/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/250424.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, April 24, 2025, Vol. 29, No. 113 Headlines 23ANDME HOLDING: Draws Substantial Interest in Chapter 11 Auction 23ANDME HOLDING: Sets Data Protection Measures in Ch. 11 Asset Sale ACCEPTIONAL MINDS: Gets Interim OK to Use Cash Collateral ASCEND PERFORMANCE: S&P Lowers ICR to 'D' on Chapter 11 Filing AVENTURA ECO-OFFICES: Voluntary Chapter 11 Case Summary AZTEC FUND: Gets Court Okay to Seek Chapter 11 Votes BANDGRIP INC: Seeks Chapter 11 Bankruptcy in Illinois BARRETTS MINERALS: MTI Reserves $215M in Talc Bankruptcy Case BIGRITRANS INC: Unsecured Creditors to Ge Share of $20K in Plan BRIDAN 770: Section 341(a) Meeting of Creditors on May 21 CAPSTONE CONSULTING: To Sell Logan Property to D.R. Horton CONCORDE METRO: Has Deal on Cash Collateral Access CORTEX NORTH: Seeks Subchapter V Bankruptcy in Oregon COSMO HOTELS: Case Summary & 19 Unsecured Creditors D2 GOVERNMENT: Gets Interim OK to Use Cash Collateral DANPOWER64 LLC: Section 341(a) Meeting of Creditors on May 23 DATAVAULT AI: Closes $15-Mil. in Convertible Note Offering DELUXE CORP: Egan-Jones Retains B Senior Unsecured Ratings DIOCESE OF BUFFALO: Reaches $150MM Deal with Abuse Claimants DOCUDATA SOLUTIONS: Reaches Deal w/ Creditors to Exit Chapter 11 EASTERN COLORADO: Court OKs New Mexico Property Sale to M. Weiland ENPRO INC: Egan-Jones Retains BB+ Senior Unsecured Ratings FIRST STATES: Unsecured Creditors to be Paid in Full in Plan FOOT LOCKER: Egan-Jones Keeps BB Senior Unsecured Ratings FREEDOM CAPITAL: Unsecureds Will Get 100% of Claims in Plan GABRIEL BROTHERS: Opens Talks w/ Lenders After Failing to Pay Rent GO LAB: Forms 3-Member Chapter 11 Creditor Committee HEART 2 HEART: U.S. Trustee Unable to Appoint Committee HELLO ALBEMARLE: Claims to be Paid From Available Cash & Carve Out HYPERTECH INC: Gets Interim OK to Use Cash Collateral ILLINOIS INSTITUTE: S&P Assigns 'BB+' Rating on 2025 Revenue Bonds IMERYS TALC: Chapter 11 Plan Trial Kicks Off w/ Claims Rep Doubts IVANKOVICH FAMILY: Unsecureds Will Get 100% of Claims in Plan IVANTI SOFTWARE: Reaches Debt Deal with Certain Lenders KATE QUINN: U.S. Trustee Unable to Appoint Committee KPSI INNOVATION: Case Summary & 11 Unsecured Creditors LAXMI CAPITAL: Court Extends Cash Collateral Access to July 31 LEISURE INVESTMENTS: Ex-CEO Allegedly Took Control of HQ Overnight LFTD PARTNERS: Secures $350K Loan After Cyber Theft MACADAMIA BEAUTY: Amends Rosenthal Secured Claim Pay MARTINES PALMEIRO: Case Summary & 20 Largest Unsecured Creditors MICHAELS COMPANIES: S&P Places 'B-' ICR on CreditWatch Negative MILAN SAI: Seeks to Sell Motel Business at Auction MITEL NETWORKS: Court Confirms Reorg Plan to Cut $1.15B Debt MOLECULAR TEMPLATES: April 29 Deadline for Panel Questionnaires MOLECULAR TEMPLATES: Case Summary & 30 Top Unsecured Creditors NB 700 LOGAN: Seeks Chapter 11 Bankruptcy in Delaware NEKTAR THERAPEUTICS: Egan-Jones Retains CCC- Sr. Unsec. Ratings NP HAMPTON: Seeks Chapter 11 Bankruptcy in Delaware OFF-ROAD AUTOMOTIVE: Case Summary & 20 Top Unsecured Creditors ONLINE LEARNING: Unsecureds to Get Share of Income for 3 Years PARTIDA HOLDINGS OF FAYETTEVILLE: Gets OK to Use Cash Collateral PARTIDA HOLDINGS OF LAWTON: Gets Interim OK to Use Cash Collateral PARTIDA HOLDINGS OF LITTLE ROCK: Gets OK to Use Cash Collateral PARTIDA HOLDINGS OF TULSA: Gets Interim OK to Use Cash Collateral PEBBLEBROOK HOTEL: Egan-Jones Retains BB- Sr. Unsecured Ratings PERASO INC: Receives Nasdaq Notice for Bid Price Deficiency PITNEY BOWES: Egan-Jones Retains B- Senior Unsecured Ratings PIZZERIA MANAGEMENT: Gets Final OK to Use Cash Collateral PR MADISON: Section 341(a) Meeting of Creditors on May 21 PROSPECT MEDICAL: Gets Court OK to Close 2 Pennsylvania Hospitals RCM EQUIPMENT: Seeks Cash Collateral Access Until July 31 RCM MANUFACTURING: Seeks Cash Collateral Access Until July 31 RCM SPECIALTIES: Seeks Cash Collateral Access Until July 31 REBORN COFFEE: Yohan Kim Holds 5.86% Equity Stake RED RIVER: Judge Rejects J&J's 3rd Talc Class Settlement Bid REDDIRT ROAD: Seeks Cash Collateral Access RITE AID: Moves to Sell Off Assets in Parts During 2nd Bankruptcy ROMAN BUILDERS: U.S. Trustee Unable to Appoint Committee ROYAL CARIBBEAN: Egan-Jones Hikes Sr. Unsecured Ratings to B+ ROYAL INTERCO: Selects 3-Member Chapter 11 Creditor Committee SAMPLE TILE: Court OKs Deal to Use SBA's Cash Collateral SEALED AIR: Egan-Jones Retains BB- Senior Unsecured Ratings SEBASTIAN HABIB: Amends Motion to Sell 23 Land Parcels at Auction SM ENERGY: Egan-Jones Retains BB+ Senior Unsecured Ratings SMALL FORTUNE: Gets Interim OK to Use Cash Collateral SMITH ENVIRONMENTAL: Gets OK to Use Cash Collateral Until June 30 SOBR SAFE: Effects 1-for-10 Reverse Stock Split SOBR SAFE: Thomas Corley Holds 7.4% Equity Stake STAR RAIL: Gets Interim OK to Use Cash Collateral SUNATION ENERGY: Shareholders OK Key Proposals at Special Meeting SUNNOVA ENERGY: At Risk of Warehouse Loan Default SWEET TRUCKING: Case Summary & 20 Largest Unsecured Creditors TALKING ROCK: Seeks Chapter 11 Bankruptcy in Arizona TEXAS AUTO: Gets Interim OK to Use Cash Collateral Until May 25 TITAN INTERNATIONAL: Egan-Jones Cuts Sr. Unsecured Ratings to BB TR WELDING: Gets Interim OK to Use Cash Collateral TRINITY ENTERPRISES: Case Summary & 10 Unsecured Creditors TRINSEO PLC: Two Directors to Retire Ahead of 2025 Annual Meeting TROPICANA BRANDS: Gets Support for Deal Favoring Carlyle, Fidelity TW MEDICAL: Seeks Cash Collateral Access Until Aug. 1 UNIFI INC: Egan-Jones Lowers Senior Unsecured Ratings to B- UPTOWN WINE: Seeks Chapter 11 Bankruptcy in New York VAIL RESORTS: Egan-Jones Retains B+ Senior Unsecured Ratings VERIFONE SYSTEMS: S&P Alters Outlook to Pos., Affirms 'CCC+' ICR VILLAGE ROADSHOW: Secures $417.5MM Stalking Horse Deal Approval VOLITIONRX LTD: Files New S-1 to Register 35.9M Warrant Shares WHITTIER SEAFOOD: Amends Unsecured Claims Pay Details XTI AEROSPACE: Repays $2.7M in Secured Notes to Streeterville [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 23ANDME HOLDING: Draws Substantial Interest in Chapter 11 Auction ----------------------------------------------------------------- Ben Zigterman of Law360 reports that genetic testing company 23andMe has garnered significant interest in its Chapter 11 asset auction, its lawyer told a Missouri bankruptcy judge on Tuesday, April 22, 2025, during a hearing that also saw final approval of a $35 million financing package to support the company's bankruptcy proceedings. The Troubled Company Reporter, citing Gulp Data, previously reported that a leader in data valuation and collateralization, estimates that the market comparable value of 23andMe's data assets is approximately $289 million. This valuation comes as concerns mount over the fate of the company's vast genetic database following its financial struggles. "Data is one of the most valuable assets a company owns, yet its worth is often overlooked or misunderstood," said Lauren Cascio, co-founder of Gulp Data. "Our valuations leverage market comps, proprietary pricing models, and machine intelligence to determine fair market value for data assets. While we haven't seen 23andMe's actual data, our estimate is based on a blended model derived from comparable market data, including subscription pricing and one-time sale revenue. Despite the company's financial troubles, its dataset likely remains a highly valuable and monetizable resource." 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; Morgan, Lewis & Bockius LLP; and Carmody MacDonald PC are serving as legal counsel to 23andMe and Alvarez & Marsal North America, LLC as restructuring advisor. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP are serving as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Reevemark and Scale are serving as communications advisors to the Company. Kroll is the claims agent. 23ANDME HOLDING: Sets Data Protection Measures in Ch. 11 Asset Sale ------------------------------------------------------------------- 23andMe Holding Co., a leading human genetics and biotechnology company, provided additional information on the protections in place for customer data in connection with the court-supervised sale of the Company's assets. The process is being led by the Special Committee of the Company's Board of Directors, which will evaluate potential acquisition bids, and supervised by the U.S. Bankruptcy Court for the Eastern District of Missouri, an independent third party who must review and approve any transaction. Regulatory Review A key factor in the consideration of qualified bids will be a potential bidder's ability to consummate a transaction and pass required regulatory reviews expeditiously, including, as applicable, approvals under the Hart-Scott-Rodino Act and from the Committee on Foreign Investment in the United States. In particular, no bids will be accepted from entities based in or with controlling investments from countries of concern, such as China, Cuba, Iran, North Korea, Russia or Venezuela, which raise concerns around customer privacy and national security, the potential detrimental impact from a protracted regulatory review, as well as the likelihood that such a transaction would not survive regulatory scrutiny. Court-Approved Bidding Procedures 23andMe is requiring all bidders in the court-supervised marketing process to guaranty that they will comply with the Company's privacy policies and applicable law. 23andMe has also requested that potential bidders submit detailed descriptions of their intended use of any purchased customer data, outline the privacy programs and security controls they have in place or would implement, and disclose whether any modification of existing privacy policies would be requested -- as any changes must be made in accordance with the terms of the Company's privacy policies and applicable law. Recognizing the importance of data protection, 23andMe filed a motion to appoint an independent Customer Data Representative. If approved by the Court, a CDR would serve as another neutral third party, reviewing whether any proposed transaction complies with our privacy policies and applicable data privacy laws, and maintains customer data security. 23andMe's Current Policies 23andMe takes its responsibility as a steward of customer data seriously. The Company maintains strict data privacy and security protocols, and it is subject to consumer privacy and genetic privacy laws. 23andMe has adopted these standards Company-wide, extending safeguards to all customers globally and operating with a level of transparency that exceeds traditional health care industry standards. Additional information regarding 23andMe's Chapter 11 filing, proceedings and claims process will be available at https://restructuring.ra.kroll.com/23andMe. Questions about the claims process should be directed to the Company's claims agent, Kroll, at 23andMeInfo@ra.kroll.com or by calling (888) 367-7556. 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; Morgan, Lewis & Bockius LLP; and Carmody MacDonald PC are serving as legal counsel to 23andMe and Alvarez & Marsal North America, LLC as restructuring advisor. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP are serving as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Reevemark and Scale are serving as communications advisors to the Company. Kroll is the claims agent. ACCEPTIONAL MINDS: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Acceptional Minds, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to use cash collateral. The interim order penned by Judge Katherine Maloney Perhach authorized the Debtor to use the cash collateral of merchant cash advance lenders in accordance with its monthly budget. The budget projects total operational expenses of $146,127.57. As protection, all MCA lenders with an interest in the cash collateral were granted replacement liens on the Debtor's post-petition property, to the same extent and priority as their pre-bankruptcy liens. A final hearing is set for May 21. To finance its operations prior to the bankruptcy filing, Acceptional Minds obtained funds from several MCA lenders, including Arsenal Funding, CFG Merchant Solutions, Fora Financial, and Vox Funding, with estimated outstanding amounts ranging from approximately $41,000 to $77,000. These lenders are believed to hold security interests in the Debtor's accounts and receivables although the specific priority of these interests is unclear due to the use of third-party agents for UCC filings. About Acceptional Minds Acceptional Minds, LLC filed Chapter 11 petition (Bankr. E.D. Wis. Case No. 25-21926) on April 10, 2025, listing up to $500,000 in both assets and liabilities. Rebecca Krisko, sole member, signed the petition. Judge Katherine M. Perhach oversees the case. John W. Menn, Esq., at Swanson Sweet, LLP represents the Debtor as legal counsel. ASCEND PERFORMANCE: S&P Lowers ICR to 'D' on Chapter 11 Filing -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Ascend Performance Materials Operations LLC to 'D' from 'CCC+'. At the same time, S&P lowered the issue-level ratings on Ascend's senior secured term loan to 'D' from 'CCC+'. The recovery rating is unchanged at '3' (rounded estimate: 50%). S&P also lowered the ratings on the super-priority term loan to 'D' from 'B'. The recovery rating remains at '1' (rounded estimate: 95%) Ascend Performance Materials filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. As a result, we lowered all ratings on the company to 'D'. AVENTURA ECO-OFFICES: Voluntary Chapter 11 Case Summary ------------------------------------------------------- Debtor: Aventura Eco-Offices Property Owner, LLC 175 Fountainbleau Boulevard Suite 2G1A Miami, FL 33172 Business Description: Aventura Eco-Offices Property Owner, LLC is involved in the development of a medical office project in Aventura, Florida. Chapter 11 Petition Date: April 21, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-14359 Judge: Hon. Robert A Mark Debtor's Counsel: Celi S. Aguilar, Esq. CSA LAW FIRM 1200 Brickell Avenue, Suite 800 Miami, FL 33131 Tel: (786) 489-3650 E-mail: aguilar@thecsalawfirm.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Marlon S. Gomez as managing member. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EOUOR6Y/Aventura_Eco-Offices_Property__flsbke-25-14359__0001.0.pdf?mcid=tGE4TAMA AZTEC FUND: Gets Court Okay to Seek Chapter 11 Votes ---------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that Aztec Fund, a private equity firm, can begin seeking votes on its Chapter 11 liquidation plan following a Texas bankruptcy judge’s conditional approval of its disclosure statement. The Troubled Company Reporter previously reported that The Aztec Fund Holding Inc. and its affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas an Amended Combined Disclosure Statement describing Joint Chapter 11 Plan of Reorganization dated January 16, 2025. The Aztec Fund Holding, Inc. ("TAF Holding") and Aztec OME Holdings, Inc. ("OME Holdings" and, together with TAF Holding, the "Holding Companies") are each Delaware corporations and are the parents of the remaining Debtors. Before the filing of these Chapter 11 Cases, each of the Debtors held an interest in commercial real estate, office buildings or land. On or around May 7, 2024, Bank of America, National Association ("BANA"), secured lender to the Debtors, foreclosed on the 5 properties known as Lake Vista, Intellicenter, Lakeside, Pinnacle Park and Royal Tech. To support the reorganization of the Debtors, certain original investors in the Debtors (the "Investors") have agreed to invest an additional $2.5 million. The Investors have signed a Restructuring Support Agreement demonstrating their commitment to the Debtors' reorganization. Some of those funds, $550,000, will go to pay creditors of the RE Debtors and the NRE Debtors. The Debtors believe that this recovery to Creditors would not be available if the Debtors were to liquidate and distribute proceeds to BANA in accordance with its security interest in most of the Debtors' assets. Class 3 consists solely of the rights, claims, and interests of BANA under, for, and on account of (x) the BANA Loan Claim and the BANA Loan Documents to the extent unsecured as a deficiency claim under section 506 of the Bankruptcy Code; and (y) the BANA Guaranty Claim. Except to the extent BANA agrees to a less favorable treatment, in exchange for the full and final satisfaction, settlement, release and discharge of the Unsecured BANA Claim, BANA shall receive the BANA Unsecured Note. The BANA Unsecured Note will be an unsecured obligation of each of the Reorganized Debtors with a term of five years. The BANA Unsecured Note will not accrue interest during the term, but will be entitled to a payment of 20% of its principal amount on the 5th day of the (23rd) month of the term of the BANA Unsecured Note. Class 3 is impaired. Class 4 consists of holders of General Unsecured Claims against the NRE Debtors. Holders of Allowed NRE General Unsecured Claims shall receive their pro rata portion of the GUC Recovery Pool after treatment of the RE General Unsecured Claims. Class 4 is impaired under the Plan. Class 5 consists solely of the rights, claims, and interests of TPARSS and Fenicia on account of the TPARSS Loan Claim and the Fenicia Loan Claim, respectively. TPARSS has agreed that the TPARSS Loan Claim shall be cancelled, released and extinguished, and TPARSS shall not receive or retain any distribution, property, or other value on account of TPARSS Loan Claim. On the Effective Date, unless Fenicia elects a less favorable treatment, Fenicia shall receive 8% of the New Equity in Reorganized OME, or an equivalent interest in Reorganized OME's direct parent. Class 7 consists of holders of General Unsecured Claims against the RE Debtors. On the Effective Date, or as soon as reasonably practicable thereafter, unless a holder of an Allowed RE General Unsecured Claim elects a less favorable treatment, each holder of an Allowed RE General Unsecured Claims shall receive cash in the amount of its Allowed RE General Unsecured Claim. Class 7 is unimpaired under the Plan. On the Effective Date, in exchange for New Equity in Reorganized OME and Reorganized TAF, and to fund the GUC Recovery Pool, TAF OME S.A.P.I. de C.V., a Mexican entity, shall contribute $2.5 million. The percentage of New Equity issued to TAF OME S.A.P.I. de C.V., a Mexican entity, is subject to the Fenicia Election. On the Effective Date, the New Equity in Reorganized OME and Reorganized TAF shall be issued and distributed to TAF OME S.A.P.I. de C.V., a Mexican entity, and, subject to the Fenicia Election. The issuance and delivery of the New Equity in accordance with the Plan shall be authorized without the need for any further limited liability company or corporate action and without any further action by any party in interest. All of the New Equity to be issued and/or delivered in accordance with the Plan, when so issued and/or delivered shall be duly authorized, validly issued, fully paid, and non-assessable. Reorganized Debtors will not issue non-voting securities. A full-text copy of the Amended Combined Disclosure Statement and Plan dated January 16, 2025 is available at https://urlcurt.com/u?l=4rmmy5 from Stretto, claims agent. 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. BANDGRIP INC: Seeks Chapter 11 Bankruptcy in Illinois ----------------------------------------------------- On April 21, 2025, BandGrip Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filing, the Debtor reports $2,199,581 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About BandGrip Inc. BandGrip Inc. is a U.S.-based medical device company specializing in non-invasive wound closure solutions. The Company's flagship product, the BandGrip Micro-Anchor Skin Closure, utilizes patented micro-anchor technology to securely close skin wounds without the need for sutures or staples. Headquartered in Chicago, Illinois, BandGrip aims to reduce procedure times, minimize scarring, and improve patient comfort. BandGrip Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-06139) on April 21, 2025. In its petition, the Debtor reports total assets as of March 31, 2025 amounting to $228,066 and total liabilities as of March 31, 2025 of $2,199,581. Honorable Bankruptcy Judge Jacqueline P. Cox handles the case. The Debtor is represented by William Factor, Esq. at THE LAW OFFICE OF WILLIAM J. FACTOR, LTD. BARRETTS MINERALS: MTI Reserves $215M in Talc Bankruptcy Case ------------------------------------------------------------- Minerals Technologies Inc. provided an update on the Chapter 11 case of its subsidiaries BMI OldCo (formerly Barretts Minerals Inc.) and Barretts Ventures Texas LLC. MTI recorded a provision to establish a reserve of $215 million for estimated costs to fund a trust to resolve all current and future talc-related claims as well as fund BMI OldCo's Chapter 11 case and related litigation costs. The parties have not yet reached a final resolution of all matters in the Chapter 11 case. The provision includes $30 million of additional debtor-in-possession financing by Minerals Technologies Investments LLC (a wholly-owned subsidiary of MTI) to the Debtors, which was approved by the United States Bankruptcy Court for the Southern District of Texas on April 14, 2025. MTI continues to support BMI OldCo's efforts to fully and finally resolve all current and future talc-related claims through court approval of a plan of reorganization in the Chapter 11 case, which would establish a trust to which all talc-related claims would be channeled for resolution. "We remain confident in BMI OldCo's path to resolving these liabilities certainly and fairly through the Chapter 11 process, and believe this reserve is appropriate to cover the anticipated financial impact of talc-related claims," said Douglas T. Dietrich, Chairman and Chief Executive Officer. "We continue to believe the lawsuits against BMI OldCo are meritless and that all talc sold by BMI OldCo is and always has been safe." No other subsidiaries or business units of MTI are included in the Chapter 11 filing. Additional information about the case can be found at https://cases.stretto.com/BMI. About Barretts Minerals Inc. Barretts Minerals Inc.'s current operations are focused on the mining, beneficiating, processing, and sale of industrial talc. It historically supplied a relatively minor percentage of its sales into cosmetic applications. Barretts Minerals' talc is sold to distributors and third-party manufacturers for use in such parties' products, which are then incorporated into downstream products eventually sold to consumers. Barretts Minerals and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-90794) on Oct. 2, 2023. In the petition signed by its chief restructuring officer, David J. Gordon, Barretts Minerals disclosed $50 million to $100 million in assets and $10 million to $50 million in liabilities. The case was initially assigned to Judge David R. Jones before Judge Marvin Isgur took over. The Debtors tapped Porter Hedges, LLP and Latham& Watkins, LLP as legal counsel; M3 Partners, LP as financial advisor; Jefferies, LLC as investment banker; and DJG Services, LLC as restructuring advisor. David J. Gordon of DJG Services serves as the Debtors' chief restructuring officer. Stretto, Inc. is the claims, noticing and solicitation agent and administrative advisor. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Caplin & Drysdale, Chartered and Province, LLC serve as the committee's legal counsel and financial advisor, respectively. BIGRITRANS INC: Unsecured Creditors to Ge Share of $20K in Plan --------------------------------------------------------------- Bigritrans, Inc., filed with the U.S. Bankruptcy Court for the Middle District of Florida a Subchapter V Plan of Reorganization dated March 20, 2025. The Debtor is a Florida for-profit corporation formed to conduct business as a freight hauling company. The company was originally organized in 2016 by Grigore Bivol, who currently serves as the Debtor’s President. The Debtor conducts its operations from the home of Mr. Bivol and his wife (Mrs. Aliona Bivol) located at: 9374 Juniper Moss Circle, Orlando, Florida 32832. BRT conducts operations in association with GA Expresstrans, LLC, with which it also shares debt obligations. Despite efforts to sustain freight hauling operations, the company encountered financial difficulties due to low freight rates, high fuel costs, maintenance expenses and employee overhead. BRT's financial difficulties led to a series of lawsuit and repossession attempts by its creditors. Rather than litigate with its creditors in several different forums (outside the state of Florida), Debtor elected to utilize the Chapter 11 process to address its financial obligations and determine the best path forward for its operation which may include an operational pivot to truck maintenance utilizing a loan facility of approximately $500,000.00. Class 5 consists of all Allowed General Unsecured Claims against the Debtor. Class 5 is Impaired. In full satisfaction of their respective Class 5 Claims, on the Effective Date Holders of an Allowed Class 5 Claim shall receive a pro rata share of $20,000.00 (the "Investment Funds") and any sale proceeds recovered by the Debtor on account of the Class 4 Collateral. The approximate total of Class 5 Claims against the Debtor is $639,562.00, which includes Claims which may be subject to dispute or are unliquidated. As such, the current estimated recovery for Class 5 Claimholders from the Investment Funds (only) is 4.69%. Class 5 is Impaired. Class 6 consists of all equity interests in Bigritrans, Incorporated. Class 6 Interest Holders shall retain their respective Interests in Bigritrans, Incorporated. in the same proportions such Interests were held as of the Petition Date (i.e., 100.00% Interest retained by Grigore Bivol). Class 6 is Unimpaired. The Plan contemplates the Debtor will continue to manage and operate its business in the ordinary course, but with restructured debt obligations and an approximate investment of up to $650,000.00 from United Transport Spzoo to facilitate Debtor's transition of its business into truck maintenance and development of its maintenance facility in Auburndale, Florida. United has stated interest in facilitating the Debtor's transition into maintenance which services United would be able to benefit from for its own operation. Proof of United's investment funds will be provided within 7 days of the deadline to object to confirmation of the Debtor's Plan. It is anticipated the Debtor's post-confirmation business will mainly involve the construction and operation of a maintenance facility in Central Florida. Prior to the Confirmation Hearing, Bigritrans anticipates entering into an investment arrangement to facilitate the pivot of Debtor's business into maintenance services and to payments for the benefit of the Estate. Funds generated from the Debtor’s operations (if any) through the Effective Date will be used for Plan Payments; however, the Debtor's cash on hand as of Confirmation will be available for payment of Administrative Expenses. A full-text copy of the Subchapter V Plan dated March 20, 2025 is available at https://urlcurt.com/u?l=allb4y from PacerMonitor.com at no charge. Counsel for the Debtor: Daniel A. Velasquez, Esq. LATHAM, LUNA, EDEN & BEAUDINE, LLP 201 S. Orange Ave., Suite 1400 Orlando, Florida 32801 About Bigritrans Inc. Bigritrans, Inc., is a Florida for-profit corporation formed to conduct business as a freight hauling company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06936) on Dec. 20, 2024, with $0 to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Tiffany P. Geyer presides over the case. Daniel A. Velasquez, Esq., at LATHAM, LUNA, EDEN & BEAUDINE, LLP, is the Debtor's legal counsel. BRIDAN 770: Section 341(a) Meeting of Creditors on May 21 --------------------------------------------------------- On April 20, 2025, Bridan 770 LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. 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 under Section 341(a) to be Held on May 21, 2025 at 01:00 PM at by U.S. Trustee TELECONFERENCE. To participate call 866-915-4419 passcode 6071331. About Bridan 770 LLC Bridan 770 LLC is a Miami Beach-based limited liability company. Bridan 770 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14314) on April 20, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented by Joel M. Aresty, Esq. at Joel M. Aresty, P.A. CAPSTONE CONSULTING: To Sell Logan Property to D.R. Horton ---------------------------------------------------------- Capstone Consulting LLC seeks permission from the U.S. Bankruptcy Court for the District of Utah to sell Real Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's bankruptcy estate includes real property located at approximately 1200 East 1400 North, Logan, Utah. The Property is consists of 48 build-ready lots known as the Mountainside Estates subdivision. The Debtor's ownership of the Property is as a tenant-in-common with Shree Giriraj Ji, Inc., with SGJ owning an undivided 28.846% interest in the Property, the Debtor owning the remainder interest. The relationship between the Debtor and SGJ is governed in part by the Development Agreement, which permits the Debtor to sell the Property, including SGJ's interest in that property. The Debtor undertook a comprehensive marketing process designed to generate interest in the sale of its lots. The Debtor created the "teaser", and distributed that "teaser" to approximately 63 builders, approximately 31 entities interested in purchases of distressed assets from bankruptcy estates, and also advertised the sale opportunity publicly through Daily Dac (dailydac.com) and the Intermountain Commercial Record. The "teaser" offered to sell the Property for a minimum bid of $145,000 per lot. The Debtor proposes to sell the Property to D.R. Horton, Inc., a large nationwide homebuilder, and has no connection with the Debtor or its principals. The purchase price for the Property is $145,000 per lot, for an anticipated total of $6,960,000. However, the Debtor will likely be required to install improvements, including retaining walls, asphalt curb, gutter, and sidewalk on certain lots which may affect the purchase price and/or the net proceeds of the sale. The Buyer will purchase the Property in two closings: the first closing will consist of approximately 35 finished lots; and the second closing will consist of approximately 13 finished lots approximately 90 days after the first closing or upon completion of remaining improvements required by the buyer, whichever occurs last. The first closing will occur 15 days after Buyer's completion of due diligence. The Buyer will make an earnest money deposit of $250,000. The Debtor shall pay expenses of sale and closing costs and fees, including title insurance costs, pay all outstanding and past due and 2025 prorated property taxes due on the Property, and use the proceeds of the sale to pay claims secured by the Property; and retain the remainder of the sale proceeds in its debtor-in-possession account. About Capstone Consulting LLC Capstone Consulting LLC is involved in real estate development, with a focus on residential projects in the Logan, Utah area. The Company works on subdividing properties, expanding neighborhoods, and collaborating with other stakeholders to enhance local communities. Capstone Consulting LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-20752) on February 18, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Joel T. Marker handles the case. The Debtor is represented by George B. Hofmann, Esq. at COHNE KINGHORN, P.C. CONCORDE METRO: Has Deal on Cash Collateral Access -------------------------------------------------- Concorde Metro Seguros LLC and Banco Popular de Puerto Rico advised the U.S. Bankruptcy Court for the District of Puerto Rico that they have reached an agreement regarding the Debtor's use of cash collateral and now desire to memorialize the terms of this agreement into an agreed order. The parties agreed that the Debtor may use cash collateral from the bankruptcy petition date, March 24, 2025, through June 23, 2025. This agreement is designed to cover necessary operating and other expenses while the parties explore a potential consensual resolution and work to preserve the going concern value of the Debtor's business. The Debtor, which owns multiple properties in the Bayamon Metro Medical Center in Puerto Rico, filed for Chapter 11 protection and acknowledged BPPR as a secured creditor. While BPPR filed a secured claim for $1.958 million, the Debtor recognizes only $1.698 million of that amount, leaving a portion in dispute. The underlying loan relationship dates back to 2015, when BPPR extended a credit facility of $2.677 million to the Debtor, secured by various forms of collateral. These include a mortgage on the real property, an assignment of leases and rents, and security interests in certain deposit and operating accounts. BPPR perfected its security interests through multiple legal instruments and UCC-1 financing statements. The assigned collateral includes all leases, future lease agreements, rents, insurance proceeds, security deposits, and rights to damages from lease defaults, all of which collectively constitute cash collateral under 11 U.S.C. section363(a). The stipulation provides that BPPR consents to the Debtor's use of this cash collateral for operations during the interim period, but reserves the right to pursue a superpriority administrative claim under 11 U.S.C. Section 507(b) at a later time. During the Stipulation Period, the Debtor will make monthly adequate protection payments in the amount of $12,104 to BPPR, on or before the 10th day of each month, commencing on or before April 10, 2025, and continuing on or before the 10th day of each subsequent month. As adequate protection for BPPR, the Debtor grants to BPPR a replacement lien and a post-petition security interest on all of the assets and Collateral acquired by the Debtor on and after the Petition Date. The Replacement Liens will be deemed effective and perfected as of the Petition Date without the need of the execution or filing by the Debtor or BPPR of any additional security agreements, pledge agreements, financing statements or other agreements. As additional adequate protection, the post-petition Collateral under the Replacement Liens and the pre-petition Collateral, will all serve as cross-Collateral for the amounts owed under the Credit Agreement and any and all other amounts disbursed by BPPR under the Loan Documents. A copy of the motion is available at https://urlcurt.com/u?l=AJ2Ldd from PacerMonitor.com. About Concorde Metro Seguros LLC Concorde Metro Seguros LLC sought protection under Chapter 11 of the U.S. Bankrutpcy Code (Bankr. D. P.R. :25-01269-11) on March 24, 2025. In the petition signed by Joseph C. Lebas, Jr., administrator, the Debtor disclosed up to $10 million in both assets and liabilities. Javier Vilarino, Esq., at Vilarino and Associates LLC, represents the Debtor as legal counsel. CORTEX NORTH: Seeks Subchapter V Bankruptcy in Oregon ----------------------------------------------------- On April 18, 2025, Cortex North America Corporation filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Oregon. According to court filing, the Debtor reports $2,489,933 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Cortex North America Corporation Cortex North America Corporation is a U.S.-based company that specializes in high-performance chipping systems for the forest products industry. Founded in 2016 and headquartered in Milwaukie, Oregon, it provides durable and cost-effective cutting solutions to sawmills and wood manufacturers globally. The Company offers a range of products, including reversible knife systems, bridge knives, and chipping components designed to enhance operational efficiency and reduce costs. Cortex North America Corporation sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Or. Case No. 25-31290) on April 18, 2025. In its petition, the Debtor reports total assets of $611,562 and total liabilities of $2,489,933 Honorable Bankruptcy Judge Peter C. McKittrick handles the case. The Debtor is represented by Theodore J. Piteo, Esq. at MICHAEL D. O'BRIEN & ASSOCIATES PC. COSMO HOTELS: Case Summary & 19 Unsecured Creditors --------------------------------------------------- Debtor: Cosmo Hotels Management, LLC 4570 West Elkhorn Blvd Sacramento, CA 95835 Business Description: Cosmo Hotels holds full ownership of the property situated at 4570 West Elkhorn Blvd, Sacramento, CA 95835. Chapter 11 Petition Date: April 21, 2025 Court: United States Bankruptcy Court Eastern District of California Case No.: 25-21879 Judge: Hon. Christopher M Klein Debtor's Counsel: Harry Gill, Esq. HBG LAW, PC 65 Enterprise 4th Floor Aliso Viejo, CA 92656 Tel: 949-867-2100 Fax: 949-867-2114 Email: harry.gill@hbglaw.com Total Assets: $0 Total Liabilities: $31,843,396 The petition was signed by Larry Williams as corporate representative. A full-text copy of the petition, which includes a list of the Debtor's 19 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/I6OFNJA/Cosmo_Hotels_Management_LLC__caebke-25-21879__0001.0.pdf?mcid=tGE4TAMA D2 GOVERNMENT: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- D2 Government Solutions, Inc. got the green light from the U.S. Bankruptcy Court for the Eastern District of North Carolina, New Bern Division, to use cash collateral. The interim order authorized the Debtor's interim use of cash collateral to pay ordinary and necessary business expenses as set forth in its budget, with a 10% variance allowed. The budget projects total operational expenses of $458,082.30. As protection for any post-petition diminution in value of their interests in the collateral, the lenders were granted a post-petition continuing replacement lien on assets similar to their pre-bankruptcy collateral. The next hearing will be held on May 1. The Debtor, which operates as a defense contractor across the U.S., filed for bankruptcy largely due to delays in payments on government contracts, its primary source of income. All receivables from the Debtor's contracts are handled through a factoring agreement with LSQ Funding Group, which holds a significant reserve. Although several recorded UCC-1 filings show blanket liens from the U.S. Small Business Administration, First Corporate Solutions, and Corporation Servicing Company, the Debtor believes that most, if not all, of the prepetition receivables had been assigned to LSQ prior to filing. Therefore, at the time of bankruptcy, the Debtor likely had no receivables generating cash collateral for these lenders. However, LSQ's reserve may still qualify as property of the estate and potentially subject to lender claims. About D2 Government Solutions Inc. D2 Government Solutions, Inc. founded in 2010, is a Service-Disabled Veteran-Owned Small Business (SDVOSB) that provides a broad spectrum of professional services to U.S. government agencies. The Company specializes in aviation-related operations including base and flight operations, aircraft maintenance, logistical support, aerial imaging, and range services. In addition, D2 offers administrative and facility support services such as mailroom operations, military transition assistance, ID processing support, clerical staffing, and medical administrative functions, reflecting its versatility in meeting diverse federal contracting needs. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-01322) on April 11, 2025. In the petition signed by Darryl Centanni, president, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Pamela W. McAfee oversees the case. JM Cook, Esq., at J.M. COOK, P.A., represents the Debtor as legal counsel. DANPOWER64 LLC: Section 341(a) Meeting of Creditors on May 23 ------------------------------------------------------------- On April 21, 2025, DanPower64 LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Massachusetts. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on May 23, 2025 at 10:30 AM as Telephonic Meeting. Dial-in Number: 877-369-9123 Participant Code: 8635039#. About DanPower64 LLC DanPower64 LLC is classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B), with its primary property situated at 197 Harve Street, Boston, MA 02128. DanPower64 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-10790) on April 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. The Debtor is represented by Kate E. Nicholson, Esq. at NICHOLSON DEVINE LLC. DATAVAULT AI: Closes $15-Mil. in Convertible Note Offering ---------------------------------------------------------- Datavault AI Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company, completed the initial closing of its previously announced transaction in which, pursuant to a Securities Purchase Agreement between the Company and certain institutional investors, dated March 31, 2025, the Purchasers agreed to purchase from the Company: (a) in a registered direct offering, senior secured convertible notes having an aggregate principal amount of $5,555,555 for an aggregate purchase price of $5,000,000 and senior secured convertible notes having an aggregate principal amount of $11,111,111 for an aggregate purchase price of $10,000,000 upon satisfaction of certain closing conditions applicable to the Initial Notes and Additional Notes, respectively and (b) in a concurrent private placement, common stock purchase warrants to purchase up to 19,346,101 shares of common stock of the Company, par value $0.0001 per share, of which Warrants to purchase up to 6,448,700 shares of Common Stock were issued in connection with the issuance of the Initial Notes and Warrants to purchase up to 12,897,401 shares of Common Stock will be issued in connection with the issuance of the Additional Notes. The closing of the Additional Notes and Additional Warrants will take place on or after the date that is 20 days after the mailing by the Company of a definitive information statement on Schedule 14(c) with respect to the approval, by written consent of the Company's stockholders, of the issuance of the shares of Common Stock issuable upon conversion of the Notes and exercise of the Warrants and a one-time reset, at the Company's option, of the exercise price of outstanding common stock purchase warrants held by the Purchasers that do not contain "alternative cashless exercise" features. Obligations Under the Purchase Agreement: Pursuant to the Purchase Agreement, the Company agreed to file a registration statement registering the shares of Common Stock issuable upon exercise of the Warrants within 15 days upon receipt of written request by the Purchasers and use commercially reasonable efforts to cause such Resale Registration Statement to become effective within 45 days following receipt of such written request Pursuant to the Purchase Agreement, the Company agreed, subject to certain exceptions: (i) not to offer for sale, issue, sell, contract to sell, pledge or otherwise dispose of any of shares of Common Stock or securities convertible into shares of Common Stock until 45 days after the date of each Closing, and (ii) not to issue certain securities if the issuance would constitute a Variable Rate Transaction until no Purchasers holds any Notes. Pursuant to the Purchase Agreement, until the date that is 18 months after the date on which the Notes are no longer outstanding, the Purchasers have the right, but not the obligation, to participate in any issuance by the Company of any debt, preferred stock, shares of Common Stock or securities convertible into shares of Common Stock up to a maximum of 65% of such Subsequent Financing on the same terms, conditions and price provided to other investors in such Subsequent Financing. Notes: The Notes carry a 10% original issue discount, and mature 18 months from the date of issuance. No interest accrues during the term of the Notes, unless an event of default occurs, in which case interest will accrue at a rate of 12% per annum. The obligations under these Notes rank senior to all other existing indebtedness and equity of the Company. The Notes are convertible into shares of the Company's common stock at any time beginning on the date of Stockholder Approval at the option of the holders thereof, in whole or in part, into such number of shares of Common Stock at an initial conversion price equal to $1.00 per share. Alternatively, the Notes are convertible at a price equal to the greater of (x) the Floor Price and (y) 90% of the lowest volume weighted adjusted price of the shares of Common Stock in the 10 trading days prior to the applicable conversion date. The conversion price of the Notes is subject to a floor price of $0.1794. In the event the Alternate Conversion Price would be lower than the Floor Price, the Company is required to compensate the holders of the Notes by paying the holders in cash an amount equal to the product obtained by multiplying (A) the VWAP on the day the holder delivers the applicable conversion notice and (B) the difference obtained by subtracting (I) the number of shares of Common Stock delivered (or to be delivered) to the holder on the applicable share delivery date with respect to such Alternate Conversion from (II) the quotient obtained by dividing (x) the applicable conversion amount that the holder has elected to be the subject of the applicable Alternate Conversion, by (y) the applicable Alternate Conversion Price without being limited by the Floor Price. Under the Notes, the Company is required to use up to 30% of the proceeds from future financings to redeem the Notes in an amount equal to the aggregate principal amount of the Notes being redeemed from such proceeds multiplied by 105%. The Notes contain 4.99/9.99% beneficial ownership limitations and customary provisions regarding events of defaults and negative covenants. Warrants The Warrants have an initial exercise price of $0.8615 per share. The Initial Warrants will be exercisable upon effectiveness of Stockholder Approval and expire five years from the date of such effectiveness. The Additional Warrants will be issued in the Additional Closing, exercisable immediately upon issuance and expire five years from the date of issuance. The exercise price of the Warrants is subject to: (a) downward adjustment in the event the Company issues shares of common stock or common stock equivalents having an effective price lower than the then current exercise price of the Warrants, subject to certain exceptions and (b) standard, proportional adjustments in the event of certain events, such as stock splits, combinations, dividends, distributions, reclassifications, mergers or other corporate changes. The Warrants contain 4.99/9.99% beneficial ownership limitations. Security Agreement and Guarantee: In connection with the initial closing on April 3, 2025, the Company entered into: (i) a security agreement, which grants to the holders of the Notes a security interest in all of the assets of the Company, and (ii) a subsidiary guarantee, pursuant to which all domestic subsidiaries of the Company have guaranteed the Company's obligations under the Notes. Placement Agency Agreement: As previously announced, in connection with the Offerings, the Company entered into a placement agency agreement with Maxim Group LLC on March 31, 2025, pursuant to which the Placement Agent agreed to act as placement agent on a "reasonable best efforts" basis in connection with the Offerings. Pursuant to the Placement Agency Agreement and in connection with initial closing, the Company paid the Placement Agent an aggregate fee equal to 8.0% of the gross proceeds raised at the initial closing and reimbursed the Placement Agent an amount up to $15,000 for expenses in connection with the Offerings. In addition to similar rights previously granted to the Placement Agent, pursuant to the Placement Agency Agreement, the Company granted the Placement Agent a right of first refusal for a period of 30 days from August 22, 2025 to provide investment banking services to the Company on an exclusive basis, exercisable in the Placement Agent's discretion. Under the Placement Agency Agreement, for a period of nine months from the Initial Closing, the Company will pay the Placement Agent a cash fee equal to 7.0% of the gross proceeds of any capital raising activity received by the Company from the Purchasers in the Offerings. About Datavault AI Datavault AI Inc. (f/k/a WiSA Technologies, Inc.) -- www.wisatechnologies.com -- develops and markets spatial audio wireless technology for smart devices and home entertainment systems. The Company's WiSA Association collaborates with consumer electronics companies, technology providers, retailers, and industry partners to promote high-quality spatial audio experiences. WiSA E is the Company's proprietary technology for seamless integration across platforms and devices. San Jose, California-based BPM LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 1, 2024, citing that the Company's recurring losses from operations, a net capital deficiency, available cash, and cash used in operations as factors raising substantial doubt about its ability to continue as a going concern. As of Sept. 30, 2024, Datavault AI had $8.02 million in total assets, $3.72 million in total liabilities, and $4.30 million in total stockholders' equity. DELUXE CORP: Egan-Jones Retains B Senior Unsecured Ratings ---------------------------------------------------------- Egan-Jones Ratings Company on April 8, 2025, maintained its 'B' foreign currency and local currency senior unsecured ratings on debt issued by Deluxe Corporation. EJR also withdrew the rating on commercial paper issued by the Company. Headquartered in Minneapolis, Minnesota, Deluxe Corporation operates as a payments and business technology company. DIOCESE OF BUFFALO: Reaches $150MM Deal with Abuse Claimants ------------------------------------------------------------ Randi Love of Bloomberg Law reports that the Diocese of Buffalo, New York, has reached a $150 million settlement with over 900 child sex abuse survivors, though the agreement does not yet include contributions from insurers. Announced five years into the diocese's bankruptcy proceedings, the settlement represents a significant step toward a broader resolution, according to diocese attorney Stephen Donato of Bond Schoeneck & King PLLC. Speaking at a Tuesday, April 22, 2025, hearing in the U.S. Bankruptcy Court for the Western District of New York, Donato noted that the agreement includes the diocese, its parishes, and a committee representing abuse claimants. About The Diocese of Buffalo N.Y. The Diocese of Buffalo, N.Y., is home to nearly 600,000 Catholics in eight counties in Western New York. The territory of the diocese is co-extensive with the counties of Erie, Niagara, Genesee, Orleans, Chautauqua, Wyoming, Cattaraugus, and Allegany in New York State, comprising 161 parishes. There are 144 diocesan priests and 84 religious priests who reside in the Diocese. The diocese through its central administrative offices (a) provides operational support to the Catholic parishes, schools, and certain other Catholic entities that operate within the territory of the Diocese "OCE"; (b) conducts school operations through which it provides parish schools with financial and educational support; (c) provides comprehensive risk management services to the OCEs; (d) administers a lay pension trust and a priest pension trust for the benefit of certain employees and priests of the OCEs; and (e) provides administrative support for St. Joseph Investment Fund, Inc. Dealing with sexual abuse claims, the Diocese of Buffalo sought Chapter 11 protection (Bankr. W.D.N.Y. Case No. 20-10322) on Feb. 28, 2020. The diocese was estimated to have $10 million to $50 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. The Honorable Carl L. Bucki is the case judge. Bond, Schoeneck & King, PLLC, led by Stephen A. Donato, Esq., is the diocese's counsel; Connors LLP and Lippes Mathias Wexler Friedman LLP are its special litigation counsel; and Phoenix Management Services, LLC is its financial advisor. Stretto is the claims agent, maintaining the page: https://case.stretto.com/dioceseofbuffalo/docket The U.S. Trustee for Region 2 appointed a committee of unsecured creditors on March 12, 2020. The committee tapped Pachulski Stang Ziehl & Jones, LLP and Gleichenhaus, Marchese & Weishaar, PC as bankruptcy counsel, and Burns Bair LLP as special insurance counsel. DOCUDATA SOLUTIONS: Reaches Deal w/ Creditors to Exit Chapter 11 ---------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that DocuData Solutions, a bankrupt division of Exela Technologies Inc., has reached a settlement with both secured noteholders and junior creditors after extended negotiations. The division and its affiliated bankrupt entities have agreed to a restructuring plan with a committee representing unsecured creditors, senior secured noteholders, and Exela Chairman Par Chadha, according to a filing submitted Monday, April 22, 2025, in the U.S. Bankruptcy Court for the Southern District of Texas. About Docudata Solutions Docudata Solutions, LC, together with their Debtors and non-Debtor affiliates (the Company), are a global leader in business process automation. Leveraging their worldwide presence and proprietary technology, the Company offers high-quality payment processing and digital transformation solutions across the Americas and Asia, helping clients enhance efficiency and lower operational costs. The Company has worked with over 60% of the Fortune 100 companies. They provide essential services to top global banks, financial institutions, healthcare payers and providers, and major global brands. These services include finance and accounting solutions, payment technologies, healthcare payer and revenue cycle management, hyper-automation and remote work solutions, enterprise information management, integrated communications and marketing automation, as well as digital solutions for large enterprises. Docudata Solutions and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90023) on March 3, 2025. In the petitions signed by Matt Brown, interim chief financial officer, the Debtors disclosed $500 million to $1 billion in estimated assets and $1 billion to $10 billion in estimated liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Hunton Andrews Kurth LLP and Latham & Watkins LLP, Houlihan Lokey, Financial Advisors, Inc. as investment banker, AlixPartners, LLP as financial advisor. Omni Agent Solutions, Inc. is the Debtors' claims, noticing and solicitation agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. EASTERN COLORADO: Court OKs New Mexico Property Sale to M. Weiland ------------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Colorado has granted Eastern Colorado Seeds LLC and its affiliates, to sell New Mexico Property, free and clear of liens, interests, and encumbrances. The Court has authorized the Debtors to sell the property located at 5136 N. Prince Street, Clovis, NM 88101 to Michael and Melisa Weiland with the purchase price of $315,000. The Debtors, which are owned by Clayton Russel Smith and Christine Laurene Smith, are a large seed farming and sales operation. The Debtors' primary operations are located in Burlington, Colorado, but Debtors also have satellite locations in Dumas, Texas and Clovis, New Mexico. The satellite operation in Clovis, New Mexico has largely been superseded by Debtors' operations in Dumas, Texas. Seeds owns the New Mexico Property, which is comprised of real estate with a warehouse. The Court also held that the Debtor shall cause American AgCredit to be paid directly from the closing of the sale of the New Mexico Property in the sum of $225,000. About Eastern Colorado Seeds, LLC Eastern Colorado Seeds, LLC is a full-service seed company offering a wide range of agricultural seeds, including grains, forages, reclamation seeds, and specialty products like pulses, millets, and sunflowers. With locations in Burlington, CO, Dumas, TX, and Clovis, NM, the company ensures efficient delivery and a consistent supply of high-quality products to its customers. The knowledgeable team at Eastern Colorado Seeds specializes in crop advisory, precision technology, and livestock nutrition. Eastern Colorado Seeds LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No.: 25-10244) on January 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Joseph G Rosania Jr. handles the case. The Debtor is represented by Andrew W. Johnson, Esq. at Onsager Fletcher Johnson LLC. ENPRO INC: Egan-Jones Retains BB+ Senior Unsecured Ratings ---------------------------------------------------------- Egan-Jones Ratings Company, on April 11, 2025, maintained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by EnPro Inc. Headquartered in Charlotte, North Carolina, EnPro Inc designs, develops, manufactures, and markets proprietary engineered industrial products. FIRST STATES: Unsecured Creditors to be Paid in Full in Plan ------------------------------------------------------------ First States Realty Corp., LLC filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania a Subchapter V Plan of Reorganization dated March 20, 2025. Allerand Realty Holdings, LLC ("ARH") is the operator and control party in respect of approximately 40 real estate investments, most of which are held in subsidiary entities similar to the Debtor. This form of realty ownership is common and is often insisted upon by transaction partners and commercial lenders. ARH acquired its interest in the Debtor in 2016. At the time of that acquisition, the Debtor owned leasehold interests in half a dozen separate parcels of commercial real estate located in several Northeastern states, including Pennsylvania and New Jersey. At that time and continuing to the present, the business model of the Debtor was and is to act as the lessee of commercial property under a long-term "ground lease" but not to physically occupy the leased premises itself. The primary source of the Debtor's contemplated payments to be made to creditors is the proceeds Debtor will receive from a settlement agreement (the "Settlement") entered into between Debtor, ARH, First States Realty Investco, LLC ("Invesco"), First States Management Corp, LP ("Management"), Allerand Capital, LLC ("Capital"), Richard Sabella ("RS"), and together with Debtor, ARH, Invesco, Management, and Capital, the "Sabella Entities"), Edward S. Murray, III, Trustee Under Trust A of the Las will and Testament of Edward S. Murray Jr., Successor in Interest to Mary B. Murry (the "Trust"), Kathleen Johnson ("KT"), Tammy Straub ("TS"), Dana Brndjar ("DB"), Robert Johnson ("RT", and together with the Trust, KT, TS, and DB, the "Trust Entities"), and Citizens Bank, N.A. ("Citizens"), which was approved by the United States Bankruptcy Court for the District of Eastern Pennsylvania on February 19, 2025. The term of the Plan begins on the Effective Date and ends on the first business day following the payment of all creditors in Class 2. The Plan provides for the full payment of allowed administrative, priority, and general unsecured claims in accordance with the Bankruptcy Code or as agreed upon by the respective parties. Class 2 consists of General Unsecured. Class 2 consists of all allowed claims other than Administrative Priority claims and claims in Class 1. Class 2 claims total approximately $1,180,334.98. Class 2 Claims shall be paid in full within 30 days of the later of the Effective Date or the date the claim becomes an Allowed Claim unless agreed upon by the respective parties. Class 3 consists of the membership interest of the Debtor's sole owner and member, ARH. The Class 3 Interest will remain in full force and effect and will receive any funds leftover after the payment of the Administrative Priority Claims, the Class 1 Priority Claims, if any, and the Class 2 General Unsecured Claims. The Class 3 member may receive draws on account of compensation for services equal to the fair value thereof. The Debtor has entered into the Settlement. Pursuant to the Settlement, Debtor will receive $1,900,000 (the "Settlement Proceeds"). The Settlement Proceeds exceed the total amount of claims against Debtor and will allow Debtor to pay the Allowed Claims in full. As a result of the aforementioned settlements with certain of Debtor's creditors, Debtor has sufficient funds on hand to fund the plan. Additionally, Debtor will continue to operate its business to generate revenue. A full-text copy of the Plan of Reorganization dated March 20, 2025 is available at https://urlcurt.com/u?l=GCerbn from PacerMonitor.com at no charge. Counsel to the Debtor: Ronald S. Gellert, Esq. Gellert Seitz Busenkell & Brown, LLC 1201 N. Orange St., Ste. 300 Wilmington, Delaware 19801 Tel: (302) 425-5800 Fax: (302) 425-5814 Email: rgellert@gsbblaw.com About First States Realty Corp. The Debtor is primarily engaged in renting and leasing real estate properties. First States Realty Corp., LLC in Miami, FL, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Pa. Case No. 24-13283) on Sept. 16, 2024, listing as much as $1 million to $10 million in both assets and liabilities. Richard Sabella as manager, signed the petition. Judge Patricia M Mayer oversees the case. GELLERT SEITZ BUSENKELL & BROWN, LLC serve as the Debtor's legal counsel. FOOT LOCKER: Egan-Jones Keeps BB Senior Unsecured Ratings --------------------------------------------------------- Egan-Jones Ratings Company, on April 9, 2025, maintained its 'BB' foreign currency and local currency senior unsecured ratings on debt issued by Foot Locker, Inc. EJR also withdrew the rating on commercial paper issued by the Company. Headquartered in New York, New York, Foot Locker, Inc. retails footwear. FREEDOM CAPITAL: Unsecureds Will Get 100% of Claims in Plan ----------------------------------------------------------- Freedom Capital Ventures LLC filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Disclosure Statement with regard to Plan of Reorganization dated March 20, 2025. The Debtor was formed prior to 2010 for the purpose of owning and managing real property. The Debtor has filed two previous Chapter 11 Bankruptcy Petitions. This case was filed on October 30, 2024, as a result of NewRez Loan Servicing LLC d/b/a Shell Point Mortgage Servicing returning several of the Debtor's payments for Debtor's 581 Morgan Street, Atlanta, Georgia property. The Debtor contacted Shell Point to find out why the payments were returned. The Debtor has not had gotten a response from Shell Point. The Debtor returned the payments to Shell Point and the payments were refused again. Shell Point began foreclosure proceedings with foreclose sale date scheduled for the first Tuesday in November 2024. The Debtor believes that the mix up with the mortgage payments resulted from the transfer of the mortgage lien from Specialized Loan Servicing to Shell Point. Since the filing for protection under Chapter 11 of the Bankruptcy Code the Debtor has continued to manage its affairs as a Debtor-in-Possession under the authority of Sections 1107 and 1108 of the Bankruptcy Code. The Chapter 11 filing has afforded the Debtor with "breathing space" within which to stabilize its affairs and to reorganize financially. Class 5 consists of the unsecured claim of Schloesgerg & Nembhardt in the amount of $3,200.00 for accounting services. Schloesgerg & Nembhardt shall be paid 100% of its claim on the 30th day following confirmation of the Plan. Class 6 consists of Equity Claims. Jarrad Reddick, the Debtor's principal, is the only equity security holder. Jarrad Reddick will retain his interest in the reorganized debtor. The equity security holder will not be paid a dividend so long as any unsecured creditors, claim herein remains unpaid as provided for under this Plan. Jarrad Reddick shall contribute $3,000.00 per month for 12 months to the Debtor as additional capital contribution. The Debtor will fund the Plan with the income it receives from its rental properties and capital contributions from Jarrad Reddick. A full-text copy of the Disclosure Statement dated March 20, 2025 is available at https://urlcurt.com/u?l=xT9uIv from PacerMonitor.com at no charge. Counsel to the Debtor: Kenneth Mitchell, Sr., Esq. Mitchell & Associates, P.C. 3951 Snapfinger Parkway, Suite 555 Decatur, GA 30035 Tel: (770) 987-7007 Email: GMAPCLAW1@GMAIL.COM About Freedom Capital Ventures LLC Freedom Capital Ventures LLC was formed prior to 2010 for the purpose of owning and managing real property. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 20-63430) on Feb. 27, 2020, listing under $1 million in both assets and liabilities. Judge Paul Baisier oversees the case. Kenneth Mitchell, Esq., at Giddens, Mitchell & Associates P.C., serves as Debtor's counsel. GABRIEL BROTHERS: Opens Talks w/ Lenders After Failing to Pay Rent ------------------------------------------------------------------ Reshmi Basu of Bloomberg News reports that Gabe's, the discount retail chain backed by Warburg Pincus, is in talks with some of its lenders as it grapples with declining cash reserves, according to sources familiar with the matter. The company has brought on Berkeley Research Group to provide operational guidance, the sources said, requesting anonymity due to the sensitive nature of the discussions. Berkeley adds to a group of advisers already working with Gabe's, including Jefferies Financial Group Inc. and A&G Real Estate Partners, according to Bloomberg News. In April, the retailer withheld rent payments on select locations while negotiating with landlords for relief to improve its cash position, the report states. About Gabriel Brothers Inc. Gabriel Brothers Inc., doing business as Gabe's, operates a chain of off-price casual family fashion stores. The Company offers clothing, shoes, work wear, and home accessories for men, women, and children. Gabriel Brothers operates in the State of West Virginia. GO LAB: Forms 3-Member Chapter 11 Creditor Committee ---------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that the U.S. Trustee's Office has selected three members to serve on the official committee of unsecured creditors in the Chapter 11 case of Royal Interco LLC, which provides private-label paper products to grocery chains like Trader Joe's and Aldi. About Go Lab, Inc. GO Lab, Inc. and GO Lab Madison, LLC are a start-up manufacturer based in Madison, Maine, specializing in high-performing, dry-process wood fiber construction insulation. Founded in 2017, the Company produces three commercial products: TimberBatt, TimberFill, and TimberBoard, all made from clean softwood residuals sourced from sawmills and small-diameter trees. GO Lab, Inc. and GO Lab Madison, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-10557) on March 25, 2025. In the petition, the Debtors reported total assets of $500,000 to $1 million and total debts of $10 million to $50 million. The petitions were signed by Matthew O'Malia as president and CEO. The Honorable Bankruptcy Judge Karen B Owens handles the case. The Debtors tapped Cozen O'Connor to serve as their general bankruptcy counsel. Pierce Atwood LLP is the Debtors' special counsel for corporate matters. Nixon Peabody LLP is the Debtors' special counsel for tax and bond matters. Jefferies LLC acts as investment banker to the Debtors, and Berry Dunn McNeil & Parker LLC acts as accountants to the Debtors. The Debtors' claims and noticing agent is Omni Agent Solutions. HEART 2 HEART: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The U.S. Trustee for Region 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Heart 2 Heart Volunteers, Inc. About Heart 2 Heart Volunteers Inc. Heart 2 Heart Volunteers Inc., doing business as Serenity Hills Life Center, operates three addiction recovery centers and treatment facilities. Heart 2 Heart Volunteers sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.W. Va. Case No. 25-00087) on February 27, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge David L. Bissett oversees the case. The Debtor is represented by Kirk B. Burkley, Esq., at Bernstein-Burkley, P.C. HELLO ALBEMARLE: Claims to be Paid From Available Cash & Carve Out ------------------------------------------------------------------ Hello Albemarle LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement for Chapter 11 Plan of Liquidation dated March 20, 2025. The Debtor is a privately held New York limited liability company. The Debtor owns the property located at 2417 Albemarle Road, Brooklyn, New York 11226 (the "Property"). The Property is a residential rental apartment building consisting of 44 units and 30 off-street parking spaces, which the Debtor developed from the group up after acquiring the Property for $2.4 million in March 2014. The Debtor completed construction in November 2018. On July 19, 2024, the Bankruptcy Court entered the Order Approving (I) Bid Procedures In Connection With The Proposed Sale of Property and (II) Authorizing the Auction Sale (the "Bid Procedures Order"). The Bid Procedures Order set forth, among other things, the requirements for prospective bidders to submit a Qualified Bid, the Bid Deadline, and the date, time, and procedures that would be employed for the Auction should multiple Qualified Bids be received by the Bid Deadline. Northgate continued to receive interest in the Property after the Bid Deadline had passed and NYSF had formally submitted its credit bid. With the consent of the Debtor, NYSF, and the Official Committee of Unsecured Creditors (the "Committee"), Northgate fielded those post-Bid Deadline inquiries. However, by the afternoon of September 18, 2024, the potential purchasers did not offer a price that was close enough to the outstanding debt for NYSF to accept, and the Debtor made the decision to formally cancel the Auction and declare NYSF the Successful Bidder by virtue of its $7,500,000 credit bid. The Debtor's Plan is a plan of liquidation. In general, a chapter 11 plan of liquidation (i) divides claims into separate classes, (ii) specifies the property that each class is to receive under the Plan, and (iii) contains other provisions necessary to implement the Plan. Class 3 consists of General Unsecured Claims. The allowed unsecured claims total $4,876,672.01. On or after the Effective, each Holder of an Allowed General Unsecured Claims shall receive, in full and final satisfaction of such Allowed General Unsecured Claim, their pro rata share of the Debtor's cash on hand on the Effective Date after payment of Allowed Administrative Expense Claims, or such lesser treatment as to which the Debtor and the Holder of any such Allowed General Unsecured Claim shall have agreed upon in writing. Class 4 consists of Equity Interests. No Distributions of any kind will be made to the Holders of Equity Interests. As a condition to effectiveness of the Plan, the Debtor must close the Property Sale. The Property Sale shall be exempt from otherwise applicable Transfer Taxes in accordance with section 1146(a) of the Bankruptcy Code. The Plan and the Distributions provided for therein shall be funded by the Debtor's cash on hand and the Carve Out; provided, however, that the Property Tax Claims shall be paid and satisfied directly by NYSF at the closing of the Property Sale as provided herein. A full-text copy of the Disclosure Statement dated March 20, 2025 is available at https://urlcurt.com/u?l=3KjdRe from PacerMonitor.com at no charge. Counsel to the Debtor: Paul H. Aloe, Esq. David N. Saponara, Esq. Kudman Trachten Aloe Posner LLP 488 Madison Avenue, 23 rd Floor New York, NY 10022 Telephone: (212) 868-1010 Email: paloe@kudmanlaw.com dsaponara@kudmanlaw.com About Hello Albemarle LLC JG Albemarle, LLC and six other creditors of Hello Albemarle, LLC, filed an involuntary Chapter 11 petition (Bankr. E.D.N.Y. Case No. 23-41326) against the company on April 19, 2023. The creditors are represented by Kevin J. Nash, Esq., at Goldberg Weprin Finkel Goldstein, LLP. Judge Nancy Hershey Lord oversees the case. HYPERTECH INC: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Hypertech, Inc. and its affiliates got the green light from the U.S. Bankruptcy Court for the Middle District of Tennessee, Nashville Division, to use cash collateral. The order penned by Judge Charles Walker authorized the Debtors' interim use of cash collateral until the final hearing scheduled for May 21. As protection, creditors that assert interest in the cash collateral will receive a replacement lien in the Debtors' post-petition property and proceeds thereof, to the same extent and priority as their pre-bankruptcy liens. The Debtors need to use cash collateral to maintain business operations, pay employees, and continue serving customers while undergoing reorganization. The Debtors have cash, accounts receivable, and inventory that may constitute cash collateral and that various creditors, including traditional secured lenders and merchant cash advance lenders, claim interests in these assets. Hypertech has secured debt obligations of approximately $4.43 million to First Horizon Bank and $440,000 to the U.S. Small Business Administration. Its affiliate, High Point, LLC, has secured claims totaling about $670,000 to BizCapital, $480,000 to Renasant Bank, and an additional $2.4 million to First Horizon Bank as part of collateral pledged for Hypertech's obligations. The Debtors are also entangled with at least 11 MCA lenders, many of whom filed financing statements incorrectly or in the wrong jurisdictions, resulting in an unclear and potentially invalid web of competing lien claims. Notably, only three MCA lenders filed UCC-1 statements in the correct jurisdiction, with effective annual percentage rates ranging from 184% to 457%. About Hypertech Inc. Hypertech Inc. is a U.S.-based automotive technology company that develops high-performance engine tuning products for vehicles with computer-controlled systems. Unlike traditional aftermarket firms that focus on mechanical upgrades, Hypertech specializes in software-based enhancements by recalibrating a vehicle's electronic control units (ECUs) for improved power, fuel efficiency, and drivability. The Company's team includes engineers and performance enthusiasts who apply advanced knowledge of electrical engineering and computer science to create products like Power Chips and the Power Programmer. Hypertech, Inc. and its affiliates, High Point, LLC, and SF Technologies Inc., sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. M.D. Tenn. Lead Case No. 25-01562) on April 11, 2025. In its petition, Hypertech reported between $1 million and $10 million in both assets and liabilities. Judge Charles M. Walker handles the cases. The Debtors are represented by Robert J. Gonzales, Esq. at EmergeLaw, PLC. ILLINOIS INSTITUTE: S&P Assigns 'BB+' Rating on 2025 Revenue Bonds ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB+' long-term rating to the Illinois Finance Authority's series 2025 revenue bonds, issued on behalf of Illinois Institute of Technology (Illinois Tech). The outlook is stable. S&P said, "We analyzed the university's environmental, social, and governance credit factors pertaining to its market position, management and governance, and financial performance. All factors are neutral in our credit rating analysis. "The stable outlook reflects our expectation that during the one-year outlook period, the university's enrollment trend will be at least stable and demand profile will be consistent. We expect financial resources will be maintained near current levels while financial operations remain near break-even to slight surpluses. We do not expect additional long-term debt issuance outside of what has already been planned. "We could consider a negative rating action if the university's financial resource ratios weaken such that they are no longer consistent with the current rating, or if financial operations decline such that a trend of significant deficits are sustained or if elevated endowment draws are sustained materially beyond what is currently expected. We would also view a weakening in the demand profile negatively. "We could consider a positive rating action if the university improves its financial resource ratios to levels commensurate with those of a higher rating. We would also view favorably Illinois Tech's demonstrated ability to maintain its enrollment trend and current demand metrics, while continuing to generate break-even-to-slight surplus financial operations on a full-accrual basis absent supplemental endowment draws or one-time funds." IMERYS TALC: Chapter 11 Plan Trial Kicks Off w/ Claims Rep Doubts ----------------------------------------------------------------- Vince Sullivan of Law360 reports that on Tuesday, April 22, 2025, the confirmation trial in the Chapter 11 cases of Imerys Talc America and its affiliates began, even as several important legal questions remained unsettled. The Delaware bankruptcy judge overseeing the proceedings allowed the five-day trial to move forward despite ongoing uncertainty regarding the appointment of a future talc claims representative for one of Imerys' foreign co-debtors. 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. IVANKOVICH FAMILY: Unsecureds Will Get 100% of Claims in Plan ------------------------------------------------------------- Ivankovich Family LLC, and affiliates filed with the U.S. Bankruptcy Court for the Southern District of Florida a Second Amended Joint Disclosure Statement in support of Amended Joint Plan of Reorganization dated March 20, 2025. Prior to the Petition Date, the Debtors were all directly or indirectly engaged in the investment business as part of a family office founded by Drs. Anthony and Olga Ivankovich, who are the managers of Debtor A&O Family (FL). Steven Ivankovich, the son of Drs. Anthony and Olga Ivankovich, is the manager of the Debtors Atlas P2, Ivankovich Family LLC, and A&O Family (IL). Drs. Anthony and Olga Ivankovich, individually and through their trusts, own 99.25% of A&O Family (FL). Dr. Anthony Ivankovich indirectly owns 80% of Debtor Atlas P2. Debtor Ivankovich Family LLC and A&O Family (IL) are owned by North American Property Ventures Ltd., a Grand Cayman Company. The Debtors' investments include financing, developing, marketing, and selling commercial real estate through various special purpose entities affiliated with the Debtors. The investments and assets relevant to the Debtors' plan funding, the claims asserted in this case, and the reason for filing this bankruptcy case. The Debtors were compelled to commence these Chapter 11 cases in order to obtain access and prevent the liquidation of the Debtors' investment accounts that were improperly frozen by Celadon due to various rulings in the pending contested divorce case of Steven Ivankovich and Jeanette Ivankovich (the "Divorce Proceeding"). On November 2, 2023, the Illinois Divorce Court entered a support order ("Support Order") requiring, among other things, Steven Ivankovich to pay (1) child support, as contemplated under 750 ILCS 5/505, in the amount of $6,933 per month until each child reaches the age of majority ("Child Support"); and (2) temporary maintenance, as contemplated under 750 ILCS 5/504, in the amount of $14,180 per month ("Maintenance"). In total, Steven Ivankovich was required to pay $21,113 in Child Support and Maintenance for the duration set forth in 750 ILCS 5/504 and 5/505. Class 4 consists of Allowed Unsecured Claims. Reorganized Debtors shall pay, respectively from each of their assets, the holder of an Allowed Class 4 Claim the full amount of any Allowed Class 4 Claim within fourteen days of entry of a final order allowing any Class 4 Claim. The allowed unsecured claims total $100,000 estimated (Disputed claims aggregating in excess of $44,000,000 asserted against Debtors). This Class will receive a distribution of 100% of their allowed claims. This Class is unimpaired. All assets of each Reorganized Debtor will vest in them, respectively. The Plan will be funded by (1) current cash and cash equivalents of Reorganized Debtors, (2) exit financing up to $15,000,000 million from Dr. Olga Ivankovich and Dr. Anthony Ivankovich as detailed in Section 7.02 of the Plan, (3) the Guarantors, and (4) Yacht Daddy, LLC. A full-text copy of the Second Amended Joint Disclosure Statement dated March 20, 2025 is available at https://urlcurt.com/u?l=VSw9xt from PacerMonitor.com at no charge. Counsel for the Debtors: Eyal Berger, Esq. AKERMAN LLP 201 East Las Olas Boulevard, Suite 1800 Fort Lauderdale, FL 33301 Tel: 954-463-2700 Fax: 954-463-2224 Email: eyal.berger@akerman.com - and - Amanda Klopp, Esq. AKERMAN LLP 777 South Flagler Drive Suite 1100 West Tower West Palm Beach, Florida 33401 Tel: 561-653-5000 Fax: 561-659-6316 Email: amanda.klopp@akerman.com About Ivankovich Family LLC Ivankovich Family LLC and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 24-15755) on June 10, 2024, listing under $1 million in both assets and liabilities. Steven Ivankovich and Anthony Ivankovich, managers, signed the petitions. Eyal Berger, Esq., at Akerman, LLP serves as the Debtors' counsel. IVANTI SOFTWARE: Reaches Debt Deal with Certain Lenders ------------------------------------------------------- Jill R. Shah and Reshmi Basu of Bloomberg News report that Ivanti Software Inc., backed by Clearlake Capital Group, has struck a deal with a core group of lenders to obtain fresh funding and extend the terms of its existing debt, according to sources with knowledge of the matter. The IT company will receive about $350 million in new financing and extend its current debt maturities by several years. The agreement is open to all existing lenders and does not require any reduction in the value of their holdings, the sources said, speaking on condition of anonymity due to the private nature of the talks, the report states. About Ivanti Software, Inc. Ivanti is an information technology (IT) and software company headquartered in South Jordan, Utah. It produces software for IT Security, IT Service Management, IT Asset Management, Unified Endpoint Management, Identity Management and supply chain management. KATE QUINN: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------- The U.S. Trustee for Region 18 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Kate Quinn Organics, Inc. About Kate Quinn Organics Inc. Kate Quinn Organics, Inc. is a direct-to-consumer e-commerce retailer of clothing for babies and kids, with matching clothes for mothers. The company designs and manufactures its clothing in India with collectible custom prints and styles, using some sustainable and organic fabrics. Kate Quinn Organics filed Chapter 11 petition (Bankr. E.D. Wash. Case No. 25-00445) on March 14, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Katherine Quinn, chief executive officer of Kate Quinn Organics, signed the petition. Judge Frederick P. Corbit oversees the case. Jason Wax, Esq., at Bush Kornfeld LLP, represents the Debtor as legal counsel. KPSI INNOVATION: Case Summary & 11 Unsecured Creditors ------------------------------------------------------ Debtor: KPSI Innovation, Inc. 6200 119th Pl. SE Bellevue, WA 98006 Business Description: KPSI Innovations, Inc. is a company specializing in the manufacture and sale of fire-blocking head-of-wall products. The Company offers a range of fire-rated gasket products designed for use in construction applications, particularly to prevent the spread of fire and smoke through structural gaps. Chapter 11 Petition Date: April 21, 2025 Court: United States Bankruptcy Court Western District of Washington Case No.: 25-11068 Debtor's Counsel: Faye C. Rasch, Esq. WENOKUR RIORDAN PLLC 600 Stewart, Suite 1300 Seattle, WA 98101 Tel: 646-279-9627 Email: faye@wrlawgroup.com Total Assets: $1,455,439 Total Liabilities: $3,883,376 The petition was signed by Serina Klein as president. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VMERPSQ/KPSI_Innovation_Inc__wawbke-25-11068__0001.0.pdf?mcid=tGE4TAMA LAXMI CAPITAL: Court Extends Cash Collateral Access to July 31 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California approved a stipulation between Laxmi Capital, LLC and the U.S. Small Business Administration, granting the company another extension to use the agency's cash collateral. The stipulation extended the company's authority to use cash collateral from April 30 to July 31 to pay the expenses set forth in its budget. As protection, SBA was granted a post-petition replacement lien on the same collateral, limited to any post-petition diminution in value caused by the company's use of cash collateral. In addition, the agency will be granted a priority administrative expense claim for any reduction in the value of its collateral and will receive payments pursuant to its loan agreement with the company. SBA provided the company with a COVID Economic Injury Disaster Loan in the amount of $6,500 (which was increased to $500,000 in 2021), with monthly payments of $2,477 at 3.75% interest. After the increase, SBA secured the loan with a blanket lien on the company's tangible and intangible personal property (e.g., inventory, equipment, accounts, general intangibles). A copy of the stipulation is available at https://urlcurt.com/u?l=tf1OqB from PacerMonitor.com. About Laxmi Capital LLC Laxmi Capital, LLC filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 24-10503) on March 28, 2024, listing up to $50,000 in assets and up to $10 million in liabilities. Dean Matthew, member and manager of Laxmi Capital, signed the petition. Judge Martin R. Barash oversees the case. Sandford L. Frey, Esq., at Leech Tishman Fuscaldo & Lampl, Inc., represents the Debtor as legal counsel. LEISURE INVESTMENTS: Ex-CEO Allegedly Took Control of HQ Overnight ------------------------------------------------------------------ James Nani and Jonathan Randles of Bloomberg News report that the Dolphin Company's former CEO, Eduardo Albor, allegedly seized control of the bankrupt aquatic park operator's Mexican headquarters with the help of armed men in a late-night takeover earlier this month, according to court documents filed by the company's restructuring advisers. Albor and approximately 20 armed individuals, who claimed to be state police officers, arrived at the company's Cancun headquarters around 12:45 a.m. on April 12 and "forcibly entered" the facility, Chief Restructuring Officer Robert Wagstaff stated in a sworn affidavit dated April 21, 2025, the report states. About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are 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. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as counsel; Riveron Management Services, LLC as restructuring advisor; and Kurtzman Carson Consultants, LLC d/b/a Verita Global, as claims & noticing agent. LFTD PARTNERS: Secures $350K Loan After Cyber Theft --------------------------------------------------- LFTD Partners Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company converted $350,000 of its cash into USD Coin (USDC), a digital stablecoin pegged to the U.S. dollar. Shortly thereafter, the digital wallet containing the USDC was compromised by an unauthorized and unknown third party, resulting in the theft of the full amount. The Company promptly reported the incident to the U.S. Federal Bureau of Investigation and continues to cooperate fully in the ongoing investigation. The Company's outside law firm is also advising the Company regarding the matter. At this time, the Company is unable to predict whether any of the stolen funds will be recovered. On April 3, 2025, the Company orally entered into an interest-free loan agreement with an affiliate of the Company's Chief Executive Officer and Chief Financial Officer. The purpose of the loan is to provide short-term working capital to address cash flow needs resulting from a recent cybersecurity theft involving the Company's digital assets. The loan is unsecured, does not bear interest, and is repayable upon demand. The Company intends to draw down $350,000 under the arrangement. The affiliate of the Company's CEO and CFO that is providing the loan is Beachin Company, a Florida corporation, which is controlled by Gerard M. Jacobs and William C. Jacobs. The entry into the loan agreement has been orally approved by the Company's lead independent director. Additionally, as disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, the Company's cash position, which included $1,000,000 of restricted cash, decreased by approximately 41% to $3,146,947 from $5,357,539 at the end of the prior fiscal year. About LFTD Partners Inc. Publicly traded LFTD Partners Inc. (OTCQB: LIFD), headquartered in Jacksonville, Fla., is currently directly or indirectly involved in the development, manufacture and/or sale or re-sale of a wide variety of branded, hemp-derived, psychoactive and alternative lifestyle products, and of products involving, nicotine, tobacco and marijuana. Spokane, Wash.-based Fruci & Associates II, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 29, 2024, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has an accumulated deficit, net losses, and is subject to unique regulatory risks and uncertainties. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. LFTD Partners Inc. has a history of recurring losses, which has resulted in an accumulated deficit of $3,967,708 as of December 31, 2024. As of Sept. 30, 2024, LFTD Partners had $48.04 million in total assets, $10.53 million in total liabilities, and $37.51 million in total shareholders' equity. MACADAMIA BEAUTY: Amends Rosenthal Secured Claim Pay ---------------------------------------------------- Macadamia Beauty, LLC, submitted an Amended Plan of Reorganization under Subchapter V dated March 20, 2025. The Debtor's Amended Subchapter V Plan of Reorganization provides a toggle feature for exit financing to be used for ongoing business operations or a sale of the business in the event exit financing acceptable to the Debtor cannot be secured. The Debtor is seeking to confirm a consensual plan of reorganization so that all payments to creditors required under the Plan will be made directly by the Reorganized Debtor to its creditors. However, if the Debtor is required to seek confirmation of the Plan pursuant to Bankruptcy Code section 1191(b), the Reorganized Debtor will seek approval from the Court to act as the Disbursing Agent under the Plan pursuant to Bankruptcy Code section 1191(b). This will reduce administrative expenses, thus providing greater payout to general unsecured creditors. The Debtor asserts that cause exists for the Court to allow the Reorganized Debtor to act as Disbursing Agent even if confirmed pursuant to Bankruptcy Code section 1191(b). All Claims and Equity Interests, except Administrative Claims and Administrative Tax Claims, are placed in Classes under the Plan. A Claim is classified within a Class only to the extent that the Claim qualifies under the description of that Class. A Claim that is properly includable in more than one Class is only entitled to inclusion within a particular Class to the extent that it qualifies under the description of such Class and shall be included within a different Class(es) to the extent that it qualifies under the description of such different Class(es). Class 3 shall consist of the Allowed Secured Claim of Rosenthal. The Debtor reserves all rights to object to the Rosenthal Claim including, without limitation disputing the amount or extent of attorneys' fees that Rosenthal asserts as part of its alleged fully secured claim. Class 3 is impaired. The Rosenthal Allowed Secured Claim shall be paid in full from the proceeds of the Exit Financing or Sale Proceeds upon the Effective Date or Sale Closing Date, as applicable. Any amount of the Rosenthal Claim that is a Disputed Claim shall be reserved in escrow pending a final Court order on the allowance of such Disputed Claim. The Debtor is disputing, and will file an objection to, any attorneys' fees sought by Rosenthal as part of their Claim. Like in the prior iteration of the Plan, Allowed Unsecured Claims shall receive a pro rata distribution without interest over the five years following the Effective Date. Payments shall be made quarterly by the Reorganized Debtor. Such payments shall begin with fourteen days of the Claim Objection Deadline and shall continue every quarter thereafter. Payments are due within 20 days following the end of each quarter during the 5-year plan period. The payment amounts will be based on the disposable income available as set forth in the Plan Projections. The Debtor is in the process of investigating new and additional options for Exit Financing consisting of a loan facility in the total amount of approximately $1,000,000, the approval of which is an integral part of and a condition to the occurrence of the Effective Date of the Plan. As of the date of the filing of this Plan, the Debtor and prospective lender(s) are still in the process of negotiating terms of Exit Financing with non-insiders. The Debtor intends to file a separate motion for entry of an order approving the Exit Financing, which the Debtor intends to seek prior to or in conjunction with the Confirmation Hearing. The Exit Financing will be expressly contingent upon the entry of an order confirming the Plan and the occurrence of the Effective Date. The issuance and effective date of the Exit Financing shall occur on or about the Effective Date. The Exit Financing is necessary to fund ongoing operations of the Debtor's business after the occurrence of the Effective Date. Because the Exit Financing is necessary for the continuation, preservation, or operation of the business of the Debtor, it therefore shall not be "disposable income" as that term is used in section 1191(c) of the Bankruptcy Code. A full-text copy of the Amended Subchapter V Plan dated March 20, 2025 is available at https://urlcurt.com/u?l=V5rLYa from PacerMonitor.com at no charge. Counsel to the Debtor: Jason Binford, Esq. Frances Smith, Esq. Ross Smith & Binford, PC 2003 N. Lamar Blvd., Suite 100 Austin, TX 78705 Tel: (512) 351-4778 Fax: (214) 377-9409 Email: jason.binford@rsbfirm.com About Macadamia Beauty Macadamia Beauty, LLC -- https://www.macadamiahair.com/ -- is an oil-based hair repair company based in Plano, Texas. Its unique oil-infused hair repair products effectively address the most common hair dissatisfactions among women: breakage, frizz, damage, and dryness. Macadamia Beauty sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Texas Case No. 24-41929) on August 19, 2024, with $1 million to $10 million in both assets and liabilities. Henry Stein, chief executive officer of Macadamia Beauty, signed the petition. Judge Brenda T. Rhoades oversees the case. The Debtor is represented by Frances A. Smith, Esq., at Ross, Smith & Binford, PC. MARTINES PALMEIRO: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Martines Palmeiro Construction, LLC 2100 Downing Street Denver, CO 80205 Business Description: Martines Palmeiro Construction, LLC is a Denver-based general contractor specializing in high-density residential, senior living, and retail commercial projects across Colorado and Texas. Founded in 2011, the firm offers services including general contracting, construction management, and design-build solutions. Chapter 11 Petition Date: April 21, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-12313 Debtor's Counsel: Jeffrey A. Weinman, Esq. ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C. 1600 Stout Street 1900 Denver, CO 80202 Tel: 303-534-4499 E-mail: jweinman@allen-vellone.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $10 million to $50 million The petition was signed by Michael Martines as Managing Member of MPC Holding Company, LLC. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/V42OAWI/Martines_Palmeiro_Construction__cobke-25-12313__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VQH64PY/Martines_Palmeiro_Construction__cobke-25-12313__0001.0.pdf?mcid=tGE4TAMA MICHAELS COMPANIES: S&P Places 'B-' ICR on CreditWatch Negative --------------------------------------------------------------- S&P Global Ratings placed all its ratings on The Michaels Companies Inc. on CreditWatch with negative implications, including the 'B-' issuer credit rating. S&P said, "We could affirm or lower our ratings depending on the effective tariff rates and their duration. A downgrade could result if we expect high tariffs will impair profitability resulting in eroding credit protection metrics and negative free operating cash flow. We intend to resolve the CreditWatch listing as we gain greater visibility on tariff policies and the potential impact on Michaels' operating performance. "The CreditWatch negative placement reflects our view that tariffs on Chinese and global imports, implemented in a challenging environment that includes a slowing economy and persistent inflation, pose a significant risk to Michaels' cost structure. Despite efforts to diversify its vendor base, we believe the company continues to source most of its products from China. While we expect Michaels to potentially accelerate the diversification of its supply chain to a wider global vendor base, we see the ongoing trade tensions as a meaningful risk to the company's profitability and operating performance. The tariffs on Chinese imports have escalated rapidly to 145%, which if sustained will likely impair operating margins and potentially result in pressured free operating cash flow (FOCF). Additionally, global import tariffs of 10% could increase after a 90-day pause especially for imports from regions like Southeast Asia, a potential alternative source for the company's supply chain. "We expect Michaels will enact mitigation initiatives including an accelerated transition of its supply chain away from China, negotiating cost concessions with vendors, assortment changes, and price increases. The extent to which it can mitigate tariffs is unclear at this time. However, we believe it will be difficult to fully offset cost pressures in the short term. While we forecast tariffs, if fully implemented, could cause a significant contraction in adjusted EBITDA margin over the next year, we are uncertain about the longer-term impact on Michaels' operating performance given the unpredictability around rates and their duration, and as the situation rapidly evolves, the company's ability to effectively execute its mitigation actions." The uncertain economic environment may cause consumers to pull back on discretionary purchases. Michaels reported a 1.8% revenue decrease in the fiscal year ended February 1, 2025, due to a 2.4% decline in comparable sales partially offset by newly opened stores. The company's gross margins contracted by 70 basis points (bps) last year because of occupancy cost deleveraging and higher promotional activity. This was offset by good operating cost management as S&P Global Ratings-adjusted EBITDA margins increased 20 bps to 21% for the fiscal year ended February 2025. S&P said, "While we believe management continues to focus on efficiency, any future cost actions may not offset significant increases in product costs associated with tariffs. Additionally, tariffs may lead to lower spending by consumers on discretionary products such as arts and crafts. While the rapidly evolving competitive landscape, which includes the liquidation of its closest direct competitor, presents opportunities for Michaels to grow its market share, near-term we expect the company to prioritize its strategic efforts and resources on tariff mitigation." Michaels' liquidity remains adequate but could be at risk depending on the ultimate size, scope, and duration of tariffs as well as the company's ability to mitigate higher costs. Michaels generated $105 million in FOCF in fiscal 2024 and ended the year with balance sheet cash of $90 million and an undrawn balance on its $1 billion asset-based lending (ABL) facility ($570 million available reflecting its borrowing base and outstanding standby letters of credit). The company utilizes its ABL revolver throughout the year to support operations and for seasonal inventory purchases, with cash generation peaking during the holiday season in the fourth quarter. The cash flow generation in the fourth quarter has been typically used for corporate purposes and the repayment of any ABL borrowings. S&P said, "We see a risk that tariffs could impact inventory purchases ahead of the important fourth quarter selling season, significantly increasing working capital needed to fund the company's seasonal merchandising needs. We believe Michaels will be able to largely manage its core arts and crafts product assortment over the next few quarters with current inventory, but risks will escalate as the company's critical fourth quarter, which accounts for approximately 35% of annual sales, approaches given the higher sales mix of seasonal merchandise. At the same time, Michaels' highly leveraged capital structure, with S&P Global Ratings adjusted leverage of 5.4x and funded debt of $3.7 billion as of Feb. 1, 2025, limits its financial flexibility to weather performance setbacks. While the company's nearest maturity is its $1.9 billion term loan due in April 2028, persistent tariff pressures could impede the company's ability to grow EBITDA and support its current capital structure." The CreditWatch placement with negative implications reflects the possibility of an affirmation or downgrade within the next several months, depending on effective tariff rates and their duration. S&P said, "We could lower our ratings if Chinese import tariffs remain in place and new tariffs on other countries are fully implemented, resulting in deteriorating profitability, flat- to negative-free operating cash flow, heightened leverage, and constrained liquidity especially around the third quarter as the company enters its peak seasonal working capital period. We could affirm the ratings depending upon our view of Michaels' ability to mitigate the effects of higher tariffs on profits along with the ability to maintain credit protection measures, cash flow, and liquidity in line with the ratings. "We intend to resolve the CreditWatch placement as we gain greater visibility on the tariff policies and the potential impact on the company's operating performance." MILAN SAI: Seeks to Sell Motel Business at Auction -------------------------------------------------- Milan Sai Joint Venture LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to sell substantially all of its Assets, free and clear of liens, claims, and encumbrances. The Debtor's primary asset is a land it owns at 3432 IH-20, Stanton, Texas 79782 improved by an operating motel. The Debtor is a Super 8 franchisee pursuant to a Super 8 Worldwide, Inc. Franchise Agreement with Super 8 Worldwide, Inc. The Debtor's primary secured lender, Pride of Austin High Yield Fund I, LLC holds a first-lien Deed of Trust on the Property and has filed a proof of claim asserting loan obligations of $3,889,331.51. The Debtor scheduled the market value of the Property as $1,600,000.00. The Debtor will also sell the Property and associated furniture, fixtures, and equipment and will apply the net proceeds of sale to the Claim, which the Debtor has agreed is an allowed claim. The Debtor has prepared a comprehensive set of procedures for soliciting bids on the Assets, and the Bid Procedures will help ensure an open, competitive, and efficient Sale process and maximize value for the Debtor's bankruptcy estate. Key dates proposed under the Bid Procedures, subject to change based upon the Court's availability for the Sale Hearing, are as follows: - Marketing period commences on May 1, 20252 - Debtor's deadline to file and serve Notice of Assumption of Franchise Agreement and Cure Amounts on May 7, 2025 - Deadline for Franchisor to object to proposed Cure Amounts on May 30, 2025 - Bid Deadline on June 30, 2025 at 5:00 pm - Qualifying Bids determined and bidders notified on July 7, 2025 - Auction – Successful and Backup Bidder identified on July 15, 2025 - Deadline to serve Sale Notice on July 15, 2025 - Deadline for all objections to the Sale (other than proposed Cure Amounts): 3 Business Days prior to Sale Hearing - Sale Hearing on July 21, 2025 or TBD - Closing Deadline on August 15, 2025 The Debtor and its Broker will continue soliciting bids for the Assets and will distribute the Bid Procedures to all prospective bidders upon the Court's approval of the same. The Successful Bidder may assume the Franchise Agreement at Closing and whether or not such bidder wishes to assume the Franchise Agreement will be evaluated, in consultation with the Lender, in determining whether a bid is the highest and best bid. The Debtor reserves the right to reject the Franchise Agreement prior to the Sale Hearing. Following the Auction and identification of the Successful Bidder, the Debtor will file a notice identifying the Successful Bidder and Back-up Bidder and identifying the Franchise Agreement to be assumed by the Debtor and assigned to the Successful Bidder or Back-up Bidder at closing of the Sale. About Milan Sai Joint Venture LLC Milan Sai Joint Venture, LLC operates in the traveler accommodation industry. Milan Sai Joint Venture sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 24-33560) on November 4, 2024, with up to $10 million in both assets and liabilities. Sunil Kumar Patel, managing member, signed the petition. Judge Michelle V. Larson oversees the case. The Debtor is represented by Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC. MITEL NETWORKS: Court Confirms Reorg Plan to Cut $1.15B Debt ------------------------------------------------------------ Mitel Networks Corporation, a global leader in business communications, announced on April 17, 2025, that the U.S. Bankruptcy Court for the Southern District of Texas confirmed the Company's prepackaged Plan of Reorganization. Completion of the Company's restructuring process is expected within the current calendar quarter, resulting in significantly less debt, and a stronger capital structure that will support future growth. In March, Mitel announced its Plan to proactively recapitalize the company's debt and right-size its capital structure as part of a broader strategy to strengthen its leadership position in unified communications. The Plan was designed to position the Company to address the growing market demand for hybrid communications solutions and ensure continued support for Mitel's more than 70 million users across over 100 countries. As part of the normal course of business during the process, Mitel has continued to execute against its strategy, capitalizing on the hybrid communications market opportunity, building on its strong portfolio momentum, and driving business optimization to support sustained business momentum. "Approval of our Plan is a major milestone as we near the conclusion of our financial restructuring. Over the past several months, we have worked diligently to strengthen Mitel's financial foundation, and we are proud to have done so with the strong support of our employees, partners, customers, and lenders," said Tarun Loomba, Chief Executive Officer of Mitel. "With a more efficient capital structure in place, we're well-positioned to accelerate growth and sharpen our focus on delivering flexible, secure, and mission-critical communications solutions. We look forward to completing this process in the near term and to emerging as an even stronger vendor, employer, and business partner -- continuing our leadership in hybrid communications for years to come." Under the terms of the Plan, Mitel will eliminate approximately $1.15 billion in debt and reduce its annual cash interest expense by approximately $135 million. The Company will also gain access to $64.5 million of exit financing upon emergence to support its go-forward operations. Pursuant to the Court's order approving payments to vendors in the ordinary course of business, the Company has been honoring its obligations to vendors, who will be paid in full for all claims under the Plan, and Mitel is continuing to deliver for its customers and partners throughout the process and into the future. The Company will complete its financial restructuring and emerge from the Court-supervised process after the transactions contemplated by the Plan are consummated and certain customary regulatory approvals are obtained. Additional resources about Mitel's financial restructuring can be accessed by visiting the Company's restructuring website at http://www.mitel.com/about/financial-restructuring.Court filing and other documents related to the Chapter 11 process are available at cases.stretto.com/mitel or by calling (855) 704-1401 (U.S. and Canada) or (949) 570-9105 (International). Mitel is advised in this process by Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal advisor, FTI Consulting, Inc. as financial advisor, and PJT Partners LP as investment banker. The Ad Hoc Group of senior lenders is advised by Davis Polk & Wardwell LLP as legal advisor and Perella Weinberg Partners LP as investment banker. About Mitel Networks Inc. Mitel Networks Inc. provides communication solutions. Mitel Networks Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90094) on March 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. MOLECULAR TEMPLATES: April 29 Deadline for Panel Questionnaires --------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of Molecular Templates, Inc., et al. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/4bnw8a59 and return by email it to Jane M Leamy, Esq. -- jane.m.leamy@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than Tuesday, April 29, 2025 at 4:00 p.m. (ET). If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Molecular Templates Molecular Templates is a clinical-stage biopharmaceutical company established in 2001, focusing on the discovery and development of innovative, targeted biologic therapeutics. Molecular Templates Inc and Molecular Templates Onco Inc. sought protection under Chapter 11 of the Bankruptcy Code (Banks. D. Del., Case No. 25-10739) on April 20, 2025. The Hon. Brendan Linehan Shannon presides over the cases. The Debtors are represented by Morris, Nichols, Arsht & Tunnell LLP. Kurtzman Carson Consultants LLC is the Debtors' claims and noticing agent. MOLECULAR TEMPLATES: Case Summary & 30 Top Unsecured Creditors -------------------------------------------------------------- Affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Molecular Templates, Inc. 124 Washington St. Suite 101 Foxboro, MA 02035 - and - Molecular Templates Opco, Inc. 124 Washington St. Suite 101 Foxboro, MA 02035 Business Description: Molecular Templates is a clinical-stage biopharmaceutical company established in 2001, focusing on the discovery and development of innovative, targeted biologic therapeutics. In particular, Molecular Templates specializes in developing proprietary "engineered toxin bodies" ("ETBs"), a next-generation biologic platform designed to treat cancer and other diseases. The ETBs that Molecular Templates has developed can target cancer in unique ways with the potential to overcome tumor resistance mechanisms. Chapter 11 Petition Date: April 20, 2025 Court: United States Bankruptcy Court District of Delaware Case numbers of affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Molecular Templates, Inc. (Lead Case) 25-10739 Molecular Templates Opco, Inc. 25-10740 Judge: Hon. Brendan Linehan Shannon Debtors' Counsel: Eric D. Schwartz, Esq. Andrew R. Remming, Esq. Austin T. Park, Esq. Jake A. Rauchberg, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market Street, 16th Floor P.O. Box 1347 Wilmington, Delaware 19801 Tel: (302) 351-9308 (302) 658-9200 Fax: (302) 658-3989 Email: eschwartz@morrisnichols.com aremming@morrisnichols.com apark@morrisnichols.com jrauchberg@morrisnichols.com Debtors' Claims & Noticing Agent: KURTZMAN CARSON CONSULTANTS, LLC Total Assets as of April 18, 2025: $2,492,278 Total Debts as of April 18, 2025: $29,416,746 The petitions were signed by Craig R. Jalbert as president and chief executive officer. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/VYSACSA/Molecular_Templates_Inc__debke-25-10739__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/2PW7ZQI/Molecular_Templates_Opco_Inc__debke-25-10740__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. CBRE, Inc. Trade Debt $377,117 P.O. Box 848844 Landlord Los Angeles, CA 90084-8844 Phone: 703.365.2797 Email: accountingsupport@atcc.org 2. Fairjourney Biologics SA Trade Debt $285,505 Rua Do Campo Alegre N823 4150-180 Porto, Portugal Contact: Jonney Yau Phone: 800.227.9770 Email: jonney.yau@agilent.com 3. Cedars Sinai Medical Center Trade Debt $263,425 8700 Beverly Blvd. Los Angeles, CA 90048 Phone: 855.236.2772 Email: bdbcustomerservice@bd.com 4. NYU School Of Medicine Trade Debt $241,129 One Park Avenue, 5th Fl. 5-818 Landlord New York, NY 10016 Phone: 800.338.9579 Email: sburzynski@fortislife.com 5. Mathys & Squire Professional $213,985 The Shard Services 32 London Bridge Street London Se1 9sg Great Britain Phone: 800.485.0106 Email: lrinaudo@biologicsconsulting.com 6. Tigermed-Bdm, Inc. Trade Debt $192,353 100 Franklin Square Dr. Suite 305 Somerset, NJ 08873 Phone: 516.483.1196 Email: djordan@bioivt.com 7. Ernst & Young U.S. LLP Professional $156,750 200 Plaza Drive, Ste 2222 Services Secaucus, NJ 07094 Contact: Tracy Boutourline Phone: 617.456.0700 Email: tracy.boutourline@bioagilytix.com 8. Northwest Cancer Trade Debt $134,584 Centers, PC 1001 Calumet Ave. Dyer, IN 46311 Contact: Bente Freeman Phone: 800.975.6866 Email: bente.freeman@capralogics.com 9. Cenetron Trade Debt $114,978 2111 W. Braker Lane, Bldg 5 Suite 300 Austin, TX 78758 Contact: Danielle Giordano Phone: 800.441.3550 Email: danielle.giordano@crl.com 10. CTCA Clinical Research, LLC Trade Debt $110,878 2520 Elisha Ave. Zion, IL 60099 Phone: 215.640.2334 Email: taxinformationreporting@chubb.com 11. Cooley LLP Professional $97,685 3 Embarcadero Center Services 20th Floor San Francisco, CA 94111 Phone: 847.549.7600 Email: sales@coleparmer.com 12. Charles River Labs Trade Debt $94,592 GPO Box 27812 New York, NY 10087-7812 Phone: 301.424.8890 Email: mdellosa@computerpackages.com 13. Dartmouth-Hitchcock Clinic Trade Debt $87,904 One Medical Center Lebanon, NH 03756 Phone: 800.492.1110 Email: ewingb@corning.com 14. University Of Miami Trade Debt $84,539 1120 NW 14th St., Rm 874 Miami, FL 33136 Phone: 877.362.8646 Email: sspofforth@atum.bio 15. Mary Crowley Medical Trade Debt $76,378 Research Center 7777 Forst LN, Bldg C. Ste. 707 Dallas, TX 75230 Phone: 49.425.312.6160 Email: mutz@dsmz.de 16. Q Squared Solutions Trade Debt $75,723 Biosciences LLC Po Box 603210 Charlotte, NC 28260-3210 Phone: 800.645.5476 Email: nacustomerservice@emdmillipore.com 17. Sanford Research Trade Debt $62,418 2301 E. 60th St. Sioux Falls, SD 57104 Phone: 605.312.6300 Email: custserv@eppendorf.com 18. Thomas Scientific, LLC Trade Debt $55,246 1654 High Hill Rd, PO Box 99 Swedesboro, NJ 08085 Phone: 800.622.1147 Email: contact@thomassci.com 19. Donnelley Financial, LLC Professional $50,520 Po Box 842282 Services Boston, MA 02284-2282 Phone: 800.766.7000 Email: fishercustomerservice.us@thermofisher.com 20. Sarah Cannon Research Trade Debt $49,338 Institute, LLC 1100 Dr. M.L.K. Blvd, Ste. 800 Nashville, TN 37203 Phone: 608.441.8125 Email: accountsreceivable@functionalbio 21. Bioagilytix Labs Trade Debt $43,641 1320 Soldiers Filed Road Boston, MA 02135 Phone: 877.436.3839 Email: clee@genetex.com 22. Weaver And Tidwell, LLP Professional $43,312 2821 W. 7th St. Ste. 700 Services Ft. Worth, TX 76107 Phone: 732.885.9188 Email: order@genscript.com 23. Alloy Therapeutis Inc Trade Debt $42,601 Hartwell Ave, Suite 2 Lexington, MA 02421 Email: miranda.etkind@alloytx.com 24. Ideagen Gael Ltd. Trade Debt $36,250 Mere Way Ruddington, Nottinghamsire Ng11 6JS Phone: +44 2028883560 Email: deborah.nicholson@ideagen.com 25. Alliance Advisors, LLC Professional $35,805 Broadacres Drive, Ste. 3 Services Bloomfield, NJ 07003 Phone: 973.873.7700 26. Eresearch Technology Trade Debt $35,430 W. Station Square Dr Ste 220 Pittsburgh, PA 15219 Email: john.richmond@ert.com 27. Northwestern University Trade Debt $33,446 Clark Street Evanston, IL 60208 Phone: 312.503.2234 Email: sponsoredresearch@northwestern.edu 28. Ringcentral, Inc. Trade Debt $30,436 Po Box 734232 Dallas, TX 75373-4232 Phone: 877.232.9319 Email: tyler.molvig@ringcentral.com 29. Lifesci Advisors Professional $27,501 W 55th Street, Suite 16b Services New York, NY 10019 Phone: 212.915.3817 Email: finance@lifesciadvisors.com 30. Weill Medical College Of Trade Debt $26,232 Cornell University York Ave. New York, NY 10065 Phone: 646.962.4058 Email: val4004@Med.cornell.edu NB 700 LOGAN: Seeks Chapter 11 Bankruptcy in Delaware ----------------------------------------------------- On April 21, 2025, NB 700 Logan LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. According to court filing, the Debtor reports $5,095,448 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About NB 700 Logan LLC NB 700 Logan LLC owns four apartment buildings, two quadruplexes, and a single-family residence in Logan, Utah, with a combined comparable sale value of $4.7 million. NB 700 Logan LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10747) on April 21, 2025. In its petition, the Debtor reports total assets of $4,702,387 and total liabilities of $5,095,448. Honorable Bankruptcy Judge Karen B. Owens handles the case. The Debtor is represented by Charles J. Brown, III, Esq. at GELLERT SEITZ BUSENKELL & BROWN, LLC. NEKTAR THERAPEUTICS: Egan-Jones Retains CCC- Sr. Unsec. Ratings --------------------------------------------------------------- Egan-Jones Ratings Company on April 15, 2025, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by Nektar Therapeutics. EJR also withdrew rating on commercial paper issued by the Company. Nektar Therapeutics is an American biopharmaceutical company. NP HAMPTON: Seeks Chapter 11 Bankruptcy in Delaware --------------------------------------------------- On April 21, 2025, NP Hampton Ridge LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. According to court filing, the Debtor reports $5,039,050 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About NP Hampton Ridge LLC NP Hampton Ridge LLC shares joint tenancy ownership of a triplex property located at 6871 East 700 North, Logan, UT 84321. The property has a comparable market value of $1,086,400. NP Hampton Ridge LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10748) on April 21, 2025. In its petition, the Debtor reports total assets of $1,086,400 and total liabilities of $5,039,050. Honorable Bankruptcy Judge Karen B. Owens handles the case. The Debtor is represented by Charles J. Brown, III, Esq. at GELLERT SEITZ BUSENKELL & BROWN, LLC. OFF-ROAD AUTOMOTIVE: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Off-Road Automotive 13015 County Road 16 Fort Lupton, CO 80621 Business Description: Off-Road Automotive is a used vehicle dealership based in Fort Lupton, Colorado. The Company specializes in off-road-capable trucks, SUVs, and 4x4 vehicles, offering a diverse inventory from brands such as Ford, Jeep, Toyota, and Chevrolet. It also provides financing solutions and trade-in options, catering to both recreational off- roaders and everyday drivers. Chapter 11 Petition Date: April 21, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-12310 Judge: Hon. Kimberley H Tyson Debtor's Counsel: Keri L. Riley, Esq. KUTNER BRINEN DICKEY RILEY PC 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Tel: 303-832-2400 E-mail: klr@kutnerlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $10 million to $50 million Adam Landkammer signed the petition in his capacity as managing member. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor. at: https://www.pacermonitor.com/view/7XWS3AI/Off-Road_Automotive__cobke-25-12310__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7NYZEHQ/Off-Road_Automotive__cobke-25-12310__0001.0.pdf?mcid=tGE4TAMA ONLINE LEARNING: Unsecureds to Get Share of Income for 3 Years -------------------------------------------------------------- Online Learning Consortium, Inc. filed with the U.S. Bankruptcy Court for the District of Massachusetts a Plan of Reorganization under Subchapter V dated March 20, 2025. The Debtor is a Massachusetts not-for-profit corporation originally founded as the Sloan Consortium (Sloan-C) in 1999, that later changed its name to the Online Learning Consortium, Inc. (OLC) in 2014. During that time, OLC pioneered advancing quality online, blended, and digital education, while emphasizing accessibility and affordability in education. Initially supported by the Alfred P. Sloan Foundation's Anytime, Anyplace Learning Program, the organization played a critical role in integrating online education into mainstream higher education. OLC filed this chapter 11 case to provide a breathing spell and allow it to continue to operate for the benefit of its members and the education community at large. It continues to operate in the ordinary course of business, providing services to its members. During the course of these proceedings, OLC has rejected two contracts with Gaylord Hotels for four future conferences and is in discussion with another property to assume another contract at a more popular, and therefore profitable, location. Through its Plan, the Debtor intends to restructure its indebtedness and renegotiate, or reject, burdensome and outdated executory contracts through a plan of reorganization. The total claims scheduled by the Debtor on Schedule E/F was $515,513.24 and the claims filed as General Unsecured Claims against the Debtor is $3,485,065.53. The unsecured claims are subject to objection by the Debtor post-confirmation and final allowance or disallowance by the Court. Class 1 consists of General Unsecured Claims. In full and complete satisfaction, settlement, release and discharge of the Class 1 Claims, each holder of an Allowed Class 1 Claim shall receive quarterly payments commencing on the Effective Date equal to a pro rata share of the cash distribution from the Debtor's Disposable Income, if any, over 3 years. Disposable Income means the income that is received by the Debtor and that is not reasonably necessary to be expended for the payment of expenditures necessary for the continuation, preservation, or operation of the business of the Debtor. Any distribution to General Unsecured Creditors will be from amounts remaining from the Disposable Income, if any, after (i) the expenses of administering the Estate (to the extent of such additional expenses, before or after the Effective Date, not already included in the estimate for Administrative Expense Claims), (ii) the Administrative Expense Claims, and (iv) the Priority Claims (if any). Class 1 is impaired under the Plan. The sources of payments under the Plan will be available cash at confirmation and the cash flow from ongoing business operation. The Debtor expects the business to have enough revenue to cover the operating business expenses, and other payments contemplated under the Plan. A full-text copy of the Plan of Reorganization dated March 20, 2025 is available at https://urlcurt.com/u?l=bbzjMv from PacerMonitor.com at no charge. Counsel to the Debtor: Jesse I. Redlener, Esq. Ascendant Law Group LLC 2 Dundee Park Dr., Ste. 102 Andover, MA 01810 Telephone: (978) 393-0850 About Online Learning Consortium Online Learning Consortium, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 24-12569) on December 20, 2024, with $500,001 to $1 million in both assets and liabilities. Jesse I. Redlener, Esq., at Ascendant Law Group, LLC represents the Debtor as bankruptcy counsel. PARTIDA HOLDINGS OF FAYETTEVILLE: Gets OK to Use Cash Collateral ---------------------------------------------------------------- Partida Holdings of Fayetteville, LLC received an extension from the U.S. Bankruptcy Court for the Western District of Oklahoma to use cash collateral. The interim order penned by Judge Sarah Hall authorized the Debtor to use cash collateral to pay its operating expenses for 60 days from April 22 or until a final order is entered by the court, whichever occurs first. The Debtor, operating under a franchise agreement with Generator Supercenter Franchising, LLC, filed for Chapter 11 bankruptcy on April 10 due to overwhelming debt from merchant cash advances it can no longer service. The Debtor has no unencumbered cash available to fund operations. The Debtor is disputing the claims of several merchant cash advance (MCA) creditors. Apollo Funding, Cambridge Advance, Credibly, DLP Funding, Global Merchant Cash, Lionhart Funding, Slate Advance, SQ Advance, and Vex Capital, which assert security interests in the Debtor's accounts and receivables. These creditors have taken actions that led to the withholding of funds by third parties such as Celero, credit card processor, Synchrony, financing provider and Costco, a customer. In case these MCA creditors are deemed to have valid liens, they will be granted a validly perfected first priority lien on and security interests in the Debtor's post-petition collateral. In addition, the MCA creditors will be granted a superpriority claim in case of any diminution in the value of their interests in the collateral, according to the court's interim order. The court ordered all parties holding funds belonging to the Debtor including, but not limited to, Celero, Synchorny and Costco to release all funds to the Debtor. About Partida Holdings of Fayettville Partida Holdings of Fayettville, LLC sells and services generators under a franchise agreement with Generator Supercenter Franchising, LLC. The Debtor filed Chapter 11 petition (Bankr. W.D. Okla. Case No. 25-11045) on April 10, 2025, listing up to $50,000 in assets and up to $10 million in liabilities. Austin Partida, chief executive officer, signed the petition. Judge Sarah A. Hall oversees the case. Amanda R. Blackwood, Esq., at Blackwood Law Firm, PLLC, represents the Debtor as bankruptcy counsel. PARTIDA HOLDINGS OF LAWTON: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------------ Partida Holdings of Lawton, LLC received an extension from the U.S. Bankruptcy Court for the Western District of Oklahoma to use cash collateral. The interim order penned by Judge Sarah Hall authorized the Debtor to use cash collateral to pay its operating expenses for 60 days from April 22 or until a final order is entered by the court, whichever occurs first. The Debtor is a limited liability company engaged in the sale and maintenance of generators through a franchise agreement with Generator Supercenter Franchising, LLC. Bankruptcy was prompted by the Debtor's inability to keep up with payments on various merchant cash advance (MCA) debts. MCA creditors including Apollo Funding, Cambridge Advance, DLP Funding, LLC, Everst Business Funding, Lionhart Funding, Slate Advance, SQ Advance, and Vex Capital claim security interests in the Debtor's accounts receivable. However, these claims are disputed as the MCA creditors simultaneously assert ownership of the receivables and security interests in them. Due to filings by these creditors, third parties like Celero (credit card processor), Synchrony (financing provider), and Costco (a customer) are withholding funds owed to the Debtor. In case these MCA creditors are deemed to have valid liens, they will be granted a validly perfected first priority lien on and security interests in the Debtor's post-petition collateral. In addition, the MCA creditors will be granted a superpriority claim in case of any diminution in the value of their interests in the collateral, according to the court's interim order. The court ordered all parties holding funds belonging to the Debtor including, but not limited to, Celero, Synchorny and Costco to release all funds to the Debtor. About Partida Holdings of Lawton Partida Holdings of Lawton, LLC sells and services generators under a franchise agreement with Generator Supercenter Franchising, LLC. The Debtor filed Chapter 11 petition (Bankr. W.D. Okla. Case No. 225-11043) on April 10, 2025, listing up to $50,000 in assets and up to $10 million in liabilities. Austin Partida, chief executive officer, signed the petition. Judge Sarah A. Hall oversees the case. Amanda R. Blackwood, Esq., at Blackwood Law Firm, PLLC, represents the Debtor as bankruptcy counsel. PARTIDA HOLDINGS OF LITTLE ROCK: Gets OK to Use Cash Collateral --------------------------------------------------------------- Partida Holdings of Little Rock, LLC received an extension from the U.S. Bankruptcy Court for the Western District of Oklahoma to use cash collateral. The interim order penned by Judge Sarah Hall authorized the Debtor to use cash collateral to pay its operating expenses for 60 days from April 22 or until a final order is entered by the court, whichever occurs first. The Debtor, a franchisee of Generator Supercenter Franchising, LLC, sells and services generators but filed for bankruptcy due to unmanageable debt obligations from multiple merchant cash advance (MCA) agreements. Since filing on April 10, it has continued to operate as a debtor-in-possession, and no Chapter 11 trustee has been appointed. The Debtor disputes the validity of the liens asserted by MCA creditors including Apollo Funding, Cambridge Advance, DLP Funding, Everst Business Funding, Lionhart Funding, Slate Advance, SQ Advance, and Vex Capital. These creditors claim security interests in the Debtor's accounts receivable, with some having sent UCC-1 filings and demands to payment processors like Celero, financing partner Synchrony, and customer Costco, resulting in the withholding of funds owed to the Debtor. In case these MCA creditors are deemed to have valid liens, they will be granted a validly perfected first priority lien on and security interests in the Debtor's post-petition collateral. In addition, the MCA creditors will be granted a superpriority claim in case of any diminution in the value of their interests in the collateral, according to the court's interim order. The court ordered all parties holding funds belonging to the Debtor including, but not limited to, Celero, Synchorny and Costco to release all funds to the Debtor. About Partida Holdings of Little Rock Partida Holdings of Little Rock, LLC sells and services generators under a franchise agreement with Generator Supercenter Franchising, LLC. The Debtor filed Chapter 11 petition (Bankr. W.D. Okla. Case No. 25-11041) on April 10, 2025, listing up to $50,000 in assets and up to $10 million in liabilities. Austin Partida, chief executive officer, signed the petition. Judge Sarah A. Hall oversees the case. Amanda R. Blackwood, Esq., at Blackwood Law Firm, PLLC, represents the Debtor as bankruptcy counsel. PARTIDA HOLDINGS OF TULSA: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------------- Partida Holdings of Tulsa, LLC received an extension from the U.S. Bankruptcy Court for the Western District of Oklahoma to use cash collateral. The interim order penned by Judge Sarah Hall authorized the Debtor to use cash collateral to pay its operating expenses for 60 days from April 22 or until a final order is entered by the court, whichever occurs first. The Debtor, which sells and services generators under a franchise agreement with Generator Supercenter Franchising, LLC, filed for bankruptcy due to significant debt from merchant cash advances (MCA) that it can no longer service. The Debtor names several MCA creditors (including Apollo Funding, Cambridge Advance, and others) which may claim security interests in its accounts receivable and cash collateral. However, the Debtor disputes the validity of these claims due to inconsistencies in their loan agreements and how they characterize their rights to the receivables. These MCA creditors are entitled to a validly perfected first priority lien on and security interests in the Debtor's post-petition collateral subject to existing valid, perfected and superior liens in the collateral held by other creditors, if any. In addition, the MCA creditors will be granted a super-priority claim in case of any diminution in the value of their interests in the collateral. About Partida Holdings of Tulsa Partida Holdings of Tulsa, LLC sells and services generators under a franchise agreement with Generator Supercenter Franchising, LLC. The Debtor filed Chapter 11 petition (Bankr. W.D. Okla. Case No. 25-11038) on April 10, 2025, listing up to $50,000 in assets and up to $10 million in liabilities. Austin Partida, chief executive officer, signed the petition. Judge Sarah A. Hall oversees the case. Amanda R. Blackwood, Esq., at Blackwood Law Firm, PLLC, represents the Debtor as bsnkruptcy counsel. PEBBLEBROOK HOTEL: Egan-Jones Retains BB- Sr. Unsecured Ratings --------------------------------------------------------------- Egan-Jones Ratings Company on April 17, 2025, maintained its 'BB-' foreign currency and local currency senior unsecured ratings on debt issued by Pebblebrook Hotel Trust. EJR also withdrew rating on commercial paper issued by the Company. Headquartered in Maryland, Pebblebrook Hotel Trust is an internally managed hotel investment company that acquires and invests in hotel properties located in large United States cities, with an emphasis on major coastal markets. PERASO INC: Receives Nasdaq Notice for Bid Price Deficiency ----------------------------------------------------------- Peraso Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company received a letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC indicating that, based upon the closing bid price of the Company's common stock for the 30 consecutive business days ending on April 3, 2025, the Company no longer meets the requirement to maintain a minimum bid price of $1 per share, as set forth in Nasdaq Listing Rule 5550(a)(2). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided a period of 180 calendar days, or until October 1, 2025, in which to regain compliance. In order to regain compliance with the minimum bid price requirement, the closing bid price of the Company's Common Stock must be at least $1 per share for a minimum of 10 consecutive business days during this 180-day period. In the event the Company does not regain compliance within this 180-day period, the Company may be eligible to seek an additional compliance period of 180 calendar days provided it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, and further provides written notice to Nasdaq of its intent to cure the deficiency during this second compliance period by effecting a reverse stock split, if necessary. However, if it appears to the Nasdaq staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq will provide notice to the Company that its Common Stock will be subject to delisting. The Letter does not result in the immediate delisting of the Company's Common Stock from the Nasdaq Capital Market. The Company is monitoring the closing bid price of its Common Stock and considering its available options in the event the closing bid price of the Company's Common Stock remains below $1 per share. About Peraso Inc. Headquartered in San Jose, California, Peraso Inc. -- www.perasoinc.com -- is a pioneer in high-performance 60 GHz unlicensed and 5G mmWave wireless technology, offering chipsets, antenna modules, software and IP. Peraso supports a variety of applications, including fixed wireless access, immersive video and factory automation. In addition, Peraso's solutions for data and telecom networks focus on Accelerating Data Intelligence and Multi-Access Edge Computing, providing end-to-end solutions from the edge to the centralized core and into the cloud. In its report dated March 28, 2025, the Company's auditor, Weinberg & Company, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that during the year ended Dec. 31, 2024, the Company incurred a net loss and utilized cash in operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Peraso had $7.21 million in total assets, $3.74 million in total liabilities, and $3.47 million in total stockholders' equity. PITNEY BOWES: Egan-Jones Retains B- Senior Unsecured Ratings ------------------------------------------------------------ Egan-Jones Ratings Company on April 9, 2025, maintained its 'B-' foreign currency and local currency senior unsecured ratings on debt issued by Pitney Bowes Inc. EJR also withdrew the rating on commercial paper issued by the Company. Headquartered in Stamford, Connecticut, Pitney Bowes Inc. sells, finances, rents, and services integrated mail and document management systems. PIZZERIA MANAGEMENT: Gets Final OK to Use Cash Collateral --------------------------------------------------------- Pizzeria Management III, LLC received final approval from the U.S. Bankruptcy Court for the Northern District of Ohio, Eastern Division, to use cash collateral. The final order authorized the Debtor to use cash collateral for the period from April 16 to Aug. 14 in accordance with its 120-day budget, which projects total expenses of $764,215.33. As protection from any diminution in the value of their interests in the cash collateral, secured creditors will be granted replacement liens on the Debtor's assets, with the same priority and validity as their pre-bankruptcy liens. The Debtor identifies five creditors who may have claims or liens on the cash collateral, including WebBank, Rewards Network, iPlanGroup (as agent for Christian Carson), Joseph and Cassie Ciresi, and RDP Food Service. Several of these creditors have filed UCC-1 financing statements while others are scheduled as contingent or disputed. RDP's claim may be subject to a PACA trust. About Pizzeria Management III Pizzeria Management III, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-11334) on March 31, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Jessica E Price Smith oversees the case. The Debtor is represented by Thomas W. Coffey, Esq. at Coffey Law, LLC. PR MADISON: Section 341(a) Meeting of Creditors on May 21 --------------------------------------------------------- On April 18, 2025, PR Madison LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Indiana. 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 under Section 341(a) to be held on May 21, 2025 at 02:15 PM Eastern via a teleconference at 877-988-1312; passcode 6679375. About PR Madison LLC PR Madison LLC, which operates Madison Square Apartments in Anderson,operates as a single asset real estate entity with its principal property located at 1641 N. Madison Avenue. PR Madison LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-02165) on April 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge James M. Carr handles the case. The Debtor is represented by Jeffrey M. Hester at Hester Baker Krebs LLC. PROSPECT MEDICAL: Gets Court OK to Close 2 Pennsylvania Hospitals ----------------------------------------------------------------- Yun Park of Law360 reports that a Texas bankruptcy judge on Tuesday, April 22, 2025, Prospect Medical Holdings received court approval to shut down two Pennsylvania hospitals after efforts to transfer operations to another provider fell through, despite support from local government and community organizations to keep them running. The Troubled Company Reporter previously reported that Prospect Medical Holdings Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to close Pennsylvania Hospitals. The Debtors' unequivocal goal was to avoid the closure of the Pennsylvania Hospitals and allow the facilities to continue to provide critical healthcare access in Pennsylvania. Due to the absence of any viable bidder, operator, or third-party funding source for such hospitals, the Debtors unfortunately have no choice but to begin closing the Pennsylvania Hospitals and seeks to close/sell the hospital. Despite the absence of a transaction related to the Pennsylvania Hospitals as a whole, the Debtors have received interest from several parties regarding certain of their assets, including: the Debtors' ambulatory surgery centers and imaging sites at Crozer Medical Plaza at Brinton Lake, Crozer Health at Broomall, Media Medical Plaza, and the Surgery Center at Haverford, the Debtors' owned real property, including, but not limited to, Taylor Hospital, Springfield Hospital, and the Delaware County Memorial Hospital, and any remaining assets of the Debtors, including, but not limited to, unexpired leases, contracts, inventory, certain service lines, and FF&E at the Pennsylvania Hospitals. The Debtors and their non-Debtor affiliates are providers of healthcare services in California, Connecticut, Pennsylvania, and Rhode Island. The Company's business can be broadly divided into two segments: hospital operations, which consist of, among other things, the ownership and operation of 16 acute care and behavioral hospitals, providing a wide range of inpatient and outpatient services spanning multiple states, and physician-related services, including (a) certain owned and managed medical groups, independent physician associations, managed services organizations and risk-taking entities, (b) Prospect Health Plan, Inc., a Knox-Keene licensed entity, and (c) one licensed acute hospital operating as Foothill Regional Medical Center. The Physician Co entities are not Debtors in these chapter 11 cases. The U.S. Trustee appointed Suzanne Koenig as the patient care ombudsman in the chapter 11 cases of the Debtors. The Debtors propose a bid procedure for the sale of the facility with the following timeline: -- April 25, 2025 at 12:00 p.m. Bid Deadline -- April 28, 2025 at 12:00 p.m. Deadline to Inform Qualified Bidders of Auction (if any) -- April 29, 2025 at 12:00 p.m. Auction -- May 1, 2025 Deadline to File Sale Notice(s) and Proposed Order -- To be determined. Sale Hearing (if necessary) If the Debtors receive two or more Bids with respect to the same Available Assets by the Bid Deadline, the Debtors will conduct an auction to determine the successful bidder(s). About Prospect Medical Holdings, Inc. Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' general bankruptcy counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors also tapped Alvarez & Marsal North America, LLC as financial advisor; Houlihan Likey, Inc. as investment banker; and Omni Agent Solutions, Inc. as claims, noticing & solicitation agent. On Jan. 29, 2025, the Office of the United States Trustee for Region 6 appointed an official committee of unsecured creditor in these Chapter 11 cases. The committee tapped Brinkman Law Group, PC as efficiency counsel. RCM EQUIPMENT: Seeks Cash Collateral Access Until July 31 --------------------------------------------------------- RCM Equipment Company, LLC asked the U.S. Bankruptcy Court for the District of Minnesota for authority to use cash collateral and provide adequate protection. through July 31, 2025. Vermillion State Bank holds a security interest in the cash collateral. The Debtor urgently needs to use cash collateral to cover essential operational expenses such as employee wages, taxes, utilities, and payments to vendors. Vermillion State Bank's prepetition claims are based on three promissory notes, including the most recent renewal dated February 25, 2025, totaling approximately $123,225. The bank holds a lien on a wide range of the Debtor's assets, including accounts receivable, inventory, equipment, and deposit accounts. As part of adequate protection, the Debtor proposed granting Vermillion State Bank a post-petition lien with the same priority as its prepetition lien. Additionally, the continued operation of the business itself serves to protect the bank's collateral by preserving the value of the enterprise. The Debtor also notes the possibility of entering into a stipulation with Vermillion State Bank regarding the use of cash collateral, which it may present for court approval without further notice or hearing. About RCM Equipment Company RCM Equipment Company, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-30981) on April 4, 2025. In the petition signed by Franklin E. Connelly, president, the Debtor disclosed up to $50,000in assets and up to $1 million in liabilities. Judge Katherine A. Constantine oversees the case. Brian A. Gravely, Esq., at Dudley and Smith PA, represents the Debtor as legal counsel. RCM MANUFACTURING: Seeks Cash Collateral Access Until July 31 ------------------------------------------------------------- RCM Manufacturing Incorporated asked the U.S. Bankruptcy Court for the District of Minnesota for authority to use cash collateral until July 31. Vermillion State Bank holds a security interest in the cash collateral. The funds will be used to cover essential expenses, including payroll, payroll taxes, sales taxes, utilities, and payments to vendors for goods and services necessary for ongoing operations. As of Feb. 25, the Debtor owes Vermillion State Bank approximately $474,197 under a series of promissory notes and related loan documents. These obligations are secured by nearly all of the Debtor's personal property, including inventory, equipment, accounts receivable, general intangibles, and other assets. To provide adequate protection for the bank's interest, the Debtor proposed granting a post-petition replacement lien on its assets with the same priority as the bank's prepetition lien. Additionally, the Debtor plans to make principal and interest payments, maintain its equity cushion, and continue regular business operations to preserve the value of the collateral. The Debtor also indicates that it may enter into a stipulation or agreed order with Vermillion State Bank regarding the use of cash collateral and adequate protection, and seeks approval to finalize such agreement without a further hearing, pursuant to Rule 4001(d)(4). About RCM Manufacturing Incorporated RCM Manufacturing Incorporated sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-30979) on April 4, 2025. In the petition signed by Franklin E. Connelly, president, the Debtor disclosed up to $1 million in assets and up to $500,000 in liabilities. Judge Katherine A. Constantine oversees the case. Brian A. Gravely, Esq., at Dudley and Smith PA, represents the Debtor as legal counsel. RCM SPECIALTIES: Seeks Cash Collateral Access Until July 31 ----------------------------------------------------------- RCM Specialties, Inc. asked the U.S. Bankruptcy Court for the District of Minnesota for authority to use cash collateral and provide adequate protection. through July 31, 2025. Vermillion State Bank holds a security interest in the cash collateral. The Debtor urgently needs to use cash collateral to cover essential operational expenses such as employee wages, taxes, utilities, and payments to vendors. Vermillion State Bank's prepetition claims are based on three promissory notes, including the most recent renewal dated February 25, 2025, totaling approximately $123,225. The bank holds a lien on a wide range of the Debtor's assets, including accounts receivable, inventory, equipment, and deposit accounts. As part of adequate protection, the Debtor proposes granting Vermillion State Bank a post-petition lien with the same priority as its pre-petition lien. Additionally, the continued operation of the business itself serves to protect the bank's collateral by preserving the value of the enterprise. The Debtor also notes the possibility of entering into a stipulation with Vermillion State Bank regarding the use of cash collateral, which it may present for court approval without further notice or hearing. About RCM Specialties Inc. RCM Specialties, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-30980) on April 4, 2025. In the petition signed by Franklin E. Connelly, president, the Debtor disclosed up to $50,000in assets and up to $1 million in liabilities. Judge Katherine A. Constantine oversees the case. Brian A. Gravely, Esq., at Dudley and Smith PA, represents the Debtor as bankruptcy counsel. REBORN COFFEE: Yohan Kim Holds 5.86% Equity Stake ------------------------------------------------- Yohan Kim, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of April 4, 2025, he beneficially owns 267,500 shares of Reborn Coffee, Inc.'s Common Stock, representing 5.86% of the 4,560,000 outstanding shares. Yohan Kim may be reached at: 26472 Via La Joll San Juan Capistrano Calif., USA, 92675 About Reborn Coffee Brea, Calif.-based Reborn Coffee, Inc. (NASDAQ: REBN) is focused on serving high quality, specialty-roasted coffee at retail locations, kiosks, and cafes. Reborn is an innovative company that strives for constant improvement in the coffee experience through exploration of new technology and premier service, guided by traditional brewing techniques. Reborn believes they differentiate themselves from other coffee roasters through innovative techniques, including sourcing, washing, roasting, and brewing their coffee beans with a balance of precision and craft. For more information, please visit www.reborncoffee.com. Irvine, Calif.-based BCRG Group, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. Reborn incurred recurring net losses, including net losses from operations before income taxes of $4.8 million and $4.7 million for the years ended December 31, 2024 and 2023, respectively. It used $3.5 million and $3.2 million cash for operating activities during the years ended December 31, 2024 and 2023, respectively. RED RIVER: Judge Rejects J&J's 3rd Talc Class Settlement Bid ------------------------------------------------------------ Trial lawyers representing more than 5,000 cancer victims vowed to continue the fight for justice after a federal judge on Thursday rejected an attempt to revive Johnson & Johnson's third attempt to reach a global settlement of cancer claims related to its talcum powder products. On April 17, 2025, U.S. Bankruptcy Judge Christopher Lopez rejected requests to revive Johnson & Johnson's proposed multibillion-dollar settlement, following a two-week trial in March. In Thursday's ruling, Judge Lopez declined requests to reopen the case either to correct flaws in the previous petition or to refer the matter to mediation. Majed Nachawati, founder of Dallas-based Nachawati Law Group, commended the judge for following the law based on the facts in what has become historic litigation. He pledged to continue with an aggressive trial schedule while working to identify and execute additional avenues for resolving the massive multidistrict litigation. "Our firm has fought--and will continue to fight--for justice," Mr. Nachawati said. "We remain committed to exploring whether a fair resolution is in the best interest of our clients." Roughly 90,000 women have filed lawsuits claiming that the company's talcum powder products are responsible for their cancer diagnoses. In an effort to manage its legal exposure, the company employed a controversial bankruptcy strategy known as the "Texas Two-Step." This involved creating a separate subsidiary to assume the liabilities and then filing that entity into a prepackaged bankruptcy, which included a proposed $9 billion settlement to compensate victims and shield J&J from further liability. Three separate attempts to reach a settlement in bankruptcy have been rejected by federal courts. The case is In re: Red River Talc, SDTX, No. 24-90505. About Nachawati Law Group Nachawati Law Group represents parties in mass tort litigation, businesses and governmental entities in contingent litigation, and individuals in complex personal injury litigation. For more information, visit https://ntrial.com. 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. REDDIRT ROAD: Seeks Cash Collateral Access ------------------------------------------ Reddirt Road Partners, LLC asked the U.S. Bankruptcy Court for the Northern District of Florida, Panama City Division, for authority to use cash collateral and provide protection to secured lender Huntington Distribution Finance, Inc. Huntington had financed the Debtor's acquisition of inventory through a security agreement dated February 5, 2019, which granted the lender a first-priority security interest in the financed inventory and its proceeds. This interest is perfected by a properly filed UCC-1 financing statement. As of the petition date, the Debtor owed Huntington approximately $135,949. Huntington has not consented to the use of its cash collateral unless it is protected by the terms outlined in a negotiated agreement. Both parties' legal counsel have worked together to reach agreed terms: the Debtor will pay the lender for any of its financed inventory sold, with any surplus proceeds available for business operations. This mirrors pre-bankruptcy practices. Additionally, Huntington will receive a replacement lien matching the priority and extent of its pre-petition lien. About Reddirt Road Partners Reddirt Road Partners, LLC filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-50049) on March 12, 2025, listing between $500,001 and $1 million in both assets and liabilities. Judge Karen K. Specie oversees the case. Byron Wright, III, Esq., at Bruner Wright, P.A. represents the Debtor as legal counsel. RITE AID: Moves to Sell Off Assets in Parts During 2nd Bankruptcy ----------------------------------------------------------------- Reshmi Basu of Bloomberg News reports that Rite Aid Corp. is nearing a second bankruptcy and preparing to sell parts of its business, less than a year after emerging from Chapter 11, as it struggles with dwindling cash reserves, according to people familiar with the matter. The company is pursuing a debtor-in-possession loan to fund operations during the bankruptcy process, the sources said, requesting anonymity due to the sensitive nature of the situation. The plan could involve selling store locations in select regions, while unsold locations may be shut down entirely, according to Bloomberg News. Rite Aid has retained Guggenheim Securities to advise on the restructuring, according to some of the sources. Guggenheim declined to comment, and the company has not yet responded to requests for comment. The retailer is among several chains facing financial strain amid inflation and rising interest rates, which have curbed consumer spending. In March 2025, Bloomberg reported that Rite Aid began talks with lenders to fully access its asset-based lending facility to restock inventory. In exchange, the company committed to hitting certain financial and operational targets and was expected to close additional stores, the report states. Rite Aid exited its previous bankruptcy in September 2024, having closed hundreds of stores, eliminated approximately $2 billion in debt, and resolved opioid-related lawsuits. Creditors assumed control of the company and provided about $2.5 billion in exit financing to support ongoing operations, according to report. About Rite Aid Corp. Rite Aid -- http://www.riteaid.com-- is a full-service pharmacy that improves health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of vehicles that offer convenience, including retail and delivery pharmacy, as well as services offered through our wholly owned subsidiaries, Elixir, Bartell Drugs and Health Dialog. Elixir, Rite Aid's pharmacy benefits and services company, consists of accredited mail and specialty pharmacies, prescription discount programs and an industry leading adjudication platform to offer superior member experience and cost savings. Health Dialog provides healthcare coaching and disease management services via live online and phone health services. Regional chain Bartell Drugs has supported the health and wellness needs in the Seattle area for more than 130 years. Rite Aid employs more than 6,100 pharmacists and operates more than 2,100 retail pharmacy locations across 17 states. The Debtors sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 23-18993) on Oct. 15, 2023. In the petition signed by Jeffrey S. Stein, chief executive officer and chief restructuring officer, Rite Aid disclosed $7,650,418,000 in total assets and $8,597,866,000 in total liabilities. Judge Michael B. Kaplan oversees the cases. The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis International LLP as general bankruptcy counsel, Cole Schotz, P.C., as local bankruptcy counsel, Guggenheim Partners as investment banker, Alvarez & Marsal North America, LLC as financial, tax and restructuring advisor, and Kroll Restructuring Administration as claims and noticing agent. ROMAN BUILDERS: 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 Roman Builders, LLC, according to court dockets. About Roman Builders LLC Roman Builders, LLC is a South Florida company that specializes in waterproofing services for both commercial and residential properties. It 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 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 reported total assets of $821,063 and total Liabilities of $1,015,126. Judge Scott M. Grossman handles the case. The Debtor is represented by Susan D. Lasky, Esq., at Susan D. Lasky, PA. ROYAL CARIBBEAN: Egan-Jones Hikes Sr. Unsecured Ratings to B+ ------------------------------------------------------------- Egan-Jones Ratings Company, on April 8, 2025, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by Royal Caribbean Cruises Ltd. to B+ from B. EJR also withdrew the rating on commercial paper issued by the Company. Headquartered in Miami, Florida, Royal Caribbean Cruises Ltd. operates as a global cruise company operating a fleet of vessels in the cruise vacation industries. ROYAL INTERCO: Selects 3-Member Chapter 11 Creditor Committee ------------------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that the U.S. Trustee's Office has designated three members to the official committee of unsecured creditors in the Chapter 11 case of Royal Interco LLC, which provides private-label paper products to grocery chains like Trader Joe's and Aldi. About Royal Interco Royal Interco, LLC is a manufacturer of high-quality paper products -- including bath tissue, paper towels, facial tissue, and napkins -- offering a broad range of products and packaging configurations to serve both regional and national customers. Royal Interco sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10674) on April 8, 2025. In its petition, the Debtor reported estimated assets of $100 million to $500 million and estimated assets of $100 million to $500 million. Michael Ragano, in his role as chief restructuring officer, signed the petitions. The Hon. Thomas M Horan presides over the cases. The Debtors are represented by Morris, Nichols, Arsht & Tunnell LLP as general counsel. The Debtors' investment banker is Livingstone Partners LLC. The Debtors' provider of turnaround and business transformation advisory services is Novo Advisors, LLC. Epiq Corporate Restructuring LLC is the Debtors' claims and noticing agent. SAMPLE TILE: Court OKs Deal to Use SBA's Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division approved a stipulation allowing Sample Tile and Stone Inc. to use the cash collateral of the U.S. Small Business Administration. The stipulation authorizes the company to use SBA's cash collateral from March 1 until confirmation of a Chapter 11 plan in its bankruptcy case. SBA will be provided with protection in the form of a replacement lien on revenues generated by the company after the petition date. As additional protection, SBA will continue to receive a monthly payment of $4,027.05 until further order of the court. The monthly payment started in January. About Sample Tile and Stone Inc. Sample Tile and Stone Inc. is based in Los Angeles, Calif., and operates as a tile contractor with ongoing projects including work at WB Ranch TI and The Ranch Lot Studios. Sample Tile and Stone filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 25-10137) on January 8, 2025, with assets between $500,000 and $1 million and liabilities between $1 million and $10 million. Judge Barry Russell handles the case. The Debtor is represented by: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Boulevard, 6th Floor Beverly Hills CA 90212 Tel: (310) 271-6223 Fax: (310) 271-9805 Email: michael.berger@bankruptcypower.com SEALED AIR: Egan-Jones Retains BB- Senior Unsecured Ratings ----------------------------------------------------------- Egan-Jones Ratings Company, on April 10, 2025, maintained its 'BB-' foreign currency and local currency senior unsecured ratings on debt issued by Sealed Air Corporation. EJR also withdrew the rating on commercial paper issued by the Company. Headquartered in Charlotte, North Carolina, Sealed Air Corporation manufactures packaging and performance-based materials and equipment systems that serve food, industrial, medical, and consumer applications. SEBASTIAN HABIB: Amends Motion to Sell 23 Land Parcels at Auction ----------------------------------------------------------------- Sebastian Habib LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to amend motion to sell 23 parcels of land at public auction, to clarify the sale procedures to be employed by the auctioneer with respect to the reserve prices. The Court has previously authorized the Debtor to sell 567 Center Hill Avenue NW, Atlanta, GA 30318 and 25 parcels of real property consisting of the Debtor's real estate portfolio. However, the buyers for the respective properties have terminated the sale contracts and none of the sales contemplated in those orders have closed. The reserve prices are the Debtor's best estimate of the value of the real estate. To the extent that any of the properties are sold at or above the reserve price, the Debtor moves the Court to authorize the closing of any such sale free and clear of liens and encumbrances without the necessity of additional order by the Court. To the extent that a bid is made for more than the aggregate liens and encumbrances upon any of the properties, but less than the reserve price, the Debtor moves the Court to require a 14 day negative notice to all creditors such that any creditor can object to the proposed sale below the reserve price. If there shall be no timely objection filed after proper notice, the Court may enter an order approving said sale(s) without additional notice or hearing. To the extent that the high bid for the sale of any parcel of the real estate does not exceed the aggregate pay-off balance of all liens and encumbrances, the auctioneer shall remove that property from the auction and the property shall be retained by the Debtor pending further order of the Court. About Sebastian Habib, LLC Sebastian Habib LLC is a domestic limited liability company headquartered in Woodstock, Georgia. Sebastian Habib LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-50148) on January 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Lisa Ritchey Craig handles the case. Adam E. Ekbom, Esq. of Jones & Walden LLC represents the Debtor as counsel. SM ENERGY: Egan-Jones Retains BB+ Senior Unsecured Ratings ---------------------------------------------------------- Egan-Jones Ratings Company on April 16, 2025, maintained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by SM Energy Company. Headquartered in Denver, Colorado, SM Energy Company is an independent energy company that explores for and produces natural gas and crude oil. SMALL FORTUNE: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Small Fortune Hunter, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of North Carolina to use cash collateral. The order penned by Judge David Warren authorized the company's interim use of cash collateral to pay the expenses set forth in its 30-day budget. The budget projects total operational expenses of $75,920 for April. BayFirst National Bank, BriteCap, WebBank and The LCF Group are the company's creditors that may assert a lien on the cash collateral. As protection, secured creditors will be granted a lien on post-petition revenue and other assets of the company to the same extent and with the same priority as their pre-bankruptcy lien. A court hearing is set for May 8. About Small Fortune Hunter Small Fortune Hunter, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-01203) on April 1, 2025, listing up to $50,000 in assets and up to $500,000 in liabilities. Michael Seighman, member-manager of Small Fortune Hunter, signed the petition. Judge David M. Warren oversees the case. The Debtor is Represented By: Philip Sasser, Esq. Sasser Law Firm Tel: 919-319-7400 Email: philip@sasserbankruptcy.com SMITH ENVIRONMENTAL: Gets OK to Use Cash Collateral Until June 30 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Colorado issued a stipulated order authorizing Smith Environmental and Engineering, Inc. to use cash collateral from April 1 to June 30. The order authorized the consulting firm to use cash collateral to pay operating expenses pursuant to its budget. The budget projects total operational expenses of $1,706,734.58 for the period from March to August. the Colorado Department of Revenue and other secured creditors will be provided with protection in the form of replacement liens on post-petition accounts, insurance, submission of financial reports, and payment of taxes. As additional protection, the consulting firm was ordered to pay the Colorado Department of Revenue $3,000 for April, $4,000 for May and $5,000 for June. A final hearing is scheduled for June 30. About Smith Environmental and Engineering Smith Environmental and Engineering, Inc. is a woman-owned consulting firm that provides comprehensive environmental services, specializing in ecological sciences, environmental engineering, and construction. With over 24 years of experience, the company offers tailored solutions for environmental management, hazardous materials, and cultural resource projects across various industries. Smith Environmental and Engineering sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-11042) on February 28, 2025. In its petition, the Debtor reported total assets of $1,486,401 and total liabilities of $2,975,603. Judge Michael E. Romero handles the case. The Debtor is represented by: David Warner, Esq. Tel: 303-296-1999 Email: dwarner@wgwc-law.com SOBR SAFE: Effects 1-for-10 Reverse Stock Split ----------------------------------------------- SOBR Safe, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company filed a Certificate of Amendment to its Certificate of Incorporation, as previously amended, with the Secretary of State of the State of Delaware for the purpose of effecting a 1-for-10 reverse stock split of the Company's common stock, $0.00001 par value per share. Stockholders holding 30.25% of the Company's then outstanding voting stock approved the Certificate of Amendment on December 9, 2024. The Certificate of Amendment became effective with the State of Delaware on April 4, 2025. The Common Stock continues to be quoted on the Nasdaq Capital Market under the symbol "SOBR" and started trading on a post-split basis on April 4, 2025. As a result of the reverse stock split, every 10 shares of the outstanding Common Stock prior to the effect of the Certificate of Amendment will be combined and reclassified into one share of the Common Stock. No fractional shares will be issued in connection with the reverse stock split, and any of the Company's stockholders that would be entitled to receive a fractional share as a result of the reverse stock split will instead receive one additional share of the Common Stock in lieu of the fractional share. The reverse stock split will not in itself affect any stockholder's ownership percentage of the Common Stock, except to the extent that any fractional share will be rounded up to the nearest whole share. The Company's post-reverse stock split Common Stock has a new CUSIP number, 833592 405, but the par value and all other terms of the Common Stock will not be affected by the reverse stock split. About SOBR Safe, Inc. SOBR Safe, Inc. provides non-invasive technology to quickly and humanely identify the presence of alcohol in individuals. These technologies are integrated within the Company's robust and scalable data platform, which produces statistical and measurable user and business data. The Company's mission is to save lives, increase productivity, create significant economic benefits, and positively impact behavior. To this end, SOBR Safe has developed the scalable, patent-pending SOBRsafe software platform for non-invasive alcohol detection and identity verification. Littleton, Colorado-based Haynie and Company, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 29, 2024, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring losses from operations and has limited cash liquidity and capital resources to meet future capital requirements. As of June 30, 2024, SOBR Safe had $5,122,244 in total assets, $1,431,746 in total liabilities, and $3,690,498 in total stockholders' equity. SOBR SAFE: Thomas Corley Holds 7.4% Equity Stake ------------------------------------------------ Thomas Corley, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of April 2, 2025, he beneficially owned 112,000 shares of SOBR Safe, Inc.'s Common Stock, representing 7.4% of the 1,516,145 outstanding shares post-reverse stock split, as published on April 2, 2025 in the press release "SOBRsafe Announces Reverse Stock Split" available at https://tinyurl.com/cm33r7nu Thomas Corley may be reached at: 132 Washington Place State College, PA 16801. About SOBR Safe, Inc. SOBR Safe, Inc. provides non-invasive technology to quickly and humanely identify the presence of alcohol in individuals. These technologies are integrated within the Company's robust and scalable data platform, which produces statistical and measurable user and business data. The Company's mission is to save lives, increase productivity, create significant economic benefits, and positively impact behavior. To this end, SOBR Safe has developed the scalable, patent-pending SOBRsafe software platform for non-invasive alcohol detection and identity verification. Littleton, Colorado-based Haynie and Company, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 29, 2024, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring losses from operations and has limited cash liquidity and capital resources to meet future capital requirements. As of June 30, 2024, SOBR Safe had $5,122,244 in total assets, $1,431,746 in total liabilities, and $3,690,498 in total stockholders' equity. STAR RAIL: Gets Interim OK to Use Cash Collateral ------------------------------------------------- Starr Rail, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral. The order penned by Judge Mark Mullin authorized the Debtor's interim use of cash collateral from April 17 until the entry of a subsequent order. As protection, secured lenders will be granted replacement liens on all of Debtor's equipment, inventory and accounts whether such property was acquired before or after the petition date. The cash collateral in question is claimed by several secured lenders, including Ark-Tex Regional Development Company, First National Bank of Hughes Springs, and the U.S. Small Business Administration, which assert liens on the Debtor's equipment, accounts, and inventory, totaling over $1.6 million based on filed UCC-1 statements. The next hearing is set for May 14. About Starr Rail LLC Starr Rail LLC operates as a rail logistics and transloading provider. Founded in 2018, the Company focuses on first- and last-mile rail solutions, offering services such as transloading, storage, and bulk material packaging. Its operations accommodate a range of freight, including lumber, steel, aluminum, aggregates, plastic pellets, diesel, and propane. Starr Rail LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41307) on April 11, 2025. In its petition, the Debtor reported total assets of $2,763,979 and total liabilities of $2,476,623. Judge Mark X. Mullin handles the case. The Debtor is represented by Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC. SUNATION ENERGY: Shareholders OK Key Proposals at Special Meeting ----------------------------------------------------------------- SUNation Energy, Inc. held a Special Meeting of Shareholders during which the Company's shareholders voted on four proposals. The proposals presented at the Special Meeting are described in detail in the Definitive Proxy Statement filed with the Securities and Exchange Commission on March 10, 2025. Of the 4,793,587 shares of Common Stock outstanding and entitled to vote, including the shares of Series D Preferred Stock voting on an as converted basis, at the Special Meeting, 3,514,795, or 73.32%, of the outstanding and eligible shares, were present either in person or by proxy. Holders of Common Stock, including the Series D Convertible Preferred Stock, voted one vote per share on all matters properly brought before the Special Meeting; however, shares of common stock purchased by investors in the Company's equity offering executed on February 27, 2025 were excluded from the tabulation relating to Proposal 3, which related to the approval of such offering sought in compliance with Nasdaq Rule 5635. Therefore, a total of (i) 4,793,587 votes were entitled to be cast at the meeting with respect to Proposals 1, 2 and 4, and (ii) 2,828,587 votes were entitled to be cast at the meeting with respect to the Proposal 3. The results for each of the proposals submitted to a vote of shareholders at the Special Meeting are as follows: Proposal No. 1 - Approve a Charter Amendment to Increase Authorized Shares With respect to the proposal to approve a charter amendment to increase the number of authorized shares from 25,000,000 to 1,000,000,000, the voting with respect to Proposal 1 was as follows: For: 3,080,634 Against: 424,381 Abstain: 9,780 Proposal No. 2 – Approve Discretionary Authority to Effectuate Reverse Stok Split With respect to the proposal to grant discretionary authority to our board of directors to combine outstanding shares of our Common Stock into a lesser number of outstanding shares, or a "reverse stock split," within a range (ratio) of one-for-five (1-for-5) to a maximum of a one-for-two hundred (1-for-200), the voting with respect to Proposal 2 was as follows: For: 3,232,392 Against: 282,102 Abstain: 301 Proposal No. 3 – Approve Discretionary Authority to Effectuate Reverse Stok Split With respect to the proposal, for purposes of complying with Nasdaq listing rule 5635(d), to authorize the issuance of Warrants, shares of Common Stock underlying the Warrants and certain provisions of the Warrants, issued in connection with an offering and sale of securities of the Company that was consummated on February 27, 2025, the voting with respect to Proposal 3 was as follows: For: 512,528 Against: 125,969 Abstain: 6,415 Broker Non-Votes: 1,164,883 Proposal No. 4 – Approval to Adjourn the Meeting The Company's shareholders approved one or more adjournments of the Special Meeting to a later date or dates to solicit additional proxies if there are insufficient votes to approve any of the proposals at the time of the Special Meeting; however, since a quorum was present for the transaction of business and there were sufficient shares voted to approve Proposals 1, 2 and 3, no adjournment vote was sought and Proposal 4 was not moved forward: For: 3,288,194 Against: 219,844 Abstain: 6,757 About SUNation Energy, SUNation Energy Inc., formerly known as Pineapple Energy Inc. is focused on growing leading local and regional solar, storage, and energy services companies nationwide. Melville, N.Y.-based UHY LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated Apr. 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's current financial position and forecasted future cash flows for 12 months beyond the date of issuance of the financial statements indicate substantial doubt around the Company's ability to continue as a going concern. SUNNOVA ENERGY: At Risk of Warehouse Loan Default ------------------------------------------------- James Crombie of Bloomberg News reports that Sunnova is facing mounting pressure from creditors as it struggles to raise new capital and avoid bankruptcy. The company is in talks with lenders to secure fresh funding but risks triggering a technical default on a warehouse loan. The residential solar market has been negatively impacted by high interest rates and diminished government incentives, making solar systems more costly for consumers. By the end of 2024, about $167 million remained outstanding on the warehouse loan, with Atlas Securitized Products serving as the facility agent. About Sunnova Energy Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Founded in Houston, Texas in 2012, Sunnova started its journey to create a better energy service at a better price. Driven by the changing energy landscape, technology advancements, and demand for a cleaner, more sustainable future, we are proud to help pioneer the energy transition. SWEET TRUCKING: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Sweet Trucking Co., LLC 4701 Western Avenue Knoxville, TN 37921 Business Description: Sweet Trucking Co., LLC is a family-owned transportation company based in Knoxville, Tennessee, specializing in hauling heavy equipment locally and across state lines. The Company operates a fleet of trucks, tractors, and trailers and employs a team of drivers to manage logistics and transport. It provides various trailer types, including flatbeds, lowbeds, and gooseneck trailers, serving construction and industrial clients. Chapter 11 Petition Date: April 21, 2025 Court: United States Bankruptcy Court Eastern District of Tennessee Case No.: 25-30765 Judge: Hon. Suzanne H. Bauknight Debtor's Counsel: Keith Edmiston, Esq. CLARK & WASHINGTON, PC 408 S. Northshore Drive Knoxville, TN 37919 Tel: 865-281-8084 Fax: 865-862-8967 E-mail: cwknoxville@cw13.com Total Assets: $1,293,647 Total Liabilities: $1,471,498 The petition was signed by Gary Wayne Sweet, Jr. as managing member. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/R72P37I/Sweet_Trucking_Co_LLC__tnebke-25-30765__0005.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/R72P37I/Sweet_Trucking_Co_LLC__tnebke-25-30765__0005.0.pdf?mcid=tGE4TAMA TALKING ROCK: Seeks Chapter 11 Bankruptcy in Arizona ---------------------------------------------------- On April 18, 2025, Talking Rock Land LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filing, the Debtor reports between$1 million to $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Talking Rock Land LLC Talking Rock Land LLC develops and manages Talking Rock, a private residential community in Prescott, Arizona. The development includes luxury homes, a golf course, and club amenities. Talking Rock Land LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-03438) on April 18, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Daniel P. Collins handles the case. The Debtor is represented by Scott B. Cohen, Esq. at ENGELMAN BERGER PC. TEXAS AUTO: Gets Interim OK to Use Cash Collateral Until May 25 --------------------------------------------------------------- Texas Auto and Truck Inc. got the green light from the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, to use cash collateral. The order authorized the Debtor's interim use of cash collateral for the period from April 14 to May 25 to pay its expenses. As protection, Plains Capital Bank and any creditor with a security interest in the Debtor's cash collateral were granted a replacement lien on all real and personal property of the Debtor. A final hearing will be held on May 13. The Debtor, a used vehicle dealership based in Lockhart, Texas, operates under a Buy-Here Pay-Here model, where it finances vehicle purchases directly and maintains customer installment contracts as part of its core revenue and asset base. As of the petition date, the Debtor holds approximately $3.7 million in receivables and $434,000 in inventory. In recent years, the Debtor has shown relatively stable revenue, generating $3.53 million in 2024, $2.8 million in 2023, and $3.2 million in 2022. The need to seek bankruptcy protection arose when Plains Capital Bank, the Debtor's senior secured lender, refused a forbearance agreement and demanded full payment on two loans totaling approximately $2.23 million. These obligations are secured under a series of agreements supported by UCC-1 filings, and personally guaranteed by the Debtor's principal, Haskell Griffin, who has filed a companion bankruptcy case. In addition to its obligations to Plains Capital Bank, the Debtor also holds a $350,000 floor plan loan with Iron Stone Enterprises, LLC, used for inventory purchases. This loan is secured by the vehicle inventory but does not appear to have a recorded UCC-1 financing statement. The Debtor asserts an urgent need to use its limited cash collateral—estimated at $15,185—as well as ongoing proceeds from operations, in order to continue running the business. Without access to this cash, the Debtor states it will be unable to meet essential obligations, such as payroll (due April 20, 2025), vendor payments, lease obligations, and operational expenses. About Texas Auto and Truck Inc. Texas Auto and Truck Inc., operating as Griffin Motors, is a pre-owned vehicle and RV dealership based in Lockhart, Texas, offering a wide range of inspected, quality vehicles. Texas Auto and Truck Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-10509) on April 11, 2025. In its petition, the Debtor reports total assets of $4,113,631 and total liabilities of $2,651,915. The Debtor is represented by Todd Headden, Esq. at Hayward, PLLC. TITAN INTERNATIONAL: Egan-Jones Cuts Sr. Unsecured Ratings to BB ---------------------------------------------------------------- Egan-Jones Ratings Company on April 16, 2025, downgraded the foreign currency and local currency senior unsecured ratings on debt issued by Commercial Metals Company to BB from BB+. Headquartered in Quincy, Illinois, Titan International, Inc. manufactures mounted tire and wheel systems for off-highway equipment used in agriculture, construction, mining, military, recreation, and grounds care. TR WELDING: Gets Interim OK to Use Cash Collateral -------------------------------------------------- TR Welding, Inc. received interim approval from the U.S. Bankruptcy Court for the District of Idaho to use cash collateral. The Debtor intends to use funds secured by DL Evans Bank, which holds multiple loans with a total debt of approximately $359,000 and claims a blanket lien on its assets, including cash, receivables, and inventory. The bank's collateral includes $10,000 in cash, $243,215 in receivables, $135,146 in inventory, and $235,230 in equipment, totaling over $488,000. The Debtor believes DL Evans Bank is the only creditor with a claim to cash collateral and argues it is adequately protected through replacement liens, payments, and preservation of going concern value. A final hearing is scheduled for May 6. The Debtor estimates generating an average monthly income of $140,000 from welding and fabrication services and argues it cannot continue operating or pay critical expenses like payroll, rent, and utilities without access to its cash collateral. The immediate cash needs from April through mid-June are projected to be $319,000. The Debtor attributes its financial trouble primarily to unpaid work from a major project with Starr Corp., resulting in a $350,000 loss, plus over $145,000 in legal fees. It currently employs about 12 people and wants to restructure through Chapter 11 to return to profitability. About TR Welding Inc. TR Welding, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Case No. 25-40224-NGH) on April 11, 2025. In the petition signed by Todd Robinson, owner, the Debtor disclosed up to $1 million in both assets and liabilities. Judge Noah G. Hillen oversees the case. Patrick J. Geile, Esq., at Foley Freeman, PLLC, represents the Debtor as legal counsel. TRINITY ENTERPRISES: Case Summary & 10 Unsecured Creditors ---------------------------------------------------------- Debtor: Trinity Enterprises Corporation 3921 SW 47th Avenue, Suite 1009 Davie, FL 33314 Business Description: Trinity Enterprises is a family-owned painting and wall covering company based in Davie, Florida. It offers interior and exterior painting, wallpaper installation, and specialized metallic painting services, primarily serving commercial clients in the Miami area. Chapter 11 Petition Date: April 21, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-14339 Judge: Hon. Scott M. Grossman Debtor's Counsel: Thomas L. Abrams, Esq. THOMAS L ABRAMS PA 1213 SE 3rd Avenue Fort Lauderdale, FL 33316 Tel: (954) 523-0900 Email: tabrams@tabramslaw.com Total Assets: $318,252 Total Liabilities: $1,078,470 Marcos R Alcantara signed the petition as president. A full-text copy of the petition, which includes a list of the Debtor's 10 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/D4KLV5Q/Trinity_Enterprises_Corporation__flsbke-25-14339__0001.0.pdf?mcid=tGE4TAMA TRINSEO PLC: Two Directors to Retire Ahead of 2025 Annual Meeting ----------------------------------------------------------------- Trinseo PLC disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Pierre-Marie De Leener and Mark Tomkins, two members of the Board of Directors, notified the Company of their decision to retire from the Board and not stand for reelection at the Company's 2025 annual general meeting of shareholders. Following the annual general meeting, the size of the Board is expected to be decreased to nine members. The decision by Mr. De Leener and Mr. Tomkins to retire as directors of the Company was not the result of any disagreement with the Company on any matter relating to the operations, internal controls, policies or practices of the Company. Mr. De Leener has served on the Board since the Company's IPO in 2014, and Mr. Tomkins has served since 2019. The Company and the Board are grateful for their many years of dedicated service. About Trinseo Headquartered in Wayne, PA, Trinseo (NYSE: TSE) (www.trinseo.com), a specialty material solutions provider, partners with companies to bring ideas to life in an imaginative, smart, and sustainably focused manner by combining its premier expertise, forward-looking innovations, and best-in-class materials to unlock value for companies and consumers. From design to manufacturing, Trinseo taps into decades of experience in diverse material solutions to address customers' unique challenges in a wide range of industries, including building and construction, consumer goods, medical, and mobility. Trinseo reported a net loss of $701.3 million in 2023 and a net loss of $430.9 million in 2022. As of September 30, 2024, Trinseo had $2.9 billion in total assets, $3.4 billion in total liabilities, and $480 million in total stockholders' deficit. * * * In Jan. 2025, S&P Global Ratings raised the issuer credit rating on Trinseo PLC to 'CCC+' from 'SD' (selected default). All issue-level and recovery ratings on the company's existing debt are unchanged. The outlook is negative and reflects the challenging macroeconomic environment affecting the company's key end markets and S&P's expectation that credit metrics will remain pressured over the next 12 months. TROPICANA BRANDS: Gets Support for Deal Favoring Carlyle, Fidelity ------------------------------------------------------------------ Reshmi Basu and Irene García Perez of Bloomberg News report that Tropicana Brands Group has widened backing for a restructuring agreement that grants preferential terms to lenders such as Carlyle Group, Fidelity, and CVC Credit Partners, while also enabling the company to prevent non-participating creditors from selling their debt, according to people with knowledge of the matter. The clause has raised concerns among holdout creditors, who fear being stuck with debt they can't trade, the sources said, speaking anonymously due to the confidentiality of the talks. Under the agreement, the participating lenders have agreed to provide $400 million in new funding to the company, according to Bloomberg News. About Tropicana Brands Group Tropicana Brands Group produces fruit juices, smoothies and other beverages based in Chicago, Illinois. TW MEDICAL: Seeks Cash Collateral Access Until Aug. 1 ----------------------------------------------------- TW Medical Group, LLC and Taylor G. Wright, P.C. asked the U.S. Bankruptcy Court for the District of Utah, Central Division, for authority to use cash collateral until Aug. 1. The Debtors need to use cash collateral to continue operations, including paying employees, rent, utilities, insurance, and other necessary business expenses. The creditors that assert interests in the cash collateral include Cache Valley Bank, Secured Lender Solutions LLC, CT Corporation System, Corporation Service Company, and Old Mill Common LLC. To protect secured creditors, the Debtors proposed granting them replacement liens on post-petition assets, limited to any loss in value of the collateral caused by the Debtors' use of cash collateral. These liens will be automatically perfected and enforceable from the date of the bankruptcy filing. A court hearing is scheduled for May 15. The Debtors filed for bankruptcy after creditors began intercepting their revenue streams, including seizing funds directly from bank accounts and redirecting Medicare payments. These actions disrupted cash flow, prompting the need for Chapter 11 protection to stabilize operations and propose a reorganization plan that fairly compensates creditors over time. About TW Medical Group TW Medical Group, LLC is a podiatry practice offering state-of-the-art care across many locations in the United States. The Company provides care for patients of all ages, from infants to older adults. Its podiatry team specializes in diagnosing and treating many foot and ankle conditions, including plantar fasciitis, tendonitis, ingrown toenail, toenail fungus, bunions, and flat feet. TW Medical Group and Taylor G. Wright, P.C. filed Chapter 11 petitions (Bankr. D. Utah Lead Case No. 24-25495) on October 23, 2024. Zachary Paul, chief financial officer, signed the petitions. At the time of the filing, TW Medical Group reported $10 million to $50 million in both assets and liabilities while Taylor G. Wright reported $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Joel T. Marker oversees the cases. George B. Hofmann, Esq., at Cohne Kinghorn, P.C., represents TW Medical Group while Ted F. Stokes, Esq., at Stokes Law, PLLC represents Taylor G. Wright. UNIFI INC: Egan-Jones Lowers Senior Unsecured Ratings to B- ----------------------------------------------------------- Egan-Jones Ratings Company on April 15, 2025, downgraded the foreign currency and local currency senior unsecured ratings on debt issued by Unifi, Inc. to B- from B. EJR also withdrew rating on commercial paper issued by the Company. Headquartered in Greensboro, North Carolina, Unifi, Inc. textures polyester and nylon filament fiber to produce polyester and nylon, dyed, and spandex yarns covered with nylon and polyester. UPTOWN WINE: Seeks Chapter 11 Bankruptcy in New York ---------------------------------------------------- On April 18, 2025, Uptown Wine Pantry Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filing, the Debtor reports $1,557,997 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Uptown Wine Pantry Inc. Uptown Wine Pantry Inc. is a self-serve liquor store located at 63 East 125th Street in New York City. Established in 2002, it offers a diverse selection of wines, liquors, and specialty items, along with convenient delivery and curbside pickup services. Uptown Wine Pantry Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10770) on April 2, 2025. In its petition, the Debtor reports total assets of $350,000 and total debts of $1,557,997. Honorable Bankruptcy Judge Lisa G. Beckerman handles the case. The Debtor is represented by Vivia L. Joseph, Esq. VAIL RESORTS: Egan-Jones Retains B+ Senior Unsecured Ratings ------------------------------------------------------------ Egan-Jones Ratings Company, on April 8, 2025, maintained its 'B+' foreign currency and local currency senior unsecured ratings on debt issued by Vail Resorts, Inc. EJR also withdrew the rating on commercial paper issued by the Company. Headquartered in Broomfield, Colorado, Vail Resorts, Inc. operates as a holding company. VERIFONE SYSTEMS: S&P Alters Outlook to Pos., Affirms 'CCC+' ICR ---------------------------------------------------------------- S&P Global Ratings revised its outlook on VeriFone Systems Inc. to positive from negative and affirmed all of its ratings, including the 'CCC+' issuer credit rating. S&P said, "At the same time, we assigned our 'CCC+' issue-level rating and '3' recovery rating to VeriFone's extended revolver and term loan due 2028. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default. "The positive outlook reflects the potential that we will raise our issuer credit rating on the company to 'B-' in the next 12 months. We expect VeriFone's expense reductions will support an expansion in its EBITDA such that its S&P Global Ratings-adjusted debt to EBITDA improves below 8x and it generates positive FOCF, before its Israeli tax payments, in fiscal years 2025 and 2026. The outlook also reflects the company's improved debt maturity runway, which we believe will provide it with some flexibility to execute its growth strategies despite rising macro uncertainties. "We expect VeriFone's cost-reduction initiatives will improve its EBITDA and FOCF prospects over the next 1-2 years. The company has realized total annualized labor savings of more than $100 million as of the first quarter ended Jan. 31, 2025. Management also expects to realize additional savings related to systems manufacturing, though these estimated benefits are tied to new hardware device sales and may take time to realize. Still, we expect the continued realization of VeriFone's already implemented savings will improve its S&P Global Ratings-adjusted EBITDA margin (including capitalized development expenses) to about 20.3% in fiscal year 2025 from about 13.4% in fiscal year 2024. The company's improved margin profile and moderate capital expenditure (capex) needs will likely enable it to generate positive FOCF before its tax payments of about $46 million in fiscal year 2025 and about $7 million in fiscal year 2026. We expect FOCF to turn positive by the end of fiscal 2026. This is a material reversal from the about $126 million FOCF deficit VeriFone generated in fiscal year 2024. We expect the company will improve its leverage to about 8x in fiscal year 2025, from about 11x as of Jan. 31, 2025, pro forma for its amendment and extension transaction. "We expect VeriFone's liquidity will be sufficient to meet its business needs over the next 12 months. The company's debt transaction addressed its 2025 debt refinancing needs, extending its debt maturity to 2028. We believe this provides it with critical runway to execute its business strategies over the next 1-2 years and turn positive FOCF generation by fiscal 2026. In the near-term, we expect the company's existing liquidity sources will likely be sufficient to cover its cash flow needs despite its rising tax payments in fiscal year 2025. As of Jan. 31, 2025, VeriFone had about $75 million of cash on hand and about $90 million of total availability under its extended $125 million revolver expiring 2028 and new $75 million receivables facility. The revolver is drawn and a net leverage covenant is in effect. We expect the company will have sufficient covenant headroom such that it maintains full access to these facilities over the next 12 months. "We believe VeriFone's business prospects are highly dependent on favorable market conditions and a continued recovery in the demand for its core hardware and payments offerings. The company reported sequential revenue improvements in its systems revenue beginning in late fiscal year 2024, including a 40% year-over-year expansion in the first quarter of fiscal year 2025 (ended Jan. 31, 2025), but faces high execution risk to stabilize the business. As such the pace of its recovery is uncertain due to the challenging macroeconomic environment and the unpredictability of how U.S. tariffs will affect its hardware sales. We believe tariffs may lead to some headwinds for VeriFone and estimate that approximately 20% of its hardware revenue and costs may be subject to the baseline 10% tariff. Higher reciprocal tariffs on countries where the company has manufacturing exposure adds uncertainty, though the current pause may allow for further trade negotiations that reduce the level of the final tariffs. "VeriFone may take actions to mitigate these headwinds, however, we believe the offsetting actions and their effect on demand are uncertain given strong competition and the challenging macro environment. Additionally, we believe VeriFone's stronger competitive threats from low-cost providers, combined with the market share losses it has experienced over the past couple of years, make it harder to determine when its hardware sales will fully recover." Management recently implemented new strategies focused on merchant services, mainly in its non-enterprise install base, but these efforts are early and have yet to show material traction. VeriFone is reliant on lumpy systems sales and hardware refresh cycles, particularly among its larger enterprise customers. S&P said, "However, we view the company elevated proportion of software and services revenue (about 50% of total revenue historically) relative to its hardware peers as favorable. This may lessen the effect of VeriFone's hardware sales variability on its performance and help it mitigate a slower-than-expected recovery in its sales if its clients choose to defer hardware purchases. We expect the company will likely increase its annual systems sales (e.g., payment terminal devices) by about 15% in fiscal year 2025, which is up significantly from the approximately 37% decline it experienced in fiscal year 2024. We expect the demand for VeriFone's payment-related software and services (maintenance services, acquiring, and gateway) to be somewhat stable and rise modestly." S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and responses--specifically regarding tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. As a result, S&P's baseline forecasts carry a significant amount of uncertainty. As situations evolve, it will gauge the macro and credit materiality of potential shifts and reassess our guidance accordingly. S&P said, "The positive outlook reflects the potential that we will raise our issuer credit rating on the company to 'B-' in the next 12 months. We expect Verifone's expense reductions will support an expansion in its EBITDA such that its S&P Global Ratings-adjusted debt to EBITDA improves below 8x and it generates positive FOCF, before its Israeli tax payments, in fiscal years 2025 and 2026. The outlook also reflects the company's improved debt maturity runway, which we believe will provide it with some flexibility to execute its growth strategies despite rising macro uncertainties." S&P could revise its outlook on VeriFone to stable if: -- Business improvements and EBITDA expansion are slower-than-expected because of the challenging hardware demand environment; and -- It is unable to offset the potential negative effects from tariffs such that its leverage remains elevated and S&P anticipates it will generate negative FOCF before tax payments. S&P said, "We could raise our ratings on VeriFone over the next 12 months if we believe its business trends and cost savings will enable it to generate sustained positive FOCF and deleverage. We would also need to believe that any tariff headwinds will be manageable and not impede the prospects for the company's credit-profile improvements before raising our ratings." VILLAGE ROADSHOW: Secures $417.5MM Stalking Horse Deal Approval --------------------------------------------------------------- Jonathan Randles of Bloomberg News reports that Village Roadshow Entertainment Group, the bankrupt studio behind The Matrix trilogy, has received court approval to sell its film library rights to Alcon Media Group for $417.5 million. The agreement serves as a stalking horse bid and may still be challenged by higher offers at an upcoming auction. According to a Tuesday, April 22, 2025, court filing, Judge Thomas M. Horan approved the deal, which sets the floor price for the film assets. Alcon's bid surpassed a previous offer from Los Angeles-based investment firm Content Partners, which remains eligible to participate in the bidding process. About Village Roadshow Entertainment Group USA Village Roadshow Entertainment Group USA Inc. and its affiliates are a prominent independent producer and financier of major Hollywood films, having produced over 100 successful movies since 1997. Their portfolio includes globally recognized blockbusters such as "Joker," "The Great Gatsby," and the "Matrix" trilogy. Before the WB Arbitration, which began in 2022, the Company had a profitable and well-established co-production and co-financing partnership with Warner Bros. Entertainment Inc. and its affiliates ("WB"), resulting in many successful projects. The Company's most valuable assets include its Film Library and Derivative Rights, stemming from its extensive and enduring film industry presence. Village Roadshow Entertainment Group USA Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10475) on March 17, 2025. In the petitions signed by Keith Maib, chief restructuring officer, the Debtors disclosed up to $500 million in estimated assets and up to $1 billion in estimated liabilities. Honorable Bankruptcy Judge Thomas M. Horan handles the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as local counsel; Sheppard, Mullin, Richter & Hampton LLP as bankruptcy counsel; Kirkland & Ellis LLP as special litigation counsel; Accordion Partners, LLC as financial and restructuring advisor; and Solic Capital Advisors, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent and administrative advisor. VOLITIONRX LTD: Files New S-1 to Register 35.9M Warrant Shares -------------------------------------------------------------- VolitionRx Limited disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company filed a Registration Statement on Form S-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended, to register an aggregate 35,867,306 shares of the Company's common stock, par value $0.001 per share, issuable upon the exercise of previously issued warrant. The Warrant Shares were previously registered by the Company under a Registration Statement on Form S-3 originally filed on September 24, 2021, as amended (File No. 333-259783), with the SEC under the Securities Act, and declared effective on November 8, 2021. The Company is now registering the Warrant Shares under the New Registration Statement, and intends to seek to withdraw the Warrant Shares from the Shelf Registration Statement pursuant to Rule 477 of the Securities Act upon the declaration of effectiveness of the New Registration Statement by the SEC. The Company is not registering any shares under the New Registration Statement other than shares that were previously registered under the Shelf Registration Statement. A full-text copy of the registration statement is available at: https://tinyurl.com/5dcuh9wx About Volition Henderson, Nev.-based VolitionRx Limited is a multi-national epigenetics company. It has patented technologies that use chromosomal structures, such as nucleosomes, and transcription factors as biomarkers in cancer and other diseases. Draper, Utah.-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 31, 2025, attached in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations, negative cash flows from operations and minimal revenues which raises substantial doubt about its ability to continue as a going concern. As of June 30, 2024, VolitionRx had $13.1 million in total assets, $36 million in total liabilities, and $22.9 million in total stockholders' deficit. WHITTIER SEAFOOD: Amends Unsecured Claims Pay Details ----------------------------------------------------- Whittier Seafood, LLC and affiliates submitted a First Amended Disclosure Statement for First Amended Joint Plan of Reorganization dated March 20, 2025. The Plan provides for the payment in full to all creditors, except for the Intercompany Transfers. The Debtors have agreed to subordinate their claims, including administrative expense claims, related to any pre or post-petition Intercompany Transfer to all creditors of any Debtor. As detailed in the Plan, all Allowed Claims will be paid in full from a combination of the closing of the Whittier Sale, a sale of the Salacia Plant and Salacia Equipment, and a sale of the Modys Building. The Debtors anticipate that there will be sufficient Net Proceeds to pay all Unsecured Claims and Administrative Expense Claims after payment of all Secured Claims. The Plan is largely based upon the terms of a Plan Support Agreement that the Debtors negotiated and entered into with Cathay Bank and Cathay Holdings, and which the Court approved. In summary, if the pending sale of Whittier assets closes, and the Salacia assets sell for even 60% of their appraised value, the Debtors anticipate that there will be sufficient funds to pay all creditors in full other than Class 7, which will be paid in full from the sale of the Modys Building. The Plan provides for the liquidation of the Whittier Facility, the sale of the Salacia Plant, the sale of the Salacia Equipment, and the sale of the Modys Building to pay all creditors in full. The Debtors have a pending sale of significant Whittier assets, and Hilco has launched a marketing and sale process for the Salacia assets. All evidence is that the aggregate value of these assets is substantially greater than the total of all claims against the Debtors. Class 10 consists of all Unsecured Claims against the Whittier Estate. The Debtors believe that the Class 10 Claims total approximately $2,634,527.96 without regard to any defenses, setoffs or counterclaims the Debtors may hold as to any such Claims. Holders of Class 10 Allowed Claims shall be paid in full from a combination of (i) the distribution of the Net Proceeds from the Whittier Sale, and (ii) a Salacia Sale as the beneficiaries of the distribution to be made to Class 5. Class 11 consists of all Unsecured Claims against the MFI Inc. Estate. The Debtors believe that all Class 11 Claims total approximately $243,430.10 without regard to any defenses, setoffs or counterclaims the Debtors may hold as to any such Claims. The Holders of the Class 11 Allowed Claims shall be paid in full from a Salacia Sale. Class 12 consists of all General Unsecured Claims against Salacia Estate. The Debtors believe that all Class 12 Claims total approximately $4,138,230.37, without regard to any defenses, setoffs or counterclaims the Debtors may hold as to any such Claims. The Holders of the Class 12 Allowed Claims shall be paid in full from a Salacia Sale. Class 13 consists of all Unsecured Claims against the Modys Estate. The Schedules that Modys previously file reflect that the total of all Class 13 Claims is less than $2,300, without regard to any defenses, setoffs or counterclaims the Debtors may hold as to any such Claims. Modys shall pay the Holders of the Class 13 Allowed Claims in full from cash on hand not more than thirty days following the Effective Date. Class 14 consists of all Unsecured Claims against the MFI LLC Estate. The Schedules that MFI LLC previously file reflect that the total of all Class 14 Claims is less than $17,000, without regard to any defenses, setoffs or counterclaims the Debtors may hold as to any such Claims. The Holders of the Class 14 Allowed Claims shall be paid in full from a Salacia Sale. Class 15 consists of all Unsecured Claims against the Silver Wave (the "Class 15 Claims"). The Schedules that Silver Wave previously filed reflect no Unsecured Claims other than its unsecured liability on the Class 1 Claim as a guarantor. The Holder of the Class 1 Claim has a Lien on the Vessels that Silver Wave owns as its sole Assets; and (ii) the SW Receivables; and will receive all Net Proceeds from the disposition of the Vessels in connection with the Whittier Sale, following the payment of the Allowed Class 9 Claim in the case of a sale of the LADY ANGELA, and from collecting or compromising the SW Receivables. The Plan therefore provides for no distribution on account of any Class 15 Claim. Class 15 is impaired under the Plan. As detailed herein, all Allowed Claims will be paid in full from a combination of the closing of the Whittier Sale (which the Debtors anticipate will occur prior to the Effective Date), and Net Proceeds from sales of the Salacia Plant, the Salacia Equipment and the Modys Building. As of the date hereof, the Whittier assets, the Salacia assets and the Modys Building are each being actively marketed for sale. The Debtors and the Post-Effective Debtors shall continue to work with their marketing professionals seeking the best return for such assets that is reasonably attainable in the time provided under the Plan. A full-text copy of the First Amended Disclosure Statement dated March 20, 2025 is available at https://urlcurt.com/u?l=Em7XSU from PacerMonitor.com at no charge. Attorneys for the Debtors: James L. Day, Esq. Thomas A. Buford, Esq. Lesley Bohleber, Esq. Bush Kornfeld LLP 601 Union Street, Suite 5000 Seattle, WA 98101-2373 Telephone: (206) 292-2110 Facsimile: (206) 292-2014 Email: jday@bskd.com tbuford@bskd.com lbohleber@bskd.com About Whittier Seafood Whittier Seafood, LLC, owns and operates a fish processing plant in Whittier, Alaska. Whittier Seafood filed a Chapter 11 petition (Bankr. D. Alaska Case No. 24-00139) on Aug. 19, 2024, with $10 million to $50 million in both assets and liabilities. Judge Gary Spraker oversees the case. Thomas A. Buford, Esq., at Bush Kornfeld, LLP is the Debtor's legal counsel. Gregory Garvin, Acting U.S. Trustee for Region 18, appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. XTI AEROSPACE: Repays $2.7M in Secured Notes to Streeterville ------------------------------------------------------------- XTI Aerospace, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that in connection with the closing of the firm commitment underwritten public offering pursuant to the terms of that certain Underwriting Agreement, dated March 28, 2025, by and between the Company and ThinkEquity LLC, the Company used $2,719,456.85 of the net proceeds from the Offering to repay in full all outstanding principal and accrued and unpaid interest as well as the prepayment premium and other fees due under two secured promissory notes issued by the Company to Streeterville Capital, LLC on May 1, 2024 and May 24, 2024. In connection with the Company's repayment of the Notes, Streeterville released all security interests and other liens held as security in connection with the Notes. About XTI Aerospace XTI Aerospace, Inc. -- https://xtiaerospace.com -- is the parent company of XTI Aircraft Company headquartered near Denver, Colorado. XTI Aerospace is developing the TriFan 600, a vertical lift crossover airplane (VLCA) that combines the vertical takeoff and landing (VTOL) capabilities of a helicopter with the speed and range of a fixed-wing business aircraft. The TriFan 600 is designed to reach speeds of 345 mph and a range of 700 miles. Additionally, the Inpixon (inpixon.com) business unit of XTI Aerospace is a provider of real-time location systems (RTLS) technology with customers around the world who use the Company's location intelligence solutions in factories and other industrial facilities to help optimize operations, increase productivity, and enhance safety. New York-based Marcum LLP, the Company's former auditor, issued a "going concern" qualification in its report dated April 16, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Sept. 30, 2024, XTI Aerospace had $29.28 million in total assets, $22.42 million in total liabilities, and $6.86 million in total stockholders' equity. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Kytto Enterprise Dorado LLC Bankr. D.P.R. Case No. 25-01681 Chapter 11 Petition filed April 14, 2025 See https://www.pacermonitor.com/view/DXRUDKQ/KYTTO_ENTERPRISE_DORADO_LLC__prbke-25-01681__0001.0.pdf?mcid=tGE4TAMA represented by: Javier Vilarino, Esq. VILARINO AND ASSOCIATES LLC E-mail: jvilarino@vilarinolaw.com In re Robert Paul Johnson Investments LLC Bankr. N.D. Ala. Case No. 25-40503 Chapter 11 Petition filed April 15, 2025 See https://www.pacermonitor.com/view/PYCSRUA/Robert_Paul_Johnson_Investments__alnbke-25-40503__0001.0.pdf?mcid=tGE4TAMA represented by: Tameria S. Driskill, Esq. TAMERIA S. DRISKILL, LLC E-mail: driskill-law@outlook.com In re Ridge Home Management, LLC Bankr. D. Ariz. Case No. 25-03267 Chapter 11 Petition filed April 15, 2025 See https://www.pacermonitor.com/view/TNFWZNA/RIDGE_HOME_MANAGEMENT_LLC__azbke-25-03267__0001.0.pdf?mcid=tGE4TAMA represented by: Mark J. Giunta, Esq. LAW OFFICE OF MARK J. GIUNTA E-mail: markgiunta@giuntalaw.com In re Prime Tomahawk, LLC Bankr. M.D. Fla. Case No. 25-02373 Chapter 11 Petition filed April 15, 2025 See https://www.pacermonitor.com/view/O5O4N5I/Prime_Tomahawk_LLC__flmbke-25-02373__0001.0.pdf?mcid=tGE4TAMA represented by: Mark S. Roher, Esq. LAW OFFICE OF MARK S. ROHER, P.A. E-mail: mroher@markroherlaw.com In re Select Alternative Home Choice LLC Bankr. D. Md. Case No. 25-13290 Chapter 11 Petition filed April 15, 2025 See https://www.pacermonitor.com/view/WJCSROA/Select_Alternative_Home_Choice__mdbke-25-13290__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Shaughn Williams Bankr. D. Md. Case No. 25-13317 Chapter 11 Petition filed April 15, 2025 represented by: Kelly Grant, Esq. In re 544 Beach 67 St 18 LLC Bankr. E.D.N.Y. Case No. 25-41849 Chapter 11 Petition filed April 15, 2025 See https://www.pacermonitor.com/view/7KTCZGI/544_Beach_67_St_18_LLC__nyebke-25-41849__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Elder's Grinding & Recycling, Inc. Bankr. W.D.N.C. Case No. 25-30366 Chapter 11 Petition filed April 15, 2025 See https://www.pacermonitor.com/view/R4SX65Q/Elders_Grinding__Recycling_Inc__ncwbke-25-30366__0001.0.pdf?mcid=tGE4TAMA represented by: Kristen S. Nardone, Esq. NARDONE LAW, PLLC E-mail: kristen@nardonelawfirm.com In re Evans Construction, Inc. Bankr. W.D. Ark. Case No. 25-70644 Chapter 11 Petition filed April 16, 2025 See https://www.pacermonitor.com/view/IVVYWGI/Evans_Construction_Inc__arwbke-25-70644__0001.0.pdf?mcid=tGE4TAMA represented by: Marc Honey, Esq. HONEY LAW FIRM, P. A. E-mail: mhoney@honeylawfirm.com In re Evan S Kagan Bankr. C.D. Cal. Case No. 25-10637 Chapter 11 Petition filed April 16, 2025 In re Rajiv P Sitwala Bankr. C.D. Cal. Case No. 25-10977 Chapter 11 Petition filed April 16, 2025 represented by: Michael Totaro, Esq. In re Juan Ramirez Duran Bankr. N.D. Ill. Case No. 25-80483 Chapter 11 Petition filed April 16, 2025 represented by: Darron Burke, Esq. In re Charles T Daly, IV and Tina M Daly Bankr. D. Maine Case No. 25-10065 Chapter 11 Petition filed April 16, 2025 represented by: Tanya Sambatakos, Esq. In re Robert Cortez Clay Bankr. D. Nev. Case No. 25-12173 Chapter 11 Petition filed April 16, 2025 represented by: Seth Ballstaedt, Esq. In re 494 East 96 Build Inc Bankr. E.D.N.Y. Case No. 25-41879 Chapter 11 Petition filed April 17, 2025 See https://www.pacermonitor.com/view/TNEWJPY/494_East_96_Build_Inc__nyebke-25-41879__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Yohman Landscaping & Concrete LLC Bankr. W.D. Pa. Case No. 25-20975 Chapter 11 Petition filed April 16, 2025 See https://www.pacermonitor.com/view/PYVVJTA/Yohman_Landscaping__Concrete__pawbke-25-20975__0001.0.pdf?mcid=tGE4TAMA represented by: Christopher M. Frye, Esq. STEIDL & STEINBERG, P.C. E-mail: chris.frye@steidl-steinberg.com In re Locals Only Gifts, LLC Bankr. E.D. Tenn. Case No. 25-10943 Chapter 11 Petition filed April 16, 2025 See https://www.pacermonitor.com/view/GLGNUEA/Locals_Only_Gifts_LLC__tnebke-25-10943__0001.0.pdf?mcid=tGE4TAMA represented by: Amanda M Stofan, Esq. FARINASH AND STOFAN E-mail: amanda@8053100.com In re Pitt Stop Services, LLC Bankr. D.N.J. Case No. 25-13961 Chapter 11 Petition filed April 16, 2025 See https://www.pacermonitor.com/view/DAJB2ZY/Pitt_Stop_Services_LLC__njbke-25-13961__0001.0.pdf?mcid=tGE4TAMA represented by: Charles M. Izzo, Esq. LAW OFFICE OF CHARLES M. IZZO E-mail: cminj2001@yahoo.com In re Kocher Foods International, Inc. Bankr. N.D. W.Va. Case No. 25-00199 Chapter 11 Petition filed April 16, 2025 See https://www.pacermonitor.com/view/ASOAGVA/Kocher_Foods_International_Inc__wvnbke-25-00199__0001.0.pdf?mcid=tGE4TAMA represented by: Ryan W. Johnson, Esq. JOHNSON LEGAL SERVICES, PLLC E-mail: ryanjohnson@johnsonlegalservicespllc.com In re Sirens Song Marketing, LLC Bankr. S.D. Ala. Case No. 25-11041 Chapter 11 Petition filed April 17, 2025 See https://www.pacermonitor.com/view/NRO7WOI/Sirens_Song_Marketing_LLC__alsbke-25-11041__0001.0.pdf?mcid=tGE4TAMA represented by: Alexandra K Garrett, Esq. E-mail: agarrett@silvervoit.com In re Eric Yi Bankr. C.D. Cal. Case No. 25-13161 Chapter 11 Petition filed April 17, 2025 represented by: Stephen Burton, Esq. In re Lazzara Family Brick Pavers, LLC Bankr. M.D. Fla. Case No. 25-02455 Chapter 11 Petition filed April 17, 2025 See https://www.pacermonitor.com/view/5MF6A2I/LAZZARA_FAMILY_BRICK_PAVERS_LLC__flmbke-25-02455__0001.0.pdf?mcid=tGE4TAMA represented by: Kevin Comer, Esq. COMER LAW FIRM E-mail: kevin@comer.work In re Veluxe, LLC Bankr. M.D. Fla. Case No. 25-01212 Chapter 11 Petition filed April 17, 2025 See https://www.pacermonitor.com/view/AWSDATY/Veluxe_LLC__flmbke-25-01212__0001.0.pdf?mcid=tGE4TAMA represented by: Byron W. Wright III, Esq. BRUNER WRIGHT, P.A. E-mail: twright@brunerwright.com In re Dominiece Jade Lacroix Bankr. E.D. La. Case No. 25-10761 Chapter 11 Petition filed April 17, 2025 represented by: Robin DeLeo, Esq. In re Michigan Health Clinics, P.C. Bankr. E.D. Mich. Case No. 25-20461 Chapter 11 Petition filed April 17, 2025 See https://www.pacermonitor.com/view/MW6MJVI/Michigan_Health_Clinics_PC__miebke-25-20461__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Gregory R. Liberatore Bankr. N.D.N.Y. Case No. 25-10428 Chapter 11 Petition filed April 17, 2025 represented by: Michael Boyle, Esq. In re Cleod LLC Bankr. E.D.N.C. Case No. 25-01410 Chapter 11 Petition filed April 17, 2025 See https://www.pacermonitor.com/view/3D7JTWI/Cleod_LLC__ncebke-25-01410__0001.0.pdf?mcid=tGE4TAMA represented by: George Mason Oliver, Esq. THE LAW OFFICES OF GEORGE OLIVER, PLLC Email: george@georgeoliverlaw.com In re E. Fletcher Construction LLC Bankr. W.D. Va. Case No. 25-50233 Chapter 11 Petition filed April 17, 2025 See https://www.pacermonitor.com/view/GE7PTDI/E_Fletcher_Construction_LLC__vawbke-25-50233__0001.0.pdf?mcid=tGE4TAMA represented by: John P. Goetz, Esq. JOHN GOETZ LAW, PLC E-mail: docs@johngoetzlaw.com In re Joseph J Kulikowski Bankr. C.D. Cal. Case No. 25-10994 Chapter 11 Petition filed April 18, 2025 represented by: Andy Warshaw, Esq. In re Caring For You Assisted Living, LLC Bankr. D. Md. Case No. 25-13464 Chapter 11 Petition filed April 18, 2025 See https://www.pacermonitor.com/view/T43VXHY/Caring_For_You_Assisted_Living__mdbke-25-13464__0001.0.pdf?mcid=tGE4TAMA represented by: Aryeh E. Stein, Esq. MERIDIAN LAW, LLC E-mail: astein@meridianlawfirm.com In re Richard N. Berkshire Bankr. D. Neb. Case No. 25-80366 Chapter 11 Petition filed April 18, 2025 represented by: James Bachman, Esq. In re Frank Joseph Vigil Bankr. D.N.M. Case No. 25-10459 Chapter 11 Petition filed April 18, 2025 In re Reborn Phoenix Management, Inc. Bankr. E.D.N.Y. Case No. 25-41897 Chapter 11 Petition filed April 18, 2025 See https://www.pacermonitor.com/view/WXDD4JQ/Reborn_Phoenix_Management_Inc__nyebke-25-41897__0001.0.pdf?mcid=tGE4TAMA represented by: Ronald D. Weiss, Esq. RONALD D. WEISS, P.C. E-mail: weiss@ny-bankruptcy.com In re Seneca Management Partners, LLC Bankr. N.D.N.Y. Case No. 25-30303 Chapter 11 Petition filed April 18, 2025 See https://www.pacermonitor.com/view/XOFYSHI/Seneca_Management_Partners_LLC__nynbke-25-30303__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Steven Millan Bankr. S.D.N.Y. Case No. 25-10768 Chapter 11 Petition filed April 18, 2025 represented by: Joel Shafferman, Esq. In re Seba Abode Inc. Bankr. W.D. Pa. Case No. 25-21000 Chapter 11 Petition filed April 18, 2025 See https://www.pacermonitor.com/view/7DWRHEA/Seba_Abode_Inc__pawbke-25-21000__0001.0.pdf?mcid=tGE4TAMA represented by: David Fuchs, Esq. FUCHS LAW OFFICE, LLC E-mail: dfuchs@fuchslawoffice.com In re Devika Kumar Bankr. M.D. Tenn. Case No. 25-01667 Chapter 11 Petition filed April 18, 2025 represented by: Jay Lefkovitz, Esq. LEFKOVITZ & LEFKOVITS, PLLC In re Pacific Prairie Holdings, LLC Bankr. E.D. Wisc. Case No. 25-22125 Chapter 11 Petition filed April 18, 2025 See https://www.pacermonitor.com/view/6OJQX6I/Pacific_Prairie_Holdings_LLC__wiebke-25-22125__0001.0.pdf?mcid=tGE4TAMA represented by: Craig Stevenson, Esq. SWANSON SWEET LLP E-mail: cstevenson@swansonsweet.com In re Bridan 770, LLC Bankr. S.D. Fla. Case No. 25-14314 Chapter 11 Petition filed April 20, 2025 See https://www.pacermonitor.com/view/UIVMVLQ/Bridan_770_LLC__flsbke-25-14314__0001.0.pdf?mcid=tGE4TAMA represented by: Joel Aresty, Esq. JOEL M. ARESTY PA E-mail: aresty@icloud.com In re Amber Rose Denike Bankr. C.D. Cal. Case No. 25-13254 Chapter 11 Petition filed April 21, 2025 In re 2045 SW 127th Avenue, LLC Bankr. S.D. Fla. Case No. 25-14362 Chapter 11 Petition filed April 21, 2025 See https://www.pacermonitor.com/view/3POKN7Y/2045_SW_127th_Avenue_LLC__flsbke-25-14362__0001.0.pdf?mcid=tGE4TAMA represented by: Mark S. Roher, Esq. LAW OFFICE OF MARK S. ROHER, P.A. E-mail: mroher@markroherlaw.com In re Cardinal Overlook, LLC Bankr. S.D. Fla. Case No. 25-14326 Chapter 11 Petition filed April 21, 2025 See https://www.pacermonitor.com/view/53GK4ZQ/Cardinal_Overlook_LLC__flsbke-25-14326__0001.0.pdf?mcid=tGE4TAMA represented by: Craig I. Kelley, Esq. KELLEY KAPLAN & ELLER, PLLC E-mail: craig@kelleylawoffice.com In re Gooseneck LLC Bankr. W.D. La. Case No. 25-30466 Chapter 11 Petition filed April 21, 2025 See https://www.pacermonitor.com/view/CLJXIEQ/Gooseneck_LLC__lawbke-25-30466__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re BXNY32 Management Inc Bankr. E.D.N.Y. Case No. 25-41904 Chapter 11 Petition filed April 21, 2025 See https://www.pacermonitor.com/view/XMRUSRQ/BXNY32_Management_Inc__nyebke-25-41904__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Amani Holdings Corp Bankr. E.D.N.Y. Case No. 25-41903 Chapter 11 Petition filed April 21, 2025 See https://www.pacermonitor.com/view/R4XM2CQ/Amani_Holdings_Corp__nyebke-25-41903__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Chad Elmann Sorensen Bankr. D. Ore. Case No. 25-31325 Chapter 11 Petition filed April 21, 2025 In re David Tushaj Bankr. M.D. Fla. Case No. 25-02532 Chapter 11 Petition filed April 22, 2025 represented by: K. Deborah, Esq. In re John A Arthur Bankr. W.D. Va. Case No. 25-70344 Chapter 11 Petition filed April 22, 2025 represented by: Andrew Goldstein, Esq. In re James Robert Jordan Bankr. N.D. Cal. Case No. 25-40693 Chapter 11 Petition filed Apri 22, 2025 represented by: Marc Voisenat, Esq. In re Wade Darcy Schindewolf and Heather Christine Schindewolf Bankr. S.D. Tex. Case No. 25-32184 Chapter 11 Petition filed April 22, 2025 represented by: Julie Koenig, Esq. ********* 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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