Bondoro Insights: Weekly Docket Update

This Week's Key Filings

Noble Supply & Logistics, LLC

• Case Summary
  • Noble Supply & Logistics filed for Chapter 11 with approximately $292 million of funded debt and roughly $250 million of trade payables outstanding. The filing follows the Defense Logistics Agency's non-renewal of the $1.2 billion FSG-53 aerospace supply contract and other key programs, its August 27, 2026 termination of approximately $400 million of orders under Noble's largest contract by revenue, the working capital squeeze created by the FSG-53 ramp-up, and a seven-week federal government shutdown. Noble intends to run a going-concern sale process, targeted for completion in approximately 75 days, in parallel with an orderly liquidation of inventory and receivables.

BioXcel Therapeutics, Inc.

• Case Summary
  • BioXcel Therapeutics filed for Chapter 11 following a slower-than-anticipated commercial launch of IGALMI® and mounting liquidity pressure under approximately $112 million of secured debt, and is pursuing a section 363 sale of substantially all assets ahead of a wind-down plan. An affiliate of Teva has executed a stalking horse asset purchase agreement providing $57.5 million in cash at closing plus up to $67.5 million in contingent milestone payments tied to the pending at-home sNDA and future commercial performance, subject to higher or otherwise better offers, with up to $19 million of new-money DIP financing from the existing lenders funding the process.
• Bidding Procedures / APA Summary
  • BioXcel Therapeutics filed a motion to approve bidding procedures for a sale of substantially all assets, designating Teva Pharmaceuticals International as the stalking horse bidder under an APA providing for a $57.5 million cash upfront payment plus up to $67.5 million in contingent milestone payments tied to FDA approval of the pending IGALMI sNDA, and proposing an Oct. 9 bid deadline and Oct. 14 auction ahead of an Oct. 30 outside date.
• DIP Terms
  • BioXcel Therapeutics obtained interim approval for a $77.25 million senior secured superpriority priming DIP facility agented by Oaktree Fund Administration and funded by Oaktree Capital Management-managed funds and affiliates of the Qatar Investment Authority. The facility pairs $19 million of new money, advanced in a $9.5 million draw upon entry of the interim order and up to $9.5 million more upon entry of the final order, with a cashless, dollar-for-dollar roll-up of up to $58.25 million of prepetition secured obligations. It bears 13% interest payable in cash on the new money loans and in kind on the roll-up loans, a 4% exit fee and a Jan. 27, 2027 maturity, and requires entry of a sale order within 60 days and a plan effective date within 115 days of the Aug. 27, 2026 petition date.

Southern Motion, Inc.

• Case Summary
  • Southern Motion filed for Chapter 11 after operational losses in every year since 2020, weaker customer demand tied to a slow retail furniture market, and rising tariff, fuel, and container costs left it unable to cure a $6.2 million arrearage under its Master Lease with landlord Store SPE Southern Motion 2018-1, LLC ("STORE"). STORE obtained two Mississippi eviction judgments requiring Southern Motion to vacate all six of its leased manufacturing facilities. The case seeks a plan supported by as many stakeholders and creditors as possible that either resolves the Master Lease obligations or relocates operations on market terms, with DIP financing sought on terms not yet finalized and repeated operating-expense transfers from Man Wah Holdings Ltd., which acquired Southern Motion's parent, Gainline Recline Intermediate Corp., in December 2025 and funded repayment of more than $26 million of secured debt owing to J.P. Morgan Chase & Co., leaving Southern Motion with no secured debt at filing.

Peerspace, Inc.

• Case Summary
  • Peerspace filed for Chapter 11 under Subchapter V on the day trial was set to begin in a negligence and premises liability suit brought by a guest who was rendered paraplegic in a fall at a space listed on its platform. The filing is intended to stay that litigation and, ideally, facilitate a consensual resolution; absent settlement, Peerspace expects to propose a plan of reorganization that resolves the claim. It has no secured debt, and its platform remains open as it continues to perform on approximately 12,500 accepted but unexecuted bookings totaling $11.6 million.

Cristobal M. Galindo, P.C.

• Case Summary
  • Galindo Law Firm filed for Chapter 11 after its lender refused on or about February 13, 2026 to advance further funds under a $45 million credit facility that had financed its mass tort case acquisition, and after Decibel, its marketing and case-management provider and the holder of a $10,277,103.10 judgment against the firm, exercised an alleged right to garnish funds owed to GLF. The firm enters bankruptcy backed by an August 18, 2026 restructuring support agreement with Decibel's owner, Sergio P. De La Canal, and his affiliated entities, and intends to pursue a plan that pays creditors from a segregated Plan Payment Account funded by 55% of litigation recoveries while challenging the lender's asserted liens on IOLTA funds, unearned fees, and future recoveries.

Republic National Distributing Company, LLC

• DIP Terms
  • Republic National Distributing Company obtained final approval for a $250 million senior secured super-priority priming DIP facility agented by Wells Fargo. The facility pairs $75 million of new-money revolving commitments with $175 million of roll-up term loans — $66.3 million converting the prepetition fourteenth amendment priority delayed draw term loans on entry of the interim order and $108.7 million converting prepetition revolving loans on entry of the final order. Milestones run from the July 26, 2026 petition date and require entry of a plan confirmation or sale approval order within 90 days and plan effectiveness or sale closing within 95 days.

Lugano Diamonds & Jewelry Inc.

• Plan Terms
  • Lugano Diamonds & Jewelry's second amended Chapter 11 plan effects a substantively consolidated liquidation through a newly formed Delaware statutory liquidation trust, facilitated by a mediated settlement with prepetition secured and DIP lender Compass Group Diversified Holdings LLC that exchanges CODI's claim, aggregating its $718.2 million prepetition claim with its DIP and cash collateral claims, for a special beneficial interest paying 34.79% of effective date cash and net proceeds of specified assets, 45% of net proceeds of all claims against auditor Grant Thornton, 25% of all other causes of action, and everything left once general unsecured creditors are paid in full with interest. General unsecured creditors receive pro rata general beneficial interests plus an enhanced distribution from a 10% pool for contributing their own Grant Thornton claims, convenience class holders take 50% of their allowed claims in cash, and existing equity is cancelled without recovery.

Goldenpeaks Poland Holding Limited

• Plan Terms
  • GoldenPeaks' confirmed plan of liquidation effectuates an orderly wind-down of the debtors' approximately 664 MWp Polish solar portfolio. The plan centers on the section 363 sale of substantially all assets to a Brookfield-affiliated stalking horse, which prevailed without an auction. Subject to the final DIP order, the stalking horse was authorized to credit bid its claims under the up-to-$150.7 million new-money junior secured superpriority DIP facility and under the prepetition credit facility. General unsecured creditor recoveries flow through a liquidation trust seeded with $1.2 million in cash and with retained and assigned causes of action, including preserved claims against founders Adriano Agosti and Daniel Tain. Under the committee global settlement, general unsecured creditors take 20% of the first $20 million of trust net proceeds and 30% thereafter. The plan also incorporates separate settlements with Spectris and with the Berenberg mezzanine lenders, the latter fixing those lenders' claims at $134.6 million.

GBI Services, LLC

• Plan Terms
  • Golf Services Wind Down's amended combined disclosure statement and joint Chapter 11 plan of liquidation distributes already-monetized cash under limited substantive consolidation for voting and distribution purposes only, following the $35.7 million sale of the core Nicklaus design and licensing business to 20 Majors — which displaced Iconix International's $50 million stalking horse for a narrower marketing and brand intellectual property package after six overbids — and the $7.355 million sale of the debtors' Gulfstream G-V to Global Destinations that left no secured debt outstanding, with a sale-order settlement allowing PMP Nick's prepetition junior term loan as a $250 million unsecured claim, down from approximately $462 million, and waiving Jack Nicklaus' claims asserted at roughly $57 million, supporting estimated recoveries of 1.5% on $296 million of Class 3A general unsecured claims and 5% on $1.5 million of convenience claims while equity is canceled without distribution.

Finch Therapeutics Group, Inc.

• Plan Terms
  • Finch Therapeutics' combined disclosure statement and Chapter 11 plan centers on a $30 million all-cash sale of substantially all assets to Ferring Asset Holding LLC, designated successful bidder at a June auction. The assets sold include a portfolio of over 160 issued patents and pending patent applications, together with the debtors' rights in the $29.5 million infringement judgment against Ferring Pharmaceuticals Inc. and Rebiotix Inc., plus ongoing royalties and post-judgment interest. The auction left Crestovo Investor, LLC as back-up bidder with up to $400,000 in reimbursable restructuring expenses. Every class of claims rides through unimpaired and paid in full, while cancelled parent equity, the sole voting class, takes the residual: the debtors estimate approximately $19 million, or approximately $11.83 per share, may be available for distribution through a plan administrator wind-down and dissolution of the debtor entities.

Baker & Taylor, LLC

• Plan Terms
  • Baker & Taylor's plan of orderly liquidation revests the debtor's remaining assets in a non-operating Liquidating Debtor managed by a Plan Administrator designated by the official committee of unsecured creditors, with the debtor's reasonable consent, and monitored by an oversight committee of at least three members. Cash on hand plus proceeds from asset collections and preserved causes of action — including Chapter 5 claims, with all claims against insiders expressly carved out of the debtor's releases — fund distributions in priority order, with pro rata sharing among priority non-tax and unsecured claims. The debtor disputes liability on WARN Act claims and submits they are entitled to no distribution, equity interests are cancelled for no value, and the debtor receives no discharge pursuant to section 1141(d)(3).

And Go Concepts, LLC

• DIP Terms
  • Salad and Go obtained interim approval for a $20 million new-money senior secured superpriority delayed-draw DIP facility from sole lender Twelve Bridge Capital, priced at 12% PIK interest with a 5% commitment fee on the full commitment, a 2% fee on each draw and a 1% exit fee. A $10 million Tranche A became available on entry of the interim order; the remaining $10 million is drawable in up to five $2 million draws only after entry of a final order and a sale order approving the bulk sale, and the first of those draws requires certification that projected net sale proceeds cover at least 150% of the DIP obligations that would be outstanding if the full commitment were funded.

U.S. TelePacific Corp.

• Plan Terms
  • U.S. TelePacific's amended joint Chapter 11 plan implements a restructuring facilitated by a restructuring support agreement with consenting first and third lien term loan lenders. Allowed DIP claims are satisfied with a first lien exit term loan estimated at approximately $54.1 million and, for lenders funding the new money, Preferred Equity Tranche A interests; the preferred, estimated at roughly $74.5 million and accruing at 14% payable in kind, is funded mainly by new money commitments rather than DIP conversion. Pari passu first lien and revolver holders take 100% of the reorganized common equity, subject to an optional cash-out election and to dilution on conversion of the preferred, which the debtors estimate at 75.10% of common as converted for Tranche A and a further 5.16% for Tranche B. Second lien holders receive warrants for up to 5.94% of fully diluted equity. General unsecured creditors share consideration capped at $3.0 million under a committee settlement waiving all deficiency claims, while third lien claims and existing equity are extinguished.

Hronis, Inc.

• Plan Terms
  • Hronis's combined liquidating Chapter 11 plan provides for the limited consolidation and wind-down of ten jointly administered debtors following an auction at which prepetition and DIP lender Conterra Agricultural Capital was designated successful bidder for the majority of the assets. Conterra's approximately $176 million secured claim — inclusive of roughly $30 million in DIP funding — is to be satisfied through its credit bid, sale proceeds and receivables collections, with any deficiency bifurcated and treated as a Class 5 claim. A court-approved stipulation resolving the creditors' committee's challenge to Conterra's liens and credit bid channels sub-5% general unsecured recoveries through a liquidating trust seeded with a $500,000 initial cash carveout, up to $3 million in additional carveouts tied to Conterra's insider recoveries and, once its deficiency claim falls to $13 million or less, to 20% of all of its recoveries from any source, and avoidance and commercial tort claims other than the insider claims assigned to Conterra.

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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