Bankruptcy & Restructuring News & Analysis — Conductor

Regional carrier Silver Airways has filed an emergency motion seeking court approval for a $5.775 million stalking horse bid from its DIP lender KIA II LLC as part of an expedited sale process. The airline, which filed for Chapter 11 protection in December 2024, is looking to preserve its going concern value through a sale that could close by June 2025 if the proposed bidding procedures are approved

Prospect Medical Holdings secures court approval for $3.9M employee retention plan as it navigates Chapter 11 bankruptcy, closing Pennsylvania hospitals and selling facilities in California and Connecticut. A separate $3.5M executive incentive plan is pending approval, with both plans largely offset by payments from a related non-bankruptcy transaction

Bertucci's Restaurants has filed for bankruptcy protection for the third time since 2018, highlighting the persistent challenges facing traditional casual dining chains as they navigate changing consumer preferences and economic pressures. The Italian restaurant chain has dramatically reduced its footprint from 59 locations in 2018 to just 15 today, and is now exploring a fast-casual concept as a potential path to survival

Bankrupt EV truck maker Nikola Corp. seeks to sell valuable environmental credits with PACCAR offering $8.9 million as the stalking horse bidder. The company has retained STX Commodities LLC to conduct a competitive sale process with final bids due May 19 and a court hearing scheduled for May 30

Idaho bankruptcy judge Noah G. Hillen has ruled on competing disclosure statements in the Millenkamp Cattle reorganization case, requiring additional disclosures about potential $100 million in rejection damages claims and other issues. The ruling advances the complex agricultural bankruptcy case toward creditor voting on competing reorganization plans proposed by the Debtors and creditor Rabo AgriFinance