May 4, 2026 - FreshRealm, Wiser Solutions, Impac Mortgage Holdings

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

FreshRealm, a fresh food manufacturer supplying major partners like Blue Apron and Walmart, files for Chapter 11 after a series of Listeria outbreaks wiped out roughly 90% of its revenue, entering with $168 million in secured debt, a $63 million DIP facility, and a stalking horse sale to Misfits Market as it pursues insurance recoveries exceeding $40 million.

Wiser Solutions, a pricing analytics and retail intelligence software provider, files for Chapter 11 with approximately $563 million in funded debt, launching a credit-bid sale process backed by its senior lender and supported by $34.2 million in DIP financing, following years of acquisition-driven growth that left the company with operational redundancies.

And Impac Mortgage Holdings files a prepackaged Chapter 11 designed to preserve more than $1.4 billion in tax attributes, with a sponsor converting secured debt into full ownership of the reorganized company under a structure aimed at maximizing the value of net operating losses.

💡 From food safety crises and SaaS consolidation challenges to tax-driven restructurings, this episode explores how operational shocks, capital structure strain, and strategic bankruptcy tools are shaping outcomes across today’s Chapter 11 landscape.

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Transcript

Outro

SPEAKER_01 0:02

Welcome to Stretto's Restructuring Report, a podcast featuring notable stories curated by professionals and powered by Stretto Intelligence. Join us each week for highlights, updates, and news impacting restructuring professionals. And dig deeper into research and analysis online using Research Suite by Stretto. Now enhanced by AI to make it easier for professionals to find, review, and understand information that matters most. Visit research suite.strato.com to learn more.

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FreshRealm filed for Chapter 11 bankruptcy protection in New Jersey on April 27th before Judge Mark E. Hall, after a series of food safety incidents eliminated approximately 90% of the company's revenue within a period of weeks. The Fresh Food Manufacturer operates a 495,000 square foot principal facility in Linden, New Jersey, and employs approximately 1,017 people, all of whom received Warn Act notices on the petition date in connection with a planned mass layoff. FreshRealm supplied meal kits and prepared foods to customers, including Blue Apron, Marley Spoon, and Walmart. Five separate Listeria contamination events in 2025 led Blue Apron, which represented about 70% of revenue, to issue a termination notice, while Walmart, representing another 20% of revenue, ended its relationship effective January 2026. The company enters bankruptcy with approximately $168 million in secured debt and a stocking horse asset purchase agreement with MisfitzMarket for the Blue Apron fulfillment business. Lenders BGC and Ferrenoord are providing a $63 million debtor in possession facility with a sale targeted for consummation within 90 days. FreshRealm is also pursuing insurance claims exceeding $40 million under its products recall coverage. In other bankruptcy news, Wiser Solutions filed for Chapter 11 bankruptcy protection on April 26th in the Northern District of Texas before Judge Scott W. Everett, entering bankruptcy with approximately $563 million in total funded debt. The San Francisco-based software as a service company provides commercial intelligence and pricing analytics to more than 750 brands and retailers globally, tracking over 10 billion products through its platform. The company's financial distress stems from an aggressive acquisition strategy. 11 acquisitions completed between 2013 and 2022, financed by approximately $540 million in equity and debt, which left the company operating parallel platforms with redundant systems and tooling. A $15 million judgment entered against the company in February 2026 was identified as a proximate cause of the filing. Wiser enters bankruptcy with a fully negotiated stocking horse purchase agreement with an affiliate of its prepetitioned senior secured lender, Crestline Direct Finance. The $34.2 million debtor in possession financing combines $11.4 million in new money with a $22.8 million roll-up of prepetition debt. The contemplated sale is structured as a credit bid under Section 363, with closing targeted for June 30th, approximately 65 days post-petition. Turning to Delaware, Impact Mortgage Holdings filed prepackaged Chapter 11 cases on April 26th before Judge Craig T. Goldblatt in a restructuring built around the preservation of more than $1.4 billion in tax attributes. The Irvine, California-based company, estimates federal net operating loss carry forwards of at least $850 million and California carry forwards of at least $600 million as of year-end 2025. Impact was originally formed in 1995 as a real estate investment trust before transitioning to a mortgage broker model following the subprime mortgage crisis of 2007 and 2008. The company employs just 18 people and entered bankruptcy with only about $130,000 in available cash and more than $100 million in funded debt. Under the pre-packaged plan, plan sponsor Hildean will convert approximately $24 million of senior secured debt into 100% of the new common stock of the reorganized company, taking impact private. The plan is designed to qualify for the bankruptcy exception under Internal Revenue Code Section 382, allowing the reorganized company to preserve the economic value of the net operating losses.

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A combined hearing on the disclosure statement and plan confirmation is scheduled for May 28th, just 32 days after the petition date.com for more info.