The bankruptcy of David and Michael Shabsels’ real estate and summer camp businesses is shifting from asset sales to a creditor fight over recoveries, claim validity and payment priority in Chapter 11. The cases involve more than $230 million in merchant cash advance funding tied to the brothers’ network of 30 camps, alongside nearly $600 million in loans and $214 million in additional obligations, creating a complex restructuring and claims-resolution process.
QVC Group emerged from Chapter 11 bankruptcy protection after eliminating more than $5 billion in debt. The company also said CEO David Rawlinson is stepping down following the bankruptcy exit.
A New York federal judge invalidated exculpation provisions in former cryptocurrency lender Voyager Digital’s Chapter 11 liquidation plan, concluding that the Bankruptcy Code does not authorize broad liability protections that could limit future government enforcement actions against parties implementing the plan. The ruling narrows protections previously granted to the debtor, plan administrators, creditors’ committee, and restructuring professionals, marking a significant decision on the permissible scope of exculpation clauses in bankruptcy cases.
Salad and Go's parent company, And Go Concepts, filed for Chapter 11 bankruptcy in Texas, citing more than $500 million in liabilities after ongoing operational challenges were compounded by a nationwide Cyclospora outbreak that sharply reduced consumer demand for salads. The company plans to wind down operations and sell a substantial portion of its drive-through leases as part of the bankruptcy process.
Hughes Satellite Systems, a subsidiary of EchoStar, filed for Chapter 11 bankruptcy protection after being unable to repay approximately $1.5 billion in debt that matured in early August. The company intends to continue operating during the restructuring while addressing its debt obligations amid financial pressures and increasing competition in the satellite broadband market.
EchoStar’s broadband satellite unit, Hughes Satellite Systems, filed for bankruptcy, marking the third EchoStar subsidiary to enter bankruptcy this summer after Dish Wireless and Dish DBS filed in June. CEO Charlie Ergen said Hughes lacked sufficient funds to make a $1.5 billion debt payment and that discussions with bondholders failed to produce a workable solution.
Alkegen filed voluntary prepackaged Chapter 11 cases in the U.S. Bankruptcy Court for the Northern District of Texas to implement a restructuring agreement that would reduce its debt by approximately $3.1 billion. The Irving, Texas-based specialty materials manufacturer said the deal is backed by holders of 99% of its first-lien debt and 80% of its second-lien debt, and includes $315 million in new DIP financing. Alkegen expects to emerge from Chapter 11 in about 60 days with approximately $200 million in available liquidity and a substantially improved balance sheet.
Cracker Barrel Old Country Store said it completed a sale-leaseback transaction covering 26 company-owned locations with an undisclosed institutional real estate investor, later identified through deeds as Dallas-based NETSTREIT. Two Northeast Florida properties appear to be included: the Orange Park store at 4272 Eldridge Loop sold for $3.2 million and the Jacksonville store at 4680 Lenoir Ave. sold for $3.1 million, for a combined $6.3 million. Cracker Barrel said the full 26-store transaction generated approximately $77 million in net proceeds, which it plans to use for debt reduction.
A Delaware bankruptcy judge conditionally approved the disclosure statement for Finch Therapeutics' Chapter 11 restructuring plan, allowing the company to begin soliciting creditor votes ahead of a combined disclosure statement and plan confirmation hearing. The proposed plan is part of the company's effort to sell its assets and complete its bankruptcy restructuring through the court-supervised process.
CashCall filed for Chapter 11 bankruptcy after two adverse court judgments totaling about $402 million, including approximately $245 million in the De la Torre class action and approximately $157 million in the CFPB tribal-lending enforcement action. The filing also cites roughly $45 million in additional pending litigation and about $5 million in trade debt and professional fees, while the company's subprime consumer lending business is dormant and remaining employees were terminated on June 30, 2026.
A company tied to the former Hudson Hotel in downtown Manhattan asked the Delaware bankruptcy court to again extend its exclusive period to file a Chapter 11 plan. The real estate-related debtor is seeking more time to control the restructuring process before other parties can propose a competing plan.
A New York bankruptcy judge approved the sale of 22 takeoff and landing slots at New York's LaGuardia Airport from Spirit Airlines to JetBlue for $58.5 million following a competitive auction conducted during Spirit's Chapter 11 proceedings. The sale represents significant monetization of Spirit's assets and is expected to help maximize value for creditors while expanding JetBlue's presence at one of the nation's most capacity-constrained airports.
CashCall Inc., a subprime consumer lender known for issuing high-interest loans, filed for Chapter 11 bankruptcy protection in New Jersey with more than $400 million in debt. The bankruptcy filing is expected to facilitate the restructuring of the company's financial obligations while addressing claims from creditors and other stakeholders
North Carolina-based energy efficiency aggregator American Efficient filed for Chapter 11 bankruptcy, listing estimated liabilities of between $1 billion and $10 billion on its petition. The filing comes three months after the company was hit with a $1 billion penalty.
Sleep Number won bankruptcy court approval in Manhattan to sell its assets to Sleep Country of Canada for $701 million in total value, following an auction that increased Sleep Country’s initial $415 million bid by about $286.8 million. The deal includes $529.5 million in cash plus the assumption of certain liabilities, including employee severance costs and contract obligations, and is expected to close on July 31.
Office Properties Income Trust emerged from Chapter 11 after reducing debt by $714 milliom, relieving near-term balance sheet pressure in a restructuring that canceled legacy equity and issued about 22 million common shares to new holders. The REIT also reinstated some secured debt and added higher-coupon notes, indicating financing risk remains despite the balance-sheet reset.
The U.S. Court of Appeals for the Third Circuit held that the City of Chester, Pennsylvania, may retain control of key revenue streams, including casino and other municipal revenues, despite creditors' claims that their liens survived the city's Chapter 9 bankruptcy filing. The ruling affirms the bankruptcy court's determination that the creditors' liens were cut off upon the bankruptcy filing, providing Chester with greater financial flexibility as it restructures its obligations.
Excell Communications got their Chapter 11 plan after the company's owner agreed to provide $1.3 million for unsecured creditors. Excell filed for Chapter 11 relief in April 2025 with $45.5 million in unsecured debt after losing a key business relationship with telecommunications group Altice USA, its primary client for which the debtor provided between $250 million to $300 million of fiber-optic construction services.
The Central Falls Detention Facility Corporation, the quasi-public entity that governs the Donald W. Wyatt Detention Facility in Rhode Island, filed for Chapter 11 protection in US Bankruptcy Court for the District of Rhode Island. The filing is aimed at reorganizing the prison’s finances and reducing more than $100 million in bond debt through a Chapter 11 plan. Court filings said day-to-day operations are expected to continue as normal post-petition, while the facility said the restructuring will also reset its relationship with the City and support continued operations.
Highpoint Associates VI, a Queens real estate company that owns a multi-family apartment building and commercial storefronts with residential units above, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. The debtor reported $10 million to $50 million in assets and $12.8 million in liabilities, and the filing states there will be funds available for distribution to unsecured creditors.
U.S. bankruptcy filings rose nearly 12% year-over-year to 591,850 in the 12 months through March, according to the Administrative Office of the US Courts, increasing pressure on commercial real estate owners as retail and restaurant tenants use Chapter 11 to reject leases, seek rent reductions, or shed underperforming locations.
Silver Star CRE sold The Preserve at North Loop, a seven-building Class-B office campus in Houston totaling about 219,000 square feet, to an unidentified Atlanta-based investor while the company is in Chapter 11 bankruptcy proceedings. The sale is part of Silver Star real estate investment trust’s broader portfolio sell-off after its May Chapter 11 filing, when it reportedly had $75 million in liabilities and four loans in default, as it pivots from office assets to self-storage properties.
SiFi Networks America LLC won final approval from a Delaware bankruptcy judge to access $3.4 million in Chapter 11 financing from its prepetition lender, which is also serving as the stalking horse bidder in the case.
An EchoStar subsidiary is expected to file for bankruptcy as part of an effort to address billions in debt and halt legal action from creditors, according to the Wall Street Journal. The reported filing is tied to a broader restructuring effort taking place alongside EchoStar-related deals with SpaceX and AT&T.
West Marine, a Fort Lauderdale-based boating supply retailer, said it will close 59 stores nationwide after filing for Chapter 11 bankruptcy. The closures, including four stores in the region and eight in Florida overall, will reduce the company’s retail footprint by about 30% and are intended to free up funds as it restructures debt. Court filings show West Marine had about 200 stores, 2,600 employees and roughly $55 million in annual rent obligations tied to approximately 200 leases, with the company citing underperforming stores and long-term lease commitments as burdens it could not efficiently address outside Chapter 11.
Integris Equipment, a medical equipment distributor, filed for Chapter 11 bankruptcy. Court filings indicate the company is proceeding as a small business debtor under Subchapter V, which is intended to streamline and reduce the cost of the restructuring process. The company reported about $3.79 million in liabilities against approximately $1.38 million in assets, along with more than $1 million in unsecured claims from creditors.
St. Augustine's University, a historically Black university in North Carolina, is in Chapter 11 bankruptcy proceedings and is considering selling part of its 105-acre campus outside Downtown Raleigh. The university owes between $50 million and $100 million to creditors, while its real estate holdings are valued at $200 million and include properties in Raleigh and Greensboro, North Carolina, as well as Rome, Georgia, and Lawrenceville, Virginia. The main campus is encumbered by liens held by creditors, including the IRS.
North Star Health Alliance, a rural not-for-profit health system in northern New York, and three affiliated debtors filed a motion in the United States Bankruptcy Court for the Northern District of New York seeking approval for up to $60 million in debtor-in-possession financing from the Dormitory Authority of the State of New York. The proposed below-market, state-backed priming facility would refinance a $15 million state bridge loan and fund operations through the end of 2026 while the debtors negotiate a restructuring partnership under New York's Safety Net Transformation Program.
West Marine, a boating and marine supplies retailer, filed for Chapter 11 bankruptcy protection in the District of Delaware. The filing is supported by 96.2% of term loan lenders, 100% of FILO lenders, and 93.9% of equity holders, following missed debt covenants and restructuring negotiations. West Marine has entered into a Restructuring Support Agreement with its lenders and equity holders. The company will continue operating its 200 retail locations and online platforms during the bankruptcy process and has filed first-day motions to maintain employee wages and customer programs.
Spirit Airlines, which filed for Chapter 11 bankruptcy protection in August 2025, is preparing to shut down operations after last-minute talks for a U.S. government bailout failed. Negotiations between the U.S. Department of Commerce and Spirit’s major creditors, who had previously supported the airline, broke down, leading to the imminent closure. President Donald Trump stated that the government had given Spirit a final proposal but would only proceed if it was a "good deal."
A New Jersey bankruptcy judge granted interim approval for FreshRealm, a food kit and meal service supplier, to access $10 million in funds as part of a $45 million debtor-in-possession loan under Chapter 11. This financing will support FreshRealm's operations during its bankruptcy proceedings.
Broadband Infrastructure filed for Chapter 11 bankruptcy protection. The company reported estimated assets and liabilities between $1 million and $10 million and listed between 200 and 999 creditors. Broadband Infrastructure intends to continue normal operations during the restructuring process. Court filings indicate that funds will be available for distribution to unsecured creditors.
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.