OFFICE PROPERTIES INCOME TRUST 8-K

What Happened

• Office Properties Income Trust (OPI) and certain subsidiaries commenced Chapter 11 cases on October 30, 2025 in the U.S. Bankruptcy Court for the Southern District of Texas (In re Office Properties Income Trust, Case No. 25-90530) to implement a court-supervised restructuring under a Restructuring Support Agreement (RSA).
• The debtors filed a Joint Chapter 11 Plan and Disclosure Statement on January 9, 2026 and submitted a liquidation analysis, financial projections (May 1, 2026–Dec 31, 2030) and valuation analysis on February 19, 2026. On March 13, 2026 OPI delivered its audited consolidated financial statements for the year ended December 31, 2025 to certain debtholders to satisfy debt covenants.
• OPI disclosed confidential negotiations with an ad hoc group holding its 9.000% Senior Secured Notes due March 2029. That group asserted an aggregate claim (including interest, fees and costs) of at least $321 million as of the Petition Date; OPI’s last proposal was a $310 million settlement (inclusive of the ad hoc group’s advisor fees and removal of any redemption premium >100% if replaced under the plan). No agreement has been reached.

Key Details

• Petition Date: October 30, 2025; Bankruptcy Case No.: 25-90530 (S.D. Tex.).
• Audited consolidated financial statements for year ended Dec 31, 2025 were delivered to certain debtholders on March 13, 2026 to comply with debt covenants.
• March 2029 noteholders’ asserted claim: ≥ $321 million; OPI’s counter-proposal: $310 million (inclusive of advisor fees and specific redemption adjustments).
• Plan and related analyses: Plan/Disclosure Statement filed Jan 9, 2026; Liquidation Analysis, Projections and Valuation filed Feb 19, 2026 (to be amended to reflect a separate settlement with holders of 3.25% Senior Secured Notes due 2027).

Why It Matters

• For investors, the Chapter 11 process and ongoing creditor negotiations determine how much value — if any — equity and different classes of debt will recover. The disclosed $321M+ asserted claim for the March 2029 notes and OPI’s $310M proposal are central to potential recoveries and plan structure.
• OPI’s common shares are no longer listed on Nasdaq and the company cautions that trading during the Chapter 11 cases is highly speculative and may not reflect any eventual recovery. The Plan, projections and valuation materials were prepared for voting purposes and are not audited or guarantees of outcomes.
• The filing confirms major restructuring steps (Plan, Disclosure Statement, analyses) and continued negotiations with key noteholders; retail investors should be aware of the heightened risks including possible equity cancellation, uncertain recoveries, and ongoing court approval processes.