Bankruptcy & Restructuring News & Analysis — Conductor

A 100 percent new-money facility from the equity sponsor and existing second lien holder, structured around a 1.5 priority lien, 10 percent PIK economics, and a 185-day path to plan confirmation

A Michigan jury verdict against the correctional healthcare operator precipitated the cancellation of contracts representing nearly 80% of annual revenue, sending four affiliated debtors into Chapter 11 in the Middle District of Florida

A Delaware filing seeking to exchange approximately $310 million in 9.750% senior secured notes for $70 million in new notes due 2030 and 100% of the new common stock, with confirmation contemplated within 55 days of the petition date and an effective date keyed to FCC approval

Axip Energy Services filed a Chapter 11 plan of liquidation on May 6, 2026 following the completed court-approved sale of its natural gas compression assets to Service Compression, LLC, with the plan providing an estimated 49 percent aggregate recovery for holders of Prepetition ABL Claims, 4.87 percent for holders of Prepetition 2L Claims, and 40 percent for holders of allowed General Unsecured Claims against an estimated pool of approximately $1.2 million

A creditor of cryptocurrency platform BlockFills has asked the Delaware Bankruptcy Court to appoint an independent examiner and Chapter 11 trustee, alleging the debtors solicited 3,500 ETH without posting required collateral and commingled customer digital assets while insolvent