Bankruptcy & Restructuring News & Analysis — Conductor

Cumulus Media Inc., operator of 394 radio stations across 84 markets, filed for Chapter 11 bankruptcy with a prepackaged restructuring plan backed by approximately 72% of its secured lenders that will reduce funded indebtedness by approximately $592 million.

NFN8 Group and its affiliates filed an amended motion seeking approval of bidding procedures for a Section 363 sale of substantially all assets, with an auction scheduled for April 8, 2026, and bid protections of up to 3% break-up fee and 1.5% expense reimbursement for any stalking horse bidder

The Bankruptcy Court for the Northern District of Illinois confirmed the Chapter 11 Plan for Lutheran Home and Services for the Aged and its affiliates, overruling the U.S. Trustee's objections to third-party releases, exculpation, and gatekeeper provisions in a 72-page opinion addressing the post-Purdue landscape for consensual releases

Buddy Mac Holdings, LLC, operator of 46 rent-to-own stores in chapter 11, seeks court approval to pay $370,804 in commissions to its ERC consultant for services related to obtaining approximately $8.5 million in Employee Retention Credit refunds from the IRS

Hawthorne Race Course and three affiliated entities, operating North America's oldest family-owned racetrack, filed Chapter 11 in Chicago seeking to sell substantially all assets through a Section 363 process, backed by $16 million in DIP financing from JDI Loans LLC, after frozen bank accounts, suspended licenses, and the loss of wagering partnerships led to the filing