 2026, and tightening vendor credit that constrained its asset-based borrowing capacity. The wholesale horticultural distributor is pursuing a going-concern sale, an orderly liquidation, and a real estate disposition program in parallel, supported by a proposed up-to-$55 million DIP revolving facility from its prepetition revolving lenders.
• DIP Terms
  • BFG Supply is seeking interim approval of a $55 million superpriority asset-based DIP revolving facility from its prepetition ABL lenders, agented by ACF FinCo I LP, that would provide $22 million of interim availability and roll up the $43.1 million of prepetition revolving loans — first on a creeping basis as collateral proceeds are applied dollar-for-dollar and then in full on a cashless basis upon entry of a final order — priced at ABR plus 4.75% with a stated maturity of Feb. 14, 2027, to fund a parallel going-concern sale and liquidation strategy, with the sale required to be consummated by Oct. 22, 2026.
• Bidding Procedures Summary
  • BFG Supply filed a motion to approve bidding procedures for a sale of all or substantially all of its assets, seeking authority to designate one or more stalking horse bidders and provide bid protections by a Sept. 28 designation deadline ahead of an Oct. 2 bid deadline, Oct. 6 auction and Oct. 14 sale hearing, with the DIP agent and prepetition agents permitted to credit bid DIP and prepetition secured obligations.

Squirrel Hill PA Realty, LLC

• Case Summary
  • Squirrel Hill PA Realty has filed for Chapter 11 bankruptcy following post-COVID cost increases, below-average occupancy, and stagnant payments from the Commonwealth of Pennsylvania. Those conditions left the 178-bed Pittsburgh skilled nursing facility unable to cover its fixed operating costs, and the Debtors carry approximately $32.3 million in outstanding secured debt, exclusive of interest and fees, and an estimated $6.98 million in unpaid state nursing facility assessments, after 19 months in receivership in connection with a mortgage foreclosure action. The Debtors are pursuing a going-concern section 363 sale of the facility to be implemented through a Chapter 11 plan, backed by their secured lender's consent to the use of cash collateral and its discretion to advance further funds entitled to a superpriority claim under section 507(b).

The Villages Health System, LLC

• Plan Terms
  • The Villages Health System's confirmed plan of liquidation centers on a post-confirmation liquidating trust administering the estate's remaining assets following the completed sale of substantially all of the debtor's business to CenterWell Senior Primary Care (FL), Inc. The plan is funded by an $80 million Developer settlement, satisfied through $65 million in cash and a waiver of PMA Lender's $15 million secured claim. A separate DOJ settlement allows the government's coding self-disclosure claim at $541.5 million as a Class 4 claim receiving Class A trust interests; the Plan describes the Rule 9019 motions for both settlements as pending as of its filing. Class 5 general unsecured creditors recover 20% of allowed claims subject to a $1.25 million aggregate cap, convenience class holders receive 90% up to $9,000, and equity interests are cancelled without recovery.

ASP Unifrax Holdings, Inc.

• DIP Terms
  • Alkegen obtained final approval for a $630 million superpriority, priming DIP term loan and note facility, with Wilmington Savings Fund Society, FSB as administrative agent and collateral agent and DIP lenders that include an ad hoc group of prepetition secured parties. The facility is split evenly between $315 million of new money — comprising $265 million of initial instruments and $50 million of delayed-draw instruments — and a $315 million roll-up of prepetition first lien obligations, of which $265 million rolled up upon entry of the interim order and $50 million rolls up upon entry of the final order. Proceeds were used to repay approximately $188 million of prepetition revolving loans in full in cash and to cash collateralize the related letters of credit at 103% of face value, subject to a carve out with a $4 million post-trigger notice cap.

Braskem Idesa, S.A.P.I.

• DIP Terms
  • Braskem Idesa obtained interim approval for an approximately $408.9 million superpriority, senior secured and priming delayed-draw DIP term loan facility from initial lenders Braskem Netherlands and Braskem America, with TMF Mexico Business Process as collateral agent. The facility comprises $279 million of new money, split between a $230 million interim draw and a $49 million draw upon entry of the final order, alongside an approximately $129.9 million cashless, dollar-for-dollar roll-up of eligible prepetition secured claims. The DIP loans bear 10% PIK interest, carry a 0.50% interim commitment fee and mature six months after the DIP facility's effective date. Milestones require entry of the confirmation order within 40 calendar days and a plan effective date within 55 calendar days of the petition date.

U.S. TelePacific Corp.

• Plan Terms
  • U.S. TelePacific's amended Chapter 11 plan implements an RSA-supported debt-for-equity restructuring, whereby holders of pari funded debt secured claims — not less than $394 million of first lien term loans, less the first lien principal rolled into the DIP, plus $4.8 million of RCF claims — receive 100% of the reorganized common equity or cash under an elective cash-out option, subject to dilution by roughly $74.5 million of 14% PIK preferred equity whose $64.6 million Tranche A alone represents 75.1% of common equity on an as-converted basis, with DIP claims satisfied through an estimated $54.1 million first lien exit facility, Tranche A preferred, or cash, second lien secured claims, arising under $639.4 million of allowed principal, receiving only four-year warrants for up to 5.94% of equity on a fully diluted basis struck at a $326 million equity value, third lien claims and existing equity extinguished, and general unsecured recoveries capped at $3.0 million under a committee settlement.

Goldenpeaks Poland Holding Limited

• Plan Terms
  • GoldenPeaks Poland's second amended combined disclosure statement and plan of liquidation provides for an orderly wind-down following the sale of substantially all assets to a Brookfield-affiliated stalking horse, funded in Chapter 11 by Brookfield's junior secured superpriority DIP facility of up to approximately $150.7 million of new-money loans. General unsecured creditors receive interests in a liquidation trust seeded with $1.2 million of cash from the Brookfield-provided wind-down budget and preserved causes of action against founders Adriano Agosti and Daniel Tain, taking 20% of the first $20 million of trust net proceeds and 30% thereafter. That treatment comes under three settlements that allow the BeGo secured lenders' $134.6 million of claims as general unsecured claims and channel a $1.25 million Brookfield payment to Spectris, which separately contributes its competing Polish claims to the trust.

Signal National LLC

• DIP Terms
  • 777 Partners secured interim approval for an $8.6 million new-money senior secured superpriority DIP facility provided by its prepetition lenders, with ACM Delegate as administrative agent. The order permits $600,000 of borrowings pending a Sept. 8 final hearing and effects no roll-up of prepetition debt. The facility carries interest of 0.45% per annum with no fees, and matures 195 days after the petition date, subject to milestones requiring entry of a plan confirmation order by Jan. 18, 2027.

And Go Concepts, LLC

• DIP Terms
  • Salad and Go is seeking interim and final approval of a $20 million new-money, senior secured, superpriority delayed-draw DIP facility from sole lender Twelve Bridge Capital — a revised proposal brought forward after the court raised concerns over an initial DIP facility at an Aug. 18 hearing. The facility splits between a $10 million Tranche A available upon entry of the interim order and a $10 million Tranche B available in up to five $2 million draws only after entry of a sale order, priced at 12% PIK interest with a 5% commitment fee, 2% funding fees and a 1% exit fee. It contemplates no roll-up, cross-collateralization or priming liens, with DIP liens junior to the NMTC QLICI claims and liens, and milestones requiring entry of a sale order approving the Boersma Bros. bulk asset purchase agreement by Sept. 15 and closing by Dec. 31, 2026, against a Jan. 31, 2027 outside maturity.

Buckingham Senior Living Community, Inc.

• Plan Terms
  • Buckingham Senior Living Community's second amended combined disclosure statement and Chapter 11 plan of liquidation centers on the already-consummated $116.4 million section 363 sale of the debtor's Houston continuing care retirement community to Focus Healthcare Partners affiliate Focus SH Acquisition. Holders of $180.4 million of secured bondholder claims recover an estimated 56.2% to 56.3% through bond trustee UMB Bank, which receives $95.6 million of net sale proceeds remaining after a $4.3 million trustee wind-down reserve, plus its allocated share of the $15.25 million in incremental value generated at auction. General unsecured claims of $233.8 million recover an estimated 3.2% under the plan's projections, via a liquidation trust holding a $7.4 million GUC allocation, from which bond deficiency claims are excluded, and retained causes of action.

Glenwood Caverns Holdings LLC

• Plan Terms
  • Glenwood Caverns' second amended and restated combined disclosure statement and plan centers on a going-concern sale of its Glenwood Springs amusement park, with GVC Glenwood LLC as purchaser. The stalking horse consideration was $1 million in cash plus assumption of Community Banks of Colorado's secured claim, allowed at an estimated $12.1 million and modified to carry 12 months of interest-only payments before amortizing to maturity. The Estifanos family, holding a wrongful death judgment on appeal that apportions more than $116 million of liability to the debtor, takes all residual net sale proceeds, estimated at $4.4 million, which with approximately $7 million in previously tendered insurance yields an $11.4 million anticipated recovery, or 9.5% of the disputed claim. The family also takes the beneficial interests in a $100,000-funded litigation trust pursuing contractual and bad faith claims against former carrier NOVA Casualty. Other general unsecured creditors receive 10% in cash and GCAP Holdco's equity is cancelled.

S.M.F. Group Inc.

• Bidding Procedures Summary
  • S.M.F. Group filed a motion to approve bidding procedures for the sale of all or any part of the assets of the New York City and Washington, D.C. restaurant portfolio, proposing a Sept. 29, 2026, bid deadline and Oct. 5 auction without a stalking horse bidder. Prepetition senior secured lender and DIP lender FHGRF is deemed a qualified bidder under all circumstances and is entitled to credit bid its prepetition and DIP obligations ahead of an Oct. 14 sale hearing and Oct. 28 outside closing date.

White Wilson Medical Center PA

• Plan Terms
  • White Wilson Medical Center's amended plan of liquidation centers on a two-phase Section 363 sale of substantially all assets to KC WW Acquisition and WW Medical Center. The non-clinical closing of that sale was consummated on March 20, 2026, with the clinical closing anticipated on or about Dec. 31, 2026. Sale proceeds paid the secured claims of INS and Itria Ventures in full and fund distributions to holders of an estimated $18.3 million of general unsecured claims, comprising net sale proceeds, a Class 9 cash distribution not to exceed $1.2 million and an estimated $500,000 of net litigation proceeds from the merchant cash advance causes of action preserved for the reorganized debtor. Eligible accredited holders are permitted to elect non-voting MSO common units in KC WW Holdings, carrying an $8 million assigned equity value, in lieu of their share of that cash distribution, while existing equity interests are cancelled.

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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