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New York Southern coverage - ElevenFlo

New York Southern coverage

37 articles

Week of May 4, 2026

SAS AB: $1.2B Castlelake-Led Recapitalization and Cramdown of State Hybrid Bonds

Scandinavian airline SAS AB filed chapter 11 in SDNY on July 5, 2022 following a pilot strike and failed out-of-court restructuring. Castlelake led a $1.175B recapitalization; Denmark and Sweden's state hybrid bonds were crammed at zero. Final decree closed March 3, 2026.

FreefallTransportation & logistics

Celsius Network: Earn Asset Ruling, MiningCo Pivot, and $4.35B Creditor Distributions

Celsius Network filed chapter 11 in SDNY on July 13, 2022 after halting withdrawals June 12. Judge Glenn ruled Earn assets were estate property; Fahrenheit NewCo failed SEC audit and pivoted to MiningCo (Ionic Digital). Effective Jan 31, 2024 with $4.35B cumulative distributions.

FreefallFinancial services

Fusion Connect Files Chapter 11; Debt-for-Equity Swap Eliminates $272M, Hands Company to First Lien Lenders

Fusion Connect, a cloud communications provider, filed chapter 11 in SDNY on June 3, 2019 with $691.5M of funded debt from two 2018 reverse mergers. An RSA reorganization eliminated $272M and transferred equity to first lien lenders; the $85M second lien tranche was wiped out.

PrenegotiatedTechnology & telecom

McClatchy: Pension Distress Termination, Chatham 363 Sale, and End of Family Control

McClatchy filed chapter 11 in SDNY on Feb. 13, 2020, with $703M in funded debt and an $805M underfunded pension. The PBGC terminated the pension covering 24,000+ participants; Chatham acquired substantially all assets via a $312M 363 sale, ending 163 years of McClatchy family control.

PrenegotiatedMedia, sports & entertainment

Raízen Files Chapter 15 to Backstop R$98 Billion Brazilian Out-of-Court Workout

Cosan-Shell ethanol and fuel giant Raízen S.A. filed chapter 15 in SDNY on March 12, 2026 (case 26-10528) to backstop a Brazilian recuperação extrajudicial covering R$98.63 billion. The court granted recognition as a foreign main proceeding on April 8, 2026.

PrepackagedFood & agriculture

Extended Stay: LBO Collapse and Centerbridge-Paulson-Blackstone Sale

Extended Stay Inc. filed chapter 11 in June 2009 following the collapse of the $8B Lightstone LBO. The Centerbridge-Paulson-Blackstone consortium acquired the 680-hotel platform for ~$3.925B at a contested May 2010 auction. The plan was confirmed July 2010 and went effective October 2010.

FreefallTravel, leisure & hospitality

RM Bakery: Insider DIP Converts to Equity in Confirmed SDNY Chapter 11

RM Bakery LLC, a Bronx wholesale artisanal bakery, filed chapter 11 in SDNY on June 15, 2020. A $1.5M insider DIP facility converted to equity at confirmation. GUC recovery was ~6.25 cents on $4 million in claims. Plan effective January 27, 2025; post-confirmation default cured December 31, 2025.

FreefallFood & agriculture

A.B.C. Carpet Co.: 888 Capital Credit Bid and 40.7% GUC Recovery

abc carpet & home filed chapter 11 in the Southern District of New York on September 8, 2021. 888 Capital Partners credit bid acquired all assets; a Rule 9019 settlement subordinated ~$40M of insider claims. Unsecured creditors received a 40.7% distribution.

Consumer & retail

MF Global Holdings: Liquidating Plan Delivers 100% Customer Recovery After 2011 Collapse

MF Global Holdings Ltd. filed chapter 11 in SDNY on October 31, 2011, alongside a parallel SIPA liquidation of its broker-dealer subsidiary MF Global Inc. A Joint chapter 11 Plan of Liquidation went effective June 4, 2013, delivering 100% net equity recovery to customers.

FreefallFinancial services

Purdue Pharma: $7.4 Billion Plan Goes Effective, Knoa Pharma Begins Operations

Purdue Pharma's chapter 11 plan went effective April 1, 2026, completing a six-year mass-tort restructuring. The $7.4 billion Sackler settlement and $8.344 billion DOJ resolution are now operative. Knoa Pharma LLC began operations May 1 as the public-benefit pharmaceutical successor.

FreefallHealthcare & life sciences

Week of March 23, 2026

LuxUrban Hotels Converts to Chapter 7 After 37 Days

LuxUrban Hotels converted to chapter 7 after 37 days as financing and cash collateral talks failed, leaving a disputed $118.6 million tax claim and contested management allegations.

Chapter 7Travel, leisure & hospitality

Week of March 16, 2026

Troika Media Group: Blue Torch Sale and Liquidation

Troika Media Group filed chapter 11 in SDNY on December 7, 2023 after Converge acquisition debt and escrow disputes triggered a liquidity crisis. The case moved through a Blue Torch-controlled 363 sale, settlement of a $29.1 million escrow fight, and a liquidation plan effective March 29, 2024.

Media, sports & entertainment

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