OFFICE PROPERTIES INCOME TRUST 8-K

What Happened
Office Properties Income Trust (OPITQ) filed an 8-K on April 1, 2026 disclosing that parties in its Chapter 11 cases reached an amended mediation settlement (the "Amended 2027 Settlement") after non‑binding mediation overseen by Judge Marvin Isgur. The Chapter 11 cases began October 30, 2025; mediation concluded March 2, 2026 and the parties executed the amended settlement on March 31, 2026. The filing also includes the Debtors’ Monthly Operating Report (MOR) for February 1–28, 2026.

Key Details

• A $385,000,000 secured promissory note will be issued on the Plan’s Effective Date and will bear interest at 8.375% (increased from 8.125% in the original settlement).
• The promissory note will be issued by a new special purpose vehicle (SPV) with protections for holders of the 2027 Senior Secured Notes (including an independent director consent right, books-and-records access, and limits on related‑party transactions and distributions).
• The reorganized company will provide a limited guaranty capped at $60,000,000; $10,000,000 of that guaranty will be paid as a support fee.
• The 2027 ad hoc group accepted an appraised first‑lien value of $493,150,000 for the properties securing the 2027 Senior Secured Notes.
• The MOR for February 2026 was filed (Exhibit 99.2); the company warns MORs are unaudited, prepared for bankruptcy reporting purposes, and should not be relied on as GAAP financial statements.
• The Plan contemplates cancellation of the company’s common shares on the Effective Date; holders of those shares would not receive recovery if the Plan is confirmed.

Why It Matters
This filing shows progress in OPITQ’s Chapter 11 restructuring by documenting a negotiated settlement that changes the debt structure and creditor protections. The amended terms (higher interest on the new note, SPV protections, a limited guaranty, and an agreed property valuation) are material to secured note holders and affect potential recoveries. Retail investors should note the explicit warning that common shares are expected to be cancelled under the Plan and that MORs are limited, unaudited reports—meaning public equity holders likely face total loss if the Plan is confirmed.