Franchise Group, Inc. and affiliated debtors commenced chapter 11 cases on November 3, 2024 in the U.S. Bankruptcy Court for the District of Delaware (Case No. 24-12480, Judge Laurie Selber Silverstein). The debtors pursued a restructuring path that combined postpetition liquidity, a court-supervised sale process, and a plan process culminating in confirmation of the Ninth Amended Joint Chapter 11 Plan. The court entered a final debtor-in-possession financing order on December 11, 2024 authorizing up to $750 million of DIP financing, including up to $250 million of new money and staged roll-ups of prepetition first lien obligations, subject to an approved budget and variance limitations. The court also approved revised bidding procedures on December 16, 2024, and later entered sale orders including a January 10, 2025 private sale order for certain assets and a May 7, 2025 sale order for a debtor affiliate. The Ninth Amended Plan was filed on May 14, 2025 and provides for a mix of unimpaired and impaired classes, including treatment under which Prepetition First Lien Loan Claims receive reorganized equity (subject to dilution) and litigation trust allocations. A confirmation order (with edits) was entered on July 1, 2025, and a later filing cited in the case research states that the plan became effective and the litigation trust was established on June 6, 2025.