Chapter 11 · court filings 2023–2026
What do Chapter 11 professionals charge?
Across 47 US Chapter 11 cases filed 2023–2026, the debtor's investment banker charged a median $150,000 a month in 31 retention terms, plus a flat restructuring fee and percentage fees on any sale or financing.
Each term below comes from a retention application, engagement letter, order or fee application on the court docket.
Fees by case size
In cases with $100M–$1B of liabilities, the debtor's investment banker charged a median of $138K a month (12 retention terms) and lead counsel's top partner rate had a median of $2,118 an hour (12). Above $1B the medians were $200K a month (12) and $2,355 an hour (10), from court filings in cases filed 2023–2026.
| Case size | Cases | Banker monthly fee (median) | Debtor counsel top partner rate (median) |
|---|---|---|---|
| Liabilities under $100M | 12 | $40K | — |
| $100M–$1B | 19 | $138K | $2,118/h |
| Over $1B | 12 | $200K | $2,355/h |
Retention terms are as proposed or approved in court filings. Amounts actually paid can differ, remain subject to court approval, and exclude expenses unless stated.
Every case and retention term
47 rows
| Debtor | Liabilities | Professionals and retention terms | Total fees |
|---|---|---|---|
| Pacifica of the Valley Corp.Bankr. D. Del. 26-11060 · filed 2026-07-04 | — | Houlihan Lokey Capital, Inc. · investment banker · $100K/mo · Restructuring Transaction Fee $1,250,000; Sale Transaction Fee $1,250,000 for aggregate gross consideration under $25 million, plus 3.0% of the increment from $25 million to $30 million and 6.0% of the increment above $30 million Docketretention application | — |
| Searles Valley Minerals Inc.Bankr. D. Del. 26-10966 · filed 2026-06-15 | — | Lazard Frères & Co. LLC / Lazard & Co., Limited · investment banker · $150K/mo · Restructuring Fee $5,000,000; Sale Transaction Fee (control sale) $3,000,000 plus 3.5% of incremental Enterprise Value above $200,000,000 (tiered); Other Sale Transaction Fee 1.5% of Aggregate Consideration Docketretention application Skadden, Arps, Slate, Meagher & Flom LLP · debtor counsel · $2175–2850/h top tier Docketretention application | — |
| Danskammer HoldCo LLCBankr. D. Del. 26-10950 · filed 2026-06-10 | — | SSG Advisors, LLC · investment banker · $50K/mo · Transaction Fee greater of $500,000 or 3.0% of Total Consideration on a sale Docketretention application | — |
| Pine Gate Renewables, LLCBankr. S.D. Tex. 25-90669 · filed 2025-11-06 | $1,000,000,001-$10 billion (consolidated) | Lazard Frères & Co. LLC · investment banker · $250K/mo · Restructuring Fee $17,000,000 (in chapter 11: greater of $17,000,000 and 0.70% of funded debt, tax equity and other obligations restructured); Sale Transaction Fee greater of Schedule I fee and Restructuring Fee; Partial Sale minimum $2,500,000 Docketretention application Latham & Watkins LLP · debtor counsel · $1680–2650/h top tier Docketretention application Alvarez & Marsal North America, LLC · restructuring advisor · $1100–1575/h top tier Docketretention application | — |
| Razzoo's, Inc.Bankr. S.D. Tex. 25-90522 · filed 2025-10-01 | $9.7M | Stout Capital, LLC · investment banker · $30K/mo · Sale Transaction Fee: $750,000 for Aggregate Gross Consideration up to $17.5 million, plus 5% of incremental AGC above $17.5 million Docketretention application | — |
| Partners Pharmacy Services, LLCBankr. S.D. Tex. 25-34698 · filed 2025-08-13 | $10,000,001-$50 million | SSG Advisors, LLC · investment banker · $50K/mo · Sale Fee greater of $600,000 plus 4.0% of Total Consideration in excess of $51.7 million; Restructuring Fee $500,000 (only the greater of the two) Docketretention application Gibbins Advisors, LLC · restructuring advisor · $695–850/h top tier Docketretention application Pillsbury Winthrop Shaw Pittman LLP · debtor counsel Docketretention application | — |
| Claire's Holdings LLC (2025 case)Bankr. D. Del. 25-11454 · filed 2025-08-06 | $1,000,000,001-$10 billion (consolidated) | Houlihan Lokey Capital, Inc. · investment banker · $175K/mo · Restructuring Transaction Fee $5,500,000; Sale Transaction Fee $5,500,000 Docketretention application | — |
| Linqto, Inc. et al. (Linqto Texas, LLC)Bankr. S.D. Tex. 25-90186 · filed 2025-07-07 | $500,000,001-$1 billion (consolidated) | Jefferies LLC · investment banker · $125K/mo · Restructuring Fee $2,500,000; M&A Transaction Fee 2.0% of Transaction Value (tiered per letter) Docketretention application | — |
| The Villages Health System, LLCBankr. M.D. Fla. 6:25-bk-04156 · filed 2025-07-03 | $100,000,001-$500 million | Evercore Group L.L.C. · investment banker · Monthly fee plus transaction-based restructuring fee (amounts not restated in the pages read); total compensation requested $5,600,000.00 for July 3 - November 7, 2025 Docketfee application | — |
| Zen JV, LLC (Zips Car Wash)Bankr. D. Del. 25-11195 · filed 2025-06-24 | $100,000,001-$500 million (consolidated) | PJT Partners LP · investment banker · Restructuring Fee $3,000,000 (payable once, may be a Sale Transaction) plus 5% of Transaction Value above the initial stalking-horse bid Docketretention application AlixPartners, LLP · financial advisor · $1225–1540/h top tier Docketretention application Richards, Layton & Finger, P.A. · debtor counsel · $1175–1500/h top tier Docketretention application | — |
| Powin, LLCBankr. D.N.J. 25-16137 · filed 2025-06-10 | $100,000,001-$500 million | Huron Transaction Advisory LLC · investment banker · $150K/mo · In-Court Restructuring Fee $1,250,000; Powin Sale Transaction Fee greater of $1,500,000 and tiered % (1.5% of consideration up to threshold) Docketretention application Uzzi & Lall · restructuring advisor · $1500–1500/h top tier Docketretention application Dentons US LLP · debtor counsel · $620–2295/h top tier Docketretention application Togut, Segal & Segal LLP · debtor counsel · $1190–1830/h top tier Docketretention application | — |
| Dos Lagos Center 2, LLCBankr. C.D. Cal. 6:25-bk-13642 · filed 2025-05-30 | $10,000,001-$50 million | Force Ten Partners, LLC · restructuring advisor · $850–990/h top tier Docketengagement letter | — |
| New Rite Aid, LLC (2025 case)Bankr. D.N.J. 25-14861 · filed 2025-05-05 | $1,000,000,001-$10 billion (consolidated) | Guggenheim Securities, LLC · investment banker · $300K/mo · Sale Transaction Fees per engagement letter; first interim application reports $4,927,852.09 of Sale Transaction Fees ($3,511,723.06 after crediting Monthly Fees) Docketfee application | — |
| 23andMe Holding Co. (now Chrome Holding Co.)Bankr. E.D. Mo. 25-40976 · filed 2025-03-23 | $100,000,001-$500 million (consolidated) | Moelis & Company LLC · investment banker · $175K/mo · Sale Transaction Fee $3,500,000; Restructuring Fee $3,000,000; Asset Transaction Fee 5.0% of gross proceeds Docketretention application Alvarez & Marsal North America, LLC · restructuring advisor · Completion Fee $750,000 · $1100–1575/h top tier Docketretention application Paul, Weiss, Rifkind, Wharton & Garrison LLP · debtor counsel · $2245–2595/h top tier Docketretention application | — |
| Avon Place LLCBankr. E.D.N.Y. 1-25-41368 · filed 2025-03-21 | $10,000,001-$50 million | FIA Capital Partners, LLC · restructuring advisor · $400–750/h top tier Docketretention application | — |
| AFH Air Pros, LLCBankr. N.D. Ga. 25-10356 · filed 2025-03-16 | $100,000,001-$500 million | Jefferies LLC · investment banker · $100K/mo · Restructuring Fee $1.75 million (not payable on a liquidating plan); M&A Transaction Fee 2.0% of Transaction Value up to $175.0 million (tiered above; separate PIMCO M&A Transaction Fee terms) Docketretention application | — |
| JOANN Inc. (2025 case)Bankr. D. Del. 25-10068 · filed 2025-01-15 | $1,000,000,001-$10 billion | Centerview Partners LLC · investment banker · $175K/mo · Transaction Fee $5,500,000 on consummation of a Restructuring Docketretention application Alvarez & Marsal North America, LLC · restructuring advisor · $375K/mo · $1100–1575/h top tier Docketretention application Kirkland & Ellis LLP / Kirkland & Ellis International LLP · debtor counsel · $1295–2675/h top tier Docketretention application | $24.8M Order |
| Franchise Group, Inc.Bankr. D. Del. 24-12480 · filed 2024-11-03 | $1,000,000,001-$10 billion (consolidated; voluntary petition item 16, https://storage.courtlistener.com/recap/gov.uscourts.deb.194674/gov.uscourts.deb.194674.1.0.pdf) | Ducera Partners LLC · investment banker · $175K/mo · In-Court Restructuring Fee 75.0 basis points of principal amount of Existing Obligations restructured; Transaction Fee on sliding scale from 2.000% (Transaction Value $100M or less) declining (1.650% at $200M, 1.500% at $300M, ...) Docketretention application AP Services, LLC · restructuring advisor · $175K/mo · Completion Fee (e.g., $2.0 million if plan confirmed within 90 days covering all debtor entities; other scenarios per application) · $1200–1495/h top tier Docketretention application Willkie Farr & Gallagher LLP · debtor counsel · $1650–2500/h top tier Docketretention application Kirkland & Ellis LLP / Kirkland & Ellis International LLP · debtor counsel · $1295–2675/h top tier Docketretention application | — |
| Big Lots, Inc.Bankr. D. Del. 24-11967 · filed 2024-09-09 | $1,000,000,001-$10 billion | Guggenheim Securities, LLC · investment banker · $200K/mo · Restructuring Transaction Fee 1.50% of Aggregate Restructuring Value Docketretention application AlixPartners, LLP · financial advisor · $1200–1495/h top tier Docketretention application Guggenheim Securities, LLC · investment banker Docketorder | — |
| Whittier Seafood, LLCBankr. D. Alaska 24-00139 · filed 2024-08-19 | $10,000,001-$50 million | Hilco Corporate Finance · investment banker · $25K/mo · Sale Transaction Fee equal to or greater than $500,000 or 3.0% of Transaction Value Docketretention application | — |
| Blink Holdings, Inc. (Blink Fitness)Bankr. D. Del. 24-11686 · filed 2024-08-12 | $100,000,001-$500 million | Moelis & Company LLC · investment banker · Sale Transaction Fee on a Comprehensive Sale: $3,250,000 base plus 2.0% of Transaction Value above $150,000,000 up to $155,000,000, plus 3.0% above $155,000,000 up to $160,000,000 (further tiers per order) Docketorder | — |
| Tree Lane LLCBankr. C.D. Cal. 2:24-bk-13201 · filed 2024-04-25 | $10,000,001-$50 million | Traverse, LLC · restructuring advisor Docketretention application | — |
| Express, Inc. (now EXP OldCo Winddown, Inc.)Bankr. D. Del. 24-10831 · filed 2024-04-22 | $1,000,000,001-$10 billion (consolidated) | Moelis & Company LLC · investment banker · $150K/mo · Restructuring Fee $3,250,000; Sale Transaction Fee 2.0% of Transaction Value Docketretention application Kirkland & Ellis LLP / Kirkland & Ellis International LLP · debtor counsel · $1195–2465/h top tier Docketretention application M3 Advisory Partners, LP · financial advisor · $1075–1415/h top tier Docketretention application | $37.9M Order |
| Wisconsin & Milwaukee Hotel LLCBankr. E.D. Wis. 24-21743 · filed 2024-04-09 | $10,000,001-$50 million | Eisner Advisory Group LLC · financial advisor · $560–650/h top tier Docketretention application | — |
| Stalwart Plastics, Inc.Bankr. M.D. Ga. 24-40194 · filed 2024-03-29 | $10,000,001-$50 million | GGG Partners, LLC · restructuring advisor · $300–450/h top tier Docketretention application | — |
| BowFlex Inc.Bankr. D.N.J. 24-12364 · filed 2024-03-04 | $50,000,001-$100 million | Sidley Austin LLP · debtor counsel Docketorder FTI Consulting, Inc. · financial advisor Docketorder | $9.78M Order |
| Terraform Labs Pte. Ltd.Bankr. D. Del. 24-10070 · filed 2024-01-21 | $100,000,001-$500 million (consolidated) | Alvarez & Marsal North America, LLC · financial advisor · $1075–1525/h top tier Docketretention application Weil, Gotshal & Manges LLP · debtor counsel · $1595–2350/h top tier Docketretention application | — |
| Near Intelligence, Inc.Bankr. D. Del. 23-11962 · filed 2023-12-08 | $100,000,001-$500 million | GLC Advisors & Co., LLC / GLCA Securities, LLC · investment banker · $125K/mo · Restructuring Fee $1,500,000; Sale Transaction Fee 1.75% of Aggregate Consideration up to $250,000,000 plus 4.00% above (minimum $1,500,000) Docketretention application Ernst & Young LLP · financial advisor · $990–1200/h top tier Docketretention application Willkie Farr & Gallagher LLP · debtor counsel · $1550–2250/h top tier Docketretention application | — |
| WeWork Inc.Bankr. D.N.J. 23-19865 · filed 2023-11-06 | $10,000,000,001-$50 billion (consolidated) | PJT Partners LP · investment banker · $225K/mo · Restructuring Fee $14,500,000; Transaction Fee for WeWork Japan/India and other transactions per engagement letter (first $1,250,000 of Transaction Fees credited against Restructuring Fee) Docketretention application Province, LLC · financial advisor · $870–1450/h top tier Docketretention application Kirkland & Ellis LLP / Kirkland & Ellis International LLP · debtor counsel · $1195–2245/h top tier Docketretention application Alvarez & Marsal North America, LLC · financial advisor · $1025–1375/h top tier Docketretention application | — |
| Rite Aid Corporation (2023 case)Bankr. D.N.J. 23-18993 · filed 2023-10-15 | $1,000,000,001-$10 billion (consolidated) | Guggenheim Securities, LLC · investment banker · $200K/mo · Restructuring Transaction / Sale Transaction / Financing Fees per engagement letter, subject to aggregate Maximum Fee Cap of $36,000,000 ($38,500,000 in an Alternative Scenario) Docketorder Kirkland & Ellis LLP / Kirkland & Ellis International LLP · debtor counsel · $1195–2245/h top tier Docketretention application Cole Schotz P.C. · debtor counsel · $585–1475/h top tier Docketretention application | — |
| IronNet, Inc.Bankr. D. Del. 23-11710 · filed 2023-10-12 | $50,000,001-$100 million | Capstone Capital Markets LLC · investment banker · Sale Transaction Fee 5.0% of Aggregate Transaction Value above pre-petition debt plus DIP loans; minimum $475,000 Docketretention application | — |
| Prime Core Technologies Inc. (Prime Trust)Bankr. D. Del. 23-11161 · filed 2023-08-14 | $100,000,001-$500 million (consolidated) | Galaxy Digital Partners LLC · investment banker · $100K/mo · Transaction Fee 5% of Transaction value on a Sale or Restructuring; Minimum Fee $2 million Docketretention application M3 Advisory Partners, LP · financial advisor · $1025–1350/h top tier Docketretention application McDermott Will & Emery LLP · debtor counsel · $1170–2330/h top tier Docketretention application | — |
| Amyris, Inc.Bankr. D. Del. 23-11131 · filed 2023-08-09 | $1,000,000,001-$10 billion (consolidated) | Intrepid Investment Bankers LLC · investment banker · $150K/mo · Initial Restructuring Fee $150,000; Restructuring Fee $3,000,000; Sale Fee per engagement agreement Docketretention application PwC US Business Advisory LLP · financial advisor · $1195–1195/h top tier Docketretention application | — |
| Proterra Inc. (now Prodigy Investments Holdings, Inc.)Bankr. D. Del. 23-11120 · filed 2023-08-07 | $500,000,001-$1 billion (consolidated) | Moelis & Company LLC · investment banker · $150K/mo · Restructuring Fee $3,750,000; Sale Transaction Fee $3,500,000 plus 2.5% of Transaction Value above $175,000,000 (highest-value sale), $2,000,000 plus 2.5% above threshold for additional sale Docketorder | — |
| Yellow CorporationBankr. D. Del. 23-11069 · filed 2023-08-06 | $1,000,000,001-$10 billion (consolidated) | Ducera Partners LLC · investment banker · $200K/mo · Transaction Fee = greater of (1) $15,000,000 on a Restructuring and (2) Transaction Value x applicable percentage on a Sale Docketretention application Kirkland & Ellis LLP / Kirkland & Ellis International LLP · debtor counsel · $1195–2245/h top tier Docketretention application Alvarez & Marsal North America, LLC · financial advisor · $1025–1375/h top tier Docketretention application | $238M Order |
| Williams Industrial Services Group Inc.Bankr. D. Del. 23-10961 · filed 2023-07-22 | $50,000,001-$100 million | Greenhill & Co., LLC · investment banker · $100K/mo · Restructuring Transaction Fee $2,900,000; M&A Transaction Fee per engagement letter Docketretention application Thompson Hine LLP · debtor counsel Docketretention application G2 Capital Advisors, LLC · financial advisor · $750–850/h top tier Docketretention application | — |
| MediaMath Holdings, Inc.Bankr. D. Del. 23-10882 · filed 2023-06-30 | $100,000,001-$500 million (consolidated) | FTI Consulting, Inc. · financial advisor · $1045–1495/h top tier Docketengagement letter | — |
| Lordstown Motors Corp.Bankr. D. Del. 23-10831 · filed 2023-06-26 | $100,000,001-$500 million (consolidated) | Jefferies LLC · investment banker · $200K/mo · Restructuring Fee $3.0 million; M&A Transaction Fee $3.0 million (all or substantially all equity/assets) Docketretention application White & Case LLP · debtor counsel · $1370–2100/h top tier Docketretention application Silverman Consulting · restructuring advisor · $525–525/h top tier Docketretention application | — |
| Peer Street, Inc.Bankr. D. Del. 23-10815 · filed 2023-06-26 | $50,000,001-$100 million | Province, LLC · restructuring advisor · $860–1350/h top tier Docketretention application | — |
| Agspring, LLCBankr. D. Del. 23-10699 · filed 2023-05-31 | — | MERU, LLC · restructuring advisor · $700–850/h top tier Docketretention application Dentons US LLP · debtor counsel · $765–1240/h top tier Docketretention application Pachulski Stang Ziehl & Jones LLP · debtor counsel · $995–1995/h top tier Docketretention application | — |
| Desolation Holdings LLC and Bittrex, Inc.Bankr. D. Del. 23-10597 · filed 2023-05-08 | $500,000,001-$1 billion (consolidated) | Berkeley Research Group, LLC · restructuring advisor · $125K/mo · $1050–1250/h top tier Docketretention application Quinn Emanuel Urquhart & Sullivan, LLP · debtor counsel Docketretention application | — |
| Christmas Tree Shops, LLCBankr. D. Del. 23-10576 · filed 2023-05-05 | $100,000,001-$500 million | SSG Advisors, LLC · investment banker · $50K/mo · Restructuring Fee $650,000; Sale Fee greater of $650,000 or 3.0% of Total Consideration; Alternative Sale Fee $150,000 Docketengagement letter | — |
| Bed Bath & Beyond Inc.Bankr. D.N.J. 23-13359 · filed 2023-04-23 | $1,000,000,001-$10 billion (consolidated) | Lazard Frères & Co. LLC · investment banker · $200K/mo · Restructuring Fee $15,000,000; Sale Transaction Fee $15,000,000 (non-wind-down scenario); in a Wind Down, Other Sale Transaction Fee 1.75% of Aggregate Consideration up to $175 million plus 2.25% above (tiered) Docketretention application Kirkland & Ellis LLP / Kirkland & Ellis International LLP · debtor counsel · $1195–2245/h top tier Docketretention application | — |
| Mountain Express Oil CompanyBankr. S.D. Tex. 23-90147 · filed 2023-03-18 | $100,000,001-$500 million | Raymond James & Associates, Inc. · investment banker · $150K/mo · Restructuring Transaction Fee $2,500,000; Business Combination Transaction Fee greater of $3,500,000 and 2.25% of Transaction Value Docketfee application FTI Consulting, Inc. · restructuring advisor · $1125–1495/h top tier Docketretention application Pachulski Stang Ziehl & Jones LLP · debtor counsel · $895–1995/h top tier Docketretention application | — |
| Cash Cloud, Inc. (Coin Cloud)Bankr. D. Nev. 23-10423 · filed 2023-02-07 | $100,000,001-$500 million | Province, LLC · financial advisor · Restructuring Fee 3% of value of all debt and equity financing at plan effective date (excluding Company Lender loans); Arranger Fee also provided · $860–1350/h top tier Docketretention application Fox Rothschild LLP · debtor counsel · $310–1450/h top tier Docketretention application | — |
| Genesis Global Holdco, LLCBankr. S.D.N.Y. 23-10063 · filed 2023-01-19 | $100,000,001-$500 million (Genesis Global Holdco, LLC entity petition only) | Moelis & Company LLC · investment banker · $200K/mo · Restructuring Fee $10,000,000; Sale Transaction Fee $10,000,000 Docketretention application Cleary Gottlieb Steen & Hamilton LLP · debtor counsel · $1730–2135/h top tier Docketretention application | — |
| Performance Powersports Group Investor, LLCBankr. D. Del. 23-10047 · filed 2023-01-16 | $100,000,001-$500 million (consolidated) | Triple P Securities, LLC · investment banker · $50K/mo · Restructuring Fee $1,250,000; Sale Transaction Fee = Restructuring Fee plus 5% of Aggregate Consideration above $100,000,000 Docketretention application Triple P RTS, LLC · restructuring advisor · $800–975/h top tier Docketretention application Klehr Harrison Harvey Branzburg LLP · debtor counsel · $470–1035/h top tier Docketretention application | — |
Coverage: 96 professionals across 47 cases, taken from documents available on CourtListener RECAP. Some large cases lack terms because the filings are not in that archive. Case-wide fee totals are available for four cases. Out-of-court restructurings are not covered.
Common questions
How much do Chapter 11 professionals cost?
The table above gives, by case size, the median monthly fee approved for the debtor's investment bank and the median top partner rate for the debtor's counsel, from the retention papers in 47 cases covering 96 professionals.
Does this cover the whole cost of a bankruptcy case?
No. These are the terms the court approved for the debtor's own professionals. What a case costs in total depends on how long it runs, how much is litigated and how many parties have their own advisers, and committees and creditors retain professionals of their own.