Character Technologies, the company behind Character.AI, proposed Disney Worldwide Services as stalking horse purchaser for certain assets in its Delaware Chapter 11 case. The proposed breakup fee and expense reimbursement total $700,000, or 3.5% of the $20 million cash purchase price. A hearing on bidding procedures is scheduled for Oct. 30, with competing bids proposed to be due Nov. 20.
Gold Coast Property & Estate Management won the bankruptcy auction for Oheka Castle in Huntington, New York, with a $72 million bid. The sale, which remains subject to bankruptcy court confirmation, is expected to address approximately $60 million owed to a secured creditor and includes development rights for up to 95 condominium units. The buyers plan to maintain the property’s existing hotel and catering operations while pursuing previously approved development.
A bankruptcy court confirmed Republic National Distributing Company’s Second Amended Joint Chapter 11 Plan on Oct. 27, approving the company’s path toward completing its restructuring and wind-down. The court also approved asset-sale transactions involving certain operations in Alaska and Washington. Separately, the official committee of unsecured creditors selected a litigation trustee under the confirmed plan.
Omnis Pleasants is pursuing a court-supervised sale of its power station under a stalking horse agreement with a $353 million base purchase price, subject to higher or better offers and bankruptcy court approval. The Chapter 11 sale process sets a Nov. 9 deadline for competing bids, with an auction scheduled for Nov. 12 if qualified bids are received. A sale hearing is scheduled for Nov. 18 in the U.S. Bankruptcy Court for the District of Delaware.
As many as 15 players have reportedly conditionally committed to a private equity-backed successor to LIV Golf as the company moves toward a decision on its Chapter 11 restructuring. BC Partners, which is seeking a roster of at least 30 to 40 players, provided $4 million in bankruptcy financing tied to the commitment process. An attorney for LIV Golf told the bankruptcy court that the company expects to determine by the end of October whether to shut down or proceed with the proposed LIV Golf 2.0.
A Florida bankruptcy judge plans to approve a settlement providing Miami-based Popeyes franchisee Sailormen with a path out of Chapter 11. Sailormen, which reported up to $342 million in total liabilities when it filed in January, closed 39 restaurants and sold 97 others through a court-supervised process. The settlement allows $16.6 million generated from the restaurant sales to be applied toward debt, with Popeyes and other creditors agreeing to reduced recoveries.
A U.S. bankruptcy judge in New Jersey approved Whittaker Clark & Daniels’ $535 million settlement with Berkshire Hathaway affiliate National Indemnity Co., rejecting objections that the agreement undervalued asbestos-talc claims. The defunct talc supplier filed for Chapter 11 in 2023 after facing approximately 2,700 lawsuits. The settlement addresses liabilities involving National Indemnity and former affiliates including Brenntag.
The U.S. Bankruptcy Court for the District of Delaware recognized Papaya Gaming’s Israeli insolvency proceeding, finding that the company’s center of main interest is in Tel Aviv. Judge Mary F. Walrath also found that affiliate Papaya Gaming Inc. has a place of operations in Israel. The court indicated it plans to freeze Papaya’s U.S. bank accounts as the company confronts a $729 million judgment.
The U.S. Court of Appeals for the Third Circuit heard challenges to the $5.9 billion court-ordered sale of Citgo Petroleum parent PDV Holding to Elliott Investment Management affiliate Amber Energy. Venezuela, PDVSA, certain creditors and rival bidders challenged aspects of the auction process, including valuation, bid selection and alleged conflicts of interest. The sale, which stems from creditor enforcement proceedings initiated by Crystallex International, has not closed and remains subject to U.S. Treasury Department approval.
Getty Images filed for Chapter 11 in Delaware to implement its previously announced restructuring and begin soliciting approval of its reorganization plan, listing estimated assets and liabilities of $1 billion to $10 billion. Affiliates of the Getty family and Koch Equity Development committed up to $533 million in new equity and are expected to own 100% of the reorganized company. Koch Equity Development also committed up to $143 million in financing to support Getty through the bankruptcy process.
RiverStreet Communications of Virginia and substantially all of its affiliates filed for Chapter 11 protection and agreed to sell their assets to funds managed by Oaktree Capital Management through a Section 363 sale process. The proposed transaction remains subject to higher or better offers and court and regulatory approval. Existing lender CoBank committed approximately $20 million in new financing, subject to court approval, to support the rural broadband provider during the restructuring.
Three Bracebridge Capital-affiliated funds filed an involuntary Chapter 11 petition against Braskem America Finance Company, the borrower on approximately $587 million of bonds due in 2041. The petitioning creditors, which said they hold about $272 million of the bonds, allege the borrower is generally not paying obligations as they come due. The petition comes as Braskem pursues an out-of-court restructuring of approximately $11 billion in liabilities after creditors rejected an earlier proposal.
Bondholders of the Wyatt Detention Center are set to vote on a Chapter 11 restructuring plan that would eliminate $101.6 million in debt. The restructuring involves the debtor’s real estate, personal property and operating income. A confirmation hearing is scheduled for Nov. 10 before U.S. Bankruptcy Judge John A. Dorsey.
Cumulus Media emerged from Chapter 11 as a privately owned company after completing a prepackaged restructuring that reduced its debt by approximately $550 million. Under the plan, about $600 million of existing funded debt was canceled in exchange for 100% of the reorganized company’s equity and $50 million of new convertible notes issued to former lenders. Cumulus also amended and restated its asset-based revolving credit facility to provide post-bankruptcy liquidity.
Republic National Distributing Company is seeking bankruptcy court authority to consent to asset sales by its non-debtor joint ventures in Kentucky and Michigan that are expected to generate approximately $50 million in net proceeds for the debtors. KEG1 River City would acquire substantially all of the Kentucky joint venture’s assets, while Great Lakes Wine & Spirits, Imperial Beverage and Vintage Wine would acquire Michigan wine, distribution and related interests. RNDC also seeks approval of a $9 million settlement with Fifth Generation resolving claims related to Tito’s Handmade Vodka and Lalo Tequila distribution rights. The motions are scheduled for an Oct. 22 hearing alongside confirmation of RNDC’s Chapter 11 plan.
BNY Mellon, as trustee for TV Azteca noteholders, asked the U.S. Bankruptcy Court for the Southern District of New York to deny Chapter 15 recognition of the Mexican broadcaster’s insolvency proceeding. Noteholders asserting $644 million in unpaid principal and interest contend the Mexican restructuring is being used to block U.S. collection efforts tied to TV Azteca’s $400 million bond default.
Hain Celestial Group is considering a Chapter 11 filing as early as next month as it faces approximately $655 million in unsecured obligations, according to people familiar with the deliberations. The company’s pending sale of its U.K. and European operations to Aurelius could generate up to $310 million for debt reduction but was conditioned on lenders extending a December debt maturity. An Oct. 12 deadline passed without amendments to the credit agreement, while negotiations over the asset sale continue.
Genesis Healthcare received court approval to exit Chapter 11 and completed a $1 billion asset sale as part of its restructuring. The transaction represents a major asset disposition and clears a path for the healthcare company to emerge from bankruptcy.
The U.S. Bankruptcy Court for the District of Delaware confirmed SiFi Networks America’s Chapter 11 plan following a settlement with its unsecured creditors. According to committee counsel Lowenstein Sandler, the settlement establishes a liquidation trust for creditors holding approximately $16 million in unsecured claims, funded with litigation seed funding and unused professional fees, and transfers estate claims and causes of action to the trust. SC&H Capital was selected as post-effective-date trustee.
Getty Images reached a restructuring agreement with Koch Equity Development, Getty family investors and its creditors that would take the company private through a planned prepackaged Chapter 11. Koch and Getty family members committed $533 million of equity, while unsecured noteholders agreed to retire $270 million of debt and secured creditors agreed to extend maturities and reduce interest obligations. Koch will also provide up to $143 million of financing to support operations during the restructuring. Getty expects to complete the process by year-end.
Picklr Inc., parent and franchisor of indoor pickleball chain The Picklr, filed Chapter 11 in the Northern District of Texas with approximately $915,000 in assets and $2.4 million in liabilities. Dynamus Alliance, an investor group led by existing franchisees and partners, committed $4.5 million in debtor-in-possession financing. The company plans to address lease guarantees associated with roughly 40 franchise locations while its 78 U.S. clubs continue operating.
True Food Kitchen received interim approval for a $20 million DIP term loan from HumanCo TFK IV to fund operations and its bankruptcy cases through a sale process. The facility makes $5 million available on an interim basis, with the remaining $15 million subject to final approval and subsequent advances. The company is seeking approval of bidding procedures that call for a Nov. 30 stalking-horse deadline, Dec. 10 bid deadline and Dec. 15 auction for a potential sale of all or substantially all assets or a recapitalization.
Uncle Nearest’s court-appointed receiver said he is negotiating with three prospective buyers and expects to reach an agreement to sell substantially all of the whiskey company’s assets, though no purchase agreement has been signed. The receiver, who reported that Uncle Nearest is insolvent, plans to use a Chapter 11 filing to execute the sale. Assets include the 432-acre Nearest Green distillery in Tennessee, whiskey-related equipment, vineyards in Cognac and a related chateau. The receivership followed a lender lawsuit alleging defaults on more than $100 million of loans.
Character Technologies, operator of Character.ai, filed Chapter 11 in Delaware to pursue a sale of all or substantially all of its assets while continuing to operate its platform. Disney Worldwide Services agreed to serve as stalking-horse bidder with a $20 million offer for a non-exclusive perpetual license to certain intellectual property and certain company claims, along with transition services. The transaction remains subject to higher or better offers, with Character.ai targeting completion of the sale process in late November or early December.
Squirrel Hill PA Realty and SH Operator filed Chapter 11 in the Western District of Pennsylvania with plans to pursue a going-concern sale of the 178-bed Squirrel Hill Wellness & Rehabilitation Center in Pittsburgh. The debtors reported approximately $1.7 million in operating losses during the first three quarters of 2025 and said their secured lender had provided more than $2.1 million in prepetition advances. They are seeking to retain a broker to market the nursing facility and related real estate while continuing patient care and operations.
A bankruptcy court approved secured lender Bridge’s $41.1 million credit bid for The Morgan, a 304-unit apartment complex in St. Petersburg, Florida, as part of owner Lurin Real Estate Holdings LXIV’s Chapter 11 liquidation. The property, which Lurin acquired for $49.5 million in 2022, had fallen behind on a $46.3 million mortgage. The complex transferred to BDS V FL Morgan LLC on Oct. 2 after Bridge emerged as the only qualified bidder.
Phoenix American Hospitality, American Hospitality Properties REIT, American Hospitality Properties REIT II and 14 affiliated entities filed Chapter 11, including entities tied to hotels in Florida, Louisiana and Arkansas. The companies own properties operating under Hilton and Marriott brands, which are not themselves part of the bankruptcy. The filings follow an SEC action alleging Phoenix American misled investors in offerings that raised approximately $86 million from more than 2,000 retail investors between 2022 and 2024.
A bankruptcy court approved the auction of 97 condominium units and single-family homes owned by GLG Investments and several affiliates as part of their Chapter 11 cases. The court-authorized sale process will monetize a substantial portion of the debtors’ South Florida real estate holdings as their reorganization proceeds.
A bankruptcy judge approved the $123.4 million sale of 63 Salad and Go locations across Arizona, Texas, Nevada and Oklahoma to 7 Brew, whose winning bid was approximately $18.5 million above the original offer from Dutch Bros. Reed Smith represented Salad and Go in the bulk sale process. Separately, Sipside 1 LLC acquired four former Texas locations through the Chapter 11 proceedings. Salad and Go filed for Chapter 11 on Aug. 4.
Real estate development firms tied to Michael Tegethoff proposed a Chapter 11 reorganization plan that would repay bankruptcy creditors in full over five years. The companies filed for Chapter 11 on June 1 and submitted the plan following objections from creditors including Pearl Capital Management.
Wendy’s International filed a $146.9 million claim against Meritage Hospitality Group in its Chapter 11 case, including $27.4 million in unpaid royalties and fees and $119.5 million in termination and closure-related claims. Wendy’s sent Meritage a franchise termination notice on Sept. 16, one day before the operator filed Chapter 11, creating a dispute over the status of agreements underlying Meritage’s 314-location Wendy’s portfolio. Meritage has closed 10 restaurants since filing, with court filings indicating approximately 30 additional closures are expected by Oct. 16.
RAD Diversified REIT is auctioning 46 properties in Philadelphia and neighboring Chester and Delaware counties under an order from the U.S. Bankruptcy Court for the Middle District of Florida. Tranzon Alderfer is selling the single-family, rowhouse and multifamily properties individually, with bidding scheduled to close between Oct. 13 and Oct. 15. RAD, which filed Chapter 11 in March and owned more than 300 rental properties across Florida, Texas and Pennsylvania, had more than 3,200 creditor claims filed in its bankruptcy case as of last month.
Veria Lifestyle filed Chapter 11 in the U.S. Bankruptcy Court for the District of New Jersey on Oct. 2, listing estimated assets of $10 million to $50 million and liabilities of $50 million to $100 million. The company operates a 131-room health and wellness resort on more than 1,300 acres in Monticello, New York. Court records list Veria Lifestyle Capital as the company’s sole stockholder.
Bentley Brook Interval Owners’ Association filed Subchapter V Chapter 11 in Massachusetts with plans to sell its 152-unit timeshare resort in Hancock and wind down. The association intends to seek court approval for a sale free and clear of members’ interests, with proceeds distributed under a liquidation plan or other court order. A reserve study projected approximately $19.4 million in repairs and capital work through 2033, and occupancy at the resort ceased around January 2026. The debtor reported no secured debt and said it anticipates paying creditor claims in full.
A Delaware bankruptcy judge ruled that BioXcel Therapeutics’ Chapter 11 filing stayed a pending securities class action against the life sciences company. The decision confirms that the litigation cannot proceed against BioXcel while the bankruptcy stay remains in effect.
True Food Kitchen filed Chapter 11 in the Southern District of Texas with approximately $42 million in debt and plans to pursue a court-supervised sale. The restaurant chain closed 12 of its 46 locations while keeping 34 restaurants operating and secured a commitment for approximately $20 million in debtor-in-possession financing from HumanCo TFK IV, subject to court approval. Court filings cite merchant cash advance obligations, expansion outside core markets and other operating pressures as factors leading to the filing.
Dish DBS, an EchoStar company, emerged from Chapter 11 after completing a restructuring that reduced its debt. The emergence marks the completion of the satellite television company’s bankruptcy process.
Rochester Manor OpCo and three affiliates received court approval to pursue a competitive sale of their Pennsylvania care-facility operations under a stalking-horse agreement with no cash purchase price. The proposed transaction instead includes specified liability assumptions, employment and provider arrangements and negotiated cure payments. Qualified bids are due Nov. 6, with an auction scheduled for Nov. 11 if competing bids emerge and a sale hearing set for Nov. 19. The debtors also have interim approval for up to $4.6 million in debtor-in-possession financing.
A roughly three-acre development site at 6603, 6617 and 6631 International Drive in Orlando is scheduled for an Oct. 21 bankruptcy auction as part of SLX – I Drive’s Chapter 11 case. The property, whose owner is tied to Del American Real Estate Group, is approved for a mixed-use development with 269 multifamily units and 14,000 square feet of retail space. Qualified bids are due Oct. 19, and any winning sale will require bankruptcy-court approval.
Saint Augustine’s University is reconsidering a proposed agreement with Avison Young-North Carolina to assist with the redevelopment or sale of university land during its Chapter 11 case. Self-Help Ventures Fund, which is providing emergency financing and holds the land as its primary collateral, and the bankruptcy administrator objected to the agreement as premature. The proposed engagement includes a $50,000 retainer and commissions of up to $7.5 million. The university said the agreement could be modified or withdrawn as discussions continue.
Leslie’s plans to close 87 stores as part of its Chapter 11 restructuring, expanding the previously announced reduction in its retail footprint. The pool and spa supplies retailer said it will continue evaluating its real estate portfolio during the bankruptcy process to better align its store base with the needs of the reorganized business.
Leslie’s filed Chapter 11 in the Southern District of Texas under a prearranged restructuring supported by more than 80% of its existing lenders. The plan would eliminate approximately $685 million, or about 90%, of funded debt and includes $90 million in new-money debtor-in-possession financing and $60 million in backstopped equity financing. Leslie’s is also seeking approval for a $225 million DIP asset-based facility from existing ABL lenders. The retailer will close 76 of its more than 900 stores and expects to emerge from bankruptcy in early 2027.
A New York bankruptcy judge allowed an $18.9 million damages claim against Tribeca Mews stemming from construction problems at a troubled Manhattan condominium project. The ruling adds a significant liability to the developer’s Chapter 11 case as it seeks to reorganize.
A bankruptcy court approved the auction of Oheka Castle, the 23-acre Long Island estate, hotel and event venue owned by developer Gary Melius, with bidding scheduled to conclude Oct. 27. The bankruptcy filing showed more than $63.5 million in debt, while Taconic Capital holds a $60 million defaulted mortgage and could use the debt to credit bid for the property. The Huntington property also includes town approvals for 95 luxury condominiums on five acres.
Brightline received court approval for an initial $190 million financing package in its parent companies’ Chapter 11 proceedings, providing liquidity while its Florida passenger rail operations continue. Additional bondholder groups also joined the proposed restructuring support agreement, bringing support for the exit plan to creditors holding approximately $4.6 billion of Brightline debt. The financing was approved over an objection from CK Opportunities Fund, which is separately pursuing litigation related to a 2022 stock transaction.
A Delaware bankruptcy judge removed the litigation trustee appointed under resort developer SilverRock Development’s confirmed Chapter 11 plan after creditors raised concerns about more than $2.2 million transferred from trust accounts in recent months. The ruling represents a significant post-confirmation development in SilverRock’s restructuring and the administration of funds for creditors.
A bankruptcy court approved 7 Brew’s $123 million purchase of at least 60 former Salad and Go drive-thru leases, approximately two months after the restaurant chain filed Chapter 11. The winning bid was about $18.5 million above an earlier agreement with Dutch Bros, which was designated as backup bidder. Reed Smith, which represented Salad and Go, said the transaction is expected to generate sufficient proceeds to pay unsecured creditors in full. The leases include locations in Arizona, Texas, Nevada and Oklahoma.
HouseCanary and five affiliates received interim authority to borrow up to $3 million as part of a proposed $15 million financing facility. The companies filed Chapter 11 on Sept. 22, the day a lender had scheduled a foreclosure sale of operating collateral. Of the interim borrowing, $2 million is conditional, while the remaining $12 million under the facility requires a final court order. HouseCanary is seeking to maintain operations while pursuing judgment on an approximately $175 million Texas jury verdict.
A U.S. bankruptcy court approved Spirit Airlines’ $668.1 million sale of its final 27 Airbus passenger aircraft as the carrier continues its liquidation. Save 2026-B LLC, controlled by holders of Spirit’s aircraft-backed notes, will acquire 23 aircraft for $567.4 million in a transaction involving a substantial credit bid, while an FTAI Aviation affiliate will pay $100.7 million in cash for four Airbus A321ceos. Spirit’s advisers contacted 137 potential buyers during the marketing process, with eight submitting bids. U.S. Bankruptcy Judge Sean H. Lane approved the transactions on Sept. 23.
A New Jersey bankruptcy judge dismissed the Chapter 11 case of a developer pursuing a 120-unit residential complex. The court found that the creditor seeking dismissal faced greater harm from continuation of the bankruptcy proceeding than the debtor would face from dismissal.
Brightline Trains Florida and certain parent entities are commencing prearranged Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of New Jersey, with stakeholders agreeing to provide $490 million in new long-term capital. Brightline Florida, which operates passenger rail service between Miami and Orlando, reportedly had approximately $5.5 billion in debt and $131 million in cash before the restructuring. The company said its trains and other operations will continue as usual during the proceedings.
LIV Golf and affiliates filed Chapter 11 in the U.S. Bankruptcy Court for the District of New Jersey as the league seeks to restructure following the end of funding from Saudi Arabia’s Public Investment Fund. PIF agreed to provide approximately $50 million in debtor-in-possession financing, while LIV entered a restructuring agreement with BC Partners that contemplates players becoming majority owners of the reorganized business. Court filings list liabilities of up to $1 billion, with golfers including Jon Rahm, Bryson DeChambeau and Dustin Johnson among the largest unsecured creditors. LIV is also pursuing recognition of the U.S. proceedings in overseas jurisdictions covering affiliated entities.
Property data provider HouseCanary Inc. filed for Chapter 11 protection in New Jersey amid litigation with Rocket Mortgage affiliate Amrock. A Texas jury awarded HouseCanary $175 million in March over allegations involving a home-valuation model, an amount the company says could exceed $260 million with interest and other costs. The bankruptcy filing gives HouseCanary protection while the judgment dispute and collection efforts continue.
Summer camp operator SIMAD Holdings asked a New Jersey bankruptcy judge to disallow an approximately $18.7 million claim filed by Visions Federal Credit Union. SIMAD contends that the lien supporting the credit union's claim concerns property involved in a separate bankruptcy rather than SIMAD's Chapter 11 case.
HouseCanary filed for Chapter 11 protection in New Jersey on Sept. 22 to halt a planned foreclosure auction. The cases involve HouseCanary Inc. and House Canary New Jersey Inc., with Corbin Capital Partners and Rocket Mortgage among the parties identified in the proceedings. Dentons is serving as counsel.
Inspired Healthcare Capital asked the U.S. Bankruptcy Court for the Northern District of Texas to approve the sale of 30 assisted-living communities for approximately $713 million. The Chapter 11 debtor wants the court to approve the transactions while leaving disputes over allocation of the proceeds among creditors for later resolution. Inspired entered Chapter 11 in February and had obtained a $35 million DIP financing commitment to support operations during its restructuring and sale process.
Yardbird Group received interim Delaware bankruptcy-court approval to access $5.4 million in Chapter 11 financing while pursuing a sale of its restaurant operations. Yardbird and 10 affiliates filed Chapter 11 petitions on Sept. 21 in the District of Delaware; court filings show the debtors are seeking approval of bidding procedures and designation of a stalking-horse bidder for substantially all of their assets.
Asbestos claimants have asked the U.S. Supreme Court to review the Chapter 11 case of DBMP, a CertainTeed subsidiary, and consider whether companies can use divisional mergers followed by bankruptcy to separate mass-tort liabilities. DBMP filed for Chapter 11 in North Carolina in 2020 with roughly 60,000 asbestos claims.
Meritage Hospitality Group filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Michigan after more than a year of discussions with its lenders and franchisor. The company, which operates 314 restaurants across 15 states, said financial pressures affecting the Wendy’s system contributed to its financial position. Meritage is seeking DIP financing to support operations during the restructuring and plans to explore strategic alternatives to maximize stakeholder value.
Gordon Companies, the family-owned importer, wholesaler and retailer behind online holiday seller Christmas Central, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Western District of New York. The company said it plans to continue operating while it restructures its finances, and listed assets and liabilities of between $10 million and $50 million each, with an estimated 200 to 999 creditors.