OPI files Chapter 11, enters RSA to reduce debt from $2.4B to $1.3B

OFFICE PROPERTIES INCOME TRUST

Filed voluntary Chapter 11 petitions on Oct 30, 2025 in Southern District of Texas to implement comprehensive restructuring.
RSA with ad hoc noteholder group equitizes ~$1B of existing notes; September 2029 notes convert to $98M equity + $420M takeback debt.
Balance sheet debt to drop from ~$2.4B to ~$1.3B upon emergence; funded debt rendered unimpaired or restructured.
Committed $125M debtor-in-possession financing from September 2029 noteholders to support operations during Chapter 11.
Common shareholders expected to face significant or complete loss; new management agreement with RMR for 5-year term at $14M annual fee.

item 1.01 item 1.03 item 2.04 item 7.01 item 9.01

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