Trajector - Chapter 11 Case Summary

Business Description

Trajector Holdings, LLC, together with its affiliated debtors and debtors in possession (collectively, the “Debtors,” the “Company,” or “Trajector”), is a services organization that assists veterans and individuals with disabilities in pursuing disability and related government benefits.

• Trajector seeks to help clients navigate complex eligibility, documentation, and procedural requirements and protect against the wrongful denial of benefits for which they qualify.
• The Company uses technology and decades of refined learning to develop medical evidence for U.S. Department of Veterans Affairs (“VA”) disability benefits and to represent and assist claimants before the Social Security Administration (“SSA”).

Trajector Holdings serves as the holding company for the Company’s two principal businesses:

• Trajector Medical, LLC (“Trajector Medical”), which develops and documents medical evidence supporting veterans’ applications for VA disability benefits.
• Trajector Disability, LLC (“Trajector Disability”), which provides advocacy and support in connection with Social Security Disability Insurance (“SSDI”) and Supplemental Security Income (“SSI”) claims.

The Debtors generated approximately $279.8 million of gross revenue in 2025 and approximately $81.5 million through June 30, 2026.

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Corporate History

The first business in the Trajector family of companies was founded in 2014 by James S. Hill, II, Gina G. Uribe, and Richard S. Blaser. The enterprise subsequently developed into the Trajector Medical and Trajector Disability businesses and their affiliated entities.

• Mr. Hill, a disabled Navy veteran, is a founder, manager, and the Company’s chief executive officer.
• Ms. Uribe is a founder, manager, and the Company’s chief medical officer.
• Trajector Disability was formerly known as Myler Disability and adopted its current name in 2021.

Ownership and Organizational Structure

Trajector Holdings is a manager-managed Delaware limited liability company. Mr. Hill and Ms. Uribe are its sole managers.

• Entities affiliated with and controlled by Mr. Hill hold approximately 44.67% of Trajector Holdings:
  • Blackfin Capital, LLC holds 42.43%.
  • Turner Raymond & Associates LLC holds 2.23%.
• Entities affiliated with and controlled by Ms. Uribe hold approximately 44.67%:
  • White Blaze Medical Consulting LLC holds 19.12%.
  • Ginken Medical LLC holds 23.31%.
  • Venture Strategy LLC holds 2.23%.
• Richard Blaser Revocable Trust LLC holds 10.54%.
• AKH Enterprises, Inc., DMS Holdings, Inc., and Epifanio Payams hold 0.03%, 0.03%, and 0.07%, respectively.

Trajector Holdings owns 100% of Benefits Group Holdings, LLC (“Benefits Group Holdings”), which owns 100% of Trajector Medical, Infinite IP LLC, Perfect Path, LLC, Trajector Admin Services, LLC, Benefits Insurance, LLC, AnchorSix Services, LLC, Trajector Media Services, LLC, Globaltek BPO LLC, Myler Disability Holdings, LLC, Trajector Disability, and Contact Center 1, LLC.

• Benefits Insurance owns 100% of Myler Insurance Services Holdings, LLC.
• AnchorSix Services owns 85% of Atvantage, LLC.
• Myler Disability Holdings owns 100% of Myler Disability, LLC and Adduco Media, LLC.

Ownership of certain other Debtors is as follows:

• Benefits Karma, LLC and Executive Staffing Solutions, PLLC are each owned 45% by Blackfin Capital, 45% by Ginken Medical, and 10% by the Richard S. Blaser Irrevocable Trust.
• Ampry Holdings, LLC and Concierge Staffing Service Management, LLC are each owned 45% by Blackfin Capital, 45% by Ginken Medical, and 10% by the Richard S. Blaser Revocable Trust.
• Mr. Hill owns 100% of Trajector, Inc.

Governance Framework

From the Company’s inception, its founders agreed that Ms. Uribe would have ultimate voting authority over technical medical consulting operations, while Mr. Hill would have ultimate voting authority over all other matters, including business, corporate strategy, legal, and finance decisions.

• The Trajector Holdings limited liability company agreement provides that, when the managers do not agree unanimously, Ms. Uribe has ultimate managerial authority over technical medical consulting operations and Mr. Hill has ultimate managerial authority over nonmedical consulting operations, including corporate strategy, growth, negotiations, contracts, mergers, and acquisitions.
• At an Aug. 15, 2024, meeting, Mr. Hill and Ms. Uribe adopted a decision-making process recognizing Mr. Hill’s authority as CEO to make the Company’s business decisions. Ms. Uribe executed an addendum memorializing that determination.

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Operations Overview

The Debtors’ principal operations are in Florida and Utah. As of the Petition Date, the Company employed approximately 458 employees and 17 independent contractors, including licensed medical professionals, medical-records analysts and documentation specialists, medical-research analysts, administrative and case-management personnel, IT staff, and support-services personnel.

Trajector Medical

Trajector Medical provides medical-evidence development and documentation services to support veterans’ claims for VA disability benefits. For more than a decade, its licensed nurse practitioners and registered nurses have helped veterans gather the medical evidence most relevant to the benefits-determination process.

• Its services include one-on-one sessions with licensed medical professionals; reviews of medical histories and records; identification of relevant conditions; mapping symptoms to diagnoses and causal factors; documentation of medical evidence; and preparation of reports that veterans may submit to the VA.
• The filing states that a VA disability determination requires evidence of a current medical condition or disability, an event, injury, or illness during active duty, and a nexus between the two.
• Trajector Medical’s services complement those of VA-accredited representatives, attorneys, agents, and veterans service organizations. Trajector Medical does not represent clients before the VA.

Trajector Disability

Trajector Disability assists clients with the SSDI and SSI processes, including eligibility verification, establishment of disability, development of medical evidence, paperwork management, claim filing, and appeals.

• Its licensed disability advocates evaluate eligibility based on disability type, income, and work history; gather medical evidence such as physicians’ notes, laboratory results, imaging, and supporting statements; assemble and file required documents; and pursue appeals following initial denials.
• Trajector Disability’s advocates represent claimants before the SSA. The Trajector Disability business does not involve medical consulting.

Technology, Vendors, and Cash Management

The Debtors depend on integrated communications, data infrastructure, technology-enabled administrative processes, client-acquisition and marketing services, and client-service support to manage case activity and generate revenue.

• The Debtors rely on a limited group of vendors providing communications platforms, cloud and data infrastructure, software-development tools, marketing and client-communication platforms, and client-service and case-support capacity.
• Certain vendors are sole- or limited-source suppliers or would be difficult or impracticable to replace without substantial cost, delay, or interruption to operations and revenue-generating activities.
• The Debtors’ cash-management system comprises 18 deposit accounts across five financial institutions. Approximately $250,000 of receipts and disbursements flows through the system on an average banking day.

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Prepetition Obligations

As of the Petition Date, the Debtors reported approximately $62.9 million of outstanding principal under the Deutsche Bank Credit Facility, together with accrued and unpaid interest, fees, and other amounts, and approximately $2.45 million of aggregate unsecured obligations.

Deutsche Bank Credit Facility

• On April 14, 2021, Benefits Group Holdings, Trajector Holdings, certain guarantor subsidiaries, the lenders, and Deutsche Bank AG New York Branch (“DBNY”), as administrative and collateral agent, entered into a credit and guaranty agreement providing for a senior secured term loan facility.
  • The lenders include Regions Bank, Siemens Financial Services, Inc., and Stifel Bank & Trust.
  • The lenders initially advanced $75 million of term loans to Benefits Group Holdings. The proceeds were used, among other purposes, to repay certain indebtedness of the Company’s predecessor group and fund related transaction costs.
  • Regions Bank subsequently advanced an additional $20 million of incremental term loans.
• The term loans originally matured on April 14, 2026. The Sixth Amendment, dated April 9, 2026, extended the maturity to May 29, 2026, and the Seventh Amendment, dated June 3, 2026, further extended it to July 28, 2026.
• Benefits Group Holdings’ obligations are guaranteed jointly and severally by Trajector Holdings and the guarantor subsidiaries.
• The obligations are secured by first-priority security interests in substantially all personal property of the grantors, subject to customary exclusions, including accounts, inventory, equipment, intellectual property and licenses, investment-related property, receivables, pledged equity interests, pledged debt, and related proceeds.
  • DBNY also holds security interests perfected by control in certain Debtor deposit accounts.

Unsecured and Other Prepetition Obligations

• The Debtors estimated that their outstanding unsecured obligations, including trade debt incurred with vendors, suppliers, and taxing authorities and other unsecured obligations, totaled approximately $2,450,136 as of the Petition Date.
• Although the Debtors reported that they were generally current on tax obligations, they estimated approximately $492,700 of unpaid taxes and fees owed to taxing authorities as of the Petition Date.
• Prepetition obligations owed to vendors designated as critical totaled approximately $298,303.56.
  • The Debtors requested authority to pay undisputed prepetition amounts owed to critical vendors, subject to those vendors continuing to provide goods or services on terms at least as favorable as those in effect before the Petition Date.

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Events Leading to Bankruptcy

Regulatory and Legislative Headwinds

Trajector Medical faced increasing regulatory and legislative constraints affecting its VA medical-evidence-development business. As of the Petition Date, 28 states had active statutes addressing veterans’ benefits matters:

• Twelve states had enacted “GUARD Acts” prohibiting unaccredited companies from receiving compensation in connection with veterans’ benefits matters: California, Illinois, Iowa, Maine, Massachusetts, Michigan, New Jersey, New York, Oregon, Rhode Island, Utah, and Washington.
• Twelve states had enacted “SAVE Acts” authorizing fees for unaccredited entities subject to consumer-protection requirements that may include fee caps, disclosure mandates, restrictions on relationships with medical professionals, and prohibitions on using international call or data centers for veterans’ personal information: Alabama, Colorado, Florida, Idaho, Louisiana, Mississippi, North Carolina, Oklahoma, South Carolina, South Dakota, Tennessee, and Virginia.
• Alaska, Connecticut, Maryland, and Minnesota had enacted narrower statutes focused primarily on consumer disclosures.

These developments constrained Trajector Medical’s ability to operate nationwide under its historical business model.

• Since 2024, Trajector Medical suspended services to veterans residing in 23 states where local laws prevented, severely limited, or imposed undue risks on continued operations.
• For the year-to-date period ended June 30, 2026, Trajector Medical’s revenue declined by approximately 60% from the corresponding prior-year period, primarily because of legal and regulatory changes.
• During the same period, the Debtors’ combined gross revenue declined by approximately 46%.
• Legislative efforts concerning veterans’ benefits matters had occurred in 48 states. Of the 22 states without existing statutes affecting such matters, the overwhelming majority had considered similar proposals.

Federal proposals also added uncertainty. The proposed SAFEGUARD Act would reinstate criminal penalties for certain fee-related activities by unaccredited entities and restrict the use of autodialer technology when contacting federal agencies. The competing CHOICE Act would establish a two-tiered accreditation system and create a pathway for private, for-profit entities to operate under VA oversight; it cleared the House Committee on Veterans’ Affairs in May 2025 but lacked a Senate companion bill.

Class Action Litigation

Trajector Medical and, in one action, Trajector, Inc. are defendants in two putative class actions brought on behalf of veterans who engaged Trajector Medical for medical-evidence support in connection with VA disability claims.

• The actions allege that Trajector Medical, which is not VA-accredited, unlawfully charged fees for assisting with the preparation, presentation, and prosecution of VA disability claims in violation of federal accreditation and fee restrictions.
• The Baker action was filed on March 27, 2026, on behalf of a proposed class of Florida-resident veterans and was removed to the U.S. District Court for the Northern District of Florida on April 28, 2026.
• The Quijada action was filed on April 9, 2026, on behalf of proposed nationwide and California classes of veterans and eligible dependent spouses. It was transferred from the U.S. District Court for the Central District of California to the Northern District of Florida on June 23, 2026.
• Both actions were assigned to the same U.S. district judge and stayed. The Company disputes the claims and moved to compel arbitration in both actions.

Governance Dispute

The working relationship between Mr. Hill and Ms. Uribe deteriorated as the Company confronted operational and financing pressures. Beginning in mid-2025, differing views emerged regarding the allocation of decision-making authority under the 2024 Addendum, followed by disputes in early 2026 concerning the Company’s governance and financial affairs.

• The disputes consumed significant management time, created instability, posed employee-attrition risks, and increased legal and administrative expenses, including fees paid to at least four outside law firms.
• Efforts to resolve the dispute internally, including a two-day mediation in April 2026, were unsuccessful.
• A prospective lender conditioned a replacement facility on confirmation by the Company’s principals, including Ms. Uribe, that Mr. Hill had ultimate authority over the financing and other nonmedical consulting matters, including SSDI operations. The principals did not reach agreement on that confirmation.

On May 4, 2026, Trajector Holdings commenced litigation against Ms. Uribe in the Delaware Court of Chancery seeking confirmation of the managers’ respective authority under the LLC agreement.

• For matters requiring member consent, the LLC agreement similarly provides that, while the Hill- and Uribe-affiliated entities collectively hold at least 60% of the Company’s units, the Uribe-affiliated members have ultimate authority over technical medical consulting operations when they do not agree unanimously, and the Hill-affiliated members have ultimate authority over all other nonmedical consulting operations.

• On May 21, 2026, the Chancery Court granted Trajector Holdings’ motion for judgment on the pleadings, and an order was entered on May 22.
• The order confirmed that, absent unanimous manager approval, Mr. Hill had ultimate managerial authority to enter into new credit facilities and direct other material transactions not concerning technical medical consulting, including the Company’s SSDI operations.

Liquidity Pressures and Refinancing Efforts

The Debtors’ liquidity and capital-structure pressures centered on the approaching maturity of the Deutsche Bank Credit Facility and their inability to refinance it outside chapter 11.

• The Debtors negotiated successive extensions from the original April 14, 2026, maturity date to May 29 and then July 28, 2026.
• The Seventh Amendment required monthly financial statements, rolling 13-week cash-flow forecasts, and weekly lender calls concerning refinancing efforts and material litigation developments.
• The Company began discussions with several potential lenders in 2025 and executed a letter of intent with one prospective lender in March 2026. The Company did not resolve all outstanding issues with that lender before the Deutsche Bank Credit Facility’s maturity.
• The Company explored, but did not pursue, a statutory division separating the Trajector Disability business, assets, and liabilities from Trajector Medical to facilitate financing secured primarily by Trajector Disability. The existing lenders did not support that strategy.
• During June and July 2026, investment banker Tunstall Consulting contacted more than 50 potential alternative lenders. Those efforts did not produce a refinancing transaction by the Petition Date.
• In mid-July 2026, the lenders advised the Company that the July 28 maturity would not be extended further.

Operational Response

The Company implemented measures intended to conserve cash, streamline operations, reduce litigation and regulatory risk, and focus on lower-risk business lines.

• The Company suspended profit distributions to members in early 2026.
• The Company reduced its headcount in early 2026 to align personnel levels with its scaled-back operations.
• In February 2026, Trajector Medical settled the Warriors Litigation, a putative class action filed in December 2023 by a proposed class of VA-accredited attorneys and agents and based on alleged false advertising.
• Trajector Medical significantly curtailed advertising expenditures in June 2026 and changed certain advertising practices, including discontinuing the statements at issue in the Warriors Litigation.
• Trajector Medical emphasized referral programs and evaluated potential modifications to its business model in response to prospective federal and state legislation.

Chapter 11 Filing and Objectives

With no executable refinancing transaction and the secured debt’s maturity approaching, the 22 Debtors commenced voluntary chapter 11 cases on July 23, 2026, in the U.S. Bankruptcy Court for the Middle District of Florida. The Debtors continue to operate their businesses and manage their properties as debtors in possession.

• The Debtors commenced the cases to stabilize operations, preserve liquidity, maintain client services and stakeholder confidence, and pursue a value-maximizing restructuring.
• Their stated objectives include preserving employment, maintaining relationships with essential vendors and contractual counterparties, and maximizing enterprise value for creditors.
• The Debtors sought first-day authority to use cash collateral, continue ordinary-course payments to employees and critical vendors, and maintain their existing cash-management system.
• The requested use of cash collateral is intended to fund wages, supplies, vendors, taxes, insurance, and other expenses necessary to continue operating as a going concern.