Bankruptcy & Restructuring News & Analysis — Conductor

FAT Brands Inc. has filed an emergency motion seeking approval for a $76.9 million dual-tranche debtor-in-possession financing facility to be provided by certain prepetition noteholders, paired with a mediated governance agreement and an asset sale process with a closing milestone of May 4, 2026

A federal bankruptcy court ruled that 81 New Orleans Archdiocese abuse survivors lack standing under Section 1109(b) to contest attorneys' fee applications, finding that the confirmed plan's fixed $230 million settlement trust structure means any reduction in professional fees would not flow to abuse claimants

Razzoo’s, Inc., the Texas-based Cajun casual dining chain founded in 1991, filed a Chapter 11 liquidation plan on March 11, 2026, proposing to distribute remaining estate assets through the Cajun Café Liquidating Trust after selling 11 restaurant locations to ThirtyThree97 LLC for approximately $18.8 million, with general unsecured creditors projected to recover between 5.5% and 6.8% of their claims

A Puerto Rico bankruptcy court ruled that the automatic stay does not bar OCIF's regulatory enforcement action against The Phoenix Fund LLC, and that the pre-petition receiver, Driven, P.S.C., holds sole authority to act as debtor-in-possession

The Chapter 7 trustee for Start Man Furniture, LLC (formerly Art Van Furniture, LLC) is seeking bankruptcy court approval to sell the estate's rights in the Visa/Mastercard interchange fee class action — which resulted in a $5.56–$6.26 billion settlement — to Optium Fund 6 for $850,000, with a hearing scheduled for April 6, 2026