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250514.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, May 14, 2025, Vol. 29, No. 133 Headlines 2045 SW 127TH AVENUE: Seeks to Hire Mark S. Roher as Counsel 23ANDME HOLDING: Committee Seeks to Hire Stinson as Co-Counsel 23ANDME HOLDING: Committee Taps FTI Consulting as Financial Advisor 23ANDME HOLDING: Committee Taps Kelley Drye & Warren as Counsel 23ANDME HOLDING: Customers Must File 2023 Breach Claims Before July 8787 RICCHI: Court Extends Cash Collateral Access to June 2 ABP AVENTURA: Gets Final OK to Use Cash Collateral ADMI CORP: S&P Affirms 'B-' ICR Amid Slower Cash Flow ALIGNED MEDICAL: Seeks to Hire Smith Kane Holman as Legal Counsel ALL CARE HOSPICE: Voluntary Chapter 11 Case Summary ALLECOM CORP: Court OKs Continued Access to Cash Collateral ALMOND COW: Updates Restructuring Plan Disclosures AMERICAN FORKLIFT: Seeks Subchapter V Bankruptcy in Florida AMERICAN WARRIOR: Hires Coldwell Banker The Real Estate as Realtor AR ACQUISITIONS: Seeks Approval to Hire TEC Real Estate as Realtor ATZ TRANSPORT: Court OK's Trailer Sale to Christopher Gebhardt BALL CORP: S&P Rates New EUR750MM Senior Unsecured Notes 'BB+' BED BATH: Court Approves $1.95MM ERISA Deal BH DOWNTOWN: Hires Gould & Pakter Associates as Financial Expert BKS CAMBRIA: Voluntary Chapter 11 Case Summary BLACK ROCK: Hires W. Derek May as General Insolvency Counsel BNB BATTERY: Amends Miller Electrical Secured Claim Pay CALVIN 1 LLC: Case Summary & Six Unsecured Creditors CARNIVAL CORP: S&P Rates New $1BB Senior Unsecured Notes 'BB+' CBPW CORPORATION: Voluntary Chapter 11 Case Summary CELSIUS NETWORK: Cannot Transfer Fraud Liability, Says Chainalysis CHG US HOLDINGS: Case Summary & 20 Largest Unsecured Creditors CHG US HOLDINGS: Seeks Chapter 11 Bankruptcy in Delaware CINCINNATI BELL: Fitch Affirms 'B' LongTerm IDR, Outlook Stable CLJ HOME: Seeks Approval to Tap The Lane Law Firm as Legal Counsel CM CUSTOM: Seeks to Hire AR Law Partners as Bankruptcy Counsel COSTELLO SR.-ALLEN: Taps Gregory F. Wilt as Tax/Payroll Accountant DANPOWER64 LLC: Seeks to Hire Nicholson Devine as Legal Counsel DELSHAH 60: Seeks Chapter 11 Bankruptcy in New York DENISON LANDSCAPING: Case Summary & Seven Unsecured Creditors EAGLE THEATER: Case Summary & Three Unsecured Creditors EAGLE THEATER: Case Summary & Two Unsecured Creditors ELITE SURGERY: Gets OK to Use Cash Collateral ELMWOOD VENTURES: Seeks Subchapter V Bankruptcy in New York ESCO OIL: Seeks Chapter 11 Bankruptcy in Texas ESSEX TECHNOLOGY: Court OKs Deal to Access Cash Collateral EVERYTHING CREATIVE: Case Summary & 20 Largest Unsecured Creditors EXELA: Represented by Latham & Watkins in Plan Support Agreement F21 OPCO: Says No Buyer Found, Liquidation Likely FLAGSHIP RESORT: Case Summary & 20 Largest Unsecured Creditors FOREST MEADOWS: Case Summary & 20 Largest Unsecured Creditors FU BANG GROUP: Seeks Chapter 11 Bankruptcy in California GOT KIDZ?: Seeks Chapter 11 Bankruptcy in Georgia HERSCHEND ENTERTAINMENT: S&P Lowers ICR To 'B+', Outlook Stable HUNTER DOUGLAS: S&P Alters Outlook to Negative, Affirms 'B' ICR INFINITY ATHLETICS: Unsecureds Will Get 10% over 36 Months IRONNET INC: Young Conaway Wants to Withdraw as Legal Counsel IRREGULAR MIKES: Files Amendment to Disclosure Statement JBSB DESTINY: Seeks Subchapter V Bankruptcy in Texas JD HUNT CUSTOM: Case Summary & 20 Largest Unsecured Creditors KND HOSPITALITY: Plan Exclusivity Period Extended to June 30 KPOWER GLOBAL: Section 341(a) Meeting of Creditors on June 16 LEMONS & OLIVES: Case Summary & 10 Unsecured Creditors LIGHTNING POWER: S&P Places 'BB-' ICR on CreditWatch Positive M.I.S. COMMODITIES: Case Summary & Nine Unsecured Creditors MAJAB DEVELOPMENT: Seeks Subchapter V Bankruptcy in Florida MAN GLG 2018-1: Moody's Cuts Rating on $6MM Cl. E-R Notes to Caa3 MATTHEW SAND: Unsecured Creditors to be Paid in Full over 1 Year MEGNA HOSPITALITY: Section 341(a) Meeting of Creditors on June 10 MICKGOLDEN INC: Voluntary Chapter 11 Case Summary MOM CA: Gets Deal to Avert Chapter 11 Dismissal Motion MOVELLA: Latham & Watkins Advises Francisco on Restructuring NORTHERN HOSPITAL: S&P Lowers 2017 Revenue Bond Rating to 'CCC' NRG ENERGY: S&P Alters Outlook to Stable, Affirms 'BB' ICR ORACLES CAPITAL: Case Summary & Five Unsecured Creditors PARADOX ENTERPRISES: Gets OK to Use Cash Collateral Until May 22 PARAGON MOVING: Case Summary & 18 Unsecured Creditors PARKER ESTATES: Court Extends Cash Collateral Access to May 21 PIZZA VOLTA SH: Case Summary & One Unsecured Creditor POTTSVILLE OPERATIONS: Seeks to Extend Plan Exclusivity to June 12 PRESBYTERIAN HOMES: Seeks to Extend Plan Exclusivity to July 14 RADFORD MOTORS: Court Converts Chapter 11 Bankruptcy to Chapter 7 RATZ TRANSPORT: Court OK's Trailer Sale to Welch Trucking for $45K RKSR INVESTMENTS: Files Amendment to Disclosure Statement SAM'S CRAB: Unsecureds Will Get 6.5% of Claims over 60 Months SCHAFER FISHERIES: Amends Motion to Sell Lee County Property SEAGATE DATA: S&P Rates Unsecured Notes 'BB' for Debt Repayment SILVERROCK DEVELOPMENT: Plan Exclusivity Period Extended to Aug. 1 SURRY NORTHERN HOSPITAL: Moody's Lowers Revenue Bond Rating to Caa1 TECHNO TOY: Case Summary & Five Unsecured Creditors TREESAP FARMS: Gets Court Okay for $88MM Chapter 11 Sale to CEO V820JACKSON LLC: Case Summary & 20 Largest Unsecured Creditors VELOCITY ESPORTS: Seeks Chapter 11 Bankruptcy in Nevada VESTIS CORP: S&P Downgrades ICR to 'B+', Outlook Negative VOBEV LLC: Plan Exclusivity Period Extended to June 9 WCB CONSTRUCTION: Voluntary Chapter 11 Case Summary WHITESTONE CROSSING: Voluntary Chapter 11 Case Summary WIN PRODUCTIONS: Seeks to Sell Farm Assets at Auction WW INT'L: Represented by Simpson Thacher in Reorganization YELLOW CORP: Unions Pursue WARN Act Claims in Bankruptcy Appeal [] Nicole Grimal Helmstetter Joins Jones Walker's Bankruptcy Team ********* 2045 SW 127TH AVENUE: Seeks to Hire Mark S. Roher as Counsel ------------------------------------------------------------ 2045 SW 127th Avenue, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ The Law Office of Mark S. Roher, PA as counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties and the continued management of its finances; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. Mark Roher, Esq., the primary attorney in this representation, will be billed at his hourly rate of $500. The firm received an advance retainer of $7,000 from the Debtor. Mr. Roher disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark S. Roher, Esq. Law Office of Mark S. Roher, P.A. 1806 N. Flamingo Road, Suite 300 Pembroke, FL 33028 Telephone: (954) 353-2200 Facsimile: (877) 654-0090 Email: mroher@markroherlaw.com About 2045 SW 127th Avenue 2045 SW 127th Avenue, LLC filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-14362) on April 21, 2025, listing under $1 million in both assets and liabilities. Judge Scott M Grossman oversees the case. The Law Office of Mark S. Roher, P.A. is the Debtor's legal counsel. 23ANDME HOLDING: Committee Seeks to Hire Stinson as Co-Counsel -------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of 23andMe Holding Co. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to employ Stinson LLP as co-counsel. The firm will provide these services: (a) assist and advise the committee in its consultation with the Debtors regarding administration of these Chapter 11 cases; (b) advise the committee with respect to its rights, powers, and duties under the Bankruptcy Code, the Bankruptcy Rules, and the Bankruptcy Local Rules, as refined and interpreted by applicable caselaw, as they relate to the case; (c) lead negotiations and revisions of the Debtors' proposed orders on various motions for relief; (d) assist in negotiations and revisions of the Debtors' proposed orders on various motions for relief; (e) assist the committee in analyzing the Debtors' pre-petition and post-petition relationships with its creditors, equity interest holders, employees, and other parties in interest; (f) assist and advise the committee in its examination and analysis of the conduct of the Debtors' affairs; (g) assist and advise the committee in connection with any sale of the Debtors' assets; (h) assist the committee in the review, analysis, and negotiation of any Chapter 11 plan(s) of reorganization or liquidation that may be filed and assist in the review, analysis, and negotiation of the disclosure statement accompanying any such plan(s); (i) assist and advise the committee as to all necessary actions to protect and preserve its interests; (j) assist with preparing, and file on behalf of the committee all necessary legal papers in support of positions taken; (k) appear, as appropriate, before this Court, the appellate courts, and the U.S. Trustee, and protecting the interests of the committee before those courts and before the U.S. Trustee; and (l) research, analyze, investigate, file and prosecute litigation on behalf of the committee in connection with issues; (m) review and analyze applications, orders, statements of operations, and schedules filed with the court and advise the committee regarding all such materials; (n) serve as a contact and resource for creditors and relevant third-party advocacy groups to address questions and hear creditors' concerns about the Bankruptcy Cases; (o) assist the committee in advising its constituents of its decisions; (p) handle all filings and ensuring all pleadings conform to Local Rules; and (q) assist with any other tasks as appropriate or required based on expediency, efficiency, appropriate leverage of favorable professional rates, or other considerations which prompt the committee or its collaborative professionals to determine the assistance and involvement of Stinson attorneys would be in the best interest of the estate. The firm will be paid at these hourly rates: Partners $620 - $965 Associates $435 - $600 Paralegals $300 - $350 In addition, the firm will seek reimbursement for expenses incurred. Nicholas Zluticky, Esq., a partner at Stinson, also provided the following in response to the request for additional information set forth in Section D of the Revised U.S. Trustee Guidelines: Question: Did the firm agree to any variations from, or alternatives to, its standard billing arrangements for this engagement? Response: No. Question: Do any of the firm professionals included in this engagement vary their rate based on the geographical location of the Debtors' Chapter 11 cases? Response: No, rate for any Stinson professionals included in this engagement varies based on the geographic location of the bankruptcy case. Question: If the firm has represented the client in the 12 months prepetition, disclose its billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. Response: Stinson did not represent any member of the committee in the Debtors' Chapter 11 cases prior to its retention by the committee. Question: Has your client approved the firm's budget and staffing plan, and if so, for what budget period? Response: Stinson, in conjunction with Kelley Drye & Warren LLP, expects to develop a prospective budget and staffing plan to reasonably comply with the U.S. Trustee's request for information and additional disclosures, to which Stinson reserves all rights. Mr. Zluticky disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Nicholas Zluticky, Esq. Stinson LLP 1201 Walnut, Suite 2900 Kansas City, MI 64106 Telephone: (816) 842-8600 About 23andMe 23andMe is a genetics-led consumer healthcare and biotechnology company empowering a healthier future. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The Company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe Holding Co. and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). The Company disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison LLP; Morgan, Lewis & Bockius LLP; and Carmody MacDonald PC are serving as legal counsel to 23andMe and Alvarez & Marsal North America, LLC as restructuring advisor. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP are serving as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Reevemark and Scale are serving as communications advisors to the Company. Kroll is the claims agent. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Chapter 11 cases of 23andMe Holding Co. and its affiliates. The Committee selected Kelley Drye & Warren LLP as its lead counsel; Stinson LLP as co-counsel; and FTI Consulting Inc. as financial advisor. 23ANDME HOLDING: Committee Taps FTI Consulting as Financial Advisor ------------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of 23andMe Holding Co. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to employ FTI Consulting, Inc. as financial advisor. The firm will render these services: (a) assist in the review of financial related disclosures required by the court; (b) assist in the preparation of analyses required to assess any proposed Debtor-In-Possession ("DIP") financing or use of cash collateral; (c) assist with the assessment and monitoring of the Debtors' short term cash flow, liquidity, and operating results; (d) assist with the review of the Debtors' proposed employee compensation and benefits programs; (e) assist with the review of the Debtors' potential disposition or liquidation of both core and non-core assets; (f) assist with the review of the Debtors' cost/benefit analysis with respect to the affirmation or rejection of various executory contracts and leases; (g) assist with the review of the Debtors' identification of potential cost savings; (h) assist in the review and monitoring of the asset sale process; (i) assist with review of any tax issues associated with, but not limited to, claims/stock trading, preservation of net operating losses, refunds due to the Debtors, plans of reorganization, and asset sales; (j) assist in the review of the claims reconciliation and estimation process; (k) assist in the review of other financial information prepared by the Debtors; (l) attend at meetings and assistance in discussions with the Debtors, potential investors, banks, other secured lenders, the Committee and any other official committees organized in these chapter 11 proceedings, the U.S. Trustee, other parties in interest and professionals hired by the same, as requested; (m) assist in the review and/or preparation of information and analysis necessary for the confirmation of a plan and related disclosure statement in these chapter 11 proceedings; (n) assist in the evaluation and analysis of avoidance actions, including fraudulent conveyances and preferential transfers; (o) assist in the prosecution of committee responses/objections to the Debtors' motions; and (p) render such other general business consulting or such other assistance as the committee or its counsel may deem necessary that are consistent with the role of a financial advisor and not duplicative of services provided by other professionals in this proceeding. The firm's professionals will be paid at these hourly rates: Senior Managing Directors $1,185 - $1,525 Directors/Senior Directors/Managing Directors $890 - $1,155 Consultants/Senior Consultants $485 - $820 Administrative/Paraprofessionals $190 - $385 In addition, the firm will seek reimbursement for expenses incurred. Andrew Scruton, a senior managing director at FTI Consulting, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Andrew Scruton FTI Consulting Inc. 4835 East Cactus Road, Suite 230 Scottsdale, AZ 85254 About 23andMe 23andMe is a genetics-led consumer healthcare and biotechnology company empowering a healthier future. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The Company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe Holding Co. and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). The Company disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison LLP; Morgan, Lewis & Bockius LLP; and Carmody MacDonald PC are serving as legal counsel to 23andMe and Alvarez & Marsal North America, LLC as restructuring advisor. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP are serving as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Reevemark and Scale are serving as communications advisors to the Company. Kroll is the claims agent. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Chapter 11 cases of 23andMe Holding Co. and its affiliates. The Committee selected Kelley Drye & Warren LLP as its lead counsel; Stinson LLP as co-counsel; and FTI Consulting Inc. as financial advisor. 23ANDME HOLDING: Committee Taps Kelley Drye & Warren as Counsel --------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of 23andMe Holding Co. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to employ Kelley Drye & Warren LLP as lead counsel. The firm will provide these services: (a) advise the committee with respect to its rights, duties and powers in these Chapter 11 cases; (b) assist and advise the committee in its consultations with the Debtors and in connection with the administration of these Chapter 11 cases, the sale and plan processes, and the ultimate disposition of the Debtors' estates; (c) advise and represent the committee in connection with matters generally arising in these cases; (d) assist and advise the committee on the various data privacy and security issues implicated by the filing of the Chapter 11 cases and the proposed sale or transfer of the Debtors' assets; (e) interface with various federal agencies, State Attorneys' General and the Consumer Privacy Ombudsman appointed in these Chapter 11 cases to address privacy, security and sale issues; (f) assist the committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors; (g) participate in negotiations regarding, and reconciliation of, claims arising from prepetition data breach, Pixel and other litigation claims; (h) investigate and preserve estate claims and causes of action against current and former Debtor insiders and quantify potential claims that may be implicated by the Debtors' sale process; (i) appear before this court, and any other federal or state courts; (j) prepare, on behalf of the committee, any pleadings, including motions, memoranda, complaints, objections, and responses to matters arising in these cases; and (k) perform such other legal services as may be required or are otherwise deemed to be in the interests of the committee in accordance with its powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. The firm will be paid at these hourly rates: Partners $855 - $1,635 Special Counsel $545 - $1,060 Associates $565 - $985 Paraprofessionals $350 - $450 In addition, the firm will seek reimbursement for expenses incurred. Jason Adams, Esq., a partner at Kelley Drye & Warren, also provided the following in response to the request for additional information set forth in Section D of the Revised U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments the 12 months prepetition. If your billing rates and material financial terms have changed post petition, explain the difference and the reasons for the difference. Response: Kelley Drye did not represent the committee in the 12 months prepetition. Kelley Drye has represented other committees in the 12 months prepetition in other bankruptcy cases. Question: Has your client approved your prospective budget and staffing plan and, if so, for what budget period. Response: Yes, for the period of April 8, 2025, through June 30, 2025. Mr. Adams disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jason R. Adams, Esq. Kelley Drye & Warren LLP 3 World Trade Center, 175 Greenwich Street New York, NY 10007 Telephone: (212) 808-7800 About 23andMe 23andMe is a genetics-led consumer healthcare and biotechnology company empowering a healthier future. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The Company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe Holding Co. and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). The Company disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison LLP; Morgan, Lewis & Bockius LLP; and Carmody MacDonald PC are serving as legal counsel to 23andMe and Alvarez & Marsal North America, LLC as restructuring advisor. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP are serving as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Reevemark and Scale are serving as communications advisors to the Company. Kroll is the claims agent. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Chapter 11 cases of 23andMe Holding Co. and its affiliates. The Committee selected Kelley Drye & Warren LLP as its lead counsel; Stinson LLP as co-counsel; and FTI Consulting Inc. as financial advisor. 23ANDME HOLDING: Customers Must File 2023 Breach Claims Before July ------------------------------------------------------------------- Cassandre Coyer of Bloomberg Law reports that customers whose personal data was compromised in the 2023 breach at genetic-testing company 23andMe Holding Co. are eligible to file claims for financial compensation through the company's bankruptcy process, according to a notice issued Friday, May 9, 2025. 23andMe and its subsidiaries filed for Chapter 11 bankruptcy in March 2025 after efforts to find a buyer to avoid insolvency were unsuccessful. The closely watched case is also expected to address a range of legal issues tied to the breach, which exposed sensitive information from roughly 7 million users, according to Bloomberg Law. About 23andMe 23andMe is a genetics-led consumer healthcare and biotechnology company empowering a healthier future. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The Company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe Holding Co. and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). The Company disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison LLP; Morgan, Lewis & Bockius LLP; and Carmody MacDonald PC are serving as legal counsel to 23andMe and Alvarez & Marsal North America, LLC as restructuring advisor. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP are serving as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Reevemark and Scale are serving as communications advisors to the Company. Kroll is the claims agent. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Chapter 11 cases of 23andMe Holding Co. and its affiliates. The Committee selected Kelley Drye & Warren LLP as its lead counsel; Stinson LLP as co-counsel; and FTI Consulting Inc. as financial advisor. 8787 RICCHI: Court Extends Cash Collateral Access to June 2 ----------------------------------------------------------- 8787 Ricchi, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to use cash collateral. The court issued its second order authorizing the company's interim use of cash collateral from May 1 to June 2 in accordance with its budget. 8787 Ricchi projects total operational expenses of $75,800 for May. As protection, 87STE Lending, LLC was granted a replacement lien on property currently owned or acquired by 8787 Ricchi after the petition date similar to the lender's pre-bankruptcy collateral. A final hearing is scheduled for June 2, with objections due by May 27. About 8787 Ricchi 8787 Ricchi, LLC is a commercial real estate company that owns and manages properties in Dallas, Texas. 8787 Ricchi sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-31144) on March 31, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Stacey G. Jernigan handles the case. The Debtor is represented by Frank Jennings Wright, Esq. at Law Offices of Frank J. Wright, PLLC. ABP AVENTURA: Gets Final OK to Use Cash Collateral -------------------------------------------------- ABP Aventura, Inc. received final approval from the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, to use cash collateral. The final order authorized the company to use cash collateral to pay the expenses set forth in its budget and to cover the fees of the U.S. trustee and the Subchapter V trustee. JPMorgan Chase, N.A., a secured lender, asserts a lien on the company's property. It holds a term note from the company in the original principal amount of $650,000, of which $126,650 remains due. The bank also holds a line of credit in the principal amount of $1 million, of which $692,000 is presently due. As protection, JPMorgan will receive an interest-only monthly payment of $7,597.50 on the line of credit and a principal and interest monthly payment of $9,363.67 on the term note. In addition, JPMorgan will be granted a replacement lien on ABP Aventura's property and a superpriority administrative expense claim in case of any diminution in the value of its interest in the cash collateral. The provisions of the final order will remain in full force and effect until the entry of an order dismissing the company's Chapter 11 case; the granting of stay relief in favor of JPMorgan; or entry of a subsequent order modifying or vacating the final order, whichever comes first. About ABP Aventura Inc. ABP Aventura Inc., operating under the name Relax The Back, specializes in ergonomic products aimed at alleviating neck and back pain. It offers items like ergonomic office furniture, Tempur-Pedic mattresses, fitness tools, and massage products. With over 70 stores in North America and its website RelaxTheBack.com, the company combines personalized service with a holistic wellness approach. ABP Aventura filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12901) on March 18, 2025, listing total assets of $3,358,190 and total liabilities of $1,704,840. Tarek Kiem, Esq., at Kiem Law, PLLC serves as Subchapter V trustee. Judge Laurel M. Isicoff handles the case. The Debtor is represented by David R. Softness, Esq., at David R. Softness, PA. ADMI CORP: S&P Affirms 'B-' ICR Amid Slower Cash Flow ----------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating, with a stable outlook on ADMI Corp. (doing business as The Aspen Group [TAG]). S&P also maintained its '3' (50%) recovery rating and 'B-' issue-level rating on its senior secured debt. S&P said, "The stable outlook reflects our expectation that TAG will generate positive reported free operating cash flow (FOCF) excluding growth capital expenditure (capex) in 2025 and positive overall FOCF in 2026, ahead of its term loan maturity in December 2027. "We believe the company will be able to cover maintenance capital this year and position itself to generate positive FOCF in 2026. We expect TAG to generate sufficient cash flow to meet its maintenance capex in 2025, which we believe is in the $55 million area. We believe 2025 cash flows will be burdened by macroeconomic pressure on its ClearChoice business, which is more sensitive to the business cycle given the higher price point and more affordable alternatives. Additionally, the upfront payment nature of the business will likely lead to a working capital drag as the deferred revenue backlog is worked through at a faster pace than new bookings. We expect TAG to work through the majority of this deferred revenue in 2025, which should slow this dynamic in 2026. We expect the company to pull back de novo growth spending in 2025 and 2026 (particularly at ClearChoice and WellNow), while also benefiting from our expectation of a lower interest rate environment and operational improvements. The slowing of de novo growth will also benefit EBITDA as prior investments mature and the expense drag from new offices decreases. We believe these factors will drive positive free operating cash flow after growth investments of $10 million-$20 million in 2026. "We believe TAG will maintain a tighter but still adequate liquidity position, which should provide some runway as the company trends toward positive FOCF. As of the first quarter ended March 31, 2025, TAG had a liquidity position of roughly $275 million (down from $407 million as of second quarter of 2024) consisting of balance sheet cash and about $215 million of availability under its revolving credit facility. Its liquidity position was bolstered by a $450 million sponsor preferred equity injection at the end of 2023, which we treat as equity. Given the pressure at ClearChoice and the expected impact on resulting cash flow, we believe cash burn in 2025 to be roughly $140 million. In our opinion, the current liquidity position provides TAG with some cushion to continue to grow modestly with de novos and to trend toward positive free cash flow in 2026. We think the positive operating trend and actions to improve cash flow will help mitigate refinancing risk related to its maturities in 2027. "We expect general dentistry to remain resilient coupled with improvements at WellNow to offset macro related headwinds, however, there remains some risk to our forecast. TAG's 2024 results were largely in line with our expectations for the year, generating top-line growth of 14.4% and achieving S&P Global Ratings' adjusted EBITDA margins of roughly 11.8% (excluding the impact of a bad-debt reserve taken in the fourth quarter on the year). We expect TAG to continue to grow its top line in the 4.5%-5.5% range over the next two years on the back of stability in general dentistry, and operational improvements in its WellNow segment. We anticipate growth in its Aspen business to be the key driver of overall growth given de novo investments and a stable demand environment. Additionally, we expect its WellNow segment to see modest growth in 2025 as reimbursement rates in the industry are rising and it is now returned to network with Excellus (its largest payor in the urgent care space). However, we expect the macroenvironment's impact on consumer discretionary spending will lower volumes in its ClearChoice segment, offsetting some top-line growth, and margin improvement. Additionally, while TAG has initiated cost efficiencies to mitigate some of the margin impact at ClearChoice, we expect headwinds related to patient financing will likely offset these actions. As a result, we expect adjusted EBITDA margins to be around 12% in 2025 as benefits in its WellNow segment and stable performance at Aspen are able to slightly offset the macro-related headwinds at ClearChoice and on patient financing fees. "That said, we see some uncertainty in our forecast due to the current geopolitical environment and the elevated pressure ClearChoice may face if the economy weakens more than expected. This would likely pressure margins and lead to a more severe working capital outflow. Additionally, if performance begins to trend below our base-case expectations, particularly as it relates to cash flow, we could consider a lower rating, especially considering the increasing refinancing risk as 2027 maturities approach. "The stable outlook reflects our expectation that TAG will generate positive reported FOCF, excluding growth capex in 2025. The outlook also incorporates a more conservative cash flow stance, focusing on cost efficiencies and reducing de novo growth spending to support prospects for positive free operating cash flow in 2026, supporting expectations of a successful refinancing well ahead of the 2027 maturities. This assumes macroeconomic pressure on consumer spending will continue to pressure its ClearChoice business in 2025. "We could lower the ratings if operating performance deviates from our base-case scenario, which limits EBITDA growth and FOCF generation such that FOCF excluding de novo capex remains negative, eroding liquidity and heightening refinancing risk. In this scenario, we would view the capital structure as likely unsustainable." An upgrade is unlikely within the next 12 months given the recent business disruption, mixed operating results, and high leverage. A higher rating would be spurred by leverage sustained well below 8x, sustained positive FOCF generation after a normal level of growth investments, and consistently positive operating results. In assessing cash flow, S&P would consider the cash interest required to refinance the J.P. Morgan preferred equity with debt because S&P believes the company has a growing incentive to redeem this tranche. ALIGNED MEDICAL: Seeks to Hire Smith Kane Holman as Legal Counsel ----------------------------------------------------------------- Aligned Medical Group, PC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ Smith Kane Holman, LLC as counsel. The firm will render these services: (a) advise the Debtor with respect to its rights and obligations pursuant to the Bankruptcy Code; (b) assist the Debtor in the preparation of the schedules and statement of financial affairs and any amendments thereto; (c) represent the Debtor at its first meeting of creditors and any and all Rule 2004 examinations; (d) prepare any and all necessary applications, motions, answers, responses, orders, reports and any other type of pleading or document regarding any proceeding instituted by or against the Debtor with respect to this case; (e) assist the Debtor in the formulation and seeking confirmation of a Chapter 11 plan and disclosure materials; and (f) perform all other legal services for the Debtor which may be necessary or desirable in connection with this case. The firm will be paid at these hourly rates: Partners $425 - $525 Associates $325 - $400 Paralegals $75 - $100 The firm received a retainer in the amount of $15,000, plus the Chapter 11 filing fee of $1,738. David Smith, Esq., an attorney at Smith Kane Holman, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David B. Smith, Esq. Smith Kane Holman LLC 112 Moores Road, Suite 300 Malvern, PA 19355 Telephone: (610) 407-7217 Facsimile: (610) 407-7218 Email: dsmith@skhlaw.com About Aligned Medical Group Aligned Medical Group, PC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-11769) on May 5, 2025. In the petition signed by Joel Stutzman, president, the Debtor disclosed up to $500,000 in estimated assets and up to $1 million in estimated liabilities. Judge Patricia M. Mayer oversees the case. David B. Smith, Esq., at Smith Kane Holman LLC serves as the Debtor's counsel. ALL CARE HOSPICE: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: All Care Hospice, LLC d/b/a Tribute Hospice 158 Aztec Lane, Suite 104 Van Alstyne, TX 75495 Business Description: All Care Hospice LLC is a Medicare-certified hospice care provider based in Van Alstyne, Texas. Operating under the name Tribute Hospice, the Company offers palliative care services, including nursing visits, pain management, counseling, and bereavement support for patients with terminal illnesses and their families. Chapter 11 Petition Date: May 11, 2025 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 25-41350 Judge: Hon. Brenda T Rhoades Debtor's Counsel: Robert Buchholz, Esq. THE LAW OFFICE OF ROBERT W. BUCCHOLZ, P.C. 5220 Spring Valley Road, Suite 618 Dallas, TX 75254 Tel: (214) 754-5500 Email: bob@attorneybob.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Daniel C. Blackburn as manager. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4S23DIA/All_Care_Hospice_LLC__txebke-25-41350__0001.0.pdf?mcid=tGE4TAMA ALLECOM CORP: Court OKs Continued Access to Cash Collateral ----------------------------------------------------------- Allecom Corp. received another extension from the U.S. Bankruptcy Court for the Southern District of Texas to use cash collateral. The order authorized the company's interim use of cash collateral, including revenue from its operations, through confirmation of its Chapter 11 plan or until further court order. As protection for the company's use of their cash collateral, secured creditors were granted replacement liens on assets, including cash collateral, acquired or generated by the company after its Chapter 11 filing. About AllEcom Corp. AllEcom Corp. is a subcontractor for FedEx, providing specialized services to support its operations. AllEcom sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-31569) on March 24, 2025. In its petition, the Debtor reported total assets of $306,082 and total debts of $3,310,215. Judge Eduardo V. Rodriguez oversees the case. The Debtor is represented by: Anabel King, Esq. Wauson King 52 Sugar Creek Center Blvd., Suite 325 Sugar Land, TX 77478 Tel: 281-242-0303 Email: aking@w-klaw.com ALMOND COW: Updates Restructuring Plan Disclosures -------------------------------------------------- Almond Cow, Inc., submitted a First Amended Plan of Reorganization under Subchapter V dated April 9, 2025. The following language shall replace and supersede Article VI, Section 6.2 of the Plan: "Class 3 Allowed Secured Claims of JP Morgan Chase Bank, N.A. JP Morgan Chase Bank, N.A. shall have an Allowed Secured Claim in the amount of $40,423.62, calculated as of May 15, 2025, with interest accruing at ten percent per annum. The Claim shall be paid in twenty-four equal monthly installments of $1,865.35 with the first distribution to be made on May 15, 2025, and continuing on the 15th day of each month thereafter (unless the 15th day of the month falls on a weekend or legal holiday in Georgia, in which case the due date will be the next business day) through and including April 15, 2027, or until otherwise paid in full (each a "Class 3 Distribution Date"). Any Class 3 Distribution which is not paid within fifteen days of the respective Class 3 Distribution Date shall be considered late. If a Class 3 Distribution is late, Chase may send the Debtor a Notice of Default by email to admin@almondcow.co with a copy to Brett@almondcow.co and the Debtor shall thereafter have five business days to cure such default (the "Cure Period"). In the event the Debtor fails to cure such default within the Cure Period, Chase may file the Notice of Default along with an affidavit indicating that the Debtor failed to cure the default within the Cure Period in the Bankruptcy Court and may thereafter pursue its rights and remedies against the Debtor in any court of competent jurisdiction for failure to perform under this Plan." Class 3 Claims are Impaired and are entitled to vote to accept or reject the Plan. EXCULPATION AND LIMITATION OF LIABILITY. EXCULPATION. FROM AND AFTER THE EFFECTIVE DATE, THE RELEASED PARTIES SHALL NEITHER HAVE NOR INCUR ANY LIABILITY TO, OR BE SUBJECT TO ANY RIGHT OF ACTION BY, ANY HOLDER OF A CLAIM, OR ANY OTHER PARTY IN INTEREST, OR ANY OF THEIR RESPECTIVE EMPLOYEES, REPRESENTATIVES, FINANCIAL ADVISORS, ATTORNEYS, OR AGENTS ACTING IN SUCH CAPACITY, OR AFFILIATES, OR ANY OF THEIR SUCCESSORS OR ASSIGNS, FOR ANY ACT OR OMISSION IN CONNECTION WITH, RELATING TO, OR ARISING OUT OF, THE CHAPTER 11 CASE, FORMULATING, NEGOTIATING OR IMPLEMENTING THE PLAN, THE SOLICITATION OF ACCEPTANCES OF THIS PLAN, THE CONFIRMATION OF THIS PLAN, OR THE ADMINISTRATION OF THIS PLAN OR THE PROPERTY TO BE DISTRIBUTED UNDER THIS PLAN, PROVIDED, HOWEVER, THAT THE FOREGOING PROVISION SHALL NOT APPLY TO AN ACT OR OMISSION THAT IS DETERMINED BY A FINAL ORDER OF THE BANKRUPTCY COURT TO HAVE CONSTITUTED WILLFUL MISCONDUCT OR GROSS NEGLIGENCE. ANY OF THE RELEASED PARTIES SHALL BE ENTITLED TO RELY, IN ALL RESPECTS, UPON THE ADVICE OF COUNSEL WITH RESPECT TO THEIR DUTIES AND RESPONSIBILITIES UNDER THE PLAN. FOR THE AVOIDANCE OF DOUBT, THIS SECTION 13.3 CONSTITUTES AN EXCULPATION NOT A RELEASE OF THE RELEASED PARTIES WITH RESPECT TO THEIR OBLIGATIONS OR COVENANTS ARISING PURSUANT TO THE PLAN. INJUNCTION RELATED TO EXCULPATION. TO THE FULLEST EXTENT AUTHORIZED OR PROVIDED BY THE BANKRUPTCY CODE, INCLUDING, WITHOUT LIMITATION, TO THE EXTENT PROVIDED FOR OR AUTHORIZED BY SECTION 105(A), 524 AND 1141 THEREOF, ALL PERSONS THAT HAVE HELD, HOLD OR MAY HOLD ANY CLAIMS OR CAUSES OF ACTION EXCULPATED PURSUANT TO THIS SECTION 13.3 WILL BE PERMANENTLY ENJOINED FROM TAKING ANY OF THE FOLLOWING ACTIONS AGAINST ANY RELEASED PARTY OR ITS PROPERTY ON ACCOUNT OF SUCH RELEASED CLAIMS OR CAUSES OF ACTION: (I) COMMENCING, CONDUCTING OR CONTINUING IN ANY MANNER, DIRECTLY OR INDIRECTLY, ANY SUIT, ACTION, CAUSE OF ACTION OR OTHER PROCEEDING OF ANY KIND; (II) ENFORCING, LEVYING, ATTACHING, COLLECTING OR OTHERWISE RECOVERING BY ANY MANNER OR MEANS, DIRECTLY OR INDIRECTLY, ANY JUDGMENT, AWARD, DECREE OR ORDER; (III) CREATING, PERFECTING OR OTHERWISE ENFORCING IN ANY MANNER, DIRECTLY OR INDIRECTLY, ANY LIEN; (IV) EXCEPT AS PROVIDED HEREIN, ASSERTING ANY SETOFF, RIGHT OF SUBROGATION OR RECOUPMENT OF ANY KIND, DIRECTLY OR INDIRECTLY, AGAINST ANY OBLIGATION DUE A RELEASED PARTY; AND (V) COMMENCING OR CONTINUING ANY ACTION OR CAUSE OF ACTION, IN ANY MANNER, IN ANY PLACE THAT DOES NOT COMPLY WITH OR IS INCONSISTENT WITH THE PROVISIONS OF THIS PLAN. The First Amended Plan does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 6 consists of Allowed General Unsecured Claims. Each Holder of an Allowed General Unsecured Claim shall receive, in full satisfaction of such Class 6 Claim, an annual payment in an amount equal to that Holder's Pro Rata Share of the General Unsecured Claims Fund. Distributions shall be made on the later of (i) a Distribution Date, or (ii) if an objection to such Claim is filed, within five Business Days following the entry of a Final Order allowing such Claim, or as soon as reasonably practicable thereafter. No Class 6 Allowed General Unsecured Claim shall be entitled to interest from or after the Petition Date. Class 6 Claims are Impaired. * Class 7 consists of Subordinated Insider Claims. The Subordinated Insider Claims shall be, at the election of the Holder of a Subordinated Insider Claim, (i) waived and disallowed in its entirety with no distribution on such Class 7 Claim, or (ii) Allowed and subordinated to Holders of Allowed Claim in Classes 2 through 6, such that no distribution shall be made on any Allowed Class 7 Claim until all Plan Payments have been made to Holders of Allowed Claims in Classes 2, 3, 4, 5 and 6. Class 7 Claims are Impaired. * Class 8 consists of Equity Interests. Holders of Equity Interests in the Debtor shall retain their Equity Interests in the Reorganized Debtor following Confirmation of the Plan in the same percentages as they held in the Debtor prior to the Effective Date but shall receive no Distributions under the Plan on account of such Equity Interests. Class 8 is Unimpaired by the Plan. All Holders of Equity Interests in Class 8 are deemed to have accepted the Plan and, therefore, are not entitled to vote on the Plan. A full-text copy of the First Amended Plan dated April 9, 2025 is available at https://urlcurt.com/u?l=Fr31Zb from PacerMonitor.com at no charge. Counsel for the Debtor: SCROGGINS, WILLIAMSON & RAY, P.C. J. Robert Williamson, Esq. Ashley Reynolds Ray, Esq. 4401 Northside Parkway Suite 230 Atlanta, GA 30327 Email: (404) 893-3880 About Almond Cow Almond Cow Inc. -- https://almondcow.co -- is a plant-based milk maker. Almond Cow filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-61376) on Oct. 25, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Brett Goodson, president of Almond Cow, signed the petition. Judge Lisa Ritchey Craig oversees the case. The Debtor is represented by Ashley Reynolds Ray, Esq., at Scroggins, Williamson & Ray, P.C. AMERICAN FORKLIFT: Seeks Subchapter V Bankruptcy in Florida ----------------------------------------------------------- On May 5, 2025, American Forklift Rental & Supply LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports $890,937 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About American Forklift Rental & Supply LLC American Forklift Rental & Supply LLC provides forklift rentals, sales, parts, service, and safety training across Central Florida, including Orlando, Tampa, and surrounding counties. The Company offers new and used forklifts in various fuel types and sizes, with flexible rental terms and included maintenance. Headquartered in Orlando, it has served the region for over 25 years and remains owner-operated to ensure personalized customer support. American Forklift Rental & Supply LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02765) on May 5, 2025. In its petition, the Debtor reports total assets of $1,280,342 and total liabilities of $890,93. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtors are represented by Melissa Youngman, Esq. at WINTER PARK ESTATE PLANS & REORGS. AMERICAN WARRIOR: Hires Coldwell Banker The Real Estate as Realtor ------------------------------------------------------------------ American Warrior Construction, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Kansas to employ Coldwell Banker The Real Estate Shoppe as realtor. The Debtor needs a realtor to sell its properties located at: (a) Lot 4, Block 1 of the Replat of Lots 3, 4, 5 and 6 of Block One of the Taylor North Addition to the City of Garden City, Finney County; and (b) located in the South Half of the Northeast Quarter (S/2 of NE/4) of Section 12, Township 24 South, Range 33 West of the 6th P.M. in Finney County. The firm will receive a commission of 5 percent of the gross sale proceeds. Jean Anliker, a real estate agent at Coldwell Banker The Real Estate Shoppe, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jean Anliker Coldwell Banker The Real Estate Shoppe 1107 E. Kansas Plaza Garden City, KS 67846 Telephone: (620) 275-7421 About American Warrior Construction American Warrior Construction, Inc. is a construction company based in 118 E Laurel Garden City, KS 67846. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 24-11168) on November 14, 2024. In the petition signed by by Amro M. Samy, president, the Debtor disclosed estimated assets of up to $50,000 and estimated liabilities of up to $10 million. Judge Mitchell L. Herren presides over the case. Nicholas R. Grillot, Esq., at Hinkle Law Firm LLC represents the Debtor as legal counsel. AR ACQUISITIONS: Seeks Approval to Hire TEC Real Estate as Realtor ------------------------------------------------------------------ AR Acquisitions, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to employ TEC Real Estate, Inc. as realtor. The firm will render these services: (a) assess the current condition of the real properties and identify improvements to appeal to buyers; (b) perform market analysis and assist in pricing the real properties prior to listing for sale; (c) list the properties for sale on platforms like the MLS and other online platforms; (d) offer recommendations for minor cosmetic alterations to appeal to buyers; (e) schedule showings of the properties to potential buyers; (f) assist the Debtor in sales negotiations with potential buyers; (g) assist in preparation and review of purchase and sale agreements and any accompanying addenda; (h) work with other professionals, such as lawyers, escrow agents, and buyer's brokers, to close the sales; and (i) perform any and all other realtor services for the Debtor as may be necessary in this bankruptcy case. The firm will receive a commission of 1.5 percent of the sales price of real property sold. Alex Robertson, a real estate agent at TEC Real Estate, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Alex Roberston TEC Real Estate Inc. 40 lake Bellevue Dr., Ste. 245 Bellevue, WA 98005 Telephone: (425) 373-9494 About AR Acquisitions AR Acquisitions, LLC, a company in Bellevue, Wash., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 24-12986) on November 22, 2024. In the petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Christopher M. Alston oversees the case. The Debtor is represented by Dennis McGlothin, Esq., at Western Washington Law Group PLLC. ATZ TRANSPORT: Court OK's Trailer Sale to Christopher Gebhardt -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Newnan Division, has approved RSTZ Transport Inc. to sell 1997 Kentucky Drop Frame Trailer, free and clear of liens, interests, and encumbrances. The Court has authorized the Debtor to sell the trailer for a total purchase price of $15,000.00 to Christopher B. Gebhardt. The Court has determined that there are no objections to the motion and the purchaser is good faith purchase and is entitled to the protections. The Debtor is ordered to executive and deliver all documents necessary to sell the Trailer. The Court further held that all liens, claims, encumbrances, and interests on the Trailer will be deemed divested, released, and terminated. All obligations, liabilities, liens, and encumbrances of any kind or nature shall attach to the proceeds of the sale to the same extent, validity, and priority. About RSTZ Transport Inc. RSTZ Transport Inc. is a Georgia-based corporation operating in the general freight trucking industry. RSTZ Transport filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 25-20123) on January 31, 2025, listing total assets of $3,464,462 and total liabilities of $4,588,041. Judge James R. Sacca oversees the case. Ian Falcone, Esq., at The Falcone Law Firm, PC is the Debtor's bankruptcy counsel. BALL CORP: S&P Rates New EUR750MM Senior Unsecured Notes 'BB+' -------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating and '3' recovery rating to Ball Corp.'s proposed EUR750 million senior unsecured notes due 2032. The '3' recovery rating indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a default. The company intends to use the net proceeds from this offering, together with cash on hand, for general corporate purposes, which may include the refinancing or repayment of debt, potential investments in strategic alliances and acquisitions, working capital, pension contributions, or capital expenditures. Prior to using these proceeds for such purposes, Ball intends to repay the outstanding borrowings under its dollar-denominated revolver, which had $850 million of outstanding borrowings as of March 31, 2025. The new notes will rank pari passu with the company's existing senior unsecured notes. Issue Ratings--Recovery Analysis Key analytical factors -- The collateral package for the stock-secured facility is somewhat weak because lenders only have a lien on subsidiary stock, while all domestic entities are borrowers or guarantors for the company's secured and unsecured debt. Therefore, domestic borrowings under the credit facility do not have a priority claim on the value of the U.S. operations relative to unsecured creditors in the U.S. -- Despite this weakness in the collateral package, domestic borrowings under the credit facility have a priority claim on 65% of the equity value in the foreign subsidiaries, and direct borrowings by foreign subsidiaries have a structurally senior claim to the foreign enterprise value. -- S&P assumes revolver borrowings by foreign subsidiaries of $441 million. A collection allocation mechanism would equalize recovery rates for all bank borrowing, despite the better guarantor and collateral terms for non-U.S. borrowings. -- Using these assumptions, S&P estimates the collateral covers 91% of the secured debt claims. The secured lenders' share of the noncollateral value (from the deficiency claim) would push their total recovery to 97%. The large proportion of noncollateral value would be sufficient to provide 68% coverage of the unsecured claims, including the notes and deficiency claim on the secured loan. Simulated default assumptions -- Simulated year of default: 2030 -- EBITDA multiple: 6x -- EBITDA at emergence: $1.207 billion -- Jurisdiction: U.S. Simplified waterfall -- Net enterprise value at default (after 5% administrative costs): $6.885 billion -- Valuation split (domestic/foreign): 50%/50% -- Net enterprise value of foreign entities: $3.443 billion -- Priority claims (foreign receivables factoring program): $605 million -- Secured foreign revolver borrowings: $441 million -- Remaining foreign value available (collateral/noncollateral): $2.397 billion ($1.558 billion/$839 million) -- Net enterprise value of domestic entities: $3.443 billion -- Priority claims (domestic receivables factoring program): $444 million -- Remaining domestic value available (noncollateral): $2.999 billion -- Collateral value available to secured debt: $1.999 billion -- Pro rata share of noncollateral value available to secured debt: $131 million -- Secured debt claims: $2.192 billion --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Value available to unsecured debt (noncollateral): $3.837 billion -- Pari passu secured deficiency claims: $193 million -- Unsecured debt claims: $5.470 billion -- Total unsecured claims: $5.663 billion --Recovery expectations: 50%-70% (rounded estimate: 65%) Note: Debt amounts include six months of accrued interest that S&P assumes will be owed at default. Collateral value includes equity pledges in nonobligors (after priority claims). S&P generally assume usage of 85% for cash flow revolvers at default. BED BATH: Court Approves $1.95MM ERISA Deal ------------------------------------------- Ryan Harroff of Law360 reports that a New Jersey federal judge has tentatively approved a $1.95 million settlement in a proposed class action claiming Bed Bath & Beyond's 401(k) committee mishandled the retirement plan for 2,100 employees prior to its termination and the company's bankruptcy filing. About Bed Bath & Beyond Bed Bath & Beyond Inc., together with its subsidiaries, is an omnichannel retailer selling a wide assortment of merchandise in the Home, Baby, Beauty & Wellness markets and operates under the names Bed Bath & Beyond, buybuy BABY, and Harmon, Harmon Face Values. The Company also operates Decorist, an online interior design platform that provides personalized home design services. At its peak, Bed Bath & Beyond operated the largest home furnishing retailer in the United States with over 970 stores across all 50 states, consistently at the forefront of major home and bath trends. Operating stores spanning the United States, Canada, Mexico, and Puerto Rico, Bed Bath & Beyond offers everything from bed linens to cookware to electric appliances, home organization, baby care, and more. Bed Bath & Beyond closed over 430 locations across the United States and Canada before filing Chapter 11 cases, implementing full-scale wind-downs of their Canadian business and the Harmon branded stores. Left with 360 Bed Bath & Beyond, and 120 buybuy BABY stores, Bed Bath & Beyond Inc. and 73 affiliated debtors on April 23, 2023, each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code to pursue a wind-down of operations. The cases are pending before the Honorable Vincent F. Papalia and requested joint administration of the cases under Bankr. D.N.J. Lead Case No. 23-13359. Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, Lazard Frares & Co. LLC is serving as investment banker, and AlixPartners LLP is serving as financial advisor. Bed Bath & Beyond Inc. has retained Hilco Merchant Resources LLC to assist with inventory sales. Kroll LLC is the claims agent. BH DOWNTOWN: Hires Gould & Pakter Associates as Financial Expert ---------------------------------------------------------------- BH Downtown Miami, LLC and 340 Biscayne Owner, LLC seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Gould & Pakter Associates LLC as financial expert. The firm will assist the Debtors in supporting the claims raised in the adversary proceeding styled BH Downtown Miami, LLC et al. v. Cirrus 340BB Lender LLC et al., Adversary No. 25-0110-LMI. The firm will be paid $300 to $500 per hour for professionals and $200 per hour for paraprofessionals. In addition, the firm will seek reimbursement for expenses incurred. Michael Pakter, a certified public accountant at Gould & Pakter Associates, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael D. Pakter, CPA Gould & Pakter Associates, LLC 203 North LaSalle Street, Suite 2100 Chicago, IL 60601 Telephone: (773) 671-1950 About BH Downtown Miami BH Downtown Miami, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-23028) on Dec. 13, 2024. In its petition, the Debtor reported estimated assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. Judge Laurel M. Isicoff oversees the case. The Debtor tapped Pardo Jackson Gainsburg & Shelowitz, PL as counsel and Gould & Pakter Associates, LLC as financial expert. BKS CAMBRIA: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: BKS Cambria LLC 202 Monte Cristo Place Cambria CA 93428 Business Description: BKS Cambria LLC is a real estate debtor with a single asset, as outlined in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: May 12, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-10631 Judge: Hon. Ronald A Clifford III Debtor's Counsel: Wiley Ramey, Esq. 9520 Castillo Dr. San Simeon CA 93452 Tel: (805) 924-3010 Fax: (805) 924-3011 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Bernd Schaefers 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/TECREPI/BKS_CAMBRIA_LLC__cacbke-25-10631__0001.0.pdf?mcid=tGE4TAMA BLACK ROCK: Hires W. Derek May as General Insolvency Counsel ------------------------------------------------------------ Black Rock Mining, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ the Law Office of W. Derek May as general insolvency counsel. The firm will render these services: (a) advise the Debtor concerning the requirements of the Bankruptcy Court, the Federal Rules of Bankruptcy Procedure, the Local Rules of the Central District of California, and with respect to compliance with the requirement of the Office of the United State Trustee; (b) advise the Debtor regarding matters of bankruptcy law; (c) conduct examinations of witnesses, claimants, or adverse parties with respect to any necessary or pending litigation arising in Bankruptcy; (d) prepare and assist in the preparation of reports, accounts, applications, motions, complaint, orders and or any other pleadings of any kind required in the case; (e) represent the Debtor in any proceedings or hearings in this Court and any proceedings in any other court where the Debtor's rights under the Bankruptcy Code may be litigated or affected; (f) file any motion, applications or other pleadings appropriate to effectuate the reorganization of the Debtor; (g) review claims filed in the Debtor's case, and, if appropriate, to prepare and file objections to disputed claims; (h) assist the Debtor in negotiation, formulation, confirmation and implementation of a Chapter 11 plan of reorganization; (i) assist the Debtor in negotiation with the estate's secured creditors; (j) serve as the Debtor's general insolvency counsel in cooperation with any special counsel or other professional(s) retained by the Debtor in the case; (k) represent the Debtor in any adversary proceedings filed in the case; and (l) take such other action and perform such other services as the Debtor may require of the firm in connection with its Chapter 11 case. W. Derek May, Esq., the primary attorney in this representation, will be billed at his hourly rate of $450. In addition, the firm will seek reimbursement for expenses incurred. The firm was paid an initial post-petition retainer deposit of $5,000 by Stephen R. Wade. Mr. May disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: W. Derek May, Esq. Law Office of W. Derek May 400 N. Mountain Ave. Suite 236 Upland, CA 91786 Telephone: (909) 920-0443 Facsimile: (909) 912-8114 Email: wdmlaw17@gmail.com About Black Rock Mining Black Rock Mining LLC, based in Boron, California, is involved in the extraction and processing of basalt, a dark-colored igneous rock. The Company offers products used in construction, such as crushed aggregate for road bases, concrete, asphalt, and railroad ballast. Black Rock Mining LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-10619) on February 28, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Rene Lastreto II handles the case. Law Office of W. Derek May serves as the Debtor's counsel. BNB BATTERY: Amends Miller Electrical Secured Claim Pay ------------------------------------------------------- BNB Battery LLC submitted an Amended and Restated Plan of Reorganization dated April 9, 2025. This Plan deals with all property of Debtor and provides for treatment of all Claims against the Debtor and its property. Like in the prior iteration of the Plan, the Debtor will pay the Holders of Class 8 General Unsecured Claims in accordance with the Plan Payment Procedures set forth in Section 4.11 of the Plan. Notwithstanding anything else in this Plan to the contrary, any Class 8 Claim shall be reduced by any payment received by the creditor holding such claim from any third party or other obligor and Debtor's obligations hereunder shall be reduced accordingly. The Class 8 Claims are Impaired. The allowed unsecured claims total $29,700.46. Class 9 consists of the claim of Miller Electrical Contractors, Inc. Miller Electrical originally filed Proof of Claim 9, on July 1, 2024, asserting a secured claim of $111,062.63. On April 7, 2024, Miller Electrical amended its proof of claim (the "Miller Amended Claim") to $0.00 (the "Class 9 Secured Claim"). As reflected in the Miller Amended Claim, the allowed amount of the Class 9 Secured Claims shall be $0.00 and the Class 9 Secured Claims shall continue and attach to the Debtor's assets to the extent of $0.00. The Class 9 Secured Claims shall be specifically reclassified as and treated pursuant to Class 8 as a General Unsecured Claims. The Administrative and General Unsecured Creditors Payments will be disbursed as follows: * First to accrued unpaid Allowed Administrative Expenses including Allowed Professional Fees, until paid in full. * Upon payments in full of any Allowed Administrative Expenses, including Professional Fees, all remaining payments shall be paid to Class 8 General Unsecured Creditors pro rata. The source of funds for the payments pursuant to the Plan is Debtor's sale of the houses listed in this Plan as well as the continued operations of Debtor and future projects. The Debtor may maintain bank accounts under the confirmed Plan in the ordinary course of business. Debtor may also pay ordinary and necessary expenses of administration of the Plan in due course. A full-text copy of the Amended and Restated Plan dated April 9, 2025 is available at https://urlcurt.com/u?l=weaHms from PacerMonitor.com at no charge. Counsel to the Debtor: Leslie M. Pineyro, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Telephone: (404) 564-9300 Email: lpineyro@joneswalden.com mgensburg@joneswalden.com About BNB Battery LLC BNB Battery LLC is an operator of a bar & restaurant serving in Atlanta, Georgia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-54144) on April 24, 2024. In the petition signed by Soel Tran, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Sage M. Sigler oversees the case. Mark D. Gensburg, Esq., at Jones & Walden, LLC, is the Debtor's legal counsel. CALVIN 1 LLC: Case Summary & Six Unsecured Creditors ---------------------------------------------------- Debtor: Calvin 1, LLC 4460 Cherry Hills Dr West Bloomfield, MI 48323 Case No.: 25-44852 Business Description: Calvin1, LLC operates in the restaurant and food services industry. Chapter 11 Petition Date: May 12, 2025 Court: United States Bankruptcy Court Eastern District of Michigan Judge: Hon. Mark A Randon Debtor's Counsel: Alexander J. Berry-Santoro, Esq. MAXWELL DUNN PLC 2937 E. Grand Blvd. Suite 308 Detroit, MI 48202 Tel: (248) 246-1166 E-mail: aberrysantoro@maxwelldunnlaw.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Waleed Fadheel as authorized representative of the Debtor. A copy of the Debtor's list of six unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2EVZDNA/Calvin1_LLC__miebke-25-44852__0007.0.pdf?mcid=tGE4TAMA 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/BE4ATFY/Calvin1_LLC__miebke-25-44852__0001.0.pdf?mcid=tGE4TAMA CARNIVAL CORP: S&P Rates New $1BB Senior Unsecured Notes 'BB+' -------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating and '3' recovery rating to Carnival Corp.'s proposed $1 billion senior unsecured notes due 2031. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery for noteholders in the event of a payment default. Carnival intends to use the net proceeds from these notes to fully redeem its remaining $993 million of outstanding 7.625% senior unsecured notes due March 2026 and pay related transaction fees and expenses. It will use cash on hand to pay any additional transaction fees and expenses. The company previously used cash on hand to redeem $350 million of these notes on May 1, 2025. The transaction is largely debt for debt and does not affect S&P's 'BB+' issuer credit rating or stable outlook, although S&P anticipates it will improve the company's maturity profile. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P assigned its 'BB+' issue-level rating and '3' recovery rating to Carnival's proposed $1 billion senior unsecured notes due 2031. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery for noteholders. -- S&P's 'BBB-' issue-level rating and '1' recovery rating on Carnival's first-lien secured debt are unchanged. The '1' recovery rating indicates its expectation for very high (90%-100%; rounded estimate: 95%) recovery. S&P caps its issue-level ratings on the debt of most companies it rates in the speculative-grade category at 'BBB-' regardless of its recovery rating. -- S&P's 'BB+' issue-level rating and '3' recovery rating on Carnival's other unsecured debt with subsidiary guarantees are unchanged. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery. -- S&P's 'BB+' issue-level rating and '4' recovery rating on Carnival's unsecured debt without subsidiary guarantees are unchanged. The '4' recovery rating indicates is expectation for average (30%-50%; rounded estimate: 45%) recovery. Simulated default assumptions -- S&P's simulated default scenario considers a default occurring in 2030 due to a significant decline in cash flow stemming from a prolonged economic downturn, a significant health or safety event, escalating geopolitical conflicts, or increased competitive pressures that substantially reduce the demand for cruising. -- S&P estimates a gross enterprise value (EV) at emergence of about $24.7 billion by applying a 7x multiple to its estimate of the company's EBITDA at emergence. This multiple is at the high end of our range for leisure companies to reflect Carnival's good position in the cruise industry, which is a small but underpenetrated segment of the overall travel and vacation industry. -- S&P allocates its estimate of gross EV at emergence among the secured and unsecured claims based on our understanding of the contributions, by asset value, from parents Carnival Corp. and Carnival PLC, Carnival Holdings (Bermuda) II Ltd. (the revolver borrower), and the subsidiary guarantors. -- S&P assumes that about 53% of our estimated gross EV at emergence is available to cover the first-priority secured claims, about 23% is at remaining unencumbered vessels and available to cover the unsecured claims that benefit from subsidiary guarantees, about 18% is at remaining unencumbered vessels and available to cover the unsecured claims that benefit from parent guarantees, and about 7% is available to cover revolver claims at Carnival Holdings II. -- S&P said, "Under our analysis, about $12.1 billion of the net EV would be available to cover secured claims. After satisfying the first-priority secured claims, the remaining value we estimate at about $6.4 billion would be allocated among the claims that benefit from subsidiary guarantees and those that benefit only from parent guarantees. We understand substantial collateral sits at the subsidiary guarantors." -- S&P said, "We estimate that about $8.9 billion of the EV at default will be directly available to the unsecured debt benefiting from subsidiary guarantees. This includes $3.7 billion of residual collateral value, after satisfying various secured claims, and an additional $5.2 billion (our estimated value of the remaining unencumbered vessels at subsidiaries after carving out the vessels contributed to Carnival Holdings II). The $8.9 billion of total value only partially covers our estimate of the unsecured debt with subsidiary guarantees at default. We assume these deficiency claims rank pari passu with the unsecured debt that only benefit from parent guarantees." -- S&P estimates about $6.8 billion of EV at default will be available to the unsecured debt that has only parent guarantees. This includes about $2.7 billion of residual collateral value, after satisfying various secured claims, and an additional $4.1 billion that reflects the value of the remaining unencumbered vessels held at the parent. The total value of $6.8 billion only partially covers S&P's estimate of those unsecured claims and pari passu deficiency claims at default. -- A new approximate $3 billion revolving credit facility issued by Carnival Holdings II replaced Carnival's prior $2.9 billion revolving credit facility upon maturity in August 2024. S&P assumes the facility is 85% drawn at default and its maturity is extended to the year of default. -- S&P said, "Under our analysis, the value we attribute to Carnival Holdings II is not sufficient to cover our estimate of revolving credit facility claims at default. We assume this deficiency claim ranks pari passu with the company's unsecured debt with subsidiary guarantees." Simplified waterfall -- Emergence EBITDA: $3.5 billion -- EBITDA multiple: 7x -- Gross EV: $24.7 billion -- Net EV (after 7% administrative expenses): $23 billion -- Value attributable to secured/unsecured claims/unsecured revolver claims: $12.1 billion/$9.3 billion/$1.7 billion -- Value available to first-lien secured claims: $12.1 billion -- Estimated first-lien secured claims at default: $5.7 billion --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Residual value available from collateral after satisfying first-lien secured claims: $6.4 billion -- Residual value available from collateral for unsecured claims that benefit from subsidiary guarantees (export credit facilities, the 2027, 2029, 2030, and 2033 notes, the 2027 convertible notes, bilateral bank facilities, and the new revolver deficiency claims): $3.7 billion -- Residual value available from collateral for unsecured debt that benefits from parent guarantees: $2.7 billion -- Value available to unsecured claims that benefit from subsidiary guarantees: $8.9 billion -- Pro rata share of parent value: $6.4 billion -- Total value available to unsecured claims that benefit from subsidiary guarantees: $15.3 billion -- Estimated unsecured claims that benefit from subsidiary guarantees at default: $22.3 billion --Recovery expectations: 50%-70% (rounded estimate: 65%) -- Value available to unsecured debt with only parent guarantees: About $400 million -- Unsecured claims with only parent guarantees at default: $840 million --Recovery expectations: 30%-50% (rounded estimate: 45%) Note: All debt amounts include six months of prepetition interest. CBPW CORPORATION: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: CBPW Corporation 5237 Isleworth County Club Drive Windermere, FL 34786 Business Description: CBPW Corporation leases real estate properties to tenants. Chapter 11 Petition Date: May 11, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-02808 Judge: Hon. Lori V Vaughan Debtor's Counsel: Jonathan M. Sykes, Esq. NARDELLA & NARDELLA, PLLC 135 W. Central Blvd Suite 300 Orlando, FL 32801 Tel: 407-966-2680 E-mail: jsykes@nardellalaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million David Townsend, in his role as the authorized representative of the Debtor, signed the petition. The petition states there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LHNTYDA/CBPW_Corporation__flmbke-25-02808__0001.0.pdf?mcid=tGE4TAMA CELSIUS NETWORK: Cannot Transfer Fraud Liability, Says Chainalysis ------------------------------------------------------------------ Rick Archer of Law360 reports that Chainalysis Inc. is urging a New York federal judge to dismiss a lawsuit filed by the now-defunct cryptocurrency platform Celsius Network, arguing that Celsius is attempting to shift responsibility for fraud committed by its own executives and the company itself. About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network, LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtors estimated assets and liabilities between $1 billion and $10 billion. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Fischer (FBC & Co.) as special counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Stretto is the claims agent and administrative advisor. On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped White & Case, LLP as its bankruptcy counsel; Elementus Inc. as its blockchain forensics advisor; M3 Advisory Partners, LP as its financial advisor; and Perella Weinberg Partners, LP as its investment banker. Shoba Pillay, Esq., is the examiner appointed in the Debtors' Chapter 11 cases. Jenner & Block, LLP and Huron Consulting Services, LLC, serve as the examiner's legal counsel and financial advisor, respectively. * * * On November 9, 2023, the Bankruptcy Court entered the Findings of Fact, Conclusions of Law, and Order Confirming the Modified Joint Chapter 11 Plan of Celsius Network LLC and Its Debtor Affiliates. The Effective Date of the Plan occurred January 31, 2024. CHG US HOLDINGS: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Lead Debtor: CHG US Holdings LLC 850 Commerce Street Miami Beach FL 33139 Business Description: CHG US Holdings LLC, operating under the Planta brand, runs a chain of upscale, plant-based restaurants across major U.S. cities including Atlanta, Los Angeles, New York, and Chicago. Founded in 2016, the Company focuses on offering sustainable, 100% plant-based dining experiences featuring seasonal and locally sourced dishes. Chapter 11 Petition Date: May 12, 2025 Court: United States Bankruptcy Court District of Delaware Eighteen affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- CHG US Holdings LLC (Lead Case) 25-10851 PLANTA Bethesda LLC 25-10852 PLANTA Brooklyn LLC 25-10853 PLANTA SOHO LLC 25-10854 PLANTA Nomad LLC 25-10855 PLANTA DC LLC 25-10856 PLANTA P Street LLC 25-10857 PLANTA Krog LLC 25-10858 PLANTA Denver LLC 25-10859 PLANTA Weho LLC 25-10860 PLANTA West Palm Beach LLC 25-10861 PLANTA Miami Beach LLC 25-10862 PLANTA River North LLC 25-10863 PLANTA CocoWalk GP, LLC 25-10864 PLANTA FLL LLC 25-10865 PLANTA Buckhead LLC 25-10866 PLANTA Brentwood LLC 25-10867 PLANTA Marina LLC 25-10868 Judge: Hon. Mary F Walrath Debtors' Bankruptcy Counsel: Joseph C. Barsalona II, Esq. Michael J. Custer, Esq. PASHMAN STEIN WALDER HAYDEN, P.C. 824 North Market Street, Suite 800 Wilmington DE 19801 Tel: 302-592-6496 Email: jbarsalona@pashmanstein.com mcuster@pashmanstein.com - and - Katherine R. Beilin, Esq. Court Plaza South, East Wing 21 Main Street, Suite 200 Hackensack, NJ 07601 Tel: (201) 488-8200 Email: kbeilin@pashmanstein.com Lead Debtor's Estimated Assets: $50,000 to $100,000 Lead Debtor's Estimated Liabilities: $10 million to $50 million The petitions were signed by Steven Salm as president and CEO. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/K3GPBNI/CHG_US_Holdings_LLC__debke-25-10851__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. 8461 Melrose Avenue, LLC Rent $613,188 8461 Melrose Avenue West Hollywood, CA 90069 2. Saul Ewing Arstein & Lehr LLP Legal Services $316,568 1001 Fleet Street, 9th Floor Baltimore, MD 21202 Attn: Jason M. St. John Emai: jason.stjohn@saul.com 3. 13 W 27 Leasehold LLC Rent $203,251 c/o Kaufman Organization, 450 7th Ave - PH, New York, NY, 10123 Attn: Eddie Gonzales Email: Egonzalez@kaufmanorganization.com KMorrow@kaufmanorganization.com 4. Friedman Properties Rent $180,160 350 N Clark St., Suite 400, Chicago, IL, 60654 Attn: Brian Chernett Email: bchernett@friedmanproperties.com 5. Baldor Specialty Foods Food Vendor $176,324 155 Food Center Drive Bronx, NY, 10474 Attn: Joseph Cervoni Email: jcervoniweborders@baldorfood.com help@baldorfood.zendesk.com 6. Vestis Uniforms, $137,562 PO Box 731676, Apparel, Dallas TX 75373-1676 Restuarant Attn: Tina Slemp Supplies Callie Burns Email: tina.slemp@vestis.com callie.burns@vestis.com 7. Johnson-Lancaster and Smallwares $133,023 Associates, Inc. 13031 US Highway 19 North Clearwater, FL 33764 Attn: Liannet Pino Email: LiannetP@Johnson-Lancaster.com AlG@Johnson-Lancaster.com KristenH@Johnson-Lancaster.com 8. JPPF Buckhead Village LP Rent $117,837 PO Box 22086 New York, NY 10087 Email: TheShopsBuckhead@JamestownLP.com 9. CityPlace Retail, LLC Rent $112,407 PO Box 865751 Orlando, FL 32886 Attn: Brian McEvoy Email: Brian.McEvoy@related.com 10. New Hampshire Avenue Holdings Rent $86,288 LLC CBRE 1200 New Hampshire Ave. N.W, Ste. 150, Washington DC, MD, 20036 Attn: Ivory Moore Email: Emmy.Nadiga@cbre.com Breanne.Hoffmann@cbre.com Ivory.Moore@jll.com 11. Cal Select Properties, Inc. Rent $71,639 1964 Westwood Blvd., Suite 240, Los Angeles, CA 90025 Attn: Chad Eshaghoff, CPM, CCIM Email: Claudiac@calselectproperties.com chade@calselectproperties.com 12. The Chefs' Warehouse Food Vendor $70,740 P.O. Box 32187 New York, NY, 10087-2187 Attn: Natalie Clarke Email: naclarke@chefswarehouse.com JAviles@chefswarehouse.com 13. Elo Investments 2, LLC Rent $65,016 c/o SFLRE Group , LLC, 1650 SE 17th St. Suite 214 Fort Lauderdale, FL, 33316 Attn: Steve Thompson Email: st@sflregroup.com 14. D & A Studio Inc Millwork $63,450 3990 NW 132 Street, Opa Locka, FL 33054 Email: anhinc5253@gmail.com 15. Imperial Bag & Paper Co LLC Paper Products $62,936 P.O Box 27305 New York NY, 10087-7305 Attn: Angela P Perez Gomez Email: ryanes@imperialdade.com anperez@imperialdade.com 16. Kellermeyer Bergensons Linen Rentals & $62,633 Services LLC Laundry P.O. Box 7410386 Chicago IL, 60674-0386 Attn: Alejandro Almanza Email: customerinvoiceinquiries@kbs-services.com 17. Stream Realty Rent $60,560 1115 Howell Mill Rd NW, Suite 300, Atlanta, GA, 3031 Attn: Toni Thompson Email: Toni.thompson@streamrealty.com 18. Stenson Tamaddon, LLC Services $60,392 111 W. Monroe St, 17th Floor, Phoenix AZ 85003 Attn: Jessica Smalley Email: client.services@stentam.com jessica.smalley@stentam.com 19. Greystar Rent $54,947 600 Las Colinas Blvd E, Ste 2100, Irving, TX, 75039 Attn: Nick Smocovich Email: 360wythemgr@greystar.com 20. Pacific Marina Venture LLC Rent $50,344 13737 Fiji Way #C10, Marina Del Rey, CA, 90292-6962 Attn: Pinky Paclibar Email: ppaclibar@pom-mdr.com CHG US HOLDINGS: Seeks Chapter 11 Bankruptcy in Delaware -------------------------------------------------------- Global Data reports that Planta, a U.S.-based chain of plant-based restaurants, has filed for Chapter 11 bankruptcy protection in response to rising costs and a slowdown in consumer dining. The filing, submitted on May 12, 2025, to the U.S. Bankruptcy Court in Wilmington, Delaware, includes the company's parent firm, CHG US Holdings, along with 17 affiliated entities. Headquartered in Miami Beach, CHG US Holdings operates 18 Planta locations in major cities such as New York, Chicago, and Los Angeles. As reported by The Street, the company disclosed assets between $50,000 and $100,000, and liabilities ranging from $10 million to $50 million, the report states. In a statement cited by Reuters, Planta called the restructuring a "strategic opportunity to streamline our cost structure and strengthen our balance sheet." Founded in 2016 by CEO Steven Salm, Planta has a presence in key markets including Atlanta, Bethesda, Chicago, Los Angeles, New York, South Florida, Toronto, and Washington, D.C. About CHG US Holdings LLC CHG US Holdings LLC, operating as PLANTA GROUP, operates a chain of plant-based restaurants with 18 locations across major U.S. cities. The company's restaurants are located in Miami Beach, Brooklyn, SOHO, Nomad, Washington DC, Atlanta, Denver, Los Angeles, West Palm Beach, Chicago, and other metropolitan areas. These restaurants likely offer exclusively plant-based cuisine based on the PLANTA brand name and food vendor creditors listed in the filing. CHG US Holdings LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10851) on May 12, 2025. In its petition, the Debtor reports assets between $50,000 and $100,000, and liabilities ranging from $10 million to $50 million. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by Joseph C. Barsalona II, Esq. and Michael J. Custer, Esq. at Pashman Stein Walder Hayden. CINCINNATI BELL: Fitch Affirms 'B' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of Cincinnati Bell, Inc. (CBB) and its subsidiary, Cincinnati Bell Telephone Company LLC (CBT) at 'B'. The Rating Outlook is Stable. Additionally, Fitch has affirmed CBB's and CBT's first-lien senior secured debt at 'B+' with a Recovery Rating of 'RR3'. The ratings reflect Fitch's expectations that CBB will continue substantial investments in its fiber network, which may weaken credit metrics but remain within Fitch's EBITDA leverage sensitivities of 4.5x to 5.5x. The ratings also consider the company's limited geographic concentration and significant FCF deficits. However, Fitch anticipates the FCF trajectory will improve as CBB completes most of its fiber expansion in Hawaii by 2026. Fitch has withdrawn the 'B+'/'RR3' ratings on privately held term loans of $200 million and $500 million as the ratings are no longer considered relevant to the agency's coverage. Key Rating Drivers Negative FCF from Fiber Spending: CBB has completed the construction of fiber to single-family units within the greater Cincinnati area and expects to finish Hawaii's statewide fiber network by late 2026. Fitch believes that CBB's aggressive fiber deployment plans for Hawaii and Dayton will lead to high capex from 2025 to 2027, including expansion in Southwest Ohio. However, CBB has the flexibility to adjust the pace and scope of its build plan to support cash flow needs. Fitch expects CBB to generate free cash flow deficits averaging over $250 million annually throughout Fitch's forecast horizon, driven by accelerating capex and related spending to fund its fiber rollout in the near term. Limited Geographic Diversification: The company has a limited geographic footprint, with the network segment focused on the city of Cincinnati and surrounding areas, as well as the state of Hawaii. Significant events affecting either of these geographies could impact CBB's operating profile more than peers with a larger footprint. Expansion opportunities include fiber deployment to neighboring Hawaiian Islands, counties surrounding Cincinnati with partially subsidized passing costs, and greenfield opportunities such as Dayton, Dublin and Southwestern Ohio counties. Moderate Execution Risk: CBB has a strong fiber deployment record in Cincinnati with high subscriber adoption. However, its plans in Hawaii and edge-out areas carry moderate execution risks. Moreover, the success of the fiber buildout will need to offset declining legacy revenues. This risk is partially mitigated by subsidized projects in Southwest Ohio and Hawaii. CBB has faced challenges with penetration and profitability in Hawaii, making investment payback uncertain. Dayton is a greenfield build where CBB is deploying fiber; however, CBB's ability to deleverage will depend on its success in gaining market share and penetration in these markets. Moderate Leverage: Fitch expects EBITDA leverage to be near the mid-4.0x range in 2025 but anticipates that leverage will increase as the company requires additional debt financing for its fiber expansion. Fitch forecasts an increase in the company's EBITDA in 2025, driven by plans to reduce expenses by over $50 million through cost-cutting measures, as well as generating higher ARPU through price increases. Despite the anticipated EBITDA growth, Fitch expects the company's EBITDA leverage to reach 5.0x by 2027, due to the additional debt needed to finance its fiber build-out. FTTP Network Strength: CBB holds a first-mover advantage, having begun fiber deployment in Cincinnati in 2008. By the end of 2024, its network passed over 890K addresses with 366K subscribers (80%-90% of serviceable addresses) in Cincinnati, achieving a penetration rate of about 48%. Fitch expects this rate to continue climbing modestly. In contrast, Hawaiian Telcom (HT) is at an earlier build stage, with fiber reaching roughly 60% of sellable addresses and a penetration rate of about 29%. There is a significant opportunity to increase penetration in Hawaii, potentially improving EBITDA margins, though execution risk remains high. Duopoly Competition: CBB primarily competes with Spectrum, a cable operator with a 98% footprint overlap in Cincinnati and Hawaii, facing limited competition from other providers. The challenging economics for a third competitor restrict competition in these markets. There is some, though not significant, Fixed Wireless Access (FWA) competition in CBB's areas. CBB's fiber network is competitive with Spectrum's, as shown by CBB's high penetration rates in Cincinnati. Overall, the competitive broadband environment is intensifying, with potential pressure from FWA providers on market share and ARPU in the future. Peer Analysis CBB's ratings reflect the company's smaller scale, limited geographic footprint, expected leverage of 4.5x-5.5x, and FCF deficits over the rating horizon. The company's presence in Cincinnati significantly overlaps with Charter Communications Inc. Fitch rates Charter's indirect subsidiary, CCO Holdings, LLC (BB+/Stable), which is much larger and more geographically diversified than CBB. Fitch views CBB's fiber investments positively, with successful execution being key to supporting its longer-term credit profile. CBB has a leverage profile similar to Frontier Communications Parent, Inc. (B+/Rating Watch Positive) but is smaller and less geographically diversified. Frontier Communications was placed on Positive Watch following the announcement of its acquisition by Verizon. Uniti Group Inc. (B+/Rating Watch Negative) operates differently from other peers, as it was spun off from Windstream Holdings as a REIT owning and operating fiber and copper assets. The company recently announced a merger with Windstream, prompting us to place it on Negative Watch. Key Assumptions - Organic revenue growth in low to mid-single digits supported by fiber penetration combined with moderate ARPU increase, leading to strong growth in consumer/SMB fiber data revenue which offsets declining legacy revenue; - EBITDA margins increased in 2025 and are expected to continue improving as the company implements cost reduction strategies, benefits from higher ARPU through price increases, and achieves higher penetration rates; - No M&A/divestitures or dividends over the forecast period; - Capex of $600 million-$650 million in 2025 and 2026; reducing from 2027 onwards; - Maintenance of cash balance of $4 million to $10 million over the forecast period; - Issuance of additional debt to fund its fiber build-out resulting in EBITDA leverage in low 5.0x. Recovery Analysis For entities rated 'B+' and below, where default is closer and recovery prospects are more substantial to investors, Fitch undertakes a tailored, or bespoke, analysis of recovery upon default for each issuance. The resulting debt instrument rating includes a Recovery Rating or published 'RR' (graded from 'RR1' to 'RR6') and is notched from the IDR accordingly. In this analysis, there are three steps: (i) estimating the distressed enterprise value (EV); (ii) estimating creditor claims; and (iii) distribution of value. Key Recovery Rating Assumptions: Fitch assumes that CBB would be reorganized as a going concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Going-Concern (GC) Approach: CBB's GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation. In estimating a distressed enterprise valuation (EV) for Cincinnati Bell, Fitch assumes that macroeconomic challenges and competitive pressures result in lower revenue and EBITDA by about 26% lower than Fitch's expected 2025 EBITDA. This results in a GC EBITDA of $292 million, reflecting Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the EV. An EV multiple of 5.5x EBITDA is applied to the GC EBITDA to calculate a post-reorganization EV. The choice of this multiple considered the following factors: (i) the historical bankruptcy case study exit multiples in TMT sector have ranged from 4.0x-7.0x, with a median of 5.9x; (ii) the recovery analysis assumes that the company's revolving credit facility is fully drawn to provide liquidity in a distress situation; and (iii) the waterfall results in a recovery rating of 'RR3' for senior secured credit facilities. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Larger-than-expected FCF deficits; combined with reduced access to capital to fund the company's growth; - EBITDA leverage exceeding 5.5x on a sustained basis; - Deterioration in operating profile and market position due to competitive forces; - EBITDA interest coverage sustained below 2.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Consistent gains in revenue and EBITDA that provide a visible path time towards positive FCF; - EBITDA leverage sustained below 4.5x; - Successful fiber deployment execution, including meaningfully higher penetration on the Hawaiian Telcom network. Liquidity and Debt Structure CBB's liquidity included cash and cash equivalents of $460.7 million, $400 million available on the revolving credit facility as of Dec. 31, 2024, and $30 million available under the Network Receivables Facility. The company's liquidity is constrained by free cash flow deficits due to high capital expenditures. CBB has scheduled debt amortization and maturities totaling approximately $35.7 million in 2025. Fitch expects CBB to issue incremental debt to bolster its liquidity throughout the forecast period, assuming accommodative capital markets. Issuer Profile Cincinnati Bell Inc. (CBB or dba Altafiber) provides broadband, video and voice services in Greater Cincinnati area and in Hawaii through its Network segment to consumers and businesses over an expanding fiber network and a legacy copper network. 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 ----------- ------ -------- ----- Cincinnati Bell Telephone Company LLC LT IDR B Affirmed B senior secured LT B+ Affirmed RR3 B+ Cincinnati Bell, Inc. LT IDR B Affirmed B senior secured LT B+ Affirmed RR3 B+ senior secured LT WD Withdrawn B+ CLJ HOME: Seeks Approval to Tap The Lane Law Firm as Legal Counsel ------------------------------------------------------------------ CLJ Home Healthcare, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ The Lane Law Firm PLLC as counsel. The firm will render these services: (a) assist, advise and represent the Debtor relative to the administration of the Chapter 11 case; (b) assist, advise and represent the Debtor in analyzing its assets and liabilities, investigating the extent and validity of lien and claims, and participating in and reviewing any proposed asset sales or dispositions; (c) attend meetings and negotiate with the representatives of the secured creditors; (d) assist the Debtor in the preparation, analysis and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; (e) take all necessary action to protect and preserve the interests of the Debtor; (f) appear, as appropriate, before this Court, the Appellate Courts, and other Courts in which matters may be heard and to protect the interests of the Debtor before said courts and the United States Trustee; and (g) perform all other necessary legal services in this case. The firm's professionals will be paid at these hourly rates: Robert Lane, Partner $595 Joshua Gordon, Partner $550 Zach Casas, Partner $500 Kyle Garza, Partner $450 Grant Bullwinkel, Partner $450 Paralegals $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received retainer payments in the amount of $35,000 from the Debtor. Mr. Lane disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 Email: notifications@lanelaw.com About CLJ Home Healthcare CLJ Home Healthcare LLC, also operating as Affinity Pediatric Home Healthcare, is a San Antonio-based provider of home health nursing services specializing in pediatric care. CLJ Home Healthcare LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-50983) on May 5, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Michael M. Parker handles the case. The Debtor is represented by Robert Chamless Lane, Esq. at The Lane Law Firm PLLC. CM CUSTOM: Seeks to Hire AR Law Partners as Bankruptcy Counsel -------------------------------------------------------------- CM Custom Siding, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to employ AR Law Partners PLLC as bankruptcy counsel. The firm will render these services: (a) give the Debtor legal advice with respect to its powers and duties of its organization and management of the property; and (b) prepare on behalf of the Debtor a Petition, Schedules, Statement of Financial Affairs, any necessary deficient schedules and other documents, applications, answers, orders, reports, complaints, motions, etc. file such required documents, and to appear before this Court and any other court in reference thereto; and (c) perform all other legal services for the Debtor that may be necessary to effectuate a reorganization of its financial affairs. Vanessa Cash Adams, Esq., an attorney at AR Law Partners, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Vanessa Cash Adams, Esq. AR Law Partners, PLLC 415 N. McKinley Street, Suite 830 Little Rock, AR 72205 Telephone: (501) 710-6500 Facsimile: (501) 710-6336 Email: vanessa@arlawpartners.com About CM Custom Siding CM Custom Siding LLC is a construction company based in Traskwood, Arkansas. CM Custom Siding LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-11515) on May 2, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Bianca M. Rucker handles the case. The Debtor is represented by Vanessa Cash Adams, Esq. at AR Law Partners, PLLC. COSTELLO SR.-ALLEN: Taps Gregory F. Wilt as Tax/Payroll Accountant ------------------------------------------------------------------ Costello Sr.-Allen Optometrists PLLC seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to employ the office of Gregory F Wilt CPA PC as tax/payroll accountants. The firm will render these services: (a) provide the Debtor with necessary and valuable accounting services consistent with the services provided to it pre-petition; (b) prepare weekly payroll, annual tax returns, and monthly operating reports; and (c) prepare financial projections in anticipation of its plan of reorganization. Gregory Wilt, CPA, a member of the firm, will be billed at his hourly rate of $200. Mr. Wilt disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Gregory F. Wilt, CPA Gregory F. Wilt CPA P.C. 320 Fayette St. Manlius, NY 13104 Telephone: (315) 692-2300 About Costello Sr.-Allen Optometrists Costello Sr.-Allen Optometrists PLLC, dba Allen Eye Associates is an optometry practice based in Oneida, New York. The clinic provides comprehensive eye care services including routine eye exams, contact lens fittings, dry eye therapy, and disease management. Costello Sr.-Allen Optometrists PLLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-60379) on May 1, 2025. In its petition, the Debtor reports total assets of $583,120 and total liabilities of $2,622,871. The Debtor tapped Peter A. Orville, Esq., at Orville & McDonald Law, P.C. and Gregory F Wilt CPA PC as tax/payroll accountants. DANPOWER64 LLC: Seeks to Hire Nicholson Devine as Legal Counsel --------------------------------------------------------------- DanPower64, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Nicholson Devine, LLC as counsel. The firm will provide these services: (a) advise the Debtor with respect to its rights, powers and duties in the continued operation and management of its business; (b) advise the Debtor with respect to any plan of reorganization and any other matters relevant to the formulation and negotiation of a plan or plans of reorganization in this case; (c) represent the Debtor at all hearings and matters pertaining to its affairs; (d) prepare, on the Debtor's behalf, all necessary and appropriate applications, motions, answers, orders, reports, and other pleadings and other documents, and review all financial and other reports filed in this Chapter 11 case; (e) advise the Debtor with respect to, and assist in the negotiation and documentation of, financing agreements, debt and cash collateral orders and related transactions; (f) review and analyze the nature and validity of any liens asserted against the Debtor's property and advise concerning the enforceability of such liens; (g) advise the Debtor regarding its ability to initiate actions to collect and recover property for the benefit of its estate; (h) advise and assist the Debtor in connection with the potential sale of its assets; (i) advise the Debtor concerning executory contract and unexpired lease assumptions, lease assignments, rejections, restructurings and recharacterization of contracts and leases; (j) review and analyze the claims of the Debtor's creditors, the treatment of such claims and the preparation, filing or prosecution of any objections to claims; (k) commence and conduct any and all litigation necessary or appropriate to assert rights held by the Debtor, protect assets of its Chapter 11 estate or otherwise further the goal of completing the its successful reorganization other than with respect to matters to which the Debtor retains special counsel; and (l) perform all other legal services and provide all other necessary legal advice to the Debtor which may be necessary in its bankruptcy proceeding. The firm will be paid at these hourly rates: Kate Nicholson, Partner $400 Christine Devine, Partner $400 Associate $250 - $325 Paralegals $125 - $150 In addition, the firm will seek reimbursement for expenses incurred. Ms. Nicholson disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kate E. Nicholson, Esq. Nicholson Devine LLC 21 Bishop Allen Dr. Cambridge, MA 02139 Telephone: (857) 600-0508 Email: kate@nicholsondevine.com About DanPower64 LLC DanPower64 LLC is classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B), with its primary property situated at 197 Harve Street, Boston, MA 02128. DanPower64 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-10790) on April 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. The Debtor is represented by Kate E. Nicholson, Esq. at Nicholson Devine LLC. DELSHAH 60: Seeks Chapter 11 Bankruptcy in New York --------------------------------------------------- On May 8, 2025, Delshah 60 Ninth LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filing, the Debtor reports $28,631,567 debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Delshah 60 Ninth LLC Delshah 60 Ninth LLC owns a single-story commercial building located at 69 Gansevoort Street in New York, New York. The property encompasses 3,007 square feet. Delshah 60 Ninth owns a two-story mixed-use building at 58-60 Ninth Avenue in New York City that includes both commercial and residential space. Delshah 60 Ninth LLC and affiliate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-10950) on May 8, 2025. In its petition, the Debtor reports total assets of $27,708,058 and total liabilities of $28,631,567. Honorable Bankruptcy Judge Philip Bentley handles the case. The Debtors are represented by Mark Frankel, Esq. at BACKENROTH FRANKEL & KRINSKY, LLP. DENISON LANDSCAPING: Case Summary & Seven Unsecured Creditors ------------------------------------------------------------- Debtor: Denison Landscaping & Nursery, Inc. 8911 Oxon Hill Road Fort Washington, MD 20744 Business Description: Denison Landscaping & Nursery, Inc. is a family-owned landscaping company that offers residential and commercial landscape design, installation, and maintenance services. Based in Fort Washington, Maryland, the Company operates across the Mid-Atlantic region, including Maryland, Virginia, Washington D.C., Delaware, and Pennsylvania. Established in 1973, it also provides hardscaping, irrigation, outdoor lighting, and seasonal services. Chapter 11 Petition Date: May 9, 2025 Court: United States Bankruptcy Court District of Maryland Case No.: 25-14193 Debtor's Counsel: Paul Sweeney, Esq. YVS LAW, LLC 185 Admiral Cochrane Drive, Suite 130 Annapolis, MD 21401 Tel: (443) 569-5972 Fax: (410) 571-2798 E-mail: psweeney@yvslaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Robert E. Horsey, co-managing member. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZQPRIHQ/Denison_Landscaping__Nursery__mdbke-25-14193__0001.0.pdf?mcid=tGE4TAMA EAGLE THEATER: Case Summary & Three Unsecured Creditors ------------------------------------------------------- Debtor: Eagle Theater Management, LLC 1206 N. Cross Street Robinson, IL 62454 Business Description: Eagle Theater Operating, LLC operates a movie theater in Robinson, Illinois, providing film screenings to local audiences. Chapter 11 Petition Date: May 11, 2025 Court: United States Bankruptcy Court Southern District of Illinois Case No.: 25-60077 Judge: Hon. Mary E Lopinot Debtor's Counsel: Steven M. Wallace, Esq. GOLDBERG HELLER & ANTOGNOLI, P.C. 2227 South State Route 157 Edwardsville, IL 62025 Tel: 618-656-5150 E-mail: Steven@ghalaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Kurt Eric Gubelman as manager and member. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5GUJLFQ/Eagle_Theater_Management_LLC__ilsbke-25-60077__0001.0.pdf?mcid=tGE4TAMA EAGLE THEATER: Case Summary & Two Unsecured Creditors ----------------------------------------------------- Debtor: Eagle Theater Operating, LLC 1206 North Cross Street Robinson, IL 62454 Business Description: Eagle Theater Operating, LLC operates a movie theater in Robinson, Illinois. The Company provides cinema services, including movie screenings and concessions. Chapter 11 Petition Date: May 11, 2025 Court: United States Bankruptcy Court Southern District of Illinois Case No.: 25-60076 Judge: Hon. Mary E. Lopinot Debtor's Counsel: Steven M. Wallace, Esq. GOLDENBERG HELLER & ANTOGNOLI, P.C. 2227 South State Route 157 Edwardsville, IL 62025 Tel: 618-656-5150 E-mail: Steven@ghalaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Kurt Eric Gubelman as manager and member. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4J6LRFA/Eagle_Theater_Operating_LLC__ilsbke-25-60076__0001.0.pdf?mcid=tGE4TAMA ELITE SURGERY: Gets OK to Use Cash Collateral --------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, granted Elite Surgery Center, LLC's motion to use cash collateral. The order penned by Judge Vincent Zurzolo authorized the company to pay its operating expenses from the cash collateral, which consists of cash and cash equivalents. Elite Surgery Center was also authorized to pay $1,000 in accordance with its stipulation with the Subchapter V trustee, which was previously approved by the court. As part of granting the motion, the bankruptcy court approved a stipulation between Elite Surgery Center and its creditor, Mission Bank. The stipulation allows the company to use the bank's cash collateral to pay its expenses and fund the payments of its loans. As protection, Mission Bank is entitled to a replacement lien on all of the company's post-petition cash and accounts receivable. Prior to its bankruptcy filing, Elite Surgery Center borrowed $600,000 from Mission Bank. To secure repayment of the loans, the company granted the bank a security interest in its inventory, accounts and equipment. The bank's security interest in the company's accounts constitutes cash collateral. About Elite Surgery Center Elite Surgery Center, LLC, doing business as Elite Robotic Surgery and Elite Robotic Surgery Center, is an ambulatory surgery center specializing in outpatient surgical procedures that do not require overnight hospitalization. The center offers advanced, minimally invasive surgeries, often utilizing robotic technology to enhance precision and recovery times. Elite Surgery Center sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12149) on March 17, 2025, listing $716,715 in assets and $2,833,257 in liabilities. David Groves, chief financial officer of Elite Surgery Center, signed the petition. Judge Vincent P. Zurzolo oversees the case. Alan W. Forsley, Esq. at FLP Law Group, LLP represents the Debtor as bankruptcy counsel. ELMWOOD VENTURES: Seeks Subchapter V Bankruptcy in New York ----------------------------------------------------------- On May 6, 2025, Elmwood Ventures LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 100 and 199 creditors. The petition states funds will not be available to unsecured creditors. About Elmwood Ventures LLC Elmwood Ventures LLC, doing business as Buddha-Bar New York, operates a modern Asian fusion restaurant located at 62 Thomas Street in the Tribeca neighborhood of Manhattan. The venue features a two-story dining space with a prominent 16-foot Buddha sculpture and offers dinner service from Wednesday to Sunday. Elmwood Ventures LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10932) on May 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Martin Glenn handles the case. The Debtors are represented by Lawrence Morrison, Esq. at MORRISON TENENBAUM PLLC. ESCO OIL: Seeks Chapter 11 Bankruptcy in Texas ---------------------------------------------- On May 6, 2025, ESCO Oil Operating Company LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About ESCO Oil Operating Company LLC ESCO Oil Operating Company LLC is a Texas-based oil and gas operator engaged in managing producing wells primarily in Maverick County. The Company is headquartered in Houston and holds mineral interests across multiple counties in the state. ESCO Oil Operating Company LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-32573) on May 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtors are represented by Leonard Simon, Esq. at PENDERGRAFT & SIMON LLP. ESSEX TECHNOLOGY: Court OKs Deal to Access Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Tennessee approved a stipulation entered into by Essex Technology Group, LLC, the official committee of unsecured creditors and the company's secured creditors, ACON Equity Partners IV, LP and ACON BH Investors I, LLC. The stipulation authorized Essex to use cash collateral pursuant to the final cash collateral order and the revised budget approved by the court. The stipulation extended to May 19 the period for the committee to file a court proceeding raising an objection or challenge including, without limitation, any claim against the ACON creditors related to their liens on and security interests in the pre-bankruptcy collateral. If the parties enter into a term sheet setting forth the terms for Essex's exit from Chapter 11, with such exit strategy being subject to the approval of the court, the new deadline will be automatically extended to the earlier of (i) the date Essex's bankruptcy case is dismissed consistent with the agreed-upon exit strategy or (ii) seven days after the court denies approval of any motion seeking approval or implementation of the exit strategy. About Essex Technology Group Essex Technology Group, LLC is a retail chain operating 91 stores across 10 states. The company is based in Antioch, Tenn., and operates under the name Bargain Hunt. Essex Technology Group filed Chapter 11 petition (Bankr. M.D. Tenn. Case No. 25-00452) on February 3, 2025, listing between $10 million and $50 million in assets and between $50 million and $100 million in liabilities. Rob Hubbard, chief restructuring officer of Essex, signed the petition. Judge Nancy B. King oversees the case. David W. Houston, IV, Esq., at Burr & Forman LLP, represents the Debtor as legal counsel. EVERYTHING CREATIVE: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------------ Debtor: Everything Creative, Inc. 9040 Activity Road, Ste. A San Diego, CA 92126 Business Description: Everything Creative, Inc. operates under the brand Everything Creative Designs, a luxury home staging and design firm based in Southern California. Founded in 2006, the Company specializes in residential staging, interior design, Airbnb design and furnishing, and luxury furniture rental. ECD has served the real estate community for over 17 years, helping clients sell over $1.3 billion in luxury real estate. The firm operates in San Diego, Los Angeles, and Orange County in California, as well as Park City, Utah, and offers services ranging from home staging consultations to complete home transformations in a matter of weeks. Chapter 11 Petition Date: May 12, 2025 Court: United States Bankruptcy Court Southern District of California Case No.: 25-01937 Debtor's Counsel: Gustavo E. Bravo, Esq. BRAVO LAW APC 3990 Old Town Avenue Suite A103 San Diego, CA 92110 Tel: (619) 600-1394 Email: gbravo@bravolawapc.com Total Assets: $611,731 Total Liabilities: $1,920,514 As the chief executive officer, Carol Kaplan signed the petition. 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/DEHIT4I/Everything_Creative_Inc__casbke-25-01937__0001.0.pdf?mcid=tGE4TAMA EXELA: Represented by Latham & Watkins in Plan Support Agreement ---------------------------------------------------------------- Exela Technologies BPA, LLC, its subsidiaries and certain of its affiliates, a global business process automation (BPA) leader, has announced that it has reached a comprehensive settlement with over 80% of the company's April 2026 noteholders to support a consensual Chapter 11 plan of reorganization on terms contained in the Amended Plan Support Agreement that was filed with the Court. As part of the reorganization, the company will reduce its debt by more than US$1.1 billion, with the April 2026 noteholders converting their interests into equity, significantly improving the overall strength of the company's balance sheet. The terms of the PSA are also supported by the official committee representing the company's unsecured creditors in the company's Chapter 11. With this crucial support in hand, the company recently filed a proposed Chapter 11 plan of reorganization and corresponding disclosure statement. On May 8, the Bankruptcy Court conditionally approved the disclosure statement and the company’s procedures for soliciting votes on the Plan. The company is commencing such solicitation and has scheduled a hearing to consider confirmation of the Plan for June 18, 2025. The company is optimistic that it will confirm the Plan and emerge from Chapter 11 around the end of the second quarter of 2025. Additionally, the company has successfully obtained final approval of its proposed debtor-in-possession financing, which, together with the interim funding it received at the outset of the cases, provides the company US$80 million in total new money loans to fund its emergence from Chapter 11 on an expedited basis. The PSA contains exit financing commitments that will solidify the company's balance sheet and provide sufficient post-Chapter 11 liquidity after emergence. Latham & Watkins LLP represents Exela in the process with a restructuring & special situations team led by New York partners Ray Schrock, Alexander Welch, and Hugh Murtagh, and counsel Adam Ravin, with associates Jon Weichselbaum, Thomas Fafara, Ata Nalbantoglu, Kevin Shang, Brian Herskowitz, Beau Parker, Richard Cantoral, and Saadia Naeem. Advice was also provided on litigation matters by New York partner Eric Leon and Boston partner Betsy Marks, with associate Kamali Houston; on finance matters by New York partner Marcela Ruenes, with associate Youn Song and assistance from Ed Prevost; on capital markets matters by New York partner Benjamin Stern; on M&A matters by Chicago partner Zachary Judd and counsel Ben Kaplan, with assistance from Maghan McDuff; and on tax matters by Chicago partner Joseph Kronsnoble, with associates Lukas Kutilek and Jay Khurana. About Exela Technologies Headquartered in Irving, Texas, Exela Technologies, Inc. -- http://www.exelatech.com/-- is a business process automation (BPA) company, leveraging a global footprint and proprietary technology to provide digital transformation solutions enhancing quality, productivity, and end-user experience. Exela Technologies Inc. and several other units sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90024) on March 3, 2025. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and liabilities between $1 billion and $10 billion. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Timothy Alvin Davidson, II, Esq. at Andrews Kurth LLP. F21 OPCO: Says No Buyer Found, Liquidation Likely ------------------------------------------------- Rick Archer of Law360 reports that on May 12, 2025, a Delaware bankruptcy judge allowed Forever 21 to proceed with soliciting creditor votes on its Chapter 11 plan, following the retailer's announcement that it failed to find a going-concern buyer and is expected to liquidate its remaining assets. About F21 OpCo F21 OpCo, LLC is the operator of Forever 21 stores and licensee of the Forever 21 brand in the United States. F21 OpCo sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10469) on March 16, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. The Debtor's proposed advisors include Paul, Weiss, Rifkind, Wharton & Garrison LLP and Young Conaway Stargatt & Taylor, LLP as legal counsel, BRG as financial advisor, RCS Real Estate Advisors as real estate advisor, SSG Capital Advisors, LLC as investment banker, and Reevemark as communications advisor. About Forever 21 Inc. Founded in 1984 by South Korean husband and wife team Do Won Chang and Jin Sook Chang and headquartered in Los Angeles, Calif., Forever 21, Inc. -- http://www.forever21.com/-- is a fast fashion retailer of women's, men's and kids clothing and accessories and is known for offering the hottest, most current fashion trends at a great value to consumers. Forever 21 delivers a curated assortment of new merchandise brought in daily. Forever 21, Inc. and seven of its U.S. subsidiaries each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-12122) on Sept. 29, 2019. According to the petition, Forever 21 has estimated liabilities on a consolidated basis of between $1 billion and $10 billion against assets of the same range. As of the bankruptcy filing, the Debtors operated 534 stores under the Forever 21 brand in the U.S. and 15 stores under beauty and wellness brand, Riley Rose. The Debtors tapped Kirkland & Ellis LLP as legal advisor; Alvarez & Marsal as restructuring advisor; and Lazard as investment banker; and Pachulski Stang Ziehl & Jones LLP as local bankruptcy counsel. Prime Clerk is the claims agent. Andrew Vara, acting U.S. trustee for Region 3, appointed a committee of unsecured creditors on Oct. 11, 2019. The committee is represented by Kramer Levin Naftalis & Frankel LLP and Saul Ewing Arnstein & Lehr LLP. Counsel to the administrative agent under the Debtors' prepetition revolving credit facility and the Debtors' DIP ABL financing facility are Morgan, Lewis & Bockius LLP and Richards, Layton & Finger, PA. Counsel to the administrative agent under the Debtors' DIP term loan facility is Schulte Roth & Zabel LLP. * * * In February 2020, the Debtor was purchased by a consortium that includes Authentic Brands Group, Simon Property Group and Brookfield Property Partners for $81.1 million. As part of the deal, ABG and Simon will each own 37.5% of the fast-fashion retailer, while Brookfield controls the remaining 25% of Forever 21's operating and intellectual property businesses. FLAGSHIP RESORT: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Flagship Resort Development Corporation DBA Club Boardwalk Resort 60 N Maine Avenue Atlantic City, NJ 08401 Business Description: Flagship Resort Development Corp., a privately held hospitality and resort development company based in New Jersey, specializes in timeshare vacation ownership in the Atlantic City region. It operates 774 living units across three properties -- Flagship All-Suites Resort, Atlantic Palace, and La Sammana Resort -- offering a mix of deeded timeshare interests, club memberships, and exchange-based travel benefits. The company is a wholly owned subsidiary of FantaSea Resorts Group, Inc. Chapter 11 Petition Date: May 10, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-15047 Judge: Hon. Jerrold N Poslusny Jr Debtor's Counsel: Warren J. Martin Jr., Esq. PORZIO, BROMBERG & NEWMAN, P.C. 100 Southgate Parkway Morristown, NJ 07962 Tel: 973-538-4006 Fax: 973-538-5146 Email: wjmartin@pbnlaw.com Debtor's Notice, Claims, Solicitation, Balloting & Administrative Agent: KROLL RESTRUCTURING ADMINISTRATION LLC Estimated Assets: $50 million to $100 million Estimated Liabilities: $50 million to $100 million Cherie Parks, in his role as chief financial officer, affixed her signature to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/T4NDZXQ/Flagship_Resort_Development_Corporation__njbke-25-15047__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Aegis Trust Company LLC Trustee of ESOP $3,000 7200 Highway 278 Trust NE, Ste 205 Covington, Ga 30014 Attn: Robert Lesser/Ginny Machamer Email: relesser@aegistrust.com; gmachamer@aegistrust.com 2. Alicea Castellanos, Et Al. Litigation Unliquidated c/o Andrew M. Milz Flitter Milz, PC 1814 East Rt 70, Suite 350 Cherry Hill, NJ 08003 Attn: Andrew M. Milz, Esq. And Joe Solseng, Esq. Email: amilz@consumerslaw.com; solseng@sgb-law.com 3. Concord Servicing LLC Vendor $63,607 Po Box 78843 Phoenix, AZ 85062-8843 Attn: Marc Nunes Email: mnues@concordservicing.com Phone: 480-636-3377 4. Cooper Levenson Legal Fees $235,468 1125 Atlantic Avenue Atlantic City, NJ 08401 Attn. Natalie Flynn Email: nflynn@cooperlevenson.com Phone: 609-572-7322 5. Erwin J Lyons & Office Supplies $2,398 Associates LLC 125 Garnett Lane Egg Harbor Township, NJ 08234 Attn: Erv Email: printerv@hotmail.com Phone: 215-990-536 6. Experian Credit Bureau $5,628 P.O. Box 841971 Los Angeles, CA 90084-1971 Attn: Josh Cosela Email: invoices@experian.com Phone: 800-695-4698 7. Fedway Food and $4,103 Po Box 651 Beverage Basking Ridge, NJ 07920 Attn: Michelle Volgeman Email: invoices@fedway.com Phone: 609-442-2208 8. Flagship Condominium Promissory $2,581,000 Owners Association Note c/o Hueston Mcnulty, P.C. 256 Columbia Turnpike, St. 207 Florham Park, NJ 07932 Attn: Sam Mcnulty/Bob Hueston Email: smcnulty@huestonmcnulty.com/ rhueston@Huestonmcnulty.com 9. Global Prospects Inc Marketing Vendor $3,000 22107 Elmira Blvd., Unit B Port Charlotte, FL 33952 Attn: Marty Apell Email: mapell777@yahoo.com Phone: 201-390-0021 10. Iron Mountain Records Mgnt Paper $4,240 Po Box 27128 Shredding New York, NY Services 10087-7128 Attn: Tom Richards Email: askcustomerservice@ironmountain.com Phone: 800-899-4766 11. Lasammana Condominium Promissory $1,468,000 Owners Association Note c/o Hueston Mcnulty, P.C. 256 Columbia Turnpike, St. 207 Florham Park, NJ 07932 Attn: Sam Mcnulty/Bob Hueston Email: smcnulty@huestonmcnulty.com/ rhueston@huestonmcnulty.com 12. Michael Lantych, Et Al. Litigation Unliquidated c/o Andrew M. Milz Flitter Milz, PC 1814 East Rt 70, Suite 350 Cherry Hill, NJ 08003 Attn: Andrew M. Milz, Esq. And Joe Solseng, Esq. Email: amilz@consumerslaw.com; solseng@sgb-law.com 13. Ocean Casino & Resort Marketing $49,935 500 Boardwalk Premiums Atlantic City, NJ 08401 Attn: Korrin Carrieri Email: korrin.carrieri@theoceanac.com Phone: 609-783-8090 14. Office Basics Co Office $2,653 P.O. Box 2230 Supplies Reading, PA 19601 Attn: Kim Clark Email: kclark@officebasics.com Phone: 800-541-5855 15. One Agency Marketing Vendor $20,000 15900 N 78th Street, Ste 100 Scottsdale, AZ 85260 Attn: Suzanne Mora Email: suzanne.mora@oneagency.com Phone: 407-782-5448 16. RCI Exchange Fees $20,000 Po Box 2099 Carmel, IN 46082 Attn: Julie Williams Email: julie.williams@trav elandleisure.com Phone: 317-987-5573 17. Royal Suites Interval Owners Promissory $4,252,000 Association Note c/o Hueston Mcnulty, P.C. 256 Columbia Turnpike, St. 207 Florham Park, NJ 07932 Attn: Sam Mcnulty/Bob Hueston Email: smcnulty@huestonmcnulty.com/ rhueston@Huestonmcnulty.com 18. Stevens & Lee Legal Fees $58,337 Po Box 679 Reading, PA 19603 Attn: Accounts Receivable Email: accounting@stevenslee.com Phone: 610-478-2000 19. Toshiba Financial Services Equipment $2,383 Po Box 070241 Lease Philadelphia, PA 19176-0241 Attn: Kathy Brennan Email: kathy.brennan@tbs.toshiba.com Phone: 631-389-3427 20. Waterfront Tours Marketing Vendor $10,000 1112 Denman Valley Street Henderson, NV 89002 Attn: Rodney Wilks/Kendra Email: waterfronttoursllc@gmail.com Phone: 702-785-7134 FOREST MEADOWS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Forest Meadows Holdings, LLC 746 Garden Walk Blvd. Atlanta GA 30349-8515 Business Description: Forest Meadows Holdings LLC operates Forest Meadows Apartment Homes, a residential community in College Park, Georgia. The property offers one- and two-bedroom apartments featuring walk-in closets, hardwood flooring, and gallery kitchens. Amenities include a fitness center, sports courts, and pet-friendly policies. Chapter 11 Petition Date: May 5, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-54944 Judge: Hon. Lisa Ritchey Craig Debtor's Counsel: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC 2987 Clairmont Road, Suite 350 Atlanta GA 30329 Tel: 404-584-1238 Email: wrountree@rlkglaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Patrick Castelli as managing director. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YUZLHCQ/Forest_Meadows_Holdings_LLC__ganbke-25-54944__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Rohan Refurbishing Company Suppliers or Vendors $90,045 1719 Pinewalk Ln Riverdale, GA, 30274 2. Chadwell Supply Inc Suppliers or Vendors $48,121 7555 Wood Rd. Suite 100 Douglasville, GA, 30134 3. DB Electric Inc Suppliers or Vendors $30,087 4738 Rabun Drive Douglasville, GA, 30135 4. Creative Multicare Inc Suppliers or Vendors $23,938 100 Andrew Dr Stockbridge, GA, 30281 5. Real Floors, Inc Suppliers or Vendors $19,089 560 Webb Industrial Drive, Suite 100 Marietta, GA, 30062 6. Tim Moran CPA, PLLC Services $18,139 612 Cabin Crk Trl Mars Hill, NC, 28754 7. Clayton County Water Utility Services $17,245 Authority 1600 Battle Creek Road Morrow, GA, 30260 8. Sesmas Tree Service LLC Suppliers or Vendors $16,466 1530 Purcell Rd Lawrenceville, GA, 30043 9. Quality Carpet & Vinyl, Inc. Suppliers or Vendors $13,397 700 Pinnacle Ct. Ste 200 Norcross, GA, 30071 10. Top Notch Carpet, LLC Suppliers or Vendors $13,110 140 Napa Dr. Mcdonough, GA, 30253 11. Performance Waste Solutions $9,662 4636 Gilhams Rd Roswell, GA, 30075 12. Street Digital Media LLC Suppliers or Vendors $7,500 1008 Burnside Lane NW Atlanta, GA, 30318 13. Essential Solutions Property Suppliers or Vendors $7,184 Management, LLC 7000 Central Parkway NE, Suite 1100 Atlanta, GA, 30328 14. Screening Reports, Inc. Suppliers or Vendors $4,805 2900 Monarch Lakes Blvd., Suite 201 Hollywood, FL, 33027 15. Weaver Landscape Group, LLC Suppliers or Vendors $4,700 4751 Best Road, Suite 275 Atlanta, GA, 30337 16. Altima Services, LLC Suppliers or Vendors $3,465 1401 Azalea Brook Drive Lawrenceville, GA, 30043 17. Jaguar Services Suppliers or Vendors $3,350 20 Lynchburg Street Hampton, GA, 30228 18. RealPage, Inc. Suppliers or Vendors $2,835 2201 Lakeside Blvd. Attn: Legal Dept. Richardson, TX, 75082 19. Fire X, Inc. Suppliers or Vendors $1,934 dba Fire Defense Center 2834 Sullivan Rd Atlanta, GA, 30337 20. Apartments, LLC Suppliers or Vendors $1,295 540 W Madison St 14th Floor Chicago, IL, 60661 FU BANG GROUP: Seeks Chapter 11 Bankruptcy in California -------------------------------------------------------- On May 7, 2025, Fu Bang Group Corp USA filed Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Fu Bang Group Corp USA Fu Bang Group Corp USA is a real estate company that owns and manages a single property. Fu Bang Group Corp USA sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-13004) on May 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtors are represented by Derrick Talerico, Esq. at WEINTRAUB, ZOLKIN TALERICO & SELTH LLP. GOT KIDZ?: Seeks Chapter 11 Bankruptcy in Georgia ------------------------------------------------- On May 6, 2025, Got Kidz? Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filing, the Debtor reports $700,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Got Kidz? Inc. Got Kidz? Inc. owns two commercial properties totaling roughly 17,000 square feet on a 5.5-acre site at 1581 Fairburn Road in Atlanta, Georgia. Got Kidz? Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55074) on May 6, 2025. In its petition, the Debtor reports total assets of $1,500,000 and total liabilities of $700,000. The Debtors are represented by Sims W Gordon Jr., Esq. at THE GORDON LAW FIRM, PC. HERSCHEND ENTERTAINMENT: S&P Lowers ICR To 'B+', Outlook Stable --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S.-based themed park owner and operator Herschend Entertainment Co. LLC to 'B+' from 'BB-'. S&P said, "At the same time, we assigned our 'B+' issue-level rating and '3' recovery rating to the proposed senior secured debt facilities. "The stable outlook reflects our expectation that Herschend will sustain leverage of 4.0x-4.5x through at least 2025. "The downgrade to 'B+' reflects our expectation that Herschend's leverage will remain above our 4x downgrade threshold through at least 2025 following the acquisition of Palace Entertainment. On March 18, 2025, Herschend announced it has signed a definitive agreement under which it will acquire all of Palace Entertainment's U.S. entertainment properties from Piolin Bidco S.A.U. (d.b.a. Parques Reunidos; B-/Stable). In conjunction with the acquisition, Herschend plans to issue a $1.1 billion term loan B and use cash from its balance sheet to fund the acquisition and refinance its existing debt facilities. The proposed incremental debt issuance will increase Herschend's S&P Global Ratings-adjusted leverage above our 4x downgrade threshold at the 'BB-' rating level through at least 2025, supporting the downgrade. The combined portfolio increases scale and geographic diversification, but Herschend's small scale relative to peers, seasonality, and concentration at Dollywood are key risks. Herschend's existing portfolio consists of 29 theme parks, tourist attractions, and resorts in eight states and Canada, primarily concentrated in the Southeast and Midwest regions. Palace Entertainment assets include seven theme parks (including two resorts and three campgrounds), six water parks, and six family entertainment centers primarily concentrated in the Northeast region, where Herschend has less of a presence. Although the combined business will reduce EBITDA concentration at both the park and regional levels, the company will still generate a meaningful portion of its park-level EBITDA base from Dollywood. Therefore, Herschend remains exposed to severe weather and regional economic risks. In 2024, Herschend's operating performance faced adverse weather largely due to significant disruptions from Hurricane Helene in the second half of the year. The storm damaged some of the company's properties, along with critical public roadways around four of the company's parks (Callaway Gardens, Wild Adventures, and Dollywood) and hindered the local economy. As a result, Herschend reported a loss of operating days and lower attendance and revenue. In addition, compared with rated regional theme park peers, Herschend has smaller scale, catering to a lower attendance base in smaller markets. It also generates lower EBITDA margins relative to peers in the theme park sector. S&P's rating also incorporates the company's exposure to seasonality. About half of annual EBITDA historically generated in the second quarter, leaving it further exposed to weather-related event risks during peak periods compared with some other leisure operators. Partially offsetting these risk factors are the company's portfolio of drive-to assets, which may remain more resilient than destination-oriented properties during economic downturns and periods of reduced consumer spending, and the positioning and high quality of its assets, particularly its Dollywood and Silver Dollar City parks. Weaker household income growth, reduced positive impulses from the public sector, rising tariffs, higher interest rates, and lingering policy uncertainty are key factors decelerating economic growth this year. The personal savings rate is poised to rise to more historically normal levels as precautionary behavior takes hold, reversing the trend of the past couple of years that suggested a substantial wealth effect in consumer spending, linked to stock market performance and home price growth. This may lead to lower discretionary spending, resulting in consumers pulling back on leisure spending. However, theme parks benefit from less volatile revenue through economic cycles than other leisure sectors such as destination travel, given it is a lower-cost form of entertainment and it is easier to access given its drive-to locations. Dollywood and Silver Dollar City benefit from strong brand equity in their local markets, industry awards and recognition, and premium attractions that differentiate its parks within the regions they operate. Herschend is exposed to limited competition from other theme park operators of similar asset quality in its markets. Dollywood and Silver Dollar City's nearest theme park competitors, which include Carowinds, Holiday World, and Six Flags Over Georgia for Dollywood and Worlds Of Fun and Six Flags St. Louis for Silver Dollar City, are more than 150 miles away, limiting the theme park options for local consumers. Because of the considerable barriers to entry to theme park development, including high capital costs and stringent regulations, it is unlikely that a competitor park will be developed in the markets in which Herschend operates. S&P said, "In 2025, we expect attendance growth in the 1%-3% range at Herschend and Palace venues, driven by normalized weather patterns, increased group visitation, higher season pass sales, and the opening of new park attractions. We expect modest per capita spending growth in the 1%-3% range for Herschend and Palace venues in 2025, in line with our assumption for consumer spending growth. Overall, we forecast the company's pro forma revenue to increase 4%-6% in 2025. We expect modest EBITDA growth over the next two years will drive leverage reduction toward the low-4x area by 2026." Higher planned growth capital expenditure (capex) could reduce Herschend's financial flexibility. Although the regional theme park sector benefits from high barriers to entry due to significant capital requirements and limited land availability to build new greenfield parks, the industry competes more broadly with other forms of entertainment for consumer wallet share, including live events, gaming, and leisure travel. S&P said, "Therefore, operators must continuously reinvest in their parks to improve the guest experience and increase visitation. Herschend is undergoing several development projects in 2025 to increase visitation and spending at its parks, including new rides, the SongTeller hotel at Nashville, a theme park resort at Silver Dollar City, and additional non-recurring capital spending to bring the properties acquired from Palace Entertainment onto Herschend's system. As a result, we estimate it will spend $250 million-$300 million in total capex in 2025 and $200 million-$250 million in 2026, funded with cash on hand from its previous divestiture of World Choice Investments and operating cash flow. We expect Herschend will generate negative FOCF in 2025 and 2026, which exposes it to heightened risks and limited financial flexibility to reduce leverage if there is a meaningful pullback in discretionary spending that leads to broad declines in attendance and per capita spending at its parks." S&P said, "The stable outlook reflects our base case expectation that Herschend's investment plans and leverage policy will enable the company to sustain our measure of adjusted leverage of 4.0x-4.5x through 2025, incorporating volatility from macroeconomic pressures. "We could lower the rating if we believed the company would sustain leverage greater than 5x. This could be due to operating missteps, a prolonged economic downturn causing consumer spending to decline and operating performance at Herschend's parks to deteriorate, or an unexpected leveraging capital allocation decision such as a distribution or acquisition. "We could raise the rating if we believed that Herschend would sustain leverage below 4x and FFO to debt of greater than 20%, incorporating operating volatility, leveraging acquisitions, and shareholder returns." HUNTER DOUGLAS: S&P Alters Outlook to Negative, Affirms 'B' ICR --------------------------------------------------------------- S&P Global Ratings revised its outlook on custom window coverings manufacturer Hunter Douglas Finance B.V. to negative from stable and affirmed all its ratings, including its 'B' issuer credit rating. S&P's 'B' issue-level rating and 3' recovery rating on the company's term loans indicate its expectation of meaningful (50%-70%; rounded estimate: 55%) recovery in the event of default. The negative outlook reflects the potential for leverage to increase beyond 7x over the next 12 months if Hunter Douglas's profitability weakens past our expectations from increasingly challenging demand. Sales volumes are vulnerable to cautious consumer spending that could further pressure performance in 2025. Hunter Douglas reported modest 1% sales growth in 2024 as strong growth in its international segment helped offset persistent demand softness in the Americas and Europe. S&P maintains a softer volume outlook for this year, with S&P Global economists anticipating U.S. real GDP expansion will decelerate to 1.5%. This is down from 2.8% in 2024, in part from consumer spending declines. Additionally, home sales have remained sluggish and consumer fatigue has discouraged spending on more discretionary renovation and remodel projects, particularly in North America. S&P said, "As a result, we forecast revenues in Hunter's Americas and Asia-Pacific segment will continue to decline by about 1%-2% in 2025 and European revenues will remain flat. In contrast, we believe Hunter's international segment is well positioned for further improvement following significant investments in 2024 to support growth initiatives. Combined, this results in our modest base-case revenue increase forecast of less than 1% in 2025." Hunter has already increased prices over the last several years. It remains uncertain whether the company can fully pass on the cost of tariff impact to customers given already prolonged spending pressures and demand weaknesses. As a result, S&P now forecasts leverage close to 7x in 2025, versus our previous expectation of the low-6x area this year. S&P said, "We assume tariffs will have a modest direct impact on Hunter's cost structure. Its North America sales are subject to tariff risk, with almost half of the region's sales produced at the company's facilities in Mexico, but they are not meaningfully exposed to China imports in our view. According to the company, Hunter has fully offset any tariff impact. Thus, we do not expect significant direct impact on Hunter's cost structure from tariffs, regardless of recent trade policy announcements of lower tariffs on China. However, given our expectation that demand could be affected as Hunter passes through higher tariff costs to customers by raising prices to protect profitability, we believe the associated tariff-related headwinds and lower volumes (leading to reduced cost absorption) could weaken gross margin beyond our base-case forecast. This would increase leverage over our downside trigger of 7x. "Hunter's liquidity position remains sizable despite our expectation for weaker cash flow this year. The company maintained a cash balance of $789 million as of Dec. 31, 2024, pro forma for its $200 million debt paydown during the January 2025 refinancing. This is supported by free operating cash flow (FOCF) of about $182 million as of Dec. 31. Hunter generates good cash flow despite higher input costs and interest burden, since its products are mostly custom and made to order, which limits inventory and working capital requirements. We expect lower FOCF of at least $140 million each of the next two years from ongoing growth investments and macroeconomic headwinds, but such liquidity remains sufficient to support further business investments and the company's large debt service requirements. "We believe Hunter Douglas will continue to utilize excess cash to fund acquisitions, looking for opportunities to enter new channels and adjacent product categories. We expect Hunter's revolver usage to remain minimal; it has historically been undrawn at quarter-end. "The negative outlook reflects the potential for Hunter's credit metrics to erode over the next 12 months if profitability weakens past our expectations from increasingly challenging demand." S&P could lower its ratings if Hunter Douglas sustains leverage above 7x and materially contracts FOCF. This could occur if: -- The macroeconomic environment worsens and consumer discretionary household spending on furnishings, including window coverings, declines further from S&P's base expectations; -- The company cannot effectively manage input cost pressures or tariff-related impacts or price increases hurt volumes more than anticipated; or -- It incurs sizable cash expense to achieve its cost-saving targets but fails to achieve them. S&P could revise its outlook to stable if the company sustains revenue and earnings growth despite macroeconomic pressures, leading to leverage in the low-6x area. This could occur if: -- The company offsets tariff-related impacts with higher pricing, such that gross profit and volumes do not significantly decline; -- Expands EBITDA following realization of expected cost-saving initiatives; or -- Continues to prioritize utilizing cash flow for debt reduction instead of acquisitions or shareholder returns. INFINITY ATHLETICS: Unsecureds Will Get 10% over 36 Months ---------------------------------------------------------- Infinity Athletics NY LLC filed with the U.S. Bankruptcy Court for the Southern District of New York a Small Business Plan of Reorganization under Subchapter V dated April 9, 2025. The Debtor is a limited liability company solely-owned by Ms. Stephanie Robinson (the "Member"). The Debtor operates a gymnastics school that conducts its business from 9 Ryan Drive, Hopewell Junction, New York 12533 and at her home in Wappinger Falls, New York. The Member serves as the sole teacher and consultant for the Debtor. The Debtor and the Member were the subject of a personal injury lawsuit brought by Ms. Michelle Trapani (the "Creditor") on behalf her minor child. The Creditor obtained a judgment (the "Judgment") against the Debtor and the Member in the approximate amount of $202,000.00 that was the primary cause of the Debtor's bankruptcy filing. The Member was also forced to file a Chapter 13 bankruptcy filing under Case No. 25-35016. Other than the competitions that occurred in January and March of this year, the only significant financial issue that arose for the Debtor since the Petition Date was it was required by the local municipality to upgrade its fire safety system at a cost of approximately $9,000.00. The Debtor was able to satisfy this expense, and it is aware that it must maintain a reserve for repairs and contingencies, but this expense was unexpected. The Debtor anticipates that committing its disposable income to the Plan for 36 months will result in a dividend to unsecured creditors of all Allowed Unsecured Claims after payment of all allowed Administrative Professional Fee Claims. Class 1 shall consist of Allowed General Unsecured Claims. Holders of Allowed Class 1 General Unsecured Claims shall no less than 10% of their Allowed Class 1 Claims, without interest, from the remaining balance of the Plan Funds, after payment in full of all Unclassified Claims and Allowed Professional Fee Claims. Payments to the Allowed Class 1 Claims shall be paid in equal quarterly installments of $6,000.00 a quarter for the 36-month period from the Effective Date after the payment of Unclassified Claims and Allowed Professional Fee Claims are completed. The holders of the Allowed Class 1 Claims are impaired pursuant to Section 1124 of the Bankruptcy Code and are entitled to vote to accept or reject the Plan. Class 2 shall consist of the Debtor's Member Ms. Stephanie Robinson. The Member will retain her interest in the Debtor. The Class 2 Member is unimpaired pursuant to Section 1124 of the Bankruptcy Code and is deemed to have accepted the Plan. The Plan shall be funded from the Debtor's Cash on hand and disposable income over the three-year period following the Effective Date. A full-text copy of the Subchapter V Plan dated April 9, 2025 is available at https://urlcurt.com/u?l=arPM3l from PacerMonitor.com at no charge. The firm can be reached through: Norma E. Ortiz, Esq. ORTIZ & ORTIZ, LLP 35-10 Broadway, Ste. 202 Astoria, NY 11106 Telephone: (718) 522-1117 Facsimile: (718) 596-1302 Email: email@ortizandortiz.com About Infinity Athletics NY LLC Infinity Athletics NY LLC operates a gymnastics school that conducts its business from 9 Ryan Drive, Hopewell Junction, New York 12533. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-35023) on Jan. 9, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Kyu Young Paek presides over the case. Norma E. Ortiz, Esq. at Ortiz & Ortiz, LLP, is the Debtor's counsel. IRONNET INC: Young Conaway Wants to Withdraw as Legal Counsel ------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that Young Conaway Stargatt & Taylor LLP has asked the U.S. Bankruptcy Court in Delaware for approval to withdraw as legal counsel for IronNet Inc., the cybersecurity firm founded by former NSA Director General Keith B. Alexander. In its May 9, 2025 motion, the firm stated that IronNet has consented to the withdrawal but has not yet secured replacement counsel, despite having ongoing legal matters before the court. The law firm began representing IronNet in 2023 during its Chapter 11 proceedings and has continued assisting with claims reconciliation and other bankruptcy-related matters after the company exited bankruptcy, the report states. About IronNet Founded in 2014 and headquartered in McLean, Va., IronNet, Inc. (OTCMKTS: IRNTQ) -- https://www.ironnet.com/ -- is a global cybersecurity company that is transforming how organizations secure their networks by delivering the first-ever collective defense platform operating at scale. Employing a number of former NSA cybersecurity operators with offensive and defensive cyber experience, IronNet integrates deep tradecraft knowledge into its industry-leading products to solve the most challenging cyber problems facing the world today. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-11710) on October 12, 2023. In the petition signed by Cameron Pforr, president and chief financial officer, IronNet, Inc. disclosed $77,389 in assets and $33,833,108 in liabilities. Debtor IronNet Cybersecurity, Inc. listed $10 million to $50 million in estimated assets and $50 million to $100 million in estimated liabilities. Judge Brendan Linehan Shannon oversees the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as bankruptcy counsel, Arnold & Porter Kaye Scholer LLP as general corporate counsel, and Stretto, Inc. as claims, noticing, and solicitation agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP represents the DIP lenders as legal counsel. IRREGULAR MIKES: Files Amendment to Disclosure Statement -------------------------------------------------------- Irregular Mikes, LLC, d/b/a Baker Street Irregulars, submitted an Amended Disclosure Statement describing Amended Plan of Reorganization for Small Business dated April 10, 2025. The Plan is designed as a mechanism for the reorganization of Debtor. The Debtor owns and operates a restaurant/pub located at 1152 First Avenue, New York, New York, which is leased pursuant to a long-term lease (the "Restaurant"). The Debtor has recently taken a number of cost cutting measures including dropping the full time salaried staff from nine to three. This was possible because the Debtor's principal, Michael Egan, left his job on Wall Street and took over all of the day to day management which was previously handled by multiple individuals. Additionally, his ability to be at the Restaurant during the day when the business is slower reduced the need for additional wait staff. The Debtor has also entered into a stipulation curing the Lease. The remaining largest issue is the tax liability to the State of New York. The Debtor believes it now has the income to fund a feasible Plan. The Debtor's projections are based on the Debtor's revenues for February and March of this year, after Michael Egan took over the day to day management. Like in the prior iteration of the Plan, the Allowed Class 3 Unsecured Claims shall be paid in Cash from 2% of gross revenues monthly, beginning with the first month in the year after the Effective Date and continuing until the creditors are paid in full. Payment will be made pare passu with all unsecured claims. Class 3-Unsecured Claims are Impaired and thus entitled to vote. On the Effective Date the Debtor will issue new equity interests in the Reorganized Debtor ("New Equity") to the Management Group for their services which are necessary for the success of the Plan. The issuance of New Equity will not require any further approval on the Effective Date and the Debtor's Operating Agreement shall be amended and restated, if necessary, without further action. Payments to holders of Allowed Unsecured Claims under the Plan will be made from 2% of gross revenues on a monthly basis beginning one month after the Effective Date. Professional fees for services rendered by the Debtor's attorneys subsequent to the Effective Date in connection with the Plan or the Debtor's Chapter 11 case, and reimbursement of expenses relating to such services may be paid by the Debtor without prior court approval, to the extent that section 1123(a)(6) of the Code is applicable. The Debtor is not aware of any executory contracts or unexpired leases that it is a party to and if there are any the Debtor rejects them, except for its lease with the Landlord which has been assumed pursuant to the terms of the stipulation to be So Ordered. To the extent the Debtor is a party to an executory contract or unexpired lease which has not otherwise been assumed or rejected under Section 365 of the Bankruptcy Code prior to the Effective Date, the Confirmation Order shall constitute an Order. While the equity interests are being canceled and Michael Egan as the equity group will receive new equity, the Debtor believes this is "fair and equitable" for his service because Michael Egan is offering his valuable fulltime management services giving up his full time job on Wall Street to allow the Debtor to be profitable. A full-text copy of the Amended Disclosure Statement dated April 10, 2025 is available at https://urlcurt.com/u?l=tPTVNq from PacerMonitor.com at no charge. Counsel to the Debtor: H. Bruce Bronson, Esq. Bronson Law Offices, P.C. 480 Mamaroneck Ave. Harrison, NY 10528 Telephone: (914) 269-2530 Facsimile: (888) 908-6906 Email: hbbronson@bronsonlaw.net About Irregular Mikes Irregular Mikes, LLC, was established in May 2021 as a domestic limited liability company type registered at 1152 First Avenue, New York. Irregular Mikes filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y., Case No. 24-10938) on May 28, 2024, with up to $1 million in both assets and liabilities. Judge Michael E. Wiles oversees the case. H. Bruce Bronson, Esq., at Bronson Law Offices, P.C., serves as the Debtor's counsel. JBSB DESTINY: Seeks Subchapter V Bankruptcy in Texas ---------------------------------------------------- On May 6, 2025, JBSB Destiny Enterprises Co. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filing, the Debtor reports $1,056,900 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About JBSB Destiny Enterprises Co. JBSB Destiny Enterprises Co. operates a Massage Heights franchise that offers licensed massage therapy and facial services. JBSB Destiny Enterprises Co. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-32566) on May 6, 2025. In its petition, the Debtor reports total assets of $50,006 and total debts of $1,056,900. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtors are represented by Robert C. Lane, Esq. at THE LANE LAW FIRM. JD HUNT CUSTOM: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: JD Hunt Custom Homes, Inc. d/b/a JD Hunt Construction d/b/a JD Hunt Homes 2414 Exposition Blvd Ste D210 Austin TX 78703 Business Description: JD Hunt Custom Homes, Inc. is a custom home builder based in Austin, Texas. The Company specializes in high-end residential construction projects and has been involved in sustainable building practices, including materials repurposing. Chapter 11 Petition Date: May 11, 2025 Court: United States Bankruptcy Court Western District of Texas Case No.: 25-10700 Debtor's Counsel: Kell C. Mercer, Esq. KELL C. MERCER PC 901 S Mopac Expy Bldg 1 Ste 300 Austin TX 78746 Tel: (512) 767-3214 E-mail: kell.mercer@mercer-law-pc.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Jason D. Hunt as authorized representative of the Debtor. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6XFHUMY/JD_Hunt_Custom_Homes_Inc__txwbke-25-10700__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unecured Creditors: Entity Nature of Claim Claim Amount 1. Newtek $3,000,000 4800 T-Rex Avenue, Suite 120 Boca Raton, FL 33431 2. Patmos Capital $2,700,000 Partners LLC 6534 Sunnyland Ln Dallas, TX 75214 3. Timeless Funding LLC $2,194,608 5014 16th Avenue Ste 124 Brooklyn, NY 11219 4. Balcones Asset $2,089,000 Holdings LLC 2083 N. Collins Blvd. Ste 200 Richardson, TX 75080 5. Itria Ventures LLC $1,652,696 1 Penn Plaza, Suite 3101 New York, NY 10119 6. Premium Merchant $649,905 Funding (PMF) 55 Water Street New York, NY 10004 7. Vault Capital LLC $349,125 19790 W Dixie Hwy Miami, FL 33180 8. Celtic Advance $331,404 8 The Green, Suite A Dover, DE 19901 9. Planet Home Lending $315,000 PO Box 1001 Meriden, CT 06450 10. First Nattional Bank $278,789 of Sonora Texas 102 E Main Street Sonora, TX 76950 11. Alpaca Funding LLC $264,000 266 Broadway, Suite 401 Brooklyn, NY 11211 12. Ramp CC Service $238,324 28 West 23rd Street, Floor 2 New York, NY 10010 13. Five Star Bank $192,070 2240 Douglas Blvd Ste 100 Roseville, CA 95661 14. RHO CC Service $159,998 100 Crosby Street New York, NY 10012 15. The Home Depot - $151,437 Project Credit Line 2455 Paces Ferry Road NW Atlanta, GA 30339 16. First Home Bank $150,000 9190 Seminole Blvd Seminole, FL 33772 17. McCoys $101,865 P.O. Box 1028 San Marcos, TX 78667 18. Square Advance $90,179 90 E Halsey Rd Parsippany, NJ 07054 19. Divvy / Bill CC Service $77,454 6220 America Center Drive, Suite 100 San Jose, CA 95002 20. Brickhouse Capital $75,000 8161 E. Indian Bend Rd Ste 103 Scottsdale, AZ 85250 KND HOSPITALITY: Plan Exclusivity Period Extended to June 30 ------------------------------------------------------------ Judge Michelle V. Larson of the U.S. Bankruptcy Court for the Northern District of Texas extended KND Hospitality Company, Inc.'s exclusive periods to file a plan of reorganization and disclosure statement to June 30, 2025. As shared by Troubled Company Reporter, the Debtor explains that it is current on all of its administrative obligations. Pursuant to Section 1121 of the Bankruptcy Code, the initial 120-day time period for BWH to file a Plan and Disclosure Statement will expire on January 29, 2025. The Debtor claims that before filing a plan, Debtor is attempting to cure certain deficiencies with the Comptroller of the State of Texas. No harm would befall any parties in interest if the Court grants this Motion. KND Hospitality Company is represented by: Gregory W. Mitchell, Esq. Freeman Law, PLLC 1412 Main Street, Suite 500 Dallas TX 75202 Tel: (972) 463-8417 Email: gmitchell@freemanlaw.com About KND Hospitality Company KND Hospitality Company, Inc. operates primarily in the hospitality sector, focusing on providing catering and consulting services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 24-33108) on Oct. 1, 2024, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Michelle V. Larson oversees the case. The Debtor is represented by Gregory Wayne Mitchell, Esq., at Freeman Law, PLLC. KPOWER GLOBAL: Section 341(a) Meeting of Creditors on June 16 ------------------------------------------------------------- On May 8, 2025, KPower Global Logistics LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Tennessee. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on June 16, 2025 at 08:15 AM via by telephone or videoconference. About KPower Global Logistics LLC KPower Global Logistics LLC provides third-party logistics services specializing in customized supply chain solutions across the United States. The Company offers staffing, warehousing, bulk storage, consulting, packaging, and special project services for distribution centers and manufacturing operations. KPower Global Logistics LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-22294) on May 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge M Ruthie Hagan handles the case. The Debtors are represented by Craig M. Geno, Esq. at LAW OFFICES OF CRAIG M. GENO, PLLC and Jerome C. Payne, Esq. at PAYNE LAW FIRM. LEMONS & OLIVES: Case Summary & 10 Unsecured Creditors ------------------------------------------------------ Debtor: Lemons & Olives, Inc. 98A South 4th Street Brooklyn, NY 11249 Business Description: Lemons & Olives, Inc. is a catering company based in Brooklyn, New York, offering farm- to-table cuisine and event catering services. The Company also provides mobile kitchen services, including food trucks and a mobile pizza oven. It is a certified Women-Owned Business Enterprise and has partnered with community organizations to support local initiatives. Chapter 11 Petition Date: May 6, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-42197 Judge: Hon. Elizabeth S Stong Debtor's Counsel: Jonathan S. Pasternak, Esq. DAVIDOFF HUTCHER & CITRON LLP 605 Third Avenue 34th Floor New York, NY 10158 Tel: 212-557-7200 Fax: 212 286 1884 Total Assets: $370,102 Total Liabilities: $2,597,729 Tanja Mannheim signed the petition as CEO. A full-text copy of the petition, which includes a list of the Debtor's 10 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DXDQ6RA/Lemons__Olives_Inc__nyebke-25-42197__0001.0.pdf?mcid=tGE4TAMA LIGHTNING POWER: S&P Places 'BB-' ICR on CreditWatch Positive ------------------------------------------------------------- S&P Global Ratings placed its 'BB-' issuer credit rating on Lightning Power LLC on CreditWatch with positive implications. S&P also placed its 'BB' issue-level rating on Lightning's senior secured debt on CreditWatch with positive implications. The CreditWatch placement reflects S&P's expectation that Lightning will be considered a core subsidiary of NRG upon close of the transaction and thus will have the same rating as the NRG group. NRG Corp. announced a proposed acquisition of several assets from LS Power Equity Advisors (LS Power), including Lightning Power LLC, as well as Linebacker Power (Electric Reliability Council of Texas natural gas portfolio) and CPower (distributed energy monetization and virtual power plant operator). The total transaction will cost about $12.1 billion, including our assumption of Lightning's existing $3.2 billion of debt. S&P will likely consider Lightning to be a core subsidiary of NRG under our group rating methodology. This is because of the strategic importance of Lighting due to its relative scale, the improved diversification it introduces to NRG's generation fleet, and the improved match of NRG generation, including the LS Power assets, to NRG's customer demand. S&P said, "While Lightning will not be guaranteeing NRG's debt or vice versa and we do not expect any cross-default provisions between the entities, we expect NRG will likely opportunistically refinancing Lightning's debt over time at the NRG level. "As a core subsidiary of NRG, we would expect Lightning to have the same rating as NRG, and we expect NRG's rating would not change from its current 'BB' once this acquisition is closed. "The CreditWatch with positive implications placement reflects our expectations that Lightning will be acquired by NRG upon close of the acquisition and we will then assess Lightning Power as a core group subsidiary of NRG, with the same rating as NRG. We expect to resolve the CreditWatch placement at or near the transaction closing, subject to customary regulatory approvals." M.I.S. COMMODITIES: Case Summary & Nine Unsecured Creditors ----------------------------------------------------------- Debtor: M.I.S. Commodities, Inc. 401 E. Atlantic Ave., Ste. 103 Delray Beach, FL 33483 Business Description: M.I.S. Commodities is an international marketer of food and agricultural products, connecting farmers and consumers through its trading and logistics expertise. The Company specializes in soft commodities, pulses, and select energy services and equipment. Headquartered in Geneva, with offices in Bach and Stamford, Connecticut, M.I.S. Commodities operates globally. Chapter 11 Petition Date: May 5, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-15027 Judge: Hon. Erik P Kimball Debtor's Counsel: Adam I. Skolnik, Esq. LAW OFFICE OF ADAM I. SKOLNICK, PA 1761 West Hillsboro Boulevard Suite 207 Deerfield Beach, FL 33442 Tel: 561-265-1120 E-mail: askolnik@skolniklawpa.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Aitor Deurquiza as president. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/S3IDVNY/MIS_Commodities_Inc__flsbke-25-15027__0001.0.pdf?mcid=tGE4TAMA MAJAB DEVELOPMENT: Seeks Subchapter V Bankruptcy in Florida ----------------------------------------------------------- On May 8, 2025, Majab Development LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Majab Development LLC Majab Development LLC is a Florida-based construction and real estate development company, primarily focusing on land subdivision and heavy civil engineering projects. Founded in 2015, the Company operates in the Naples, FL area and has been involved in various residential developments. Majab Development LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla.Case No. 25-00835) on May 8, 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 Caryl E. Delano handles the case. The Debtors are represented by Kathleen L. DiSanto, Esq. at BUSH ROSS, P.A. MAN GLG 2018-1: Moody's Cuts Rating on $6MM Cl. E-R Notes to Caa3 ----------------------------------------------------------------- Moody's Ratings has taken a variety of rating actions on the following notes issued by Man GLG US CLO 2018-1 Ltd.: US$30M Class B-R Senior Secured Deferrable Floating Rate Notes, Upgraded to Aaa (sf); previously on Jun 28, 2024 Upgraded to Aa2 (sf) US$32M Class C-R Senior Secured Deferrable Floating Rate Notes, Upgraded to A2 (sf); previously on Jun 28, 2024 Upgraded to Baa2 (sf) US$6M (Current outstanding amount US$6,402,960) Class E-R Senior Secured Deferrable Floating Rate Notes, Downgraded to Caa3 (sf); previously on Jun 28, 2024 Downgraded to Caa2 (sf) Moody's have also affirmed the ratings on the following notes: US$315M (Current outstanding amount US$27,153,555) Class A-1-R Senior Secured Floating Rate Notes, Affirmed Aaa (sf); previously on Jun 28, 2024 Affirmed Aaa (sf) US$56M Class A-2-R Senior Secured Floating Rate Notes, Affirmed Aaa (sf); previously on Jun 28, 2024 Affirmed Aaa (sf) US$25M Class D-R Senior Secured Deferrable Floating Rate Notes, Affirmed Ba3 (sf); previously on Jun 28, 2024 Affirmed Ba3 (sf) Man GLG US CLO 2018-1 Ltd., originally issued in April 2015 and refinanced in March 2018, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured US loans. The portfolio is managed by Silvermine Capital Management LLC. The transaction's reinvestment period ended in April 2023. RATINGS RATIONALE The upgrades on the ratings on the Class B-R and C-R are primarily a result of the significant deleveraging of the senior notes following amortisation of the underlying portfolio since the last rating action in June 2024. The downgrade on the rating on the Class E-R notes is the result of the deterioration of key credit metrics of the underlying pool since the last rating action in June 2024. The affirmations on the ratings on the Class A-1-R, A-2-R and D-R notes are primarily a result of the expected losses on the notes remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. The Class A-1-R notes have paid down by approximately USD190.17million (87.5%) in the last 12 months and USD287.85million (91.4%) since closing. As a result of the deleveraging, over-collateralisation (OC) has increased for senior rated classes. According to the trustee report dated April 2025 [1], the Class A, Class B and Class C OC ratios are reported at 174.92%, 141.86% and 118.06% compared to May 2024 [2] levels of 137.99%, 124.35% and 112.48%, respectively. Moody's notes that the April 21, 2025 principal payments are not reflected in the reported OC ratios. In addition, the over-collateralisation ratios of the junior rated notes have deteriorated since the rating action in June 2024. According to the trustee report dated April 2025 [1], the Class D-R OC ratio is reported at 104.37% compared to a May 2024 [2] level of 104.68%. Moody's notes that the Class D-R OC ratio is currently in breach of its trigger of 105.00%. Furthermore, according to the trustee report dated April 2025 [1], the Interest Diversion Test, that is based on the Class E-R OC ratio is reported at 101.46% compared to a May 2024 [2] level of 102.96%. Moody's notes that (i) the Interest Diversion Test is currently in breach of its trigger of 104.5% and (ii) the April 21, 2025 principal payments are not reflected in the reported OC ratios. The credit quality has deteriorated as reflected in (i) the deterioration in the average credit rating of the portfolio (measured by the weighted average rating factor, or WARF) and (ii) an increase in the proportion of securities from issuers with ratings of Caa1 or lower. According to the trustee report dated April 2025 [1], the WARF is 3432, compared with 3130 as of May 2024 [2]. Securities with ratings of Caa1 or lower currently make up approximately 15.3% of the underlying portfolio in April 2025 [1], versus 11.2% in May 2024. The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. In Moody's base case, Moody's used the following assumptions: Performing par and principal proceeds balance: USD184,608,223 Defaulted Securities: USD453,898 Diversity Score: 47 Weighted Average Rating Factor (WARF): 3264 Weighted Average Life (WAL): 3.23 years Weighted Average Spread (WAS) (before accounting for reference rate floors): 3.12% Weighted Average Coupon (WAC): not applicable Weighted Average Recovery Rate (WARR): 46.30% Par haircut in OC tests and interest diversion test: 2.98% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in May 2024. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, such as the account bank, using the methodology "Structured Finance Counterparty Risks" published in May 2025. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the notes' performance. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. -- Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Moody's analysed defaulted recoveries assuming the lower of the market price or the recovery rate to account for potential volatility in market prices. Recoveries higher than Moody's expectations would have a positive impact on the notes' ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from Moody's other analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. MATTHEW SAND: Unsecured Creditors to be Paid in Full over 1 Year ---------------------------------------------------------------- Matthew Sand & Gravel, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of North Carolina a First Disclosure Statement describing Plan of Reorganization dated April 10, 2025. The Debtor filed for Chapter 11 protection on Sept. 18, 2024. At that time, the company was engaged in litigation with Bobby Lee and Louise B. Overby, landowners whom the company had leased land from as part of its mining operation. Although the company has not mined in several years, the parties were in a dispute about how much had been mined and the state of remediation of the site. Upon information and belief, the landowners had also made a complaint to state and federal government agencies about the operation and the site. The company found itself unable to continue to fund ongoing litigation and conduct a remediation at the same time. The sole shareholder of the company is the president, F. Wade Eason. The remaining officers of the company hold no equity interest. After the sale of the assets of the company in July of 2022, the only remaining assets are the net proceeds of sale in the operating account and possible causes of action. During the filing, the Debtor worked with its attorney to determine how to reach an effective reorganization of the estate. It has also been working with state and federal authorities on a remediation plan. Under the Debtor's proposed Plan, there is a full payment of administrative and priority unsecured debt, as well as pro rata repayment to unsecured creditors. The Plan provides that priority unsecured creditors, excluding tax claims, will receive 100% of their allowed claims, on the Effective Date. However, the Debtor is not aware of any creditors in this class. The Plan recognized the contingent and unliquidated claims of the State of North Carolina and the United States related to the reclamation of the Lee - Overby property. Having notice and opportunity to state their claim and having waived that opportunity, the Plan proposes to not make any distribution to these possible claims for the betterment of other creditors. The Plan provides for a pro rata distribution to Bobby Lee and Louise B. Overby upon finalization of their claim. The Plan calls for unsecured claims to receive pro rata distributions up to payment in full through equal monthly payments over one year of the Effective Date. However, the Debtor will expedite these payments based upon any recovery from litigation. Administrative claims shall be paid in full on the Effective Date through the issuance of a promissory note secured by a deed of trust on property. The only known administrative claims at this time are attorney's fees. The Plan calls for all priority unsecured claims to be paid in full with interest at the statutory rate within 5 years of the Petition Date in equal quarterly payments. After distribution of the corpus of the estate, the Debtor will apply for the Final Decree. Upon entry of the Final Decree, all stock interests and any company obligations to shareholders will be cancelled. A full-text copy of the First Disclosure Statement dated April 10, 2025 is available at https://urlcurt.com/u?l=3KWUMS from PacerMonitor.com at no charge. Counsel to the Debtor: J.M. Cook. Esq. J.M. Cook, P.A. 5886 Faringdon Place Suite 100 Raleigh, NC 27609 Tel: (919) 675-2411 Fax: (919) 882-1719 Email: J.M.Cook@jmcookesq.com About Matthew Sand & Gravel Matthew Sand & Gravel, Inc., filed a Chapter 11 petition (Bankr. D.N.C. Case No. 24-03237) on Sept. 18, 2024, with up to $500,000 in assets and up to $50,000 in liabilities. Judge Pamela W. McAfee oversees the case. J.M. Cook, P.A., is the Debtor's legal counsel. MEGNA HOSPITALITY: Section 341(a) Meeting of Creditors on June 10 ----------------------------------------------------------------- On May 6, 2025, Megna Hospitality Investments Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on June 10, 2025 at 11:00 AM at UST-SVND2, TELEPHONIC MEETING. CONFERENCE LINE:1-866-820-9498, PARTICIPANT CODE:6468388. About Megna Hospitality Investments Inc. Megna Hospitality Investments Inc. specializes in leasing real estate properties. Megna Hospitality Investments Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10785) on May 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Martin R. Barash handles the case. The Debtors are represented by Michael Kwasigroch, Esq. at LAW OFFICES OF MICHAEL D. KWASIGROCH. MICKGOLDEN INC: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Mickgolden Inc. 801 Brickell Avenue Miami, FL 33131 Business Description: Mickgolden Inc. is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: May 9, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-15246 Judge: Hon. Corali Lopez-Castro Debtor's Counsel: Richard Siegmeister, Esq. RICHARD SIEGMEISTER, PA 3850 Bird Road Floor 10 Miami FL 33146 Tel: 305-859-7346 E-mail: rspa111@att.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by E.H. Micklewhite as shareholder. 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/6W5GMJA/EH_Micklewhite__flsbke-25-15246__0001.0.pdf?mcid=tGE4TAMA MOM CA: Gets Deal to Avert Chapter 11 Dismissal Motion ------------------------------------------------------ Alex Wittenberg of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge has approved a settlement in the Chapter 11 proceedings of California hotel operator MOM CA, allowing two creditors who accused the company of fraud to temporarily suspend their motion to dismiss the case. As part of the agreement, MOM CA will back the creditors’ efforts to submit a reorganization plan, the report states. About MOM CA Investco LLC MOM CA Investco LLC and affiliates constitute a real estate joint venture comprised of a portfolio of commercial properties owned by the Debtors. The properties that make up the portfolio include hotels, an apartment complex, office buildings, other commercial real estate, and individual homes used as luxury vacation rentals. The Debtors have requested joint administration of their Chapter 11 cases under lead Case No. 25-10321 (Bankr. D. Del. in MOM CA Investco LLC). In the petition signed by Mark Shinderman, chief restructuring officer, the Debor disclosed up to $500 million in both assets and liabilities. Judge Brendan Linehan Shannon oversees the case. The Debtors tapped Buchalter, A Professional Corporation as lead bankruptcy counsel; Potter Anderson & Corroon, LLP as bankruptcy co-counsel; and FTI Consulting, Inc. as restructuring advisor. MOVELLA: Latham & Watkins Advises Francisco on Restructuring ------------------------------------------------------------ Movella Holdings Inc., a provider of sensors, software, and analytics that enable digital motion capture, has announced the completion of a restructuring transaction involving its wholly-owned subsidiary, Movella Inc., and Francisco Partners, the Company’s existing senior credit investor. In connection with the transaction, Francisco Partners and certain of its affiliates, the Company, Movella and certain of its subsidiaries, entered into a restructuring agreement, resulting in Francisco Partners owning, through a newly formed partnership, 100% of the capital stock of Movella pursuant to Section 272(b)(2) of the Delaware General Corporation Law. Latham & Watkins LLP represents the Francisco Partners in the matter with a transactional team led by partners Daniel Mun, Haim Zaltzman, Elizabeth Oh and counsels Jennifer Wong and Ben Gelfand, with associates Jonathan Kow and Hyunji Lee. Advice on tax matters was provided by partner Katharine Moir and counsel William Kessler; on government contract matters by partner Dean Baxtresser, with associate Chris Caulder; on data and intellectual property matters by partner Jessica Cohen; on trade control matters by counsel Ruchi Gill, with associate Matthew Crawford; on CFIUS matters by counsel Zachary Eddington; on data privacy matters by partner Robert Blamires, with associates Deborah Hinck and Harry Quinn; on benefits and compensation matters by partner Nikhil Kumar; on public company matters by partner Michele Anderson; on white collar matters by partners Christopher Garcia and Raquel Kellert; on China and Hong Kong matters by partner Frank Sun, with associate Jason Zhao. NORTHERN HOSPITAL: S&P Lowers 2017 Revenue Bond Rating to 'CCC' --------------------------------------------------------------- S&P Global Ratings lowered its long-term rating on Northern Hospital District of Surry County (NHDSC), N.C.'s (doing business as Northern Regional Hospital) series 2017 revenue bonds to 'CCC' from 'B' and removed it from CreditWatch with negative implications, where it was placed on Feb. 10, 2025. The outlook is negative. The downgrade reflects our view of NHDSC's sustained operating cash flow losses, constrained liquidity position, and heightened potential for debt acceleration because of expected covenant violations relating to privately placed debt of NHDSC (unrated) over the next year. An acceleration of the privately placed debt would allow holders of the series 2017 bonds to accelerate as well. NHDSC's majority bondholder across both series (by virtue of its holding all of the larger series 2021 bonds) conditioned its waiver for fiscal 2024 covenant violations on the district meeting a series of targets specific to the series 2021 bonds; the district's ability to meet and comply with its financial covenants going forward remains uncertain, underpinning the negative outlook. S&P said, "We view social capital risk as a weakness in our credit rating analysis given the challenges faced with operating in a limited service area, which results in a weaker payor mix and underpins much of NHDSC's recent financial challenges. We view environmental and governance factors as neutral to our credit rating analysis but note the board is appointed by the Surry County Commissioners. This model is typical for public hospital districts. Both the district's CEO and CFO roles are held by interim leaders following retirements in January 2025; the board is not expected to name full-time executives given the ongoing strategic option planning. "The negative outlook reflects our view that we could lower the rating further given uncertainty involved in NHDSC achieving strategic and financial targets. We believe the district could default or face a liquidity crisis over the coming 12 months absent certain positive developments. "We could lower the rating if we view payment default (whether on the 2021 bonds or 2017 bonds) or bankruptcy risk as increasingly certain over the near term, which could include further declines in reserves. In addition, we could lower the rating if the organization cannot meet covenant requirements related to any bonds outstanding, and breakdowns in future waiver negotiations appear to increase a likelihood of missed payments. We understand that leadership is not considering bankruptcy at this time. "We could consider a stable outlook if NHDSC meets key targets and milestones over the next year while improving coverage so available resources appear more capable of supporting debt service in the near term." NRG ENERGY: S&P Alters Outlook to Stable, Affirms 'BB' ICR ---------------------------------------------------------- S&P Global Ratings revised its outlook to stable from positive and affirmed its 'BB' issuer credit rating on NRG Energy, Inc. (NRG), its 'BBB-' issue-level rating on the company's senior secured debt, its 'BB' rating on the senior unsecured debt, and its 'B' rating on the preferred stock. S&P said, "The recovery rating on the senior secured debt remains '1' (rounded estimate: 95%), reflecting our expectation of very high recovery. Our recovery rating on the senior unsecured debt remains '4' (rounded estimate: 30%). We will update the recovery analysis after the debt is raised and the acquisition closes. The stable outlook reflects our expectation that leverage will be momentarily elevated at financial close, until NRG starts paying down debt with internally generated cash flows. "NRG's business risk profile is unchanged at satisfactory although we view the proposed transaction as alleviating the risks associated with an asset-light model. With NRG's acquisition of the LS Power assets, we view the company's business risk profile as having somewhat improved, although it is still at the low-to-mid-range of satisfactory. This acquisition will increase NRG's owned generation to 24.3 gigawatts (GW) from 11.4 GW, and improve its geographic diversity. Of more importance, key risks associated with an asset-light model, where the company had to rely on third parties to service its retail obligation, are significantly reduced with this transaction." NRG's residential portfolio in Texas will now be fully matched with its owned generation, compared with about 88% load match initially projected in 2025. This improvement is driven by the inclusion in the fleet of 2.1 GW from Linebacker and the 738 megawatt (MW) portfolio purchased from Rockland Capital LLC in April 2025. Being fully matched reduces some of the key risks associated with an asset-light model, including tail risks of extreme weather events and fluctuating commodity prices. This acquisition is a marked departure from NRG's previous strategy of expanding the retail and home service offering, more recently with the Direct Energy and Vivint acquisition, while selling down generation assets (including its 44% stake in the South Texas Project). NRG's former strategy was predicated on a secular decline in power prices and the ability to obtain power even under stress scenarios. The company has historically managed its retail load with a diversified supply-procurement strategy, including bilateral or tolling contracts, various renewable power purchase agreements, and a fleet of peakers that could readily respond to rising demand. Looking forward, the combination of more unpredictable weather events, which could drive up residential demand significantly, with rising and more volatile power prices in the Electric Reliability Council of Texas (ERCOT), was putting the company at risk from scarcity events. This risk was especially salient given that NRG has experienced operational outages in the past. NRG's retail platform continues to perform well. NRG remains one of the largest retail providers in the U.S. in both the residential and commercial and industrial (C&I) segments. Its total customer count is about 8 million as of the end of 2024, including about 2.1 million Smart Home/Vivint subscribers. The company has a national footprint with a track record of having high retention rates, while increasing service margins. NRG's position as the No. 1 residential provider in Texas is a key advantage, as the market allows for more product flexibility compared with other states. As a result, realized margins in Texas are typically higher than in other regions, at about $40 per megawatt-hour (/MWh) for the residential segment. NRG's C&I position is largely in the East, where the company also benefits from a strong position, with high retention and renewal rates, and a track record of expanding margins. C&I load tends to be more predictable than residential, which has allowed the company to mostly service it with third-party generation. In the future, the company may service its C&I load with power generated by the Lightning fleet, depending on prevailing economics. NRG's market diversity improves with this acquisition. With the LS Power assets, NRG's capacity will be about 47% in ERCOT, 41% in PJM, and 8% in NY-ISO. This compares favorably with its current footprint, where about 81% of the capacity is in ERCOT and 18% in PJM. Lightning's fleet in PJM is composed of baseload combined cycle gas turbines (CCGTs) and peakers. Access to cheaper gas has resulted in high capacity factors for facilities such as Springdale and Doswell through Dominion South and Ironwood, which benefit from discounted Marcellus gas. The Doswell unit is also in the Dominion Zone, which is experiencing datacenter growth. S&P said, "We view greater exposure to PJM as beneficial, given the positive secular trends in that region, which should result in stronger power prices. Those factors include load growth, spurred by electrification, industrial onshoring, and data center growth, combined with the retirement of less-efficient units. NRG's exposure to capacity markets is also increasing with the Lightning fleet, which generates about half of its revenue from capacity payments. We also have better visibility on upcoming capacity prices, given the agreement reached between Pennsylvania and PJM regarding the auction, which sets a price cap of $325 per megawatt-day (/MW-day) and a floor price of $175/MW-day for the next two auctions (2026-2027 and 2027-2028)." NRG's fuel diversity compares unfavorably with that of peers. Pro forma for the transaction, NRG's fleet will still largely be carbon-fueled, albeit with lower exposure to coal assets. NRG's natural gas capacity will be about 75% of the fleet, compared with about 47% previously. Inversely, its coal assets will represent about 25% of capacity, compared with about 53% currently. S&P views this reduction as credit positive, as coal assets are subject to more stringent regulatory requirements, which might affect their ability to operate over the longer term. NRG's fleet compares unfavorably with those of large peers such as Vistra Corp. (Vistra) or Constellation Energy Generation Corp. (CEG). Both companies have a larger fleet, with Vistra's total capacity at about 41 MW and CEG at about 61 GW. They also have more diversified fleets in terms of fuel, which includes nuclear and renewable assets, as well as significant retail operations. Cross-selling strategy for Vivint remains key. S&P said, "We view the performance of the Vivint segment as adequate since the closing of the acquisition, albeit with limited cross-selling. Some key metrics that we monitor, such as subscriber count and average monthly recurring revenue, are improving. At the same time, the acquisition cost per subscriber has increased, due to higher financing rates and higher attached rates of products. This likely indicate that cross-selling is not yet significant, with most of the 100,000 new subscribers gained in 2024 originating through Vivint's own sales channels. This is important, as higher subscriber acquisition costs need to be recouped over the life of the contracts with customers to obtain a positive customer long-term value (CLV). Given the high initial customer acquisition costs, being able to retain customers through contract renewal or extension will be key. So far, the average customer relationship is about nine years, which we view as adequate and sufficient to generate positive CLV." Since late 2024, NRG has implemented a more robust cross-selling strategy, Home Base Essentials, that is showing some positive early indicators. Under this program, NRG's retail clients will receive a bundle of Vivint equipment and services free of charge, if they remain a residential power customer of NRG. We will monitor if this approach has a positive impact on subscriber acquisition costs. S&P will also monitor Vivint's performance in a potentially recessionary environment, given that it would view some of those services as discretionary. Credit metrics remains in the significant range. S&P said, "We anticipate leverage at closing, in late 2025 or early 2026, will be momentarily above 4x, then decrease to the mid 3x area by the end of 2026, as the company will have benefited from a full-year contribution from the LS Power assets. Without this transaction, leverage for 2025 would have been in the low 3x area, which was underpinning the positive outlook that we have since revised to stable." To finance the acquisition, the company will raise a mix of secured debt and senior unsecured debt. Lightning's $3.2 billion senior secured debt will be fully consolidated in our metrics calculation. S&P said, "We note the company' strong track record in terms of deleveraging post acquisitions and anticipate meaningful deleveraging from internally generated cash flows. We also note that NRG's metrics also benefit from Lightning's projected robust EBITDA of slightly over $1.0 billion for 2026, given the robust capacity prices." NRG's more robust capital expenditure (capex) plan will pressure free operating cash flow (FOCF). NRG plans to add to its fleet through growth projects, which results in lower FOCF-to-debt ratios than historically. S&P said, "We now project FOCF to debt at about 10%, compared with 15% at the end of 2024. This difference is largely spurred by NRG's previous approach of low capital spending (a retail portfolio requires less capital investment than a fleet of power plants). We don't expect a long-term negative trend in FOCF to debt, given that the company is working on specific growth plans that are accretive to the fleet (especially considering some of its older coal plants are scheduled for retirement)." NRG's development pipeline is largely geared toward dispatchable generation in ERCOT. The company will start building the 415 MW TH Wharton, 689 MW Cedar Bayou 5, and 443 MW Greens Bayou 6, which will be partially financed with low-cost financing from the Texas Energy Fund (TEF). S&P is also projecting robust maintenance capex of about $200 million-$300 million annually for the company, given the average age of the fleet is about 32 years. S&P said, "We would view Lightning as a core subsidiary of NRG. We would view Lightning as a core subsidiary of NRG, largely driven by its strong strategic importance to the company. We also expect that NRG will opportunistically refinance the debt at Lightning at NRG's level, such that there will be no debt remaining at the subsidiary. "The stable outlook reflects our expectation that NRG will delever following its acquisition of the LS Power portfolio. We expect leverage will momentarily rise above 4x at closing, and then decrease to the mid 3x area by 2026, as the company receives a full yearly contribution from the LS Power assets. We anticipate this improvement will be largely spurred by debt repayment, which should be supported by NRG's strong free cash flow conversion rate. We also anticipate that NRG will successfully integrate the LS Power portfolio, given its strong track record of integration while maintaining a market leadership position in retail across the U.S." S&P could take a negative rating action if: -- Debt to EBITDA rises above 4.50x and stays there; or -- FOCF to debt falls below 10% and remains there. This could occur if NRG revises its financial policy, which results in lower-than-expected debt repayment; or if the company's performance in the retail or wholesale segments is below our expectation. This could also occur if NRG experienced material operational issues that negatively affected its ability to serve its retail obligations. S&P could take a positive rating action if adjusted debt to EBITDA nears 3.5x and FOCF to debt increases above 12% and remains there, while NRG demonstrates successful execution of its integration strategy and other key performance measures. ORACLES CAPITAL: Case Summary & Five Unsecured Creditors -------------------------------------------------------- Debtor: Oracles Capital Inc. 529 SE Central Parkway Stuart, FL 34994 Business Description: Oracles Capital Inc., through Oracles Craft Brands, imports, distributes, and supplies beer, wine, and distilled spirits across the United States. The Company owns a portfolio of brands and supports its distribution partners with a national sales team to strengthen market presence and brand longevity. Chapter 11 Petition Date: May 12, 2025 Court: United States Bankruptcy Court District of Delaware Case No.: 25-10870 Judge: Hon. Laurie Selber Silverstein Debtor's Counsel: Ronald S. Gellert, Esq. GELLERT SEITZ BUSENKELL & BROWN, LLC 1201 N. Orange Street Suite 300 Wilmington, DE 19801 Tel: (302) 425-5806 Email: rgellert@gsbblaw.com Total Assets: $1,254,476 Total Liabilities: $245,221 The petition was signed by Courtney Hughes as chief operating officer. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/G7GLNQA/Oracles_Capital_Inc__debke-25-10870__0001.0.pdf?mcid=tGE4TAMA PARADOX ENTERPRISES: Gets OK to Use Cash Collateral Until May 22 ---------------------------------------------------------------- Paradox Enterprises, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee, Winchester Division to use cash collateral until May 22, marking the 10th extension since the company's Chapter 11 filing. The 10th interim order authorized the company to use cash collateral to pay the expenses set forth in its budget and fund payments to Legalist DIP Fund I, LP and Legalist DIP SPV II, LP. The company's budget shows total disbursements of $32,250 for May. Legalist DIP Fund I and Legalist DIP SPV will be granted a replacement lien to the extent that the use of cash collateral results in a decrease in the value of their collateral. In addition, the secured creditors will receive weekly payments of $4,000 from Paradox as adequate protection. A final hearing is scheduled for May 22. Legalist DIP Fund and Legalist DIP SPV are represented by: Gregory C. Logue, Esq. Woolf, McClane, Bright, Allen & Carpenter, PLLC P.O. Box 900 Knoxville, TN 37901 Phone: (865)215-1000 Fax: (865)215-1001 logueg@wmbac.com About Paradox Enterprises Paradox Enterprises, LLC owns various properties valued at $6.1 million. Paradox Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 24-10826) on April 5, 2024, with $6,174,373 in assets and $13,012,125 in liabilities. Eric Shelley, managing member, signed the petition. Judge Nicholas W. Whittenburg oversees the case. The Debtor is represented by: Denis Graham Waldron, Esq. Dunham Hildebrand, PLLC Tel: 629-777-6519 Email: gray@dhnashville.com PARAGON MOVING: Case Summary & 18 Unsecured Creditors ----------------------------------------------------- Debtor: Paragon Moving & Storage, Inc. 17200 Medina Road Minneapolis, MN 55447 Business Description: Paragon Moving & Storage offers residential, commercial, and international moving services, along with designer logistics and storage solutions. Founded in 1989, the Company operates a 55,000-square-foot, temperature-controlled warehouse in the Twin Cities area, providing secure storage for military and civilian clients. Paragon partners with Wheaton World Wide Moving for interstate and global relocations. Chapter 11 Petition Date: May 12, 2025 Court: United States Bankruptcy Court District of Minnesota Case No.: 25-41513 Debtor's Counsel: Jeffrey Butwinick, Esq. BUTWINICK LAW OFFICE 7800 Metro Parkway 300 Minneapolis MN 55425 Tel: (651) 210-5055 Fax: (651) 560-7135 E-mail: jeff@butwinicklaw.com Total Assets: $267,899 Total Liabilities: $1,022,870 Josh Gjerdingen signed the petition as CEO. A full-text copy of the petition, which includes a list of the Debtor's 18 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BDT7MII/Paragon_Moving__Storage_Inc__mnbke-25-41513__0001.0.pdf?mcid=tGE4TAMA PARKER ESTATES: Court Extends Cash Collateral Access to May 21 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Pennsylvania issued its 14th interim order allowing Parker Estates, LLC and its affiliates to use cash collateral until May 21. The interim order authorized the companies to use cash collateral to fund the payments set forth in their projected budget and prohibited the companies from disposing of any assets without an order of the court. As protection, secured lenders were granted replacement liens on and security interests in the companies' property similar to their pre-bankruptcy collateral. In case of any diminution in the value of their cash collateral, secured lenders will be granted a superpriority administrative expense claim. A final hearing is scheduled for May 21. About Parker Estates LLC Parker Estates, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-11539) on May 6, 2024, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Ashely M. Chan presides over the case. The Debtor is represented by: Ronald S. Gellert, Esq. Gellert Seitz Busenkell & Brown, LLC Tel:302-425-5806 Email: rgellert@gsbblaw.com PIZZA VOLTA SH: Case Summary & One Unsecured Creditor ----------------------------------------------------- Debtor: Pizza Volta SH, LLC 120 N. Cache Street, #1137 Jackson, WY 83001 Business Description: Pizza Volta SH, LLC was a restaurant located at 120 N. Cache Street, #1137, Jackson, WY 83001, offering handcrafted pizzas, fresh salads, and house-made desserts. The establishment focused on using organic, locally sourced ingredients and supported the community through its "Pizza for a Purpose" initiative, donating a portion of sales to local nonprofits. Chapter 11 Petition Date: May 9, 2025 Court: United States Bankruptcy Court District of Wyoming Case No.: 25-20188 Judge: Hon. Cathleen D Parker Debtor's Counsel: Stephen R. Winship, Esq. WINSHIP & WINSHIP, PC 145 South Durbin Street, Suite 201 Casper, WY 82601 Tel: 307-234-8991 Fax: 307-234-1116 E-mail: steve@winshipandwinship.com Total Assets: $306,580 Total Liabilities: $1,835,681 The petition was signed by Martin Brass as manager. De Anza Properties, located at 960 North San Antonio Road, #114, Los Altos, CA 94022, is the sole unsecured creditor of the Debtor. The creditor holds a claim of $497,933 related to a lease dispute. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KUZ3LHI/Pizza_Volta_SH_LLC__wybke-25-20188__0001.0.pdf?mcid=tGE4TAMA POTTSVILLE OPERATIONS: Seeks to Extend Plan Exclusivity to June 12 ------------------------------------------------------------------ Pottsville Operations, LLC, and affiliates asked the U.S. Bankruptcy Court for the Western District of Pennsylvania to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to June 12 and August 11, 2025, respectively. The Pottsville Debtors spent a substantial amount of time (i) getting approval of the sale of substantially all of the Debtors' respective assets (the "Sale"); and (ii) closing (the "Closing") the Sale. Since the Closing, the Debtors have been working with the buyers to transition the operations of the Pottsville Debtors to the new buyers. Likewise, the Pottsville Debtors' professionals have spent a substantial amount of their time gaining approval of a sale in the Care Pavilion Cases. The Pottsville Debtors and Pottsville Committee have been working together to draft and negotiate a plan of reorganization. However, the parties need more time to complete the Plan and need to extend the Exclusive Periods in the interim. Additionally, because the Pottsville Debtors and Pottsville Committee have been jointly working on the Plan, the Pottsville Debtors request the Committee be included as a party with joint exclusivity to file the Plan. The Pottsville Debtors claim that they have been paying their undisputed post-petition bills. The Pottsville Debtors are current on their payments to the U.S. Trustee on account of quarterly fees. Moreover, the Pottsville Debtors have sufficient liquidity to continue to meet their post-petition obligations. Thus, the requested extension of the Exclusive Periods will not jeopardize the rights of creditors and other parties who do business with the Pottsville Debtors during the Chapter 11 Case. The Debtors' Counsel: Elizabeth A. Green, Esq. Andrew V. Layden, Esq. BAKER & HOSTETLER LLP SunTrust Center, Suite 2300 200 South Orange Avenue Orlando, Florida 32801-3432 Tel: (407) 540-7920 Fax: (407) 841-0168 E-mail: egreen@bakerlaw.com E-mail: alayden@bakerlaw.com The Debtors' Local Counsel: Daniel R. Schimizzi, Esq. Mark A. Lindsay, Esq. Harry A. Readshaw, Esq. Jordan N. Kelly, Esq. Sarah E. Wenrich, Esq. RAINES FELDMAN LITTRELL, LLP 11 Stanwix Street, Suite 1100 Pittsburgh, PA 15222 Tel: 412-899-6474 E-mail: dschimizzi@raineslaw.com mlindsay@raineslaw.com hreadshaw@raineslaw.com jkelly@raineslaw.com swenrich@raineslaw.com About Pottsville Operations Pottsville Operations LLC and its affiliates own and operates six skilled nursing facilities in Pennsylvania. Collectively, Pottsville has 925 beds across the six facilities, and 759 residents currently at the Facilities as of the Petition Date. Pottsville acquired the facilities in May of 2021. Pottsville Operations and its 10 affiliates sought relief under sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Penn. Lead Case No. 24-70418) on Oct. 15, 2024. In the petition signed by Neil Luria, as chief restructuring officer, Pottsville reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Bankruptcy Judge Jeffery A Deller handles the cases. The Debtors tapped Baker & Hostetler, LLP as general bankruptcy counsel; and RAaines Feldman Littrell, LLP as local counsel. SOLIC Capital Advisors LLC is serving as financial advisor, and Solic's Neil Luria has been tapped as CRO of the Debtors. Stretto, Inc. is the claims agent. Margaret Barajas is the patient care ombudsman appointed in the Debtors' cases. PRESBYTERIAN HOMES: Seeks to Extend Plan Exclusivity to July 14 --------------------------------------------------------------- Presbyterian Homes and Services of Kentucky, Inc. and St. James Group Inc. asked the U.S. Bankruptcy Court for the Western District of Kentucky to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to July 14 and September 12, 2025, respectively. The Debtors seek an extension of their exclusivity period for filing and soliciting acceptances of a plan. Debtors and their professionals need additional time to gather and analyze relevant data for purposes of proposing a feasible and confirmable chapter 11 plan. Additionally, Debtors are continuing to evaluate their reorganization strategy including, but not limited to, partial liquidation of remaining estate assets. The extension requested herein will enable Debtors maximize the value of their estates, and enable all parties in interest to have more information to base their analyses of Debtors' chapter 11 plan(s) once filed. Consequently, Debtors request additional time to formulate their chapter 11 plan. Debtors request an extension of ninety days, through and including July 14, for filing their disclosure statement(s) and chapter 11 plan(s) and an extension through September 12, 2025, for their exclusive right to solicit acceptances of a chapter 11 plan. About Presbyterian Homes and Services of Kentucky Presbyterian Homes and Services of Kentucky, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 24-33060) on December 15, 2024, listing up to $10 million in both assets and liabilities. Hattie H. Wagner, president and chief executive officer of Presbyterian, signed the petition. Judge Alan C. Stout oversees the case. Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird, LLP, represents the Debtor as legal counsel. Stock Yards Bank & Trust Company, as secured creditor, is represented by: Edward M. King, Esq. Jamie Brodsky, Esq. Frost Brown Todd, LLP 400 W. Market Street, 32nd Floor Louisville, Kentucky 40202 Telephone: (502) 589-5400 Hardin KY Opco and Hardin KY Propco, as secured creditors, are represented by: Mary Elisabeth Naumann, Esq. Chacey R. Malhouitre, Esq. Jackson Kelly, PLLC 100 W. Main Street, Ste. 700 Lexington, KY 40507 Telephone: (859) 255-9500 Facsimile: (859) 252-0688 Email: mnaumann@jacksonkelly.com chacey.malhouitre@jacksonkelly.com RADFORD MOTORS: Court Converts Chapter 11 Bankruptcy to Chapter 7 ----------------------------------------------------------------- Cover Media reports that a Delaware bankruptcy court order, obtained by People magazine, converted the company's bankruptcy status from Chapter 11—filed in October 2024—to Chapter 7 in an effort to provide "relief" amid its ongoing legal issues. Radford initially filed for Chapter 11 after being accused of accepting customer deposits without delivering the promised vehicles. Chapter 7 bankruptcy typically involves asset liquidation and may result in the company's closure, though it is still uncertain if Radford Motors will shut down, according to Cover Media. About Finest Coachbuilding Group Finest Coachbuilding Group, LLC, doing business as Radford Motors, specializes in the creation of bespoke, luxury vehicles. It is based in Costa Mesa, Calif. Finest Coachbuilding Group filed Chapter 11 petition (Bankr. D. Del. Case No. 24-12327) on October 10, 2024, listing between $1 million and $10 million in both assets and liabilities. Daniel Bednarski, chief financial officer and chief operating officer, signed the petition. Judge John T. Dorsey handles the case. The Debtor tapped Mark W. Eckard, Esq., at Raines Feldman Littrell, LLP as legal counsel and Force Ten Partners, LLC as financial advisor. RATZ TRANSPORT: Court OK's Trailer Sale to Welch Trucking for $45K ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, has approved RSTZ Transport Inc. to sell 2020 CIMC R8000B Trailer, free and clear of liens, interests, and encumbrances. The Court has authorized the Debtor to sell the trailer for a total purchase price of $45,000.00 to Welch Trucking Inc. The Court has determined that there are no objections to the motion and found that due and proper notice was given to all parties in interest. The Court held that the Purchaser is good faith purchaser and is entitled to the protections of the Chapter 11. The Debtor is ordered to executive and deliver all documents necessary to sell the Trailer. The Court further held that all liens, claims, encumbrances, and interests on the Trailer will be deemed divested, released, and terminated. All obligations, liabilities, liens, and encumbrances of any kind or nature shall attach to the proceeds of the sale. The Purchaser will pay to the Debtor the price of $45,000 and Debtor will immediately remit the proceeds to Lender. About RSTZ Transport Inc. RSTZ Transport Inc. is a Georgia-based corporation operating in the general freight trucking industry. RSTZ Transport filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 25-20123) on January 31, 2025, listing total assets of $3,464,462 and total liabilities of $4,588,041. Judge James R. Sacca oversees the case. Ian Falcone, Esq., at The Falcone Law Firm, PC is the Debtor's bankruptcy counsel. RKSR INVESTMENTS: Files Amendment to Disclosure Statement --------------------------------------------------------- RKSR Investments, LLC, submitted an Amended Disclosure Statement describing Plan of Reorganization. The Debtor owns real property located at 3000 Glacier Pass Lane, Cedar Park, TX 78613. The Debtor placed the property on the market for $7.5 million and then reduced the asking price to $7.0 million. The Debtor has multiple parties interested in purchasing the property. The plan proposes to sell the Debtor's real property and distribute the funds to the parties determined to be entitled to receive such proceeds. On January 3, 2025, Wallis Bank filed a motion for relief from the automatic stay. The Court conducted a hearing on Feb. 4, 2025. The Court made an oral ruling on April 10, 2025. The Court conditioned the automatic stay upon making adequate protection payments in the amount of $42,385.20 with the first payment due on April 30, 2025. If the Debtor fails to make any adequate protection payment it will be entitled to one 10-day notice of default. On February 6, 2025, the Debtor filed an application to employ Don Quick & Co. as its broker. The Court granted this motion on April 10, 2025. The Amended Disclosure Statement does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 5 shall consist of the Allowed Claims of Unsecured Creditors. Upon sale of the Debtor's real property, the Debtor shall pay the Allowed Unsecured Creditors in full. The allowed unsecured claims total $29,692.36. Class 5 is impaired. * Class 6 shall consist of the Equity Interests of the Debtor. The Class 6 Equity Holder shall not receive any distributions until the Allowed Claims in Classes 1 to 5 have been paid. The Class 6 Equity Interests shall be retained. Class 6 is impaired. The feasibility of the Plan depends on the ability of the Debtor to sell the real property. The Debtor believes that the property is in a desirable area and should be able to sell for a fair price. The Debtor is presently in negotiations with several prospective purchasers. Feasibility also depends upon Dr. Punjabi being able to fund the monthly interest payments required by the plan in the amount of $41,955.65 plus the one-time payment to a priority creditor of $2,515.69. If the Debtor requires a full six months to sell the property, this would require a post-confirmation loan to the Debtor of $254,249.59. A full-text copy of the Amended Disclosure Statement dated April 10, 2025 is available at https://urlcurt.com/u?l=spoaIN from PacerMonitor.com at no charge. Counsel to the Debtor: Stephen Sather, Esq. Barron & Newburger P.C. 7320 N. Mopac Expressway, Ste. 400 Austin, TX 78731 Telephone: (512) 476-9103 Email: ssather@bn-lawyers.com About RKSR Investments RKSR Investments LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). RKSR Investments sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-11528) on Dec. 2, 2024. In the petition filed by Dr. Narendra Punjabi, as manager, the Debtor estimated assets and liabilities between $1 million and $10 million each. Bankruptcy Judge Shad Robinson oversees the case. The Debtor is represented by Stephen W. Sather, Esq. at BARRON & NEWBURGER, P.C. SAM'S CRAB: Unsecureds Will Get 6.5% of Claims over 60 Months ------------------------------------------------------------- Sam's Crab House, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Virginia a Chapter 11 Plan of Reorganization dated April 9, 2025. The Debtor has operated a restaurant since 2013. The first restaurant was a crab house that operated at 4001 Richmond Highway. The Debtor decided to join forces with Haughton and open a similar restaurant/night club in the location New Satellite was vacating, 4000 Richmond Highway. The Debtor suffered setbacks in Petersburg that caused a drain on his resources and ultimately the closure of that location. Debtor also experienced a loss from the apparent theft of income from Haughton. Haughton left the business instead of facing possible criminal charges. This left Debtor to continue the business on his own without nightclub experience, which proved to be a steep learning curve which led to Debtor filing this Chapter 11 case. As such, on January 8, 2025 (the "Petition Date"), the Debtor commenced this bankruptcy case (by filing a voluntary petition for relief under chapter 11 of the Bankruptcy Code and in an amended petition, elected to proceed under Subchapter V of chapter 11. By and through this Plan, the Debtor seeks to reorganize its debts in a manner that will improve its cash flow such that it may provide repayment to its secured creditors in a feasible and economically realistic manner. This Plan under chapter 11 of the Bankruptcy Code proposes paying creditors of the Debtor from its income. The Debtor shall submit such portion of its future income to the Plan as is necessary for the execution of the Plan in accordance with Section 1190(2) of the Bankruptcy Code. Under this Plan, the Debtor shall make the following monthly plan payments (the "Monthly Plan Payments" or the "MPP"). Class 3 consists of General Unsecured Claims. General unsecured claims will be paid 6.5% of their claims in equal payments over 60 months. Total unsecured payment is $172 per month. The allowed unsecured claims total $158,461.67. Class 3 is impaired by the Plan. Class 4 consists of Equity Interests in Sam's Crab House LLC. The holder of the equity interests, Heng Sam Chhay, shall retain his interests in Sam's Crab House LLC, but shall not be entitled, and shall not receive, any distribution of available Cash on account of such equity interests during the Plan Term. The Debtor will fund its Plan from its operating income as otherwise set forth in this Plan. Upon and after the Effective Date, the reorganized Debtor shall have all powers provided for under this Plan and the Confirmation Order and shall have all of the powers provided by Section 1184 of the Bankruptcy Code. The Debtor's disposable income shall be utilized to complete the Monthly Plan Payments. A full-text copy of the Plan of Reorganization dated April 9, 2025 is available at https://urlcurt.com/u?l=dlPTuS from PacerMonitor.com at no charge. Counsel for the Debtor: Kimberly A. Kalisz, Esq. Conway Law Group, PC 1320 Central Park Blvd, #200 Fredericksburg, VA 22401 Telephone: (855) 848-3011 Facsimile: (571) 285-3334 Email: kimberly@conwaylegal.com About Sam's Crab House Sam's Crab House, LLC, is a restaurant operator based in Richmond, Va. Sam's Crab House filed a Chapter 11 petition (Bankr. E.D. Va. Case No. 25-30071) on Jan. 9, 2025. In its petition, the Debtor reported assets between $50,000 and $100,000 and liabilities between $100,000 and $500,000. Judge Keith L. Phillips oversees the case. The Debtor is represented by Kimberly Ann Kalisz, Esq., at Conway Law Group, PC. Ameris Bank, as secured creditor, is represented by: Pierce C. Murphy, Esq. Silverman Thompson Slutkin & White, LLC 400 East Pratt Street, Suite 900 Baltimore, MD 21202 (410)-385-2225 (410)-547-2432 (facsimile) pmurphy@silvermanthompson.com SCHAFER FISHERIES: Amends Motion to Sell Lee County Property ------------------------------------------------------------ Schafer Fisheries Inc. seeks permission from the U.S. Bankruptcy Court For the Northern District of Illinois, Western Division, to amend motion to sell Real Property located at 6 North Range 5 West in Jefferson Township, Lee County, Iowa to Chislon Investments LLC, free and clear of liens, interests, and encumbrances. The Debtor's Property with any easements is subject to the following: a. any zoning and other ordinances; b. any covenants of record; and c. any easements of record for public utilities, roads, and highways. The purchase price of the Property is $190,000 which shall be paid, in full, at closing. Buyer shall pay interest at the rate of 7% per annum on all delinquent amounts and any sum reasonably advanced by Seller to protect interest in the contract. The Seller will pay real estate taxes prorated to the date of closing and any unpaid real estate taxes payable in prior years The Seller will also pay all special assessments which are a lien on the Real Estate of the date of the contract. Seller will also maintain existing insurance upon the Real Estate until the date of possession. Seller shall take good care of the property, shall keep the building and other improvements now or later placed on the Real Estate in good and reasonable repair and shall not inquire, destroy or remove the Property during the term of the contract. About Schafer Fisheries Inc. Schafer Fisheries Inc. is a seafood processor and distributor in Fulton, Ill. Schafer Fisheries filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-80824) on June 20, 2024, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Jennifer Schank of Fuhrman & Dodge, S.C. serves as Subchapter V trustee. Judge Thomas M. Lynch oversees the case. Schafer Fisheries tapped The Golding Law Offices PC and Leibowitz, Hiltz & Zanzig, LLC as bankruptcy counsel, and Philip Firrek as consultant. The Debtor is represented by Richard N. Golding, Esq., at Law Offices Of Richard N. Golding, P.C. SEAGATE DATA: S&P Rates Unsecured Notes 'BB' for Debt Repayment --------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '3' recovery rating to hard disk drive (HDD) maker Seagate Technology Holdings PLC's (Seagate Technology) new unsecured notes, the same ratings S&P assigned to its existing unsecured notes. The company will use the proceeds to redeem its notes due in 2027. S&P's 'BB' issuer credit rating and positive outlook on Seagate are unchanged. Subsidiary Seagate Data Storage Technology Pte. Ltd. (SDST) will be the issuer of the new notes, and Seagate Technology, Seagate Technology Unlimited Co., Seagate HDD Cayman (Cayman) will be guarantors. The guarantors are the same as the obligors on Seagate's existing debt. SDST is not an obligor on the existing notes, but we believe this does not give the new notes an advantage because any value must pass through Cayman before getting to SDST. The revolving credit facility benefits from subsidiary guarantees that the notes do not, so S&P treats it as having priority on the value from those guarantor subsidiaries. Seagate demonstrated robust performance last quarter with revenue of $2.2 billion, a 31% year-over-year increase. The company's recovery continues to gain momentum, primarily driven by strong demand from cloud service providers. Revenue guidance of $2.4 billion (plus or minus $150 million) for the upcoming quarter represents an 11% sequential increase at the midpoint and 27% year over year. Mass capacity HDD revenue was $1.75 billion compared to prior highs of about $2 billion during 2021 and 2022, which indicates room for growth. Gross margin improved to 36.2%, which stems from cost efficiency measures implemented during the previous market downturn. Seagate reported order visibility into the first half of 2026 as it negotiates build-to-order agreements. The firm underserved the market last quarter due to prior operational issues that are now resolved, with no evidence of inventory buildup or double ordering. Management anticipates minimal direct impact from recently announced tariffs in the June quarter because Seagate's products are currently exempt from U.S. tariffs. While acknowledging that tariffs could affect customer buying decisions, the company has not yet observed significant changes in customer behavior. Seagate is developing contingency plans that include geographic shifts in manufacturing, with management emphasizing that increasing prices is a last resort. S&P said, "We estimate S&P Global Ratings-adjusted net leverage of 2.4x through the March quarter. We could raise the rating over the next few quarters if we believe the strong hyperscale investment cycle will continue, allowing Seagate to sustain leverage below 2x and free operating cash flow to debt above 15%. We could revise the outlook to stable from positive if the long-term tariff framework is unfavorable or weak macroeconomic conditions cause hyperscalers to reign in investment plans, such that we expect leverage to remain above 2x during midcycle conditions." ISSUE RATINGS -- RECOVERY ANALYSIS Key analytical factors -- Seagate's capital structure includes an unsecured credit facility and several tranches of unsecured notes. -- S&P values Seagate on a going-concern basis because it believes reorganization would yield more value for creditors than liquidation. The company's position in a consolidated market and its HDD technology make it a viable business. -- S&P values Seagate using a 6x multiple of its projected emergence EBITDA, at the midpoint of the range of multiples it uses for the technology hardware and semiconductor sector. -- S&P's simulated default scenario assumes a payment default in 2030 due to a lack of industry supply discipline that increases price competition among industry participants. This is compounded by flash prices falling faster than S&P expects, which allows that technology to capture more use cases from HDDs. -- S&P treats claims from unsecured credit facility lenders as having priority over the claims of bondholders because subsidiaries that represent a significant share of the company's revenue and profit guarantee the revolving credit facility and term loan but not the notes. Simulated default assumptions -- Year of default: 2030 -- EBITDA at emergence: $725 million -- EBITDA multiple: 6x -- Revolver: 85% drawn at default Simplified waterfall -- Net enterprise value (after 5% administrative costs): $4.1 billion -- Priority claims: $1.2 billion -- Value available to unsecured bondholder claims: $3.0 billion -- Senior unsecured bond claims: $5.3 billion --Recovery expectations: 50%-70% (rounded estimate: 55%) SILVERROCK DEVELOPMENT: Plan Exclusivity Period Extended to Aug. 1 ------------------------------------------------------------------ Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware extended SilverRock Development Company, and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to August 1 and October 3, 2025, respectively. As shared by Troubled Company Reporter, the Debtors explain that they have retained Christopher Sontchi as their Independent Manager. Under Mr. Sontchi's oversight, the Debtors have recently, among other things obtained debtor-in-possession financing, retained JLL to market the Project Opportunity and have gotten bidding procedures approved. The Debtors are currently in the process of marketing the Project Opportunity, a process which is expected to take several more months. The Debtors claim that given the significant progress made by the companies under Mr. Sontchi's stewardship, this extension request is reasonable and is consistent with the efficient prosecution of the chapter 11 cases. Granting the Motion will provide the Debtors with additional time to complete a thorough marketing process, sell the Project Opportunity, and confirm a chapter 11 plan for the benefit of all stakeholders. Consequently, the relief requested herein is necessary. Allowing the Exclusivity Periods to lapse now would defeat the very purpose of section 1121 and deprive the Debtors and their creditors of the benefit of a meaningful and reasonable opportunity to negotiate and confirm an optimal Chapter 11 Plan that maximizes the returns of all constituencies to the estates. The Debtors assert that Creditors will not be harmed by extending exclusivity at this time. The Debtors intend to use the extended Exclusive Periods to, in addition to marketing the project opportunity, resolve potential preferential and/or fraudulent transfers and work constructively with the Debtors' major constituents to maximize recoveries for the Debtors, their estates, and their creditors. Counsel to the Debtors: ARMSTRONG TEASDALE LLP Jonathan M. Stemerman, Esq. Eric M. Sutty, Esq. 1007 North Market Street, Third Floor Wilmington, Delaware 19801 Telephone: (302) 416-9670 Email: jstemerman@atllp.com esutty@atllp.com -and- Victor A. Vilaplana, Esq. 823 La Jolla Rancho Rd. La Jolla, CA 92037 Telephone: (619) 840-4130 Email: vavilaplana@g -and- Benjamin M. Carson, Esq. 5965 Village Way, STE E105 San Diego, CA 92130 Telephone: (858) 255-4529 Email: ben@benjamincarsonlaw.com About SilverRock Development Company SilverRock Development Company, LLC, is a San Diego, Calif.-based company primarily engaged in renting and leasing real estate properties. SilverRock filed a Chapter 11 petition (Bankr. D. Del. Lead Case No. 24-11647) on Aug. 5, 2024, with $100 million to $500 million in both assets and liabilities. Robert S. Green, Jr., chief executive officer, signed the petition. Judge Mary F. Walrath handles the case. The Debtor is represented by Jonathan M. Stemerman, Esq., at Armstrong Teasdale. SURRY NORTHERN HOSPITAL: Moody's Lowers Revenue Bond Rating to Caa1 ------------------------------------------------------------------- Moody's Ratings has downgraded Northern Hospital District of Surry County's (NC) (NHSC) revenue bond rating to Caa1 from B2. The outlook remains negative. NHSC had approximately $29 million of debt outstanding at FYE 2024. The downgrade to Caa1 reflects NHSC's rapid cash deterioration and inability to stem operating cash flow losses amid a prolonged period of severe financial stress. RATINGS RATIONALE The Caa1 rating balances Northern Hospital District of Surry County's position as a community hospital with solid 45% inpatient market share against significant financial losses and very weak and declining liquidity. NHSC reported 30 days cash on hand at March 31, 2025, significantly below Moody's expectations, driven by operating cash flow losses; the organization had 46 days cash on hand at FYE 2024. Though the organization expects to receive a $15 million grant that would more than double cash reserves, it is restricted for capital or retirement of debt, limiting its use for daily operating expenses. NHSC posted a -2.1% operating cash flow margin through the first six-months of 2025, which is improved over recent quarters, but the slow pace of improvement and ongoing cash flow losses signal further erosion of liquidity. Rebuilding operating cash reserves to stronger levels will be challenging without material performance improvement. NHSC's small size inhibits financial flexibility and contributes to volatile quarterly operating performance. While NHSC secured a waiver under its bank agreement for its fiscal 2024 liquidity covenant breach, NHSC is unlikely to meet service coverage covenant requirements at fiscal year-end 2025, under both the MTI and bank agreements, which could result in acceleration. RATING OUTLOOK The negative outlook reflects the risks of further cash deterioration as cash flow losses continue and debt payments and other payables come due, the confluence of which increases the risks of a default, bankruptcy filing or liquidation. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Material and sustained improvement toward positive cash flow, improving financial covenants headroom -- Meaningful and sustained liquidity growth, without one-time receipts reserved for capital FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Inability to stem cash flow losses and stabilize liquidity -- Default, bankruptcy filing and/or liquidation -- Failure to prevent debt acceleration PROFILE Northern Hospital District of Surry County is a public stand-alone hospital, comprised of 133 beds and located in Mount Airy in Surry County, NC serving Surry County in North Carolina as well as Carroll and Patrick Counties in Virginia. The organization includes The Northern Surry Foundation for Better Health, Inc. METHODOLOGY The principal methodology used in this rating was Not-for-profit Healthcare published in October 2024. TECHNO TOY: Case Summary & Five Unsecured Creditors --------------------------------------------------- Debtor: Techno Toy Tuning, LLC 4211 Business Drive, Suite A Shingle Springs, CA 95682 Business Description: Techno Toy Tuning designs and manufactures performance parts for vintage and classic cars, specializing in modifications for brands such as Toyota, Datsun/Nissan, Mazda, Mitsubishi, Lotus, BMW, Chevrolet, and Ford. Founded by a pair of automotive enthusiasts, the Company initially began with a custom short shift kit for an AE86 Corolla, which led to the creation of the brand. Over time, Techno Toy Tuning's products have evolved through customer feedback, with many parts developed in response to requests from dedicated car enthusiasts working on rare or obscure vehicles. Chapter 11 Petition Date: May 10, 2025 Court: United States Bankruptcy Court Eastern District of California Case No.: 25-22317 Judge: Hon. Christopher M Klein Debtor's Counsel: Arasto Farsad, Esq. FARSAD LAW OFFICE, P.C. 1625 The Alameda, Suite 525 San Jose, CA 95126 Tel: 408-641-9966 E-mail: Farsadlaw1@gmail.com Total Assets: $398,243 Total Liabilities: $2,538,539 The petition was signed by Gabriel Tyler as CEO. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GD6O3FY/Techno_Toy_Tuning_LLC__caebke-25-22317__0001.0.pdf?mcid=tGE4TAMA TREESAP FARMS: Gets Court Okay for $88MM Chapter 11 Sale to CEO --------------------------------------------------------------- Hilary Russ of Law360 Bankruptcy Authority reports that on May 12, 2025, TreeSap Farms LLC, a bankrupt landscape plant grower, received court approval to sell its assets to a buyer linked to its CEO. The $88 million cash deal also includes taking on nearly $24 million in pre- and post-bankruptcy trade obligations and preserving all current employee positions, the report states. About Treesap Farms TreeSap Farms LLC is a leading supplier of trees and plants to home improvement retailers. TreeSap Farms LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90021) on February 24, 2025. In its petition, the Debtor disclosed estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor tapped McKool Smith, Esq., as counsel and Donlin, Recano & Company, LLC as claims, noticing and solicitation agent. V820JACKSON LLC: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: V820Jackson, LLC 820 W. Jackson Blvd. Suite 550 Chicago, IL 60607 Business Description: V820Jackson, LLC is classified as a single- asset real estate debtor under the definition set forth in Section 101(51B) of the U.S. Bankruptcy Code. Chapter 11 Petition Date: May 12, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-07228 Judge: Hon. Michael B Slade Debtor's Counsel: Ariel Weissberg, Esq. WEISSBERG AND ASSOCIATES, LTD. 125 South Wacker Drive Suite 300 Chicago, IL 60606 Tel: 312-663-0004 Fax: 312-663-1514 E-mail: ariel@weissberglaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million Andrew P. Vaccaro signed the petition 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/FAMDHQA/V820Jackson_LLC__ilnbke-25-07228__0001.0.pdf?mcid=tGE4TAMA VELOCITY ESPORTS: Seeks Chapter 11 Bankruptcy in Nevada ------------------------------------------------------- On May 7, 2025, Velocity Esports Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Nevada. According to court filing, the Debtor reports $9,931,782 in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About Velocity Esports Inc. Velocity Esports Inc. operates gaming and entertainment venues across select U.S. locations, offering a mix of arcade games, esports lounges, bowling, and casual dining. The Company caters to both casual and competitive gamers, as well as event hosting for social and corporate gatherings. Its venues are equipped with modern gaming technology and also feature food and beverage options with a focus on American and Mexican fare. Velocity Esports Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-12627) on May 7, 2025. In its petition, the Debtor reports total assets of $1,294,858 and total liabilities of $9,931,782. Honorable Bankruptcy Judge Mike K. Nakagawa handles the case. The Debtors are represented by Matthew Knepper, Esq. and Brenden Gougeon, Esq. at NEVADA BANKRUPTCY ATTORNEYS, LLC. VESTIS CORP: S&P Downgrades ICR to 'B+', Outlook Negative --------------------------------------------------------- S&P Global Ratings lowered all its ratings on Georgia-based provider of uniform rentals and workplace supplies Vestis Corp. by one notch, including its issuer credit rating, to 'B+' from 'BB-' because S&P now expects leverage will be sustained above its 4x downside threshold. The negative outlook reflects the possibility of a further downgrade if the company fails to improve its performance, stemming from ongoing challenges with weak new customer wins or high attrition rates. S&P said, "The downgrade reflects our expectation for weakened credit metrics amid operational difficulties. Vestis experienced continued revenue decline in the first half of 2025, as it was unable to gain new business wins sufficiently to offset lost business. Though customer retention has improved relative to last year when it troughed in the mid-80% area, we think current rolling 12-month retention of 92.4% reflects persisting service quality challenges, and it is weak relative to other large competitors. Existing customer volumes were also down, furthering revenue losses. This is partly due to seasonality as demand slows following the holiday season, but we expect a slower return to growth. Vestis continues to struggle with service quality problems, which include timeliness and completeness of delivery services that result in issuing credits to appease its customers. We now believe these issues are more difficult to address than originally thought and reflect that in our updated revenue forecast for 2.6% decline in 2025 compared to our prior expectations of about flat growth. It has successfully implemented some price increases this quarter, though we still view pricing power as limited due to service quality. The company recently hired a new CFO, and a new CEO will come on board shortly. We will evaluate management's actions to determine how these might alter the future direction of the company." Vestis has minimal cushion in its credit metrics for the current rating, and an inability to execute a turnaround could lead to another downgrade. Elevated one-time costs weigh on 2025 EBITDA and will lead to a spike in leverage. S&P said, "Vestis incurred several expenses in 2025 that we do not expect will repeat next year, which decreased EBITDA. These expenses include a $15 million bad debt expense and a $10 million severance charge due to executive departures. Additionally, gross margin compressed due to a lower revenue base and a mostly fixed cost of services. We expect EBITDA margin will decrease by 300 basis points (bps) to about 9%, improving back to mid-11% range in 2026. Our forecast incorporates the company's operating efficiency initiatives such as network optimization and merchandise reuse initiatives, which somewhat benefit profit margin. We expect leverage will be 6.4x in 2025, improving to 4.9x in 2026." Vestis' performance challenges will also lead to weaker free cash flow in 2025, which is exacerbated by the company's $30 million investment in inventory to support new customer installations, improve efficiency of service to existing customers, and avoid tariffs. S&P said, "We forecast Vestis will generate about $20 million in unadjusted free cash flow in fiscal 2025. This further impedes the company's progress toward deleveraging. Vestis recently amended its credit agreement to delay the step down of its maximum net leverage ratio covenant, providing some flexibility. As part of the amendment, the company suspended all dividends and share repurchases and will focus on deleveraging. We view this as a credit positive." S&P said, "The macroeconomic environment adds additional uncertainty in the ability of Vestis to meet our forecast. S&P Global recently revised its forecast for economic growth downward and predicts the probability of recession starting within the next 12 months is 35%. Vestis' large exposure to small- and medium-sized businesses make it more susceptible to macroeconomic trends. This would further strain Vestis's operations, resulting in lower customer demand or client losses and increased pricing pressure while delaying progress of its efficiency initiatives. Tariffs on goods imported into the U.S. also pose a risk because the company has some exposure to international markets, including China and Mexico. "The negative outlook reflects the possibility Vestis performance could deteriorate beyond our base case withing the next 12 months due to continued performance challenges and a difficult macroeconomic environment." S&P could lower its ratings on Vestis if we expect it will sustain leverage at or above 5x. This could occur if: -- It faces additional elevated customer attrition or faltering sales activity, leading to S&P's expectation for stalling revenue growth beyond 2025; or -- Competition or reputational challenges arising from ongoing service quality issues restrict its ability to recover profit margins, at least in line with S&P's forecast. S&P could revise its outlook to stable if S&P expect it will sustain leverage below 5x. This could occur if: -- Vestis improves customer retention and strengthens new business wins such that S&P anticipates consistent revenue growth; and -- S&P believes it is on track to expand profit margins at least in line with its forecast, demonstrating improving service quality. VOBEV LLC: Plan Exclusivity Period Extended to June 9 ----------------------------------------------------- Judge Joel T. Marker of the U.S. U.S. Bankruptcy Court for the District of Utah extended Vobev, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to June 9 and August 8, 2025, respectively. As shared by Troubled Company Reporter, the Debtor explains that it has been extremely vigilant in this case and has made significant progress toward having this case end with a successful outcome. Indeed, the Debtor has filed the Current Plan, and fully intends on prosecuting the Current Plan to confirmation. If for some reason the Debtor determines that it cannot proceed with the Current Plan and must file a new plan, it will prosecute that plan and seek confirmation of it with similar alacrity. The Debtor claims that it has made significant progress in its negotiations with creditors, including the Committee and Ares as is evident by the Current Plan that is now on file. The Debtor has demonstrated substantial (and perhaps even remarkable) progress toward analyzing, resolving, and dealing with issues in this case that must be addressed in order to confirm a Chapter 11 plan as should be evident from the Current Plan that is on file in this case. Extending the Debtor's exclusivity periods to June 9 (to file a plan) and August 8 (to obtain confirmation of a plan) will not materially prejudice the interests of creditors and other interested parties. Finally, the Debtors are not requesting an extension to gain a tactical advantage over any of its creditors. Counsel to the Debtor: Michael R. Johnson, Esq. Jeffrey W. Shields, Esq. David H. Leigh, Esq. Mel Jones-Cannon, Esq. RAY QUINNEY & NEBEKER, P.C. 36 South State Street, 14th Floor Salt Lake City, Utah 84111 Tel: (801) 532-1500 (801) 323-3363 Email: mjohnson@rqn.com Email: jshields@rqn.com Email: dleigh@rqn.com Email: mjonescannon@rqn.com -and- Eric P. Schriesheim, Esq. ROPES & GRAY LLP 191 North Wacker Drive Chicago, Illinois 60606 Tel: (312) 845-1200 Fax: (312) 845-5500 Email: eric.schriesheim@ropesgray.com - and - Gregg M. Galardi, Esq. ROPES & GRAY LLP 1211 Avenue of the Americas New York, New York 10036 Tel: (212) 596-9000 Fax: (212) 596-9090 Email: gregg.galardi@ropesgray.com About Vobev LLC Vobev LLC, a Salt Lake City-based beverage can manufacturer, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 24-26346) on Dec. 9, 2024. In its petition, the Debtor disclosed between $500 million and $1 billion in both assets and liabilities. Bankruptcy Judge Joel T. Marker handles the case. The Debtor tapped Ray Quinney & Nebeker PC as counsel, Houlihan Lokey Capital, Inc., as investment banker, and FTI Consulting, Inc., as financial advisor. Kroll Restructuring Administration LLC is the Debtor's claims and noticing agent. WCB CONSTRUCTION: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: WCB Construction Services LLC 14 Sunrise Drive Warren, NJ 07059 Business Description: WCB Construction Services LLC, based in Warren, New Jersey, provides construction services to public and private sector clients in the U.S. Chapter 11 Petition Date: May 12, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-15085 Judge: Hon. Christine M Gravelle Debtor's Counsel: Justin M Gillman, Esq. GILLMAN CAPONE LLC 770 Amboy Avenue Edison NJ 08837 Tel: (732) 661-1664 Fax: (732) 661-1707 E-mail: jgillman@gillmancapone.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Richard Coven as chief executive officer. 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/27BJSEQ/WCB_Construction_Services_LLC__njbke-25-15085__0001.0.pdf?mcid=tGE4TAMA WHITESTONE CROSSING: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor: Whitestone Crossing Austin LLC 1517 Snowberry Drive Allen TX 75013 Business Description: Whitestone Crossing Austin LLC operates Whitestone Crossing, an apartment community located in Cedar Park, Texas. The property offers one- and two-bedroom units featuring modern amenities such as 9-foot ceilings, fiber-ready internet, and in-home washers and dryers. The community also provides facilities including a swimming pool, clubhouse, and fitness center. Chapter 11 Petition Date: May 12, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-31768 Judge: Hon. Stacey G Jernigan Debtor's Counsel: Abhijit Modak, Esq. ABHIJIT MODAK, ATTORNEY AT LAW 2710 Wind Brush Dr Spring TX 77388 Tel: 281-802-1900 E-mail: ovmodaklaw@gmail.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Sairam Kota as manager. 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/MKKRI6I/Whitestone_Crossing_Austin_LLC__txnbke-25-31768__0001.0.pdf?mcid=tGE4TAMA WIN PRODUCTIONS: Seeks to Sell Farm Assets at Auction ----------------------------------------------------- Win Productions, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of Illinois, to sell Assets free and clear of liens, interests, and encumbrances. The Debtor's Assets include rolling stock and personal properties comprised of trucks, pickups, semi tractor, livestock trailer, tank tanker, manure pump, hose reel, manure injector applicator, bucket, forks, skidsteer, tractor, and turn mower. The Debtor employs Thomas Walsh of Aumann Auctions to sell any remaining Personal Property by marketing and online auction to be concluded by June 9, 2025 at 5:00pm CST at www.aumanauction.com. Upon approval, Aumann will receive a total commission of 15 percent of the gross sales price of the Personal Property plus a marketing budget not to exceed $1,500. A separate application for compensation for Aumann would be filed following the conclusion of the sale. The Debtor is aware of the potential claims and lienholders as to certain of the items of the Personal Property: Compeer Financial, PCA and those now held by Compeer Financial, FLCA as assignee of 1st Farm Credit Services, FLCA. The gross proceeds from the sale would be remitted to the Debtor and held for payment of allowed secured, administrative, priority and unsecured claims in this case. The Debtor believes that an auction sale of remaining Personal Property would be the most effectively way to liquid such Personal Property, and that the proposed sale would be in the best interests of the Debtor’s estate and its creditors. About Win Productions, LLC Win Productions, LLC, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-70901) on Nov. 9, 2024, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petition was signed by Wyatt Bradshaw as authorized manager. Judge Mary P. Gorman presides over the case. Jeana K. Reinbold, Esq., at Sgro, Hanrahan, Durr, Rabin & Reinbold, LLP, is the Debtor's counsel. WW INT'L: Represented by Simpson Thacher in Reorganization ---------------------------------------------------------- Simpson Thacher is representing WW International, Inc. in a comprehensive financial reorganization that will be implemented through a pre-packaged chapter 11 plan of reorganization. WeightWatchers and certain of its affiliates executed a restructuring support agreement on May 6, 2025 with holders of approximately 72% of the outstanding principal amount of the Company's term loan facility, revolving credit facility and 4.5% senior secured notes, who have committed their support for the reorganization transaction and, as a result, WeightWatchers was able to file for chapter 11 in the United States Bankruptcy Court for the District of Delaware on May 6, 2025 with the support of the requisite supermajority of its lenders and noteholders. Through the transaction, the Company's first lien lenders and noteholders will receive $465 million in exit term loans and exit notes and 91% of equity in the reorganized company (subject to dilution from an equity incentive plan), and, subject to satisfaction of certain conditions in the restructuring support agreement, the Company's existing equityholders will receive the remaining 9% of equity in the reorganized company (subject to dilution from an equity incentive plan). The Bankruptcy Court conducted a "first day" hearing on May 8, 2025, at which the Bankruptcy Court granted all of the operational relief requested by the Company and scheduled a combined hearing to consider approval of the Company's disclosure statement and confirmation of the pre-packaged plan of reorganization for June 17, 2025. WeightWatchers expects to consummate the plan and close the transaction in the second quarter of 2025. WeightWatchers is the global leader in science-backed weight management, providing an accessible, holistic model of care through its #1 doctor-recommended Points(R) Program, clinical interventions including weight-loss medications, and community support. Since 1963, WeightWatchers has empowered its millions of members to build healthy habits to live longer lives. The Company's innovative, trusted spectrum of solutions provides members with the tools and resources they need to reach and sustain their goals wherever they are on their journey. The Simpson Thacher team includes New York-based Partner Elisha Graff, Counsel Moshe Fink, and Associates Rachael Foust, Dov Gottlieb, Zachary Weiner, Sean Lee, Patrick Murphy and Samrat Basani (Restructuring); Partners Kenneth Wallach and Marisa Stavenas, and Associates Catherine Ciriello, Christopher Flynn and Kiley Short (Capital Markets); Partners Brian Steinhardt and Patrick Wolff, and Associate Matthew Digirolamo (Credit); Partners Gillian Emmett Moldowan and David Rubinsky, and Associate Hannah Daniels (Executive Compensation and Employee Benefits); Partners Jonathan Goldstein and Andrew Purcell, and Associates Kris Liu and Jiha Min (Tax); Partner Charles Mathes and Associate Robert Hayes (Public Company Advisory Practice); Partners Lynn Neuner and Alan Turner (Litigation); Counsel Kelly Karapetyan (Antitrust); and Partner Anthony Vernace (M&A). About WW International WW International Inc. (NASDAQ: WW) is a global provider of science-based weight management programs, offering behavior change solutions, clinical support services, and business-to-business initiatives. Headquartered in New York City, the Company operates in 11 countries and supports 3.4 million subscribers, delivering over 20,000 coach-led workshops monthly. Founded in 1963, WW has evolved its offerings to include digital tools, clinical care, and a proprietary Points Program, making it one of the most recognized and studied brands in commercial weight loss. On May 6, 2025, WW International announced that it has entered into an agreement with the requisite supermajority of its lenders and noteholders to implement a financial reorganization transaction that will eliminate $1.15 billion in debt from its balance sheet. WeightWatchers and its affiliates voluntarily initiated "pre-packaged" chapter 11 cases (Bankr. D. Del. Lead Case No. 25-10829) on May 6, 2025. The Debtors tapped Simpson Thacher & Bartlett LLP as lead bankruptcy counsel, and Young Conaway Stargatt & Taylor, LLP as Delaware co-counsel. PJT Partners LP and Matthews South LLC serve as investment bankers to the Debtors; and Alvarez & Marsal serves as restructuring advisor; C Street Advisory Group serves as strategic communications advisor, and ICR serves as investor relations advisor Company. Kroll Restructuring Administration LLC serves as claims and noticing agent to the Debtors. Gibson, Dunn & Crutcher LLP is serving as legal advisor and Houlihan Lokey is serving as investment banker to an ad hoc group of lenders and noteholders that entered into the agreement. YELLOW CORP: Unions Pursue WARN Act Claims in Bankruptcy Appeal --------------------------------------------------------------- Emily Brill of Law360 reports that the Teamsters and the International Association of Machinists are appealing a bankruptcy court's ruling that Yellow Corp. is not responsible for failing to notify 22,000 union workers of impending job losses due to the company's shutdown. They are urging a federal judge in Delaware to overturn the decision, the report states. 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. [] Nicole Grimal Helmstetter Joins Jones Walker's Bankruptcy Team ----------------------------------------------------------------- Jones Walker LLP announced that Nicole Grimal Helmstetter has joined the firm as special counsel in the Litigation Practice Group and a member of the bankruptcy and restructuring team in the firm's growing Miami office. "We are thrilled to welcome Nicole to Jones Walker and expand the firm's presence in Miami," said Bill Hines, the firm's managing partner. "Nicole's unique understanding of the regional business landscape in South Florida will be invaluable to our bankruptcy team and clients." Ms. Helmstetter is a business bankruptcy attorney with extensive experience representing parties on all sides of insolvency matters involving distressed businesses, assets, and portfolios. Although centered in Florida, her practice is national in scope. She routinely represents midsize and regional businesses, lenders, and creditors in Chapter 7, 11, and 13 proceedings. Her background also includes representing fiduciaries in insolvency proceedings and assisting purchasers of distressed assets, as well as helping traditional lenders and investment funds in enforcing their rights against collateral and executing on judgments or other collection efforts. "Joining Jones Walker presents an opportunity for me to elevate my practice to a national level while continuing to expand my local presence in South Florida," Ms. Helmstetter said. "I am looking forward to working with the firm's talented bankruptcy team on complex insolvency matters across the country." Ms. Helmstetter is particularly skilled at helping businesses downsize while remaining operational and at negotiating mutually beneficial out-of-court workouts that keep parties out of bankruptcy altogether. She has successfully obtained confirmation of reorganization plans for various enterprises, including health and educational institutions and real estate companies, and has secured bankruptcy discharges for high net worth individuals and local business owners. Ms. Helmstetter maintains a board certification in Business Bankruptcy Law from the American Board of Certification. About Jones Walker Jones Walker LLP -- http://www.joneswalker.com-- is among the largest 145 law firms in the United States. With offices in Alabama, Arizona, the District of Columbia, Florida, Georgia, Kentucky, Louisiana, Mississippi, New York, and Texas, we serve local, regional, national, and international business interests. The firm is committed to providing a comprehensive range of legal services to major multinational public and private corporations, Fortune® 500 companies, money center banks, worldwide insurers, and emerging companies doing business in the United States and abroad. ********* 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. 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