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250502.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, May 2, 2025, Vol. 29, No. 121 Headlines 2910 NEW HAVEN: Unsecureds Will Get 100% of Claims over 5 Years 344 ROEBLING: Voluntary Chapter 11 Case Summary ACCRX INC: Seeks Subchapter V Bankruptcy in Massachusetts AKOUSTIS TECHNOLOGIES: Gets Court Approval for $30MM Sale to SpaceX ALLEN MARKETING: Seeks Chapter 11 Bankruptcy in New Jersey ALTICE USA: Debt Talks With Ad Hoc Group End Without Deal ALTRAIN MEDICAL: Joseph Cotterman Named Subchapter V Trustee AMERICANN INC: Benjamin Barton Holds 37.4% Equity Stake ASSOCIATION MOTOR: Unsecured Claims Under $2K to Recover 100% ASTRA INTERMEDIATE: Moody's Downgrades CFR to 'Ca', Outlook Stable ATARA BIOTHERAPEUTICS: CAO Yanina Grant-Huerta Reports 39K Shares AXIS OILFIELD: Seeks Chapter 11 Bankruptcy in Louisiana BALKAN EXPRESS: Voluntary Chapter 11 Case Summary BALTIMORE HOTEL: S&P Affirms 'B+' Secured Revenue Bond Rating BEC CAPITAL: Case Summary & 13 Unsecured Creditors BEXIN REALTY: Court Extends Cash Collateral Access to June 2 BEXIN REALTY: To Sell New York Property at Auction CAMBER ENERGY: Restates 2024 Financials Over Revenue Errors CANNABITION LLC: Case Summary & Two Unsecured Creditors CAROLINA'S CONTRACTING: Seeks Ch. 11 Bankruptcy in North Carolina CBDMD INC: Automatic Conversion of Series A PreferredShares OK'd CLEAN ENERGY: Secures $310,500 in Funding From Pacific Pier COMMUNITY HEALTH: S&P Downgrades ICR to 'SD' on Debt Repurchase COMMUNITY LEADERSHIP: S&P Affirms 'BB+' Rating on Revenue Bonds CONAIR HOLDINGS: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg. DAVID KIMMEL: Frances Smith Named Subchapter V Trustee DECKER HOME: Unsecured Creditors Will Get 10% of Claims in Plan DISCOVERY PURCHASER: Moody's Affirms 'B3' CFR, Outlook Stable EKSO BIONICS: Files S-3 for Resale of 10.5M Shares by Armistice ELETSON HOLDING: Investor Contests Legality of $5K Daily Court Fine ENCINO ACQUISITION: Fitch Affirms 'B' LongTerm IDR, Outlook Stable EPIC SMOKEHOUSE: Seeks Subchapter V Bankruptcy in Virginia ESG CLEAN: Voluntary Chapter 11 Case Summary ESG-H2 LLC: Voluntary Chapter 11 Case Summary EVANS INVESTMENT: Case Summary & Six Unsecured Creditors FIRST CLASS: To Sell Trailer to Rigo's Delivery for $55K FORTUNA AUCTION: Yann Geron Named Subchapter V Trustee FOUNDERS CLASSICAL: S&P Affirms 'BB-' Rating on Revenue Bonds GLOBAL CLEAN: U.S. Trustee Appoints Creditors' Committee GO LAB INC: GO-Madison Unsecured Claims Will Get 10% of Claims GOL LINHAS: Secures Agreement with Group of 2026 Noteholders GOOD TO GO: Seeks Chapter 11 Bankruptcy in Illinois GREYSTONE PROPERTY: Voluntary Chapter 11 Case Summary H-FOOD HOLDINGS: HQ Landlord Backed Out of New Terms HARBOR FREIGHT: Moody's Alters Outlook on 'B1' CFR to Negative HARVEY LANDHOLDINGS: Proposes Immaterial Modifications to Plan HERTZ CORP: Wells Fargo Challenges Interest Payment Before S.C. HIGHER GROUND: Court Extends Cash Collateral Access to May 14 HOWARD MIDSTREAM: S&P Affirms 'BB-' ICR on Strategic Transactions HURRICANE GLASS: Gets Interim OK to Use Cash Collateral INVENERGY THERMAL: S&P Assigns Prelim 'BB' Rating on Secured Debt IRWIN NATURALS: Unsecureds Unimpaired in in Two-Option Plan JEFFERSON CAPITAL: Fitch Assigns BB-(EXP) Rating on Unsec. Notes JOANN INC: Proposes $1.3MM Ohio Closure Agreement w/ Union Workers KENTUCKY INVESTMENT: Voluntary Chapter 11 Case Summary KNIGHTSCOPE INC: Net Loss Widens to $31.73 Million in 2024 LABOR LAW: Scott Chernich Named Subchapter V Trustee LAID RIGHT SITE: Case Summary & 20 Largest Unsecured Creditors MAJESTIC MOTORS: Stephen Gray Named Subchapter V Trustee MANA GROUP: Gets Final OK to Use Cash Collateral MARIN SOFTWARE: Board OKs Plan of Dissolution and Liquidation MERCURITY FINTECH: Adopts 2025 Equity Incentive Plan MZS PROPERTIES: Court Extends Cash Collateral Access to June 24 NAUTICA'S EDGE: Voluntary Chapter 11 Case Summary NEBRASKA BREWING: Seeks Subchapter V Bankruptcy in Nebraska NEW FOCUS: Linda Leali Named Subchapter V Trustee OCEAN POWER: Signs Reseller Deal With Grava Hydro for USVs OCEAN POWER: Stays Operational Amid Global Supply Chain Challenges ONE EDGE MARINA: Unsecureds to Recover Up to 100% of Claims ORYX OILFIELD: Unsecureds Will Get 70.5% of Claims in Plan OUTLOOK THERAPEUTICS: Sphera Entities Hold 7.49% Equity Stake PALATIN TECHNOLOGIES: Faces Potential Delisting From NYSE American PAVMED INC: Appoints CBIZ CPAs as Independent Auditor PEOPLE WHO CARE: Amends Plan to Include City & Dept. of Park Claims PIZZERIA MANAGEMENT: Patricia Fugee Named Subchapter V Trustee PRECIPIO INC: Marcum LLP Resigns; CBIZ CPAs Appointed New Auditor PRIMERO SPINE: Jerrett McConnell Named Subchapter V Trustee PRODIGAL PROTCOL: John Whaley Named Subchapter V Trustee PROFESSIONAL DIVERSITY: Regains Nasdaq Bid Price Compliance PROSPECT MEDICAL: Judge Denies $5MM Fee Request in Chapter 11 Case RDB MANAGEMENT: APAMO Unsecureds to Recover 34.07% over 5 Years REALSYS USA: John Whaley Named Subchapter V Trustee REBORN COFFEE: Files Prospectus for Resale of Up to 6.67M Shares RELENTLESS HOLDINGS: U.S. Trustee Unable to Appoint Committee RENOVARO INC: Completes Biosymetrics Merger, Issues 15M Shares RITEWAY INSURANCE: Aleida Molina Named Subchapter V Trustee SANTOSELJACH LLC: U.S. Trustee Unable to Appoint Committee SENA & SENA: Unsecureds to Split $6K via Quarterly Payments SHIFT4 PAYMENTS: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable SILVERGATE CAPITAL: Shareholders Push for Expanded Probe in Ch. 11 SOLUNA HOLDINGS: Reveals Monthly Business Update for March SPORTIF VENTURES: Section 341(a) Meeting of Creditors on June 3 SRP CAPITAL: To Sell Perth Amboy Property to 395-397 Mechanical STARSHIP LOGISTICS: Unsecureds Will Get 9.5% of Claims in Plan STEEL FABRICATORS: To Sell Equipment to KDM Steelworks for $120K SUNNOVA ENERGY: Extends SVP's Employment, Grants Special Bonuses TAMPA BRASS: Gets Extension to Access Cash Collateral TECTUM ROOFING: Updates Unsecured Claims Pay Details TOMMY'S FORT: Chapter 11 Trustee Files Liquidating Plan TSFG LLC: Tamara Miles Ogier Named Subchapter V Trustee TZADIK RAPID: Section 341(a) Meeting of Creditors on June 3 UNDER ARMOUR: Moody's Cuts CFR to 'Ba3', Outlook Negative VAN DER VALK: Case Summary & 20 Largest Unsecured Creditors VENUS CONCEPT: EW Healthcare Holds 43.2% Equity Stake VOYAGER PARENT: Fitch Assigns 'BB' IDR, Outlook Stable WELLPATH HOLDINGS: Secures Bankruptcy Exit Court Approval WHITTIER SEAFOOD: Fine-Tunes Plan Documents WINDTREE THERAPEUTICS: Issues $250K in Secured Notes With 20% OID WYNDSTON MILLWORK: Seeks Chapter 11 Bankruptcy in Louisiana YELLOW CORP: MFN Cites High Costs in Push to Convert to Chapter 7 [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 2910 NEW HAVEN: Unsecureds Will Get 100% of Claims over 5 Years --------------------------------------------------------------- 2910 New Haven St, Irving, TX LLC filed with the U.S. Bankruptcy Court for the Eastern District of Texas a Disclosure Statement describing Plan of Reorganization dated March 31, 2025. The Debtor is a Texas limited liability company which owns the Real Property. Melissa Blakesley is the managing member of the Debtor and currently manages and operates the Debtor. Melissa Blakesley will continue to manage and operate the Post-Confirmation Debtor. The primary cause of this bankruptcy filing was a possible forced sale of the Real Property. The Debtor's sole asset is the Real Property. There are no business operations conducted by the Debtor on the Real Property. Debtor receives nominal revenue from an agricultural lease it entered into with Donald Lee Cardwell. The Real Property operates as a short term rental property. The Real Property underwent extensive renovations during the course of the last 18 months and is now in prime shape for the short term rental market in North Texas. The Plan provides for a distribution to Creditors in accordance with the terms of the Plan from the Debtor over the course of five years from the Debtor's continued business operations. General unsecured creditors are classified in Class 3, and it is anticipated the holders of Allowed Claims will receive a distribution of 100%, which distributions will be made from current business operations. Class 3 consists of Non-priority unsecured Claims. Each holder of an Allowed Unsecured Claim in Class 3 shall be paid by Reorganized Debtor from an unsecured creditor pool, which pool shall be funded at the rate of $283.00 per month. Payments from the unsecured creditor pool shall be paid quarterly, for a period not to exceed five years (20 quarterly payments) and the first quarterly payment will be due on the twentieth day of the first full calendar month following the last day of the first quarter. The Debtor estimates the aggregate of all Allowed Class 3 Claims is approximates $16,930.00 based upon Debtor's review of the Court's claim register, Debtor's bankruptcy schedules, and anticipated Claim objections. Class 4 consists of the holders of Allowed Interests in the Debtor. The holder of an Allowed Class 4 Interest shall retain their interests in the Reorganized Debtor. A full-text copy of the Disclosure Statement dated March 31, 2025 is available at https://urlcurt.com/u?l=cGXtlS from PacerMonitor.com at no charge. Counsel to the Debtor: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. DeMarco Mitchell, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (972) 578-1400 Fax: (972) 346-6791 Email: robert@demarcomitchell.com mike@demarcomitchell.com About 2910 New Haven St, Irving, TX LLC 2910 New Haven St, Irving, TX LLC is a Texas limited liability company which owns the Real Property. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 24-41318) on June 3, 2024, listing $500,001 to $1 million in both assets and liabilities. Judge Brenda T Rhoades presides over the case. Robert DeMarco, III at DeMarco-Mitchell, PLLC represents the Debtor as counsel. 344 ROEBLING: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: 344 Roebling 123 LLC 346 Prospect Avenue 1A Brooklyn NY 11215 Business Description: 344 Roebling 123 LLC is a real estate company engaged in activities such as property ownership, leasing, or management in Brooklyn, New York. Chapter 11 Petition Date: April 30, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-42114 Judge: Hon. Elizabeth S Stong Debtor's Counsel: Joshua R. Bronstein, Esq. JOSHUA R. BRONSTEIN & ASSOCIATES, PLLC 114 Soundview Drive Port Washington, NY 11050 Tel: 516-698-0202 Email: jbrons5@yahoo.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Gerard Crokett as managing member. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/N6RHS5A/344_ROEBLING_123_LLC__nyebke-25-42114__0001.0.pdf?mcid=tGE4TAMA ACCRX INC: Seeks Subchapter V Bankruptcy in Massachusetts --------------------------------------------------------- On April 28, 2025, ACCRX Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Massachusetts. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About ACCRX Inc. ACCRX Inc. operates ACC Apothecary, a compounding pharmacy based in Newton, Massachusetts, specializing in customized medications for patients and providers, including treatments in pain management, hormone therapy, sports medicine, pediatrics, and veterinary care. ACCRX Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-10851) on April 28, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtor is represented by Marques Lipton, Esq. at LIPTON LAW GROUP, LLC. AKOUSTIS TECHNOLOGIES: Gets Court Approval for $30MM Sale to SpaceX ------------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge has signed off on the $30 million sale of select assets from radio frequency filter maker Akoustis Technologies to a SpaceX subsidiary, after the company resolved trade secret concerns raised by a rival. About Akoustis Technologies Akoustis Technologies, Inc. -- http://www.akoustis.com/-- is a high-tech BAW RF filter solutions company that is pioneering next-generation materials science and MEMS wafer manufacturing to address the market requirements for improved RF filters -- targeting higher bandwidth, higher operating frequencies and higher output power compared to legacy polycrystalline BAW technology. The Company utilizes its proprietary and patented XBAW(R) manufacturing process to produce bulk acoustic wave RF filters for mobile and other wireless markets, which facilitate signal acquisition and accelerate band performance between the antenna and digital back end. Superior performance is driven by the significant advances of poly-crystal, single-crystal, and other high purity piezoelectric materials and the resonator-filter process technology which enables optimal trade-offs between critical power, frequency and bandwidth performance specifications. Akoustis owns and operates a 125,000 sq. ft. ISO-9001:2015 registered commercial wafer-manufacturing facility located in Canandaigua, NY, which includes a class 100 / class 1000 cleanroom facility -- tooled for 150-mm diameter wafers -- for the design, development, fabrication and packaging of RF filters, MEMS and other semiconductor devices. Akoustis is headquartered in the Piedmont technology corridor near Charlotte, North Carolina. Akoustis and three affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 24-12796) on Dec. 16, 2024. Akoustis disclosed $53,371,000 in total assets against $122,586,000 in total debt as of Sept. 30, 2024. The Hon. Laurie Selber Silverstein is the case judge. The Debtors tapped K&L Gates, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel. Raymond James & Associates, Inc. as investment banker; Getzler Henrich & Associates, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Stretto is the claims agent and has launched the page https://cases.stretto.com/Akoustis. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. ALLEN MARKETING: Seeks Chapter 11 Bankruptcy in New Jersey ---------------------------------------------------------- On April 29, 2025, Allen Marketing Group Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filing, the Debtor reports between $50,000 and $100,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Allen Marketing Group Inc. Allen Marketing Group Inc. is a Trenton, New Jersey-based marketing company likely specializing in travel and vacation promotions based on its creditor relationships. Allen Marketing Group Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-14414) on April 29, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $50,000 and $100,00. Honorable Bankruptcy Judge Mark Edward Hall handles the case. The Debtor is represented by Bruce J. Duke, Esq. at Bruce J. Duke, LLC. ALTICE USA: Debt Talks With Ad Hoc Group End Without Deal --------------------------------------------------------- Altice USA, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that its subsidiary, CSC Holdings, LLC engaged in negotiations with respect to potential transactions with certain holders of the term loans and notes issued by the Company or its affiliates that are members of an ad hoc group of holders of CSC Debt represented by Akin Gump Strauss Hauer & Feld LLP as legal counsel and PJT Partners LP as financial advisor. Such negotiations concluded, and the Company and members of the Akin/PJT Ad Hoc Group did not reach an agreement with respect to a transaction. No discussions between the Company and the Akin / PJT Ad Hoc Group are ongoing at this time. About Altice USA Inc. Altice USA, Inc. is an American cable television provider. As of December 31, 2024, Altice USA had $31.7 billion in total assets, $32.16 billion in total liabilities, and a total deficiency of $456.8 million. * * * As reported by the TCR on May 17, 2024, S&P Global Ratings lowered all its ratings on Altice USA Inc. one notch, including the Company credit rating to 'CCC+', and removed them from Credit Watch, where it placed them with negative implications on May 2, 2024. The negative outlook reflects that S&P could lower its ratings if the company opts to pursue a debt restructuring over the next year. S&P said, "We believe Altice USA's capital structure is unsustainable. We believe the company is vulnerable to nonpayment long term and depends on favorable business, financial, and economic conditions to meet its financial obligations as they come due in 2027 and beyond. We believe it is more likely than not that Altice USA will enter into a distressed debt restructuring that we consider tantamount to default, or it could face bankruptcy long term." ALTRAIN MEDICAL: Joseph Cotterman Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 14 appointed Joseph Cotterman as Subchapter V trustee for Altrain Medical and Dental Assisting Academy LLC. Mr. Cotterman will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cotterman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joseph E. Cotterman 5232 W. Oraibi Drive Glendale, AZ 85308 Telephone: 480-353-0540 Email: cottermail@cox.net About Altrain Medical and Dental Assisting Academy LLC Altrain Medical and Dental Assisting Academy LLC is, a training school for medical and dental assistants based in Glendale, Arizona. Altrain Medical and Dental Assisting Academy LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-02732) on March 28, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Eddward P Ballinger Jr handles the case. The Debtor is represented by Patrick F. Keery at Keery Mccue, PLLC. AMERICANN INC: Benjamin Barton Holds 37.4% Equity Stake ------------------------------------------------------- Benjamin J. Barton, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of March 21, 2025, he beneficially owns 9,127,290 shares of AmeriCann, Inc.'s Common Stock, representing 37.4% of the outstanding shares of the Company. Benjamin J. Barton may be reached at: 1555 Larimer St. #2701 Denver, CO 80202 A full-text copy of Mr. Barton's SEC report is available at: https://tinyurl.com/38j5y645 About AmeriCann Headquartered in Denver, CO, Americann, Inc. (OTCQB:ACAN) designs, develops, leases and operates state-of-the-art cannabis cultivation, processing and manufacturing facilities. The Company's business plan is based on the continued growth of the regulated marijuana market in the United States. AmeriCann utilizes advanced greenhouse technology, which outperforms the current industry standard of growing cannabis in warehouse facilities under artificial lighting. In the Company's Annual Report on Form 10-K for the year ended Sept. 30, 2024, the Company stated that it had an accumulated deficit of $21,107,773 and $19,853,444 at Sept. 30, 2024 and 2023, respectively, and had a net loss of $1,254,329 and $94,755 for the years ended Sept. 30, 2024 and 2023, respectively. The Company indicated that these matters, among others, raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Americann had $10.14 million in total assets, $6.99 million in total liabilities, and $3.15 million in total stockholders' equity. ASSOCIATION MOTOR: Unsecured Claims Under $2K to Recover 100% ------------------------------------------------------------- Association Motor Club, LLC, d/b/a Auto Spa Bistro, submitted an Amended Disclosure Statement for the Amended Plan of Reorganization dated March 31, 2025. The Plan contemplates the reorganization, consolidation, and ongoing business operations of Debtor and the resolution of the outstanding Claims against and Interests in the Debtor pursuant to sections 1129 and 1123 of the Bankruptcy Code. The Plan classifies all Claims against and Interests in Debtor into separate Classes. Class 6 shall consist of unsecured claims less than or equal to $2,000.00. This Class will receive a distribution of 100% of their allowed claims. Holders of Allowed Class 6 Claims (or Holders which voluntarily reduce their Allowed claim to no more than $2,000.00) shall be paid 30% of their Allowed claim within 60 days of the Effective Date and the other 70% of their Allowed Claim on the first anniversary of the Effective Date. Class 6 is Impaired by the Plan, and each holder of a Class 6 Claim is entitled to vote to accept or reject the Plan. Class 7 consists of General Unsecured Claims. Class 7 shall receive pro rata share of annual payments totaling $200,000 over 5 years. The allowed unsecured claims total $5,180,195.20. This Class will receive a distribution of 4% of their allowed claims. Holders of Allowed Class 7 Claims are Impaired and entitled to vote to accept or reject the Plan. The Plan proposes to treat all general unsecured creditors equally. Beginning on December 31, 2025, and continuing on that date each year for five years, Debtor shall pay all Unsecured Creditors including the Holders of Allowed Class 7 Claims, equal annual pro-rata payments based on a total amount as follows: 12/31/2025 $30,000 12/31/2026 $35,000 12/31/2027 $40,000 12/31/2028 $45,000 12/31/2029 $50,000 Class 8 shall consist of all Interests in the Debtor. Upon entry of the Confirmation Order, the prepetition membership interests in the Debtor will remain the same, and the Debtor shall retain all of Debtor's assets free and clear of any claims, liens, or encumbrances except as specifically set forth in the Plan. In the event Impaired Classes do not vote to accept the Plan, Debtor will seek confirmation on a "cramdown" basis under § 1129(b), replying on the new value corollary to the absolute priority rule. The Debtor proposes that its sole member, Lemont Bradley, shall provide "new value" in the form of a $12,000 cash infusion paid as $2,000 per month for the first 6 months of the Plan, commencing on the last day of the month of the Effective Date and continuing by the 28th day of each subsequent month (or the next Business Day if the 28th day is not a Business Day). Such new value payments will be used to satisfy (i) the plan obligations of the Debtor (ii) any administrative claims, and (iii) to support the general operations of the Debtor. Mr. Bradley's $12,000 cash infusion is especially important in the early months of the plan, as the company's monthly revenue is still recovering towards what it used to be every month. The Debtor believes the amount of new value to be substantial, necessary, and fair, and it will be funded in monthly installments during the first six months after the Effective Date. The sources of funds for the payments pursuant to the Plan are the ongoing operations of the Debtor, a contribution of "new value" by the Debtor's owner, and potentially, the sale of the 328 Property the empty lot next door, at a sale price above its current fair market value of $400,000. A full-text copy of the Amended Disclosure Statement dated March 31, 2025 is available at https://urlcurt.com/u?l=bvmcv6 from PacerMonitor.com at no charge. Attorneys for the Debtor: Brad Fallon Fallon Law PC 1201 W. Peachtree St. NW, Suite 2625 Atlanta, Georgia 30309 Tel: (404) 849-2199 Fax: (470) 994-0579 E-mail: brad@fallonbusinesslaw.com About Association Motor Club Association Motor Club, LLC, doing business as Auto Spa Bistro, is an Atlanta-based company engaged in cleaning, washing and waxing automotive vehicles. Association Motor Club sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-57098) on July 9, 2024, with assets of $100,000 to $500,000 and liabilities of $1 million to $10 million. Lemont Bradley, company owner, signed the petition. Judge Lisa Ritchey Craig oversees the case. The Debtor is represented by William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC. ASTRA INTERMEDIATE: Moody's Downgrades CFR to 'Ca', Outlook Stable ------------------------------------------------------------------ Moody's Ratings downgraded Astra Intermediate Holding Corp.'s (dba "Anthology" or "the company") corporate family rating to Ca from Caa3 and its probability of default rating to C-PD/LD from Caa3-PD. Additionally, Moody's downgraded the instrument ratings under Anthology's subsidiary, Astra Acquisition Corp., including a $140 million senior secured first-lien revolving bank credit facility due February 2028 and $410 million senior secured first-lien tranche A term loan due February 2028 to Caa2 from Caa1. The company's $615.4 million senior secured first-lien tranche B term loan due October 2028 and $57.6 million senior secured first-lien tranche C term loan due October 2029 instrument ratings were affirmed at C. The rating outlook for both entities is stable. Moody's appended a limited default designation ("/LD") to the PDR to reflect Anthology's missed interest payment on its second-lien term loan that was due in December 2024. Moody's considers the missed interest payment, following the expiration of the original five business day grace period, as an event of default. Subsequently, Anthology has entered into an agreement with its lenders to waive all future interest payments under the second-lien term loan. The "/LD" designation will be removed in approximately three business days. The downgrade of the CFR to Ca from Caa3 reflects the company's aggressive financial policies, very weak liquidity and uncertain growth prospects that result in an untenable capital structure that will require a debt restructuring in the near term, with potential losses to existing creditors. As such, ESG governance considerations are material to the rating action. The downgrade of the senior secured first-lien tranche A term loan to Caa2 from Caa1 reflects lower recovery for that class of debt given weaker than expected operating performance of the business. RATINGS RATIONALE The Ca CFR reflects Anthology's high likelihood of a debt restructuring or a default in the near term, despite the changes to the terms and conditions of the loan to temporarily alleviate liquidity pressure. The company's credit metrics are weak and its capital structure is unsustainable absent a significant recovery in earnings and/or meaningful capital injection. Anthology is facing substantial headwinds stemming from decline in new bookings and higher than expected customer attrition. The company has undertaken sizeable cost savings initiatives to adjust to lower demand, but weak earnings growth and high cost of capital will continue to pressure liquidity. Moody's views Anthology's liquidity as weak. As of December 31, 2024, the company had a cash balance of $28.4 million and $40 million drawn under its $140 million revolving facility due 2028. Moody's expects the company will continue to generate negative free cash flow over the next 12-18 months, which will continue to erode its liquidity sources. Operational weakness could also constrain its available capacity under the revolving facility given the springing financial covenant test of 8.0x net first-lien leverage ratio (as defined in the credit agreement). The stable outlook represents Moody's views on anticipated recovery rates for the company's debt instruments in the event of default. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade is unlikely in the short term, and would be conditional upon the company materially improving its operating performance and establishing a more sustainable capital structure while improving its liquidity position. The ratings could be downgraded if Moody's believes recovery prospects in the event of default have deteriorated. The principal methodology used in these ratings was Software published in June 2022. Anthology, headquartered in Boca Raton, FL, provides cloud-based software solutions, including LMS, SIS and CRM for higher education institutions. The company is majority owned by funds managed by private-equity investors Veritas Capital Fund Management, L.L.C, Providence Equity Partners and Leeds Equity Partners. ATARA BIOTHERAPEUTICS: CAO Yanina Grant-Huerta Reports 39K Shares ----------------------------------------------------------------- Yanina Grant-Huerta, Chief Accounting Officer at Atara Biotherapeutics, Inc., disclosed in a Form 3 filed with the U.S. Securities and Exchange Commission that as of April 10, 2025, she beneficially owned 39,285 shares of common stock, including 33,840 restricted stock units (RSUs) that vest in varying installments beginning May 15, 2025, contingent upon her continued service. Additionally, she holds employee stock options to acquire 2,725 shares of common stock at exercise prices ranging from $11 to $198, with various vesting schedules extending through April 2035. A full-text copy of Ms. Grant-Huerta's SEC Report is available at: https://tinyurl.com/559t3eet About Atara Biotherapeutics Atara Biotherapeutics, Inc. -- atarabio.com -- is a biotechnology company focused on developing off-the-shelf cell therapies that harness the power of the immune system to treat difficult-to-treat cancers and autoimmune conditions. With cutting-edge science and differentiated approach, Atara is the first company in the world to receive regulatory approval of an allogeneic T-cell immunotherapy. The Company's advanced and versatile T-cell platform does not require T-cell receptor or HLA gene editing and forms the basis of a diverse portfolio of investigational therapies that target EBV, the root cause of certain diseases, in addition to next-generation AlloCAR-Ts designed for best-in-class opportunities across a broad range of hematological malignancies and B-cell driven autoimmune diseases. Atara is headquartered in Southern California. San Francisco, Calif.-based Deloitte & Touche LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated March 7, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's recurring losses from operations raises substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Atara Biotherapeutics had $109.1 million in total assets, $206.4 million in total liabilities, and a total stockholders' deficit of $97.28 million. AXIS OILFIELD: Seeks Chapter 11 Bankruptcy in Louisiana ------------------------------------------------------- On April 28, 2025, Axis Oilfield Rentals LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Louisiana. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 50 and 99 creditors. The petition states funds will noy be available to unsecured creditors. About Axis Oilfield Rentals LLC Axis Oilfield Rentals LLC provides equipment rentals, field supplies, and on-site support services to the oil and gas industry across upstream, midstream, and downstream operations. Headquartered in Covington, Louisiana, the Company also offers labor for equipment operation and field logistics, with additional field offices in Texas. Axis Oilfield Rentals LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-10839) on April 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Douglas S. Draper, Esq. at HELLER, DRAPER & HORN, LLC. BALKAN EXPRESS: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Balkan Express, LLC 2560 E Long Ave Fort Worth, TX 76137 Business Description: Balkan Express LLC is a transportation and logistics company based in Fort Worth, Texas, offering full truckload and less- than-truckload freight services across the 48 contiguous U.S. states. The Company operates a fleet of over 150 trucks and 250 trailers and offers 24/7 dispatch support with GPS tracking. Chapter 11 Petition Date: April 30, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-41544 Debtor's Counsel: Joshua N. Eppich, Esq. BONDS ELLIS EPPICH SCHAFER JONES LLP 420 Throckmorton Street, Suite 1000 Fort Worth, TX 76102 Tel: 817-405-6900 Email: Joshua@bondsellis.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Zlatan Karic as president. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/747PBFI/BALKAN_EXPRESS_LLC__txnbke-25-41544__0001.0.pdf?mcid=tGE4TAMA BALTIMORE HOTEL: S&P Affirms 'B+' Secured Revenue Bond Rating ------------------------------------------------------------- S&P Global Ratings affirmed its 'B+' issue-level rating on Baltimore Hotel Corp.'s (BHC) senior secured revenue refunding bond. The positive outlook reflects the potential for an upgrade within the next 12 months if the project maintains RevPAR, with limited operating margin declines such that there is greater certainty BHC will sustain a median DSCR above 1.35x over S&P's forecast period. Baltimore Hotel Corp. (BHC) owns Hilton Baltimore, which is connected to the Baltimore Convention Center (BCC) and has been operated by Hilton Worldwide since August 2008. It is a 757-room convention center hotel in downtown Baltimore's Inner Harbor area, overlooking the Camden Yards baseball park and connected to BCC by a pedestrian bridge. The hotel has meeting rooms, a 37,000-sqare-foot ballroom, and a 567-space, four-story parking garage with two subterranean levels. The hotel's net revenue and pledged city tax revenue secure the bonds. City revenue includes a $7 million annual guarantee funded through the citywide hotel occupancy tax revenue; a pledge of site-specific hotel occupancy tax revenue, which will vary based on the project's occupancy; and the tax increment payment, which is equal to the hotel's property tax payment. BHC has modestly outperformed S&P's forecast, aided by a nonrecurring increase in citywide events, but RevPAR remains about 20% below pre-pandemic levels adjusted for inflation. As of Dec. 31, 2024, S&P Global Ratings-calculated DSCR expanded by 10 basis points (bps) year on year to 1.37x. This compares favorably with our forecast for 1.27x. A temporary increase in citywide events contributed to the hotel's outperformance. Additionally, strong price increases drove a 10% increase in food and beverage revenue (which comprise about 37% of operational revenues) and contributed to RevPAR growth ahead of our forecast. While RevPAR grew by 8.3% in 2024 to $114.5 and has now recovered to within 4% of pre-pandemic levels of $119.2 on a nominal basis, on an inflation adjusted basis RevPAR remains about 20% below pre-pandemic levels. Solid cost control has also enabled modest operating margin expansion driving S&P Global Ratings-calculated cash flow available for debt service (CFADS) growth of about 10% year on year to $23.5 million driving DSCR above its forecast. S&P said, "We see slowing growth, margin contraction, and a slight DSCR decline in 2025, and the rising risk of a recession reduces visibility into our base-case forecast. Under our updated base-case forecast, for 2025 we forecast flat revenue growth and an 8% decline in CFADS due to higher labor costs causing DSCR to weaken to 1.23x from 1.37x. This reflects our expectation for fewer citywide events, as well as higher wages following the recent union labor contract renegotiation, which raised pay rates for new hires by 20% and also includes annual pay increases higher than inflation. While key aspects of U.S. trade policy remain under negotiation, the associated macroeconomic uncertainty will reduce visibility for our base-case occupancy rate and revenue assumptions. Performance during 2025 will be key to assess if the project can be upgraded to 'BB-'. We note that prior to the onset of the pandemic the bond was rated 'BBB-'." BHC has nearly replenished liquidity depleted during the pandemic. The hotel expanded its total cash balances by about 31% in 2024 to $40.7 million year on year. S&P said, "In our view, this provides critical financial flexibility and runway to the project to withstand an economic recession or material deterioration in demand, a key consideration in our analysis given the inherently cyclical and transactional nature of hotel revenues and the rising likelihood of a recession. This roughly constitutes full restoration of the liquidity depleted during 2020 and 2021 when the pandemic caused a partial shutdown for the hotel. Specifically, the debt service reserve and operational reserve are both now fully funded, and senior furniture, fixtures, and equipment (FF&E) reserves have improved over 2019 levels. We understand that BHC's liquidity has continued to improve through the first quarter 2025." S&P said, "We think the hotel could withstand a 20% decline in CFADS before being forced to draw on any of its liquidity accounts, and under our downside case of about 37% CFADS decline by 2026, we forecast the project would be able to maintain total liquidity for over 10 years. That said, more severe downside scenarios, such as the approximately 74% CFADS decline seen during the pandemic could cause more immediate liquidity stress." Total liquidity has improved toward pre-pandemic levels, but a severe recession could deplete cash balances within the next several years. BHC's flexible cost structure and significant city support payments will protect creditworthiness if demand drops. S&P said, "We view BHC's demonstrated ability to reduce operating costs in response to sharp revenue drawdowns as a key factor supporting our 'B+' rating. For example, in 2020 BHC reduced its operating expenses by 64% in response to the revenue impact of the pandemic. The project relied on funds from its reserves before replenishing these to target. The rating on BHC is supported by up to $7 million of annual citywide hotel occupancy tax revenue guaranteed by the City of Baltimore, which represents an average of about 36% of senior debt service over the life of the debt. BHC also receives benefits from tax increment financing and receives site-specific hotel occupancy tax revenue but such support sources are highly correlated with local economic conditions. We forecast total city support will equal approximately 62% of CFADS and 85% of debt service obligations over our forecast, which will support liquidity in the event of an economic downturn." Softness in citywide group activity may challenge longer-term growth. Citywide group business is well below pre-COVID-19 levels and S&P expects it to remain so. Specifically, in 2024 citywide room nights booked were over 45% lower than in 2019, and S&P expects fewer events for 2025. While the hotel has so far more than made up the lower citywide volumes with in-house activity, it is seeing a lower stabilized level of group business than previously, and this could challenge longer-term ratings improvement. The convention center is limited in space (300,000 square feet of exhibition space and 120,000 of meeting space) and somewhat dated compared with some competitor cities that have been expanding their convention centers. Baltimore has completed minor renovations of the convention center but has no near-term plan for expansion. S&P's ratings reflect the execution risks inherent to the hotels sales strategy designed to offset lower citywide bookings with greater in-house bookings, especially given the current macroeconomic backdrop of slowing GDP growth, rising unemployment rates, and potentially higher for longer base interest rates. The hotel benefits from an additional $18 million in restricted cash from a recent legal settlement with its contractor. S&P said, "The contractor allegedly installed incorrect piping, and we forecast the cash settlement will adequately cover the cost of piping replacement--a 12-month project expected to start in July 2025. Given the hotels somewhat low occupancy rates of about 57% we expect the hotel will conduct the work with minimal business impact." The cost of the repairs should not exceed the settlement proceeds, and if the costs are less than $18 million, the hotel could use the remaining funds for other capital projects or for shareholder distributions. The positive outlook reflects the potential for an upgrade within the next 12 months if the project maintains RevPAR, with limited operating margin declines such that it is more certain BHC will sustain a median DSCR above 1.35x over our forecast. S&P could revise the outlook to stable or lower the rating if BHC's DSCRs decline and approach 1.0x for a consistent period. This could occur if: -- An economic downturn results in declining occupancy and RevPAR, causing a severe and sustained reduction in CFADS forcing BHC to materially deplete liquidity reserves; -- Group business fails to recover over time toward pre-pandemic levels, and the hotels efforts to offset this with in-house volumes are unsuccessful; or -- Labor and other cost pressures affect the hotel's operating margin more than expected, or the upcoming piping capital works and the next soft renovation of the hotel interrupt occupancy significantly, and the hotel has insufficient funding for such work. S&P could raise the rating within the next 12 months if the hotel performs in line with its base-case expectation such that there is more certainty BHC can sustain a median DSCR above 1.35x over its forecast period while maintaining ample liquidity sources. Under this scenario, S&P would expect: -- A more stable macroeconomic backdrop supports improved visibility into near-term occupancy rates and revenue growth; -- Strong labor management and operational execution such that operating margin declines remain within our forecast for 2025; and -- The piping replacement work will be completed with restricted cash received from the legal settlement, without needing additional funding from the project accounts. BEC CAPITAL: Case Summary & 13 Unsecured Creditors -------------------------------------------------- Debtor: BEC Capital Corp. d/b/a Blink Fitness Lindenhurst 600 Wellwood Avenue Lindenhurst, NY 11757 Business Description: BEC Capital Corp. operates the Blink Fitness franchise in Lindenhurst, New York. The gym offers affordable membership options and personal training for all fitness levels. Chapter 11 Petition Date: April 30, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-71685 Judge: Hon. Alan S Trust Debtor's Counsel: Heath S. Berger, Esq. BFSNG LAW GROUP, LLP 6851 Jericho Turnpike, Suite 250 Syosset, NY 11791 Total Assets: $170,262 Total Liabilities: $1,040,100 Allen Pinero signed the petition in his role as president. A full-text copy of the petition, which includes a list of the Debtor's 13 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/R2WSTAA/BEC_Capital_Corp__nyebke-25-71685__0001.0.pdf?mcid=tGE4TAMA BEXIN REALTY: Court Extends Cash Collateral Access to June 2 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of New York issued a fifth interim order extending Bexin Realty Corporation's authority to use its lender's cash collateral through June 2. The fifth interim order authorized the company to use the cash collateral of Cathay Bank to pay the expenses set forth in its budget, with a 10% variance. As protection, Cathay Bank will be granted replacement liens on Bexin's assets subordinate only to certain carve-outs, including U.S. trustee fees and clerk's filing fees. The bank will also be granted a superpriority administrative expense claim senior to all other administrative expense claims and unsecured claims against the company's estate. The company's authority to use cash collateral will terminate if certain events occur, including a default under the order; a conversion of the company's Chapter 11 case to one under Chapter 7; or the appointment of a Chapter 11 trustee. A final hearing is scheduled for June 2. About Bexin Realty Corporation Bexin Realty Corporation is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Bexin Realty filed Chapter 11 petition (Bankr. S.D.N.Y. Case No. 24-12080) on November 27, 2024, listing between $10 million and $50 million in both assets and liabilities. Bahram Benaresh, president of Bexin Realty, signed the petition. Judge Martin Glenn handles the case. The Debtor is represented by Jonathan S. Pasternak, Esq., at Davidoff Hutcher & Citron, LLP. Cathay Bank, as lender, is represented by: Conrad K. Chiu, Esq. Amanda Schaefer, Esq. Pryor Cashman LLP 7 Times Square New York, NY 10036-6569 Telephone: (212) 421-4100 Facsimile: (212) 326-0806 cchiu@pryorcashman.com aschaefer@pryorcashman.com BEXIN REALTY: To Sell New York Property at Auction -------------------------------------------------- Bexin Realty Corporation seeks permission from the U.S. Bankruptcy Court for the Southern District of New York, to sell Assets in an Auction, free and clear of liens, interests, and encumbrances. The Debtor is a corporation organized and existing under the laws of the State of New York, that was formed in 1995. The Debtor was formed to acquire the real properties located at 24-26 and 28-30 West 125th Street, New York, NY 10027. The Properties consist of 2 fully constructed 5 story contiguous but separately taxable lots each consisting of mixed-use rental buildings with each building containing 20 residential apartments and 2 commercial stores on the ground floor. The lienholder of the Property is Cathay Bank. The Debtor employs Better Brokers LLC as its real estate broker to market the Properties for refinance and Auction sale. The Debtor determines that it is in the best interests of the Debtor and its creditors to, absent a timely refinance, market and sell the Properties in its current, "as is" condition. The Debtor believes that the value of the Properties will be maximized, absent refinancing, by a sale of the Properties via auction or competitive sale process with the assistance and marketing efforts and expertise of the Broker. To solicit, receive and evaluate bids in a fair and accessible manner, the Debtor has developed and proposed the Bid Procedures to govern the sale of the Properties optimally and expeditiously. The Bid Procedures are designed to encourage all entities to put their best bids forward and enhance the value to the Debtor's estate. The Bid Procedures set forth the parameters for which the Debtor will consider bids for the purchase of the Properties. The Bid Procedures will provide that the Debtor may send all bidders a form of Purchase and Sale Agreement, set a bid deadline; define requirements for qualified bids; and set an auction date on or before 120 days after entry of the Bid Procedures Order. The Bid Procedures also provide for, at the Debtor's discretion, the selection of one or more stalking horses as well as the possibility that the Debtor provides for a breakup fee. The Bid Procedures also recognize Cathay’s right to submit a credit bid for the Properties. About Bexin Realty Corporation Bexin Realty Corporation is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Bexin Realty filed Chapter 11 petition (Bankr. S.D.N.Y. Case No. 24-12080) on November 27, 2024, listing between $10 million and $50 million in both assets and liabilities. Bahram Benaresh, president of Bexin Realty, signed the petition. Judge Martin Glenn handles the case. The Debtor is represented by Jonathan S. Pasternak, Esq., at Davidoff Hutcher & Citron, LLP. CAMBER ENERGY: Restates 2024 Financials Over Revenue Errors ----------------------------------------------------------- Camber Energy, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors, after discussion with management and in consultation with the Company's independent registered public accounting firm, concluded that the unaudited interim consolidated financial statements for the quarterly periods ended March 31, 2024, June 30, 2024, and September 30, 2024, as included in the Company's Quarterly Reports on Form 10-Q for the respective periods, should no longer be relied upon due to errors in those financial statements. The Company determined that it incorrectly applied revenue recognition principles in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers, during the Restated Periods. Specifically, beginning in March 2024, the Company's 60.5% owned subsidiary, Simson-Maxwell, incorrectly concluded that certain contract payment milestones represented performance obligations for which revenue could be recognized. As a result, revenue, net loss, and certain related balance sheet items were materially misstated in certain of the Prior Filings. The Company intends to file amendments to the Quarterly Reports on the Form 10-Q for the respective periods, including restated unaudited financial statements and related disclosures, as promptly as practicable. The Company has also considered the guidance in ASC 250-10-50, Accounting Changes and Error Corrections, and will include appropriate disclosures regarding the nature of the misstatements and the impact of the corrections. The restatements to the unaudited financial statements do not impact the cash flows of the Company. In addition, the Company has determined that it had a material weakness in its internal controls related to revenue recognition during the Restated Periods. The Company has previously disclosed in the Prior Filings the existence of material weaknesses in internal control over financial reporting. The Company has discussed the matters disclosed in this Item 4.02(a) with its independent registered public accounting firm, Turner, Stone & Company, L.L.P. About Camber Energy Based in Houston, Texas, Camber Energy, Inc. -- http://www.camber.energy-- is a growth-oriented diversified energy company. Through its majority-owned subsidiaries, the Company provides custom energy and power solutions to commercial and industrial clients in North America and has a majority interest in: (i) an entity with intellectual property rights to a fully developed, patented, proprietary Medical and Bio-Hazard Waste Treatment system using Ozone Technology; and (ii) entities with the intellectual property rights to fully developed, patented, and patent-pending proprietary Electric Transmission and Distribution Open Conductor Detection Systems. Additionally, the Company holds a license to a patented clean energy and carbon-capture system with exclusivity in Canada and for multiple locations in the United States. Various of the Company's other subsidiaries own interests in oil properties in the United States. The Company is also exploring other renewable energy-related opportunities and/or technologies, which are currently generating revenue or have a reasonable prospect of generating revenue within a reasonable period of time. Dallas, Texas-based Turner, Stone & Company, L.L.P., the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 25, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. The Company has yet to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2024. CANNABITION LLC: Case Summary & Two Unsecured Creditors ------------------------------------------------------- Debtor: Cannabition LLC 2548 W. Desert Inn Road, Suite 100 Las Vegas, NV 89109 Business Description: Cannabition LLC is an immersive cannabis museum located at 2548 W Desert Inn Rd, Suite 100, Las Vegas, NV 89109. The venue offers interactive exhibits and vibrant installations that explore cannabis culture. Cannabition is designed by Emmy Award- winning creative director David Korins and is part of the Planet 13 Entertainment Complex. Chapter 11 Petition Date: April 29, 2025 Court: United States Bankruptcy Court District of Nevada Case No.: 25-12424 Debtor's Counsel: Candace C. Carlyon, Esq. CARLYON CICA CHTDA. 265 E. Warm Springs Road, Suite 107 Las Vegas, NV 89119 Tel: 702-685-4444 E-mail: ccarlyon@carlyoncica.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Andrew Laub as manager. A copy of the Debtor's list of two unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/INT2UEI/CANNABITION_LLC__nvbke-25-12424__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ICP4M4Y/CANNABITION_LLC__nvbke-25-12424__0001.0.pdf?mcid=tGE4TAMA CAROLINA'S CONTRACTING: Seeks Ch. 11 Bankruptcy in North Carolina ----------------------------------------------------------------- On April 28, 2025, Carolina's Contracting LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of North Carolina. According to court filing, the Debtor reports $25,942,522 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Carolina's Contracting LLC Carolina's Contracting LLC is a licensed general contractor based in Davidson, North Carolina, specializing in land development and grading services. Established in 2013, Company offers a range of services including grading, storm drainage, sanitary sewer, waterline installation, culverts, and stone base work. Carolina's Contracting LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. N.C. Case No. 25-50284) on April 28, 2025. In its petition, the Debtor reports total assets of $31,405,291 and total liabilities of $25,942,522. The Debtor is represented by Dirk W. Siegmund, Esq. at IVEY, MCCLELLAN, SIEGMUND, BRUMBAUGH & McDONOUGH, LLP. CBDMD INC: Automatic Conversion of Series A PreferredShares OK'd ---------------------------------------------------------------- cbdMD, Inc. announced that at the Company's annual meeting of shareholders, its Common stockholders and 8% Series A Cumulative Convertible Preferred stockholders approved the automatic conversion of shares of the Company's Preferred Stock into shares of the Company's Common Stock. The Company intends to set a mandatory exchange date for the Preferred Stock in the near future. The automatic conversion will provide for the conversion of each share of Preferred Stock into thirteen shares of Common Stock, inclusive of all accumulated and unpaid dividends, on the Mandatory Exchange Date. Dividends on converted shares will cease to accrue on the Mandatory Exchange Date, and the Preferred Stock will cease trading on the Mandatory Exchange Date. "We are excited to announce this conversion, which is expected to eliminate approximately $6.7 million in accrued dividend payments as of March 31, 2025 and $4 million in annual dividend obligations. This will allow us to reinvest this capital into our growth initiatives," said Ronan Kennedy, Chief Executive Officer and Chief Financial Officer of cbdMD. "Additionally, this conversion will enhance our capital structure and provide us with the flexibility needed to continue delivering value to our shareholders. We believe that this conversion removes a large impediment to more strategic activity along with M&A and will strengthen our balance sheet, meeting our shareholders' equity requirements for the continued listing of our Common Stock on the NYSE American." At the annual meeting, the Company's shareholders also: (1) elected seven directors for a term expiring at the 2026 annual meeting of shareholders, (2) the ratified the appointment of Cherry Bekaert LLP as the Company's independent registered public accounting firm, and (3) approved an amendment to the Company's articles of incorporation at the discretion of the board, to effect a reverse stock split of the Company's common stock, at a specific ratio, ranging from one-for-three to one-for-ten, at any time prior to the one-year anniversary date of the annual meeting. About cbdMD, Inc. Headquartered in Charlotte, NC, cbdMD, Inc. -- www.cbdmd.com -- owns and operates the nationally recognized CBD (cannabidiol) brands cbdMD, Paw CBD, and cbdMD Botanicals. Its mission is to enhance its customers' overall quality of life while bringing CBD education, awareness, and accessibility of high-quality and effective products to all. The Company sources cannabinoids, including CBD, which are extracted from non-GMO hemp grown on farms in the United States. Charlotte, North Carolina-based Cherry Bekaert LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated Dec. 18, 2024, citing that the Company has historically incurred losses, including a net loss of approximately $3.7 million in the current year, resulting in an accumulated deficit of approximately $182 million as of September 30, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. CLEAN ENERGY: Secures $310,500 in Funding From Pacific Pier ----------------------------------------------------------- Clean Energy Technologies, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a securities purchase agreement with Pacific Pier Capital II, LLC, a Delaware limited liability company, pursuant to which the Company sold, and Pacific Pier purchased: (i) a convertible promissory note in the principal amount of $345,000, and (ii) 45,000 shares of Company common stock, for an aggregate purchase price of $310,500.00. The Transaction was funded by Pacific Pier and closed on April 7, 2025, and on or about April 7, 2025, pursuant to the SPA, Pacific Pier's legal expenses of $10,000 were paid from the gross purchase price, the Company receiving net funding of $300,500, and the Note and Shares were issued to Pacific Pier. The SPA includes customary representations, warranties and covenants by the Company and customary closing conditions. The SPA requires that the proceeds from the Transaction be used for business development and the payment of amounts owed to service providers of the Company, but not for repayment of indebtedness owed to officers, directors or employees of the Company or their affiliates, the repayment of any debt issued in corporate finance transactions, any loan to or investment in any other corporation, partnership, enterprise or other person (except in connection with the Company's currently existing operations), or any loan, credit, or advance to any officers, directors, employees, or affiliates of the Company. The SPA also: (i) requires the Company to satisfy the shareholder approval requirements of Nasdaq Listing Rule 5635, (ii) prohibits the issuance of more than 1,250,000 shares of Company common stock to Pacific Pier in the aggregate until shareholder approval has been received to issue shares in excess of the Exchange Cap and such approval has become effective pursuant to the rules promulgated under the Securities Exchange Act of 1934, as amended, and (iii) requires the Company to (a) file a preliminary information statement on Schedule 14C in connection with the issuance of shares in excess of Exchange Cap under the Transaction with the U.S. Securities and Exchange Commission (the "SEC") and (b) file a definitive information statement as soon as permissible. The Note matures 12 months following the issue date, accrues interest of 10% per annum, and is convertible into shares of the Company's common stock at the election of the holder, at or following six months after the issue date, at a conversion price equal to 90% of the lowest daily volume-weighted average price (during regular trading hours) on any trading day during the 5 trading days prior to the conversion date; provided, however, that the holder may not convert the Note to the extent that such conversion would result in the holder's beneficial ownership of the Company's common stock being in excess of 4.99% of the Company's issued and outstanding common stock. Additionally, the holder of the Note is entitled to deduct $1,750 from the conversion amount (or $500 if the conversion amount is $25,000 or less) in each note conversion to cover the holder's fees associated with the conversion. About Clean Energy Headquartered in Irvine, California, Clean Energy Technologies, Inc. -- http://www.cetyinc.com-- develops renewable energy products and solutions and establishes partnerships in renewable energy that make environmental and economic sense. The Company's mission is to be a segment leader in the Zero Emission Revolution by offering eco-friendly energy solutions, clean energy fuels, and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. The Company targets sustainable energy solutions that are profitable for it, profitable for its customers, and represent the future of global energy production. Diamond Bar, California-based TAAD, LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 14, 2025, 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 and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. For the fiscal year ending Dec. 31, 2024, the Company reported a net loss of $4,416,319 compared to a net loss of $5,782,666 for the year 2023. The Company had a total stockholder's equity of $2,938,502 and a deficit working capital of $3,240,008 and an accumulated deficit of $27,443,231 as of Dec. 31, 2024. COMMUNITY HEALTH: S&P Downgrades ICR to 'SD' on Debt Repurchase --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Community Health Systems Inc. to 'SD' (selective default) from 'CCC+'. S&P also lowered its issue-level rating on the senior notes to 'D' from 'CCC-'. S&P's issue-level ratings on other obligations are unchanged. S&P expects to raise the rating back to 'CCC+' from 'SD' and assign a negative outlook over the next few business days. S&P said, "The downgrade reflects Community Health's latest below par debt repurchases. This is the fourth time we have lowered the rating to 'SD' within three years. Over the coming days, we plan to raise our issuer credit rating on the company to 'CCC+', and if any amount remains outstanding post the tender, we plan to raise our issue-level rating to 'CCC-' on the affected debt. The transaction is credit positive as it results in modestly reducing outstanding debt. "Community Health recently announced it entered into a definitive agreement to sell its 80% ownership in Cedar Park Regional Medical Center in Cedar Park, Texas, to minority partner Ascension Health for $460 million. We expect this to close in the second quarter or early third quarter of 2025. The company may also pursue a potential additional divestiture later in the year. We assume divestiture proceeds would fund deleveraging. "We believe the company's operating performance has been steadily improving over the past couple of years. Although EBITDA margins remain under slight pressure due to higher medical specialist fees and acuity mix, the company has benefited from volume increases, lower utilization of more expensive contract labor, and moderating inflationary pressure. Free cash flow has also improved, though hampered somewhat by delays in the receipt of state supplemental program payments. "Still, we continue to monitor the long-term sustainability of Community Health's capital structure, which remains highly leveraged, and the potential risk of further distressed exchange transactions." COMMUNITY LEADERSHIP: S&P Affirms 'BB+' Rating on Revenue Bonds --------------------------------------------------------------- S&P Global Ratings revised its outlook to stable from negative and affirmed its 'BB+' long-term rating on the Colorado Educational & Cultural Facilities Authority's series 2008 and series 2013 charter school revenue bonds, issued for Community Leadership Academy Building Corp. and Community Leadership Building Corp. II, respectively, on behalf of Community Leadership Academy (CLA). The revised outlook reflects S&P's opinion that CLA's operating margin has improved in fiscal 2024 and will remain generally balanced in the near term, maintaining the school's lease-adjusted maximum annual debt service (MADS) coverage above 1.0x and its liquidity position. S&P analyzed the school's environmental, social, and governance (ESG) factors and consider them neutral in its credit rating analysis. S&P said, "The stable outlook reflects our opinion that CLA will maintain at least balanced operating margins in the near term, maintaining the school's lease-adjusted MADS coverage above 1.0x and its liquidity position. "While not expected, we could lower the rating if the school's financial performance weakens materially, negatively affecting its liquidity position and lease adjusted MADS coverage such that they fall to levels no longer comparable with those of peers. "Beyond the outlook period, we could raise the rating if the management team is able to stabilize enrollment while sustaining a positive operating margin, supporting MADs coverage and liquidity at levels comparable with those of higher-rated peers." CONAIR HOLDINGS: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg. ------------------------------------------------------------------ Moody's Ratings downgraded Conair Holdings LLC's ("Conair") Corporate Family Rating to Caa1 from B3, Probability of Default Rating to Caa1-PD from B3-PD, and the senior secured debt rating to Caa1 from B3. The rating outlook is negative and was previously stable. The downgrade and negative outlook reflect the significant pressure to earnings and cash flow because of very high tariffs imposed on goods sourced from China and smaller ones on goods from other countries. Conair is taking strategic actions to reorientate its supply chain including accelerating diversification of its supply chain, reducing costs, pursuing incremental customer volume and raising prices. Conair has previously proven itself a strong operator with an ability to navigate supply chain dislocations. However, the complexity involved in relocating a large portion of its supply chain carries particularly high execution risks to effectively replicate the cost and consistent volume and product quality that Conair currently achieves. Operational risk is thus elevated with a combination of speed and good execution necessary to cost-effectively relocate supply in sufficient volume to support the existing revenue base. Operational challenges will reduce Conair's profitability meaningfully in 2025 during the transition period and significant improvement from the 2025 level will be necessary to generate free cash flow and maintain adequate liquidity. The operational challenges are occurring at a time when Conair's revenue and earnings are already under pressure from soft consumer demand. Rapidly shifting its supply chain will not be easy. Moody's expects that the competition for manufacturing capacity in countries outside of China will be very high as other companies also seek to reorient supply chains. The transition will require considerable investment by Conair and others in factors such as local infrastructure, material goods flow and labor to support the shift in production. Moody's also expects consumers to economize spending and reduce purchases as companies, including Conair, raise prices to mitigate cost increases. Other concerns include a risk to product quality and a decline in gross profit margins due to higher labor or less efficient production. The current tariff environment remains fluid and there is potential for adjustments to current tariff rates. Still, Moody's believes that Conair will face higher tariffs than existed when entering 2025 and uncertainty about tariffs will restrain business and consumer spending. As tariffs stand, Moody's expects Conair's debt-to-EBITDA (incorporating Moody's adjustments) will increase above 11.0x for the year ending December 2025 from 7.7x for the 12 months ended December 2024. Good execution of the supply chain and commercialization strategies could lead to leverage returning over a multi-year period to the still elevated 2024 level. Conair's liquidity is sufficient to pay its cash obligations over the next 12 months, but the upcoming expiration of the asset backed lending facility ("ABL") in May 2026 leads to weak current liquidity. Moody's expects the company to generate good free cash flow in 2025 due to a pullback in new inventory purchases in the first half of 2025 while reorienting the supply chain that will not be fully unwound by the end of the year. The working capital inflow is a temporary and an unsustainable lift because restoring normal inventory purchases will be critical to supporting the current revenue base. Free cash flow will likely turn highly negative in 2026 due to a restoration of more normalized inventory purchases with potential risks from lower sales and weak consumer demand. Liquidity is supported by cash and available capacity on the $500 million ABL as of December 2024, which would help manage through the free cash flow deficit in 2026 that Moody's expects for Conair. Moody's assumes in the CFR that Conair will be able to extend the facility, but liquidity will deteriorate meaningfully if the company does not proactively address the maturity. RATINGS RATIONALE Conair's Caa1 CFR reflects expected deterioration in earnings and operational and execution risk due to the company's decision to diversify its supply chain to minimize the effect of higher tariffs on US imports. The CFR also reflects Conair's very high leverage, weak free cash flow and exposure to cyclical demand for durable consumer goods that was already under some pressure prior to the tariffs, as well as other governance risks stemming from concentrated decision making under private equity ownership and an aggressive financial policy. Conair has historically sourced a significant portion of its goods into the US from China. The new tariffs on Chinese imports are prompting Conair to reorganize its supply chain into other countries. Conair's revenue and earnings may drop materially in 2025 as it pursues the supply chain shift, and the company will need to quickly and efficiently move production to restore revenue and earnings to current levels within a few years. Conair is also taking other steps such as cost reductions, pursuing new business and price increases to recover from the volume and earnings decline in 2025. Nevertheless, Moody's sees Conair's debt-to-EBITDA (incorporating Moody's adjustments) increasing above 11.0x by year-end 2025 from 7.7x as of December 2024. Conair's portfolio of products is exposed to declines in consumer spending because purchases are periodic and can be deferred in times of stress. The company's diverse mix of personal care and culinary products and the importance to consumer lifestyles provides a partial mitigant to the cyclical risk. Conair benefits from very strong brand recognition and consumer appeal, good innovation, solid scale, and good distribution including strong relationships with leading brick-and-mortar and e-commerce retailers. The CFR also considers actions taken by private equity sponsor American Securities to bolster the company's liquidity position in 2022 including extending an incremental lending facility that expired unused in December 2022. The company also improved balance sheet cash through the mortgaging and sale-leaseback of various distribution facilities. Moody's anticipates continued support from American Securities and for the company to utilize additional levers as needed to backstop its liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The negative outlook reflects the potential that additional weakening of demand or disruptions related to shifting product sourcing could more severely impair profitability and cash flow generation than expected and could further increase leverage and weaken operating cash flow and liquidity. The ratings could be upgraded if Conair demonstrates good and cost-effective execution of the supply chain reorientation that leads to a strong recovery of revenue and earnings from the weaker levels anticipated in 2025. An upgrade would also require Conair to maintain EBITDA less capital spending to interest expense above 1.5x and demonstrated ability to generate positive free cash flow with adequate liquidity. The ratings could be downgraded if Conair is unable to stabilize its operating results due to weaker economic conditions, disruptions related to the supply chain reorientation, volume or market share losses or higher operating costs. The rating could also be downgraded if liquidity deteriorates, the company is unable to sustain positive free cash flow or the probability of a default including a distressed exchange increase. The principal methodology used in these ratings was Consumer Durables published in September 2021. Conair Holdings LLC is a designer, manufacturer and marketer of branded personal care appliances, small kitchen appliances and cookware, commercial foodservice equipment, professional hair care and beauty products, hairbrushes and haircare accessories, cosmetic and organizer bags and travel accessories. The company's leading brands include Cuisinart, Conair, Scunci, Babyliss, and Waring. Conair generated annual revenue of approximately $2.1 billion for the 12 months ended December 31, 2024. Following a leveraged buyout in May 2021, the company is majority owned by private equity firm, American Securities LLC. DAVID KIMMEL: Frances Smith Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 6 appointed Frances Smith, Esq., at Ross, Smith & Binford, PC, as Subchapter V trustee for David Kimmel Design, LLC. Ms. Smith will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Smith declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Frances A. Smith, Esq. Ross, Smith & Binford, PC 700 N. Pearl Street, Ste. 1610 Dallas, TX 75201 Phone: 214-593-4976 Fax: 214-377-9409 Email: frances.smith@rsbfirm.com About David Kimmel Design Established in December 2012, David Kimmel Design LLC is a luxury floral design company specializing in creating custom, high-end floral arrangements for exclusive events, known for its elegance and innovation. With a global reach, David Kimmel Design has completed significant projects in countries like France, Italy, Germany, and Belgium. It excels in delivering personalized, breathtaking floral designs that reflect the unique visions of its clients. David Kimmel Design sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-30979) on March 21, 2025. In its petition, the Debtor reported assts between $50,000 and $100,000 and liabilities between $1 million and $10 million. The Debtor is represented by Brandon Tittle, Esq., at Tittle Law Group, PLLC. DECKER HOME: Unsecured Creditors Will Get 10% of Claims in Plan --------------------------------------------------------------- Decker Home Repairs, LLC, filed with the U.S. Bankruptcy Court for the District of South Carolina a Disclosure Statement describing Plan of Reorganization dated March 28, 2025. The Debtor is owned and operated by Jamie Decker. The business is located at 1359 Camp Creek Road, Taylors, South Carolina, 29687, near Mr. Decker's home. All payments proposed under the Debtor's Chapter 11 Plan will commence on the effective date of the plan, which is the 15th day after the Court enters its order confirming the plan. Class 6 consists of General Unsecured Creditors. The "hypothetical liquidation analysis" reflects that in a chapter 7 liquidation of assets, the general unsecured creditors would receive nothing. Nonetheless, the Debtor is proposing to pay that class of creditors 10% payout on a pro rata basis over a period of years. Most will be paid over a 60-month period. However, others will be paid in a different number of years, based on the size of the debt. * American Express filed a proof of claim in the amount of $15,160.14. The Debtor will provide a 10% payout to unsecured creditors. For this creditor, this equates to a total of $1,516.01 with payments of $25.27 per month without interest for 60 months. * American Express filed a proof of claim in the amount of $59,442.56. The Debtor will provide a 10% payout to unsecured creditors. For this creditor, this equates to a total payout of $5,944.26 with payments of $99.07 per month without interest for 60 months. * American Express filed a proof of claim in the amount of $56,557.06. The Debtor will provide a 10% payout to unsecured creditors. For this creditor, this equates to a total payout of $5,655.71 with payments of $94.26 per month without interest for 60 months. * American Express filed a proof of claim in the amount of $1,668.65. The Debtor will provide a 10% payout to unsecured creditors. For this creditor. this equates to a total payout of $166.87 with payments of $6.95 per month without interest over 24 months. * Elmore Goldsmith Kelley & Deholl, PA did not file a proof of claim in this matter. However, the Debtor scheduled a debt in the amount of $12,321.00. The Debtor will provide a 10% payout to unsecured creditors. For this creditor, this equates to $1,232.10 with payments of $20.54 per month without interest for 60 months. * Forward Financing did not file a proof of claim in this matter. However, the Debtor scheduled a debt in the amount of $32,000.00. The Debtor will provide a 10% payout to unsecured creditors. For this creditor, this equates to $3,200.00 with payments of $53.33 per month without interest over 60 months. * Home Depot did not file a proof of claim in this matter. However, the Debtor scheduled a debt in the amount of $36,000. The Debtor will provide a 10% payout to unsecured creditors. For this creditor, this equates to $3,600.00 with payments of $60.00 per month without interest for 60 months. * Kapitus did not file a proof of claim in this matter. However, the Debtor scheduled a debt in the amount of $125,000.00. The Debtor will provide a 10% payout to unsecured creditors. For this creditor, this equates to $12,500.00 with payments of $208.33 per month without interest for 60 months. * Kapytal did not file a claim in this matter. However, the Debtor scheduled a debt in the amount of $50,000.00. The Debtor will provide a 10% payout to unsecured creditors. For this creditor, this equates to $5,000.00 with payments of $83.33 per month without interest for 60 months. * Lamar did not file a claim in this matter. However, the Debtor scheduled a debt in the amount of $5,000. The Debtor will provide a 10% payout to unsecured creditors. For this creditor, this equates to $500.00 with payments of $13.89 per month without interest for 36 months. * Montgomery did not file a claim in this matter. However, the Debtor scheduled a debt in the amount of $5,000. The Debtor will provide a 10% payout to unsecured creditors. For this creditor, this equates to $500.00 with payments of $13.89 per month without interest for 36 months. * Lowes did not file a proof of claim in this matter. However, the Debtor scheduled a debt in the amount of $7,200.00. The Debtor will provide a 10% payout to unsecured creditors. For this creditor, this equates to $720.00 with payments of $12.00 per month without interest for 60 months. * Northeast Bank did not file a claim in this matter. However, the Debtor scheduled a debt in the amount of $65,000. The Debtor will provide a 10% payout to unsecured creditors. For this creditor, this equates to $6,500.00 with payments of $108.33 per month without interest for 60 months. * Readycap Lending file a proof of claim in this matter in the amount of $49,644.76. The Debtor will provide a 10% payout to unsecured creditors. For this creditor, this equates to $4,964.48 with payments of $82.74 per month without interest. * Parkview Advance did not file a proof of claim in this matter. However, the Debtor scheduled a debt in the amount of $22,000.00. The Debtor will provide a 10% payout to unsecured creditors. For this creditor, this equates to $2,200.00 with payments of $36.67 per month without interest. * Paypal Credit did not file a proof of claim in this matter. However, the Debtor scheduled a debt in the amount of $8,800.00. The Debtor will provide a 10% payout to unsecured creditors. For this creditor, this equates to $880.00 with payments of $14.67 per month without interest. * Paypal Credit did not file a proof of claim in this matter. However, the Debtor scheduled a debt in the amount of $6,000.00. The Debtor will provide a 10% payout to unsecured creditors. For this creditor. This equates to $600.00 with payments of $16.67 per month without interest for 36 months. * SBA (EIDL) did not file a proof of claim in this matter. However, the Debtor scheduled a debt in the amount of $381,000.00 of which $205,200.00 as calculated in Class 3 equals a general unsecured amount. The Debtor will provide a 10% payout to unsecured creditors. For this creditor. This equates to $20,500.00 with payments of $341.61 per month without interest for 60 months. In the instant case, the Debtor's schedules filed with the Bankruptcy Court reveal that its assets total approximately $231,120.00 and that its liabilities approximate $985,376.00. The Debtor operated upon real property owned by its sole principal, Jamie Decker, and Decker does not require the Debtor to pay lease payments each month. A full-text copy of the Disclosure Statement dated March 28, 2025 is available at https://urlcurt.com/u?l=b3jk5u from PacerMonitor.com at no charge. Counsel to the Debtor: Robert H. Cooper, Esq. The Cooper Law Firm 1610 Gowdeysville Road Gaffney, SC 29340 Telephone: (864) 271-9911 Email: rhcooper@thecooperlawfirm.com About Decker Home Repairs Decker Home Repairs, LLC, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.S.C. Case No. 24-03581) on Oct. 3, 2024. In the petition signed by Jamie E. Decker, sole/managing member, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Helen E. Burris oversees the case. The Cooper Law Firm is the Debtor's counsel. DISCOVERY PURCHASER: Moody's Affirms 'B3' CFR, Outlook Stable ------------------------------------------------------------- Moody's Ratings has affirmed Discovery Purchaser Corporation's (dba Envu) B3 Corporate Family Rating, B3-PD Probability of Default Rating, B3 rating on the company's senior secured first lien bank credit facility including a $1.8 billion term loan and $225 million revolving credit facility, and Caa2 rating on the $300 million senior secured second lien term loan. The outlook is stable. RATINGS RATIONALE Envu's B3 rating is constrained by its high debt leverage, bolt-on acquisitions and competition with other large and better capitalized companies in pest and weeds control chemicals business. Moody's expects the company's adjusted debt/EBITDA without considering management addbacks will be close to 7.0x in the next 12-18 months. Management addbacks include earnings improvement through price increases, operational cost savings, sales and cost synergies following recent acquisitions. These measures have the potential to improve earnings and lower leverage below 7.0x, but the uncertain trade policy and macroeconomic conditions pose challenges to earnings growth in the near term. Envu improved its operating performance in 2024 thanks to strong performance in Pest Management in EMEA and Asia, as well as moderate growth in Vegetation, Range and Pasture in the Americas. Many of the company's products are regularly applied to contain the spreading of weeds and the outbreak of mosquitos and pests, making it more resilient than crop protection products. In 2024, the company's reported EBITDA grew by 13% in 2024, better than most of the pesticides and herbicides producers. The incremental debt issuance and factoring program in late 2024, alongside its improved earnings, helped boost its operating cash flow and safeguard its liquidity profile. Moody's expects management will focus on business integration and earnings growth after the completion of three bolt-on acquisitions in recent months. High financial leverage and bolt-on acquisitions will continue to constrain its credit profile. They also limit the company's financial flexibility versus other large and better capitalized companies, when it comes to funding long-term projects as part of the product life cycle management to meet new regulations and customer demands. While the acquired businesses including FMC's Global Specialty Solutions are highly complementary, they were mainly funded by existing cash and incremental debt issuance. This will keep debt leverage high in the foreseeable future. Envu is gradually increasing the sourcing of active ingredients from third parties to achieve cost savings and reduce its dependency on its former owner, Bayer. The separation from Bayer exposes Envu increasingly to input price volatility, supply chain risks and business competitions. Envu's credit profile is supported by its high profitability, low capital intensity and expected free cash flow generation that will allow deleveraging over time. The pro-forma EBITDA margin of close to 30% is underpinned by a broad portfolio of formulated and registered products with trusted brand names and leading market shares in non-agricultural applications. Envu has expertise in product registration in various jurisdictions and a track record of replacing legacy products with alternatives to meet customer needs and regulations. The procurement of active ingredients from external parties, outsourcing of product filling, packaging and distribution lead to low capital intensity. Despite broadly observed destocking, Envu's operating performance was resilient in 2023 as shown by the year on year growth over its 2022 pro forma sales and earnings. Moody's credit assessments also takes into account the company's exposure to relatively stable non-agrochemical applications and the recurring demand from turf, vector and vegetation management. Envu's liquidity is adequate thanks to its $106 million cash on hand at the end of December 2024. At the same time, it had $189 million availability under its $225 million revolving credit facility and $11 million availability under its $150 million ABL facility. Working capital requirement is highest in May and lowest after receivables collection in July. The revolver has a springing First Lien Leverage ratio test of not exceeding 9.85x, which will only be tested if more than 40% of the revolver net of cash on hand is drawn. The ABL agreement contains a springing covenant requiring the fixed charge coverage ratio to be no less than 1.0x, which will be tested if excess availability is less than 10% of the aggregate borrowing base. Moody's expects the company to comply with these covenants. The stable outlook presumes the company will improve earnings and cash flows, and continue to reduce its debt leverage towards below 7.0x in the next one to two years. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive rating pressure could emerge, if the company substantially reduces its debt leverage to below 6.0x by improving earnings and generating free cash flows. A track record of developing and commercializing new formulations to manage product rotation and sustain its strong profit margins is also needed for an upgrade to be considered. Negative rating pressure could develop if operating performance is weaker than expected, or debt leverage fails to improve towards below 7.0x. A significant decline in profitability, weak cash flow generation or reduction in liquidity could also result in a downgrade. Envu, headquartered in Cary, North Carolina, specializes in developing formulated products to control pests, diseases and weeds in non-agricultural areas such as turf and ornamentals, pest management, vector control and vegetation management. Envu operated as Environmental Science Professional business under Bayer, before it was sold to Cinven, a private equity firm, for $2.6 billion in October 2022. The company generated about $900 million in sales in 2024. Envu's credit impact score of CIS-4 indicates its rating could have been higher without the consideration of environmental, social and governance factors. This is mainly driven by governance risks including highly leveraged capital structure under private equity ownership, limited track record as a standalone entity, operational adjustments after its spin-off from Bayer. Environmental and social risks are also high. Although the company focuses on product formulation and registration and has outsourced AI production to third parties, the toxicity of many chemical AIs in its formulated products applied on golf course, public spaces, lawn and garden can negatively affect the environment, human or animal health. The company has a track record of phasing out products that are detriment to the environment, developing and commercializing alternative products. The principal methodology used in these ratings was Chemicals published in October 2023. EKSO BIONICS: Files S-3 for Resale of 10.5M Shares by Armistice --------------------------------------------------------------- Ekso Bionics Holdings, Inc. filed a prospectus on Form S-3 with the U.S. Securities and Exchange Commission relating to the resale from time to time by Armistice Capital, LLC, a selling stockholder, of up to 10,500,000 shares of common stock, par value $0.001 per share, of the Company, issuable upon exercise of a common stock purchase warrant. The Inducement Warrant was issued pursuant to that certain warrant inducement agreement, dated as of March 17, 2025, by and between the Company and the Holder. Ekso Bionics is registering the resale of the Covered Shares on behalf of the Holder, to be offered and sold from time to time, to satisfy certain registration rights that we have granted to the Holder pursuant to the Warrant Inducement Agreement. The Holder may resell or dispose of the Covered Shares to or through broker-dealers, agents, or through any other means. The Holder will bear the costs of commissions and discounts, if any, attributable to the sale or disposition of the Covered Shares. Ekso Bionics will bear all costs, expenses and fees in connection with the registration of the Covered Shares, and will not receive any of the proceeds from the sale of the Covered Shares by the Holder. Ekso Bionics' Common Stock is listed on the Nasdaq Capital Market under the symbol "EKSO." On April 9, 2025, the last reported sale price of Common Stock on the Nasdaq Capital Market was $0.3780 per share. A full-text copy of the SEC Report is available at https://tinyurl.com/2fs5w476 About Ekso Bionics Holdings San Rafael, Calif.-based Ekso Bionics Holdings, Inc. designs, develops, and markets exoskeleton products to augment human strength, endurance, and mobility. As of Dec. 31, 2024, Ekso had $26.7 million in total assets, $13.9 million in total liabilities, and $12.7 million in total stockholders' equity. San Francisco, Calif.-based WithumSmith+Brown PC, the Company's auditor since 2010, issued a 'going concern' qualification in its report dated March 3, 2025, citing that the Company has an accumulated deficit on December 31, 2024 and, since inception, has suffered significant operating losses and negative cash flows from operations. The Company expects to generate operating losses and negative operating cash flows in the future and will require additional funding to support the Company's planned operations which raises substantial doubt about its ability to continue as a going concern. ELETSON HOLDING: Investor Contests Legality of $5K Daily Court Fine ------------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that on April 30, 2025, a former shareholder of Greek shipping company Eletson Holdings asked a New York bankruptcy judge to overturn an order imposing a $5,000 daily fine for allegedly interfering with a Chapter 11 reorganization plan approved by the court in late 2024. About Eletson Holdings Eletson Holdings Inc. is a family-owned international shipping company, which touts itself as having a global presence with headquarters in Piraeus, Greece as well as offices in Stamford, Connecticut, and London. At one time, Eletson claimed to own and operate one of the world's largest fleets of medium and long-range product tankers and boasted a fleet consisting of 17 double hull tankers with a combined capacity of 1,366,497 dwt, 5 LPG/NH3 carriers with a combined capacity of 174,730 cbm and 9 LEG carriers with capacity of 108,000 cbm. Eletson Holdings, a Liberian company, is Eletson's ultimate parent company and is the direct parent and owner of 100% of the equity interests in the two other debtors, Eletson Finance (US) LLC, and Agathonissos Finance LLC. Eletson and its two affiliates were subject to involuntary Chapter 7 bankruptcy petitions (Bankr. S.D.N.Y. Case No. 23-10322) filed on March 7, 2023 by creditors Pach Shemen LLC, VR Global Partners,L.P. and Alpine Partners (BVI), L.P. The petitioning creditors are represented by Kyle J. Ortiz, Esq., at Togut, Segal & Segal, LLP. On Sept. 25, 2023, the Chapter 7 cases were converted to Chapter 11 cases. The Honorable John P. Mastando, III is the case judge. Derek J. Baker, Esq., represents the Debtors as bankruptcy counsel. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors. The committee tapped Dechert, LLP as its legal counsel. ENCINO ACQUISITION: Fitch Affirms 'B' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed Encino Acquisition Partners Holdings, LLC's and Encino Acquisition Partners, LLC's (together, Encino) Long-Term Issuer Default Ratings (IDRs) at 'B'. The Rating Outlook is Stable. Fitch has also affirmed Encino's senior unsecured notes at 'B' with a Recovery Rating of 'RR4'. Encino Acquisition Partners Holdings, LLC's IDR reflects its sizable position in the Utica Basin, competitive unit economics, and its ability to effectively transport gas out of the basin to advantaged price points. The rating also reflects the company's long-dated debt maturity, with leverage expected to remain below 2.0x through Fitch's forecast period, and its adequate liquidity and strong hedge profile. These strengths are offset by the company's current inability to generate significant positive FCF and its relatively high firm transportation (FT) costs. Key Rating Drivers Nearing FCF Neutrality: Fitch anticipates a shift toward emphasizing FCF generation in 2025, following several years of investing to increase oil production. The company is expected to be FCF neutral to positive in 2025 and 2026 under Fitch's price deck assumptions. In the near term, Encino will continue to prioritize oil production over natural gas and NGLs due to relatively strong economic returns. Fitch projects capex to be approximately $1.1 billion in 2025, decreasing to $900 million in the later years of the forecast period. Any FCF generated is expected to be applied towards debt reduction. High FT Costs: Encino's FT costs rank among the highest of Fitch's monitored natural gas producers. Encino inherited these long-dated FT agreements for natural gas takeaway, which causes significant exposure at low pricing. However, these high FT contracts offer Encino better pricing compared with in-basin sales and ensure sufficient takeaway capacity at current volumes. In addition, management is attempting to mitigate these higher costs by increasing liquids production. Midcycle Leverage Below 2.0x; Improving Liquidity: Fitch believes Encino's high-quality asset profile, coupled with its hedge position, supports FCF generation and gross debt repayment toward management's long-term leverage target of 1.5x. Fitch's base case projects EBITDA leverage will remain below 2.0x under a $57/barrel (bbl) midcycle West Texas Intermediate (WTI) price assumption. Additionally, the remaining $150 million available from the Canada Pension Plan Investment Board's equity investment and anticipated neutral to positive FCF generation further bolster the company's liquidity. Sizable Utica Footprint: Encino's expansive acreage across the Utica shale provides flexibility in drilling plans, enabling the company to choose between dry gas and wet gas wells based on economic factors or pipeline commitments and constraints. Encino is the second-largest producer of gas in the Ohio Utica. However, its production is lower than most Fitch-rated natural gas peers. The company has focused its drilling efforts in areas with a higher condensate mix to enhance overall realized pricing and maintains a relatively high percentage of condensate and NGLs in its production portfolio compared to peers. Favorable Hedging Policy: Encino employs a two- to three-year rolling hedging program, aiming to hedge up to 80% of total production. Fitch estimates that approximately 78% of Fitch-forecasted natural gas production is hedged at $3.70/thousand cubic feet (mcf) and approximately 61% of Fitch-forecasted oil production is hedged at $71/bbl for 2025. The company also maintains hedges on condensate, ethane, propane, and butane. Fitch views this hedging strategy favorably, as it reduces cash flow volatility and secures returns for the company. Peer Analysis Encino's rating reflects the company's size, relatively low leverage and favorable netbacks. Encino is smaller than other gas-oriented peers at approximately 1,082 million cubic feet equivalent per day (mmcfed) produced in 2024, which is lower than the largest Utica Basin producer, Ascent Resources Utica Holdings, LLC (BB-/Positive) at 2,166mmcfed. Encino's production is slightly below that of Comstock Resources Inc. (B/Stable) at 1,442mmcfed. Encino has strong netbacks, as 45% of its production consists of liquids, materially higher than other predominantly natural gas producers. Its production expenses are relatively higher than its peer group, but this is offset by a much higher realized unhedged commodity price. Encino had a 2024 Fitch-calculated unhedged netback of $1.86 per thousand cubic feet equivalent per day (mcfed) compared with Ascent ($0.70/mcfed) and Comstock ($0.81/mcfed). Encino's EBITDA leverage was 1.9x as of Dec. 31, 2024, and Fitch expects it to remain under 2.0x throughout the forecast period. This is within range of other issuers rated 'B'. Key Assumptions - Henry Hub natural gas price of $3.25/mcf in 2025, $3/mcf in 2026, and $2.75/mcf thereafter; - WTI oil prices of $60/bbl in 2025 through 2027and $57/bbl thereafter; - Production growth in the high teens in 2025, followed by mid-to-low single digit growth thereafter; - Capex of approximately $1.1 billion in 2025, declining to $900 million in the outer years of the forecast; - Any FCF proceeds are applied to debt reduction; - Base interest rates applicable to the company's outstanding variable rate debt obligations reflects current SOFR forward curve. Recovery Analysis Key Recovery Rating Assumptions The recovery analysis assumes that Encino Acquisition Partners Holdings, LLC would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Going-Concern Approach Encino's GC EBITDA assumption reflects Fitch's projections under a stressed-case price deck, which assumes Henry Hub natural gas prices of $2.50 in 2025, and $2.25 thereafter and WTI oil prices of $32 in 2025, $42 in 2026, and $45 thereafter. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation (EV). The GC EBITDA assumption of $490 million reflects the decline from current pricing levels to stressed levels and then a partial recovery coming out of a troughed pricing environment. Fitch applied an EV multiple of 3.5x EBITDA to the increased GC EBITDA to calculate a post-reorganization enterprise value. The choice of this multiple considered the following factors: - The historical bankruptcy case study exit multiples for peer companies ranged from 2.8x-7.0x, with an average of 5.2x and a median of 5.4x. - Recent M&A transactions in the Appalachian Basin include Southwestern Energy Company acquired Montage Resources Corporation in August 2020, which implied a 3.4x multiple on LTM EBITDA; and EQT Corporation (BBB-/Stable), which acquired Alta Resources Development in 3Q21 at a 5.0x multiple (including midstream assets). Encino's valuation reflects the lack of public exploration and production companies operating in the Utica Basin, which could limit buyers resulting in a discount to valuations. Liquidation Approach The liquidation estimate reflects Fitch's view of the value of balance-sheet assets that can be realized in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors. Fitch considers valuations such as SEC PV-10 and M&A transactions for each basin, including multiples for production per flowing barrel, proved reserves valuation, value per acre and value per drilling location. Recovery Waterfall The revolver is assumed to be 80% drawn upon default, with the expectation that commitments would be reduced during a redetermination. The revolver is senior to the senior unsecured notes in the waterfall. The allocation of value in the liability waterfall results in recovery corresponding to 'RR1' recovery for the first lien revolver and 'RR4' recovery for the 2028 senior unsecured notes ($700 million) and the 2031 senior unsecured notes ($500 million). RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Inability to generate positive FCF, which results in reduced liquidity and increased leverage; - Change in financial policy, including reduced commitment to repay debt and/or a reduction in the hedging program; - Loss of operational momentum, resulting in material production declines from current levels; - Mid-cycle EBITDA Leverage above 3.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Track record of generating material positive FCF; - Adherence to management's financial policy to reduce debt and enhance liquidity; - Maintenance of mid-cycle EBITDA Leverage at or below 2.5x and ability to maintain adequate higher value liquids inventory. Liquidity and Debt Structure Encino had cash on hand of $13.7 million as of Dec. 31, 2024, and $860 million of availability under its $1.45 billion reserve-based lending (RBL) facility after $458 million of borrowings and $132.2 million LOC. Fitch expects Encino to maintain adequate liquidity throughout the rating case. Encino's $700 million and $500 million senior unsecured notes mature in May 2028 and 2031, respectively. The RBL matures in May 2028 and have a springing maturity feature, which requires the RBL to be repaid on Jan 31, 2028, if the 8.50% unsecured notes have not been refinanced or repaid in full prior to Jan 31, 2028. Fitch believes the company's refinance risk is manageable, given the ample maturity runway to focus on growing FCF and reducing debt to its leverage target of below 1.5x. Issuer Profile Encino is a private equity-backed exploration and production (E&P) company, with over 1.1 million acres in Ohio's Utica shale play. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Encino Acquisition Partners Holdings, LLC LT IDR B Affirmed B senior unsecured LT B Affirmed RR4 B Encino Acquisition Partners, LLC LT IDR B Affirmed B EPIC SMOKEHOUSE: Seeks Subchapter V Bankruptcy in Virginia ---------------------------------------------------------- On April 28, 2025, Epic Smokehouse LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Virginia. 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 Epic Smokehouse LLC Epic Smokehouse LLC operates a barbecue and steakhouse restaurant in Arlington, Virginia. Founded in 2012, the establishment offers a menu that blends traditional smoked meats with upscale dishes and cocktails. The restaurant is located near Pentagon City and serves both lunch and dinner, including weekend brunch. Epic Smokehouse LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-10855) on April 28, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Daniel Press, Esq. at CHUNG & PRESS, P.C. ESG CLEAN: Voluntary Chapter 11 Case Summary -------------------------------------------- Debtor: ESG Clean Energy LLC 1111 Elm Street, Suite 38 West Springfield MA 01089 Business Description: ESG Clean Energy LLC develops distributed power generation systems that integrate advanced carbon capture technology. Based in West Springfield, Massachusetts, the Company utilizes natural gas and biogas to produce electricity while converting emissions into usable byproducts such as distilled water and ethanol. Chapter 11 Petition Date: April 30, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-30267 Judge: Hon. Elizabeth D Katz Debtor's Counsel: James P. Ehrhard, Esq. 27 Mechanic Street, Worcester MA 01608 Tel: 508-791-8411 E-mail: ehrhard@ehrhardlaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Nicholas J. Scuderi as manager. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RIBE2XQ/ESG_Clean_Energy_LLC__mabke-25-30267__0001.0.pdf?mcid=tGE4TAMA ESG-H2 LLC: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: ESG-H2, LLC 1111 Elm Street, Suite 38 West Springfield MA 01089 Business Description: ESG-H2, LLC, based in West Springfield, Massachusetts, focuses on developing zero- carbon power generation systems. The Company specializes in utilizing natural gas to generate electricity while capturing nearly all carbon dioxide and water vapor, converting them into commercially viable products. Chapter 11 Petition Date: April 30, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-30269 Debtor's Counsel: James P. Ehrhard, Esq. 27 Mechanic Street Worcester MA 01608 Tel: 508-791-8411 E-mail: ehrhard@ehrhardlaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Nicholas J. Scuderi as manager. The Debtor did not submit the required list of its 20 largest unsecured creditors when filing the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SDHLT4A/ESG-H2_LLC__mabke-25-30269__0001.0.pdf?mcid=tGE4TAMA EVANS INVESTMENT: Case Summary & Six Unsecured Creditors -------------------------------------------------------- Debtor: Evans Investment Partners, LLC 734-752 Vallejo Street San Francisco, CA 94133 Chapter 11 Petition Date: April 30, 2025 Court: United States Bankruptcy Court Northern District of California Case No.: 25-30342 Debtor's Counsel: E. Vincent Wood, Esq. SHEPHERD & WOOD LLP 2950 Buskirk Ave., #300 Walnut Creek, CA 94597 Tel: (925) 278-6680 Fax: (925) 955-1655 Email: general@shepwoodlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Eric Chung as managing member. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KJYEYNQ/Evans_Investment_Partners_LLC__canbke-25-30342__0001.0.pdf?mcid=tGE4TAMA FIRST CLASS: To Sell Trailer to Rigo's Delivery for $55K -------------------------------------------------------- First Class Moving Systems, Inc. and its affiliates, Capital Asset Finance, Inc., First Class Moving Systems of North Jersey, Inc., First Class Moving Of South Florida, Inc., First Class Commercial Services Of Orlando, Inc., and FC Equipment Leasing, Inc., seek permission from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to sell five trailers, free and clear of liens, claims, and encumbrances. The Debtors have determined that they need to right-size the companies, reduce overhead, and increase profitability to successfully emerge from Chapter 11. The Debtors have decided to sell 2015 Kentucky Trailer, 1KKVE53222FL237085. The Debtors want to sell the Trailer to Rigo's Delivery Moving and Storage for the purchase price for $55,000. The Trailer is encumbered by the lien of Valley National Bank with approximately $83,000. Valley consents to the sale of the Trailer, free and clear of encumbrances. About First Class Moving Systems, Inc. First Class Moving Systems Inc. is a professional moving company offering residential and commercial moving services, as well as packing, logistics, and storage solutions. The Company has locations in Tampa, Miami/Fort Lauderdale, Gulfport, MS, Orlando, FL, and Bound Brook, NJ. First Class Moving Systems Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 25-02243) on April 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by Scott A. Stichter, Esq. and Amy Denton Mayer, Esq. at STICHTER RIEDEL BLAIN & POSTLER, P.A. FORTUNA AUCTION: Yann Geron Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 2 appointed Yann Geron, Esq., at Geron Legal Advisors, LLC as Subchapter V trustee for Fortuna Auction, LLC. Mr. Geron will be paid an hourly fee of $890 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Geron declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Yann Geron, Esq. Geron Legal Advisors, LLC 370 Lexington Avenue, Suite 1101 New York, NY 10017 Phone: (646) 560-3224 Email: ygeron@geronlegaladvisors.com About Fortuna Auction Fortuna Auction, LLC is a boutique auction house specializing in fine, antique jewelry and luxury watches. Established in 2011, the Company offers a platform for collectors, wholesalers, retailers, and private clients to buy and sell jewelry and watches internationally. Fortuna Auction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10632) on April 1, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Tracy L. Klestadt, Esq. at Klestadt Winter Jureller Southard & Stevens, LLP. FOUNDERS CLASSICAL: S&P Affirms 'BB-' Rating on Revenue Bonds ------------------------------------------------------------- S&P Global Ratings affirms 'BB-' long-term rating to the Public Finance Authority, Wis.' series 2020 and 2023 charter school revenue bonds, issued for Founders Classical Academy of Las Vegas. The outlook is stable. S&P analyzed environmental, social, and governance factors and consider them neutral in its credit rating analysis. S&P said, "The stable outlook reflects our expectation that over the next year financial margins will remain positive and MADS coverage will surpass 1x, aiding in the maintenance of improved liquidity, while the school continues to meet enrollment projections. The stable outlook also reflects our expectation that the school will not issue additional debt. "We could take a negative rating action if the school does not meet enrollment projections, if MADS coverage does not improve to at least 1x as expected by management, or if unrestricted liquidity materially decreases. "We could take a positive rating action beyond the outlook period if the school maintains its improved liquidity position and consistently strengthens lease-adjusted MADS coverage to levels in line with those of higher-rated peers, coupled with meeting enrollment projections and moderating debt as enrollment and revenue grow." GLOBAL CLEAN: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------- The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Global Clean Energy Holdings, Inc. The committee members are: 1. Brad Newburg Trinity Safety Company 7501 Meany Ave. Bakersfield, CA 93308 Bnewburg@trinitysafetyco.com 2. Chris Connelly Bragg Companies 6242 Paramount Blvd Long Beach, CA 90805 Chris.connelly@braggcompanies.com 3. Clifton Mosteller J.T. Thorpe & Son, Inc. 1060 Hensley Street Richmond, CA 94801 Clifton.mosteller@tmcorp.us 4. Philip Fraher Molecule 1333 West Loop South, Suite 820 Houston, TX 77027 phil@molecule.io 5. Paul Bowmar Castleton Commodities Merchant Trading L.P. 2200 Atlantic Street, Suite 800 Stamford, CT 06902 Paul.bowmar@cci.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Global Clean Energy Holdings Global Clean Energy Holdings Inc. is a renewable energy company that produces ultra-low carbon fuels from proprietary strains of Camelina sativa, a nonfood crop. It manages the full value chain -- from cultivation to fuel production -- at facilities including its plant in Bakersfield, Calif. It operates internationally and collaborates with growers to support large-scale Camelina cultivation. Global Clean Energy Holdings and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case 25-90113) on April 16, 2025. In its petition, Global Clean Energy Holdings reported total assets of $1,598,001,000 and total debts of $1,584,749,000 as of Sept. 30, 2024. Judge Alfredo R. Perez handles the cases. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as general bankruptcy counsel; Norton Rose Fulbright US, LLP as local counsel; Lazard Freres & Co, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor; and Hilco Valuation Services, LLC as appraisal advisor. Epiq Bankruptcy Solutions, LLC is the Debtors' noticing and claims agent. GO LAB INC: GO-Madison Unsecured Claims Will Get 10% of Claims -------------------------------------------------------------- GO Lab, Inc. and GO Lab Madison, LLC, filed with the U.S. Bankruptcy Court for the District of Delaware a Combined Disclosure Statement and Joint Plan of Reorganization dated March 28, 2025. The Debtors, through their operating entity GO-Madison, are a start-up manufacturer and distributor of high-performing wood fiber insulation for use in the building construction industry. The Debtors were founded in 2017 by licensed architect Matthew O'Malia and chemist Joshua Henry. The Debtors are the first and only domestic producer of wood fiber insulation, using wood chips and thinnings left over from timber harvesting for the production of water-resistant, fire-resistant, and sound-dampening thermal insulation. All of the Debtors' products are manufactured with pure softwood chips from sustainable Maine forest management and lumber production, and arrive at construction sites with a negative carbon footprint. The Debtors, through their principals and advisors, pivoted and began negotiations with the Bondholders, FAME, the Series B Senior Lenders, the QLICI Lenders, SEDC, trade creditors and other stakeholders, regarding a restructuring. To fund operating expenses through the Petition Date and allow the Debtors to continue paying employees and professionals, the Bondholders permitted the Debtors to make certain draws on the Debt Service Reserve Fund. The extensive discussions culminated in a series of restructuring support agreements (the "RSAs") with substantially all of the Debtors' secured and unsecured creditors to effect a consensual restructuring of the Debtors' balance sheet pursuant to this Plan. The filing of the Chapter 11 Cases and this Plan allows the Debtors to address their liquidity challenges and continue operations, meet employee and other obligations, and implement the restructuring set forth in the RSAs. Class 8 consists of GO-Madison General Unsecured Claims. On or as soon as practicable after the Effective Date, each Holder of an Allowed GO-Madison General Unsecured Claim shall receive a Cash payment equal to ten percent of its Allowed GO-Madison General Unsecured Claim in full and final satisfaction, release, settlement, and discharge of its GO-Madison General Unsecured Claim, except to the extent that a Holder of an Allowed GO-Madison General Unsecured Claim has agreed to less favorable treatment or has been paid previously. The allowed unsecured claims total $5,500,000. Class 9 consists of Convenience Class Claims (GO-Madison Unsecured Claims in Allowed amounts of $25,000.00 or less). On or as soon as practicable after the Effective Date, in full and final satisfaction, release, settlement, and discharge of such Allowed Convenience Class Claim, shall receive payment in Cash in the full amount of such Allowed Convenience Class Claim, except to the extent that a Holder of a Convenience Class Claim has agreed to less favorable treatment or has been paid previously. The allowed unsecured claims total $660,000. This Class will receive a distribution of 100% of their allowed claims. Class 13 consists of GO-Inc. General Unsecured Claims. On the Effective Date, all GO-Inc. General Unsecured Claims shall be cancelled and discharged, and Holders of GO-Inc. General Unsecured Claims shall not receive or retain any Property under the Plan on account of their GO-Inc. General Unsecured Claims. Any Liens held by Holders of Class 12 Claims shall be released and discharged on the Effective Date. The allowed unsecured claims total $7,411,742. On the Effective Date, all GO-Inc. Equity Interests shall be retired, cancelled, extinguished and discharged in accordance with the terms of the Plan, and Holders of GO-Inc. Equity Interests shall not receive or retain any Property under the Plan on account of their GO-Inc. Equity Interests. On the Effective Date, all GO-Madison Equity Interests shall be cancelled, and Holders of GO-Madison Equity Interests shall not receive or retain any Property under the Plan on account of their GO-Madison Equity Interests. For purposes of determining whether the Plan meets the feasibility requirement, the Debtors, in consultation with their financial advisors, have analyzed the Debtors' ability to meet their obligations under the Plan. As part of that analysis, the Debtors have prepared consolidated projected financial results for the period beginning July 1, 2025 and ending December 31, 2026 ("Projections"). The assumptions the Debtors considered to be significant are described in the notes which are part of the Projections. Based on the Projections, the Debtors believe that the Plan is feasible and that the Reorganized Debtors will be able to satisfy their obligations under the Plan, as well as their obligations associated with post-Effective Date business operations. A full-text copy of the Combined Disclosure Statement and Plan dated March 28, 2025 is available at https://urlcurt.com/u?l=T2uqVM from PacerMonitor.com at no charge. Proposed Counsel for Debtors: Mark E. Felger, Esq. Simon E. Fraser, Esq. Cozen O'Connor 1201 N. Market Street, Suite 1001 Wilmington, Delaware 19801 Phone: (302) 295-2087 Fax: (302) 295-2013 Email: mfelger@cozen.com sfraser@cozen.com David R. Doyle, Esq. Cozen O'Connor 123 N. Wacker Drive, Suite 1800 Chicago, Illinois 60606 Phone: (312) 474-1648 Fax: (312) 361-8378 Joel D. Nesset, Esq. Cozen O'Connor 33 South 6th Street, Suite 3800 Minneapolis, MN 55402 Phone: (612) 260-9000 Fax: (612) 260-9080 Email: jnesset@cozen.com 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. GOL LINHAS: Secures Agreement with Group of 2026 Noteholders ------------------------------------------------------------ Ney Hayashi of Bloomberg News reports that Gol Linhas has reached a preliminary agreement with an ad-hoc group of 2026 noteholders, as outlined in a regulatory filing. Under the deal, the group will underwrite $125 million in exit financing notes as part of the carrier's Chapter 11 restructuring plan. Castlelake and Elliott have agreed to revise the existing underwriting terms to enable the ad-hoc group of noteholders to join the transaction. Noteholders of the 2026 senior secured notes who do not accept the deal will receive up to $100 million in take-back notes, the report states. About Gol GOLL4.SA GOL Linhas Aereas Inteligentes S.A. provides scheduled and non-scheduled air transportation services for passengers and cargo; and maintenance services for aircraft and components in Brazil and internationally. The company offers Smiles, a frequent-flyer program to approximately 20.5 million members, allowing clients to accumulate and redeem miles. It operates a fleet of 146 Boeing 737 aircraft with 674 daily flights. The company was founded in 2000 and is headquartered in Sao Paulo, Brazil. GOL Linhas Aereas Inteligentes S.A. and its affiliates and its subsidiaries voluntarily filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 24-10118) on Jan. 25, 2024. GOL Linhas estimated $1 billion to $10 billion in assets as of the bankruptcy filing. The Debtors tapped Milbank Llp as counsel, Seabury Securities Llc as restructuring advisor, financial advisor and investment banker, Alixpartners, LLP, as financial advisor, and HUGHES Hubbard & Reed LLP as aviation related counsel. Kroll Restructuring Administration LLC is the claims agent. GOOD TO GO: Seeks Chapter 11 Bankruptcy in Illinois --------------------------------------------------- On April 28, 2025, Good to Go Jamaican Cuisine LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filing, the Debtor reports between $100 million and $500 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Good to Go Jamaican Cuisine LLC Good to Go Jamaican Cuisine LLC runs a Caribbean restaurant in Evanston, Illinois, offering traditional Jamaican fare. Founded in 2002, the establishment is known for its signature dishes such as Jerk Chicken, Oxtail, Brown Stew Chicken, Curry Goat, and Jerk Pork. The venue also features an event space for live music performances and private gatherings. Good to Go Jamaican Cuisine LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No.: 25-06446) on April 28, 2025. In its petition, the Debtor reports estimated assets betweeb $500,000 and $1 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Debtor is represented by William Factor, Esq. at THE LAW OFFICE OF WILLIAM J. FACTOR, LTD. GREYSTONE PROPERTY: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: Greystone Property Development LLC 29 Poplar St. Roslindale MA 02131 Business Description: Greystone Property Development LLC is a home improvement contractor based in Roslindale, Massachusetts. The Company specializes in residential remodeling services, including kitchen and bathroom renovations, basement and whole-home remodels, and home additions. Chapter 11 Petition Date: April 24, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-10811 Judge: Hon. Christopher J Panos Debtor's Counsel: Margaret Mullen, Esq. MARGARET MULLEN 300 Summer St. Plymouth MA 02360 Tel: 781-499-3368 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Thomas Reyes as partner/manager. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/525SCCQ/Greystone_Property_Development__mabke-25-10811__0001.0.pdf?mcid=tGE4TAMA H-FOOD HOLDINGS: HQ Landlord Backed Out of New Terms ---------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that snack maker Hearthside Food Solutions has sued the landlord of its Illinois headquarters, alleging the landlord is breaking a last-minute agreement that would have permitted the company to continue operating at the location. About H-Food Holdings H-Food Holdings, LLC, formerly known as Matterhorn Merger Sub, LLC, was founded in 2009 in Grand Rapids, Mich. The company and its affiliated debtors are a contract manufacturer of food products, producing and supplying, among other things, nutrition bars, frozen packaged foods, meal kits, snacks, sauces, refrigerated trays, overwrap, custom packaging solutions, and more to customers. As the largest food co-manufacturer in North America, the Debtors manufacture some of the most valued and recognizable brands, and the Debtors' key customers include many of the leading consumer packaged goods customers in North America. The Debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90586) on Nov. 22, 2024, listing $1 billion to $10 billion in both assets and liabilities. Robert M. Caruso, chiefrestructuring officer, signed the petitions. Judge Alfredo R. Perez presides over the cases. The Debtors tapped Ropes & Gray, LLP as general bankruptcy counsel; Porter Hedges, LLP as co-bankruptcy counsel; Evercore Group, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. HARBOR FREIGHT: Moody's Alters Outlook on 'B1' CFR to Negative -------------------------------------------------------------- Moody's Ratings changed Harbor Freight Tools USA, Inc.'s (HFT) outlook to negative from positive. At the same time, Moody's affirmed HFT's corporate family rating at B1, its probability of default rating at B1-PD and its senior secured bank credit facility rating due 2031 at B2. The change in outlook to negative from positive reflects HFT's significant exposure to imposed tariffs on China and the need to shift its sourcing strategy in the face of an uncertain US trade policy. As HFT works to mitigate higher tariff costs, Moody's expects a material reduction in HFT operating income in its fiscal year ended July 2026 which will result in an erosion in HFT's currently solid credit metrics. Currently, debt/EBITA is 3.8x and EBIT/Interest is 3.1x for the LTM ended January 31, 2025. Moody's projects that leverage at the end of its fiscal year July 2026 to be in the range of 4.5x to 5.5x and EBIT/interest of approximately 2.0-2.7x. The affirmation of the B1 CFR reflects HFT's good liquidity, given its large ABL and excess inventory, and that financial policy will remain supportive under its founder owner. Moody's also expects Harbor Freight Tools USA, Inc. to be able to rationalize its cost base and lower capital investments to support its profitability and liquidity position. RATINGS RATIONALE HFT's B1 CFR reflects its unique niche in providing value priced tools and equipment, which has historically resulted in continued revenue growth and an ability to attract new customers. HFT's business strategy of direct sourcing proprietary brands has driven its ability to price product at relatively lower price points compared to its competitors. The company's product offering is well positioned in an environment where customers are focused on value. Nonetheless, its dependence on imported product, with the majority of its product from China and a significant portion from Vietnam, requires the company to rework its sourcing model given the prohibitive tariff levels currently on China. The rates are well beyond ones absorbed in 2018, and Moody's expects significant pressure on its profitability. Higher tariffs rates will need to be absorbed through either its vendors, higher prices, or operational cost reductions and efficiencies. HFT has been working to reduce its reliance on China and has also increased its range of products to include items that can not only meet the needs of the DIY customers but also the professional contractor. The rating also reflects governance considerations including its commitment to net funded leverage (as defined by the company) remaining between 2.5-3.5x and the prioritization of debt reduction over future dividends. HFT has good liquidity as its $1.6 billion ABL due 2029 had $1.17 billion available at January 31, 2025 with $390 million outstanding. HFT is also relatively more modest in scale when compared to the larger home improvement and auto-parts retailers, and has a more narrow product offering. The negative outlook reflects that the uncertain US trade policy will result in a reduction in HFT's profitability, pressure its ability to source certain products at needed quantities or prices and result in weakened credit metrics. The outlook also reflects the execution risk related to adapting its operations to the current trade environment, including changes to its sourcing strategy, capital plans, pricing model and cost structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could result in an upgrade would require consistent organic sales and operating income growth with operating margins in line with historical levels. An upgrade would also require a conservative financial policy that prioritizes maintaining good liquidity and using free cash flow for debt reduction. Quantitatively, an upgrade would require debt to EBITDA sustained below 4.5 times and EBIT/interest coverage sustained above 2.5 times. Factors that could result in a downgrade include a sustained deterioration in operating performance, an increase in debt or deterioration in liquidity, including negative free cash flow generation. Quantitatively, ratings could be downgraded if debt to EBITDA was sustained above 5.0 times or EBIT/interest coverage below 1.75 times. Headquartered in Calabasas, California, Harbor Freight Tools USA, Inc. sells value priced tools and equipment through over 1,580 stores in 48 states as of January 31, 2025 as well as through the internet and its call centers. Harbor Freight Tools USA, Inc. is privately owned by Mr. Eric Smidt. Revenue is in excess of $8.7 billion as of January 31, 2025. The principal methodology used in these ratings was Retail and Apparel published in November 2023. HARVEY LANDHOLDINGS: Proposes Immaterial Modifications to Plan -------------------------------------------------------------- Harvey Landholdings, L.L.C., filed with the U.S. Bankruptcy Court for the Northern District of Georgia a First Modification to Plan of Reorganization dated March 28, 2025. In accordance with Section 1193(a) of the Bankruptcy Code, Debtor hereby modifies the Plan as set forth herein. The changes do not materially or adversely affect the rights of any parties in interest which have not had notice and an opportunity to be heard with regard thereto. Article 4, Section 4.4 of the Plan, Class 4: Secured Claim of Synovus Bank (Unit E-230 Claim), is deleted in its entirety and replaced with the following: Class 4 consists of the Secured Claim of Synovus Bank ("Synovus") regarding Unit E-230. On December 5, 2024, Synovus Bank filed its Proof of Claim, assigned Proof of Claim No. 1, in the amount of $259,343.70 consisting of: (i) principal in the amount of $204,763.65 (the "Class 4 Principal"); (ii) interest in the amount of $3,022.16; and, (iii) other charges/ fees in the amount of $51,557.89 (such amount or such lesser amount as allowed by the Court is referred to as the "Class 4 Secured Claim") pursuant to a certain Promissory Note dated August 8, 2007 between Debtor and Bank of North Georgia in the original principal amount of $400,000.00 (the "Synovus Unit E-230 Note") secured by a first priority lien on the Class 4 Collateral consisting of real property located at 3155 North Point Parkway, Unit E-230, Alpharetta, Georgia (the "Unit E230 Real Property") as further described in the Deed to Secure Debt dated August 8, 2007 recorded in the Fulton County, Georgia land records on August 14, 2007, in Deed Book 45536, Page 39 et seq. (the "Unit E-230 Security Deed") and such other loan documents related to the Class 4 Secured Claim are referred collectively as the "Synovus Unit E-230 Loan Documents." Debtor acknowledges that the Synovus Unit E-230 Note is cross-collateralized with the Synovus Unit E210 & E-220 Note (as defined in Class 5). The Synovus Unit E-230 Loan Documents, and specifically the Synovus Unit E-230 Note, require monthly payments with interest accruing on the principal balance at the variable interest rate provided in the Synovus Unit E-230 Note with all remaining principal and accrued interest due and payable by August 8, 2032. Interest shall accrue on the then outstanding balance of the Class 4 Principal of the Allowed Class 4 Secured Claim at the annual rate of 8.5%. Debtor intends to refinance or market and sell the Real Estate. Debtor shall pay the Allowed Class 4 Secured Claim in equal monthly payments of $2,500.00 each commencing on the 28th day of the first full month following the Effective Date and continuing by the 28th day of each subsequent month (or the next Business Day if the 28th day is not a Business Day), until paid in full provided, however, that any Allowed Class 4 Secured Claim that has not been paid in full on or before the 3rd anniversary of the Effective Date shall be paid with a final balloon payment on or by the 3rd anniversary of the Effective Date (the "Class 4 Maturity Date") unless such Holder agrees to a longer payment term. The Synovus Unit E-230 Loan Documents will be deemed current so long as Debtor is in compliance with Class 4 and Class 5 of the Plan, and will continue in full force and effect, pursuant to the non-default terms of the same. The Debtor's financial condition or filing of this Bankruptcy Case shall not be a default under the Synovus Unit E-230 Loan Documents. Notwithstanding anything to the contrary, no default pursuant to the Synovus Unit E-230 Loan Documents which existed on the Confirmation Date shall be a default under the Plan and any decision within the discretion or control of Synovus shall be subject to a reasonableness standard. Synovus shall retain its first priority lien on the Class 4 Collateral and said lien shall be valid and fully enforceable to the same validity and priority as existed on the Filing Date and to the extent of the Class 4 Secured Claim. Upon receipt of payment in full of the Class 4 Secured Claim and the Class 5 Secured Claim, Synovus shall release its lien on the Class 4 Collateral and cancel any assertions of liens against the Class 4 Collateral. If Synovus does not release its security interest within 15 days after receipt of payment in full of the Class 4 Secured Claim and Class 5 Secured Claim, Debtor may take such action necessary, pursuant to applicable law including, without limitation, O.C.G.A. Section 11-9-513, to have the asserted security interest or lien against Debtor's property released. Article 4, Section 4.5 of the Plan, Class 5: Secured Claim of Synovus Bank (Units E-210 & E-220 Claim), is modified as follows: * Section 4.5 is deleted and replaced with the following: Class 5 consists of the Secured Claim of Synovus Bank ("Synovus") regarding Units E210 and E-220. On December 5, 2024, Synovus Bank filed its Proof of Claim, assigned Proof of Claim No. 2, in the amount of $234,153.35 consisting of: (i) principal in the amount of $179,151.91 (the "Class 5 Principal Balance"); (ii) interest in the amount of $5,588.76; and, (iii) other charges/ fees in the amount of $49,412..68 (such amount or such lesser amount as allowed by the Court is referred to as the "Class 5 Secured Claim") pursuant to a certain Loan Agreement dated December 13, 2013 between Debtor and Bank of North Georgia in the original principal amount of $250,000.00 (the "Synovus Unit E-210 & E-220 Note") secured by a first priority lien on the Class 5 Collateral consisting of real property located at 3155 North Point Parkway, Unit E-210 & E-220, Alpharetta, Georgia (the "Unit E-210 & E-220 Real Property") as further described in the Deed to Secure Debt dated December 13, 2013 and recorded in the Fulton County, Georgia land records on December 16, 2013, in Deed Book 53424, Page 73 et seq. (the "Unit E-210 & E-220 Security Deed") and such other loan documents related to the Class 5 Secured Claim are referred collectively as the "Synovus Unit E-210 & E-220 Loan Documents." * The Synovus Unit E-210 & E-220 Loan Documents, and specifically the Synovus Unit E210 & E-220 Note, require monthly payments with interest accruing on the principal balance at the variable interest rate provided in the Synovus Unit E-210 & E-220 Note with all remaining principal and accrued interest due and payable by December 18, 2018. Interest shall accrue on the outstanding balance of the Class 5 Principal of the Allowed Class 5 Secured Claim at the annual rate of 8.5%. Debtor intends to refinance or market and sell the Real Estate. Debtor shall pay the Allowed Class 5 Secured Claim in equal monthly payments of $1,800.00 each commencing on the 28th day of the first full month following the Effective Date and continuing by the 28th day of each subsequent month (or the next Business Day if the 28th day is not a Business Day), until paid in full provided, however, that any Allowed Class 5 Secured Claim that has not been paid in full on or before the 3rd anniversary of the Filing Date shall be paid with a final balloon payment on or by the 3rd anniversary of the Effective Date (the "Class 5 Maturity Date") unless such Holder agrees to a longer payment term. Article 4, 4.6 of the Plan, Class 6: Secured Claim of the U.S. Small Business Administration, is modified as follows: * The following sentence shall be deleted: "Within 5 business days of Debtor's request (or Debtor's agent's request) Synovus shall provide a payoff for the then outstanding balance of the Class 6 Secured Claim and an accounting of all debts and credits to the Class 6 Secured Claim since the Petition Date" (the "Deleted SBA Payoff Sentence"). * The Deleted SBA Payoff Sentence shall be replaced with the following sentence: "Within 5 business days of the Debtor's request (or Debtor's agent's request) the SBA shall provide (i) a payoff for the then outstanding balance of the Class 6 Secured Claim and (ii) an accounting of all debts and credits to the Class 6 Secured Claim since the Petition Date provided that to the extent said accounting information is available to the Debtor on the SBA's portal the SBA may refer Debtor to the same." A full-text copy of the First Modified Plan dated March 28, 2025 is available at https://urlcurt.com/u?l=sLyESD from PacerMonitor.com at no charge. Counsel to the Debtor: Leslie M. Pineyro, Esq. Adam E. Ekbom, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Telephone: (404) 564-9300 Email: lpineryo@joneswalden.com About Harvey Landholdings Harvey Landholdings LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-60343) on Sept. 30, 2024, with $1 million to $10 million in assets and $500,000 to $1 million in liabilities. The petition was signed by Donald K. Harvey as manager. Judge Jeffery W. Cavender oversees the case. The Debtor is represented by Leslie Pineyro, Esq., at Jones & Walden, LLC. Synovus Bank, as secured creditor, is represented by: Stephen G. Gunby, Esq. Page Scrantom Sprouse Tucker & Ford, PC P.O. Box 1199 1111 Bay Avenue, Third Floor Columbus, GA 31902 (706) 243-5630 sgunby@pagescrantom.com HERTZ CORP: Wells Fargo Challenges Interest Payment Before S.C. --------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Wells Fargo Bank NA urged the U.S. Supreme Court to reject Hertz Corp.'s petition challenging enhanced payments to bondholders resulting from its bankruptcy, arguing the case doesn't warrant review. Hertz is asking the high court to overturn a federal appeals court ruling that granted bondholders approximately $270 million in additional fees and interest tied to the company's 2021 Chapter 11 exit. But Wells Fargo pointed out that the Court has already declined to hear two similar cases involving solvent debtors, saying Hertz's arguments are even less compelling, according to Bloomberg Law. About Hertz Corp. Hertz Corp. and its subsidiaries -- http://www.hertz.com/-- operate a worldwide vehicle rental business under the Hertz, Dollar, and Thrifty brands, with car rental locations in North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East, and New Zealand. They also operate a vehicle leasing and fleet management solutions business. On May 22, 2020, The Hertz Corporation and certain of its U.S. and Canadian subsidiaries and affiliates filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware (Bankr. D. Del. Case No. 20-11218). Judge Mary F. Walrath oversees the cases. The Debtors have tapped White & Case LLP as their bankruptcy counsel, Richards, Layton & Finger, P.A., as local counsel, Moelis & Co. as investment banker, and FTI Consulting as financial advisor. The Debtors also retained the services of Boston Consulting Group to assist the Debtors in the development of their business plan. Prime Clerk LLC is the claims agent. The U.S. Trustee for Regions 3 and 9 appointed a Committee to represent unsecured creditors in Debtors' Chapter 11 cases. The Committee has tapped Kramer Levin Naftalis & Frankel LLP as its bankruptcy counsel, Benesch Friedlander Coplan & Aronoff LLP as Delaware counsel, UBS Securities LLC as investment banker, and Berkeley Research Group, LLC, as financial advisor. Ernst & Young LLP provides audit and tax services to the Committee. * * * Hertz Global and its subsidiaries emerged from Chapter 11 bankruptcy at the end of June 2021. Hertz won approval of a Plan of Reorganization that unimpaired all classes of creditors (who are legally deemed to have accepted it) and was approved by more than 97% of voting shareholders. The Plan provided for the existing shareholders to receive more than $1 billion of value. Recovery by shareholders of close to $8 a share was made possible after a fierce competition among bidders for control in the company. Initial offers from potential bidders for Hertz in its bankruptcy offered nothing for equity. Hertz in May 2021 selected investment firms Knighthead Capital Management LLC and Certares Management LLC, joined by other investors including Apollo Global Management Inc. and a group of existing shareholders, as the winning bidders for control of the bankrupt company. A rival group that included Centerbridge Partners LP, Warburg Pincus LLC and Dundon Capital Partners LLC was outbid at auction. Hertz's Plan eliminated over $5 billion of debt, including all of Hertz Europe's corporate debt, and will provide more than $2.2 billion of global liquidity to the reorganized Company. Hertz also emerged with (i) a new $2.8 billion exit credit facility consisting of at least $1.3 billion of term loans and a revolving loan facility, and (ii) an $7 billion of asset-backed vehicle financing facility, each on favorable terms. HIGHER GROUND: Court Extends Cash Collateral Access to May 14 ------------------------------------------------------------- Higher Ground Empowerment Center Church, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral. The bankruptcy court authorized the church's interim use of cash collateral for the period from April 22 to May 14 to pay the expenses set forth in its budget and ordered the church to deliver to the Subchapter V trustee $1,000 per month from the cash collateral for the application against her approved fees. The court previously allowed the church to access its secured creditor's cash collateral for the interim period from April 10 to 16. Secured creditor, the U.S. Small Business Administration, will be provided with protection in the form of a valid and properly perfected lien on all property acquired by the church after its Chapter 11 filing that is similar to its pre-bankruptcy collateral. As additional protection, SBA will continue to receive a monthly payment of $2,207. A final hearing is scheduled for May 14. About Higher Ground Empowerment Higher Ground Empowerment Center Church, Inc. is a non-profit church located in the Vine City neighborhood of Atlanta, Ga. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-51362) on Feb. 5, 2024, listing $1 million to $10 million in assets and $500,001 to $1 million in liabilities. Judge Sage M. Sigler oversees the case. The Debtor is represented by: Benjamin R Keck, Esq. Keck Legal, LLC Tel: 470-826-6020 Email: bkeck@kecklegal.com HOWARD MIDSTREAM: S&P Affirms 'BB-' ICR on Strategic Transactions ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' issuer credit rating on Howard Midstream Energy Partners LLC (HEP). At the same time, S&P affirmed its issue-level rating on HEP's senior unsecured notes at 'B+.' The '5' (25%) recovery rating is unchanged. The stable outlook reflects S&P's expectation that HEP will maintain ample liquidity and adjusted EBITDA will be approximately $330 million-$350 million 2025 and 2026 following the integration of newly acquired assets and the completion of growth projects. HEP has completed several strategic transactions over the past year, which expand the scale of the business and will result in higher cash flows. In April 2024, HEP acquired an additional 43% in their Catalyst Midstream joint venture with Devon. These gathering and processing assets in West Texas, giving them an advantaged proximity to the ample supply of gas in the Permian. In September 2024, the company acquired a Steam Methane Reformer (SMR) at Javelina for about $100 million. Acquiring the SMR gives HEP complete ownership of hydrogen production consumed by CITGO and other customers while also reducing expenses associated with the process. On Dec. 23, 2024, HEP closed the acquisition of 100% ownership of EPIC Midstream' s ethylene pipeline, EPIC Olefins for $184 million. EPIC Olefins is a 120-mile, 12-inch, bidirectional pipeline that provides ethylene transportation between Gulf Coast Growth Venture's ethane cracker in Corpus Christi, Texas and storage facilities in Markham, Texas. Finally, in February 2025, HEP closed on the acquisition of equity interests in Midship Pipeline from a subsidiary of Cheniere Energy Inc. The 200-mile FERC-regulated natural gas transmission pipeline is located in the SCOOP and STACK plays in Oklahoma's Anadarko Basin. HEP will assume operatorship on the pipeline, which has a current capacity of 1.1 Bcf/d. Each of these strategic transactions further improves HEP's scale and diversification, which will drive EBITDA growth over our forecasted period. S&P said, "We expect S&P Global Ratings-adjusted EBITDA will be approximately $330 million-$350 million 2025 and 2026. EBITDA growth will be driven mainly by South Texas G&P, West Texas G&P, Port Arthur Terminal, and the Corpus Cristi assets, partially offset by Northeast and Oklahoma gathering. We expect HEP's capex budget to be smaller than in previous years, having completed several growth projects in 2023 and 2024. We expect HEP to generate at least at least $150 million in free operating cash flow over our forecasted period. When HEP acquired the EPIC Olefins' pipeline, they assumed about $118 million in asset level debt, which we include in our consolidated credit ratios. "As a result, we expect HEP's credit metrics to be slightly elevated in 2025 compared with our previous expectations. However, we expect leverage to improve in 2026, resulting from cash flow growth. As a result, we expect debt to EBITDA to be 4.0x-4.5x in 2025, before improving to 3.5x–4.0x in 2026. "We expect HEP to maintain a relatively conservative financial policy. The company has a stated leverage target of below 4x and has distributed minimal cash historically. Over the past couple of years, the company has opportunistically issued senior unsecured notes to repay existing debt. These transactions have been leverage-neutral and have created additional borrowing capacity on the RCF. We expect the company to continue to favor growth initiatives and leverage reduction over distributions in the near term. "The stable outlook reflects our expectation that HEP will maintain ample liquidity and adjusted EBITDA will be approximately $330 million-$350 million 2025 and 2026 following the integration of newly acquired assets and the completion of growth projects. We expect adjusted debt to EBITDA to be about 4.0x-4.5x in 2025 before improving to 3.5x-4.0x in 2026. "We could consider a negative rating action if the company sustains operational underperformance or if delays to expansion projects lead to elevated expenses, resulting in adjusted debt to EBITDA remaining above 4.5x. "We could consider a positive rating action if the company materially increases its scale and diversity and sustains adjusted debt to EBITDA below 3.5x." HURRICANE GLASS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Hurricane Glass, Inc. got the green light from the U.S. Bankruptcy Court for the Southern District of Texas to use cash collateral. The order penned by Judge Jeffrey Norman authorized the company's interim use of cash collateral to pay its expenses until confirmation of a bankruptcy plan or conversion of its Chapter 11 case to one under Chapter 7. The company's 30-day budget shows total projected expenses of $113,429.08. As protection, the U.S. Small Business Administration, Itria Ventures, LLC and CHTD Company/Swift Financial will continue to have the same liens and security interests in the cash collateral generated after the company's Chapter 11 filing. As additional protection, Hurricane Glass was ordered to keep the lenders' collateral insured, and to maintain accounts receivable and other assets that constitute cash collateral in an amount no less than $107,000. About Hurricane Glass Inc. Hurricane Glass, Inc. operates a residential and commercial glass company. Hurricane Glass filed Chapter 11 petition (Bankr. S.D. Texas Case No. 25-31809) on March 31, 2025, listing up to $100,0000 in assets and up to $1 million in liabilities. Todd Carter, president of Hurricane Glass, signed the petition. Judge Jeffrey P. Norman oversees the case. Reese Baker, Esq., at Baker & Associates, represents the Debtor as legal counsel. Itria Ventures is represented by: Constantine Z. Pamphilis, Esq. Sara E. Wolfe, Esq. Kasowitz Benson Torres, LLP 1415 Louisiana Street, Suite 2100 Houston, TX 77002 Phone: (713) 220-8800 Fax: (713) 222-0843 DPamphilis@kasowitz.com SWolfe@kasowitz.com INVENERGY THERMAL: S&P Assigns Prelim 'BB' Rating on Secured Debt ----------------------------------------------------------------- S&P Global Ratings assigned its preliminary 'BB' project finance issue rating and '1+' recovery rating to Invenergy Thermal Operating I LLC's (ITOI) proposed $725 million term loan B and $50 million term loan C due in May 2032. S&P does not rate the proposed $150 million revolving credit facility due May 2030. The preliminary '1+' recovery rating indicates S&P's expectation for full recovery (100%) in a default scenario. ITOI will use the net proceeds to repay its existing term loan B ($246 million outstanding), fund a sponsor distribution (about $459 million), and pay transaction costs. S&P said, "Under our base case, we include an additional $75 million of incremental permitted debt that requires rating agency affirmation at a 'BB-' rating under the proposed terms, for a total $800 million term loan B. "Our 'BB' senior secured debt rating is based on moderate leverage and strong expected cash flow sweeps, supported by the Grays Harbor plant's tolling agreement and stable cash flow contributions from the Nelson, Nelson Expansion (NEX), and St. Clair plants over the next 12-24 months. "The stable outlook reflects that ITOI will generate robust cash flow available for debt service (CFADS) over the next 12-24 months based on mostly contracted capacity via the Grays Harbor tolling agreement until 2027, cleared PJM capacity auction, and St. Clair long-term contract. We forecast debt service coverage ratios (DSCR) above 2.5x during the term loan B period. Our minimum DSCR of 2.11x occurs during the post-refinancing and merchant period. We estimate $300 million-$310 million of the TLB will be outstanding at maturity in May 2032." ITOI is the borrower under the term loan B, term loan C, and revolving credit facility. The ultimate owners of ITOI are Invenergy Clean Power LLC and Infrabridge Global Infrastructure Fund Platform, each with half of the holding company. ITOI wholly owns a 2.3-gigawatt (GW) portfolio of four operating gas-fired electricity power plants in three North American Electric Reliability Corp. regions. The portfolio comprises: -- Grays Harbor, a contracted 650-megawatt (MW) combined-cycle gas turbine (CCGT) plant in Washington (Mid-Columbia, Northwest Power Pool region). Its tolling agreement with Puget Sound Energy Inc. runs until December 2027 with options to extend until March 2030. S&P expects Grays Harbor will account for about 60% of ITOI's cash flow. -- Nelson, a mostly merchant 609 MW CCGT in Illinois--Commonwealth Edison (ComEd) zone and Pennsylvania-New Jersey-Maryland (PJM) Interconnection region--has a power purchase contract with WPPI Energy for 15.6% of capacity until June 2037. S&P expects it to account for about 20% of ITOI's cash flow. -- NEX, co-tenant of Nelson, is a mostly merchant 380 MW dual-fueled simple-cycle gas turbine with 951,780 gallons of fuel storage on site. S&P expects NEX to account for about 12% of ITOI's cash flow. -- St. Clair Power L.P., a fully contracted 654 MW CCGT in the Canadian province of Ontario, with a power purchase agreement (contract for differences) with the Independent Electric System Operator (IESO) that runs until April 2035, subject to an advanced gas path upgrade in late 2025. S&P expects St. Clair will contribute less than 10% of ITOI's cash flow. S&P believes that higher cash flow from Grays Harbor and a cash sweep structure mitigate the debt burden and refinancing risk. ITOI's proposed $800 million term loan B (including $75 million of permitted debt subject to rating affirmation at a 'BB-' rating and maximum leverage of 3x) is threefold the current term loan B outstanding of $246 million. The 'BB' senior secured rating on ITOI's debt is supported by the lucrative physical tolling agreement of Grays Harbor, which provides $127 million of annual average CFADS until the end of 2027, compared with $65 million in 2024, when the plant was merchant. S&P forecasts Grays Harbor will account for about 60% of CFADS during the forecast period and remain a key contributor to the portfolio cash flow after the contract expires in 2027. S&P said, "We believe the Pacific Northwest power market will require firm and reliable generation during its energy transition period (2025-2045). Efficient assets such as Grays Harbor will benefit from favorable spark spreads and increased demand at least until the mid-2030s. We estimate that about 80% of the portfolio's gross margin during 2025-2027 is fixed through Grays Harbor's tolling agreement, Nelson's and NEX's cleared capacity for the 2025-2026 PJM auction, and St. Clair's contracted capacity, which provides distributions to ITOI. We expect that after 2027, only about 9% will be contracted, if the tolling agreement at Gray's Harbor are not renewed. Under our base case, we do not assume that it will, but acknowledge that it remains likely, given the state of the Pacific Northwest market and the need for load-serving entities to meet obligations with a finite number of firm and efficient generation sources. Beyond 2027, we model a $15/kW-month, all-in merchant price, slightly lower than the contract extension price." S&P Global Ratings' all-in price includes a bilateral component of $5-$6/kW-month, which represents additional revenue required to spur new plant development or delayed retirement of plants to maintain reliability. Given that the Pacific Northwest lacks structured wholesale markets or administered capacity markets, reaching $15/kW-month assumes Grays Harbor will contract its capacity bilaterally at $5-$6/KW-month after 2027. Because Grays Harbor has executed similar bilateral contracts and recently achieved an all-in energy margin price of $15-$16/kW-month in 2024, S&P assumes a similar all-in price, but below the contract renewal price. S&P said, "Our minimum DSCR of 2.11x occurs during the merchant and post-term loan B period when we expect $300 million-$310 million of the residual outstanding at maturity will be fully amortized until 2042, the end of assumed project life. We believe the uncertain market conditions during the merchant phase of the portfolio (2028-2042) and refinancing risk are partially mitigated by the moderate debt burden. The proposed term loan B requires a 50% cash flow sweep for leverage above 2.25x, reduced to 25% otherwise, and increased to 75% if leverage is greater than 4x. Even though this is less stringent than the previous debt structure, we expect the project will sweep about $435 million during the term loan B period, more than 50% of the original debt issue, reducing refinancing risk. We note the project may refinance the facility, whereas we consider a fully amortizing structure, albeit sculpted to project cash flow. "We expect strong PJM capacity prices in the 2026-2027 auction period and tailwinds from increased power demand. Expected capacity retirements and data center proliferation in PJM should provide stable contributions for Nelson and NEX in the near term. We now expect these assets will contribute about 30% of ITOI's CFADS, compared with about 60% previously. This is mainly due to Grays Harbor's capacity contract. We expect 2026-2027 PJM capacity auction will clear a ComEd region price at about $250/MW-day following the $269.93/MW-day cleared in the 2025-2026 auction, in which Nelson and NEX operate. Nelson cleared 405 MW and NEX cleared 248 MW (including bilateral capacity contracts) for the PJM 2025-2026 auction period, which translates to about $40 million in capacity revenues for 2025 and $60 million in 2026. "We expect Nelson will achieve about 60% capacity factor in the near term, driven by increased demand, but we anticipate it to drop to 40%-45% toward the end of its asset life as renewable generation reduces market heat rates. We expect Nelson's clean spark spreads, including hedges, will be about $12.70/MWh in 2025 based on forward power prices and historical performance. Nelson has hedged about 40% of its annual capacity at a weighted-average $13.47/kWh in 2025, higher than in 2024. We expect clean spark will be $13-$14/MWh because the asset will operate less often, but we expect it to capture higher prices toward the end of its life. We project Nelson will generate annual average CFADS of about $33 million until 2030 and $25 million-$30 million after that. "We expect NEX will operate at a capacity factor of between 15%-20% until 2030 due to our expectation for increased demand and near-term shortage of capacity. After 2030, we expect NEX's capacity factor to decline gradually to around 10% for the rest of the asset life in 2040 due to Climate and Equitable Jobs Act rules that limit gas plant carbon emissions through a cap on generation. NEX will generate most of its gross margin from capacity revenues, which we expect will average 60% over the project life. We expect NEX will generate about $20 million in CFADS in the near term, declining to $15 million-$20 million toward the end of its life. We expect NEX's average clean spark spread will be about $20/MWh. NEX could provide a potential upside in cash flow during peak demand because the plant could capture higher sparks than Nelson given its dual-fuel operation and 32 hours of storage capacity. "We expect increased cash flow distributions from St Clair due to improved efficiency after the advanced gas path upgrade. We expect about $15 million annual distributions due to improved efficiency of the plant and lower debt service payments leading to higher DSCRs (1.80x). Under St. Clair's long-term contract for the differences with the Ontario Power Authority, the contract heat rate requirement is 7,600 Btu/kWh. After the upgrade, we expect the asset will operate at a heat rate closer to 7,100 Btu/kWh, leading to additional cash flow based on the imputed revenue model. Given our estimate of St. Clair's cash flow, as well as its debt service payments, we expect distributions will account for less than 10% of ITOI's cash flow. St. Clair will add approximately C$91 million to its outstanding debt to pay for the upgrade. We forecast St. Clair's capacity factor will be about 44%, in line with historical generation, and decline gradually by 2035 given Ontario's commitment to maintain the nuclear fleet by refurbishing the Bruce, Darlington, and Pickering plants along with the entry of low marginal cost renewable generation. The IESO region relies heavily on hydroelectric and nuclear generation, accounting for 60% of the reliability mix. While St. Clair is a relatively efficient CCGT (expected to operate at 7,100 Btu/kWh), it sits higher on the dispatch curve given the region's large composition of nonthermal generation. The debt at St. Clair fully amortizes by the end of the contract, so there is no refinancing risk. "The stable outlook on ITOI's debt reflects our expectation of robust cash flow over the next 12-24 months because of Grays Harbor's tolling contract and more contributions from the other assets. We expect the project will achieve DSCRs above 2.5x during the term loan B period. In the post-TLB period, we expect portfolio cash flow will gradually decline because we assume all merchant assets in the portfolio will become less competitive due to the entry of more efficient technology and renewable generation, reducing production and cash flow. Our minimum DSCR of 2.11x occurs during the post-TLB and merchant period, when we assume a fully amortizing structure at a relatively higher interest margin." S&P could lower its rating on ITOI's debt if a combination of these factors reduces minimum DSCRs to less than 1.8x on a sustained basis: -- Lower-than-expected operating performance of Grays Harbor, reducing capacity payments. -- Lower-than-expected realized energy margin or weaker demand from the rest of the merchant assets because of a less favorable market outlook. -- Increased leverage, which would weaken the portfolio's creditworthiness. S&P said, "We cap the rating at the credit profile of St. Clair, where a bankruptcy filing would cause a cross-default and potential acceleration of the ITOI debt. We assess St. Clair's credit profile regularly. Meaningful deterioration could prompt us to lower the rating on the ITOI even with compensating improvements in other portfolio assets, although St. Clair's credit quality does not limit the rating at this stage. "Given the project's exposure to merchant risks and long dated uncertainties (asset life risk, secular changes in generation demand and supply, etc.), we believe a likely path to an upgrade will come from considerable deleveraging. As such, we would require a minimum DSCR of at least 3x through the project life, including the post-term loan B period." IRWIN NATURALS: Unsecureds Unimpaired in in Two-Option Plan ----------------------------------------------------------- Irwin Naturals and affiliates submitted a Second Amended Disclosure Statement describing Second Amended Plan of Reorganization dated March 31, 2025. The Plan is a reorganizing plan which will be funded by (i) exit financing or (ii) a full equity investment. The Plan provides for Irwin Nevada's and 5310's emergence from their chapter 11 bankruptcy cases as the "Reorganized Debtors", which the Debtors anticipate will occur in June 2025. Under the Plan, the Debtors will satisfy their debt and other claims and interests as set forth in Article III. The Debtors are solvent and all allowed claims will be paid in full on or shortly after the Effective Date. The Plan has been designed to (i) position the Reorganized Debtors to succeed following bankruptcy, and (ii) maximize return to creditors and interest holders. After confirmation of the Plan, Irwin Nevada will continue operating its nutraceutical business that it has successfully operated since its inception in 1994, and 5310 will remain a subsidiary of Irwin Nevada that holds the majority of the Debtors' intellectual property. This Plan proposes two paths, either of which will enable the Debtors to pay all allowed claims in full within fourteen days of the Effective Date. * First Scenario: The Debtors obtain exit financing in an amount sufficient to fund the payment of all allowed claims on or shortly after the Effective Date. The Debtors will identify their exit financing lender(s) and the terms of the exit financing seven days before the hearing on the Disclosure Statement. Through this version of their Plan, the Debtors will dissolve Irwin Canada and DAI, and any assets owned or controlled by Irwin Canada or DAI will be assigned to Irwin Nevada. If the Debtors are able to obtain exit financing, existing Irwin Canada shareholders will obtain their equivalent stock interest in Irwin Canada in Irwin Nevada. * Second Scenario: If the Debtors are unable to secure exit financing, then the Debtors will identify a new equity investor who will be acquiring 100% of Irwin Nevada's equity interests by filing a pleading one week before the Disclosure Statement hearing. In this scenario, all operating assets of Irwin Canada will be assigned to Irwin Nevada, and Irwin Canada and DAI will be dissolved. A Liquidating Trust will be formed as of the Effective Date, with the appointment of a Liquidating Trustee, that will administer and liquidate all remaining non-operating assets of the Debtors, including, but not limited to, Cash from the New Value Contribution and Causes of Action that are not included in the equity sale. The Liquidating Trust will, among other things, pay all Allowed Claims in full as set forth in the Plan, oversee and prosecute objections to claim, administer the Estates until the closing of these cases, and pursue, as appropriate, Causes of Action on behalf of Equity Holders. The Plan provides for a reorganization which dissolves two entities, Irwin Canada and DAI, with Irwin Nevada and 5310 as the remaining entities, and an assignment of any assets of the dissolved entities to the remaining entities and, as appropriate, to the Liquidating Trust. Through the Plan, the Debtors will pay all allowed claims in full. Through the Plan, (a) if exit financing is secured, the existing public shareholders of Irwin Canada will obtain a direct ownership interest in Irwin Nevada or, in the alternative, (b) if there is a new equity investor, the existing shares of Irwin Nevada, DAI and Irwin Canada will be cancelled and the new equity investor will acquire 100% of the equity of Irwin Nevada on the Effective Date. Class 3 consists of General Unsecured Claims [Excluding Insider Claims]. Estimated at approximately $5 to $6 million. Allowed General Unsecured Claims will be paid in full within fourteen days of the Effective Date (assuming the Reorganized Debtor is in possession of a W-9 for each creditor holding an Allowed Claim). Interest shall accrue at 14% commencing on the Petition Date on all Allowed General Unsecured Claims. Upon resolution of the Debtors' objections to disputed General Unsecured Claims, the respective claimants shall be paid their Allowed General Unsecured Claim in full within ten days of a final order allowing such claim. Class 3 is unimpaired. Class 4 consists of General Unsecured Claim of Insider Klee Irwin ($1 million). If the Debtors obtain exit financing, then this claim shall carryover and will not be paid. If there is a new equity investor, this claim will be paid in full within fourteen days of the Effective Date. Class 5 consists of General Unsecured Claim of Insider Mark Green ($1 million claim upon a New Equity Investor acquiring 50% or more of Irwin Nevada's shares). If the Debtors successfully obtain exit financing, then this claim is $0 and no amounts are owed. If there is a new equity investor, Mr. Green, the Debtors' Chief Financial Officer, is entitled to a $1 million general unsecured claim and payment in full will be made within fourteen days of the Effective Date. The Debtors, with the assistance of Essex Capital, are pursuing exit financing that will allow them to pay all Allowed Claims in full. If the Debtors obtain Exit Financing under Option (c), then all Allowed Claims will be in full within fourteen days of the Effective Date (for Undisputed Claims) or within fourteen days of a Disputed Claim becoming an Allowed Claim. Only Holders of Allowed Claims who have submitted a W-9 shall be eligible for a Distribution. A full-text copy of the Second Amended Disclosure Statement dated March 31, 2025 is available at https://urlcurt.com/u?l=7vT7ea from Omni Agent Solutions, Inc., claims agent. Counsel to the Debtors: David M. Poitras, Esq. Susan K. Seflin, Esq. Jessica S. Wellington, Esq. BG LAW LLP 21650 Oxnard Street, Suite 500 Woodland Hills, CA 91367 Telephone: (818) 827-9000 Facsimile: (818) 827-9099 Email: dpoitras@bg.law sseflin@bg.law jwellington@bg.law About Irwin Naturals Irwin Naturals is a provider of business support services. Irwin Naturals and affiliates, 5310 Holdings, LLC, DAI US HoldCo, Inc. and Irwin Naturals, Inc., filed Chapter 11 petitions (Bankr. C.D. Calif. Lead Case No. 24-11323) on Aug. 9, 2024. At the time of the filing, Irwin Naturals reported $10 million to $50 million in both assets and liabilities. Judge Victoria S. Kaufman oversees the cases. The Debtors tapped BG Law, LLP as bankruptcy counsel; Beach, Freeman, Lim & Clelland, LLP as accountant; Province, LLC as financial advisor; and Marula Capital Group, LLC as valuation consultant. Omni Agent Solutions, Inc., is the Debtors' administrative agent. The U.S. Trustee for Region 16 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Golden Goodrich, LLP. JEFFERSON CAPITAL: Fitch Assigns BB-(EXP) Rating on Unsec. Notes ---------------------------------------------------------------- Fitch Ratings expects to assign a rating of 'BB-(EXP)' to Jefferson Capital Holdings, LLC's (Jefferson) proposed senior unsecured notes issuance. The amount, coupon and final maturity will be determined at the time of issuance. Proceeds from the contemplated issuance are expected to be used to repay outstanding balances of its revolving credit facility and for general corporate purposes. Key Rating Drivers The expected rating on the proposed senior unsecured notes is equalized with Jefferson's existing unsecured debt as the issuance will rank equally in the capital structure. The senior unsecured debt rating is equalized with Jefferson's 'BB-' Long-Term Issuer Default Rating (IDR), reflecting its largely unsecured funding mix and Fitch's expectation of average recovery prospects under a stressed scenario. Fitch does not expect the debt issuance to have any meaningful impact on the company's leverage profile, as proceeds are expected to be used primarily to pay down the outstanding revolving credit facility. While leverage (gross debt-to-adjusted EBITDA) increased to 2.8x at YE24 due to an increase in debt to fund the Conn's portfolio acquisition in December 2024, leverage subsequently declined to approximately 2.2x in March 2025 supported by strong cash collections. Pro forma for the contemplated unsecured issuance, leverage is expected to remain relatively stable and within Jefferson's stated target of 2.0x-2.5x. Gross debt to tangible equity was 3.8x at YE24 and remains below Fitch's 5x downgrade trigger. Jefferson's ratings reflect its growing franchise within the debt purchasing sector, where it benefits from a recognized market position in the U.S., a leading franchise in Canada and a growing presence in the U.K. and Latin America, its diversification across secured and unsecured asset classes, and consistent through-the-cycle operating history via predecessor entities. The ratings also reflect Jefferson's solid operating performance, conservative leverage profile relative to peers and limited near-term refinancing risk. Rating constraints include Jefferson's small scale relative to top-tier peers, its monoline business model primarily servicing charged-off debt, and its private equity ownership which can yield uncertainty around strategic and financial policy as well as long-term shareholder commitment. Additional constraints include the company's reliance on internal modelling for portfolio valuations and associated metrics such as estimated remaining collections and potential regulatory scrutiny associated with the consumer collections businesses. The Stable Rating Outlook reflects Fitch's expectation that Jefferson will maintain gross debt-to-adjusted EBITDA at or below 2.5x and tangible leverage below 5x, solid cash efficiency and profitability, stable funding access, and adequate liquidity. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A sustained increase in debt/adjusted EBITDA above 2.5x or debt/tangible equity above 5.0x, resulting from material deterioration of operating performance, an increase in debt-funded acquisitions, and/or a material increase in shareholder distributions; - Failure to maintain a diverse funding profile and/or a sustained shift to a largely secured balance sheet funding model; - A weakening in asset quality, as reflected in acquired debt portfolios significantly underperforming anticipated returns or repeated material write-downs in expected recoveries; - An adverse operational event or significant disruption in business activities (arising from regulatory intervention in key markets and/or a severe deterioration in consumer financial health adversely impacting collection activities), thereby undermining franchise strength and business-model resilience. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A sustained enhancement of scale and franchise strength relative to peers and demonstrated earning resilience through the current economic cycle; - Further diversification of the funding profile and maintenance of an unsecured debt funding mix at greater than 40% of total debt on a sustained basis; - Leverage maintained consistently below 2x through the cycle on a debt/adjusted EBITDA basis and below 4x on a debt/tangible equity basis. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS Jefferson's expected senior unsecured debt rating is equalized with its Long-Term IDR, reflecting Fitch's expectation of average recovery prospects under a stressed scenario. The negative impact from an increase in secured funding in a priority position is offset by relatively low leverage. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES Jefferson's expected senior unsecured debt rating is primarily sensitive to changes in the company's Long-Term IDR and secondarily to the funding mix and recovery prospects on the unsecured debt. A material increase in the proportion of secured debt, which weakens recovery prospects for unsecured debtholders in a stressed scenario, could result in the unsecured debt rating being notched down from the IDR. Date of Relevant Committee 21 June 2024 ESG Considerations Jefferson Capital Holdings LLC has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to the importance of fair collection practices and consumer interactions and the regulatory focus on them, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. Jefferson Capital Holdings LLC has an ESG Relevance Score of '4' for Financial Transparency due to the significance of internal modelling to portfolio valuations and associated metrics such as estimated remaining collections, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. These are features of the debt purchasing sector as a whole and not specific to the company. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Jefferson Capital Holdings LLC senior unsecured LT BB-(EXP) Expected Rating JOANN INC: Proposes $1.3MM Ohio Closure Agreement w/ Union Workers ------------------------------------------------------------------ Vince Sullivan of Law360 Bankruptcy Authority reports that Joann Inc., the bankrupt crafting supply company, offered a proposal on April 28, 2025 to unionized workers at its Ohio distribution center, providing $1.3 million in severance and unused time-off pay for staying on the job until the facility closes. About Joann Inc. JOANN operates in the fabric and sewing industry with one of the largest assortments of arts and crafts products. JOANN has transformed itself into a fully-integrated, digitally-connected omni-channel retailer. JOANN reported a net loss of $200.6 million for the year ended Jan. 28, 2023. On March 18, 2024, JOANN Inc. and 9 affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10418). JOANN listed $2,257,700,000 in assets against $2,440,700,000 in liabilities as of Oct. 28, 2023. Judge Craig T. Goldblatt oversees the case. The Debtors tapped Latham & Watkins, LLP as legal counsel; Houlihan Lokey Capital, Inc. as investment banker; and Alvarez & Marsal North America, LLC, as financial advisor. Kroll Restructuring Administration, LLC is the noticing agent. JOANN Inc., on April 30, 2024 successfully emerged from its court-supervised financial restructuring process. 2nd Attempt Joann Inc. sought voluntary Chapter 11 petition for the second time under U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25 10068) on Jan. 15, 2025. Kirkland & Ellis is serving as legal counsel to JOANN, with Centerview Partners LLC serving as financial advisor and Alvarez & Marsal North America, LLC serving as restructuring advisor. KENTUCKY INVESTMENT: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor: Kentucky Investment Holdings LLC 1049 South Lake Drive Prestonsburg, KY 41653 Chapter 11 Petition Date: April 29, 2025 Court: United States Bankruptcy Court Eastern District of Kentucky Case No.: 25-70165 Judge: Hon. Gregory R Schaaf Debtor's Counsel: Noah Friend, Esq. NOAH R FRIEND LAW FIRM PO Box 310 London KY 40741 Tel: (606) 369-7030 E-mail: noah@friendlawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million Paul Allen Lafferty signed the petition as member. The Debtor submitted a list of its 20 largest unsecured creditors, but the list was left blank. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AQFDU3Q/Kentucky_Investment_Holdings_LLC__kyebke-25-70165__0001.0.pdf?mcid=tGE4TAMA KNIGHTSCOPE INC: Net Loss Widens to $31.73 Million in 2024 ---------------------------------------------------------- Knightscope, Inc. reported a net loss of $31.73 million on $10.81 million in revenue for the year ending Dec. 31, 2024, marking a decline from the previous year's net loss of $22.12 million on $12.80 million in revenue, according to the Company's most recent Form 10-K filing with the Securities and Exchange Commission. Knightscope has incurred net losses since inception. As of Dec. 31, 2024, it had an accumulated deficit of $193.2 million. Cash and cash equivalents on hand were $11.1 million as of Dec. 31, 2024, compared to $2.3 million as of Dec. 31, 2023. As of Dec. 31, 2024, the Company had $28.19 million in total assets, $12.40 million in total liabilities, and $15.78 million in total stockholders' equity. Knightscope stated it requires additional funding to maintain operations and tackle both challenges and opportunities in the business. This includes the development of new products, improvement of existing products, upgrades to its operating infrastructure, and potential acquisitions of complementary businesses and technologies. As a result, the Company plans to pursue equity or debt financings, including its current at-the-market offering program, to secure the necessary funds. The Company warned that any future debt financing could come with restrictive covenants regarding its capital raising efforts and other financial and operational matters. These restrictions may complicate the Company's ability to secure additional capital and pursue business opportunities. In an audit report dated March 31, 2025, the Company's independent auditor, BPM LLP, issued a "going concern" qualification, citing that the Company's recurring losses from operations, available cash and cash used in operations raise substantial doubt about the Company's ability to continue as a going concern. "There can be no assurance that the Company will be successful in acquiring additional funding at levels sufficient to fund its future operations," the Company acknowledged in the report. "Management's plans include seeking additional financing, such as issuances of equity and issuances of debt and/or convertible debt instruments. Sales of additional equity securities, convertible debt and/or warrants by the Company could result in the dilution of the interests of existing stockholders." The Company cautioned that if it cannot raise enough capital or secure favorable terms, it may need to significantly cut back operations, delay or scale down platform development, or potentially halt operations entirely. The complete text of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1600983/000155837025004171/kscp-20241231x10k.htm About Knightscope Headquartered in Mountain View, CA, Knightscope develops AI-driven robotics and security solutions aimed at enhancing public safety. The Company's offerings include Autonomous Security Robots (ASRs), emergency communication devices, and a cloud-based monitoring platform called the Knightscope Security Operations Center (KSOC). Knightscope provides scalable, 24/7 protection for organizations through advanced AI detection and real-time monitoring. LABOR LAW: Scott Chernich Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Scott Chernich as Subchapter V trustee for Labor Law Poster Service, LLC. Mr. Chernich will be paid an hourly fee of $375 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Chernich declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Scott A. Chernich 313 S. Washington Square Lansing, MI 48933 517-371-8133 Email: schernich@fosterswift.com About Labor Law Poster Service Labor Law Poster Service, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mich. Case No. 25-00924), listing $100,001 to $500,000 in assets and $50,000 in liabilities. Judge John T Gregg presides over the case. Anthony J. Kochis, Esq. at Wolfson Bolton Kochis, PLLC represents the Debtor as counsel. LAID RIGHT SITE: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Laid Right Site Development, Inc. 1500 Clarence McKeithen Rd Sanford NC 27330 Business Description: Laid Right Site Development, Inc. is a site development contractor specializing in grading and utility services. The Company operates in North Carolina, with locations in Jefferson and Sanford. Its services support infrastructure and construction projects across the region. Chapter 11 Petition Date: April 30, 2025 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 25-01607 Debtor's Counsel: JM Cook, Esq. J.M. COOK, P.A. 5886 Faringdon Place Suite 100 Raleigh NC 27609 Tel: 919-675-2411 Email: j.m.cook@jmcookesq.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $0 to $50,000 The petition was signed by Donald Baynes as vice president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WH4HXDI/LAID_RIGHT_SITE_DEVELOPMENT_INC__ncebke-25-01607__0001.0.pdf?mcid=tGE4TAMA MAJESTIC MOTORS: Stephen Gray Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 1 appointed Stephen Gray of Gray & Company, LLC as Subchapter V trustee for Majestic Motors, Inc. Mr. Gray will be paid an hourly fee of $900 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Gray declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Stephen S. Gray Gray & Company, LLC 207 Union Wharf Boston, MA 02109 (617) 875-6404 Email: ssg@grayandcompanyllc.com About Majestic Motors Majestic Motors, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-10654) on April 1, 2025, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Barry R. Levine, Esq. represents the Debtor as legal counsel. MANA GROUP: Gets Final OK to Use Cash Collateral ------------------------------------------------ Mana Group Pharmacies, LLC received final approval from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to use cash collateral. The final order authorized the company's continued use of cash collateral until the confirmation of its Chapter 11 plan or the expiration of its exclusive period to file such plan, whichever comes first. There are as many as nine different creditors that may be asserting a security interest in the company's personal property, which consists of inventory, accounts receivable, equipment, and furniture and fixtures. The company's personal property has a total estimated value of $145,894. As protection for the company's use of their cash collateral, Live Oak Banking Company and other secured creditors were granted replacement liens, with the same priority as their pre-bankruptcy liens. As further protection, Live Oak will receive a monthly cash payment of $5,000 on May 15; $10,000 in June and in July; and $16,713 in August and in September. Meanwhile, Heartland Global, Express Scripts and Compliant Pharmacy Alliance were ordered to turn over any remaining funds in their possession belonging to the bankruptcy estate. About Mana Group Pharmacies Mana Group Pharmacies, LLC, operating as Brown's Pharmacy, is an independent, locally owned pharmacy in Irving, Texas, serving the Irving, Las Colinas, and Greater Dallas-Fort Worth areas since 1973. The pharmacy focuses on providing personalized, friendly customer service, distinguishing itself from larger chain pharmacies. Services include prescription refills, compounding, delivery, vaccines, wound care, MEDSYNC (medication synchronization), and PakMyMeds (a free medication packaging service). Additionally, the pharmacy acts as an Amazon Hub, securely accepting and storing Amazon packages for customers. Mana Group Pharmacies filed Chapter 11 petition (Bankr. N.D. Texas Case No. 25-31057) on March 27, 2025, listing $332,938 in assets and $4,952,261 in liabilities. Christopher Tapper, managing member of Mana Group Pharmacies, signed the petition. David R. Langston, Esq., at Mullin Hoard & Brown, L.L.P., is the Debtor's legal counsel. Live Oak Banking Company, as secured creditor, is represented by: Kristin A. Zilberstein, Esq. ZBS Law, LLP 30 Corporate Park, Suite 450 Irvine, CA 92606 Telephone: 714-848-7920 Fax Number: 714-908-7807 bankruptcy@zbslaw.com MARIN SOFTWARE: Board OKs Plan of Dissolution and Liquidation ------------------------------------------------------------- Marin Software Incorporated disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company commenced implementing an organizational restructuring and reduction-in-force plan to further reduce the Company's operating costs, which is expected to result in the reduction of the Company's global employees by 20 employees, representing approximately 30% of the Company's global employees as of March 31, 2025. In addition, the Company expects to release approximately 9 independent contractors. The Company expects to substantially complete the April 2025 Restructuring Plan by the end of the quarter ending June 30, 2025. The Company estimates that it will incur between approximately $0.4 million of cash expenditures in connection with the April 2025 Restructuring Plan, substantially all of which relates to severance costs. The Company expects to recognize the majority of the pre-tax restructuring charges by the end of the quarter ending June 30, 2025. On April 10, 2025, the Company announced that its Board of Directors has approved a Plan of Dissolution and Liquidation, subject to the approval of Marin Software's stockholders. Following a thorough review of strategic alternatives, the Board has determined that an orderly wind-down of Marin Software's operations is in the best interest of stockholders. If the Plan of Dissolution is approved by stockholders, Marin intends: * to wind down and cease its remaining operations in an orderly manner; * to delist its shares of common stock from Nasdaq; * to satisfy or resolve its outstanding liabilities and obligations; * to explore any further opportunities to dispose of some or all of its assets; and * to distribute any available net proceeds to stockholders. Christopher Lien, Founder and Chief Executive Officer of Marin Software, said: "On behalf of Marin Software, I want to thank our customers, partners, team members, and stockholders for their support over the years." Marin Software expects to convene a special meeting of stockholders during the second quarter of 2025 to seek approval of the Plan of Dissolution, and will file proxy materials with the U.S. Securities and Exchange Commission in the coming weeks. Subject to obtaining stockholder approval, Marin Software will begin the dissolution process in accordance with Delaware law. About Marin Software Marin Software Incorporated is a provider of digital marketing solutions for search, social, and eCommerce advertising channels, offered as a unified SaaS, advertising management platform for performance-driven advertisers and agencies. The Company's platform is an analytics, workflow, and optimization solution for marketing professionals, enabling them to maximize the performance of their digital advertising spend. The Company markets and sells its solutions to advertisers directly and through leading advertising agencies, and its customers collectively manage billions of dollars in advertising spend on its platform globally across a wide range of industries. San Jose, California-based Grant Thornton LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated Feb. 23, 2024, citing that the Company incurred a net loss of $22 million during the year ended Dec. 31, 2023, and as of that date, the Company had an accumulated deficit of approximately $344 million and negative operating cash flows. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. The Company has yet to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2024. MERCURITY FINTECH: Adopts 2025 Equity Incentive Plan ---------------------------------------------------- Mercurity Fintech Holding Inc. disclosed in a Form 6-K Report filed with the U.S. Securities and Exchange Commission that it has adopted a 2025 Equity Incentive Plan, as approved and authorized by the board of directors of the Company, effective on March 28, 2025. Under the 2025 Plan, the maximum aggregate number of shares of the Company available for grant of awards is 6,300,000 ordinary shares. The 2025 Plan will expire on the 10th anniversary of the effective date. A full-text copy of the Company's 2025 Equity Incentive Plan is available at https://tinyurl.com/4ds3zkdh About Mercurity Formerly known as JMU Limited, Mercurity Fintech Holding Inc. is a digital fintech company with subsidiaries specializing in distributed computing and digital consultation across North America and the Asia-Pacific region and is in the process of applying for FINRA approval to add brokerage services to its business. The Company's focus is on delivering innovative financial solutions while adhering to principles of compliance, professionalism, and operational efficiency. The Company's aim is to contribute to the evolution of digital finance by providing secure and innovative financial services to individuals and businesses. Singapore-based Onestop Assurance PAC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 22, 2024, citing that the Company has incurred recurring operating losses and negative cash flows from operating activities and has an accumulated deficit, which raise substantial doubt about its ability to continue as a going concern. MZS PROPERTIES: Court Extends Cash Collateral Access to June 24 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, extended MKZ Properties, LLC's authority to use cash collateral from April 30 to June 24, in accordance with its order. A status hearing on the use of cash collateral is scheduled for June 24, at 1:30 p.m. About MZS Properties MZS Properties, LLC filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-01523) on January 31, 2025, listing up to $500,000 in both assets and liabilities. Mouzma Syed, manager of MZS Properties, signed the petition. Judge Jacqueline Cox oversees the case. Bradley Foreman, Esq., at the Law Offices of Bradley H. Foreman, P.C., represents the Debtor as bankruptcy counsel. NAUTICA'S EDGE: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Nautica's Edge LLC 1503 Riveredge Drive Atlanta, GA 30339 Business Description: Nautica's Edge LLC owns two properties in Atlanta, Georgia. The first is a rental home at 6550 Powers Ferry Rd NW, with an estimated value of $915,000. The second is a 3.52-acre undeveloped parcel at 6500 Powers Ferry Rd NW, valued at around $750,000. Chapter 11 Petition Date: April 29, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-54710 Debtor's Counsel: Michael D Robl, Esq. ROBL & BOWEN LLC 3754 LaVista Road Suite 250 Tucker, GA 30084 Tel: 404-373-5153 Fax: 404-537-1761 Email: michael@roblgroup.com Total Assets: $1,670,000 Total Liabilities: $505,000 The petition was signed by Dr. Sarvepalli Jokhai as manager. The Debtor has declared in the petition that there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YEW3VBY/Nauticas_Edge_LLC__ganbke-25-54710__0001.0.pdf?mcid=tGE4TAMA NEBRASKA BREWING: Seeks Subchapter V Bankruptcy in Nebraska ----------------------------------------------------------- On April 28, 2025, Nebraska Brewing Co. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Nebraska. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Nebraska Brewing Co. Nebraska Brewing Co. is a craft brewery based in La Vista, Nebraska. The Company produces a variety of beers, including core, seasonal, and barrel-aged offerings, and operates a taproom that hosts public tastings and private events. Founded in 2007, the brewery has earned multiple national awards for its products. Nebraska Brewing Co. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Neb. Case No. 25-80403) on April 28, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Brian S. Kruse handles the case. The Debtor is represented by Patrick R. Turner, Esq. at TURNER LEGAL GROUP, LLC. NEW FOCUS: Linda Leali Named Subchapter V Trustee ------------------------------------------------- The U.S. Trustee for Region 21 appointed Linda Leali, Esq., as Subchapter V trustee for New Focus Mental Health Solution, LLC. Ms. Leali will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Leali declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Linda M. Leali Linda M. Leali, P.A. 2525 Ponce De Leon Blvd., Suite 300 Coral Gables, FL 33134 Telephone: (305) 341-0671, ext. 1 Facsimile: (786) 294-6671 Email: leali@lealilaw.com About New Focus Mental Health New Focus Mental Health is headquartered in Miami, Florida, which provides supportive services to individuals with ongoing depression and anxiety by providing a wide array of services to individuals through its network of independent contractors and targeted case managers. Such services include psychosocial rehabilitation (assisting clients in gaining access to financial and insurance benefits, employment, medical, social, education, and functional services), and developing/implementing targeted service plans with the goal of enhancing the client's inclusion in the community. New Focus Mental Health sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13613) on April 1, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Laurel M. Isicoff presides over the case. Jacqueline Calderin, Esq., at Agentis, PLLC represents the Debtor as legal counsel. OCEAN POWER: Signs Reseller Deal With Grava Hydro for USVs ---------------------------------------------------------- Ocean Power Technologies, Inc. announced that it signed a reseller agreement with Grava Hydrographic Solutions LLC, a U.S.-based specialist in hydrographic and oceanographic equipment integration and services. Under the agreement, Grava Hydro will expand the availability, sales, and support of OPT's Unmanned Surface Vehicles (USVs), the Wave Adaptive Modular Vessels (WAM-V), throughout the United States. Philipp Stratmann, CEO of Ocean Power Technologies, commented: "Partnering with Grava Hydro represents a significant step in strengthening our domestic reseller network. Their expertise in hydrographic services and established customer relationships position them as an ideal partner to showcase and deploy our WAM-V technology in real-world environments." The agreement is part of OPT's broader strategy to scale access to its marine robotics portfolio through trusted channel partners, delivering advanced capabilities for maritime data collection, survey operations, and coastal monitoring applications. About Ocean Power Technologies Ocean Power Technologies, Inc. -- https://oceanpowertechnologies.com/ -- provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets. The Company's PowerBuoy platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. The Company also offers WAM-V autonomous surface vessels (ASVs) and marine robotics services. The Company's headquarters is located in Monroe Township, New Jersey, with an additional office in Richmond, California. Iselin, New Jersey-based EisnerAmper LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated July 25, 2024, citing that the Company has recurring net losses and net cash flow used in operations that raise substantial doubt about its ability to continue as going concern. As of January 31, 2025, Ocean Power Technologies had $34.4 million in total assets, $5.5 million in total liabilities, and $28.9 million in total shareholders' equity. OCEAN POWER: Stays Operational Amid Global Supply Chain Challenges ------------------------------------------------------------------ Ocean Power Technologies, Inc. announced that it remains fully operational and strategically positioned to navigate ongoing global supply chain challenges, thanks to its majority domestic supply chain and resilient workforce. In light of recent global developments impacting international logistics and raw material availability, OPT confirms that its current inventory levels and procurement practices remain unaffected. The Company does not anticipate any material impact on inventory costs and continues to fulfill customer commitments on schedule. "Our strong domestic supply chain is a key differentiator for OPT, particularly in times of global economic uncertainty," said Philipp Stratmann, President and CEO of OPT. "We are proud to maintain a fully U.S.-based workforce, consisting of over 20% veterans, while continuing to collaborate effectively with our international partners. This structure enables us to remain agile, responsive, and competitive across both the defense and commercial energy sectors." Demand for dual-use technologies that serve both defense and renewable energy applications is increasing in both domestic and international markets. OPT's supply chain strategy and operational footprint are designed to meet this demand while maintaining high standards of quality, security, and delivery performance. Stratmann added, "Our commitment to U.S. manufacturing and engineering excellence is central to our ability to support mission-critical applications for customers around the world." About Ocean Power Technologies Ocean Power Technologies, Inc. -- https://oceanpowertechnologies.com/ -- provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets. The Company's PowerBuoy platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. The Company also offers WAM-V autonomous surface vessels (ASVs) and marine robotics services. The Company's headquarters is located in Monroe Township, New Jersey, with an additional office in Richmond, California. Iselin, New Jersey-based EisnerAmper LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated July 25, 2024, citing that the Company has recurring net losses and net cash flow used in operations that raise substantial doubt about its ability to continue as going concern. As of January 31, 2025, Ocean Power Technologies had $34.4 million in total assets, $5.5 million in total liabilities, and $28.9 million in total shareholders' equity. ONE EDGE MARINA: Unsecureds to Recover Up to 100% of Claims ----------------------------------------------------------- One Edge Marina Finance Company LLC and affiliates filed with the U.S. Bankruptcy Court for the Joint Chapter 11 Plan of Liquidation dated March 27, 2025. All Claims against the Debtors, of whatever nature, whether or not scheduled or liquidated, absolute or contingent, and all Interests arising from the ownership of the Debtors whether resulting in an Allowed Claim or an Allowed Interest or not, shall be bound by the provisions of the Plan. A Claim or Interest is classified in a particular Class only to the extent that the Claim or Interest qualifies within the description of the Class and is classified in a different Class or Classes to the extent any remainder of the Claim or Interest qualifies within the description of that different Class or Classes. Class 2A shall consist of the Allowed General Unsecured Claims of the Subsidiary Debtors. The Allowed Class 2A General Unsecured Claims shall be paid up to 100% of the Allowed amount, after the payment of the unclassified Claims outlined in Article III and Allowed Class 1A Claims, in Cash, on the Effective Date. Class 2A Claims are Impaired pursuant to Section 1124 of the Bankruptcy Code and their holders are entitled to vote to accept or reject the Plan. Class 3A shall consist of the Allowed Insider General Unsecured Claims of the Subsidiary Debtors. The Allowed non-Priority Insider Unsecured Claims shall be paid up to 100% of the Allowed amount, after the payment of the unclassified Claims outlined in Article III and Allowed Class 1A and Class 2A Claims, in Cash, on the Effective Date. Class 3A Claims are Impaired pursuant to Section 1124 of the Bankruptcy Code and their holders are entitled to vote to accept or reject the Plan. Class 4A shall consist of the Allowed Interests in the Subsidiary Debtors. The Allowed Interests shall receive the remaining balance of the Plan Fund, after the payment of the unclassified Claims outlined in Article III, and Allowed Class 1A, Class 2A and Class 3A Claims, in Cash, on the Effective Date. Class 4 Interests are not Impaired under this Plan and its holder are deemed to have accepted this Plan. Class 2B shall consist of the Allowed General Unsecured Claims of One Edge. The Allowed Class 2B General Unsecured Claims shall receive a distribution on a pro rata basis up to 100% of the Allowed amount, after the payment of the unclassified Claims outlined in Article III and Allowed Class A and Class 1B Claims, in Cash, on the Effective Date. Class 2B Claims are Impaired pursuant to Section 1124 of the Bankruptcy Code and their holders are entitled to vote to accept or reject the Plan. Class 3B shall consist of the Allowed Insider Unsecured Claims of One Edge. The Allowed non-Priority Insider Unsecured Claims shall receive a distribution on a pro rata basis up to 100% of the Allowed amount, after the payment of the unclassified Claims outlined in Article III and Allowed Class A, Class 1B and Class 2B Claims, in Cash, on the Effective Date. Class 3B Claims are Impaired pursuant to Section 1124 of the Bankruptcy Code and their holders are entitled to vote to accept or reject the Plan. Class 4B shall consist of the Allowed Interests in One Edge. The holder of Allowed Interests are not expected to receive any monetary distributions under the Plan. The holder of Class 4B Interest is unimpaired and are deemed to accept the Plan. Except as otherwise provided in the Plan, including without limitation Article VIII of this Plan, the Cash required under the Plan shall be distributed by the Disbursing Agent within ten days after the Effective Date, except that to the extent that a Claim becomes an Allowed Claim after the Effective Date, within ten days after the order allowing such Claim becomes a Final Order. The Plan shall be funded by the Plan Fund. All matters provided under this Plan, including all corporate action to be taken or required to be taken by the Debtors, and the execution of all necessary documents shall be deemed to have occurred and be effective as provided herein, and shall be authorized and approved in all respects without any requirement or further action by the Debtors. From and after the Effective Date, the Debtors shall continue in existence for the purposes of winding up its affairs as expeditiously as reasonably possible and the costs of which shall be paid from the Post-Confirmation Reserve. A full-text copy of the Joint Liquidating Plan dated March 27, 2025 is available at https://urlcurt.com/u?l=B3bYYI from PacerMonitor.com at no charge. About One Edge Marina Finance Company LLC ONE Edge Marina Finance Company LLC, et al., collectively operate a waterfront facility located at 159 Bridge Park Drive in Brooklyn New York. ONE Edge Marina Finance Company and certain of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Lead Case No. 24-44027) on Sept. 26, 2024. In the petition filed by Estelle Lau, as CEO, the One Edge estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtors are represented by: Erica Feynman Aisner, Esq. Kirby Aisner & Curley LLP 159 Bridge Park Drive Brooklyn, NY 11201 ORYX OILFIELD: Unsecureds Will Get 70.5% of Claims in Plan ---------------------------------------------------------- Oryx Oilfield Services, LLC, and affiliates submitted a First Amended Disclosure Statement for the Joint Plan of Reorganization dated March 31, 2025. The Plan provides for the continuation of the business of OOS along with non-debtor KCM, owned by the Mahones, which has been serving as a subcontractor for OOS in order to complete jobs and acquire new business. Upon confirmation of the Plan, the Reorganized OOS and KCM will be well-positioned to take the actions necessary to continue the business and focus on future growth. The Plan provides that, on the Effective Date, all equity interests in the Corporate Debtors shall be cancelled, and no holder of an equity interest in the Corporate Debtors shall receive any distribution on account of such prepetition equity interests under this Plan. 100% of the New Equity Interests in the Reorganized OOS and KCM will be issued to Purchaser in exchange for its funding of the Plan Payment in the total amount of $500,000. The assets acquired by the Purchaser via purchase of the New Equity Interests shall include all assets necessary or related to the businesses including cash, receivables, equipment, vehicles, office equipment, software and intellectual property. The Plan provides for the formation of the Creditors' Trust. The Trust will be funded for the purpose of pursuing certain legal actions for the benefit of all creditors and liquidating any non business assets of the Corporate Debtors. The Trust shall distribute the Net Recoveries from the Causes of Action as follows: * first dollars to pay Allowed Priority Tax Claims; * second dollars to pay Allowed Other Priority Claims; * third dollars to pay Allowed Secured Claims of Internal Revenue Service; * fourth dollars to pay Allowed Secured Claims of Origin Bank, N.A.; * fifth dollars to pay Allowed Secured Claims of Simmons Bank; * sixth dollars to pay Allowed Secured Claims of John Deere Construction & Forestry Company; * seventh dollars to pay Allowed Other Secured Claims; and * eighth dollars to pay Allowed Unsecured Claims. Class 11 consists of the GUC Claims. Except to the extent that a Holder of a GUC Claim agrees to a less favorable treatment of its Allowed Claim, in full and final satisfaction, settlement, release, and discharge of and in exchange for each Allowed GUC Claims, each such Holder shall receive: * its Pro Rata share of the Trust, which entitles each General Unsecured Creditor to be paid its Pro Rata share of: (i) Net Recoveries from the Trust Assets, provided however, that no distribution shall be made to any holder of a Class 10 Claim against which the Debtors' or the Trust assert an Avoidance Action or other affirmative claim for recovery until such Avoidance action or other affirmative claim is resolved; (ii) the Trust's share of the Net Recoveries from the Trust Assets, provided however, that no distribution shall be made to any GUC against which such a Cause of Action is asserted until such Cause of Action or affirmative claim is resolved; and (iii) the balance of any remaining Trust Assets until and unless all Allowed GUC Claims are paid in full. Class 11 is Impaired under the Plan. Holders of Claims in Class 11 are entitled to vote to accept or reject the Plan. This Class will receive a distribution of 70.5% of their allowed claims. Upon the Effective Date of the Plan, all of the existing stock of the Debtors will be canceled. The Reorganized OOS and KCM will issue the New Equity Interests, which shall represent all of the issued and outstanding equity of the Reorganized OOS and KCM to the Plan Funder. The assets acquired by the Purchaser via purchase of the New Equity shall include all assets necessary or related to the businesses including cash, receivables, equipment, vehicles, office equipment, software and intellectual property. On or before the Effective Date, the Plan Funder shall fund the Plan Payment as set forth in the Plan. In addition to the Plan Payment, the Plan Funder will sell the Homestead Excess Acreage at 4000 N. White Chapel Blvd, Southlake, Texas to pay the trust fund portion of the Allowed Priority and/or Secured Tax Claim of the Internal Revenue Service. The sale will be accomplished either in a single transaction or through the development and sale of lots. The Trust Payment will be funded to the Trust on the Effective Date and will be used for the payment of Allowed Claims and the evaluation and pursuit of the Causes of Action. A full-text copy of the First Amended Disclosure Statement dated March 31, 2025 is available at https://urlcurt.com/u?l=At4fAY from PacerMonitor.com at no charge. Counsel to the Debtors: Frank J. Wright, Esq. Jeffery M. Veteto, Esq. Law Offices of Frank J. Wright PLLC 1800 Valley View Lane 250 Farmers Branch TX 75234 Tel: (214) 238-4153 Email: frank@fjwright.law About Oryx Oilfield Services Oryx Oilfield Services, LLC, is an oil and gas construction company working in shale plays throughout Texas. It fabricates pressure vessels, inter-connecting piping for modular builds, launchers and receivers, spools, supports, industrial grade platforms and ladders. Oryx and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Lead Case No. 24-41618) on July 12, 2024, with total assets of $1 million to $10 million and total liabilities of $50 million to $100 million. Judge Brenda T. Rhoades oversees the cases. The Debtors tapped the Law Offices of Frank J. Wright, PLLC, as bankruptcy counsel and Grady Bell LLP as special counsel. OUTLOOK THERAPEUTICS: Sphera Entities Hold 7.49% Equity Stake ------------------------------------------------------------- Sphera Funds Management Ltd., Sphera Global Healthcare GP Ltd., and Sphera Global Healthcare Management LP, disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of April 10, 2025, they beneficially owned 2,571,426 shares of Outlook Therapeutics, Inc.'s Common Stock, representing 7.49% of the 32,620,177 shares outstanding, with the ownership including 1,714,284 warrants exercisable into additional shares of Common Stock. The reporting persons may be reached through: Adi Hanetz, General Counsel 4 Itzhak Sade, Building A, 29th Floor Tel Aviv 6777504, Israel. Tel: 972-3-6845535 A full-text copy of Sphera Funds' SEC report is available at: https://tinyurl.com/y3jcd6h6 About Outlook Therapeutics Headquartered in Iselin, New Jersey, Outlook Therapeutics -- www.outlooktherapeutics.com -- is a biopharmaceutical company focused on the development and commercialization of ONS-5010/LYTENAVA (bevacizumab-vikg; bevacizumab gamma), for the treatment of retina diseases, including wet AMD. LYTENAVA (bevacizumab gamma) is the first ophthalmic formulation of bevacizumab to receive European Commission and MHRA Marketing Authorization for the treatment of wet AMD. Outlook Therapeutics is working to initiate its commercial launch of LYTENAVA (bevacizumab gamma) in the EU and the UK as a treatment for wet AMD, expected in the first half of calendar 2025. In the United States, ONS-5010/LYTENAVA is investigational, is being evaluated in an ongoing non-inferiority study for the treatment of wet AMD, and if successful, the data may be sufficient for Outlook to resubmit a BLA to the FDA in the United States. If approved in the United States, ONS 5010/LYTENAVA, would be the first approved ophthalmic formulation of bevacizumab for use in retinal indications, including wet AMD. Philadelphia, Pennsylvania-based KPMG LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated Dec. 27, 2024, citing that the Company has incurred recurring losses from operations and negative cash flows from operations and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. As of Sept. 30, 2024, Outlook Therapeutics had $28.82 million in total assets, $101.90 million in total liabilities, and a total stockholders' deficit of $73.08 million. PALATIN TECHNOLOGIES: Faces Potential Delisting From NYSE American ------------------------------------------------------------------ Palatin Technologies, Inc. announced that NYSE American LLC provided a notice to the Company that NYSE Regulation has determined to commence proceedings to delist the Company's common stock from NYSE American. NYSE Regulation has determined the Company is no longer suitable for listing pursuant to Section 1009(a) of the NYSE American Company Guide as the Company was unable to demonstrate that it had regained compliance with Sections 1003(a)(i), (ii) and (iii), related to stockholders' equity requirements, by the end of the maximum 18-month compliance plan period, which expired on April 10, 2025. The Company has a right to a review of the NYSE Regulation determination to delist the Common Stock by the Listings Qualifications Panel of the Committee for Review of the Board of Directors of the Exchange. The Company intends to appeal such determination to delist the Common Stock. The Company expects the Common Stock to continue to trade on NYSE American during the appeal process. Following such appeal, a decision by the Panel will be made and announced by NYSE American regarding either proceeding with suspension and delisting or continued trading in the Common Stock. The Company is working diligently to regain compliance with Sections 1003(a)(i), (ii) and (iii) of the Company Guide. However, there can be no assurance that the Company will regain compliance with Sections 1003(a)(i), (ii) and (iii) of the Company Guide before any hearing occurs. About Palatin Headquartered in New Jersey, Palatin Technologies Inc. -- www.Palatin.com -- is a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor systems, with targeted, receptor-specific product candidates for the treatment of diseases with significant unmet medical need and commercial potential. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders to maximize their commercial potential. Philadelphia, Pennsylvania-based KPMG LLP, the Company's auditor since 2002, issued a "going concern" qualification in its report dated Sept. 30, 2024, citing that the Company has incurred operating losses and negative cash flows from operations since inception and will need additional funding to complete planned product development efforts that raise substantial doubt about its ability to continue as a going concern. PAVMED INC: Appoints CBIZ CPAs as Independent Auditor ----------------------------------------------------- CBIZ CPAs P.C. has been appointed as the independent registered public accounting firm for PAVmed Inc., following its acquisition of Marcum LLP's attest business on Nov. 1, 2024, according to a Form 8-K filing with the Securities and Exchange Commission. Marcum resigned from the role on April 23, 2025, and CBIZ CPAs was engaged in the same capacity on the same day, with the approval of PAVmed's audit committee. Marcum's audit report on the Company's consolidated financial statements for the fiscal years ended Dec. 31, 2024 and 2023 did not include an adverse opinion, a disclaimer of opinion, or any qualifications related to uncertainty, audit scope, or accounting principles. However, it did contain an explanatory paragraph regarding the Company's ability to continue as a going concern. PAVmed stated it had no disagreements with Marcum on accounting principles, financial statement disclosures, or auditing procedures for the fiscal years ended Dec. 31, 2024 and Dec. 31, 2023, through Marcum's resignation on April 23, 2025. In addition, no "reportable events," as defined by Item 304(a)(1)(v) of Regulation S-K, occurred. During the fiscal years ended Dec. 31, 2024 and Dec. 31, 2023, and through April 23, 2025, neither PAVmed Inc. nor anyone on its behalf consulted with CBIZ CPAs regarding (i) the application of accounting principles to a specified transaction, either completed or proposed, or regarding the type of audit opinion that might be rendered on the Company's financial statements, nor (ii) any matter that could be classified as a "disagreement" or "reportable event" under Regulation S-K. About PAVmed Headquartered in New York, NY, PAVmed Inc. -- http://www.pavmed.com -- is a commercial-stage medical technology company operating across the medical device, diagnostics, and digital health sectors. Its subsidiaries include Lucid Diagnostics Inc., which offers tools for early detection of esophageal precancer, and Veris Health Inc., which focuses on remote cancer care monitoring using implantable sensors and connected health devices. In its report dated March 24, 2025, Marcum LLP, the Company's auditor since 2019, issued a "going concern" qualification, citing that the Company has a significant working capital deficiency, has incurred significant operating 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. PavMed reported a net income attributable to common stockholders of $31.97 million for the year ending Dec. 31, 2024, compared to a net loss attributable to common stockholders of $66.27 million for the year ending Dec. 31, 2023. PavMed has reported in its 2024 Annual Report that it has incurred net losses since its inception in June 2014, primarily funding operations through the issuance of common and preferred stock, warrants, and debt. The Company noted that its ability to generate sufficient revenue from products in development and achieve profitability depends on factors beyond its control. Despite efforts to reduce operating expenses, PavMed expects to continue incurring losses as it maintains its commercial infrastructure, develops products, and faces public company-related costs. The Company has cautioned that it may not be able to meet the Nasdaq Capital Market's listing standards, which could result in its common stock being delisted. If this occurs, the liquidity and market price of its stock could suffer significant adverse effects. PEOPLE WHO CARE: Amends Plan to Include City & Dept. of Park Claims ------------------------------------------------------------------- People Who Care Youth Center Inc. submitted a First Amended Disclosure Statement describing First Amended Chapter 11 Plan of Reorganization dated March 31, 2025. The Plan is a reorganizing plan. In other words, the Proponent seeks to accomplish payments under the Plan by its earnings from the operation of the Debtor as a duly-licensed congregate living health facility. The Debtor filed a Chapter 11 case previously. (Case No. 2:18-bk-10290-RK). It confirmed a Chapter 11 Plan of Reorganization on May 27, 2020 which provided for postpetition financing to pay off creditors, including the California Department of Parks & Recreation and the City of Los Angeles for funds lent to the Debtor in exchange for providing community services as opposed to money. Over several months, the Debtor attempted to close on a refinancing transaction, but it could not do so until it modified the plan to substitute in Danco, Inc. and Danco's loan for refinancing as set forth in the plan. The court approved having Danco as the lender and the loan was closed permitting the confirmed plan to go effective. Class 3 consists of the Claim of the City of Los Angeles. The Debtor shall satisfy this claim as follows, except for updating the outstanding amount, this treatment is the same as the plan treatment in case No (Case No. 2:18-bk-10290-RK), Docket No. 152, as confirmed: The City shall retain its lien in the amount of $183,957.35 on the Property or as otherwise ordered by the Court. The amount owing on the City's lien shall be reduced at the rate of $49,055.27 per year for every year (and prorated for partial years) that Debtor provides community service in accordance with the Proposition K grant. The City's lien shall retain its senior priority position with respect to the community service requirement of Proposition K to run with the land as a restrictive use covenant until such time as either (i) the City's claim has been reduced to $0 by use of the Debtor's Property for community service; or (ii) the remaining balance of the City's allowed claim is paid off. The economic dollar-value of the City's claim and lien shall be subordinate to the Lender's Exit Financing Lien. In the event of Alternative Exit Financing: The City shall receive payment in an amount equal to $404,706 within 90 days the Effective Date of the Plan, in full and complete satisfaction of the Class 2 claim. In the event of neither Exit Financing nor Alternative Exit Financing: The City shall have an unsecured claim in the amount of $183,957.35. The City shall no longer have a lien in the Property. Class 4 consists of the Claim of California Department of Parks and Recreation. Except for updating the outstanding amount, this treatment is the same as the plan treatment in case No (Case No. 2:18-bk-10290-RK), Docket No. 152, as confirmed – Regardless of the terms of financing. The Class 7 Claimant shall have its claim reduced at the rate of $37,500 per year for every year (and prorated for every partial year) that the Debtor provides community recreational programs ("Programs") in accordance with paragraph 61 of the Addendum to AIRCRE Standard Industrial Commercial Single Tenant Lease Gross dated March 15, 2019 for the property known as 1512 W. Slauson Avenue, Los Angeles, California 90047 ("Lease"), and which is attached to the Notice of Debtor's Entry into Real Property Lease Pursuant to Court Order Granting Motion for Authority to (A) Enter into Real Property Lease; (B) Use Cash Collateral; (C) Provide Adequate Protection; and (D) Pay Commission to Real Estate Broker, Docket No. 59 (Case No. 2:18-bk-10290-RK). Class 5 consists of All General Unsecured Claims Other than Claims in Convenience class. Allowed general unsecured claims shall receive a total of 100% over 120 months from the Effective Date in full satisfaction of their claims, commencing at the end of the first calendar quarter after the Effective. It is projected that on the Effective Date, the Debtor will have approximately $115,000 on the Effective Date. The amount available as of the Effective Date may be less than $270,000 by an amount equal to allowed administrative amounts paid before the Effective Date order, which will reduce the amounts due on the Effective Date by a corresponding amount. A full-text copy of the First Amended Disclosure Statement dated March 31, 2025 is available at https://urlcurt.com/u?l=fBepwS from PacerMonitor.com at no charge. Counsel to the Debtor: Giovanni Orantes, Esq. The Orantes Law Firm, PC 3435 Wilshire Blvd., Suite 2920 Los Angeles, CA 90010 Tel: (213) 389-4362 Fax: (877) 789-5776 Email: go@gobklaw.com About People Who Care Youth Center People Who Care Youth Center Inc., is a non-profit corporation that provides child daycare to low-income working parents in South Central Los Angeles. Its primary asset is a commercial real property building located at 1502 and 1512 West Slauson Avenue Los Angeles, California. People Who Care Youth Center Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-16449) on Oct. 3, 2023. In the petition filed by Michelle McArn, as CEO, the Debtor estimated assets between $500,000 and $1 million and estimated liabilities between $100 million and $500 million. PIZZERIA MANAGEMENT: Patricia Fugee Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Patricia Fugee of FisherBroyles, LLP as Subchapter V trustee for Pizzeria Management III, LLC. Ms. Fugee will be paid an hourly fee of $365 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fugee declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Patricia B. Fugee FisherBroyles, LLP 27100 Oakmead Drive #306 Perrysburg, OH 43551 Phone: (419) 874-6859 Email: Patricia.Fugee@FisherBroyles.com About 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. PRECIPIO INC: Marcum LLP Resigns; CBIZ CPAs Appointed New Auditor ----------------------------------------------------------------- Precipio Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Marcum LLP informed the Company that it resigned as the Company's independent registered public accounting firm as a result of CBIZ CPAs P.C. acquiring the attest business of Marcum on November 1, 2024. The audit report of Marcum on the Company's consolidated financial statements as of and for the fiscal years ended December 31, 2024 and 2023 did not contain an adverse opinion or a disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope, or accounting principles. During the Company's fiscal years ended December 31, 2024 and 2023, and the subsequent period through April 10, 2025, there were no: (i) "disagreements" (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) between the Company and Marcum on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Marcum, would have caused Marcum to make reference to the subject matter of the disagreement in their reports on the financial statements for such years, or (ii) "reportable events" (as defined in Item 304(a)(1)(v) of Regulation S-K). Accordingly, the Audit Committee of the Company's Board of Directors engaged CBIZ as the Company's independent registered public accounting firm. During the fiscal years ended December 31, 2024 and 2023, and the subsequent period through [April 10], 2025 neither the Company, nor any party on behalf of the Company, consulted with CBIZ with respect to either: (i) the application of accounting principles to a specified transaction, either completed or proposed; or the type of audit opinion that might be rendered on the Company's financial statements, and no written report or oral advice was provided to the Company by CBIZ that CBIZ concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting issue, or (ii) any matter that was either the subject of a "disagreement" (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) or a "reportable event" (as defined in Item 304(a)(1)(v) of Regulation S-K). About Precipio Omaha, Neb.-based Precipio, Inc., formerly known as Transgenomic, Inc. -- http://www.precipiodx.com/-- is a healthcare solutions company focused on cancer diagnostics. Its business mission is to address the pervasive problem of cancer misdiagnoses by developing solutions to mitigate the root causes of this problem in the form of diagnostic products, reagents, and services. New Haven, Conn.-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated Mar. 27, 2024, attached to the Form 10-K, 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. The Company has incurred substantial operating losses and has used cash in its operating activities for the past several years. For the year ended December 31, 2024, the Company had a net loss of $4.3 million, compared to $5.9 million in 2023, and net cash provided by operating activities of $0.4 million. As of Dec. 31, 2024, the Company had $17 million in total assets, $4.9 million in total liabilities, and a total stockholders' equity of $12.1 million. PRIMERO SPINE: Jerrett McConnell Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for Primero Spine and Joint, LLC. Mr. McConnell will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 Email: info@mcconnelllawgroup.com About Primero Spine and Joint Primero Spine and Joint, LLC filed Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 25-01017) on April 1, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Judge Jacob A. Brown oversees the case. The Debtor tapped Donald M. DuFresne, Esq., at Parker & DuFresne, P.A. as legal counsel and William G. Haeberle, CPA, LLC as accountant. PRODIGAL PROTCOL: John Whaley Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 21 appointed John Whaley, a practicing accountant in Atlanta, Ga., as Subchapter V trustee for Prodigal Protcol Projections, Inc. Mr. Whaley will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Whaley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: John T. Whaley, CPA P.O. Box 76362 Atlanta, GA 30358 Phone: 404-946-5272 Email: trustee@jtwcpa.net About Prodigal Protcol Projections Prodigal Protcol Projections, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-53524) on March 31, 2025. PROFESSIONAL DIVERSITY: Regains Nasdaq Bid Price Compliance ----------------------------------------------------------- Professional Diversity Network, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company received a letter from Nasdaq notifying the Company that it has regained compliance with Nasdaq Listing Rule 5550(a)(2) within the time frame required by the Panel. As previously reported, on January 9, 2025, the Company received a letter from the Nasdaq Stock Market informing the Company that the Nasdaq staff has determined that the Company had not regained compliance with the Bid Price Requirement and was not eligible for an additional 180-day remediation period. Accordingly, unless the Company requested an appeal of Nasdaq's delisting determination by January 16, 2025, Nasdaq has determined that the Company's securities will be scheduled for delisting from Nasdaq and will be suspended at the opening of business on January 21, 2025, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company's securities from listing and registration from Nasdaq. The Company had timely filed an appeal for the Delisting Determination to the Nasdaq hearings panel pursuant to the procedures set forth in the Nasdaq Listing Rules, which stayed the suspension of the Company's securities and the filing of Form 25-NSE pending the Panel's decision. Accordingly, this matter is now closed. About Professional Diversity Headquartered in Chicago, Illinois, Professional Diversity Network, Inc. -- https://www.prodivnet.com/ -- is a global developer and operator of online and in-person networks that provides access to networking, training, educational, and employment opportunities for diverse professionals. The Company operates subsidiaries in the United States, including National Association of Professional Women (NAPW) and its brand, International Association of Women (IAW), which is one of the largest, most recognized networking organizations of professional women in the country, spanning more than 200 industries and professions. Through an online platform and its relationship recruitment affinity groups, the Company provides its employer clients a means to identify and acquire diverse talent and assist them with their efforts to comply with the Equal Employment Opportunity Office of Federal Contract Compliance Program. The Company's mission is to utilize the collective strength of its affiliate companies, members, partners, and unique proprietary platform to be the standard in business diversity recruiting, networking, and professional development for women, minorities, veterans, LGBTQ+, and disabled persons globally. Oak Brook, Illinois-based Sassetti LLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated Mar. 31, 2025, 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 operating losses, has a significant accumulated deficit, and will need to raise additional funds to meet its obligations and the costs of its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. PROSPECT MEDICAL: Judge Denies $5MM Fee Request in Chapter 11 Case ------------------------------------------------------------------ Clara Geoghegan of Law360 Bankruptcy Authority reports that on Wednesday, April 30, 2025, a Texas bankruptcy judge denied a finance firm's request for a $5 million sale fee, ruling that Bankruptcy Code provisions allowing reimbursement for substantial contributions do not extend to Prospect Medical's pre-Chapter 11 investment banker. About Prospect Medical Holdings Prospect Medical Holdings Inc. 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. RDB MANAGEMENT: APAMO Unsecureds to Recover 34.07% over 5 Years --------------------------------------------------------------- RDB Management, LLC, d/b/a Amada Senior Care ("Amada"), and A Place All My Owwn Healthcare ("APAMO") filed with the U.S. Bankruptcy Court for the District of Colorado a Joint Plan of Reorganization for Small Business under Subchapter V dated March 28, 2025. Amada is a Colorado limited liability company headquartered in Colorado Springs, Colorado and providing in home senior care to senior assistant services in California. APAMO is a limited liability company head quartered in Colorado Springs, Colorado that operates a number of group homes providing skilled nursing services to individual with disabilities. On a post-petition basis, the Debtors have been working to improve operations and increase overall revenue. Amada's operations were significantly impacted at the beginning of 2025, as a number of its franchised territories were either directly impacted by the Los Angeles fires or indirectly impacted by the fires as a result of air quality and water quality concerns. A number of Amada's customers were impacted and required to evacuate their homes, resulting in a decrease to services provided by Amada during that time frame. To improve its revenue, Amada has retained additional employees to assist with its marketing efforts in order to generate additional customers. Amada's marketing efforts thus far have proved to be successful, and the number of customers and revenue from customers has increased following the disruptions from the fires. Amada's efforts are also intended to increase referral sources in order to improve customer generation going forward. On a post-petition basis, APAMO's operations have remained stable, and its revenue has been consistent on a post-petition basis while continuing to pay its secured debts. In January 2025, APAMO receive a payment from the State of Arizona in the amount of approximately $500,000 which was attributed to the opening of its fourth care home a year prior. APAMO is now in the process of opening a fifth care home, which will result in some additional revenue to the company. APAMO's revenue will likely be capped after it opens the fifth care home, as APAMO does not have the staff to handle the administrative needs of additional care homes, and the rates paid for APAMO's patients is set by the State of Arizona. As a result, while APAMO's revenue is anticipated to be stable throughout the course of a Plan, its net revenue will begin to gradually decline over time due to caps on revenue in contrast to the increasing costs associated with operations. Class 5 consists of those unsecured creditors of Amada. A list of the Class 5 Claimants is attached hereto as Exhibit A totaling $2,313,991.31 in unsecured claims. Class 5 claimants shall receive payment of their Allowed Claims as follows: * Class 5 shall receive a pro rata distribution equal to a variable percentage of Gross Revenue generated over a five-year period commencing the first full month following the Effective Date of the Plan ("Repayment Term"); * Commencing on the first month during the Repayment Term, Amada shall, at the conclusion of each month, set aside in a segregated account an amount equal to requisite percentage of the prior month's gross revenue. Each time three deposits are made into the segregated account, Amada shall distribute such funds to creditors on a pro rata basis. No interest will be paid or accrue on account of Class 5 claims. * In addition to the above payments, Class 5 creditors shall receive a pro rata distribution of all of the net proceeds of any Avoidance Action brought by Amada, less reasonable costs and attorneys' fees incurred by Amada to pursue the claim through litigation, settlement, and/or collection. Amada do not believe any such claims exist. * Based on the estimated distributions, Class 5 Claimants are anticipated to receive approximately 32.75% of their allowed claims. Upon request by any party in interest, Amada shall provide a quarterly financial statement, including amounts disbursed to creditors in accordance with the Plan. * At any point during the first four years of the Repayment Term, Amada may retire the entire Class 5 obligation by making a single pro rata distribution of an amount equal to the prior calendar year's net revenue multiplied by two. By way of illustration, if Amada meets its projections and intends to retire the Class 5 debt obligation in 2027, then the payment to retire the obligation would be approximately $407,000.00. Class F consists of those unsecured creditors of APAMO. A list of the Class F Claimants is attached hereto as Exhibit B totaling $2,059,624.47 in unsecured claims. Class F claimants shall receive payment of their Allowed Claims as follows: * Class F shall receive a pro rata distribution equal to 3% of Gross Revenue generated over a five-year period commencing the first full month following the Effective Date of the Plan ("Repayment Term"); * Commencing on the first month during the Repayment Term, APAMO shall, at the conclusion of each month, set aside in a segregated account an amount equal to 3% percentage of the prior month's Gross Revenue. Each time three deposits are made into the segregated account, APAMO shall distribute such funds to creditors on a pro rata basis. No interest will be paid or accrue on account of Class F claims. * Based on the estimated distributions, Class F Claimants are anticipated to receive approximately 34.07% of their allowed claims. Upon request by any party in interest, APAMO shall provide a quarterly financial statement, including amounts disbursed to creditors in accordance with the Plan. * At any point during the first four years of the Repayment Term, APAMO may retire the entire Class F obligation by making a single pro rata distribution of an amount equal to the prior calendar year's net revenue multiplied by two. By way of illustration, if APAMO meets its projections and intends to retire the Class F debt obligation in 2027, then the payment to retire the obligation would be approximately $493,000.00. On the Effective Date of the Plan, Richard and Patrick Babcock shall be appointed pursuant to Section 1142(b) of the Bankruptcy Code for the purpose of carrying out the terms of the Plan, and taking all actions deemed necessary or convenient to consummating the terms of the Plan. Their company, Specialized Administrative Services, Inc. will continue to receive a management fee. The Debtors have structured their Plan to ensure flexibility as income increases or decreases depending on the time of year. Because the Debtors have proposed payments to unsecured creditors that are adjustable based on revenue actually generated, the Debtors will not be overburdened by payments. As a result, the Debtor believe their Plan is feasible and urge creditors to accept their Plan. A full-text copy of the Joint Plan dated March 28, 2025 is available at https://urlcurt.com/u?l=Vfy9IL from PacerMonitor.com at no charge. Counsel to the Debtor: Keri L. Riley, Esq. Kutner Brinen Dickey Riley, PC 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-2910 Email: klr@kutnerlaw.com About RDB Management RDB Management, LLC provides personalized in-home care and is especially skilled in consulting with families about Long-Term Care insurance (LTCi) policies and identifying other funding sources that cover the costs of in-home care. RDB Management filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 24-16998) on Nov. 22, 2024, with $201,342 in assets and $2,481,528 in liabilities. Richard Babcock, manager, signed the petition. Judge Michael E. Romero oversees the case. Keri L. Riley, Esq., at Kutner Brinen Dickey Riley, PC, serves as the Debtor's counsel. Live Oak Banking Company, as lender, is represented by: Christopher J. Harayda, Esq. Stinson LLP 50 South Sixth Street, Suite 2600 Minneapolis, MN 55402 Phone: 612.335.1928 Email: cj.harayda@stinson.com REALSYS USA: John Whaley Named Subchapter V Trustee --------------------------------------------------- The U.S. Trustee for Region 21 appointed John Whaley, a practicing accountant in Atlanta, Ga., as Subchapter V trustee for Realsys USA Inc. Mr. Whaley will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Whaley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: John T. Whaley, CPA P.O. Box 76362 Atlanta, GA 30358 Phone: 404-946-5272 Email: trustee@jtwcpa.net About Realsys USA Inc. Realsys USA Inc. is an investment company based in Atlanta, Georgia. The company, which operates as an investment company including hedge fund or pooled investment vehicle operations, reported assets and liabilities both in the range of $500,001 to $1 million. Realsys USA Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-53467) on March 31, 2025. In its petition, the Debtor reported between $500,000 and $1 million in both assets and liabilities. Judge Lisa Ritchey Craig oversees the case. REBORN COFFEE: Files Prospectus for Resale of Up to 6.67M Shares ---------------------------------------------------------------- Reborn Coffee, Inc. filed a prospectus on Form S-1 with the U.S. Securities and Exchange Commission relating to the resale, from time to time, by the selling securityholders -- Arena Business Solutions Global SPC II, LTD, Arena Special Opportunities Partners III, LP, and Arena Special Opportunities (Offshore) Master II LP -- of up to 6,667,949 of Reborn's shares of its common stock, par value $0.0001 per share. The shares of Common Stock to which this prospectus relates consist of shares that may be issued to the Selling Stockholders pursuant to: (1) a purchase agreement between Reborn Coffee and Arena Business Solutions Global SPC II, LTD dated February 10, 2025; and (2) a securities purchase agreement between us and the purchasers dated February 6, 2025 as amended on March 28, 2025. Reborn Coffee said, "In connection with the ELOC Purchase Agreement, we have the right, but not the obligation, to direct the ELOC Investor to purchase up to $50,000,000 in shares of our Common Stock upon satisfaction of certain terms and conditions contained in the ELOC Purchase Agreement, including, without limitation, an effective registration statement filed with the SEC registering the resale of Commitment Fee Shares and additional shares to be sold to the ELOC Investor from time to time under the ELOC Purchase Agreement." The term of the ELOC Purchase Agreement began on the date of execution and ends on the earlier of: (i) the first day of the month following the 36-month anniversary of the execution date, (ii) the date on which the ELOC Investor shall have purchased the maximum amount of ELOC Shares, or (iii) the effective date of any written notice of termination delivered pursuant to the terms of the ELOC Agreement. Reborn Coffee has also committed to issue to the ELOC Investor as a commitment fee: (i) a number of shares of Common Stock equal to 750,000 divided by the simple average of the daily VWAP of the Common Stock during the five trading days immediately preceding the effectiveness of the registration statement of which this prospectus forms a part on which the Initial Commitment Fee Shares are registered promptly after the effectiveness of the Registration Statement and (ii) a number of shares of Common Stock equal to 750,000 divided by the simple average of the daily VWAP of the Common Stock during the five trading days immediately preceding the two month anniversary of the effectiveness of the Initial Registration Statement, promptly after such two-month anniversary. In connection with the Debenture Agreement, Reborn Coffee agreed to issue 10% original issue discount secured convertible debentures with an aggregate principal amount of up to $10,000,000 to be divided into up to four separate tranches that are each subject to certain closing conditions. The conversion price of each Debenture, subject to adjustment as provided therein, is equal to 92.5% of the lowest daily VWAP (as defined in the Debentures) of our shares of Common Stock during the five-trading day period ending on the trading day immediately prior to delivery or deemed delivery of the applicable Conversion Notice (as defined in the Debentures). The Debentures accrue interest at a rate of 10% per annum paid in kind, unless there is an event of default in which case the Debentures will accrue interest at a default rate. Upon the consummation of the closing of each tranche, Reborn Coffee will also issue common stock purchase warrants to each Arena Investor who participates in such closing. The Warrants: (i) provide for the purchase by the applicable Arena Investor of a number of shares of Common Stock equal to 20% of the total principal amount of the related Debenture purchased by the Arena Investor on the applicable closing date divided by 92.5% of the lowest daily VWAP of Common Stock for the five consecutive trading day period ended on the last trading day immediately preceding such closing date and (ii) be exercisable at an exercise price equal to 92.5% of the average of the lowest daily VWAP of the Common Stock over the consecutive trading days immediately preceding the delivery of the applicable Notice of Exercise (as defined in the Warrants). As of the date of this prospectus, Reborn Coffee has sold Debentures in the aggregate principal amount of $3,333,333 and 201,282 Warrants to the Arena Investors. Reborn Coffee is not selling any securities under this prospectus and it will not receive any proceeds from the sale of the shares by the Selling Stockholders, except: (1) Reborn Coffee will receive cash proceeds from the exercise of the Warrants, and (2) the ELOC Purchase Agreement provides that Reborn Coffee may sell up to an aggregate of $50,000,000 of its Common Stock to the ELOC Investor under the ELOC Purchase Agreement, from time to time in its discretion after the date the registration statement that includes this prospectus is declared effective and after satisfaction of other conditions in the ELOC Purchase Agreement. The ELOC Investor is an "underwriter" within the meaning of Section 2(a)(11) of the Securities Act of 1933, as amended. The Selling Stockholders may sell the shares of Common Stock described in this prospectus in a number of different ways and at varying prices. Reborn Coffee will pay the expenses of registering the Common Stock offered by this prospectus, but all selling and other expenses incurred by the Selling Stockholders will be paid by the Selling Stockholders. The Selling Stockholders may sell Reborn Coffee's shares of Common Stock offered by this prospectus from time to time on terms to be determined at the time of sale through ordinary brokerage transactions or through any other means. The prices at which the Selling Stockholders may sell shares will be determined by the prevailing market price for Reborn Coffee's Common Stock or in negotiated transactions. Reborn Coffee's Common Stock is listed on Nasdaq under the symbol "REBN." The last reported closing price for its Common Stock on Nasdaq on April 9, 2025 was $3.43 per share. Reborn Coffee said, "As of April 10, 2025, there were 4,568,508 shares of Common Stock outstanding. If all shares being registered hereby were sold, it would comprise approximately 59% of our total shares of Common Stock outstanding. Because the shares registered hereunder comprise a significant portion of our outstanding shares, any sales by the Selling Stockholders, or the perception that such sales may occur, could have a significant negative impact on the trading price of our Common Stock. Given the current market price of our Common Stock, certain of the Selling Stockholders who paid less for their shares than such current market price will receive a higher rate of return on any such sales than the public securityholders who purchased Common Stock in our initial public offering or any Selling Stockholder who paid more for their shares than the current market price." "We have not registered the sale of the shares under the securities laws of any state. Brokers or dealers effecting transactions in the shares of Common Stock offered hereby should confirm that the shares have been registered under the securities laws of the state or states in which sales of the shares occur as of the time of such sales, or that there is an available exemption from the registration requirements of the securities laws of such states." "We have not authorized anyone, including any salesperson or broker, to give oral or written information about this offering, Reborn Coffee, Inc., or the shares of Common Stock offered hereby that is different from the information included in this prospectus. You should not assume that the information in this prospectus, or any supplement to this prospectus, is accurate at any date other than the date indicated on the cover page of this prospectus or any supplement to it." A full-text copy of the SEC Report is available at https://tinyurl.com/3cnznfhp 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. RELENTLESS HOLDINGS: 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 Relentless Holdings Corporation, according to court dockets. About Relentless Holdings Corporation Relentless Holdings Corporation is a Florida-based single asset real estate company. The company owns and manages real property located at 1011 Rhodes Villa Ave, Delray Beach, Fla., while maintaining its principal place of business in Boca Raton. Relentless Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13399) on March 28, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Mindy A. Mora handles the case. The Debtor is represented by Sherri B. Simpson, Esq. RENOVARO INC: Completes Biosymetrics Merger, Issues 15M Shares -------------------------------------------------------------- As previously reported, on February 26, 2025, Renovaro, Inc. entered into an Agreement and Plan of Merger with Renovaro Acquisition Sub, a Delaware corporation and wholly owned subsidiary of Renovaro, and Biosymetrics, Inc., a Delaware corporation, pursuant to which Renovaro agreed to acquire Biosymetrics pursuant to the merger of Renovaro Acquisition Sub with and into Biosymetrics, with Biosymetrics as the surviving corporation and a wholly owned subsidiary of Renovaro. On April 8, 2025, Renovaro consummated the Transaction and issued 15 million shares of Renovaro's common stock, par value $0.0001 per share, to the former stockholders of Biosymetrics in accordance with the terms of the Merger Agreement. As previously reported, the offer and sale of the Shares have not been registered under the Securities Act of 1933, as amended, in reliance on the exemption from registration requirements thereunder provided by Section 4(a)(2) thereof. Renovaro relied in part upon representations contained in the Merger Agreement that all those receiving Shares in connection with the Transaction are "accredited investors" as defined in Rule 501(a) under the Securities Act. About Renovaro Inc. Headquartered in Los Angeles, Calif., Renovaro Inc. -- http://www.renovarobio.com-- formerly Renovaro BioSciences Inc., is a biotechnology company intending, if the necessary funding is obtained, to develop advanced allogeneic cell and gene therapies to promote stronger immune system responses potentially for long-term or life-long cancer remission in some of the deadliest cancers, and potentially to treat or cure serious infectious diseases such as Human Immunodeficiency Virus (HIV) infections. As a result of the Company's acquisition of GEDi Cube Intl on Feb. 13, 2024, the Company has shifted the Company's primary focus and resources to the development of the GEDi Cube Intl technologies. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated Oct. 10, 2024, citing that the Company has incurred substantial recurring losses from operations, has used cash in the Company's continuing operations, and is dependent on additional financing to fund operations which raises substantial doubt about its ability to continue as a going concern. RITEWAY INSURANCE: Aleida Molina Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 21 appointed Aleida Martinez Molina, Esq., as Subchapter V trustee for Riteway Insurance Repair Service, Inc. Ms. Molina will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Molina declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aleida Martinez Molina, Esq. 2121 NW 2nd Avenue, Suite 201 Miami, FL 33127 Telephone: (305) 297-1878 Email: Martinez@subv-trustee.com About Riteway Insurance Repair Service Riteway Insurance Repair Service, Inc. is a Miami-based company specializing in insurance-related repair services. Riteway sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13401) on March 28, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Judge Laurel M. Isicoff handles the case. The Debtor is represented byBradley S. Shraiberg at Shraiberg Page PA. SANTOSELJACH LLC: 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 SantosEljach, LLC, according to court dockets. About SantosEljach LLC SantosEljach, LLC filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-12778) on March 14, 2025, listing between $500,001 and $1 million in both assets and liabilities. Judge Mindy A. Mora oversees the case. SENA & SENA: Unsecureds to Split $6K via Quarterly Payments ----------------------------------------------------------- Sena & Sena, L.L.C, d/b/a Miss Buckets, filed with the U.S. Bankruptcy Court for the Northern District of Florida an Amended Plan of Reorganization dated March 28, 2025. The Debtor operates as a residential and commercial cleaning business in the Florida panhandle. The Debtor filed this case in an attempt to reorganize its business affairs. The Debtor's owner, Albert Sena Jr., started this business in 2022. The Debtor eventually obtained high interest debt caused a downward spiral that the Debtor could not recover from. The Debtor needed to continue taking out loans to maintain business operations which ultimately resulted in the Debtor needing to seek bankruptcy protection. While the Debtor has experienced financial issues as indicated, the Debtor strongly believes there is a path to a successful reorganization in this case. This Plan of Reorganization proposes to pay creditors of the Debtor out of cash flow from the normal operations of the Debtor's business. The sole-owner of the Debtor, Albert Sena, Jr., will remain in that role post-confirmation. This Plan provides for the payment of one class of a creditor's secured claim, one class of general unsecured claims, and one class of equity security holders. This Plan provides for the payment of administrative and priority claims in full. Class 2 consists of General Unsecured Claims. The class of general unsecured claims shall receive, at minimum, a total dividend of $6,000.00 paid pro-rata by the Debtor amongst the creditors in this class. Payments shall commence on the fifteenth day of the month, on the first month that begins more than ninety days after the Effective Date and shall continue quarterly for eleven additional quarters. The Debtor shall pay a total of $500.00 per quarter for a total of 12 payments (disbursed pro-rata). This Class is impaired. Total general unsecured claim amounts reflected below: Square Financial Services: $37,093.99 Cashfloat, LLC: $35,000.00 Smart Business Connections, LLC: $90,936.00 TRF 2020 LLC: $49,170.00 Best Vision Media: $1,943.35 Class 3 consists of Equity Security Holder Albert Sena, Jr. The equity security holder will retain his equity ownership and will continue to receive his Court approved salary and/or benefits. The Debtor shall fund its Plan from the continued operations of its business. In the event that the Debtor recovers the $4,000.00 being held by Polaris Business Advisors, then the Debtor will first pay any administrative expenses owed and then pay any remaining funds to the general unsecured creditors. Unless otherwise ordered by the Court, the Debtor will make the payments under this Plan, rather than the Subchapter V Trustee. A full-text copy of the Amended Plan dated March 28, 2025 is available at https://urlcurt.com/u?l=Tmbtpc from PacerMonitor.com at no charge. Counsel for the Debtor: Robert C. Bruner, Esq. Bruner Wright, P.A. 2868 Remington Green Circle, Suite B Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 Email: rbruner@brunerwright.com About Sena & Sena Sena & Sena, L.L.C, operates as a residential and commercial cleaning business in the Florida panhandle. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 24-30936) on Nov. 6, 2024, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Karen K Specie presides over the case. Robert C. Bruner, Esq., at Bruner Wright, P.A., is the Debtor's legal counsel. SHIFT4 PAYMENTS: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed Shift4 Payments, Inc. (Shift4) and Shift4 Payments, LLC (Shift4 LLC) Long-Term Issuer Default Ratings (IDRs) of 'BB'. The Rating Outlook for all IDRs is Stable. Fitch has also affirmed Shift4 LLC's ratings of 'BB' with a Rating Recovery of 'RR4' senior unsecured issuances, which are co-issued by Shift4 Payments Finance Sub, Inc., as well as Shift4 LLC's 'BBB-'/'RR1' senior secured revolving credit facility. Shift4's IDR reflects Fitch's expectations of continued expansion in the U.S. and internationally through various market segments, which should lead to growing positive FCF generation and EBITDA leverage of around 3.5x or below. Offsetting attributes include smaller EBITDA scale and more limited diversification than higher-rated peers', and stiff competition. Key Rating Drivers Acquisition Increases Offerings, Diversification: The acquisition of Global Blue Group Holding AG should expand Shift4's offerings and increase its geographic diversification. The acquisition will also increase the complexity of its operations due to accelerated expansion into multiple jurisdictions. Global Blue holds approximately a 70% market share in the tax-free shopping segment per its most recent filing, offering services like VAT refund processing and dynamic currency conversion. This acquisition will add approximately $200 million to Shift4's EBITDA with the potential to scale through various cross-selling revenue synergies. Fitch expects Shift4 to generate pro forma revenue of $4.5 billion, EBITDA of $1 billion and FCF of $450 million. The total enterprise value of the deal is approximately $2.5 billion and the transaction is anticipated to close by the third quarter of 2025, pending regulatory approvals and other customary closing conditions. As of April 17, 2025, approximately 96.42% of Global Blue shares have been tendered. Leveraged but Manageable Acquisition: Fitch expects Shift4's pro forma EBITDA leverage to be 4.5x at the close of the acquisition and to decline to around 3.5x in 2026. This compares with leverage of 4.5x in 2024 and 3.9x in 2023. A large portion of the projected deleveraging is driven by the paydown of $690 million of convertible notes due in December 2025. This will be funded with Shift4's cash balance of $1.2 billion as of 1Q25, and consolidated EBITDA growth. Fitch expects the company to deploy FCF toward organic and inorganic growth as well as shareholder returns over material additional deleveraging. Sound Growth Prospects: Fitch expects Shift4 to grow rapidly as it continues to add merchants to its integrated payment platform domestically and internationally as well as through new business verticals and acquisitions, leading to rapid scaling up of its business. Gross revenue has increased fivefold over the last five years while its standalone EBITDA is forecast to rise above $800 million for 2025 from roughly neutral levels in 2019 under Fitch's projection. Exposure to Discretionary Spending: Shift4 is a provider of integrated hardware-software payment processing solutions for mid-sized to large businesses in the restaurant, hospitality and entertainment industries where it generates most of its revenue. The sensitivity of these industries to discretionary spending could result in cash flow volatility if the company's growth slows under recessionary periods. Although Shift4 is expanding internationally, Fitch expects the company to continue to derive more than 80% of its revenue from the U.S. Competitive Industry: Shift4 operates in highly competitive end-markets characterized by technology disruption and pricing competition from "legacy" fintechs, large technology providers, as well as younger, software-centric fintech companies. Key competitors include JPMorgan (via its Chase Paymentech business), Fiserv, Adyen, Block and Toast, among many others. The company is well-positioned as an integrated payment platform, but it will continue to face emerging competition. Positive FCF: Shift4's FCF should increase as the company continues to scale up. Fitch projects FCF to grow around $500 million per year over the next three years. It generated about $250 million of FCF in 2023 and roughly $300 million in 2024. Cash flow leverage, measured as cash flow from operations (CFO) less capex as a share of debt, is forecast at around 10%, which is solid for a 'BB' rating in the payments sector. Parent-Subsidiary Linkage: Under Fitch's Parent and Subsidiary Linkage Rating Criteria Fitch views the primary operating subsidiary and debt issuer, Shift4 LLC, as stronger than its parent Shift4. Fitch assesses ring-fencing and access and control as both 'open' due to minimal limitations on intercompany flows as well as the common ownership by the group's founder. As such, Fitch rates Shift4 and Shift4 LLC at the consolidated level with no notching between the two entities. Peer Analysis Shift4 competes against certain Fitch-rated issuers including Block (BB+/Positive) and, to a lesser extent, NCR Voyix Corporation (BB-/Rating Watch Positive [RWP]) as well as Global Payments (BBB/Stable). Global Payments and Block are significantly larger and more diversified than Shift4, with Global Payments having much higher cash flow profitability. While Shift4 and Block have high growth profiles, Fitch expects Shift4 to continue to grow at a faster pace. Block's Outlook is Positive as Fitch projects that the company could operate with leverage below 3.0x, is developing material scale and presence in its end-markets and has a net cash position. Shift4 is growing revenue and earnings more rapidly relative to NCR Voyix and will have more meaningful scale in the next four years. Compared with Boost Newco Borrower, LLC (dba Worldpay; BB/RWP) Shift4 is considerably smaller but has a stronger growth profile, and Fitch expects it to operate with lower leverage. Worldpay's ratings are on RWP as the company is being acquired by higher rated, Global Payments and Fitch believes that Worldpay's business and financial risk post-acquisition could more closely resemble that of the combined entity. Key Assumptions - The acquisition closes at the end of the third quarter of 2025; - Standalone gross revenue to grow around 20% in 2025 and low to mid-teens in 2026 and 2027; - EBITDA to increase to the low 20% of revenue in the next three years (or roughly to 50%+ of revenue less network fees) as the company scales up; - Capex at about 5%-6% of revenue; - Excess cash is used to fund share buybacks and M&As; - Floating-rate debt assumes SOFR declines to 3.5% range starting in 2026. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Greater scale leading to more stable cash flow; - CFO less capex/debt expected to be sustained at 8% or above; - EBITDA leverage sustained at below 3.5x. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage consistently above 4.0x; - Significant fundamental shifts in the business that negatively affect revenue, EBITDA and/or FCF; - CFO less capex/debt expected to be below 4% on a sustained basis. Liquidity and Debt Structure Its forecast suggests FCF in the $400 million to $500 million range, which, along with EBITDA leverage around 3.5x, supports Shift4's liquidity. Cash and cash equivalents was about $1.2 billion as of 1Q25, of which $160 million was held outside the U.S. The company's next material maturity will be its $690 million of convertible notes due December 2025 and $450 million of senior unsecured bonds in November 2026. Shift4 has $450 million under a revolver facility, which is undrawn, with a September 2029 maturity. Shift4's consolidated debt as of 1Q25 consisted of $450 million of senior unsecured bonds issued by Shift4 LLC, $1.3 billion of convertible notes issued at Shift4, of which $690 million mature in December 2025 and $633 million mature in August 2027, and $1.1 billion of notes due 2032. Issuer Profile Shift4 provides software and payment processing solutions in the U.S. and internationally to businesses primarily in the restaurant, hospitality and entertainment industries. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations Shift4 has an ESG Relevance Score of '4' for Governance Structure due to its significant control and ownership by CEO Jared Isaacman. Mr. Isaacman has been a key force behind the company's success historically which presents key-person risk as well as risks of misaligned incentives between shareholder and debtholder interests. This factor was a consideration, in conjunction with other factors, used in Fitch's rating analysis that could have a negative impact over time on the IDR. Mr. Isaacman's control may be reduced following confirmation by the senate of his NASA Administrator role. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Shift4 Payments Finance Sub, Inc. senior unsecured LT BB Affirmed RR4 BB Shift4 Payments, Inc. LT IDR BB Affirmed BB Shift4 Payments, LLC LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- SILVERGATE CAPITAL: Shareholders Push for Expanded Probe in Ch. 11 ------------------------------------------------------------------ Rick Archer of Law360 Bankruptcy Authority reports that investors in the bankrupt parent of Silvergate Bank have urged a Delaware bankruptcy judge to widen the court-ordered investigation into possible insider litigation claims, citing an examiner's report that highlighted deficiencies in the debtor's internal probe. About Silvergate Capital Corporation Silvergate Capital Corporation is a Maryland corporation headquartered in La Jolla, Calif. Until July 1, 2024, it was a bank holding company subject to supervision by the Board of Governors of the Federal Reserve. Silvergate Capital Corporation filed voluntary Chapter 11 petition (Bankr. D. Del. Lead Case No. 24-12158) on Sept. 17, 2024, listing $100 million to $500 million in assets and $10 million to $50 million in liabilities. The petitions were signed by Elaine Hetrick as chief administrative officer. Judge Karen B. Owens oversees the case. Paul N. Heath, Esq., at Richards, Layton & Finger, P.A. represents the Debtor as legal counsel. SOLUNA HOLDINGS: Reveals Monthly Business Update for March ---------------------------------------------------------- Soluna Holdings, Inc. announced its March 2025 project site-level operations, developments, and updates. The Company has provided the following Corporate and Site Updates. Corporate Highlights: * Soluna Announced 2024 Annual and Q4 Results & Business Update – Reports Revenue Growth of 80.5% to $38 million for 2024. * Soluna and Luxor Announce Turnkey Mining Success with BitMine – New Case Study Explores How Soluna and Luxor Delivered a Seamless, Scalable Mining Model for BitMine. * Project Dorothy 2 Powers Up, Increasing Soluna's Bitcoin Hosting Capacity by 60% to 123 MW – Initial phase powered up and ramping; To be completed by Q4 2025. * Soluna Secures $5 Million in Non-Dilutive Debt Financing from Galaxy Digital – The loan will have a five-year term. It is secured, with limited recourse to the parent company--highlighting the strength of project-level standalone cash flows and the ability to attract institutional financing. * Second Patent Awarded – Soluna's second utility patent has been awarded (Patent #: US12250794B2). It broadens the scope of Soluna's Modular Data Center patent (Patent #: US11974415B2), which focuses on the layout of modular data center buildings on a site, crucial for the thermal efficiency conversion of wasted energy into computing. * Strategic Termination of HPE Agreement – CEO John Belizaire and CFO John Tunison answer questions about Soluna's strategic termination of the Hewlett Packard Enterprise Company (HPE) contract. To help provide more transparency, we've recently updated the HPE FAQ. * New AMA – CFO John Tunison answers shareholders' and potential investors' most-asked questions in the latest installment of Soluna's "Ask Me Anything" (AMA) series. * New Podcast – In the latest episodes of Soluna's Clean Integration podcast, the team discusses AI's environmental impact, the quickly changing AI industry, and more. Key Project Updates: Project Dorothy 1A (25 MW, Bitcoin Hosting) / Project Dorothy 1B (25 MW, Bitcoin Prop-Mining): * Project Dorothy 1A customer deployments have been completed, and investments at Project Dorothy 1B have yielded strong hashrate growth over previous months. * The site successfully met the ancillary services requirements for Q1 2025. Project Dorothy 2 (48 MW Under Construction, Bitcoin Hosting): * The commissioning of Phase 1 is ongoing and on track to be completed by the end of this month. * Hosting negotiations are in the process of being finalized, and equipment is in the process of being staged for deployment. * Progress on phase 2 is accelerating, with the mechanical framing of MDCs expected to be completed by the end of the month. * The operational team continues to expand with additional new hires to support the transition to operations. Project Sophie (25 MW, Bitcoin Hosting with Profit Share, AI Hosting): * 2 MW deployment has been completed, expanding an existing customer with an upgraded fleet. * An additional 3.3 MW fleet upgrade is planned for May. Project Kati (166 MW Under Development, Bitcoin Hosting and AI): * The Phase 1 (83 MW) substation upgrade is planned to be completed in May. * The construction bid process for Phase 1 (83 MW) of Bitcoin Hosting has been launched and will be completed this month to finalize capital requirements. * Long lead equipment procurement continues. * Final stages for potential land lease underway. Customer Success: * Partnership growth and expansion at Project Sophie. This would be our 3rd partnership expansion with this hyperscale partner. * Project Dorothy 2 contracting is almost complete for April- September 2025; 48 MWs with new partners are in the final stages of negotiation. * Our team recently attended the annual Mining Disrupt conference and received positive feedback from key market players about Soluna's hosting services and our ability to meet increasing market demand for hosting. About Soluna Holdings Headquartered in Albany, N.Y., Soluna Holdings designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. The Company's modular data centers can be co-located with wind, solar, or hydroelectric power plants and support compute-intensive applications, including Bitcoin mining, generative AI, and scientific computing. This approach aids in energizing a greener grid while providing cost-effective and sustainable computing solutions. Albany, N.Y.-based UHY LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company was in a net loss, has negative working capital, and has significant outstanding debt that raise substantial doubt about its ability to continue as a going concern. SPORTIF VENTURES: Section 341(a) Meeting of Creditors on June 3 --------------------------------------------------------------- On April 29, 2025, Sportif Ventures LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filing, the Debtor reports between $500,000 and $1 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 June 3, 2025 at 09:45 AM as a Telephonic Hearing. About Sportif Ventures LLC Sportif Ventures LLC, operating as Biloxi Bicycle Works and GovVelo, is a bicycle retailer based in Biloxi, Mississippi. Sportif Ventures LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-03763) on April 29, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Grant L. Cartwright, Esq. at May, Potenza, Baran & Gillespie, P.C. SRP CAPITAL: To Sell Perth Amboy Property to 395-397 Mechanical --------------------------------------------------------------- SRP Capital LLC seeks approval from the U.S. bankruptcy Court for the District of New Jersey, to sell Property, free and clear of liens, interests, and encumbrances. The Debtor's Property that is up for sale is located at 395-397 Mechanic Street, Perth Amboy, New Jersey. The Debtor wants to sell the Property to 395-397 Mechanical LLC in the purchase price of $750,000. Included in the sale are fixtures including fireplaces, patios, built-in shelving, gas and electric fixtures, chandeliers, wall-to-wall carpeting, linoleum, mats and matting in halls, screens, shades, awnings, storm windows and doors. TV, antenna, water pump, sump pump, and water softeners. The Debtor will pay the Realtor's commission for services rendered in the sale. About SRP Capital LLC SRP Capital LLC filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 23-15309) on June 20, 2023, with as much as $1 million in both assets and liabilities. Judge Stacey L. Meisel oversees the case. Robert C. Nisenson, LLC serves as the Debtor's bankruptcy counsel. STARSHIP LOGISTICS: Unsecureds Will Get 9.5% of Claims in Plan -------------------------------------------------------------- Starship Logistics LLC submitted a First Amended Disclosure Statement describing Chapter 11 Plan of Reorganization dated March 28, 2025. The Plan described in this Disclosure Statement is a reorganizing plan. The Plan described in this Disclosure Statement provides for the Debtor's emergence from its chapter 11 case, which the Debtor anticipates will occur in approximately July 2025. The Plan provides for a recapitalization as follows: (a) a $75,000 contribution from Clarence Xu, or his assignee (the "New Equity Investor") in exchange for a 100% membership interest in the Debtor. This contribution will be used to, among other things, fund the Plan and provide the Reorganized Debtor with sufficient working capital. The Debtor is the Plan proponent. Under the Plan, Mr. Xu (or an assignee) intends to purchase the membership interests of the Debtor from RPG Star Holdings, Inc. in exchange for a cash infusion to fund the Debtor's Plan. Under the Plan, the Debtor's current General Unsecured Creditors will receive their pro rata share of at least $250,000 over the course of the Plan, or approximately 9.5% distribution on their Claims. The Debtor believes that the pursuit of any preference litigation would cause substantial ill-will against the Reorganized Debtor with its vendors, which the Debtor believes would negatively interfere with the Reorganized Debtor's business operations and reorganization efforts. Through this bankruptcy, the Debtor has been able to reduce its footprint to a more manageable size based on its current customer needs. This problem was the primary issue to be solved in the bankruptcy case, and the Debtor believes it has largely achieved its goals in that regard. The Debtor anticipates bringing claim objections post-confirmation in order to reduce the size of the pool of allowed general unsecured creditors. The Debtor anticipates operating at a profit in the future, and will be able to pay its creditors through the Plan, receive a discharge, and continue its operations successfully. Class 3 consists of All General Unsecured Claims. Holders of Allowed General Unsecured Claims shall receive their pro rata share of at least $250,000 over the life of the Plan. This Class will receive a distribution of 9.5% of their Allowed General Unsecured Claim. This calculation is subject to change based on resolution of Disputed Claims and passage of the Claims Bar Date. The allowed unsecured claims total $2,614,401 (this number is subject to change based upon the resolution of Disputed Claims and passage of Bar Date). This Class is impaired. The Plan will be funded by the Exit Financing in the aggregate amount of approximately $75,000, plus the Debtor's estimated Cash on hand of approximately $57,298 as of July 1, 2025, the estimated Effective Date. A full-text copy of the First Amended Disclosure Statement dated March 28, 2025 is available at https://urlcurt.com/u?l=HteN2C from PacerMonitor.com at no charge. Counsel to the Debtor: Susan K. Seflin, Esq. Steven T. Gubner, Esq. Jessica L. Bagdanov, Esq. BG Law LLP 21650 Oxnard Street, Suite 500, Woodland Hills, CA 91367 Tel: (818) 827-9000 Fax: (818) 827-9099 Email: sgubner@bg.law sseflin@bg.law jbagdanov@bg.law About Starship Logistics Starship Logistics, LLC, a company in Long Beach, Calif., offers freight transportation arrangement services. Starship Logistics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-18834) on Oct. 28, 2024, with $1 million to $10 million in both assets and liabilities. Clarence Xu, chief executive officer and managing director, signed the petition. Judge Barry Russell oversees the case. The Debtor is represented by Susan K. Seflin, Esq., at BG Law, LLP. STEEL FABRICATORS: To Sell Equipment to KDM Steelworks for $120K ---------------------------------------------------------------- Steel Fabricators Inc. seeks permission from the U.S. Bankruptcy Court for the District of Colorado, to sell equipment, free and clear of liens, interest, and encumbrances. The Debtor owned a 2021 Accupress Advantage 740012 Press Brake. The Colorado Department of Revenue (CDOR) filed proof of claim in the amount of $5,917.23 plus 12% interest claiming a first statutory lien on all assets of Debtor. The Equipment is subject to the secured lien of BMO Bank, N.A. in the amount of $104,001.30. The Debtor wants to sell the equipment to KDM Steelworks for a total of $120,000.00, which shall consist of the Buyer assuming the loan with BMO pursuant to terms agreed to between the Buyer and BMO and payment of the difference to Debtor. In connection with assuming the loan, the Buyer agrees to pay the required cure amount and complete the application and process requested by BMO. The proceeds received by Debtor from the sale of the Equipment will be applied first towards the first priority lien of CDOR, then after CDOR is paid in full any sale proceeds shall be used to fund the Debtor's ongoing business operations. About Steel Fabricators Inc. Steel Fabricators, Inc., doing business as SFI, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 24-17584) on December 23, 2024, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Heidi Fox, CEO, signed the petition. Judge Joseph G. Rosania Jr. presides over the case. Katharine S. Sender, Esq. at Allen Vellone Wolf Helfrich & Factor, P.C. represents the Debtor as legal counsel. SUNNOVA ENERGY: Extends SVP's Employment, Grants Special Bonuses ---------------------------------------------------------------- Sunnova Energy International Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors authorized the extension of Kimberly Hammer's employment with the Company through September 30, 2025. As previously disclosed in the Company's Current Report on Form 8-K filed on February 18, 2025, on February 14, 2025, the Company and Ms. Kimberly Hammer, Senior Vice President, Chief Accounting Officer, confirmed the terms of Ms. Hammer's separation of employment with a departure date of May 31, 2025, following Ms. Hammer's expression of an intention to resign to pursue other opportunities. Subject to Ms. Hammer remaining employed with the Company through September 30, 2025, Ms. Hammer's employment will automatically terminate on the Separation Date and the Company will consider the termination a termination of employment without Cause under Section 3.3 of the Executive Severance Agreement entered into between Ms. Hammer and the Company, effective as of August 26, 2019, in accordance with and subject to the terms thereof. Provided, however, that any amounts payable pursuant to Section 3.3(a)(ii) and (iii) will be paid in a lump sum payment on the next pay period following Ms. Hammer's satisfaction of the conditions precedent contained within the Severance Agreement. Except as noted above, the terms and conditions of the Severance Agreement are substantially similar to those described in the Form of Executive Severance Agreement incorporated by reference as Exhibit 10.19 to the Company's Form 10-K filed on March 3, 2025. On April 4, 2025, the Board approved the grant of a special bonus award for each of Messrs. Michael Grasso, Executive Vice President, Chief Revenue Office, and David Searle, Executive Vice President, General Counsel and Chief Compliance Officer and Ms. Robyn Liska, Interim Chief Financial Officer and interim principal financial officer. Special Bonus Awards: Michael Grasso $ 175,596 David Searle $ 162,325 Robyn Liska $ 400,000 The Award granted to Ms. Liska replaces the previously approved $200,000 discretionary success bonus, which was disclosed in the Company's Current Report on Form 8-K filed on April 1, 2025. Ms. Liska is no longer eligible to receive the Prior Bonus. The Awards are contingent upon the Officers' continuous employment with the Company and maintaining good standing through December 31, 2025. Should an Officer resign or be terminated for cause prior to that date, such Officer will forfeit payment of the Award in its entirety if the Award has not yet been paid. If the Award has already been paid to the Officer and such Officer resigns or is terminated for cause before December 31, 2025, the Company will be entitled to deduct the amount of the Award from any amounts it owes to the Officer. Additionally, the Officer will be required to repay any remaining amount of the Award paid within 10 calendar days from the date of separation if such Officer owes more than the Company owes the Officer in such Officer's final salary payment from the Company. 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. * * * In April 2024, Fitch Ratings has downgraded Sunnova Energy International Inc.'s (Sunnova) and Sunnova Energy Corporation's (SEC) Long-Term Issuer Default Ratings (IDRs) to 'C' from 'CCC-'. Fitch has also downgraded SEC's senior unsecured debt to 'C' with a Recovery Rating of 'RR4' from 'CCC'/'RR4'. The downgrade reflects initiation of a 30-day grace period following Sunnova's election of non-payment of $23.5 million of interest on its $400 million senior notes maturing 2028, which was due on April 1, 2025. This development comes amid substantial refinancing risk and persistently weak cash flows. TAMPA BRASS: Gets Extension to Access Cash Collateral ----------------------------------------------------- Tampa Brass and Aluminum Corporation received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral until May 14, marking the sixth extension since the company's Chapter 11 filing. The court's previous interim order allowed the company to access cash collateral for the period from April 9 to 16. The sixth interim order authorized the company to pay the expenses set forth in its budget from the cash collateral and grant its secured creditors a post-petition lien on the cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy liens. The next hearing is set for May 14. About Tampa Brass and Aluminum Corporation Tampa Brass and Aluminum Corporation -- https://tampabrass.com/about/ -- is a supplier of cast machined parts for the commercial and defense industries. The company is based in Tampa, Fla. Tampa Brass and Aluminum filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-00105) on January 9, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Roberta A. Colton oversees the case. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, P.A. represents the Debtor as legal counsel. The U.S. Trustee for Region 21 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. TECTUM ROOFING: Updates Unsecured Claims Pay Details ---------------------------------------------------- Tectum Roofing, LLC, submitted an Amended Plan of Reorganization dated March 27, 2025. The Debtor firmly believes that the Plan represents the best alternative for providing the maximum value for creditors. The Plan provides creditors with a distribution on their Claims in an amount greater than any other potential known option available to the Debtor. The Debtor has listed a number of payments in the ninety days prior to filing. The Debtor is still reviewing the transfers, but does not believe that any claims arising under section 547 (preferential transfers) or 548 (fraudulent conveyances) exist or have any value to the estate based on its preliminary review, except for payments made in the amount of approximately $11,000 to Polaris/Rise Group during the 90-day period. The Debtor has made a demand for the $11,000 plus a balance of estate funds held by Polaris for a total of approximately $14,000. The Debtor has resolved these issues with Polaris and filed a motion to approve a settlement agreement for receipt of $10,000 in full and final satisfaction of the Debtor's claims against Polaris. The motion is out on notice. Class 8 is comprised of the Allowed General Unsecured Claims holding unsecured claims against the Debtor. Class 8 shall receive a pro-rata distribution equal to an escalating percentage of the Debtor's Gross Revenue calculated on annual basis for a five-year period beginning on the one-year anniversary of the Effective Date of the Plan ("Class 8 Plan Term") as follows: Year 1: 1% Year 2: 2% Year 3: 3% Year 4: 4% Year 5: 5%; Commencing on the first day of the second calendar year following the commencement of the Class 8 Plan Term and continuing each year thereafter, the Debtor shall distribute an amount equal to the respective percentage of the prior 12 month's Gross Revenue. By way of example, if the Plan is confirmed in March 2025, the first distribution shall be made annually based on the Gross Revenue generated from April 2025 through March 2026. Based on the Debtor's projections, the Debtor estimates that Class 8 Claims will receive a total of approximately $1,437,500 over a five-year period, or approximately 90.97% on account of their claims totaling approximately $1,580,215. Upon request by any party in interest, the Debtor shall provide an annual financial statement, including amounts disbursed to creditors in accordance with the Plan. Class 9 is comprised of the sole member of the Debtor, Moriarty Group, LLC. Class 9 is unimpaired by the Plan. On the Effective Date of the Plan, Class 9 interest holders shall retain all interests held on the Petition Date. The Debtor's Plan is feasible based upon the Debtor's prepared projections, which reflect a conservative prediction of the Debtor's operations during the term of the Plan. As evidenced by the projections, the Debtor anticipates that its income will be overall positive during the term of the Plan, and will generate sufficient revenue to meet its obligations under the Plan. A full-text copy of the Amended Plan dated March 27, 2025 is available at https://urlcurt.com/u?l=09aaPn from PacerMonitor.com at no charge. Counsel to the Debtor: Jenny M.F. Fujii, Esq. KUTNER BRINEN DICKEY RILEY PC 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Tel: (303) 382-2400 Email: jmf@kutnerlaw.com About Tectum Roofing Tectum Roofing, LLC, specializes in roofing services, focusing on projects that require durable, high-quality solutions. Known for their expertise in both commercial and residential roofing, the company handles installations, repairs, and maintenance. Tectum Roofing sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 24-16169) with $1 million to $10 million in both assets and liabilities. Mark Dennis, a certified public accountant at SL Biggs, serves as Subchapter V trustee Judge Michael E Romero oversees the case. Jeffrey S. Brinen, Esq., at Kutner Brinen Dickey Riley, P.C., is the Debtor's legal counsel. TOMMY'S FORT: Chapter 11 Trustee Files Liquidating Plan ------------------------------------------------------- Mark E. Andrews, the chapter 11 trustee appointed in the chapter 11 cases of Tommy's Fort Worth, LLC and its affiliates, submitted a Disclosure Statement describing his Joint Chapter 11 Plan for the Debtors dated March 28, 2025. The Debtors offered a wide range of services with fourteen dealerships and five on-water rental programs across Texas, Colorado, Michigan, Arizona, California, Florida, Nevada, and Tennessee. The Debtors are comprised of seventeen limited liability companies that are either wholly owned by Matthew Borisch or the Matthew Allen Borisch Trust. The Trustee believes that Matthew Borisch owns, directly or indirectly, each of the Debtors in these Chapter 11 Cases. The Debtors generated revenue from four primary revenue streams: (1) boat sales, (2) service and repair, (3) pro shop sales, and (4) waterfront rental and fueling. The plan proposes to pay unsecured creditors through a liquidating trust called the "Creditor Trust." The key feature of the Plan includes a proposed settlement with M&T Bank, the Debtors' primary Prepetition Lender. Under the settlement, M&T Bank will contribute approximately $2,960,000 of its Cash Collateral (in addition to Cash Collateral previously used with M&T Bank's consent during the course of the chapter 11 cases). The Contributed Cash Collateral will be funded into the following Plan Reserves: * $500,000 to be funded into an Administrative Claims Reserve; * $1,750,000 to be funded into a Priority Claims Reserve; * $360,000 to be funded into a Customer Constructive Claims Reserve; and * $350,000 to be funded into a Creditor Trust Reserve. These Plan Reserves will allow for payment of outstanding administrative expenses, professional fee claims, priority tax and non-tax claims, customer claim settlements, and pro rata distributions to other general unsecured non-priority creditors. In exchange for additional cash contribution, M&T Bank (the Prepetition Lender) shall receive in partial satisfaction of the Allowed Prepetition Lender's Secured Claims all Cash held by the Debtors or the Trustee on the Effective Date, except as necessary to fund the Plan Reserves, and M&T Bank will further receive releases from the Trustee and all creditors and parties in interest who do not affirmatively "opt out" of the proposed settlement. Class 5 consists of General Unsecured Claims. Except to the extent that a holder of an Allowed General Unsecured Claim against a Debtor agrees to less favorable treatment, each holder of an Allowed General Unsecured Claim shall receive a Creditor Trust Interest. Distributions to holders of Allowed General Unsecured Claims who receive a Creditor Trust Interest shall be on a Pro Rata basis with all other Allowed General Unsecured Claims, as set forth in the Creditor Trust Agreement. Notwithstanding the foregoing, solely for purposes of any distribution made from the portion of the Contributed Cash Collateral funded into the Creditor Trust Reserve, the Prepetition Lender's Allowed General Unsecured Claim shall be subordinated to the holders of all other Allowed General Unsecured Claims. Class 5 Claim holders are impaired under the Plan. Class 8 consists of Equity Interests. On the Effective Date, all Equity Interests in each Debtor shall be cancelled, extinguished, and of no further force or effect. Holders of Equity Interests shall neither retain nor receive any property under the Plan on account of such Equity Interests. Holders of Equity Interests are conclusively deemed to have rejected the Plan and are not entitled to vote. The Creditor Trust shall be established for the benefit of the holders of Allowed General Unsecured Claims. This section sets forth the general terms of the Creditor Trust and certain of the rights, duties, and obligations of the Creditor Trustee. In the event of any conflict between the terms of this section and the terms of the Creditor Trust Agreement, the terms of the Creditor Trust Agreement shall govern. A full-text copy of the Disclosure Statement dated March 28, 2025 is available at https://urlcurt.com/u?l=Xe6G8I from PacerMonitor.com at no charge. Counsel to Mark E. Andrews, Chapter 11 Trustee: Aaron M. Kaufman, Esq. Jason S. Brookner, Esq. Lydia R. Webb, Esq. Emily F. Shanks, Esq. GRAY REED 1601 Elm Street, Suite 4600 Dallas, TX 75201 Tel: (214) 954-4135 Fax: (214) 953-1332 Email: jbrookner@grayreed.com akaufman@grayreed.com lwebb@grayreed.com eshanks@grayreed.com About Tommy's Fort Worth Tommy's is a premium boat dealer with 16 locations across the United States. Tommy's Fort Worth, LLC and its affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Lead Case No. 24-90000) on May 20, 2024. The petitions were signed by Monica S. Blacker as chief restructuring officer. At the time of filing, the Lead Debtor estimated $1 million to $10 million in assets and $100 million to $500 million in liabilities. Judge Edward L. Morris presides over the case. Liz Boydston, Esq. at GUTNICKI LLP, is the Debtor's counsel. TSFG LLC: Tamara Miles Ogier Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 21 appointed Tamara Miles Ogier, Esq., at Ogier, Rothschild & Rosenfeld, PC as Subchapter V trustee for TSFG, LLC. Ms. Ogier will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Ogier declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tamara Miles Ogier, Esq. Ogier, Rothschild & Rosenfeld, PC P.O. Box 1547 Decatur, GA 30031 Phone: (404) 525-4000 About TSFG LLC TSFG, LLC, also known as The Skyfall Group, is a family-owned company specializing in exterior home repairs and storm restoration services for both residential and commercial properties. It offers a comprehensive range of services, including roof repair and replacement, gutter installation, siding, and painting. Operating primarily in Georgia, Tennessee, and Kentucky, Skyfall Group prides itself on its expertise in insurance restoration, providing free inspections and offering a five-year labor warranty on roof replacements. TSFG filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 25-53596) on April 1, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Scott Osmon, a member of TSFG, signed the petition. Judge Jeffery W. Cavender oversees the case. The Debtor is represented by: William A. Rountree, Esq. Rountree Leitman Klein & Geer, LLC Tel: 404-584-1238 Email: wrountree@rlkglaw.com TZADIK RAPID: Section 341(a) Meeting of Creditors on June 3 ----------------------------------------------------------- On April 27, 2025, Tzadik Rapid City Portfolio I LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filing, the Debtor reports $16,728,078 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 June 3, 2025 at 09:30 AM by Telephone. About Tzadik Rapid City Portfolio I LLC Tzadik Rapid City Portfolio I LLC is a real estate investment company based in Hollywood, Florida. The firm focuses on multifamily properties and operates under the Tzadik Management Group, which handles property management, asset management, and construction management. Tzadik Rapid City Portfolio I LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14655) on April 27, 2025. In its petition, the Debtor reports total assets of $24,700,000 and total liabilities of $16,728,078. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtor is represented by Morgan B. Edelboim, Esq. at EDELBOIM LIEBERMAN PLLC. UNDER ARMOUR: Moody's Cuts CFR to 'Ba3', Outlook Negative --------------------------------------------------------- Moody's Ratings downgraded Under Armour, Inc.'s (Under Armour) ratings, including its corporate family rating to Ba3 from Ba2, probability of default rating to Ba3-PD from Ba2-PD, and senior unsecured notes rating to B1 from Ba3. The company's speculative grade liquidity rating (SGL) was downgraded to SGL-3 from SGL-1. The outlook remains negative. The CFR downgrade to Ba3 reflects Moody's expectations that weakening consumer discretionary spending and increased tariff costs are likely to lead to lower earnings over the next 12-18 months. In addition, uncertainty around trade policy and consumer spending will make it more difficult for Under Armour to execute its turnaround strategy including efforts to elevate the brand, reduce promotions and revamp its product, marketing and marketplace. Moody's previously expected both operating margin and earnings to recover in fiscal 2026. The downgrade to SGL-3 reflects Moody's expectations that Under Armour will maintain adequate liquidity, with modestly negative free cash flow in fiscal 2026 that can be supported by its solid cash balances and full access to its $1.1 billion revolver. It also reflects the company's 2026 and 2027 debt maturities. RATINGS RATIONALE Under Armour's Ba3 CFR reflects the company's well-recognized brand and diversified distribution in the athletic apparel and footwear market. The company has a strong position in the sports performance apparel category, which it aims to leverage as part of the brand elevation strategy and turnaround plan led by CEO and founder Kevin Plank. Under Armour's relatively low level of funded debt provides key credit support, and Moody's expects leverage to remain moderate over the next 12-18 months despite lower earnings. Moody's projects Moody's-adjusted debt/EBITDA (which does not add back most restructuring and one-time charges) to increase to mid-3x to mid-4x in fiscal 2026 from 2.9x as of December 31, 2024. At the same time, the credit profile is constrained by the company's weak operating performance and limited brand differentiation. Following a transformation year in fiscal 2025, Moody's projects earnings to continue to decline in fiscal 2026, as the company's strategic initiatives are offset by weaker discretionary spending and higher tariffs, which would be difficult for the company to pass through to consumers. While Moody's expects Under Armour's strategies to generate earnings growth over time, there is significant execution risk, given intense competition and the company's prior struggles to improve brand health. Additionally, Moody's views the Under Armour's frequent executive turnover, including four CEO transitions in the past 4 years and significant recent key executive changes, as moderate governance concerns. The negative outlook reflects that the risk that uncertainty around tariffs could result in lower than anticipated earnings and free cash flow in fiscal year 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Under Armour demonstrates improved operating performance and a successful execution of its brand health strategies. An upgrade would also require lease-adjusted operating margins to the mid-single-digit range and good liquidity, including positive free cash flow. Quantitatively, the ratings could be upgraded if Moody's-adjusted debt/EBITDA is sustained below 3.5x. The ratings could be downgraded if liquidity weakens for any reason, including lower than expected free cash flow, significant revolver usage, or failure to refinance debt maturities in a timely manner. More aggressive financial policies, such as material share repurchases in a highly uncertain environment and prior to earnings recovery could also result in a downgrade. Quantitatively, the ratings could be downgraded if Moody's-adjusted debt/EBITDA is sustained above 4.0x or if EBITA/interest expense is sustained below 2.5x. Headquartered in Baltimore, Maryland, Under Armour, Inc. is a designer, marketer and retailer of footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Revenue was about $5.3 billion for the last twelve months ended December 31, 2024. The principal methodology used in these ratings was Retail and Apparel published in November 2023. VAN DER VALK: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Van Der Valk Construction LLC 1601 N Florida Avenue Hernando, FL 34442 Business Description: Van Der Valk Construction LLC is a general contracting company that specializes in residential construction, including custom and model homes. Based in Hernando, Florida, the Company also offers real estate and property management services, particularly for short-term rentals in Citrus County. Chapter 11 Petition Date: April 30, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-01382 Judge: Hon. Jacob A Brown Debtor's Counsel: Richard A. Perry, Esq. RICHARD A. PERRY P.A. 820 East Fort King Street Ocala, FL 34471-2320 Tel: 352-732-2299 E-mail: richard@rapocala.com Total Assets: $78,465 Total Liabilities: $1,062,331 The petition was signed by Chris G. Matser as manager. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HMEKW7A/Van_Der_Valk_Construction_LLC__flmbke-25-01382__0001.0.pdf?mcid=tGE4TAMA VENUS CONCEPT: EW Healthcare Holds 43.2% Equity Stake ----------------------------------------------------- EW Healthcare Partners, L.P., disclosed in a Schedule 13D (Amendment No. 13) filed with the U.S. Securities and Exchange Commission that as of March 31, 2025, it beneficially owned 466,903 shares of Venus Concept Inc.'s Common Stock, representing 43.2% of the outstanding shares. EW Healthcare Partners may be reached through: R. Scott Barry 21 Waterway Avenue, Suite 225, The Woodlands, TX, 77380. A full-text copy of EW Healthcare's SEC report is available at: https://tinyurl.com/4avhtnpx About Venus Concept Toronto, Ontario-based Venus Concept Inc. is an innovative global medical technology company that develops, commercializes, and delivers minimally invasive and non-invasive medical aesthetic and hair restoration technologies and related services. The Company's systems have been designed on cost-effective, proprietary, and flexible platforms that enable the Company to expand beyond the aesthetic industry's traditional markets of dermatology and plastic surgery, and into non-traditional markets, including family medicine and general practitioners and aesthetic medical spas. Mississauga, Canada-based MNP LLP, the Company's auditor since 2019, 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 December 31, 2024, citing that the Company has reported recurring net losses and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2024, Venus Concept had $72.28 million in total assets, $61.65 million in total liabilities, $520,000 in non-controlling interests, and $10.11 million in total stockholders' equity. VOYAGER PARENT: Fitch Assigns 'BB' IDR, Outlook Stable ------------------------------------------------------ Fitch Ratings has assigned Voyager Parent, LLC and IGT Canada Amalco (collectively, Voyager) Issuer Default Ratings (IDRs) of 'BB' with a Stable Outlook. Fitch has also assigned the proposed first lien senior secured debt a rating of 'BBB-' with a Recovery Rating of 'RR1'. The rating reflects Voyager's broad diversification across business lines, product types and jurisdictions due to the combination of International Gaming Technology plc's (IGT) Gaming & Digital business with Everi Holding Inc., which operates in both gaming and FinTech segments, driving scale, synergies, and cross-selling opportunities. The rating also incorporates robust FCF generation, excluding shareholder distributions and a moderate leverage profile. The Stable Outlook reflects Fitch's expectation that Voyager will maintain a disciplined capital allocation strategy and enhance its digital and FinTech offering over the medium term, while upholding its industry-leading land-based gaming market share. Key Rating Drivers Industry Leading Market Position: Voyager's top-three slot supplier status in North America is supported by IGT's and Everi's combined platform, which is highly diversified across revenue models and product offerings. Its total installed base will now be second only to Aristocrat Leisure Limited (ALL). Fitch expects Voyager to slowly bridge this gap via its focus on Premium Multi-level Progressives and Wide-Area Progressives, while maintaining its dominance in adjacencies (video lottery and poker terminals). In addition, Everi had a sizeable Class II presence, which should help Voyager compete better with ALL's significant advantage in the tribal gaming segment. Fitch believes Voyager can further increase yield from its leased base, add ship share scale, and push incremental average sales price (ASP) by continuing to focus on investment in R&D and drive content development across its about two dozen global studios. Synergistic and opportunistic cost-savings in land-based gaming should also allow Voyager to elevate its EBITDA margins. Growth in the industry will likely soften over the near to medium term as catch-up demand in gross gaming revenue (GGR) eases. However, market share among participants may remain dynamic depending on their expansion into adjacencies and new jurisdictions. FinTech Diversification: FinTech accounts for 15% of Voyager's sales, nearly all of which is recurring, and underpins its market leading share in providing cash access to its customers. The segment should benefit considerably as the company embeds its complementary products in loyalty services, regulatory technology and compliance in the core gaming business, driving compelling cross-selling opportunities. There is also potential for Voyager to bring casino management systems closer to FinTech to drive higher value by bundling services, making contracts longer and stickier. Fintech supports a solid recurring revenue base to Voyager's 84%. Voyage could increase its transaction and dollar volumes processed over the medium term, which are associated with continued strength in the gaming industry. However, growth is likely to moderate slightly, and technology risk is an uncertain factor in the longer term. The acquisitions of eCash Holdings Pty Ltd. and Venuetize, Inc. in 2022 expanded FinTech's breadth of offering, and Fitch anticipates Voyager will continue growing this segment through acquisitions and new product lines as circumstances arise. Moderate Leverage: Fitch-defined EBITDA leverage in 2026, pro forma for the closing of the transaction in 3Q25, is expected to be about 4.0x, with sequential moderation to 3.5x over the forecast period due to EBITDA growth and required amortization under the term loan B. Fitch does not assume any voluntary debt repayment, because Voyager does not have a formal financial policy. Leverage could increase due to the company's private and private equity ownership. Management has demonstrated a focus on reinvestment in the business and M&A, which can expand the range of adjacencies or strengthen other platform segments, and dividend pay-out is less likely in the near term. Growing Digital Business: Voyager's digital business, which holds the top position in terms of market share, is still in its nascent stage (10% of sales), with iGaming currently legal in only eight U.S. states. Further rollout of legalization is likely to be slow in the near term but progress steadily as more states look to cover budget deficits or maximize tax revenue. Voyager has a catalogue of over 2,700 games and has ported only about 10% of these land-based titles to its online gaming platform, providing it significant runway. Voyager's platform also offers third-party studio providers an avenue to disseminate their games. Strong FCF Generation: Fitch expects the company's FCF margin to rise from low single digits to mid-single digits over the rating horizon, in part due to EBITDA elevation from nominal market volume growth across all segments and relatively stable capex. Voyager's FCF is relatively in line with the broader gaming industry and other supplier peers. The company's FCF benefits from management's current preference for M&A over dividends. Experienced Management and Sponsor: Voyager has an experienced senior leadership team with solid business expertise. Apollo Global Management, Inc. also has a history in gaming supplier investments, thanks to its prior ownership of PlayAGS, and Lottomatica, an Italian B2C gaming franchise it bought from IGT. However, Voyager does not have a formally defined financial policy, and the capital allocation program could have a negative impact on its credit profile. Peer Analysis Voyager Parent's credit profile is similar to IGT's (BB+/Stable). However, IGT can withstand slightly higher leverage due to its significant lottery exposure. The lottery business tends to be resilient and less prone to recessionary headwinds and economic shocks, resulting in stable low- to mid-single-digit growth rates and higher profit margins. However, Voyager's rating also considers possible cash flow volatility during economic shocks and Everi's contribution as a slot supplier, despite its smaller size compared to IGT's gaming business. Voyager will also be a cash services provider with a number 1 market position and a combined platform with diversified geographic reach and business lines. Aristocrat Leisure Limited (BBB-/Positive) has a leading market position in the slot segment and greater diversification and lower leverage (target net leverage of 1.0x-2.0x) than Voyager. This positions it as a low-investment-grade gaming supplier. In addition, it is a solid digital offeror of mobile gaming, iLottery and real-money gaming, consistently generating robust FCF margins. Light & Wonder, Inc. (BB/Stable) is another leading global slot supplier with an established market position in the digital space, and its rating reflects its conservative leverage profile (target net leverage in the 2.5x-3.5x range) and strong FCF margin. Key Assumptions - Fitch assumes total full year revenue grows in the 4%-5% range over the forecast horizon; - IGT's and Everi's Gaming business CAGR climbs in the low to mid-single digits range, supported by market growth, along with elevated pricing (average sales price (ASP) and yield) and an increase in premium game mix; - PlayDigitial grows in low-mid single digits, driven by increasing expansion in existing IGT iCasino segments and select new markets; - FinTech sales rise in the vicinity of 3%-4% helped by an improvement in total value processed and revenue per value processed; - Fitch-defined EBITDA margin grows about 500bps over the rating period to about 41.5% due to the integration, thereby reducing overlapping infrastructure and opportunistic cost-savings; - Run-rate capex intensity remains in the range of 13%-14% of revenue and primarily attributable to refreshing and growing the installed base; - Gross debt declines marginally through the rating period due to a modest 1% per annum amortization under the term loan B; - Base interest rates assumptions reflect the current SOFR curve. Recovery Analysis Fitch applies a generic approach to issuers in the 'BB' rating category and equalizes the IDR and unsecured debt instrument ratings when average recovery prospects are present, as per Fitch's Corporates Recovery Ratings and Instrument Ratings Criteria. Issuers rated 'BB-' and above are too far from default for a credible default scenario analysis to be generated, and they would likely generate Recovery Ratings (RRs) that are too high across all instruments. Where an RR is assigned, the generic approach reflects the relative instrument rankings and their recoveries, as well as the higher enterprise value of 'BB' ratings in a generic sense for the most senior instruments. Considering the IDR of 'BB', Fitch notches the Category 1 first lien senior secured debt one level to 'BBB-'/'RR1'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustaining above 4.0x; - An aggressive financial policy and/or growth strategy pursuing debt-funded acquisitions without a reasonable de-levering path; - The slots business suffering from market share loss or deterioration of operating fundamentals. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustaining below 3.0x; - Steady growth in slot segment market share, along with continued growth and profitability in its digital and FinTech segments (as evidenced by an increasing proportion of the consolidated EBITDA); - FCF margin in double digits. Liquidity and Debt Structure At close of the transaction, Voyager is expected to have about $450 million in unrestricted cash and $750 million in additional borrowing capacity under its undrawn revolving facility, maturing in 2030. In comparison, scheduled annual debt repayment is 1% per annum (or about $26 million) under the term loan B. Fitch does not assume any discretionary debt repayment. Voyager's capital structure will be fully secured, with the term loan and notes maturing in 2032. Cash flow from operations as a percentage of revenue is estimated to be around 25% over the forecast period, with FCF margin in the solid low double digits. Issuer Profile Voyager Parent, LLC is a global industry leader and diversified gaming technology provider. It offers an integrated omnichannel solution across land-based gaming, iGaming, systems and sports betting, along with a comprehensive FinTech product portfolio. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Voyager Parent, LLC LT IDR BB New Rating senior secured LT BBB- New Rating RR1 IGT Canada Amalco LT IDR BB New Rating senior secured LT BBB- New Rating RR1 WELLPATH HOLDINGS: Secures Bankruptcy Exit Court Approval --------------------------------------------------------- Randi Love of Bloomberg Law reports that Wellpath Holdings Inc., a prison health-care provider, secured bankruptcy court approval for its plan to settle hundreds of tort claims, despite objections from some self-represented junior creditors. During a Wednesday, April 30, 2025, hearing, U.S. Bankruptcy Judge Alfredo R. Perez of the Southern District of Texas noted concerns about whether incarcerated individuals, former inmates, and families of deceased prisoners had been properly notified. He concluded, however, that Wellpath had taken all reasonable steps to inform them, according to Bloomberg Law. About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq. at McDermott Will & Emery, LLP as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Wellpath Holdings, Inc. and its affiliates. Proskauer Rose LLP represents the Committee as its co-counsel. Huron Consulting Services LLC and Dundon Advisers LLC were selected as the Committee's financial advisor. WHITTIER SEAFOOD: Fine-Tunes Plan Documents ------------------------------------------- Whittier Seafood, LLC and affiliates submitted a Second Amended Disclosure Statement for Second Amended Joint Plan of Reorganization dated March 31, 2025. The Plan provides for full payment of all creditors from the liquidation of certain assets and the proceeds of a refinance of the existing secured financing or a sale of additional assets, all within a relatively short period of time. 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. Because the Plan does not rely on the potential unpredictability of future cash flow projections but rather is based on the Debtors' proposal to functionally liquidate their material assets, the Plan is feasible. 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. The Kenai Peninsula Borough filed two proofs of claims for delinquent personal property taxes (Claims 11 and 12, filed on Whittier's Claims Register). The Debtors paid these personal property taxes post-petition, and therefore the Plan makes no provision for the payment of Kenai Peninsula Borough's claims. 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. Multiple liens encumber the Whittier Property and the Salacia Plant, and the Plan assumes that the Net Proceeds from the sale of the relevant assets will be sufficient to satisfy in full all Allowed Claims secured by such assets, regardless of the relative priority of the liens securing such Allowed Claims. However, the Plan also provides for the event that Net Proceeds are insufficient to pay all secured claims in full. Nevertheless, 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. A full-text copy of the Second Amended Disclosure Statement dated March 31, 2025 is available at https://urlcurt.com/u?l=8V9DWx 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. WINDTREE THERAPEUTICS: Issues $250K in Secured Notes With 20% OID ----------------------------------------------------------------- Windtree Therapeutics, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company agreed to issue and sell to two institutional investors 20% OID Senior Secured Promissory Notes in an aggregate principal amount of $312,500, at an original issue discount of 20%, for gross proceeds of $250,000. The Notes were issued in a private offering in reliance on exemption from registration provided in Section 4(a)(2) of the Securities Act of 1933, as amended. a. The Notes will mature on January 4, 2026, unless extended at the holder's option in accordance with the terms of the Notes. b. The Notes will bear interest at 10% per annum on a 360-day and twelve 30-day month basis, payable monthly in cash and in arrears on each Interest Date (as defined in the Note) and such interest will compound each calendar month. c. There is a mandatory pre-payment requirement that the Company must pre-pay the Note in an amount equal to 25% of the gross proceeds that the Company receives upon entry into a common stock purchase agreement on or about June 26, 2025 with the Holders subject to a pre-payment premium equal to 120%. There is no pre-payment penalty. d. The Note may be converted at the option of the Holder at any time for shares of the Company's Common Stock at a price equal to $1.10. subject to adjustment as provided in the Notes. e. Within 20 calendar days following the date the Note is issued; the Company must file a registration statement on Form S-1 for the resale of all securities issuable pursuant to the Note. f. If the Company sells or grants any option to purchase or sells or grants any right to reprice, or otherwise disposes of or issues (or announces any sale, grant or any option to purchase or other disposition), any Common Stock or Common Stock equivalents entitling any person to acquire shares of Common Stock at an effective price per share that is lower than the then Conversion Price, then the Conversion Price will be reduced to the lower issuance price of the subsequently issued security. g. Upon an Event of Default, as defined in the Note, the Note will accrue at an additional interest rate equal to the lesser of 2% per month (24% per annum) or the maximum rate permitted under applicable law. h. The Notes contain customary covenants providing for a variety of obligations on the part of the Company. A full-text copy of the Form of 20% OID Senior Secured Promissory Note is available at: https://tinyurl.com/3hcwzrrs About Windtree Therapeutics Headquartered in Warrington, Pennsylvania, Windtree Therapeutics, Inc. -- windtreetx.com -- is a biotechnology company focused on advancing early and late-stage innovative therapies for critical conditions and diseases. The Company's portfolio of product candidates includes: (a) istaroxime, a Phase 2 candidate that inhibits the sodium-potassium ATPase and also activates sarco endoplasmic reticulum Ca2+ -ATPase 2a, or SERCA2a, for acute heart failure and associated cardiogenic shock; preclinical SERCA2a activators for heart failure; rostafuroxin for the treatment of hypertension in patients with a specific genetic profile; and a preclinical atypical protein kinase C iota, or aPKCi, inhibitor (topical and oral formulations), being developed for potential application in rare and broad oncology indications. The Company also has a licensing business model with partnership out-licenses currently in place. Philadelphia, Pennsylvania-based EisnerAmper LLP, the company's auditor since 2022, 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 has suffered recurring losses from operations and expects to incur losses for the foreseeable future, that raise substantial doubt about its ability to continue as a going concern. WYNDSTON MILLWORK: Seeks Chapter 11 Bankruptcy in Louisiana ----------------------------------------------------------- On April 28, 2025, Wyndston Millwork LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Louisiana. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Wyndston Millwork LLC Wyndston Millwork LLC, doing business as Acadian Architectural Woodwork, specializes in custom architectural millwork and woodworking services. Based in Ponchatoula, Louisiana, the Company offers a range of products including doors, windows, mouldings, columns, corbels, furniture, hardware, and pre-hung interior and exterior door units. Wyndston Millwork LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 25-10353) on April 28, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Michael A. Crawford handles the case. The Debtor is represented by Ryan J. Richmond, Esq. at STERNBERG, NACCARI & WHITE, LLC. YELLOW CORP: MFN Cites High Costs in Push to Convert to Chapter 7 ----------------------------------------------------------------- Angélica Serrano-Roman of Bloomberg Law reports that MFN Partners LP, the largest shareholder of Yellow Corp., has petitioned the U.S. Bankruptcy Court in Delaware to shift the company's Chapter 11 proceedings to a Chapter 7 liquidation, citing excessive spending during the bankruptcy process. In its April 29, 2025 motion, the hedge fund argued that Yellow is accumulating millions in monthly administrative costs, largely due to fees paid to legal and financial advisers for both the company and its unsecured creditors committee. About Yellow Corporation Yellow Corporation -- http://www.myyellow.com/-- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corporation had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel; Kasowitz, Benson and Torres, LLP as special litigation counsel; Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as investment banker; and Alvarez and Marsal as financial advisor. Epiq Bankruptcy Solutions is the claims and noticing agent. Milbank LLP serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve as counsels to Beal Bank USA and the U.S. Department of the Treasury, respectively. On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller Buckfire as investment banker; and Huron Consulting Services, LLC, as financial advisor. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Think Safe, Inc. Bankr. N.D. Ala. Case No. 25-01203 Chapter 11 Petition filed April 22, 2025 See https://www.pacermonitor.com/view/YGPA3NY/Think_Safe_Inc__alnbke-25-01203__0001.0.pdf?mcid=tGE4TAMA represented by: Robert C. Keller, Esq. RUSSO, WHITE & KELLER, P.C. E-mail: rjlawoff@bellsouth.net In re Shillings' Cannery, L.L.C. Bankr. D.D.C. Case No. 25-00145 Chapter 11 Petition filed April 22, 2025 See https://www.pacermonitor.com/view/C6WAG6Q/Shillings_Cannery_LLC__dcbke-25-00145__0001.0.pdf?mcid=tGE4TAMA represented by: Justin P. Fasano, Esq. MCNAMEE HOSEA, P.A. E-mail: jfasano@mhlawyers.com In re F1 Motor Transport LLC Bankr. M.D. Fla. Case No. 25-02536 Chapter 11 Petition filed April 22, 2025 See https://www.pacermonitor.com/view/NYUWXMI/F1_Motor_Transport_LLC__flmbke-25-02536__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Jamilla Danielle McKnight Bankr. N.D. Ga. Case No. 25-54366 Chapter 11 Petition filed April 22, 2025 In re Real Estate Management & Consulting LLC Bankr. D. Md. Case No. 25-13537 Chapter 11 Petition filed April 22, 2025 See https://www.pacermonitor.com/view/YJOFI4I/Real_Estate_Managemet__Consulting__mdbke-25-13537__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Dominican Bar & Restaurant Corp. Bankr. S.D.N.Y. Case No. 25-10794 Chapter 11 Petition filed April 22, 2025 See https://www.pacermonitor.com/view/5EEQMDA/Dominican_Bar__Restaurant_Corp__nysbke-25-10794__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Ian Lyndon Solomon Clementson Bankr. M.D. Fla. Case No. 25-02569 Chapter 11 Petition filed April 23, 2025 represented by: Buddy Ford, Esq. In re Western Metal Properties LLC Bankr. S.D. Fla. Case No. 25-14448 Chapter 11 Petition filed April 23, 2025 See https://www.pacermonitor.com/view/UYVO5WY/Western_Metal_Properties_LLC__flsbke-25-14448__0001.0.pdf?mcid=tGE4TAMA represented by: Jessey J. Krehl, Esq. PACK LAW E-mail: jessey@packlaw.com In re George M. Scopetta Bankr. S.D. Fla. Case No. 25-14447 Chapter 11 Petition filed April 23, 2025 represented by: Jessey Krehl, Esq. In re Doris Pearl Handlos Bankr. S.D. Iowa Case No. 25-00680 Chapter 11 Petition filed April 23, 2025 represented by: Jeffrey Goetz, Esq. In re La Tana LLC Bankr. D. Nev. Case No. 25-50375 Chapter 11 Petition filed April 24, 2025 See https://www.pacermonitor.com/view/X3HERTQ/LA_TANA_LLC__nvbke-25-50375__0001.0.pdf?mcid=tGE4TAMA represented by: Kevin A Darby, Esq. DARBY LAW PRACTICE E-mail: kevin@darbylawpractice.com In re MWP Property 954-958 LLC Bankr. D.N.J. Case No. 25-14179 Chapter 11 Petition filed April 23, 2025 See https://www.pacermonitor.com/view/BX3RTHI/MWP_Property_954-958_LLC__njbke-25-14179__0001.0.pdf?mcid=tGE4TAMA represented by: Robert Nisenson, Esq. ROBERT C. NISENSON E-mail: r.nisenson@rcn-law.com In re Home Werks LLC Bankr. E.D.N.Y. Case No. 25-41997 Chapter 11 Petition filed April 24, 2025 See https://www.pacermonitor.com/view/WSJDUAQ/Home_Werks_LLC__nyebke-25-41997__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Coastal Property Management Inc Bankr. E.D.N.Y. Case No. 25-71598 Chapter 11 Petition filed April 24, 2025 See https://www.pacermonitor.com/view/SA2BSWA/Coastal_Property_Management_Inc__nyebke-25-71598__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Syndicate Holdings ENT Corporation Bankr. S.D.N.Y. Case No. 25-35422 Chapter 11 Petition filed April 23, 2025 See https://www.pacermonitor.com/view/WBNPDLA/SYNDICATE_HOLDINGS_ENT_CORPORATION__nysbke-25-35422__0001.0.pdf?mcid=tGE4TAMA represented by: Joshua R. Bronstein, Esq. JOSHUA R. BRONSTEIN & ASSOCIATES, PLLC E-mail: jbrons5@yahoo.com In re Syndicate Holdings ENT Corporation Bankr. S.D.N.Y. Case No. 25-35422 Chapter 11 Petition filed April 23, 2025 See https://www.pacermonitor.com/view/WBNPDLA/SYNDICATE_HOLDINGS_ENT_CORPORATION__nysbke-25-35422__0001.0.pdf?mcid=tGE4TAMA represented by: Joshua R. Bronstein, Esq. JOSHUA R. BRONSTEIN & ASSOCIATES, PLLC E-mail: jbrons5@yahoo.com In re Joseph Perry Joiner and Krista Marie Joiner Bankr. W.D.N.C. Case No. 25-30396 Chapter 11 Petition filed April 23, 2025 represented by: John Woodman, Esq. In re New Castle Real Estate LLC Bankr. W.D. Pa. Case No. 25-21057 Chapter 11 Petition filed April 24, 2025 See https://www.pacermonitor.com/view/24K2GBA/New_Castle_Real_Estate_LLC__pawbke-25-21057__0001.0.pdf?mcid=tGE4TAMA represented by: Andrew K. Pratt, Esq. CALAIARO VALENCIK In re DC Ventures, PLLC d/b/a Bryn Medical Center Bankr. E.D. Tenn. Case No. 25-11004 Chapter 11 Petition filed April 23, 2025 See https://www.pacermonitor.com/view/SEAPBXQ/DC_Ventures_PLLC_dba_Bryn_Medical__tnebke-25-11004__0001.0.pdf?mcid=tGE4TAMA represented by: W. Thomas Bible, Jr., Esq. TOM BIBLE LAW E-mail: tom@tombiblelaw.com In re Amanda Kimberly Ross Bankr. W.D. Va. Case No. 25-50240 Chapter 11 Petition filed April 23, 2025 In re Bernard Putter Bankr. S.D.N.Y. Case No. 25-22354 Chapter 11 Petition filed April 24, 2025 represented by: Robert Lewis, Esq. In re Mary Borgne Curtis Bankr. D. Ore. Case No. 25-31379 Chapter 11 Petition filed April 24, 2025 In re Adam Eugene Kobs Bankr. D. Ore. Case No. 25-61149 Chapter 11 Petition filed April 24, 2025 In re DC Choppers, LLC Bankr. W.D. Ark. Case No. 25-70696 Chapter 11 Petition filed April 25, 2025 See https://www.pacermonitor.com/view/KBCA6TY/DC_CHOPPERS_LLC__arwbke-25-70696__0001.0.pdf?mcid=tGE4TAMA represented by: Marc Honey, Esq. HONEY LAW FIRM, P.A. E-mail: mhoney@honeylawfirm.com In re Nestwell, LLC Bankr. D. Conn. Case No. 25-20403 Chapter 11 Petition filed April 25, 2025 See https://www.pacermonitor.com/view/UFVNVEI/Nestwell_LLC__ctbke-25-20403__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Consolidated Apparel, Inc. Bankr. S.D. Fla. Case No. 25-14604 Chapter 11 Petition filed April 25, 2025 See https://www.pacermonitor.com/view/EY2I2IA/Consolidated_Apparel_Inc__flsbke-25-14604__0001.0.pdf?mcid=tGE4TAMA represented by: Craig I. Kelley, Esq. KELLEY KAPLAN & ELLER, PLLC E-mail: craig@kelleylawoffice.com In re Derek V. Norwood Bankr. M.D. Fla. Case No. 25-00741 Chapter 11 Petition filed April 25, 2025 represented by: Amy Mayer, Esq. In re Gabriel Suarez Bankr. N.D. Fla. Case No. 25-40185 Chapter 11 Petition filed April 25, 2025 represented by: Byron Wright, Esq. In re Shannon Perry Easter Bankr. S.D. Fla. Case No. 25-14630 Chapter 11 Petition filed April 25, 2025 represented by: Alan Crane, Esq. FURR AND COHEN, P.A. Email: acrane@furrcohen.com In re Barry O. Frazier Bankr. N.D. Ga. Case No. 25-54592 Chapter 11 Petition filed April 25, 2025 represented by: Leslie Pineyro, Esq. In re Donald Joseph MacKay and Bobbi H. MacKay Bankr. S.D. Miss. Case No. 25-50606 Chapter 11 Petition filed April 25, 2025 represented by: Craig Geno, Esq. In re Zenith Property Mgmt., Inc. Bankr. S.D.N.Y. Case No. 25-10821 Chapter 11 Petition filed April 25, 2025 See https://www.pacermonitor.com/view/KMCHZ4Y/Zenith_Property_Mgmt_Inc__nysbke-25-10821__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Lisa K. Malzhan Bankr. E.D. Wisc. Case No. 25-22294 Chapter 11 Petition filed April 25, 2025 See https://www.pacermonitor.com/view/JJIE2QQ/Lisa_K_Malzhan__wiebke-25-22294__0001.0.pdf?mcid=tGE4TAMA represented by: John W. Menn, Esq. SWANSON SWEET LLP E-mail: jmenn@swansonsweet.com In re 529 Meeker Safetymate Corp. Bankr. E.D.N.Y. Case No. 25-42023 Chapter 11 Petition filed April 27, 2025 See https://www.pacermonitor.com/view/YWMWDIQ/529_MEEKER_SAFETYMATE_CORP__nyebke-25-42023__0001.0.pdf?mcid=tGE4TAMA represented by: Michael A. King, Esq. MICHAEL A. KING, ESQ. Email: Romeo1860@aol.com In re Robert Paul Johnson Bankr. N.D. Ala. Case No. 25-40560 Chapter 11 Petition filed April 28, 2025 represented by: Tameria Driskill, Esq. In re New Chance LLC Bankr. C.D. Cal. Case No. 25-13483 Chapter 11 Petition filed April 28, 2025 See https://www.pacermonitor.com/view/2EK3CUQ/New_Chance_LLC__cacbke-25-13483__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Cash Money LLC Bankr. C.D. Cal. Case No. 25-11107 Chapter 11 Petition filed April 28, 2025 See https://www.pacermonitor.com/view/Z3P3MHI/Cash_Money_LLC__cacbke-25-11107__0001.0.pdf?mcid=tGE4TAMA represented by: Quintin G. Shammam, Esq. LAW OFFICE OF QUINTIN G. SHAMMAM Email: quintin@shammamlaw.com In re Adam Hendry Bankr. S.D. Fla. Case No. 25-14711 Chapter 11 Petition filed April 28, 2025 represented by: Thomas Zeichman, Esq. In re Jay O'Brist Bankr. S.D. Ill. Case No. 25-60063 Chapter 11 Petition filed April 28, 2025 represented by: Michael Benson, Esq. In re DDI Holdings Bankr. N.D. Ill. Case No. 25-06447 Chapter 11 Petition filed April 28, 2025 See https://www.pacermonitor.com/view/CIGMXSY/DDI_Holdings__ilnbke-25-06447__0001.0.pdf?mcid=tGE4TAMA represented by: Laxmi P Sarathy, Esq. JURISHEALTH Email: lsarathy@jurishealth.law In re Lisa May and Brian J. May Bankr. N.D. Ohio Case No. 25-50729 Chapter 11 Petition filed April 28, 2025 represented by: Steven Heimberger, Esq. In re Douglas L. Schmidt Bankr. N.D. Ohio Case No. 25-60577 Chapter 11 Petition filed April 28, 2025 represented by: Anthony DeGirolamo, Esq. In re Garrett Spencer McDowell and Susan Hillary McDowell Bankr. E.D. Pa. Case No. 25-11632 Chapter 11 Petition filed April 28, 2025 represented by: David Smith, Esq. SMITH KANE HOLMAN, LLC Email: dsmith@skhlaw.com In re Kevin Frederick Hudson and Jennifer Ann Hudson Bankr. E.D. Tex. Case No. 25-41178 Chapter 11 Petition filed April 28, 2025 represented by: Robert DeMarco, Esq. In re Anthony's Truck Repair LTD Co. Bankr. S.D. W.Va. Case No. 25-50023 Chapter 11 Petition filed April 28, 2025 See https://www.pacermonitor.com/view/LSV4ASY/Anthonys_Truck_Repair_LTD_Co__wvsbke-25-50023__0001.0.pdf?mcid=tGE4TAMA represented by: Andrew S. Nason, Esq. PEPPER AND NASON Email: ryand@peppernason.com In re Patrick Trageser Bankr. E.D. Pa. Case No. 25-11629 Chapter 11 Petition filed April 28, 2025 represented by: Shawn Lau, Esq. In re Micah Lamar McDonald Bankr. C.D. Cal. Case No. 25-10732 Chapter 11 Petition filed April 29, 2025 represented by: Thomas Ure, 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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