Case filing & court posture: Bedmar, LLC, a special purpose entity formed on June 3, 2025 as a subsidiary of National Resilience, Inc. to isolate approximately $372 million in commercial lease liabilities, filed a prepackaged chapter 11 petition on June 9, 2025 in the District of Delaware (Case No. 25-11027). Dkt. 1 The case was assigned to Judge J. Kate Stickles.
Liquidity & financing path: The debtor held approximately $41.4 million in cash at filing and proposed a $25 million unsecured DIP facility from its parent company at 10.5% interest. Dkt. 14 The DIP facility was never approved by the Court.
Plan & opposition: A prepackaged plan was filed on the petition date, seeking to cap landlord damages under Section 502(b)(6) to approximately $33 million. Dkt. 7 The filing drew immediate opposition from the U.S. Trustee Dkt. 111, Cobalt PropCo 2020, LLC Dkt. 92, and a landlord coalition including Harvard University Dkt. 135, all moving to dismiss for bad faith.
Restructuring outcome: After an evidentiary hearing on July 29–30, 2025, the Court issued an opinion on August 29, 2025 finding the case was filed in bad faith and dismissing it under Section 1112(b). Dkt. 354 This was the first application of the Third Circuit’s LTL Management precedent to commercial lease liabilities. Dkt. 355
