OFFICE PROPERTIES INCOME TRUST 8-K

What Happened
Office Properties Income Trust (and certain debtor affiliates) started Chapter 11 on October 30, 2025. On April 21, 2026 the debtors filed a Fourth Amended Joint Chapter 11 Plan, and on April 22, 2026 the U.S. Bankruptcy Court for the Southern District of Texas entered a Confirmation Order confirming that Plan. The Plan sets out how creditor claims and equity will be treated if the Plan becomes effective; the debtors intend to implement the Plan after satisfaction or waiver of the conditions precedent, but there is no guarantee or firm effective date.

Key Details

• Chapter 11 filing date: October 30, 2025; Plan filed April 21, 2026; Confirmation Order entered April 22, 2026.
• Existing common shares (73,943,439 outstanding as of Oct 30, 2025) will be cancelled on the Plan Effective Date; pre-Effective Date shareholders will receive no distribution.
• Allowed 2027 Senior Secured Notes Claims: $385 million of newly issued 8.375% senior secured notes.
• Allowed September 2029 Senior Secured Notes Claims: $300 million of 10.000% senior secured notes due 2031 (Secured Exit Notes); holders have rights to a pro rata share of $120M in Secured Exit Notes and $98M in newly issued common shares (Reorganized Common Equity) subject to elections and carve-outs.
• Unsecured and noteholders: September 2029 Unsecured Claims get 5.3% of Reorganized Common Equity; Unsecured Notes Claims get 6.3% of Reorganized Common Equity, New Warrants and $35M aggregate subscription rights at $17/share. Priority guaranteed unsecured notes get 100% recovery in Reorganized Common Equity per the Plan waterfall (subject to dilution mechanics).
• DIP claims: receive Reorganized Common Equity with a 37% discount to Plan value (DIP Fee Claims treated separately).
• Administrative, priority tax, secured and other prioritized claims, plus trade/vendor claims, will be paid in full in cash or reinstated as Unimpaired, as applicable.

Why It Matters
This filing confirms a court-approved reorganization path under Chapter 11 that restructures the company’s debt and equity. For existing common shareholders the Plan is dispositive: current common shares will be cancelled and are expected to be worthless after the Effective Date. Creditor classes will receive a mix of cash, new secured notes, equity in the reorganized company, and warrants; recoveries vary by claim type and include specific dollar amounts and percentage allocations. The Plan must still satisfy closing conditions before it becomes effective, so timing and final outcomes remain uncertain. Investors should note the company’s cautionary statements and review the Plan and Confirmation Order for full details before making decisions.