OPI Chapter 11 settlements: $35M ERO, $385M 2027 note, unsecured 6.3% recovery

OFFICE PROPERTIES INCOME TRUST

Plan enterprise value $1.75B; implied plan equity value $428M.
Unsecured noteholders receive 6.3% of reorganized equity plus warrants (125% strike, 7yr).
2027 holders: $385M secured note at 8.125%, 42-month maturity, plus $60M near-term payments.
$35M equity rights offering for unsecured noteholders at 15% discount, backstopped.
Common shares to be cancelled; holders receive no distribution under the Plan.

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