Office Properties Income Trust has emerged from Chapter 11 under a reorganization plan and is now in post-effective-date claims reconciliation, with reorganized debtor affiliates pursuing unopposed omnibus objections to duplicate, unsupported, misclassified and wrong-debtor claims, as reflected in the latest claims-objection certificateDkt. 92.
OPI and its debtor affiliates filed on October 30, 2025 after the post-pandemic shift toward remote work weakened office demand and tenant footprints, higher interest rates constrained real-estate financing, and near-term maturities created a liquidity problem. The REIT entered Chapter 11 with approximately $2.42 billion in funded debt, spread across secured credit facilities, several secured note issuances, property-level mortgages and unsecured notes; its first-day declarationDkt. 26 described roughly $1.1 billion of maturities falling due within 24 months. The debtors began the case with a restructuring support agreement backed by holders of the September 2029 secured notes and sought a $125 million DIP term facility, along with cash-collateral authority, to fund operations and the plan process. The court initially authorized that financing and adequate-protection package through the interim DIP orderDkt. 150.
The case proceeded as a balance-sheet reorganization rather than a sale. The debtors’ amended disclosure statement contemplated preserving the operating business while reducing funded debt from approximately $2.4 billion to approximately $1.7 billion and incorporating settlements with unsecured creditors and the 2027 secured noteholders through new debt, reorganized equity, warrants and a $35 million rights offering, as detailed in the amended disclosure statementDkt. 1017. The Third Amended PlanDkt. 1174 refined that structure: the March 2029 notes would be reinstated, the 2027 secured notes exchanged for new secured notes subject to a cash paydown, September 2029 noteholders would receive exit notes and reorganized equity, trade claims would be paid in full, and existing equity would be canceled. With that restructuring consummated, the remaining visible work is administrative—resolving and reclassifying claims and closing out the estate—not pursuing another financing or sale process.
