AalRisk Restructuring™ — Chapter 11 Command Center

How AalRisk Restructuring works

For new subscribers

AalRisk Restructuring turns a folder of court documents into a live analytical command center. You control your documents — they stay in your own Microsoft SharePoint tenant. The agents read them there, extract what matters, and answer your questions with full source citations. Here is the workflow end to end.

The subscriber workflow — 4 steps

1

Connect your SharePoint — one time

You grant AalRisk read-only access to a single SharePoint site in your Microsoft 365 tenant via one-click OAuth. Documents never leave your environment and are never copied to AalRisk servers. Access is scoped only to the AalRisk site you choose — nothing else in your tenant is visible.

2

Drop documents into the case folder

Create a folder per case and drop in whatever you have — petition, DIP motion, MORs, plan, disclosure statement, schedules. Download them from the case's claims agent (Kroll, Epiq, Stretto) or PACER. AalRisk auto-creates the sub-folder structure:

CaseNN_CompanyName_CaseNumber/
  ├── DIP_Financing/
  ├── Monthly_Operating_Reports/
  ├── Petition_FirstDay/
  ├── Schedules_SOFA/
  ├── Plan_Disclosure/
  └── Outputs/  ← agents write results here

3

Agents read, index, and analyze — automatically

The moment a document lands, the Document Ingestion agent reads it, identifies what it is, and routes it to the right specialist. The Financial agent extracts the 13-week budget and MOR cash flows; Legal captures docket dates and covenants; Creditor Management builds the claims register; Plan & Sale analyzes recovery. Every figure is tagged with its source document and page.

4

Ask questions, get sourced answers & outputs

Query any agent in plain English and get answers with a citation trail. Download formatted Excel models — cash flow, variance, balance sheet, recovery waterfall, claims register. Get a daily digest of what changed delivered to Teams or Slack. You do the judgment; the agents do the gathering.

What you do

→ Connect SharePoint once (one-click OAuth)
→ Drop court documents into the case folder
→ Ask questions in plain English
→ Apply your judgment to what the agents surface

What the agents do

→ Read every PDF and spreadsheet you upload
→ Extract cash flows, claims, dates, covenants
→ Flag wind-down signals and variances
→ Cite the source document + page for every figure

Your documents stay yours

AalRisk™ reads case documents from your SharePoint via Microsoft Graph with read-only access, limited to one site. Original files stay in SharePoint. To make documents searchable, AalRisk keeps a text index of them (page-level extracts) in its own Cloudflare storage; agents search that index when you ask a question. You can revoke Graph access at any time from your Microsoft admin console, and the index can be deleted on request.

Case status

Ch.11 Wind-down

363 sale · closed

DIP drawn

$388M

of $707.5M facility

Documents ingested

2

4 pending · 1 to obtain

Op receipts vs budget

−$132M

Wk1–13 variance

Agents active

7 / 7

All operational

DIP draw — cumulative vs facility

54.8% drawn

DIP drawn

$388M

DIP remaining

$319M

Op receipts miss

−$132M

Prof. fees cumulative

$47.8M

⚠ DIP maxed at $388M by Wk8 — conversion to wind-down confirmed

Balance sheet summary — 3 MOR periods

Item	Sep 28	Nov 30	Δ
Inventories	$399.8M	$345.8M	−$54M
ROU assets (leases)	$656.0M	$509.2M	−$147M
Cash	$6.8M	$39.9M	↑ +$33M
DIP facility drawn	$322.2M	$387.9M	+$66M
Intercompany payables	$46.4M	$94.1M	+$48M

Source: CaseWorkbook BALANCE_SHEET sheet · MOR Sep/Nov 2024

Conversion watch — wind-down signals

3 signals confirmed

Signal 1 · CaseWorkbook BALANCE_SHEET

ROU Asset Collapse

−$147M Sep–Nov (full period est. −$340M). 1,400+ lease rejections. Indicates wind-down not reorganization.

Signal 2 · DIP Motion Exhibit 4

DIP Maxed Week 8

$387.9M drawn of $707.5M by Week 8. No headroom for operational recovery.

Signal 3 · CaseWorkbook BALANCE_SHEET

Inventory Burn Rate

Only 14% of opening inventory liquidated ($54M of $400M) in 12 weeks. Need 100% for going concern.

Case overview — Big Lots, Inc. (24-11967)

Big Lots, Inc. and 18 affiliates filed Chapter 11 on September 9, 2024 in the District of Delaware (Judge J. Kate Stickles). A large-box closeout retailer with 1,400+ stores, Big Lots entered bankruptcy carrying $649M of pre-petition ABL/FILO debt after sustained subscriber and margin erosion. The company secured a $707.5M DIP facility (PNC ABL + a 1903P/Gordon Brothers term loan). BACKGROUND: Persistent operating losses, an over-leveraged lease footprint, and insufficient liquidity left no path to a going-concern reorganization. APPROACH: What began as an attempted reorganization converted to a Section 363 going-out-of-business sale to Gordon Brothers — a loan-to-own outcome where the DIP term lender acquired the assets. STATUS: The 363 sale closed December 31, 2024. The estate is in wind-down. General unsecured creditors (≈$1.2B in trade and lease-rejection claims) recover essentially zero; DIP lenders recovered par plus fees.

Wind-down 363 sale Loan-to-own GUC ≈ 0%

The team

Seven specialist agents

Each agent owns one dimension of Big Lots 24-11967 and reports to the Orchestrator. Every answer cites the document it came from. Click an agent to ask it a question.

CORE

Orchestrator

Case orchestration

Synthesizes the specialist agents, routes questions to the right specialist, and holds the case timeline, key parties, and open flags.

Sources: DIP Motion Doc 20 · CaseWorkbook COVER/ASSUMPTIONS
Engines: fulcrum · diagnostic · LME · documents

FINANCIAL

Financial Analysis

Cash flow & variance

13-week budget versus MOR actuals, DIP draw variance, disbursement detail, and the period-over-period balance sheet.

Sources: DIP Motion Exhibit 4 (p.431) · CaseWorkbook 13WK_MODEL / VARIANCE / BALANCE_SHEET
Engines: fulcrum · diagnostic · LME · documents

LEGAL

Legal & Compliance

Court & covenants

Docket milestones, bar dates, DIP compliance obligations, and covenant classification across the credit agreement.

Sources: DIP Motion Doc 20 · Bar Date Order (Dkt 1531) · CaseWorkbook ASSUMPTIONS
Engines: LME · documents

CREDITOR

Creditor Management

Claims & recovery

Claims register by class, the priority waterfall, fulcrum identification, and DIP lender return economics.

Sources: CaseWorkbook CLAIMS / WATERFALL / DIP_RETURN sheets
Engines: fulcrum · documents

PLAN

Plan & Sale Analysis

Exit & value

363 sale mechanics, plan versus sale structure, recovery scenarios across the valuation range, and the investment thesis.

Sources: CaseWorkbook IC_SUMMARY / WATERFALL / DIP_RETURN sheets
Engines: fulcrum · diagnostic · LME · documents

STRATEGY

Strategist

Recovery strategy & red team

Plays restructuring lawyer and banker for a chosen seat — generates aggressive, red-teamed moves across LME, DIP, plan, 363 and litigation leverage, with engine-backed recovery math. For professional review.

Sources: case documents · live precedent search · capacity map flagged UNVERIFIED until credit docs are ingested
Engines: fulcrum · diagnostic · LME · web search · documents

DOCS

Document Ingestion

Document inventory

What is indexed, what is pending upload, and what still has to be pulled from PACER or the claims agent.

Sources: 2 indexed · 4 pending SharePoint · 1 to obtain from Kroll
Engines: documents

All seven agents active · sourced from the ingested case documents · each keeps its own conversation history

Big Lots 24-11967 — Document library

Document	Type	Size	Filed	Status
DIP_Motion_Doc20.pdf Case01_BigLots_24-11967	DIP	12.5 MB	09/09/2024	✓ ingested
BigLots_24-11967_CaseWorkbook.xlsx Case01_BigLots_24-11967	Workbook	38 KB	—	✓ ingested
BigLots_MOR_Sep2024.pdf Case01_BigLots_24-11967	MOR	2.1 MB	10/31/2024	⏳ pending
BigLots_MOR_Oct2024.pdf Case01_BigLots_24-11967	MOR	2.3 MB	11/29/2024	⏳ pending
BigLots_MOR_Nov2024.pdf Case01_BigLots_24-11967	MOR	2.2 MB	12/31/2024	⏳ pending
Amended_BarDate_Order.pdf Case01_BigLots_24-11967	First Day	121 KB	12/31/2024	⏳ pending
[NEEDED] 363_Sale_Motion.pdf Case01_BigLots_24-11967	Plan/Sale	—	10/2024	○ missing

Upload case documents — Big Lots 24-11967

Document type

SharePoint destination

Drop PACER downloads or court filings here

PDF · XLSX · DOCX · MOR · DIP motion · schedules

Uploading from this page is not connected yet. To add a document, put it in the case folder in SharePoint (Restructuring library); it becomes searchable by the agents once the case index is rebuilt and synced.

Select agent

Case overview · routing · timeline · key parties

Seat Aggressive by design · every idea is tiered and red-teamed for professional review · a full run takes 1–3 minutes

Orchestrator · Big Lots 24-11967 · Sources cited in every response · MOR PDFs pending SharePoint upload

Restructuring 101 — knowledge base

Grounded in live cases

Creditor recovery worksheet

Big Lots 24-11967 · Wind-down · Recovery by creditor class

DIP lender economics — why existing lenders provide the loan

Generated outputs — Big Lots 24-11967

Wind-down case · MOR-driven outputs

Activity log — full audit trail