Filing Alert: Thrill One Sports & Entertainment Chapter 11

Thrill Intermediate LLC and its debtor affiliates⁽¹⁾, a Las Vegas, NV-based holding company that sits atop the Thrill One action-sports and entertainment platform, filed for Chapter 11 protection on Sep. 28 in the U.S. Bankruptcy Court for the District of Nevada.

The company traces its roots to 2020, when Nitro Circus, Street League Skateboarding, Nitro Rallycross, and Superjacket Productions were merged into Thrill One, envisioned as a single home for action-sports events and original content. Private-equity firms Fiume Capital and Juggernaut Capital Partners bought the business from The Raine Group and Causeway Media Partners in 2022 for roughly $300 million, financing the deal under a credit agreement led by Prudential Private Capital. Thrill Intermediate now serves as the parent of Thrill Holdings LLC — the borrower under that facility — and guarantor for a slate of operating entities, including Nitro RallyCross, Nitrocross IP, Crown Media Entertainment and production studio Superjacket (producer of MTV’s Ridiculousness franchise).

On Sept. 23, 2025, following assertions of events of default under the May 2022 credit agreement, the lender group delivered a notice of exercise of remedies and, acting by proxy under the pledge agreement, executed a written consent and amended LLC agreement to replace Thrill Holdings’ managers. The debtors have challenged those actions in an adversary proceeding, arguing that the proxy was exercised without satisfying contractual notice requirements and is therefore invalid.

Thrill Intermediate LLC reports $50 million to $100 million in assets and $100 million to $500 million in liabilities. The filing indicates that there will be funds available for distribution to unsecured creditors. The case number is 25-15714.

⁽¹⁾ For a complete list of debtor entities, see the Chapter 11 Debtors table.

Chapter 11 Debtors

Top Unsecured Claims

Key Parties

Counsel:

• Gregory E. Garman
  Garman Turner Gordon LLP
  Email: ggarman@gtg.legal

Financial Advisor / CRO:

• Force 10 Partners (Jeremy Rosenthal)

Equity Security Holders:

• Thrill Partners LLC – Sole Member

Bondoro is continuing to monitor this case and will provide further coverage as appropriate.

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