v3.26.1
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Gross Amounts and Fair Value
The following table summarizes the Company’s short-term and long-term debt as of June 30, 2026 and December 31, 2025 (dollars in thousands):
June 30, 2026December 31, 2025
Short-Term Debt
Term Loan due 2026$1,203 $1,203 
Senior Notes due 202622,697 22,697 
Term Loan due 2029 (1)
311,845 — 
Senior Notes due 2029 (2)
306,375 — 
2020 Revolving Credit Facility57,028 — 
Less: unamortized debt issuance costs(3)
— (30)
Total short-term debt, net$699,148 $23,870 
Long-Term Debt
Term Loan due 2029 (1)
— 323,569 
Senior Notes due 2029 (2)
— 318,225 
2020 Revolving Credit Facility— 55,000 
Less: unamortized debt issuance costs (3)
— (1,986)
Total long-term debt, net$— $694,808 
Less: Amounts reclassified to liabilities subject to compromise (4)
(697,120)— 
Total debt, net (5)
$2,028 $718,678 
(1) As a result of the Exchange Offer (as defined below), $328.3 million of principal was exchanged for $311.8 million of principal resulting in a difference of $16.5 million which was being amortized to interest expense (thereby reducing interest expense) over the life of the debt. In conjunction with the Chapter 11 Bankruptcy filing, the Company wrote off the remaining balance of $11.2 million to Reorganization items, net, within the Condensed Consolidated Statement of Operations during the first quarter of 2026.
(2) As a result of the Exchange Offer, $323.0 million of principal was exchanged for $306.4 million of principal resulting in a difference of $16.6 million which was being amortized to interest expense (thereby reducing interest expense) over the life of the debt. In conjunction with the Chapter 11 Bankruptcy filing, the Company wrote off the remaining balance of $11.3 million to Reorganization items, net, within the Condensed Consolidated Statement of Operations during the first quarter of 2026.
(3) In conjunction with the Chapter 11 Bankruptcy filing, the Company wrote off the remaining balance of unamortized debt issuance costs of $1.9 million to Reorganization items, net, within the Condensed Consolidated Statement of Operations during the first quarter of 2026.
(4) In connection with the Chapter 11 Bankruptcy filing, certain debt has been reclassified to Liabilities Subject to Compromise in the Company's Condensed Consolidated Balance Sheet as of June 30, 2026.
(5) Total debt, net, as of June 30, 2026, represents a lessor's draw during the second quarter of 2026 on an outstanding letter of credit to partially satisfy its outstanding damages claim in connection with the rejection of its lease in the Chapter 11 Cases.
The following table shows the gross amount and fair value of the Term Loans due 2029 and the Senior Notes due 2026 and 2029 based on third party trading prices. The fair value of the Term Loan due 2026 is based on broker-provided indications of value in markets with limited observable inputs (dollars in thousands):
June 30, 2026December 31, 2025
Term Loan due 2026:
Gross value$1,203 $1,203 
Fair value - Level 3$12 N/A
Fair value - Level 2N/A$322 
Term Loan due 2029:
Gross value$311,845 $323,569 
Fair value - Level 2$46,777 $82,639 
Senior Notes due 2026:
Gross value$22,697 $22,697 
Fair value - Level 2$340 $13,817 
Senior Notes due 2029:
Gross value$306,375 $318,225 
Fair value - Level 2$45,956 $78,126 
Schedule of Reconciliation of Fair Value Measurements
The following table presents a reconciliation of the beginning and ending balances for the Company's Level 3 fair value measurements for the year ended June 30, 2026:
Opening Balance $— 
Transfers into Level 3 (1)
12 
Ending Balance$12 
(1) Transferred from Level 2 to Level 3 in the first quarter of 2026 from a lack of observable market data.
Schedule of Fair Value Measurements of Company's Investments The following table details the fair value measurements of the Company's investments as of June 30, 2026 and December 31, 2025 (dollars in thousands):
Level 1 Level 2Level 3
June 30, 2026December 31, 2025June 30, 2026December 31, 2025June 30, 2026December 31, 2025
Cash equivalents$— $30,681 $— $— $— $—