Case filing & court posture: Thrill Intermediate LLC and nine affiliated debtors filed Chapter 11 petitions on September 28, 2025 in the District of Nevada (Case No. 25-15714-MKN). Dkt. 1 Judge Nakagawa presides over the jointly administered cases.
Debtor profile & liquidity crisis: The debtors operate television content production and motorsport entertainment, including the flagship "Ridiculousness" show (approximately 50% of MTV's programming) and Nitrocross racing events. At filing, the debtors carried approximately $83.7 million in senior secured debt under a May 2022 credit facility plus roughly $53.9 million in unsecured claims.
Contested dismissal motion: On October 1, 2025, the ad hoc group of first lien lenders moved to dismiss the case as void ab initio, alleging lack of authority for the bankruptcy filing. Dkt. 8 The court denied the motion without prejudice on December 30, 2025. Dkt. 256
Cash collateral dispute & no DIP financing: The debtors have obtained no DIP financing. Instead, parties are engaged in a contentious cash collateral dispute; an evidentiary hearing is scheduled for March 24, 2026. Dkt. 341
Plan exclusivity extended: The court extended plan exclusivity to May 26, 2026, and acceptance exclusivity to July 27, 2026. As of February 11, 2026, the case remains in the pre-plan phase.
