--- schema_version: "secwatch.filing_event.v1" accession: "0001193125-23-111754" form_type: "8-K" ticker: null cik: "0000886158" company_name: "20230930-DK-Butterfly-1, Inc." filed_at: "2023-04-24T23:59:59+00:00" generated_at: "2026-06-16T20:44:20.348412+00:00" event_type: "other_material" sentiment: "negative" materiality_score: 1.0 calibrated_materiality_score: 1.0 confidence: "high" source: SEC EDGAR --- # Bed Bath & Beyond files Chapter 11 bankruptcy; secures $240M DIP financing; begins wind-down ## Summary - Filed voluntary Chapter 11 petitions on April 23, 2023; 360 Bed Bath & Beyond and 120 buybuy BABY stores remain open. - Obtained $240M debtor-in-possession financing from Sixth Street Specialty Lending ($40M new money + $200M roll-up). - Appointed Holly Etlin as CFO (effective April 22) and also as Chief Restructuring Officer. - Expects Nasdaq delisting; warns common stock is highly speculative and holders may face complete loss. - Bankruptcy triggered defaults on $1.03B in senior notes, $80M credit facility, and other obligations. ## SEC filing metadata - accession: 0001193125-23-111754 - form_type: 8-K - cik: 0000886158 - company_name: 20230930-DK-Butterfly-1, Inc. - filed_at: 2023-04-24T23:59:59+00:00 - event_type: other_material - sentiment: negative - materiality_score: 1.0 - calibrated_materiality_score: 1.0 - confidence: high - sec_items: 1.01, 1.03, 2.03, 2.04, 5.02, 7.01, 8.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/886158/000119312523111754/0001193125-23-111754-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/886158/000119312523111754/d465247d8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001193125-23-111754 - JSON: https://secwatch.observer/filing/0001193125-23-111754.json - Plain text: https://secwatch.observer/filing/0001193125-23-111754.txt ## Key facts - Debt Financings 20230930-DK-Butterfly-1, Inc. reported a default on loan of $547.1 in principal of the Prepetition Term Loan Agreement with unknown at Not specified maturing Not specified. - Instrument: loan - Principal: $547.1 in principal of the Prepetition Term Loan Agreement - Rate: Not specified - Maturity: Not specified - Event: default source text: The filing of the Chapter 11 Cases constitutes an event of default that accelerated the Company’s obligations under (i) the Existing Credit Agreement and (ii) the Indenture, dated as of July 17, 2014, as amended by the First Supplemented Indenture, dated as of July 17, 2014, relating to the 3.749% senior unsecured notes due 2024 (the “3.749% Senior Notes”), the 4.915% senior unsecured notes due 2034 (the “4.915% Senior Notes”) and the 5.165% senior unsecured notes due 2044 (the “5.165% Senior Notes” and, together with the 3.749% Senior Notes and the 4.915% Senior Notes, the “Notes”) between the Company and The Bank of New York Mellon, as trustee. As of the Petition Date, the Company had an aggregate of (i) $1,029,900,000 in aggregate principal amount of the Notes, (ii) $80,284,905 outstanding under the Existing Credit Agreement, (iii) $102,632,790 in outstanding letters of credit and (iv) $547.1 in principal of the Prepetition Term Loan Agreement. evidence_url: https://www.sec.gov/Archives/edgar/data/886158/000119312523111754/0001193125-23-111754-index.htm - Debt Financings 20230930-DK-Butterfly-1, Inc. reported a default on senior notes of $1,029,900,000 in aggregate principal amount of the Notes with The Bank of New York Mellon, as trustee at 3.749% senior unsecured notes due 2024, 4.915% senior unsecured notes due 2034, maturing 2024, 2034, 2044. - Instrument: senior notes - Principal: $1,029,900,000 in aggregate principal amount of the Notes - Counterparty: The Bank of New York Mellon, as trustee - Rate: 3.749% senior unsecured notes due 2024, 4.915% senior unsecured notes due 2034, - Maturity: 2024, 2034, 2044 - Event: default source text: Notes and the 4.915% Senior Notes, the “Notes”) between the Company and The Bank of New York Mellon, as trustee. As of the Petition Date, the Company had an aggregate of (i) $1,029,900,000 in aggregate principal amount of the Notes, (ii) $80,284,905 outstanding under the Existing Credit Agreement, (iii) $102,632,790 in outstanding letters of credit and (iv) $547.1 evidence_url: https://www.sec.gov/Archives/edgar/data/886158/000119312523111754/0001193125-23-111754-index.htm - Debt Financings 20230930-DK-Butterfly-1, Inc. reported a default on credit facility of $80,284,905 outstanding under the Existing Credit Agreement with unknown at Not specified maturing Not specified. - Instrument: credit facility - Principal: $80,284,905 outstanding under the Existing Credit Agreement - Rate: Not specified - Maturity: Not specified - Event: default source text: Company and The Bank of New York Mellon, as trustee. As of the Petition Date, the Company had an aggregate of (i) $1,029,900,000 in aggregate principal amount of the Notes, (ii) $80,284,905 outstanding under the Existing Credit Agreement, (iii) $102,632,790 in outstanding letters of credit and (iv) $547.1 in principal of the Prepetition Term Loan Agreement. Pursuant evidence_url: https://www.sec.gov/Archives/edgar/data/886158/000119312523111754/0001193125-23-111754-index.htm - Distress & Bankruptcy 20230930-DK-Butterfly-1, Inc. entered chapter 11 in U.S. Bankruptcy Court for the District of New Jersey (petition 2023-04-23). - Proceeding: chapter 11 - Court: U.S. Bankruptcy Court for the District of New Jersey - Petition: 2023-04-23 source text: On April 23, 2023 (the “Petition Date”), Bed Bath and Beyond, Inc. (the “Company”) and certain of its direct and indirect subsidiaries (collectively, the “Company Parties”) filed a voluntary petition (the “Chapter 11 Cases”) under Chapter 11 of the U.S. Bankruptcy Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the District of New Jersey (the “Bankruptcy Court”). evidence_url: https://www.sec.gov/Archives/edgar/data/886158/000119312523111754/0001193125-23-111754-index.htm - Executive change Holly Etlin was appointed as Chief Financial Officer at 20230930-DK-Butterfly-1, Inc.. - Action: appointed - Role: Chief Financial Officer source text: On and effective as of April 22, 2023, the Company appointed Ms. Etlin as Chief Financial Officer to serve in accordance with the bylaws of the company until her successor is duly elected and qualified or, if earlier, until her successor has been duly elected or until her death, resignation or removal. evidence_url: https://www.sec.gov/Archives/edgar/data/886158/000119312523111754/0001193125-23-111754-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.