/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/250402.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, April 2, 2025, Vol. 29, No. 91 Headlines 143 COURT ST: Hires Davidoff Hutcher & Citron as Attorney 210 8TH ST: Section 341(a) Meeting of Creditors on May 6 23ANDME HOLDING: FTC Raises Privacy Concern in Chap. 11 Proceeding 268 78TH STREET: Seeks Chapter 11 Bankruptcy in New York 374WATER INC: Increases Net Loss to $12.43 Million in 2024 467 CENTRAL: Sec. 341(a) Meeting of Creditors on May 12 514 THAT WAY: Taps J. Patrick Magill of Magill PC as CRO 61 SOUTH MORTON: U.S. Trustee Unable to Appoint Committee 81 STOCKHOLM: Seeks Chapter 11 Bankruptcy in New York ABP AVENTURA: Gets Interim OK to Use Cash Collateral Until April 29 ABP AVENTURA: Hires David R. Softness PA as Legal Counsel AIO US: Seeks to Extend Plan Exclusivity to June 9 ALL SEASON: Gets Interim OK to Use Cash Collateral ALL SEASON: Hires Kutner Brinen Dickey Riley as Legal Counsel ALPHA EQUIPMENT: Hires David Freydin PC as Bankruptcy Counsel ALT5 SIGMA: Reduces Net Loss to $6.25 Million in 2024 ALTERYX INC: Moody's Withdraws 'B3' Corporate Family Rating AMERINVEST LLC: Court Extends Cash Collateral Access to April 29 ASPIRA WOMEN'S: Records Reduced Net Loss of $13.09 Million in 2024 AZTEC FUND: Court Extends Cash Collateral Access to June 30 BALLY'S CORP: Fitch Lowers IDR to 'B-', Outlook Negative BARROW SHAVER: Seeks to Extend Plan Exclusivity to June 30 BARSCOTT LLC: Seeks to Hire Christie's RE SoCal as Broker BLH TOPCO: Seeks Chapter 11 Bankruptcy in Delaware BOMA NORTH: April 1 Public Sale Auction Set BOSTON BOATWORKS: Hires Verdolino & Lowey as Financial Advisor BOTW HOLDINGS: Hires Hathaway & Kunz as Special Counsel BROOKFIELD RESIDENTIAL: S&P Upgrades ICR to 'B+', Outlook Stable C M HEAVY: Seeks to Hire Receivables Control as Collection Agent CARVANA CO: Moody's Hikes CFR to B3, Outlook Remains Positive CENTRAL FLORIDA: Taps Latham Luna Eden as Bankruptcy Counsel CIMG INC: Unit Forms Business Deal With Xilin Online E-Commerce COLIANT SOLUTIONS: U.S. Trustee Appoints Creditors' Committee COMFORT SPECIALISTS: Sam Della Fera Named Subchapter V Trustee CONN'S INC: Gets Court OK to Pay $2MM to Store Dealers, B. Riley CONTAINER STORE:S&P Withdraws 'D' ICR on Emergence From Bankruptcy CTN HOLDINGS: Case Summary & 30 Largest Unsecured Creditors CTN HOLDINGS: Seeks Chapter 11 Bankruptcy w/ $170MM Debt CUCINA ANTICA: Hires Anchin Block & Anchin as Legal Counsel CV SCIENCES: Posts $2.39M Loss for 2024, Has 'Going Concern' Doubts CWB REALTY: David Madoff Named Subchapter V Trustee DATA LINK: LRFC Marks $5.6M 1L Senior Secured Debt at 16% Off DCA OUTDOOR: Committee Taps Spencer Fane LLP as Lead Counsel DILLONS POWER: Seeks to Hire McNamee Hosea as Bankruptcy Counsel DISPATCH ACQUISITION: Moody's Alters Outlook on 'B3' CFR to Stable DMMJ REALTY: Taps Finger & Finger P.C. as Real Estate Counsel DOOR COUNTY: Hires CliftonLarsonAllen LLP as Accountant DOVETAIL DEVELOPMENT: Seeks to Hire Straley Realty as Broker DURECT CORP: Posts Lower Net Loss of $8.32 Million for 2024 EECH INTERNATIONAL: To Sell Philadelphia Property to JNA Capital ELEGANT TENTS: Taps David A. Colecchia and Associates as Attorney ELITA 7 LLC: No Resident Complaints, 1st PCO Report Says ENGINE 22: Sec. 341(a) Meeting of Creditors on May 1 ENVERIC BIOSCIENCES: Reduces Net Loss to $9.57 Million in 2024 EVOKE PHARMA: Bleichroeder, 2 Others Hold 9.99% Equity Stake F21 OPCO: Proposes Up to 3% Recovery for Major Lenders FAIRFIELD MEDICAL: Moody's Alters Outlook on Ba3 Rating to Negative FELIX MECHANICAL: Edward Burr Named Subchapter V Trustee FERRELLGAS LP: Moody's Cuts CFR to 'B3', Outlook Remains Negative FIBERCO GENERAL: Hires Marshack Hays Wood as Special Counsel FLORIDA FOOD: LRFC Marks $1.9M 1L Senior Secured Debt at 14% Off FORTRESS HOLDINGS: Hires Antoinette M. Solomon as Special Counsel FRANCHISE GROUP: Creditors Seek Approval to Sue Over Pre-Bankruptcy FRANCHISE GROUP: Gets OK to Hire Hilco Diligence as Field Examiner FRANCO HAULING: Neema Varghese Named Subchapter V Trustee FTX TRADING: Seeks Alternative Service in $1.76-Bil. Binance Suit GA VIEWS: Hires Coldwell Banker Realty as Real Estate Broker GATES INDUSTRIAL: S&P Alters Outlook to Positive, Affirms 'BB-' ICR GIRARDI & KEESE: Prosecutors Seek 10 Years Prison Time for Ex-CFO GLOBAL WOUND: No Patient Care Concern, 2nd PCO Report Says GOLD MANAGEMENT: Sec. 341(a) Meeting of Creditors on May 12 HARP AND CLOVER: Linda Gore Named Subchapter V Trustee HERTZ GLOBAL: Investor Groups Drop on Stock Short-Swing Claim Suit HOOTERS OF AMERICA: Seeks Ch. 11 Bankruptcy, Mulls Turnaround Plan HOPEMAN BROTHERS: Plan Exclusivity Period Extended to May 25 IMERYS TALC: US Trustee Deems Chapter 11 Releases Involuntary INFINITY GEAR: Joli Lofstedt Named Subchapter V Trustee IRONWOOD GROUP: Seeks Chapter 11 Bankruptcy in Colorado IVF ORLANDO: Hearing to Use Cash Collateral Set for April 3 IYA FOODS: Gets Approval to Hire Khan Nayyar as Special Counsel IYA FOODS: Gets OK to Hire Nikhilesh Joshi as Accountant JACKSON COURT: Seeks to Hire Coldwell Banker as Listing Broker JILL'S OFFICE: Seeks Chapter 11 Bankruptcy in Utah JJ BADA: Seeks to Hire Lee & Kim CPAs PC as Accountant JLA HEALTHCARE: No Resident Care Concern, 2nd PCO Report Says JOHNSON & JOHNSON: To Return to Tort System to Resolve Talc Claims JULZ DEVELOPMENT: Seeks to Hire Calaiaro Valencik as Counsel KING ESTATES: Hires Jeffrey Cofsky of RE/MAX as Realtor LACAYO REAL: Seeks to Hire Trustee Realty Inc as Realtor LADRX CORP: Posts $1.59M Loss in 2024, Raises Going Concern Doubts LANKFORD CUSTOM: Hires Sand 'N Sea Properties as Real Estate Agent LEISURE INVESTMENTS: Voluntary Chapter 11 Case Summary LUTHERAN HOME: Committee Hires Cooley LLP as Counsel LUTHERAN HOME: Committee Hires Province as Financial Advisor MIRAMAR TOWNHOMES: Taps J. Patrick Magill of Magill PC as CRO MODERN EYE: Gets OK to Use Cash Collateral MOM CA: Seeks to Hire Stretto as Claims and Noticing Agent MORAVIAN MANORS: Fitch Affirms 'BB+' IDR, Outlook Stable MORTGAGE UNITY: Hires Seder & Chandler as Special Counsel NETCAPITAL INC: Authorizes 10M Shares of 'Blank Check' Stock NETCEED GROUP: Taps Gibson Dunn Prior Possible Debt Talks NEW FORTRESS: Excelerate Deal No Impact on Moody's 'Caa1' CFR NEWS DIRECT: Committee Taps Rescia Law as Bankruptcy Counsel NICK'S PIZZA: Hires Lee & Associates as Real Estate Broker NORTHERN DYNASTY: Comments on Trump's EO on Mineral Production NORTHERN DYNASTY: Records Larger Net Loss of C$36.15M for 2024 NORTHVOLT AB: Trims Workforce to 1,700 as Part of Chap. 11 Process NUMALE CORP: Seeks to Hire Riggi Law Firm as Counsel OUR FAMILY DIRECT: Taps Gannott Law Group as Bankruptcy Counsel OUR FAMILY: Charity Bird Named Subchapter V Trustee PG&E CORP: Moody's Upgrades Sr. Secured Debt Ratings to Ba2 PLANO SMILE: Frances Smith Named Subchapter V Trustee PREMIER GLASS: Hires Development Specialists as Financial Advisor QUICKSILVER PROPERTIES: Hires Bond Law Office as Counsel R2 MARKETING: Gets Interim OK to Use Cash Collateral Until April 23 RANGER BEARINGS: Railroad Wheel Bearing Sale to Myron Bowling OK'd RAPID7 INC: Inks Cooperation Agreement with JANA RAPID7 INC: JANA Partners Holds 6% Equity Stake RAZEL & RUZTIN: PCO Reports Patient Care Complaints RED RIVER: Court Rejects J&J's Plan to End Talc Cancer Claims REMEMBER ME: Seeks to Hire Coulter & Justus P.C. as Accountant REVOLUTION AUTO: Greta Brouphy Named Subchapter V Trustee ROCK MEDICAL: Trustee Taps Creative Planning as Investment Banker ROMAN BUILDERS: Hires Susan D. Lasky PA as Legal Counsel RVFW LLC: Seeks to Hire Husch Blackwell LLP as Counsel RVR DEALERSHIP: Moody's Cuts CFR to Caa1 & Alters Outlook to Stable SAMYS OC: Seeks to Extend Plan Exclusivity to June 12 SCANROCK OIL: Royalty Committee's Bid Paused in Chapter 11 SEDALIA AESTHETICS: Hires Kempton & Russell as Special Counsel SEQUOIA HEALTHCARE: LRFC Marks $11M 1L Secured Debt at 62% Off SHIELDCOAT TECHNOLOGIES: Taps Lane Law Firm PLLC as Legal Counsel SIYATA MOBILE: Core Partners With Fire Rhino for Casual Gaming R&D SMITH HEALTH: No Resident Care Concern, 2nd PCO Report Says SPIRIT AIRLINES: Inks Indemnification Agreement with Directors SPLENDIDLY BLENDED: Hires Bickham Law LLC as Legal Counsel ST MICHAEL'S COLLEGE: Moody's Cuts Issuer Rating to B1, Outlook Neg SULLIVAN MECHANICAL: Richard Maxwell Named Subchapter V Trustee SUNSHINE PEDIATRICS: Christopher Simpson Named Subchapter V Trustee TOG HOTELS: Gets Extension to Access Cash Collateral TRANSITIONAL HOUSING: Seeks to Hire Slocum Law as Legal Counsel TRIPLETT FUNERAL: Seeks Subchapter V Bankruptcy in Missouri TUTOR PERINI: Moody's Alters Outlook on 'B3' CFR to Positive UNITY MINES: Seeks to Hire Calaiaro Valencik as Counsel US COATING: U.S. Trustee Unable to Appoint Committee VACATION OWNERSHIP: Hires Allan D. NewDelman P.C. as Counsel VERIFONE SYSTEMS: Fitch Gives B Rating on New Term Loan & Revolver VOIP-PAL.COM: Completes Common Stock, Preferred Stock Increase VSA TRANSPORTATION: Hires Joseph W. Dicker P.A. as Counsel VTV THERAPEUTICS: Posts $18.46M Loss in 2024, No Near-Term Profit WAYNE-SANDERSON FARMS: Fitch Affirms 'BB' IDR, Outlook Stable WAYNE-SANDERSON FARMS: S&P Upgrades ICR to 'BB', Outlook Stable WELCH & WELCH: Hires Law Office of Tom Strawn as Counsel WIN PRODUCTIONS: Seeks to Extend Plan Exclusivity to May 9 WIRECO WORLDGROUP: S&P Alters Outlook to Negative, Affirms 'B' ICR WST INDUSTRIES: Seeks Chapter 11 Bankruptcy in North Carolina YOUR BATH: Seeks Approval to Hire Craig A. Diehl as Legal Counsel ZHANG MEDICAL: No Decline in Patient Care, 8th PCO Report Says ********* 143 COURT ST: Hires Davidoff Hutcher & Citron as Attorney --------------------------------------------------------- 143 Court St. Associates LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Davidoff Hutcher & Citron LLP as attorneys. The firm will render these services: a. give advice to the Debtors with respect to their powers and duties as Debtors-in-Possession and the continued management of their property and affairs; b. negotiate with creditors of the Debtors and work out a plan of reorganization and take the necessary legal steps in order to effectuate such a plan including, if need be, negotiations with the creditors and other parties in interest; c. prepare the necessary answers, orders, reports and other legal papers required for debtors who seek protection from its creditors under Chapter 11 of the Bankruptcy Code; d. appear before the Bankruptcy Court to protect the interests of the Debtors and to represent the Debtors in all matters pending before the Court; e. attend meetings and negotiate with representatives of creditors and other parties in interest; f. advise the Debtors in connection with any potential refinancing of secured debt and any potential sale of the business and/or the Property; g. represent the Debtor in connection with obtaining post-petition financing, if necessary; h. take any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization; and i. perform all other legal services for the Debtors which may be necessary for the preservation of the Debtors' estates and to promote the best interests of the Debtors, their creditors, and the estates. The firm's 2025 hourly rates are: Attorneys $450 to $850 Legal Assistants/ Paralegals $295 The Debtor paid a $12,000 retainer to the firm. Mr. Pasternak 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: Robert L. Rattet, Esq. Jonathan S. Pasternak, Esq. DAVIDOFF HUTCHER & CITRON LLP 120 Bloomingdale Road, Suite 100 White Plains, New York 10605 Telephone: (914) 381-7400 Email: rlr@dhclegal.com About 143 Court St. Associates LLC 143 Court St. Associates LLC is a real estate debtor holding a single asset, as outlined in 11 U.S.C. Section 101(51B). The Debtor owns the property at 143 Court Street, Brooklyn, NY, in fee simple, and the property's current value is $4 million. 143 Court St. Associates LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41056) on March 4, 2025. In its petition, the Debtor reports total assets of $4,000,000 and total liabilities of $3,745,332. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Jonathan S. Pasternak, Esq. at DAVIDOFF HUTCHER & CITRON LLP. 210 8TH ST: Section 341(a) Meeting of Creditors on May 6 -------------------------------------------------------- On March 28, 2025, 210 8th St LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Colorado. According to court filing, the Debtor reports $1,453,420 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on May 6, 2025 at 12:45 PM at Telephonic Chapter 11: Phone 888-497-4718, Passcode 6026644#. About 210 8th St LLC 210 8th St LLC is a real estate debtor with a single asset, as described in 11 U.S.C. Section 101(51B). The Debtor holds full ownership of the property situated at 210 8th St., Colorado Springs, CO 80905, which is appraised at a market value of $1.4 million. 210 8th St LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-11653) on March 28, 2025. In its petition, the Debtor reports total assets of $1,455,000 and total liabilities of $1,453,420. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by David J. Warner, Esq. at WADSWORTH GARBER WARNER CONRARDY, P.C. 23ANDME HOLDING: FTC Raises Privacy Concern in Chap. 11 Proceeding ------------------------------------------------------------------ Cassandre Coyer of Bloomberg Law reports that the the Federal Trade Commission (FTC) issued a warning on Monday, March 31, 2025, stating it will closely monitor the potential transfer of millions of Americans' sensitive personal data during the ongoing bankruptcy proceedings of genetic testing company 23andMe Holding Co. In a letter to the Office of the U.S. Trustee, FTC Chairman Andrew N. Ferguson emphasized the need for privacy protections to be upheld throughout the bankruptcy process. 23andMe filed for bankruptcy on March 23, raising concerns among several state attorneys general, who urged residents to promptly request the deletion of their data from the platform. About 23andMe 23andMe is a genetics-led consumer healthcare and biotechnology company empowering a healthier future. 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. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe Holding Co. and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). The Company disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Morgan, Lewis & Bockius LLP are serving as legal counsel to 23andMe and Alvarez & Marsal North America, LLC as restructuring advisor. Moelis & Company LLC is serving as investment banker and Goodwin Procter LLP is serving as legal advisor to the Special Committee of 23andMe's Board of Directors. Reevemark and Scale are serving as communications advisors to the Company. Kroll is the claims agent. 268 78TH STREET: Seeks Chapter 11 Bankruptcy in New York -------------------------------------------------------- On March 27, 2025, 268 78th Street Corp. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports between Eastern District of New York in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 268 78th Street Corp. 268 78th Street Corp. is a a Brooklyn-based corporation. 268 78th Street Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41477) on March 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Narissa A. Joseph, Esq. at NARISSA JOSEPH. 374WATER INC: Increases Net Loss to $12.43 Million in 2024 ---------------------------------------------------------- 374Water Inc. filed its annual report on Form 10-K with the Securities and Exchange Commission, revealing a total comprehensive loss of $12.43 million on revenues of $445,445 for the year ending Dec. 31, 2024, compared to a total comprehensive loss of $8.10 million on revenues of $743,952 for the year ending Dec. 31, 2023. As of Dec. 31, 2024, the Company had total assets of $19.18 million, total liabilities of $3.71 million, and total stockholders' equity of $15.47 million. In its report dated March 27, 2025, the Company's auditor, Cherry Bekaert LLP, issued a "going concern" qualification, citing recurring losses and negative cash flows from operations, which raise substantial doubt about the Company's ability to continue as a going concern. The Company mentioned that to continue operations and meet financial obligations for at least the next twelve months, it will require additional debt or equity financing, or a combination of both. The Company may consume available resources more rapidly than currently anticipated, potentially necessitating further funding. The Company expects to incur continuing losses and negative cash flows for the foreseeable future. Since inception, the Company has primarily financed its operations through the sale of debt and equity securities, as well as operating cash flows. It currently has an at-the-market (ATM) equity offering under which it may issue up to $100 million of common stock, subject to applicable law. During the years ended Dec. 31, 2024 and 2023, the Company raised approximately $0 and $13.4 million, respectively, in net proceeds through this ATM. In 2024, the costs associated with the ATM offering exceeded proceeds by approximately $3,100. The Company is evaluating strategies to secure the additional funding required for future operations. The Company noted in its report, "Any additional debt or equity financing that the Company obtains may substantially dilute the ownership held by our existing stockholders. The economic dilution to our shareholders will be significant if our stock price does not materially increase, or if the effective price of any sale is below the price paid by a particular investor. The Company may be unable to access further equity or debt financing when needed or obtain additional financing under acceptable terms, if at all." As of Dec. 31, 2024, the Company had working capital of $11.76 million, down from $13.53 million as of Dec. 31, 2023. This decrease is primarily due to the proceeds from the at-the-market offering and direct offerings being lower than those from the 2023 ATM common stock offering. The Company stated that its primary source of liquidity is the funds generated from financing activities and private placements. Its ability to fund operations, make planned capital expenditures, and continue developing its AirSCWO systems at a commercial scale depends on future operating performance and cash flows, which are subject to prevailing economic conditions, as well as financial, business, and other factors, some of which are beyond the Company's control. 374Water concluded, "If the Company is unable to generate significant sales growth in the near term and raise additional capital, there is a risk that the Company could be required to discontinue or significantly reduce the scope of its operations if no other means of financing operations are available. The Company is evaluating strategies to obtain the required additional funding necessary for future operations and growth." The complete text of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/933972/000165495425003443/scwo_10k.htm About 374Water 374Water Inc., based in Morrisville, North Carolina, is a global industrial technology company specializing in innovative solutions for organic waste destruction and treatment. Its proprietary AirSCWO system efficiently mineralizes both hazardous and non-hazardous organic wastes, converting them into safe water, mineral effluent, clean vent gas, and recoverable heat energy. The system eliminates recalcitrant organic wastes without generating byproducts, simplifying complex waste processing practices across municipal, federal, and industrial sectors. By transforming waste into valuable resources, 374Water is pioneering sustainable waste management solutions. 467 CENTRAL: Sec. 341(a) Meeting of Creditors on May 12 ------------------------------------------------------- On March 28, 2025, 467 Central Ave LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports $24,859,712 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors filed by Office of the United States Trustee under Section 341(a) meeting to be held on May 12, 2025 at 01:00 PM at Telephonic Meeting: Phone 1 (877) 953-2748, Participant Code 3415538#. About 467 Central Ave LLC 467 Central Ave LLC is a debtor with a single real estate asset, as outlined in 11 U.S.C. Section 101(51B). The Debtor holds the title to the property located at 467 Central Avenue, Brooklyn, New York 11235, which is valued at approximately $1.68 million. 467 Central Ave LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y.Case No. 25-41516) on March 28, 2025. In its petition, the Debtor reports total assets of $1,675,000 and total liabilities of $24,859,712. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Joel M. Shafferman, Esq. at SHAFFERMAN & FELDMAN LLP. 514 THAT WAY: Taps J. Patrick Magill of Magill PC as CRO -------------------------------------------------------- 514 That Way, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire J. Patrick Magill and Magill PC as chief restructuring officer. Magill's duties and responsibilities are: a. act as Debtors' CRO until further order of the Court; b. Until further order of this Court, to answer only to the Court, to the exclusion of all others, including management and ownership; c. be a signatory on all financial accounts, with the power to remove any other signatory; d. exercise authority to manage the business affairs of Debtors: i. make all decisions regarding the hiring and firing of personnel; ii. make all decisions regarding the expenses incurred by Debtors and the terms of disbursements made by Debtors for same; iii. manage the collection of accounts receivable; and iv. formulate, prosecute, and amend chapter 11 plans; e. make all reasonable efforts to consult with all secured creditors, unsecured creditors, parties-in-interest, the US Trustee, and any committee of creditors appointed by the Court; f. make all reasonable efforts to assist bankruptcy counsel in amending and/or preparing schedules, statements of financial affairs, and monthly operating reports on a timely basis; g. investigate and pursue all available chapter 5 causes of action and nonchapter 5 causes of action against creditors, whether they be insiders or non-insiders, members and other potential defendants; h. cause Debtors to fulfill all their reporting obligations in this bankruptcy case on a timely basis; i. make all reasonable efforts to assist bankruptcy counsel in preparing and filing plans and disclosure statements, and any other necessary pleadings related to the bankruptcy cases; j. take all other reasonable steps that are, within his business judgment, necessary and appropriate to maximize the value of the bankruptcy estates. The compensation to be paid to Magill shall be a flat rate of $30,000 payable monthly. As disclosed in the court filing, Magill PC does not hold or represent any interest adverse to the estates, is a disinterested and is eligible to serve as CRO for Debtors under Bankruptcy Code Sec. 327(a). The CRO can be reached through: J. Patrick Magill Magill PC 4615 Southwest Freeway, Suite 436 Houston, TX 77027 Cell Phone: (713) 829-0069 Email: patrick@magillpc.com About 514 That Way 514 That Way, LLC owns Edgewater Apartments located at 514 That Way, Lake Jackson, Texas. 514 That Way and its affiliates filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 25-90013) on February 24, 2025. At the time of the filing, 514 That Way reported between $10 million and $50 million in both assets and liabilities. Judge Christopher M. Lopez oversees the cases. Melissa A. Haselden, Esq., and Elyse M. Farrow, Esq., at Haselden Farrow, PLLC, represent the Debtors as legal counsel. 61 SOUTH MORTON: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of 61 South Morton Avenue, LLC. About 61 South Morton Avenue 61 South Morton Avenue, LLC operates a health care business, as defined in 11 U.S.C. Section 101(27A). The Debtor owns the property located at 61 South Morton Avenue, which is currently valued at $1.5 million. 61 South Morton Avenue sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-10826) on February 28, 2025. In its petition, the Debtor reported total assets of $1,500,000 and total liabilities of $236,000. Judge Ashely M. Chan handles the case. The Debtor is represented by: John Everett Cook, Esq. The Law Offices of Everett Cook PC 1605 N Cedar Crest Blvd Allentown, PA 18104 Tel: (610) 351-3566 Email: bankruptcy@everettcooklaw.com 81 STOCKHOLM: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------- On March 28, 2025, 81 Stockholm Group LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports $24,840,544 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 81 Stockholm Group LLC 81 Stockholm Group LLC owns the properties located at 81 Stockholm Street and 83 Stockholm Street, Brooklyn, New York 11221, which are currently valued at $4.73 million. 81 Stockholm Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41518) on March 28, 2025. In its petition, the Debtor reports total assets of $4,725,000 and total liabilities of $24,840,544. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented byJoel M. Shafferman, Esq. at SHAFFERMAN & FELDMAN LLP. ABP AVENTURA: Gets Interim OK to Use Cash Collateral Until April 29 ------------------------------------------------------------------- ABP Aventura, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, to use cash collateral until April 29. The Debtor requires cash collateral for the payment of, inter alia, operating expenses, and the payment of its vendors. As protection, the Debtor was ordered to pay JP Morgan Chase Bank, NA its normal monthly loan payments starting this month until a final, non-appealable order confirming its Chapter 11 plan is entered or until its Chapter 11 case is dismissed. JP Morgan Chase Bank holds a term note from the Debtor dated February 28, 2019 in the original principal amount of $650,000 of which approximately $126,650 remains due. The Debtor believes that this Note is unsecured but will treat it as secured. The Bank also holds a line of credit dated September 2024 in the principal amount of $1,000,000, of which $692,000 is presently due. The Line is secured by an alleged UCC alleging essentially a blanket lien. The Debtor's assets are valued at $3,358,190 in its schedules, while the believes that as of the petition data its hard assets have a book value of at least $1,935,325, which is at least 2 times the amount due on the Notes, so a considerable equity cushion exists for the benefit of the Bank. About ABP Aventura Inc. ABP Aventura Inc., operating under the name Relax The Back, specializes in ergonomic products aimed at alleviating neck and back pain. The Company offers items like ergonomic office furniture, Tempur-Pedic mattresses, fitness tools, and massage products. With over 70 stores in North America and its website RelaxTheBack.com, the Company combines personalized service with a holistic wellness approach. ABP Aventura Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12901) on March 18, 2025. In its petition, the Debtor reports total assets of $3,358,190 and total liabilities of $1,704,840. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtor is represented by David R. Softness, Esq., at David R. Softness, PA. ABP AVENTURA: Hires David R. Softness PA as Legal Counsel --------------------------------------------------------- ABP Aventura, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ law firm of David R. Softness, PA as counsel. The Debtor requires legal counsel to: (a) give advice with respect to the powers and duties of the Debtor in the continued management and operation of its business and properties; (b) attend meetings and negotiate with representatives of creditors and other parties involved in the Debtor's Chapter 11 case; (c) take all necessary action to protect and preserve the Debtor's estate; (d) prepare legal papers; (e) negotiate and prepare, on the Debtor's behalf, a plan of reorganization, disclosure statement, and all related agreements or documents, and take any necessary action to obtain confirmation of such plan; (f) represent the Debtor in connection with obtaining post-petition loans; (g) advise the Debtor in connection with any potential sale of assets; (h) appear before the bankruptcy court, any appellate courts, and the U.S. trustee; and (i) perform all other necessary legal services in connection with the bankruptcy case. The current hourly rate of David R. Softness, the attorney who will be principally responsible for representation of the Debtor, is $750. The firm received $75,935 as of March 18, 2025 for various pre-petition services. For post-petition legal services, the firm has agreed to accept a general retainer of $75,000. David Softness, Esq., disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David R. Softness, Esq. David R. Softness PA 201 South Biscayne Boulevard, Suite 2740 Miami, FL 33131 Telephone: (305) 341-3111 Email: david@softnesslaw.com About ABP Aventura, Inc. ABP Aventura Inc., operating under the name Relax The Back, specializes in ergonomic products aimed at alleviating neck and back pain. The Company offers items like ergonomic office furniture, Tempur-Pedic mattresses, fitness tools, and massage products. With over 70 stores in North America and its website RelaxTheBack.com, the Company combines personalized service with a holistic wellness approach. ABP Aventura Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12901) on March 18, 2025. In its petition, the Debtor reports total assets of $3,358,190 and total liabilities of $1,704,840. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtor is represented by David R. Softness, Esq., at DAVID R. SOFTNESS, PA. AIO US: Seeks to Extend Plan Exclusivity to June 9 -------------------------------------------------- AIO US, Inc. and its debtor affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to June 9 and August 11, 2025, respectively. The Debtors recognize the Trust Distribution Procedures have not yet been filed with the Court and that those procedures may be viewed as central to the Plan and certain creditors' ability to evaluate properly whether to vote to accept the Plan. The Creditors' Committee has committed to providing the Debtors with draft Trust Distribution Procedures by no later than April 3, 2025, and the Debtors are hopeful that negotiations regarding the proposed Trust Distribution Procedures can thereafter move expeditiously and for the procedures to be filed in a reasonable timeframe thereafter. Accordingly, additional time is required to make progress on the Trust Distribution Procedures and other aspects of the Plan. The Debtors also need time to obtain Court approval of the Disclosure Statement and solicitation procedures, solicit votes on the Plan, seek confirmation of the Plan, and, ultimately, consummate the Plan. The Debtors explain that they have devoted significant time and resources to progressing the chapter 11 process since the approval of the Natura Settlement and Sale. The Debtors are working to obtain approval of the Disclosure Statement and Solicitation Procedures Motion, solicit votes on the Plan, and ultimately reach confirmation, consummate the Plan, and make distributions to creditors. A further extension of the Exclusive Periods is warranted to allow the Debtors to achieve these goals without the interference of a competing chapter 11 plan. The Debtors claim that they request this further extension of the Exclusive Periods to allow them to confirm the Plan without the distraction of competing chapter 11 plans, not to pressure the creditors to agree to the Debtors' requests in regard to the terms. The Debtors believe an extension will allow the Debtors and their creditor constituents the necessary time to confirm and consummate the Plan to benefit all stakeholders. Further, an extension of the Exclusive Periods will not prejudice the Debtors' stakeholders. On the contrary, an extension of the Exclusive Periods will enable the Debtors to seek confirmation and consummation of the Plan for the benefit of all stakeholders. Allowing another party to propose a competing plan at this juncture will only hamper the Debtors' chances of confirming the Plan (or an alternative plan) on a consensual basis. Thus, the Debtors believe that a further extension of the Exclusive Periods is in the best interest of the Debtors and their stakeholders. 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 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. ALL SEASON: Gets Interim OK to Use Cash Collateral -------------------------------------------------- All Season Adventures, Inc. received interim approval from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral. The Debtor needs to use cash collateral to pay operating expenses. As adequate protection, the Debtor's primary lender High Country Bank and its secured creditors were granted post-petition liens on inventory and income generated post-filing. In addition, the Debtor was ordered to keep the secured creditors' collateral insured. A final hearing is scheduled for May 8. The Debtor's primary asset is its fleet of vehicles – largely snowmobiles and ATVs. Because of the emergency need to file this case to limit the expenses incurred by the receiver, the Debtor has not yet filed its schedules and statements. The Debtor owns: a. A 2015 Ford F250 secured by a loan in favor of ENT Credit Union. ENT is owed the sum of approximately $9,000 on account of that vehicle. b. The Debtor has two loans with Financial Pacific Leasing that total approximately $7,000. Financial Pacific Leasing is secured by the Debtor's interest in 23 Polaris snowmobiles from 2020. c. The Debtor has a loan with Pawnee Leasing Corporation that is secured by the Debtor's interest in eight Polaris double seater snowmobiles. None of ENT, Financial Pacific Leasing or Pawnee Leasing Corporation have a lien against the Debtor's accounts or cash. High Country Bank is the Debtor's primary lender and does have a lien on cash and certain 2018 Polaris snowmobiles, as identified by its UCC-1 financing statement filed with the Colorado Secretary of State at Filing Number 20182046496. About All Season Adventures All Season Adventures, Inc. is a Colorado corporation with its principal place of business located in Saguache County, Colorado. The Debtor has licenses to operate tours in certain national forest lands. In the winter, the Debtor operates snowmobile tours and in the summer the Debtor operates ATV tours. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D, Colo. Case No. 25-11437-MER) on March 19, 2025. In the petition signed by Steven Criswell, president, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Michael E. Romero oversees the case. Jonathan M. Dickey, Esq., at Kutner Brinen Dickey Riley P.C, represents the Debtor as legal counsel. High Country Bank, as lender, is represented by: Lisa K. Shimel, Esq. Otteson Shapiro LLP 7979 E. Tufts Avenue, Suite 1600 Denver, Colorado 80237 Telephone: (720) 488-0220 Facsimile: (720) 488-7711 Email: lshimel@os.law ALL SEASON: Hires Kutner Brinen Dickey Riley as Legal Counsel ------------------------------------------------------------- All Season Adventures, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Kutner Brinen Dickey Riley PC as legal counsel. The firm will render these services: (a) provide the Debtor with legal advice with respect to its powers and duties; (b) aid the Debtor in the development of a plan of reorganization under Chapter 11; (c) file the necessary petitions, pleadings, reports, and actions which may be required in the continued administration of the Debtor's property under Chapter 11; (d) take necessary actions to enjoin and stay until final decree herein continuation of pending proceedings and to enjoin and stay until final decree herein commencement of lien foreclosure proceedings and all matters; and (e) perform all other legal services for the Debtor which may be necessary herein. The firm will be paid at these rates: Jeffrey S. Brinen $540 per hour Jenny Fujii $440 per hour Jonathan M. Dickey $400 per hour Keri L. Riley $390 per hour Paralegal $100 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $16,738 from the Debtor. Ms. Dickey 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: Jonathan M. Dickey, Esq. Kutner Brinen Dickey Riley, PC 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Tel: (303) 832-2400 Email: klr@kutnerlaw.com About All Season Adventures, Inc. All Season Adventures, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D. Colo. Case No. 25-11437) on March 19, 2025. The Debtor hires Kutner Brinen Dickey Riley PC as legal counsel. ALPHA EQUIPMENT: Hires David Freydin PC as Bankruptcy Counsel ------------------------------------------------------------- Alpha Equipment Company received approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Law Offices of David Freydin PC as its bankruptcy counsel. The firm will render these services: (a) negotiate with creditors; (b) prepare a plan, corporate restructuring, analysis of claims and potential causes of action and other assets; and (c) represent the Debtor in matters before the court. The firm's attorneys will be paid at these hourly rates: David Freydin $450 Jan Michael Hulstedt $425 Derek Lofland $425 Jeremy Nevel $425 The firm received a prepetition retainer of $10,000 prior to the filing of the case. Mr. Freydin 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: David Freydin, Esq. Law Offices of David Freydin PC 8707 Skokie Blvd., Suite 312 Skokie, IL 60077 Telephone: (847) 972-6157 Facsimile: (866) 897-7577 Email: david.freydin@freydinlaw.com About Alpha Equipment Company Alpha Equipment Company is a transportation and logistics business that owns and leases a fleet of trucks and trailers for freight hauling. Alpha Equipment Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-01919) on February 7, 2025. In its petition, the Debtor reports total assets of $1,478,650 and total liabilities of $2,004,102. Honorable Bankruptcy Judge David D. Cleary handles the case. The Debtor is represented by David Freydin, Esq. at LAW OFFICES OF DAVID FREYDIN. ALT5 SIGMA: Reduces Net Loss to $6.25 Million in 2024 ----------------------------------------------------- ALT5 Sigma Corporation filed its Annual Report on Form 10-K with the Securities and Exchange Commission, reporting a net loss of $6.25 million on revenues of $12.53 million for the year ending Dec. 28, 2024, compared to a net loss of $7.81 million with zero revenues in 2023. Despite this progress, the Company acknowledged continued challenges in the competitive environment as it works toward achieving overall profitability. As of Dec. 28, 2024, ALT5 Sigma had total assets of $82.44 million, total liabilities of $53.77 million, and stockholders' equity of $24.81 million. Current assets were $35.0 million, while current liabilities totaled $40.9 million, resulting in a net negative working capital of about $5.9 million. Its cash on hand amounted to $7.2 million as of Dec. 28, 2024. The Company plans to raise funds to support the future development of JAN 123, a new formulation of Low Dose Naltrexone (LDN), through capital raises or structured arrangements. This will include fulfilling its previously announced intention to capitalize a subsidiary with certain biotechnology assets, acquire an additional biotechnology asset, and then engage in a financing of that subsidiary. In its report dated March 28, 2025, the Company's auditor, Hudgens CPA, PLLC, issued a 'going concern' qualification, noting the Company's negative working capital, accumulated deficit, history of significant operating losses, and history of negative operating cash flow. These factors raise substantial doubt about the Company's ability to continue as a going concern. Acquisition of ALT5 Subsidiary and Impact on Financials On May 15, 2024, the Company acquired ALT5 Sigma, Inc. ("ALT5 Subsidiary"), a fintech company that develops next-generation blockchain-powered technologies aimed at enabling a migration to a new global financial paradigm. This acquisition contributed to an increase in gross profit by approximately $6.5 million for the fiscal year ending Dec. 28, 2024, compared to the prior year. However, the increase was partially offset by the lack of revenue from discontinued operations during the same period. The Company stated that its ability to continue as a going concern is dependent on the success of future capital raises or structured settlements and the cash flows generated from its acquisition of ALT5 Subsidiary. These funds are intended to support the required testing for FDA approval of JAN 123, as well as day-to-day operations. The Company said it may require additional debt financing and/or capital to finance new acquisitions or consummate other strategic investments in its business. The Company currently expects that the biotechnology subsidiary transaction will allow it to finance its Phase IIb clinical trials. No assurance can be given any financing obtained may not further dilute or otherwise impair the ownership interest of its existing stockholders or the Company's ownership interest in the to-be-effectuated biotechnology subsidiary. The complete text of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/862861/000162828025015469/alts-20241228.htm About ALT5 Sigma Corporation Headquartered in Las Vegas, Nevada, ALT5 Sigma Corporation -- www.alt5sigma.com -- operates through two key segments: Fintech and Biotechnology. In its Fintech segment, the Company provides next-generation blockchain-powered technologies designed to facilitate the transition to a new global financial paradigm. Through its Biotechnology segment, ALT5 Sigma is focused on developing treatments for chronic pain conditions, with an emphasis on bringing to market non-addictive and non-sedative pain-relieving drugs. ALTERYX INC: Moody's Withdraws 'B3' Corporate Family Rating ----------------------------------------------------------- Moody's Ratings has withdrawn Alteryx, Inc.'s (Alteryx) ratings, including its corporate family rating at B3, its probability of default rating at B3-PD, and its senior unsecured notes rating at Caa2. Prior to the withdrawal the outlook was stable. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). COMPANY PROFILE Alteryx provides an analytics automation software platform that delivers automation of data engineering, analytics, reporting, machine learning, and data science processes. This platform is designed to make advanced analytics accessible to any data worker across multiple departments of an enterprise. Alteryx has a diverse customer base across various industries such as retail, food services, consumer products, telecom, media, and financial services. AMERINVEST LLC: Court Extends Cash Collateral Access to April 29 ---------------------------------------------------------------- Amerinvest, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of Virginia to use cash collateral. The second interim order approved a stipulation between the company and APSEC Resolution, LLC, extending the company's authority to use cash collateral until April 29. APSEC asserts a security interest in the company's assets including accounts and accounts receivable, which constitute the lender's cash collateral. The first interim order remains in full force and effect except as modified by the terms of the second interim order. The next hearing is set for April 29. About Amerinvest LLC Amerinvest, LLC is a company in McLean, Va., engaged in renting and leasing real estate properties. Amerinvest filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 24-12069) on Nov. 5, 2024, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Daria Karimian as managing member. Judge Klinette H. Kindred oversees the case. The Debtor is represented by: David C. Jones, Jr. David C. Jones, Jr., P.C. Tel: 703-273-7350 Email: davidcjonesjr@gmail.com ASPIRA WOMEN'S: Records Reduced Net Loss of $13.09 Million in 2024 ------------------------------------------------------------------ Aspira Women's Health Inc. filed its annual report on Form 10-K with the Securities and Exchange Commission, revealing a net loss of $13.09 million on total revenue of $9.18 million for the year ending Dec. 31, 2024, compared to a net loss of $16.69 million on total revenue of $9.15 million for the year ending Dec. 31, 2023. The Company has experienced significant operating losses each year since its inception, and expects to incur a net loss for fiscal year 2025. These losses have primarily stemmed from expenses related to the cost of revenue, sales and marketing, general and administrative expenses, and research and development. Aspira Women's expects the cost of its product to increase slightly in 2025 as the number of OvaSuite-related tests performed continues to grow. The total number of tests conducted in 2024 and 2023 was 24,305 and 23,990, respectively. According to the Company, failure to significantly boost OvaSuite sales may negatively impact its business, financial performance, and overall condition. In its report dated March 27, 2025, the Company's auditor, BDO USA, P.C., issued a "going concern" qualification citing that the Company has suffered recurring losses from operations and expects to continue to incur substantial losses in the future, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $5.49 million in total assets, $8.05 million in total liabilities, and a total stockholders' deficit of $2.56 million. As of Dec. 31, 2024, the Company had $1,769,000 of cash and cash equivalents, and $5,468,000 of current liabilities. The Company's working capital deficit was $1,285,000 at Dec. 31, 2024. The Company noted in its report, "We do not believe our existing cash and cash equivalents balance and cash flow from operations will be sufficient to meet our working capital, capital expenditures, and material cash requirements from known contractual obligations for the next twelve months and beyond. Our future capital requirements, the adequacy of available funds, and cash flows from operations could be affected by various risks and uncertainties." The Company has incurred significant net losses and negative cash flows from operations since inception, and as a result has an accumulated deficit of approximately $531,397,000 as of Dec. 31, 2024. The Company stated that in order to continue its operations as currently planned through 2025 and beyond, it will need to raise additional capital, which may include public or private equity offerings, debt financing, collaborations, licensing arrangements. The complete text of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/926617/000164117225000983/form10-k.htm About Aspira Women's Headquartered in Austin, Texas, Aspira Women's Health Inc. -- www.aspirawh.com -- develops noninvasive, AI-driven tests for diagnosing gynecologic conditions, including ovarian cancer and endometriosis. Its OvaSuiteSM, which includes OvaWatch and Ova1Plus, offers the only comprehensive blood tests for assessing ovarian cancer risk in women with adnexal masses. OvaWatch has a 99% negative predictive value for identifying low ovarian cancer risk, while Ova1Plus evaluates the risk for women needing surgery. The Company is expanding its test pipeline to improve ovarian cancer diagnostics and develop non-invasive tests for endometriosis, incorporating biomarkers and patient data to enhance accuracy. AZTEC FUND: Court Extends Cash Collateral Access to June 30 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division approved the proposed modifications to its final order, which authorized Aztec Fund Holding, Inc. and its affiliates to use the cash collateral of Bank of America, National Association. The companies and Bank of America have agreed to modify the final order issued on Oct. 15 last year to: (i) Extend the companies' right to use cash collateral to June 30. (ii) Allow the companies to use cash collateral to continue to make payments to Bank of America as adequate protection and pay expenses to maintain their remaining properties, with written approval from the bank for any single expense exceeding $100,000. About Aztec Fund Holding Inc. The Aztec Fund Holding Inc. invests in office buildings in the United States and thus create real estate portfolios that generate regular cash flows and sustainable value over time. The Aztec Fund Holding Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90436) on August 5, 2024. In the petition filed by Charles Haddad, as president, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $100 million and $500 million. The Honorable Bankruptcy Judge Christopher M. Lopez oversees the cases. The Debtors tapped Munsch Hardt Kopf & Harr, P.C., as counsel; and Getzler Henrich & Associates LLC as financial advisor. Hilco Real Estate Appraisals, LLC is the real estate appraiser. Stretto, Inc., is the claims agent. BALLY'S CORP: Fitch Lowers IDR to 'B-', Outlook Negative -------------------------------------------------------- Fitch Ratings has downgraded Bally's Corporation's Issuer Default Rating (IDR) to 'B-' from 'B'. Fitch has also downgraded the rating on the senior secured term loan and revolver to 'B+' with a Recovery Rating of 'RR2' from 'BB'/'RR1' and the unsecured notes to 'CCC'/'RR6' from 'CCC+'/'RR6'. The Rating Outlook is Negative. The downgrade reflects the relatively high leverage exceeding Fitch's downgrade sensitivities and is expected to remain elevated longer. There is execution risk in the development of the Chicago projects, as well as other potential development opportunities, and a continued drag on EBITDA at the North America Interactive segment. This is offset by a diverse portfolio of regional gaming properties and the stable International Interactive business. The Negative Outlook highlights leverage concerns, with the company operating near Fitch's 8.0x downgrade sensitivities. Key Rating Drivers Leverage Remains High: Fitch calculates Bally's 2024 EBITDAR leverage at 7.0x, which is expected to increase to the 8.0x-9.0x range in the near term due to new debt issuance and higher lease-adjusted debt. A sale-leaseback of the company's Twin River casino could help reduce debt. The revolver matures in October 2026, and the company must address the term loan and senior secured notes in 2028. Earnings are expected to be relatively stable over the forecast horizon but are not anticipated to grow materially enough to reduce EBITDAR leverage. Chicago Casino Development: Through sale-leasebacks of the Chicago permanent casino and two regional casinos, Bally's should have sufficient funding to complete the project. Fitch estimates that lease expense will approach $100 million annually when fully funded. The property's scale, city location, and strong demographics should result in win-per-unit metrics that are in line with or stronger than comparable Chicago properties. Challenges include a saturated Chicago gaming market, the higher-than-average gaming tax rate, and the typical ramp-up of a new casino development. Shrinking Liquidity: Bally's currently has adequate liquidity, with no drawdowns on its $620 million revolver and no material maturities until 2028. The company is obligated to contribute up to $450 million of additional funding to complete the Chicago project. Fitch expects the revolver will likely be used for funding, absent any potential asset sales. The revolver matures in October 2026, and any outstanding amounts must either be extended or refinanced. Twin River Potential Sale-Leaseback: Bally's has an agreement to sell and lease back the Twin River Casino to Gaming & Lodging Leisure Properties, Inc. (GLPI), ending Sept. 30, 2026. Bally's needs consents from its bank lenders or must refinance the credit facility to remove a covenant restricting the property sale. Starting Oct. 1, 2026, GLPI can purchase the property even if Bally's has not obtained consents or refinanced. The agreed sales price is $735 million, and GLPI will receive an annual rent payment of approximately $58.8 million with escalators. While the sale proceeds could ease Bally's Chicago contribution burden, the covenant resolution remains uncertain. Strong Diversification: Bally's currently operates 16 properties in 10 states. The company's M&A strategy focuses primarily on acquiring underperforming properties at discounted valuations. While its properties are typically not market leaders, ongoing growth capex will support their competitiveness. In addition to the regional properties, Bally's has a strong presence in its International Interactive segment, which has maintained a relatively stable market share in its UK operations. The company retains a conservative profile of its customer base, and Fitch believes Bally's is not exposed to extreme volatility in its operations. Lagging Domestic Interactive Business: The momentum in U.S. sports betting and online gaming has led to multiple land-based and digital operators entering the market, including Bally's. Although the U.S. interactive business benefits the company's product diversification, Fitch does not expect it to be a material credit driver in the near to intermediate term. Bally's is currently generating negative EBITDA in the segment, and Fitch remains uncertain as to how long it will take to achieve profitability given the number and intensity of its competitors. Peer Analysis The 'B-' rating reflects Bally's diversified U.S. regional gaming footprint and international digital presence, as well as its high EBITDAR leverage. Bally's aggressive development program offers further growth opportunities but also poses execution and financing risks. MGM Resorts International (MGM; BB-/Stable) boasts higher-quality properties, broader diversification with a strong presence on the Las Vegas Strip, strong liquidity, and a greater normalized FCF profile. Both companies lease most of their gaming properties. Wynn Resorts, Limited (BB-/Stable) is less diversified but holds a strong market position in two of the largest gaming markets in the world — Macau and Las Vegas — and maintains strong liquidity to fund future development projects. DraftKings Inc. (BB+/Stable) has one of the leading market shares in the U.S. online sports betting segment and a very conservative capital structure. Bally's Gamesys segment in the UK enjoys strong profitability and stability, but the U.S. iGaming business continues to generate negative EBITDA. Key Assumptions - Same-store land-based revenue increases by increase by 11% in 2025 and 6% in 2026 from the addition of the Casino Queen properties with flat to 2% growth at regional properties. The Chicago property is fully reflected in 2027 and 2028 results; - International Interactive is expected to decline by 4% in 2025 from the sale of certain assets and stabilize at 1% growth thereafter; - Total company EBITDAR margins at 25%-26%; - The Twin River casino is assumed to be sold in 2025 through a sale-leaseback arrangement for $735 million; - The permanent casino is expected to open in late 2026. Fitch expects a slow ramp up to the property, which may take several years to reach an adequate return on investment; - Bally's U.S. interactive business will remain EBITDA-negative in 2025, but forecasts a neutral EBITDA result in 2026; - Base interest rates applicable to the company's outstanding variable-rate debt obligations reflect the current SOFR forward curve; - Maintenance and non-development capex of $80 million per year plus spending on the Chicago permanent casino of $250 million in 2025 and $200 million in 2026. Recovery Analysis The recovery analysis assumes that Bally's would be considered a going concern in bankruptcy, and the company would be reorganized rather than liquidated. Fitch has assumed a 10% administrative claim and a full draw on its $620 million revolver. The recovery ratings contemplate roughly $3.0 billion of secured debt claims and approximately $1.485 billion of unsecured debt claims. Fitch uses an aggregate going-concern EBITDA of about $430 million The enterprise value (EV) multiple of 5.75x, which includes land-based gaming and online gaming and excludes unrestricted subsidiaries, equates to $2.5 billion of EV. The 5.75x multiple is a discount to traditional gaming assets' M&A and slightly lower than the 6.0x-7.0x range used for other gaming companies. This reflects the asset-light strategy, material lease costs, the relatively weaker competitive position of some of the company's regional casinos, potential funding requirements of unrestricted subsidiaries, and the weak performance of the U.S. interactive business. As the interactive business grows and becomes a more meaningful part of overall cash flow, it could support a higher EV multiple. Under the waterfall, the first-lien secured credit facilities and notes would receive an 'RR2' recovery (B+) and the unsecured notes would receive an 'RR6' recovery (CCC). RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDAR leverage sustained above 7.0x; - EBITDAR fixed charge coverage ratio at 1.0x or below; - Inability to make progress on the revolver maturity or Twin River sale-leaseback. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDAR leverage sustained below 6.0x; - EBITDAR fixed charge coverage ratio above 1.5x; - Resolution on Chicago funding commitments and revolver maturity. Factors that Could, Individually or Collectively, Lead to a Resolution of the Negative Outlook - Completion of the Twin River sale-leaseback with proceeds used to fund Chicago commitments and reduce debt; - Further enhancements in liquidity without resulting in a material impact on future earnings. Liquidity and Debt Structure As of Dec. 31, 2024, Bally's had full availability on its $620 million revolver and $171 million in cash. The revolver matures in October 2026, while the term loan matures in October 2028. The next bond maturity for Bally's involves the senior secured notes in October 2028. The company is expected to generate negative FCF in 2025 and 2026 as it meets its remaining funding requirements for the Chicago permanent facility. Fitch expects that funding will be met by a combination of revolver borrowings, the sale of the 25% IPO stake in the Chicago property, and the potential sale-leaseback of the Twin Rivers casino in Rhode Island. Issuer Profile Bally's Corporation is a U.S. regional gaming operator. It owns 19 land-based casinos in 11 states, a UK casino, an iGaming business operating in Europe (primarily the UK) and Asia, and a growing iGaming business in the U.S. and Canada. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Bally's Corporation LT IDR B- Downgrade B senior unsecured LT CCC Downgrade RR6 CCC+ senior secured LT B+ Downgrade RR2 BB BARROW SHAVER: Seeks to Extend Plan Exclusivity to June 30 ---------------------------------------------------------- Barrow Shaver Resources Company LLC, asked the U.S. Bankruptcy Court for the Southern District of Texas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to June 30 and August 29, 2025, respectively. The Debtor continues to manage and operate its business as debtor-in-possession pursuant to sections 1107 and 1108 of the Bankruptcy Code. On August 30, 2024, the United States Trustee filed the United States Trustee's Notice of Appointment of Committee of Unsecured Creditors appointing the members of the Official Committee of Unsecured Creditors (the "UCC"). As the Debtor recently reported at the January 13, 2025 hearing, February 10, 2025 status conference, and the February 20, 2025 status conference, the Debtor has focused its efforts, over the last several weeks, on laying the groundwork for a robust sale process and resolution of related issues through mediation. The NETX Parties, the UCC, and the Ad Hoc Group of Non-Operating Working Owners agree that Mediation is necessary to achieve the highest and best recovery for the Debtor's estate. On February 21, 2025, the Court entered an order approving Judge Isgur as mediator. The mediation is set to occur on March 20 and 21, 2025 (the "Mediation"). The Debtor believes that it has satisfied the requirements of section 1121(b), as well as the factors that courts generally examine when determining whether to extend a debtor's exclusive periods as set forth in the First Exclusivity Motion. In addition, the First Exclusivity Order was without prejudice to the Debtor's right to seek additional extensions of its exclusive periods. See First Exclusivity Order. The Debtor respectfully requests that this further extension of the Exclusivity Periods be without prejudice to the Debtor's right to seek additional extensions of such periods. Further, the results of the forthcoming Mediation will impact the contents of the chapter 11 plan, necessitating the need for an extension beyond April 1, 2025. Barrow Shaver Resources Company, LLC is represented by: Joseph E. Bain, Esq. Sean T. Wilson, Esq. Olivia K. Greenberg, Esq. Elizabeth De Leon, Esq. JONES WALKER LLP 811 Main Street, Suite 2900 Houston, Texas 77002 Telephone: (713) 437-1800 Facsimile: (713) 437-1810 Email: jbain@joneswalker.com swilson@joneswalker.com ogreenberg@joneswalker.com edeleon@joneswalker.com About Barrow Shaver Resources Company Barrow Shaver Resources Company, LLC is a privately held, independent oil and gas exploration and acquisition company based in Tyler, Texas. Barrow Shaver is engaged in prospect generation, producing properties acquisition, lease acquisition, assembly and marketing of prospects for the exploration and development of oil and natural gas in the prolific producing trends of the East Texas and West Texas Basins. Barrow Shaver Resources Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-33353) on Aug. 19, 2024. In the petition signed by James Katchadurian, chief restructuring officer, the Debtor disclosed up to $100 million in both assets and liabilities. Judge Alfredo R. Perez oversees the case. The Debtor tapped Jones Walker LLP as counsel, CR3 Partners, LLC as financial advisor, and Kroll Restructuring Administration, LLC as claims, noticing, and solicitation agent. BARSCOTT LLC: Seeks to Hire Christie's RE SoCal as Broker --------------------------------------------------------- Barscott LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Christie's RE SoCal as its real estate broker. The firm's services include: a. advertise and market the Debtor's real property located at 12928 Evanston St., Los Angeles 90049 to interested parties; b. show the Property to interested parties; c. represent the estate as sellers in connection with the sale of the property; d. advise the Debtor with respect to obtaining the highest and best offers available in the present market for the Property; and e. provide such other things as necessary in the context of the employment as real estate broker. The broker shall be paid a commission equal to 2 percent of the gross sale price. Cindy Ambuehl, luxury estate director of Christie's RE SoCal, assured the court that her firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Cindy Ambuehl AKG | Christie's International Real Estate 15760 Ventura Blvd #100 Encino, CA 91436 Tel: (310) 893-8300 About Barscott LLC Barscott LLC is engaged in activities related to real estate. Barscott LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10878) on February 4, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Gary E. Klausner, Esq. at LEVENE, NEALE, BENDER, YOO & GOLUBCHIK LLP. BLH TOPCO: Seeks Chapter 11 Bankruptcy in Delaware -------------------------------------------------- On March 26, 2025, BLH TopCo LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. According to court filing, the Debtor reports between $50 million and $100 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About BLH TopCo LLC BLH TopCo LLC operators and franchisors of locally themed, social gastrobars under the "Bar Louie" brand. Bar Louie is an upscale neighborhood bar and eatery known for a relaxed atmosphere, handcrafted cocktails, a well curated selection of local and regional beers, high quality wines, and a robust menu. The Bar Louie also feature a wide variety of American food, including shareable plates, burgers, and sandwiches, with traditional and regional influences. The Bar Louie brand focuses on neighborhood-specific bars that cater to the unique tastes of local demographics. Established in 1991 in Chicago, Illinois, the Debtors currently operate 31 locations, franchise an additional 17, and employ roughly 1,400 individuals across 19 states. Bar Louie restaurants are situated in various settings, such as lifestyle centers, conventional shopping malls, event venues, central business districts, and other unique standalone locations. In May 2020, the Debtors acquired the Bar Louie business through a Section 363 sale during a previous bankruptcy proceeding. BLH TopCo LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10576) on March 26, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Craig T. Goldblatt handles the case. The Debtor is represented by Thomas J. Francella, Jr., Esq. at Mark W. Eckard, Esq. BANKRUPTCY MANAGEMENT SOLUTIONS, INC., d/b/a STRETTO, serves as Debtors' claims & noticing agent. BOMA NORTH: April 1 Public Sale Auction Set ------------------------------------------- SDCK I LLC ("secured party") will sell the following assets of all of BOMA LC LLC's interests in and to the following: (a) its membership interests in BOMA North Carolina LLC ("BOMA NC", "Pledged Interests"), (b) all securities, moneys or property representing dividends, distributions, or interest on any of the pledged interests, (c) all right, title, and interest of BOMA NC in, to and under any policy of insurance payable by reason of loss or damage to the pledged interests and any other of the subject assets, (d) all accounts, general intangibles, instruments, and investment property constituting or relating to the foregoing, and (e) any proceeds of the foregoing. The assets will be sold at a public auction to be held virtually on or after April 1, 2025, at 10:00 a.m. Central Time. Persons interested in submitting a bid for the assets will, by no later than March 31, 2025, submit a bid in writing via email to the secured party's counsel: Allison E. Yager, allison.yager@katten.com, and Ethan D. Trotz, ethan.trotz@katten, which bid will: (i) not be subject to any financing contingencies, (ii) not be conditioned on the outcome of due diligence, (iii) be binding on such bidder, (iv) be for all of the assets and provide for a purchase price of at least $7 million in cash, (v) demonstrate the ability to consummate the proposed transaction fully in cash to secured party's satisfaction, (vi) provide a full disclosure of the identity and ownership of each entity and all other parties that will be participating i such bid to satisfay the secured party that such bidder is proceeding in good faith and without collusion in all respects in connection with the sale process, and (vii) certify that the bidder will serve as a back-up bidder in the event the winning bider at the auction fails to timely consummate the sale. Bidders must also delivery a deposit of equal to 10% of the bid price to the secured party in readily available funds by no later than March 31, 2025. Person desiring further information may contact counsel for the Secured Party: Allison E. Yager, Esq. Katten Muchin Rosenman LLP 525 West Monroe Street Chicago, Illinois 60661 Tel: (312) 902-5519 Email: allison.yager@katten BOSTON BOATWORKS: Hires Verdolino & Lowey as Financial Advisor -------------------------------------------------------------- Boston Boatworks LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Verdolino & Lowey, P.C. as financial advisor. The firm's services include: a. preparation and/or review of cash flow and related budget projections; b. assistance with regard to accounting and accounting system matters; c. assistance with records and record retention; d. preparation, review, and analysis of applicable reporting requirements; e. assistance in reviewing, reconciling, and analyzing proofs of claim; f. assistance with plan preparation including applicable analysis; and g. assistance of other matters as directed by the Debtor or the Court. The firm will seek compensation based upon its normal and usual billing rates and will seek reimbursement of expenses incurred on behalf of the Debtor. Matthew Flynn, principal at Verdolino & Lowey, 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: Matthew R. Flynn Verdolino & Lowey PC 124 Washington St., Ste. 101 Foxboro, MA 02035 Telephone: (508) 543-1720 About Boston Boatworks LLC Boston Boatworks LLC builds ocean-going yachts using composite materials and cutting-edge manufacturing techniques. The company also operates a service business offering boat storage, maintenance, and improvement. For years prior to the Petition Date, the Debtor built luxury yachts for other companies. In 2021, the Debtor began designing its own line of luxury yachts. Boston Boatworks LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-10071) on January 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtor is represented by D. Ethan Jeffery, Esq., at MURPHY & KING, PROFESSIONAL CORPORATION, in Boston, Massachusetts. BOTW HOLDINGS: Hires Hathaway & Kunz as Special Counsel ------------------------------------------------------- BOTW Holdings, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Wyoming to employ Hathaway & Kunz, LLP as special litigation counsel. The Debtor needs the firm's legal assistance in connection with a case (Adv. Proc. No. 24-02011) styled as John A. McCall Jr. v. Best of the West Arms, LLC, et al., pending before the United States Bankruptcy Court for the District of Wyoming. The firm will be paid at these rates: Lucas Buckley, Attorney $450 per hour Melissa Burke, Attorney $350 per hour Senior Associates, Attorney $350 per hour Junior Associates, Attorney $295 per hour Legal Assistants $125 per hour The firm received from the Debtors a retainer in the amount of $12,500. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Lucas E. Buckley, a partner at Hathaway & Kunz, 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: Lucas E. Buckley Hathaway & Kunz, LLP 2515 Warren Ave., Ste 500 Cheyenne, WY 82003 Tel: (307) 634-7723 About BOTW Holdings, LLC BOTW Holdings, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Wyo. Case No. 24-20138) on April 19, 2024. The petition was signed by Jeff Edwards, manager of Stryk Group Holdings, LLC. At the time of filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. Judge Cathleen D. Parker presides over the case. Bradley T Hunsicker, Esq., at Markus Williams Young & Hunsicker LLC, is the Debtor's counsel. BROOKFIELD RESIDENTIAL: S&P Upgrades ICR to 'B+', Outlook Stable ---------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating to 'B+' from 'B' on Brookfield Residential Properties ULC (BRP). The outlook is stable. S&P said, "At the same time, we affirmed our 'B+' issue level ratings on the company's senior unsecured notes and revised the recovery rating on this debt to '4' from '2'. "The stable outlook reflects our expectation of debt leverage below 6x and EBITDA interest coverage above 2x driven by sustained land sale activity, steady demand in home sales, and improved margins. "We estimate that BRP will generate approximately $1.78 billion of revenues in fiscal 2025 resulting in $400 million to $435 million of S&P Global Ratings-adjusted EBITDA. As of year-end Dec. 31, 2024, BRP's revenue was $2.0 billion with leverage of 4.88x. We expect revenues to fall to $1.7 billion and leverage to be 6.0x at fiscal year-end 2025. We attribute the decline in revenue and decrease in leverage from difficult year-over-year comparisons tied to land sales. BRP closed the sale of 127 acres associated with Phase 1 of the industrial parcel in Menifee, Ca., which generated $221 million in revenue and $133 million in gross margin. We forecast other large land parcels sells to close in 2025 and 2026 consistent with previous results. As such, we anticipate the decrease in revenue and elevated leverage in 2025 is representative of normal operations for the company, and we believe that our forecasted 2025 credit metrics are commensurate with other 'B' rated entities. "We project average annual active communities to stay relatively flat at 81 in fiscal 2025 (versus 80 in fiscal 2024). The company's recent growth has been spurred by its reinvestments into inventory, operational improvements reflected in margins, and incremental growth. The number of active communities leads us to forecast that the company will close approximately 2,400 to 2,450 homes. Housing affordability challenges as a result of the changing interest rate environment persisted in all markets throughout 2024, and we assume that operational results for 2025 will be largely in line with 2024. Slightly offsetting additional earnings growth is a slight decline in average selling prices by 1%, which is primarily due to a geographical shift of sales away from higher-price homes in Irvine and product mix to meet affordability challenges. We attribute the forecasted performance to minimal competition from existing homes, the company's existing mortgage lender, BRP Home Mortgage, which provides fully integrated mortgage lending, and other incentives to drive new home sales. We continue to expect the company to fund growth initiatives with internally generated cash flows and incremental debt. In addition, we do not expect any near-term liquidity issues as the company recently amended and extended its revolving credit facility which has total capacity of $675 million and extended maturity by three years. Its nearest term debt maturity for corporate debt is September 2027. "Going forward, we expect BRP to continue to focus on cash flow management while improving its home building and land sale prospects, which we believe will lead to positive FOCF generation. Given the expected improved revenue growth, we anticipate S&P Global Ratings-adjusted leverage will remain comfortably at levels commensurate with our stable outlook over the next 12 to 24 months. We also assume the company will continue to make dividend payments to parent Brookfield Corp. that are not overly detrimental to our leverage metrics. "Lower inventory valuation results in a change in the recovery rating to '4'. During the fiscal year 2024 BRP's inventory declined by about $840 million largely due to the combined reclassification and sale of some of its master plan communities to "Assets held for sale" from "Land and Housing inventory". Due to these transactions, S&P's assessment of BRP's collateral available to unsecured claims in a simulated default scenario for year-end Dec 31. 2024 is $1.02B vs $1.66B the prior year. As such, we now expect that in the event of default, debtholders will be able to recover 30%-50% of the collateral compared to our previous expectations of 70%-90%. Consequently, we revised the recovery rating on this debt to '4' from '2'. "We expect BRP's ongoing growth in its orders for homes and resilient market fundamentals will normalize its leverage to be comfortably at or below 6x over the next 12 months. Additionally, our higher forecast profits will also likely lift its S&P Global Ratings-adjusted EBITDA to interest coverage levels to above 2x over the same period." S&P could lower its rating on BRP to 'B' if: -- Debt to EBITDA approaches 7x due to cash flows from housing operations and mixed-use projects falling short of expectations through 2025, or greater-than-expected large distributions to its parent Brookfield Corp. continue; or -- S&P's view of its strategic importance to Brookfield Corp. materially diminishes such that we reassess its group status. Although highly unlikely, S&P could take a positive rating action within the next 12 months if: -- Leverage was to improve comfortably below 4x and the company and its was committed to that leverage profile; or -- If its home closing volumes, margins, and geographic expansion exceed S&P's forecast such that the company becomes more in line with its higher rated peers. C M HEAVY: Seeks to Hire Receivables Control as Collection Agent ---------------------------------------------------------------- C M Heavy Machinery, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Oklahoma to employ Receivables Control Corp. as accounts receivable collection agent. The firm will assist the Debtor in the identification, collection, and recovery of outstanding receivables owed to the Debtor's estate. The firm will be paid at these rates: -- Rates on all sums collected 35 percent -- Return merchandise 1/2 normal fee -- Collection Fee & Interest 50 percent Logan Dahlk, a partner at Receivables Control 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: Logan Dahlk Receivables Control Corp. 7373 Kirkwood Court, Suite 200 Minneapolis, MN 55369 Tel: (763) 315-9600 Fax: (763) 315-9699 About C M Heavy Machinery, LLC C M Heavy Machinery, LLC sells and rents a full range of heavy machinery and equipment. It is based in Okemah, Okla. C M Heavy Machinery filed Chapter 11 petition (Bankr. E.D. Okla. Case No. 24-80617) on August 8, 2024, with total assets of $19,152,335 and total liabilities of $5,491,300. C M President Clint Meadors signed the petition. Judge Paul R. Thomas oversees the case. The Debtor is represented by Maurice VerStandig, Esq., at The Verstanding Law Firm, LLC. CARVANA CO: Moody's Hikes CFR to B3, Outlook Remains Positive ------------------------------------------------------------- Moody's Ratings upgraded Carvana Co.'s ("Carvana") corporate family rating to B3 from Caa1 and probability of default rating to B3-PD from Caa1-PD. The company's senior secured global notes ratings were upgraded to B3 from Caa1 and senior unsecured global notes ratings were upgraded to Caa2 from Caa3. The speculative grade liquidity rating (SGL) was upgraded to SGL-2 from SGL-3. The outlook remains positive. The upgrade and positive outlook reflects Carvana's significant improvement in operating performance and voluntary debt reduction that has resulted in a material improvement in credit metrics. Carvana's liquidity position has also strengthened as it has materially increased its cash balances in fiscal 2024 and is expected to remain free cash flow positive even after returning to fully cash paying its interest expense. Overall, debt to EBITDA has improved to around 4.2x while EBITDA less capex to interest was about 1.8x for the LTM ending December 31, 2024, compared to leverage of 18.8x and EBIT to interest coverage of about (-0.4x) at the end of fiscal 2023. In addition, the ratings also recognize that liquidity has been bolstered in part by the material benefit of not having to pay cash interest on the substantial majority of its capital structure as well the issuance of approximately $1.26 billion of common equity. A List of Affected Credit Ratings is available at https://urlcurt.com/u?l=UesQRi RATINGS RATIONALE Carvana's B3 CFR reflects its improved operating performance that has been driven by higher unit sales, a material improvement in retail vehicle gross profit per vehicle, a $755 million gain from the sale of receivables and a more focused approach to cost control. Over the past several quarters, Carvana generated positive operating earnings, which along with the material benefit of not having to pay cash interest on the substantial majority of its capital structure and the ability to sell its receivables for a material gain has improved its liquidity with positive free cash flow. However, absent the PIK interest and the cash generation from the sale of receivables, Carvana's free cash flow would have remained negative. Carvana's unrestricted cash balance of about $1.7 billion was bolstered by a $1.26 billion equity offering with part of the proceeds used to pay down outstanding debt. For the year ending December 31, 2024, Carvana's non-cash pay-in-kind (PIK) interest was about $450 million. Carvana is expected to go entirely cash pay in August 2025. Carvana's B3 CFR also reflects its diversified earnings stream from retail, wholesale and financing. Carvana's operating profit is bolstered by a $755 million gain on the sale of its receivables which is subject to its ability to sell its receivables on favorable terms. Absent the gain from the sale of receivables, Carvana's EBIT margins would be more in-line with the broader auto retail market. The positive outlook expects Carvana to maintain a consistent level of operating performance that will enable it to successfully sustain its earnings momentum and enable it to convert interest expense to entirely cash pay while at the same time improving credit metrics and maintaining at least good liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded should Carvana be able to sustain its current operating performance improvement including at least maintaining its current level of retail gross profit per vehicle and generate free cash flow while maintaining at least good liquidity. Quantitatively, an upgrade would require debt to EBITDA sustained below 4.25x and EBITDA less capex to interest sustained well above 2.5x. Given the positive outlook a downgrade is unlikely at the present time. Ratings could be downgraded in the event operating performance weakened or financial policies became more aggressive. Quantitatively, a downgrade would occur in the event debt to EBITDA is sustained above 5.75x or EBITDA less capex to interest was sustained below 1.75x. A deterioration in liquidity for any reason could also result in a negative rating action. Headquartered in Tempe, Arizona, Carvana Co., is a leading online retailer of used vehicles, with revenue for the year ending December 31, 2024, of around $13.7 billion. The principal methodology used in these ratings was Retail and Apparel published in November 2023. CENTRAL FLORIDA: Taps Latham Luna Eden as Bankruptcy Counsel ------------------------------------------------------------ Central Florida Construction Group, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to hire Latham, Luna, Eden & Beaudine, LLP, as its bankruptcy counsel. The firm's services include: a. advising as to the Debtor's rights and duties in this case; b. preparing pleadings related to this case, including a disclosure statement and plan of reorganization; and c. taking and all other necessary action incident to the proper preservation and administration of this estate. The firm will be paid at these rates: Attorneys $550 per hour Junior paraprofessionals $105 per hour The firm received from the Debtor a retainer of $26,738. Latham, Luna, Eden & Beaudine will also be reimbursed for reasonable out-of-pocket expenses incurred. Justin Luna, Esq, a partner at Latham, Luna, Eden & Beaudine, 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: Justin M. Luna, Esq Latham, Luna, Eden & Beaudine, LLP 201 S. Orange Ave., Suite 1400 Orlando, FL 32801 Telephone: (407) 481-5800 Facsimile: (407) 481-5801 Email: jluna@lathamluna.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., at Latham Luna Eden & Beaudine, LLP. CIMG INC: Unit Forms Business Deal With Xilin Online E-Commerce --------------------------------------------------------------- CIMG Inc. revealed that its wholly owned subsidiary in China, Zhongyan Shangyue Technology Co., Ltd., has signed a Business Cooperation Intent Agreement with Xilin Online (Beijing) E-commerce Co., Ltd. Pursuant to the Agreement, certain shareholders of Xilin Online intend to transfer an aggregate of 51% of their equity interest in Xilin Online to Zhongyan Shangyue within 15 calendar days from the date of the Agreement. Both parties also agreed to appoint Mr. Tianyong Lyu as the chief executive officer of Xilin Online (Beijing) E-commerce Co., Ltd. after the cooperation. Xilin Online specializes in providing one-stop digital and intelligent transformation solutions for enterprises and merchants. By leveraging the e-commerce capabilities and supply chain advantages, as well as its partnerships with major Chinese e-commerce companies like JD.com and Alibaba, Xilin Online has become a digital and intelligent technology enterprise that integrates business models, technology platforms, and operational management. The Xilin Online platform combines service providers, online stores, suppliers, API-driven supply chain systems, and customer service interfaces into a seamless solution. Supporting mainstream features such as integrated payment methods (points, cash, and prepaid card balances) and a price comparison system. The Xilin Online platform offers genuine AI-powered intelligence, encompassing everything from smart storefronts and product selection to automated management and dynamic pricing. This end-to-end digital solution boosts operational efficiency, expands sales channels, and reduces costs at their source. About CIMG Inc. Headquartered in Vista, California, CIMG Inc. (formerly Nuzee, Inc.) is a global business group specializing in digital health and sales development. The Company has a strong heritage in specialty coffee and is expanding into broader consumer food and beverage products. By leveraging technology and marketing, including MarTech and Multi-Channel Networks, CIMG Inc. enhances its partners' sales growth and commercial value. The company's brands include Kangduoyuan, Maca-Noni, Qianmao, Huomao, and Coco-Mango. Nuzee stated in its Quarterly Report for the period ended June 30, 2024, that the Company has experienced limited revenues, ongoing losses, and an accumulated deficit, which creates significant doubt about its ability to continue operating as a going concern. For the three months ended June 30, 2024, the Company incurred a net loss of $1,440,197 compared to a net loss of $2,025,337 for the three months ended June 30, 2023. As of June 30, 2024, the Company had $2.75 million in total assets, $2.94 million in total liabilities, and a total stockholders' deficit of $193,613. The Company has not yet filed its Form 10-K for the fiscal year ended Sept. 30, 2023. COLIANT SOLUTIONS: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------- The U.S. Trustee for Region 21 appointed an official committee to represent unsecured creditors in the Chapter 11 case of CoLiant Solutions, Inc. The committee members are: 1. Sun Surveillance, Inc. c/o Terry Smith, CFO 418 Old Greenville Rd Spartanburg, SC 20301 info@sunsurveillance.com 864-706-0371 2. Eunitel, Inc. c/o Daniel Hutuleac, President 6211 N. Monticello Ave Chicago, IL 60659 dan@eunitel.com 773-234-1595 3. Power-Comm Technologies Inc. c/o Troy Thomas, President P.O. Box 1078 Highland, CA 92346 Troy.gt@power-comm.com 909-521-7684 4. Overwatch Security Advisors, LLC c/o Dylan D. Myrick, President 2477 Valleydale Rd, Ste. A-2 Birmingham, AL 35244 dylan@overwatchsecurityadvisors.com 205-281-7908 5. Virginia Electronic Components c/o Frank Stalzer, President 1155 5th St SW Charlottesville, VA 22902 fstalzer@vecsupply.com 434-220-5401 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 CoLiant Solutions CoLiant Solutions Inc. offers safety and security services to retailers and construction sites nationwide by installing security and fire alarm systems. Wal-Mart is the Debtor's largest client, accounting for 50% of its business. Other customers include construction contractors, food and beverage retailers like Duncan Brands, and department stores like Dillard's. The Debtor has physical office locations in Springfield, Illinois, Bentonville, Arkansas, Modesto, California, and Buford, Georgia. CoLiant filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 25-51509) on February 12, 2025, listing between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Paul W. Bonapfel oversees the case. The Debtor is represented by: William Rountree, Esq. Rountree Leitman Klein & Geer, LLC 2987 Clairmont Road, Suite 350 Altanta, GA 30329 Tel: 404-584-1238 Email: wrountree@rlkglaw.co COMFORT SPECIALISTS: Sam Della Fera Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Sam Della Fera, Jr., Esq., at Chiesa, Shahinian & Giantomasi, PC as Subchapter V trustee for Comfort Specialists, LLC. Mr. Della Fera will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Della Fera declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Sam Della Fera, Jr., Esq. Chiesa, Shahinian & Giantomasi, PC One Boland Drive West Orange, NJ 07052 Telephone: 973-530-2076 Email: sdellafera@csglaw.com About Comfort Specialists Comfort Specialists, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-12079) on February 28, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Judge Vincent F. Papalia presides over the case. Scott J. Goldstein, Esq., at the Law Offices of Wenarsky and Goldstein, LLC represents the Debtor as bankruptcy counsel. CONN'S INC: Gets Court OK to Pay $2MM to Store Dealers, B. Riley ---------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that on March 31, 2025, a Texas bankruptcy judge approved Conn's Inc. to pay about $2 million to former W.S. Badcock dealers to resolve potential claims in its Chapter 11 case. The agreement allows the former store owners and lender B. Riley to share in the proceeds from Conn's asset sales. About Conn's, Inc. Conn's, Inc., is a retailer of home goods and furniture in The Woodlands, Texas. Conn's and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-33357) on July 23, 2024. In its petition, Conn's reported $1 billion to $10 billion in both assets and liabilities. Judge Jeffrey P. Norman oversees the cases. The Debtors tapped Duston K. McFaul, Esq., at Sidley Austin, LLP as legal counsel; Houlihan Lokey, Inc. as investment banker; and BRG Capital Advisors, LLC, as interim management services provider. Epiq Corporate Restructuring, LLC, is the Debtors' notice and claims agent. CONTAINER STORE:S&P Withdraws 'D' ICR on Emergence From Bankruptcy ------------------------------------------------------------------ S&P Global Ratings withdrew all of its ratings on specialty retailer The Container Store Group Inc. due to lack of sufficient information. At the time of withdrawal, the rating was 'D' pursuant to its filing for reorganization under Chapter 11 of U.S. Bankruptcy Code in December. The company emerged from bankruptcy on Jan. 28, 2025. CTN HOLDINGS: Case Summary & 30 Largest Unsecured Creditors ----------------------------------------------------------- Lead Debtor: CTN Holdings, Inc. f/k/a Aspiration Partners, Inc 548 Market Street, PMB 72015 San Francisco, CA 94101-5401 Business Description: The Debtors are a climate finance company specializing in providing high-quality carbon solutions to businesses worldwide. They connect companies with effective decarbonization strategies and a wide range of carbon removal projects, selling carbon credits sourced from a diverse network of project developers. With deep industry expertise and strong relationships, the Debtors have developed a robust commercial framework and strategic partnerships that link carbon supply, business demand, and third-party funding, creating long-term value for their clients. Beyond capital investment, the Debtors provide strategic guidance, operational support, and market insights to help businesses drive and scale positive climate impact around the world. Chapter 11 Petition Date: March 30, 2025 Court: United States Bankruptcy Court District of Delaware Seven affiliates that simultaneously filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- CTN Holdings, Inc. (Lead Holdings) 25-10603 CTN SPV Holdings, LLC 25-10604 Catona Climate Solutions, LLC 25-10605 Make Earth Green Again, LLC 25-10607 Aspiration QFZ, LLC 25-10609 Zero Carbon Holdings, LLC 25-10611 Aspiration Fund Adviser, LLC 25-10613 Judge: Hon. Thomas M Horan Debtors' Counsel: William F. Taylor, Jr., Esq. WHITEFORD, TAYLOR & PRESTON LLC 600 North King Street Suite 300 Wilmington, DE 19801 Tel: 302-353-4144 Email: wtaylor@whitefordlaw.com - and - David W. Gaffey, Esq. Brandy M. Rapp, Esq. J. Daniel Vorsteg, Esq. Joshua D. Stiff, Esq. Alexandra G. DeSimone, Esq. WHITEFORD, TAYLOR & PRESTON LLP 3190 Fairview Park Drive, Suite 800 Falls Church, VA 22042-4510 Tel: (703) 280-9260 E-mail: dgaffey@whitefordlaw.com brapp@whitefordlaw.com jdvorsteg@whitefordlaw.com jstiff@whitefordlaw.com adesimone@whitefordlaw.com Debtors' Claims & Noticing Agent: KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL Estimated Assets: $50 million to $100 million Estimated Liabilities: $100 million to $500 million The petitions were signed by Miles Staglik 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/PIVYO5Q/CTN_Holdings_Inc__debke-25-10603__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. LA Clippers LLC Trade Payable $30,047,222 1212 Flower Street & Contracted Los Angeles, CA 90015 Carbon Credits Email: ap@clippers.com Phone: (213) 204-2800 2. Forum Entertainment, LLC Contracted $10,999,414 3900 W. Manchester Avenue Carbon Credit Inglewood, CA 90305 Value Email: ron.bleiweiss@thelaforum.com Phone: (310) 862-6200 3. Interprivate III Financial Trade Payable $7,000,000 Partners Inc. 1350 Avenue of the Americas 2nd Floor New York, NY 10019 Email: info@interprivate.com Phone: (212) 920-0125 4. KL2 Aspire LLC Trade Payable $7,000,000 12220 Westerly Trail Moreno Valley, CA 92557 Email: mitchfrankel.sports@gmail.com 5. Boston Red Sox Baseball Club Trade Payable $4,974,903 Limited Partnership Fenway Park 2 Jersey Street Boston, MA 02215 Email: ar@redsox.com Phone: (617) 226-6000 6. Socure, Inc. Trade Payable $4,140,120 330 7th Ave New York, NY 10001 Email: billing@socure.com Phone: (866) 932-9013 7. Noble People Trade Payable $3,889,494 96 Morton Street New York, NY 10014 Email: accounting@noblepeople.com Phone: (646) 234-8746 8. Slalom, LLC Trade Payable $2,617,224 821 2nd Avenue Suite 1900 Seattle, WA 98104 Email: billing@slalom.com Phone: (206) 438-5700 9. Eden Reforestation Projects Mediated $1,726,042 and Compassionate Judgment Carbons, LLC Balance Spencer Hosie Hosie Rice, LLP 149 New Montgomery Street 4th Floor San Francisco, CA 94102 Email: shosie@hosielaw.com Phone: (415) 247-6000 10. Clear Link Tehnologies, LLC Litigated $1,049,598 d/b/a The Penny Hoarder Judgment (Taylor Media Corp) Kennedy D. Tate 36 South State Street Suite 1400 Salt Lake City, UT 84111 Email: knate@rqn.com Phone: (801) 323-3354 11. Feedzai Inc Trade Payable $930,000 1875 South Grant Street Suite 950 San Mateo, CA 94402 Email: ana.lima@feedzai.com Phone: (650) 260-8924 12. Sidley Austin LLP Trade Payable $911,129 955 California Street Chicago, IL 60603 Email: mdayton@sidley.com Phone: (212) 839-5300 13. Impact Tech, Inc Trade Payable $851,549 223 East De La Guerra Street Santa Barbara, CA 93101 Email: breena.beckett@impact.com Phone: (805) 324-6021 14. Mission Financial Partners Future $750,011 1 Embarcadero Center Suite 800 Carbon San Fancisco, CA 94111 Credits Email: tnewell@aspitation.com Phone: (800) 683-8529 15. Facebook, Inc. Trade Payable $740,892 15161 Collections Center Drive Chicago, IL 60693 Email: ar@fb.com Phone: (650) 308-7300 16. Donnelley Financial Solutions Trade Payable $667,120 35 W Wacker Drive Chicago, IL 60601 Email: Accounts-Receivable@dfinsolutions.com Phone: (800) 823-5304 17. Performcb LLC Trade Payable $626,834 2389 E Venice Avenue #410 Venice, FL 34292 Email: accountsreceivable@performcb.com Phone: (866) 867-6333 18. Clarity AI Trade Payable $600,000 609 Greenwich Street 5th Floor New York, NY 10014 Email: billing@clarity.ai Phone: (929) 581-1230 19. Trees for the Future Contract $590,628 10770 Columbia Pike #300 Obligation Silver Spring, MD 20901 Email: tim@trees.org Phone: (301)565-0630 20. Gibson Dunn & Crutcher LLP Trade Payable $571,939 333 South Grand Avenue Los Angeles, CA 90071 Email: RPerez@gibsondunn.com Phone: (212) 351-4000 21. Deloitte Services, LP Prepaid $500,000 30 Rockefeller Plaza Carbon New York, NY 10122 Credits Email: ekiaer@deloitte.com Phone: (212) 492-4000 22. Laurel Strategies, Inc Trade Payable $492,977 4A Oxford Street Chevy Chase, MD 20815 Email: jvalic@laurelstrategies.com Phone: (202) 776-7776 23. Davis Wright Tremaine LLP Trade Payable $451,933 920 Fifth Avenue, Suite 330 Seattle, WA 98104 Email: ach@dwt.com Phone: (212) 489-8230 24. Sandline Discovery LLC Trade Payable $433,767 105 North Virginia Avenue, Suite 302 Falls Church, VA 22046 Email: ar@sandlineglobal.com Phone: (571) 888-3366 25. Bank of America Prepaid $360,000 Corprate Center Carbon 101 South Tyron Street Credits Charlotte, NC 28255 Email: lisa.shpritz@bofa.com Phone: (800) 432-1002 26. Bartko Zankel Bunzel & Miller Trade Payable $328,868 One Embarcadero Center Suite 800 San Francisco, CA 94111 Email: carthur@bartkolaw.com Phone: (415) 956-1900 27. Prodege, LLC Trade Payable $220,000 100 N. Pacific Coast Highway, 8th Floor Pasadena, CA 91185-4252 Email: ar@prodege.com Phone: (310) 294-9599 28. APT 304, LLC Trade Payable $195,033 5000 Birch Street, Suite 300 Newport Beach, CA 92660 Email: james@apt304.io Phone: (714) 386-9923 29. Dechert LLP Trade Payable $183,244 2929 Arch Street Philadelphia, PA 19104 Email: kathleen.fenton@dechert.com Phone: (212) 698-3500 30. PricewaterhouseCoopers LLP Trade Payable $167,000 P.O. Box 952282 Dallas, TX 75395-2282 Email: geoffrey.b.husted@pwc.com Phone: (214) 999-1400 CTN HOLDINGS: Seeks Chapter 11 Bankruptcy w/ $170MM Debt -------------------------------------------------------- Steven Church of Bloomberg News reports that Aspiration Partners Inc., a climate startup backed by celebrity investors and known for arranging carbon credits for Meta Platforms Inc., Microsoft Corp., and other major companies, has filed for bankruptcy just weeks after its co-founder was arrested on fraud charges. Now operating as CTN Holdings, the company faces approximately $170 million in debt. The bankruptcy filing seeks to quickly sell its assets to repay creditors, according to Chief Restructuring Officer Miles Staglik. About CTN Holdings Aspiration Partners Inc., doing business as CTN Holdings, is a climate startup backed by celebrity investors. The company is famous for providing carbon creditors of Microsoft Corp. Meta Platforms Inc., and other big companies. Aspiration Partners Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10613) on March 31, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by William F. Taylor, Jr., Esq. at Whiteford, Taylor & Preston LLC. CUCINA ANTICA: Hires Anchin Block & Anchin as Legal Counsel ----------------------------------------------------------- Cucina Antica Foods, Corp. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Anchin, Block & Anchin, LLP as accountant. The firm's services include: a. prepare and file 2024-2025 tax returns for the Debtor; b. prepare and file the Debtor's Estate Tax Return for the Dates September 11, 2024 through December 31, 2024; c. prepare and file Estate Tax Return for 2025 related to the sale of the Debtor's business; and d. advise in the sale of the Debtor's business as a going concern. The firm will be paid at these rates: Staff $180 to $240 per hour Seniors/Supervisors $220 to $360 per hour Managers $295 to $500 per hour Senior Managers/Directors $395 to $665 per hour Partners $500 to $810 per hour As of the Petition Date, the firm has waived all amounts that may have been due and owing by the Debtors as of the Petition Date, which totals $11,737.50. In addition, the firm will seek reimbursement for its out-of-pocket expenses. James Ferrara, a partner at Anchin, Block & Anchin, LL, 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: James Ferrara Anchin, Block & Anchin, LLP 3 Times Square New York, NY 10036 Tel: (212) 840-3456 Email: james.ferrara@anchin.com About Cucina Antica Foods, Corp. Cucina Antica Foods Corp. is a manufacturer of pasta sauces and ketchup. Cucina Antica Foods Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-34058) on December 13, 2024. In the petition filed by Suzanne Fusco, as authorized representative, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Frances A. Smith, Es., at Ross, Smith & Binford, PC. CV SCIENCES: Posts $2.39M Loss for 2024, Has 'Going Concern' Doubts ------------------------------------------------------------------- CV Sciences, Inc., filed its annual report on Form 10-K with the Securities and Exchange Commission, reporting a net loss of $2.39 million on net product sales of $15.71 million for the year ending Dec. 31, 2024. This is a significant decrease from the prior year, when the Company reported a net income of $3.10 million on net product sales of $16 million for the year ending Dec. 31, 2023. Despite the loss, the Company expressed satisfaction with its fiscal year 2024 results. Joseph Dowling, the Company's CEO, commented, "Revenues for our core business remained stable around the $4 million range per quarter throughout 2024, despite a challenging market and regulatory environment. With our recent acquisitions and new product innovations, we believe that we are nicely positioned to grow our revenue in 2025. Our gross margins have improved throughout 2024 compared to previous years, and we anticipate making further improvements in 2025." The Company's financial position as of Dec. 31, 2024, included total assets of $7.93 million, total liabilities of $6.13 million, and stockholders' equity of $1.80 million. However, the Company's auditor, Haskell & White LLP, issued a 'going concern' qualification in its report dated March 27, 2025, citing recurring operating losses, negative cash flows from operations, and limited liquid resources, which raise substantial doubt about the Company's ability to continue as a going concern. For the year ending Dec. 31, 2024, the Company experienced negative cash flows from operations of $0.9 million. The accumulated deficit stood at $87.0 million. In comparison, for the year ending Dec. 31, 2023, excluding funds from employee retention tax credits, the Company had negative cash flows of $0.5 million. Looking ahead, CV Sciences anticipates continued reliance on additional investment capital to fund its operations and growth initiatives. The Company intends to explore opportunities to raise funds through capital markets, debt issuance, and lines of credit. However, the Company cautions that there are no assurances that it will be able to secure additional working capital on favorable terms, which could have a material adverse effect on its ability to continue operations. "The Company will continue to work towards increasing revenue and operating cash flows to meet its future liquidity requirements. However, there can be no assurance that the Company will be successful in generating positive cash flows from operations or any capital-raising efforts that it may undertake, and the failure of the Company to generate positive cash flows or raise additional capital could adversely affect its future operations and viability," the Company mentioned in the report. A full text of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1510964/000095017025046180/cvsi-20241231.htm About CV Sciences Inc. CV Sciences, Inc., based in San Diego, California (www.cvsciences.com), is a consumer wellness company specializing in nutraceuticals and plant-based foods. The Company offers hemp extracts and other science-backed, natural ingredients through a variety of sales channels, ranging from B2B to B2C. Its +PlusCBD branded products are available at select retail locations across the U.S. and are recognized as the top-selling hemp-extract brand in the natural products market, according to SPINS, the leading provider of syndicated data and insights for natural, organic, and specialty products. CWB REALTY: David Madoff Named Subchapter V Trustee --------------------------------------------------- The U.S. Trustee for Region 1 appointed David Madoff, Esq., a partner at Madoff & Khoury, LLP, as Subchapter V trustee for CWB Realty. Mr. Madoff will be compensated at $450 per hour for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. In court filings, Mr. Madoff declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: David B. Madoff Madoff & Khoury, LLP 124 Washington Street, Suite 202 Foxborough, MA 02035 Phone: (508) 543-0040 Email: madoff@mandkllp.com About CWB Realty CWB Realty filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 25-10446) on March 6, 2025, listing between $1 million and $10 million in both assets and liabilities. Hilmy Ismail, Esq., at the Law Office of Hilmy Ismail represents the Debtor as bankruptcy counsel. DATA LINK: LRFC Marks $5.6M 1L Senior Secured Debt at 16% Off ------------------------------------------------------------- Logan Ridge Finance Corp. has marked its $5,621,000 loan extended to Datalink LLC to market at $4,722,000 or 84% of the outstanding amount, according to LRFC's Form 10-K for the fiscal year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission. LRFC is a participant in a First Lien Senior Secured Debt to Datalink LLC. The debt accrues interest at a rate of 11.49% per annum. The debt matures on November 23, 2026. LRFC is an externally managed non-diversified closed-end management investment company incorporated in Maryland that has elected to be regulated as a business development company under the Investment Company Act of 1940. It is managed by Mount Logan Management LLC, an investment adviser that is registered as an investment adviser under the Investment Advisers Act of 1940, and BC Partners Management LLC, which provides the administrative services necessary for it to operate. LRFC may invest in first lien loans, which have a first priority security interest in all or some of the borrower's assets. In addition, its first lien loans may include positions in "stretch" senior secured loans, also referred to as "unitranche" loans, which combine characteristics of traditional first lien senior secured loans and second lien loans, providing it with greater influence and security in the primary collateral of a borrower and potentially mitigating loss of principal should a borrower default. LRFC may also invest in second lien loans, which have a second priority security interest in all or substantially all of the borrower's assets. In addition to debt securities, it may acquire equity or detachable equity-related interests (including warrants) from a borrower. It also intends to target investments that mature in four to six years from its investment. LRFC is led by Ted Goldthorpe as chief executive officer and president; Brandon Satoren as chief financial officer, and Alexander Duka as director. The company can be reached through: Logan Ridge Finance Corp. 650 Madison Avenue, 3rd Floor New York, NY 10022 Telephone: (212) 891-2880 About Datalink LLC Datalink LLC is a healthcare technology company dedicated to empowering better health. It develops integrated, data-driven solutions that deliver actionable insights, automated workflows, and true data interoperability. It provides data-driven solutions that help clients improve quality performance, optimize risk accuracy, and reduce costs. With intelligent insights, automated workflows, and advanced interoperability technology, it simplifies value-based care so clients can focus on what matters most: delivering the best health outcomes. DCA OUTDOOR: Committee Taps Spencer Fane LLP as Lead Counsel ------------------------------------------------------------ The official committee of unsecured creditors of DCA Outdoor, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to employ Spencer Fane, LLP as its lead counsel. The firm will render these services: a. advise the Committee generally regarding matters of bankruptcy law in connection with this Chapter 11 Case; b. advise the Committee of the requirements of the Bankruptcy Code, the Bankruptcy Rules, Local Rules and Guidelines; c. prepare motions, applications, answers, proposed orders, reports and papers on behalf of the Committee; d. appear before this Court, any appellate courts and the United States Trustee and protect the interests of the Committee; e. advise the Committee regarding bankruptcy related litigation; f. represent the Committee in any matters involving contests with the Debtors or others in the Chapter 11 Case or ancillary proceedings; g. attend meetings and negotiate with the Debtors and any trustee that may be appointed; h. take such actions to protect and preserve the interests of the unsecured creditors in the Chapter 11 Case; i. seek to negotiate a plan that is in the best interests of unsecured creditors; and j. render such other necessary advice and services as the Committee may require in connection with this Chapter 11 Case. The firm will be paid at these hourly rates: Zach Fairlie, Partner $675 Kristen Evans, Associate $360 The following information is provided on a voluntary basis in response to section D of the Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 by Attorneys in Larger Chapter 11 Cases: a. Spencer Fane agreed to a variation of its standard or customary billing arrangement for this engagement with a 10% discount for certain timekeepers from their standard hourly rates; b. None of the professionals included in this engagement have varied their rate based on the geographic location of this Chapter 11 Case; c. Spencer Fane did not represent the Committee prior to the Petition Date; and d. Spencer Fane and the Committee expect to develop a prospective budget and staffing plan, recognizing that considering the complex issues and highly compressed timetable in this Chapter 11 Case, there may be unforeseeable fees and expenses that will need to be addressed. Zachary R.G. Fairlie, Esq., a partner of Spencer Fane, 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: Zachary R.G. Fairlie, Esq. SPENCER FANE LLP 1000 Walnut Street, Suite 1400 Kansas City, MO 64106 Tel: (816) 474-8100 FAx: (816) 474-3216 Email: zfairlie@spencerfane.com About DCA Outdoor DCA Outdoor Inc. established in 2016, is a vertically integrated green industry organization headquartered in Kansas City, Missouri. The Company connects various sectors -- including agricultural production, landscape distribution, retail, agritourism, and transportation -- through its family of brands. The DCA Outdoor family comprises several brands including Schwope Brothers Tree Farms, Utopian Plants, RIO, Anna Evergreen, Brehob Nurseries, KAT Landscape, Colonial Gardens, PlantRight, PlantRight Supply, and Utopian Transport. DCA Outdoor Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Miss. Case No. 25-50053) on February 20, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities betwee $50 million and $100 million. Honorable Bankruptcy Judge Cynthia A. Norton handles the case. Larry E. Parres, Esq., at Lewis Rice LLC serves as the Debtor's counsel. DILLONS POWER: Seeks to Hire McNamee Hosea as Bankruptcy Counsel ---------------------------------------------------------------- Dillons Power Washing LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ McNamee Hosea, PA as general bankruptcy counsel. The firm will render these services: (a) provide the Debtor legal advice with respect to its powers and duties; (b) prepare any necessary legal papers, and appear on the Debtor's behalf in proceedings instituted by or against it; (c) assist the Debtor in the process of selling its property and the confirmation of a plan and approval of a disclosure statement; (d) assist the Debtor with other legal matters; (e) perform all of the legal services for the Debtor that may be necessary or desirable herein. The firm will be paid at these rates: Janet M. Nesse $525 per hour Justin P. Fasano $450 per hour On February 28, 2025, McNamee Hosea was provided a $18,800 retainer by Keith Gross, as security for its fees and expenses. Justin Fasano, Esq., a principal at McNamee Hosea, 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: Janet M. Nesse, Esq. Justin P. Fasano, Esq. McNamee Hosea, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Tel: (301) 441-2420 Email: jnesse@mhlawyers.com jfasano@mhlawyers.com About Dillons Power Washing LLC Dillons Power Washing, LLC filed Chapter 11 petition (Bankr. D. Md. Case No. 25-12231) on March 17, 2025, listing up to $50,000 in assets and up to $1 million in liabilities. Kathleen Gross, managing member of Dillons Power Washing, signed the petition. Judge Maria Ellena Chavez-Ruark oversees the case. Justin P. Fasano, Esq., at McNamee Hosea, P.A., represents the Debtor as legal counsel. DISPATCH ACQUISITION: Moody's Alters Outlook on 'B3' CFR to Stable ------------------------------------------------------------------ Moody's Ratings affirmed the ratings of Dispatch Acquisition Holdings, LLC (dba Denali Water Solutions, or Denali), including the B3 corporate family rating, B3-PD probability of default rating and B3 senior secured bank credit facility rating. At the same time, Moody's assigned a B3 rating to the company's amended and extended senior secured first lien revolving credit facility due 2027. Moody's also changed the outlook to stable from negative. The ratings affirmation and outlook change to stable reflect Moody's expectations for credit metrics to improve over the next year, despite continued weakness in the company's Imperial Western Products (IWP) business driven primarily by commodity headwinds. Moody's expects Denali to benefit from continued growth in its Retail segment with positive momentum from a large depackaging contract with a key customer. This will help offset the negative impact from IWP and support revenue and margin expansion, along with new contract wins, cost reduction and efficiency gains, and recent acquisition synergies. As a result, Moody's expects adjusted debt-to-EBITDA to fall toward 6.5x through 2025 from over 7x. Moody's also expects the company to maintain adequate liquidity. RATINGS RATIONALE Denali's B3 CFR reflects its modest scale with a niche market focus on organic waste disposal and recycling and high financial leverage. An aggressive pace of growth through debt funded acquisitions has contributed to high leverage and addbacks to EBITDA that result in a limited track record of sustainable run rate earnings. However, acquisitions have moderated following the 2022 IWP acquisition whose benefits have been slow to materialize amid commodity price pressures. Denali is also exposed to delays in customer spending for project work during weak economic cycles and has high customer concentration within segments. Cost inflation will temper margin growth through 2025 but Moody's expects higher pricing and cost efficiencies to help offset this risk. The company benefits from relatively steady waste volumes, with contractually recurring waste collection and recycling services. Denali is well-positioned to benefit from the essential nature of demand for waste disposal, the need for customers to comply with increasing regulatory requirements for waste management and rising costs for landfill disposal. The majority of revenue (over 70%) is supported by recurring demand with a high renewal rate anchored by operations embedded at customer locations and longstanding customer relationships. The company's infrastructure network of land application sites, equipment and difficult-to-obtain environmental permits provide some barriers to entry. Moody's believes the company's investments in infrastructure for its depackaging services will support further expansion of its Retail segment. Moody's anticipates liquidity to be adequate with modest cash on hand balanced by Moody's expectations of growing revolver availability due to expected cash advances from the company's depackaging anchor customer as Denali scales this business to additional locations in new markets. The $92 million revolving credit facility expiring in 2027 had approximately $48 million available at December 31, 2024, net of amounts drawn and letters of credit. Moody's expects free cash flow to improve but remain negative in the near term with high growth capital expenditures through 2025, mainly for depacking. Free cash flow is also constrained by Denali's high interest expense. However, Moody's expects free cash flow to turn positive in 2026, benefiting from a moderation in capital spending and higher earnings. The company has made increasing use of its $70 million receivables (A/R) securitization facility expiring in 2028, which is now fully drawn. There are no near term maturities following the company's recent extension of the revolver and A/R facility, except for $6.4 million in mandatory term loan amortization per year. The revolving facility is subject to a springing first lien net leverage covenant of 8.7x, tested quarterly if borrowings exceed 35% of the revolver commitment. Moody's expects the company to maintain compliance with the covenant. The term loan has no financial maintenance covenants. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company sustains positive free cash flow from improved earnings and with debt-to-EBITDA falling steadily. The ratings could also be upgraded with significant and profitable scale expansion with margins strengthening such that debt-to-EBITDA is expected to approach 5x and EBITDA to interest coverage is sustained above 2x. The maintenance of good liquidity would also be an important consideration for a ratings upgrade. The ratings could be downgraded with deteriorating liquidity, including sustained negative free cash flow and/or diminishing revolver availability. The ratings could also be downgraded with weakening revenue or margins due to deteriorating business conditions or the loss of a meaningful contract or customer, such that debt-to-EBITDA increases and covenant cushion weakens or interest coverage declines. An increased risk of a distressed exchange or a decline in Moody's recovery expectations on the outstanding rated debt could also lead to a ratings downgrade. Additionally, debt-funded acquisitions that weaken the metrics or liquidity would also pressure the ratings. The principal methodology used in these ratings was Environmental Services and Waste Management published in August 2024. Dispatch Acquisition Holdings, LLC, based in Russellville, AR, provides specialty waste and environmental services around managing organic waste generated by several markets. These include services to municipal water and wastewater treatment facilities and industrial food processors. The company also provides waste solutions to the food service and delivery end markets, and collects and processes food and organic waste into sustainable products for sale, including biodiesel, mulch and animal feed. Revenue was approximately $694 million for the fiscal year ended December 31, 2024. Dispatch Acquisition Holdings, LLC, is a portfolio company of affiliates of TPG Growth, LLC, a private equity firm. DMMJ REALTY: Taps Finger & Finger P.C. as Real Estate Counsel ------------------------------------------------------------- DMMJ Realty Corp. and Mexican-American El Tio Ltd. seek approval from the U.S. Bankruptcy Court for the Southern District of New York to hire the Law Offices of Finger & Finger, P.C. as the tenant and real estate attorneys. The firm will render these services: a. give advice to the Debtors with respect to their powers and duties as landlords and owners of the Property; b. determine the rights, if any, of the various property's tenants and work out a plan and take the necessary legal steps in order to prepare the Property for sale; c. prepare the necessary answers, orders, reports and other legal papers required; d. appear before the Bankruptcy Court and state court to protect the interests of the Debtors and to represent the Debtors in all matters pending before these Courts; e. attend meetings and negotiate with tenants and representatives of creditors and other parties in interest; f. advise the Debtors in connection with any potential sale of the property; g. represent the Debtors in connection with obtaining post-petition financing, if necessary; and h. perform all other legal services for the Debtors which may be necessary for the preservation of the Debtors' estates and to promote the best interests of the Debtors, their creditors, and the estates. The firm will be paid at these hourly rates: Kenneth Finger, Partner $575 Carl Finger, Partner $575 Daniel Finger, Partner $575 Dorothy Finger, Partner $575 For notices and petitions, the firm will charge $400 per document per tenant. Finger & Finger is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Kenneth J. Finger, Esq. Finger & Finger, P.C. 158 Grand Street White Plains, NY 10601 Phone: (914) 949-0308 E-mail: kenneth@fingerandfinger.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 Corp. 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 reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Robert L. Rattet, Esq. at DAVIDOFF HUTCHER & CITRON LLP. DOOR COUNTY: Hires CliftonLarsonAllen LLP as Accountant ------------------------------------------------------- Door County Environmental Energy LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to employ CliftonLarsonAllen, LLP as accountant. The firm will provide these services: a. prepare Debtor's federal and Wisconsin state partnership tax returns; b. compile year-end financial statements without disclosures; c. provide monthly bookkeeping services including recording revenues and expenses, reconciling balance sheet accounts on the Debtor's accounting software; and d. consult and advise Debtor on tax matters related to the tax returns, as necessary. The firm will be paid at these rates: Partners $350 per hour Associate $140 per hour The firm is a pre-petition creditor of the Debtor, being owed $3,313.55, plus finance and late charges, for pre-petition services. The firm has agreed to waive its pre-petition claim. Mark Diederich, a partner at CliftonLarsonAllen, 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: Mark Diederich, Esq. CliftonLarsonAllen, LLP 200 East Washington St. Appleton, WI 54911 Tel: (920) 731-8111 About Door County Environmental Energy LLC Door County Environmental Energy LLC is a limited liability company. Door County Environmental Energy LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 24-26772) on December 19, 2024. In the petition filed by Chris A. Lenzendorf, as authorized signatory of Door County Environmental Energy LLC, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Beth E. Hanan oversees the case. The Debtor is represented by Claire Ann Richman, Esq. at RICHMAN & RICHMAN LLC. German American State Bank, as lender, is represented by: Sara C. McNamara, Esq. REINHART BOERNER VAN DEUREN S.C. 1000 North Water Street, Suite 1700 Milwaukee, WI 53202 Tel: (414) 298-1000 Email: smcnamara@reinhartlaw.com DOVETAIL DEVELOPMENT: Seeks to Hire Straley Realty as Broker ------------------------------------------------------------ Dovetail Development, Ltd. seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Straley Realty and Auctioneers, Inc. as real estate broker. The firm will market and sell these real properties of the Debtor: -- 221 S. Cherry Street, Paulding, Ohio – Listing $164,900; -- 621E. Wayne Street, Paulding, Ohio 45879 – Listing $94,900; -- 215 Dewitt Street, Paulding, Ohio 45879 – Listing $75,000; -- 520 West Wayne Street, Paulding, Ohio 45879- Listing $99,900; -- 505 W. Koch Street, Ohio City, Ohio 45874- Listing $69,900. The firm will be paid a commission of 5 percent of the sales price of each property to be paid at the closing of any transactions. 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: Chet Straley Straley Realty and Auctioneers, Inc. 419 West Ervin Road Van Wert, OH 45891 Tel: (419) 238-9733 About Dovetail Development, Ltd. Dovetail Development Ltd. is a limited liability company formed in 1999. Dovetail Development sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 24-30828) on May 1, 2024, with up to $50,000 in assets and up to $500,000 in liabilities. Judge John P. Gustafson presides over the case. Steven L. Diller, Esq., at Diller and Rice, LLC, is the Debtor's legal counsel. DURECT CORP: Posts Lower Net Loss of $8.32 Million for 2024 ----------------------------------------------------------- Durect Corporation filed its annual report on Form 10-K to the Securities and Exchange Commission, revealing a net loss of $8.32 million on total revenues of $2.03 million for the year ending Dec. 31, 2024. This compares to a net loss of $27.62 million on total revenues of $2.59 million for the year ending Dec. 31, 2023. Since its founding in 1998, the Company has typically experienced operating losses, primarily driven by research and development expenses related to its product candidates, with additional costs from selling, general, and administrative expenses. As of Dec. 31, 2024, the Company had an accumulated deficit of $597.3 million. While the Company anticipates a reduction in both research and development expenses and selling, general, and administrative expenses in 2025 compared to 2024, it expects to continue incurring losses and negative cash flows from operations for the foreseeable future. As of Dec. 31, 2024, Durect Corporation reported total assets of $18.35 million, total current liabilities of $7.71 million, non-current operating lease liabilities of $1.12 million, other long-term liabilities of $384,000, and stockholders' equity of $9.13 million. In its report dated March 27, 2025, the Company's auditor, WithumSmith+Brown, PC, issued a "going concern" qualification, noting that the Company has experienced recurring operating losses and has an accumulated deficit, which raise significant doubt about its ability to continue as a going concern. The Company stated it currently lacks enough cash resources to fund its plans for the next twelve months after the issuance of these financial statements. To meet its operating cash flow requirements, the Company plans to seek additional funding through collaborative agreements for certain of its programs and financing activities, including public offerings, private placements of common stock, preferred stock offerings, and the issuance of debt or convertible debt instruments. "There can be no assurance that we will enter into additional collaborative agreements or maintain existing collaborative agreements, will earn collaborative revenues or that additional capital will be available on favorable terms to the Company, if at all. If adequate funds are not available, we may be required to significantly reduce or re-focus our operations or to obtain funds through arrangements that may require us to relinquish rights to certain of our products, technologies or potential markets, either of which could have a material adverse effect on our business, financial condition and results of operations," the Company cautioned in the report. The complete text of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1082038/000095017025046209/drrx-20241231.htm About DURECT Corporation DURECT -- www.durect.com -- is a late-stage biopharmaceutical company pioneering the development of epigenetic therapies that target dysregulated DNA methylation to transform the treatment of serious and life-threatening conditions, including acute organ injury. Larsucosterol, DURECT's lead drug candidate, binds to and inhibits the activity of DNA methyltransferases, epigenetic enzymes that are elevated and associated with hypermethylation found in alcohol-associated hepatitis ("AH") patients. Larsucosterol is in clinical development for the potential treatment of AH, for which the FDA has granted a Fast Track and a Breakthrough Therapy designation; MASH has also been explored. EECH INTERNATIONAL: To Sell Philadelphia Property to JNA Capital ---------------------------------------------------------------- Beech International, LLC, seeks permission from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania, to sell substantially all of its tangible property, free and clear of liens, claims, and encumbrances. The Debtor is a Pennsylvania limited liability company, and its sole member is Beech Interplex, Inc., a Pennsylvania nonprofit corporation. The Debtor owns and operates certain real property located at 1520-38 Cecil B. Moore Avenue, Philadelphia, PA, known as the International Apartments (the Facility), consisting of 106 fully furnished student housing units and two commercial units. The Debtor's primary source of revenue is monthly lease payments it receives from tenants in the Facility pursuant to written leases between the Debtor and the applicable tenant. UMB Bank, N.A. is the trustee under a trust indenture dated as of September 1, 2010, between the Philadelphia Authority for Industrial Development (PAID) and TD Bank, N.A., as prior trustee. Thee Debtor received a non-binding written offer from the Philadelphia Housing Authority (PHA) to purchase the Facility for $9,950,000. PHA advised the Debtor that its offer was based on an appraisal that stated a value less than $9,950,000. The Debtor actively explored alternatives to the sale to PHA that could both maximize recoveries by creditors and, also, maintain the Debtor's mission. In mid-January 2025, the Debtor received a non-binding written offer from Temple to purchase the Facility at a purchase price significantly less than the offer from PHA. Further, upon information and belief, Temple is not willing to provide a rent guaranty in connection with a plan of reorganization. Immediately upon receipt of the Temple offer, the Debtor focused on negotiation of a purchase agreement with PHA. However, before PHA cannot execute a purchase agreement, among other things as it needs to obtain a phase 1 environmental report on the Facility, the phase 1 and certain other documentation needs to be submitted to the U.S. Department of Housing and Urban Development (HUD), and HUD has to approve the transaction. While the Debtor remains confident that, given enough time, the PHA transaction could close, because of the pending expiration date of the stay of actions against the Debtor's real estate and the UMB Motion for Relief, the Debtor has explored an alternative. The alternative explored by the Debtor is the sale of the Facility and the Debtor's tangible personal property to JNA Capital, Inc. or its designee (Buyer) and an assignment of the Leases. The Buyer was a logical alternative to PHA because an affiliate of the Buyer, Divirsis Management Group, LLC, currently manages the Facility. As a result, the Buyer is very familiar with the Facility. The Buyer was interested in pursuing purchase of the Facility and the Debtor's tangible personal property and has now entered into the Sale Agreement with the Debtor. The Buyer will pay $10,250,000 to the Debtor and will assume up to $300,000 of the allowed amounts secured by the City Tax Lien, and the Debtor will assign to the Buyer all of the Leases and the Buyer will assume all post-closing obligations under the Leases, and the Debtor will convey to the Buyer all of the Debtor's tangible personal property, including all furniture, appliances and equipment. About Beech International, LLC Beech International, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Beech International filed Chapter 11 petition (Bankr. E.D. Pa. Case No. 24-14406) on December 10, 2024, listing between $10 million and $50 million in both assets and liabilities. Ken Scott, chief executive officer of Beech International, signed the petition. Judge Ashely M. Chan presides over the case. The Debtor is represented by Robert Lapowsky, Esq., at Stevens & Lee, P.C. ELEGANT TENTS: Taps David A. Colecchia and Associates as Attorney ----------------------------------------------------------------- Elegant Tents and Catering, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire David A. Colecchia and Associates as counsel. The firm's services include: a. providing continuing legal advice concerning the powers, duties, and responsibilities of the Debtor-in-Possession in the current bankruptcy and in the operation of its business; b. taking any and all necessary action for the benefit of the Debtor and of the Estate, such as prosecution and compromise of actions held by the Debtor, defense of actions against the Debtor, review of all documents, motions, and claims filed by other parties and objecting to the same as necessary; c. preparing any and all documents, schedules, petitions, pleadings, and other legal papers as are reasonably necessary for the above or for the continued administration of the above case; d. performing any and all other legal services for the Debtor which are in connection with this Chapter 11 case or otherwise are reasonably necessary for the Debtor-in-Possession's normal operations. The firm will be paid at these rates: David A. Colecchia, Esq. $335 per hour Justin P. Schantz, Esq. $335 per hour Paralegal and office staff $100 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The counsel has received a pre-petition retainer totaling $5,000. Justin P. Schantz, member of David A. Colecchia and Associates, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. David A. Colecchia can be reached at: Justin P. Schantz, Esq. DAVID A. COLECCHIA AND ASSOCIATES 324 South Maple Ave. Greensburg, PA 15601-3219 Tel: (724) 837-2320 Fax: (724) 837-0602 E-mail: colecchia542@comcast.net About Elegant Tents and Catering Inc. Elegant Tents and Catering Inc. is a family-owned business based in Youngwood, PA, offering event rental services and catering for various occasions, including weddings, birthdays, and corporate events. The Company provides tent rentals, linens, furniture, and other event equipment, along with a variety of catering menus, made from family recipes and tailored to meet dietary needs. The Company serves the Tri-State area and prides itself on delivering personalized service. Elegant Tents and Catering Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-20594) on March 7, 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 John C. Melaragno handles the case. Justin P. Schantz, Esq. at David A. Colecchia and Associates represents the Debtor as counsel. ELITA 7 LLC: No Resident Complaints, 1st PCO Report Says -------------------------------------------------------- Joseph Tomaino, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the District of Massachusetts his first report regarding the quality of patient care provided by Elita 7, LLC and Victoria Light, LLC. On January 22, the PCO performed a site visit and a tour of the facility was made. The facility appeared to be adequately staffed, and people interviewed during the tour indicated that there were enough caregivers to meet resident needs. Staff reported that medications are readily available for the residents. The PCO noted that staff expressed they feel management keeps supply budgets very controlled and they would like to see more flexibility. However, all staff said they ultimately have what they needed to appropriately care for patients and keep areas clean and up to standard. There were no bankruptcy related complaints, only general and ongoing items. The PCO observed it seemed the staff has the supplies they need and have not noticed any major changes since the bankruptcy. It was reported to PCO that a prior administrator had caused some dissatisfaction among staff. A new administrator is in the role now and working diligently to rectify errors and improve employee morale. Mr. Tomaino received no complaints from staff or residents of the facility during the period since appointment. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=CjSo8M from PacerMonitor.com. The ombudsman may be reached at: Joseph J. Tomaino Grassi Healthcare Advisors, LLC 750 Third Avenue New York, NY 10017 Phone: 212-223-5020 Email: jtomaino@grassihealthcareadvisors.com About Elita 7 and Victoria Light Elita 7, LLC operates a 60-bed Rest Home located at 16 Marble Street, Worcester, Mass. Elita 7 and its affiliate, Victoria Light, LLC, filed Chapter 11 petitions (Bankr. D. Mass. Lead Case No. 24-41303) on December 20, 2024. At the time of the filing, the Debtors reported $1 million to $10 million in both assets and liabilities. Judge Elizabeth D. Katz oversees the cases. John O. Desmond, Esq., represents the Debtors as legal counsel. Joseph J. Tomaino of Grassi Healthcare Advisors, LLC is the patient care ombudsman appointed in the Debtors' cases. ENGINE 22: Sec. 341(a) Meeting of Creditors on May 1 ---------------------------------------------------- On March 27, 2025, Engine 22 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. A meeting of creditors filed by Office of the U.S. Trustee under Section 341(a) meeting to be held on May 1, 2025 at 10:00 AM by Telephone Conference Line: 866-790-6904. Participant Passcode: 3156784. About Engine 22 LLC Engine 22 LLC a Single Asset Real Estate entity operating in New Orleans, LA. Engine 22 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-10575) on March 27, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Shermin Khan at The Khan Law Firm LLC. ENVERIC BIOSCIENCES: Reduces Net Loss to $9.57 Million in 2024 -------------------------------------------------------------- Enveric Biosciences, Inc., filed its annual report on Form 10-K with the Securities and Exchange Commission, reporting a net loss of $9.57 million for the year ending Dec. 31, 2024, an improvement from the $17.29 million net loss reported for the year ending Dec. 31, 2023. As of Dec. 31, 2024, the Company has accumulated a deficit of $106,074,505, reflecting its ongoing financial losses since inception. In addition, the Company reported operating cash outflows of $7.73 million for the year. The Company had total assets amounting to $3.08 million, total current liabilities of $1.49 million, and total shareholders' equity of $1.59 million as of Dec. 31, 2024. The cash balance on hand was $2.24 million, and the working capital amounted to $1.24 million at Dec. 31, 2024. The Company stated that its cash on hand is insufficient to cover the operating cash needs for the next 12 months following the filing of this Annual Report on Form 10-K. Since its inception, the Company, a research and development entity, has not generated revenue and has incurred operational losses. Its activities have been mainly funded through debt and equity issuance. The Company believes that if its drug candidates and products fail to gain market acceptance, profitability may never be achieved. As a result, it expects continued net losses and negative cash flows, which will further impact stockholders' equity and working capital. Enveric explained that due to the various risks and uncertainties involved in drug development, the Company cannot accurately predict when or to what extent its expenses will increase or when, if ever, it will achieve profitability. Additionally, the Company's expenses may rise if regulatory authorities like the FDA, Health Canada, or others in foreign markets require additional preclinical studies or clinical trials beyond what is currently planned, or if there are delays in completing preclinical studies or advancing the development of its drug candidates or other products. Future net losses will be influenced, in part, by the rate at which the Company's expenses grow and its ability to generate revenue. In its report dated March 28, 2025, the Company's auditor, Marcum LLP, issued a "going concern" qualification citing that the Company 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. Management's plan to alleviate the conditions that raise substantial doubt include raising additional working capital through public or private equity or debt financings or other sources, and may include additional collaborations with third parties as well as disciplined cash spending. Adequate additional financing may not be available to the Company on acceptable terms, or at all. The Company stated that if it is unable to secure enough additional capital, it may need to implement cost-cutting measures, such as delaying or discontinuing certain operations. The complete text of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/890821/000164117225001296/form10-k.htm About Enveric Biosciences Headquartered in Naples, FL, Enveric Biosciences, Inc. -- https://www.enveric.com -- is a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, addiction, and other psychiatric disorders. Leveraging its unique discovery and development platform, the Psybrary, which houses proprietary information on the use and development of existing and novel molecules for specific mental health indications, Enveric seeks to develop a robust intellectual property portfolio of novel drug candidates. Enveric's lead program, the EVM301 Series, and its lead drug candidate, EB-003, are intended to offer a first-in-class, new approach to the treatment of difficult-to-address mental health disorders, mediated by the promotion of neuroplasticity and without also inducing hallucinations in the patient. EVOKE PHARMA: Bleichroeder, 2 Others Hold 9.99% Equity Stake ------------------------------------------------------------ Bleichroeder LP, Bleichroeder Holdings LLC, and Andrew Gundlach disclosed in an Amendment No. 3 of a Schedule 13G filed with the Securities and Exchange Commission that as of March 24, 2025, they beneficially own 158,058 shares of Evoke Pharma, Inc.'s common stock, representing 9.99% of the outstanding shares of stock. About Evoke Pharma Headquartered in Solana Beach, California, Evoke -- www.EvokePharma.com -- is a specialty pharmaceutical company focused primarily on the development of drugs to treat GI disorders and diseases. The Company developed, commercialized and markets GIMOTI, a nasal spray formulation of metoclopramide, for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in adults. Diabetic gastroparesis is a GI disorder affecting millions of patients worldwide, in which the stomach takes too long to empty its contents resulting in serious GI symptoms as well as other systemic complications. The gastric delay caused by gastroparesis can compromise absorption of orally administered medications. Prior to FDA approval to commercially market GIMOTI, metoclopramide was only available in oral and injectable formulations and remains the only drug currently approved in the United States to treat gastroparesis. F21 OPCO: Proposes Up to 3% Recovery for Major Lenders ------------------------------------------------------ Dorothy Ma of Bloomberg Law reports that Forever 21 Inc.'s bankrupt U.S. retail operator, F21 Opco, is proposing that lenders receive little to no recovery under its reorganization plan. Court documents filed Friday indicate that asset-based loan lenders, with $1.09 billion in allowed claims, are expected to recover between 2.36% and 3.01%. These creditors would receive 94% to 97% of the bankruptcy case's net proceeds, with unsecured creditors receiving the remaining share, totaling $433 million in allowed claims. About F21 OpCo F21 OpCo, LLC is the operator of Forever 21 stores and licensee of the Forever 21 brand in the United States. F21 OpCo sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10469) on March 16, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. The Company's proposed advisors include Paul, Weiss, Rifkind, Wharton & Garrison LLP and Young Conaway Stargatt & Taylor, LLP as legal counsel, BRG as financial advisor, RCS Real Estate Advisors as real estate advisor, SSG Capital Advisors, LLC as investment banker, and Reevemark as communications advisor. About Forever 21 Inc. Founded in 1984 by South Korean husband and wife team Do Won Chang and Jin Sook Chang and headquartered in Los Angeles, Calif., Forever 21, Inc. -- http://www.forever21.com/-- is a fast fashion retailer of women's, men's and kids clothing and accessories and is known for offering the hottest, most current fashion trends at a great value to consumers. Forever 21 delivers a curated assortment of new merchandise brought in daily. Forever 21, Inc. and seven of its U.S. subsidiaries each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-12122) on Sept. 29, 2019. According to the petition, Forever 21 has estimated liabilities on a consolidated basis of between $1 billion and $10 billion against assets of the same range. As of the bankruptcy filing, the Debtors operated 534 stores under the Forever 21 brand in the U.S. and 15 stores under beauty and wellness brand, Riley Rose. The Debtors tapped Kirkland & Ellis LLP as legal advisor; Alvarez & Marsal as restructuring advisor; and Lazard as investment banker; and Pachulski Stang Ziehl & Jones LLP as local bankruptcy counsel. Prime Clerk is the claims agent. Andrew Vara, acting U.S. trustee for Region 3, appointed a committee of unsecured creditors on Oct. 11, 2019. The committee is represented by Kramer Levin Naftalis & Frankel LLP and Saul Ewing Arnstein & Lehr LLP. Counsel to the administrative agent under the Debtors' prepetition revolving credit facility and the Debtors' DIP ABL financing facility are Morgan, Lewis & Bockius LLP and Richards, Layton & Finger, PA. Counsel to the administrative agent under the Debtors' DIP term loan facility is Schulte Roth & Zabel LLP. * * * In February 2020, the company was purchased by a consortium that includes Authentic Brands Group, Simon Property Group and Brookfield Property Partners for $81.1 million. As part of the deal, ABG and Simon will each own 37.5% of the fast-fashion retailer, while Brookfield controls the remaining 25% of Forever 21's operating and intellectual property businesses. FAIRFIELD MEDICAL: Moody's Alters Outlook on Ba3 Rating to Negative ------------------------------------------------------------------- Moody's Ratings has revised Fairfield Medical Center's (OH) (FMC) outlook to negative from stable and affirmed its Ba3 revenue bond rating. FMC has approximately $121 million of debt outstanding. Revision of the outlook to negative from stable reflects FMC's protracted pace of recovery and the risk of further liquidity declines as a result of labor challenges and payor pressures. RATINGS RATIONALE The Ba3 rating incorporates FMC's leading market position, with approximately 70% market share, low debt structure risk, and minimal indirect debt liabilities. Fiscal 2025's operating cash flow (OCF) margin is projected to improve to around 4%-5%, following fiscal 2024's below budget performance despite recognition of FEMA funding. The shortfall was partly due to the organization's focus on pursuing a strategic partnership rather than fully focusing on margin expansion initiatives. Margin improvement going forward will be driven by good volume growth, revenue capture strategies, and cost-cutting initiatives. Liquidity will remain weak after declining to 62 days cash on hand for the system (76 days for the obligated group) at FYE 2024, but it is expected to stabilize with the receipt of FEMA funds and gradually improve as operating cash flow increases and capital expenditures remain minimal. In September 2024, FMC and Ohio Health announced a non-binding letter of intent to partner. The deal has not been definitively signed and is subject to approvals, and is not currently incorporated in Moody's assessments. RATING OUTLOOK The negative outlook highlights the potential for further liquidity declines should progress in improving operating performance continue to be slow. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Operating cash flow margins sustained at 6%, leading to improved debt affordability with debt to cash flow below 5x -- Increase in liquidity with cash on hand over 80 days FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Inability to approach a mid-single digit operating cash flow margin -- Deterioration of liquidity with days cash falling below 60 days -- Narrowing in headroom to bond covenants LEGAL SECURITY The bonds are secured by a gross revenue pledge of Fairfield Medical Center (sole obligated group member) as well as a lease-hold and sub-lease-hold mortgage pledge. The lease shall not under any circumstances terminate so long as the Series 2013 Bonds are outstanding. Additionally, there is a debt service reserve fund in place. PROFILE FMC is a 220 bed general acute-care hospital in the city of Lancaster, Ohio, located about 30 miles southeast of Columbus. METHODOLOGY The principal methodology used in this rating was Not-for-profit Healthcare published in October 2024. FELIX MECHANICAL: Edward Burr Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 17 appointed Edward Burr of Mac Restructuring Advisors, LLC as Subchapter V trustee for Felix Mechanical Systems, LLC. Mr. Burr will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Burr declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Edward Burr Mac Restructuring Advisors, LLC 10191 E. Shangri La Road Scottsdale, AZ 85260 Phone: (602) 418-2906 Email: Ted@macrestructuring.com About Felix Mechanical Systems Felix Mechanical Systems, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-50192) on March 6, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Kevin A. Darby, Esq., at Darby Law Practice, Ltd. represents the Debtor as bankruptcy counsel. FERRELLGAS LP: Moody's Cuts CFR to 'B3', Outlook Remains Negative ----------------------------------------------------------------- Moody's Ratings downgraded Ferrellgas, L.P.'s Corporate Family Rating to B3 from B2, Probability of Default Rating to B3-PD from B2-PD, and senior unsecured notes rating to Caa1 from B3. The Speculative Grade Liquidity Rating (SGL) was downgraded to SGL-4 from SGL-3. The rating outlook remains negative. "These ratings actions reflect increasing refinancing risk involving Ferrellgas' revolving credit facility that matures in December 2025, and $650 million senior unsecured notes which mature in April 2026." Said Jake Leiby, Moody's Ratings Senior Analyst. "While the company's operations and financial leverage are sound, its complex preferred and equity ownership structure add additional issues to resolve that further elevates the risks to its refinancing and future financial leverage." RATINGS RATIONALE Ferrellgas' B3 CFR reflects its looming debt maturities, weak liquidity, and complex capital structure. The rating also reflects the company's reliance on volatile winter weather to drive cash flow generation. The company has a complex capital structure with class A units, class B units, and preferred shares which require ~$65 million of annual distributions. Ferrellgas may seek to simplify its equity capital structure, and doing so may require incremental debt and result in deterioration of its credit metrics. Ferrellgas' credit profile benefits from its meaningful scale and geographic diversity in the fragmented US propane distribution industry and the base level of revenue generation provided by its utility-like services offering. The company's credit profile also benefits from its propane tank exchange business, which provides cash flow during the summer months and has meaningful brand value. Ferrellgas has a track record of consistent annual free cash flow generation inclusive of preferred dividends through challenging weather conditions. The negative outlook reflects the refinancing risks associated with the company's near-dated maturities and its leverage profile over the medium term as it addresses its complex equity capital structure. Ferrellgas has weak liquidity, as represented by its SGL-4 rating, owing to its April 2026 maturity that will go current on April 1, 2025, the near-term maturity of its revolver, and scheduled cash outlays over the coming 12 months to fund the Eddystone settlement. As of January 31, 2025, Ferrellgas had $39 million of cash and $198 million of available borrowing capacity under its secured revolving credit facility which matures in December 2025. Moody's expects Ferrellgas to generate sufficient cash flow to cover its capital spending, interest, preferred dividends, and Eddystone settlement payments. The secured credit facility requires Ferrellgas to adhere to covenants including a minimum interest coverage ratio of 2.50x, maximum secured leverage ratio of 2.50x, and maximum total net leverage ratio of 5.25x. Moody's expects the company to maintain compliance with its covenants, but with moderate to modest cushion. Ferrellgas' senior unsecured notes due 2026 and 2029 are rated Caa1, one notch below the company's B3 CFR. The company's capital structure includes $1,475 million senior unsecured notes, which make up the majority of the debt, and a $350 million secured revolving credit facility (unrated) that currently has a total commitment of $350 million, comprised of a fixed $200 million plus up to $150 million based on a proportion of receivables and inventories, as defined in the credit agreement. The total commitment for the credit facility will decline to $309 million on March 31, 2025. The revolver benefits from a first priority claim over the company's assets, subordinating the senior notes to the claims under the facility. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ferrellgas' ratings could be downgraded further if its refinancing needs are not addressed in a timely manner or liquidity deteriorates further. Leverage (Debt/EBITDA) rising above 6.0x could also result in a downgrade of the ratings. The ratings could be upgraded if the company successfully refinances its debts on reasonable terms, addresses its complex equity capital structure, and sustains leverage (Debt/EBITDA) under 5.0x. Ferrellgas, L.P. (Ferrellgas), is an operating subsidiary of Ferrellgas Partners L.P., a publicly traded company, that owns and operates propane distribution businesses based in Liberty, Missouri. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. FIBERCO GENERAL: Hires Marshack Hays Wood as Special Counsel ------------------------------------------------------------ Fiberco General Engineering Contractors, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Marshack Hays Wood LLP as special litigation and reorganization counsel. The firm will render these services: a. advise and assist the Estate regarding first day hearings, cash collateral, etc.; b. represent the Estate in any proceeding or hearing in the Bankruptcy Court and in any action where the rights of the Estate or Debtor may be litigated or affected; c. assist general counsel, when requested, with the drafting and prosecution of a Chapter 11 Plan of Reorganization and disclosure statement; d. conduct examinations of witnesses, claimants, or adverse parties, and to prepare and assist in the preparation of reports, accounts, applications, motions, complaints, and orders; e. file any motions, applications, or other pleadings appropriate to effectuate the reorganization of Debtor; reorganization of Debtor; f. investigate and prosecute any and all claims for relief that may be deemed necessary for the reorganization of Debtor; and g. perform any and all other legal services incident and necessary for the smooth administration of this re-opened bankruptcy case. The firm will be paid at these hourly rates: Partners $590 to $770 Senior Counsel $670 Of Counsel $570 to $670 Associates $400 to $570 Paralegals $350 to $380 The firm received a $35,000 retainer payment. In addition, the firm will seek reimbursement for expenses incurred. David A. Wood, a partner at Marshack Hays, 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: David A. Wood, Esq. MARSHACK HAYS WOOD LLP 870 Roosevelt Irvine, CA 92620-3663 Tel: (949) 333-7777 Fax: (949) 333-7778 Email: dwood@marshackhays.com About Fiberco General Engineering Contractors Inc. Fiberco General Engineering Contractors Inc. established in 1995, is a general engineering contractor based in Riverside, California. The Company specializes in utility system construction and heavy and civil engineering projects. Fiberco General Engineering Contractors Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10912) on February 18, 2025. In its petition, the Debtor reports total assets of $2,451,262 and total liabilities of $2,989,654. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtor is represented by Michael R. Totaro, Esq., at TOTARO & SHANAHAN, LLP. FLORIDA FOOD: LRFC Marks $1.9M 1L Senior Secured Debt at 14% Off ---------------------------------------------------------------- Logan Ridge Finance Corp. has marked its $1,960,000 loan extended to Florida Food Products LLC to market at $1,676,000 or 86% of the outstanding amount, according to LRFC's Form 10-K for the fiscal year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission. LRFC is a participant in a First Lien/Senior Secured Debt to Florida Food Products LLC. The debt accrues interest at a rate of 9.33% per annum. The debt matures on October 18, 2028. LRFC is an externally managed non-diversified closed-end management investment company incorporated in Maryland that has elected to be regulated as a business development company under the Investment Company Act of 1940. It is managed by Mount Logan Management LLC, an investment adviser that is registered as an investment adviser under the Investment Advisers Act of 1940, and BC Partners Management LLC, which provides the administrative services necessary for it to operate. LRFC may invest in first lien loans, which have a first priority security interest in all or some of the borrower's assets. In addition, its first lien loans may include positions in "stretch" senior secured loans, also referred to as "unitranche" loans, which combine characteristics of traditional first lien senior secured loans and second lien loans, providing it with greater influence and security in the primary collateral of a borrower and potentially mitigating loss of principal should a borrower default. LRFC may also invest in second lien loans, which have a second priority security interest in all or substantially all of the borrower's assets. In addition to debt securities, it may acquire equity or detachable equity-related interests (including warrants) from a borrower. It also intends to target investments that mature in four to six years from its investment. The Fund is led by Ted Goldthorpe as chief executive officer and president; Brandon Satoren as chief financial officer, and Alexander Duka as director. The company can be reached through: Logan Ridge Finance Corp. 650 Madison Avenue, 3rd Floor New York, NY 10022 Telephone: (212) 891-2880 About Florida Food Products LLC Headquartered in Eustis, Fla., Florida Food Products, LLC is a producer of vegetable- and fruit-based clean label ingredients. The company was acquired by Ardian and MidOcean Partners in 2021. FORTRESS HOLDINGS: Hires Antoinette M. Solomon as Special Counsel ----------------------------------------------------------------- Fortress Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Law Office of Antoinette M. Solomon as special counsel. The firm will assist the Debtor in obtaining a final Certificate of Occupancy from the Borough of Totowa and other governmental or regulatory issues. The firm will be paid at these rates: Antoinette M. Solomon (Founder) $525 per hour As disclosed in the court filings, Law Office of Antoinette M. Solomon is a disinterested person under 11 U.S.C. Sec. 101(14). The firm can be reached through: Antoinette M. Solomon, Esq. Law Office of Antoinette M. Solomon 2 Board Street, Suite 601 Bloomfield, NJ 07003 Phone: (973) 771-6200 E-Mail: info@amsolomonlaw.com About Fortress Holdings Fortress Holdings, LLC, a company in Totowa, N.J., filed Chapter 11 petition (Bankr. D. N.J. Case No. 25-10977) on January 30, 2025, listing up to $50 million in both assets and liabilities. Paul Qassis, managing member, signed the petition. Judge Vincent F. Papalia oversees the case. Richard D. Trenk, Esq., at Trenk Isabel Siddiqi & Shahdanian P.C., represents the Debtor as legal counsel. FRANCHISE GROUP: Creditors Seek Approval to Sue Over Pre-Bankruptcy ------------------------------------------------------------------- James Nani of Bloomberg Law reports that the unsecured creditors of bankrupt brand manager Franchise Group Inc. are seeking court approval to pursue legal action over what they allege were "illegal" dividends issued after a $2.6 billion take-private deal. The creditors, represented by a committee, claim that the dividends paid by Franchise Group's operating companies to its holding companies for servicing debt incurred in the 2023 transaction and other debt guarantees were fraudulent transfers that should be recovered. This motion was filed on March 28, 2025 in the U.S. Bankruptcy Court for the District of Delaware. About Franchise Group Inc. Franchise Group, Inc., through its subsidiaries, operates franchised and franchisable businesses including The Vitamin Shoppe, Pet Supplies Plus, LLC, Badcock Home Furniture & More, American Freight, Buddy's Home Furnishings and Sylvan Learning Systems, Inc. Franchise Group, Inc. and its affiliates filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12480) on Nov. 3, 2024, listing $1,000,000,001 to $10 billion in both assets and liabilities. The petitions were signed by David Orlofsky as chief restructuring officer. Willkie Farr & Gallagher LLP and Young Conaway Stargatt & Taylor, LLP are serving as legal counsel, AlixPartners is serving as financial advisor and Chief Restructuring Officer, and Ducera Partners is serving as investment banker to the Company. Paul Hastings LLP is serving as legal counsel and Lazard is serving as investment banker to the first lien ad hoc group. FRANCHISE GROUP: Gets OK to Hire Hilco Diligence as Field Examiner ------------------------------------------------------------------ Franchise Group Inc. and its affiliates received approval from the U.S. Bankruptcy Court for the District of Delaware to employ Hilco Diligence Services, LLC as field examiner. Hilco will perform field examination services for The Vitamin Shoppe and Pet Supplies Plus, including through the examination of the books, records, and representations of the Prospective Borrowers' management, employees, professionals, and other representatives. Hilco will receive a flat fee totaling $125,000 for the completion of the field examination report and will also reimburse Hilco for its reasonable out-of-pocket costs and expenses. As disclosed in court filings, Hilco does not have a material interest adverse to the Debtor regarding the specific matters for which it is to be retained. The firm can be reached through: Eric W. Kaup Hilco Diligence Services, LLC 5 Revere Drive, Suite 206 Northbrook, IL 60062 Tel: (847) 504-2463 Email: ekaup@hilcoglobal.com About Franchise Group Inc. Franchise Group, Inc., through its subsidiaries, operates franchised and franchisable businesses including The Vitamin Shoppe, Pet Supplies Plus, LLC, Badcock Home Furniture & More, American Freight, Buddy's Home Furnishings and Sylvan Learning Systems, Inc. Franchise Group, Inc. and its affiliates filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12480) on Nov. 3, 2024, listing $1,000,000,001 to $10 billion in both assets and liabilities. The petitions were signed by David Orlofsky as chief restructuring officer. Willkie Farr & Gallagher LLP and Young Conaway Stargatt & Taylor, LLP are serving as legal counsel, AlixPartners is serving as financial advisor and Chief Restructuring Officer, and Ducera Partners is serving as investment banker to the Company. Paul Hastings LLP is serving as legal counsel and Lazard is serving as investment banker to the first lien ad hoc group. FRANCO HAULING: Neema Varghese Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 11 appointed Neema Varghese of NV Consulting Services as Subchapter V trustee for Franco Hauling, LLC. Ms. Varghese will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Varghese declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Neema T. Varghese NV Consulting Services 701 Potomac, Ste. 100 Naperville, IL 60565 Tel: (630) 697-4402 Email: nvarghese@nvconsultingservices.com About Franco Hauling LLC Franco Hauling, LLC is a truck hauling company that hauls materials and debris from work sites to designated locations. Franco Hauling filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-03520) on March 7, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. July Franco, manager, signed the petition. Judge Janet S. Baer oversees the case. O. Allan Fridman, Esq., at the Law Office of Allan Fridman, represents the Debtor as bankruptcy counsel. FTX TRADING: Seeks Alternative Service in $1.76-Bil. Binance Suit ----------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that the recovery trust formed under FTX's Chapter 11 plan has asked the Delaware bankruptcy court for permission to serve individuals and entities connected to Binance Holdings through alternative means, citing challenges in using traditional service methods due to their locations in the $1.76 billion clawback lawsuit against the rival crypto company. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GA VIEWS: Hires Coldwell Banker Realty as Real Estate Broker ------------------------------------------------------------ GA Views Management, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ Coldwell Banker Realty as real estate broker. The firm will market and sell the Debtor's commercial real property located at 3557-3559 Georgia Avenue Northwest, Washington, DC 20010. The firm will be paid a commission of 4.40 percent of the sale price. 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: Harry N. Dunstan, III Coldwell Banker Realty 1617 14th Street, NW Washington DC 20009 Tel: (202) 486-9665 About GA Views Management, LLC GA Views Management LLC is the fee simple owner of real property located at 3557-3559 Georgia Avenue NW, Washington, DC 20010 valued at $12 million. GA Views Management LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 24-00339) on Oct. 9, 2024. In the petition filed by Hector Rodriguez, as managing member, the Debtor reports total assets of $12,000,000 and total liabilities of $8,553,000. Judge Elizabeth L. Gunn oversees the case. Brett Weiss, Esq., at The Weiss Law Group, LLC, serves as the Debtor's counsel. GATES INDUSTRIAL: S&P Alters Outlook to Positive, Affirms 'BB-' ICR ------------------------------------------------------------------- S&P Global Ratings revised its outlook to positive from stable and affirmed all its ratings on Gates Industrial Corp. PLC (Gates), including its 'BB-' issuer-credit rating on Gates Industrial Corp. PLC and Gates Global LLC, and its 'BB-' issue-level rating on the senior secured facilities and its 'B+' issue-level rating on the senior unsecured debt, both of which are issued at subsidiary Gates Corp. Subsequently, S&P also withdrew its issuer credit rating on subsidiary Gates Global LLC because this entity no longer exists. S&P said, "The positive outlook reflects that we could raise our ratings if we expected Gates would maintain leverage below 3x and FOCF to debt of at least 10% over the next 12 months amid weakness in certain end markets." Gates, a U.S.-based manufacturer of power transmission and fluid power solutions, has demonstrated solid performance in 2024, with operational discipline outweighing demand headwinds across several end markets and supporting healthy credit metrics. S&P Global Ratings-adjusted debt to EBITDA improved to 2.8x at year-end 2024, and free operating cash flow (FOCF) to debt remained relatively stable at about 15%. S&P said, "Over the next 12 months, we expect operational discipline will outweigh top-line headwinds, supporting S&P Global Ratings-adjusted debt to EBITDA in the high-2x area. Under our base case forecast, we expect persistent weakness in demand in the end markets for agriculture, construction, on-highway, and diversified industrial, further exacerbated by a strengthening U.S. dollar. Over the next 12 months, we believe muted industrial activity and continued sector-specific cyclical downturns will drive a modest decline in overall demand. However, we expect continued solid operating performance, primarily driven by continued price increases, realization of net benefits from operational initiatives--including material cost optimization and footprint rationalization--along with healthy cash generation. Tariffs represent a modest downside risk to our forecast, largely indirectly, from a broad-based contraction in demand across the company's end markets. Although Gates has sizable operations in "Mexico, we believe the company can largely mitigate the profitability impact of prolonged tariffs by shifting production to its U.S. facilities with excess capacity and by enacting price increases. "End-market weakness and currency headwinds will drive a contraction in revenue in the low-single-digit percentage area under our base case forecast in 2025. We believe the agriculture and construction end markets will likely remain in a cyclical downturn in 2025, and we expect the diversified industrial end market will remain tepid amid lackluster business confidence. These negative factors will be partly tempered by continued growth in Gates' largest end market--automotive replacement. We expect the U.S. car parc will continue growing and aging, which supports a steady increase in demand for aftermarket parts. We also expect a boost from the full-year contribution from a new channel partner. Overall, organic revenue will decline in the low-single-digit percentage area in 2025 under our base case forecast, with a negative impact from volume decline and unfavorable foreign currency translation partly offset by modest price increases. "However, we believe operational initiatives will buoy S&P Global Ratings-adjusted EBITDA margins and support steady absolute earnings. We expect Gates will continue driving operational improvements, including streamlining of the material cost and manufacturing footprint, along with strategic pricing initiatives, leading to further expansion in S&P Global Ratings-adjusted EBITDA margins over the next 12 months. In 2025, we expect an improvement in S&P Global Ratings-adjusted EBITDA margins by 50 basis points (bps) to about 22.5%-23.0%, allowing the company to maintain virtually flat absolute earnings in the face of declining revenue. "Concurrently, we expect Gates will continue generating healthy FOCF. The company's short-cycle business model allows for efficient working capital management, which enables consistent cash generation. During periods of pressured demand, Gates can responsively wind down working capital to temper the cash impact from lower absolute earnings. During periods of growing demand, Gates' short conversion cycle enables relatively rapid conversion of orders to cash. In 2025, we expect a moderate increase in S&P Global Ratings-adjusted FOCF to about $350 million, largely driven by lower interest costs and easing cash outflows from working capital. "Under our base case forecast, we incorporate moderate share repurchases and modest acquisitions. We believe Gates could continue to opportunistically conduct share repurchases while working toward its publicly stated leverage target of 1.0x-2.0x debt to EBITDA in the medium term (which translates to S&P Global Ratings-adjusted debt to EBITDA of about 1.5x-2.5x). Gates has conducted no acquisitions since 2019, and we expect continued discipline around inorganic growth, which we believe would most likely take the form of smaller bolt-ons. While we do not rule out the possibility that the company could conduct a large, transformative acquisition that drives a more significant increase in S&P Global Ratings-adjusted leverage, we would also assess the extent of improvement in the overall business. In addition, we expect the company would prioritize deleveraging in the wake of a large, debt-funded acquisition. "The positive outlook reflects that we could raise our ratings if Gates maintained S&P Global Ratings-adjusted debt to EBITDA below 3.0x and FOCF to debt of more than 10% over the next 12 months despite our expectation for continued demand headwinds in certain end markets." S&P could revise its outlook on Gates back to stable if: -- S&P expected leverage of higher than 3x. This could occur, for example, from a more severe downturn in the company's end markets, an inability to realize continued margin improvement from operational initiatives to offset declining volumes, or large debt-funded acquisitions or share repurchases. -- S&P believed the company were unable to consistently generate FOCF to debt of 10% or higher across the business cycle. S&P could raise its rating on Gates if: -- S&P expected S&P Global Ratings-adjusted leverage would remain below 3x inclusive of potential debt-funded acquisitions or share repurchases, which would provide sufficient cushion to weather a moderate cyclical downturn; and -- S&P expected the company would consistently generate FOCF to debt of 10% or higher across the business cycle. GIRARDI & KEESE: Prosecutors Seek 10 Years Prison Time for Ex-CFO ----------------------------------------------------------------- Elliot Weld of Law360 Bankruptcy Authority reports that Los Angeles federal prosecutors are seeking a 10-year prison sentence for Girardi Keese's former head of accounting, who admitted to helping Tom Girardi divert client settlement funds and carrying out a "brazen" scheme to steal from the firm's operating accounts. About Girardi & Keese Girardi and Keese or Girardi & Keese was a Los Angeles-based law firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It served clients in California in a variety of legal areas. It was known for representing plaintiffs against major corporations. An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No. 20-21022) was filed in December 2020 against GIRARDI & KEESE by alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian, Erika Saldana, Virginia Antonio, and Kimberly Archie. The petitioners' attorneys is Andrew Goodman, at Goodman Law Offices, Apc. Elissa D. Miller, a member of the firm SulmeyerKupetz, has been appointed as Chapter 7 trustee for GIRARDI KEESE. GLOBAL WOUND: No Patient Care Concern, 2nd PCO Report Says ---------------------------------------------------------- Suzanne Richards, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Southern District of Texas her second report regarding the quality of patient care provided by Global Wound Care Medical Group. During this reporting period, the PCO interviewed 10 of Global Wound Care Medical Group's leadership and clinical staff. The PCO believes this grouping of oversight tools was sufficient to assess quality of care delivered during this period. Staffing appears to have remained consistent since the filing of the bankruptcy. The healthcare provider is continually reviewing staffing needs and making appropriate changes to meet the needs of their clients. The PCO cited that there appears to be no difficulty currently meeting payroll obligations, nor with obtaining supplies, medications and vendor services. There are no reported or observable staffing, medical records, or quality of care issues. Global Wound Care Medical Group and management have been cooperative, and communication with the PCO appears to be transparent. The PCO did not note any issues that have resulted in a change in the quality of the care as a result of their pending bankruptcy. Global Wound Care Medical Group continues to provide care in the manner consistent with that prior to the current proceeding. The healthcare provider appears to strive to meet the needs of its clients. Ms. Richards encourages Global Wound Care Medical Group to remain vigilant with regards to patient care. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=6xUHbd from Verita Global, claims agent. About Global Wound Care Medical Group Global Wound Care Medical Group sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-34908) on Oct. 21, 2024, with $100 million to $500 million in both assets and liabilities. Owen B. Ellington, M.D., president of Global Wound Care Medical Group, signed the petition. Judge Eduardo V. Rodriguez oversees the case. Casey W. Doherty, Jr., Esq., at Dentons US, LLP serves as the Debtor's legal counsel while Verita Global serves as notice, claims and balloting agent. Suzanne Richards is the patient care ombudsman appointed in the Debtor's case. GOLD MANAGEMENT: Sec. 341(a) Meeting of Creditors on May 12 ----------------------------------------------------------- On March 28, 2025, Gold Management Realty LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports $24,843,362 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors Filed by Office of the United States Trustee under Section 341(a) to be held on May 12, 2025 at 01:00 PM at Telephonic Meeting: Phone 1 (877) 953-2748, Participant Code 3415538#. About Gold Management Realty LLC Gold Management Realty LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). The Debtor is the fee owner of the property located at 169 Troutman Street, Brooklyn, New York 11222, which is estimated to be worth $1.6 million. Gold Management Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41519) on March 28, 2025. In its petition, the Debtor reports total assets of $1,600,000 and total liabilities of $24,843,362. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Joel M. Shafferman, Esq. at SHAFFERMAN & FELDMAN LLP. HARP AND CLOVER: Linda Gore Named Subchapter V Trustee ------------------------------------------------------ J. Thomas Corbett, the U.S. Bankruptcy Administrator for the Northern District of Alabama, appointed Linda Gore as Subchapter V trustee for Harp and Clover, LLC. The Subchapter V trustee can be reached at: Linda B. Gore P.O. Box 1338 Gadsden, AL 35902 Telephone No. 256-546-9262 Email: linda@ch13gadsden.com About Harp and Clover Harp and Clover, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-40308) on March 6, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge James J. Robinson presides over the case. Tameria S. Driskill, Esq., at Tameria S. Driskill, LLC represents the Debtor as legal counsel. HERTZ GLOBAL: Investor Groups Drop on Stock Short-Swing Claim Suit ------------------------------------------------------------------ Gillian R. Brassil of Bloomberg Law reports that on Monday, March 31, 2025, a federal court dismissed a shareholder's claim that a post-bankruptcy stockholder wrongly gained $127 million from short-swing transactions involving Hertz Global Holdings Inc. In her ruling, Chief Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York stated that the plaintiff's effort to link the partnership's sales with Hertz's stock repurchases would lead to "absurd results" if liability were applied broadly. About Hertz Corp. Hertz Corp. and its subsidiaries -- http://www.hertz.com/-- operate a worldwide vehicle rental business under the Hertz, Dollar, and Thrifty brands, with car rental locations in North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East, and New Zealand. They also operate a vehicle leasing and fleet management solutions business. On May 22, 2020, The Hertz Corporation and certain of its U.S. and Canadian subsidiaries and affiliates filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware (Bankr. D. Del. Case No. 20-11218). Judge Mary F. Walrath oversees the cases. The Debtors have tapped White & Case LLP as their bankruptcy counsel, Richards, Layton & Finger, P.A., as local counsel, Moelis & Co. as investment banker, and FTI Consulting as financial advisor. The Debtors also retained the services of Boston Consulting Group to assist the Debtors in the development of their business plan. Prime Clerk LLC is the claims agent. The U.S. Trustee for Regions 3 and 9 appointed a Committee to represent unsecured creditors in Debtors' Chapter 11 cases. The Committee has tapped Kramer Levin Naftalis & Frankel LLP as its bankruptcy counsel, Benesch Friedlander Coplan & Aronoff LLP as Delaware counsel, UBS Securities LLC as investment banker, and Berkeley Research Group, LLC, as financial advisor. Ernst & Young LLP provides audit and tax services to the Committee. * * * Hertz Global and its subsidiaries emerged from Chapter 11 bankruptcy at the end of June 2021. Hertz won approval of a Plan of Reorganization that unimpaired all classes of creditors (who are legally deemed to have accepted it) and was approved by more than 97% of voting shareholders. The Plan provided for the existing shareholders to receive more than $1 billion of value. Recovery by shareholders of close to $8 a share was made possible after a fierce competition among bidders for control in the company. Initial offers from potential bidders for Hertz in its bankruptcy offered nothing for equity. Hertz in May 2021 selected investment firms Knighthead Capital Management LLC and Certares Management LLC, joined by other investors including Apollo Global Management Inc. and a group of existing shareholders, as the winning bidders for control of the bankrupt company. A rival group that included Centerbridge Partners LP, Warburg Pincus LLC and Dundon Capital Partners LLC was outbid at auction. Hertz's Plan eliminated over $5 billion of debt, including all of Hertz Europe's corporate debt, and will provide more than $2.2 billion of global liquidity to the reorganized Company. Hertz also emerged with (i) a new $2.8 billion exit credit facility consisting of at least $1.3 billion of term loans and a revolving loan facility, and (ii) an $7 billion of asset-backed vehicle financing facility, each on favorable terms. HOOTERS OF AMERICA: Seeks Ch. 11 Bankruptcy, Mulls Turnaround Plan ------------------------------------------------------------------ Dorothy Ma and Reshmi Basu of Bloomberg News report that Hooters of America has filed for bankruptcy as the casual-dining chain, known for its chicken wings and iconic uniforms, struggles with declining customer traffic. The Atlanta-based company filed for Chapter 11 bankruptcy in the Northern District of Texas on Monday, March 31, 205, listing assets and liabilities between $50 million and $100 million, according to court filings. Rising labor costs, increased competition from lower-cost fast-food chains, and a broader decline in restaurant traffic have put pressure on the casual-dining industry. About Hooters of America Hooters of America, LLC, owner and operator of a restaurant chain with hundreds of locations in the United States, and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Lead Case No. 25-80078, Bankr. N.D. Texas) on March 31, 2025. Founded in 1983, the Debtors own and operate Hooters, a renowned brand in the casual dining and sports entertainment industries. Their global portfolio includes 151 company -owned and operated locations and 154 franchised locations across 17 countries. Known for their world-famous chicken wings, beverages, live sports, and legendary hospitality, the Debtors also partner with a major food products licensor to offer Hooters-branded frozen meals at 1,250 grocery store locations. The case is before the Hon. Scott W Everett. The Debtors Co-Bankruptcy Counsel are Holland N. O'Neil, Esq., Stephen A. Jones, Esq., and Zachary C. Zahn, Esq., at FOLEY & LARDNER LLP, in Dallas, Texas. The Debtors' General Bankruptcy Counsel are Ryan Preston Dahl, Esq., at ROPES & GRAY LLP, in New York, and Chris L. Dickerson, Esq., Rahmon J. Brown, Esq., and Michael K. Wheat, Esq., at ROPES & GRAY LLP, in Chicago, Illinois. The Debtors' Investment Banker is SOLIC CAPITAL, LLC. The Debtors' Financial Advisor is ACCORDION PARTNERS, LLC. The Debtors' Notice, Claims, Solicitation & Balloting Agent is KROLL RESTRUCTURING ADMINISTRATION LLC. HOPEMAN BROTHERS: Plan Exclusivity Period Extended to May 25 ------------------------------------------------------------ Judge Keith L. Phillips of the U.S. Bankruptcy Court for the Eastern District of Virginia extended Hopeman Brothers, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to May 25 and July 25, 2025, respectively. As shared by Troubled Company Reporter, the Debtor claims that the size and complexities of its case alone justifies extending the Exclusivity Periods. Claimants have asserted over 126,000 asbestos-related claims against the Debtor, and, as of the Petition Date, almost 2,700 unresolved asbestos related claims were outstanding. The complexity has been evident since the Petition Date, as the Debtor, despite its best efforts to quickly enter and exit bankruptcy, has been delayed in those efforts as a result of litigation and related discovery with the Committee and certain other parties. Furthermore, the Debtor is not seeking an extension of the Exclusivity Periods as a leverage tactic, and creditors will not be prejudiced by extending the Exclusivity Periods. Instead, the Debtor is seeking an extension of the Exclusivity Periods to give the Debtor reasonable time and opportunity to complete the mediation of the Chubb Insurers Settlement Motion and prosecute a Chapter 11 plan to a successful conclusion, hopefully with the support of the Committee and its creditors. The Debtor explains that having obtained approval of the Certain Settling Insurers Motion, having filed the Plan within two weeks of the Petition Date, and being engaged in ongoing mediation of the Chubb Insurers Settlement Motion and the Plan, the Debtor is making substantial progress toward its goal for this Chapter 11 case. However, there is more that needs to be done to complete the mediation and conclude negotiations with the Committee and other parties in interest on the Plan. Hopeman Brothers, Inc. is represented by: HUNTON ANDREWS KURTH LLP Joseph P. Rovira, Esq. Catherine A. Rankin, Esq. 600 Travis Street, Suite 4200 Houston, Texas 77002 Telephone: (713) 220-4200 HUNTON ANDREWS KURTH LLP Tyler P. Brown, Esq. Henry P. (Toby) Long, III, Esq. Riverfront Plaza, East Tower 951 East Byrd Street Richmond, Virginia 23219 Telephone: (804) 788-8200 About Hopeman Brothers Inc. During the 1980s, Hopeman Brothers, Inc. transitioned its business away from ship joining and into manufacturing check-out counters used in commercial retail stores such as Walmart. In 2002, Hopeman spun off its cabinet-making business into Cinnabar Solutions, Inc. In 2003, Hopeman sold substantially all of its remaining shipbuilding-related assets to an unrelated party, US Joiner LLC, pursuant to an asset purchase agreement, dated as of December 23, 2003. Since the asset sale in 2003, Hopeman has had no business operations and exists solely to defend and, when appropriate, settle asbestos-related claims. Hopeman Brothers filed a Chapter 11 petition (Bankr. E.D. Va. Case No. 24-32428) on June 30, 2024, with $50 million to $100 million in both assets and liabilities. The Debtor tapped Hunton Andrews Kurth, LLP as bankruptcy counsel; Blank Rome, LLP as special insurance counsel; Courington, Kiefer, Sommers, Marullo & Matherne, LLC as special asbestos counsel; and Stout Risius Ross, LLC as financial advisor. Kurtzman Carson Consultants, LLC is the claims and noticing agent. IMERYS TALC: US Trustee Deems Chapter 11 Releases Involuntary ------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that the U.S. Trustee's Office is requesting that a Delaware bankruptcy judge reject Imerys Talc America's Chapter 11 plan, arguing that it unlawfully grants broad claims releases to third parties without the consent of plan supporters. The Troubled Company Reporter, citing TipRanks, reported in January that Imerys' North American talc entities have achieved a key milestone in their Chapter 11 proceedings, with more than 90% of claimants approving the proposed Reorganization Plan, exceeding the required legal threshold. According to the report, the process now progresses toward a confirmation hearing in the second quarter. To address the plan's impact and resolve historical liabilities related to its U.S. talc operations, Imerys has set aside financial provisions in its accounts, the report notes. About Imerys Talc America Imerys Talc America, Inc. and its subsidiaries -- https://www.imerys-performance-additives.com/ -- are in the business of mining, processing, selling and distributing talc. Its talc operations include talc mines, plants and distribution facilities located in Montana (Yellowstone, Sappington, and Three Forks); Vermont (Argonaut and Ludlow); Texas (Houston); and Ontario, Canada (Timmins, Penhorwood, and Foleyet). It also utilizes offices located in San Jose, Calif., and Roswell, Ga. Imerys Talc America and its subsidiaries, Imerys Talc Vermont, Inc., and Imerys Talc Canada Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-10289) on Feb. 13, 2019. TheDebtors were estimated to have $100 million to $500 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Richards, Layton & Finger, P.A., and Latham & Watkins LLP as their legal counsel, Alvarez & Marsal North America, LLC as financial advisor, and CohnReznick LLP as restructuring advisor. Prime Clerk, LLC, is the claims agent. The U.S. Trustee for Region 3 appointed an official committee of tort claimants in the Debtors' Chapter 11 cases. The tort claimants' committee is represented by Robinson & Cole, LLP. INFINITY GEAR: Joli Lofstedt Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Joli Lofstedt, Esq., as Subchapter V trustee for Infinity Gear, LLC. Ms. Lofstedt, a practicing attorney in Louisville, Colo., will be paid an hourly fee of $390 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Lofstedt declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joli A. Lofstedt, Esq. P.O. Box 270561 Louisville, CO 80027 Phone: (303) 476-6915 Fax: (303) 604-2964 Email: joli@jaltrustee.com About Infinity Gear LLC Infinity Gear, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-11134) on March 6, 2025, listing between $100,001 and $500,000 in assets and between $100,001 and $500,000 in liabilities. Judge Thomas B. Mcnamara oversees the case. The Debtor hired Wadsworth Garber Warner Conrardy, PC as legal counsel. IRONWOOD GROUP: Seeks Chapter 11 Bankruptcy in Colorado ------------------------------------------------------- On March 27, 2025, Ironwood Group LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Colorado. 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 Ironwood Group LLC Ironwood Group LLC is a limited liability company. Ironwood Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col.Case No. 25-11625) on March 1, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Jeffrey S. Brinen, Esq. at KUTNER BRINEN DICKEY RILEY PC. IVF ORLANDO: Hearing to Use Cash Collateral Set for April 3 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, is set to hold a hearing on April 3 to consider another extension of IVF Orlando, Inc.'s authority to use cash collateral. The court's previous interim order authorized the company to use cash collateral until April 3. The interim order signed by Judge Tiffany Geyer on March 21 allowed the company to pay its operating expenses from the cash collateral and granted secured creditors a replacement lien on post-petition cash collateral. About IVF Orlando IVF Orlando Inc. -- https://theivfcenter.com/ -- is one of the longest established IVF programs in the Winter Park, Orlando, Florida area. IVF Orlando sought relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-05475) on October 8, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., serves as Subchapter V trustee. Judge Tiffany P. Geyer handles the case. The Debtor is represented by: Daniel A. Velasquez, Esq. Latham, Luna, Eden & Beaudine, LLP Tel: 407-481-5800 Email: dvelasquez@lathamluna.com IYA FOODS: Gets Approval to Hire Khan Nayyar as Special Counsel --------------------------------------------------------------- Iya Foods, Inc. received approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Sandra Valenzuela of Khan Nayyar & Associates, LLC as its special counsel. The Debtor needs the firm's assistance with an H-1B registration and petition for an employee of the Debtor, Abhishek Gavane. In exchange for this service, Ms. Valenzuela would be paid a flat fee of $5,465. Ms. Valenzuela assured the court that he is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The counsel can be reached at: Sandra Valenzuela, Esq. Khan Nayyar & Associates, LLC One Lincoln Centre 18W140 Butterfield Road, Floor 15 Oakbrook Terrace, IL 60181 Tel: (630) 529-9377 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 IYA FOODS: Gets OK to Hire Nikhilesh Joshi as Accountant -------------------------------------------------------- Iya Foods, Inc. received approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Nikhilesh Joshi as its accountant. Mr. Joshi will facilitate the preparation of its monthly operating reports, review the Debtor's books and records, manage its budget, and assist the Debtor on matters necessary for the proper administration of the Estate. Mr. Joshi will be paid at the rate of $2,800 per month. Mr. Joshi assured the court that he is a "disinterested person" within the meaning of 11 U.S.C. 101(14). 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 COURT: Seeks to Hire Coldwell Banker as Listing Broker -------------------------------------------------------------- Jackson Court City Share Owners Association seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Coldwell Banker as its listing broker. The Debtor seeks to employ Coldwell Banker, and specifically the Nierenberg Lyon Group, as its listing broker to sell the Jackson Court and to compensate it with a commission of 2.5 percent payable out of escrow, and to pay a buyer's broker employed by any broker other than Coldwell Banker a commission of 2.5 percent payable out of escrow. 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: Laurie Nierenberg Coldwell Banker | Global Luxury 1560 Van Ness Ave. 2nd Floor San Francisco, CA 94109 Tel: (415) 710 6900 Email: laurietri@gmail.com About Jackson Court City Share Owners Association Based in San Francisco, Jackson Court City Share Owners Association operates as a property owners association. Jackson Court City Share Owners Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30010) on January 8, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Judge Hannah L. Blumenstiel handles the case. The Debtor tapped Michael St. James, Esq., at St. James Law, PC as bankruptcy counsel and Bruce M. Boyd, Esq., at Lee, Hong, Degerman, Kang & Waimey as corporate counsel. JILL'S OFFICE: Seeks Chapter 11 Bankruptcy in Utah -------------------------------------------------- On March 27, 2025, Jill's Office LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Utah. 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 Jill's Office LLC Jill's Office LLC provides professional, US-based 24/7 virtual receptionist and scheduling services designed to support businesses across various industries. The Company offers a range of services, including inbound call answering, appointment scheduling, live chat support for websites, and automated lead follow-ups Lead Zap). Jill's Office specializes in delivering tailored, seamless communication solutions that enhance customer engagement while eliminating the need for businesses to hire in-house staff. The Company serves industries such as home services, real estate, health and wellness, finance, legal, and small businesses. Its mission is to ensure that businesses never miss calls or opportunities, offering reliable customer service around the clock. Jill's Office LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-21625) on March 27, 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 Peggy Hunt handles the case. The Debtor is represented by T. Edward Cundick, Esq. at WORKMAN NYDEGGER. JJ BADA: Seeks to Hire Lee & Kim CPAs PC as Accountant ------------------------------------------------------ JJ Bada 464 Operating Corp. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Lee & Kim CPAs, PC as accountant. The firm's services include: a) preparing and filing of tax returns; b) preparing of monthly operating reports; c) providing bookkeeping services including setting up QuickBook accounts for the Debtor; and d) providing such other accounting services necessary in the Chapter 11 Case including projections. seek reimbursement of its out-of-pocket expenses. The firm will be paid at these rates: Partners $250 per hour Staff Accountant $150 per hour Paraprofessionals $100 per hour As disclosed in the court filing, Lee & Kim CPAs is a disinterested person under 11 U.S.C. Sec. 101(14). The firm can be reached through: Kyujae Lee, CPA Lee & Kim CPAs, PC 635 East Palisades Avenue Englewood Cliffs, NJ 07632 About JJ Bada 464 Operating Corp. JJ Bada 464 Operating Corp. owns and operates Bada Story Restaurant, a Korean and Japanese Sushi Restaurant located at 464 Sylvan Avenue, Englewood Cliffs, N.J. JJ Bada 464 Operating sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-11078) on February 1, 2025, listing between $500,001 and $1 million in both assets and liabilities. Brandon Park, president of JJ Bada 464 Operating, signed the petition. Judge Stacey L. Meisel oversees the case. Rosemarie E. Matera, Esq., at Kirby Aisner & Curley, LLP, represents the Debtor as legal counsel. JLA HEALTHCARE: No Resident Care Concern, 2nd PCO Report Says ------------------------------------------------------------- Blanca Castro, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of California her second report regarding the quality of patient care provided by JLA Healthcare Services, LLC. The local Long-Term Care Ombudsman (LTCO) visited the facility on January 9 and February 6, spending approximately two hours within the facility. During these visits, they met with residents, facility director, activities director, kitchen manager, and laundry staff. The LTCO observed that the facility, including resident rooms, hallways and laundry facilities appeared clean and uncluttered during both visits. The previously reported open air vent has been repaired, and the two residents who expressed concerns about the temperature are now satisfied with the ambient conditions. The LTCO noted that residents appeared well cared for and those interviewed expressed being content with their care. The ombudsman reported adequate staffing, including caregivers, two medical technicians throughout the week and weekends, and one registered nurse on weekdays. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=hVvPS5 from PacerMonitor.com. About JLA HealthCare Services JLA HealthCare Services, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 24-41664) on October 19, 2024, listing up to $50,000 in assets and up to $1 million in liabilities. Judge William J. Lafferty presides over the case. Arasto Farsad, Esq., at Farsad Law Office, P.C. represents the Debtor as bankruptcy counsel. Blanca Castro is the patient care ombudsman appointed in the Debtor's case. JOHNSON & JOHNSON: To Return to Tort System to Resolve Talc Claims ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Texas on March 31, 2025, denied the request by Johnson & Johnson (NYSE: JNJ) subsidiary Red River Talc LLC to confirm its proposed prepackaged bankruptcy plan -- notwithstanding that it offered one of the largest settlements ever proposed in a mass tort bankruptcy and was supported by the overwhelming majority of claimants. According to a statement by J&J, rather than pursue a protracted appeal, the Company will return to the tort system to litigate and defeat these meritless talc claims. The disclosures made under oath in the Red River bankruptcy affirmed that the talc litigation is a plaintiff-lawyer driven fake tort, premised on junk science and fueled by third party litigation financing including from foreign sovereign wealth funds. Consequently, the Company has no intent to settle or pay plaintiff lawyers on such meritless claims. Accordingly, the Company will reverse approximately $7 billion of the previous reserve. "The Court has unfortunately allowed a couple of law firms with financially conflicted motives, who have conceded they have not recovered a dime for their clients in a decade of litigation, to defeat the overwhelming desire of claimants. As we have repeatedly stated, in the absence of plan confirmation, we will vigorously present our case in the tort system, starting with the adjudication of the motions pending in the Multi-District Litigation to exclude plaintiffs' experts and to disqualify the lead counsel for its unethical breaches. In view of the learnings from the bankruptcy case, we are more confident than ever in our position in the tort system," said Erik Haas, Worldwide Vice President of Litigation at Johnson & Johnson. "We prevailed in 16 of 17 ovarian cases tried in the last 11 years and will devote our efforts to defeating these fake claims." The Company has already made great strides in resolving its talc litigation by settling 95% of filed mesothelioma lawsuits, concluded all State consumer protection claims, as well as all talc-supplier disputes. "T[he] decision highlights the broken tort system in the United States. The Company reiterates that none of the talc-related claims against it have merit and attempts to resolve this litigation were aimed at moving past this issue," said Mr. Haas. "The decision to litigate every filed case is based on the simple fact that this is a fake claim created by greedy plaintiff lawyers looking for another deep pocket to sue and fueled by litigation-financed attorney advertising." om Motley Rice litigator and J&J Talcum Powder MDL PSC Member, Dan Lapinski on the Texas bankruptcy court dismissing the Red River bankruptcy. * * * In a statement sent to Troubled Company Reporter, Motley Rice litigator and J&J Talcum Powder MDL PSC Member, Dan Lapinski, says, "We strongly believe that the court made the appropriate decision in dismissing the Red River bankruptcy. From the outset, we believed there were issues with the voting processes and broad releases related to this case. Motley Rice attorneys have previously tried talcum powder cases and we will continue to do so now that bankruptcy stays have been lifted. Our firm has also played an active role in attempts to resolve talc litigation and stand ready to continue those efforts. It is up to J&J to decide how to address all of these injured individuals moving forward." About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day, issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. If the Plan is accepted by at least 75% of voters, a bankruptcy was to be filed under the case name In re Red River Talc LLC. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. JULZ DEVELOPMENT: Seeks to Hire Calaiaro Valencik as Counsel ------------------------------------------------------------ Julz Development Group LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Calaiaro Valencik as its counsel. The firm will render these services: (a) prepare bankruptcy petition and complete Schedules and Statement of Financial Affairs; (b) attend the Initial Debtor Interview and the meeting of creditors; (c) represent the Debtor in relation to negotiating an agreement with KeyBank regarding their treatment under a Plan; (d) represent the Debtor in relation to acceptance or rejection of executory contracts; (e) advise the Debtor about preference actions; (f) advise the Debtor regarding its rights and obligations during the Chapter 11 case; (g) represent the Debtor in relation to any motions to convert or dismiss this Chapter 11; (h) represent the Debtor in relation to any motions for relief from stay filed by any creditors; (i) prepare the Plan of Reorganization and Disclosure Statement; (j) prepare any objection to claims in the Chapter 11; and (k) otherwise, represent the Debtor in general. The firm will be paid at these rates: Donald Calaiaro, Partner $475 per hour David Valencik, Partner $395 per hour Andrew Pratt, Partner $335 per hour Daniel R. White, Partner $350 per hour Staff Attorneys $250 per hour Paralegals $125 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received from the Debtor a retainer of $10,062. Mr. Valencik 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: David Z. Valencik, Esq. Calaiaro Valencik 555 Grant Street, Suite 300 Pittsburgh, PA 15219 Telephone: (412) 232-0930 Facsimile: (412) 232-3858 Email: dcalaiaro@c-vlaw.com About Julz Development Group LLC Julz Development Group LLC, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 25-70092) on March 13, 2025. The Debtor hires Calaiaro Valencik as counsel. KING ESTATES: Hires Jeffrey Cofsky of RE/MAX as Realtor ------------------------------------------------------- King Estates LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Jeffrey Cofsky of RE/MAX as realtor. The realtor will market the properties located at 13 Melony Lane, Turnersville, NJ and 26 Elmhurst Avenue, Trenton, NJ. The firm will be given a 6 percent commission that covers 3 percent Buyer's Broker and 3 percent Seller's Broker. As disclosed in the court filings, RE/MAX is a disinterested person under 11 U.S.C. Sec. 101(14). The firm can be reached through: Jeffrey Cofsky RE/MAX 1736 Route 70 E Cherry Hill, NJ 08003 Tel: (856) 616-2626 About King Estates LLC King Estates LLC is the owner of six properties located in New Jersey having a total current value of $1.88 million. King Estates LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-20454) on October 22, 2024. In the petition filed by Donald Hill, as authorized representative, the Debtor reports total assets of $1,880,100 and total liabilities of $1,019,965. The Debtor is represented by Allen I. Gorski, Esq. at GORSKI & KNOWLTON PC. LACAYO REAL: Seeks to Hire Trustee Realty Inc as Realtor -------------------------------------------------------- Lacayo Real Estate Group LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Trustee Realty, Inc. as broker. The firm will assist the Debtor in marketing its real properties located at 10890 NW 17th Street, Units 100, 102, 111 and 120, Miami Florida 33172. The commission rate for the broker as the seller's broker is 6 percent with the commission to be split with the buyer's broker as follows: 2 percent to buyer's broker and 4 percent to the broker. Jason A. Welt, an agent with Trustee Realty Inc., disclosed in the court filing that his firm does not hold or represent an interest adverse to the Debtor's estate and is a "disinterested person," as that term is defined in Bankruptcy Code Sec. 101(14). The firm can be reached through: Jason A. Welt Trustee Realty Inc. 2200 N Commerce Pkwy Suite# 200 Weston, FL 33326 Phone: (954) 803-0790 Email: jw@jweltpa.com About Lacayo Real Estate Group Lacayo Real Estate Group LLC is the owner of four retail spaces, all located in Doral, Florida, with an estimated total current value of $3.25 million. Lacayo Real Estate Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-10285) on January 13, 2025. In its petition, the Debtor reports total assets of $3,245,000 and total liabilities of $2,332,561. Honorable Bankruptcy Judge Corali Lopez-Castro handles the case. Jose M. Sanchez, Esq., at JMS Law, PA represents the Debtor as counsel. LADRX CORP: Posts $1.59M Loss in 2024, Raises Going Concern Doubts ------------------------------------------------------------------ LadRx Corporation filed its annual report on Form 10-K with the Securities and Exchange Commission, reporting a net loss of $1.59 million on zero revenue for the year ending Dec. 31, 2024. This compares to a net income of $400,443 on zero revenue for the year ending Dec. 31, 2023. The Company has stated that its operating loss is primarily attributed to ongoing research and development costs for its product candidates, along with administrative expenses, in addition to the lack of significant recurring revenues. The Company expects to continue incurring losses unless it secures a successful strategic partnership or additional funding for its research and development assets. These ongoing losses, among other factors, have negatively impacted and will continue to affect shareholders' equity and working capital. Given the numerous risks and uncertainties associated with its product development initiatives, the Company is unable to predict when, or if, it will achieve profitability. If the Company fails to reach or sustain profitability, the market value of its stock could be adversely impacted. As of Dec. 31, 2024, the Company reported total assets of $839,512, total current liabilities of $2.26 million, and a stockholders' deficit of $1.42 million. In its report dated March 28, 2025, the Company's auditor, Weinberg & Company, P.A., issued a "going concern" qualification citing concerns about the Company's lack of recurring revenue, recurring operating losses, negative operating cash flows since inception, and accumulated deficit as of Dec. 31, 2024. These factors raise substantial doubt about the Company's ability to continue as a going concern. The Company mentioned it has mainly relied on the sale of its equity securities, including proceeds from stock option exercises and common stock purchase warrants, as well as long-term loans, to finance its business and operations. It has received limited financial support from its strategic partners and licensees. To carry out its long-term business strategies, the Company will need to secure additional funding, although there are currently no commitments from external parties to provide long-term debt or capital. The Company cannot guarantee that additional funding will be obtainable on favorable terms, or even at all. If the Company is unable to secure the necessary funding when required, it may struggle to carry out its business plans, which could significantly negatively impact its financial position, operational results, and cash flow. The Company has approximately $1.0 million in contractual obligations for 2025. "We have no commitments from third parties to provide us with any additional financing, and we may not be able to obtain future financing on favorable terms, or at all," the Company cautioned in the report. "Failure to obtain adequate financing would adversely affect our ability to operate as a going concern. If we raise additional funds by issuing equity securities, dilution to stockholders may result and new investors could have rights superior to some or all of our existing equity holders. In addition, debt financing, if available, may include restrictive covenants. If adequate funds are not available to us, we may have to liquidate some or all of our assets or to delay or reduce the scope of or eliminate some portion or all of our development programs or clinical trials." The complete text of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/799698/000164117225001038/form10-k.htm About LadRx Corporation Headquartered in Los Angeles, California, LadRx Corporation (www.ladrxcorp.com) is a biopharmaceutical research and development company specializing in oncology. The Company focuses on discovering, researching, and clinically developing novel anti-cancer drug candidates that utilize cutting-edge technologies to target chemotherapeutic drugs specifically to solid tumors, minimizing off-target toxicities. In 2017, LadRx's discovery laboratory in Freiburg, Germany, synthesized and tested over 75 rationally designed drug conjugates, each with highly potent anti-cancer payloads. This effort led to the development of two distinct classes of compounds. Four lead candidates (LADR-7 through LADR-10) were selected based on their performance in vitro and in animal studies across various cancer models, their stability, and manufacturing feasibility. Additionally, the Company developed a novel companion diagnostic, ACDx, to identify cancer patients most likely to benefit from treatment with these drug candidates. LANKFORD CUSTOM: Hires Sand 'N Sea Properties as Real Estate Agent ------------------------------------------------------------------ Lankford Custom Homes LTD Co. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Sand 'N Sea Properties LLC as broker and Pamela Gabriel as the real estate agent. Ms. Gabriel will handle the sale of the Debtor's two properties located at 430 and 426, 81st, Galveston, TX 77554. The broker will receive a commission equal to 2 percent of the sales price. Ms. Gabriel, an associate of Sand 'N Sea Properties LLC, 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 broker can be reached through: Pamela Gabriel Sand 'N Sea Properties LLC 14127 Pirates Beach Galveston, TX 77554 Tel: (409) 789-4990 Email: pamela@sandnsee.com About Lankford Custom Homes LTD Co. Lankford Custom Homes LTD Co. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bakr. S.D. Tex. Case No. 25-80092) on March 3, 2025, listing up to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Alfredo R Perez presides over the case. Jack N. Fuerst, Esq. at Jack N. Fuerst, Attorney At Law, represents the Debtor as counsel. LEISURE INVESTMENTS: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Lead Debtor: Leisure Investments Holdings LLC Av. Banco Chinchorro Esquina Acanceh MZA 1, LT 8 SM 13, C.P. 77504 Cancun, Quintana Roo Mexico Business Description: The Debtors and their affiliated non- Debtors, operating under the name "The Dolphin Company," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Chapter 11 Petition Date: March 31, 2025 Court: United States Bankruptcy Court District of Delaware Fifteen affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Leisure Investments Holdings LLC (Lead Case) 25-10606 Triton Investments Holdings LLC 25-10608 MS Leisure Company 25-10610 Icarus Investments Holdings LLC 25-10612 Ejecutivos de Turismo Sustentable, S.A. de C.V. 25-10614 Dolphin Capital Company, S. de R.L. de C.V. 25-10615 Dolphin Leisure, Inc. 25-10616 Dolphin Austral Holdings, S.A. de C.V. 25-10617 Aqua Tours, S.A. de C.V. 25-10618 Viajero Cibernetico, S.A. de C.V. 25-10619 Promotora Garrafon, S.A. de C.V. 25-10620 Marineland Leisure Inc. 25-10621 GWMP, LLC 25-10622 Gulf World Marine Park, Inc. 25-10623 The Dolphin Connection, Inc. 25-10624 Judge: Hon. Laurie Selber Silverstein Debtors' Counsel: Robert S. Brady, Esq. Sean T. Greecher, Esq. Allison S. Mielke, Esq. Jared W. Kochenash, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, DE 19801 Tel: (302) 571-6600 Email: rbrady@ycst.com sgreecher@ycst.com amielke@ycst.com jkochenash@ycst.com Debtors' Restructuring Advisor: RIVERON MANAGEMENT SERVICES, LLC Debtors' Claims & Noticing Agent: KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL Estimated Assets (on a consolidated basis): $100 million to $500 million Estimated Liabilities (on a consolidated basis): $100 million to $500 million The petitions were signed by Steven Robert Strom as authorized person. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RLDFSPQ/Leisure_Investments_Holdings_LLC__debke-25-10606__0001.0.pdf?mcid=tGE4TAMA The Debtors provided a list of their 20 largest unsecured creditors, but it was left blank, with a note stating: "To be provided." LUTHERAN HOME: Committee Hires Cooley LLP as Counsel ---------------------------------------------------- The official committee of unsecured creditors of Lutheran Home and Services for the Aged, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Cooley LLP as counsel. The firm will provide these services: (a) attend the meetings of the Committee; (b) review financial and operational information furnished by the Debtors to the Committee; (c) analyze and negotiate the budget and the terms and use of cash collateral held by the Debtors; (d) assist the Committee in negotiations with the Debtors and other parties in interest on the Debtors' proposed restructuring strategy and chapter 11 plan; (e) confer with the Debtors' management, counsel, financial advisor, investment banker and any other retained professional; (f) confer with the principals, counsel, and advisors of the Debtors' bond trustee, bondholders, and member; (g) review the Debtors' schedules, statements of financial affairs, and business plan; (h) advise the Committee as to the ramifications regarding all of the Debtors' activities and motions before this Court; (i) review and analyze the Debtors' financial advisors' and investment bankers' work product and report to the Committee; (j) investigate and analyze certain of the Debtors' prepetition conduct, transactions, and transfers; (k) provide the Committee with legal advice in relation to these chapter 11 cases; (l) prepare various pleadings to be submitted to the Court for consideration; (m) represent the Committee in all Court proceedings; and (n) perform such other legal services for the Committee as may be necessary or proper in these proceedings. The firm will be paid at these rates: Eric E. Walker, Partner $1,710 per hour Paul J. Springer, Associate $1,500 per hour Samuel R. Rabuck, Associate $1,365 per hour Benjamin J. Thomson, Associate $1,365 per hour Dale Davis, Associate $830 per hour Denise Cahir, Paralegal $460 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, the firm will seek reimbursement for its out-of-pocket expenses. The following is provided in response to the request for additional information set forth in Paragraph D.1. of the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: Yes. Cooley is providing a 15% discount on its monthly fees and capping its discounted billing rates at $1,400 per hour. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: Cooley has not represented the Committee in the 12 months preceding the Petition Date. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: Cooley has provided the Committee with a budget and staffing plan, which is under review pending further negotiations with the Debtors and Debtors' lenders related to the use of cash collateral. Eric Walker, Esq., a partner at Cooley, assured the court that his firm does not hold any interest adverse to the Debtor's estate; and is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code. The firm can be reached through: Eric E. Walker, Esq. Samuel R. Rabuck, Esq. Cooley LLP 110 N. Wacker Drive, Suite 4200 Chicago, IL 60606 Telephone: (312) 881-6500 Facsimile: (312) 881-6598 Email: ewalker@cooley.com srabuck@cooley.com About Lutheran Home and Services for the Aged, Inc. Lutheran Home and Services for the Aged, Inc. is a non-profit, mission-driven community offering a range of services including assisted living, memory care, skilled nursing, and short-term rehabilitation, along with extensive outpatient rehabilitation therapy. Lutheran Home and its affiliates filed Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 25-01705). At the time of the filing, Lutheran Home reported between $100 million and $500 million in both assets and liabilities. The Debtors tapped Squire Patton Boggs (US), LLP as bankruptcy counsel; McDonald Hopkins, LLC as Illinois counsel; and one point Partners, LLC as financial advisor. Stretto is the claims, noticing, solicitation, balloting, and tabulation agent. LUTHERAN HOME: Committee Hires Province as Financial Advisor ------------------------------------------------------------ The official committee of unsecured creditors of Lutheran Home and Services for the Aged, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Province, LLC as financial advisor. The firm's services include: a. becoming familiar with and analyzing the Debtors' cash collateral budgets, assets and liabilities, and overall financial condition; b. reviewing financial and operational information furnished by the Debtors; c. monitoring any sale processes, interfacing with the Debtors' professionals, and advising the Committee regarding the process; d. scrutinizing the economic terms of various agreements, including, but not limited to, various professional retentions; e. analyzing the Debtors' proposed business plans and developing alternative scenarios, if necessary; f. assessing the Debtors' various pleadings and proposed treatment of unsecured creditor claims therefrom; g. assisting the Committee's investigation of the acts, conduct, assets, liabilities and financial condition of the Debtors and their affiliates, including certain transactions preceding the bankruptcy filing and the formation of the Debtors; h. analyzing claims against the Debtors and non-Debtor affiliates; i. assisting and advising the Committee and counsel regarding the identification and prosecution of estate claims, including in connection with any issues regarding the filing of the chapter 11 cases and the propriety of the filings; j. assisting and advising the Committee in its review and analysis of, and negotiations with the Debtors and non-Debtor affiliates related to, intercompany transactions and claims; k. preparing, or reviewing as applicable, avoidance action and claim analyses; l. assisting the Committee in reviewing the Debtors' financial reports, including, but not limited to, statements of financial affairs, schedules of assets and liabilities, cash collateral budgets, and monthly operating reports; m. advising the Committee on the current state of these chapter 11 cases; n. preparing and updating waterfall analyses and the components thereof for the Committee to analyze potential claims recoveries under various scenarios; o. advising the Committee in negotiations with the Debtors and third parties as necessary; p. if necessary, participating as a witness in hearings before the Court with respect to matters upon which Province has provided advice; and q. providing other activities as are approved by the Committee, the Committee's counsel, and as agreed to by Province. The firm will be paid at these rates: Managing Directors and Partners $900 to $1,450 per hour Vice Presidents, Directors, and Senior Directors $700 to $1,050 per hour Analysts, Associates, and Senior Associates $350 to $825 per hour Paraprofessional/Admin $270 to $450 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Paul Navid, a partner at Province, 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: Paul Navid, Esq. Province, LLC 2360 Corporate Circle, Suite 340 Henderson, NV 89074 Tel: (702) 685-5555 Email: pnavid@provincefirm.com About Lutheran Home and Services for the Aged, Inc. Lutheran Home and Services for the Aged, Inc. is a non-profit, mission-driven community offering a range of services including assisted living, memory care, skilled nursing, and short-term rehabilitation, along with extensive outpatient rehabilitation therapy. Lutheran Home and its affiliates filed Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 25-01705). At the time of the filing, Lutheran Home reported between $100 million and $500 million in both assets and liabilities. The Debtors tapped Squire Patton Boggs (US), LLP as bankruptcy counsel; McDonald Hopkins, LLC as Illinois counsel; and one point Partners, LLC as financial advisor. Stretto is the claims, noticing, solicitation, balloting, and tabulation agent. MIRAMAR TOWNHOMES: Taps J. Patrick Magill of Magill PC as CRO ------------------------------------------------------------- Miramar Townhomes SWNG 2, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ J. Patrick Magill and Magill PC as chief restructuring officer. Magill's duties and responsibilities include: a. acting as Debtors' CRO until further order of the Court; b. Until further order of this Court, answering only to the Court, to the exclusion of all others, including management and ownership; c. being a signatory on all financial accounts, with the power to remove any other signatory; d. exercising authority to manage the business affairs of Debtors: i. make all decisions regarding the hiring and firing of personnel; ii. make all decisions regarding the expenses incurred by Debtors and the terms of disbursements made by Debtors for same; iii. manage the collection of accounts receivable; and iv. formulate, prosecute, and amend chapter 11 plans; e. making all reasonable efforts to consult with all secured creditors, unsecured creditors, parties-in-interest, the US Trustee, and any committee of creditors appointed by the Court; f. making all reasonable efforts to assist bankruptcy counsel in amending and/or preparing schedules, statements of financial affairs, and monthly operating reports on a timely basis; g. investigating and pursuing all available chapter 5 causes of action and nonchapter 5 causes of action against creditors, whether they be insiders or non-insiders, members and other potential defendants; h. causing Debtors to fulfill all their reporting obligations in this bankruptcy case on a timely basis; i. make all reasonable efforts to assist bankruptcy counsel in preparing and filing plans and disclosure statements, and any other necessary pleadings related to the bankruptcy cases; j. taking all other reasonable steps that are, within his business judgment, necessary and appropriate to maximize the value of the bankruptcy estates. The compensation to be paid to Magill shall be a flat rate of $30,000 payable monthly. As disclosed in the court filing, Magill PC does not hold or represent any interest adverse to the estates, is a disinterested and is eligible to serve as CRO for Debtors under Bankruptcy Code Sec. 327(a). The CRO can be reached through: J. Patrick Magill Magill PC 4615 Southwest Freeway, Suite 436 Houston, TX 77027 Cell: (713) 829-0069 Email: patrick@magillpc.com About Miramar Townhomes SWNG 2 Miramar Townhomes SWNG 2, LLC is owned by Miramar Townhomes SWNG GP, LLC and Miramar Townhomes LP SWNG, LLC. Avenue SWNG TIC, 1 and Avenue SWNG TIC, 2 are both owned by The Avenue SWNG, LLC while Toro Place, LLC is owned by Toro Place Holdings, LLC. Miramar owns the Miramar Townhomes located at 2380 Bering Drive, Houston, Texas, while Toro owns the Toro Place Apartments located at 12101 Fondren Road, Houston, Texas. The Avenue SWNG TIC companies own The Avenue Apartments located at 5050 Yale Street, Houston, Texas. On November 27, 2024, the Debtors filed Chapter 11 petitions (Bankr. S.D. Tex. Lead Case No. 24-90608). At the time of the filing, each Debtor reported $10 million to $50 million in assets and liabilities. Judge Christopher M. Lopez handles the cases. The Debtors tapped Melissa A. Haselden, Esq., at Haselden Farrow, PLLC as bankruptcy counsel and O'ConnorWechsler, PLLC as litigation counsel. MODERN EYE: Gets OK to Use Cash Collateral ------------------------------------------ Modern Eye Gallery, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Tennessee to use the cash collateral of Pinnacle Financial Partners. The order signed by Judge Nancy King authorized the company to use cash collateral in accordance with its budget, which projects total monthly expenses of $6,955. Pinnacle, a secured creditor, was granted a replacement lien on the company's post-petition property, including proceeds thereof, with the same priority as its pre-bankruptcy lien. As additional protection, Pinnacle must maintain a positive balance in the debtor-in-possession account. About Modern Eye Gallery Modern Eye Gallery, LLC is an optometry clinic owned and operated by Dr. John Kirby, (Dr. Kirby) who is the sole member of the LLC and a licensed optometrist. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-00636) on February 14, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Glen Watson, Esq., at Watson Law Group, PLLC serves as Subchapter V trustee. Judge Nancy B. King oversees the case. Jay R. Lefkovitz, Esq., at Lefkovitz & Lefkovitz, PLLC, represents the Debtor as legal counsel. MOM CA: Seeks to Hire Stretto as Claims and Noticing Agent ---------------------------------------------------------- MOM CA Investco, LLC and affiliates received approval from the U.S. Bankruptcy Court for the District of Delaware to hire 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 MOM CA Investco LLC MOM CA Investco LLC and affiliates constitute a real estate joint venture comprised of a portfolio of commercial properties owned by the Debtors. The properties that make up the portfolio include hotels, an apartment complex, office buildings, other commercial real estate, and individual homes used as luxury vacation rentals. The Debtors have requested joint administration of their Chapter 11 cases under lead Case No. 25-10321 (Bankr. D. Del. in MOM CA Investco LLC). In the petition signed by Mark Shinderman, chief restructuring officer, the Debor disclosed up to $500 million in both assets and liabilities. Judge Brendan Linehan Shannon oversees the case. The Debtors tapped Buchalter, A Professional Corporation as lead bankruptcy counsel; Potter Anderson & Corroon, LLP as bankruptcy co-counsel; and FTI Consulting, Inc. as restructuring advisor. MORAVIAN MANORS: Fitch Affirms 'BB+' IDR, Outlook Stable -------------------------------------------------------- Fitch Ratings has affirmed the rating on the following bonds issued by the Lancaster County Hospital Authority, PA on behalf of Moravian Manors, Inc. (Moravian) at 'BB+': - $17.3 million health care facilities revenue bonds series 2019A. Fitch has also affirmed Moravian's Issuer Default Rating (IDR) at 'BB+'. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Moravian Manors, Inc. (PA) LT IDR BB+ Affirmed BB+ Moravian Manors, Inc. (PA) /General Revenues/1 LT LT BB+ Affirmed BB+ The affirmation of the 'BB+' rating reflects Fitch's expectation of balance sheet stability through Fitch's forward-looking scenario analysis, despite Moravian's elevated leverage burden as a result of a bond issuance and bank financing in order to fund their extensive independent living unit (ILU) expansion project on the newer Warwick Woodlands (Woodlands) portion of the campus. Moravian's business profile is characterized by robust ILU occupancy in a competitive market and the expectation that operating metrics will gradually improve with the completion of the expansion project, particularly as newer ILUs generate revenues and begin to generate additional cash flow as they turnover. The current 'BB+' rating reflects a financial profile consistent with a rating at the upper end of the 'BB' rating category in context of midrange revenue defensibility and operating risk assessments. SECURITY Security interest in pledged assets (including gross receipts), a mortgage on Moravian's property and series specific debt service reserve funds. KEY RATING DRIVERS Revenue Defensibility - 'bbb' Strong Independent Living Occupancy, Competitive Market Moravian's midrange revenue defensibility reflects its history of strong demand despite competition, and affordable entrance fees relative to local home prices and average resident net worth. Over the last five years, ILU occupancy has averaged 97%, assisted living units (ALU) have averaged 78%, skilled nursing facility (SNF) occupancy has averaged 82% and memory care (MC) has averaged 71%. ALU and SNF occupancy remained softened from pre-pandemic levels through FY22; however, ALU and SNF occupancy largely stabilized in FY23. Beginning in fall 2021, Moravian limited SNF admissions as a result of staffing pressures, in order to match census with staffing availability. However, in spring FY24 management was able to reopen an additional 10 SNF beds as a result of some improvement in labor availability. As of Dec. 31, 2024 ILU occupancy was 97%, ALU 77%, SNF 93% and MC 79%. There are several competing life plan communities (LPCs) in the primary market area (PMA), but they have not materially impacted Moravian's ability to fill its units as indicated by its history of strong ILU occupancy and a solid waitlist of over 400 potential residents. Moravian benefits from its location within walking distance to downtown Lititz. Wealth indicators in Lancaster County, PA are favorable to state and national levels. Moravian's weighted average entrance fee (WAEF) is approximately $284,000, which is affordable relative to prevailing home prices and average resident wealth levels. In recent years, Moravian has consistent entrance fee and monthly service fee increases which further supports the midrange revenue defensibility assessment. Operating Risk - 'bbb' Expectations for Improved Operations and Capital-Related Metrics Moravian demonstrates an adequate ability to absorb operating cost volatility due to its type-C contracts, evidenced by its midrange cost management metrics. Over the last five years the operating ratio has averaged 97.7% and net operating margin (NOM) has averaged 5.9%. NOM-adjusted (NOMA) averaged 11.7%. Over the last couple of years solid operating metrics have been supported by continued strong occupancy and rate increases to offset expense pressures. Fitch expects operations to gradually improve as ILU turnover increases on the newer portion of campus and continued demand. Moravian's capital investments have been significant, with capex to depreciation averaging approximately 209.7% over the last five years, due in large part to the capex spending on the Warwick Woodlands ILU expansion project. The project is located a few blocks from the main campus, and was financed with 2019 bond proceeds and bank financing. Phase I of the Woodlands project added a total of 85 carriage homes and 54 apartments and opened beginning in late 2017 through 2019. In late 2020, Phase 2 added 71 carriage homes. In the first half of 2022, Moravian opened the most recent phase of its Warwick Woodlands project, which included 16 carriage homes. Due to this period of significant capex, Fitch expects routine capex to be moderate in the near term as Moravian focuses on maintaining the original portion of the campus with plans to renovate the dining room in FY25. Moravian's average age of plant has decreased over time to a healthy 9.8 years in FY24. Fitch expects that Moravian will move forward with an amenities project on the newer portion of the campus which is expected to cost approximately $14 million; this project is expected to occur during the outlook period and is factored into the current rating. Additionally, management reports they are exploring the possibility of adding additional ILUs to the Warwick Woodlands portion of campus which has additional room, however this would not likely occur during the outlook period. As a result of its debt issuances to finance the Warwick Woodlands expansion, Moravian's capital-related metrics have historically been softer however are gradually moderating, with revenue only maximum annual debt service (MADS) coverage of 0.9x and MADS to revenue of 12.8% in fiscal 2024, respectively. Debt-to-net available cash flow has averaged 11.6.x over the past five fiscal years. Fitch expects key capital related metrics to stabilize at the midrange assessment level as the new ILUs begin to generate additional cash flow, and the associated debt amortizes. Financial Profile - 'bb' Elevated Long-Term Liabilities Moravian's unrestricted cash and investments totaled about $20.3 million at FYE 2024, representing 37.0% cash-to-adjusted debt. Fitch expects that Moravian will maintain a financial profile that is largely consistent with the weaker financial profile assessment through Fitch's forward-looking scenario analysis, in context of Moravian's midrange revenue defensibility and operating risk assessments. Moravian's history of softer liquidity and leverage metrics are largely a result of an elevated debt burden due to a recent period of ILU expansion projects and related debt issuance. As of FYE 2024, Fitch calculated 251 days cash on hand, which is neutral to Fitch's assessment of the community's financial profile. However, Fitch expects as the ILU project matures and debt amortizes, coverage and liquidity metrics will gradually improve. Asymmetric Additional Risk Considerations No asymmetric risk considerations are relevant to the ratings. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Decrease in demand for existing ILUs or deterioration in operating performance resulting in lower operating ratio sustained at above 100%; - Unanticipated borrowing or significant deterioration in cash-to-adjusted debt to sustained levels below 30%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Consistent growth in unrestricted cash and investments, resulting in over 50% cash-to-adjusted debt even in Fitch's stress case scenario; - Sustained improvement in the operating performance such that the operating ratio is sustained near 90%. PROFILE Moravian is an LPC with a total of 315 ILUs (consisting of 200 carriage homes and 115 apartments), 36 ALUs, 119 SNF beds and 15 MC units. Moravian's main campus opened in 1974 and is located about 10 miles north of Lancaster, PA and 30 miles east of Harrisburg, PA in the town of Lititz. The Moravian Church in Pennsylvania founded the organization in the 1950s to care for its aging members and only has a limited governance role. In 2023 Moravian announced an affiliation with Morningstar Living (PA) (IDR, BB). The scope of the entities strategic alliance is expected to include sharing some senior management positions, finding efficiencies in technology and reduce back-office expenses. Fitch views the affiliation as credit neutral and expects no rating impact given the obligated groups are expected to remain separate. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by information from Lumesis. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. MORTGAGE UNITY: Hires Seder & Chandler as Special Counsel --------------------------------------------------------- Mortgage Unity, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Seder & Chandler, LLP as special counsel. The Debtor needs the firm's legal assistance in connection with a lawsuit filed in the Middlesex Superior Court, captioned as Monica Freitas v. Mortgage Unity LLC, Michael Flanagan, and Kim Lanagan, Case No. 2481-CV-0230. The firm will be paid at these rates: Partners $425 per hour Associates $260 to $325 per hour Paralegals $175 per hour On January 15, 2025, Michael Flanagan, manager/owner of the Debtor paid the firm a retainer in the amount of $5,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Ryan P. Avery, Esq., a partner at Seder & Chandler, 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: Ryan P. Avery, Esq. Seder & Chandler, LLP 390 Main Street Worcester, MA 01608 Tel: (508) 757-7721 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 NETCAPITAL INC: Authorizes 10M Shares of 'Blank Check' Stock ------------------------------------------------------------ Netcapital Inc. filed articles of amendment to its Articles of Incorporation with the Utah Department of Commerce, Division of Corporations and Commercial Code, to authorize the issuance of 10,000,000 shares of 'blank check' preferred stock. After the amendment, the Company will be authorized to issue up to 910,000,000 shares of capital stock, consisting of (i) 900,000,000 shares of common stock, with a $0.001 par value per share, and (ii) 10,000,000 shares of preferred stock, with a $0.001 par value per share. The board of directors of the Company previously approved the Articles of Amendment, which was then authorized by the Company's shareholders during the annual meeting on Sept. 25, 2024. About Netcapital Headquartered in Boston, MA, Netcapital Inc. -- www.netcapital.com -- is a fintech company with a scalable technology platform that allows private companies to raise capital online from accredited and non-accredited investors. The Company gives all investors the opportunity to access investments in private companies. Its model is disruptive to traditional private equity investing and is based on Title III, Regulation Crowdfunding ("Reg CF") of the Jumpstart Our Business Startups Act ("JOBS Act"). In addition, the Company has recently expanded its model to include Regulation A ("Reg A") offerings. In its report dated July 29, 2024, the Company's auditor, Fruci & Associates II, PLLC, issued a "going concern" qualification citing that the Company has negative working capital, net operating losses, and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The Company reported a net loss of $4,986,317 in the year ended April 30, 2024. As of April 30, 2024, the Company had negative working capital of $2,074,163 and for the year ended April 30 2024, the Company had an operating loss of $3,442,388 and net cash used in operating activities amounted to $4,879,838. "There can be no assurance that the Company will be able to achieve its business plan objectives or be able to achieve or maintain cash-flow-positive operating results. If the Company is unable to generate adequate funds from operations or raise sufficient additional funds, the Company may not be able to repay its existing debt, continue to operate its business network, respond to competitive pressures or fund its operations. As a result, the Company may be required to significantly reduce, reorganize, discontinue or shut down its operations," the Company mentioned in its Quarterly Report for the period ended Jan. 31, 2025. NETCEED GROUP: Taps Gibson Dunn Prior Possible Debt Talks --------------------------------------------------------- Irene García Perez and of Bloomberg News reports that a group of creditors from telecommunications provider Netceed has turned to the law firm Gibson Dunn & Crutcher for guidance ahead of possible restructuring negotiations with the company, according to sources familiar with the matter. The creditors include Permira Credit, Hayfin Capital Management, CVC Credit Partners, and Blue Owl Capital Inc., the sources said, speaking on condition of anonymity as the details are confidential. About Netceed Group Netceed Group is a telecommunications provider. NEW FORTRESS: Excelerate Deal No Impact on Moody's 'Caa1' CFR ------------------------------------------------------------- Moody's Ratings says that New Fortress Energy Inc. (NFE)'s divestment of its operations in Jamaica is credit positive but will not affect its ratings, including its Caa1 Corporate Family Rating, or the negative outlook. Moody's recent rating action contemplated this asset sale. The sales proceeds will improve NFE's liquidity position by providing funds to manage its near term debt maturities. The proceeds will be used to reduce debt, but Moody's views the deleveraging achieved as modest and the company's interest coverage will remain low. More substantial deleveraging and improvement in earnings will be necessary to achieve a sustainable capital structure and ratings improvement. New Fortress Energy Inc. (NFE) announced that it has reached an agreement with Excelerate Energy (unrated) to sell its cash generating operations in Jamaica for a cash consideration of $1.055 billion (implying about 9x EBITDA multiple to run-rate EBITDA of the disposed assets). NFE said that it will use the proceeds to reduce its debt and expects to close the transaction as early as the second quarter of 2025 after satisfaction of customary closing conditions. After a period of rapid expansion substantially funded by borrowing, NFE is focusing on optimizing its asset footprint and on debt reduction to achieve a tenable capital structure. At the end of 2024, NFE's leverage stood at 11.5x debt/EBITDA and its EBITDA/Interest coverage was 0.9x. Moody's expects leverage to improve to 10.4x and EBITDA/Interest to remain below 1x in 2025 pro forma of the Jamaica divestment and assuming some expansion in Puerto Rico. For the divestment-led deleveraging strategy to succeed, NFE needs to achieve valuations exceeding its leverage, and to strengthen earnings capacity of the retained assets such that it will be sufficient to support remaining debt. Moody's notes that the strategy entails significant new risks to creditors, as valuations and timing of future divestments are typically uncertain. Moody's are upgrading NFE's Speculative Grade Liquidity rating to SGL-3 from SGL-4, indicating adequate liquidity based on the expectation that the Jamaica divestment closes as stated under the definitive agreement. NFE relies on its significant cash balances, committed borrowing facilities and expected proceeds from the divestment and from various claims to support its liquidity amid limited operating cash flow available after debt service payments in 2025. The proceeds from the divestment will allow NFE to reduce debt and address near term maturities. The company's next maturity is $270 million maturing under the Revolver in September 2025 and further $100 million revolver maturity coming due in April 2026. The company also has $509 million (outstanding) notes maturing in September 2026. New Fortress Energy Inc. is a US listed energy infrastructure company operating natural gas liquefaction, re-gasification and distribution assets in Puerto Rico, Mexico, Jamaica, Nicaragua and Brazil. The company operates one floating LNG production facility (FLNG) and is constructing the second onshore facility in Mexico, expected to come to production in 2026. NEWS DIRECT: Committee Taps Rescia Law as Bankruptcy Counsel ------------------------------------------------------------ The official committee of unsecured creditors of News Direct Corp. seeks approval from the U.S. Bankruptcy Court for the District of Connecticut to hire Rescia Law, P.C. as its counsel. The firm will render these services: a. advise the Committee with respect to its rights, duties and powers in this case; b. assist and advise the Committee in its consultations with the Debtor relating to the administration of the case; c. assist the Committee in analyzing the Debtor's capital structure and in negotiating with the holders of claims and, if appropriate, equity interests; d. assist the Committee's investigation of the acts, conduct, assets, liabilities and financial condition of the Debtor and other parties involved with the Debtor, and of the operation of the Debtor's business; e. assist the Committee in analyzing various transactions and any claims relating thereto; f. assist the Committee in its analysis of, and negotiations with the Debtor or any other third party concerning matters related to, among other things, executory contracts, asset dispositions, financing of other transactions and the terms of a plan of reorganization/ and or a liquidating sale plan for the Debtor and accompanying disclosure statement and related plan documents; g. assist and advise the Committee as to its communications, if any, to the general creditor body regarding significant matters in this case; h. represent the Committee at all hearings and other proceedings; i. review, analyze, and advise the Committee with respect to all applications, orders, statements of operations and schedules filed with the Court; j. assist the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives; and k. perform such other services as may be required and are deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. The firm will be paid at these rates: Attorneys $345 to $470 per hour Paralegal $150 per hour As disclosed in the court filings, Rescia Law, P.C. is a disinterested person according to Section 101(14) of the Bankruptcy Code. The counsel can be reached through: Kara S. Rescia, Esq. Rescia Law, P.C. 5104A Bigelow Commons Enfield, CT 06082 Tel: (860) 452-0052 Fax: (860) 452-2300 Email: kara@ctmalaw.com About News Direct Corp. News Direct Corp. is a news and content distribution platform in Norwalk, Conn. News Direct sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 25-50005) on January 3, 2025, with up to $50,000 in assets and $1 million to $10 million in liabilities. Judge Julie A. Manning handles the case. The Debtor is represented by Scott M. Charmoy, Esq. at Charmoy & Charmoy, LLC. NICK'S PIZZA: Hires Lee & Associates as Real Estate Broker ---------------------------------------------------------- Nick's Pizza & Pub, Ltd. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Lee & Associates of Illinois, LLC as real estate broker. The firm will market and sell the Debtor's two family restaurants located in Crystal Lake and Elgin, Illinois. The firm will be paid at these rates: a. Sale Commission: The commission on the sale of Debtor's assets and business shall be 6 percent of the gross sale price. b. Lease Commission: If the term of the lease is for one year or less: Commission is 10 percent of the total gross rental defined in the lease. If the term is for more than one year and involves net terms, where Tenant pays for taxes and operating expenses, the lease commission shall be computed as the greater of: 6 percent of the base rent reserved in the lease, or $5 per square foot; and for a gross lease, where Landlord pays for taxes and operating expenses, the lease commission shall be the greater of: 4 percent of the gross rent reserved in the lease, or $5 per square foot. 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: Nick Sarillo Lee & Associates of Illinois, LLC 9450 W Bryn Mawr Ave #550 Rosemont, IL 60018 Tel: (773) 355-3000 About Nick's Pizza & Pub, Ltd. Nick's Pizza & Pub, Ltd. is a family-friendly restaurants in Crystal Lake and Elgin, serving thin-crust Chicago pizza. Nick's Pizza & Pub filed Chapter 11 petition (Bankr. N.D. Texas Case No. 24-18037) on December 2, 2024, with assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million assets between $100,000 and $500,000 and liabilities between $1 million and $10 million. Nicholas Sarillo, president of Nick's, signed the petition. Judge Janet S. Baer handles the case. The Debtor is represented by: Matthew T. Gensburg, Esq. Gensburg Calandriello & Kanter, P.C. 200 W. Adams St., Ste. 2425 Chicago, IL 60606 Tel: (312) 263-2200 Fax: (312) 263-2242 Email: mgensburg@gcklegal.com NORTHERN DYNASTY: Comments on Trump's EO on Mineral Production -------------------------------------------------------------- Northern Dynasty Minerals Ltd. commented on President Donald Trump's executive order, titled "Immediate Measures to Increase America's Mineral Production," issued on March 20, 2025. The executive order underscores the historical significance of the U.S. mining industry and emphasizes the need to secure a stable, predictable supply of minerals -- such as copper and gold -- that are essential for defense, technology, and infrastructure. It also directs federal agencies to expedite approvals for domestic mineral production projects. The executive order was published on the public registry and the full text of the executive order can be found at the following link: https://www.whitehouse.gov/presidential-actions/2025/03/immediate-measures-to-increase-american-mineral-production/. "Located in the State of Alaska, Pebble is the world's largest undeveloped copper deposit. And, in addition to a sizeable amount of gold, molybdenum and silver, the deposit also contains a significant resource of rhenium, a mineral used in military applications. The 2020 Final Environmental Impact Study highlighted how the project could result in significant economic benefits, both in terms of high paying jobs as well as tax revenues, for the local Alaskan communities, the state and the U.S.," said Ron Thiessen, Northern Dynasty president and CEO. About Northern Dynasty Minerals Ltd. Northern Dynasty is a mineral exploration and development company based in Vancouver, Canada. Northern Dynasty's principal asset, owned through its wholly owned Alaska-based U.S. subsidiary, Pebble Limited Partnership, is a 100% interest in a contiguous block of 1,840 mineral claims in Southwest Alaska, including the Pebble deposit, located 200 miles from Anchorage and 125 miles from Bristol Bay. The Pebble Partnership is the proponent of the Pebble Project. In its report dated March 27, 2025, Deloitte LLP, the Company's auditor in Vancouver, Canada, issued a "going concern" qualification, stating that the Company incurred a consolidated net loss of $33 million for the year ended Dec. 31, 2024, and had a consolidated deficit of $729 million as of that date. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Northern Dynasty reported a net loss of C$36.15 million for the year ending Dec. 31, 2024, compared to a net loss of C$21 million for the year ending Dec. 31, 2023. As of Dec. 31, 2024, the Company reported total assets of C$137.16 million, total liabilities of C$39.96 million, and total equity of C$97.20 million. NORTHERN DYNASTY: Records Larger Net Loss of C$36.15M for 2024 -------------------------------------------------------------- Northern Dynasty Minerals Ltd. filed its annual report on Form 40-F with the Securities and Exchange Commission, reporting a net loss of C$36.15 million for the year ending Dec. 31, 2024, compared to a net loss of C$21 million for the year ending Dec. 31, 2023. As of Dec. 31, 2024, the Company reported total assets of C$137.16 million, total liabilities of C$39.96 million, and total equity of C$97.20 million. As of Dec. 31, 2024, the Company had C$16,142,000 in cash and cash equivalents for its operating needs (compared to C$18,200,000 on Dec. 31, 2023). However, the Company reported a working capital deficit of C$21,365,000 (2023 – working capital of C$899,000). The Company's primary mineral asset is the Pebble Copper-Gold-Molybdenum-Silver-Rhenium Project (the "Pebble Project"), located in Alaska, USA. According to the Company, additional funding will be necessary to support significant expenditures related to the permitting of the Pebble Project. Under the terms of the November 2023 amendment to the royalty agreement, the royalty holder may, at its option, complete the remaining investment of US$36 million in US$12 million tranches by July 26, 2025. In its report dated March 27, 2025, Deloitte LLP, the Company's auditor in Vancouver, Canada, issued a "going concern" qualification, stating that the Company incurred a consolidated net loss of $33 million for the year ended Dec. 31, 2024, and had a consolidated deficit of $729 million as of that date. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company has indicated that there are no assurances regarding its ability to secure additional investment or obtain financing when needed, and if it is unable to raise sufficient capital or generate adequate cash flow to meet its obligations, it may be forced to reduce or scale back its operations. The complete text of the Form 40-F is available for free at: https://www.sec.gov/Archives/edgar/data/1164771/000165495425003461/ndm_40f.htm About Northern Dynasty Minerals Ltd. Northern Dynasty is a mineral exploration and development company based in Vancouver, Canada. Northern Dynasty's principal asset, owned through its wholly owned Alaska-based U.S. subsidiary, Pebble Limited Partnership, is a 100% interest in a contiguous block of 1,840 mineral claims in Southwest Alaska, including the Pebble deposit, located 200 miles from Anchorage and 125 miles from Bristol Bay. The Pebble Partnership is the proponent of the Pebble Project. NORTHVOLT AB: Trims Workforce to 1,700 as Part of Chap. 11 Process ------------------------------------------------------------------ Charles Daly of Bloomberg News reports that bankrupt battery maker Northvolt AB will maintain operations in Sweden with a workforce of 1,700, while the rest of its employees will be laid off. "Although significant cuts have been made, it is positive that the business can continue in some capacity, which is likely vital for a potential full or partial sale," said Mikael Kubu, Northvolt's bankruptcy trustee, in an emailed statement. The company employed around 7,000 people before running out of funds last year, following a series of operational errors that led to its bankruptcy filing in the U.S. About Northvolt AB Northvolt AB was established in 2016 in Stockholm, Sweden. Pioneering a sustainable model for battery manufacturing, the company has received orders from several leading automotive companies. The company is currently delivering batteries from its first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from its R&D and industrialization campus, Northvolt Labs, in Vasteras, Sweden. On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577). The cases are before the Honorable Alfredo R. Perez. Northvolt is being advised by Teneo as its restructuring and communications advisor. Kirkland & Ellis LLP, A&O Shearman and Mannheimer Swartling Advokatbyra AB are serving as legal counsel. The company has also engaged Rothschild & Co to run its marketing process. Stretto is the claims agent. NUMALE CORP: Seeks to Hire Riggi Law Firm as Counsel ---------------------------------------------------- Numale Corporation seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Riggi Law Firm as counsel. The firm will render these services: 1. institute, prosecute, or defend any contested matters arising out of this bankruptcy proceeding in which the Debtor may be a party; 2. assist in the recovery and obtaining necessary Court approval for recovery and liquidation of estate assets, and to assist in protecting and preserving the same where necessary; 3. assist in determining the priorities and status of claims and in filing objections thereto where necessary; 4. assist in preparation of a Chapter 11 plan; and 5. advise and perform all other legal services. The firm will be paid at these rates: Partners $500 per hour Associates $195 per hour In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. The firm received an initial retainer in the amount of $7,500. David Riggi, Esq., a partner at Riggi Law Firm, disclosed in a court filing that his 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 A. Riggi, Esq. Riggi Law Firm 5550 Painted Mirage Rd. Suite 320 Las Vegas, NV 89149 Tel: (702) 463-7777 Fax: (888) 306-7157 Email: RiggiLaw@gmail.com About Numale Corporation Numale Corporation and six affiliates filed Chapter 11 petitions (Bankr. D. Nev. Lead Case No. 25-10341) on January 22, 2025. At the time of the filing, Numale reported up to $50,000 in both assets and liabilities. Judge Natalie M. Cox oversees the cases. The Debtors are represented by David A. Riggi, Esq., at Riggi Law Firm. OUR FAMILY DIRECT: Taps Gannott Law Group as Bankruptcy Counsel --------------------------------------------------------------- Our Family Direct Primary Care, PLLC seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to employ Gannott Law Group, PLLC as counsel. The firm will render these services: a. give legal advice with respect to the Debtor's powers and duties as debtor in possession in the continued management of its financial affairs and estate assets; b. take all necessary action to protect and preserve the estate, including the prosecution of actions on behalf of the Debtor, the defense of any action commenced against the Debtor, negotiations concerning all litigation in which the Debtor is involved, if any, and examination of proofs of claims; c. prepare on behalf of the Debtor all necessary motions, answers, orders, reports, and other legal papers in connection with the administration of the Debtor's estate; and d. perform any and all other legal services for the Debtor in connection with this chapter 11 case and the formulation and implementation of Debtor's chapter 11 plan. The firm received a retainer in the amount of $5,250. As disclosed in the court filing, Gannott Law Group does not hold or represent any interest adverse to the Debtor's estate, and is a "disinterested person" as defined by Bankruptcy Code Sec. 101(14). The firm can be reached through: Peter M. Gannott, Esq. Gannott Law Group 10230 Shelbyville Road Louisville, KY 40223 Tel: (502) 749-8800 Email: pgannott@gannottlaw.com About Our Family Direct Primary Care Our Family Direct Primary Care, PLLC operates an outpatient primary care medical practice in Louisville, Ky., and offers premium direct primary care. Our Family Direct Primary Care filed Chapter 11 petition (Bankr. W.D. Ky. Case No. 25-30532) on March 7, 2025. listing up to $100,000 in assets and up to $500,000 in liabilities. John T. Manire, sole member of Our Family, signed the petition. The Debtor is represented by Peter M. Gannott, Esq., at Gannott Law Group, PLLC. OUR FAMILY: Charity Bird Named Subchapter V Trustee --------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed Charity Bird of Kaplan, Johnson, Abate, & Bird as Subchapter V trustee for Our Family Direct Primary Care, PLLC. Ms. Bird will be paid an hourly fee of $300 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Bird declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Charity Bird Kaplan, Johnson, Abate, & Bird 710 W. Main Street, 4th Floor Louisville, KY 40202 Phone: (502) 540-8285 Email: cbird@kaplanjohnsonlaw.com About Our Family Direct Primary Care Our Family Direct Primary Care, PLLC operates an outpatient primary care medical practice in Louisville, Ky., and offers premium direct primary care. Our Family Direct Primary Care filed Chapter 11 petition (Bankr. W.D. Ky. Case No. 25-30532) on March 7, 2025, listing up to $100,000 in assets and up to $500,000 in liabilities. John T. Manire, sole member, signed the petition. Peter Gannott, Esq., at Gannott Law Group, PLLC, represents the Debtor as bankruptcy counsel. PG&E CORP: Moody's Upgrades Sr. Secured Debt Ratings to Ba2 ----------------------------------------------------------- Moody's Ratings upgraded PG&E Corporation's (PCG or parent) ratings, including its senior secured debt ratings to Ba2 from Ba3. At the same time, Moody's withdrew PCG' Ba1 corporate family rating, Ba2-PD probability of default rating and SGL-2 Speculative Grade Liquidity rating. Moody's also upgraded Pacific Gas & Electric Company's (PG&E or utility) ratings, including its senior secured first mortgage bonds rating to Baa1 from Baa2. Concurrently, Moody's assigned a Baa3 Issuer rating to PG&E. All of the debt in PG&E's capital structure is secured on a first lien basis by substantially all of the utility's real assets and certain tangible assets. The parent's senior secured debt is secured by a pledge of the stock in PG&E. RATINGS RATIONALE "PG&E's upgrade reflects the organization's continued improvement in mitigating wildfire risk over the last few years as well as its ability to strengthen both its financial profile and its relationships with key stakeholders," said Jeff Cassella, Moody's Ratings VP – Senior Credit Officer. "The upgrade also reflects the support to its credit quality provided by the California's wildfire legislation (AB1054) including continued access to the state's wildfire insurance fund and credit positive shareholder liability cap and cost recovery provisions. In the backdrop of the recent LA wildfires, Moody's expects any legislative and regulatory actions resulting from the state's continued wildfire risk will remain supportive for utilities by protecting them from uncapped liabilities due to inverse condemnation," added Cassella. Wildfire risk remains a key credit consideration for PG&E and California's other investor-owned utilities; however, the upgrade incorporates Moody's expectations that California's wildfire reforms enacted in 2019, including the establishment of the wildfire fund, will function as intended and be adequate to sustain credit quality, and that California's regulatory environment will continue to be supportive of the state's utilities. PG&E has made over $20 billion of wildfire mitigation investments since its emergence from bankruptcy in 2020. This spending has helped to reduce the risk that the utility's infrastructure will be the source ignition of a catastrophic fire by deploying technologies that decrease the potential for such ignitions and any potential liabilities that may arise. Since 2020, PG&E has not experienced any catastrophic wildfires that have had a material financial impact on the company, a key factor supporting the upgrade. PG&E's credit worthiness is underpinned by the credit supportive provisions within AB1054 and Moody's expectations that the wildfire insurance fund will remain available and accessible. In addition, the financial impact of future wildfire events should be mitigated by PG&E's demonstrated ability to attain approval of its annual wildfire safety certificate from regulators, which allows for the presumption of the company's prudence as part of the enhanced prudency standard and protects the company with a liability cap on reimbursement to the wildfire fund if the company is found imprudent. AB1054 improves utility access to liquidity through a $21 billion fund and enhances a utility's ability to recover wildfire costs from ratepayers with a more favorable prudency standard. The standard places a heavier burden of proof on intervenors and caps the cost disallowances related to wildfire claims to 20% of the utility's equity in its T&D rate base over a three-year period. PG&E's liability cap is currently approximately $4.1 billion. Despite the potential that the fund will be partially utilized to cover damages associated with the January 2025 southern California wildfires, Moody's expects the remaining amount to be sufficient to support PG&E's current ratings and credit quality. Further upward movement of PG&E's ratings will be dependent on future increases in the amount available in the fund and the incorporation of a replenishment mechanism or other enhancements following the most recent wildfires. The upgrade reflects Moody's views that the company will continue to make progress in addressing wildfire risk. In the near term, California regulator approval of PG&E's latest wildfire mitigation plan covering the 2026 – 2028 period, expected to be submitted in April, is required for the utility to continue to request and receive its annual safety certificate. In addition, over the long term, SB 884, signed into law in September 2022, provides legislative support for PG&E's undergrounding plan to bury 10,000 miles of its power lines in high fire risk areas over the next 10 years. PG&E's ability to implement a credible and actionable plan would be evidence of concrete steps to further reduce exposure to wildfires. The support from California regulators and legislators, key stakeholders in the future, will be important to any additional improvement in the company's credit quality. Furthermore, Moody's expects PG&E's financial profile to continue to strengthen and remain supportive of credit quality including PCG's ratio of cash flow from operations pre-working capital changes (CFO pre-W/C) to debt of low-to-mid-teens and the utility's ratio of CFO pre-W/C to debt in the mid-to-high-teens excluding the impact of securitization debt, over the next few years. For 2024, Moody's estimates PCG's ratio of CFO pre-W/C to debt to be about 14% and the utility's ratio of CFO pre-W/C to debt to be approximately 16%, excluding the impact of securitization debt and catch-up cash flow contributions related to the 2023 general rate case revenue under collection. Moody's also expects holdco debt to remain less than 10% of consolidated debt as PCG's parent debt was 9.5% as of year-end 2024. The company indicated that it may pay down $2 billion of this debt by the end of 2026. Liquidity PCG's adequate liquidity profile is supported by predictable and growing cash flow generation and availability on external credit facilities. Going forward, Moody's expects PG&E to continue to generate negative free cash flow as capital expenditures remain elevated and the utility continues to invest heavily in wildfire mitigation and infrastructure hardening. PCG's liquidity is also currently bolstered by the company's modest common stock dividend growth policy. As of December 31, 2024, PCG had about $940 million of cash and cash equivalents on its balance sheet which included $705 million of cash at the utility. PCG had full availability on the parent's $500 million senior secured (stock pledge only) revolving credit facility, expiring in June 2027. The utility had $3.8 billion available, net of $633 million of letters of credit outstanding, on its $4.4 billion senior secured (all asset pledge) revolver, expiring in June 2029, which includes a $2.0 billion letter of credit sublimit. The credit facilities have extension options with lender approval. PG&E also had a fully available $1.5 billion accounts receivable securitization facility that is scheduled to terminate in June 2026. The credit facilities do not include a material adverse change clause on each borrowing. The PCG credit facility has one financial maintenance covenant including a limit on debt to capitalization of no more than 70%. The PG&E credit facility only has one financial maintenance covenant which limits the debt to capitalization ratio to no more than 65%. Both companies were in compliance with their respective facility covenants. The nearest debt maturity at PCG is a $2.15 billion convertible note due December 2027. PG&E's near-term maturities include a $525 million term loan due in April, a $1 billion floating rate note due in September and $1.9 billion of first mortgage bonds due throughout 2025. RATING OUTLOOK PCG and PG&E's stable outlooks reflect the utility's ongoing progress in reducing its exposure to wildfire risk and continued key stakeholder support. It reflects Moody's expectations that the utility will maintain access to the state's wildfire insurance fund and other key provisions of AB1054. The stable outlooks also consider their solid financial profiles as Moody's expects PCG's ratio of CFO pre-W/C to debt to be in the low-to-mid-teens and the utility's ratio of CFO pre-W/C to debt to be in the mid-to-high teens, excluding the impact of securitization, over the next two years. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade PCG and PG&E's ratings could be upgraded if the utility continues to successfully reduce catastrophic wildfire risk and the potential for related liabilities through its substantial mitigating investments, adheres to its wildfire mitigation plan as well as to related state policies and standards, and maintains the required wildfire safety certificate and access to the wildfire insurance fund and other AB1054 credit supportive provisions. Additional legislative and regulatory actions by the state of California, such as replenishment mechanism for the wildfire fund, that continue to support the utility's cost recovery and financial health could support higher ratings. The ability of the company to sustain its current financial profile, if not improve it further, will be important for potential rating upgrades including PCG's ratio of CFO pre-W/C to debt sustained in the mid-teens and PG&E's ratio of CFO pre-W/C to debt sustained in the high teens. PCG is likely to be upgraded if PG&E is upgraded. Factors that could lead to a downgrade A downgrade of PCG or PG&E could occur if the utility loses access to the wildfire insurance fund or the fund is materially depleted and not replenished, or if the cost recovery prudency standard and liability cap are no longer available because the utility failed to maintain its annual wildfire safety certification. The ratings could be downgraded if wildfire liabilities increase materially as a result of new fires, or if state regulators do not successfully implement the provisions of AB1054. Downward pressure could also occur if their financial profiles deteriorate such that PCG's ratio of CFO pre-W/C to debt is sustained below 11% or PG&E's ratio of CFO pre-W/C to debt is sustained below 13%. PCG is likely to be downgraded if PG&E is downgraded. Environmental, Social and Governance (ESG) Considerations PCG's ESG Credit Impact Score of 4 (CIS-4) indicates that ESG considerations have a discernible impact on the current rating, which is lower than it would have been if ESG risks did not exist. Its score reflects high physical climate risk primarily due to its elevated wildfire risk and exposure to social risks associated with political and public scrutiny in California. These include affordability issues and the significant demands that are placed on California utilities related to ambitious public policy initiatives. Concurrent with the rating action, Moody's changed PCG's score for Customer Relations to 3 from 4 reflecting the company's improving relationship with customers through its measures to reduce wildfire risk, including more targeted and narrower public safety power shut-offs. In addition, Moody's changed its Social Risk Issuer Profile Score to 3 from 4. Furthermore, Moody's changed PCG's Management Credibility and Track Record score to 2 from 3 to reflect the company's improved operational and financial performance over the last few years and stronger relationship with key stakeholders. Similarly, Moody's changed its Governance Issuer Profile Score to 2 from 3. PG&E Corporation is a regulated utility holding company headquartered in Oakland, California that conducts essentially all of its business through Pacific Gas & Electric Company, a regulated vertically integrated electric and gas utility serving northern and central California with over 5.6 million electric customers and 4.6 million natural gas customers. PG&E is regulated by the California Public Utilities Commission (CPUC) and by the Federal Energy Regulatory Commission (FERC). As of December 31, 2024, PCG's assets were about $133.7 billion with total reported debt of approximately $56.4 billion. LIST OF AFFECTED RATINGS Issuer: PG&E Corporation Upgrades: Senior Secured Bank Credit Facility, Upgraded to Ba2 from Ba3 Senior Secured Regular Bond/Debenture, Upgraded to Ba2 from Ba3 Affirmations: Junior Subordinated, Affirmed Ba3 Withdrawals: LT Corporate Family Rating, Withdrawn, previously rated Ba1 Probability of Default Rating, Withdrawn, previously rated Ba2-PD Speculative Grade Liquidity Rating, Withdrawn, previously rated SGL-2 Outlook Actions: Outlook, Changed To Stable From Positive Issuer: Pacific Gas & Electric Company Upgrades: Preferred Stock, Upgraded to Ba2 from Ba3 Preferred Shelf, Upgraded to (P)Ba2 from (P)Ba3 Senior Secured Shelf, Upgraded to (P)Baa1 from (P)Baa2 Senior Secured First Mortgage Bonds, Upgraded to Baa1 from Baa2 Assignments: LT Issuer Rating, Assigned Baa3 Outlook Actions: Outlook, Changed To Stable From Positive The principal methodology used in these ratings was Regulated Electric and Gas Utilities published in August 2024. PLANO SMILE: 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 Plano Smile Studio, P.A. 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 Plano Smile Studio Plano Smile Studio, P.A. is a dental practice located in Plano, Texas, specializing in both general and cosmetic dentistry. Led by Dr. John M. Hucklebridge, the studio offers a wide range of services including dental implants, smile makeovers, Invisalign, teeth whitening, veneers, and sedation dentistry. Plano Smile Studio filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Texas Case No. 25-40633) on March 6, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. John M. Hucklebridge, a member of Plano Smile Studio, signed the petition. Judge Brenda T Rhoades oversees the case. The Debtor is represented by: Brandon John Tittle, Esq. Tittle Law Group, PLLC 1125 Legacy Dr., Ste. 230 Frisco TX 75034 Tel: 972-213-2316 btittle@tittlelawgroup.com PREMIER GLASS: Hires Development Specialists as Financial Advisor ----------------------------------------------------------------- Premier Glass Services, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Development Specialists, Inc. as its financial advisor. The firm will provide these services: a. prepare financial statement projections based on historical and current operating circumstances of the Client for use in estimating projected disposable income; b. provide an individual knowledgeable of the projections to be available for court proceedings and hearings relating to the projections, including provision of testimony if required; and c. perform such other tasks as directed by the Debtor and agreed to by the firm. The firm will be paid at these rates: Mark T. Iammartino $725 per hour Thomas J. Frey $455 per hour Associates and Directors $195 to $495 per hour The firm will be paid a retainer in the amount of $25,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mark T. Iammartino, a partner at Development Specialists, Inc., 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: Mark T. Iammartino Development Specialists, Inc. 10 South LaSalle Street Suite 3300 Chicago, IL 60603 Tel: (312) 263-4141 Fax: (312) 263-1180 Email: MIammartino@DSIConsulting.com About Premier Glass Services, LLC Premier Glass Services, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-05367) on February 16, 2024, with $500,001 to $1 million in assets and $1,000,001 to $10 million in liabilities. Judge Deborah L. Thorne presides over the case. Karen M. Grivner and Kevin H. Morse at Clark Hill PLC represents the Debtor as legal counsel. QUICKSILVER PROPERTIES: Hires Bond Law Office as Counsel -------------------------------------------------------- Quicksilver Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to employ Bond Law Office to handle its Chapter 11 case. The firm will be paid at its hourly rates: Stanley Bond, Lead Counsel $350 per hour Kathryn Worlow, Associate $250 per hour Paraprofessional $125 per hour The firm received a retainer of $5,262 plus filing fee of $1,738 from the Debtor. Mr. Bond 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: Stanley V. Bond, Esq. Bond Law Office P.O. Box 1893 Fayetteville, AR 72702 Telephone: (479) 444-0255 Facsimile: (479) 235-2827 Email: attybond@me.com About Quicksilver Properties, LLC Quicksilver Properties, LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D. Ark. Case No. 4:25-bk-10820) on March 12, 2025, disclosing under $1 million in both assets and liabilities. The Debtor hires Bond Law Office as counsel. R2 MARKETING: Gets Interim OK to Use Cash Collateral Until April 23 ------------------------------------------------------------------- R2 Marketing and Consulting, LLC received interim approval from the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to use cash collateral until April 23. The Debtor requires the use of cash collateral to continue operations while sorting out disputes over Merchant Cash Advance agreements. The Debtor's business faced hardship after losing a large contract, leading to reliance on MCA agreements, which created daily withdrawals and strained operations. Although a new contract has stabilized income, the Debtor is dealing with legal disputes, including a potential lawsuit from Instafunding and a lien that blocked $70,000 of funds. The Debtor operates a medical transportation service in California and contracts with health care companies to provide transportation for medical appointments. Despite the setbacks, the business has steady income from contracts with AltaMed and others. The next hearing is scheduled for April 23. About R2 Marketing & Consulting R2 Marketing & Consulting, LLC is a full-service non-emergency medical transportation company operating throughout Orange County and surrounding areas, providing safe and reliable transport for patients to various medical appointments. The Company's services include transportation for doctor's visits, physical therapy, hospice care, assisted living, and more. R2 Marketing & Consulting sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10631) on March 12, 2025. In its petition, the Debtor reported total assets of $5,354 and total liabilities of $2,285,519. Judge Scott C. Clarkson oversees the case. Michael R. Totaro, Esq., at Totaro and Shanahan, LLP, represents the Debtor as legal counsel. RANGER BEARINGS: Railroad Wheel Bearing Sale to Myron Bowling OK'd ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Western District of Tennessee, Western Division, has granted Ranger Bearings LLC, to sell its railroad wheel bearings business assets, free and clear of liens, claims, and interests. The Court recognized that the Debtor has conducted due diligence and marketing process of its bid procedures and auction, which are adequate and appropriate under the circumstances by notifying prospective purchasers in its industry. The Court found that the Debtor received three bids of its assets: the first bid was from Phoenix Bearings; the second bid was from Myron Bowling Auctioneers, Inc.; and the third bid was from A. Stucki Company. The Court determined out that the bid of Phoenix, though it qualified as a qualified bid, was withdrawn on the afternoon of March 21, 2025, without explanation. While the bid of A. Stucki was not withdrawn, its representative did not appear to prosecute its bid at the Auction. The Auction was conducted on March 24, 2025, at 1:30 p.m., at the law offices of Butler Snow, LLP, 6075 Poplar Avenue, Suite 500, Memphis, TN 38119. The Court held that the Sale of Debtor's assets was conducted in a fair, reasonable and appropriate manner. The Court noted that Myron Bowling participated in the sale process, bid, negotiated and is ready, willing and able to purchase in good faith, and designated as a good faith purchaser. The Court indicated that while the purchase price of $30,000 is significantly below the value Debtor assigned to its assets in its schedules, the Court held that the removal of the extremely large pieces of equipment at Debtor's place of business in Memphis, Tennessee, would cost between $30,000 and $50,000; even if Debtor undertook that task, it has no market for the assets, and nowhere to place them once they have been removed. Myron Bowling is not only paying $30,000 for all Debtor's assets, the obligation to remove them will be upon Myron Bowling. The Debtor has agreed to pay for the ad valorem property taxes from current cash it has on hand. The Court ordered that Myron Bowling is not liable for any of Debtor's liabilities as a successor or otherwise, unless the purchaser expressly assumes such liabilities. The Court granted the sale of all of Debtor's assets, free and clear of liens, claims and interests to Myron Bowling Auctioneers, Inc. About Ranger Bearings LLC Ranger Bearings, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 24-25657) on Nov. 13, 2024, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Haines O'Neil as managing member of American Railway Services, LLC. Judge Denise E. Barnett presides over the case. Craig M. Geno, Esq. at Law Offices Of Craig M. Geno, PLLC represents the Debtor as counsel. RAPID7 INC: Inks Cooperation Agreement with JANA ------------------------------------------------ Rapid7, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on March 21, 2025, the Company entered into a Cooperation Agreement with JANA Partners Management, LP. In accordance with the Cooperation Agreement and the Company's Amended and Restated Bylaws, the Company agreed to (i) expand the size of the Board from eight (8) to eleven (11) directors, and (ii) appoint, effective no later than April 15, 2025, each of (A) Wael Mohamed and (B) Michael Burns to serve as an independent director of the Company's board of directors who will stand for election at the Company's 2025 annual meeting of stockholders. Pursuant to the terms of the Cooperation Agreement, promptly upon written request from JANA, the Board will appoint Kevin Galligan (together with Mr. Mohamed and Mr. Burns, to serve as an independent director of the Board who will stand for election at the 2025 Annual Meeting. The Company also agreed that the vacancies resulting from the increase in the size of the Board may only be filled by the Agreed Nominees and by no other person(s), and (ii) the appointment of Mr. Galligan will occur (and such request from JANA will be sent) no later than 45 business days following March 21, 2025. The Agreed Nominees will be included in the Company's slate of nominees for election as directors at the 2025 Annual Meeting. The Company has agreed that, following the appointment of the Agreed Nominees, the Company will not increase the size of the Board above twelve (12) directors prior to the Termination Date. If (A) Mr. Galligan resigns or otherwise vacates his role as a director at any time from the date of the Cooperation Agreement until the Termination Date, then JANA will have the right to designate a replacement candidate that meets the criteria set forth in the Cooperation Agreement and is reasonably acceptable to the Board, and (B) Mr. Burns resigns or otherwise vacates his role as a director at any time from the date of the Cooperation Agreement until the Termination Date, then the Company and JANA will mutually agree on a replacement director, in each case provided JANA still beneficially owns an aggregate net long position of at least 2% (as adjusted for stock splits, stock dividends, reverse stock splits and similar events) of the Company's outstanding common stock,. Concurrently with the appointments of the Agreed Nominees, Mr. Galligan shall be appointed to the Compensation Committee of the Board and Mr. Burns shall be appointed to the Audit Committee of the Board. The Board has agreed to give the Agreed Nominees the same due consideration for membership on any committee of the Board as any other independent director with similar relevant expertise and qualifications, including any new committee(s) and subcommittee(s) that may be established. The Cooperation Agreement also contains customary mutual non-disparagement provisions. Each party's obligations under the respective non-disparagement provisions of the Cooperation Agreement will terminate immediately upon any breach by the other party of its non-disparagement obligations. Pursuant to the Cooperation Agreement, JANA may not, directly or indirectly, acquire beneficial or other ownership of more than 14.9% of the shares of the Company's outstanding common stock, without the prior written consent of the Board. Additionally, JANA will vote all shares of the Company's common stock beneficially owned by it and over which it has direct or indirect voting power at any annual or special meeting of the Company's stockholders (prior to the Termination Date) (i) in favor of the following persons for election as directors of the Company and no other person(s): the Agreed Nominees, Corey E. Thomas, Michael J. Berry, Marc Brown, Judy Bruner, Benjamin Holzman, J. Benjamin Nye, Thomas Schodorf and Reeny Sodhi and (ii) in accordance with the Board's recommendations with respect to (a) the election, removal or replacement of directors of the Company to the extent such recommendations are made in accordance with clause (i), and (b) any other proposal submitted to shareholders; provided, however, that in the event that Institutional Shareholder Services Inc. ("ISS") or Glass Lewis & Co., LLC ("Glass Lewis") recommends otherwise with respect to any proposals (other than the election of the persons named in clause (i)), JANA will be permitted to vote in accordance with the ISS or Glass Lewis recommendation; provided, further, that JANA will be permitted to vote in its sole discretion with respect to an extraordinary transaction and matters related to the implementation of takeover defenses. Pursuant to the Cooperation Agreement, Mr. Galligan will submit an irrevocable resignation letter (the "Irrevocable Resignation Letter") resigning as a director of the Company effective only upon, and subject to, the occurrence of a material breach by JANA of certain of its obligations under the Irrevocable Resignation Letter. Unless otherwise mutually agreed to in writing by each party, the Cooperation Agreement will terminate upon the earlier of (i) the date that is thirty (30) calendar days prior to the beginning of the Company's advance notice period for the nomination of directors at the 2026 annual meeting of the Company's stockholders, and (ii) January 9, 2026. Effective March 21, 2025, the Board increased the size of the Board from eight (8) to eleven (11) directors and appointed each of Mr. Mohamed and Mr. Burns as directors, effective no later than April 15, 2025. Additionally, the Board approved the appointment of Mr. Galligan as a director contingent upon receipt of a written request from JANA pursuant to the Cooperation Agreement, effective no later than 45 business days following March 21, 2025. Mr. Mohamed has a unique combination of cybersecurity, digital transformation, and executive leadership expertise, which has enabled him to be a go-to advisor for boards and executives for more than 30 years. Mr. Mohamed is the co-founder and Managing General Partner of Global Forward Capital. Prior to that, Mr. Mohamed was an Operating Partner at Advent International and became the CEO of Forescout, an Advent International portfolio company. He previously served as President & COO and board member of Trend Micro Group. Mr. Mohamed received a Bachelor of Computer Science from Dalhousie University and the Executive Corporate Director Certificate from Harvard Business School. The Board does not anticipate appointing Mr. Mohamed to any Board committees upon his appointment. Mr. Burns has more than 25 years of senior leadership experience in finance and operations with high-growth public technology companies. Most recently, Mr. Burns served as Chief Financial Officer of Imperva, Inc. Previously he served as CFO of Gigamon as well as CFO of Volterra Semiconductor. Earlier in his career, Mr. Burns held senior finance roles at Intel Corporation. He earned his A.B. in Economics and M.S. in Industrial Engineering from Stanford University, and his MBA from the UC Berkeley Haas School of Business. Upon his appointment to the Board, Mr. Burns will sit on the Audit Committee of the Board. Mr. Galligan has 18 years of experience investing in companies and driving shareholder value. He is a Partner and Director of Research at JANA Partners, an investment firm specializing in enhancing shareholder value. Mr. Galligan joined JANA Partners in 2011 from Kohlberg Kravis Roberts & Company where he was a Principal in the North American Private Equity Group. Prior to that, he worked in the Mergers & Acquisitions Advisory Division of The Blackstone Group. Mr. Galligan holds a B.A. in Economics from Columbia University. Upon his appointment to the Board, Mr. Galligan will sit on the Compensation Committee of the Board. Messrs. Mohamed, Burns and Galligan will be appointed to the Board pursuant to the Cooperation Agreement. Additionally, based only on the Schedule 13D filed by JANA and Mr. Burns with the Securities and Exchange Commission ("SEC") on March 13, 2025, the Company understands and hereby discloses that Mr. Burns entered into a nomination agreement with JANA, dated as of March 11, 2025 (the "Nominee Agreement") pursuant to which Mr. Burns agreed, upon the election of JANA, to become a member of a slate of nominees and to stand for election as a director of the Company at the 2025 Annual Meeting. Pursuant to the Nominee Agreement, JANA has agreed to pay the costs of soliciting proxies in connection with the 2025 Annual Meeting, and to defend and indemnify Mr. Burns against, and with respect to, any losses that may be incurred by Mr. Burns in the event he becomes a party to litigation based on his nomination as a candidate for election to the Board and the solicitation of proxies in support of his election. Mr. Burns received compensation under the Nominee Agreement in the amount of $50,000. Pursuant to the Nominee Agreement, in the event Mr. Burns was elected to the Board in a contested election, he would have been entitled to receive from JANA an additional $150,000 and would have been required to hold shares of the Company's common stock with a market value equal to $200,000 (adjusted for taxes) as of the date of his election (subject to certain exceptions), until the later of when he is no longer a director of the Company and three years from the date of his appointment (subject to certain exceptions). The Nominee Agreement terminated upon the execution of the Cooperation Agreement. Each Agreed Nominee, upon his respective appointment to the Board, will receive compensation consistent with the Company's compensation program for non-employee directors, as described in the Company's proxy statement, filed with the SEC on April 19, 2024. It is anticipated that Mr. Galligan will assign all of his compensation received for his service as a director to JANA. The effective date of appointment of each Agreed Nominee has not yet been determined. The Company will file an amendment to this Form 8-K to announce the effective date of such Agreed Nominee's appointment promptly upon its determination. The Company is represented by: Anthony F. Vernace, Esq. William J. Allen, Esq. Simpson Thacher & Bartlett LLP 425 Lexington Avenue New York, NY 10017 Email: avernace@stblaw.com william.allen@stblaw.com JANA may be reached at: Jennifer Fanjiang JANA Partners Management, LP 888 7th Avenue, 24th Floor New York, New York 10106 E-mail: legal@janapartners.com JANA is represented by: Ele Klein, Esq. Brandon Gold, Esq. Daniel Goldstein, Esq. Schulte Roth & Zabel LLP 919 Third Avenue New York, NY 10022 E-mail: Eleazer.Klein@srz.com Brandon.Gold@srz.com Daniel.Goldstein@srz.com About Rapid7 Inc. Rapid7, Inc. (Nasdaq: RPD) provides cybersecurity services. Rapid7 reported a net loss of $149.26 million for the year ended December 31, 2023, compared to a net loss of $124.7 million for the year ended December 31, 2022. As of June 30, 2024, Rapid7 had $1.5 billion in total assets, $1.6 billion in total liabilities, and $52.9 million in total stockholders' deficit. * * * Egan-Jones Ratings Company on October 10, 2023, maintained its 'CC' foreign currency and local currency senior unsecured ratings on debt issued by Rapid7, Inc. RAPID7 INC: JANA Partners Holds 6% Equity Stake ----------------------------------------------- JANA Partners Management, LP, disclosed in an Amendment No. 3 of a Schedule 13D filing with the U.S. Securities and Exchange Commission that as of March 21, 2025, it beneficially owns 3,867,463 shares of Rapid7, Inc.'s common stock, representing 6.0% of the 63,968,853 shares outstanding as of February 25, 2025. JANA is represented by: Ele Klein, Esq. Adriana Schwartz, Esq. Schulte Roth & Zabel LLP 919 Third Avenue New York, NY, 10022 Tel: 212-756-2000 About Rapid7 Inc. Rapid7, Inc. (Nasdaq: RPD) provides cybersecurity services. Rapid7 reported a net loss of $149.26 million for the year ended December 31, 2023, compared to a net loss of $124.7 million for the year ended December 31, 2022. As of June 30, 2024, Rapid7 had $1.5 billion in total assets, $1.6 billion in total liabilities, and $52.9 million in total stockholders' deficit. * * * Egan-Jones Ratings Company on October 10, 2023, maintained its 'CC' foreign currency and local currency senior unsecured ratings on debt issued by Rapid7, Inc. RAZEL & RUZTIN: PCO Reports Patient Care Complaints --------------------------------------------------- Blanca Castro, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of California a report regarding the quality of patient care provided at Razel & Ruztin LLC's assisted care living facility. The local Long-Term Care Ombudsman (LTCO) visited the facility on January 10 and 30. During these visits, the LTCO met with residents and staff. The facility is licensed for 72 beds and had a census of 51, with 30 residents in assisted living and 21 residents in the memory care wing, at the time of last visit. The ombudsman cited that problems remain in the following areas despite meetings with Razel & Ruztin's counsel, the facility owner, facility management and staff: * Call buttons for care assistance are unanswered. * Call buttons are non-functional and need to be replaced. * Basic personal hygiene is not provided, such as baths for residents who are unable to bathe themselves, and finger and toenails are dangerously long and dirty, which can lead to infections. The LTCO Program staff expressed their disappointment that the owners and facility management continue to ignore their duty and respect the residents' rights, which are protected under California Code of Regulations, Title 22, section 87464, State licensing regulations and Admissions. They will continue advocating for the older adults who are residents at Walnut Creek Willows Residential Care Facility until residents are satisfied that the problems have been resolved. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=9qu3lb from PacerMonitor.com. The ombudsman may be reached at: Blanca Castro 2880 Gateway Oaks Dr., Ste. 200 Sacramento, CA 95833 Telephone: (916) 928-2500 Email: blanca.castro@aging.ca.gov About Razel & Ruztin Razel & Ruztin, LLC, doing business as Walnut Creek Willows, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Calif. Case No. 24-41003) on July 9, 2024, listing up to $50,000 in assets and up to $1 million in liabilities. Judge Charles Novack presides over the case. Arasto Farsad, Esq., at Farsad Law Office, P.C. serves as the Debtor's bankruptcy counsel. Blanca Castro is the patient care ombudsman appointed in the Debtor's cases. RED RIVER: Court Rejects J&J's Plan to End Talc Cancer Claims ------------------------------------------------------------- Steven Church and Jonathan Randles of Bloomberg News report that a federal judge has denied Johnson & Johnson's third attempt to use bankruptcy to create a multibillion-dollar trust fund for women claiming they developed cancer from the company’s baby powder and other allegedly contaminated products. On Monday, U.S. Bankruptcy Judge Christopher Lopez dismissed the bankruptcy case of Red River Talc, a J&J subsidiary, after a two-week trial in Houston, ruling that the voting process among cancer victims was flawed. "The Court could theoretically deny dismissal, require a new disclosure statement, require re-solicitation under court supervision with an opt-in/opt-out feature for the third-party releases,and require some changes to the plan -- including language ensuring the plan is insurance neutral. But that will not work here. "The record is clear on a few points. The prepetition voting and solicitation history and related issues raised serious questions about whether this case should have started based on the 75% threshold requirement stated in the disclosure statement. The nonconsensual third-party releases and channeling injunction are also integral to J&J's willingness to put $9 billion on the table. Red River's expert witness and its Chief Legal Officer also confirmed that the plan is not feasible without including retailers in the channeling injunction. The plan was heavily negotiated, achieves potential finality, and enjoys significant support. But it cannot be confirmed. "Red River would face the prospect of having to construct a new chapter 11 plan from a post-Harrington v. Purdue perspective and consistent with Fifth Circuit law. The prepackaged plan estimated all claims at $1 for voting purposes, which would need to be changed in another plan. There is also a Court-ordered stay of talc-related lawsuits against nondebtors (like retailers) that will soon expire and objections to retaining virtually every professional—including counsel to the Official Committee of Talc Claimants. "Creditors have been stayed from litigating in the tort system during the pendency of three bankruptcy cases. J&J and Red River will also not obtain finality through plan confirmation. And voters may unfortunately continue to die while all of this gets sorted out. J&J pays all the administrative costs and the legal fees of counsel supporting the plan. There is no guarantee J&J will fund material fights on the horizon. It does not have to fund. And that is understandable. But it is what also makes this divisional merger case so different from other mass tort bankruptcy cases. There is no real company or jobs to save here. This case is about whether voters will accept a deal. Obtaining 75% of the vote from the talc class was essential. It is never easy, but it is what Congress mandated. This case is different. It is not like Boy Scouts, Purdue Pharma, or Imerys. "In the end, based on the Court's on-the-spot evaluation, the prepetition voting and solicitation issues, the denial of plan confirmation, and the unique nature of this divisional merger case, there is cause to dismiss this case. There is not any one individual factor that requires this result. It is all of them together that require the Court to dismiss this case. "The latest version of the Red River plan contemplated an out-of-court deal if plan confirmation was overturned on appeal. While all required contingencies will not occur, the Court hopes that J&J, Red River, and some claimants obtain the closure they seek," Judge Lopez said in a Memorandum Decision and Order, a full-text copy of which is available at https://tinyurl.com/2jpwbxuf About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day, issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. Claimants must cast their vote to accept or reject the Plan by 4:00 p.m. (Central Time) on July 26, 2024. A solicitation package may be requested at www.OfficialTalcClaims.com or by calling 1-888-431-4056. If the Plan is accepted by at least 75% of voters, a bankruptcy may be filed under the case name In re: Red River Talc LLC in a bankruptcy court in Texas or in the bankruptcy court of another jurisdiction. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. REMEMBER ME: Seeks to Hire Coulter & Justus P.C. as Accountant -------------------------------------------------------------- Remember Me Senior Care, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to employ Coulter & Justus, P.C. as accountant. The firm will provide tax preparation services to the Debtors. The firm will be paid at the rate of $250 per hour, and will be reimbursed for reasonable out-of-pocket expenses incurred. Bill Butler, a partner at Coulter & Justus, 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: Bill Butler Coulter & Justus, P.C. 9717 Cogdill Rd, Suite 201 Knoxville, TN 37932 Tel: (865) 637-4161 About Remember Me Senior Care, LLC Remember Me Senior Care, LLC, a company in Cleveland, Tenn., offers personalized assisted living and memory care services in a homelike environment. The facility provides a range of services, including help with daily activities, medication management, and specialized care for those with Alzheimer's or other dementias. Remember Me Senior Care sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-10451) on February 18, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $10 million and $50 million in liabilities. Judge Nicholas W. Whittenburg oversees the case. The Debtor is represented by: Jeffrey W. Maddux, Esq. Chambliss, Bahner & Stophel P.C. Liberty Tower 605 Chestnut Street, Ste. 1700 Chattanooga, TN 37450 Tel: (423) 757-0296 Fax: (423) 508-1296 Email: jmaddux@chamblisslaw.com REVOLUTION AUTO: Greta Brouphy Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Greta Brouphy, Esq., at Heller Draper & Horn, LLC as Subchapter V trustee for Revolution Auto Brokers, L.L.C. Ms. Brouphy will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Brouphy declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Greta M. Brouphy Heller Draper & Horn, LLC 650 Poydras St., Ste. 2500 New Orleans, LA 70130-6175 Telephone: 504-299-3300-; Fax 504-299-33 Email: gbrouphy@hellerdraper.com About Revolution Auto Brokers Revolution Auto Brokers, L.L.C. filed Chapter 11 bankruptcy petition (Bankr. E.D. La. Case No. 25-10403) on March 6, 2025, with up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Meredith S. Grabill oversees the case. The Debtor tapped Sternberg, Naccari & White, LLC as legal counsel. ROCK MEDICAL: Trustee Taps Creative Planning as Investment Banker ----------------------------------------------------------------- Brent King, the duly appointed Chapter 11 Trustee of Rock Medical Group, LLC, received approval from the U.S. Bankruptcy Court for the District of Nebraska to hire Creative Planning Business Alliance, LLC as investment banker. The firm will render these services: a. prepare marketing materials and a data room to present to prospective purchasers of the business and/or its assets; b. contact prospective purchasers and market the business and/or its assets; and c. manage the due diligence and closing process in the event a successful transaction closes. The firm will be paid at these rates: Charlier Mosher $375 per hour Dan Turnquist $475 per hour Keith Carpenter $475 per hour The firm received an initial fee of $10,000. Upon the firm's completion and success of the sale of assets, Creative shall be paid up to 5 percent of all purchase price of the assets sold. The firm will be entitled to reimbursement for all of its reasonable out-of-pocket expenses. As disclosed in the court filings, Creative is a "disinterested person" as that term is defined in Code Sec 101(14). The firm can be reached through: Keith Carpenter Creative Planning Business Alliance, LLC 3800 American Boulevard West, Suite 1000 Bloomington, MN 55431 Tel: (952) 563-6800 About Rock Medical Group Rock Medical Group, LLC is a solution-focused medical staffing agency offering medical staffing solutions for hospitals, long term care facilities, specialty nursing units, hospice care, memory care, rehabilitation facilities, surgical centers, and allied services. Rock Medical Group filed Chapter 11 petition (Bankr. D. Neb. Case No. 24-81090) on November 27, 2024, with up to $1 million in assets and up to $10 million in liabilities. Loren Rock, managing member and owner, signed the petition. Judge Thomas L. Saladino oversees the case. Patrick R. Turner, Esq., at Turner Legal Group, LLC, represents the Debtor as bankruptcy counsel. ROMAN BUILDERS: Hires Susan D. Lasky PA as Legal Counsel -------------------------------------------------------- Roman Builders, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Susan D. Lasky, PA as legal counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the continued management of its financial affairs; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a Plan. The firm will be paid at these rates: Susan Lasky, Attorney $500 per hour Paralegal $250 per hour The firm holds a retainer of $5,000. In addition, the firm will seek reimbursement for expenses incurred. Ms. Lasky 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: Susan D. Lasky, Esq. 320 S.E. 18th St. Ft. Lauderdale, FL 33316 Telephone: (954) 400-7474 Email: Sue@SueLasky.com 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., at SUSAN D. LASKY, PA. RVFW LLC: Seeks to Hire Husch Blackwell LLP as Counsel ------------------------------------------------------ RVFW LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Husch Blackwell LLP as counsel. The firm will provide these services: a. provide legal advice with respect to the Debtors' powers and duties as debtors-in-possession; b. take all necessary action to protect and preserve the Debtors' estate; c. prepare on behalf of the Debtors all necessary motions, answers, orders, objections, and other legal papers in connection with the administration of their estates herein; d. assist the Debtors in preparing for and filing a joint Subchapter V plan; e. represent the Debtors in connection with the administration of the Debtors' estates; f. perform any and all other legal services for the Debtors in connection with the Chapter 11 case; g. appear before this Court, any appellate courts, and the United States Trustee and protect the interests of the Debtors' estates before those Courts and the United States Trustee; and h. perform such legal services as the Debtors may request with respect to any matter. The firm will be paid at these rates: Partners $375 to $1,250 per hour Paraprofessionals $225 to $500 per hour The firm received a retainer in the amount of $50,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Buffey E. Klein, Esq., a partner at Husch Blackwell 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: Buffey E. Klein, Esq. Husch Blackwell LLP 1900 N. Pearl Street, Suite 1800 Dallas, TX 75201 Tel: (214) 999-6100 Fax: (214) 888-6170 Email: buffey.klein@huschblackwell.com About RVFW LLC RVFW LLC is the owner of Eden Ranch, a master-planned community located in Flower Mound, Texas, designed to reconnect families with nature, health, and their neighbors. The Community spans over 300 acres and offers upscale living with a focus on sustainability. It includes a range of amenities such as gardens, orchards, and vineyards, where residents can grow their own food, and it promotes a low-impact, organic lifestyle. The ranch is dedicated to high-quality, locally produced food, and its design incorporates elements like rotating gourmet crops and eco-friendly farming practices. RVFW LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-40609) on March 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Buffey E. Klein, Esq., at HUSCH BLACKWELL LLP. RVR DEALERSHIP: Moody's Cuts CFR to Caa1 & Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings downgraded RVR Dealership Holdings, LLC's ("RV Retailer") corporate family rating to Caa1 from B3, its probability of default rating to Caa1-PD from B3-PD and its senior secured term loan B rating to Caa1 from B3. The outlook has been changed to stable from negative. The downgrades reflect RV Retailer's very high lease-adjusted debt/EBITDA of about 18x as of September 30, 2024 with year-end 2024 estimated at about 11x as well as low EBIT/interest coverage of about 0.4x as of September 30, 2024 with year-end 2024 estimated at about 0.9x. Going forward, Moody's expects growth in new and used RV units sold as well as margins to continue to improve, but the pace of improvement to be constrained by the difficult consumer spending environment. Moody's expects higher-end consumer demand to be impacted, particularly in light of tariff and inflation uncertainty, persistently depressed consumer confidence as well as the potential for consumer financing rates to remain higher for longer. RV Retailer relies on higher-end consumer demand for its sales of high-priced, premium RVs. RATINGS RATIONALE RV Retailer's Caa1 CFR reflects Moody's views that business conditions for RV retailing will remain challenging over the next 12-18 months as well as the highly cyclical nature of RV demand, especially for RV Retailer given its focus on selling high-end RVs. Over the next 12-18 months, Moody's expects modest improvement in credit metrics, but lease-adjusted debt/EBITDA will remain high and in the low-to-mid 10x range with EBIT/interest coverage of 0.9x-1.1x reflecting the challenging consumer spending environment which Moody's expects will constrain the higher-end consumer. The rating is supported by RV Retailer's solid market share as the second largest RV Retailer in a highly fragmented segment and its diversified revenue streams between new and used vehicles, finance & insurance and parts & service. The rating is also supported by the fact that RV Retailer's nearest debt maturity is more than two years away as its $100 million revolving credit facility and $900 million floor plan facility expire in February 2028 and its $800 million senior secured term loan (about $766 million outstanding) comes due in February 2028. However, the floor plan and revolver spring forward to November 2027 in the event the term loan is not refinanced by this date. The stable outlook reflects that the current ratings appropriately reflect the company's expected performance, including Moody's expectations for relatively good performance overall through Q1 2025, modestly improving credit metrics, adequate liquidity, and estimated recovery rate. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if earnings performance does not continue to improve as expected or liquidity weakens for any reason, including if the company demonstrates persistent negative free cash flow or if estimated recoveries decline. The ratings could also be downgraded should the likelihood of default increase for any reason. The ratings could be upgraded if operating performance improves such that EBIT/interest expense is sustained above 1.0x, lease-adjusted debt/EBITDA is maintained below 7.5x and free cash flow is sustained while at least adequate liquidity is achieved. Headquartered in Florida, RV Retailer operates 99 dealerships across 33 states with a significant presence in Texas. The company does business under the Blue Compass RV brand and is among the top two RV dealership groups in the US. For the LTM period ending September 30, 2024, revenue was approximately $2.4 billion. The company is majority owned by Redwood Holdings. The principal methodology used in these ratings was Retail and Apparel published in November 2023. SAMYS OC: Seeks to Extend Plan Exclusivity to June 12 ----------------------------------------------------- Samys OC, LLC ("SOCL") asked the U.S. Bankruptcy Court for the District of Kansas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to June 12 and August 12, 2025, respectively. The Debtor claims that this Case is a complex bankruptcy case. SOCL's scheduled debt exceeds $10,000,000.00 with a majority of that debt being listed as secured. There are also four different restaurants operating with numerous employees. The financial aspects of that operations will take some time to work through various issues involved with SOCL's attempt at reorganization. Additionally, the prepetition litigation between the two members of SOCL, Amro M. Samy and Cairo of Western Kansas, LLC will impact the nature and extent of any claim Cairo might maintain in this Case, along with SOII's and AWC's cases. The prepetition litigation was removed to the United District Court for the District of Kansas in December 2024, but was only referred to the Bankruptcy Court in early February 2025. So it will take some time for that underlying litigation to proceed. The Debtor anticipates its reorganization plan will include (a) the contribution of equity into a reorganized SOCL, or (b) the sale of all SOCL's assets to a new company for sufficient cash to pay the administrative expenses of SOCL's bankruptcy case and allow for a distribution to SOCL's general unsecured claims, along with the assumption of reorganized debt obligations the new company intends to pay over time. These are complex bankruptcy reorganization concepts, which require extension negotiations with each option and with SOCL's creditors who are most directly impacted by each of these different courses of action. The Debtor states that it begun conducting a comprehensive review and analysis of the claims to identify particular categories of proofs of claim that may be targeted for disallowance and expungement, reduction and allowance, or reclassification. Termination of the Exclusive Periods would cause the possibility of competing plans and a contentious confirmation process resulting in increased administrative expenses and, diminishing returns to SOCL's creditors. The Debtor asserts that it primarily requests an extension of the Exclusive Periods in order to provide sufficient time after the Court's decision on the HLF Employment Application to determine the best course of action. The Debtor further asserts that it does not seek to extend the Exclusive Periods to put pressure on any creditor into agreeing to the terms of any proposed plan treatment. As a matter of fact, SOCL has made no such demands and has generally been able to amicably negotiate terms with its creditors to facilitate it progress through this Case. And SOCL only seeks an approximately 90-day extension of the Exclusive Periods, which would not extend this Chapter 11 proceeding significantly. About Samys OC LLC Samys OC, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kansas Case No. 24-11166) on Nov. 14, 2024, listing up to $50,000 in assets and $10 million to $50 million in liabilities. The petition was signed by Amro M. Samy as managing member. Judge Mitchell L Herren presides over the case. The Debtor is represented by: Lora J Smith, Esq. Hinkle Law Firm Tel: 316-267-2000 Email: lsmith@hinklaw.com Nicholas R Grillot Hinkle Law Firm, L.L.C. Tel: 316-267-2000 Email: ngrillot@hinklaw.com SCANROCK OIL: Royalty Committee's Bid Paused in Chapter 11 ---------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that a Texas bankruptcy judge ruled on Monday, March 31, 2025, that a committee for mineral rights owners in Scanrock Oil & Gas Inc.'s Chapter 11 case is not necessary at this stage, but he will review the request again at a later time. 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. SEDALIA AESTHETICS: Hires Kempton & Russell as Special Counsel -------------------------------------------------------------- Sedalia Aesthetics, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to employ Kempton & Russell, LLC, as special counsel. The firm will represent the Debtor in its claim against Jerred Mann, JKM Sedalia Aesthetics, LLC, and potentially others, for tortious interference, fraud, civil conspiracy, theft, conversion, and/or violation of Missouri’s Uniform Trade Secrets Act, arising out of incidents that occurred between February, 2024, and April, 2024. The firm will receive compensation equal to 40 percent of the gross amount recovered for any claim. T. Brody Kempton, Esq., an associate at Kempton & Russell, LLC, disclosed in the court filings that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: T. Brody Kempton, Esq. Kempton & Russell, LLC Sedalia Personal Injury Lawyer 114 East 5th Street, PO BOX 815 Sedalia, MO 65301 Tel: (660) 722-4115 About Sedalia Aesthetics Sedalia Aesthetics, LLC, doing business as The Beauty Bar, The Beauty Bar of Jefferson City, and The Beauty Bar of Marshall, is the owner of a building located at 9 North Lafayette, Marshall, Mo., valued at $110,000. Sedalia Aesthetics sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 24-20453) on Oct. 21, 2024, with total assets of $311,684 and total liabilities of $3,017,192. Michelle Bassett, managing member, signed the petition. Judge Cynthia A. Norton oversees the case. The Debtor is represented by Erlene W. Krigel, Esq., at Krigel Nugent + Moore, P.C. SEQUOIA HEALTHCARE: LRFC Marks $11M 1L Secured Debt at 62% Off -------------------------------------------------------------- Logan Ridge Finance Corp. has marked its $11,935,000 loan extended to Sequoia Healthcare Management LLC to market at $4,529,000 or 38% of the outstanding amount, according to LRFC's Form 10-K for the fiscal year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission. LRFC is a participant in a First Lien Senior Secured Debt to Sequoia Healthcare Management LLC. The debt accrues interest at a rate of zero percent per annum. The debt was scheduled to mature on November 4, 2023. LRFC said the loan is a "Non-accrual investment." LRFC is an externally managed non-diversified closed-end management investment company incorporated in Maryland that has elected to be regulated as a business development company under the Investment Company Act of 1940. It is managed by Mount Logan Management LLC, an investment adviser that is registered as an investment adviser under the Investment Advisers Act of 1940, and BC Partners Management LLC, which provides the administrative services necessary for it to operate. LRFC may invest in first lien loans, which have a first priority security interest in all or some of the borrower's assets. In addition, its first lien loans may include positions in "stretch" senior secured loans, also referred to as "unitranche" loans, which combine characteristics of traditional first lien senior secured loans and second lien loans, providing it with greater influence and security in the primary collateral of a borrower and potentially mitigating loss of principal should a borrower default. LRFC may also invest in second lien loans, which have a second priority security interest in all or substantially all of the borrower's assets. In addition to debt securities, it may acquire equity or detachable equity-related interests (including warrants) from a borrower. It also intends to target investments that mature in four to six years from its investment. The Fund is led by Ted Goldthorpe as chief executive officer and president; Brandon Satoren as chief financial officer, and Alexander Duka as director. The company can be reached through: Logan Ridge Finance Corp. 650 Madison Avenue, 3rd Floor New York, NY 10022 Telephone: (212) 891-2880 About Sequoia Healthcare Management LLC Sequoia Healthcare Management is a provider of healthcare and hospital management services. The company owns and manages three hospitals in the Northeast, specializing in skilled nursing facilities. SHIELDCOAT TECHNOLOGIES: Taps Lane Law Firm PLLC as Legal Counsel ----------------------------------------------------------------- Shieldcoat Technologies, Inc. asked the U.S. Bankruptcy Court for the Eastern District of Texas to hire The Lane Law Firm, PLLC as attorneys. The firm will render these services: (a) assist, advise and represent the Debtor relative to the administration of the Chapter 11 case; (b) assist, advise and represent the Debtor in analyzing its assets and liabilities, investigate the extent and validity of lien and claims, and participate in and review any proposed asset sales or dispositions; (c) attend meetings and negotiate with the representatives of the secured creditors; (d) assist the Debtor in the preparation, analysis and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; (e) take all necessary action to protect and preserve the interests of the Debtor; (f) appear, as appropriate, before this court, the appellate courts, and other courts in which matters may be heard and protect the interests of Debtor before said courts and the United States Trustee; and (g) perform all other necessary legal services in this case. The firm's counsel will be paid at these hourly rates: Robert Lane, Partner $595 Associate Attorney $500 Paralegals $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received payments for its retainer from the Debtor in the amount of $35,000 on multiple dates from Oct. 22, 2024 through Dec. 20, 2024, for financial advice and representation of the Debtor. Mr. Lane 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: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 Email: notifications@lanelaw.com About Shieldcoat Technologies Inc. Shieldcoat Technologies, Inc. dba Cybershield, specializes in metallized plastic solutions, offering services such as EMI/RFI shielding, ESD control, chrome plating, and military specification (Mil-Spec) coatings, including CARC coatings. The Company provides electroless and electroplating services, conductive paint applications, and FIP gaskets for various industries, including consumer electronics, telecommunications, industrial equipment, medical devices, and military/aerospace sectors. Additionally, Cybershield offers value-added services such as injection molding, mechanical assembly, and other manufacturing support to streamline production and improve supply chain efficiency. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Texas Case No. 25-90067) on March 7, 2025. In the petition signed by Bobby J. Marshal, chief executive officer, the Debtor disclosed $824,621 in assets and $3,005,698 in liabilities. Judge Joshua P Searcy oversees the case. Robert C Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. SIYATA MOBILE: Core Partners With Fire Rhino for Casual Gaming R&D ------------------------------------------------------------------ Siyata Mobile Inc. announced that Core Gaming, Inc., with whom it recently signed a definitive merger agreement, has entered into an arrangement with Fire Rhino Studios. The arrangement will see Core Gaming and Fire Rhino collaborate on a research and development initiative to create and market games in the niche market of casual gaming. Fire Rhino is a studio specializing in casual puzzle games. Known for its innovative design and extensive expertise, it has achieved significant success in card and sorting games. Fire Rhino has made a name for itself with standout titles that include Solitaire Aces and Block Sort Temple. Aitan Zacharin, CEO of Core Gaming, to this added, "We are pleased to announce our arrangement with Fire Rhino, a top tier studio that has a reputation for crafting gaming experiences that are both entertaining and thought-provoking. By combining fun gameplay with strategic depth we intend to launch new titles that will challenge players to think critically while having a great time. We look forward to a successful arrangement and producing fresh and engaging games." The previously announced merger agreement with Core Gaming is still pending regulatory approvals and the fulfillment of customary closing conditions. About Core Gaming, Inc. Core Gaming, Inc. is an international AI driven mobile gaming developer and publisher headquartered in Miami, Florida. The Company creates entertaining games for millions of players worldwide, while empowering other developers to deliver player-focused apps and games to enthusiasts. About Siyata Mobile British Columbia, Canada-based Siyata Mobile Inc. is a B2B global developer and vendor of next-generation Push-To-Talk over Cellular handsets and accessories. Its portfolio of rugged PTT handsets and accessories enables first responders and enterprise workers to instantly communicate over a nationwide cellular network of choice, to increase situational awareness and save lives. Police, fire, and ambulance organizations as well as schools, utilities, security companies, hospitals, waste management companies, resorts and many other organizations use Siyata PTT handsets and accessories. In its report dated April 3, 2024, the Company's auditor Barzily and Co., issued a "going concern" qualification citing that the Company has suffered recurring losses from operations, high accumulated losses, outstanding bank loan and an outstanding balance in respect of the sale of future receipts, that raise substantial doubt about its ability to continue as a going concern. The Company incurred a net loss of $12,931,794 during the year ended Dec. 31, 2023 (2022 - net loss of $15,299,251), and, as of that date, the Company's total deficit was $90,750,457 (2022 - $77,818,663). As Dec. 31, 2023, the Company had outstanding bank loan of $89,298 and an outstanding balance in respect of the sale of future receipts of $1,467,899. According to Siyata, its ability to continue as a going concern depends on the successful implementation of its business plan, its current cash flows, and its ability to secure additional debt or equity financing, all of which remain uncertain. SMITH HEALTH: No Resident Care Concern, 2nd PCO Report Says ----------------------------------------------------------- Margaret Barajas, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Middle District of Pennsylvania her second report regarding the quality of patient care provided by Smith Health Care, LTD. The ombudsman observed that an activities calendar is posted with appropriate activities. Snacks are available to residents. The facility and resident rooms appear clean and odor-free. Call bells are within reach and answered promptly. On January 8, Nursing Home Administrator Tammy Preston reported the food vendor was discontinuing service because of the bankruptcy but that they were not happy with that vendor, regardless. The NHA indicates she and her sister will be purchasing food in bulk on their own and will do so until they have a new vendor in place. During the site visit on March 4, housekeeping staff was seen busy cleaning rooms. The ombudsman observed 10 staff during their visit. A sign with incorrect ombudsman phone contact information has been corrected. Moreover, no recent cases have been opened by the local ombudsman for residents, who have seemed generally satisfied with their quality of care. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=tVqMBZ from PacerMonitor.com. About Smith Health Care Ltd. Smith Health Care Ltd., formerly known as Smith Nursing and Convalescent Home of Mountain Top, Inc., provides inpatient nursing and rehabilitative services to patients who require continuous health care. It is based in Mountain Top, Pa. Smith Health Care filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 24-02892) on November 7, 2024, with $1 million to $10 million in both assets and liabilities. Donna Strittmatter, president of Smith Health Care, signed the petition. Judge Mark J. Conway handles the case. The Debtor is represented by Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky, PC. Margaret Barajas is the patient care ombudsman appointed in the Debtor's case. SPIRIT AIRLINES: Inks Indemnification Agreement with Directors -------------------------------------------------------------- The Board of Directors of Spirit Airlines, Inc., appointed Edward M. Christie, III, Robert A. Milton, David N. Siegel, Timothy Bernlohr, Eugene I. Davis, Andrea Fischer Newman and Radha Tilton to the Board on the Effective Date. As of March 13, 2025, the Board had not yet determined Board committee assignments for any of the Appointees, Spirit Aviation Holdings, Inc., disclosed in a Form 8-K filing with the U.S. Securities and Exchange Commission. The current members of the Company's Audit and Risk Management committee are Eugene I. Davis, Timothy Bernlohr and Radha Tilton. The Board has not yet confirmed the composition of the Compensation, Strategy and Finance, and Nominating and Corporate Governance committees. On March 18, 2025, the Board approved a form of indemnification agreement to be entered into by members of the Board and certain of the Company's executive officers. The Indemnification Agreement provides for, among other things, the mandatory advancement and reimbursement of reasonable expenses (subject to limited exceptions) incurred by indemnitees in various legal proceedings in which they may be involved by reason of their service as directors or officers, as applicable, as permitted by Delaware law, and the Company’s amended and restated certificate of incorporation and bylaws. Each of the Company’s executive officers and directors has entered or will enter into an Indemnification Agreement. Spirit Aviation Holdings, Inc., is the successor issuer to Spirit Airlines, Inc., following Spirit Airlines' emergence from Chapter 11 bankruptcy. About Spirit Airlines Spirit Airlines, Inc. (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. SPLENDIDLY BLENDED: Hires Bickham Law LLC as Legal Counsel ---------------------------------------------------------- Splendidly Blended We, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Bickham Law LLC as counsel. The firm will provide these services: a. provide legal advice with respect to the Debtor's powers and duties as debtor in possession in the continued management and operation of its businesses and properties; b. attend meetings with representatives of the Debtor's creditors and other parties in interest; c. take all necessary action to protect and preserve the estate of the Debtor, including the prosecution of actions on its behalf, the defense of any action commenced against the Debtor, negotiations concerning litigation in which the Debtor is involved, and objections to claims filed against the estates of the Debtor; d. prepare on behalf of the Debtor motions, applications, answers, orders, reports, and papers necessary to the administration of the Debtor's estates; e. take any necessary action on behalf of the Debtor to obtain confirmation of its plan; f. appear before this Court to protect the interests of the Debtor before this Court; g. perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with this chapter 11 case; h. represent the Debtor in connection with obtaining post-petition financing, if any; i. advise the Debtor concerning and assisting in the negotiation and documentation of financing agreements, cash collateral orders and related transactions; j. investigate the nature and validity of liens asserted against the property of the Debtor, and advising the Debtor concerning the enforceability of said liens; k. investigate and advise the Debtor concerning, and taking such action as may be necessary to collect, income and assets in accordance with applicable law, and the recovery of property for the benefit of the estates of the Debtor; l. advise and assist the Debtor in connection with any potential property dispositions; m. advise the Debtor concerning executory contract and unexpired lease assumptions, assignments and rejections and lease restructuring and recharacterizations; n. assist the Debtor in reviewing, estimating and resolving claims asserted against the estate; o. commence and conduct litigation necessary and appropriate to assert rights held by the Debtor, protect assets of the chapter 11 estate or otherwise further the goal of completing the successful reorganization of the Debtor; and p. perform all other legal services for the Debtor which may be necessary and proper in these proceedings. The firm will be paid at these rates: Ralph Bickham $350 per hour Paralegals $85 per hour The firm received from the Debtor a retainer of $7,500. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Bickham 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: Ralph Bickham, Esq. Bickham Law LLC 650 Poydras Street New Orleans, LA 70130 Tel: (504) 584-5730 Email: rbickham@bickhamlaw.com About Splendidly Blended We, LLC Splendidly Blended We LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D. La. Case No. 25-10300) on Feb. 19, 2025, disclosing under $1 million in both assets and liabilities. The Debtor is represented by BICKHAM LAW. ST MICHAEL'S COLLEGE: Moody's Cuts Issuer Rating to B1, Outlook Neg ------------------------------------------------------------------- Moody's Ratings has downgraded Saint Michael's College's (VT) issuer and revenue bond ratings to B1 from Ba3. For fiscal 2024, the college recorded total outstanding debt of $58.4 million. The outlook was revised to negative from stable. The downgrade and outlook revision reflect ongoing enrollment declines resulting in expectations of continued operating deficits absent swift strategic actions to reduce expenses accordingly. Given the challenging student market, enrollment difficulties are likely to continue, inhibiting revenue growth prospects. Reliance on financial reserves to cover deficits and a growing age of plant due to underspending on capital to preserve liquidity could place further negative pressure on the rating. RATINGS RATIONALE The B1 issuer rating incorporates Saint Michael's niche as an established faith-based private liberal arts college with experiential learning. Further, sound financial reserves of over $100 million provide some runway for the college's implementation of multi-year strategic initiatives aimed at improving enrollment and closing operational deficits. Further, gift revenue and investments offer some potential for slowing wealth deterioration, despite the ongoing use of reserves to cover deficits. While the university historically outlined strategic initiatives to improve enrollment and drive revenue growth to achieve operating stability, these plans have not yet resulted in improved operating performance. Deficits were near 30% for the past two fiscal years. Further, continued enrollment deterioration in fall 2024 highlights the competitive nature of the market, of particular concern given the college's high reliance on student charge revenue. Enrollment has declined 43% since fall 2015. Ongoing deficits and reliance on reserves leave little room for capital investment, reflected in Saint Michael's high age of plant at 24 years, which could further impede the college's strategic positioning and ability to compete for students. The B1 revenue bond rating reflects the issuer rating and the college's general unsecured obligation to pay. RATING OUTLOOK The negative outlook indicates ongoing challenges in managing expenses to counter revenue declines and the possibility of further deterioration without timely and effective strategic actions. Inability to materially improve operations and resulting use of financial reserves could lead to further credit deterioration. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Substantial improvements of operating performance leading to multi-year positive EBIDA margins -- Marked advancement in strategic positioning, evidenced by multi-year growth in net tuition revenue FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Inability to show meaningful progress towards stabilizing operating performance and closing budget gaps -- Further erosion of cash and investments translating to monthly days cash on hand below 200 days -- Reductions in enrollment translating into stagnant or declining revenue LEGAL SECURITY The rated Series 2015 and unrated Series 2023 revenue bonds are on parity and are general obligations of the college, further secured by a mortgage on the college's main campus. The college is required to meet financial covenants of maintaining a minimum cash and investments to debt of 1.0x for the Series 2023 bonds. The college's reported annual and cash investments to debt ratio for fiscal year end 2024 was 1.8x, which is above covenanted level. There is a debt service reserve fund for the Series 2023 revenue bonds. PROFILE Saint Michael's College is a small private coeducational Catholic institution located in Colchester, Vermont, and founded in 1904 by the Society of Saint Edmund, a Roman Catholic order of priests and brothers. In fiscal 2024, the college recorded operating revenues of $54 million. METHODOLOGY The principal methodology used in these ratings was Higher Education published in July 2024. SULLIVAN MECHANICAL: Richard Maxwell Named Subchapter V Trustee --------------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Richard Maxwell of Woods Rogers Vandeventer Black, PLC as Subchapter V trustee for Sullivan Mechanical Contractors Inc. Mr. Maxwell will charge $475 per hour for his services as Subchapter V trustee and will seek reimbursement for work-related expenses incurred. Mr. Maxwell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Richard C. Maxwell Woods Rogers Vandeventer Black PLC 10 S. Jefferson Street, Suite 1800 Roanoke, Virginia 24011 Telephone: (540) 983-7628 Email: Rich.Maxwell@wrvblaw.com About Sullivan Mechanical Contractors Sullivan Mechanical Contractors, Inc. was first established in Virginia in 1946 and a family-owned commercial mechanical contractor, having served Western and Central Virginia for almost eight decades. It is a well-respected and in demand mechanical contractor focusing on sheet metal specialties, air conditioning, plumbing, and heating services. As of late, its services have been concentrated on the construction of medical and educational institutions, with numerous at the collegiate level and including many on the grounds of the University of Virginia. Sullivan Mechanical Contractors filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Va. Case No. 25-50126) on March 6, 2025, listing between $1 million and $10 million in both assets and liabilities. Paula Steinhilber Beran, Esq., at Tavenner & Beran, PLC represents the Debtor as legal counsel. Sullivan Group, as DIP lender, is represented by: David Cox, Esq. Cox Law Group, PLLC 900 Lakeside Drive Lynchburg, VA 24501 Telephone (434) 845-2600 Facsimile (434) 845-3838 david@coxlawgroup.com SUNSHINE PEDIATRICS: Christopher Simpson Named Subchapter V Trustee ------------------------------------------------------------------- The U.S. Trustee for Region 14 appointed Christopher Simpson, Esq., at Osborn Maledon P.A. as Subchapter V trustee for Sunshine Pediatrics, PC. Mr. Simpson will be paid an hourly fee of $495 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Simpson declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Christopher C. Simpson Osborn Maledon, P.A. 2929 N. Central Avenue, 21st Fl. Phoenix, AZ 85012 Phone: (602) 640-9349 Fax: (602) 640-9050 Email: csimpson@omlaw.com About Sunshine Pediatrics PC Sunshine Pediatrics, PC is a pediatric healthcare practice in Phoenix, Ariz., offering comprehensive care for children from newborns to young adults. With a focus on family-centered wellness and prevention, it provides services such as sick visits, vaccinations, allergy testing, and asthma management. Sunshine Pediatrics sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-01927) on March 6, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by: Lawrence D. Hirsch, Esq. Parker Schwartz, PLLC 7310 N 16th Street, Suite 300 Phoenix, AZ 85020 Tel: (602) 282-0477 Fax: (602) 282-0478 Email: lhirsch@psazlaw.com TOG HOTELS: Gets Extension to Access Cash Collateral ---------------------------------------------------- Tog Hotels Downtown Dallas, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Texas to use the cash collateral of Wilmington Trust, National Association. The lender's cash collateral consists of cash held by the company in a deposit account at Wells Fargo Bank, National Association. All rents from the Crowne Plaza Dallas Downtown hotel, which is operated by the company, were deposited into the account. The second interim order signed by Judge Scott Everett authorized Tog Hotels to use the lender's cash collateral to pay the operational expenses set forth in its budget, with a 10% variance allowed. The company's authority to use cash collateral expires immediately upon its failure to cure an event of default. Events of default include failure to comply with the second interim order, the dismissal or conversion of the company's Chapter 11 case; appointment of a bankruptcy trustee or examiner; and the termination of the company's authority to conduct business. As protection, Wilmington Trust was granted a replacement lien on its pre-bankruptcy collateral and on property acquired by Tog Hotels after its Chapter 11 filing. The lender will be granted a superpriority claim in case the replacement lien is not enough to protect its interest in the pre-bankruptcy collateral. Wilmington Trust will receive a monthly payment of $139,383.81 as additional protection. A final hearing is scheduled for April 14. About TOG Hotels Downtown TOG Hotels Downtown, LLC operates the Crowne Plaza Dallas Downtown hotel, located at 1015 Elm Street in Dallas, Texas. TOG Hotels Downtown filed Chapter 11 petition (Bankr. N.D. Texas Case No. 25-30600) on February 20, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Scott W. Everett handles the case. The Debtor is represented by: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC Tel: 972-503-4033 Email: joyce@joycelindauer.com TRANSITIONAL HOUSING: Seeks to Hire Slocum Law as Legal Counsel --------------------------------------------------------------- Transitional Housing & Work Program of Davidson Co seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ Slocum Law as counsel. The firm's services include: a. advising the Debtor as to the rights, duties, and powers as Debtor-in Possession; b. preparing and filing statements and schedules, plans, and other documents and pleadings necessary to be filed by the Debtor in this proceeding; c. representing the Debtor at all hearings, meetings of creditors, conferences, trials, and any other proceedings in this case; and d. performing such other legal services as may be necessary in connection with this case. Keith Slocum, Esq., an attorney at Slocum Law, will be paid $475 per hour for time spent in court and $425 per hour for time spent out of court. The paralegals are billed $150 per hour. The received a retainer in the amount of $11,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Keith D. Slocum, Esq., a partner at Slocum Law, 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: Keith D. Slocum, Esq. Slocum Law 370 Mallory Station Road Suite 504 Franklin TN, TN 37067 Tel: (615) 656-3344 Fax: (615) 647-0651 Email: keith@keithslocum.com About Transitional Housing & Work Program of Davidson Co Transitional Housing & Work Program of Davidson Co sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-00743) on February 24, 2025, listing $1,000,001 to $10 million in assets and $500,001 to $1 million in liabilities. Keith D. Slocum, Esq., at Slocum Law represents the Debtor as bankruptcy counsel. TRIPLETT FUNERAL: Seeks Subchapter V Bankruptcy in Missouri ----------------------------------------------------------- On March 27, 2025, Triplett Funeral Homes LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Missouri. 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 Triplett Funeral Homes LLC Triplett Funeral Homes LLC, located in Kahoka, MO, is a locally owned and operated funeral service provider dedicated to offering compassionate services and personalized care to families during their time of need. Triplett Funeral Homes LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Miss. Case No. 25-20049) on March 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Fredrich J Cruse, Esq. at CRUSE CHANEY-FAUGHN. TUTOR PERINI: Moody's Alters Outlook on 'B3' CFR to Positive ------------------------------------------------------------ Moody's Ratings affirmed Tutor Perini Corporation's B3 corporate family rating, its B3-PD probability of default rating, a Ba3 rating of the company's senior secured first lien revolving credit facility and a Caa1 rating of its senior unsecured notes. The Ba3 rating on the senior secured first lien term loan B has been withdrawn as a result of its full repayment in February 2025. The company's speculative grade liquidity rating ("SGL") is maintained at SGL-2. The rating outlook has been revised to positive from stable. Governance considerations under the Moody's Ratings ESG framework, specifically financial strategy and risk management, were a key driver of the rating action. RATINGS RATIONALE The change of the Tutor Perini's ratings outlook to positive from stable reflects: (1) material deleveraging of the balance sheet following the full repayment of the term loan B (TLB) in 2024 and early 2025; (2) significant increase in backlog (up 84% y-o-y) to record $18.7 billion at the end of FY2024 with the potential for further growth driven by the IIJA tailwinds; (3) strong free cash flow generation over the past three years, aided by faster settlement and collection activities and the use of free cash flow for debt reduction, and (4) Moody's expectations that the company will generate positive EBITDA in the next 12-18 months and that credit metrics will improve and sustain at levels commensurate with a rating higher than the current B3 CFR. However, the affirmation of the ratings reflects: (1) possibility for continued recognition of charges as a result of ongoing settlement and litigation activity – thereby making it challenging to accurately forecast near-term earnings and credit metrics; (2) execution risk associated with recently booked awards and ability to realize improved margins, and (3) the lack of track record of meeting its annual guidance. Tutor Perini's B3 CFR is supported by its good market position, meaningful scale and diversity across a number of US nonresidential building and civil construction markets, as well as a strong pipeline of opportunities over the medium-term, and limited competition on large civil infrastructure projects. However, its rating is constrained by its currently weak credit metrics, relatively thin margins, inconsistent free cash flow generation over the years (although recent performance has been stronger), high level of unbilled receivables, and significant exposure to risk related to fixed-price and guaranteed maximum price construction contracts. The company is also exposed to contingent risks associated with periodic contract disputes and the possibility of write-downs in connection with dispute resolutions and the collection of associated costs and profits. Tutor Perini's generated negative Moody's-adjusted EBITDA in FY2024 because of about $350 million of adverse legal judgements/decisions, settlements, temporary negative project adjustments and other project charges. However, the company also produced more than $500 million in operating cash flow and $445 million in Moody's- adjusted free cash flow, which was driven by significant working capital inflows from increased collection and settlement activities (lower CIE balance), improved contract terms (higher BIE balance) and other favorable changes in net working capital. The company used most of the free cash flow to pay off its term loan B and, in aggregate, reduced its gross debt by $477 million since FY2023. Moody's estimates that Tutor Perini will generate $160-180 million in Moody's-adjusted EBITDA in 2025 and its leverage (Debt/EBITDA) will improve from negative to 2.6-2.9x. Moody's forecasts incorporate an assumption that the company will incur a certain amount of unexpected project charges, settlements and other adjustments related to potential adverse legal judgements. However, it is difficult to estimate with accuracy the negative impact of the ongoing settlement and litigation activities, and therefore, the actual financial results could differ materially from Moody's projections. Tutor Perini's SGL-2 rating reflects good liquidity. The company had $455 million of cash at the end of 2024, of which $266 million was readily available for general corporate purposes, with the rest representing JV cash. In January and February 2025, the company repaid the remaining TLB balance of $122 million. Moody's expects Tutor Perini to generate modestly negative free cash flow in 2025 (after estimated NCI distributions). Tutor Perini has a $170 million revolving credit facility maturing in August 2027 that was undrawn and fully available at year-end 2024. While some of the cash was utilized for debt reduction, remaining liquidity should be sufficient to support operations over the next 12-18 months. Tutor Perini's credit agreement requires compliance with a maximum first lien net leverage ratio covenant of 2.25x. Moody's expects the company to remain in compliance over the next 12-18 months. The positive outlook reflects expectations for a material improvement in EBITDA and credit metrics in the next 12-18 months as a result of significant debt repayment and as the company executes on its recently booked high-margin backlog, with a reduction in the amount of charges recognized. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could consider an upgrade if the magnitude of charges comes down, leverage is sustained below 5.5x, interest coverage (EBITA / interest expense) is sustained above 2.0x, FFO/Debt is sustained above 15% and the company maintains its high backlog and consistently generates free cash flow. Moody's could downgrade the ratings if (1) the company continues to incur a significant amount of additional charges, keeping credit metrics pressured for longer, (2) fails to generate positive free cash flow on a sustained basis, or (3) liquidity materially weakens. Tutor Perini Corporation is headquartered in Sylmar, California and provides general contracting, construction management and design-build services to public and private customers primarily in the United States. Tutor Perini's revenues for the trailing twelve months ended December 31, 2024 was $4.3 billion and its backlog was $18.7 billion at December 31, 2024. The company reports its results in three segments: Civil (49% of FY2024 revenues; 47% of backlog as of December 31, 2024) is engaged in public works construction including the repair, replacement and reconstruction of highways, bridges and mass transit systems; Building (37% of FY2024 revenues; 38% of backlog), which handles large projects in the hospitality and gaming, sports and entertainment, correctional and detention, education, transportation and healthcare markets; Specialty Contractors (14% of FY2024 revenues; 15% of backlog) provides mechanical, electrical, plumbing and heating installation services. The principal methodology used in these ratings was Construction published in September 2021. UNITY MINES: Seeks to Hire Calaiaro Valencik as Counsel ------------------------------------------------------- Unity Mines LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Calaiaro Valencik as its counsel. The firm will render these services: (a) prepare bankruptcy petition and complete Schedules and Statement of Financial Affairs; (b) attend the Initial Debtor Interview and the meeting of creditors; (c) represent the Debtor in relation to negotiating an agreement with KeyBank regarding their treatment under a Plan; (d) represent the Debtor in relation to acceptance or rejection of executory contracts; (e) advise the Debtor about preference actions; (f) advise the Debtor regarding its rights and obligations during the Chapter 11 case; (g) represent the Debtor in relation to any motions to convert or dismiss this Chapter 11; (h) represent the Debtor in relation to any motions for relief from stay filed by any creditors; (i) prepare the Plan of Reorganization and Disclosure Statement; (j) prepare any objection to claims in the Chapter 11; and (k) otherwise, represent the Debtor in general. The firm will be paid at these rates: Donald Calaiaro, Partner $475 per hour David Valencik, Partner $395 per hour Andrew Pratt, Partner $335 per hour Daniel R. White, Partner $350 per hour Staff Attorneys $250 per hour Paralegals $125 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received from the Debtor a retainer of $20,262. Mr. Valencik 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: David Z. Valencik, Esq. Calaiaro Valencik 555 Grant Street, Suite 300 Pittsburgh, PA 15219 Telephone: (412) 232-0930 Facsimile: (412) 232-3858 Email: dcalaiaro@c-vlaw.com About Unity Mines LLC Unity Mines LLC, located in Derry, Pennsylvania, is a mining company with properties in Westmoreland County. Unity Mines LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-20520) on March 2, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Carlota M. Bohm handles the case. The Debtor is represented by David Z. Valencik, Esq., at CALAIARO VALENCIK. US COATING: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of US Coating Specialists, LLC, according to court dockets. About US Coating Specialists US Coating Specialists, LLC is a licensed commercial roofing company in Florida, offering services like SPF spray foam, silicone, and metal roofing. It also provides roof repairs, maintenance, and emergency services for commercial and industrial buildings. The company works with trusted partners and offers financing options for new roofing systems. US Coating Specialists filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-11972) on February 25, 2025, listing up to $10 million in both assets and liabilities. Anthony Flett, chief executive officer of US Coating Specialists, signed the petition. Judge Mindy A. Mora oversees the case. Mark F. Robens, Esq., at Stichter, Riedel, Blain, & Postler P.A., represents the Debtor as legal counsel. Leaf Capital Funding, LLC, as lender, may be reached at: Brian Kestenbaum Manager 110 S. Poplar Street, Suite 101 Wilmington, DE 19108 Email: sbarnett@leafnow.com VACATION OWNERSHIP: Hires Allan D. NewDelman P.C. as Counsel ------------------------------------------------------------ Vacation Ownership Consultants, 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 the 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 Vacation Ownership Consultants, LLC Vacation Ownership Consultants, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Ariz. Case No. 25-70092) on March 13, 2025. The Debtor hires Allan D. NewDelman, P.C. as counsel. VERIFONE SYSTEMS: Fitch Gives B Rating on New Term Loan & Revolver ------------------------------------------------------------------ Fitch Ratings has assigned Verifone Systems, Inc.'s (Verifone) new first lien secured term loan and revolving credit facility a rating of 'B' with a Recovery Rating of 'RR3'. The new instruments refinance the company's existing first lien debt and extend maturities for both the revolver and term loan by three years to May 2028 and August 2028, respectively. The transaction is expected to be deleveraging because of the preferred equity contribution from the sponsor (treated as non-debt of the rated entity). The ratings reflect Verifone's high but declining leverage and execution risk associated with its strategic realignment. They also consider that roughly half of the company's revenue comes from transaction-based hardware sales, which have historically exhibited volatility because of customer order cycles and supply chain issues. Fitch's ratings acknowledge Verifone's established brand presence within the payments technology space and industry growth that should provide a tailwind to revenue over time. Key Rating Drivers Strategic Initiatives Introduce Execution Risk: Verifone has several strategic shifts underway that are meant to improve profitability and cash generation while also reducing operating volatility. Fitch recognizes the potential benefits of these initiatives but also believes there are execution challenges. Verifone faced revenue headwinds in recent years, as roughly half of its revenue comes from volatile hardware sales, which are transactional in nature. In addition, past client management strategies have negatively impacted channel segment revenues. To recapture lost market share and enhance profit margins, Verifone is focusing on enhancing customer relationships and achieving operational efficiencies. Verifone is also undergoing a transition in its manufacturing footprint to realize cost savings associated with procurement and improve product development processes. Deleveraging Prospects: Verifone's EBITDA leverage is high at 7.7x at 1Q25, but Fitch believes the company has the ability to delever to the low-5.0x range by FY26 and mid-4.0x range by FY28. The prospect of lower leverage, growing revenues, and expanding EBITDA margins are key considerations driving the rating. The company's private equity ownership may maintain slightly elevated leverage to optimize ROE. Fitch also projects EBITDA interest coverage will improve to the low-2.0x range by FY26. Volatile Systems Revenue Growth: The transactional nature of systems sales could cause revenue volatility as order volumes and mix fluctuates over time. Revenues declined in FY24, but Fitch forecasts a moderate rebound in FY25. Fitch expects mid-single-digit growth over the medium term as the company benefits from secular trends related to increased card usage, contactless payments, advanced point-of-sale (POS) systems, and further technological integration. However, there remains a risk of market share loss in the POS hardware sales segment, as alternative payment technologies emerge. Recurring Services Mitigate Systems Volatility: Recurring services revenues comprise roughly 50% of the company's total revenue, partially mitigating exposure to more volatile systems revenue. While recurring revenue mix is lower than payments industry peers, it is favorable compared to many similarly rated business services peers and the company reports strong customer retention, highlighting the reoccurring nature of certain revenue streams. Compared to payments industry peers, recurring revenue mix is significantly lower as peers largely focus on recurring services offerings. Cash Flow Pressures: Fitch expects Verifone's FCF to remain negative in FY25, before turning positive in FY26 and beyond. FCF is pressured by elevated interest expense, ongoing business investment, and one-time costs including payments to the Israeli Tax Authority. Restructuring initiatives are likely to drive cost savings and increased efficiency moving forward; however, associated cash costs are a headwind to FCF in the near term. Fitch expects improved profitability will contribute to positive FCF generation over time. Fitch forecasts (CFO-capex)/debt will be roughly -1.5% in FY25 and gradually improve to 2.8% by FY26. Competition Threatens Strong Market Position: Verifone has benefitted from its market presence as a leading brand in the POS terminal market but faces an increasingly intense and fragmented competitive environment. The company caters to a diverse range of sectors and continues to expand its service offerings to address the evolving needs of customers to drive growth. Verifone's market position benefits from its existing installed base and global reach; however, competition from fintech providers and tech disruptors, like Clover (owned by Fiserv, Inc.) and Block, Inc. (BB+/Positive), could limit growth. Peer Analysis Fitch's ratings for Verifone reflect its high leverage position and material execution risk associated with achieving sustained organic growth. Fitch assesses the rating relative to other payment and technology companies that provide a range of similar software, hardware, and service offerings. The company is less favorably positioned versus other FinTech providers such as merchant acquirers and payment processors that tend to have a large portion of recurring revenue streams. Considering about half of Verifone's business is generated from hardware sales, it has a large portion of revenue in the business which is transactional in nature. Compared to NCR Voyix Corporation (BB-/RWP), Verifone operates at a much smaller scale. NCR Voyix has a solid position in the retail segment where it is a market leader in self-checkout hardware and software. NCR Atleos Corporation (BB-/Stable) is a market leader in the ATM manufacturing industry and operates at a scale which is larger than VeriFone. Verifone operates at a higher leverage compared to both NCR Voyix and NCR Atleos and has EBITDA margins that are roughly in line with these two peers. Key Assumptions - Revenue is expected to grow in the low double-digit range in FY25 and in the mid-single-digit range thereafter. Fitch expects systems revenue growth will rebound in FY25 after FY24 lows. Services revenue is expected to grow in mid-single-digit range; - EBITDA margins are projected to gradually expand to the mid- to high-20% range, as the company benefits from gross and operating margin expansion. Restructuring initiatives and the shift in its manufacturing strategy are expected to contribute to margin expansion; - Capital intensity is projected to be between 6.0% and 7.0% of revenue; - Changes in working capital are projected to be a minimal use of cash over the forecast period; - Fitch assumes debt facilities will be refinanced prior to becoming current; - Interest rates are forecast to remain elevated, between 3.5% and 5.0% across the forecast horizon, based on the Term SOFR forward curve. Recovery Analysis For entities rated 'B+' and below — where default is closer and recovery prospects are more meaningful to investors — Fitch undertakes a tailored, or bespoke, analysis of recovery upon default for each issuance. The resulting debt instrument rating includes a Recovery Rating or published 'RR' (graded from RR1 to RR6) and is notched from the IDR accordingly. In this analysis, there are three steps: (i) estimating the distressed enterprise value (EV), (ii) estimating creditor claims, and (iii) distribution of value. Key assumptions used in its recovery analysis are as follows: - The recovery analysis assumes that Verifone would be reorganized as a going concern (GC) in bankruptcy rather than liquidated; - Fitch has assumed a 10% administrative claim; - Fitch has assumed a GC EBITDA in the event of distress, of $235 million, which assumes Verifone will suffer elevated customer churn due to competitive pressures and cyclical declines in systems revenue; - Fitch assumes a 6.0x multiple, which is validated based on historic industry M&A, current and historic industry trading multiples and Fitch's analysis of prior bankruptcies in the technology, media and telecom sectors; - Fitch assumes a fully drawn revolver and AR Securitization facility in its recovery analysis as revolvers are tapped as companies are under distress and AR Securitizations are assumed to be replaced by Super-Senior debt in a distressed scenario. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Material changes to competitive dynamics or the inability to realize the benefits of ongoing strategic initiatives leading to sustained declines in revenue, pricing, or margin structure; - EBITDA leverage expected to be sustained above 6.5x; - (CFO-capex)/debt sustained below 0%; - EBITDA interest coverage sustained below 1.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Higher than expected revenue growth implying a stable market position and the continued recovery of systems revenue; - EBITDA leverage expected to be sustained below 5.5x; - (CFO-capex)/debt sustained above 2.5%. Liquidity and Debt Structure Verifone has $87 million in cash and $66 million of revolver availability (declining to $58 million after non-extended revolver commitments mature on May 19, 2025) pro forma for the transaction. Fitch forecasts positive FCF in FY26 and beyond, further supporting the company's liquidity position. Liquidity uses include cash interest expense between $176 million and $192 million annually, annual amortization payments of $19.2 million (paid quarterly), and capex that is expected to be between 6.0% and 7.0% of revenue annually. The company's capital structure consists of a $125 million first lien Revolver ($58 million available at close), $25 million non-extended first lien Revolver ($8 million available at close), $1.87 billion first lien Term Loan, and $75 million A/R Securitization facility. The company recently amended its credit agreement, extending maturities for the Revolver and Term Loan to May 2028 and August 2028, respectively. The A/R Securitization facility matures in July 2027. The new Term Loan bears interest at Term SOFR + 525 to 575 basis points (bps), an increase from the previous interest margin of 400 bps. The interest rate of the Revolver and A/R Securitization Facility remain unchanged at Term SOFR + 350 bps and Term SOFR + 225 bps, respectively. Issuer Profile Verifone provides technology for electronic payment transactions and value-added services at the POS. The company designs, manufactures, and supplies payment and commerce solutions that enable secure electronic payment transactions and value-added services for consumers, merchants, and financial institutions. Date of Relevant Committee March 25, 2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- VeriFone Systems, Inc. senior secured LT B New Rating RR3 VOIP-PAL.COM: Completes Common Stock, Preferred Stock Increase -------------------------------------------------------------- On January 30, 2025, the board of directors of VoIP-Pal.Com Inc. approved an increase in the Company's authorized capital from 8,000,000,000 shares of common stock, par value $0.001 per share, to 9,000,000,000 shares of common stock, par value $0.001 per share, which action was subsequently approved by the holders of a majority of the Company's issued and outstanding stock on January 30, 2025. The Common Stock Increase followed the Board's prior approval of an increase in the Company's authorized capital from 1,000,000 shares of preferred stock, par value $0.01 per share to 2,000,000 shares of Preferred Stock, which action was approved by the holders of a majority of the Company's issued and outstanding stock on October 9, 2024 and re-approved on January 30, 2025. On March 18, 2025, the Company formally completed the Common Stock Increase and the Preferred Stock Increase by filing a Certificate of Amendment with the Nevada Secretary of State. Promptly following the completion of the Preferred Stock Increase, the Company filed an amendment to a certificate of designation dated May 25, 2022, as previously amended on March 6, 2023 and October 8, 2024, with the Nevada Secretary of State in order to designate an additional 500,000 shares of the Preferred Stock as Series A preferred stock, thereby increasing the total number of shares of Preferred Stock designated as Series A Stock from 1,000,000 to 1,500,000, the Company disclosed in a Form 8-K filing with the Securities and Exchange Commission. The Series A Stock has the voting powers, designations, preferences, limitations, restrictions and relative rights set forth in the Certificate of Designation. About VoIP-PAL.com Inc. Since March 2004, VoIP-PAL.com Inc. has been in the development stage of becoming a Voice-over-Internet Protocol ("VoIP") re-seller, a provider of a proprietary transactional billing platform tailored to the points and air mile business, and a provider of anti-virus applications for smartphones. All business activities prior to March 2004 have been abandoned and written off to deficit. Vancouver, Canada-based Davidson & Company LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated Dec. 23, 2024, citing that the Company is in various stages of product development and continues to incur losses and, as at Sept. 30, 2024, had an accumulated deficit of $103,357,782 (Sept. 30, 2023 - $93,185,588). These material uncertainties raise substantial doubt about its ability to continue as a going concern. The Company reported a net loss of $10,172,194 for the year ended Sept. 30, 2024 compared to a net loss of $23,109,009 for the year ended Sept. 30, 2023. The decrease in net loss of $12,936,815 or 56% less than the previous year was primarily due to a decrease in stock-based compensation and legal and professional fees. As of Sept. 30, 2024, the Company had working capital of $2,158,351 as compared to working capital of $2,198,010 at Sept. 30, 2023. VSA TRANSPORTATION: Hires Joseph W. Dicker P.A. as Counsel ---------------------------------------------------------- VSA Transportation, LLC seeks approval from the U.S. Bankruptcy Court for the District of Minnesota to employ Joseph W. Dicker, P.A. as legal counsel. The firm will provide these services: a. give advice with respect to the obligations of the Debtor, and prepare schedules and pleadings necessary to meet those obligations; b. represent the Debtor in connection with negotiations of agreements and treatment under a plan of reorganization; c. prepare a plan of reorganization and review and analyze claims; and d. prosecute any claim objections, if appropriate, and assist the Debtor in the administration of the estate. The firm will be paid at the rate of $550 per hour, plus costs and expenses incurred. The firm received from the Debtor an advance payment of $16,738. Joseph Dicker, Esq., a partner at Joseph W. Dicker, P.A., disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joseph W. Dicker, Esq. Joseph W. Dicker, P.A. 1406 West Lake Street, Suite 209 Minneapolis, MN 55408 Tel: (612) 444-9650 Email: joe@joedickerlaw.com About VSA Transportation, LLC VSA Transportation, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Minn. Case No. 25-30770) on March 19, 2025. The Debtor hires Joseph W. Dicker, P.A. as counsel. VTV THERAPEUTICS: Posts $18.46M Loss in 2024, No Near-Term Profit ----------------------------------------------------------------- vTv Therapeutics Inc. filed its annual report on Form 10-K with the Securities and Exchange Commission, showing a net loss attributable to the company of $18.46 million on revenue of $1.02 million for the year ending Dec. 31, 2024. This compares to a net loss attributable to the company of $20.25 million on zero revenue for the year ending Dec. 31, 2023. As a clinical-stage pharmaceutical entity with a limited operational history, the Company has yet to achieve profitability and does not anticipate becoming profitable in the near future. The Company has reported net losses every year since initiating the development of its drug candidates. As of Dec. 31, 2024, the Company's accumulated deficit totaled around $299.7 million. vTv Therapeutics mentioned in the report it expects to face significant operating losses for several more years as it progresses with research and development, advances drug candidates through clinical stages, completes trials, seeks regulatory approval, and, if the FDA grants approval, moves forward with product commercialization. As of Dec. 31, 2024, the Company had $38.27 million in total assets, $23.97 million in total liabilities, and $14.30 million in total stockholders' equity. In its report dated March 20, 2025, the Company's auditor, Ernst & Young LLP, issued a "going concern" qualification citing that the Company has experienced recurring losses from operations, has a working capital deficiency, and has indicated substantial doubt regarding its ability to continue as a going concern. The Company said it is exploring various financing options, such as direct equity investments and the potential licensing or monetization of other programs, to meet its funding needs through the first quarter of 2026, including financing ongoing and future clinical trials for cadisegliatin (TTP399). The timing and availability of these additional funds are uncertain, and the Company cannot guarantee the success of these strategies. If the Company is unable to secure the necessary capital in a timely manner or on favorable terms, it could have a materially adverse effect on its financial condition. The Company noted in the report, "Our ability to continue as a going concern will depend on our ability to obtain additional funding, and no assurances can be given that additional funding will be available to us on commercially reasonable terms, or at all." The Company further explained, "If we are unable to raise sufficient capital when needed, it may materially and adversely affect our business, financial condition, results of operations, and prospects, and we will need to modify our operational plans to continue as a going concern. Moreover, the reaction of investors to the inclusion of a going concern statement in our financial statements and our potential inability to continue as a going concern could adversely affect the price of our common stock and our ability to raise new capital or enter into collaborative or other transactions." The full text of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1641489/000164148925000014/vtvt-20241231.htm About vTv Therapeutics vTv Therapeutics Inc., headquartered in High Point, NC, is a clinical-stage biopharmaceutical company focused on developing cadisegliatin, a potential first-in-class oral adjunctive therapy to insulin, being investigated for the treatment of type 1 diabetes (T1D). Cadisegliatin (TTP399) is a novel, liver-selective small molecule glucokinase activator. In preclinical studies, cadisegliatin increased glucokinase activity in the liver independently of insulin, supporting its potential to improve glycemic control by enhancing hepatic glucose uptake and glycogen storage. WAYNE-SANDERSON FARMS: Fitch Affirms 'BB' IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed all Wayne-Sanderson Farms LLC (WSF) and subsidiary ratings, including WSF's Long-Term Issuer Default Rating (IDR) at 'BB'. Fitch also assigned 'BBB-' with a Recovery Rating of 'RR1' to WSF's proposed senior secured credit facility revolver and term loans. The Rating Outlook is Stable. WSF's rating reflects its position as the third-largest scaled U.S. poultry producer with $8.5 billion in sales, supporting a good competitive position. However, ratings are constrained by earnings volatility due to exposure to commodity pricing and reliance on chicken in one geographic market. Fitch views WSF's credit-protection measures and profitability through the cycle, as operating earnings and leverage can be pressured by commodity price fluctuations before reverting to historical metrics. This pattern is shown by LTM (Dec. 28) EBITDA of $1.7 billion following a 2023 downturn. Fitch estimates WSF's mid-cycle EBITDA at $800 million to $900 million, with EBITDA leverage between 2.5x and 3.0x. Key Rating Drivers Strong Fiscal 2025 Earnings Recovery: WSF is seeing a strong EBITDA recovery in fiscal 2025, driven by favorable market fundamentals. Higher chicken prices across most bird parts, including breast and wings, along with lower feed grain costs and stable supply-demand environment, are boosting the fresh business unit. For 3Q25 YTD, WSF's EBITDA rose to over $1.5 billion based on Fitch adjustments, with margins exceeding 20%, compared to $265 million in EBITDA for the same period the previous year. Fitch projects WFS's fiscal 2025 EBITDA at around $1.9 billion. In fiscal 2026, Fitch projects that margin structures might decrease compared to the previous year but remain above mid-cycle levels, in the low-teen range. WSF has hedged a material portion of its grains for the next 12 months, enhancing cost certainty. Fitch projects fiscal 2026 EBITDA to range between $1.1 billion to $1.2 billion. $800/$900 Million Mid-cycle EBITDA: Fitch estimates WSF's mid-cycle EBITDA to range from $800 million to $900 million, based on the historical operating performance of Sanderson Farms and Wayne Farms over the past decade, including over $200 million in synergies realized after their merger in July 2022. This range could increase if WSF successfully sustains improved performance through capital investments in automation, enhanced capabilities, operational efficiencies and improved operational performance. Fitch's forecasts for protein companies adopt a through-the-cycle perspective on credit protection measures and profitability, given the inherent commodity price volatility that can cause earnings fluctuations. Fitch expects companies to restore their through-the cycle profiles within 18 months to 24 months after a trough. In the latest cyclical downturn, affecting pork, chicken, and beef processors differently, WSF's LTM EBITDA was breakeven at fiscal quarter 2 (Sept. 30, 2023) of 2024, before recovering to around $1.4 billion a year later in fiscal quarter 2 (Sept. 28, 2024) of 2025. Above Average Earnings Volatility: WSF's portfolio primarily consists of commodity-oriented sales, such as big bird and retail tray-pack products, with limited exposure to branded chicken or downstream processing assets. Additionally, WSF has minimal protein diversification, primarily focusing on the U.S. market. This structure heightens earnings volatility compared to peers and constrains the ratings. Fitch believes that WSF's recent volatility in peak-to-trough EBITDA levels was exacerbated by pandemic-related supply chain and market dynamics impacting all protein processors. Scaled Chicken Processor: WSF's ratings reflect its solid competitive market position as the third-largest U.S. poultry producer, with roughly $8.5 billion in sales. The company has a regional production footprint in seven states and distribution across a significant portion of the U.S., with a heavier concentration in the south. WSF benefits from channel diversification across retail, food service and export markets, supported by long-standing relationships with major customers. Favorable Chicken Outlook: The U.S. chicken sector is expected to benefit from a consumer demand towards chicken and away from beef, driven by higher prices that have led to increased promotions in retail outlets. The USDA forecasts 2025 chicken production growth at about 1.4%, with bird health issues potentially limiting supply increases. Industry risks include demand/supply imbalances, protein substitution, economic downturns, increased tariffs, environmental concerns, sanitary risks like avian influenza, higher labor and feed costs, restrictive immigration policies and potential litigation fines due to increased public scrutiny. Long-term Leverage of 2.5x-3x: As of 3Q25, WSF's EBITDA leverage was about 1.3x, compared to 5.6x in fiscal 2024. Fitch expects WSF to manage according to its long-term capital allocation strategy, which considers its public net leverage target of around 2x, roughly equating to Fitch's EBITDA leverage metric of 2.5x. Fitch's forecast anticipates fiscal 2026 EBITDA leverage around the low-2x range, as profitability moderates, with longer-term, mid-cycle leverage between 2.5x to 3.0x. These projections assume term loan amortization repayments and minimal bolt-on M&A. Capital Allocation Expectations: WSF's distributions to its parents reflect payments for state and federal taxes, certain operating expenses and excess distributions of 40% of FCF. Fitch projects strong FCF margins in fiscal 2025 due to the robust earnings recovery with moderately negative FCF margins in fiscal 2026, reflecting the time lag in distributing excess FCF to parents. Capital investments are expected to increase over the next couple of years for automation, capability and capacity, following lower investment levels in fiscal years 2023 and 2024. Peer Analysis Other rated credits in Fitch's global protein portfolio include Minerva S.A. ( BB/Stable), Marfrig Global Foods S.A. (BB+/Stable), Pilgrim's Pride Corporation (PPC; BBB-/Stable), Smithfield Foods, Inc. (BBB/Stable) and Tyson Foods Inc. (BBB/Stable). Minerva and WSF have similar business profiles and are rated 'BB'. Tyson, Smithfield, PPC and Marfrig have a combination of greater scale, protein types and/or business lines with more value-added, stable margin products that support a higher rating than WSF. Minerva's ratings reflect its robust business profile as the largest beef producer in Latin America. The company benefits from an international market exposure which reduces the risks associated with its concentration in a single protein type. Marfrig's ratings reflect its solid business profile and geographic diversification as a pure player in the beef industry, with a large presence in South America and the U.S. PPC's ratings are supported by its resilient business profile as one of the world's largest chicken processors, with a presence in the U.S., Europe and Mexico. PPC has greater geographic diversity and a higher mix from value-added products than WSF. Smithfield's ratings reflect its leading position in the global pork industry and significant presence in higher margin packaged meats, which underpins the business profile. These positives are balanced against the limited protein diversity and exposure to inherent volatilities in hog production and in pork processing. Tyson's operating profile is stronger than WSF's due to its significantly greater scale and protein diversification with leading market share positions in chicken, beef, pork and prepared foods. Key Assumptions - EBITDA around $1.9 billion in fiscal 2025. This reflects improved processing spreads due to market pricing and lower grain costs, with projections that the margin environment tempers during the remainder of 2025. In fiscal 2026, margins could be in the low teen range, supported by a favorable chicken protein outlook and stable grain prices, resulting in EBITDA of between $1.1 billion to $1.2 billion; - Capital investments are expected to increase over the next couple of years for automation, capability, and capacity, following lower levels of investment in fiscal years 2023 and 2024; - Strong FCF margins in fiscal 2025 due to the robust earnings recovery. Moderately negative in fiscal 2026, reflecting the lag in distributing excess FCF to parents; - EBITDA leverage around 1.2x for fiscal 2025. Fiscal 2026 EBITDA leverage could be in the low 2x as profitability moderates. The forecast only considers term loan amortization repayments; - WSF has exposure to variable rates through its RCF and term loan. Roughly 50% of the term loan debt is currently hedged. Fitch assumes SOFR rates around 450 basis points (bps) for fiscal 2025, declining to about 375 bps over the forecast period. Recovery Analysis Fitch has assigned Recovery Ratings (RRs) to the various debt tranches in accordance with its criteria, which allows for the assignment of RRs for issuers with IDRs in the 'BB' category. Given the distance to default, RRs in the 'BB' category are not computed by bespoke analysis. Instead, they serve as a label to reflect an estimate of the risk of these instruments relative to other instruments in the entity's capital structure. Fitch assigned the company's proposed senior secured first lien credit facilities (including revolver and term loans) a 'BBB-/RR1' rating notched up two from the IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA trending below $600 million due to the deterioration of industry fundamentals and/or structural industry changes that increase operating volatility and drive a sharp, prolonged contraction in EBITDA margins, with sustained EBITDA leverage above 4.0x; - Increased debt driven by significant mergers and acquisitions (M&A) and/or financial policy change. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch views a positive rating action as unlikely over the intermediate term due to current operational and product mix that results in higher profitability fluctuations relative to other protein peers; - An upgrade to 'BB+' could be contemplated if WSF tightens its public net leverage target, the company maintains strong operational momentum, and EBITDA leverage is below 2.0x on a sustained basis; - Fitch could also consider a ratings upgrade to 'BB+' if WSF successfully added downstream processing assets, geographic diversification and/or protein type that reduces profit volatility while maintaining strong operational momentum with EBITDA leverage below 3.0x on a sustainable basis; - Sustained FCF margin above 1.5%. Liquidity and Debt Structure At the end of the third quarter of fiscal 2025, WSF's liquidity was in excess of $1.5 billion, supported by $833 million in cash and cash equivalents and no borrowings outstanding under the company's $750 million secured revolving credit facility maturing in 2027. Fitch expects WSF to maintain sufficient liquidity of at least $1 billion to manage cyclical downturns which supports WSF's financial flexibility. WSF is amending and extending its credit agreement with a closing date expected in mid-April 2025 that extends the revolving credit facility and term loan maturities by about three years, increases the size of the revolving credit facility to $1 billion from $750 million and updates the borrower entity to Wayne-Sanderson Farms LLC. The overall term loan debt of $2.3 billion is modestly lower post-closing of the refinancing transaction. Annual amortization payments for the next three years total $55 million. The credit agreement contains financial covenants related to the consolidated funded debt to capitalization ratio, capital expenditures and tangible net worth. Issuer Profile Wayne Sanderson Farms, LLC (WSF) is third largest poultry producer in US. The company engages in the production, processing, marketing, and distribution of fresh, frozen and cooked chicken and other prepared food items. There is a total of 23 facilities with about 26,000 employees. Summary of Financial Adjustments Fitch adjusts WSF's EBITDA for business combination and other related costs. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Sycamore Buyer LLC senior secured LT BBB- Affirmed RR1 BBB- Wayne-Sanderson Farms LLC LT IDR BB Affirmed BB senior secured LT BBB- New Rating RR1 WAYNE-SANDERSON FARMS: S&P Upgrades ICR to 'BB', Outlook Stable --------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Wayne-Sanderson Farms Holdings LLC to 'BB' from 'BB-'. S&P also assigned its 'BB' issuer credit rating to the new borrower of the refinanced facilities, Wayne Sanderson Farms LLC. S&P will subsequently withdraw its issuer credit rating on Wayne Sanderson Farms Holdings LLC. At the same time, S&P assigned its 'BB+' issue-level rating to the company's proposed $3.3 billion senior secured debt (inclusive of revolver). The recovery rating is '2', indicating its expectations for significant (70%-90%; rounded estimate: 70%) recovery in the event of a payment default. The stable outlook reflects S&P's expectation that the company will operate with S&P Global Ratings-adjusted leverage below 2x over the next year and will generate free operating cash flow (FOCF) in excess of $600 million in fiscal 2026. S&P said, "Pro forma for the proposed refinancing transaction, we expect S&P Global Ratings-adjusted leverage will be about 0.8x. We believe the company will continue to generate strong cash flow, which should support continued satisfactory albeit weaker credit metrics over the next year including S&P Global Ratings-adjusted leverage in the mid-1x area on moderating EBITDA, compared to its peak cycle 0.8x adjusted leverage for the third quarter ended Dec. 28, 2024." Overall, the upgrade is underpinned by WSF's strong operating performance rebound, extended maturities across the capital structure, and better industry conditions for U.S. poultry which we expect will translate into healthy profitability. WSF continues to benefit from a rebound in the U.S. chicken industry after a severe downturn in calendar 2023. The recent cyclical downturn from very weak production margins due to weak commodity chicken prices and elevated feed costs.in the second quarter of fiscal 2024 (ended Sept. 30, 2023) resulted in a collapse in quarterly profitability to essentially break-even EBITDA. The poultry industry remains inherently cyclical, with potential for significant margin compression during industry contractions or periods of sluggish growth with rising feed costs; but since the trough, WSF has restored last-12-month S&P Global Ratings-adjusted margins to over 20%, resulting in leverage declining to 0.8x as of the quarter ended Dec. 28, 2024. S&P believes industry conditions will remain supportive of healthy profitability over the next 12 to 24 months. WSF's recent performance has been strong, with revenue increasing by 16% in the third quarter of 2025. This was primarily driven by strong sales markets--particularly boneless breast and small wings (+40%-50% pricing year-over-year as of December 2024). Moreover, the company benefitted from markedly lower corn (-7% year-over-year as of December 2024) and soybean meal (-26%) feed costs, resulting in S&P Global Ratings-adjusted EBITDA growth of more than 600% from previously very depressed levels in the prior year. S&P expects WSF will report strong operating performance for the fourth quarter of fiscal 2025, with recent momentum continuing into fiscal 2026, though moderating off the cycle peak. Overall, our base case in fiscal 2026 contemplates a low-single-digit percentage top-line decrease against a tough fiscal 2025 comparison, with S&P Global Ratings-adjusted EBITDA margins moderating to the midteens percentage area as feed costs become less of a margin tailwind. The company plans to increase its capital spending in fiscal 2026, and it will pay substantial dividends over the next 12 months. S&P said, "We expect continued robust FOCF in fiscal 2026 even after an uptick in growth and efficiency projects, as well as potentially higher working capital usage; however, we note that the company is set to pay substantial dividends to its owners in the form of tax distributions, holdco distributions, and distributions of approximately 40%-45% of the prior year's FOCF. All-in, we expect about $1.0 billion shareholder distributions in fiscal 2026, leading to negative discretionary cash flow (DCF) after dividends, as we believe FOCF generation will moderate to about $600 million next year. We expect DCF will be substantially negative in 2026 due to the lag effect of higher distributions of excess cash flow based on the prior year's performance (e.g., the strong rebound in 2025)." Overall, rating upside is precluded absent a longer track record of sustaining satisfactory profitability and more conservative financial policy, including the company's stated leverage target of 2.0x-2.5x, which is above our upgrade trigger of 2.0x during normal cycles. The stable outlook reflects S&P's expectation that the company will operate with S&P Global Ratings-adjusted leverage below 2x over the next year and generate FOCF in excess of $600 million in fiscal 2026. S&P could lower the ratings if S&P Global Ratings-adjusted leverage is sustained above 3x in normal cycles or 4x in severe cycles. This could occur if: -- The company's sales markets experience a material price reversal from currently very strong conditions; -- Feed costs accelerate faster than S&P expects, resulting in sustained margin compression; -- Consumer preferences structurally shift away from poultry in favor of other protein options; or -- The company changes its financial policy, such that it no longer targets leverage near its 2x target and instead pursues large debt-financed shareholder distributions or M&A. S&P could raise the ratings if: -- The company sustains S&P Global Ratings-adjusted leverage below 2x in a normal cycle; -- The company has a financial policy commitment to sustain leverage below 2x; or -- S&P believes leverage would not be at risk of returning above 3x during a protracted industry downturn. WELCH & WELCH: Hires Law Office of Tom Strawn as Counsel -------------------------------------------------------- Welch & Welch Planting Co., LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to employ The Law Office of Tom Strawn as counsel. The firm's services include: a. advising the Debtor with respect to its powers and duties as Debtor-in-Possession in the continued operation of its business and management of its property; b. assisting the Debtor in the preparation of its statement of financial affairs, schedules, statement of executory contracts and unexpired leases, and any papers or pleadings, or any amendments thereto that the Debtor is required to file in these cases; c. representing the Debtor in any proceeding that is instituted to reclaim property or obtain relief from the automatic stay imposed by Section 362 of the Bankruptcy Code or that seeks the turnover or recovery of property; d. providing assistance, advice and representation concerning the formulation, negotiation and confirmation of a Plan of Reorganization (and accompanying ancillary documents); e. providing assistance, advice and representation concerning any investigation of the assets, liabilities and financial condition of the Debtor that may be required; f. representing Debtor at hearings or matters pertaining to affairs as Debtor-In-Possession; g. prosecuting and defending litigation matters and such other matters that might arise during and related to these Chapter 11 cases; h. providing counseling and representation with respect to the assumption or rejection of executory contracts and leases and other bankruptcy-related matters arising from these cases other than as set forth below; i. representing the Debtor in matters that may arise in connection with its business operations, its financial and legal affairs, its dealings with creditors and other parties-in-interest and any other matters, which may arise during the bankruptcy case; j. rendering advice with respect to the myriad of general corporate and litigation issues relating to these cases, including, but not limited to, health care, real estate, securities, corporate finance, tax and commercial matters; and assisting Debtor in connection with any necessary application, orders, reports or other legal papers and to appear on behalf of the Debtor in proceedings instituted by or against the Debtor; and k. performing such other legal services as may be necessary and appropriate for the efficient and economical administration of these Chapter 11 cases. The firm will be paid at these rates: Thomas H. Strawn $345 per hour Paralegals $110 per hour The firm will be paid a retainer in the amount of $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Tom Strawn, Esq., a partner at The Law Office of Tom Strawn, 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: Tom Strawn, Esq. The Law Office of Tom Strawn 115 S. Mill Ave. P.O. Box 908 Dyersburg, TN 38025 Tel: (731) 285-3375 Email: tstrawn42@bellsouth.net About Welch & Welch Planting Co., LLC Welch & Welch Planting Co. LLC is an agricultural company specializing in crop production, utilizing advanced machinery for planting, soil preparation, irrigation, and harvesting. Welch & Welch Planting Co. LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-10356 on March 13, 2025. In its petition, the Debtor reports total assets of $1,323,500 and total liabilities of $1,055,264. The Debtor is represented by Tom Strawn, Esq., at The Law Office of Tom Strawn. WIN PRODUCTIONS: Seeks to Extend Plan Exclusivity to May 9 ---------------------------------------------------------- Win Productions, LLC asked the U.S. Bankruptcy Court for the Central District of Illinois to extend its exclusivity periods to file disclosure statement and plan to May 9, 2025. The Debtor explains that since the filing, it has been actively seeking to complete sales of real estate and personal property, and complete the liquidation of property in its case. The Debtor claims that it had anticipated filing its Liquidating Plan of Reorganization by this date, but due to preparation for such sales which are ongoing and yet pending completion, believes that information from final or anticipated sales is needed to be provide meaningful information to creditors as to amounts to be distributed, were a liquidating plan to be filed. In addition, the Debtor believes that due to the nature of the liquidating plan to be proposed, that the plan can include adequate information, among other things, as to the background of the Debtor, the assets to be liquidated, and the proposed distribution to creditors. The Debtor asserts that this Motion is not brought to delay, harass or unduly hinder this case or the interests of any claims or creditors. Rather, the Motion is brought to insure that the Debtor has sufficient information to include in its plan to be filed prior to transmitting the same to its creditors. Win Productions, LLC is represented by: Jeana K. Reinbold, Esq. SGRO, HANRAHAN, DURR, RABIN & REINBOLD, LLP 1119 S. 6th Street Springfield, IL 62703 Tel: (217) 789-1200 E-mail: jeana@casevista.com About Win Productions Win Productions, LLC, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-70901) on Nov. 9, 2024, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petition was signed by Wyatt Bradshaw as authorized manager. Judge Mary P. Gorman presides over the case. Jeana K. Reinbold, Esq., at Sgro, Hanrahan, Durr, Rabin & Reinbold, LLP, is the Debtor's counsel. WIRECO WORLDGROUP: S&P Alters Outlook to Negative, Affirms 'B' ICR ------------------------------------------------------------------ S&P Global Ratings revised its outlook on WireCo WorldGroup Inc. to negative from stable and affirmed its 'B' issuer credit rating. S&P also affirmed its 'B' issue-level rating and '3' recovery rating on the company's $540 million first-lien term loan due in November 2028. The negative outlook reflects that S&P could lower its rating on WireCo if its expect persistent weakness in demand and earnings will lead to S&P Global Ratings-adjusted debt to EBITDA remaining above 6.5x and free operating cash flow (FOCF) generation that is negative on a sustained basis. WireCo WorldGroup Inc., a manufacturer of specialty ropes and wires, nets, and niche engineered products, experienced significantly weaker demand and increased competitive pressure in its steel business, exacerbated by operational challenges, during 2024. Its credit metrics meaningfully deteriorated, with S&P Global Ratings-adjusted debt EBITDA increasing to 7.3x as of year-end 2024. S&P said, "Sluggish end markets, intensifying competition, and operational challenges pressured WireCo's performance over the past year, and we expect lingering effects over next 12 months will lead to S&P Global Ratings-adjusted debt to EBITDA at year-end 2025 of 6.5x-7.0x. In 2021-2023, WireCo generated healthy revenue and EBITDA growth, with supply chain challenges favoring manufacturers with domestic production facilities and lower interest rates driving growth in activity in the industrial, mining, and energy end markets. However, the tides turned in 2024, primarily in WireCo's steel business. Improving supply chain conditions led to intensifying competition from international players and pressure on pricing. In addition, higher interest rates stymied capital spending, and operational challenges led to quality issues on certain product lines. Under S&P's base-case forecast, it expects a muted recovery in end markets and targeted operational initiatives will support a modest improvement in the company's S&P Global Ratings-adjusted debt to EBITDA to about 6.9x at year-end 2025 from 7.3x as of year-end 2024. "Lackluster demand in the industrial, energy, and mining end markets--albeit slightly higher than in 2024--will support revenue growth of about 4% in 2025 under our base-case forecast. In WireCo's industrial end market (46% of revenue), we expect a partial recovery in revenue to be driven by abating destocking activity and a modest improvement in construction activity amid slightly lower interest rates. In the end markets for energy (25%) and mining (7%), we expect some recovery from share recapture following resolution of quality control issues on certain product lines, with broad-based demand remaining largely unchanged. Lastly, we expect renewables will likely remain muted due to persistent challenges in the offshore wind market. Our forecast for a return to revenue growth in 2025 is supported by favorable order performance in the first two months of 2025, with order growth of 20% in the steel business (52% of revenue). "WireCo's S&P Global Ratings-adjusted EBITDA margins will likely improve modestly in 2025. We believe that modest improvement in operating leverage from recovering volumes and net benefits from operational initiatives will be partly offset by continued price normalization. These benefits include the full-year impact of 2024 initiatives around streamlining manufacturing costs and partial net benefits of 2025 initiatives around selling, general, and administrative cost right-sizing and other cost actions. Under our base-case forecast, we expect the company's S&P Global Ratings-adjusted EBITDA margins in 2025 will improve by up to 50 basis points (bps) to 12.5%-13.0%, remaining well below historical levels from 2021-2023 (18%-20%). "We expect adequate liquidity over the next 12 months, despite continued negative FOCF in 2025. WireCo's borrowing capacity under its asset-backed lending (ABL) facility is closely linked to its volume of accounts receivable, resulting in magnified movements of liquidity sources during periods of contraction and growth. As of Dec. 31, 2024, we estimate the company's sources will be about 1.6x larger than its uses. We expect liquidity sources will improve mid-year following recent changes to the credit agreement that allow for a wider scope of assets supporting WireCo's borrowing base. Under our base-case forecast, we expect the company will generate FOCF of about negative $7 million in 2025, largely in line with the prior year." A key risk factor is continued uncertainty in U.S. trade policy, which could curb the appetite for capital spending and pressure demand for WireCo's products. The company generates 33% of revenue from the U.S., and continued uncertainty around tariff scope and magnitude could result in a prolonged decline in business confidence. This risk is partially mitigated by two factors for WireCo: mechanisms for cost pass-through and potential for a more competitive price position compared with foreign players. S&P said, "Under its existing customer contracts, we expect WireCo would be able to pass-through the cost of tariffs (primarily steel). Also, we believe the company has lower tariff exposure in its U.S. steel rope business compared with foreign competitors, thanks to its vertically integrated operations and recent increase in domestic production capacity of crane rope. We also believe customers could increasingly choose domestic manufacturers such as WireCo to limit exposure to potential tariff-induced supply chain challenges." Nevertheless, the risk of a broad-based slowdown from tariffs is casting a shadow of uncertainty around macroeconomic prospects over the next 12 months, resulting in a high amplitude of uncertainty around our forecast for WireCo. S&P said, "The negative outlook reflects that we could lower our ratings in the next few quarters if we expect continued weakness in demand and earnings will lead to S&P Global Ratings-adjusted debt to EBITDA remaining above 6.5x and FOCF generation that is negative on a sustained basis." S&P could lower its ratings on WireCo if: -- S&P expects S&P Global Ratings-adjusted leverage will remain meaningfully above 6.5x on a sustained basis, for example due to weakness in key end markets, greater competitive pressures, or large, debt-funded acquisitions or dividends; -- It sustains negative FOCF, for example due to deteriorating operating performance or higher-than-expected working capital needs, interest costs, or capital expenditure (capex); or -- Demand pressures borrowing capacity on the ABL or WireCo generates significantly negative FOCF, leading to deteriorating liquidity. S&P could revise its outlook on WireCo to stable if: -- Leverage improves to below 6.5x on a sustained basis; and -- The company generates at least modestly positive FOCF. WST INDUSTRIES: Seeks Chapter 11 Bankruptcy in North Carolina ------------------------------------------------------------- On March 28, 2025, WST Industries LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of North Carolina. According to court filing, the Debtor reports $2,290,784 in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About WST Industries LLC WST Industries LLC specializes in providing custom metal parts and assemblies for industries such as automation, life sciences, pharmaceuticals, and automotive. The Company offers services like laser cutting, machining, welding, and metal reshaping, with capabilities for both prototype and mass production. WST Industries operates from a 31,000 sq. ft. facility equipped with advanced technology to meet diverse customer needs. WST Industries LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-01123) on March 28, 2025. In its petition, the Debtor reports total assets of $492,708 and total liabilities of $2,290,784. Honorable Bankruptcy Judge Pamela W. McAfee handles the case. The Debtor is represented by William Kroll, Esq. at EVERETT GASKINS HANCOCK TUTTLE HASH LLP. YOUR BATH: Seeks Approval to Hire Craig A. Diehl as Legal Counsel ----------------------------------------------------------------- Your Bath & Kitchen, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to hire Law Offices of Craig A. Diehl as attorneys. The firm's services include: (a) advising the Debtor with respect to its rights, powers and duties in the administration of its Chapter 11 case and the management of its property; (b) preparing pleadings and applications and conducting examinations incidental to administration of the case; (c) advising the Debtor in connection with all motions or complaints for reclamation, adequate protection, sequestration, relief from stay, appointment of trustee or examiner and all other similar matters; (d) developing the relationship of the status of the Debtor to the claims of creditors; (e) assisting the Debtor in the formulation and presentation of a Chapter 11 plan; and (f) other legal services necessary to administer the case. The Law Offices of Craig A. Diehl will be paid at these rates: Attorneys $300 per hour Legal Assistants $175 per hour The firm will also be reimbursed for out-of-pocket expenses incurred. The Law Offices of Craig A. Diehl received a retainer in the amount of $5,000, plus the filing fee of $1,738. Craig Diehl, Esq., Esq., a partner at the Law Offices of Craig A. Diehl, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Craig A. Diehl can be reached at: Craig A. Diehl, Esq. Law Offices of Craig A. Diehl 3464 Trindle Rd. Camp Hill, PA 17011 Tel: (717) 763-7613 Fax: (717) 763-8293 About Your Bath & Kitchen Your Bath & Kitchen, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-00634) on March 11, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Gregory Clouser, a member of Your Bath & Kitchen, signed the petition. Judge Henry W. Van Eck oversees the case. Craig A. Diehl, Esq., at Law Offices of Craig A. Diehl, represents the Debtor as bankruptcy counsel. ZHANG MEDICAL: No Decline in Patient Care, 8th PCO Report Says -------------------------------------------------------------- David Crapo, the court-appointed patient care ombudsman, filed with the U.S. Bankruptcy Court for the Southern District of New York his eighth report regarding the health care facility operated by Zhang Medical P.C., doing business as New Hope Fertility Center. The PCO filed his seventh patient care ombudsman report on October 11, 2024 and filed this eighth patient care ombudsman report to address information received by the PCO and operations at Zhang Medical's facility during the reporting period. During the eight reporting period (from October 11, 2024 to March 3, 2025), Zhang Medical provided additional information concerning the status of litigation claims against it. Two claims were resolved. None of the information made available to the PCO indicated a decline in the quality of either patient care or safety at Zhang Medical's facility. The PCO is not aware of claims asserted against Zhang Medical relating to the care and safety of patients during the reporting period. The PCO has determined that Zhang Medical's physicians, physician assistant and nurses have retained their licenses and are not currently facing disciplinary actions. The PCO's due diligence during the seventh reporting period did not uncover any new litigation filed against the healthcare provider. Similarly, there were no new negative reviews of Zhang Medical during the eighth reporting period alleging deficiencies and patient care or safety. The PCO observed that the current performance of Zhang Medical and its existing structures reveals a facility that apparently continues to provide the same level of patient care and safety it historically provided since before its bankruptcy filing. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=kd2rpT from PacerMonitor.com. The ombudsman may be reached at: David N. Crapo, Esq., Gibbons P.C. One Gateway Center Newark, NJ 07102-5310 Phone: (973) 596-4523 Fax: (973) 639-6244 Email: dcrapo@gibbonslaw.com About Zhang Medical New York-based Zhang Medical P.C. specializes in low and no-drug infertility solutions that help women conceive with minimal invasiveness. It conducts business under the name New Hope Fertility Clinic. Zhang Medical filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-10678) on April 30, 2023, with $1 million to $10 million in both assets and liabilities. Eric Huebscher has been appointed as Subchapter V trustee. Judge Philip Bentley oversees the case. The Debtor tapped Joseph D. Nohavicka, Esq., at Pardalis & Nohavicka, LLP as legal counsel. David N. Crapo, Esq., at Gibbons P.C. is the patient care ombudsman appointed in the Debtor's Chapter 11 case. ********* 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. 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