Bondoro Insights: Weekly Docket Update

This Week's Key Filings

Getty Images Holdings, Inc.

• Case Summary
  • Getty Images filed Chapter 11 with a prepackaged plan supported by holders of approximately $1.31 billion of funded debt, attributing the filing to more than $200 million of warrant litigation judgments and interest, over $100 million of fees on the failed Shutterstock merger, and an unsustainable debt service burden. Affiliates of the Getty family and Koch Equity Development, already the two largest shareholders, would receive 100% of the reorganized equity, before MIP dilution, for up to $533 million of new cash, Koch-provided DIP loans and converted term loans.
• Plan Terms
  • Getty Images' prepackaged plan recapitalizes the company and takes it private. Its two largest shareholders, the Getty family and Koch Equity Development (KED), take 100% of the reorganized equity, subject to MIP dilution. In exchange, they fund new cash equity, and KED equitizes its claims under its up to $143 million DIP and €87.6 million of prepetition EUR term loans. Other prepetition secured lenders roll into new exit notes and EUR term loans, the prepetition $150 million revolver converts into a new $150 million revolver, with its drawn loans repaid in cash at emergence, and unsecured noteholders share $170.2 million in cash, while general unsecured claims are unimpaired. Equity and warrants are cancelled, and warrant claims are subordinated under Section 510(b).
• DIP Terms
  • Getty Images obtained interim approval for a $143 million multi-draw DIP facility administered by Cantor Fitzgerald Securities, made up of $113 million of term loans and a $30 million delayed-draw commitment. The facility's liens rank behind the prepetition liens on the prepetition collateral, and the DIP obligations will be converted to equity if the plan is confirmed and goes effective, subject to court approval at confirmation.

RiverStreet Communications of Virginia, Inc.

• Case Summary
  • RiverStreet filed for Chapter 11 following an approximately $153 million funding gap in its grant-funded fiber buildout, an August 2025 payment default on its CoBank credit facility, and a construction halt that triggered grant defaults, repayment demands, and withheld federal subsidies. The company is pursuing a Section 363 sale of substantially all assets to an Oaktree-formed stalking horse bidder for $92.5 million plus assumed liabilities, with the cases funded by a proposed DIP facility from its prepetition lenders, led by agent CoBank.
• DIP Terms
  • RiverStreet obtained interim approval for an up to $80 million senior secured superpriority DIP facility comprising a $20 million new-money delayed-draw term loan and an up to $60 million creeping roll-up of prepetition Term A-1 loans at a 3:1 ratio, with $10 million of new money and a $30 million roll-up approved so far, priced at one-month term SOFR plus a 0.10% adjustment and a 6.5% margin and tied to milestones requiring entry of a sale order for substantially all assets within 65 days of the petition date.

Museion Services LLC

• DIP Terms
  • Museion Services obtained interim approval for a $3 million all-new-money, delayed-draw DIP term loan from GrayStreet Credit, of which $625,000 is available under the interim order. The facility is secured by liens priming JPMorgan Chase's prepetition liens and carries 15% interest, payable in cash or in kind at the lender's election, plus a $150,000 commitment fee equal to 5% of the full facility.

Leslie's, Inc.

• Plan Terms
  • Leslie's plan of reorganization centers around a restructuring support agreement that hands its term lenders ownership of the reorganized company, subject to a 10% management incentive plan reserve. Of the claims under the $90 million DIP term loan, $75 million becomes an exit term loan, and the rest, including premiums and interest, converts into 30% of the reorganized equity. Prepetition term lenders receive 10% of the reorganized equity on $756.6 million of allowed principal. Consenting term lenders that opt in will buy 55.8% through a $60 million equity raise, with backstop parties covering any shortfall in exchange for a 4.2% equity premium. A new ABL facility refinances the $225 million DIP ABL facility, general unsecured creditors split a $500,000 cash pool and existing equity is cancelled.
• DIP Terms
  • Leslie's obtained final approval for a $90 million new-money superpriority term loan DIP facility fronted by Jefferies and an asset-based revolving DIP facility of up to $225 million agented by Bank of America that rolls up all prepetition ABL obligations. The term loans bear SOFR+6.50% PIK interest and carry a 7% backstop premium on the backstop parties' commitments and a 9.5% upfront premium on the funded loans, each paid in the form of additional DIP term loans, which, together with up to $15 million of DIP term loan principal and all PIK and accrued interest, may be converted into new common equity under the restructuring support agreement.

Air Baltic Corporation AS

• DIP Terms
  • Air Baltic obtained final approval of an up to €350 million senior secured superpriority priming DIP term loan arranged by Strategic Value Partners, consisting of a €175 million first tranche, part of which the company used to repay in full its finance lease obligations owed to Export Development Canada and/or Axiom Baltic Services, and up to €175 million in second and third tranches, the funding of which is conditioned on milestones and on the court's entry of a priming order. Until that order is entered, the DIP liens do not reach assets securing the prepetition bonds; objections are due Nov. 10 and the priming hearing is set for Nov. 17–18.

Brewster Heights Packing & Orchards, LP

• Plan Terms
  • Brewster Heights' first amended combined disclosure statement and plan of liquidation distributes the proceeds of the court-approved sale of substantially all of the debtors' assets to Heritage Orchard Alliance, a sale the debtors' liquidation analysis values at $253.0 million, including $73.75 million in cash and the buyer's assumption of $155.6 million of re-tranched Prudential term loans and $17.5 million of BMO debt. The plan requires court approval of a Prudential settlement providing a new loan of up to $15 million to fund a working capital escrow and closing cash, which will be repaid from sources including estate claims against Mac and Cass Gebbers and certain other directors and officers, which are assigned to Prudential. Nonaffiliated unsecured creditors share a $1.1 million pool. A $2.7 million reserve for Wilbur-Ellis's asserted crop lien will be released to Wilbur-Ellis or Prudential depending on the court's pending ruling on lien priority over the 2026 crop proceeds.

Baker & Taylor, LLC

• Plan Terms
  • Baker & Taylor's amended liquidating plan vests the debtor's remaining assets in a Liquidating Debtor run by a Committee-designated Plan Administrator, overseen by an Oversight Committee. Distributions are funded by cash on hand, asset liquidations, and retained causes of action, including claims against insiders excluded from the debtor's release. General unsecured creditors receive a pro rata share of residual cash after priority claims are paid in full. WARN Act claims are split, with any portion qualifying for wage priority treated as a priority claim and the remainder as a general unsecured claim, and their allowance is left to a court order or approved settlement. Existing equity is cancelled.

Meritage Hospitality Group Inc.

• APA Summary
  • Wen Tennessee, one of the Meritage Hospitality debtors, filed a motion seeking approval of a private sale, with no auction, of its 42 Wendy's restaurants in Tennessee, Arkansas, Mississippi and Missouri for an $18.6 million base cash price with no financing contingency or earnout, providing for a $100,000 combined break-up fee and expense reimbursement, a Nov. 13 sale order milestone and a Nov. 24 outside closing date.

Trajector Holdings, LLC

• Bidding Procedures Summary
  • Trajector Holdings and its affiliated debtors filed a motion seeking approval of bidding procedures to sell substantially all of their assets, with bids allowed for the medical business, the disability business or both, and proposed a Dec. 30 bid deadline, a Jan. 7 auction and a Jan. 14 sale hearing. No stalking horse has been designated yet, but the debtors are seeking authority to name one with a break-up fee of up to 2% of the bid's total cash value and expense reimbursement of up to $250,000, and under the proposed procedures, prepetition secured lenders may credit bid if their bid covers investment banker fees, the carve-out, cure costs and wind-down costs in cash and satisfies or assumes any senior liens.

Magellan Aerospace, Middletown, Inc.

• Bidding Procedures Summary
  • Magellan Aerospace, Middletown obtained approval of bidding procedures to sell substantially all assets, in whole or in parts, allowing it to designate one or more stalking horse bidders by Nov. 10 with a break-up fee of up to 3% of the bid's cash portion and expense reimbursement of up to $150,000, with the designation and both protections subject to court approval, ahead of a Nov. 24 bid deadline and Dec. 8 auction.

House Canary New Jersey, Inc.

• DIP Terms
  • HouseCanary obtained final approval of a $15 million multi-draw, senior secured superpriority DIP facility from Condor FundingCo 26, LLC carrying 10% PIK interest, a 2% upfront fee and a 5% exit fee. The facility comprises $3 million in new money available on an interim basis and a $12 million final tranche whose first draw requires a lender-acceptable plan on file with a confirmation hearing set, and the plan must be confirmed and effective within 70 days of the petition date.

Anderson Hay Enterprise, Inc.

• Plan Terms
  • Anderson Hay's third amended plan generally provides for paying all allowed claims in full in cash by Dec. 31, 2026, with any claims still unpaid due by Sept. 30, 2027. The approximately $13.5 million in net proceeds from the September 2026 sale of the hay business to Anderson Holdings, LLC, along with receivables collections, go first to revolving lender AgWest Farm Credit and then to DIP lender Rooster Capital. Mortgage lender PGIM Real Estate Finance, owed approximately $15 million in principal, is repaid primarily from sales of its real estate collateral, including a $7.65 million pending Oregon facility sale, and a refinancing. Unsold properties go to auction after year-end, and if PGIM is still unpaid by June 30, 2027 after the Oregon facility and the two other mortgaged properties have all sold, affiliated debtor MTA Ranch must sell its cattle. General unsecured claims are paid in full, and existing equity is retained but receives no distributions until all claims are paid.

Squirrel Hill PA Realty, LLC

• Bidding Procedures Summary
  • Squirrel Hill PA Realty and SH Operator filed a motion seeking approval of bidding procedures to sell substantially all of their assets, centered on the Squirrel Hill Wellness and Rehabilitation Center, a Pittsburgh skilled nursing facility licensed for 178 beds, with a proposed Nov. 24 bid deadline and a sale hearing no later than Dec. 11. The debtors have not designated a stalking horse bidder, and secured lender Squirrel Hill PA Property may credit bid up to the full amount of its secured obligation.

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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