Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2026

The Company’s debt obligations as of March 31, 2026 and December 31, 2025 were as follows:


	Successor		Predecessor
	March 31, 2026		December 31, 2025
	(in thousands)		(in thousands)
2028 Notes (1)	$	—	$	300,000
Prepetition ABL Facility	—		63,311
Exit ABL Facility	90,439		—
Short-term debt (2)	3,978		6,310
Total debt before deferred financing costs	$	94,417	$	369,621
Deferred financing costs	—		(21,739)
Total debt	$	94,417	$	347,882
Less: Current portion of long-term debt	(3,978)		(6,310)
Long-term debt	$	90,439	$	341,572

(1)Reclassified to Liabilities Subject to Compromise in the Company’s Condensed Consolidated Balance Sheet as of the Petition Date. On the Petition Date, the Company ceased making interest payments and accruing interest expense on the 2028 Notes.

(2)The weighted average interest rate of short-term debt outstanding was 7.2% at both March 31, 2026 and December 31, 2025.

Schedule of Fair Value of Debt Obligations

The estimated fair value of the Company’s debt obligations at March 31, 2026 and December 31, 2025 was as follows:


	Successor		Predecessor
	March 31, 2026		December 31, 2025
	(in thousands)		(in thousands)
2028 Notes	$	—	$	91,010
Prepetition ABL Facility	$	—	$	63,311
Exit ABL Facility	$	90,439	$	—
Short-term debt	$	3,978	$	6,310