Case filing & court posture: Corvias Campus Living - USG, LLC, a single-purpose entity managing approximately 10,000 student housing beds across nine University System of Georgia campuses, filed for chapter 11 protection on June 25, 2025, in the District of Delaware (Case No. 25-11214). Dkt. 1 The case is before Judge Laurie Selber Silverstein. Dkt. 3
Liquidity & financing path: The debtor owed approximately $526.7 million in 5.30% Senior Secured Notes due 2050 held by approximately 20 financial institutions, and filed after revenue declines and an inability to meet debt service obligations left it unable to pay management fees since 2020. Dkt. 3 The court authorized consensual use of cash collateral with adequate protection for noteholders on an interim basis on June 30, 2025, Dkt. 37 and on a final basis on July 29, 2025. Dkt. 150
Restructuring outcome: A combined disclosure statement and chapter 11 plan of liquidation was filed on October 31, 2025, providing for the sale of the debtor's student housing assets to the Board of Regents of the University System of Georgia. The plan was confirmed on December 11, 2025, with noteholders receiving an estimated 31.6% recovery (approximately $208.5 million) on their allowed claims.
Plan effective date & post-confirmation: The plan became effective on January 6, 2026, and the debtor transitioned to post-effective date status. Dkt. 359
Current status: The case is in the post-effective date administration phase, with the post-effective date debtor processing final fee applications and omnibus claims objections.
