Bankruptcy & Restructuring News & Analysis — Conductor
Crypto Lender SmartFi Seeks to Convert Bankruptcy Case to Liquidation Amid $2 Million in Unpaid Fees
Cryptocurrency lender SmartFi has requested to convert its Chapter 11 bankruptcy case to liquidation, citing $2 million in unpaid professional fees and failed reorganization efforts following the 2022 crypto market collapse. The company's assets include $41,000 in cryptocurrency and over $21 million in affiliate promissory notes.
Lender Challenges Bankruptcy Filing of Special Purpose Entity in First Brands Case
A major lender is challenging the bankruptcy filing of a special purpose entity in the First Brands Group case, alleging improper authorization and contractual violations. Aequum Capital Financial II LLC seeks dismissal of Broad Street Financial's Chapter 11 case, claiming the bankruptcy-remote entity violated protections designed to keep it out of bankruptcy.
Office Properties Income Trust Seeks Court Approval for $11 Million Arizona Property Sale in Bankruptcy
Office Properties Income Trust seeks bankruptcy court approval for an $11 million sale of its vacant Tempe, Arizona office complex to Opus Development Company. The REIT has been carrying $720,000 in annual costs on the property since American Airlines vacated in November 2023.
Office Properties Income Trust Seeks $125 Million DIP Loan to Fund Bankruptcy Restructuring
The REIT, which owns 124 office properties, aims to reduce total debt from $2.4 billion to $1.3 billion through a comprehensive restructuring supported by holders of over 80% of its September 2029 Notes
Groff Tractor Mid Atlantic Seeks Court Approval for Sale Process, Three-Member Committee to Select Winning Bid
Groff Tractor Mid Atlantic and affiliated companies filed an emergency motion seeking approval of bidding procedures for the sale of their construction equipment dealership assets