THG Holdings is a post-confirmation liquidation case, with the TH Liquidating Trust still administering the estate more than six years after confirmation and reporting no expected final-decree date in its latest quarterly filing. The debtors entered Chapter 11 on July 30, 2019, after Medicare reimbursement disruption overwhelmed liquidity at True Health Diagnostics, a laboratory diagnostics business whose Medicare revenue had become material to operations. The petition followed CMS payment suspensions beginning in May 2017, a renewed 100% Medicare payment suspension in June 2019, and July 2019 overpayment determinations totaling roughly $27.5 million, all described in the Christian Richards first-day declarationDkt. 4.
The capital structure left little room for an operating restructuring. As of the filing, the debtors carried roughly $204 million of funded and trade debt, including first-lien term and revolver obligations owed through Monroe Capital Management Advisors, LLC, second-lien debt associated with Riverside Strategic Capital Fund I, L.P., and about $14 million of trade and miscellaneous unsecured claims; the same first-day record described emergency DIP financing as the debtors' best available bridge to preserve value and pursue an orderly sale or liquidation path through Chapter 11, as set out in the Clifford Zucker first-day declarationDkt. 5.
The case moved quickly into a liquidating plan. After amended plan-supplement materials were filed in November 2019 by the debtors, DIP agent, and creditors' committee in the amended plan supplement noticeDkt. 520, the Bankruptcy Court approved the combined disclosure statement and confirmed the joint Chapter 11 plan of liquidation on November 27, 2019 through the . The plan became effective on December 6, 2019, and the remaining case posture is trust administration rather than business rehabilitation.
The latest filed post-confirmation report shows the cases remain open as of the quarter ended March 31, 2026, with $44,606 of current-quarter cash disbursements, $10.3 million of cumulative disbursements since the effective date, administrative and secured claim classes reported as paid at 100%, and general unsecured claims still showing no cumulative distributions in the quarterly post-confirmation reportDkt. 835. The only subsequent docket event in the context pack is administrative: the case was reassigned effective April 16, 2026 from Judge John T. Dorsey to Judge J. Kate Stickles for all further proceedings under the judge reassignment orderDkt. 836.