The Trump administration is close to finalizing a $500 million rescue deal for Spirit Airlines, which is currently in bankruptcy. The proposed agreement would provide Spirit with additional liquidity to help it emerge from bankruptcy, especially as it faces high fuel costs due to the war with Iran. If completed, the deal could result in the U.S. government owning up to 90% of Spirit Airlines after it exits bankruptcy.
American Health Associates Holdings, a clinical laboratory and diagnostic services provider based in Davie, Florida, filed for voluntary Chapter 11 bankruptcy protection after nearly 36 years in operation. The company faces over $4 million in unsecured claims. Twelve affiliated entities also filed separately, indicating a broader restructuring effort. Court filings show that funds are expected to be available for distribution to unsecured creditors.
RMG Erectors & Constructors of Montana, a Sewell, New Jersey-based construction company, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of New Jersey. The company, which provides non-residential construction services, listed over 100 creditors in its filing.
Priority Towing and Recovery, a Columbia, Maryland-based towing and roadside assistance provider, filed for Chapter 11 bankruptcy. The company is proceeding under Subchapter V of Chapter 11, which is intended to help small businesses reorganize more efficiently and at lower cost. Initial filings include a list of the 20 largest unsecured creditors, a summary of assets and liabilities, and a creditor matrix verification.
A restaurant holding company has filed for bankruptcy, listing $18.7 million in liabilities, including $15.3 million in bank loans. Despite the filing, all eight of its restaurants remain operational.
801 Restaurant Group, the parent company of the 801 Chophouse steakhouse chain, filed for Chapter 11 bankruptcy on April 10, 2026, in the U.S. Bankruptcy Court in Kansas, citing approximately $18.7 million in liabilities. The company plans to restructure debt, primarily related to the closure of 801 Fish in Denver and 801 On Nicollet in Minneapolis. 801 emphasized the individual restaurants operating under its umbrella are not part of the bankruptcy and will continue to operate as usual.
Spirit Airlines' Chapter 11 bankruptcy exit is at risk, with reports indicating that liquidation could be imminent due to rising fuel costs. A scheduled hearing in New York Bankruptcy court to approve Spirit's reorganization plan was postponed to April 23, following creditor objections about the plan's adequacy and the airline's ability to manage higher fuel expenses. Management is reportedly in negotiations with major creditors, and liquidation is being considered as a possible outcome. Despite filing for Chapter 11 twice in less than a year, Spirit has continued operations, though it has significantly reduced its fleet and route network while under creditor protection.
The parent company of QVC and HSN, formerly known as Home Shopping Network, said it plans to file for bankruptcy in Houston after reaching a restructuring agreement with creditors, according to a delayed annual filing with the SEC. QVC Group, currently in bankruptcy proceedings, disclosed in an SEC filing that there is no guarantee it will successfully emerge from bankruptcy. If unsuccessful, the company stated it would be forced to cease operations.
Cumulus Media received court approval for a bankruptcy restructuring plan that will reduce its debt by $592 million and transfer control of the company to its lenders. The restructuring was supported by creditors and now awaits final approval from the U.S. Federal Communications Commission. Cumulus filed for Chapter 11 bankruptcy in March to address its $697 million debt, citing losses from increased competition with digital audio and streaming platforms, changes in the advertising market, and declining radio audiences.
Ascend Elements, a battery recycling startup based in Westborough, Massachusetts, filed for Chapter 11 bankruptcy. Despite raising over $1.1 billion in equity and grants since its founding in 2015, the company faced financial difficulties. Ascend specializes in reprocessing old batteries into cathode material at its Georgia factory. CEO Linh Austin stated that the capital-intensive and complex nature of building a battery recycling industry contributed to the bankruptcy.
Big L Tires & Auto Service, a Jacksonville-based truck and tire service provider, filed for Chapter 11 bankruptcy under Subchapter V as a 'small business debtor.' The voluntary petition was filed in the U.S. Bankruptcy Court for the Middle District of Florida. The company reports estimated assets of $100,001-$500,000 and estimated liabilities of $500,001-$1 million, indicating a significant financial imbalance.
Lurin Capital and Lurin Advisors filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas. This follows earlier bankruptcy filings for six multifamily properties in March, after Acore Capital Mortgage accused the firm of defaulting on over $400 million in loans tied to Florida properties. The latest filings indicate Lurin has less than 50 creditors, $50–$100 million in assets, and $10–$50 million in liabilities, while Lurin Advisors has less than 50 creditors and $10–$50 million in assets and liabilities.
A Delaware bankruptcy judge approved California resort developer SilverRock Development's request to send its proposed Chapter 11 plan to creditors for a vote. This follows extensive mediation efforts.
National Contractors, a commercial construction contractor based in East Syracuse, New York, voluntarily filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Northern District of New York. The company, facing over $1 million in liabilities, will continue operations during the proceedings.
Neighborhood Restaurant Partners Florida, an Atlanta-based Applebee’s franchisee operating 53 restaurants in Florida, Georgia, and Alabama, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Georgia. The company reported liabilities between $10 million and $50 million and plans to sell its locations through a court-supervised process by mid-May. The bankruptcy follows the closure of nine restaurants in 2025 and five more in early 2026, with additional lease rejections planned for 10 locations.
Penn Brewery, a well-known craft brewery and restaurant in Pittsburgh’s Troy Hill neighborhood, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Western District of Pennsylvania. The company stated that the filing is a strategic move to restructure and secure its future amid economic challenges. Operations will continue as normal during the restructuring process. Penn Brewery estimates its liabilities between $1 million and $10 million, with its largest unsecured creditor being First Commonwealth Bank, owed approximately $5.1 million. The brewery emphasized that the bankruptcy filing is intended to protect employees, customers, and the legacy of the business while allowing for reorganization.
Neighborhood Restaurant Partners, an Atlanta-based Applebee’s franchisee operating over 50 restaurants in Florida, Georgia, and Alabama, filed for Chapter 11 bankruptcy in the Northern District of Georgia. The company reports $1 million to $10 million in assets and $10 million to $50 million in liabilities, including over $13 million owed to Equity Bank. Financial challenges cited include rising costs and reduced consumer spending, leading to the closure of 14 locations since last year.
Clintwood JOD, a coal mining company operating in Eastern Kentucky, filed for Chapter 11 bankruptcy protection seeking to restructure its debt while maintaining operations under court supervision. The filing, which also includes its affiliate JOD Mineral Properties follows a recent announcement of permanent layoffs due to unforeseen business circumstances. The bankruptcy proceedings are taking place in the U.S. Bankruptcy Court for the Eastern District of Kentucky.
BRD Land & Investment, a Charlotte-based land entitlement and permitting company, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Western District of North Carolina. The company is seeking to sell its multistate real estate development portfolio, which includes 30 residential projects across North Carolina, South Carolina, Georgia, and Texas, and eight commercial projects in North Carolina, totaling potential development of over 14,000 lots. The bankruptcy filing cites a significant decline in first-time home purchases, leading to project cancellations and a loss of up to $390 million in projected 2025 revenue.
The Lycra Company, a producer of spandex and stretch fabrics, filed for Chapter 11 bankruptcy protection in Houston, Texas, seeking to reduce $1.2 billion in debt. The company's lenders have agreed to provide $75 million in financing and eliminate most of Lycra's $1.53 billion in existing debt, with near unanimous support for a 'prepackaged' restructuring plan. The bankruptcy is not expected to impact manufacturing operations, customers, vendors, or employees, and Lycra anticipates emerging from bankruptcy within 45 days.
BlockFills, a crypto trading and lending firm, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. The filing, which includes Reliz Ltd. and three related entities, reports estimated assets of up to $100 million and liabilities of up to $500 million. The company froze client withdrawals and saw its CEO resign amid liquidity pressures. A lawsuit from Dominion Capital alleging misappropriation and commingling of client funds may influence the bankruptcy proceedings.
Barbecue chain Pig Floyd's Smokehouse filed for Chapter 11 bankruptcy protection in the Middle District of Florida. The voluntary petition lists assets between $0-$100,000 and liabilities between $1 million and $10 million.
Sailormen, a major Popeyes franchisee, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Florida. The company has since moved to reject the unexpired leases of three additional closed locations in Georgia, after previously seeking to reject 17 leases for closed restaurants in Georgia and Florida. The closures occurred in Jan. 2026, but the number of layoffs was not disclosed.
Saks Global, which filed for bankruptcy earlier this year, announced the closure of 15 additional stores as part of its restructuring efforts to reduce losses and focus on more profitable, high-end locations. The company has nearly completed shutting down underperforming stores and is still negotiating with some landlords to finalize its store count. The bankruptcy was precipitated by weak sales, defaults on vendor payments, and inventory shortages after brands stopped shipping products to Saks Global last year.
A group of minority lenders to Del Monte appealed the approval of a Chapter 11 settlement by a New Jersey bankruptcy judge. The lenders are challenging the creditor deal that was previously approved, following their earlier objections to the agreement.
Eddie Bauer, operator of 174 Eddie Bauer retail stores in the U.S. and Canada, filed for Chapter 11 bankruptcy in February. After a failed auction for store operations, all stores are now closing, with store closing sales underway. RCS Real Estate Advisors is marketing the store leases during the bankruptcy process. Gift cards and rewards will no longer be accepted after March 12. Authentic Brands Group, which owns the Eddie Bauer brand and IP, has transitioned manufacturing, e-commerce, and wholesale licenses to Outdoor 5, so those operations are not affected. Stores outside North America remain open under other licensees.
Argentic Services, a Miami-based commercial lender, filed a foreclosure suit against Southport Plaza, a 200,000 square-foot office building in Staten Island, after the owner defaulted on a $25 million mortgage. The loan was sent to special servicing in 2020 and defaulted when it matured two years ago.
Spirit Airlines' parent company reached a preliminary agreement with its lenders and secured creditors, paving the way for the airline to exit Chapter 11 bankruptcy in late spring or early summer. The deal will support Spirit's ongoing restructuring, which includes changes to its fleet, route network, and cost structure. The company aims to emerge as a smaller, more efficient carrier with expanded offerings such as premium economy and enhanced first-class seating.
Eddie Bauer retained RCS Real Estate Advisors as its exclusive real estate consultant to assist with the liquidation of its 175 North American stores. Under the Chapter 11 reorganization plan, Eddie Bauer will conduct liquidation sales while seeking buyers for parts or all of the business. RCS will advise on real estate matters, including potential lease modifications, rent relief, and restructuring measures that may be required by buyers.
A Delaware Bankruptcy judge approved a Chapter 11 deal allowing America's Test Kitchen to acquire assets from Food52, an e-commerce company specializing in cooking and home goods.
Glenwood Caverns Holdings, the owner and operator of Glenwood Caverns Adventure Park, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Delaware. The filing follows a $116 million wrongful death judgment related to a 2021 accident on the Haunted Mine Drop ride, which resulted in the death of a 6-year-old. The park's liability insurance covers only about $5 million, far less than the judgment amount. Despite the bankruptcy filing, Glenwood Caverns Adventure Park stated it will continue to operate while the Chapter 11 process allows for restructuring in light of the significant financial liability.
francesca's, a Houston-based specialty retail brand, voluntarily filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of New Jersey. The filing aims to facilitate a court-supervised process to maximize value for stakeholders. As part of the Chapter 11 process, advisors Tiger Group, SB360 Capital Partners, and GA Group have begun court-approved store closing sales across all francesca's boutiques and outlets in 45 states.
APF Properties’ 25 W. 45th St., a 200,000 square-foot Midtown Manhattan office building, was sold to its lender Wells Fargo for $45.1 million at a foreclosure auction. The property, which defaulted on its mortgage in early 2024 following WeWork’s bankruptcy, was about 40% vacant as of October and had been appraised at $55 million last year with $75 million in debt.
Inspired Healthcare Capital and 160 affiliated entities filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Northern District of Texas. The senior housing private equity firm, which underwent leadership changes in Oct. 2025, cited ongoing liquidity challenges and recent regulatory inquiries as key drivers for the filing. The company secured $35 million in debtor-in-possession financing to support operations during the restructuring.
Catalyst Brands, the operator of the Eddie Bauer retail chain, is preparing to file for Chapter 11 bankruptcy, marking the third bankruptcy action related to Eddie Bauer in the past two decades. The filing comes amid reports of potential store-closing liquidation sales. Eddie Bauer operates about 180 locations across the U.S. and Canada. Authentic Brands Group, which owns the Eddie Bauer brand and intellectual property, recently announced a transition of manufacturing, e-commerce, and wholesale licenses to Outdoor 5, effective Feb. 2.
JPMorgan, as a mortgage lender to a Manhattan loft owner, requested that a New York bankruptcy court either appoint a Chapter 11 trustee or convert the landlord's bankruptcy case to Chapter 7. JPMorgan said Mariner's Gate and its president have been spending cash that serves as the lender's collateral without authorization from the bankruptcy court.
Fat Brands, a Beverly Hills-based franchiser operating 18 restaurant brands including Johnny Rockets and Fatburger, filed for Chapter 11 bankruptcy due to missed obligations and lender demands for immediate repayment on $1.4 billion in debt. The company aims to use the bankruptcy process to restructure its debt and strengthen its capital structure, allowing continued operation of its restaurant portfolio during the proceedings.
GHI Capital, a real estate investment company based in Atlanta, Georgia, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Georgia. The company disclosed assets between $1 million and $10 million and liabilities ranging from $10 million to $50 million. The filing notes that there will be funds available for distribution to unsecured creditors.
Pretium Packaging confirmed a pre-packaged Chapter 11 bankruptcy process after entering an agreement with its current lenders and majority owner Clearlake Capital Group. Under the proposed restructuring, Pretium’s total funded debt is set to decrease by more than $900 million. The company will also gain access to over $175 million in liquidity. The plan includes commitments from existing lenders for more than $530 millino in new short-term debt, as well as a $50 million equity injection from Clearlake.
Saks Global, the parent company of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, filed for bankruptcy after running out of cash to cover debt service costs. As part of its restructuring, Saks Global will close 57 Saks Off 5th discount stores and all five Last Call stores, focusing instead on its core luxury retail business. A dozen Saks Off 5th locations will remain open, shifting to sell overstock from the flagship store rather than maintaining a dedicated supply chain. The reorganization includes a new CEO, Geoffroy van Raemdonck, formerly of Neiman Marcus Group. Saks has access to $500 million of a $1 billion financing facility to support its operations during bankruptcy. The closures and strategic pivot are intended to help Saks emerge from bankruptcy with a renewed focus on luxury sales and full-price selling.
Twin Hospitality Group, the parent company of Twin Peaks and Smokey Bones, filed for voluntary Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas. The plans to use the bankruptcy process to reduce debt and strengthen its balance sheet while continuing to operate its restaurants and pay employees. The company, which went public in January 2025 with a valuation of around $1 billion, cited higher operating costs in the casual dining industry as a factor in its restructuring.
Beauty company Pat McGrath Labs opted to undergo restructuring and recapitalization with its partners. Managed by Hilco Global, the company had been exploring bids for an asset sale, but decided to align its financial framework with the brand's creative leadership. The restructuring and recapitalization processes are expected to be completed in early 2026. The company has previously been valued at $1 billion.
Georgia ProtonCare Center, operator of Georgia's only proton therapy cancer treatment facility, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Georgia. The nonprofit is burdened by approximately $550 million in debt against annual revenues of just over $40 million. To maintain uninterrupted care for over 1,000 patients annually, the Center has negotiated a stalking horse asset purchase agreement with Emory University for a going-concern sale.
Saks Global Enterprises filed for Chapter 11 bankruptcy, citing a significant debt burden impacting liquidity and inventory. As part of its restructuring, the company secured $1.75 billion in financing, including $1.5 billion from senior secured bondholders. A $1 billion debtor-in-possession (DIP) facility is being arranged, with GoldenTree Asset Management investing $200 million and joining existing lenders like Pentwater Capital Management and Bracebridge Capital, who are converting their claims into higher-ranking debt. The DIP loan, which carries super-priority status, is intended to support ongoing operations and restructuring efforts.
Castlelake has entered talks to acquire bankrupt Spirit Airlines. An earlier offer in November from rival Frontier Group Holdings was deemed unviable. While the Castlelake discussions may not result in an offer or a deal, they have revived hopes that Spirit, in its second bankruptcy filing in less than a year, might still secure an exit through a sale rather than emerge as a significantly smaller airline or risk liquidation.
A U.S. bankruptcy judge approved a Chinese manufacturer's bid to acquire iRobot, although the sale still requires clearance from other U.S. regulators. The company filed for bankruptcy in December after being pressured by lower-priced competitors, and U.S. tariffs that cost iRobot $23 million in 2025. iRobot entered Chapter 11 with about $190 million in debt and a prepackaged plan to sell its business to China-based Picea Robotics, its primary manufacturer of robotic vacuum cleaners.
Tailwind Air, a U.S.-based airline operating from New York and Connecticut, filed for Chapter 11 bankruptcy protection in the Eastern District of Virginia. The company, which began commercial flights in 2019, struggled financially due to weak demand and mounting losses, leading it to cancel all commercial flights and attempt a pivot to charter-only operations in 2024. This strategy was unsuccessful, and the airline lost its Air Operator Certificate in January 2025, grounding its fleet. The filings indicate Tailwind Air has less than $100,000 in assets and owes between $1 million and $10 million to dozens of creditors.
Marsan Real Estate Group, through its entity Bellaviva at Whispering Hills, filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Middle District of Florida in October. A liquidation plan was recently filed to facilitate the sale of the 1,088-acre Whispering Hills property in Leesburg, which has been inactive for four years. Sun Terra Communities is in due diligence to acquire the site for $62 million, though the purchase has not yet closed. The property, previously planned as a mixed-use development with nearly 3,000 residential units and significant commercial space, has existing zoning approvals.
North America Destinations, a travel agency based in Windermere, Fla., filed for Chapter 11 bankruptcy protection in the Middle District of Florida. The company, which specialized in selling tour packages to Disney World and Universal Studios in Orlando for Latin American and Brazilian markets, is utilizing the Subchapter V section of the bankruptcy code for a simplified bankruptcy process.
Compass Coffee, a Washington, D.C.-based company, filed for Chapter 11 bankruptcy protection stating ongoing financial struggles due to a significant decline in foot traffic during the COVID-19 pandemic and litigation initiated by its co-founder.
Bankruptcy filings in the U.S. rose sharply in 2025, with business bankruptcies reaching their highest levels since the Great Recession. Notable Chapter 11 and 'Chapter 22' cases included Spirit Airlines, Rite Aid, Forever 21, Claire’s, and Joann, all of which faced significant debt and operational challenges. The increase in filings highlights ongoing financial stress for companies amid high inflation, elevated interest rates, and economic uncertainty.
The planned sale of 119 JCPenney store properties collapsed after the buyer failed to close by a late-Dec. deadline. Copper Property CTL Pass Through Trust, which controls the assets, terminated the $947 million all-cash deal on Dec. 26, citing the buyer's failure to complete the transaction on time. The buyer, Onyx Partners, agreed to purchase the portfolio earlier this year, but said it's still waiting on tenant documentation from the trust.
The Dockside condominium association in Charleston filed for Chapter 11 bankruptcy protection, citing nearly $14 million in debt primarily related to demolition and site cleanup costs after the city ordered the evacuation of the structurally unsound building. The bankruptcy follows a vote by owners against repairing the tower, paving the way for a potential sale of the property. The property is currently vacant.
United Site Services (USS), the largest provider of portable sanitation systems in the U.S., filed for bankruptcy in New Jersey with a plan to eliminate $2.4 billion in debt and transfer control to its lenders. The restructuring plan proposes to fully repay senior lenders and convert lower-priority debt into equity shares. USS's financial difficulties stemmed from high inflation, increased costs and a downturn in U.S. residential housing construction, which reduced revenues from its major construction site customers.
A bankruptcy judge in New Jersey approved the sale of Iron Hill Breweries' assets and leases, including the Wilmington Riverfront and Rehoboth Beach locations, to Jeff Crivello, a hospitality executive and former CEO of Famous Dave’s. Crivello’s IH Restaurants will acquire 12 Iron Hill locations for $12 million, with seven other locations set for liquidation via auction. The deal includes $3,000 for liquor licenses in three Delaware locations. Crivello plans to reopen the 12 locations, potentially under new branding, as part of a turnaround strategy he has used with other restaurant chains. The original Iron Hill in Newark will remain closed.
Meanwhile Group, the London-based developer of The Bon, a 451-unit luxury apartment building in Boston's Fenway neighborhood, filed for Chapter 11 bankruptcy protection, listing $100 million to $500 million in liabilities and assets. The developer also filed a lawsuit against its landlord, Kenmore Management, alleging Kenmore's refusal to adjust the ground lease prevented refinancing and contributed to the bankruptcy. The Bon, which opened in 2023 and is 95% occupied, received a $178 million loan from Madison Realty Capital after opening. The lawsuit seeks tens of millions of dollars in damages and lost investments.
The real estate firm surrendered ownership of its 26-story, 503,000-square-foot office tower at 757 Third Ave. in Midtown East to lender New York Life Real Estate Investors through a deed-in-lieu of foreclosure. The building was originally purchased by BGO for $360 million in 2015 with a $205 million loan from New York Life. BGO didn't divulge why it offloaded the property, though it's likely due to the building's middling occupancy.
Jenel Management, which faced a court order to auction off 136 and 138 W. 34th St. to help settle a $24.9 million judgment in a foreclosure case, instead sold the two storefronts to developer Vornado Realty Trust for $19.1 million. The sites, which were previously retail locations, were scheduled to be auctioned off to settle a debt with lender Citigroup Global Markets, which last year sued Jenel over allegedly defaulting on its mortgage. The court called off the auction at the last minute, for reasons not disclosed at the time.
Rok Lending took ownership of a 1.6-acre Aventura property after months of legal wrangling with developer Marlon Gomez. The firm's affiliate purchased the site for $477,800 at a Sept. foreclosure auction, following a $19.9 million judgment against Gomez's company for defaulting on a $15 million loan. Courts dismissed two Chapter 11 bankruptcy filings by Gomez as attempts to delay the sale, clearing the way for Rok to purchase the site.
Prospect Medical secured court approval for a $45 million settlement with Yale New Haven Health, resolving litigation over a failed $435 million hospital sale. The deal enables Prospect to move forward with asset sales and its Chapter 11 bankruptcy plan. The judge also allowed Prospect to abandon two closed Pennsylvania hospitals, clearing the way for a competitive auction expected to start at $10 million. Additionally, a new agreement with Pennsylvania tax authorities mirrors previous deals, preserving unsecured claims. Prospect, which filed for bankruptcy in January citing over $1 billion in liabilities, is also negotiating with insurers to resolve hundreds of personal injury claims. The judge urged swift progress, warning she may lift the bankruptcy stay if no agreement is reached by late October.