Bankruptcy & Restructuring News & Analysis — Conductor

Village Roadshow Entertainment Group USA Inc., producer of blockbusters including "Joker" and "The Matrix" trilogy, filed Chapter 11 bankruptcy in Delaware (Case No. 25-10475) with a $365 million stalking horse offer from CP Ventura LLC for its film library. The filing follows prolonged financial challenges stemming from a Warner Bros. arbitration dispute and unsuccessful expansion into independent production. With approximately $387 million in secured debt, the company has secured DIP financing of $12.8 million to facilitate an expedited sale process

OTB Holdings seeks bankruptcy court approval for a $305,000 retention plan covering 22 key non-insider employees during its Chapter 11 proceedings. The carefully structured program offers payments ranging from 3-20% of salary to preserve operational stability and maximize stakeholder value through the company's sale process and restructuring efforts

HVAC service provider Air Pros has filed for Chapter 11 bankruptcy protection in Georgia as it seeks to sell its business units across eight states. With over $250 million in secured debt and significant operational challenges following rapid expansion through acquisitions, the company is pursuing a break-up sale strategy after earlier attempts to sell the enterprise as a whole were unsuccessful. The filing includes DIP financing of $20 million to maintain operations while the sale process proceeds.

In a landmark ruling for bankruptcy proceedings, Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern District of New York has approved Spirit Airlines' use of third-party releases with an opt-out mechanism in its Chapter 11 reorganization plan. The decision addresses objections from the U.S. Trustee and SEC while providing important guidance on what constitutes proper consent for such releases following the Supreme Court's 2024 Purdue Pharma decision. Spirit's restructuring includes debt-to-equity conversions and exit financing arrangements that will allow most creditors to receive full recovery

Tupperware Brands has filed its disclosure statement for a Chapter 11 liquidation plan following the sale of key assets to creditors. The iconic container company, which traces its roots to 1938, faced declining revenues and an unsustainable capital structure. The plan establishes a liquidating trust to distribute remaining assets, with secured creditors expected to receive partial recovery while equity holders will receive nothing