DRF Logistics, LLC, the former Global Ecommerce (GEC) segment of Pitney Bowes acquired via the 2017 Newgistics acquisition, filed for Chapter 11 protection on August 8, 2024 in the Southern District of Texas (Case No. 24-90447) to execute a pre-negotiated wind-down and liquidation. The company operated a domestic e-commerce parcel network (85% of 2023 revenues, 212M packages) and cross-border logistics platform (12% of revenues, 200+ destinations) but had accumulated deep cumulative losses (~$136M in 2023 alone) and was no longer profitable. Following a restructuring support agreement with Pitney Bowes and Oaktree Capital, control passed to Hilco Global (81% voting) while Pitney Bowes retained economic interest and provided both DIP financing and settlement funding. The company obtained $47 million in debtor-in-possession financing from Pitney Bowes International Holdings, Inc. at 10% PIK interest. The third amended Plan of Liquidation was confirmed via cramdown on November 25, 2024, with Oaktree secured claims projected to recover ~91% and general unsecured claims (with special Category 2 opt-in mechanics) projected to recover 3–10%. The liquidation is administered by Hilco Commercial Industrial, LLC with a wind-down target of early 2025.
