Trajector Holdings and its affiliates are in the opening stage of chapter 11, seeking authority to use cash collateral to maintain operations while no DIP loan, sale process, or plan path has yet been established. The filing followed a 46% year-over-year revenue decline in the first half of 2026, litigation between the company’s founders over management authority, regulatory and class-action pressure, and an inability to refinance approximately $62.9 million of senior secured debt before its July 28, 2026 maturity, according to the first-day declarationDkt. 39.
Trajector and 21 affiliates filed on July 23, 2026. Their immediate restructuring strategy is operational stabilization: the cash-collateral motionDkt. 17 seeks interim and final authority to fund payroll, vendors, supplies, and other expenses under a four-week budget through August 20. The proposed terms permit aggregate weekly budget deviations of up to 10% and provide the prepetition lenders with replacement liens on postpetition property to the same extent and priority as their asserted prepetition collateral interests, subject to specified professional-fee and administrative carve-outs.
The cash-collateral request remains pending, so the proposed budget and adequate-protection package do not yet constitute entered authority. The court has begun organizing the jointly administered cases, including authorizing a consolidated case-management summary for the affiliated debtors through the case-management orderDkt. 43. The principal near-term restructuring milestone is therefore adjudication of first-day liquidity relief; the record provided does not identify a scheduled final cash-collateral hearing or a longer-term transaction or plan timetable.
