Existing common shares are worthless and should be sold immediately. Monitor for the Effective Date announcement to confirm emergence. Trading in the stock post-confirmation is highly speculative and likely reflects only reorganization securities.
Price Chart
Executive Summary
Bankruptcy court confirmed the Chapter 11 plan on April 22, 2026, which cancels all existing common equity for zero recovery. The restructuring provides new secured notes and equity to creditors, with common shareholders receiving nothing. The plan is expected to become effective upon satisfaction of conditions.
Key Facts
- Bankruptcy court confirmed Fourth Amended Joint Chapter 11 Plan on April 22, 2026.
- Existing common shares (73,943,439 outstanding as of Oct 30, 2025) will be cancelled with no distribution.
- Allowed 2027 Senior Secured Notes Claims receive $385M in new 8.375% senior secured notes.
- Allowed September 2029 Senior Secured Notes Claims receive $300M in new 10% Secured Exit Notes plus $120M in additional Exit Notes and $98M in new common equity (subject to elections).
- Trade and Vendor Claims paid in full in cash; Other General Unsecured Claims up to $25,000 paid in full, larger claims receive $25,000 cash.
- DIP Claims (excluding fee claims) receive equity at a 37% discount to plan value.
- Company had 73,943,439 common shares outstanding as of petition date (Oct 30, 2025).
Financial Impact
Existing common equity holders receive zero recovery; total enterprise value restructured via $385M+ in new secured notes and equity to creditors.
Risk Factors
- Plan may not become effective if conditions precedent are not satisfied or waived.
- Reorganized common equity may trade at unpredictable values.
- Litigation or appeals could delay or alter the restructuring.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-050398 |
| Document: tm2612569d1_ex2-1.htm | 0001104659-26-050398 |
| Document: tm2612569d1_8k.htm | 0001104659-26-050398 |
| Document: 0001104659-26-050398-index-headers.html | 0001104659-26-050398 |
| Document: 0001104659-26-050398-index.html | 0001104659-26-050398 |
| Document: 0001104659-26-050398.txt | 0001104659-26-050398 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 4, 2026 20w ago | 8-K | $0.003000 $0.002500 | ▲ +16.67% | ▲ +17.24% | — |
May 22, 2026 22w ago | EFFECT | $0.000100 $0.002000 | ▼ −1900.00% | ▼ −1898.34% | — |
May 6, 2026 24w ago | 8-K | $0.000200 $0.00 | ▲ +99.50% | ▲ +101.00% | — |
Apr 28, 2026 25w ago | 8-K | $0.000100 $0.000500 | ▼ −400.00% | ▼ −396.89% | — |
Mar 4, 2026 33w ago | 8-K | $0.0130 $0.001100 | ▲ +91.54% | ▲ +89.30% | — |
Feb 28, 2026 34w ago | Institutional Cluster | $0.0130 $0.0130 | · 0.00% | ▼ −1.21% | — |
US Market Status
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