Bankruptcy & Restructuring News & Analysis

GOL Airlines has filed a disclosure statement detailing its plan to eliminate $1.7 billion in debt and secure $1.9 billion in new capital as part of its Chapter 11 restructuring. Abra Group Limited, GOL's largest creditor, will convert much of its $2.8 billion claim into equity in exchange for controlling 76-81% of the reorganized airline. The plan, supported by the Creditors' Committee, also reveals ongoing talks between Abra and Azul about a potential business combination following GOL's emergence from bankruptcy

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.