Centric moved quickly from first-day stabilization into plan prosecution, filing the Third Amended Joint Chapter 11 Plan on July 24 and then the Fifth Amended Joint Chapter 11 Plan on September 18 source filing source filing. The restructuring followed the RSA economics previewed at filing: the $275 million DIP revolver and $160 million DIP term loan would convert into exit financing, first-lien term lenders would receive exit debt plus 30% of reorganized equity, and second-lien term lenders would receive 70% of reorganized equity source filing.

The court entered findings, conclusions, and an order confirming the Fifth Amended Joint Chapter 11 Plan on September 21, after a docket that included landlord, contract-counterparty, insurer, logistics, and technology-company objections around confirmation and assumption issues source filing. For restructuring professionals, the confirmation order locked in a lender-owned recapitalization less than five months after filing, turning a pandemic-driven liquidity case into an exit-financing and post-confirmation claims-administration matter.