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Texas Southern coverage - ElevenFlo

Texas Southern coverage

111 articles

Week of May 4, 2026

Serta Simmons Bedding: 2020 Uptier, Fifth Circuit Reversal, and Damages Remand

Serta Simmons Bedding filed chapter 11 in S.D. Tex. on January 23, 2023. The plan confirmed June 14, 2023 went effective June 29. In December 2024, the Fifth Circuit reversed the 2020 uptier and excised the plan's lender indemnification; damages remand pending.

PrenegotiatedIndustrials & manufacturing

Diebold Nixdorf: $1.25B DIP-to-Exit and the First U.S./WHOA Cross-Border Restructuring

Diebold Nixdorf filed a prepackaged chapter 11 in S.D. Tex. on June 1, 2023 alongside a Dutch WHOA scheme. Confirmed July 12, 2023; effective Aug 11; $1.25B DIP converted to a 5-year exit term loan. First Lien took 98% of new equity; Class 7 was crammed down.

PrepackagedFinancial services

Sungard AS: Second Chapter 11 and Three-Part Asset Sale

Sungard AS New Holdings filed a second chapter 11 in April 2022, three years after a prepackaged 2019 restructuring. The IT services company sold assets to 365 Data Centers and 11:11 Systems for $60M, confirmed a wind-down plan Oct. 17, 2022, with first lien lenders sustaining losses.

PrenegotiatedTechnology & telecom

NBG Home: Quoizel Emerges From Sycamore's $413M Home Décor Chapter 11

Sycamore-backed home décor wholesaler NBG Home filed chapter 11 in S.D. Texas Feb 2023 with $413M in funded debt. KKR and Silver Point provided $60M in DIP financing and served as plan sponsors. The hybrid plan reorganized Quoizel and wound down the AHD entities via cramdown confirmation.

PrenegotiatedConsumer & retail

Sanchez Energy: Eagle Ford Lien Fight and the Fifth Circuit Single-Satisfaction Ruling

Eagle Ford E&P Sanchez Energy filed chapter 11 Aug 2019 with $2.28B in funded debt, emerging as Mesquite Energy in June 2020. A six-year lien fight culminated in the Fifth Circuit's § 550(d) single-satisfaction ruling awarding secured noteholders 100% of reorganized equity; cert denied Nov 2025.

FreefallEnergy & natural resources

JCPenney Files Chapter 11; Simon and Brookfield Acquire Via $1B Credit Bid, PropCo Trust Winds Down

JCPenney filed chapter 11 in May 2020 after COVID closures eliminated cash flow on $5B in debt. Simon Property Group and Brookfield acquired the operating business via $1B credit bid; PropCo trust continues liquidating ~120 properties after $947M Onyx bulk sale collapsed in late 2025.

PrenegotiatedConsumer & retail

Week of April 13, 2026

Office Properties Income Trust Files Chapter 11 With $2.42B in Debt, Targeting $1B Deleveraging

OPI filed chapter 11 Oct 2025 with $2.42B debt, 124 office buildings and 17.2M sq ft; 80% noteholder support.

PrenegotiatedReal estate & construction

Ascend Elements: $1.5 Billion Battery Recycler Pursues 363 Sale After DOE Grant Cancellation

Ascend Elements, a lithium-ion battery recycler valued at $1.5 billion, filed chapter 11 in S.D. Tex. on April 9, 2026, pursuing a 363 sale after the DOE cancelled $110M of a $316M grant for its Kentucky facility. Jefferies is running the sale process; no DIP facility at filing.

FreefallIndustrials & manufacturing

Week of March 23, 2026

Ultinon Motion: $238M Acquisition Collapses Into Litigation Trust

Ultinon Motion Holding B.V. and two affiliates filed chapter 11 in S.D. Tex. after FBG-appointed management allegedly transferred tens of millions out of the $238M Lumileds acquisition. With $3.4M in cash and subsidiaries insolvent in four countries, the debtors pursue a litigation trust plan.

FreefallIndustrials & manufacturing

Zynex Files Chapter 11 After TRICARE Suspends Payments; Noteholders Take Full Equity in 94 Days

Zynex, a publicly traded Colorado medical device maker (ZYXI), filed chapter 11 Dec. 15, 2025 in S.D. Tex. after TRICARE suspended payments covering 20-25% of revenue. A $22.3M DIP from convertible noteholders backs a plan sponsor process with a $49.6M credit bid floor and Feb. 2026 deadlines.

PrenegotiatedHealthcare & life sciences

Week of March 16, 2026

Steward Health Care Files Chapter 11 With $6.6B in MPT Lease Obligations Across 31 Hospitals

$9.2B collapse, MPT's $7.5B waiver, CEO Senate contempt, 31 hospital sales. Complete restructuring analysis.

FreefallHealthcare & life sciences

Nine Energy Service: Prepack Equitizes Secured Notes

Nine Energy Service completed a Houston chapter 11 in little more than a month, cutting about $320 million of secured debt, handing ownership to noteholders, and refinancing the business through a $135 million exit ABL after a White Oak-backed DIP.

PrepackagedEnergy & natural resources

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