Bankruptcy & Restructuring News & Analysis — Conductor

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

FlexShopper seeks emergency court approval for a transition services agreement with purchaser ReadySett LLC to facilitate a 60-day loan servicing transition and close the sale of substantially all assets by March 2, 2026

Paragon Industries, an Oklahoma steel pipe manufacturer in Chapter 11, seeks court approval for a $40 million asset sale to Integrated Utility Services LLC following a nearly 17-hour auction that drew seven bidders and excluded an insider-affiliated entity

BRD Land & Investment, a Charlotte-based land developer that prepares shovel-ready sites for homebuilders, filed Chapter 11 citing a decline in first-time home purchases, the loss of $390 million in projected pipeline revenue, and collection actions by its senior secured lender

Avenger Flight Group, a commercial aviation simulator provider operating 50 full-flight simulators across four countries, filed for Chapter 11 in Delaware with $273 million in secured debt, seeking to sell its assets through a stalking-horse-backed process supported by $43.5 million in DIP financing