/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/250325.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, March 25, 2025, Vol. 29, No. 83 Headlines 10831 PHELAN: Hires Resolute Commercial as Financial Advisor 10831 PHELAN: Seeks to Hire Spector & Cox PLLC as Counsel 11262 VENTURA: John-Patrick Fritz Named Subchapter V Trustee 12027 OTSEGO: Unsecureds Will Get 100% of Claims in Plan 23ANDME HOLDING: Case Summary & 30 Largest Unsecured Creditors 4011-4090 NW 34TH: Unsecureds to be Paid in Full in Plan 4324 S. VERMONT: Court Denies Emergency Motion for Stay 433 EAST 141ST: Charles Persing Named Subchapter V Trustee ACCELERATE DIAGNOSTICS: Posts $50M 2024 Loss, Warns of Bankruptcy AIO US: Asset Sale Proceeds to Fund Plan Payments AMERICAN DREAM: Unsecureds Owed $49K to be Paid in Full in Plan ARTISAN FOODIE: Gets Extension to Access Cash Collateral ARTISTIC HOLIDAY: Gets Interim OK to Use Cash Collateral ATIF HOLDINGS: Raises Going Concern Doubt Amid Losses AUTHID INC: Cherry Bekaert Raises Going Concern Doubt AZZUR GROUP: Hires Stretto Inc. as Claims and Noticing Agent B.L.H.G. GROUP: Hires Allan D. NewDelman P.C. as Counsel BENSON HILL: Files Ch.11 Bankruptcy, Obtains $11M DIP Financing BENSON HILL: March 31 Deadline Set for Panel Questionnaires BETA DRIVE: Seeks to Hire Frederic Schwieg as Bankruptcy Counsel CANTON & COMPANY: Gets Final OK to Use Cash Collateral CANYON SPRINGS: Michael O'Connor Named Subchapter V Trustee CASUALTY UNDERWRITERS: A.M. Best Cuts LT Issuer Rating to C (Poor) CENTRAL FLORIDA: Kathleen DiSanto Named Subchapter V Trustee CHAR GRILL: Bankruptcy Administrator Unable to Appoint Committee CHARGE ENTERPRISES: Acmetel's Chapter 7 Case v. PTGi Dismissed CORINTH AUTUMN: Trustee Hires Mcdermott Will & Emery as Counsel CORINTH AUTUMN: Trustee Taps Implex Advisors as Financial Advisor CUTERA INC: Paul Weiss & Porter Hedges Advise Noteholder Committee DAV SUB: Seeks Subchapter V Bankruptcy in Texas DAVID KIMMEL: Seeks Subchapter V Bankruptcy in Texas DEPANO BROS: Hires McLaughlin & Glazer as Legal Counsel DIAMOND SURFACES: Seeks Chapter 11 Bankruptcy in Florida DMMJ REALTY: Jolene Wee of JW Infinity Named Subchapter V Trustee DOC VENTURES: Seeks to Hire Westar Residential Realty as Broker DRITA PASHA KESSLER: Bankruptcy Rulings in Travelers Suit Affirmed EL CHILITO: Hires Abel Moreno of Moreno as Accountant ELENAROSE CAPITAL: Gets Extension to Access Cash Collateral ELITE SCHOOL: Gets Interim OK to Use Cash Collateral Until April 30 EMERALD TECHNOLOGIES: CION Marks $2.7 Million 1L Loan at 18% Off ETG FIRE: Loses Bid to Dismiss Marmic, et al. Adversary Case EVENTIDE CREDIT: Hires David French & Associates as Accountant EXCELTECH ONE: Seeks to Hire Sussman Shank LLP as Counsel FELTRIM BALMORAL: Gets Extension to Access Cash Collateral FLOATUS INC: Seeks to Hire Coyle Law Group as Legal Counsel FRENCH SEAM: Gets Final OK to Use Cash Collateral FULLER'S SERVICE: Hires Burke Warren MacKay as Attorney GAUCHO GROUP: Reaches $5.5M Settlement With 3i to Dismiss Ch. 11 GLIDE LOGISTICS: Matthew Brash Named Subchapter V Trustee GOL LINHAS: Inks Exit Financing Commitment Letter with Investors GRANITE ASSET: Seeks to Hire Max Spann R.E.A.C. as Auctioneer GREYSTONE PROPERTY: Seeks Chapter 11 Bankruptcy in Massachusetts HANDSOME HOME: Gary Murphey Named Subchapter V Trustee HARLING INC: Seeks Subchapter V Bankruptcy in Illinois HARVARD BIOSCIENCE: Amends Credit Deal, Sets Refinancing Milestones HARVARD BIOSCIENCE: Grant Thornton Raises Going Concern Doubt HIGHLAND CAPITAL: Portion of DAF's Breach of Fiduciary Claim Nixed HOOPER'S RE: Claims Will be Paid from Property Sale/Refinance IMAGE DIRECT: Seeks to Hire Russell & Heffner LLC as Legal Counsel INFINITY ATHLETICS: Hires Ortiz & Ortiz as Bankruptcy Counsel INSULATION COATINGS: Court Tosses Liberty Mutual Bond Lawsuit IQTEL INC: Signs Agreement to Obtain Majority Stake in GlobeTopper IROBOT CORP: PwC Raises Going Concern Doubt IYA FOODS: Hires Law Office of William J. Factor Ltd. as Counsel JACKSON HOSPITAL: Committee Hires Rumberger Kirk as Co-Counsel JUS PUNJABI: Wins Bid to Transfer Venue of Khandalavala Suit KATE QUINN: Gets Interim OK to Use Cash Collateral KLEIN HERSH: CION Marks $4.3 Million Unsecured Debt at 75% Off KLX ENERGY: S&P Raises ICR to 'CCC+', Outlook Stable KOGA LLC: Seeks Chapter 11 Bankruptcy in Louisiana LAKE SPOFFORD: Seeks to Hire Amann Burnett PLLC as Counsel LAS VEGAS 0ILPK: Seeks Chapter 11 Bankruptcy in Nevada LONESTAR FIBERGLASS: Seeks to Use Cash Collateral LR GREENVIEW: Gets Final OK to Use Cash Collateral M3 ROOFING: Gets Interim OK to Use Cash Collateral MARTINEZ QUALITY: Court Narrows Claims in Newco Adversary Case METATRON HEALTH: Court Extends Cash Collateral Access to April 20 MMV F&B II: Seeks to Hire Joyce W. Lindauer as Bankruptcy Counsel MORTGAGE UNITY: Stephen Darr of Huron Named Subchapter V Trustee MOUNTAIN PROVINCE: S&P Lowers ICR to 'SD' on Debt Restructuring NAOTA HASHIMOTO: Case Summary & 11 Unsecured Creditors NEWPORT VENTURES: Plan Exclusivity Period Extended to April 24 OPELLA GROUP: S&P Assigns 'B+' Long-Term ICR, Outlook Stable PAP-R PRODUCTS: Seeks to Hire Wade Stables PC as Accountant PARTY CITY: Stark & Kessler File Rule 2019 Statement PECAN ACRES: Seeks to Hire Wade N. Kelly LLC as Counsel PLENTY UNLIMITED: Case Summary & 30 Largest Unsecured Creditors PROSPECT MEDICAL: Stutzman Advises Medical Malpractice Claimants PURDUE PHARMA: Files New Chapter 11 Plan Worth $7.4B+ For Creditors QUEST SOFTWARE: S&P Downgrades ICR to 'CCC-' on Weak Liquidity QXC COMMUNICATIONS: Hires GCP Inc. as Business Sale Broker RA OUTDOORS: CION Marks $2 Million 2L Loan at 35% Off RACKSPACE TECHNOLOGY: Reports $858.2 Million Net Loss for 2024 RHODIUM ENCORE: Sells Rockdale Assets in $185M Deal With Riot RIVERSIDE COURT: Has Deal on Cash Collateral Access RLR MARKETING: Patricia Fugee Named Subchapter V Trustee ROMAN BUILDERS: Seek Chapter 11 Bankruptcy in Florida ROTI RESTAURANTS: Unsecureds Will Get 30% of Claims over 3 Years RS FIT: Motion to Compel in Hudson Lawsuit Denied RSTZ TRANSPORT: Gets Final OK to Use Cash Collateral SALLY BEAUTY: S&P Upgrades ICR to 'BB' on Debt Reduction SANUWAVE HEALTH: Faces $31.37M Loss in 2024, Sees Growth Potential SCANROCK OIL & GAS: U.S. Trustee Appoints Creditors' Committee SECURUS TECHNOLOGIES: CION Marks $3.3 Million 2L Loan at 58% Off SENESTECH INC: M&K CPAS Raises Going Concern Doubt SIGMATRON INTERNATIONAL: Debt Issues Raise Going Concern Doubt SM MILLER: Hires Munsch Hardt Kopf & Harr as General Counsel SMITH ENVIRONMENTAL: Jonathan Dickey Named Subchapter V Trustee SOLARWINDS HOLDING: S&P Places 'B+' ICR on CreditWatch Negative SOLDIER OPERATING: Unsecureds Will Get 19% in Liquidating Plan SOLIGENIX INC: Reports 35% Increase in Net Loss to $8.27M for 2024 SURVWEST LLC: Trustee Hires Markus Williams Young as Counsel TGI FRIDAY'S: Stark & Kessler File Rule 2019 Statement TILI LOGISTICS: Updates Unsecured Claims Pay; Files Amended Plan TMK HAWK: CION Marks $1.5 Million Unsecured Debt at 14% Off TRANSMEDCARE LLC: Andrew Layden Named Subchapter V Trustee TRANSMEDCARE LLC: Gets OK to Use Cash Collateral Until April 3 TRINITY LEGACY: Amends Unsecured Claims Pay Details TRINITY PUBLIC: S&P Affirms 'BB+' Long-Term ICR, Outlook Stable VAN SCOIT: Frances Smith Named Subchapter V Trustee VIEWBIX INC: Reports Increased Net Loss of $14.11 Million for 2024 VIVAKOR INC: Fails to Meet Nasdaq's Minimum Bid Price Requirement WILD EARTH: Bankruptcy Administrator Unable to Appoint Committee WOOD DESIGN: Gets Final OK to Use Cash Collateral WORLD BRANDS: Seeks to Hire Stichter Riedel Blain as Counsel XINEOH TECHNOLOGIES: Enters Restructuring to Avert Shutdown ZAYO GROUP: S&P Alters Outlook to Stable, Affirms 'B-' ICR [] Pryor Cashman Adds Veteran Bankruptcy Partner Joe Shifer in NYC [] U.S. Insurers Placed Into Receivership Dropped in 2024 ********* 10831 PHELAN: Hires Resolute Commercial as Financial Advisor ------------------------------------------------------------ 10831 Phelan Blvd LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Resolute Commercial Services, LLC as financial advisor. The firm's services include: a. analyzing the business and financial condition of the Debtors; b. evaluating strategic alternatives and recoveries from third-parties; c. assisting the Debtors with the preparation of data in order to prepare pleadings and fiduciary filings required in the Debtors' bankruptcy proceeding; d. providing testimony on such matters that are within Mr. Foster's expertise; e. executing restructuring initiatives, including structuring plans of reorganization, assisting in the sale of all or parts of the Debtors, including any marketing thereof and liquidating assets; and f. assisting the Debtors and their counsel in negotiations with various parties- in-interest. The firm will be paid at these rates: Fiduciary/Senior Managing Director $625 per hour Managing Director/Controller $545 per hour Director II/Senior Accountant $475 per hour Director $440 per hour Accounting/Associate $425 per hour Administrative $150 per hour The firm was paid an advanced retainer in the amount of $100,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Howard Marc Spector, Esq., a partner at Spector & Cox, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Howard Marc Spector, Esq. Spector & Cox, PLLC Banner Place, Suite 850 12770 Coit Road Dallas, TX 75251 Tel: (214) 365-5377 Fax: (214) 237-3380 Email: hspector@spectorcox.com About 10831 Phelan Blvd LLC 10831 Phelan Blvd LLC is a limited liability company. 10831 Phelan Blvd LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-40457) on February 21, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50,000. The Debtor is represented by Howard Marc Spector, Esq., at SPECTOR & COX, PLLC. 10831 PHELAN: Seeks to Hire Spector & Cox PLLC as Counsel --------------------------------------------------------- 10831 Phelan Blvd LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Spector & Cox, PLLC as counsel. The firm's services include: a. providing legal advice with respect to their powers and duties as Debtors-in-possession; b. preparing and pursuing confirmation of a plan and approval of a disclosure statement; c. preparing on behalf of the Debtors necessary applications, motions, answers, orders, reports and other legal papers; d. appearing in Court and protecting the interests of the Debtors before the Court; and e. performing all other legal services for the Debtors which may be necessary and proper in these proceedings. The firm will be paid at these rates: Howard Marc Spector, Esq. $435 per hour Sarah Cox, Esq. $395 per hour Paralegals $150 per hour The firm will be paid an advanced retainer in the amount of $84,332. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Howard Marc Spector, Esq., a partner at Spector & Cox, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Howard Marc Spector, Esq. Spector & Cox, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (214) 365-5377 Fax: (214) 237-3380 Email: hspector@spectorcox.com About 10831 Phelan Blvd LLC 10831 Phelan Blvd LLC is a limited liability company. 10831 Phelan Blvd LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-40457) on February 21, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50,000. The Debtor is represented by Howard Marc Spector, Esq., at SPECTOR & COX, PLLC. 11262 VENTURA: John-Patrick Fritz Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 16 appointed John-Patrick Fritz as Subchapter V trustee for 11262 Ventura, LLC. Mr. Fritz will be paid an hourly fee of $695 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. The compensation for his trustee administrators (Jason Klassi, Linda Riess and Connie Ray) is $300 per hour. Mr. Fritz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: John-Patrick M. Fritz Levene, Neale, Bender, Yoo & Golubchik, L.L.P. 2818 La Cienega Avenue Los Angeles, CA 90034 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 About 11262 Ventura LLC 11262 Ventura, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11664) on March 3, 2025, listing between $50,001 and $100,000 in assets and between $100,001 and $500,000 in liabilities. Judge Neil W. Bason presides over the case. 12027 OTSEGO: Unsecureds Will Get 100% of Claims in Plan -------------------------------------------------------- 12027 Otsego, LLC, submitted a Disclosure Statement describing Plan of Reorganization dated February 28, 2025. The Debtor is a limited liability company. Since 2018, the Debtor has been in the business of Development and leasing of residential real estate. Robert Douglas Spiro, Jr is the manager of the Debtor and has received zero compensation prior to or during the case. Diana Spiro is the 100% owner of the Debtor and has received zero compensation prior to or during the case. The Debtor owns the property located at 12027 Otsego St, Valley Village, CA 91607 ("Property"). Pavel Plesnik and Crystal Plesnik are the secured lenders on the Property. The Debtor fell behind on mortgage payments. The Plesniks were threatening to foreclose. The Debtor filed for bankruptcy in order to seek new funding to bring the mortgage current. Insiders, Diana Spiro and Robert Douglas Spiro, Jr. currently lease the Property and are tenants. The Spiro's rent is $13,000 per month. In 2022, Robert Douglas Spiro Jr. lent the Debtor $514,000. In May 2024, the tenant stopped paying rent and used the amount he was owed on the loan to offset the $13,000 per month rent during the seven months from May 2024 to November 2024 until the Debtor filed for bankruptcy. This reduced the loan amount owed from $514,000 to $423,000 at the time of the bankruptcy. Because of this set off, the Debtor has no accounts receivable. Class 4 consists of Non-priority Unsecured Creditors. This Class shall be paid in full on the effective date of the Plan plus interest at the IRS statutory interest rate of 8%. The allowed unsecured claims total $463,933.38. The Debtor's equity holder, Diana Spiro, will provide new money to pay off 100% of unsecured creditors and the IRS. The money will be used to cure and reinstate the Plesnik mortgage 100%. After the plan, the Debtor will continue to collect rent from the tenant and make monthly payments on the Plesnik Mortgage during the full term of the mortgage. Robert Douglas Spiro, Jr will remain as manager of the LLC. A full-text copy of the Disclosure Statement dated February 28, 2025 is available at https://urlcurt.com/u?l=hFrFpz from PacerMonitor.com at no charge. Counsel to the Debtor: Marc Weitz, Esq. LAW OFFICE OF MARC WEITZ 633 W 5th St, Ste 2800 Los Angeles, CA 90071 Tel: (213) 223-2350 Fax: (213) 784-5407 Email: marcweitz@weitzlegal.com About 12027 Otsego LLC 12027 Otsego LLC is primarily engaged in renting and leasing real estate properties. Otsego LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-11903) on Nov. 15, 2024. In the petition filed by Robert Spiro, as manager, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Martin R. Barash oversees the case. The Debtor is represented by Hovig John Abassian, Esq. 23ANDME HOLDING: Case Summary & 30 Largest Unsecured Creditors -------------------------------------------------------------- Lead Debtor: 23andMe Holding Co. 870 Market Street, Room 415 San Francisco, CA 94102 Business Description: 23andMe is a leading genetics and telehealth company focused on helping individuals access and understand their genetic information. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The Company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. Additionally, 23andMe holds FDA authorization for its genetic health risk, carrier status, cancer predisposition, and pharmacogenetics reports. The Company also operates Lemonaid Health, a telehealth platform that provides medical care, pharmacy fulfillment, and laboratory testing services. Chapter 11 Petition Date: March 23, 2025 Court: United States Bankruptcy Court Eastern District of Missouri Twelve affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- 23andMe Holding Co. (Lead Case) 25-40976 23andMe, Inc. 25-40977 23andMe Pharmacy Holdings, Inc. 25-40978 Lemonaid Community Pharmacy, Inc 25-40979 Lemonaid Health, Inc. 25-40980 Lemonaid Pharmacy Holdings Inc. 25-40981 LPharm CS LLC 25-40982 LPharm INS LLC 25-40983 LPharm RX LLC 25-40984 LPRXOne LLC 25-40975 LPRXThree LLC 25-40985 LPRXTwo LLC 25-40986 Judge: ______ Debtors' Bankruptcy Counsel: Thomas H. Riske, Esq. Nathan R. Wallace, Esq. Jackson J. Gilkey, Esq. CARMODY MACDONALD P.C. 120 S. Central Avenue, Suite 1800 St. Louis, Missouri 63105 Tel: (314) 854-8600 Fax: (314) 854-8660 Email: thr@carmodymacdonald.com nrw@carmodymacdonald.com jjg@carmodymacdonald.com Debtors' Bankruptcy Counsel: Paul M. Basta, Esq. Christopher Hopkins, Esq. Jessica I. Choi, Esq. Grace C. Hotz, Esq. PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP 1285 Avenue of the Americas New York, New York 10019 Tel: (212) 373-3000 Fax: (212) 757-3990 Email: pbasta@paulweiss.com chopkins@paulweiss.com jchoi@paulweiss.com ghotz@paulweiss.com Special Counsel to Special Committee: GOODWIN PROCTER LLP - and - LEWIS RICE LLC Financial Advisor, Capital Markets Advisor & Investment Banker for Special Committee: MOELIS & COMPANY LLC Debtors' Notice & Claims Agent: KROLL RESTRUCTURING ADMINISTRATION SERVICES LLC Total Assets as of Dec. 31, 2024: $277,422,000 Total Debts as of Dec. 31, 2024: $214,702,000 The petitions were signed by Matthew E. Kvarda as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HVHCWFY/23andMe_Holding_Co__moebke-25-40976__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. NGI Labcorp Trade Claim $1,193,437 (National Genetics Institute) 2440 S Sepulveda Blvd Suite 100 Los Angeles, Ca 90064 United States Adam Schechter, CEO Email: schecha@labcorp.com Phone: (800) 343-4407 2. Jellyfish US Limited Trade Claim $382,544 1201 Wills St., Suite 600 Baltimore, Md 21231 United States Nick Emery, CEO Email: nick.emery@jellyfish.com Phone: +44 20 3970 0248 3. Blue Shield Of California Trade Claim $339,925 Po Box 749415 Los Angeles, CA 90074-9415 United States Lois Quam, CEO Phone: (844) 831-4133 4. Kaiser Foundation Health Trade Claim $205,155 Plan Northern CA File 5915 Los Angeles, CA 90074-5915 United States Drew Altman President & CEO Email: daltman@kff.org Phone: (650) 854-9400 5. Power Digital Marketing, Inc. Trade Claim $194,506 2251 San Diego Avenue, Suite A250 San Diego, CA 92110 United States John Taumoepeau, COO Email: john@powerdigitalmarketing.com Phone: (503) 484-0548 6. Alom Technologies Corporation Trade Claim $183,507 Po Box 5040 San Jose, CA 95150-5040 United States Hannah Kain President & CEO Email: hkain@alom.com Phone: (510) 360-3694 7. Katie Couric Media, LLC Trade Claim $175,000 100 Crosby St Suite 301 New York, Ny 10012 United States Courtney Litz, EVP Email: courtney@katiecouric.com Phone: (212) 253-9493 8. Datasite LLC Trade Claim $167,650 733 S Marquette Ave Suite 600 Minneapolis, MN 55402 United States Rusty Wiley, CEO Email: rusty.wiley@datasite.com Phone: (407) 352-2732 9. Right Side Up LLC Trade Claim $84,645 9901 Brodie Lane Suite 160, Pmb 515 Austin, Tx 78748 United States Tyler Elliston, CEO Email: tyler@rightsideup.com Phone: (415) 882-7765 10. Wilson Sonsini Goodrich & Trade Claim $60,441 Rosati, Professional Corporation P.O. Box 742866 Los Angeles, CA 90074-2866 United States Ariela Tannenbaum, CFO Email: atannenbaum@wsgr.com Phone: (650) 493-9300 11. Advanced Chemical Transport Trade Claim $58,149 967 Mabury Rd San Jose, CA 95133 United States Walter Singer, CEO Email: wsinger@actenviro.com Phone: (408) 548-5050 12. 221 N Mathilda, LLC Contract Undetermined One Market Plaza, Spear Tower, Rejection Suite 4125 San Francisco, CA 94105 United States Dave Pickering, CFO Email: dpickering@spearstreetcapital.com Phone: (415) 222-7420 13. Aganitha AI Inc. Trade Claim Undetermined 777 First St., #519 Gilroy, Ca 95020-4918 United States Vikram Duvvoori, CEO Email: vikramd@aganitha.ai Phone: (408) 523-8406 14. Allied Universal Trade Claim Undetermined Security Services P.O. Box 828854 Philadelphia, PA 19182-8854 United States Tim Brandt, CFO Email: tim.brandt@aus.com Phone: (949) 713-6316 15. Braintree Trade Claim Undetermined 2211 North First Street San Jose, Ca 95131 United States Jamie Miller CFO & COO Email: jmiller@paypal.com Phone: (408) 967-1000 16. Converge Technology Trade Claim Undetermined Solutions US, LLC P.O. Box 23623 New York, Ny 10087-3623 United States Greg Berard, CEO Email: gberard@convergetp.com Phone: (678) 250-7123 17. Coreweave, Inc. Contract Undetermined 101 Eisenhower Parkway Rejection Suite 106 Roseland, NJ 07068 United States Nitin Agrawal, CFO Email: nitinagrawal@coreweave.com Phone: (917)-373-3740 18. Delta Dental Of California Trade Claim Undetermined Po Box 44460 San Francisco, CA 94144-0460 United States Sarah Chavarria, CEO Email: schavarria@delta.org Phone: (800) 632-8555 19. Fulgent Therapeutics, LLC Trade Claim Undetermined P.O. Box 748677 Los Angeles, CA 90074-8677 United States Ming Hsieh, CEO Email: minghsieh@fulgentgenetics.com Phone: (503) 999-5576 20. Google, Inc. - Adwords Trade Claim Undetermined P.O. Box 883654 Los Angeles, CA 90088-3654 United States Sundar Pichai, CEO Email: sundar@google.com Phone: (650) 253-0000 21. Juice Media, Inc. Trade Claim Undetermined 4094 Glencoe Ave Marina Del Rey, Ca 90292 United States Mark Zamuner, CEO Email: mark@juicemedia.io Phone: (310) 439-5515 22. KR OP Tech, LLC Contract Undetermined 12200 West Olympic Blvd., Suite 200 Rejection Los Angeles, Ca 90064 United States Angela Aman, CEO Email: aaman@kilroyrealty.com Phone: (415) 808-6011 23. Linkedin Corporation Trade Claim Undetermined 62228 Collections Center Drive Chicago, Il 60693-0622 United States Ryan Roslansky, CEO Email: rroslansky@linkedin.com Phone: (866) 533-4332 24. Meta Platforms, Inc. Trade Claim Undetermined 15161 Collections Center Drive Chicago, Il 60693 United States Mark Zuckerburg, CEO Email: markzuckerburg@fb.com Phone: (650) 543-4800 25. Movianto Trade Claim Undetermined Keltenweg 70 Oss, 5342 LP Oss Netherlands Thomas Creuzberger, CEO Email: thomas.creuzberger@movianto.com Phone: (31041) 240-6420 26. Migliaccio & Rathod LLP Pixel Litigation Undetermined 412 H St. NE Washington, Dc 20002 United States 201 Spear St Unit 1100 San Francisco, CA 94105 United States Nicholas Migliaccio, Jason Rathod Email: nmigliaccio@classlawdc.com, jrathod@classlawdc.com Phone: (202) 470-3510 27. Surefox North American Trade Claim Undetermined P.O. Box 610028 Dallas, TX 75261 United States Joshua Szott, CEO Email: joshua.szott@surefox.com Phone: (888) 767-7665 28. Telus International Trade Claim Undetermined Services Limited Voxpro House Point Village East Wall Road Dublin, 1 D01x7h6 Co. Ireland Michael Ringman, CIO Email: michael.ringman@telusinternational.com Phone: (604) 327-2371 29. Woot Services LLC Trade Claim Undetermined 4121 International Parkway Suite 900 Carrollton, TX 75007 United States Kent Stewart, CEO Email: kstewart@woot.com Phone: (214) 445-2848 30. Workday, Inc Trade Claim Undetermined P.O. Box 886106 Los Angeles, CA 90088-6106 United States Carl Eschenback, CEO Email: carl.eschenbach@workday.com Phone: (925) 951-9522 4011-4090 NW 34TH: Unsecureds to be Paid in Full in Plan -------------------------------------------------------- 4011-4090 NW 34th Street LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement in support of Chapter 11 Plan of Reorganization dated February 28, 2025. The Debtor was founded in 2011 and is a single asset real estate company which owns and operates an eighteen-unit commercial shopping center which includes units 4010–4091 NW 34th Street in Lauderdale Lakes, FL (the "Property"). The Debtor leases out the eighteen units to a multitude of different service industry tenants that offer a diverse set of options to consumers from professional services to a beauty salon. The Debtor has several anchor tenants which have been located within the Property for several years, while other units are occupied by more recent tenants. On May 20, 2020, alleged creditor IPG International Products Group Inc. ("IPG") filed a complaint for foreclosure and damages in The Circuit Court for the Seventeenth Judicial Circuit In and For Broward County, Florida and given the Case No. CACE-20-008802 (the "State Court Case") alleging the Debtor defaulted on an Agreement and Revolving Credit Note Agreement for Inventory Advances (the "Note") allowing IPG to foreclosure on a Mortgage executed by the December 19, 2014 (the "Mortgage"). The Debtor vigorously defended the State Court Case, however, the cost of litigating the State Court Case caused the Debtor to fall behind on property taxes due to Broward County and taxes due to the Internal Revenue Service (the "IRS"). As such, the Debtor commenced this Chapter 11 proceeding to modify its secured debt obligations to Broward County for tax years 2022 and 2023 and allow the Debtor the opportunity to file an adversary proceeding against IPG to determine the validity and extend of its alleged lien against the Debtor's Property. The Debtor believes that the Plan is feasible and provides a 100% distribution to all creditors, with interest. Class 4, the General Unsecured Claim of the Internal Revenue Service, is unimpaired by this Plan. This claim relates to a penalty for unpaid Federal Insurance Contributions Act ("FICA") taxes in the amount of $602.01. The Internal Revenue Service will be paid in full (the full amount of its General Unsecured Claim) in one lump sum payment on the Effective Date. The Debtor will remain in compliance with any and all taxes that come due in the ordinary course of its business. This Class is unimpaired. Class 5 consists of all allowed equity interests in the Debtor. All Equity Security Holders of the Debtor will retain their interest(s) in the Debtor as such interest(s) existed prior to the Petition Date, with Williamette Valley Capital Corp. retaining a 98% interest, Alcibia International Corp. retaining a 1% interest, and Tyre Conquest Corp. retaining a 1% stock interest. The means necessary for the implementation of the Plan include the Debtor's cash flow from operations for a period of 5 years. The Debtor's financial projections show that the Debtor will have sufficient cash over the life of the Plan to make the required Plan payments and operate its business. A full-text copy of the Disclosure Statement dated February 28, 2025 is available at https://urlcurt.com/u?l=JVApvi from PacerMonitor.com at no charge. 4011-4099 NW 34th Street, LLC is represented by: Christian Somodevilla, Esq. LSS LAW 2 South Biscayne Boulevard, Suite 2200 Miami, FL 33131 Telephone: (305) 894-6163 Facsimile: (305) 503-9447 Email: cs@lss.law About 4011- 4099 NW 34th Street 4011- 4099 NW 34th Street, LLC is the owner of real property located at 4011-4090 NW 34th Street, Lauderhill, Fla., valued at $2 million. 4011- 4099 NW 34th Street filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 23-19421) on Nov. 16, 2023. In the petition signed by Jose Gaspard Morell, an authorized officer, the Debtor disclosed $2,054,566 in total assets and $590,001 in total liabilities. Judge Corali Lopez-Castro oversees the case. The Debtor tapped Zach B. Shelomith, Esq., and Christian Somodevilla, Esq., at LSS Law as bankruptcy counsel and Hal Levenberg at Yip Associates as accountant. 4324 S. VERMONT: Court Denies Emergency Motion for Stay ------------------------------------------------------- Judge Sheri Bluebond of the United States Bankruptcy Court for the Central District of California denied 4324 S. Vermont LLC's emergency motion for stay pending appeal of an order dismissing the bankruptcy case. Creditor Wilmington Savings Fund Society, FSB, not in its individual capacity, but solely as the Trustee for Residential Mortgage Aggregation, opposes the emergency motion. The Court finds the debtor has not carried its burden of proof with regard to the emergency motion as it has no prospect whatsoever of prevailing on the merits of its appeal. The debtor does not dispute that the Los Angeles Superior Court, Case No. 24STCV13591, vested sole and exclusive authority in the appointed receiver, Kevin Singer, to file a bankruptcy petition on behalf of 4324 S. Vermont LLC in June and/or July of 2024. The debtor did not appeal that order and did not obtain a stay pending appeal of that order. Therefore, that order is binding on this Court and the debtor's prior management did not have the authority to commence the bankruptcy case. The debtor contends that it will be irreparably harmed if a stay pending appeal is not granted because the real property sale scheduled to occur on March 18, 2025 will be for less than the property's market value, but the debtor has not provided any evidence to support this contention or any evidence to suggest that the receiver failed to market the property adequately or has turned away any party interested in bidding on or paying more for the property, the Court finds. Moreover, imposing a stay pending appeal would prejudice the secured lender who has gone to great lengths to protect its interest in the property and that of the prospective purchaser who would be precluded from moving forward with its purchase of the property, the Court adds. And, if the public interest is implicated at all in this case, it is hard to see how permitting a party who is not authorized to commence a bankruptcy to nevertheless remain in bankruptcy would serve the public interest. Judge Bluebond concldues, "As the order of which the debtor seeks a stay is an order dismissing this chapter 11 bankruptcy case, the grant a stay pending appeal would mean that, pending the outcome of the appeal, the case would remain in chapter 11. And it would be the receiver and not the debtor's former management who would have the authority to operate as a debtor in possession in that case. This is not what the debtor wants in any event. The debtor's former management wants to be able to operate the debtor in bankruptcy. If that is what the debtor wants, it should have appealed the order(s) giving the receiver the sole and exclusive authority to file a bankruptcy petition on the debtor's behalf, which it failed to do." A copy of the Court's decision dated March 17, 2025, is available at https://urlcurt.com/u?l=Veo9oZ from PacerMonitor.com. About 4324 S. Vermont LLC 4324 S. Vermont LLC is a debtor with a single real estate asset, as outlined in 11 U.S.C. Section 101(51B). 4324 S. Vermont LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11371) on February 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtor is represented by: Robert Altagen, Esq. ROBERT S ALTAGEN 1111 Corporate Center Drive #201 Monterey Park CA 91754 Tel: (323) 268-9588 E-mail: robertaltagen@altagenlaw.com 433 EAST 141ST: Charles Persing Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 2 appointed Charles Persing, a certified public accountant at Bederson, LLP, as Subchapter V trustee for 433 East 141st, LLC. Mr. Persing will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Persing declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Charles N. Persing, CPA/CFF, CVA, CIRA, CFE Bederson LLP 100 Passaic Avenue, Suite 310 Fairfield, NJ 07004 Phone: (973) 530-9181 Fax: (862) 926-2481 Email: cpersing@bederson.com About 433 East 141st 433 East 141st, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10387) on February 28, 2025, listing $500,001 to $1 million in both assets and liabilities. Judge John P. Mastando, III presides over the case. ACCELERATE DIAGNOSTICS: Posts $50M 2024 Loss, Warns of Bankruptcy ----------------------------------------------------------------- Accelerate Diagnostics, Inc., reported a $50 million loss for the year ended Dec. 31, 2024, compared to a net loss of $61.62 million in the prior year, and warned that it may file a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in order to implement a restructuring. For the year ending Dec. 31, 2024, the Company's net sales were $11.70 million, compared with net sales of $12.06 million in 2023. Since inception, the Company has not achieved profitable operations or positive cash flows from operations. The Company's accumulated deficit totaled $718.9 million as of Dec. 31, 2024. During the year ended Dec. 31, 2024, the Company had negative cash flows from operations of $24.2 million. The Company had negative working capital of $(9.0) million as of Dec. 31, 2024. As of Dec. 31, 2024, the Company had $28.56 million in total assets, $84.60 million in total liabilities, and a total stockholders' deficit of $56.04 million. As of Dec. 31, 2024, the Company had $16.3 million in cash and cash equivalents and investments, an increase of $3.1 million from $13.2 million at Dec. 31, 2023. The increase was primarily due to proceeds from the sale and issuance of Units and Pre-Funded Units, as well as proceeds from the issuance of 16.00% Notes in 2024, partially offset by cash used in operations. The Company stated that its future success is dependent on its ability to successfully commercialize its products, obtain regulatory clearance for and successfully launch its future product candidates, obtain additional capital and ultimately attain profitable operations. In its reported dated March 20, 2025, WithumSmith+Brown, PC, the Company's auditor since 2024, issued a "going concern" qualification, citing that the Company has suffered recurring losses and negative cash flows from operations that raise substantial doubt about the Company's ability to continue as a going concern. The Company's primary use of capital has been for the development and commercialization of the Accelerate Pheno system, development of complementary products and, most recently, development of its next generation technology, the Accelerate WAVE system. The Company is subject to a number of risks similar to other early commercial stage life science companies, including, but not limited to commercially launching the Company's products, development and market acceptance of the Company's product candidates, development by its competitors of new technological innovations, protection of proprietary technology and raising additional capital. The Company mentioned in the report that, "Management currently believes that it will be necessary for us to secure additional funds to continue our existing business operations and to fund our obligations. While we continue to explore additional funding in the form of potential equity and/or debt financing arrangements or similar transactions, there can be no assurance the necessary financing will be available on terms acceptable to us, or at all. If we raise funds by issuing equity securities, dilution to stockholders may result. Any equity securities issued may also provide for rights, preferences or privileges senior to those of holders of common stock. If we raise funds by issuing additional debt, it is likely any new debt would have rights, preferences and privileges senior to common stockholders. The terms of borrowing could impose significant restrictions on our operations. The capital markets have in the past, and may in the future, experience periods of upheaval that could impact the availability and cost of equity and debt financing. In addition, changes in federal fund rates set by the Federal Reserve, such as the significant increases experienced throughout 2022 and 2023, which serve as benchmark rates on borrowing, and other general economic conditions have impacted, and in the future may further impact, the cost of debt financing or refinancing existing debt." Bankruptcy Warning The Company has warned in the report that it may seek protection under the Bankruptcy Court, which could harm its business, affect its ability to retain key personnel, and result in significant losses for stockholders. "We have engaged financial and legal advisors to assist us in, among other things, analyzing various strategic alternatives to address our liquidity and capital structure. However, there can be no assurance that the strategic review will be successful, and a filing under Chapter 11 may be unavoidable. Seeking Bankruptcy Court protection could have a material adverse effect on our business, financial condition, results of operations and liquidity. So long as the process related to a Chapter 11 proceeding continues, our senior management would be required to spend a significant amount of time and effort dealing with the reorganization instead of focusing exclusively on our business operations," the Company stated in the report. The full text of the Company's Annual Report on Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/727207/000162828025014205/axdx-20241231.htm About Accelerate Headquartered in Tucson, AZ, Accelerate Diagnostics, Inc. -- axdx.com -- is an in-vitro diagnostics company dedicated to providing solutions for the global challenges of antibiotic resistance and sepsis. Accelerate Diagnostics' current portfolio of FDA-cleared platforms include the Accelerate Pheno system and Accelerate PhenoTest BC kit as well as the Accelerate Arc system and BC kit. The Accelerate Pheno system and Accelerate PhenoTest BC kit combine several technologies aimed at reducing the time clinicians must wait to determine the most optimal antibiotic therapy for deadly infections. This system fully automates sample preparation, identification and phenotypic antibiotic susceptibility testing in approximately seven hours directly from positive blood cultures. Recent external studies indicate this solution offers results 1-2 days faster than existing methods, enabling clinicians the ability to optimize antibiotic selection and dosage specific to the individual patient days earlier. Further, the Accelerate Arc system and BC kit provide a novel, automated positive blood culture sample preparation platform for use with Bruker's MALDI Biotyper CA System (MBT-CA System) and MBT-CA Sepsityper software extension. Designed for clinical laboratories, the Accelerate Arc system has a simple workflow that automates positive blood culture sample preparation for direct downstream microbial identification using Bruker's MBT-CA System. This innovation eliminates the need for overnight culture methods, reducing the wait time for microbial identification results, which is critical in the fight against sepsis. AIO US: Asset Sale Proceeds to Fund Plan Payments ------------------------------------------------- AIO US, Inc. and its debtor affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a Disclosure Statement for Joint Chapter 11 Plan of Liquidation dated February 28, 2025. The Debtors are U.S. holding companies. The Company did not operate in the United States as of the Petition Date and had not sold products in the United States since 2016. Prior to consummation of the Sale and Natura Settlement, the Debtors' primary assets consisted of (i) their equity interests in Avon Non-U.S. and (ii) their intellectual property rights, including their trademarks and the rights they held as owner and licensor under certain intellectual property licensing agreements for the marketing, distribution, and sale of Avon products and the use of their trademarks in various global markets as well as the North America market. The Debtors commenced their chapter 11 cases with the commitment and support of their secured prepetition and postpetition lender and parent, Natura & Co Holding S.A. (together with its affiliates not including the Debtors and their non-debtor subsidiaries at the time of the Petition Date, "Natura"), to address the Debtors' prepetition liabilities, including prepetition legacy talc liabilities arising out of their former U.S. operations, and to implement a sale of their assets to maximize value for the estates and their creditors. The Debtors were successful in this goal. As described, with Bankruptcy Court approval and the support of the Official Committee of Unsecured Creditors (the "Creditors' Committee" or the "Committee"), (i) the Debtors sold their assets to Natura (the "Sale") after a robust marketing process, with the primary consideration being a credit bid of a portion of Natura's secured claims, and (ii) reached a settlement with Natura (the "Natura Settlement") that provided value to the Debtors' estates and eliminated all of Natura's claims against the estates (over $1 billion). The Global Settlement also resolved the Creditors' Committee's objections to the Sale, and the Court entered an order approving the Sale on December 6, 2024 (the "Sale Order"). The Sale resulted in $125 million in value for the estates in the form of a credit bid by Natura (the "Buyer"), the assumption and assignment of a substantial number of the Debtors' contracts to Natura, and the assumption and payment of approximately $3.1 million in cure costs and other payables by Natura. The Sale closed and became effective on December 10, 2024. The Global Settlement and Sale resulted in significant assets remaining in the estates for distribution to the holders of Allowed Claims. The Plan provides for the creation of a trust (the "Avon Liquidation Trust") to administer the Debtors' assets and claims after the Effective Date. The Avon Liquidation Trust will be administered by the Liquidating Trustee, who will be selected by the Debtors [with the consent of the Creditors' Committee, which consent shall not be unreasonably withheld, delayed, or conditioned]. The Plan sets aside funds to operate the Avon Liquidation Trust (called the "ALT Operating Reserve") and establishes reserves (the "Professional Fee Escrow Account" and the "Priority Reserve") for certain groups of creditors that are required to be paid in full: Allowed Administrative Expense Claims, Other Priority Claims, and Secured Claims. As a result of the Sale and Natura Settlement, the Debtors hold various assets they are using to administer the chapter 11 cases and that will be used to administer the Avon Liquidation Trust, with the rest being available for distribution to holders of Allowed Claims in accordance with the Plan, including holders of Allowed General Unsecured Claims and Allowed Talc Claims. The assets expected to be available on the Effective Date, and an estimated value of such assets (which may be materially higher or lower) are set forth: * cash in an estimated amount of $[●] as of the Debtors’ anticipated Effective Date of [●]; * an estimated $25.6 million in Rabbi Trust Receivable Proceeds from the liquidation of the Debtors' Rabbi Trust (net of liquidation fees); * the Debtors' Insurance Rights; * potential unliquidated claims and causes of action against certain parties on account of Retained Causes of Action; and * unliquidated assets of de minimis value (if any) that remain unsold as of the Effective Date. Class 3 consists of General Unsecured Claims. Except to the extent that a holder of an Allowed General Unsecured Claim agrees to different treatment, in full and final satisfaction, settlement, release of, and in exchange for, such Allowed General Unsecured Claim, on the later of the Effective Date and the date that is thirty calendar days after the date such General Unsecured Claim becomes an Allowed Claim, or as soon as reasonably practicable thereafter, each holder of an Allowed General Unsecured Claim shall receive such holder’s Pro Rata share of the GUC Recovery Fund, unless such holder elects on a timely received ballot to have its claim treated as an Electing General Unsecured Claim, forgo its recovery from the GUC Recovery Fund, and instead receive such holder's share of the ALT Recovery Fund in accordance with the Trust Distribution Procedures. For the avoidance of doubt, any holder of an Allowed General Unsecured Claim that fails to make an election on a timely submitted ballot to have its claim treated as an Electing General Unsecured Claim shall have its claim treated as a Non-Electing General Unsecured Claim and receive such holder's Pro Rata share of the GUC Recovery Fund. Class 4 consists of Talc Claims. Pursuant to the Plan and the Trust Distribution Procedures, on the Effective Date, liability for all Talc Claims shall be permanently assumed by the Avon Liquidation Trust without further act or deed and shall be resolved in accordance with the Trust Distribution Procedures. Except to the extent that a holder of an Allowed Talc Claim agrees to different treatment, in full and final satisfaction, settlement, release of, and exchange for an Allowed Talc Claim, each such holder shall receive, from the Avon Liquidation Trust, such holder's share of the ALT Recovery Fund in accordance with the Trust Distribution Procedures. The Plan provides that Post-Effective Date Available Cash will be allocated to: (a) first, the Priority Reserve to the extent necessary, in the sole discretion of the Liquidating Trustee, to satisfy Allowed (1) Administrative Expense Claims (excluding Professional Fee Claims), (2) Secured Claims, and (3) Priority Claims; (b) second, the ALT Operating Reserve to the extent necessary, in the sole discretion of the Liquidating Trustee, to satisfy estimated ALT Operating Expenses; and (c) third, the ALT Recovery Fund for the benefit of Allowed Talc Claims and Allowed Non-Electing General Unsecured Claims. A full-text copy of the Disclosure Statement dated February 28, 2025 is available at https://urlcurt.com/u?l=0X71Nh from Epiq Corporate Restructuring LLC, claims agent. The Debtors' Counsel: Zachary I. Shapiro, Esq. Mark D. Collins, Esq. Michael J. Merchant, Esq. David T. Queroli, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, Delaware 19801 Tel: (302) 651-7700 E-mail: collins@rlf.com merchant@rlf.com shapiro@rlf.com queroli@rlf.com - and - Ronit J. Berkovich, Esq. Matthew P. Goren, Esq. Alejandro Bascoy, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Tel: (212) 310-8000 E-mail: ronit.berkovich@weil.com matthew.goren@weil.com alejandro.bascoy@weil.com About AIO US, Inc. AIO US Inc., Avon Products Inc, and some of its affiliates are manufacturers and marketers of beauty, fashion, and home products with operations and customers across the globe. AIO US and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11836) on Aug. 12, 2024. In the petition filed by Philip J. Gund as chief restructuring officer, AIO US disclosed $1 billion to $10 billion in assets and debt. Richards, Layton & Finger, P.A. and Weil, Gotshal & Manges LLP are serving as counsel to the Debtors. Ankura Consulting Group LLC serves as restructuring advisor to the Debtors. Rothschild & Co US Inc is the Debtors' investment banker and financial advisor. Epiq Corporate Restructuring LLC acts as claims and noticing agent to the Debtors. AMERICAN DREAM: Unsecureds Owed $49K to be Paid in Full in Plan --------------------------------------------------------------- American Dream Land Development of Colorado LLC submitted an Amended Small Business Plan of Liquidation dated February 28, 2025. American Dream is a Colorado limited liability company that purchases and develops real property. On the Petition Date, American Dream owned four pieces of real property: a four-plex located at 3561-3567 Baltimore Avenue; Pueblo, CO ("Baltimore"); a four-plex located at 9 Castle Royal drive; Pueblo, CO ("Castle"); and two pieces of vacant land located at 363 Springmont Drive, Pueblo West, CO and 375 Springmont Drive, Pueblo West, CO respectively (collectively the "Vacant Land"). The Debtor asserts both Baltimore and Castle contain equity. By this Plan, the Debtor seeks to sell Castle and Baltimore and use the proceeds from the sale to satisfy all of its outstanding obligations in full. Class 7 consists of those unsecured creditors of Debtor who hold Allowed Claims that were either scheduled by Debtor as undisputed, or subject to timely proofs of claim to which Debtor does not successfully object. No party has filed a general unsecured claim. Based on the Debtor's amended schedules, the only general unsecured claim which will be allowed is the general unsecured claim of Sihong Xie in the sum of $48,577.00. That claim will be paid in full at the closing of Castle or Baltimore, whichever sells first, and to the extent the sale nets sufficient net proceeds to pay the claims with priority ahead of Class 7 first. In the event the sale of Castle and Baltimore do not net sufficient net proceeds to pay allowed Class 7 claims in full, the Debtor shall sell the Vacant Land within 18-months of the Effective Date and will use the net proceeds from the sale of the Vacant Land to pay allowed Class 7 claims in full. In the event the sales are insufficient to pay the allowed general unsecured claim in full, but were sufficient to pay all creditors with priority ahead of Class 7 in full, the Debtor will pay the allowed Class 7 claim all net rent proceeds, after accounting for reasonable, ordinary, and necessary expenses of preserving and protecting Castle and Baltimore, that remained on the closing date of the sale of each respective property. After the rents have been paid, no further distributions will be required. For the absence of doubt, during the life of the Plan, the Debtor will continue to collect rents, and will only use the rents for the ordinary and necessary costs associated with preserving and protecting the various properties. Otherwise, the rents will be deposited into, and remain in, the Debtor's post-petition bank accounts to be disbursed to address any potential shortfalls associated with plan payments. Class 8 includes the Interests in the estate held by Yichen Yang, the sole member of the Debtor. Class 8 is impaired by this Plan. On the Effective Date of the Plan, Class 8 shall retain its Interests in the properties which they owned prior to the Confirmation Date, subject to the terms of the Plan. The Debtor's Plan is feasible. As noted in the Debtor's schedules, Baltimore, Castle and the Vacant Land have sufficient equity to pay all the Debtor's creditors in full. As noted, this is already a Liquidating Plan. In lieu of paying the administrative expenses of sales by a Chapter 7 Trustee, the Debtor's Plan provides for the sale of properties quickly, the use of those proceeds to pay creditors in full, and in such a way that gives equity the best opportunity to recover funds and/or property after the claims against the Debtor are paid in full. A full-text copy of the Amended Liquidating Plan dated February 28, 2025 is available at https://urlcurt.com/u?l=7i5WeL from PacerMonitor.com at no charge. Counsel to the Debtor: Jonathan M. Dickey, Esq. Kutner Brinen Dickey Riley, PC 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-2910 Email: jmd@kutnerlaw.com About American Dream Land Development American Dream Land Development of Colorado LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 24-17308) on Dec. 10, 2024. In the petition filed by Yichen Yang, as sole member, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Jonathan M. Dickey, Esq. at KUTNER BRINEN DICKEY RILEY PC. ARTISAN FOODIE: Gets Extension to Access Cash Collateral -------------------------------------------------------- Artisan Foodie Group, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral until March 27, marking the second extension since the company's Chapter 11 filing. The court's previous interim order allowed the company to access cash collateral until Feb. 20 only. The second interim order signed by Judge Roberta Colton authorized the company to use cash collateral to cover the expenses set forth in its budget, with a 10% variance per line item. As protection for the use of its cash collateral, DFCU Financial, the secured creditor, was granted a post-petition lien on cash collateral, to the same extent and with the same validity and priority as its pre-bankruptcy lien. The next hearing is scheduled for March 27. About Artisan Foodie Group LLC Artisan Foodie Group, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00506) on January 27, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Ruediger Mueller of TCMI, Inc. serves as Subchapter V trustee. Judge Roberta Colton oversees the case. The Debtor is represented by: Katelyn M. Vinson, Esq. Jennis Morse Tel: 813-229-2800 Email: kvinson@jennislaw.com ARTISTIC HOLIDAY: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Artistic Holiday Designs, LLC and Holiday Creations Pro, Inc. received second interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, for authority to use cash collateral. The companies were authorized to use cash collateral to pay ordinary and necessary business expenses as set forth in the budget attached to the Motion, with a 10% variance allowed. Secured creditors, including MEP Capital, B Squared, Inc., Melissa and Doug, LLC, and the SBA, received a lien on post-petition assets to the same extent as their pre-petition liens. MEP Capital was granted a superpriority administrative expense claim to secure against any loss in value of its collateral. The next hearing is scheduled for April 23. About Artistic Holiday Designs, LLC Artistic Holiday Designs, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 2:25-bk-00153-FMD) on January 29, 2025. In the petition signed by Derek Norwood, managing member, the Debtor disclosed up to $10 million in assets and up to$50 million in liabilities. Judge Caryl E. Delano oversees the case. Michael Dal Lago, Esq., at Dal Lago Law, represents the Debtor as legal counsel. MEP Capital Holdings III, L.P., as secured creditor, is represented by: Luis E. Rivera II, Esq. GRAYROBINSON, P.A. 1404 Dean Street, Suite 300 Fort Myers, Florida 33901 Phone: 239.254.8460 E-mail: luis.rivera@gray-robinson.com ATIF HOLDINGS: Raises Going Concern Doubt Amid Losses ----------------------------------------------------- Atif Holdings Limited disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended January 31, 2025, that there is substantial doubt about its ability to continue as a going concern. For the six months ended January 31, 2025 and 2024, the Company reported a net loss of approximately $2.3 million and $1 million, respectively, and operating cash outflows approximately $1.2 million and approximately $0.02 million. In assessing the Company's ability to continue as a going concern, the Company monitors and analyzes its cash and its ability to generate sufficient cash flow in the future to support its operating and capital expenditure commitments. Because of a history of net losses from operations, cash out from operating activities, and the requirement of additional capital to fund our current operating plan at January 31, 2025, these factors indicate the existence of an uncertainty that raises substantial doubt about the Company's ability to continue as a going concern. In January 2025, the Company issued and sold 3,820,000 ordinary shares to certain non-affiliated institutional investors at a price of US$1.25 per share for gross proceeds of US$4.8 million. The Company recorded net proceeds of approximately $4.8 million. As of January 31, 2025, the Company had cash of approximately $5.3 million, short-term investments in trading securities of approximately $2.8 million and due from a related party of $0.6 million, which were highly liquid. On the other hand, the Company had current liabilities of approximately $0.8 million. The Company's cash and short-term investments in trading securities could well cover the current liabilities. The Company's ability to continue as a going concern is dependent on management's ability to successfully execute its business plan, which includes increasing revenue while controlling operating cost and expenses to generate positive operating cash flows and obtain financing from outside sources. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3jx5jcxm About ATIF Holdings ATIF Holdings Limited, formerly known as Eternal Fairy International Limited and Asia Times Holdings Limited, was incorporated under the laws of the British Virgin Islands on January 5, 2015, as a holding company to develop business opportunities in the People's Republic of China. The Company adopted its current name on March 7, 2019. The Company is primarily engaged in providing business advisory and financial consulting services to small and medium-sized enterprise customers. As of January 31, 2025, the Company had $8.6 million in total assets, $0.8 million in total liabilities, and total stockholders' equity of $7.9 million. AUTHID INC: Cherry Bekaert Raises Going Concern Doubt ----------------------------------------------------- authID Inc. disclosed in a Form 10-K Report filed with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2024, that its auditor expressed an opinion that there is substantial doubt about the Company's ability to continue as a going concern. Tampa, Florida-based Cherry Bekaert LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated March 13, 2025, citing that the Company has recurring losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. authID said, "We have an accumulated deficit of approximately $173.8 million as of December 31, 2024 and incurred an operating loss of approximately $14.3 million for the year ended December 31, 2024. We have had net losses in most of our quarters since our inception. We expect that we will continue to incur net losses in 2025. We may incur losses in the future for a number of reasons, including the other risks described in this report, and we may encounter unforeseen expenses, difficulties, complications, delays and other unknown events. Accordingly, we may not be able to achieve or maintain profitability. Our management is developing plans and executing certain programs to alleviate the negative trends and conditions described above, however there is no guarantee that such plans will be successfully implemented. Our ability to curtail our operating losses or generate a profit may be further impacted by the fact that our business plan is largely unproven. There is no assurance that even if we successfully implement our business plan, that we will be able to curtail our losses. If we incur significant additional operating losses, our stock price may decline, perhaps significantly and the Company will need to raise substantial additional capital in order to be able to continue to operate, which will dilute the existing stockholders and such dilution may be significant. Additional capital may not be available on terms acceptable to the Company, or at all. As there can be no assurance that the Company will be able to achieve positive cash flows (become cash flow positive) and raise sufficient capital to maintain operations, there is substantial doubt about the Company's ability to continue as a going concern." "We have yet to achieve positive cash flow and, given our projected funding needs, our ability to generate positive cash flow is uncertain." "We have had negative cash flow from operating activities of approximately $11.6 million and approximately $8.4 million for the years ended December 31, 2024 and 2023, respectively. We anticipate that we will continue to have negative cash flows from operating activities through at least the next 12 months as we expect to incur increased research and development, sales and marketing, and general and administrative expenses. Our business will require significant amounts of working capital to support our growth, particularly as we seek to introduce our new offered products. An inability to generate positive cash flow from operations may adversely affect our ability to raise needed capital for our business on reasonable terms, if at all. It may also diminish supplier or customer willingness to enter into transactions with us, and have other adverse effects that may impact our long-term viability. There can be no assurance we will achieve positive cash flows in the foreseeable future." "We need access to additional financing, which may not be available to us on acceptable terms, or at all. If we cannot access additional financing when we need it and on acceptable terms, our business, prospects, financial condition, operating results and ability to continue as a going concern will be adversely affected. As a result of these factors, there is substantial doubt about the Company's ability to continue as a going concern." A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/67k9dxze About authID Inc. authID Inc. ensures enterprises "Know Who's Behind the Device"TM for every customer or employee login and transaction. Through its easy-to-integrate, patented, biometric identity platform, authID quickly and accurately verifies a user's identity, eliminating any assumption of 'who' is behind a device and preventing cybercriminals from taking over accounts. authID combines digital onboarding, biometric passwordless authentication and account recovery, with a fast, accurate, user-friendly experience – delivering identity verification in 700ms. Establishing a biometric root of trust for each user that is bound to their accounts, or provisioned devices, authID stops fraud at onboarding, eliminates password risks and costs, and provides the faster, more accurate and privacy preserving user identity experience demanded by operators of today's digital ecosystems. As of December 31, 2024, the Company had $14.5 million in total assets, $2.96 million in total liabilities, and total stockholders' equity of $11.5 million. AZZUR GROUP: Hires Stretto Inc. as Claims and Noticing Agent ------------------------------------------------------------ Azzur Group Holdings, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Stretto, Inc. to act as claims and noticing agent. The Debtor requires a claims and noticing agent to serve notices to creditors, equity security holders and other concerned parties, as well as provide computerized claims-related services. The Debtors provided Stretto an advance in the amount of $25,000. Sheryl Betance, a senior managing director at Stretto, disclosed in a court filing that her firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sheryl Betance Stretto, Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 Telephone: (714) 716-1872 Email: sheryl.betance@stretto.com About Azzur Group Holdings Azzur Group Holdings Pennsylvania-based professional services company operates across multiple locations including Boston, Chicago, San Diego, and San Francisco, providing specialized life sciences services including consulting, laboratory testing, cleanrooms-on-demand, and technical training services. Azzur Group Holdings and more than 30 of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10342) on March 2, 2025. In their petitions, the Debtors reported estimated assets and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Karen B. Owens handles the cases. DLA Piper LLP represents the Debtors as general bankruptcy counsel. Ankura Consulting Group LLC serves as restructuring advisor to the Debtors, Brown Gibbons Lang & Co. Securities Inc. acts as investment banker, and Stretto Inc. acts as claims and noticing agent. B.L.H.G. GROUP: Hires Allan D. NewDelman P.C. as Counsel -------------------------------------------------------- The B.L.H.G. Group, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Allan D. NewDelman, P.C. as counsel. The firm will provide these services: a. give Debtor legal advice with respect to all matters related to this case; b. prepare on behalf of the Debtor, as Debtor-In-Possession, necessary applications, answers, orders, reports and other legal papers; and c. perform all other legal services for the Debtor. The firm will be paid at these rates: Allan D. NewDelman $475 per hour Roberta J. Sunkin $395 per hour Paralegal $150 to $200 per hour The firm will be paid a retainer in the amount of $7,500. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Allan D. New Delman, Esq., a partner at Allan D. NewDelman, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Allan D. NewDelman, Esq. Allan D. Newdelman, P.C. 80 East Columbus Avenue Phoenix, AZ 85012 Tel: (602) 264-4550 Email: anewdelman@adnlaw.net About The B.L.H.G. Group, LLC B.L.H.G. Group LLC, dba Smile Now Dental Implant, is a dental practice based in Phoenix, AZ, specializing in dental implants. The center offers a variety of implant services, including full-mouth dental implants, single implants, zygomatic implants, and bone grafting. The Company emphasizes convenience by providing comprehensive treatment in a single location, utilizing advanced technology such as CBCT imaging and digital smile design software. The practice also offers financing options, flexible scheduling, and same-day solutions for implants. B.L.H.G. Group LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-02029) on March 11, 2025. In its petition, the Debtor reports total assets of $180,813 and total liabilities of $2,155,970. Honorable Bankruptcy Judge Scott H. Gan handles the case. The Debtor is represented by Allan D. NewDelman, Esq., at ALLAN D. NEWDELMAN, P.C. BENSON HILL: Files Ch.11 Bankruptcy, Obtains $11M DIP Financing --------------------------------------------------------------- Benson Hill, Inc. announced On March 20, 2025, that it and its subsidiaries filed voluntary petitions for relief under Chapter 11 of Title 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Company further disclosed that it intends to pursue a sale of its business under Section 363 of the Bankruptcy Code, including a sale of all or a portion of the Company's assets, while continuing to support its farmers, partners, and customers during the Chapter 11 process. To facilitate this process, in addition to having the use of its existing cash reserves, the Company has received a commitment of approximately $11 million in Debtor-in-Possession financing. Following Court approval, the Company expects this financing to provide the necessary liquidity to support operations throughout the Chapter 11 process. The Company has filed a variety of "first-day" motions containing customary relief intended to support the Company's ability to continue its ordinary course of operations, such as continuing to service its customers and honor its obligations to its remaining employees, as the Company begins its efforts to effectuate the sale of its assets. "Benson Hill has made significant strides in advancing our seed innovation portfolio by developing soybeans with enhanced compositional traits that deliver value creation for end users and improved sustainable solutions for growers," said Dan Jacobi, Chairman of the Board of Directors of Benson Hill. "We have worked diligently to transform our business, including reducing costs, divesting assets, retiring debt, and optimizing our operations by transitioning to a licensing model. Despite our efforts, a combination of industry challenges and financial constraints has led the Board to determine that a process under Chapter 11 is the best path forward." Court filings and information about the Chapter 11 case can be found at a website maintained by the Company's claims agent Stretto, Inc., at https://cases.stretto.com/bensonhill. Faegre Drinker Biddle & Reath LLP is serving the Company as legal counsel, and Piper Sandler & Co. is serving the Company as investment banker. About Benson Hill Benson Hill is a seed innovation company that unlocks nature's genetic diversity in soy quality traits through a combination of its proprietary genetics, its AI-driven CropOS(R) technology platform, and its Crop Accelerator. Benson Hill collaborates with strategic partners to create value throughout the agribusiness supply chain to meet the demand for better feed, food, and fuel. For more information, visit bensonhill.com or on X, formerly known as Twitter at @bensonhillinc. BENSON HILL: March 31 Deadline Set for Panel Questionnaires ----------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of Benson Hill, Inc., et al. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/4jevr5m8 and return by email it to Jonathan W. Lipshie, Esq. -- jon.lipshie@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than Monday, March 31, 2025 at 4:00 p.m. Eastern Time. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Benson Hill Benson Hill is an ag-tech company focused on innovating soy protein through advanced genetics. Using its CropOS technology platform, the Company creates food and feed that are more nutritious, functional, and produced efficiently, offering sustainability benefits to the food and feed sectors. Benson Hill and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10539) on March 20, 2025. The petitions were signed by Daniel Cosgrove as interim chief executive officer. In the petitions, the Debtors reported total assets of $137,542,000 and total debts of $110,701,000. Honorable Bankruptcy Judge Thomas M Horan handles the case. The Debtors' bankruptcy counsel is Faegre Drinker Biddle & Reath LLP. The Debtors' investment banker is Piper Sandler. The Debtors' financial advisors is Meru, LLC and the Debtors' claims and noticing agent is Stretto, Inc. BETA DRIVE: Seeks to Hire Frederic Schwieg as Bankruptcy Counsel ---------------------------------------------------------------- Beta Drive Hotel Group LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Frederic Schwieg, an attorney practicing in Rocky River, Ohio, to handle its Chapter 11 case. The professional services Mr. Schwieg shall render consist of the preparation of pleadings and services incidental thereto and conducting examinations or depositions of witnesses, participation in negotiations for the sale of assets of the Estate, formulating a plan of reorganization and production of related documents. The attorney will bill $370 per hour for his services. Mr. Schwieg disclosed in a court filing that he is a disinterested person as that term is defined in Section 101(14) of the Bankruptcy Code. Mr. Schwieg holds office at: Frederic P. Schwieg, Esq. Frederic P. Schwieg Attorney at Law 19885 Detroit Rd #239 Rocky River, OH 44116-1815 Tel: (440) 499-4506 Fax: (440) 398-0490 Email: fschwieg@schwieglaw.com About Beta Drive Hotel Group LLC Beta Drive Hotel Group LLC, d/b/a Hilton Garden Inn Cleveland East/Mayfield Village, is a hospitality company that operates the Hilton Garden Inn Cleveland East/Mayfield Village, offering amenities such as complimentary Wi-Fi, an indoor/outdoor pool, and extensive meeting spaces. Beta Drive Hotel Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-10849) on March 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Suzana Krstevski Koch handles the case. The Debtor is represented by Frederic P. Schwieg, Esq. at FREDERIC P SCHWIEG, ATTORNEY AT LAW. CANTON & COMPANY: Gets Final OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the District of Maryland, Baltimore Division, issued a final order allowing Canton & Company, LLC to use cash collateral under strict conditions following negotiations with its lender, 2111 31st Street, NW, LLC. The order signed by Judge David Rice authorized the company to use the cash collateral of 2111 31st Street, NW, LLC to pay the operating expenses set forth in its budget, which shows total expenses of $83,487 for the period from March 14 to May 16. As protection, 2111 31st Street was granted a replacement lien on the company's post-petition property and proceeds thereof, to the same extent and with the same priority as its pre-bankruptcy lien. Failure to file timely weekly reports or monthly operating reports; conversion of the company's Chapter 11 case to one under Chapter 7; appointment of a bankruptcy trustee; and failure to timely pay adequate protection payments, constitute an event of default under the court order. About Canton & Company Canton & Company, LLC is a healthcare growth and strategic services firm in Baltimore, Md. Its comprehensive suite of growth services includes Strategy & Insights, Integrated Marketing Solutions, and Performance Solutions. Canton & Company filed Chapter 11 petition (Bankr. D. Md. Case No. 23-19054) on Dec. 12, 2023, with up to $500,000 in assets and up to $10 million in liabilities. Richard McDaniel, Jr., manager of Canton & Company, signed the petition. Judge David E. Rice oversees the case. The Debtor is represented by: Daniel Alan Staeven, Esq. Frost & Associates, LLC Tel: 410-497-5947 Email: daniel.staeven@frosttaxlaw.com CANYON SPRINGS: Michael O'Connor Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 7 appointed Michael O'Connor as Subchapter V trustee for Canyon Springs Resort Property Owner's Association, Inc. Mr. O'Connor will be paid an hourly fee of $375 for his services as Subchapter V trustee, and $125 for support staff working under his direct supervision. In addition, the Subchapter V trustee will be reimbursed for work-related expenses incurred. Mr. O'Connor declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael J. O'Connor The Spectrum Building 613 Northwest Loop 410, Ste. 840 San Antonio, TX 78216 E-mail: subvtrusteesat@gmail.com Telephone: (210) 729-6009 About Canyon Springs Resort Property Owner's Association Canyon Springs Resort Property Owner's Association, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-50385) on February 28, 2025, listing between $100,001 and $500,000 in assets and up to $50,000 in liabilities. Judge Craig A. Gargotta presides over the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC represents the Debtor as bankruptcy counsel. CASUALTY UNDERWRITERS: A.M. Best Cuts LT Issuer Rating to C (Poor) ------------------------------------------------------------------ AM Best has downgraded the Financial Strength Rating to D (Poor) from C- (Weak) and the Long-Term Issuer Credit Rating to "c" (Poor) from "cc" (Very Weak) of Casualty Underwriters Insurance Company (CUIC) (Salt Lake City, UT). The outlook of these Credit Ratings (ratings) is negative. Concurrently, AM Best has withdrawn these ratings as CUIC has requested to no longer participate in AM Best's interactive rating process. The ratings reflect CUIC's balance sheet strength, which AM Best assesses as very weak, as well as its marginal operating performance, limited business profile and weak enterprise risk management (ERM). The rating downgrades reflect material erosion in CUIC's capital position, elevated leverage metrics and recent adverse loss reserve development, which have weakened the company's balance sheet materially. Surplus declines reported in four out of the past five years through 2024, have led to significant erosion in the company's risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR). The weakened capital position has been attributed to increased volatility in CUIC's underwriting results in recent periods, due to persistent rate inadequacy, inflationary pressures and increased severity in bodily injury claims owing to rising medical costs. Although management has attempted to address these unfavorable trends through rate adjustments and underwriting actions, these efforts have not proven to be effective. The rating downgrades further reflect additional headwinds faced by CUIC's ERM structure, which have proven ineffective to mitigate against market challenges and adequately insulate the capital position. The negative outlooks reflect the very weak BCAR score with a demonstrated pattern of volatility. The negative outlooks further reflect severe deficiencies in risk management capabilities given the material strain placed on the current level of capital. CENTRAL FLORIDA: Kathleen DiSanto Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 21 appointed Kathleen DiSanto, Esq., at Bush Ross, P.A., as Subchapter V trustee for Central Florida Construction Group, Inc. Ms. DiSanto will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. DiSanto declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kathleen L. DiSanto, Esq. Bush Ross, P.A. P.O. Box 3913 Tampa, FL 33601-3913 Phone: (813) 224-9255 Fax: (813) 223-9620 Email: disanto.trustee@bushross.com About Central Florida Construction Group Inc. Central Florida Construction Group Inc. is a construction company specializing in a wide range of residential and commercial services. Central Florida Construction Group sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-10051) on March 3, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. The Debtor is represented by: Justin M. Luna, Esq. Latham, Luna, Eden & Beaudine, LLP 201 S. Orange Avenue, Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 Email: jluna@lathamluna.com CHAR GRILL: Bankruptcy Administrator Unable to Appoint Committee ---------------------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina disclosed in a filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Char Grill Benson, LLC. About Char Grill Benson Char Grill Benson, LLC is a local fast-food chain in Benson, N.C., serving charcoal-grilled burgers, fries and shakes. Char Grill Benson filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-00459) on February 7, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Jennifer K. Bennington serves as Subchapter V trustee. Judge David M. Warren presides over the case. Philip Sasser, Esq., at Sasser Law Firm is the Debtor's bankruptcy counsel. BayFirst National Bank, as secured creditor, is represented by: Phillip M. Fajgenbaum, Esq. Parker Poe Adams & Bernstein, LLP 620 South Tryon Street, Suite 800 Charlotte, NC 28202 Telephone: (704) 372-9000 phillipfajgenbaum@parkerpoe.com CHARGE ENTERPRISES: Acmetel's Chapter 7 Case v. PTGi Dismissed -------------------------------------------------------------- Judge Thomas M. Horan of the United States Bankruptcy Court for the District of Delaware granted PTGi International Carrier Services, Inc.'s motion to dismiss the Chapter 7 involuntary bankruptcy petition filed by Acmetel USA, Inc. PTGi's request for attorneys' fees and costs is also granted. PTGi is a Delaware corporation that, before ceasing operations and beginning its winddown, traded in telecommunications minutes. Charge Enterprises, Inc. an electric vehicle company, is PTGi's parent. PTGi requests that the Court either dismiss the involuntary petition under 11 U.S.C. Sec. 303 because the Petitioning Creditors filed it in bad faith or abstain from the proceeding under 11 U.S.C. Sec. 305(a). PTGi also seeks an award of attorneys' fees from the petitioning creditors. The petitioning creditors argue that the case should not be dismissed. They also argue that the Court should not consider Amped I, LLC and Amped II, LLC's joinder to PTGi's motion to dismiss. There are three petitioning creditors: Acmetel USA, Inc., Omantel International, and TM Technology Services Sdn. Bhd. Each of the Petitioning Creditors had contracts to provide telecommunications minutes to PTGi. On Nov. 12, 2024, the date the Petitioning Creditors filed the involuntary petition, PTGi owed Acmetel $6,727,272.98, TM $11,271,903.42, and Omantel $11,980,720.91. PTGi does not contest these amounts. Arena is a secured creditor of PTGi. On May 19, 2021, Arena obtained a lien on certain of PTGi's assets in consideration for money Arena loaned to Charge. The parties amended and restated their Security Agreement on Dec. 17, 2021. On the same day, the parties entered into a Guaranty Agreement, under which PTGi guaranteed repayment of Charge's debt. Arena filed a UCC-1 financing statement on July 2, 2021. Arena, PTGi, and PNC Bank (where PTGi's cash is deposited) entered into a Deposit Account Control Agreement on March 1, 2024. PTGi's secretary and corporate controller, Matthew Chee, testified at the hearing on this matter that PTGi benefitted from this agreement in two ways. First, PTGi and Charge had a shared services agreement, so Charge absorbed certain costs that PTGi would have had to pay but did not. Second, Charge was able to use the funds to grow its business, thus helping PTGi's business grow. Acmetel contends that the circumstances of the case justify a chapter 7 trustee to investigate PTGi's activities, its relationship with Arena, and possible preferential or fraudulent transfers, and it contends that the estate would be served by the Court's ability to order equitable subordination of Arena's claim. While the Court does not decide today the merits of whether preferential or fraudulent transfers existed between PTGi and Arena, Acmetel has not even presented sufficient evidence to suggest that a chapter 7 trustee investigating these transactions would be beneficial to the estate. On the contrary, at the hearing on this matter, Mr. Chee provided testimony that at all relevant times, Arena and PTGi had an arms-length relationship. Similarly, Acmetel has not provided sufficient evidence to suggest that the estate would benefit through the Bankruptcy Court's power to impose the remedy of equitable subordination. Acmetel did not come forward with any evidence at all that would suggest that there is any basis upon which a chapter 7 trustee could pursue claims of equitable subordination so as to justify use of the bankruptcy process. Proceeding further would not serve a proper bankruptcy purpose, further supporting the decision to dismiss the petition, the Court concludes. The Court finds that Acmetel filed the petition in bad faith, and therefore dismisses the petition. Additionally, because the dismissal of Acmetel leaves only two petitioning creditors, the numerosity requirement is no longer fulfilled, and on that additional basis, the petition is dismissed. Because Acmetel filed the involuntary petition in bad faith, the Court awards against Acmetel and in favor of PTGi attorneys' fees and costs incurred in connection with this filing, without prejudice to PTGi's ability to seek punitive damages or any damages proximately caused by the involuntary petition, if any. PTGi should not have to bear the costs of Acmetel's bad faith. A copy of the Court's decision is available at https://urlcurt.com/u?l=AhYZlb from PacerMonitor.com. Charge Enterprises, Inc. is an electrical, broadband, and electric vehicle charging infrastructure Debtor that provides clients with end-to-end project management services, from advising, designing, engineering, acquiring, and installing equipment, to monitoring, servicing, and maintenance. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10349) on March 7, 2024, with $114,368,349 in assets and $48,718,180 in liabilities. Craig Harper-Denson, as the authorized officer, signed the petition. Judge Thomas M. Horan oversees the case. The Debtor tapped Ian J. Bambrick, Esq., at FAEGRE DRINKER BIDDLE & REATH LLP as bankruptcy counsel; BERKELEY RESEARCH GROUP, LLC as financial restructuring adviser; and SQUIRE PATTON BOGGS (US) LLP as special litigation counsel. CORINTH AUTUMN: Trustee Hires Mcdermott Will & Emery as Counsel --------------------------------------------------------------- Stuart Walker, the Trustee for Corinth Autumn Oaks, L.P., seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Mcdermott Will & Emery LLP as its counsel. The firm's services include: a. advising the Trustee with respect to his powers and duties as trustee in possession in the management of the Debtor's businesses and affairs; b. advising and consulting on the conduct of this chapter 11 case, including all of the legal and administrative requirements of administering this chapter 11 case; c. attending meetings and negotiating with representatives of creditors and other parties in interest; d. taking all necessary actions to protect, preserve, and maximize the value of the chapter 11 estate, including prosecuting actions on behalf of the chapter 11 estate, defending or prosecuting any action affecting the chapter 11 estate, and representing the Trustee in negotiations concerning litigation involving the chapter 11 estate, including objections to claims filed against the chapter 11 estate; e. preparing pleadings in connection with this chapter 11 case, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the chapter 11 estate; f. representing the Trustee in connection with obtaining authority to continue using cash collateral and securing post petition financing; g. appearing before the Court and any appellate courts to represent the interests of the chapter 11 estate; h. taking any necessary action on behalf of the Trustee to negotiate, prepare, and obtain approval of any sale transactions of some or all of the Debtor's assets; i. taking any necessary action on behalf of the Trustee to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a chapter 11 plan and all documents related thereto; and j. performing all other necessary legal services for the Trustee in connection with this chapter 11 case that the Trustee determines necessary and appropriate. The firm will be paid at these rates: Marcus Helt, Partner $1,780 per hour Michael Wombacher, Associate $920 per hour Daniel Northrop, Bankruptcy Specialist $740 per hour Jacque Jones Bishop, Paralegal $355 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Marcus Helt, a partner at Mcdermott Will & Emery LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Marcus A. Helt, Esq. Michael Wombacher, Esq. McDermott Will & Emery LLP 2501 North Harwood Street, Suite 1900 Dallas, TX 75201-1664 Tel: (214) 295-8000 Fax: (972) 232-3098 Email: mhelt@mwe.com mwombacher@mwe.com About Corinth Autumn Oaks L.P. Corinth Autumn Oaks L.P. is a senior care community and a member of the National Association of Activity Professionals. As trained and specialized caregivers, Corinth Autumn Oaks provides personalized assistance in activities of daily living, supportive services, and compassionate care to its assisted living residents. Creditor Corinth AO GP, LLC filed involuntary Chapter 11 petition against Corinth Autumn Oaks (Bankr. N.D. Texas Case No. 24-44464) on December 2, 2024. The creditor is represented by: Gregory W. Mitchell, Esq. Freeman Law, PLLC 7011 Main Street Frisco TX 75034 Tel: (214) 924-3124 Email: gmitchell@freemanlaw.com Judge Edward L. Morris oversees the case. CORINTH AUTUMN: Trustee Taps Implex Advisors as Financial Advisor ----------------------------------------------------------------- Stuart Walker, the Trustee for Corinth Autumn Oaks, L.P., seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Implex Advisors as financial advisor. The firm will provide these services: a. assist in the Debtor's business activities, including budgeting, cash management and financial management; b. interact with counsel, lenders and other capital sources; c. assist you in communications and negotiations with lenders, vendors and other stakeholders; d. work with the Trustee's other professionals as needed including auditors and attorneys; e. assist in preparation of the information required pursuant to statutory reporting requirements related to the chapter 11 proceeding, including the statements of financial affairs, schedules and, during the pendency of the case, the Monthly Operating Reports (MORs); f. assist with the preparation of reports for, and communications with, the Bankruptcy Court, creditors, and any other constituents; g. review, evaluate and analyze the financial ramifications of proposed transactions for which the Trustee may seek Bankruptcy Court approval; h. coordinate activities on behalf of the Debtor in connection with any refinancing, capital raising and sale process for the Debtor; i. assist the Trustee in developing marketing materials for a sale transaction; j. provide financial advice and assistance to the Trustee in connection with a sale transaction and conduct a §363 auction to sell the assets of the Debtor; k. render Bankruptcy Court test imony as appropriate in connection with the foregoing, as required, on behalf of the Debtor; and l. perform other financial advisory tasks as requested by the Trustee. Stuart Walker, Managing Partner, of the firm will be paid at the rate of $695 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Stuart Walker, a partner at Implex Advisors, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Stuart Walker Implex Advisors 8350 N Central Expressway Suite 19000-105 Dallas, TX Tel: (214) 546-0490 About Corinth Autumn Oaks, L.P. Corinth Autumn Oaks L.P. is a senior care community and a member of the National Association of Activity Professionals. As trained and specialized caregivers, Corinth Autumn Oaks provides personalized assistance in activities of daily living, supportive services, and compassionate care to its assisted living residents. Creditor Corinth AO GP, LLC filed involuntary Chapter 11 petition against Corinth Autumn Oaks (Bankr. N.D. Texas Case No. 24-44464) on December 2, 2024. The creditor is represented by: Gregory W. Mitchell, Esq. Freeman Law, PLLC 7011 Main Street Frisco TX 75034 Tel: (214) 924-3124 Email: gmitchell@freemanlaw.com Judge Edward L. Morris oversees the case. CUTERA INC: Paul Weiss & Porter Hedges Advise Noteholder Committee ------------------------------------------------------------------ The law firms of Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter Hedges LLP filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 cases of Cutera, Inc. and Crystal Sub, LLC, the firms represent the Ad Hoc Noteholder Committee. In or around May 2024, certain members of the Ad Hoc Noteholder Committee retained Paul, Weiss to represent it as counsel in connection with a potential transaction with the Debtors. In or around January 2025, additional holders of Senior Notes joined the Ad Hoc Noteholder Committee. In February 2025, the Ad Hoc Noteholder Committee retained Porter Hedges to serve as its co counsel with respect to such matters. Counsel represent only the Ad Hoc Noteholder Committee in connection with the Chapter 11 Cases. Counsel does not undertake to represent the interests of, and are not a fiduciary for, any other creditor, party in interest, or other entity in connection with the Chapter 11 Cases. In addition, neither the Ad Hoc Noteholder Committee nor any Member (i) has assumed any fiduciary duties to any other creditor or person, or (ii) purports to act, represent, or speak on behalf of any other entities in connection with the Chapter 11 Cases. The Ad Hoc Noteholder Committee Members' address and the nature and amount of disclosable economic interests held in relation to the Debtors are: 1. Funds and accounts under management by Highbridge Capital Management, LLC 277 Park Ave., Floor 23 New York, NY 10172 * $81,155,000.00 2. Funds and accounts under management by Aequim Alternative Investments LLC Two Belvedere Place, Suite 250 Mill Valley, CA 94941 * $31,855,000.00 3. Funds and accounts under management by Davidson Kempner Capital Management LP 520 Madison Ave., Floor 30 New York, NY 10022 * $50,000,000.00 4. Funds and accounts under management by Braidwell LP 2200 Atlantic St., Floor 4 Stamford, CT 06902 * $54,240,000.00 5. Funds and accounts under management by Context Capital Management, LLC 7724 Girard Ave. La Jolla, CA 92037 * $52,049,000.00 6. Funds and accounts under management by Silverback Asset Management, LLC 1414 Raleigh Rd., Suite 250 Chapel Hill, NC 27517 * $24,816,000.00 7. Funds and accounts under management by Walleye Manager Opportunities LLC 315 Park Ave. S., 18th Floor New York, NY 10010 * $28,999,000.00 Co-Counsel to the Ad Hoc Noteholder Committee: PORTER HEDGES LLP John F. Higgins, Esq. 1000 Main St., 36th Floor Houston, Texas 77002 Telephone: (713) 226-6000 Facsimile: (713) 228-1331 Email: jhiggins@porterhedges.com - and - PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP Jacob A. Adlerstein, Esq. Sean A. Mitchell, Esq. Douglas R. Keeton, Esq. Joshua A. Esses, Esq. 1285 Avenue of the Americas New York, New York 10019 Telephone: (212) 373-3000 Facsimile: (212) 757-3990 Email: jadlerstein@paulweiss.com smitchell@paulweiss.com dkeeton@paulweiss.com jesses@paulweiss.com About Cutera Inc. Cutera, Inc., offers aesthetic and dermatological solutions to medical professionals worldwide. The Company designs, manufactures, and sells energy-based product platforms for medical use, as well as distributes third-party skincare products. Its portfolio includes various system platforms such as AviClear, enlighten, excel HR, excel V/V+, truSculpt, Secret PRO, Secret DUO, Secret RF, xeo, and xeo+, which allow practitioners to perform a wide range of procedures. These procedures include treatments for acne, body contouring, skin resurfacing and rejuvenation, hair and tattoo removal, the elimination of benign pigmented lesions, and vascular conditions. Many of Cutera's systems feature multiple handpieces and applications, offering customers the flexibility to upgrade their equipment. Cutera Inc. and Crystal Sub, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90088) on March 5, 2025, with $200,881,854 in total assets and $480,459,932 in total liabilities. Taylor Harris, chief executive officer, signed the petition. Judge Alfredo R. Perez presides over the case. The Debtors tapped Hunton Andrews Kurth LLP as local bankruptcy counsel; Ropes & Gray LLP as general bankruptcy counsel; Houlihan Lokey Capital, Inc., as investment banker; FTI Consulting, Inc. as financial advisor and Kurtzman Carson Consultants, LLC d/b/a Verital Global as notice, claims, solicitation & balloting agent. DAV SUB: Seeks Subchapter V Bankruptcy in Texas ----------------------------------------------- On March 20, 2025, DAV Sub Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filing, the Debtor reports $2,868,496 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About DAV Sub Inc. DAV Sub Inc., operating as Continuum Health Technologies, is a provider of business process services, specializing in cloud-based solutions to improve healthcare operations, particularly in revenue cycle management. The Company's suite of products automates key processes like patient estimations, claims processing, data aggregation, and collections. With tools like Estimator, Discovery, Guardian, and Challenger, healthcare organizations can increase financial transparency, reduce claim denials, and streamline revenue cycle management through automation and predictive analytics. DAV Sub Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. ) on March 20, 2025. In its petition, the Debtor reports total assets as of March 31, 2025 amounting to $1,418,538 and total liabilities as of March 31, 2025 totalling $2,868,496. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by: Jeff Prostock, Esq. VARTABEDIAN HESTER & HAYNESS LLP 301 Commerce St. Ste 3635 Fort Worth TX 76102 Tel: (817) 877-4223 Email: jeff.prostok@vhh.law DAVID KIMMEL: Seeks Subchapter V Bankruptcy in Texas ---------------------------------------------------- On March 21, 2025, David Kimmel Design LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About David Kimmel Design LLC David Kimmel Design LLC, established in December 2012, is a luxury floral design company specializing in creating custom, high-end floral arrangements for exclusive events, known for its elegance and innovation. With a global reach, David Kimmel Design has completed significant projects in countries like France, Italy, Germany, and Belgium. The Company excels in delivering personalized, breathtaking floral designs that reflect the unique visions of its clients. David Kimmel Design LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-30979) on March 21, 2025. In its petition, the Debtor reports estimated assts between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by: Brandon Tittle, Esq. TITTLE LAW GROUP, PLLC 1125 Legacy Dr., Suite 230 Frisco, TX 75034 Tel: 972-213-2316 E-mail: btittle@tittlelawgroup.com DEPANO BROS: Hires McLaughlin & Glazer as Legal Counsel ------------------------------------------------------- Depano Bros, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ McLaughlin & Glazer as its legal counsel. The firm will render legal services with respect to the day-to-day conduct of Debtor's reorganization proceedings, including the formulation and preparation of a plan of reorganization. The firm will be compensated at the rate of $400 per hour and has requested a retainer in the amount of $8,000. Robert Glazer, Esq., a partner at McLaughlin & Glazer, disclosed in court filings that the firm does not hold any interest adverse to Debtor or its creditors in the matters upon which it is to be engaged. The firm can be reached through: Robert Glazer, Esq. McLaughlin & Glazer 26 N. Third Street Easton, PA 18042 Tel: (610) 258-5609 Email: usbcglazer@gmail.com About Depano Bros, Inc. Depano Bros, Inc., filed a Chapter 11 bankruptcy petition (Bankr. E.D. Pa. Case No. 25-10986) on March 12, 2025. The Debtor hires McLaughlin & Glazer as legal counsel. DIAMOND SURFACES: Seeks Chapter 11 Bankruptcy in Florida -------------------------------------------------------- On March 20, 2025, Diamond Surfaces and Supply Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports $1,733,616 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Diamond Surfaces and Supply Inc. Diamond Surfaces and Supply Inc. offers high-quality flooring products, including engineered wood and AquaShield options. The Company works with trusted suppliers like AquaShield for water-resistant flooring, Sika Adhesives for strong bonding, True Touch for engineered wood, Titan Surfaces for durable options, and Top Star Underlayment for added stability and noise reduction. Focused on innovation and customer satisfaction, Diamond Surfaces provides a flooring visualizer to help clients choose the best products for their needs. Diamond Surfaces and Supply Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01682 ) on March 20, 2025. In its petition, the Debtor reports total assets of $3,413,291 and total liabilities of $1,733,616. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by: Buddy D. Ford, Esq. BUDDY D. FORD, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: (813) 877-4669 Fax: (813) 877-5543 Email: All@tampaesq.com DMMJ REALTY: Jolene Wee of JW Infinity Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Jolene Wee of JW Infinity Consulting, LLC as Subchapter V trustee for DMMJ Realty Corp. Ms. Wee will be compensated at $640 per hour for work performed in 2025. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Wee declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jolene E. Wee JW Infinity Consulting, LLC 447 Broadway 2nd Fl #502 New York, NY 10013 Telephone: (929) 502-7715 Facsimile: (646) 810-3989 Email: jwee@jw-infinity.com About DMMJ Realty Corp. DMMJ Realty Corp. is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). DMMJ Realty sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22157) on February 27, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $500,000 and $1 million in liabilities. Judge Sean H. Lane handles the case. The Debtor is represented by: Robert L. Rattet, Esq. Davidoff Hutcher & Citron, LLP 605 Third Avenue, 34th Floor New York, NY 10158 Tel: 212-557-7200 Fax: 212-286-1884 Email: rlr@dhclegal.com DOC VENTURES: Seeks to Hire Westar Residential Realty as Broker --------------------------------------------------------------- Doc Ventures, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Blake H Truett, designated broker of Westar Residential Realty, LLC. Mr. Truett will market and sell the Debtor's property located at 6027 13th Street, Lubbock, Texas. The broker will receive a commission equal to 6 percent of the sales proceeds. Mr. Truett assured the court that he and his firm do not hold or represent an interest adverse to the Debtor or the estate and are disinterested parties under Sec. 101(14) of the Bankruptcy Code. The broker can be reached at: Blake H Truett Westar Residential Realty, LLC 4418 74th Street, Suite #65 Lubbock, TX 79424 Phone: (806) 776-1279 Email: blake@lubbockwestar.com About Doc Ventures LLC Doc Ventures, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-32595) on August 29, 2024, listing $100,001 to $500,000 in both assets and liabilities. Judge Stacey G Jernigan presides over the case. David D. Ritter, Esq. at Ritter Spencer Cheng PLLC represents the Debtor as counsel. The First National Bank of Aspermont, as lender, is represented by Ashley N. Pirtle, Esq. at Crenshaw Dupree & Milam, L.L.P. DRITA PASHA KESSLER: Bankruptcy Rulings in Travelers Suit Affirmed ------------------------------------------------------------------ In the appealed case captioned as DRITA PASHA KESSLER, DEBTOR-APPELLANT, v. TRAVELERS PROPERTY CASUALTY COMPANY OF AMERICA, CREDITOR-APPELLEE, Case No. 2:24-CV-02958-JLS (C.D. Cal.), the Honorable Josephine L. Staton of the United States District Court for the Central District of California affirmed the rulings of the United States Bankruptcy Court for the Central District of California regarding Claim 5-1 filed by creditor Travelers Property Casualty Company of America against Drita Pasha Kessler. Presently before the Court are two bankruptcy appeals, filed within a month of each other, by the same debtor-appellant against the same creditor-appellee, addressing the same claim in bankruptcy. These appeals are from rulings in the bankruptcy case In re Drita Pasha Kessler, 1:22-BK-11504-VK, filed on Dec. 29, 2022. These appeals center upon Claim 5-1, filed by creditor Travelers, in the amount of $3,913,755.25. This debt arose out of the Amended Judgment entered against the Debtor and in favor of Travelers on Jan. 11, 2022 in the Central District case Fraley v. Travelers, No. 18-00722-AB-JPRx (C.D. Cal.). The Fraley action is procedurally complex and is currently pending appeal in the Ninth Circuit for a second time. The first appeal before this Court, captioned as Kessler v. Travelers Property Casualty Company of America, 2:24-cv-02383-JLS, addresses the bankruptcy court's approval of a settlement agreement entered into by the Trustee (on behalf of the bankruptcy estate) and Travelers. Debtor-Appellant appeals the bankruptcy court's Order Granting Chapter 7 Trustee's Motion to Approve Settlement with Travelers, dated March 11, 2024. The Approval Order granted the Trustee's Motion to Approve Settlement of Claim 5-1, filed by creditor-appellee Travelers Property Casualty Company of America. Before considering relevant factors and approving the settlement agreement, the Approval Order first determined that Debtor lacked standing to object because her debts exceeded the value of the bankruptcy estate. The Approval Order notes that in such an instance, a debtor lacks standing because she lacks any pecuniary interest in the outcome. And in reaching this conclusion, the bankruptcy court rejected as unlikely Debtor's argument that she would prevail in the second appeal of the Fraley federal action in a manner that would undermine Claim 5-1. The settlement agreement entered into by the Chapter 7 Trustee and Travelers is set forth in an eight-page settlement agreement. By its terms, it reduces Travelers' Claim 5-1 to a general unsecured claim for $3 million. The agreement also requires that the Trustee and Travelers enter into a stipulation to dismiss the currently pending second appeal of the Fraley federal action, Kessler v. Travelers, No. 23-3410 (9th Cir.). Debtor challenges the bankruptcy court's initial conclusion that she lacked standing to object to the Trustee's compromise. Specifically, Debtor contends that because she retains a pecuniary interest in the outcome of the bankruptcy case, the bankruptcy court's determination that she lacks standing to challenge the Trustee's compromise is in error. Debtor calculates her pecuniary interest in a manner that assumes her pending appeal of the Amended Judgment will result in the Amended Judgment being vacated by the Ninth Circuit, thus eliminating Claim 5-1 in its entirety, and leaving only the remaining claims, which total about $188,440 According to Debtor, that amount would easily be satisfied by the assets of the bankruptcy estate. But the Amended Judgment is a final order, entitled to preclusive effect, even while on appeal. Thus, Debtor's argument that that her appeal will defeat Claim 5-1 does not assist her at this time, the Court finds. The Court finds the bankruptcy court correctly allocated the burden of proof to the Trustee seeking approval of the settlement agreement, it correctly identified the In re A & C Properties factors as the relevant legal standard, and it applied that standard in a manner that is supported by the record and that is not illogical or implausible The second appeal is closely related to the first. In Kessler v. Travelers Property Casualty Company of America, 2:24-CV-02958-JLS, Debtor appeals an Order by the bankruptcy court entered on March 28, 2024. The bankruptcy court cited case law regarding the preclusive effect given to default judgments in subsequent bankruptcy proceedings before concluding that Debtor failed to come forward with sufficient evidence to overcome Claim 5-1's prima facie validity. On that basis, the bankruptcy court overruled Debtor's objection. Upon de novo review, the Court finds that the bankruptcy court identified the relevant legal standard to apply to Debtor's objection to Claim 5-1 and applied it in a reasonable manner to overrule Debtor's objection. The underlying factual determinations were not clearly erroneous. A copy of the Court's decision is available at https://urlcurt.com/u?l=k4ssfJ from PacerMonitor.com. Drita Pasha Kessler filed for Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No. 22-11504) on December 29, 2022, listing under $1 million in both assets and liabilities. The Debtor was represented by Leonard Pena, Esq. The case was converted to Chapter 7 on December 15, 2023. EL CHILITO: Hires Abel Moreno of Moreno as Accountant ----------------------------------------------------- El Chilito Mexican Food, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Abel Moreno of Moreno Account. Corp. as accountant. The firm will prepare and provide financial reporting to be made in connection with this case, including but not limited to income and expense reports, financial statements, tax returns, monthly operating reports and providing data necessary for interim statements and operating reports. The firm will be paid as follows: -- $900 flat fee for preparation of quarterly payroll taxes, and $150 flat fee for each missing quarter, during 2016-2018; -- $3,000 flat fee for tax return preparation, and $1,500 flat fee for each year, 2023 and 2024. Abel Moreno, a president at Abel Moreno of Moreno Account. Corp. disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Abel Moreno Moreno Account. Corp. 3040 19th St. Suite 5 Bakersfield, CA 93301 Tel: (661) 496-4238 Email: amoreno@morenocpas.com About El Chilito Mexican Food El Chilito Mexican Food, Inc. is a local taqueria serving a delicious selection of Tex-Mex and interior Mexican style tacos, coffee, frozen sangria/mimosas, and draft beer. El Chilito sought relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-11032) on Sept. 11, 2024, with $500,001 to $1 million in assets and $1 million to $10 million in liabilities. Judge Ronald A. Clifford III oversees the case. The Debtor is represented by Matthew D. Resnik, Esq., at RMH Law, LLP. ELENAROSE CAPITAL: Gets Extension to Access Cash Collateral ----------------------------------------------------------- ElenaRose Capital, LLC and its affiliates received another extension from the U.S. Bankruptcy Court for the Southern District of Indiana to use the cash collateral of their secured creditors. The 17th interim order authorized the companies to use cash collateral to pay operating expenses until the final hearing set for April 3 or until the closing of the sale of the companies' assets, whichever occurs earlier. As protection, KTB Equity, Inc. and Peapack Capital Corp. will be granted replacement liens and superpriority administrative expense claims. In addition, KTB and Peapack will receive payment of $10,701 and $150,000, respectively. KTB holds a secured claim of at least $6,094,343.08 against the Debtors. KTB Equity is represented by: Chacey R. Malhouitre, Esq. Jackson Kelly PLLC 100 W. Main Street, Ste. 700 Lexington, KY 40507 Telephone: (859) 255-9500 Email: chacey.malhouitre@jacksonkelly.com -- and -- James D. Johnson, Esq. Jackson Kelly PLLC 221 N.W. Fifth Street P.O. Box 1507 Evansville, IN 47706 Telephone: (812) 422-9444 Email: jdjohnson@jacksonkelly.com Peapack Capital is represented by: James E. Rossow Jr., Esq. Rubin & Levin, P.C. 135 N. Pennsylvania Street, Suite 1400 Indianapolis, IN 46204 Telephone: (317) 860-2893 Email: jim@rubin-levin.net About ElenaRose Capital ElenaRose Capital, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 23-70665) on Sept. 8, 2023, with up to $50,000 in assets and up to $10 million. Louis Capolino, president and manager, signed the petition. Judge Andrea K. McCord oversees the case. Weston E. Overturf, Esq., at Kroger, Gardis & Regas, LLP, is the Debtor's legal counsel. ELITE SCHOOL: Gets Interim OK to Use Cash Collateral Until April 30 ------------------------------------------------------------------- Elite School Bus Company, LLC received second interim approval from the U.S. Bankruptcy Court for the District of Maryland, Baltimore Division, to use cash collateral. The second interim order signed by Judge David Rice authorized the company to use cash collateral to pay its expenses for the period from March 25 to April 30. The company projects total operational expenses of $14,984.13 for the week ending March 31; $77,313.76 for the week ending April 7; $13,440.02 for the week ending April 14; $72,556.00 for the week ending April 21; and $16,734.76 for the week ending April 28. The U.S. Small Business Administration and the company's junior lien creditors assert interest in the cash collateral, which consists of accounts receivables. As protection, the SBA and the junior lien creditors were granted a replacement lien on and security interest in the company's post-petition cash collateral. In addition, the SBA will receive a monthly payment of $2,481. The next hearing is scheduled for April 28. About Elite School Bus Company Elite School Bus Company, LLC operates a school bus company that provides services primarily to Cecil County public schools. With 23 bus routes, the company is responsible for transporting children on 23 buses to and from school. Elite School Bus Company filed Chapter 11 petition (Bankr. D. Md. Case No. 25-11526) on February 25, 2025, listing up to 10 million in both assets and liabilities. Rebecca Minks, manager of Elite School Bus Company, signed the petition. Judge David E. Rice oversees the case. Mary Fran Ebersole, Esq., at Tydings & Rosenberg LLP, represents the Debtor as legal counsel. EMERALD TECHNOLOGIES: CION Marks $2.7 Million 1L Loan at 18% Off ---------------------------------------------------------------- CION Investment Corp. has marked its $2,794,000 loan extended to Emerald Technologies (U.S.) Acquisitionco, Inc. to market at $2,301,000 or 82.36% of the outstanding amount, according to CION'S Form 10-K for the fiscal year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission. CION is a participant in a Senior Secured First Lien Debt to Emerald Technologies. The loan accrues interest at a rate of S+625, 1.00% SOFR Floor per annum. The loan matures on December 29, 2027. CION is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940. CION elected to be treated for U.S. federal income tax purposes as a RIC, as defined under Subchapter M of the Internal Revenue Code of 1986. CION Investment Management, LLC, is a registered investment adviser and affiliate of CION. CIM is a controlled and consolidated subsidiary of CIG and part of the CION Investments group of companies, or CION Investments. CION Investments is a manager of alternative investment solutions that focuses on alternative credit strategies for individual investors. CION Investments is headquartered in New York, with offices in Los Angeles. CION is led by Mark Gatto and Michael A. Reisner as Co-chief executive officer and director; and Keith S. Franz, chief financial officer. The Company can be reached through: CĪON Investment Corporation 100 Park Avenue, 25th Floor New York, NY About Emerald Technologies Emerald Technologies is a global company with a local customer focus, offering advanced high-mix manufacturing capabilities for high-reliability end markets, including Aerospace & Defense, Energy, Life Sciences, Industrial and Semiconductor, and Enterprise Communications. It provides unmatched service experiences built on solid partnerships and take enormous pride in providing unique solutions to the most challenging projects. ETG FIRE: Loses Bid to Dismiss Marmic, et al. Adversary Case ------------------------------------------------------------ Judge Thomas B. McNamara of the United States Bankruptcy Court for the District of Colorado denied ETG Fire, LLC's motion to dismiss all causes of action in the adversary proceeding captioned as MARMIC FIRE & SAFETY CO., INC., and APS FIRECO, LLC, Plaintiffs, v. ETG FIRE, LLC, Defendant, Case No. 24-1225 TBM (Bankr. D. Colo.) pursuant to Fed. R. Civ. P. 12(b)(6). The Plaintiffs Marmic Fire & Safety Co., Inc. and APS FireCo, LLC, initiated this adversary proceeding against Debtor-Defendant, ETG Fire, LLC. They seek to establish the existence and amount of a debt allegedly owed to them by ETG Fire as well as the nondischargeability of such debt pursuant to 11 U.S.C. Sec. 523(a)(6) of the Bankruptcy Code as a debt for a willful and malicious injury. In the complaint, the Plaintiffs assert eleven counts against ETG Fire: (1) misappropriation of confidential information; (2) misappropriation of trade secrets in violation of the Defend Trade Secrets Act, 18 U.S.C. Sec. 1831-1839; (3) misappropriation of trade secrets in violation of the Missouri Uniform Trade Secrets Act, Mo. Rev. Stat. Sec. 417.450 - 417.467; (4) tortious interference with contract; (5) tortious interference with business expectancy; (6) aiding and abetting breach of fiduciary duty and duty of loyalty; (7) tortious interference with contractual and legal obligations; (8) violation of the Missouri Computer Tampering Act, Mo. Rev. Stat. Sec. 537.525; (9) unfair competition; (10) unjust enrichment; and (11) objection to discharge under Section 523(a)(6). ETG Fire seeks dismissal of all claims in the complaint on three related but independent grounds: (1) First, ETG Fire contends that Section 523(a) only exempts from discharge debts against individual debtors and not corporate debtors in Subchapter V; (2) Second, ETG Fire argues that even if Section 523(a) applies to exempt from discharge debts of corporate debtors, the Plaintiffs fail to state a claim under Section 523(a)(6) because Section 523(a)(6) requires a showing tha ETG Fire acted with a culpable state of mind, and the allegations in the Complaint show, at most, that individuals other than ETG Fire acted with the requisite state of mind; and (3) Third, ETG Fire contends that the claims are improperly brought in the Complaint and must be dealt with in the claims objection process (i.e., the Plaintiffs' POC and ETG Fire's POC Objection) rather than in an adversary proceeding. The Plaintiffs disagree with ETG Fire's reading of statutes which govern the applicability of Section 523(a) to the debts of corporate debtors in Subchapter V, and contend that Section 523(a) does apply to except from discharge certain debts of corporate debtors in Subchapter V cases. The Plaintiffs also disagree with the ETG Fire's contention that they fail in the complaint to state a claim for relief that is plausible on its face. They assert that the Complaint adequately alleges ETG Fire's improper intent under Section 523(a)(6). Further, the Plaintiffs take issue with the notion that, by filing the Complaint, they are attempting to circumvent the claims process, noting that the issue of nondischargeability is one which must be addressed through an adversary proceeding. The Court rejects ETG Fire's contention that, as a matter of law, the Plaintiffs cannot state a claim for relief under Section 523(a)(6) against ETG Fire. ETG Fire also argues that the Plaintiffs have not stated a claim for willful and malicious injury under Section 523(a)(6) because the allegations stated by the Plaintiffs in the complaint do not suffice to show willful and malicious injury by the debtor. More specifically, ETG Fire argues, the Plaintiffs' allegations amount to an attempt to hold ETG Fire liable based on the improper imputation of the intent of its management and employees (all co-defendants in non-bankruptcy litigation pending in Oklahoma state court and Missouri federal court) to ETG Fire, and on theories of secondary liability which are inapplicable in the Section 523(a)(6) context. The Plaintiffs disagree, contending that ETG Fire's intent can be derived from the intent of ETG Fire's agents, such that its agents' intent can be imputed to ETG Fire in a nondischargeability case. The Plaintiffs' factual allegations that officers and executives of ETG Fire (as well as numerous senior employees of ETG Fire) acted with such intention suffice to state a basis for finding that ETG Fire, through its agents, had knowledge of the Plaintiffs' rights and engaged in conduct violative of such rights since they knew that such actions would cause particularized willful and malicious injury to the Plaintiffs. Under the circumstances, the Court finds that the Plaintiffs have stated a claim for relief under Section 523(a)(6). The Court concludes that the Plaintiffs have alleged sufficient facts to properly state claims for relief under Fed. R. Civ. P. 12(b)(6), as incorporated by Fed. R. Bankr. P. 7012(b). Therefore, the motion to dismiss must be denied. A copy of the Court's decision dated March 17, 2025, is available at https://urlcurt.com/u?l=R32UMF from PacerMonitor.com. About ETG Fire ETG Fire, LLC is a single source fire protection systems and services company. It designs, installs, tests, inspects, monitors, and maintains special hazard fire protection systems and complex fire alarm systems for customers nationally from its offices in Denver, Colo., Seattle, Wash., Pasadena, Calif., Cheyenne, Wyo., Dallas, Texas, and Tulsa, Okla. ETG Fire filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 24-13446) on June 20, 2024, with as much as $1 million to $10 million in both assets and liabilities. Torrence Henry, president and chief executive officer, signed the petition. Brownstein Hyatt Farber Schreck, LLP is the Debtor's legal counsel. EVENTIDE CREDIT: Hires David French & Associates as Accountant -------------------------------------------------------------- Eventide Credit Acquisitions, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ David French & Associates LLC as accountant. The firm will provide these services: a. prepare and file 2024 tax returns for the Debtor and provide accounting services related thereto; b. assist the Debtor with any investigation or questions regarding its current and historical financial records, and provide testimony, or support, as needed; and c. provide such other services requested by the Debtor as may be necessary and appropriate. The firm will be paid at these rates: David French, CPA $400 per hour Damin Choi, Senior Tax Associate $220 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. David French, CPA, a partner at David French & Associates LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David French, CPA David French & Associates LLC 609 Castle Ridge Rd. Suite 445 Austin, TX 78746 Tel: (512) 829-8002 About Eventide Credit Acquisitions, LLC Eventide Credit Acquisitions, LLC, a Dallas-based company, filed voluntary Chapter 11 petition (Bankr. N.D. Tex. Lead Case No. 23-90007) on Sept. 6, 2023. On October 9, 3023, its affiliate, BWH Texas LLC, filed its voluntary petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code. In the petition signed by Matt Martorello, manager, Eventide Credit disclosed up to $100 million in both assets and liabilities. Judge Mark X. Mullin oversees the cases. The Debtors tapped Forshey Prostok as bankruptcy counsel and Donlin, Recano & Company, Inc. as notice, claims and balloting agent. EXCELTECH ONE: Seeks to Hire Sussman Shank LLP as Counsel --------------------------------------------------------- Exceltech One, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Oregon to employ Sussman Shank LLP as counsel. The firm's services include providing the Debtors with advice on their duties and responsibilities as debtors-in-possession, preparing and filing schedules, defending motions for relief from stay, analysis and objections to claims, formulation and approval of a plan of reorganization, negotiations with creditors and other parties in interest, and all other matters requiring legal representation of the Debtors in these Chapter 11 cases. Sussman Shank obtained a pre-petition retainer of $35,000 from the Debtor and, after application to pre-petition fees and expenses, currently holds a remaining retainer of $17,882.20. Garrett S. Eggen, Esq., an attorney at Sussman Shank, disclosed in a court filing that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Garrett S. Eggen, Esq. Douglas R. Ricks, Esq. Sussman Shank, LLP 1000 SW Broadway, Suite 1400 Portland, OR 97205 Telephone: (503) 227-1111 Facsimile: (503) 248-0130 Email: geggen@sussmanshank.com dricks@sussmanshank.com About Exceltech One, Inc. Exceltech One Inc. is an Electronics Manufacturing Services (EMS) company that specializes in high-tech industries such as avionics, medical, industrial, transportation, commercial, and energy sectors. The Company offers services including PCBA & electro-mechanical assembly, prototype development, system integration, and testing. With ISO 9001:2015 certification and ITAR registration, ExcelTech focuses on delivering quality solutions with a commitment to customer satisfaction. Exceltech One Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-30765) on March 11, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Peter C. Mckittrick handles the case. The Debtor is represented by Garrett S. Eggen, Esq., at Douglas R. Ricks, Esq.. FELTRIM BALMORAL: Gets Extension to Access Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida issued an interim order allowing Feltrim Balmoral Estates, LLC and its affiliates to use cash collateral on an interim basis pending a further hearing on May 8. The order authorized the companies to use cash collateral, which consists of cash, deposit accounts, account receivables and proceeds from business operations, subject to compliance with the companies' budgets, with a 10% variance. The budget shows total operational expenses of $107,993.36 from March to May. As adequate protection, secured creditors Seacoast National Bank and Lynk Capital, LLC were granted continuing and perfected replacement liens to the same extent and with the same priority and validity as their pre-bankruptcy liens. As additional protection, Seacoast will receive a monthly payment of $5,000. Seacoast can be reached through its counsel: Robert A. Cooper, Esq. Hahn Loeser & Parks LLP 2400 First Street, Suite 300 Fort Myers, FL 33901 Telephone: 239-337-6730 Fax: 239-337-6701 racooper@hahnlaw.com -- and -- Daniel A. DeMarco, Esq. Hahn Loeser & Parks LLP 200 Public Square, Suite 2800 Cleveland, OH 44114 Telephone: 216-621-0150 Facsimile: 216-241-2824 dademarco@hahnlaw.com Lynk Capital can be reached through its counsel: Allan E. Wulbern, Esq. Smith Hulsey & Busey One Independent Drive, Suite 3300 Jacksonville, FL 32202 (904) 359-7700 (904) 359-7708 (facsimile) awulbern@smithhulsey.com About Feltrim Balmoral Estates Feltrim Balmoral Estates, LLC owns a clubhouse located at 124 Kenny Blvd., Haines City, Fla., having a fair value of $3 million. Feltrim Balmoral Estates and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02122) on April 17, 2024. The case is jointly administered in Case No. 24-02122. In the petitions signed by Garrett Kenny, owner and manager, Feltrim Balmoral Estates disclosed $4,657,697 in assets and $16,239,519 in liabilities; The Enclave At Balmoral, LLC disclosed $5,091,844 in assets and $10,565,256 in liabilities; and Balmoral Estates, LP listed $14,327,306 in assets and $25,909,466 in liabilities. Judge Catherine Peek McEwen oversees the case. The Debtor is represented by: Alberto F Gomez, Jr. Johnson Pope Bokor Ruppel & Burns, LLP Tel: 813-225-2500 Email: al@jpfirm.com FLOATUS INC: Seeks to Hire Coyle Law Group as Legal Counsel ----------------------------------------------------------- Floatus, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ The Coyle Law Group as counsel. The firm will provide these services: a. legal advice in the continued possession and management of his property; b. preparation of all schedules and statements required by the Bankruptcy Code Bankruptcy Rules or Local Bankruptcy Rules; c. representation of the Debtor in connection with any proceedings for relief from stay which may be instituted in this Court; d. representation of the Debtor at any meetings of creditors convened pursuant to Section 341 of the Bankruptcy Code; e. preparation on behalf of the Debtor of all necessary applications, motions, answers, orders, reports and other legal papers and advice and assistance to and representation of the Debtor in preparing, filing and prosecuting a disclosure statement and plan under Chapter 11; f. representation of the Debtor in collateral litigation before the Bankruptcy Court and other courts; and g. provision of such other legal services for the Debtor which may be necessary herein, and to generally represent, advise and assist the Debtor in carrying out his duties under the Bankruptcy Code. The firm will be paid at these rates: Counsel $450 per hour Paralegal and Support staff $125 per hour The firm will be paid a retainer in the amount of $6,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael P. Coyle, Esq., a partner at The Coyle Law Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael P. Coyle, Esq. The Coyle Law Group 7061 Deepage Drive, Ste 101B Columbia, MD 21045 Tel: (443) 545-1215 About Floatus, Inc. Floatus, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D. Md. Case No. 25-12007) on March 9, 2025. The Debtor hires The Coyle Law Group as counsel. FRENCH SEAM: Gets Final OK to Use Cash Collateral ------------------------------------------------- The French Seam, Inc. received final court approval to use the cash collateral of the U.S. Small Business Administration. The U.S. Bankruptcy Court for the Southern District of Indiana approved the use of cash collateral on a final basis at the hearing held on March 21. The court previously allowed the company, which lacks sufficient working capital, to temporarily access cash collateral to operate its business. The interim order issued on March 13 approved the use of cash collateral for the period from the petition date to March 21, and granted SBA protection in the form replacement liens on the company's post-petition assets and future cash collateral. About The French Seam Inc. The French Seam, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-00814) on February 24, 2025, listing up to $50,000 in assets and up to $1 million in liabilities. Judy Wolf Weiker of Manewitz Weiker Associates, LLC serves as Subchapter V trustee. Judge Andrea K. Mccord oversees the case. The Debtor is Represented By: Jeffrey M. Hester, Esq. Hester Baker Krebs LLC Tel: 317-833-3030 Email: jhester@hbkfirm.com FULLER'S SERVICE: Hires Burke Warren MacKay as Attorney ------------------------------------------------------- Fuller's Service Center Inc seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Burke, Warren, MacKay & Serritella, P.C. as Attorney. The firm will provide these services: a. prepare necessary applications, motions, answers, orders, adversary proceedings, reports and other legal papers; b. provide the Debtor with legal advice with respect to its rights and duties involving its property as well as its reorganization efforts herein; c. appear in court and to litigate whenever necessary; d. prepare and implement an exit strategy from this Chapter 11 case; and e. perform any and all other legal services that may be required from time to time in the ordinary course of the Debtors' business during the administration of this bankruptcy case. The firm will be paid at these rates: David K. Welch $550 per hour Brian P. Welch $405 per hour The firm was paid an advance retainer in the amount of $76,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. David K. Welch, Esq. a partner at Burke, Warren, MacKay & Serritella, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David K. Welch, Esq. Brian P. Welch, Esq. Burke, Warren, MacKay & Serritella, P.C. 330 N. Wabash Ave., Suite 2100 Chicago, Illinois 60611 Tel: (312) 840-7000 Fax: (312) 840-7900 About Fuller's Service Center, Inc. Fuller's Service Center, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-01345) on January 29, 2025. In the petition signed by Douglas A. Fuller Jr., president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. David K. Welch, Esq., at Burke, Warren, MacKay & Serritella, P.C., represents the Debtor as legal counsel. GAUCHO GROUP: Reaches $5.5M Settlement With 3i to Dismiss Ch. 11 ---------------------------------------------------------------- Gaucho Group Holdings, Inc., a company that includes a growing collection of e-commerce platforms with a concentration on fine wines, luxury real estate, and leather goods and accessories, announced on March 18, 2025, that it has entered into a settlement term sheet with 3i, LP, 3i Management LLC, and Maier Joshua Tarlow to resolve outstanding litigation and facilitate a structured dismissal of the Company's Chapter 11 reorganization proceedings, subject to approval by the Chapter 11 Bankruptcy Court. As previously reported on the Company's Current Report on Form 8-K filed on February 20, 2024, Gaucho Holdings commenced an action in the United States District Court for the District of Delaware on February 16, 2024, through the filing of a complaint against the 3i Parties. The litigation pertained to that certain Securities Purchase Agreement, promissory note, and ancillary agreements entered into between the Company and the 3i Parties. Additionally, as disclosed in the Company's Current Report on Form 8-K filed on November 12, 2024, the Company filed a voluntary petition in the United States Bankruptcy Court for the Southern District of Florida, seeking relief under Chapter 11 of Title 11 of the United States Code. On March 12, 2025, Gaucho Holdings and the 3i Parties entered into a settlement term sheet under which, in exchange for the cancellation of the Securities Contracts, dismissal of the Delaware Litigation and related litigation, and a structured dismissal of the Chapter 11 Reorganization, the Company has agreed to make a cash settlement payment of $5,500,000 to the 3i Parties over a 12-month period. This settlement will be substantially secured by all right, title, and interest in the Algodon Mansion and/or the Company subsidiaries holding all right, title, and interest in the Algodon Mansion and associated intellectual property. Further, as part of the settlement, the Parties have agreed to enter into a hotel management agreement for the Algodon Mansion. The settlement term sheet is subject to review and approval by the Chapter 11 Bankruptcy Court. The Company will provide updates as appropriate in accordance with its disclosure obligations. About Gaucho Group Holdings, Inc. Gaucho Group Holdings Inc operates as a holding company. The Company, through its subsidiaries, provides luxury real estate and consumer marketplace with collection of wine, hospitality, fashion brands, and real estate holdings. Gaucho Group Holdings serves customers in the United States and Argentina. Gaucho Group Holdings Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fl. Case No. 24-bk-21852) on November 12, 2024. At the time of filing, the Debtor estimated $10,000,001 to $50 million in both assets and liabilities. Judge Laurel M. Isicoff handles the case. Nathan G Mancuso, Esq. at Mancuso Law, P.A. represents the Debtor as counsel. GLIDE LOGISTICS: Matthew Brash Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 11 appointed Matthew Brash of Newpoint Advisors Corporation as Subchapter V trustee for Glide Logistics, Inc. Mr. Brash will be paid an hourly fee of $415 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Brash declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Matthew Brash Newpoint Advisors Corporation 655 Deerfield Road, Suite 100-311 Deerfield, IL 60015 Tel: (847) 404-7845 About Glide Logistics Inc. Glide Logistics Inc. is a transportation company specializing in open deck, heavy haul, and oversize freight services across the United States. Glide Logistics sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-03258) on March 2, 2025. In its petition, the Debtor reported total assets of $1,220,786 and total liabilities of $1,050,846. Judge Janet S. Baer handles the case. The Debtor is represented by: Keevan D. Morgan, Esq. Morgan & Bley, Ltd. 900 W. Jackson Blvd., Suite 4 East Chicago, IL 60607 Tel: 312-243-0006 Email: kmorgan@morganandbleylimited.com GOL LINHAS: Inks Exit Financing Commitment Letter with Investors ---------------------------------------------------------------- Danielle Chaves of Bloomberg News reports that Gol and its subsidiaries have secured an exit financing commitment with certain investors, as disclosed in a company filing. Investors have agreed to purchase up to $1.25 billion of the total $1.9 billion in debt instruments to be issued on the effective date of the restructuring plan under the Chapter 11 proceedings. The financing will be used to repay obligations under the debtor-in-possession financing, cover transaction costs, and support the company's working capital and operations following its emergence from Chapter 11. About Gol Linhas GOL Linhas Aereas Inteligentes S.A. provides scheduled and non-scheduled air transportation services for passengers and cargo; and maintenance services for aircraft and components in Brazil and internationally. The company offers Smiles, a frequent-flyer program to approximately 20.5 million members, allowing clients to accumulate and redeem miles. It operates a fleet of 146 Boeing 737 aircraft with 674 daily flights. The company was founded in 2000 and is headquartered in Sao Paulo, Brazil. GOL Linhas Aereas Inteligentes S.A. and its affiliates and its subsidiaries voluntarily filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 24-10118) on Jan. 25, 2024. GOL Linhas estimated $1 billion to $10 billion in assets as of the bankruptcy filing. The Debtors tapped Milbank Llp as counsel, Seabury Securities LlC as restructuring advisor, financial advisor and investment banker, Alixpartners, LLP, as financial advisor, and HUGHES Hubbard & Reed LLP as aviation related counsel. Kroll Restructuring Administration LLC is the claims agent. GRANITE ASSET: Seeks to Hire Max Spann R.E.A.C. as Auctioneer ------------------------------------------------------------- Granite Asset Group, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Max Spann R.E.A.C. as auctioneer. The services the auctioneer will provide include promotion, advertisement and auction of the estate's interest in the real properties known as Lots 4.011, 4.012 and 4.04, in Block 90.01 within the site known as the Dobie Plantation Condominium, 110 Woodfern Road, Neshanic Station, NJ. The firm will receive a commission equal to 10 percent of the winning bid prices of each property sold, payable by the purchaser. As disclosed in the court filings, Max Spann R.E.A.C. is a disinterested person under 11 U.S.C. Sec. 101(14). The firm can be reached through: Maximillian M. Spann, Jr. Max Spann R.E.A.C. P.O. Box 4992 Clinton, NJ 08809 Toll Free: 888-299-1438 Tel: (908) 735-9191 Fax: (908) 735-7128 About Granite Asset Group, LLC Granite Asset Group owns real properties located at 110 Woodfern Rd, Units D1A, D1B & D4 Branchburg Township, NJ valued at $1.1 million and 110 Woodfern Rd, Unit A, Branchburg Township, NJ having an appraised value of $815,000. Granite Asset Group, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-18209) on August 19, 2024, listing $1,915,000 in assets and $777,557 in liabilities. The petition was signed by Samuel Ornstein as owner. John O'Boyle, Esq. at NORGAARD OBOYLE HANNON represents the Debtor as counsel. GREYSTONE PROPERTY: Seeks Chapter 11 Bankruptcy in Massachusetts ---------------------------------------------------------------- On March 19, 2025, Greystone Property Development LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Massachusetts. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About Greystone Property Development LLC Greystone Property Development LLC is a real estate development company based in Roslindale, MA, specializing in property acquisitions, renovations, and management. Greystone Property Development LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-10547) on March 19, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtor is represented by: Martin J. Keogh, Esq. 12 Welch Ave #5 Stoughton, MA 02072 Tel: 781-344-9700 E-mail: Martin@martinklaw.com HANDSOME HOME: Gary Murphey Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 21 appointed Gary Murphey of Resurgence Financial Services, LLC as Subchapter V trustee for Handsome Home Co, LLC. Mr. Murphey will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Murphey declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gary Murphey Resurgence Financial Services, LLC 3330 Cumberland Blvd., Suite 500 Atlanta, GA 30330 Tel: (770) 933-6855 Email: Murphey@RFSLimited.com About Handsome Home Co Handsome Home Co, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-52317) on March 3, 2025. HARLING INC: Seeks Subchapter V Bankruptcy in Illinois ------------------------------------------------------ On March 20, 2025, Harling Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Harling Inc. Harling Inc., located in Broadview, Illinois, specializes in masonry facade repair, restoration, and building waterproofing services for commercial, industrial, and institutional buildings. The Company offers services such as tuckpointing, concrete restoration, brick replacement, lintel repair, and parapet repair. With a focus on high-quality craftsmanship and customer satisfaction, Harling Inc. successfully completes more than 90 projects each year, prioritizing safety and excellence in all their work. Harling Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-04324) on March 1, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jacqueline P. Cox handles the case. The Debtor is represented by: Joel Schechter, Esq. LAW OFFICES OF JOEL A. SCHECHTER 53 West Jackson Blvd., Suite 1522 Chicago, IL 60604 Tel: (312) 332-0267 E-mail: joelschechter1953@gmail.com HARVARD BIOSCIENCE: Amends Credit Deal, Sets Refinancing Milestones ------------------------------------------------------------------- Harvard Bioscience, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a Fifth Amendment to its term loan and senior revolving credit facility, pursuant to which the lenders and administrative agent agreed, subject to the terms contained in the Fifth Amendment, to waive the Company's non-compliance with the consolidated net leverage ratio covenant contained in the Credit Agreement as of the December 31, 2024 test date. The Fifth Amendment provides that the lender's commitment under the Company's revolving credit facility is capped at the amount outstanding thereunder as of the date thereof. The Fifth Amendment also establishes certain milestones with respect to the refinancing of the debt underlying the Credit Agreement and dates by which such milestones must be met. These milestones include: (1) continuing to retain an investment banker for the purpose of assisting with the consummation of the Refinancing; (2) by March 14, 2025, the engagement of a financial advisor acceptable to the administrative agent; (3) by April 30, 2025, the delivery to the administrative agent of an executed bona fide indication of interest from one or more potential lenders with respect to the Refinancing on terms and conditions acceptable to the administrative agent; (4) by May 23, 2025, the delivery to the administrative agent of a term sheet or commitment letter from one or more potential lenders that provides for the Refinancing on terms and conditions acceptable to the administrative agent; (5) by June 13, 2025, delivery to the administrative agent of: (i) a statement of sources and uses of transaction proceeds; and (ii) evidence that the potential lender's conditions to closing (other than customary closing deliveries) of the Refinancing, such as business commitments, are satisfied; and (6) by June 30, 2025, the closing of the Refinancing. Pursuant to the terms of the Fifth Amendment, the lenders also agreed not to test the financial covenants for the fiscal quarter ended March 31, 2025, provided that the Company continues to comply with its payment obligations, achieves the refinancing milestones, maintain minimum liquidity (defined as the sum of (a) unrestricted cash and cash equivalents and (b) the amount by which the aggregate amount committed under the Company's revolving credit facility exceeds the total amount drawn under the credit facility) of $3.5 million and provides the administrative agent with certain financial reports. In addition, pursuant to the terms of the Fifth Amendment the applicable interest rate margin is increased such that interest rate is equal to a rate per annum based on the Secured Overnight Financing Rate plus 400 bps and amortization payments were revised so that a proportionate payment must be made on a monthly rather than a quarterly basis. The Company paid fees of $0.1 million to the Lenders in connection with the Fifth Amendment. About Harvard Bioscience, Inc. Harvard Bioscience, Inc., a Delaware corporation, is a leading developer, manufacturer and seller of technologies, products and services that enable fundamental advances in life science applications, including research, drug and therapy discovery, bioproduction and preclinical testing for pharmaceutical and therapy development. Its products and services are sold globally to customers ranging from renowned academic institutions and government laboratories to the world's leading pharmaceutical, biotechnology and contract research organizations. With operations in the United States, Europe and China, it sells through a combination of direct and distribution channels to customers around the world. Hartford, Connecticut-based Grant Thornton LLP, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 13, 2025, citing that as of December 31, 2024, the Company was in default of certain debt covenants under its existing credit agreement, in which the Company had outstanding indebtedness of $37.4 million. On March 10, 2025, the Company entered into an amendment to its credit agreement pursuant to which the lenders and administrative agent agreed to waive such non-compliance provided that, among other things, the Company's failure to achieve certain refinancing milestones and consummate a refinancing of its credit agreement by June 30, 2025, would constitute an event of default which would render the amounts outstanding under the credit agreement as immediately due and payable. The Company's business plan contemplates exploring alternatives to refinance its outstanding debt by June 30, 2025. However, the Company's ability to refinance its debt by June 30, is uncertain and raises substantial doubt about its ability to continue as a going concern. As of December 31, 2024, the Company had $126.6 million in total assets, $63.3 million in total liabilities, and total stockholders' equity of $63.3 million. HARVARD BIOSCIENCE: Grant Thornton Raises Going Concern Doubt ------------------------------------------------------------- Harvard Bioscience, Inc. disclosed in a Form 10-K Report filed with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2024, that its auditor expressed an opinion that there is substantial doubt about the Company's ability to continue as a going concern. Hartford, Connecticut-based Grant Thornton LLP, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 13, 2025, citing that as of December 31, 2024, the Company was in default of certain debt covenants under its existing credit agreement, in which the Company had outstanding indebtedness of $37.4 million. On March 10, 2025, the Company entered into an amendment to its credit agreement pursuant to which the lenders and administrative agent agreed to waive such non-compliance provided that, among other things, the Company's failure to achieve certain refinancing milestones and consummate a refinancing of its credit agreement by June 30, 2025, would constitute an event of default which would render the amounts outstanding under the credit agreement as immediately due and payable. The Company's business plan contemplates exploring alternatives to refinance its outstanding debt by June 30, 2025. However, the Company's ability to refinance its debt by June 30, 2025, is uncertain and raises substantial doubt about its ability to continue as a going concern. According to Harvard Bioscience, the March 2025 Amendment provides, among other things, that the Company's failure to achieve certain refinancing milestones, including receipt of a term sheet or commitment letter from one or more potential lenders, by the dates provided in the March 2025 Amendment or the Company's failure to consummate a refinancing of the Credit Agreement by June 30, 2025, would, in either case, constitute an event of default under the Credit Agreement. In such event, in addition to other actions the lenders may require, the amounts outstanding under the Credit Agreement may become immediately due and payable. The Company is exploring alternative sources of capital that would allow it to refinance the outstanding indebtedness by June 30, 2025, in order to avoid default under the Credit Agreement, but its ability to access such other sources of capital is uncertain. There is no assurance that such capital will be available, be obtainable on commercially acceptable terms, or provide the Company with sufficient funds to meet its objectives. Based on its anticipated cash flows from operations, unless the Company is able to access other sources of capital or extend the date for repayment under the Credit Agreement, the Company will be unable to pay its debt obligations and fund its operations for at least 12 months from the date of issuance of the consolidated financial statements contained in the Annual Report on Form 10-K. For the years ended December 31, 2024, and 2023, the Company reported net losses of $12.4 million and $3.4 million, respectively. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/ydhbfyvy About Harvard Bioscience, Inc. Harvard Bioscience, Inc., a Delaware corporation, is a leading developer, manufacturer and seller of technologies, products and services that enable fundamental advances in life science applications, including research, drug and therapy discovery, bioproduction and preclinical testing for pharmaceutical and therapy development. Its products and services are sold globally to customers ranging from renowned academic institutions and government laboratories to the world's leading pharmaceutical, biotechnology and contract research organizations. With operations in the United States, Europe and China, it sells through a combination of direct and distribution channels to customers around the world. As of December 31, 2024, the Company had $126.6 million in total assets, $63.3 million in total liabilities, and total stockholders' equity of $63.3 million. HIGHLAND CAPITAL: Portion of DAF's Breach of Fiduciary Claim Nixed ------------------------------------------------------------------ Judge Stacey G. Jernigan of the United States Bankruptcy Court for the Northern District of Texas granted the motion of Alvarez & Marsal CRF Management, LLC to dismiss portion of Charitable DAF Fund, L.P.'s breach of fiduciary claim in the adversary proceeding captioned as CHARITABLE DAF FUND, L.P. Plaintiff, v. ALVAREZ & MARSAL CRF MANAGEMENT, LLC, Defendant, Case No. 24-03073-sgj (Bankr. N.D. Tex.) with prejudice. The Action was originally brought by Plaintiff in state court but was removed to this bankruptcy court by Alvarez & Marsal, based on an argument that the Action implicates orders entered in (and is, thus, "related to") the bankruptcy case of Highland Capital Management, L.P. The Action is essentially a breach of fiduciary duty lawsuit (Count One), although it also includes causes of action for conversion (Count Two) and tortious interference (Count Three). The facts are that Plaintiff DAF acquired a shareholder interest in a certain fund known as Crusader Fund II -- later defined -- which was a Bermuda exempted mutual fund. Defendant Alvarez & Marsal was the investment manager of the Crusader Fund II, pursuant to a contract between Alvarez & Marsal and multiple Crusader Funds, including Crusader Fund II. Notably, DAF is related to Highland, in that DAF (a Cayman Island entity, said to be dedicated to charitable causes) was at least seeded with Highland money and was advised by Highland's founder, James Dondero. Interestingly, DAF acquired its interest in Crusader Fund II in year 2016, around the very same time that Highland was removed as the investment manager of Crusader Fund II (it was by a controlling committee of interest holders in the fund) and replaced by Alvarez & Marsal as the new investment manager. DAF represents that it paid over $1 million for its interest in Crusader Fund II to the previous holder of the interest. In any event, Plaintiff argues in its live complaint in this Action that Alvarez & Marsal breached a common law fiduciary duty owed directly to DAF, as an investor in Crusader Fund II, in two broad respects: (a) first, by withholding distributions to DAF -- based on Alvarez & Marsal's stated belief that DAF's interest in Crusader Fund II had been cancelled pursuant to a prior arbitration order -- a position that Alvarez & Marsal later abandoned, apparently to avoid protracted litigation with DAF (the "Withheld Distributions Theory" or sometimes "Breach of Fiduciary Duty Theory A"); and (b) second, by virtue of Alvarez & Marsal's role in connection with a Bankruptcy Rule 9019 settlement of proofs of claim of the Crusader Funds during the Highland bankruptcy case and a later sale of those same settled claims -- the theory being that Alvarez & Marsal "abdicated its responsibilities" in connection with these events (the "Mismanagement of Bankruptcy Claims Theory" or "Breach of Fiduciary Duty Theory B"). The pending Motion to Dismiss deals only with the Mismanagement of Bankruptcy Claims Theory -- i.e., Breach of Fiduciary Duty Theory B. In other words, it deals only with a portion DAF's Breach of Fiduciary Duty Claim. Alvarez & Marsal argues that this portion of the breach of fiduciary duty claim should be dismissed due to lack of standing on DAF's part to bring what would essentially be a derivative claim of Crusader Fund II against Alvarez & Marsal and also for failure to state a claim upon which relief can be granted. Specifically, the argument is that only Crusader Fund II could bring this Breach of Fiduciary Duty Theory B, not an individual investor in the fund, as any harm would be to Crusader Fund II itself and only derivatively to the investors therein. Alvarez & Marsal adds that DAF has not satisfied the requirements that would permit DAF to maintain a derivative claim under Federal Rule of Bankruptcy Procedure 7023.1 or Bermuda law. DAF fervently disagrees. It argues that it, as an investor (i.e., holder of an equity interest) in Crusader Fund II, has direct claims for breach of fiduciary duty against Alvarez & Marsal as investment manager (both as to Breach of Fiduciary Duty Theory A and Theory B). DAF argues, without analysis, that Texas common law applies. The Court concludes that the portion of DAF's breach of fiduciary duty cause of action relating to the mismanagement of the Crusader Funds' bankruptcy claims in its Second Amended Petition -- again, the Mismanagement of Bankruptcy Claims Theory or Breach of Fiduciary Duty Theory B -- is a derivative claim owned by Crusader Fund II, and not a direct claim of DAF, and DAF has failed to plead a plausible claim that it has standing, in the first instance, to bring the derivative claim on behalf of Crusader Fund II. Alvarez & Marsal is, thus, entitled to a judgment on the pleadings under Rule 12(c) of dismissal of that portion of DAF's breach of fiduciary duty claim that the court has referred to as its Breach of Fiduciary Duty Theory B claim. In addition, because granting DAF's request for leave to replead the Second Amended Petition to make its proposed amendments would be futile, its Motion for Leave should be denied. A copy of the Court's decision dated March 18, 2025, is available at https://urlcurt.com/u?l=wJGiRO from PacerMonitor.com. About Highland Capital Management Highland Capital Management, LP was founded by James Dondero and Mark Okada in Dallas in 1993. Highland Capital is the world's largest non-bank buyer of leveraged loans in 2007. It also manages collateralized loan obligations. In March 2007, it raised $1 billion to buy distressed loans. Collateralized loan obligations are created by bundling together loans and repackaging them into new securities. Highland Capital Management sought Chapter 11 protection (Bank. D. Del. Case No. 19-12239) on Oct. 16, 2019. On Dec. 4, 2019, the case was transferred to the U.S. Bankruptcy Court for the Northern District of Texas and was assigned a new case number (Bank. N.D. Tex. Case No. 19-34054). Judge Stacey G. Jernigan is the case judge. At the time of the filing, Highland had between $100 million and $500 million in both assets and liabilities. The Debtor tapped Pachulski Stang Ziehl & Jones LLP as bankruptcy counsel, Foley & Lardner LLP as special Texas counsel, and Teneo Capital, LLC as litigation advisor. Kurtzman Carson Consultants, LLC, is the claims and noticing agent. The U.S. Trustee for Region 6 appointed a committee of unsecured creditors on Oct. 29, 2019. The committee tapped Sidley Austin LLP and Young Conaway Stargatt & Taylor LLP as bankruptcy counsel, and FTI Consulting, Inc. as financial advisor. HOOPER'S RE: Claims Will be Paid from Property Sale/Refinance ------------------------------------------------------------- Hooper's RE Holdings, LLC filed with the U.S. Bankruptcy Court for the District of Montana a Disclosure Statement to accompany Chapter 11 Plan dated February 28, 2025. The Debtor is a single asset real estate entity holding title to real property in Flathead County, Montana. Philip Aitken and HSP Investments LLC are the members of Hooper’s RE Holdings LLC, Mr. Aitken is the managing member. The real property includes improvements rented to three commercial entities including Hooper's Garden Center a retail plant nursery also owned by Mr. Aitken. The Debtor listed the value of the property as being $5,020,000.00 based upon the Market Value Opinion conducted in November 2024. The Debtor filed for Chapter 11 protection on November 26, 2024 and has continued to operate during the pendency of the bankruptcy. The Debtor has secured an investor willing to contribute funds to allow it to reorganize the secured debt and maintain the property during the life of the plan. The Class II creditors are general unsecured claims including the general unsecured claims of Eric Medlin and Martha Lopez, if any. The Class II creditors will be paid upon the refinance or sale of the property or earlier upon the discretion of the Debtor. The Class III creditors are secured and general unsecured claims that are disputed in the Debtor's schedules or for which no Proof of Claim has been filed. Class III includes but is not limited to including Brett Tallman and Triple Divide Organic Seeds Corp. (POC #1). Specifically, the claim of Brett Tallman was satisfied and a release of lien filed in Flathead County thus no claim exists and the claim of Triple Divide Organic Seeds Corp. will be subject to a Motion to Disallow as the underlying debt is not owed by the Debtor. The Class IV creditors are those Equity Security Holders holding preconfirmation interests in the Debtor. The members of this class are Philip Aitken and HSP Investments LLC. The Class IV creditor shall retain their ownership interests under this Plan. The Debtor's Plan is a Plan of repayment by refinance or sale. The Debtor intends to receive an infusion of funds from an investor within 30 days of Confirmation. This infusion of funds will allow the Debtor to pay the Secured Creditor $1,000,000.00 towards the secured claim. Upon making this initial payment the Debtor will work to refinance and or sell the real estate allowing the balance of the secured debt, uncontested unsecured debt and any administrative claims including those of the United States Trustee's Office to be paid in full on or before April 15, 2026 or the one-year anniversary of the confirmation of this Plan, whichever occurs later in time. Pending the sale or refinance the Debtor shall make interest only payments to the Secured Creditor. A full-text copy of the Disclosure Statement dated February 28, 2025 is available at https://urlcurt.com/u?l=rLpb5k from PacerMonitor.com at no charge. Counsel to the Debtor: Matt Shimanek, Esq. Shimanek Law PLLC 317 East Spruce St. Missoula, MT 59802 Telephone: (406) 544-8049 Email: matt@shimaneklaw.com About Hooper's Re Holding Hooper's Re Holding LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Hooper's Re Holding LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 24-90233) on Nov. 26, 2024. In the petition filed by Philip Aitken, managing member, the Debtor disclosed between $1 million and $10 million in both assets and liabilities. IMAGE DIRECT: Seeks to Hire Russell & Heffner LLC as Legal Counsel ------------------------------------------------------------------ Image Direct Group LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Russell & Heffner, LLC as counsel. The firm will provide these services: a. give the Debtors legal advice with respect to its powers and duties as Debtor-in-Possession and in the continued operation of his affairs and management of his property; b. represent the Debtors in defense or prosecution of any proceedings instituted to reclaim property or obtain other relief; c. represent the Debtors in defense or prosecution of any proceedings instituted to reclaim property or obtain other relief; d. prepare or assist in the preparation of necessary applications, answers, orders, reports, and other legal papers, and to appear on the Debtor's behalf in proceedings instituted by or against the Debtors; e. assist the Debtor in the preparation of schedules, statements of financial affairs, and any amendments thereto which the Debtor may be required to file in the bankruptcy case; f. assist the Debtors in the preparation of a plan of reorganization and a disclosure statement incident thereto; g. represent the Debtor with regard to the administration of the bankruptcy case; and h. review, and object to any proof of claims filed in the Debtor's bankruptcy case. The firm will be paid at the rate of $400 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Lawrence E. Heffner, Jr., Esq., a partner at Russell & Heffner, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Lawrence E. Heffner, Jr., Esq. Russell & Heffner, LLC 153 W. Patrick St., Suite D Frederick, MD 21701 Tel: (301) 695-2677 Fax: (301) 695-0189 Email: lheffner@prodigy.net About Image Direct Group LLC Image Direct Group LLC is a manufacturing company based in Frederick, Md. Image Direct Group filed Chapter 11 petition (Bankr. D. Md. Case No. 25-10353) on January 15, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Lori S. Simpson handles the case. The Debtor is represented by Lawrence Heffner, Esq., at Russell & Heffner, LLC. INFINITY ATHLETICS: Hires Ortiz & Ortiz as Bankruptcy Counsel ------------------------------------------------------------- Infinity Athletics NY LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Ortiz & Ortiz, L.L.P. as bankruptcy counsel. The firm's services include: (a) performing all necessary services related to the Debtor's reorganization and the bankruptcy estate; (b) protecting and preserving the estate assets during the pendency of the Chapter 11 case; (c) preparing all documents and pleadings necessary to ensure the proper administration of the case; and (d) providing all other bankruptcy-related necessary legal services. Ortiz will be paid at these rates: Partners $425 per hour Contract Attorneys $375 per hour Paralegals $175 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $25,000. Norma Ortiz, Esq., a partner at Ortiz & Ortiz, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Norma E. Ortiz, Esq. ORTIZ & ORTIZ, LLP 35-10 Broadway, Ste. 202 Astoria, NY 11106 Telephone: (718) 522-1117 Facsimile: (718) 596-1302 Email: email@ortizandortiz.com About Infinity Athletics NY LLC Infinity Athletics NY LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-35023) on January 9, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Kyu Young Paek presides over the case. Norma E. Ortiz, Esq. at Ortiz & Ortiz, LLP represents the Debtor as counsel. INSULATION COATINGS: Court Tosses Liberty Mutual Bond Lawsuit ------------------------------------------------------------- Chief Judge Gregory L. Taddonio of the United States Bankruptcy Court for the Western District of Pennsylvania dismissed without prejudice the bond litigation captioned as INSULATION COATINGS & CONSULTANTS, LLC, Plaintiff, v. LIBERTY MUTUAL INSURANCE CO., Adv. Pro. No. 23-1002-GLT (Bankr. W.D. Pa.). In 2014, LPCiminelli, Inc. contracted with the State University Construction Fund to act as general contractor for the State University of New York at Buffalo School of Medicine & Biomedical Sciences Building Project. The Debtor was a subcontractor on the Project providing labor, services, and materials. LPCiminelli obtained bonds with Liberty Mutual to secure both its performance of the Project and guarantee payment of the subcontractors, materialmen, and suppliers furnishing labor or materials in prosecution of the work provided in the general contract. LPCiminelli is obligated to indemnify Liberty Mutual on any action arising from the Bonds. In February 2017, the Debtor executed a liquidating agreement prepared by LPCiminelli to address the Debtor's claim for lost time. It provided that LPCiminelli would submit a claim for $820,977 to the Fund on the Debtor's behalf. The Debtor concluded its work on the Project in November 2017, and the Project was deemed substantially completed by the end of that month. The Claim, like the Project's cost overruns generally, remained unresolved. LPCiminelli also withheld payment of the retention balance under the subcontract, asserting offsets for charges it paid the Debtor in excess of the subcontract. In October 2018, the Debtor sued Liberty Mutual in the Supreme Court of New York to recover $1,059,386 for unpaid labor and materials against the Bonds. It appears that the Bond Litigation was filed primarily to prevent the release of the surety while negotiations with LPCiminelli and the Fund continued. In August 2019, the Debtor and LPCiminelli executed a second liquidating agreement to settle their dispute over the retention balance. LPCiminelli agreed to pay the $126,412.56 retention balance to the Debtor subject to the right to recoup up to that amount against any recovery of the Claim from the Fund. Each party seeks summary judgement. Liberty Mutual seeks dismissal, arguing that the two liquidating agreements between the Debtor and LPCiminelli preclude any recovery from the Bonds. Essentially, it asserts that the Debtor agreed in the liquidating agreements to look exclusively to the Fund to satisfy its claim against LPCiminelli. Therefore, since the Bonds only guaranty amounts due from LPCiminelli, Liberty Mutual contends the Debtor necessarily waived recourse against them by releasing the primary obligor. Put differently, if LPCiminelli has no payment obligation to the Debtor and never will, there cannot be a right to payment under the Bonds. The Debtor argues that it has an undisputed claim for labor and materials provided for the Project and is therefore entitled to payment from either LPCiminelli or through the Bonds. It denies releasing LPCiminelli or Liberty Mutual and asserts that no document purports to restrict the Debtor's right to pursue a claim under the Bonds. It emphasizes the absence of any clear and unambiguous waiver, and points to Liberty Mutual's failure to seek dismissal of the Bond Litigation until now. Judge Taddonio says the liquidating agreements evidence a clear intent by the parties to limit the Claim to whatever, if anything, LPCiminelli can recover from the Fund minus agreed offsets. Colloquially, that carries an expectation that the Fund would satisfy the Debtor's claim, but any award from the Fund Litigation would be paid to the plaintiff: LPCiminelli. Subcontractors like the Debtor would be paid afterward by LPCiminelli (albeit with the Fund's money) in accordance with their individual agreements. This means LPCiminelli has a contingent obligation under the liquidating agreements to pay to the Debtor the net-recovery on its claim if LPCiminelli extracts payment from the Fund. No more, no less. The takeaway is that LPCiminelli is on the hook unless the Fund prevails, but no monies are currently due because the claim depends on the outcome of the Fund Litigation. The Court finds the Debtor has offered no compelling explanation as to how a secondary obligation could be enforced before the primary obligation is quantifiable, let alone payable. In this sense, the Debtor's anti-waiver arguments miss the point because Liberty Mutual as a surety cannot have a greater obligation than LPCiminelli. According to the Court, the Bond Litigation is so inextricably intertwined with the Fund Litigation that the Debtor cannot show a presently due, quantifiable obligation of LPCiminelli that is guaranteed by Liberty Mutual. The Court will grant Liberty Mutual's motion, deny the Debtor's cross-motion, and dismiss the Bond Litigation without prejudice. A copy of the Court's decision dated March 18, 2025, is available at https://urlcurt.com/u?l=GnVejd from PacerMonitor.com. Attorneys for the Plaintiff: Bryan G. Baumann, Esq. Guy C. Fustine, Esq. KNOX MCLAUGHLIN GORNALL & SENNETT, P.C. 120 W 10th St. Erie, PA 16501-1461 Phone: 814-459-2800 Toll Free: 800-939-9886 Fax: 814-453-4530 E-mail: bbaumann@kmgslaw.com gfustine@kmgslaw.com Attorney for the Defendant: William F. Savino, Esq. WOODS OVIATT GILMAN LLP 50 Fountain Plaza, Suite 320 Buffalo, NY 14202 Phone: 716-248-3210 Fax: 716-248-3310 E-mail: Wsavino@woodsoviatt.com About Insulation Coatings & Consultations Insulation Coatings & Consultants, LLC, provides acoustical and thermal insulations that have been used in commercial, industrial and institutional projects nationwide. The Debtor serves the New York, Pennsylvania, and Ohio areas. Insulation Coatings & Consultants sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 22-10340) on Aug. 9, 2022. In the petition signed by its manager, Charles C. Sorce, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Gregory L. Taddonio oversees the case. The Debtor tapped Guy C. Fustine, Esq., at Knox McLaughlin Gornall & Sennett, PC as bankruptcy counsel; Colligan Law, LLP, as special counsel; and Schaffner Knight Minnaugh & Co. as accountant. IQTEL INC: Signs Agreement to Obtain Majority Stake in GlobeTopper ------------------------------------------------------------------ IQSTEL Inc. announced in a press release the signing of a Memorandum of Understanding (MOU) to acquire a 51% equity stake in GlobeTopper, LLC, an innovative fintech company specializing in B2B Top-Up solutions. This acquisition marks a key step in IQSTEL's growth strategy, further strengthening its Fintech division and positioning the Company for long-term, high-margin revenue expansion. After reporting a record-breaking $283 million in revenue for FY-2024, iQSTEL has projected $340 million in revenue for 2025, driven primarily by its Telecom Division. The acquisition of GlobeTopper is set to be a catalyst for exponential growth in the Fintech division, significantly boosting both revenue and EBITDA, and propelling iQSTEL closer to its ambitious goal of $1 billion in revenue by 2027. GlobeTopper is already a profitable business, with preliminary FY-2024 financials showing $39.4 million in revenue and $190,000 in EBITDA. Under the MOU, iQSTEL will secure a 51% majority stake in GT, with an additional $1.2 million capital infusion planned over 24 months to fuel expansion. Strategic Growth Plan for GT: * FY-2025: $60 million revenue, $450,000 EBITDA * FY-2026: $85 million revenue, $620,000 EBITDA IQSTEL will partner closely with GT's leadership, developing a targeted business plan aimed at scaling operations, penetrating new markets, and driving profitability. GT's proven, scalable platform combined with IQSTEL's financial strength and operational expertise sets a solid foundation for rapid and sustained growth. According to IQSTEL, a key advantage of this acquisition is the company's ability to integrate GlobeTopper's fintech services into its extensive telecom customer network, which spans 21 countries across four continents. The Company states that this integration will create opportunities to generate additional revenue while providing greater value to its existing clients. Additionally, GT maintains valuable commercial relationships with some of the largest companies in the retail arena. IQSTEL plans to leverage these relationships as a strategic entry point to offer its broader suite of services to leading retail corporations, creating further cross-selling opportunities and enhancing the company's market reach. The Company notes that this acquisition aligns perfectly with its strategy of maximizing the potential of its telecom business platform, cross-selling complementary services, and continuously expanding its technology portfolio. Leadership & Continuity Craig Span, Founder and CEO of GT, will continue to lead the company post-acquisition, ensuring stability and driving GT's aggressive growth objectives hand-in-hand with iQSTEL's strategic vision. "This is a pivotal moment for IQSTEL," said Leandro Iglesias, president and CEO of IQSTEL. "GlobeTopper's fintech innovation and profitability, combined with our global reach and trusted telecom relationships, creates a powerful recipe for accelerated growth. We have a clear goal to achieve $1 billion in revenue by 2027, and this acquisition sets the stage to move our run rate halfway toward that objective." Mr. Iglesias added: "Our forecasted EBITDA for our operating subsidiaries stood at $3 million for FY-2025, but with the acquisition of GlobeTopper, we are raising the bar even higher, continuing to increase value for our shareholders." IQSTEL's Investment Proposal: Equity Acquisition: IQSTEL will acquire a 51% equity interest in GT for a total consideration of $700,000. Payment Structure: * $200,000 in cash, distributed as follows: (a) $100,000 on July 1, 2025, or upon execution. (b) $50,000 on August 1, 2025. (c) $50,000 on September 1, 2025. * $500,000 in IQSTEL common shares, subject to a six-month holding period. Additionally, IQSTEL will provide up to $1.2 million in structured growth capital over 24 months, disbursed in $50,000 monthly installments, contingent upon GT achieving agreed financial milestones. About iQSTEL Inc. Coral Gables, Fla.-based iQSTEL Inc. (OTCQX: IQST) is a multinational technology company offering cutting-edge solutions in Telecom, Fintech, Blockchain, Artificial Intelligence (AI), and Cybersecurity. Operating in 21 countries, iQSTEL delivers high-value, high-margin services to its extensive global customer base. iQSTEL projects $340 million in revenue for FY-2025, building on its strong business platform. Pittsburgh, Pa.-based Urish Popeck & Co., LLC, the company's auditor since 2020, issued a "going concern" qualification in its report dated April 1, 2024. The report highlighted that the Company has suffered recurring losses from operations and does not have an established source of revenues sufficient to cover its operating costs, which raise substantial doubt about its ability to continue as a going concern. The Company finished the year ended Dec. 31, 2023 with a loss of $219,436 as compared to a loss of $5,865,761 during the year ended Dec. 31, 2022. The Company has continually operated at a loss with an accumulated deficit of $26,084,133 as of Dec. 31, 2023. The Company has not yet achieved profitable operations. While it maintains a cash position equivalent to nearly one-third of its annual operating expenses, it relies on securing financing or generating revenue from its operations to continue functioning over the next twelve months. "Our future is dependent upon our ability to obtain financing or upon future profitable operations. We reserve the right to seek additional funds through private placements of our common stock and/or through debt financing. Our ability to raise additional financing is unknown. We do not have any formal commitments or arrangements for the advancement or loan of funds. As a result, there is a risk that you could lose the entire amount of your investment in our company," the Company mentioned in its 2023 Annual Report. IROBOT CORP: PwC Raises Going Concern Doubt ------------------------------------------- iRobot Corporation disclosed in a Form 10-K Report filed with the U.S. Securities and Exchange Commission for the fiscal year ended December 28, 2024, that its auditor expressed an opinion that there is substantial doubt about the Company's ability to continue as a going concern. Boston, Massachusetts-based PricewaterhouseCoopers LLP, the Company's auditor since 1999, issued a "going concern" qualification in its report dated March 12, 2025, citing that the Company has a history of operating losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. For the years ended December 28, 2024, and December 30, 2023, the Company reported net losses of $145.5 million and $304.7 million, respectively. As of December 28, 2024, the Company had $250.8 million in accumulated deficit. "We have received a report from our independent registered public accounting firm regarding our consolidated financial statements for the fiscal year ended December 28, 2024 that includes an explanatory paragraph stating that the consolidated financial statements have been prepared assuming that we will continue as a going concern. The report also states that we have a history of operating losses and negative cash flows from operations that raise substantial doubt about our ability to continue as a going concern. The substantial doubt about our ability to continue as a going concern may adversely affect the price of our common stock, our ability to raise capital or enter into strategic transactions, and our relationship with key stakeholders. As described, on March 12, 2025, we announced that our board of directors is conducting a review of strategic alternatives. If this process does not yield sufficient, timely financial resources, or if we are not otherwise able to achieve management's cash flow forecast to allow us to maintain our debt covenant compliance as well as our liquidity and operations in the ordinary course, our business, results of operations, financial condition, and cash flows could be materially and adversely affected and we may be forced to terminate, significantly curtail or cease our operations or to pursue other alternatives, including, but not limited to, commencing a case under the U.S. Bankruptcy Code." Management Commentary: "2024 was a transformational year for iRobot, marked by the continued and successful execution of our five-point iRobot Elevate turnaround strategy as we've meaningfully reduced operating losses, improved gross margins and optimized cash flow," said Gary Cohen, iRobot CEO. "iRobot has defined the robotic floorcare category for more than 30 years, and we remain committed to growing and evolving our business across smart home categories amidst a dynamic operating landscape. As we move ahead, we will continue to take decisive action to reclaim our position as the industry leader and build on iRobot's strong foundation centered around our globally recognized, iconic brand, Roomba." Mr. Cohen continued, "On March 11, 2025, we announced the largest product launch in iRobot's history, better positioning iRobot as the leader in the category that we created. Importantly, this strong pipeline of breakthrough new products is expected to be margin-accretive compared to our legacy products and should begin to support year-over-year revenue growth in 2025. We plan to leverage that top-line growth with our lower cost structure to drive improved profitability, and we remain on track to achieve gross-margin expansion and improved cash flow from operations this year." The Company has made notable progress strengthening its financial foundation over the past year. Since implementing its operational restructuring plan in January 2024, iRobot has significantly reduced its headcount by more than 50%, lowered and sharpened sales and marketing expense through centralization and consolidation, and decreased inventory and cash outflows. The Company also achieved a significant reduction in the cost of its products through strategically transforming its R&D and supply chain model and leveraging joint design and contract manufacturing partnerships while increasing innovation and improvements to product features, quality, and software. These collective actions contributed to a meaningful reduction in GAAP and non-GAAP operating expenses in 2024 compared with the prior year. As a continuation of the steps the Company has taken to date, iRobot's Board of Directors has also initiated a formal strategic review to evaluate a broad range of alternatives, including, but not limited to, refinancing the Company's debt and exploring a potential sale or strategic transaction. During this process, the Company remains squarely focused on executing its business strategy and meeting the evolving needs of its customers. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/bddks83d About iRobot Corporation iRobot Corp. is a leading global consumer robot company that designs and builds robots that empower people to do more. With over 30 years of artificial intelligence and advanced robotics experience, it is focused on building thoughtful robots and developing intelligent home innovations that help make life better for millions of people around the world. iRobot's portfolio of home robots and smart home devices features proprietary technologies for the connected home and advanced concepts in cleaning, mapping and navigation. As of December 28, 2024, the Company has $516.1 million in total assets, $454.9 million in total liabilities, and total stockholders' equity of $61.2 million. IYA FOODS: Hires Law Office of William J. Factor Ltd. as Counsel ---------------------------------------------------------------- Iya Foods, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Law Office of William J. Factor, Ltd. as counsel. The firm's services include: a. advising and consulting with the Debtor with respect to its powers, rights, and duties as a debtor and debtor-in-possession; b. attending meetings and negotiating with creditors, other parties in interest, and their respective representatives; c. advising and consulting with the Debtor on the conduct of the case, including all the legal and administrative requirements of operating under chapter 11 of the Bankruptcy Code; d. taking all necessary action to protect and preserve the Estate, including but not limited to, prosecuting or defending all motions and proceedings on behalf of the Debtor and the Estate; e. preparing and filing, or defending, adversary proceedings or other litigation involving the Debtor or its interests in property; f. preparing motions, applications, answers, orders, reports, and other papers necessary to the administration of the cases; g. preparing and negotiating a plan and disclosure statement and all related agreements and/or documents, and taking any necessary action to obtain confirmation of a plan; and h. performing other necessary legal services and providing other necessary legal advice required by the Debtor in connection with the case. The firm will be paid at these rates: William J. Factor, Partner $400 per hour Justin Storer, Partner $375 per hour Alex Whitt, Associate $350 per hour Samuel Rodgers, Paralegal $150 per hour Danielle Mesikapp, Paralegal $150 per hour The firm will be paid a retainer in the amount of $40,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. William J. Factor, a partner at Law Office of William J. Factor, Ltd., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: William J. Factor, Esq. Justin Storer, Esq. FACTORLAW 105 W. Madison, Suite 2300 Chicago, IL 60602 Tel: (312) 878-6976 Fax: (847) 574-8233 Email: jstorer@wfactorlaw.com About Iya Foods Inc. Iya Foods Inc. is a company that specializes in producing and offering African superfoods. Its products are plant-based, gluten-free, non-GMO, kosher, and free from preservatives, additives, or artificial ingredients. The company focuses on creating nutritious and delicious ingredients that can be used in a variety of recipes, making them accessible to people with dietary preferences or restrictions, such as those following vegan or gluten-free diets. Iya Foods filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-00341) on January 10, 2025, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Deborah L. Thorne handles the case. The Debtor is represented by Justin R. Storer, Esq., at the Law Office of William J. Factor. Village Bank and Trust, N.A., a secured creditor, is represented by: Andrew H. Eres, Esq. Dickinson Wright PLLC 55 W. Monroe, Suite 1200 Chicago, IL 60603 Phone: (312) 377-7891 Email: aeres@dickinson-wright.com JACKSON HOSPITAL: Committee Hires Rumberger Kirk as Co-Counsel -------------------------------------------------------------- The official committee of unsecured creditors of Jackson Hospital & Clinic, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Alabama to employ Rumberger, Kirk & Caldwell, P.C. as co-counsel. The firm will provide these services: a. represent the Committee in all aspects in this bankruptcy case and to undertake all actions as the Committee may direct as it relates to the investigation of the Debtor's affairs, acquisition of assets, financing and proposed sales as well as in any pending federal and state court actions or potential claims against the estate, and to bring actions and assert such claims as the Committee deems appropriate in order to properly protect the interests of creditors. The firm will be paid at these rates: R. Scott Williams $525 per hour Frederick D. Clarke $365 per hour Paralegal Services $150 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. R. Scott Williams, Esq., a partner at Rumberger, Kirk & Caldwell, P.C, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: R. Scott Williams, Esq. Rumberger, Kirk & Caldwell, P.C. 2001 Park Place, Suite 1300 Birmingham, AL 35203 Tel: (205) 327-5550 Fax: (205) 326-6786 Email: swilliams@rumberger.com About Jackson Hospital & Clinic Inc. Jackson Hospital & Clinic, Inc. is a non-membership, non-profit corporation based in Alabama. JHC is the direct or indirect parent company of JHC Pharmacy, LLC, an Alabama limited liability company that provides pharmacy services to JHC patients. JHC owns 100% of JHC Pharmacy. Additionally, JHC is a direct or indirect parent company of certain other entities that have not filed for bankruptcy. JHC operates a 344-bed healthcare facility in Montgomery, Ala., with a rich history dating back to 1894. Since its official opening in 1946, JHC has grown into one of the largest hospitals in Alabama, offering specialized services in cardiac care, cancer treatment, neurosciences, orthopedics, women's care, and emergency services. JHC's service area includes 16 counties across central Alabama. JHC and JHC Pharmacy filed Chapter 11 petitions (Bankr. M.D. Ala. Lead Case No. 25-30256) on February 4, 2025. In its petition, JHC reported between $100 million and $500 million in both assets and liabilities. Judge Christopher L. Hawkins handles the cases. The Debtors are represented by: Derek F. Meek, Esq. Marc P. Solomon, Esq. James P. Roberts, Esq. Andrew P. Cicero, III, Esq. Catherine T. Via, Esq. Burr & Forman, LLP 420 20th Street North, Suite 3400 Birmingham, AL 35203 Tel: (205) 251-3000 Email: dmeek@burr.com msolomon@burr.com jroberts@burr.com acicero@burr.com cvia@burr.com JUS PUNJABI: Wins Bid to Transfer Venue of Khandalavala Suit ------------------------------------------------------------ Judge Margaret M. Garnet of the United States District Court for the Southern District of New York granted Defendant Jus Punjabi LLC's motion to transfer venue of the action captioned as KARL KHANDALAVALA, II, Plaintiff, -against- PENNY K. SANDHU, et al., Defendants, Case No. 25-cv-01630-MMG (S.D.N.Y.) to the Eastern District of New York, pursuant to 28 U.S.C. Sec. 1404 and Rule 7087 of the Federal Rules of Bankruptcy Procedure. Plaintiff initiated this action in New York Supreme Court for New York County on Oct. 20, 2023, alleging several state law claims, including breach of contract, related to a certain settlement agreement between Plaintiff and Jus Punjabi, to which Defendant Penny K. Sandhu is an obligor and/or guarantor. On June 10, 2024, the New York Supreme Court granted Plaintiff's motion for summary judgment on default, based on Jus Punjabi and Sandhu's failure to appear. Plaintiff is now seeking to collect on that judgment, both from Jus Punjabi and from Sandhu as guarantor. On Dec. 11, 2024, Jus Punjabi, along with two other entities, filed for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of New York. Pursuant to Bankruptcy Rule 9027(a)(2), Jus Punjabi timely removed this action on Feb. 26, 2025. That same day, Jus Punjabi moved to transfer venue to the Eastern District of New York, so that this matter can then be transferred to the Bankruptcy Court. As argued by Jus Punjabi in its reply, it appears Plaintiff misapprehends the nature of Chapter 11 bankruptcy proceedings. According to the Court, transferring this action would not eliminate Sandhu's personal guarantee, even if this action is ultimately consolidated with the bankruptcy proceedings involving Jus Punjabi, since such proceedings cannot relieve the obligations of Sandhu as a non-debtor. To the extent Plaintiff argues that this action is unrelated to the Jus Punjabi bankruptcy proceedings, such arguments are also incorrect, the Court concludes. According to the Court, Plaintiff's judgment against Defendants could conceivably affect Jus Punjabi's bankruptcy proceedings, since: (i) enforcing the judgment against Jus Punjabi itself would necessarily affect the administration of the estate and distribution of the assets of the estate; and (ii) enforcing the judgment against Sandhu could also affect the administration of the Jus Punjabi estate and its assets because Sandhu is the founder and majority shareholder of Jus Punjabi. The Court finds that the balance of convenience and the interest of justice weighs in favor of transferring this action to the Eastern District of New York, so that it may be transferred to the Bankruptcy Court in that District. A copy of the Court's decision dated March 17, 2025, is available at https://urlcurt.com/u?l=U5w5oN from PacerMonitor.com. Jus Punjabi LLC filed for Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. 24-45181) on December 11, 2024. Judge Jil Mazer-Marino oversees the case. KATE QUINN: Gets Interim OK to Use Cash Collateral -------------------------------------------------- Kate Quinn Organics, Inc. got the green light from the U.S. Bankruptcy Court for the Eastern District of Washington to use cash collateral. The order signed by Judge Frederick Corbit authorized the Debtor to use cash collateral on an interim basis to pay its operating expenses pending the final hearing. As protection, the U.S. Small Business Administration and other secured lenders were granted replacement liens with the same priority as their pre-bankruptcy liens. A final hearing is set for April 9. Objections are due by April 2. In 2020, the Debtor borrowed approximately $500,000 from SBA. On July 3, 2020, the SBA filed a UCC financing statement asserting an interest in substantially all the Debtor's assets, including cash collateral. As of the Petition Date, the Debtor owes the SBA approximately $140,000. The entities that may also assert an interest in the Debtor's cash collateral are LG Funding LLC, Ouiby Inc. doing business as Kickfurther, CFT Clear Finance Technology Corp., CFG Merchant Solutions, LLC, Oat Financial, Inc., Capybara Capital LLC, Essentia Funding, Fox Funding Group LLC, and Pinnacle Business Funding LLC. About Kate Quinn Organics Inc. Kate Quinn Organics, Inc. is a direct-to-consumer e-commerce retailer of clothing for babies and kids, with matching clothes for mothers. The company designs and manufactures its clothing in India with collectible custom prints and styles, using some sustainable and organic fabrics. Kate Quinn Organics filed Chapter 11 petition (Bankr. E.D. Wash. Case No. 25-00445) on March 14, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Katherine Quinn, chief executive officer of Kate Quinn Organics, signed the petition. Judge Frederick P. Corbit oversees the case. Jason Wax, Esq., at Bush Kornfeld LLP, represents the Debtor as legal counsel. KLEIN HERSH: CION Marks $4.3 Million Unsecured Debt at 75% Off -------------------------------------------------------------- CION Investment Corp. has marked its $4,368,000 unsecured debt extended to Klein Hersh LLC to market at $1,081,000 or 24.75% of the outstanding amount, according to CION'S Form 10-K for the fiscal year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission. CION is the holder of unsecured debt issued by Klein Hersh LLC. The debt accrues interest at a rate of 0% per annum. The debt matures on April 27, 2032. CION is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940. CION elected to be treated for U.S. federal income tax purposes as a RIC, as defined under Subchapter M of the Internal Revenue Code of 1986. CION Investment Management, LLC, is a registered investment adviser and affiliate of CION. CIM is a controlled and consolidated subsidiary of CIG and part of the CION Investments group of companies, or CION Investments. CION Investments is a manager of alternative investment solutions that focuses on alternative credit strategies for individual investors. CION Investments is headquartered in New York, with offices in Los Angeles. CION is led by Mark Gatto and Michael A. Reisner as Co-chief executive officer and director; and Keith S. Franz, chief financial officer. The Company can be reached through: CĪON Investment Corporation 100 Park Avenue, 25th Floor New York, NY About Klein Hersh LLC Klein Hersh is a precision executive search firm delivering the visionary leaders shaping the future of life sciences and healthcare. KLX ENERGY: S&P Raises ICR to 'CCC+', Outlook Stable ---------------------------------------------------- S&P Global Ratings raised its issuer credit rating and issue-level rating to 'CCC+' from 'CCC' and revised the outlook to 'stable' from 'negative on Houston-based oilfield services company KLX Energy Services Holdings Inc. Subsequently, S&P withdrew all ratings on KLX, including its 'CCC+' issuer credit rating and issue-level rating, at the issuer's request. S&P said, "We raised the ratings to 'CCC+' on the improved debt maturity profile after KLX refinanced its upcoming note maturity due November 2025. KLX closed on a new five-year, $232 million senior secured, floating rate PIK note offering and a new three-year asset-based lending (ABL) facility to refinance its upcoming debt maturities due late 2025. $144 million of existing note holders exchanged into the new notes at par, while the remaining proceeds, along with cash on hand, were placed into escrow meeting requirements to fully redeem existing notes at par on March 30, 2025. We expect the new ABL balance will be consistent with the amount drawn on the prior facility ($50 million as of Dec. 31, 2024). The transaction eliminated all near-term maturities, and the company redeemed the existing notes at par value. The stable outlook reflects our expectation for generally steady credit measures, including average funds from operations to debt of about 20% in 2025 and 2026, and for the company to generate about break-even free cash flow in 2025. "Subsequently, we withdrew all ratings on KLX, including our 'CCC+' issuer credit rating and issue-level rating, at the issuer's request." KOGA LLC: Seeks Chapter 11 Bankruptcy in Louisiana -------------------------------------------------- On March 18, 2025, Koga LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Louisiana. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Koga LLC Koga LLC, operating as Koga Neurosurgery in Covington, Louisiana, specializes in brain, spine, and peripheral nerve surgery. Led by Dr. Sebastian Koga, the clinic treats a wide range of neurological conditions, including brain aneurysms, tumors, seizures, trigeminal neuralgia, Chiari malformation, and spinal tumors. In addition to these, Koga Neurosurgery offers advanced spinal treatments such as artificial disc replacement, scoliosis correction, decompression, fusion, and spinal cord stimulator implantation. The clinic also provides non-invasive treatments like Gamma Knife radiosurgery for brain tumors and vascular malformations. Koga Neurosurgery is committed to personalized care, offering consultations, patient education, post-surgical support, telemedicine services, and medicolegal reviews. Koga LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. La. Case No. 25-10467) on March 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtor is represented by: Phillip K. Wallace, Esq. PHILLIP K. WALLCE, PLC 1795 West Causeway Approach, Suite 103 Mandeville, LA 70471 Tel: 985-624-2824 Fax: 985-624-2823 Email: pkwallace@aol.com LAKE SPOFFORD: Seeks to Hire Amann Burnett PLLC as Counsel ---------------------------------------------------------- Lake Spofford Cabins, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Hampshire to employ Amann Burnett, PLLC as counsel. The firm will provide these services: a. advising the Debtor with respect to its powers and duties as debtor-in- possession and the continued management and operation of its businesses and properties; b. advising and assisting in formulating and filing First-Day Motions such as cash collateral, Monthly Operating Reports, determining and paying UST Quarterly Fees, opening a DIP bank account, reviewing the UST Region One (1) Operating Guidelines, providing insurance information, preparing and attending the Initial Debtor Interview; c. attending meetings and negotiating with representatives of creditors and other parties in interest, responding to creditor inquiries, and advising and consulting on the conduct of the case, including all of the legal and administrative requirements of operating in Chapter 11; d. negotiating and preparing on behalf of the Debtor a Plan or Plans of reorganization and all related documents and prosecuting the Plan or Plans through the confirmation process; e. representing the Debtor in connection with any adversary Proceedings or automatic stay litigation that may be commenced in the proceedings and any other action necessary to protect and preserve the Debtor's estates; f. advising the Debtor in connection with any sale, use or lease of assets; g. representing and advising the Debtor regarding post-confirmation operations and consummation of a Plan, Decree of reorganization; h. appearing before this Court, any appellate courts and administrative hearings conducted by the Office of the United States Trustee and protecting the interests of the Debtor and the estate before such courts and the United States Trustee; i. preparing necessary motions, applications, answers, orders, reports and papers necessary to the administration of the estate; and j. performing all other legal services for and providing all other legal advice to the Debtor that may be necessary and proper in these proceedings, including, without limitation, services or legal advice relating to applicable state and federal laws and securities, labor, commercial and real estate laws. The firm will be paid at the rate of $325 per hour for attorneys, and $175 per hour for paralegals. A non-bankrupt entity, the Estate of Anthony Martini, Sr., a Probate pending in Stamford County, Connecticut, by and through its duly appointed Executor, Louis Pittocco, Esq. paid a $20,000 retainer, pre-petition, to the firm. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. William Amann, Esq., a partner at Amann Burnett PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: William J. Amann, Esq. Amann Burnett, PLLC 757 Chestnut Street Manchester, NH 03104 Tel: (603) 696-5401 Email: wamann@amburlaw.com About Lake Spofford Cabins, Inc. Lake Spofford Cabins Inc., located in Spofford, NH, offers year-round rental cottages on Spofford Lake with amenities such as fully furnished interiors, Wi-Fi, and access to a private beach, docks, and watercraft. Lake Spofford Cabins, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10128 on March 3, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. The Debtor is represented by William J. Amann, Esq., at AMANN BURNETT PLLC. LAS VEGAS 0ILPK: Seeks Chapter 11 Bankruptcy in Nevada ------------------------------------------------------ On March 20, 2025, Las Vegas 0ILPK 280 LLC Chapter 11 protection in the U.S. Bankruptcy Court for the District of Nevada. According to court filing, the Debtor reports $613,161 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Las Vegas 0ILPK 280 LLC Las Vegas 0ILPK 280 LLC is a single-asset real estate entity as defined in 11 U.S.C. Section 101(51B), is the fee simple owner of the property located at 2720 E Quail Ave, which is valued at $1.41 million. Las Vegas 0ILPK 280 LLC relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-11510) on March 20, 2025. In its petition, the Debtor reports total assets of $1,405,000 and total liabilities of $613,161. The Debtor is represented by: David J. Winterton, Esq. DAVID WINTERTON & ASSOCIATES, LTD 7881 W. Charleston Blvd. Suite 220 Las Vegas, NV 89117 Tel: 702-363-0317 Fax: 702-363-1630 E-mail: autumn@davidwinterton.com LONESTAR FIBERGLASS: Seeks to Use Cash Collateral ------------------------------------------------- Lonestar Fiberglass Components of Texas, LLC asked the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, for authority to use cash collateral for the period from April 3 to July 26. During this period, the Debtor projects its total revenues will be $945,000, its costs of goods sold and expenses will total $909,200 and its net income will be $35,000. It anticipates that cash on hand will increase during this period from $14,999 to $41,706. The Debtor lost close to $1 million due to embezzlement between 2022-2023. The Debtor had retained a C.P.A. to investigate this issue before the bankruptcy case, but there was a conflict of interest because the C.P.A. appeared to have a relationship with the inside bookkeeper responsible for the theft. As a result, the investigation was not completed. Due to limited funds, the Debtor has not yet hired a C.P.A. post-petition to continue the investigation but plans to do so after the confirmation of their reorganization plan. In 2023 to 2024, the Debtor's sales of pools declined significantly, impacting its cash flow. This decline was not unique to the Debtor but was observed across the entire pool manufacturing industry, where major manufacturers reported a drop in sales of 50% or more. As a result, the Debtor's business faced financial strain as they were unable to generate enough revenue to cover their operating costs. Struggling with limited funds, the Debtor fell into a merchant cash advance trap. They took out high-interest loans from companies like Essential Funding, which are typically short-term loans with steep interest rates. The repayment terms for these loans were aggressive, requiring thousands of dollars to be withdrawn from the Debtor's bank accounts weekly, further damaging cash flow. The Debtor's involvement in a Collateralized Debt Obligation Investment Chapter 11 case created additional financial strain. The lender in the CDO case, Comerica Bank, required the Debtor to personally guarantee a loan made to the CDO. This additional liability increased the Debtor's financial burden. The Debtor also faced a prepetition social media campaign, which was described as personal and ugly. This campaign negatively impacted the reputation of the Debtor’s business and contributed to a further decrease in sales, particularly in the retail sector. The financial situation of the Debtor led to Caterpillar Financial repossessing key assets, such as an excavator and skid steer, due to outstanding obligations. However, these assets were returned to the Debtor post-petition. The Debtor has continued business operations, making adequate protection payments to key creditors, including Comerica Bank and Essential Funding. Additionally, Caterpillar Financial returned repossessed assets post-petition. For entities with junior liens on cash collateral, the Debtor proposes replacement liens on all post-petition assets and new cash collateral. The Debtor also plans to keep operations running and ensure that tax obligations are met. A court hearing is scheduled For April 1. About LoneStar Fiberglass Lonestar Fiberglass Components of Texas, LLC manufactures fiberglass swimming pools and spas and sells them directly and through dealers. The company is based in New Braunfels, Texas. Lonestar filed Chapter 11 petition (Bankr. W.D. Texas Case No.24-52593) on December 19, 2024, listing up to $10 million in both assets and liabilities. Chris Owens, managing member, signed the petition. Judge Michael M. Parker oversees the case. The Debtor is represented by Morris Eugene White, III, Esq. at Villa & White, LLP. Comerica Bank, as creditor, is represented by: Richard G. Dafoe, Esq. Waddell Serafino Geary Rechner Jenevein, PC 1717 Main Street, 25th floor Dallas, TX 75201 Tel: (214) 979-7400 Email: rdafoe@wslawpc.com LR GREENVIEW: Gets Final OK to Use Cash Collateral -------------------------------------------------- LR Greenview, LLC received final approval from the U.S. Bankruptcy Court for the Northern District of California, Oakland Division, to use cash collateral. The final order authorized the company to use cash collateral until its Chapter 11 plan is confirmed or until its bankruptcy case is concluded, whichever comes first. LR Greenview requires the use of cash collateral to pay the expenses set forth in its budget. As protection, Newtek Small Business Finance, LLC and other secured creditors were granted a replacement lien on all of LR Greenview's assets or interests in assets acquired on or after its Chapter 11 filing. As additional protection, Newtek will receive a monthly payment in an amount equal to 3% of the monthly payment amount set forth in the budget. Newtek is represented by: Todd S. Garan, Esq. Aldridge Pite, LLP 3333 Camino del Rio South, Suite 225 San Diego CA 92108 Telephone: (858) 750-7600 Facsimile: (619) 590-1385 ecfcanb@aldridgepite.com About LR Greenview LR Greenview, LLC filed Chapter 11 petition (Bankr. N.D. Calif. Case No. 25-40170) on January 31, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Judge William J. Lafferty oversees the case. The Debtor is Represented by: Erin E. Daly, Esq. Regal Tax & Law Group, P.C. Tel: 628-219-9859 Email: erin@regaltaxlaw.com M3 ROOFING: Gets Interim OK to Use Cash Collateral -------------------------------------------------- M3 Roofing & Construction, LLC got the green light from the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, to use cash collateral. The company requires the use of cash collateral to pay regular daily expenses. As protection, the U.S. Small Business Administration and other secured creditors will be granted a post-petition replacement lien on all of the company's property, with the same validity, extent and priority as their pre-bankruptcy liens. About M3 Roofing & Construction M3 Roofing & Construction, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-23109-CLC) on December 16, 2024, listing up to $50,000 in assets and up to $500,000 in liabilities. Michelle Molina, manager of M3, signed the petition. Judge Corali Lopez-Castro oversees the case. Diego G. Mendez, Esq., at Mendez Law Offices, represents the Debtor as bankruptcy counsel. MARTINEZ QUALITY: Court Narrows Claims in Newco Adversary Case -------------------------------------------------------------- Judge Ashley Austin Edwards of the United States Bankruptcy Court for the Western District of North Carolina ruled on Newco Capital Group VI, LLC's motion to dismiss the adversary proceeding captioned as In re: Martinez Quality Painting & Drywall, Inc. Plaintiff, v. Newco Capital Group VI, LLC Defendant, Case No. 24-03039 (Bankr. W.D.N.C.). Martinez Quality Painting & Drywall, Inc. filed the complaint that initiated this adversary proceeding on July 31, 2024. The Plaintiff operated a commercial drywall and painting contractor completing projects in the southeast United States. The Defendant is a merchant cash advance lender that is incorporated in Delaware with a principal place of business in New York, New York. This adversary proceeding arises out of two MCA agreements between the Plaintiff and the Defendant. According to the Complaint, the MCA Agreements were disguised loan agreements that caused the Defendant to bear little to no risk of loss and gave the Defendant significant recourse rights against the Plaintiff and its principal. The Complaint provides that the MCA Agreements: (1) are governed by New York law; (2) charged an annual rate of interest of 40% in violation of several usury laws, including New York Penal Law Sec. 190.409 and New York General Obligations Law Sec. 5-511; and (3) are void ab initio for violating these usury laws, meaning that the recovery of principal and interest by the Defendant under the MCA Agreements is prohibited. For these reasons, the Complaint brings claims under the Bankruptcy Code and the North Carolina General Statutes to: (1) avoid the Transfers as actually and constructively fraudulent transfers and (2) recover the $799,250 allegedly paid by the Plaintiff to the Defendant. The Defendant filed a motion to dismiss. It primarily argues that the MCA Agreements: (1) are not loans; (2) if considered to be loans, are not criminally usurious loans because the Plaintiff received reasonably equivalent value; and (3) are exempt from North Carolina usury law, which the Defendant asserts is the appropriate state law to apply when analyzing the MCA Agreement. The Defendant also argues that the Plaintiff is precluded and prohibited from invoking New York's Criminal Usury Statute to argue that the MCA Agreements and Transfers are usurious, regardless of the characterization of the MCA Agreements and Transfers, even if New York law applied. The Plaintiff opposes the Motion, arguing primarily that: (a) the MCA Agreements and the Transfers can be avoided as constructively fraudulent transfers; (b) the Court has subject matter jurisdiction over the claims raised in the Complaint; (c) the MCA Agreements are governed by New York law, not North Carolina law, due to the choice of law provisions in the MCA Agreements; and (d) the choice of law provisions should be enforced because the Defendant prepared the MCA Agreements, which include the Defendant's logo on the top of each of the MCA Agreements. The Defendant moved to dismiss the Complaint for lack of subject matter jurisdiction pursuant to Rule 12(b)(1) of the Federal Rules of Civil Procedure, made applicable to this adversary proceeding by Rule 7012(b) of the Federal Rules of Bankruptcy Procedure. The Court finds that the Complaint alleges sufficient facts to invoke subject matter jurisdiction. The Defendant also moved to dismiss the Complaint for failure to state a claim upon which relief may be granted pursuant to Rule 12(b)(6) of the Federal Rules of Civil Procedure, made applicable to this adversary proceeding by Rule 7012(b) of the Federal Rules of Bankruptcy Procedure. The Complaint contains six separate claims for relief. The first claim for relief in the Complaint is titled Avoidance of Constructively Fraudulent Transfers – 11 U.S.C. Sec. 548(a)(1)(B), and the third claim for relief is titled Obligations Incurred Under the MCA Agreements – 11 U.S.C. Sec. 548(a)(1)(B). Both claims are based on alleged constructively fraudulent transfers. The second claim for relief in the Complaint is titled Avoidance of Constructively Fraudulent Transfers – N.C. Gen. Stat. Sec. 39-23.1 et seq. The fourth claim for relief is titled Avoidance of Fraudulent Transfers – 11 USC [sic] Sec. 548(a)(1)(A) Actual Fraud. The fifth claim for relief is titled Recovery of Transfers under 11 U.S.C. Sec. 550. The sixth claim for relief in the Complaint is titled Reconciliation and Accounting/Turnover of Property of Estate under 11 U.S.C. Sec. 542. The Court ruled as follows: As to the first and third claims for relief in the Complaint, the motion to dismiss under Rule 12(b)(6) is granted without leave to amend as it relates to the Criminal Usury Statute and denied as to the remainder of the first and third claims for relief. For clarity, the Plaintiff may not use the Criminal Usury Statute to argue that the MCA Agreements or Transfers are void, but the Plaintiff may argue that there is a lack of reasonably equivalent value on another basis set forth in the Complaint, including under section 5-511 of the New York General Obligations Law. The second claim fails because it is brought under North Carolina law, which the Complaint specifically alleges does not govern the MCA Agreements. The motion to dismiss the second claim for relief under Rule 12(b)(6) is granted with leave to amend. The Complaint does not allege sufficient facts to support a claim that transfers were made, or that obligations were incurred, under the MCA Agreements by the Plaintiff (the Debtor in this case) with the actual intent to hinder, delay, or defraud another entity. Because the Complaint alleges that this very conduct occurred between the Parties, there is no plausible basis to find that the Defendant is liable under section 548(a)(1)(A). Therefore, the motion to dismiss the fourth claim for relief under Rule 12(b)(6) is granted without leave to amend. The Complaint does not allege sufficient facts to plausibly show that there were any preferential transfers that may be avoided. Therefore, the motion to dismiss the fifth claim for relief under Rule 12(b)(6) is granted without leave to amend as it relates to section 547 of the Bankruptcy Code and denied as to the remainder of the fifth claim for relief. The Defendant has failed to meet its burden under the Federal Rule of Civil Procedure 12(b)(6). Therefore, the motion to dismiss the sixth claim for relief under Rule 12(b)(6) is denied. A copy of the Court's decision is available at https://urlcurt.com/u?l=K40Hi1 from PacerMonitor.com. About Martinez Quality Painting & Drywall Martinez Quality Painting & Drywall, Inc. is a drywall and painting contractor serving residential commercial customers. The company is based in Charlotte, N.C. Martinez sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 22-30357) on Aug. 1, 2022, with up to $1 million in assets and up to $10 million in liabilities. Ricardo Martinez, president of Martinez, signed the petition. Judge Craig J. Whitley oversees the case. John C. Woodman, Esq., at Essex Richards, PA and Michael Bowers, CPA, a partner at Middleswarth, Bowers & Co. LLP, serve as the Debtor's legal counsel and accountant, respectively. METATRON HEALTH: Court Extends Cash Collateral Access to April 20 ----------------------------------------------------------------- Metatron Health, LLC received second interim approval from the U.S. Bankruptcy Court for the District of Oregon to use $226,325.18 in cash collateral through April 20. The company requires the use of cash collateral to pay the expenses set forth in its budget. Spending must stay within 10% total variance and 20% per budget line item. Secured creditors, including the Internal Revenue Services and AbbVie, Inc. were granted replacement liens as protection for the use of their cash collateral. The cash collateral consists solely of revenue collected from patients in exchange for services. About Metatron Health LLC Metatron Health LLC, doing business as Portland Regenerative Medicine, specializes in cutting-edge regenerative medicine and aesthetic treatments to enhance health and wellness. The Company offers services such as bioidentical hormone replacement therapy, sexual health treatments, pelvic health solutions, and advanced facial and body aesthetic procedures like Botox, fillers, CoolSculpting, and hair restoration. With a patient-centered approach, Metatron strives to improve and extend the quality of life for both women and men through personalized care and innovative therapies. Metatron Health filed Chapter 11 petition (Bankr. D. Ore. Case No. 25-30533) on February 20, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge David W. Hercher handles the case. The Debtor is represented by: Nicholas J. Henderson, Esq. Elevate Law Group Tel: 503-417-0500 Email: nick@elevatelawpdx.com MMV F&B II: Seeks to Hire Joyce W. Lindauer as Bankruptcy Counsel ----------------------------------------------------------------- MMV F&B II LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Joyce W. Lindauer Attorney, PLLC to handle its Chapter 11 case. The firm will be paid at these rates: Joyce W. Lindauer $595 per hour Associate $295 per hour Paralegals and Legal Assistants $125 to 250 per hour The firm will be paid a retainer in the amount of $11,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Joyce W. Lindauer, Esq., a partner at Joyce W. Lindauer Attorney, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC 1412 Main Street, Suite 500 Dallas, TX 75202 Tel: (972) 503 4033 Fax: (972) 503-4034 About MMV F&B II LLC MMV F&B II LLC, d/b/a Curry Up Now (Grandscape), operates in the restaurant industry specializing in Indian cuisine. MMV F&B II LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-40260) on January 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Joyce W. Lindauer, Esq. at ATTORNEY AT LAW & MEDIATOR. MORTGAGE UNITY: Stephen Darr of Huron Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 1 appointed Stephen Darr of Huron Consulting Group as Subchapter V trustee for Mortgage Unity, LLC. Mr. Darr will be paid an hourly fee of $825 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Darr declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Stephen Darr Huron Consulting Group 265 Franklin Street, Suite 402 Boston MA 02110 Phone: (617) 226-5593 Email: sdarr@hcg.com About Mortgage Unity LLC Mortgage Unity LLC is a mortgage services company based in Marlborough, Mass. Mortgage Unity sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-40187) on February 21, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $100,000 and $500,000 in liabilities. The Debtor is represented by: Carl D. Aframe, Esq. Aframe & Barnhill 390 Main Street, Suite 901 Worcester, MA 01608 Tel: (508) 756-6940 Fax: (508) 753-8219 Email: aframe@aframebarnhill.net MOUNTAIN PROVINCE: S&P Lowers ICR to 'SD' on Debt Restructuring --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating (ICR) on Canada-based Mountain Province Diamonds Inc. (MPV) to 'SD' (selective default) from 'CCC'. S&P said, "At the same time, we lowered our issue-level rating on the company's second-lien notes due December 2025 to 'D' from 'B-', reflecting our view that the debt refinancing transaction constitutes a distressed debt restructuring. "We expect to reassess our ICR on MPV in the near term. "We consider MPV's refinancing transaction distressed and tantamount to a default due to the company's minimal liquidity and noteholders receiving less than originally promised. The downgrade reflects MPV's amendment of its second lien notes indenture, which extended the maturity of the notes from December 2025 to December 2027, subordinated the security interest of the noteholders and deferred 2025 interest payment on the notes to June 2026. The change in terms of the notes indenture is part of a broader refinancing transaction that introduces a new term loan (up to US$40 million) and new working capital facility (C$33 million) in the capital structure that rank ahead of the notes. The company's joint venture partner De Beers Canada Inc. will also have first ranking security interest in the company's asset for MPV's share of the decommissioning obligations (C$60 million) at the Gahcho Kue mine. "In view of these factors, we consider the debt restructuring as a distressed transaction and default because investors received less than originally promised on the notes. As a result, we have lowered our rating on these notes to 'D' from 'B-'. "We also lowered our ICR on MPV to 'SD' from 'CCC' because the default only affected the senior secured notes due December 2025. We plan to reevaluate the ICR in the near term based on our conventional assessment of default risk. Our review will focus on the long-term viability of MPV's capital structure and liquidity position." NAOTA HASHIMOTO: Case Summary & 11 Unsecured Creditors ------------------------------------------------------ Debtor: Naota Hashimoto LLC PO Box 9105 Aurora, IL 60598 Business Description: Naota Hashimoto is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). It holds an equitable interest in the property at 395 E. Wigwam Ave., valued at $1.54 million. Chapter 11 Petition Date: March 20, 2025 Court: United States Bankruptcy Court District of Nevada Case No.: 25-11511 Debtor's Counsel: David J. Winterton, Esq. DAVID WINTERTON & ASSOCIATES, LTD. 7881 W. Charleston Blvd. Suite 220 Las Vegas, NV 89117 Tel: 702-363-0317 Fax: 702-363-1630 Email: autumn@davidwinterton.com Total Assets: $1,535,000 Total Liabilities: $1,212,533 The petition was signed by Richard Costello as member/manager. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PWYPOEY/NAOTA_HASHIMOTO_LLC__nvbke-25-11511__0001.0.pdf?mcid=tGE4TAMA NEWPORT VENTURES: Plan Exclusivity Period Extended to April 24 -------------------------------------------------------------- Judge Theodor Albert of the U.S. Bankruptcy Court for the Central District of California extended Newport Ventures LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to April 24 and June 23, 2025, respectively. As shared by Troubled Company Reporter, the Debtor asserts several key factors that warrant additional time to formulate a comprehensive restructuring strategy. First and foremost, after significant disputes have arisen (i) between the Debtor and its Secured Lender relating, among other things, to cash collateral use and financial reporting, and (ii) between the Debtor and the Franchisor relating, among other things, to the validity of the alleged pre-petition termination of the franchise agreements and the ability of the Debtor to assume and assign such agreements, two critical developments in the Case may lead to a positive path forward in being able to confirm a plan which may be premised on an asset sale. First, the key stakeholders have agreed on the appointment of a CRO who has their trust and confidence and will be focusing immediately on an exit strategy. Additionally, Del Taco and the Debtor are seeking to schedule a Court-ordered mediation which will hopefully result in a resolution of contentious issues allowing for the confirmation of a consensual plan. Additionally, managing 18 restaurant locations presents a complex and dynamic challenge, particularly given the existing tensions and competing interests of the Secured Lender and the Franchisor. The involvement of the Secured Lender, the Unsecured Creditor Committee, and Franchisor adds layers of complexity to these decisions, requiring careful negotiation and consensus-building to achieve a mutually agreeable outcome. The Debtor asserts that this comprehensive assessment is crucial to determining the best path forward, whether it involves formulating a plan of reorganization or conducting a strategic sale of assets under Section 363 of the Bankruptcy Code. Regardless of the chosen path, the Debtor, through the CRO, remains committed to proposing a successful plan that maximizes value for all stakeholders but requires additional time to do so. Finally, the Debtor underscores that it has acted, and continues to act, as expeditiously as possible given the difficulties presented in this Case. The Debtor believes that granting the requested extension, which is the first request that the Debtor has made, will allow it, though the CRO, to complete these critical tasks and develop a comprehensive restructuring strategy that is in the best interests of creditors and all parties involved. General Insolvency Counsel for Debtor: AKERMAN LLP Evelina Gentry, Esq. 633 West Fifth Street, Suite 6400 Los Angeles, California 90071 Telephone: (213) 688-9500 Facsimile: (213) 627-6342 About Newport Ventures Newport Ventures, LLC, a company in Orange, Calif., owns and operates a restaurant. Newport Ventures filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 24-12738) on October 26, 2024, with $10 million and $50 million in both assets and liabilities. Shahvand Aryana, principal of Newport Ventures, signed the petition. Judge Theodor Albert oversees the case. The Debtor is represented by Steven M. Kries, Esq. The U.S. Trustee for Region 16 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. OPELLA GROUP: S&P Assigns 'B+' Long-Term ICR, Outlook Stable ------------------------------------------------------------ S&P Global Ratings assigned its 'B+' long-term issuer credit rating to Opella Group and to the group's senior debt. The recovery rating is ' 3' (recovery range: 50%-70%; rounded estimate: 60%). The stable outlook indicates that Opella will generate continual growth of 4%-5% and gradually reduce its S&P Global Ratings-adjusted debt to EBITDA toward 7x by year-end 2026, thanks to its solid portfolio of consumer health care brands. In February 2025, private equity group CD&R signed definitive agreements to acquire a 50% controlling stake in Opella, Sanofi's consumer health care business, with Sanofi retaining substantially all of the remaining equity stake. Opal Holdco 4 SAS (Opella) will become the parent company for the demerged division, inheriting Sanofi's position as a global player in consumer health care. Opella benefits from solid positions in OTC medicines and VMS markets globally, through a portfolio of well-known and established brands. Opella's growth primarily comes from a portfolio of 15 global and local brands that enjoy robust positions in their markets, all being in at least the top three in their categories and a majority of them a leader in market share. Opella relies on six global brands, Allegra (allergy), enterogermina (probiotics), Dulcolax (laxatives), Essentiale (liver and bile), Buscopan (antispasmodic), and Mucosolvan (cough). The group's main nine local brands have very strong recognition and positions in their respective countries, like Doliprane in France, Qunol in the U.S., and Dorflex in Brazil. Net sales grew 2.8% in 2024 benefiting from the Qunol acquisition in physical and mental wellness and strong digestive wellness performance. Opella's sales are well-diversified globally and it has a significant presence in emerging markets, which comprise about one-fourth of total sales. In S&P's view, this offers significant growth potential in the consumer health space, due to the emergence of an affluent middle-class increasingly inclined to self-care. Opella is also not dependent on one single brand and its 15 key brands account for 66% of revenue. The group is present in many categories of the OTC and VMS markets. The OTC segment is also regulated in certain countries. These factors lead to variations in supply chain and distribution structures for the different business divisions, which limits the potential for significant cost synergies. However, Opella has a good track record of managing complex and wide-ranging distribution channels. This is significant as in many markets in Europe, the Middle East and Africa, and Latin-America, OTC products are largely sold through pharmacies. At the same time, retail channels are significant channels in certain markets, notably in the U.K. and the U.S. S&P views that the consumer health care segment has favorable characteristics and specifically significant growth prospects. Increasing self-care trends, overstretched health care systems, emergence of an affluent middle class in developing countries, an ageing global population, and unmet needs are key growth drivers. Also, many symptoms are not treated and a better education of patients should boost volumes, notably in the laxative segment where Opella is a leader. Also, OTC and VMS are among the most resilient segments of the fast-moving consumer goods (FMCG) universe, even ahead of staple foods, evidencing the importance of health. Opella operates in a highly competitive landscape and has several larger and more-diversified global competitors. S&P's assessment of its business risk also factors in intense competition from several local and global competitors in almost all of its business divisions. Competition includes larger consumer health care payers like Haleon and Kenvue, but also larger, more diversified, and higher rated companies operating in different segments of the consumer health care business. Opella's revenue base of about EUR5 billion in 2024 is half the size by total revenue of Kenvue's and Haleon's. It is also relatively small compared with companies such as Bayer, Procter & Gamble, Reckitt, and Unilever, which have competing products in the adjacent or select parts of the consumer health care sector. These are larger and more diversified pharmaceutical or consumer product companies that have significant operating and financial resources. This means that they can invest significant amounts in product development and brand marks as positive Opella's record of optimizing its portfolio and harnessing its global scale to drive innovation and growth. However, spending on research and development (R&D) and advertising and promotions (A&P) will remain elevated. Like other companies in the sector, Opella may need to continuously optimize its portfolio to sustain profitable growth. To allocate capital effectively within the portfolio, Opella will need to invest extensively in its products and brands; for example, spending on R&D and A&P, and marketing to pursue its growth ambitions, including expanding its e-commerce sales. The focus on 15 key brands should enable Opella to optimize its investments in marketing and distribution. S&P note the group's successful track record in innovation. Opella's EBITDA margin of about 22% in 2024 (before one-off costs of about EUR400 million) was slightly below the industry average. Comparable pure players like Haleon and Kenvue disclosed superior profitability last year at close to 25%. And this may not be a size effect given that Cooper, a much smaller player, reported margin in excess of 25%. Opella's operating margin is temporarily depressed by restructuring and separation costs that reached a high point of about EUR400 million last year. In the coming years, those separation costs are expected to more than halve but they will still have a negative bearing until 2027. Still, Opella's operating margin stacks up favorably against some other rated FMCG peers like Danone. Also, Opella has a relatively good track record of driving innovation, and S&P views innovation as a key path to increase pricing and improving margins. Profitability enhancement will come not only from enhanced operating leverage as the top line increases, but also from significant optimization initiatives, which are well on track. The group has already optimized the portfolio considerably, reducing its number of brands to currently about 100 from over 251. Opella is simultaneously renegotiating terms with contract manufacturing organizations, toward practices more adapted to FMCG products, gaining agility and flexibility compared with the previous pharmaceutical model. This will ensure a more reliable supply to key customers. Longer-term, profitability will be boosted by the separation costs phasing out. The separation from Sanofi creates more opportunities than risks. S&P views the execution risks related to the carve-out process itself as lower than in other cases, because the group had been preparing for the separation since the demerger was contemplated in 2020. Specifically, autonomy functions have been built in since 2020, especially for R&D and support functions. Moving toward a fully independent IT systems will, however, take few years, which introduces possible execution risks. Importantly, a FMCG challenging mindset culture has been expanded. Also, there is only limited overlap at the level of the industrial footprint and recent carve-outs in the sector, by Johnson & Johnson and GSK, have proven successful. Acting as a pure consumer health care player provides more agility while pharmaceuticals investment and R&D cycles are skewed to the very long-term. In allergy, for instance, it is impossible to predict the trends of the future years and being a pure player enables to act quicker. Also, even though efficacy remains key, consumer health care is customer-centric while pharmaceuticals are R&D led. S&P understands that Opella has a seasoned management team with long experience in consumer goods. Still, specific separations costs will temporarily weigh on profitability. S&P said, "We anticipate Opella's capital structure will be highly leveraged after refinancing, with adjusted debt to EBITDA at about 7.5x-8.0x in 2025 before deleveraging to 7.0x-7.5x in 2026. Following the refinancing, we expect that S&P Global Ratings-adjusted debt will land at EUR7.5 billion combining several tranches. A PIK instrument of EUR1.2 billion will complement the capital structure and we assume it will not pay cash interest. We note that the company does not have any significant pension or leasing liabilities and does not make use of factoring. We expect that leverage will gradually decline by at least 0.5x per year in the coming three years, thanks to continuously increasing EBITDA. "We project that continued profitability improvements and solid top-line growth will drive down leverage in 2026, with S&P Global Ratings-adjusted debt approaching 7x. Given the private equity ownership, we believe that Opella's appetite for deleveraging is low, and we assume that self-generated cash flow will fund external development opportunities; rather than debt reduction. Therefore, we do not deduct cash balances from our calculation of adjusted debt but note that the cash balance should exceed EUR1.5 billion by 2027 if no acquisitions are made. "We view positively in our rating assessment Opella's ability to generate free cash flows, based on solid profitability and moderate working capital and capital expenditure requirements. We forecast a continual increase in free operating cash flow (FOCF) generation after separation costs approaching EUR250 million in 2025, EUR400 million in 2026 (despite the full impact of the interest burden), and EUR500 million in 2027. On the flip side, we take the view that the group's funds from operations (FFO) cash interest coverage ratio will only modestly exceed 2x in 2025. "Our stable outlook reflects our expectation that Opella will achieve underlying revenue growth of about 5%, while gradually improving its margins, on the back of its resilient portfolio of consumer health care brands and favorable growth prospects for consumer health care. We anticipate that the separation from Sanofi will continue to progress seamlessly. "The stable outlook also reflects our view that Opella will generate positive FOCF, with a low point of about EUR250 million in 2025. We expect S&P Global Ratings-adjusted leverage to remain lower than 8x, with a gradual and continuous deleveraging trajectory, bringing leverage to 7.0x-7.5x in 2026, and below 7.0x thereafter. The deleveraging trajectory implies a good control on profitability, working capital, and capital expenditure (capex) spending, as well as financial discipline. We also anticipate that FFO cash interest will permanently exceed 2x. "We could lower the rating if the separation process runs into difficulties or proves more expensive than currently anticipated, triggering slower-than-predicted deleveraging. We could also lower the rating if the group were to follow a more aggressive strategy with regard to discretionary spending and acquisitions. "We could downgrade Opella if its top-line performance weakens, or it experiences operational setbacks, causing profitability to fall materially, FOCF not gradually improving, and adjusted debt to EBITDA not improving to below 7x. FFO cash interest ratio falling below 2x would also jeopardize the current rating. "We could upgrade Opella if the group were able to substantially outperform our base case on the back of strong growth in underlying revenue and market share, with a material improvement in its margins." An upgrade would also depend on Opella demonstrating a record of operating successfully on a stand-alone basis (post separation), with strong FOCF generation leading to a faster-than-expected reduction in leverage, such that adjusted debt to EBITDA improves to below 5x and sustainably remains below 5x." PAP-R PRODUCTS: Seeks to Hire Wade Stables PC as Accountant ----------------------------------------------------------- PAP-R Products Company seeks approval from the U.S. Bankruptcy Court for the Southern District of Illinois to employ Wade Stables, PC as accountant. The firm will prepare and file necessary state and federal tax returns for the Debtor during this Chapter 11 bankruptcy. The firm will be paid at $195 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Paul Richards, a partner at Wade Stables, PC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Paul Richards, Esq. Wade Stables, PC 100 N. 6th Street, Hannibal, MO 63401 Tel: (573) 221-5998 About Pap-R Products Company Pap-R Products Company specializes in a wide range of coin and currency wrapping solutions. The Company's product lineup includes flat coin wrappers, automatic coin rolls, currency bands, and specialized wraps for items such as napkins and canceled checks. All products are crafted from high-quality Kraft paper and adhere to ABA standards when applicable.The company also offers custom imprinting services for most products, excluding basic bill bands and storage boxes. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-60040) on March 3, 2025. In the petition signed by Kenneth Scott Ware, president, the Debtor disclosed up to $50 million in both assets and liabilities. Larry E. Parres, Esq., at LEWIS RICE LLC, represents the Debtor as legal counsel. PARTY CITY: Stark & Kessler File Rule 2019 Statement ---------------------------------------------------- In the Chapter 11 cases of Party City Holdco Inc. and affiliates, the law firms Stark & Stark, P.C. and Kessler & Collins, P.C. filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure. The firms represent these entities in connection with the Chapter 11 cases: * Levin Properties, L.P., * G&I IX Empire Big Flats LLC, and * Eatontown 36, LLC. Each client has been made aware of Counsel's other representations in these cases. The clients are affiliated entities. The law firms can be reached at: Daniel P. Callahan, Esq. KESSLER & COLLINS, P.C. 500 N. Akard Street, Suite 3700 Dallas, TX 75201 Telephone: (214) 379-0722 Facsimile: (214) 373-4714 Email: doc@kesslercollins.com - and - Joseph H. Lemkin Thomas S. Onder STARK & STARK, P.C. 100 American Metro Blvd. Hamilton, NJ 08619 Telephone: (609) 791-7022 Facsimile: (609) 895-7395 Email: jlemkin@stark-stark.com tonder@stark-stark.com About Party City Holdco Party City Holdco Inc. (NYSE: PRTY) is the global leader in the celebrations' industry, with its offerings spanning more than 70 countries around the world. It is also the largest designer, manufacturer, distributor, and retailer of party goods in North America. Party City Holdco had 761 company-owned stores as of September 2022. It is headquartered in Woodcliff Lake, N.J. with additional locations throughout the Americas and Asia. Party City Holdco and its domestic subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90005). As of Sept. 30, 2022, Party City Holdco had total assets of $2,869,248,000 against total debt of $3,022,960,000. Judge David R. Jones oversees the cases. The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP, as legal counsel; Moelis & Company, LLC as investment banker; AlixPartners, LLP as financial advisor; A&G Realty Partners as real estate advisor; and Kroll as the claims agent. PricewaterhouseCoopers LLP (PwC) provides accounting and valuation advisory services, tax-related services, and internal audit Sarbanes-Oxley Act support services. Davis Polk & Wardwell, LLP and Lazard serve as legal counsel and investment banker, respectively, to the ad hoc group of first lien holders. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The committee is represented by Pachulski Stang Ziehl & Jones, LLP. PECAN ACRES: Seeks to Hire Wade N. Kelly LLC as Counsel ------------------------------------------------------- Pecan Acres Limited Partnership I seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to employ Wade N. Kelly, LLC as counsel to handle its Chapter 11 case. The firm will be paid at the rate of $425 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Wade N. Kelly, Esq., a partner at Wade N. Kelly, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Wade N. Kelly, Esq. Packard LaPray, Esq. Wade N. Kelly, LLC 2201 Oak Park Boulevard Lake Charles, LA 70601 Tel: (337) 431-7170 Email: wade@packardlaw.com About Pecan Acres Limited Partnership I Pecan Acres Limited Partnership I, filed a Chapter 11 bankruptcy petition (Bankr. W.D. La. Case No. 25-20112) on March 11, 2025. The Debtor hires Wade N. Kelly, LLC as counsel. PLENTY UNLIMITED: Case Summary & 30 Largest Unsecured Creditors --------------------------------------------------------------- Lead Debtor: Plenty Unlimited Texas LLC 1461 Commerce Drive Laramie WY 82070 Business Description: The Debtors are an innovative Agricultural Technology (AgTech) companies with a platform focused on indoor vertical farming. They have partnered with key retailers and merchandising partners to make their produce widely available. The Debtors' cutting-edge technology has the potential to significantly outperform competitors in yield metrics, while producing ultra-premium offerings. Initially, the Debtors began production of leafy greens at their farm in Compton, California, and are currently focused on their purpose-built, ultra- premium strawberry production facility in Richmond, Virginia. Additionally, the Debtors operate a research and development facility in Laramie, Wyoming. Chapter 11 Petition Date: March 23, 2025 Court: United States Bankruptcy Court Southern District of Texas Seven affiliates that simultaneously filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Plenty Unlimited Texas LLC (Lead Case) 25-90105 Plenty Unlimited Inc. 25-90106 MJNN LLC 25-90107 White Farms LLC 25-90108 Blue Gardens LLC 25-90109 Bright Agrotech, Inc. 25-90110 P F2 VA LLC 25-90111 Judge: Hon. Christopher M Lopez Debtors' Bankruptcy Counsel: Duston K. McFaul, Esq. SIDLEY AUSTIN LLP 1000 Louisiana Street, Suite 5900 Houston, Texas 77002 Tel: (713) 495-4500 Fax: (713) 495-7799 Email: dmcfaul@sidley.com - and - Anthony R. Grossi, Esq. Ameneh Bordi, Esq. Weiru Fang, Esq. 787 Seventh Avenue New York, New York 10019 Tel: (212) 839-5300 Fax: (212) 839-5599 E-mail: agrossi@sidley.com abordi@sidley.com weiru.fang@sidley.com Debtors' Bankruptcy Counsel: Erin R. Fay, Esq. Shane M. Reil, Esq. Heather P. Lambert, Esq. WILSON SONSINI GOODRICH & ROSATI, P.C. 222 Delaware Avenue, #800 Wilmington, DE 19801 Tel: (302) 304-7600 Fax: (650) 493-9301 E-mails: efay@wsgr.com sreil@wsgr.com hlambert@wsgr.com Debtors' Investment Banker: JEFFERIES LLC Debtors' Financial & Restructuring Advisor: UZZI & LALL Debtors' Claims & Noticing Agent and Administrative Advisor: STRETTO, INC. Estimated Assets: $100 million to $500 million Estimated Liabilities: $100 million to $500 million The petitions were signed by Daniel Malech as interim chief executive officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IWXGDDA/Plenty_Unlimited_Texas_LLC__txsbke-25-90105__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Whiting-Turner Contracting Trade Claim $19,988,949 Company 300 E Joppa Rd 80th Floor Towson, MD 21286 Tel: 949-863-0800 Fax: 888-864-5769 Email: pete.valianatos@whiting-turner.com; hella.metzler@whiting-turner.com 2. Electrical Controls & Trade Claim $7,719,818 Maintenance Inc. Attn: S. Sadiq Gill PO Box 395 Richmond, VA 23218 c/o Durrette, Arkema, Gerson & Gill, PC Tel: 877-382-9187 Fax: 804-779-3279 Email: electricalconstmaint@omeda.co 3. OCS IntelliTrak, Inc. Trade Claim $5,680,074 8660 Seward Rd Fairfield, OH 45011 Tel: 513-714-4133 Fax: 513-714-4173 Email: jhamilton@intellitrak.com 4. Colonial Webb Contractors Trade Claim $3,022,918 Company 100 Shockoe Slip, Floor 2 Richmond, VA 23219 c/o Corporation Service Company Tel: 804-916-1400 Fax: 804-262-6298 Email: Combs@ColonialWebb.com 5. Liphart Steel Co. Inc. Trade Claim $2,267,100 3308 Rosedale Ave Richmond, VA 23230 Tel: 804-355-7481 Email: info@liphartsteel.com 6. Trane U.S. Inc. Trade Claim $2,244,573 3600 Pammel Creek Road La Crosse, WI 54601 Tel: 951-332-3394 Fax: 973-244-7001 Email: kwessels@trane.com 7. PB Tec USA Inc Trade Claim $1,608,896 16925 111 ave Edmonton, AB T5M 2S4 Tel: 31-174-623-200 Fax: 31-174-624-654 Email: aaron.morris@pb-tec.com 8. North Coast Electric Company Trade Claim $1,490,986 2450 8th Ave South Suite 200 Seattle, WA 98134 Tel: 360-594-4644 Fax: 206-621-9156 Email: kmaitre@ncelec.com 9. C.T. Purcell Excavating, Inc. Trade Claim $877,215 17055 Mountain Road Montpelier, VA 23192 Tel: 804-883-6333 Email: info@ctpurcellinc.com 10. Barry Wehmiller Trade Claim $819,070 Design Group, Inc. 25243 Network Place Chicago, IL 60673 Tel: 714-957-1041 Fax: 314-862-8858 Email: ar@bwdesigngroup.com 11. Arbon Trade Claim $813,544 195 S Rite Hite Way Milwaukee, WI 53204-1195 Tel: 888-816-1313 Fax: 414-355-9248 Email: info@arboncorp.com 12. Prologis Lease Payment $812,775 3353 Gateway Blvd Fremont, CA 94538 Tel: 415-394-9000 Email: rromero@prologis.com 13. San Mateo County Tax Claim $613,961 Tax Collector PO Box 45901 San Francisco, CA 94145-0901 Tel: 866-220-0308 Fax: 650-599-1511 Email: taxmaster@smcgov.org 14. SAMCO Machinery Ltd Trade Claim $499,001 351 Passmore Ave. Toronto, ON M1V 3N8 Tel: 416-285-0619 Fax: 416-285-1353 Email: dlevesque@samcomachinery.com 15. Century Construction Trade Claim $492,752 Company Inc. c/o The Law Office of Christopher G. Hill, PC 4860 Cox Road, Suite 200 Glen Allen, VA 23060 Tel: 804-626-9466 Fax: 406-535-1205 Email: estimating@centuryci.com 16. Jacobs Engineering Group Inc. Trade Claim $458,676 4 Embarcadero Center Suite 3800 San Francisco, CA 94105 Tel: 202.785.5800 Fax: 202.785.4755 Email: contactus@jacobs.com 17. Opulent Techno Pte. Ltd. Trade Claim $405,910 22 Sin Ming Lane, #05-79 Midview City, Singapore, 573969 Tel: 65-6749-8188 Fax: 65-6749-9088 Email: ivy.loh@opulent-group.com 18. Southern California Edison Utility Claim $382,239 PO Box 300 Rosemead, CA 91772-0001 Tel: 800-655-4555 Fax: 626-569-2573 Email: claims@sce.com 19. City of Compton Tax Claim $380,390 205 S Willowbrook Ave Compton, CA 90220 Tel: 310-605-6500 Fax: 310-764-5897 Email: cwdcd@comptoncity.org 20. Amphenol DC Electronics Trade Claim $373,688 1870 Little Orchard Street San Jose, CA 95125 Tel: 408-947-4500 Email: b_wang@dcelectronics.com 21. United Electric Trade Claim $357,155 10 Bellecor Drive New Castle, DE 19720 Tel: 800-322-3374 Email: insidesales@ueonline.com; info@unitedelectricsc.com; CustomerService@ueonline.com 22. ACCO Engineered Systems Trade Claim $353,446 888 E Walnut St Pasadena, CA 91101 Tel: 714-352-2226 Email: ncdispatch@accoes.com 23. Strickland Waterproofing Trade Claim $342,432 500 N Hoskins Rd Charlotte, NC 28216 Tel: 704-347-1345; 800-501-5070 Fax: 704-347-1347 Email: info@stricklandwaterproofing.com 24. Benton Roofing Trade Claim $334,844 814 Tracy Grove Rd Flat Rock, NC 28731 Tel: 619-291-6340; 888-622-1622 Email: calebbenton@bentonroofinginc.com; infobentonroofing.com 25. Century Concrete LLC Trade Claim $324,423 1364 Air Rail Avenue Virginia Beach, VA 23455 Tel: 757-460-5366 Fax: 757-460-3296 Email: info@centuryconcretedesign.com 26. Realty Income Properties 9, LLC Lease $315,000 11995 El Camino Real Payment San Diego, CA 92130 Tel: 877-924-6266 Fax: 760-317-2949 Email: ir@realtyincome.com 27. Direct Pack Inc. Trade Claim $263,050 1025 West 8th Street Azusa, CA 91702 Tel: 626-380-2360 Fax: 818-869-1101 Email: annaclinton@directpackinc.com 28. Kennerley-Spratling, Inc. Trade Claim $250,032 2116 Farallon Drive San Leandro, CA 94577 Tel: 510-351-8230 Email: kahern@ksplastic.com 29. Cumming Management Group, Inc. Trade Claim $239,095 25220 Hancock Ave Suite 440 Murrieta, CA 92562 Tel: 323-855-4710 Email: asanchez@cumming-group.com 30. Empirical Packaging Solutions Trade Claim $237,587 1689 Crown Ave, Suite 5 Lancaster, PA 17601 Tel: 809-938-1834 Email: tonyhodson@packempirical.com PROSPECT MEDICAL: Stutzman Advises Medical Malpractice Claimants ---------------------------------------------------------------- The law firm of Stutzman, Bromberg, Esserman & Plifka, A Professional Corporation ("SBEP"), filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 cases of Prospect Medical Holdings Inc. and its affiliates, the firm represents the Ad Hoc Committee of Medical Malpractice Claimants ("AHC"). SBEP is a law firm that maintains its office at 2323 Bryan Street, Suite 2200, Dallas, Texas 75201. As to the nature and amount of the disclosable economic interests held by each AHC member in relation to Debtors as of the date of this Verified Statement, each member of the AHC has allegedly sustained damages as a result of the tortious acts of Debtors. Each AHC member's claim for such damages is unsecured and unliquidated. The law firm can be reached at: STUTZMAN, BROMBERG, ESSERMAN & PLIFKA, PC Sander L. Esserman, Esq. Peter C. D’Apice, Esq. 2323 Bryan Street, Ste. 2200 Dallas, TX 75201-2689 Telephone: (214) 969-4900 Facsimile: (214) 969-4999 Email: esserman@sbep-law.com dapice@sbep-law.com About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' General Bankruptcy Counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors' Financial Advisor is ALVAREZ & MARSAL NORTH AMERICA, LLC. The Debtors' Investment Banker is HOULIHAN LIKEY, INC. The Debtors' Claims, Noticing & Solicitation Agent is OMNI AGENT SOLUTIONS, INC. PURDUE PHARMA: Files New Chapter 11 Plan Worth $7.4B+ For Creditors ------------------------------------------------------------------- Purdue Pharma L.P. filed on March 19, 2025, a Chapter 11 Plan of Reorganization and related disclosure statement with the United States Bankruptcy Court for the Southern District of New York. Assuming full creditor participation, the Plan will deliver to creditors more than $7.4 billion of cash, subject to certain reserves, to compensate victims and abate the opioid crisis. There will also be substantial value created by the continued development and distribution of lifesaving opioid use disorder and overdose rescue medicines for no profit, as well as expected insurance and other recoveries. True to the vision Purdue articulated at the outset of the bankruptcy, a new public benefit company, 100% devoted to improving the lives of Americans, will be created upon emergence. Purdue will be dissolved and its assets transferred to the new company. The Sacklers will have no ownership interest or role with the new company, just as they have had no involvement in Purdue since the end of 2018. In compliance with the Supreme Court's 2024 ruling, the Plan does not contain non-consensual third-party releases. Instead, creditors will need to opt in to the settlement to receive their full settlement payments. Alternatively, creditors can preserve their right to take legal action against the Sacklers if they do not opt in to the Sackler releases contained in the Plan. "Following the 2024 Supreme Court ruling, we doubled down on our commitment to work with our creditors to design a new Plan that delivers unprecedented value to those affected by the opioid crisis. Today's filing is a major milestone in that effort," said Purdue Board Chairman Steve Miller. "We and our creditors have worked tirelessly in mediation to build consensus and negotiate a settlement that will increase the total value provided to victims and communities, put billions of dollars to work on day one, and serve the public good. I sincerely thank our stakeholders for their dedication and collaboration, and I look forward to having the plan confirmed and consummated as quickly as possible." Plan Value The cash value of the Plan, assuming full creditor participation and net of certain reserves, is approximately $7.4 billion, including available cash from Purdue and payments by the Sacklers. The number could go higher, with up to an additional $500 million from the Sacklers if the international pharmaceutical businesses they will be required to sell yield proceeds above a certain value. Additional value is also expected from insurance and litigation recoveries that the bankruptcy estate will pursue. -- Assuming full creditor participation, the Sacklers will contribute approximately $6.5 billion in installments over the next 15 years, subject to certain reserves. They will pay $1.5 billion on the day the Plan becomes effective. -- Purdue will contribute 100% of its assets, with an expected $900 million in cash available for distribution on the day of emergence. -- Notably, the Plan is the only opioid settlement to date that meaningfully compensates individual victims. Assuming full participation, individual victims will receive more than $850 million, subject to certain reserves. In addition to this cash value, the Plan creates a company equipped to provide millions of doses of lifesaving opioid use disorder treatment and overdose reversal medicines. Structure of Emerging Public Benefit Company Upon emergence, Purdue will be dissolved. The public benefit company that succeeds it will be owned by an independent, newly created foundation. By charter, its core mission will be to abate the opioid crisis and improve public health. -- The states, with input from other case constituents, will select the initial slate of directors. Creditors will otherwise have no ongoing role in the new company's operations or governance. -- The post-emergence company will be subject to a strict operating injunction to ensure that it provides its medicines in a safe manner that limits the risk of diversion. This continues Purdue's current commitment, as the company has operated under a voluntary self-injunction since 2019, with the oversight of a court-appointed monitor. -- The Plan also contains provisions that will ensure that the post-emergence company satisfies Purdue's obligations to the Department of Justice under the 2020 criminal and civil settlements. Because the new company will be dedicated to abating the opioid crisis, the Plan satisfies the conditions to receive a $1.775 billion forfeiture judgment credit against the $2 billion forfeiture payment that the company would otherwise have to pay to the United States. -- The Sacklers, who exited the Board of Purdue by the end of 2018 and have had no involvement in Purdue since that time, will have no role whatsoever in the new company. Dedicated to Addressing the Opioid Crisis The post-emergence company will continue Purdue's work to abate the opioid crisis, at no profit. -- Since 2018, Purdue has helped develop a low-cost over-the-counter naloxone nasal spray, resulting in dramatic decreases in the cost of naloxone products in the marketplace, thereby improving access and saving lives. -- Purdue has distributed more than 2 million tablets of buprenorphine naloxone sublingual tablets CIII (generic equivalent to Suboxone(R)) for a penny a tablet to state and local correctional facilities to treat incarcerated people with opioid use disorder. Click here for prescribing information. -- Purdue distributes, at no profit, nalmefene HCl injection for use by healthcare professionals for the complete or partial reversal of opioid drug effects, including respiratory depression induced by either natural or synthetic opioids. Click here to learn more, and here for prescribing information. Document Repository and Other Injunctive Relief -- The Plan also provides a historic level of transparency. It creates a document repository that will make available to the public millions of documents, including privileged documents, related to Purdue's historical sales and marketing practices. -- The repository will be significantly larger than the entire tobacco industry repository. -- Supplements to the Plan will contain provisions relating to Sackler naming rights and the sale of the Sacklers' international companies similar to the provisions contained in the original Plan. The current terms of the Plan and disclosure statement as filed can be viewed here. The Debtors expect that the new Plan -- which is the result of many months of mediation between and among Purdue and its creditors -- will receive support from the overwhelming majority of its creditors. The Plan filed will be amended or supplemented from time to time and is subject to confirmation by the Bankruptcy Court. A hearing to approve the disclosure statement is currently expected to occur in May 2025. Assuming the Bankruptcy Court approves the disclosure statement, Purdue will commence the solicitation of votes on the Plan and thereafter move to confirmation and emergence. About Purdue Pharma LP Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the reimagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19 23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation. The Debtors' consolidated balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as legal counsels; PJT Partners as investment banker; AlixPartners as financial advisor; and Grant Thornton, LLP as tax structuring consultant. Prime Clerk, LLC, is the claims agent. Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the official committee of unsecured creditors appointed in the Debtors' bankruptcy cases. David M. Klauder, Esq., is the fee examiner appointed in the Debtors' cases. The fee examiner is represented by Bielli & Klauder, LLC. * * * U.S. Bankruptcy Judge Robert Drain in early September 2021 approved a plan to turn Purdue into a new company (Knoa Pharma LLC) no longer owned by members of the Sackler family, with its profits going to fight the opioid epidemic. The Sackler family agreed to pay $4.3 billion over nine years to the states and private plaintiffs and in exchange for a lifetime legal immunity. The deal resolves some 3,000 lawsuits filed by state and local governments, Native American tribes, unions, hospitals and others who claimed the company's marketing of prescription opioids helped spark and continue an overdose epidemic. Separate appeals to approval of the Plan have already been filed by the U.S. Bankruptcy Trustee, California, Connecticut, the District of Columbia, Maryland, Rhode Island and Washington state, plus some Canadian local governments and other Canadian entities. In early March 2022, Purdue Pharma reached a nationwide settlement over its role in the opioid crisis, with the Sackler family members boosting their cash contribution to as much as $6 billion. The settlement was hammered out with attorneys general from the eight states -- California, Connecticut, Delaware, Maryland, Oregon, Rhode Island, Vermont and Washington -- and D.C. who had opposed the previous settlement. QUEST SOFTWARE: S&P Downgrades ICR to 'CCC-' on Weak Liquidity -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Quest Software US Holdings Inc. to 'CCC-' from 'CCC+' and maintained its negative outlook on the company. S&P said, "At the same time, we lowered our issue-level rating on the company's first-lien credit facilities to 'CCC-' from 'CCC+' and our issue-level rating on its second-lien term loan to 'CC' from 'CCC'. "The negative outlook reflects Quest's continued liquidity deterioration and our view that the company is currently vulnerable to non-payment and is dependent upon favorable business, financial, and economic conditions to meet its financial obligation and remain a going concern. "We believe Quest's continued negative free operating cash flow (FOCF) generation and liquidity deterioration elevates the risk of a liquidity event over the next six months. For nearly three fiscal years, Quest reported a revenue decline at a moderate pace in the low-single-digit percent area while ACR/ARR continued to grow in the mid-single-digit percent area. Although the firm has been able to grow its software-as-a-service and term licenses revenue, the growth has not been sufficient to offset persistent weakness in perpetual licenses, professional services, and maintenance revenue. The loss of revenue from perpetual licenses and related maintenance is due to a shift to a subscription-based revenue model, and growth in subscription and software as a service revenue has not fully replaced the losses. The company's performance has also been affected by overall cautious corporate IT spending amid a weakening macroeconomic environment. On a consolidated basis, for fiscal 2025 and 2026, we project the company will continue to report weak revenue growth. "We believe Quest's cost-cutting initiatives will partially offset the impact from top-line underperformance, but cash flow generation will continue to be overwhelmed by substantial debt service expenses. Amid recent top-line weakness, the company has continued to find ways to optimize its cost structure, allocated its resources to better and higher-valued options, which helped partially offset revenue decline from nonrecurring services and maintain broadly consistent EBITDA generation. Although we expect year-over-year improvement in its profitability as one-time costs continue to roll off and Quest continues to realize the benefits from ongoing cost-saving initiatives, we do not anticipate this will be sufficient to reverse negative FOCF as interest expenses continue to consume most, if not all, EBITDA. "We expect cash flow to remain negative for the next 12-24 months. Given the sizable debt and interest expense burden and limited prospects for organically improving cash generation and liquidity, we expect further deterioration of Quest's liquidity position over the next six months absent a significant positive change in its circumstances. "As of Feb. 28, 2025, while Quest had a total liquidity of more than $150 million, we believe it does not give it much financial flexibility, given our expectation for continued cash flow deficits. We now view Quest's liquidity as weak and believe the likelihood of a liquidity event appears to be high over the next six months despite its lack of near-term maturities. "The negative outlook reflects Quest's weak liquidity due to its high interest expense burden, continued cash flow deficits, and top-line underperformance. We view the likelihood of a liquidity event as high despite its lack of debt maturities over the next six months because we believe the company is currently vulnerable to non-payment and dependent upon favorable business, financial, and economic conditions to meet its financial obligations and remain a going concern. "We could lower our ratings on Quest if we believe continued cash flow shortfalls increase the risk of a liquidity event which we view as a default." S&P could take a positive action on Quest if: -- The financial sponsor provides the company with financial support and improves the balance sheet such that S&P no longer expect a default transaction over the near term; or -- Its revenue and EBITDA grow such that cash flow generation after debt service turns break-even or better, alleviating liquidity concerns, and S&P views the risk of default has reduced. QXC COMMUNICATIONS: Hires GCP Inc. as Business Sale Broker ---------------------------------------------------------- QXC Communications, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ GCP, Inc. as business sale broker. The firm will provide these services: a. prepare a program which will include seeking parties interested in financing the Assets through a plan of reorganization or acquiring the Assets at the 363 Sale ("Bidders") and marketing the Assets through electronic communications, internet websites, letters, and telephone solicitation; b. prepare electronic mails, website listings, advertising letters, fliers and/or similar sales materials which would include information regarding the sale of the Assets; c. endeavor to locate parties who may have an interest in acquiring the Assets of the Debtor; d. circulate materials to interested parties regarding the Assets, after the execution of confidentiality documents with those interested parties; e. create, maintain, update, and monitor activity on a secured, password protected virtual data room ("VDR"), and provide access to the VDR to all interested parties who have executed and returned to GCP a confidentiality agreement; f. as necessary and requested, advise the Debtor as to the setup and execution of any sale of the Assets outside the ordinary course of business; and g. communicate regularly with the Debtor and other interested parties with respect to the status of the Services GCP is providing. The firm will be paid at these rates: a. Monthly Fee. GCP shall be paid a "Monthly Fee" of $25,000 for Month 1, $10,000 for Month 2, and $10,000 for Month 3 in consideration of GCP's financial advisory services. This Monthly Fee shall accrue upon the Effective Date of this Agreement and accrue on the two (2) thirty (30) day periods thereafter. In the event this Agreement extends beyond 3 months, a $7,500 per month fee will accrue for every 30 days thereafter. This Monthly Fee shall be an administrative expense subject to court approval upon the completion of a Transaction, dismissal of this case, conversion of this Chapter 11 to a Chapter 7 or any other event whereby administrative claims shall be paid and shall be credited against any Transaction or Advisory Fee (as defined below) paid to GCP. To the extent a Transaction or Advisory Fee is earned and payable to GCP, such Transaction or Advisory Fee shall be reduced by the aggregate of all previously paid Monthly Fees. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: J. Gregory Barrow GCP, Inc. P.O. Box 386 1070 Hwy 109 North Gallatin, TN 37066 Tel: (615) 452-6849 About QXC Communications Inc. QXC Communications, Inc. specializes in designing and deploying fiber-optic networks that offer high-speed internet, WiFi, HD TV, and VoIP voice services. It caters to a range of clients, residential communities, military bases, businesses, and outdoor venues. The company uses AON (Active Optical Network) technology to ensure the highest quality connectivity with minimal interruptions. QXC Communications sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12256) on February 28, 2025, listing $11,677,760 in assets and $13,912,001 in liabilities. John Von Stein, chief executive officer, signed the petition. Judge Mindy A. Mora oversees the case. John E. Page, Esq., at Shraiberg Page PA, represents the Debtor as legal counsel. RA OUTDOORS: CION Marks $2 Million 2L Loan at 35% Off ----------------------------------------------------- CION Investment Corp. has marked its $2,004,000 loan extended to RA Outdoors, LLC to market at $1,293,000 or 64.52% of the outstanding amount, according to CION'S Form 10-K for the fiscal year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission. CION is a participant in a Senior Secured Second Lien Debt to RA Outdoors, LLC. The loan accrues interest at a rate of S+900, 1.00% SOFR Floor per annum. The loan matures on October 8, 2026. CION is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940. CION elected to be treated for U.S. federal income tax purposes as a RIC, as defined under Subchapter M of the Internal Revenue Code of 1986. CION Investment Management, LLC, is a registered investment adviser and affiliate of CION. CIM is a controlled and consolidated subsidiary of CIG and part of the CION Investments group of companies, or CION Investments. CION Investments is a manager of alternative investment solutions that focuses on alternative credit strategies for individual investors. CION Investments is headquartered in New York, with offices in Los Angeles. CION is led by Mark Gatto and Michael A. Reisner as Co-chief executive officer and director; and Keith S. Franz, chief financial officer. The Company can be reached through: CĪON Investment Corporation 100 Park Avenue, 25th Floor New York, NY About RA Outdoors, LLC RA Outdoors, LLC, doing business as Aspira, is a company that provides software solutions, particularly for reservation and licensing technology, serving federal, state, provincial, local government park, and conservation agencies worldwide. RACKSPACE TECHNOLOGY: Reports $858.2 Million Net Loss for 2024 -------------------------------------------------------------- Rackspace Technology, Inc., reported a net loss of $858.2 million on revenue of $2.74 billion for the year ending Dec. 31, 2024, according to its Annual Report on Form 10-K filed with the Securities and Exchange Commission. This is compared to a net loss of $837.8 million on revenue of $2.96 billion in 2023. As of Dec. 31, 2024, the Company total assets of $3.05 billion, total liabilities of $4.06 billion, and a total stockholders' deficit of $1 billion. Rackspace is a highly leveraged company. As of Dec. 31, 2024, the Company had $2,449.4 million aggregate principal amount outstanding under its debt instruments, which are comprised of the FLFO Term Loan Facility, the FLSO Term Loan Facility, the Term Loan Facility, the 3.50% FLSO Senior Secured Notes, the 5.375% Senior Notes, and the 3.50% Senior Secured Notes. The Company primarily finances its operations and capital expenditures with internally-generated cash from operations and hardware leases, and if necessary, borrowings under the New Revolving Credit Facility. As of Dec. 31, 2024, the New Revolving Credit Facility provided for up to $375.0 million of borrowings, none of which was drawn and outstanding as of Dec. 31, 2024. The Company's primary uses of cash are working capital requirements, debt service requirements and capital expenditures. The Company indicated that, with its current operations and cash and cash equivalents totaling $144.0 million as of Dec. 31, 2024, it believes its resources will provide sufficient liquidity for at least the next twelve months. The Company cannot provide assurance, however, that the business will generate sufficient cash flows from operations or that future borrowings will be available under the New Revolving Credit Facility or from other sources in an amount sufficient to enable payment of indebtedness or to fund other liquidity needs. The ability to do so depends on the Company's capacity to deliver on strategic objectives, prevailing economic conditions, and other factors, many of which are beyond control. The Company also mentioned that it has a track record of losses and may struggle to reach profitability going forward. The Company warned, "We may not be able to achieve profitability in the future or on a consistent basis. We have incurred substantial expenses and expended significant resources to market, promote, and sell our services, and we have substantial debt service payments. Our ability to achieve or maintain profitability will depend on our ability to increase our revenue, manage our cost structure, and avoid significant liabilities. Revenue growth may slow or revenue may decline for a number of reasons, including general macroeconomic conditions, increasing competition, or a decrease in the growth of the markets in which we operate. Additionally, we may encounter unforeseen operating expenses, difficulties, complications, delays and other unknown factors that may result in losses in future periods. Any failure to increase our revenue or manage our expenses could prevent us from achieving profitability at all or on a consistent basis, which would cause our business, financial condition and results of operations to suffer." The full text of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1810019/000181001925000043/rxt-20241231.htm About Rackspace Technology, Inc. Headquartered in San Antonio, Texas, Rackspace Technology, Inc. -- www.rackspace.com -- is an end-to-end, hybrid cloud and AI solutions company that designs, builds and operates its customers' cloud environments across all major technology platforms, irrespective of technology stack or deployment model. The Company partners with its customers at every stage of their cloud journey, enabling them to modernize applications, build new products and adopt innovative technologies. The Company serves its customers with a unique combination of proprietary technology resulting from over $1 billion of investment and services expertise from a team of highly skilled consultants and engineers. * * * As reported by the TCR on May 18, 2023, S&P Global Ratings lowered its issuer credit rating on Rackspace to 'CCC+' from 'B-' and revised the outlook to negative from stable. S&P said the negative outlook reflects the rising risk of distressed exchange by the Company from further EBITDA margin degradation and free cash flows sustaining negative. RHODIUM ENCORE: Sells Rockdale Assets in $185M Deal With Riot ------------------------------------------------------------- Riot Platforms, Inc., an industry leader in vertically integrated Bitcoin mining, announced entry into a non-binding term sheet outlining terms of a potential acquisition by Whinstone US, Inc., or an affiliate, a wholly-owned subsidiary of Riot, of specific assets owned by Rhodium Encore LLC at Riot's Rockdale Facility, and the filing of a motion to approve settlement under Federal Rule of Bankruptcy Procedure 9019 in Rhodium's bankruptcy case. Based upon the terms outlined in the Term Sheet, upon closing of the Transaction, Whinstone (or an affiliate) will provide $185 million in total consideration to Rhodium, consisting of: (i) $129.9 million in cash, (ii) $6.1 million return of Rhodium's power security deposit, and (iii) $49 million in Riot shares, which will be priced based on the last 10 trading days volume-weighted average price immediately prior to the closing of the Transaction. In exchange for the Transaction consideration, Rhodium will transfer ownership of all tangible property located at the Rockdale Facility, including all ASIC miners, and vacate the site within three business days following closing of the Transaction, whereupon Riot will immediately assume Rhodium's 125 MW of power capacity and the existing operating assets at the Rockdale Facility, resulting in the entire Rockdale Facility power load being allocated to self-use. Each of Whinstone and Rhodium will also dismiss all existing litigation, including any appeals, and release any and all future claims not connected to the closing of the Transaction. The Transaction and settlement will be subject to, among other things, the approval of the Bankruptcy Court pursuant to Bankruptcy Rule 9019 and Bankruptcy Code section 363, and will require execution of definitive agreements between Whinstone and Rhodium. Riot will continue to provide further updates in due course. About Riot Platforms, Inc. Riot's (NASDAQ: RIOT) vision is to be the world's leading Bitcoin-driven infrastructure platform. Riot is a Bitcoin mining and digital infrastructure company focused on a vertically integrated strategy. The Company has Bitcoin mining operations in central Texas and Kentucky, and electrical switchgear engineering and fabrication operations in Denver, Colorado and Houston, Texas. For more information, visit www.riotplatforms.com. About Rhodium Encore Rhodium Encore LLC is a founder-led, Texas based, digital asset technology company utilizing proprietary tech to self-mine bitcoin. The Company creates innovative technologies with the goal of being the most sustainable and cost-efficient producer of bitcoin in the industry. Rhodium Encore sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90448) on Aug. 24, 2024. In the petition filed by Michael Robinson, as co CRO, the Debtor reports lead debtor's estimated assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. Judge Alfredo R. Perez oversees the case. The Debtor tapped Quinn Emanuel Urquhart & Sullivan, LLP, as counsel, and Province, LLC as restructuring advisor. RIVERSIDE COURT: Has Deal on Cash Collateral Access --------------------------------------------------- The Riverside Court Condominium Association Phase II, Inc. and U.S. Small Business Administration advised the U.S. Bankruptcy Court for the Eastern District of Louisiana that they have reached an agreement regarding the Debtor's use of cash collateral and now desire to memorialize the terms of this agreement into an agreed order. The Debtor's cashflow is derived from the collection of condominium fees from the unit owners, special assessments, and other miscellaneous income such as parking, coin operating washers and dryers, and maintenance on units. SBA, as Prepetition Secured Lender, is the holder of a Promissory Note dated February 16, 2007 in the face amount of $739,000, which was executed by the Debtor. The Promissory Note was amended on or about August 15, 2007 to increase the amount to $886,900. The Note was secured by a Security Agreement in favor of SBA, as evidenced by a UCC 1 Financing Statement filed by SBA on March 15, 2007, instrument 26295721, which was recorded in the office of the Jefferson Parish Clerk of Court. The Debtor proposes and the SBA consents to monthly payments of $1,500 as adequate protection. Further, SBA has agreed that its claim is secured in the amount of $80,000, with the remaining balance of $577,945 an unsecured claim. Thus, the SBA agrees that its interests are adequately protected by the proposed payments, and the requirements for adequate protection under 11 U.S.C. sections 361 and 363. A copy of the motion is available at https://urlcurt.com/u?l=92mfyo from PacerMonitor.com. About The Riverside Court Condominium Association Phase II Inc. The Riverside Court Condominium Association Phase II, Inc. is a Louisiana non-profit corporation that was formed on March 2, 1984. It is the condominium association of The Riverside Court Condominiums located at 6320 Riverside Drive (formerly Ackel Street), Metairie, Louisiana, which contains 198 condominium units. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. E.D. La. Case No. 24-12410) on Dec. 9, 2024. In the petition signed by Nayanka Nero, secretary, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Meredith S. Grabill oversees the case. Patrick Garrity, Esq., at The Derbes Law Firm, LLC, represents the Debtor as legal counsel. RLR MARKETING: Patricia Fugee Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Patricia Fugee of FisherBroyles, LLP as Subchapter V trustee for RLR Marketing Corporation. Ms. Fugee will be paid an hourly fee of $365 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fugee declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Patricia B. Fugee FisherBroyles, LLP 27100 Oakmead Drive #306 Perrysburg, OH 43551 Phone: (419) 874-6859 Email: Patricia.Fugee@FisherBroyles.com About RLR Marketing Corporation RLR Marketing Corporation does business as the School of Rock. It operates as a franchisee, with the franchisor being the School of Rock Franchising, LLC. RLR filed Chapter 11 petition (Bankr. N.D. Ohio Case No. 25-30347) on February 28, 2025, listing up to $50,000 in assets and up to $1 million in liabilities. Ronald Rothenbuhler, director and president of RLR, signed the petition. Judge Mary Ann Whipple oversees the case. Eric Neuman, Esq., at Diller and Rice, LLC, represents the Debtor as legal counsel. ROMAN BUILDERS: Seek Chapter 11 Bankruptcy in Florida ----------------------------------------------------- On March 19, 2025, Roman Builders LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filing, the Debtor reports $1,015,126 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Roman Builders LLC Roman Builders LLC is a South Florida company that specializes in waterproofing services for both commercial and residential properties. The Company offers various solutions, including the installation of waterproofing membranes, concrete repair, and leak prevention through advanced methods like resin injection. It also provides maintenance and protection services for concrete structures, such as parking garages, balconies, and walkways. Roman Builders LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12914) on March 19, 2025. In its petition, the Debtor reports total assets of $821,063 and total Liabilities of $1,015,126. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtor is represented by: Susan D Lasky, Esq. SUSAN D. LASKY, PA 320 SE 18 Street Fort Lauderdale, FL 33316 Tel: 954-400-7474 E-mail: Jessica@SueLasky.com ROTI RESTAURANTS: Unsecureds Will Get 30% of Claims over 3 Years ---------------------------------------------------------------- R86 Liquidation f/k/a Roti Restaurants, LLC and affiliates filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Second Amended Subchapter V Plan dated February 28, 2025. Until the foregoing sales and liquidation, Roti operated fast casual Mediterranean restaurants in nineteen locations branded as "Roti Modern Mediterranean," "Roti Mediterranean Grill," "Roti Bowls. Salads. Pitas.", and "Roti" (collectively "Roti"). On February 6, 2025, pursuant to the Debtors Debtors' Expedited Fifth Supplemental Sale Motion for Order Approving (I) Sale with Respect to Certain Locations in Minnesota, (II) Sale of Corporate FF&E, and (III) Assumption and Assignment of Certain Contracts, the Court entered the Amended Final Agreed Order Granting Debtors' Expedited Fifth Supplemental Sale Motion for Order Approving (I) Sale with Respect to Certain Locations in Minnesota, (II) Sale of Corporate FF&E, and (III) Assumption and Assignment of Certain Contracts ("Minnesota Sale Order"). The Debtors and Broadpeak consummated the sale of the Minnesota Locations pursuant to the foregoing order on February 6, 2025. Through the Plan (consisting of 8 subplans), the Debtors propose to complete the liquidation of their businesses, and distribute their cash, including the proceeds of recent sales of its assets, as well as the proceeds of any estate chapter 5 avoidance actions for the benefit of its creditors. The Plan consists of eight subplans, one for the Debtors Debtors' operating and holding companies, R86 Liquidation and R86 Restaurants Inc. f/k/a Roti Inc. ("R86 Inc."), respectively (the "LLC/Inc Plan"), and seven for the Debtors’ remaining single-asset entities, whose only asset was a restaurant location lease, and whose only creditor was the applicable landlord. and R86 Restaurants Inc. f/k/a Roti Inc. ("R86 Inc."), respectively (the "LLC/Inc Plan"), and seven for the Debtors' remaining single-asset entities, whose only asset was a restaurant location lease, and whose only creditor was the applicable landlord. The Debtors are now in the process of winding down the remainder of their businesses by rejecting executory contracts and leases and otherwise terminating operations. Pursuant to this Plan the Debtors are completing a liquidation of their remaining assets, distributing the proceeds to their stakeholders in the order of priority required by the Bankruptcy Code, and providing for the prosecution of any state chapter 5 avoidance and other litigation actions for the benefit of their creditors. Class 1 consists of the Allowed Priority Unsecured Claims. The Class 1 Claims are unimpaired under the Plan, which the Debtors propose to pay in full. The Holders of Class 1 Claims shall be paid in the amounts set forth on Exhibit A on the Effective Date. Class 2 consists of general unsecured claims not in Class 1. Holders of Class 2 Claims are impaired under the Plan. In accordance with the projections, approximately 30 percent of the allowed amount of General Unsecured Claims (less any amounts the Debtors reasonably believe should be held back to cover the administrative expenses associated with the pursuit of any estate causes of action) shall be paid Pro Rata in the three-year period following the Effective Date, commencing with the first payment of 22 percent of the allowed amount of such claims on the Effective Date, 8 percent on or before the first anniversary of the Effective Date, and any remaining disposable income (including unused funds previously held back, and additional funds as may be recovered from the pursuit of estate avoidance actions or the sale of any remaining assets, such as net operating losses) on or before the third anniversary of the Effective Date. Class 3 consists of the Interests in the Debtors. Holders of Class 3 Interests are impaired under the Plan and will receive a distribution Pro Rata if Holders of Classes 1 and 2 Claims are paid in full, to the extent any assets remain after such distributions are made. On the Effective Date, the Debtors shall continue to have broad authority to pursue causes of action to recover chapter 5 avoidance actions, including preferences or fraudulent transfers. The Debtors shall employ current CEO Justin Seamonds as a consultant and estate representative pursuant to a contract to be approved by the Court. A full-text copy of the Second Amended Subchapter V Plan dated February 28, 2025 is available at https://urlcurt.com/u?l=JtbLFs from PacerMonitor.com at no charge. Counsel to the Debtors: Michael P. Richman, Esq. RICHMAN & RICHMAN LLC 122 W. Washington Avenue, Suite 850 Madison, WI 53703-2732 Tel: (608) 630-8990 Fax: (608) 630-8991 About Roti Restaurants Roti Restaurants own and operate fast-casual restaurants offering Mediterranean menu with house-made meats, crisp vegetables, and flavor-forward sauces. Roti Restaurants, LLC, and its affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-12410) on Aug. 23, 2024. The petitions were signed by Justin Seamonds as manager. At the time of filing, Roti Restaurants, LLC estimated $50,000 in assets and $1 million to $10 million in liabilities. Judge Donald R. Cassling presides over the case. Michael P. Richman, Esq. at RICHMAN & RICHMAN LLC represents the Debtors as counsel. The Debtors hired Ravinia Capital LLC, led by Thomas Goldblatt, as their investment banker. The U.S. Trustee for Region 11 appointed Ira Bodenstein as Subchapter V trustee for Roti Restaurants. RS FIT: Motion to Compel in Hudson Lawsuit Denied ------------------------------------------------- The United States District Court for the District of Delaware denied the motion to compel in the case captioned as RHONDA HUDSON, Appellant, v. RS FIT NW, LLC, Appellee, Case No. 24-cv-00448-GBW (D. Del.). The March 27, 2024 Memorandum Order of the United States Bankruptcy Court for the District of Delaware is affirmed. Bankruptcy Judge Karen B. Owens denied Rhonda Hudson's Motion for Summary Judgment seeking payment in full of several alleged claims against debtor 24 Hour Fitness Worldwide, Inc. plus appropriate punitive damages. The Court sustained the objection filed by RS FIT NW LLC, the Reorganized Debtor, to Hudson's claims. Hudson was a former employee of a New York City club owned and operated by debtor 24 Hour Fitness USA, Inc. She was employed from July 10, 2008 through June 11, 2020 as a night service representative in the club with an overnight shift from 10:00 p.m. to 6:00 a.m. A copy of the Court's decision dated March 17, 2025, is available at https://urlcurt.com/u?l=DWcyLf from PacerMonitor.com. About 24 Hour Fitness 24 Hour Fitness Worldwide, Inc., owns and operates fitness centers in the United States. As of March 31, 2017, the company operated 426 clubs serving approximately 3.6 million members across 13 states and 23 markets, predominantly in California, Texas and Colorado. For the 12 months ended March 31, 2017, the company generated total revenue of about $1.4 billion. In May 2014, 24 Hour Fitness was acquired by affiliates of AEA Investors LP, Fitness Capital Partners and Ontario Teachers' Pension Plan for a total purchase price of approximately $1.8 billion. 24 Hour Fitness Worldwide and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-11558) on June 15, 2020. 24 Hour Fitness was estimated to have $1 billion to $10 billion in assets and liabilities as of the bankruptcy filing. The Hon. Karen B. Owens is the case judge. The Debtors tapped Weil, Gotshal & Manges, LLP as lead bankruptcy counsel, FTI Consulting, Inc. as financial advisor, Lazard Freres & Co. LLC as investment banker. Pachulski Stang Ziehl & Jones, LLP, is the Debtors' local counsel. Prime Clerk, LLC, is the claims agent. PJT Partners acted as financial adviser and O'Melveny & Myers LLP acted as legal counsel to the ad hoc group of debt holders. Richards Layton & Finger PA is the group's local counsel. Morgan Stanley Senior Funding Inc., as lender administrative and collateral agent, is represented by Andrew L. Magaziner of Young Conaway Stargatt & Taylor LLP, and Richard A. Levy and James Ktsanes of Latham & Watkins LLP. The U.S. Trustee for Regions 3 and 9 appointed a committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Cooley, LLP. * * * 24 Hour Fitness Worldwide in December 2020 won court approval of a bankruptcy-exit plan that would slash $1.2 billion of debt by handing the fitness chain over to a group of lenders. Unsecured creditors owed $900,000,000 were slated to recover only 0.1% to 1.0% under the plan. RSTZ TRANSPORT: Gets Final OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia issued a final order authorizing RSTZ Transport Inc. to use cash collateral. The order authorized the company to use cash collateral in accordance with its budget, with a 10% variance permitted per each category, except for "owner compensation." Creditors, including Riviera Finance and the U.S. Small Business Administration, will be provided with protection in the form of replacement liens on post-petition property, with the same validity, extent, and priority as their pre-bankruptcy liens. As additional protection, the SBA will receive monthly payments of $3,493 starting this month. About RSTZ Transport Inc. RSTZ Transport Inc. is a Georgia-based corporation operating in the general freight trucking industry. RSTZ Transport filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 25-20123) on January 31, 2025, listing total assets of $3,464,462 and total liabilities of $4,588,041. Judge James R. Sacca oversees the case. Ian Falcone, Esq., at The Falcone Law Firm, PC is the Debtor's bankruptcy counsel. Riviera Finance, as secured creditor, is represented by: Anna M. Humnicky, Esq. Small Herrin, LLP 100 Galleria Parkway, Suite 350 Atlanta, GA 30339 Phone: 770-783-1800 ahumnicky@smallherrin.com SALLY BEAUTY: S&P Upgrades ICR to 'BB' on Debt Reduction -------------------------------------------------------- S&P Global Ratings raised its ratings on Denton, Texas-based beauty supply retailer Sally Beauty Holdings Inc. (SBH), including its issuer credit rating to 'BB' from 'BB-'. S&P said, "At the same time, we raised our issue-level rating on the senior secured term loan to 'BBB-' from 'BB+'; the '1' recovery rating is unchanged. We also raised the issue-level rating on the unsecured notes to 'BB' from 'BB-'; the '4' recovery rating is unchanged. "The stable outlook reflects our expectation for leverage to be sustained in the mid-2x area and good annual free operating cash flow (FOCF) of $150 million to $200 million over the next 12 to 24 months." The upgrade reflects the company's recent debt reduction and operating momentum, leading to our expectation for leverage to be sustained in the mid-2x area and good annual FOCF of $150 million to $200 million in fiscals 2025 and 2026. In addition to SBH's improved topline performance, the company's use of excess cash to repay funded debt leads us to forecast leverage remaining at or below 2.5x over the next 12 to 24 months. S&P said, "While the most recent $41 million repayment during the first quarter was largely leverage neutral given that we net a significant portion of cash against debt in our adjusted leverage calculation, we believe it indicates sustained conservatism in the capital structure and a commitment to its 1.5x-2.0x net debt leverage ratio (roughly 2.0x-2.5x on an S&P Global Ratings-adjusted basis). As a result, we revised our financial risk profile to intermediate from significant. Moreover, we forecast good FOCF of more than $150 million in fiscal 2025, improving to more than $200 million annually thereafter." The company's good market position and business investments support its growth prospects in an uncertain operating environment. S&P said, "We forecast flat revenue to low-single-digit growth in fiscals 2025 and 2026, driven by low-single-digit comparable store sales growth at Sally Beauty Supply (SBS) and Beauty Systems Group (BSG), offset by foreign currency translation headwinds and a stable store count. We expect SBH's loyal consumer base, attributed to its personalization, education, and targeted marketing initiatives, as well as early uplift from its recently announced SBS brand refresh will support demand in a challenging operating environment. We note that SBH has limited direct exposure to tariffs but could face headwinds to the extent that consumers more broadly pull back on discretionary spending amid rising prices." Moreover, SBH demonstrated good performance across its two main segments over the last four quarters. Despite headwinds from foreign currency translation, first-quarter performance reflected the third consecutive quarter of positive top-line growth in both segments. In addition, BSG comparable store sales were positive for the fifth consecutive quarter and SBS comparable store sales were positive for the third consecutive quarter. S&P said, "We attribute the positive top-line performance to the success of its targeted marketing campaigns, new product launches and innovation, and the execution of its marketplace strategy. Nonetheless, we continue to apply a negative comparable ratings analysis modifier to capture the company's position in the competitive and discretionary professional beauty supply industry, as well as its historical underinvestment in an omnichannel strategy." S&P said, "We expect stable profitability over the next 12 to 24 months, including S&P Global Ratings-adjusted EBITDA margin of around 16%. We expect margins will remain flat in fiscal 2025, following a 100-basis point (bps) decline to 15.8% in fiscal 2024 as the company incurred higher wage costs and made strategic investments associated with its transformation plan, including distribution center consolidation and store-closing costs. Despite the decline, we continue to view SBH's profitability as above average relative to other specialty retail peers. Our forecast for stable margins incorporates ongoing labor cost pressures and higher advertising expense, offset by supply chain efficiencies, better promotional cadence, and $40 million to $45 million of savings from its Fuel for Growth program. The company achieved $28 million of benefits from the program in fiscal 2024 and expects to achieve cumulative benefits of $120 million by the end of fiscal 2026. "The stable outlook reflects our expectation for continued operating momentum amid brand investments and its digital transformation effort, leading to leverage sustained in the mid-2x area and good annual FOCF generation of $150 million to $200 million." S&P could lower the rating if: -- S&P expects leverage to be sustained above 3x due to a deterioration in operating performance or a more aggressive financial policy; or -- S&P comes to view SBH's competitive position less favorably because of increasing competitive pressures or operating missteps that lead to a decline in market share. This would likely be indicated by negative same-store sales, a lack of traction in e-commerce sales, and increased promotional cadence leading to lower profitability. S&P could raise the rating if: -- The company continues its progress in its digital transformation and brand refresh, such that S&P anticipates growth in comparable store and omnichannel sales at both segments, and this leads its to believe it is well positioned to fend off potential competitive threats and strengthen its niche market position; or -- The company adopts a more conservative financial policy, including S&P Global Ratings-adjusted leverage sustained in the 2x area or better. SANUWAVE HEALTH: Faces $31.37M Loss in 2024, Sees Growth Potential ------------------------------------------------------------------ Sanuwave Health, Inc., filed its annual report on Form 10-K with the Securities and Exchange Commission, reporting a net loss of $31.37 million for the year ending Dec. 31, 2024, compared to a net loss of $25.81 million for the year ending Dec, 31, 2023. This increase of $5.6 million was primarily driven by a non-cash change in the fair value of derivatives. Despite the higher loss, the Company believes these developments lay a strong foundation for future growth as it moves into 2025. Revenues for the year ended Dec. 31, 2024 were $32.6 million, compared to $20.4 million for 2023, an increase of $12.2 million or 60%. The increase in net sales was primarily driven by the growth in quantity of UltraMIST disposables. As of Dec. 31, 2024, the Company had $30.12 million in total assets, $42.84 million in total liabilities, and a total stockholders' deficit of $12.72 million. Since inception, the Company has incurred losses from operations each year. As of Dec. 31, 2024, the Company had an accumulated deficit of $251 million. Historically, the Company's operations have primarily been funded from the sale of capital stock, notes payable, and convertible debt securities. In its report dated March 20, 2025, Marcum LLP, the Company's auditor since 2018, issued a "going concern" qualification, citing that the Company has incurred recurring losses, has negative working capital, and needs to refinance its debt to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. "The continuation of our business is dependent upon raising additional capital. We expect to devote substantial resources for the commercialization of UltraMIST which will require additional capital resources. Management's plans are to obtain additional capital in 2025. The Company could obtain additional capital through the issuance of common or preferred stock, securities convertible into common stock, or secured or unsecured debt. These possibilities, to the extent available, may be on terms that result in significant dilution to the Company's existing stockholders," the Company mentioned in the report. Additionally, the Company stated, there is no assurance that its plans to secure additional capital will be successful, either on the expected terms or timeline, or at all. If these efforts fail, the Company may need to significantly reduce or discontinue operations, or, if possible, secure funding through unfavorable financing terms. The full text of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1417663/000162828025014141/snwv-20241231.htm About SANUWAVE Headquartered in Eden Prairie, MN, SANUWAVE Health -- www.sanuwave.com -- is focused on the research, development, and commercialization of its patented, non-invasive and biological response-activating medical systems for the repair and regeneration of skin, musculoskeletal tissue, and vascular structures. SANUWAVE's end-to-end wound care portfolio of regenerative medicine products and product candidates helps restore the body's normal healing processes. SANUWAVE applies and researches its patented energy transfer technologies in wound healing, orthopedic/spine, aesthetic/cosmetic, and cardiac/endovascular conditions. SCANROCK OIL & GAS: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------------- The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Scanrock Oil & Gas, Inc. and its affiliates. The committee members are: 1. K2 Oilfield Supply 4305 N. FM 820 Coahoma, TX 79511 Representative: Isaac King iking@k2oe.com 2. Arcadia Oilfield Supply P.O. Box 89 Arcadia, LA 71001 Representative: Lesa Vallery lesa.vallery@arcadiaoilfieldsupply.com 3. Travis Farley 2500 McKinney Ave. #1104 Dallas, TX 75201 Representative: Travis Farley tf2108@att.net 4. Halliburton Energy Services Inc. 3000 N Sam Houston Pkwy E Houston, TX 77032-3219 Representative: Jessica Hannaman Huey Jessica.hannaman@halliburton.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Scanrock Oil & Gas Inc. Scanrock Oil & Gas Inc. operates an integrated oil and gas exploration and production platform. Scanrock Oil & Gas Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-90001) on February 3, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Thomas Daniel Berghman, Esq. at Munsch Hardt Kopf & Harr PC. SECURUS TECHNOLOGIES: CION Marks $3.3 Million 2L Loan at 58% Off ---------------------------------------------------------------- CION Investment Corp. has marked its $3,302,000 loan extended to Securus Technologies Inc. to market at $1,387,000 or 42% of the outstanding amount, according to CION'S Form 10-K for the fiscal year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission. CION is a participant in a Senior Secured Second Lien Debt to Securus Technologies Inc. The loan accrues interest at a rate of S+931, 1.00% SOFR Floor per annum. The loan matures on November 1, 2025. "Investment or a portion thereof was on non-accrual status as of December 31, 2024," according to CION. CION is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940. CION elected to be treated for U.S. federal income tax purposes as a RIC, as defined under Subchapter M of the Internal Revenue Code of 1986. CION Investment Management, LLC, is a registered investment adviser and affiliate of CION. CIM is a controlled and consolidated subsidiary of CIG and part of the CION Investments group of companies, or CION Investments. CION Investments is a manager of alternative investment solutions that focuses on alternative credit strategies for individual investors. CION Investments is headquartered in New York, with offices in Los Angeles. CION is led by Mark Gatto and Michael A. Reisner as Co-chief executive officer and director; and Keith S. Franz, chief financial officer. The Company can be reached through: CĪON Investment Corporation 100 Park Avenue, 25th Floor New York, NY About Securus Technologies Inc. Securus Technologies is a prison communications firm. The company has been criticized for developing phone tracking technologies that can be used outside prisons and for charging very high rates for calls, in addition to pushing to mandate the removal of in-person meetings of inmates with their families. SENESTECH INC: M&K CPAS Raises Going Concern Doubt -------------------------------------------------- SenesTech, Inc. disclosed in a Form 10-K Report filed with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2024, that its auditor expressed an opinion that there is substantial doubt about the Company's ability to continue as a going concern. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2014, issued a "going concern" qualification in its report dated March 12, 2025, citing that the Company suffered a net loss from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. According to SenesTech, it incurred operating losses since inception and expects to continue to incur significant expenses and operating losses for the foreseeable future. "To date, we have financed our operations primarily through the sale of equity securities and debt financings as well as research grants. We have not generated sufficient revenue from product sales to date to achieve profitability. We continue to incur significant sales, marketing, research, development and other expenses related to our ongoing operations. As a result, we are not profitable and have incurred losses in every reporting period since our inception. For the years ended December 31, 2024 and 2023, we reported net losses of $6.2 million and $7.7 million, respectively. Thru December 31, 2024, we have accumulated deficits of $136.1 million since inception." "If we encounter continued issues or delays in the commercialization of our products or greater than anticipated expenses, our prior losses and expected future losses could have an adverse effect on our financial condition and negatively impact our ability to fund continued operations, obtain additional financing in the future and continue as a going concern. There are no assurances that such financing, if necessary, will be available to us at all or will be available in sufficient amounts or on reasonable terms. Our financial statements do not include any adjustments that may result from the outcome of this uncertainty. If we are unable to generate additional funds in the future through financings, sales of our products, licensing fees, royalty payments or from other sources or transactions, we will exhaust our resources and will be unable to continue operations. If we cannot continue as a going concern, our stockholders would likely lose most or all of their investment in us." A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/4tmc3mze About SenesTech, Inc. Headquartered in Phoenix, AZ, Senestech, Inc. -- http://www.senestech.com/-- has developed and is commercializing products for managing animal pest populations, initially rat populations, through fertility control. The Company currently has two product lines of fertility control products: ContraPest and Evolve. As of December 31, 2024, the Company has $3.3 million in total assets, $0.8 million in total liabilities, and total stockholders' equity of $2.5 million. SIGMATRON INTERNATIONAL: Debt Issues Raise Going Concern Doubt -------------------------------------------------------------- Sigmatron International, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended January 31, 2025, that there is substantial doubt about its ability to continue as a going concern. Net income decreased $9,761,585, to a net loss of $8,872,218 for the nine month period ended January 31, 2025, compared to net income of $889,367 for the same period in the prior fiscal year. According to the Company, over the past two years the Company has been in violation of financial covenants in its credit agreements, the Company's secured lenders agreed to amend the credit agreements. The Company must satisfy the terms of those amended agreements, including the requirement to pursue and close a Replacement Transaction to pay the Obligations (as defined in the Credit Agreements) in full no later than September 30, 2025 unless the Company meets certain debt ratios for the twelve month period ending on August 31, 2025. In addition, there is a risk of additional covenant failures based on current revenue levels. The ability of the Company to continue as a going concern is dependent on the Company having adequate capital to fund its operating plan and performance. Management's plans to continue as a going concern may include raising additional capital through sales of equity securities and borrowing, focusing the Company on its most profitable elements, and exploring alternative funding sources on an as needed basis. However, management cannot provide any assurances that the Company will be successful in accomplishing its plans. The supply chain challenges, inflationary pressures, tariff, and the broader business climate in its industry have negatively impacted the Company's business operations and is expected to continue to do so and, these impacts may include reduced access to capital. Additionally, the impact of potential tariffs may have a negative on the Company's business operations. The ability of the Company to continue as a going concern may be dependent upon its ability to successfully secure other sources of financing and sustain profitable operations. The Company is obligated by its lenders to execute a Replacement Transaction by September 2025. Due to this requirement, there is substantial doubt about the ability of the Company to continue as a going concern for one year from the issuance of the accompanying consolidated financial statements. While the Company expects to refinance under commercially reasonable terms, there can be no guarantee of success. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company has reduced its debt by selling assets, reducing workforce, and reducing its working capital requirements. The Company is exploring additional activities designed to further reduce its debt load and improve operating performance. During December 2024, the Company executed a sale/leaseback transaction with respect to its Elk Grove Village, Illinois headquarters, using the proceeds to further reduce its debt position. The Company's primary sources of liquidity have traditionally been comprised of cash and cash equivalents as well as availability under credit agreements in place at the time. The Company is obligated to either meet certain debt ratios by August 31, 2025 or find a Replacement Transaction no later than September 30, 2025. While the Company expects to have sufficient financial resources available on acceptable terms, there can be no assurance this will occur, particularly in light of increasingly conservative financial markets. The Company continues to explore other strategic initiatives to further reduce its debt to enable it to comply with increasingly stringent financial covenants. Delays or a failure to effectively reduce debt, including due to circumstances outside of our control, could have an adverse effect on our financial position and results of operations. In the event customers delay orders or future payments are not made timely, economic conditions remain impacted for longer than the Company expects or deteriorate further, the tariff issues persist or worsen, the Company experiences continued supply chain disruptions on certain raw materials, the Company desires to expand its operations, its business grows more rapidly than expected, the Company fails to effectively reduce debt, any new public health crises arise, or geopolitical risks continue or worsen, the Company's liquidity position could be severely impacted and additional financing resources may be necessary. There is no assurance that the Company will be able to obtain equity or debt financing at acceptable terms, or at all, in the future. There is no assurance that the Company will be able to retain or renew its credit agreements in the future, or that any retention or renewal will be on the same terms as currently exist. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/45b5m3be About SigmaTron International SigmaTron International Inc. is a full-service electronics manufacturing services provider with a network of manufacturing facilities in the United States, Mexico, China and Vietnam that enables them to provide a wide range of nearshore and offshore manufacturing options. As of January 31, 2025, the Company had $193 million in total assets, $135.4 million in total liabilities, and total stockholders' equity of $57.6 million. SM MILLER: Hires Munsch Hardt Kopf & Harr as General Counsel ------------------------------------------------------------ SM Miller Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Munsch Hardt Kopf & Harr, P.C. as general counsel. The firm will provide these services: (a) serve as general counsel for the Debtors and provide representation and legal advice; (b) assist the Debtors in carrying out their duties under the Bankruptcy Code; (c) consult with the United States Trustee, any statutory committee that may be formed, and all other creditors and parties in interest concerning the administration of the Bankruptcy Case; (d) assist in potential sales of the Debtors' assets; (e) prepare on behalf of the Debtors all legal papers and documents to further their estates' interests and objectives, and to assist them in the preparation of schedules, statements, and reports, and to represent their estate at all related hearings and at all related meetings of creditors, United States Trustee interviews, and the like; (f) assist the Debtors in connection with formulating and confirming a Chapter 11 plan; (g) assist the Debtors in analyzing and appropriately treating the claims of creditors; (h) appear before this court and any appellate courts or other courts having jurisdiction over any matter associated with the Bankruptcy Case; (i) perform all other legal services and provide all other legal advice to the Debtors as may be required or deemed to be in the interest of their estate by their powers and duties as outlined in the Bankruptcy Code; and (j) defend the Debtors against any actions and claims made against them and their property. The firm's counsel will be paid at these hourly rates: Thomas Berghman, Shareholder $700 Jacob King, Associate $400 Heather Valentine, Paralegal $235 In addition, the firm will seek reimbursement for expenses incurred. The firm received a total retainer of $25,000 from the Debtors. Mr. Berghman disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Thomas D. Berghman, Esq. Munsch Hardt Kopf & Harr, PC 500 N. Akard St., Suite 4000 Dallas, TX 75201 Telephone: (214) 855-7500 Email: tberghman@munsch.com About SM Miller Enterprises Inc. SM Miller Enterprises Inc. is a contract line-haul dry freight provider based in Dallas, Texas. SM Miller Enterprises filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-30527) on February 13, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Stacey G. Jernigan handles the case. The Debtor is represented by Jacob King, Esq. at Munsch Hardt Kopf & Harr, P.C. SMITH ENVIRONMENTAL: Jonathan Dickey Named Subchapter V Trustee --------------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Jonathan Dickey as Subchapter V trustee for Smith Environmental and Engineering Inc. Mr. Dickey will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dickey declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jonathan M. Dickey 1660 Lincoln Street, Suite 1720 Denver, CO 80264 303-832-2400 Email: jmd@kutnerlaw.com About Smith Environmental and Engineering Smith Environmental and Engineering Inc. is a woman-owned consulting firm that provides comprehensive environmental services, specializing in ecological sciences, environmental engineering, and construction. With over 24 years of experience, the Company offers tailored solutions for environmental management, hazardous materials, and cultural resource projects across various industries. Smith Environmental and Engineering sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-11042) on February 28, 2025. In its petition, the Debtor reported total assets of $1,486,401 and total liabilities of $2,975,603. Judge Michael E. Romero handles the case. The Debtor is represented by David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C. SOLARWINDS HOLDING: S&P Places 'B+' ICR on CreditWatch Negative --------------------------------------------------------------- S&P Global Ratings placed its 'B+' issuer credit rating on IT management solutions provider SolarWinds Holdings Inc. on CreditWatch with negative implications. S&P will resolve the CreditWatch placement once the acquisition closes. The CreditWatch placement follows SolarWinds' announcement that it is being taken private by financial-sponsor Turn/River Capital for $4.4 billion. S&P said, "We expect the transaction, which remains subject to regulatory approvals, to close in the second quarter of 2025. We assigned new entity Starlight Parent's (dba SolarWinds) a 'B' issuer credit rating with a stable outlook on March 3, 2025." S&P said, "We expect all of SolarWinds Holding debt will be repaid so we have not placed our issue-level ratings on its debt on CreditWatch. We will withdraw the issue-level rating on SolarWinds Holding once the transaction is complete. "We will resolve the CreditWatch placement once the acquisition closes." SOLDIER OPERATING: Unsecureds Will Get 19% in Liquidating Plan -------------------------------------------------------------- Soldier Operating, LLC, and Viceroy Petroleum, LP, filed with the U.S. Bankruptcy Court for the Western District of Louisiana a Disclosure Statement relating to Joint Plan of Liquidation dated February 28, 2025. Viceroy is an independent energy company that was formed on May 31, 2006, and continues the family business founded by Willard Ferguson more than 35 years ago. Soldier was formed in Louisiana in 2020 to operate Viceroy's newly-acquired CBI interests. Matthew Ferguson is the sole member of Soldier and serves as Managing Member. As a pass-through entity, Soldier did not engage in business unrelated to CBI operations. These operations generally continued until the January 2025 sale of CBI interests to Tri-Star. Viceroy owned vacant tracts of land in Texas that were subject to undisputed secured claims. Great Central Mortgage Acceptance Company, Ltd. ("GCMAC") held a first priority lien in the land and secured claim of $880,197.71. Rhapsody Funding, LLC held a second priority lien in the land and a secured claim of $220,281.91. On December 26, 2024, as the result of negotiations with Chaffe, TriStar submitted a Letter of Intent in which it offered to purchase the CBI assets and agreed to act as the Stalking Horse Bidder. The Debtors executed the LOI on December 27, 2024, and on January 3, 2025, filed a motion seeking approval to conduct a sale process that would include, if necessary, an auction. Upon court approval, Chaffe, with input from counsel to the Debtors and the Creditors' Committee, marketed the CBI assets, engaged with potential bidders, and reviewed the sole other offer received during this process. The offer was entirely insufficient in form and substance, was not accompanied by the required deposit, and was rejected as a non-conforming, non-Qualified Bid under the Bid Procedures adopted by the Court. Tri-Star, as the Purchaser, closed the sale on February 7, 2025 for a purchase price of $2,000,000 in cash paid at Closing. The Debtors estimate that their general unsecured debt approximates $7.4 million. This total includes LOWLA lien claims disallowed as secured, which exceed $2 million, and MBark's unsecured claim allowance of $1 million. General unsecured creditors are classified in Class 2. Upon full satisfaction of all secured claims (Classes 1-A and 1-B), Class 2 claims will be paid in pro rata fashion. At this time, Class 2 claimants are projected to have a 19% recovery. Each Holder of a LOWLA Secured Claim against the Debtors shall receive 100% of its Allowed LOWLA Secured Claim (Class 1-A) in Cash, with the balance of each such claim referred to Class 2, General Unsecured Claims. Each non-LOWLA or "Other" Secured Claim (Class 1-B) will be satisfied through the surrender of collateral securing the respective claim or through offset. Each holder of an allowed General Unsecured Claim shall receive its pro rata share of the Class 2 Cash Distribution. The Debtors shall also reject all executory contracts and unexpired leases except as otherwise assumed. Class 2 consists of all Allowed Unsecured Claims against each Debtor, including alleged but disallowed LOWLA Secured Claims against the Debtors. Upon full satisfaction of the Class 1-A and Class 1-B Claims, except to the extent that a Holder of an Allowed Class 2 Claim agrees to a less favorable treatment, in full and final satisfaction, compromise, settlement, release, and discharge of and in exchange for each such Class 2 Claim, each such Holder shall receive its Pro Rata share (in each case without interest) of the Class 2 Cash Distribution from the Net Plan Implementation Income on the Distribution Date. However, Citizens National Bank will receive no distribution on account of Soldier Claim 14 (account ending 7963), which claim is secured by third party collateral. Class 2 is Impaired by the Plan. Each Holder of an Allowed Class 2 Claim is entitled to vote to accept or reject the Plan. The Liquidating Debtors shall fund distributions under the Plan with Cash on hand, including Cash from operations, amounts escrowed as adequate protection under the Cash Collateral Orders issued by the Bankruptcy Court, and, more significantly, proceeds from the sale of CBI assets, the sales of Texas mineral assets, and from other recent asset sales (collectively, the "Net Plan Implementation Income"). A full-text copy of the Disclosure Statement dated February 28, 2025 is available at https://urlcurt.com/u?l=eE88cT from PacerMonitor.com at no charge. Counsel to the Debtors: Bradley L. Drell, Esq. Heather M. Mathews, Esq. Gold Weems Bruser Sues & Rundell, APLC P.O. Box 6118 Alexandria, LA 71307-6118 Tel: (318) 445-6471 Fax: (318) 445-6476 Email: bdrell@goldweems.com About Soldier Operating Soldier Operating, LLC and Viceroy Petroleum, LP filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Lead Case No. 24-50387) on May 13, 2024. In the petitions signed by Matthew Ferguson, president, Soldier Operating disclosed $5,615,631 in assets and $6,089,722 in liabilities. Judge John W. Kolwe presides over the cases. Bradley L. Drell, Esq., at Gold, Weems, Bruser, Sues & Rundell, APLC, is the Debtors' counsel. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped H. Kent Aguillard, Esq., and Caleb K. Aguillard, Esq., and Stewart Robbins Brown & Altazan, LLC as co-counsel. SOLIGENIX INC: Reports 35% Increase in Net Loss to $8.27M for 2024 ------------------------------------------------------------------ Soligenix, Inc., filed its annual report on Form 10-K with the Securities and Exchange Commission, showing a net loss attributable to common stockholders of $8.27 million, compared to a net loss of $6.14 million in the previous year, an increase of $2.13 million, or 35%. The higher net loss is mainly due to reductions in gross profit and income tax benefits as well as an increase in operating expenses, offset by increases in interest income, tax credits and the change in the fair value of debt. For the year ended Dec. 31, 2024, the Company had revenues of $119,371 as compared to $839,359 for the prior year, representing a decrease of $719,988 or 86%. The decline in revenues was mainly due to the completion of higher-margin grants related to the development of SGX943 and CiVax, as well as a decrease in revenue from the zero-margin grant for the HyBryte investigator-initiated study. The Company incurred costs related to contract and grant revenues in the year ended Dec. 31, 2024 and 2023 of $119,371 and $742,048, respectively, representing a decrease of $622,677 or 84%. The decrease in costs was primarily the result of the conclusion of higher margin grants associated with the development of SGX943 and CiVax and a decrease in the zero margin grant for the HyBryte investigator initiated study. The Company's gross profit for the year ended Dec. 31, 2024 was $0 or 0% of total revenues as compared to $97,311 or 12% of total revenues for the prior year, representing a decrease of $97,311 or 100%. The decrease in gross profit was primarily the result of the conclusion of higher margin grants associated with the development of SGX943 and CiVax and a decrease in the zero margin grant for the HyBryte investigator initiated study. Research and development expenses increased by $1.91 million or 58% to $5.22 million for year ended Dec. 31, 2024 as compared to $3,312,699 for the prior year. The increase in research and development spending for the year ended Dec. 31, 2024 was primarily related to preliminary costs associated with the initiation of its Phase 2 study in Behcet's Disease and the second confirmatory Phase 3 CTCL trial offset by an adjustment of estimated accruals for completed clinical trials. General and administrative expenses decreased by $266,644 or 6%, to $4,215,908 for the year ended Dec. 31, 2024, as compared to $4.48 million for the prior year. This decrease is primarily related to a reduction in legal and consulting expenses. As of Dec. 31, 2025, the Company had $8.97 million in total assets, $4.85 million in total liabilities, and $4.12 million in total shareholders' equity. In its report dated March 21, 2025, Cherry Bekaert LLP, the Company's auditor since 2023, issued a "going concern" qualification, stating that the Company's recurring losses and negative cash flows from operations raise substantial doubt about its ability to continue as a going concern. The Company confirmed that it has sufficient resources to fund its development activities, business operations, and obligations through the end of 2025. However, as of the filing date of this Annual Report on Form 10-K, the Company does not have enough cash and cash equivalents to support operations for at least 12 months following the issuance of its financial statements on March 21, 2025. Therefore, these conditions create significant doubt about its ability to continue as a going concern for 12 months after the issuance date of the financial statements. As stated by the Company in its 2024 annual report, "The failure to obtain sufficient capital on acceptable terms when needed may require us to delay, limit, or eliminate the development of business opportunities and our ability to achieve our business objectives and our competitiveness, and our business, financial condition, and results of operations will be materially adversely affected. In addition, market instability, including as a result of geopolitical instability, may reduce our ability to access capital, which could negatively affect our liquidity and ability to continue as a going concern. In addition, the perception that we may not be able to continue as a going concern may cause others to choose not to deal with us due to concerns about our ability to meet our contractual obligations." The complete text of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/812796/000155837025003459/sngx-20241231x10k.htm About Soligenix Headquartered in Princeton, NJ, Soligenix, Inc., is a late-stage biopharmaceutical company focused on developing and commercializing products to treat rare diseases where there is an unmet medical need. The Company maintains two active business segments: Specialized BioTherapeutics and Public Health Solutions. Its Specialized BioTherapeutics business segment is focused on the development and potential commercialization of HyBryte (the proposed proprietary name for SGX301, or synthetic hypericin sodium), a novel photodynamic therapy ("PDT") that uses topical synthetic hypericin activated by safe visible light for the treatment of cutaneous T-cell lymphoma. The Company's Public Health Solutions business segment includes development programs for RiVax, a ricin toxin vaccine candidate, SGX943, a therapeutic candidate for antibiotic-resistant and emerging infectious diseases, and vaccine programs targeting filoviruses (such as Marburg and Ebola), as well as CiVax, a vaccine candidate for the prevention of COVID-19 (caused by SARS-CoV-2). SURVWEST LLC: Trustee Hires Markus Williams Young as Counsel ------------------------------------------------------------ Ken Yager, the Trustee for Survwest LLC, seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Markus Williams Young & Hunsicker LLC as its counsel. The firm will provide these services: a. assist with investigating the facts and circumstances of this pending bankruptcy case, and developing and implementing a strategy to administer this chapter 11 case; b. assist in the production of the documents necessary to administer this chapter 11 case; c. assist in the preparation of pleadings and related documents to affect a sale of substantially all the Debtor's assets, if needed; d. assist in the preparation of a plan of reorganization or liquidation and disclosure statement; e. prepare on behalf of the Trustee all necessary applications, complaints, answers, motions, orders, reports, and other legal papers; f. represent the Trustee in any adversary proceedings and contested matters related to this bankruptcy case; g. provide legal advice with respect to the Trustee's rights, powers, obligations and duties as the chapter 11 trustee in the continuing operation of the Debtor's business and the administration of the estate; and h. provide other legal services for the Trustee as necessary and appropriate for the administration of the Debtor's estate. The firm will be paid at these rates: James T. Markus $695 per hour Jennifer M. Salisbury $510 per hour Lacey S. Bryan $455 per hour William G. Cross $435 per hour Ryan L Blansett $335 per hour Paralegals $195 per hour Legal assistants $175 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jennifer Salisbury, Esq., a partner at Markus Williams Young & Hunsicker LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jennifer Salisbury Markus Williams Young and Hunsicker LLC 1775 Sherman Street, Suite 1950 Denver, CO 80203 Tel: (303) 830-0800 Fax: (303) 830-0809 Email: jsalisbury@markuswilliams.com About Survwest LLC SurvWest LLC, formerly known as SurvTech Solutions LLC, is a diversified engineering firm specializing in surveying and mapping; subsurface utility engineering (SUE); and utility coordination for clients across the United States. SurvWest filed a Chapter 11 petition (Bankr. D. Colo. Case No. 24-15214) on September 6, 2024, with total assets of $7,301,456 and total liabilities of $9,447,402. Mathew Barr, president, signed the petition. Judge Thomas B. Mcnamara handles the case. The Debtor is represented by David Wadsworth, Esq., at Wadsworth Garber Warner Conrardy, P.C. TGI FRIDAY'S: Stark & Kessler File Rule 2019 Statement ------------------------------------------------------ In the Chapter 11 cases of TGI Friday's Inc. and affiliates, the law firms Stark & Stark, P.C. and Kessler & Collins, P.C., filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure. The firms represent these entities in connection with the Chapter 11 cases: * Levin Properties, L.P., * Somerset County Shopping Center, * G&I IX Empire Big Flats LLC, and * Lexington Realty Group. Each client has been made aware of Counsel's other representations in these cases. The clients are affiliated entities. The law firms can be reached at: Daniel P. Callahan, Esq. KESSLER & COLLINS, P.C. 500 N. Akard Street, Suite 3700 Dallas, TX 75201 Telephone: (214) 379-0722 Facsimile: (214) 373-4714 Email: doc@kesslercollins.com - and - Joseph H. Lemkin Thomas S. Onder STARK & STARK, P.C. 100 American Metro Blvd. Hamilton, NJ 08619 Telephone: (609) 791-7022 Facsimile: (609) 895-7395 Email: jlemkin@stark-stark.com tonder@stark-stark.com About TGI Friday's Inc. TGI Friday's Inc., doing business as Wow Bao, operates a chain of restaurants. The Company provides appetizers, sizzlings, seafood, salads, sandwiches, entres, desserts, and non-alcoholic and alcoholic beverages. Wow Bao serves customers in the United States. TGI Friday's Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-80069) on Nov. 2, 2024, listing $100 million to $500 million in both assets and liabilities. Judge Stacey G Jernigan presides over the case. Holland N. O'Neil, Esq., at Foley & Lardner LLP, is the Debtor's counsel. TILI LOGISTICS: Updates Unsecured Claims Pay; Files Amended Plan ---------------------------------------------------------------- Tili Logistics Corporation submitted a Third Amended Plan of Reorganization dated February 28, 2025. This Amended Plan reflects updates to income and expense projections as well as operational structure over the course of the 60-month plan. The following adjustments achieve a more accurate monthly estimate of cash balances and give greater operational stability towards a successful reorganization. Since returning to operations in July 2024, operational income and rates have exceeded the target of $2.05 per mile projected in the initial plan. Peak season in transportation, which is typically from October to December yearly, customarily brings a margin increase of between 5% to 10% from higher demand for services. Increased sales during peak season in 2024 was limited largely to the month of December, but during that month Tili's service rates increased to approximately $2.17 per mile. While it represents a modest premium and shorter peak season, it's a positive sign and improvement from the years 2022 and 2023 when peak season was notably absent. By the middle of 2025 to the beginning of 2026, the Company projects a modest recovery in the trucking industry to add to demand for services and have adjusted projected profit margins to reflect that through the subsequent years, along with more typical seasonal premiums in Q4 2025. To maximize the fleet utilization percentage the company has developed a new fleet strategy over the next 13 months. First, the company has chosen to hire 1-2 "floating" drivers to have available replacements for driver who may have extended time off and to meet spikes in demand for services. Next the company will implement a strategy to remove trucks that are running less efficiently and replace them, increasing revenue and bringing down repair costs. The company will begin by selling two of its current trucks in April 25 which have become more expensive to repair and maintain, then focus its resources on other vehicles that run more efficiently and have a longer usable life left. The current contract with Sureline Capital is for 12 months with fees of 3.35%. Sureline has shown to be an excellent service provider and their ownership appears genuinely interested in a long term relationship with Tili Logistics through the plan. The company is confident that after two years as customers, there will be an opportunity to reduce those fees to 2.25%, preferably with Sureline. Factoring options were initially limited for Tili due to the state of the bankruptcy filing, however there were several companies which quoted fees of 2 to 2.25% which is more in line with market standards, but were concerned with starting services before plan confirmation. Management is confident that it could successfully negotiate to achieve this goal after two successful years of plan implementation, again ideally with Sureline Capital. The Plan payments will be funded from income from business operations. Class 3 consists of General Unsecured Creditors. The pool of unsecured creditors will share, pro rata, in the $22,893.27 quarterly payments in Quarter 17 through 20 of the Plan. All general unsecured creditor claims are impaired and entitled to vote to accept or reject the Plan, and each general unsecured creditor will receive a ballot with their copy of the Plan. A full-text copy of the Third Amended Plan dated February 28, 2025 is available at https://urlcurt.com/u?l=z5cEGv from PacerMonitor.com at no charge. About Tili Logistics Corporation Tili Logistics Corporation is a trucking company in San Diego, California. Tili Logistics Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 24-02128) on June 8, 2024. In the petition signed by Sergio Casas-Silva, Jr., as executive vice president, the Debtor estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Bankruptcy Judge Christopher B. Latham oversees the case. The Debtor is represented by: Steven E. Cowen, Esq. S.E. COWEN LAW 333 H St. Ste. 5000 Chula Vista, CA 91910 Tel: (619) 202-7511 E-mail: cowen.christian@secowenlaw.com TMK HAWK: CION Marks $1.5 Million Unsecured Debt at 14% Off ----------------------------------------------------------- CION Investment Corp. has marked its $1,536,000 unsecured debt extended to TMK Hawk Parent Corp. to market at $1,315,000 or 85.61% of the outstanding amount, according to CION'S Form 10-K for the fiscal year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission. CION holds an unsecured debt issued by TMK Hawk Parent Corp. The debt accrues interest at a rate of 11% per annum. The debt matures on December 15, 2031. CION is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940. CION elected to be treated for U.S. federal income tax purposes as a RIC, as defined under Subchapter M of the Internal Revenue Code of 1986. CION Investment Management, LLC, is a registered investment adviser and affiliate of CION. CIM is a controlled and consolidated subsidiary of CIG and part of the CION Investments group of companies, or CION Investments. CION Investments is a manager of alternative investment solutions that focuses on alternative credit strategies for individual investors. CION Investments is headquartered in New York, with offices in Los Angeles. CION is led by Mark Gatto and Michael A. Reisner as Co-chief executive officer and director; and Keith S. Franz, chief financial officer. The Company can be reached through: CĪON Investment Corporation 100 Park Avenue, 25th Floor New York, NY About TMK Hawk Parent Corp. TMK Hawk Parent Corp. is the holding company of TriMark USA, LLC, a foodservice equipment and supplies distributor. TRANSMEDCARE LLC: Andrew Layden Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 21 appointed Andrew Layden as Subchapter V trustee for TransMedCare LLC. Mr. Layden will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Layden declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Andrew Layden 200 S. Orange Avenue, Suite 2300 Orlando, FL 32801 Telephone: 407-649-4000 Email: alayden@bakerlaw.com About TransMedCare LLC TransMedCare LLC specializes in long-distance non-emergency medical transportation services. The Company offers state-to-state and coast-to-coast transport, primarily for distances over 300 miles. Their services cater to individuals with medical needs, including the elderly, disabled, and post-surgical patients, ensuring safe and comfortable transfers between hospitals, nursing homes, assisted living facilities, hospice care facilities, or home to be with family. TransMedCare LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01162) on February 28, 2025. In its petition, the Debtor reported between $500,000 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Tiffany P. Geyer handles the case. The Debtor is represented by: Justin M. Luna, Esq. Latham, Luna, Eden & Beaudine, LLP 201 S. Orange Avenue, Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 Email: jluna@lathamluna.com TRANSMEDCARE LLC: Gets OK to Use Cash Collateral Until April 3 -------------------------------------------------------------- TransMedCare, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral until April 3. The court order signed by Judge Tiffany Geyer authorized the company to use its secured creditors' cash collateral for payroll, Subchapter V trustee payments and other operating expenses per an approved budget, with 10% variance per line item. The secured creditors include U.S. Small Business Administration and holders of inferior position security interests in TransMedCare's cash, accounts and cash equivalents. As protection for the use of their cash collateral, secured creditors were granted a post-petition lien on cash collateral, maintaining the same priority as their pre-bankruptcy liens. As of the petition date, TransMedCare owns cash and cash equivalents of approximately $50,724.36. The next hearing is scheduled for April 3. About TransMedCare LLC TransMedCare, LLC specializes in long-distance non-emergency medical transportation services. It offers state-to-state and coast-to-coast transport, primarily for distances over 300 miles. Their services cater to individuals with medical needs, including the elderly, disabled, and post-surgical patients, ensuring safe and comfortable transfers between hospitals, nursing homes, assisted living facilities, hospice care facilities, or home to be with family. TransMedCare sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01162) on February 28, 2025. In its petition, the Debtor reported between $500,000 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Tiffany P. Geyer handles the case. The Debtor is represented by: Justin M. Luna, Esq. Latham, Luna, Eden & Beaudine, LLP 201 S. Orange Avenue, Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 Email: jluna@lathamluna.com TRINITY LEGACY: Amends Unsecured Claims Pay Details --------------------------------------------------- Trinity Legacy Consortium, LLC, submitted a Fifth Amended Plan under Subchapter V dated February 28, 2025. The Plan proposes to pay to holders of Allowed General Unsecured Claims the Debtor's projected disposable income. Such amount of the Debtor's projected disposable income is an amount not less than the amount holders of Allowed General Unsecured Claims would receive if the Bankruptcy Case was converted to a case under Chapter 7 on the Effective Date. Class 1 consists of Secured Claims. Class 1 is no Impaired and is not entitled to vote on this Plan. Class 1 consists of the Claims secured by property of the Debtor, including the Claimants in each of the subclasses: * Class 1A the Claims of U.S. Small Business Administration, National Disaster Loan Resolution Center in the amount of $163,885.27, secured by all of the Debtor's business assets. * Class 1B the Claim of John Deere Construction & Forestry Company in the amount of $11,196.17, secured by a lien on Debtor's telehandler. * Class 1C the Claim of Forward Financing, LLC in the amount of $84,949.75, secured by the Debtor's receivables. Subject to the Plan, each holder of an Allowed Class 1 Secured Claim in each of the subclasses set forth in Plan will be satisfied by the Reorganized Debtor making payments on each such Allowed Secured Claim in accordance with the terms of the Pre-Petition agreements between the parties. The holder of each Allowed Secured Claim will retain its Lien on the collateral securing the Secured Claim until the date that such Allowed Secured Claim has been satisfied in full. Within 15 days following the Effective Date, the Reorganized Debtor will pay any arrearages and other charges on account of an Allowed Class 1 Secured Claim, along with any interest upon such arrearage or charges, in accordance with the terms of the applicable Pre-Petition Agreements between the parties. For the avoidance of doubt, on the Effective Date, or as soon thereafter as required by the applicable Pre-Petition Agreements, the Reorganized Debtor will make monthly payments on account of the Class 1 B John Deere Construction and Forestry Company Claim in the amount of such monthly payments that the Debtor paid prior to the Petition Date, until such date as the remaining balance on such Claim is satisfied in full. Class 1 is Unimpaired under the Plan is not entitled to vote on this Plan. Class 2 General Unsecured Claims. Each holder of an Allowed Class 2 General Unsecured Claim will be paid pro rata from the Unsecured Creditors Pool in monthly installments as set forth herein. The total amount of Allowed General Unsecured Claims is $407,102.00, plus any rejection damages claims that may be asserted. Class 2 is Impaired under this Plan and is entitled to vote on this Plan. The Plan proposes to pay the Debtor's disposable income to holders of Allowed Class 2 General Unsecured Claims over the earlier of: (i) the date when all Allowed Class 2 General Unsecured Claims are paid in full; and (ii) a period of 60 months after the Effective Date. The Debtor's projected disposable income results in a projected disposal income amount, over a 60-month period, from May 2025 through May 2030, equal to $628,651.87. The percentage recovery to holders of Allowed Class 2 General Unsecured Claims will vary significantly depending on whether the Disputed Administrative Claims are Allowed, and if so, in what amount. The Debtor believes that the Disputed Administrative Claims should not be Allowed. The Debtor's projected disposable income assumes that the Disputed Administrative Claims will not be Allowed. If such claims are not Allowed, the Debtor will pay all Allowed Administrative Claims within 15 days of the Effective Date and the Debtor will make monthly distributions to holders of Class 2 General Unsecured Claims in the amount of $10,477.53 per month (i.e., $628,651.87/60 months = $10,477.53). With these monthly payments of the Debtor's disposable income, the holders of all Allowed Class 2 General Unsecured Claims will receive a 100% recovery by approximately 39 months after the Effective Date (i.e., $407,102.00/$10,477.53 = 38.85 months). By contrast, if the Disputed Administrative Claims are each Allowed in the full asserted amount (totaling $511,075.00), then the amount to be distributed to holders of Allowed Class 2 General Unsecured Claims will be reduced to $117,576.87 (i.e., $628,651.87 – $511,075.00 = $117,576.87). In that scenario, holders of Allowed Class 2 General Unsecured Claims will receive a 28.88% recovery by the end of the 60-month Plan Term (i.e., $117,576.87/$407,102.00 = 28.88%). Even this reduced recovery for holders of Allowed Class 2 General Unsecured Claims is far superior to the projected 0% recovery for holders of Class 2 General Unsecured Claims in the event that the Bankruptcy Case was to convert to a case under Chapter 7 and all of the Debtor’s assets were liquidated. A full-text copy of the Fifth Amended Subchapter V Plan dated February 28, 2025 is available at https://urlcurt.com/u?l=8se3vw from PacerMonitor.com at no charge. Attorneys for the Debtor: Gerald Velarde, Esq. Joseph Yar, Esq. Scott Cargill, Esq. Velarde & Yar PO Box 11044 Albuquerque, NM 87192 Tel: (505) 248-0050 Email: gvelarde@velardeyar.com About Trinity Legacy Consortium Trinity Legacy Consortium, LLC operates a construction and home building business with locations in Farmington, New Mexico, and Wallowa, Oregon. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.M. Case No. 22-10973) on December 7, 2022. In the petition signed by Jan Swift and Jacob Swift, managing members, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Dennis A. Banning, Esq., at NM Financial Law, P.C., is the Debtor's legal counsel. TRINITY PUBLIC: S&P Affirms 'BB+' Long-Term ICR, Outlook Stable --------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' long-term rating on Trinity Public Utility District (TPUD), Calif.'s previously issued electric revenue bonds. The outlook is stable. S&P said, "Environmental factors including physical risks are negative within our credit rating analysis given the substantial amount of power lines and customer meters within elevated fire threat areas, the history of wildfires in the service area, and now TPUD's inability to maintain wildfire insurance. Given the electric system's inability to maintain this insurance, the district has significantly increased mitigation efforts to reduce the likelihood of a spark. TPUD has various improvements in its wildfire-mitigation plan including interphase spacers, aerial patrols, infrared inspections, disabling automatic reclosers during wildfire season, and frequent vegetation management. It is working on replacing standard fuses with non-expulsion fuses and adding radio communications with its reclosers, and believes the most effective enhancement could be its work to increase rights of way to 130 feet from 20 feet to reduce tree contacts and wildfire risk. This project is on federally managed land and in the planning phase, with an environmental impact report expected to be completed in fiscal 2025. In addition, the history of drought conditions in California can exacerbate wildfire risk. Nevertheless, we view positively TPUD's power supply entirely from non-carbon-emitting hydro resources. "In our opinion, governance, risk management, culture, and oversight are also negative to credit quality given management's expectation of maintaining a low level of liquidity in the face of operational risk stemming from potential wildfires. Management's policies and procedures include a cost pass-through mechanism on TPUD's electric rates, long-term financial planning, and capital planning. "We continue to monitor the strength and stability of electric utilities' revenue streams for evidence of delinquent payments or other revenue erosion. Along with a rate of inflation, as measured by the Consumer Price Index (CPI), that has persisted above 2% for longer than anticipated, Bureau of Labor Statistics data show that the trailing-12-months electricity price inflation continued to outpace the broader CPI by an average of 140 basis points during January-December 2024. The increases in delinquency rates and debt balances among household, credit card, and auto loan debt, along with household savings rates that are tracking below pre-pandemic levels, compound the financial pressures electricity consumers face as utilities invest in the hardening of existing assets to withstand more frequent and severe climate events while also investing in emissions reductions. Potentially exacerbating issues of energy affordability weakening GDP, as forecast by S&P Global Economics, and the uncertainty surrounding whether and when the president will implement economic initiatives proposed as a candidate, including imposing tariffs. The potential for these proposals to add to inflation and weaken GDP growth might exacerbate the economic headwinds utility customers face, which can negatively influence their capacity to make timely utility bill payments. "The stable outlook reflects our view of TPUD's significant ongoing efforts to mitigate wildfire exposure and the district's rate flexibility given the benefits of a low-cost, non-carbon-emitting power supply. Based on the current lack of debt plans and new power cost adjustment, we expect TPUD will maintain robust margins and FCC. However, TPUD does not plan to materially bolster reserves as a contingency for potential future wildfire claims and due to spending on wildfire mitigation efforts. "We could lower the rating, potentially by multiple notches, over the next two years if TPUD faces wildfire claims beyond its financial capacity, and if it is unable or unwilling to raise rates or access to external liquidity through capital markets or other sources to fund said damages. We could also lower the rating if wildfire mitigation costs, particularly increasing the right of way to 130 feet, result in an increase in leverage and a decrease in FCC given that these costs are excluded from the current CIP. "Over the next two years, we are unlikely to raise the rating because the risk from wildfires will remain considerable. Actions taken by TPUD and the state can reduce the utility's exposure to wildfires, but these actions could be politically unpalatable and/or require sustained efforts over multiple years." VAN SCOIT: Frances Smith Named Subchapter V Trustee --------------------------------------------------- The U.S. Trustee for Region 6 appointed Frances Smith, Esq., at Ross, Smith & Binford, PC, as Subchapter V trustee for Van Scoit Group, LLC. Ms. Smith will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Smith declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Frances A. Smith, Esq. Ross, Smith & Binford, PC 700 N. Pearl Street, Ste. 1610 Dallas, TX 75201 Phone: 214-593-4976 Fax: 214-377-9409 Email: frances.smith@rsbfirm.com About Van Scoit Group LLC Van Scoit Group, LLC is a Texas-based business primarily involved in the restaurant industry, operating Schlotzsky's Deli locations. Schlotzsky's Deli offers a variety of menu items, including their signature sandwiches, salads, soups, flatbreads, and pizzas, as well as sides like chips and cookies. Van Scoit Group sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-40641) on February 25, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Mark X. Mullin handles the case. The Debtor is represented by: Robert T. DeMarco, Esq. DeMarco Mitchell, PLLC 12770 Coit Road, Suite 850 Dallas TX 75251 Tel: (972) 991-5591 Email: robert@demarcomitchell.com VIEWBIX INC: Reports Increased Net Loss of $14.11 Million for 2024 ------------------------------------------------------------------ Viewbix Inc. filed its annual report on Form 10-K with the Securities and Exchange Commission, reporting a net loss of $14.11 million on revenues of $26.94 million for the year ending Dec. 31, 2024. This compares to a net loss of $8.69 million on revenues of $79.61 million for the year ended Dec. 31, 2023. During the period ended Dec. 31, 2024, the Company experienced a decline in revenues from digital content as a result of a decision by a significant customer of its subsidiary, Cortex, to cease advertising on Cortex's sites, as part of a policy decision to stop advertising on Made for Advertising ("MFA") sites. Additionally, revenues from the search segment decreased due to lower user traffic acquired from third-party advertising platforms, an industry-wide reduction in advertising budgets, and changes and updates to internet browsers that negatively impacted the Company's ability to acquire traffic in the search segment. Furthermore, revenues from the routing of traffic acquired from third-party strategic partners in the search segment declined due to the lack of availability of supplier credit from these partners. As a result of these decreases, the Company recorded an operating loss of $11.56 million for the year ended Dec. 31, 2024, compared to an operating loss of $7.44 million for the year ended Dec. 31, 2023, along with net losses for the years 2024 and 2023. As of Dec. 31, 2024, the Company had cash and cash equivalents $624,000, bank loans of $5.53 million and an accumulated deficit of $22.71 million. As of Dec. 31, 2024, the Company had $22.07 million in total assets, $12.93 million in total current liabilities, $1.64 million in total non-current liabilities, and $7.51 million in total equity. In its report dated March 21, 2025, Brightman Almagor Zohar & Co., the Company's auditor since 2012, issued a "going concern" qualification, citing that the decrease in revenues and cash flows from operations may result in the Company's inability to repay its debt obligations during the 12-month period following the issuance date of these financial statements. These conditions raise a substantial doubt about the Company's ability to continue as a going concern. The Company's management's plans to address these conditions include reducing salaries and operating expenses, cutting professional services, creating new revenues sources and forming new partnerships. During the period from June to August 2024, the Company raised $887,000 through a private placement and facility agreements. In addition, the Company also plans to uplist its common stock to a national securities exchange, which, in accordance with these agreements, is expected to provide additional funding. Furthermore, the Company's subsidiaries entered into an addendum to a loan agreement with Bank Leumi, deferring loan repayments and securing short-term credit lines. However, the Company acknowledges significant uncertainty regarding whether it will be successful in accomplishing its plans or be able to obtain sufficient funds when needed. The complete text of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/797542/000149315225011100/form10-k.htm About Viewbix Headquartered in Ramat Gan, Israel, Viewbix and its subsidiaries, Gix Media and Cortex Media Group Ltd., operate in the field of digital advertising. The Group has two main activities that are reported as separate operating segments: the search segment and the digital content segment. The search segment develops a variety of technological software solutions, which perform automation, optimization, and monetization of internet campaigns, for the purposes of obtaining and routing internet user traffic to its customers. The search segment activity is conducted by Gix Media. The digital content segment is engaged in the creation and editing of content, in different languages, for different target audiences, for the purposes of generating revenues from leading advertising platforms, including Google, Facebook, Yahoo and Apple, by utilizing such content to obtain and route internet user traffic for its customers. The digital content segment activity is conducted by Cortex. VIVAKOR INC: Fails to Meet Nasdaq's Minimum Bid Price Requirement ----------------------------------------------------------------- Vivakor, Inc., filed a Form 8-K with the SEC, revealing that it received a deficiency notification from the Nasdaq Listing Qualifications Staff on March 18, 2025, stating that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2) because its common stock had closed below $1.00 per share for the last 30 consecutive business days. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has until Sept. 15, 2025, or within 180 calendar days after receiving the Nasdaq notice, to regain compliance with the minimum bid price requirement. To regain compliance, the bid price for the Company's common stock must close at $1.00 per share or more for a minimum of 10 consecutive business days. Nasdaq's written notice does not currently impact the listing or trading of the Company's common stock. The Company intends to actively monitor the closing bid price of its common stock and, as appropriate, will consider available options to resolve this listing deficiency. About Vivakor Headquartered in Dallas, TX, Vivakor, Inc. -- www.vivakor.com -- is a socially responsible operator, acquirer and developer of technologies and assets in the oil and gas industry, as well as related environmental solutions. Currently, the Company's efforts are primarily focused on operating crude oil gathering, storage and transportation facilities, as well as contaminated soil remediation services. One of the Company's facilities sells crude oil in amounts up to 60,000 barrels per month under agreements with a large energy company. A different facility owns a 120,000 barrel crude oil storage tank near Colorado City, Texas. The storage tank is presently connected to the Lotus pipeline system and the Company plans to further connect the tank to major pipeline systems. In its report dated April 16, 2024, Marcum LLP, the Company's auditor since 2022, issued a "going concern" qualification, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. For the year ending Dec. 31, 2023, Vivakor reported a net loss attributable to the company of $10.74 million as compared to a net loss attributable to the company of $19.44 million for the year ending Dec. 31, 2023. The Company had an accumulated deficit of $65.91 million as of Dec. 31, 2023, and it expects to continue to incur significant development expenses in the foreseeable future related to the completion of the development and commercialization of its RPC products. According to the company, it is currently experiencing operating and net losses, and there is a risk that it may never reach the revenue levels needed to achieve and maintain profitability. If the Company is unable to generate enough revenue to consistently operate profitably or secure funding to cover ongoing losses, investors could potentially lose all or part of their investment. As of Dec. 31, 2023 and 2022, the Company had cash and cash equivalents of $744,307 and $3.18 million, with none and $81,607 attributed to variable interest entities, respectively. WILD EARTH: Bankruptcy Administrator Unable to Appoint Committee ---------------------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina disclosed in a filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Wild Earth, Inc. About Wild Earth Inc. Wild Earth, Inc. has been operating since 2017, originally as a startup focused on creating a fully plant-based dog food. Its mission is to develop vegan pet food that promotes longer, healthier lives for pets through superior nutrition. Since its inception, the company has been primarily selling its products online, with Amazon and Chewy as two major retail partners, in addition to direct sales via its website, wildearth.com. Wild Earth filed Chapter 11 petition (Bankr. E.D. N.C. Case No. 25-00495) on February 11, 2025, listing $2,424,899 in assets and $12,625,462 in liabilities. Ryan Bethencourt, chief executive officer of Wild Earth, signed the petition. Judge Pamela W. Mcafee oversees the case. Laurie B. Biggs, Esq., at Biggs Law Firm PLLC, represents the Debtor as bankruptcy counsel. WOOD DESIGN: Gets Final OK to Use Cash Collateral ------------------------------------------------- Wood Design R US, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral. The final order signed by Judge Erik Kimball authorized the company to use cash collateral, including cash on hand, in accordance with its budget line items by up to 10%, with a total budget variance not exceeding 10% overall. The 30-day budget shows total projected expenses of $136,200. Secured creditors will be granted post-petition security interests in and liens on all personal property of the company, to the same extent and priority as their pre-bankruptcy security interests and liens, according to the final order. The provisions of the final order will remain in effect until further order of the court. About Wood Design R US Wood Design R US, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-10236) on January 10, 2025, with up to $50,000 in assets and up to $500,000 in liabilities. Aleida Martinez Molina, Esq., serves as Subchapter V trustee. Judge Erik P. Kimball presides over the case. The Debtor is represented by: Robert A. Stiberman, Esq. Stiberman Law, P.A. 2601 Hollywood Blvd. Hollywood, FL 33020 Telephone: (954) 922-2283 Facsimile: (954) 302-8707 Email: ras@stibermanlaw.com WORLD BRANDS: Seeks to Hire Stichter Riedel Blain as Counsel ------------------------------------------------------------ World Brands, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Stichter, Riedel, Blain & Postler, P.A. as counsel. The firm's services include: a. rendering legal advice with respect to the Debtor's powers and duties as debtor in possession, the continued operation of the Debtor's business, and the management of its property; b. preparing on behalf of the Debtor necessary motions, applications, orders, reports, pleadings, and other legal papers; c. appearing before this Court and the United States Trustee to represent and protect the interests of the Debtor; d. assisting with and participating in negotiations with creditors and other parties in interest in formulating a plan of reorganization, drafting such a plan, and taking necessary legal steps to confirm such a plan; e. representing the Debtor in all adversary proceedings, contested matters, and matters involving administration of this case; f. representing the Debtor in negotiations with potential financing sources, and preparing contracts, security instruments, and other documents necessary to obtain financing; and g. performing all other legal services that may be necessary for the proper preservation and administration of this Chapter 11 case. The firm will be paid at these rates: Attorneys $275 to $600 per hour Paralegals $200 to $250 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Daniel R. Fogarty, Esq., a partner at Stichter, Riedel, Blain & Postler, P.A., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Daniel R. Fogarty, Esq. Stichter Riedel Blain & Postler, P.A. 110 East Madison Street, Suite 200 Tampa, FL 33602 Tel: (813) 229-0144 Email: dfogarty@srbp.com About World Brands, Inc. World Brands Inc. focuses on custom printed paper packaging and provides a diverse selection of products such as clamshells, hot cups, cold cups, vision boxes, paper bags, wet wipes, kraft trays, pizza boxes, and hoagie boxes under its own brand. Additionally, the Company offers private label products, tailored packaging solutions, and book printing services. World Brands Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No.: 25-12653) on March 12, 2025. In its petition, the Debtor reports total assets of $2,357,099 and total Liabilities of $3,692,774. Honorable Bankruptcy Judge Corali Lopez-Castro handles the case. The Debtor is represented by Daniel R. Fogarty, Esq. at STICHTER, RIEDEL, BLAIN & POSTLER, P.A.. XINEOH TECHNOLOGIES: Enters Restructuring to Avert Shutdown ----------------------------------------------------------- Xineoh Technologies Inc., announced on March 18, 2025, a transaction to improve its financial position in light of financial difficulties that it is facing. The proposed transaction involves the assignment of a consulting contract with an affiliate of a financial services company to Xineoh PTY Ltd. in consideration of: 1. Xineoh SA shall forgive the outstanding receivable due from Corporation to Xineoh SA in the amount of US$28,500. 2. Xineoh SA shall pay, on behalf of Corporation, the server maintenance costs supporting Corporation's technology until June 30, 2025. 3. Xineoh SA shall assume all costs of its operations, including outstanding accounts payable, which will no longer be charged to the Corporation. 4. In the event that the Transaction Agreement is extended beyond September 30, 2025, or new agreement is entered into with the Counterparty or an affiliate for a term that extends beyond the Term End Date, Xineoh SA will pay to Corporation on a monthly basis, 10% of the gross proceeds received from such contract after the Term End Date. Such payment shall be due within 15 days of the end of each month for proceeds received in the prior month. In addition, the Board of Directors has determined to conduct a process to attempt to find a buyer or strategic partner for the technology that has been developed for and is owned by the Corporation. Xineoh SA is owned by Mr. Vian Chinner, Chief Executive Officer, Chief Technical Officer and a director, and is considered to be a "related party" of the Corporation within the meaning of Multilateral Instrument 61-101 - Protections of Minority Security Holders in Special Transactions. The Transaction with Xineoh SA constitutes a "related party transaction" within the meaning of MI 61-101. MI 61-101 regulates transactions that raise the potential for conflicts of interest, including transactions involving parties who are "related parties" to the reporting issuer, as that term is used in MI 61-101. Among other things, MI 61-101 requires, in certain instances, that unless an exemption is available or discretionary relief is granted by applicable securities regulatory authorities, a reporting issuer proposing to carry out a related party transaction is required to: (i) engage an independent valuator to prepare a valuation of the affected securities (and any non-cash consideration being offered therefore) and provide to the holders of the affected securities a summary of such valuation; and (ii) obtain the approval of a majority of the "minority" shareholders (as that term is used in MI 61-101). The Corporation intends to rely on the exemption from the Formal Valuation Requirement of the instrument for any "related party transaction" by virtue of the exemption contained in section 5.5(b) of MI 61-101 (Issuer Not Listed on Specified Markets), as no securities of The Corporation are listed or quoted on a stock exchange. Additionally, the Corporation is exempt from the Formal Valuation Requirement and Minority Approval Requirement as it is relying on the exemption contained in sections 5.5(g) and 5.7(1)(e) (Financial Hardship) of MI 61-101 on the basis that: (i) the Corporation was (and continues to be) in serious financial difficulty; (ii) the Transaction was designed to improve the financial position of the Corporation; (iii) paragraph 5.5(f) (Bankruptcy, Insolvency, Court Order) of MI 61-101 was not applicable; and (iv) the Corporation's board of directors, acting in good faith, and at least two-thirds of the Corporation's independent directors, acting in good faith, determined that: (A) the Corporation was (and continues to be) in serious financial difficulty and the Transaction was designed to improve the financial position of the Corporation, and (B) the terms of the Transaction were reasonable in the circumstances. In the event that the Corporation cannot find a buyer or strategic partner for its technology before June 30, 2025, it intends to cease operations. The Corporation also does not have sufficient funds at this time to pay down its outstanding accounts payable. In addition, Mr. Abdul Khaleck Ismail has resigned as a director and Chair of Company. In addition, as required pursuant to National Instrument 62-104, the following entities are providing disclosure as a result of the wind-up of the Cicero Family Trust that has resulted in changes to their respective ownership of securities of the Company. Vian Chinner the Company's Chief Executive Officer previously filed an early warning report with respect to the securities of the company held through the Cicero Family Trust. Mr. Chinner is a beneficiary to the Cicero Family Trust. Prior to the Wind-Up Transaction, Cicero Family Trust held 51,840,000 common shares of the Issuer representing 38.86% of the Issuer issued and outstanding common shares As a result of the Wind-Up Transaction Cicero Family Trust has disposed of 51,840,000 common shares of the Issuer and Cicero Family Trust's ownership has decreased to less than 10% of the issued and outstanding common shares of the Issuer. The common shares were disposed of at a deemed price of Cdn$0. 000000036 (US$0.0000002) per share for aggregate deemed proceeds of Cdn$1.85 (US$1.27). Cicero Family Trust no longer has any ownership or control over any common shares or other securities of the Issuer. The Company is not listed on a stock exchange and these transactions occurred privately. The address of Mr. Chinner is 29A Marlborough Ave, Johannesburg, South Africa. On March 5, 2025, as a result of the Wind-Up Transaction, Ciciero Trading (Pty) Ltd has acquired 27,957,737 common shares of the Company at a deemed price of Cdn$0. 000000036 (US$0.0000002) per share for aggregate deemed proceeds of Cdn$1 (US$0.69). The common shares were acquired from Cicero Family Trust in a private transaction as a result of the Wind-Up Transaction. Mr. Chinner maintains control over the common shares held by the Ciciero (Pty) Ltd. As a result of these transactions Ciciero Trading (Pty) Ltd, has ownership or control over 27,957,737 common shares of the Company representing 20.14% of the Company's currently issued and outstanding common shares. Mr. Chinner also directly owns 266,666 common shares and was also granted restricted share units to acquire 3,333,333 common shares of the Company. Assuming the exercise of the restricted share units held by Mr. Chinner, he would control 31,557,736 common shares of the Company representing 22.74% of the common shares of the Company. The acquisition of these shares in the Company was for investment purposes. Ciciero Trading (Pty) Ltd and Mr. Chinner have no current intention to acquire additional shares in the Company, but may decide from time to time in the future to increase or decrease its ownership of common shares of the Company. The address of Ciciero Trading (Pty) Ltd is 29A Marlborough Ave, Johannesburg, 2196, South Africa. Early Warning Reports for Ciciero Trading (Pty) Ltd and Vian Chinner will be filed with the applicable Canadian securities commissions and will be available at www.sedar.com. For further information concerning the foregoing or a copy of the Early Warning Reports referred to in this release, please contact: Vian Chinner, Tel: (604) 681-8030. About Xineoh Technologies Inc Xineoh Technologies Inc is a mineral exploration company. The Company mines for gold on its properties located in the states of California and Arizona. ZAYO GROUP: S&P Alters Outlook to Stable, Affirms 'B-' ICR ---------------------------------------------------------- S&P Global Ratings revised the outlook to stable and affirmed all its ratings on U.S.-based fiber infrastructure provider Zayo Group Holdings Inc. (Zayo), including the 'B-' issuer-credit rating. The stable outlook reflects S&P's expectation for Zayo to maintain sufficient liquidity over the next 12 months given its cash balances and revolver availability. S&P said, "The stable outlook reflects our expectation that Zayo will continue to grow earnings and reduce leverage over the next couple of years. While the company's leverage is elevated at 8.3x as of Dec. 31, 2024, we believe it has good prospects to improve its credit metrics over the next couple of years from EBITDA growth. We forecast earnings to grow 8%-9% in 2025 on 3%-4% revenue growth combined with margin improvement from recent cost-savings initiatives and lower transaction costs. In 2026, we forecast organic revenue growth of 5%-6% on higher net installs driven by favorable AI data demand, resulting in 8%-9% earnings growth and leverage in the low-7x area. Our base-case forecast includes the proposed acquisition of Crown Castle's fiber solutions business, which we believe supports the stable outlook. "We view the acquisition of Crown Castle's fiber solutions business favorably. We believe the acquisition supports Zayo's fiber infrastructure investment strategy while improving the company's scale and reach into strategically important markets. Crown Castle's fiber solutions business adds approximately 90,000 route miles of fiber and increases its overall reach to more than 70,000 on-net locations. In addition, we view the transaction as modestly deleveraging given the $4,250 billion purchase price, which we believe reflects a 7.5x purchase multiple, lower than Zayo's debt-to-EBITDA leverage of 8.3x. Longer term, we believe likely cost synergies combined with continued high-single-digit percent earnings growth could support leverage reduction to the low- to mid-6x area by 2027. We expect the acquisition to close in the first half of 2026. "We believe free operating cash flow (FOCF) deficits could increase to $220 million-$240 million in 2025 from about $82 million in 2024 on elevated capital expenditures (capex) and interest expense. We expect interest expense to rise to about $600 million in 2025 from about $520 million in 2024 as the company's favorable interest rate swaps, which cover roughly 45% of its floating rate debt, expire on June 30, 2025. In addition, we expect gross capex to increase to about $1.1 billion in 2025 from about $750 million in 2024 as spending increases to support the company's capital plan driven by increased AI data demand. Nevertheless, we believe there is a path to positive FOCF on reduced capital spending longer term. In the meantime, we believe Zayo will continue to bolster its liquidity position (about $1.4 billion of cash and about $600 million of revolver availability) over the coming quarters through additional asset-backed securitizations, which it could use for cash on hand or to fund the Crown Castle acquisition. "The stable outlook reflects our expectation for Zayo to maintain sufficient liquidity over the next 12 months given its cash balances and revolver availability. Although leverage is elevated, we do see a path to leverage reduction on growing AI data demand and likely cost synergies driven by the acquisition of Crown Castle's fiber solutions business. "We could lower our rating on Zayo if competition leads to pricing pressure and higher churn, resulting in flat to low-single-digit percent EBITDA growth that ultimately pressures the company's liquidity position and causes us to assess its capital structure as unsustainable over the longer term. In addition, we could lower our rating on Zayo if the company is unable to successfully access the capital markets, which could result in elevated interest expense and higher FOCF deficits, causing us to assess the company's capital structure as unsustainable longer term. "Although unlikely in the near term, we could raise our rating on Zayo if its S&P Global Ratings-adjusted debt to EBITDA improves to less than 6.5x and we believe the company is committed to maintaining leverage below this level on a sustained basis. In addition, an upgrade depends on Zayo achieving FOCF to debt above 5%." [] Pryor Cashman Adds Veteran Bankruptcy Partner Joe Shifer in NYC ------------------------------------------------------------------ Pryor Cashman is pleased to announce that Joseph A. Shifer has joined the firm as a partner in the Bankruptcy, Reorganization + Creditors' Rights Group. Joe comes to Pryor Cashman from Kramer Levin Naftalis & Frankel LLP, where he advised clients on some of the largest restructurings over the last two decades. He is based in New York. "This is an exciting addition for our group," said Seth H. Lieberman, chair of Pryor Cashman's Bankruptcy, Reorganization + Creditors' Rights Group and co-chair of the Corporate Trust Practice. "I've known Joe for almost 15 years. He brings a record of experience in high-stakes restructurings and a level of strategic insight that will enormously benefit our clients and our firm." Joe focuses his practice on bankruptcy, restructuring, and creditors' rights matters, representing various stakeholders in Chapter 11 cases and out-of-court workouts with monetary stakes often reaching into the billions of dollars. He has advised individual creditors, creditors' committees, ad hoc creditor groups, distressed investors, and financial institutions in restructurings across diverse industries such as energy, financial services, shipping, retail, and healthcare. He has represented clients in the closely watched bankruptcies and restructurings of Purdue Pharma, Endo International plc, FirstEnergy Solutions, LATAM Airlines, Constellation Enterprises, Seadrill Ltd., Residential Capital (GMAC Mortgage), and General Maritime Corp., among many others. "Joe is a highly respected practitioner whose background will make him a valuable addition to the firm and an incredible resource for our clients," said David C. Rose, managing partner of Pryor Cashman. "His experience in the most complex restructurings and demonstrated ability to navigate high-stakes bankruptcy matters will be an enormous asset to our Bankruptcy, Reorganization + Creditors' Rights Group." "I am eager to join Pryor Cashman and collaborate with such an outstanding team," said Joe. "My experience complements the firm's history of work for creditors and other parties in challenging and high-profile bankruptcies and workouts, and I look forward to contributing to its ongoing success." Joe received a B.A. from Brooklyn College and his J.D. from the Georgetown University Law Center. From 2014-22, he was recognized as a New York Super Lawyers Rising Star. About Pryor Cashman Pryor Cashman is a premier, midsized law firm headquartered at 7 Times Square in New York with offices in Los Angeles and Miami. With broad and sophisticated transactional and litigation practices, Pryor Cashman provides a full range of services to meet the complex legal needs of institutions, mid-market businesses, bold emerging entities, entrepreneurs, and individuals. [] U.S. Insurers Placed Into Receivership Dropped in 2024 --------------------------------------------------------- Malik Ozair Zafar and Tyler Hammel of S&P Global reports that the number of U.S. insurers placed into receivership fell sharply in 2024, with life insurers surpassing property and casualty (P&C) carriers for the first time in eight years, according to an analysis by S&P Global Market Intelligence. Regulators placed four insurers into rehabilitation and one into liquidation, a significant drop from the 13 liquidations recorded in 2023. Illinois Leads Receiverships Among the five insurers placed into receivership, only one—Illinois-based P&C insurer National Heritage Insurance Co. Inc.—was liquidated. The Circuit Court of Cook County, Illinois, ordered the liquidation on July 31, 2024, with assets totaling approximately $1 million. Three of the five companies placed into receivership in 2024 were domiciled in Illinois. Gateway Insurance Co., another P&C insurer, was placed into rehabilitation by the same court in June 2024, holding assets of about $57.7 million. In July 2024, Columbian Life Insurance Co. also entered rehabilitation with assets totaling $323.2 million. Major Cases in New York and Connecticut New York saw life insurer Columbian Mutual Life Insurance Co. placed into receivership in August 2024, with assets totaling approximately $1.41 billion. The company assured policyholders that their coverage remained intact while the New York Department of Financial Services worked to restore financial stability. The largest insurer to enter rehabilitation in 2024 was Connecticut-based PHL Variable Insurance Co., which went into receivership in May 2024 with assets totaling $3.82 billion. A court filing from November 2024 indicated progress in stabilizing the insurer's financial condition, with a rehabilitation plan expected by mid-2025. Life Insurers Outpace P&C Carriers Of the five insurers placed into receivership in 2024, three were life and health companies, while two were P&C insurers. This marked a significant shift in the insurance sector, as life insurers led receiverships for the first time in nearly a decade. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***