Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Friday, March 6. In today's briefing, prison medical contractor YesCare failed to live up to a $75 million chapter 11 settlement, sending plaintiffs back to the tort system. And wealthy investors' exits from interval funds and BDCs are creating opportunities for secondary buyers.

YesCare backers lose bankruptcy shield following settlement default. Prison healthcare contractor YesCare didn’t make required payments under a $75 million settlement to resolve the bankruptcy of its former affiliate Tehum Care Services, opening the door again to mass personal-injury lawsuits. Tehum marked one of the first Texas Two-Step cases in which companies create empty corporate vessels to carry debts and liabilities into bankruptcy court for resolution.

Cumulus blames Nielsen, streaming for bankruptcy. The radio broadcaster and podcast network filed for bankruptcy to hand control to lenders after pressure from a weak advertising market and litigation with data provider Nielsen.

Secondary buyers circling private-credit assets. Asset managers are not only looking to purchase shares of listed nonbank lenders known as business development companies, or BDCs, but also their underlying assets as wealthy individuals flee the strategy. 

• Life Insurers Hold More Private Credit Than Ever

Brightline railway downgraded on restructuring risk. S&P Global downgraded Brightline Trains Florida, citing "an elevated risk of a restructuring" at the high-speed railroad within the next six months. Brightline, the largest private U.S. passenger railroad, is expected to consider a distressed exchange based on its "sustained underperformance, significant cash flow deficits, and deeply distressed debt trading prices," Thursday's S&P report said. Brightline has been seeking to issue equity to help manage its $5.5 billion debt load, but liquidity been depleted and could decline to $16 million by July, according to S&P, which subsequently withdrew its ratings on Brightline debt.

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