Thrasio Holdings, Inc. is an Amazon-focused brand aggregator founded in 2018 that acquired and operated a portfolio of 200+ seller brands with approximately 36 million unique customer orders in 2023. The company raised over $3 billion and reached a peak valuation exceeding $10 billion in 2021. Thrasio filed Chapter 11 with 200+ affiliates on February 28, 2024 in New Jersey (Case No. 24-11840) after pandemic-era overexpansion resulted in $425 million of excess inventory, 200+ warehouse leases, and 40+ third-party logistics providers, compounded by normalization of e-commerce demand as shoppers returned to in-person retail. At filing, the company carried approximately $855.2 million in funded debt ($66.2M RCF and $786.5M term loan) plus preferred equity liquidation preferences of approximately $2.518 billion. Thrasio obtained a $360 million DIP facility ($90 million new money, $270 million roll-up) with 81% support from RCF lenders and 88% from term loan lenders. The First Amended Plan was confirmed on June 13, 2024, achieving $495 million of debt reduction and establishing a Thrasio Legacy Trust with gatekeeper provisions. Equity holders (Classes 5-12) were cancelled and extinguished without distribution. The company emerged in June 2024 approximately four months after filing.