v3.26.1
DEBT (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Long-term debt, net consists of the following:
As of June 30, 2026As of December 31, 2025
(In thousands)
10.500% First Lien Senior Secured Notes due 2030 (1, 3)
$60,600 $60,600 
7.625% Second Lien Secured Notes due 2031 (1, 3)
235,113 291,020 
7.375% Senior Secured Notes due February 2028 (2)
7,516 11,816 
Total principal outstanding on long-term debt303,229 363,436 
Less: Unamortized debt issuance costs(2,479)(2,868)
Add: Premium (3)
98,548 69,174 
Long-term debt, net$399,298 $429,742 
(1) The 2030 First Lien Notes and 2031 Second Lien Notes pay interest semiannually on April 1 and October 1 of each year in arrears.
(2) Subsequent to the effectiveness of the supplemental indenture on December 18, 2025, these notes are no longer secured. While these notes are styled as senior secured notes they are no longer secured by collateral. The 2028 Notes pay interest semiannually on February 1 and August 1 of each year in arrears.
(3) The 2030 First Lien Notes and 2031 Second Lien Notes are accounted for under Accounting Standards Codification No. 470-60, Troubled Debt Restructurings by Debtors.
The following table details the repurchase activity of the 2031 Second Lien Notes:

Three Months Ended June 30, 2026Three Months Ended March 31, 2026
(In thousands)
Repurchased amount at par value$23,459 $32,448 
Weighted-average percentage of par42.0 %40.7 %
The following table details the repurchase activity of the 2028 Notes:

Three Months Ended March 31, 2026Three Months Ended June 30, 2025Three Months Ended March 30, 2025
(In thousands)
Repurchased amount at par value$4,300 $64,012 $28,227 
Weighted-average percentage of par51.0 %51.8 %58.0 %
Net gain on retirement of debt (a)
$2,080 $30,297 $11,587 
(a) Included in the unaudited condensed consolidated statement of operations.
Schedule of Fair Value of Long-term Debt
As of June 30, 2026, the fair value of long- term debt is as follows:
(In thousands)
2030 First Lien Notes$58,176 
2031 Second Lien Notes$85,062 
2028 Notes$3,908 
Schedule of Line of Credit
The drawdowns made in 2026 as well as the related interest rates and maturity dates are as follows:
Subsequent to June 30, 2026Three months ended June 30, 2026Three months ended June 30, 2026Three months ended March 31, 2026
Amount (in thousands)$7,000$5,000$5,000$10,000
Draw Date7/6/20265/4/20264/7/20263/26/2026
Interest Rate6.12%6.01%6.75%6.09%
Original Maturity Date1/3/20278/2/2026Repayable any time9/21/2026
Borrowing Capacity$19,067$26,067$31,067$31,772
Schedule of Future Scheduled Minimum Principal Payments
Future scheduled minimum principal payments of long-term debt as of June 30, 2026, are as follows:
Long-term debt
(In thousands)
Remainder of 2026$— 
2027— 
20287,516 
2029— 
203060,600 
2031235,113 
Total debt$303,229