Distressed and special situations. US and Europe. Five minutes.
Overnight
Timec files eight petitions in Houston. Eight affiliated debtors filed Chapter 11 in the Southern District of Texas on 1 September. The lead case is Timec Oil and Gas, LLC, No. 26-90766. The other seven run consecutively from 26-90765 to 26-90772: Timec Services Company, Timec Oil and Gas, Inc., HRI Incorporated, Timec Specialty Services, Timec Upstream Holdings, T.R.S.C., Inc. and Timec Oilfields.
The court has entered an Initial Order for a Complex Chapter 11 and the debtors filed a Designation of Complex Case. A cash collateral motion is on the lead docket, along with a motion to extend the deadline to file schedules and a motion to reject a lease or executory contract.
What is not on the public docket yet: debtor counsel, the DIP lender, the prepetition capital structure and the first-day declaration. No claims agent page has surfaced. We will carry the numbers when the schedules or the declaration land.
Source: Timec Oil and Gas, LLC, No. 26-90766 (Bankr. S.D. Tex.)
The structure
Twinlab: a loan-to-own that skipped bankruptcy court.
Twinlab Consolidated Holdings disclosed the sequence in an 8-K on 2 September.
On 21 August three subsidiaries signed an irrevocable general assignment for the benefit of creditors under Chapter 727 of the Florida Statutes. The three are Twinlab Consolidation Corporation, Twinlab Holdings and Organic Holdings. The assignee is Philip J. von Kahle of Michael Moecker & Associates. On 24 August he filed petitions in the Circuit Court of the 17th Judicial Circuit, Broward County, as CACE-26-013752, CACE-26-013720 and CACE-26-013758.
On 1 September the assignee signed an asset purchase agreement with cbdMD, Inc. and its subsidiary To Be Brands, LLC. Price: $3,979,805, in two pieces.
| Component | Amount | Terms |
|---|---|---|
| Assumption of secured debt owed to Akretive Holdings | $1,750,000 | 9% per annum, two-year senior secured note of the buyer, secured by the acquired assets |
| cbdMD shares issued to Akretive | $2,229,805 | 2,229,805 shares at $1.00, equal to 19.9% of cbdMD's outstanding common |
The buyer takes the IP, inventory, receivables, contracts, domains and the equity of the three assignors, on an as-is basis. It does not take the equity of Twinlab Corporation, NutraScience Labs, Inc. or NutraScience Labs IP Corporation. The estates keep the causes of action, including avoidance actions and every claim against current and former directors and officers, plus the D&O policies and the tax attributes.
The parent did not assign. It is not an assignor in any of the three cases.
Read the shape, not the price. Akretive held the secured paper, and Akretive walks out with 19.9% of the listed buyer. The brands moved for under $4m without a 363 sale, a creditors' committee, or a bankruptcy judge signing the order. Florida Chapter 727 does that in three weeks.
Source: Twinlab Consolidated Holdings, Form 8-K, filed 2 September 2026
Europe desk
France published 884 collective-proceeding notices on 4 September. One publication day. The breakdown is the story.
| Judgment | Count |
|---|---|
| Liquidation opened | 280 |
| Closed for insufficiency of assets | 200 |
| Converted to liquidation | 89 |
| Redressement opened | 47 |
| Reorganisation plan confirmed | 21 |
| Reorganisation plan failed | 12 |
| Sauvegarde opened | 4 |
| Personal bankruptcy | 7 |
| Director disqualified | 7 |
| Going-concern sale | 1 |
| Safeguard plan confirmed | 1 |
| Case closed | 1 |
| Procedural notices, unclassified | 214 |
| Total | 884 |
Four safeguards. Two hundred and eighty liquidations. The four: Avenir Business & Consulting (Bourges), New School & Big Smash Lyon GHD, Stephane Demouy Coaching Team and Secrets de la Nature. The single going-concern sale was Granier-Rech SARL in Chambéry.
Source: BODACC annonces commerciales, publication of 4 September 2026, 884 records, classified on the structured jugement.nature field.
The take
Opinion.
Everyone benchmarks European restructuring against Chapter 11 and concludes the tools have converged. The French daily print says otherwise. On 4 September the ratio of liquidations opened to safeguards opened was seventy to one. Add the eighty-nine conversions and the twelve failed plans and the picture is a liquidation regime with a rescue procedure bolted to the side that almost nobody enters.
That matters for anyone underwriting French private credit on a going-concern recovery assumption. The base case in the model is the exception in the register.
Parhurst is not investment advice. No price targets. Every item above links to the public document it came from. Corrections run at the top of the next issue, named.
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