Independent Pet Partners Holdings, LLC

Independent Pet Partners is now at the end of its chapter 11 lifecycle: the Delaware bankruptcy court entered a final decree closing the post-confirmation case, authorizing final GUC distributions, abandoning remaining trust assets, terminating the administrative agent’s services, and discharging the trustee through the Order and Final DecreeDkt. 879. The case began in February 2023 for a specialty pet retailer and services platform that had grown through a multi-banner consolidation strategy, with roughly 159 stores across 12 states and D.C. and approximately $220 million of 2022 net sales; the case record reflects a capital structure involving an ABL facility, a delayed-draw term loan facility, and a priming facility, as identified in Black Diamond’s contested-motion exhibit filings Dkt. 358.

The restructuring path moved quickly toward liquidation rather than standalone reorganization. In April 2023, the debtors and the official committee sought approval of a combined disclosure statement and chapter 11 liquidation plan, including solicitation procedures, ballots, notice provisions, and a combined hearing process through the Joint Disclosure Statement and Plan Procedures MotionDkt. 420. The debtors then filed a plan supplement in June 2023 for the combined liquidation plan proposed jointly with the committee through the Plan SupplementDkt. 498. By the first quarter of 2026, the IPP Liquidating Trust reported that administrative, secured, and priority claims had been paid in full, GUC reconciliation was expected to conclude in Q2 2026, and the trust anticipated seeking a final decree by June 30, 2026 through the .