November 17, 2025 - Office Properties Income Trust, Broad Street Financial, SmartFi, Pine Gate Renewables, American Tire Distributors

This episode covers key developments in five major restructuring and bankruptcy cases:

Office Properties Income Trust moves to sell a vacant Tempe, Arizona office complex for $11 million to Opus Development, the only bidder willing to assume carrying costs and proceed without parking contingencies, as the company seeks to streamline operations in Chapter 11.

First Brands Group’s affiliate Broad Street Financial faces a challenge from lender Aequum Capital, which seeks dismissal of its bankruptcy case over alleged governance violations and questions about the legitimacy of the filing for the bankruptcy-remote entity.

Cryptocurrency lender SmartFi requests conversion from Chapter 11 to Chapter 7, citing $2 million in unpaid professional fees and an estate rendered administratively insolvent after failed reorganization efforts.

Pine Gate Renewables launches a $1.4–$1.5 billion auction process for its solar portfolio, with three stalking horse bidders—Brookfield, Carlyle, and Fundamental—each vying for distinct project groups under a compressed sale timeline driven by liquidity pressures.

And American Tire Distributors sees a Delaware court ruling that landlord cleanup expenses are prepetition rejection damages, not administrative priority claims—clarifying the treatment of post-rejection lease obligations in asset sales.

💡 From office real estate and auto parts financing to crypto insolvency and renewable energy, this episode explores how sale strategies, lender disputes, and evolving interpretations of bankruptcy law are shaping the next wave of restructurings in late 2025.

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