Lease Rejections and No Secured Debt
In tandem with its Chapter 11 filing, Bedmar submitted a motion to reject all leases tied to the soon-to-be-shuttered properties. While many bankruptcy proceedings are shadowed by a web of secured creditors, Sontchi noted Bedmar’s debt portfolio is almost entirely composed of outstanding lease obligations, making the wind-down relatively clean-cut—on paper, at least.
Bedmar’s plan also includes provisions to fully pay all creditors’ allowed claims, including lease rejection damages capped under Section 502(b)(6) of the Bankruptcy Code. It’s an unusual pledge of solvency in the middle of a Chapter 11 storm.
From $800M Hype to Harsh Reality
The filing paints a picture of dreams deferred and financing that fizzled. National Resilience Inc., Bedmar’s parent company, launched in November 2020 with a staggering $800 million in backing and a vision to transform the U.S. biomedical infrastructure. But by mid-2022, the gears began grinding.
The company sought to boost liquidity through sale-leaseback agreements and even secured a $246 million loan from the U.S. Department of Defense—a far cry from the $410 million originally anticipated. The financial engine sputtered, and the vision started to fray.
“Certain facilities never became operational,” Sontchi admitted. “After 18 months of failed financing attempts, it became clear that shutting down underperforming operations was the only viable path.”
