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250603.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, June 3, 2025, Vol. 29, No. 153 Headlines 1442 LEXINGTON: Rights of Court-Appointed Receiver Terminated 1847 HOLDINGS: NYSE American Delisting Hearing Moved to June 12 2446 ENCINAL: Claims to be Paid from Rental Income 51 PARK: Seeks Cash Collateral Access A.T & M.D TRUCKING: Gets OK to Use Cash Collateral Until June 30 ADVANCED URGENT: Amends Independent Bank Secured Claim Pay AKIN MEARS: Amends Motion to Sell Permanent Seat Licenses Sale ALL ABOUT ENERGY: Gets Interim OK to Use Cash Collateral APG EXPRESS: Hires Orantes Law Firm P.C. as Bankruptcy Counsel APOLLO COMMERCIAL: S&P Rates Proposed $750MM Term Loan 'B+' APPTECH PAYMENTS: Board Chair, COO Step Down APPTECH PAYMENTS: Delisted From Nasdaq; Trading Moves to OTCQB AUTO HOUSE: Case Summary & 20 Largest Unsecured Creditors AXIS OILFIELD: Seeks to Hire Heller Draper & Horn LLC as Counsel BAFFINLAND IRON: S&P Cuts ICR to 'SD' on Credit Facility Extension BARBER DIRECTORY: Public Sale Auction Set for June 16 BLH TOPCO: Hires Hartline Barger as Ordinary Course Professionals BMX TRANSPORT: Gets Interim OK to Use Cash Collateral Until June 26 BRANDNER DESIGN: Capital Southwest Marks $8.7MM Loan at 15% Off BROWN & BROWN: Hires Don Wilson CPA PC as Accountant CAMP LOUEMMA: Voluntary Chapter 11 Case Summary CANADIAN HOSPITAL: Blackstone Marks CAD$10.5M 2L Loan at 36% Off CATHETER PRECISION: Enters $1.3M At-Market Offering With Ladenburg CBDMD INC: Board Issues RSUs, Sets Director Fees for FY25 CCBLUE BIDCO: Blackstone Marks $12 Million 1L Loan at 14% Off CHLOE'S NYC: Gets OK to Use Cash Collateral CINEMARK HOLDINGS: Elects 4 Directors at Annual Meeting COMMSCOPE HOLDING: Chief Legal Officer Holds 189K Shares CONFINE VISUAL: Blackstone Marks $15.8 Million 1L Loan at 19% Off CONFINE VISUAL: Blackstone Marks $379,000 1L Loan at 19% Off CONSOLIDATED BURGER: Gets Court Approval for June 4 Auction CRYPTO COMPANY: Raises Promissory Note to $325K in 5th Amendment CRYPTO MARKET: Hires Blue Anchor as Real Estate Broker CSR WORLDWIDE: Court Enters Supplemental Order for Receivership DATAVAULT AI: Completes Strategic Acquisition of CSI Assets DATAVAULT AI: Raises $15M via Convertible Notes, Warrants DAYLIGHT BETA: Blackstone Marks $6.2 Million 1L Loan at 77% Off DELSHAH 60: Unsecured Creditors to be Paid in Full in Plan DELTA QUAD: Voluntary Chapter 11 Case Summary DIGITAL ALLY: Danske Bank A/S Holds 6.05% Equity Stake DISCOVERY EDUCATION: Blackstone Marks $2.9M 1L Loan at 16% Off DISCOVERY EDUCATION: Blackstone Marks $3.7M 1L Loan at 16% Off DISCOVERY EDUCATION: Blackstone Marks $33.2M 1L Loan at 16% Off DIVERSIFIED HEALTHCARE: S&P Affirms 'CCC+' Issuer Credit Rating DLG TRANSPORTATION: Hires Frank Firm PLLC as Legal Counsel EDUCATIONAL DEVT: Swings to $5.26 Million Loss for FY 2025 EKSO BIONICS: All Six Proposals Passed at 2025 Annual Meeting ELIS HOLDINGS: Voluntary Chapter 11 Case Summary EMERGY INC: Trinity Capital Marks $3.1 Million Loan at 43% Off EMERGY INC: Trinity Capital Marks $6.1 Million Loan at 43% Off ENCINO ACQUISITION: S&P Places 'B-' ICR on CreditWatch Positive ERESEARCHTECHNOLOGY INC: Blackstone Marks $1.4M 1L Loan at 29% Off ES PARTNERS: Gets Extension to Access Cash Collateral EVEREST TRANSPORTATION: CSC Marks $6.1MM Loan at 30% Off F21 OPCO: Unsecureds Will Get 0.07% to 0.15% of Claims in Plan FERTILITY PARTNERS: Blackstone Marks CAD$4.8M 1L Loan at 35% Off FIRST BRANDS: S&P Affirms 'B+' ICR, Alters Outlook to Stable FIRST EAGLE: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable FLIP LLC: Voluntary Chapter 11 Case Summary FMB ENERGY: Seeks Subchapter V Bankruptcy in Texas GATEWAY AT WYNWOOD: Miami Properties Up For Sale on June 30 GPS HOSPITALITY: S&P Lowers ICR to 'CCC' on Liquidity Pressures GTCR EVEREST: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable GULF PACIFIC: Capital Southwest Marks $3.8MM Loan at 15% Off GUSTO SING: Blackstone Marks AU$1.4 Million 1L Loan at 38% Off HALL OF FAME: Ups Credit Line With CHCL to $10M in 6th Amendment HEAT TRAK: Capital Southwest Marks $11.5MM Loan at 15% Off HERMES HIPPIE: Seeks More Time to Respond to Receivership Motion HERO BX ALABAMA: Siena Lending Seeks Appointment of Receiver HIGH SOURCES: Seeks Chapter 11 Bankruptcy in Florida HIGHLAND CAPITAL: Supreme Court Pauses Chapter 11 Liability Ruling HOMES NOW: Case Summary & One Unsecured Creditor HURRICANE CREEK: Gets OK to Use Cash Collateral Until July 23 HYPERSCALE DATA: Debt Conversions OK'd at Special Meeting HYPERSCALE DATA: Declares Cash Dividends on Preferred Shares INTREPID USA: Seeks Chapter 7 Liquidation with $88MM Debt IRAQ: Archirodon Seeks Receiver for Manhattan Rental Property JP MORGAN 2025-LTV1: Fitch Assigns 'B-(EXP)sf' Rating on B-2 Notes KDW REALTY: June 23, 2025 Auction Set by Secured Party LAKE COUNTY: Seeks Chapter 11 Bankruptcy in Illinois LANDMARK HOLDINGS: Gets Final OK to Use Cash Collateral LILLY INDUSTRIES: Seeks Cash Collateral Access Until Aug. 31 LOGIX HOLDING: Capital Southwest Marks $3.5MM Loan at 20% Off LOJERKY INC: Hires Nichani Law Firm as Bankruptcy Counsel LOZO ENTERPRISES: Hires Calaiaro Valencik as Legal Counsel LUCKY RABBIT: Taps Buffalo Public to Settle Insurance Claims MAJAB DEVELOPMENT: Seeks to Hire Bush Ross P.A. as Counsel MANA GROUP: Seeks to Hire JRD Financials as Accountant MANDOLIN TECHNOLOGY: Blackstone Marks $3.5M 2L Loan at 17% Off MARRS CONSTRUCTION: Seeks Chapter 11 Bankruptcy in Arizona MATERIAL HOLDINGS: Blackstone Marks $5.3 Million 1L Loan at 82% Off MEGNA HOSPITALITY: Has Deal on Cash Collateral Access MERCURY ACQUISITION: Capital Southwest Marks $2.9MM Loan at 25% Off MOM CA INVESTCO: Hires Stretto Inc. as Administrative Advisor MONTEREY FINANCING: Blackstone Marks DKK$4.8M 1L Loan at 86% Off MONTEREY FINANCING: Blackstone Marks NOK$5.1M 1L Loan at 91% Off MONTEREY FINANCING: Blackstone Marks SEK$2-Mil. 1L Loan at 90% Off MORRISVILLE BOROUGH: S&P Lowers GO Debt Rating to 'BB' MRI SOFTWARE: Blackstone Marks $409,000 1L Loan at 54% Off NANOVIBRONIX INC: Alpha Capital Holds 9.99% Equity Stake NATIONAL CREDIT: Capital Southwest Marks $11.8MM Loan at 20% Off NATIONAL REALTY: Trustee Can Equitably Subordinate $3.14MM Claim NOBLE GOODNESS: Voluntary Chapter 11 Case Summary NORTH HOUSTON: Seeks Subchapter V Bankruptcy in Texas ODEVO AB: Blackstone Marks SEK$90.9 Million 1L Loan at 90% Off OSCAR ACQUISITION: S&P Lowers ICR to 'B-' on Deteriorated Earnings PARKERVISION INC: To Sell Common Shares, Warrants in Shelf Offering PEGASUS BUILDERS: Seeks Subchapter V Bankruptcy in Florida PENDULUM THERAPEUTICS: Trinity Capital Marks $1.4M Loan at 18% Off PET RINSE: Files Emergency Bid to Use Cash Collateral POET TECHNOLOGIES: Sets Virtual Annual Meeting for June 27 PUBLISHERS CLEARING: Claims Filing Deadline on July 14, 2025 QT HAU LLC: Case Summary & Six Unsecured Creditors R & L HANDYMAN: Gets Interim OK to Use Cash Collateral RADIATE HOLDCO: S&P Lowers ICR to 'CC' on Debt Restructuring RIVER FALL: Seeks to Hire Bowditch & Dewey LLP as Counsel S&R EQUIPMENT: Case Summary & 18 Unsecured Creditors SHARPLINK GAMING: Believes to Have Regained Nasdaq Compliance SHARPLINK GAMING: Raises $4.5M in Stock and Warrant Offering SHOOSMITH BROS: Seeks Chapter 11 Bankruptcy in Delaware SPECTRUM OF HOPE: Capital Southwest Marks $11.1MM Loan at 16% Off SPECTRUM OF HOPE: Capital Southwest Marks $11.1MM Loan at 72% Off SPEEDSTER BIDCO: Blackstone Marks CAD$50.6MM 2L Loan at 32% Off STEWARD HEALTH: Gets Court Okay for Ch. 11 Plan Vote, Lender Deal STOLI GROUP: Unsecureds to be Paid in Full in Joint Plan STUDENT RESOURCE: Capital Southwest Marks $9.6MM Loan at 61% Off SWEET BRIAR COLLEGE: S&P Affirms 'BB+' Rating on 2006 Revenue Bond TEXAS SOLAR: Court Extends Cash Collateral Access to July 5 TILSON TECHNOLOGY: Seeks Chapter 11 Bankruptcy w/ Over $100MM Debt TOPICAL BIOMEDICS: Unsecureds Will Get 10% over 5 Years TREESAP FARMS: Claims to be Paid from Asset Sale Proceeds TRUDELL DOCTOR: Case Summary & Four Unsecured Creditors TZADIK SIOUX: Gets Interim OK to Use Cash Collateral US TELEPACIFIC: Capital Southwest Marks $2.5MM Loan at 60% Off US TELEPACIFIC: Capital Southwest Marks $230,000 Loan at 75% Off VENTURE GLOBAL: S&P Rates $1.25BB Senior Secured Notes 'BB+' VERITAS FARMS: Delays Q1 2025 Report Due to Audit Review VILLAGE ROADSHOW: Hires Virtu Global Advisors LLC as Valuator VIVAKOR INC: Issues $575K Notes, 1.76M Shares for Dividends WAYSTAR HOLDING: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable WEST TECHNOLOGY: Fitch Affirms & Then Withdraws 'CCC' LongTerm IDR WHCG PURCHASER: Blackstone Marks $16.1-Mil. 1L Loan at 60% Off WINKLER COUNTY HOSPITAL: S&P Affirms 'BB+' Rating on 2016 GO Bond ZIPS CAR: Capital Southwest Marks $14.07MM Loan at 18% Off ZIPS CAR: Capital Southwest Marks $3.5MM Loan at 18% Off ZORRO BIDCO: Blackstone Marks SEK$43.3 Million 1L Loan at 90% Off ********* 1442 LEXINGTON: Rights of Court-Appointed Receiver Terminated ------------------------------------------------------------- In the case styled RSS WFCM2018-C44 - NY LOD, LLC, Plaintiff v. 1442 LEXINGTON OPERATING DE LLC; AFSHIN HEDVAT; and DANIEL RAHMANI, Defendants, Case No. 1:21-cv-04424 (S.D.N.Y.), the Hon. Judge Denise L. Cote entered an order terminating the Receiver's authority under the Court's Order dated September 28, 2021. The matter is before the Court by application of Ian V. Lagowitz, of Trigild IVL Group, LLC, in his capacity as Court-Appointed Rent Receiver for the real property formerly owned by Defendant 1442 Lexington Operating DE LLC and located at 1442 Lexington Avenue, New York; and the Property having been sold, under approval of the Court by Order and Final Judgment of Foreclosure and Sale dated October 2, 2024 of substantially all of the Borrower's assets to Plaintiff for $19,200,000 and for good cause shown. Within 30 days of the entry of this Order, the Receiver shall file a final report and accounting. Any opposition to the Final Reporting shall be filed and served on all parties no later than 15 days after the Final Reporting is filed. The Receiver may respond to any opposition within 10 days thereafter. If opposition is filed to the Final Reporting, the Court will rule on issues or direct the parties as to further proceedings. If no opposition is filed to the Final Reporting the Final Reporting will be deemed sufficient, final and approved. Upon approval of the Final Reporting the Receiver shall turnover all funds, books and records in its possession to the Plaintiff or its designee. 1442 Lexington Operating DE LLC is the owner of certain real property and improvements located at 1442 Lexington Avenue, New York. The Plaintiff is represented by: David Vincent Mignardi, Esq. Keith Michael Brandofino, Esq. HOLLAND & KNIGHT LLP 900 Third Ave., 20th Floor New York, NY 10022 Telephone: (212) 751-3171 E-mail: david.mignardi@hklaw.com keith.brandofino@hklaw.com 1847 HOLDINGS: NYSE American Delisting Hearing Moved to June 12 --------------------------------------------------------------- As previously disclosed, on April 3, 2025, 1847 Holdings LLC received a notification letter from NYSE Regulation notifying the Company that it had determined to delist the Company's common shares from NYSE American as it had determined that the Company is no longer suitable for listing pursuant to Section 1003(f)(v) of the NYSE American Company Guide due to the low selling price of the Company's common shares. Under NYSE American delisting procedures, the Company has a right to a review of this determination by submitting a written request for such a review, which the Company timely submitted. The hearing was originally scheduled for June 5, 2025; however, the Company has been informed that the hearing has been rescheduled for June 12, 2025. Trading of the Company's common shares on NYSE American was suspended on April 3, 2025 and will remain suspended until the review is completed. About 1847 Holdings Based in New York, NY, 1847 Holdings LLC -- www.1847holdings.com -- is an acquisition holding company focused on acquiring and managing a group of small businesses, which the Company characterizes as those with an enterprise value of less than $50 million, in a variety of different industries headquartered in North America. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses and negative cash flows from operations, and has a working capital deficit, which raises substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $33,647,738 in total assets, $130,113,775 in total liabilities, and a total stockholders' deficit of $96,466,037. 2446 ENCINAL: Claims to be Paid from Rental Income -------------------------------------------------- 2446 Encinal Development, LP filed with the U.S. Bankruptcy Court for the Western District of Texas a Disclosure Statement for First Amended Plan of Reorganization dated May 9, 2025. 2446 Encinal purchased 1.843 acres of real property that had all major utility services available to it. The Debtor then designed and built the first building on site which included 7 apartments, which were completed in December 2015. Upon the filing of the bankruptcy proceeding, 2446 Encinal continued construction to complete the new apartment units. In connection therewith, the Debtor received court approval to obtain post-petition financing to complete the apartments. In addition, 2446 Encinal's representative has had discussions with several parties regarding the restructuring of its debt. 2446 Encinal has continued to pay all of its post-petition obligations. The Debtors monthly operating reports filed in the case for the period of December 31st, 2024 through March 31st, 2025 are on file with the Court and are available for creditors' review. The Debtor will timely file all future monthly operating reports. If a creditor would like a copy of these operating reports, he/she/it may request a copy in writing from the Debtor's counsel. The Debtor will continue to receive income from its real property leases. The Debtor believes that they will and can pay its creditors with allowed claims more than the amount that they would receive if this case were converted to a Chapter 7 liquidation proceeding. The Plan is simple in concept. The Plan provides for the full or partial satisfaction of the Allowed Claims of all Creditors. However, only Allowed Claims will receive the treatment and distributions specified in the Plan. Under the Plan, the Creditors will receive distributions in the form of cash on and/or after the Initial Distribution Date. Class 3 consists of Unsecured Creditors with Allowed Claims. 2446 Encinal shall, on the date that is sixty days after the Effective Date, pay the Class 3 non-insider Creditors in full. After all non-insider Class 3 Creditors are paid in full, then 2446 Encinal shall be authorized to satisfy the Allowed Claims of Class 3 Creditors who are insiders in quarterly installments of existing net operating income after paying all operating expenses (including the property tax escrow) and the Class 2 Creditor's installments. Creditors Holding Allowed Unsecured Claims total $612,275.00 (of which approximately $603,000.00 is due and owing to non-insiders). Class 4 consists of Equity Security or Interest Holders. Equity Interest Holders are unimpaired and shall retain their interest in the Debtor. This Plan is feasible as a result of the fact that, based upon future projections, the Debtor will have sufficient cash available to pay the Creditors' Allowed Claims on the Initial Distribution Date and subsequent distribution dates in accordance with the provisions of the Plan. A full-text copy of the Disclosure Statement dated May 9, 2025 is available at https://urlcurt.com/u?l=rlDAIA from PacerMonitor.com at no charge. Counsel to the Debtor: William B. Kingman, Esq. Law Offices of William B. Kingman, P.C. 3511 Broadway San Antonio, TX 78209 Tel: (210) 829-1199 Email: bkingman@kingmanlaw.com About 2446 Encinal Development LP 2446 Encinal Development LP is the fee simple owner of the Z real property located at 600 Berry St., Encinal, TX 78019 having a revenue-based valuation of $1.3 million. 2446 Encinal Development LP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-52689) on December 31, 2024. In its petition, the Debtor reports total assets of $1,303,239 and total liabilities of $1,559,793. The Debtor is represented by William B. Kingman, Esq., at LAW OFFICES OF WILLIAM B. KINGMAN. 51 PARK: Seeks Cash Collateral Access ------------------------------------- 51 Park Place Owners, LLC asked the U.S. Bankruptcy Court for the Eastern District of New York for authority to use cash collateral. Specifically, the Debtor intends to use rental income of approximately $15,000 per month to make adequate protection payments. The Debtor proposed to pay $12,500 monthly to secured creditor SSA NE Assets, LLC, along with covering insurance and maintenance expenses. The Debtor asserted that using rental income in this way will not harm creditors and will maintain the property's value. The Debtor argued that such use is permitted under 11 U.S.C. Section 363(c) and that adequate protection, required by law, is being provided. The Debtor further emphasized that these payments are necessary to sustain operations until a reorganization plan is confirmed. A hearing on the matter is set for July 8. A copy of the motion is available at https://urlcurt.com/u?l=b9t657 from PacerMonitor.com. About 51 Park Place Owners 51 Park Place Owners, LLC, a company in Brooklyn, N.Y., filed Chapter 11 petition (Bankr. E.D.N.Y. Case. No. 25-41680) on April 4, 2025, with total assets of $6 million and total liabilities of $5.7 million. Judge Nancy Hershey Lord handles the case. Michael L. Previto, Esq., represents the Debtor as legal counsel. A.T & M.D TRUCKING: Gets OK to Use Cash Collateral Until June 30 ---------------------------------------------------------------- A.T & M.D Trucking, LLC got the green light from the U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division to use cash collateral to maintain its operations. The court's order authorized the company to use cash collateral through June 30, subject to a detailed budget (with a permitted 10% variance). The budget projects total operational expenses of $38,633 for June; $39,138 for July; and $39,138 for August. Adequate protection includes replacement liens and monthly payments of $2,350 to First Financial Bank. A final hearing is scheduled for June 17. First Financial Bank is represented by: Jeffrey M. Hendricks, Esq. Bricker Graydon, LLP 312 Walnut Street, Suite 1800 Cincinnati, OH 45202 Direct: (513) 621-6464 Fax: (513) 651-3836 jhendricks@brickergraydon.com About A.T & M.D Trucking A.T & M.D Trucking, LLC is a trucking contractor based in Columbus, Ohio. It provides freight transportation services and is registered with the U.S. Department of Transportation. A.T & M.D Trucking sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-52131) on May 16, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge John E. Hoffman Jr. handles the case. The Debtor is represented by John W. Kennedy, Esq., at Strip, Hoppers, Leithart, McGrath & Terlecky Co., LPA ADVANCED URGENT: Amends Independent Bank Secured Claim Pay ---------------------------------------------------------- Advanced Urgent Care, LLC, d/b/a Advanced Urgent Care and Occupational Medicine ("AUC") and The Pegton Building LLC, submitted a Disclosure Statement for First Amended Plan of Reorganization dated May 9, 2025. The Debtors are Colorado limited liability companies. Dr. Anthony Euser, is a medical doctor and is the founder and managing member of both Debtors. Class 4 consists of the Allowed Secured Claim of Independent Bank. On or about April 21, 2020, Independent Bank made a commercial real estate loan to Pegton known as IBTX Loan #6078023 ("Loan 8023"), in the original principal amount of $2,714,000.00, with a current outstanding principal balance of $2,399,528.60 plus attorney fees. Loan 8023 is secured by 2801 and 2901 Purcell Street, Brighton, Colorado 80601 (the "Purcell Real Property") and all of Pegton's personal property. AUC has guaranteed the Loan 8023. Loan 8023 matures on April 21, 2027. The terms of Loan 8023 will not be modified. Independent Bank will retain any liens securing its claims until such claims are paid in full. Ordinary monthly payments as set forth in the governing loan documents will continue to be made. On or about July 31, 2020, Independent Bank made a U.S. Small Business Administration loan #8043939 ("Loan 3939") to AUC and Pegton, among others, in the original principal amount of $3,258,500.00. The current outstanding principal balance of Loan 3939 is $2,607,320.81 plus attorney fees. Loan 3939 is secured by the Purcell Real Property among other real estate and personal property. Loan 3939 matures on October 31, 2046. The terms of Loan 3939 will not be modified. Independent Bank will retain any liens securing its claims until such claims are paid in full. Ordinary monthly payments as set forth in the governing loan documents will continue to be made. On or about June 21, 2022, Independent Bank made Loan #8056583 ("Loan 6583") to AUC, among others constituting a revolving line of credit in the amount of $750,000.00 from IBTX to AUC. The current outstanding principal balance on Loan 6583 is $656,274.83 plus attorney fees. The current maturity date of Loan 6583 is March 15, 2025. Loan 6583 is secured by all business assets of AUC, among other collateral. The terms of Loan 6583 will be modified as follows: The outstanding balance of the loan will be amortized over an 8-year term with a fixed interest rate of 9.0% and a maturity date on the 5th anniversary of the Effective Date. A balloon payment of the remaining amount due will be made on the 5th anniversary of the Effective Date. Monthly payments of principal and interest ($) will begin the month of the Effective Date. To the extent Independent Bank objects to the modified interest rate, the Court shall determine the market rate of interest as a contested matter pursuant to Fed.R.Civ.P. 9014. Independent Bank will retain any liens securing its claims until such claims are paid in full. On or about June 21, 2022, Independent Bank made a commercial real estate loan to Pegton and AUC known as IBTX Loan #8057233 ("Loan 7233") in the original principal amount of $650,000.00, with a current outstanding principal balance of $657,575.16. Loan 7233 matures on June 21, 2029. Loan 7233 is secured by all business assets of AUC, among other collateral. The terms of Loan 7233 will not be modified. Independent Bank will retain any liens securing its claims until such claims are paid in full. Ordinary monthly payments as set forth in the governing loan documents will continue to be made. Like in the prior iteration of the Plan, Allowed Class 6 Claims shall receive their pro rata share of the Net Profits Fund until each Claim is paid in full. The Allowed Class 6 General Unsecured Claims shall not accrue any interest. Distributions of the amount in the Net Profits Fund to the Allowed Class 10 claimants shall be made annually on the anniversary of the Effective Date and shall begin in 2026. Class 7 consists of all Interests. All equity interests in the Reorganized Debtors shall be retained by Anthony Euser and Margaret Euser. On the Effective Date, all assets of the Debtor shall be transferred to the Reorganized Debtor, free and clear of all liens, claims, and interests of creditors, equity holders, and other parties in interest, except as otherwise provided herein. The Reorganized Debtor shall not, except as otherwise provided in this Plan, be liable to repay any debts which accrued prior to the Confirmation Date. The Reorganized Debtors shall fund their Plan obligations with cash from operations, loans, capital contributions, and Litigation Proceeds. The Debtors shall have no obligation to obtain Court approval for future loans or capital contributions. Such funds shall be sufficient to pay in full all amounts due on the Effective Date, and, as applicable, priority claimants treated under Article III herein. A full-text copy of the Disclosure Statement dated May 9, 2025 is available at https://urlcurt.com/u?l=4vfDvr from PacerMonitor.com at no charge. Attorneys for the Debtors: David J. Warner, Esq. Wadsworth Garber Warner Conrardy, P.C., 2580 West Main Street, Suite 200 Littleton, Colorado 80120 Telephone: (303) 296-1999 Facsimile: (303) 296-7600 Email: dwarner@wgwc-law.com About Advanced Urgent Care Advanced Urgent Care LLC is a locally owned and operated urgent care services provider. It also offers on-site laboratory services, x-ray services, and physical exams. Advanced Urgent Care LLC and The Pegton Building sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Lead Case No. 24-14536) on August 7, 2024. In the petition filed by Anthony G. Euser, as managing member, AUC reports total liabilities of $7,261,749 and under $50,000 in estimated assets. The Hon. Joseph G Rosania Jr., presides over the cases. The Debtors are represented by David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, PC, as counsel. AKIN MEARS: Amends Motion to Sell Permanent Seat Licenses Sale -------------------------------------------------------------- Allison D. Byman, Chapter 7 Trustee of Akin Mears LLP, amends motion that seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to sell Houston Texans Permanent Seat Licenses and Remaining 2025 Season Tickets to Jeff Newman, free and clear of liens, claims, interests, and encumbrances. After filing the original Motion to Sell on May 27, 2025, the Trustee realized that the stated sale price of $52,000 did not reflect the full amount the Buyer had actually agreed to pay. The correct agreed-upon purchase price is $52,500. The discrepancy arose from an inadvertent communication error by Trustee's counsel, who mistakenly instructed the Buyer to wire only $52,000.00. The Buyer, Jeff Newman, has already wired that amount to the Trustee and, upon learning of the mistake, promptly confirmed that he would remit the additional $500, which was sent on May 28. The Trustee files this amended Motion to reflect the accurate sale price and to ensure the Motion and accompanying Sale Agreement are consistent with the parties' actual agreement and intent. About Akin Mears LLP Akin Mears LLP is a national law firm that handles claims for injured individuals and families from all 50 states, U.S. Territories, Canada and other foreign countries. Akin Mears sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-30358) on January 23, 2025. Marvin Isgur presides over the case. Miriam T. Goott of Walker & Patterson PC represents the Debtor as legal counsel. ALL ABOUT ENERGY: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- All About Energy Solutions, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Wilmington Division, to use cash collateral. The court's order authorized the company's interim use of cash collateral to pay the expenses set forth in its budget. The company's 15-day budget shows $53,415.65 in total expenses. Creditors' liens on the collateral securing the company's debt will extend to assets acquired by the company after the petition date to the same extent and with the same priority as the creditors' pre-bankruptcy liens, according to the order. The next hearing is set for June 10. All About Energy Solutions, which installs insulation in eastern North Carolina, relies solely on business income to fund operations. To maintain its operations, the company needs to use funds classified as cash collateral, which may be subject to liens from creditors such as Rapid Finance, Can Capital, Jaffe, and Velocity. About All About Energy Solutions All About Energy Solutions, LLC installs insulation in eastern North Carolina. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-01847) on May 16, 2025. In the petition signed by Chris DeHart, member and manager, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge David M. Warren oversees the case. George Mason Oliver, Esq., at The Law Offices of George Oliver, PLLC, represents the Debtor as bankruptcy counsel. APG EXPRESS: Hires Orantes Law Firm P.C. as Bankruptcy Counsel -------------------------------------------------------------- APG Express Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Orantes Law Firm, P.C. as bankruptcy counsel. The firm will provide these services: a. advise the Debtor regarding matters of bankruptcy law and concerning the requirement of the Bankruptcy Code, and Bankruptcy Rules relating to the administration of this case, and the operation of the Debtor's estate as a debtor in possession; b. represent the Debtor in proceedings and hearings in the court involving matters of bankruptcy law; c. assistance in compliance with the requirements of the Office of the United States trustee; d. provide the Debtor legal advice and assistance with respect to the Debtor's powers and duties in the continued operation of the Debtor's business and management of property of the estate; e. assist the Debtor in the administration of the estate's assets and liabilities; f. prepare necessary applications, answers, motions, orders, reports and/or other legal documents on behalf of the Debtor; g. assist in the collection of all accounts receivable and other claims that the Debtor may have and resolve claims against the Debtor's estate; h. provide advice, as counsel, concerning the claims of secured and unsecured creditors, prosecution and/or defense of all actions; and i. prepare, negotiate, prosecute and attain confirmation of a plan of reorganization. The firm will be paid at these rates: Giovanni Orantes $695 per hour Associates $250 to $695 per hour Claudia M. Hurtado $160 per hour Andrea Castro $160 per hour Norma Y. Martinez $160 per hour The firm received a retainer in the amount of $25,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Giovanni Orantes, Esq., a partner at Orantes Law Firm, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Giovanni Orantes, Esq. 3435 Wilshire Blvd., 27th Floor Los Angeles, CA 90010 Telephone:(888) 619-8222 Facsimile: (877) 789-5776 Los Angeles, CA 90010 Email: go@gobklaw.com About APG Express Inc. APG Express Inc. in C.D. Cal., sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 25-12900) on April 8, 2025, listing as much as $10 million to $50 million in both assets and liabilities. Susan Martel as CEO, signed the petition. Judge Vincent P. Zurzolo oversees the case. THE ORANTES LAW FIRM, A.P.C. serve as the Debtor's legal counsel. APOLLO COMMERCIAL: S&P Rates Proposed $750MM Term Loan 'B+' ----------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue rating to Apollo Commercial Real Estate Finance Inc.'s (ARI) proposed $750 million term loan due 2030. S&P said, "We expect the company to use net proceeds from the proposed term loan, and around $10 million in cash, to refinance its existing term loans due May 2026 ($471 million outstanding as of March 31, 2025) and March 2028 ($288 million outstanding as of March 31, 2025), making the issuance roughly neutral to leverage. We view the company addressing its 2026 and 2028 maturities favorably, because it reduces refinancing risk as it works to resolve its troubled loans. "ARI's leverage, debt to adjusted total equity (ATE), rose to 4.05x as of March 31, 2025, up from 3.78x at year-end, modestly above our expected range of 3.5x-4.0x. We think the elevated leverage reflects the company being proactive as it approaches 2025, with the loan portfolio growing to $7.7 billion in the first quarter of 2025 from $7.1 billion at Dec. 31, 2024. After the end of the quarter, ARI committed an additional $709 million to new loans. As of March 31, 2025, about 31% of Apollo's commercial portfolio was originated after 2022, and should help the portfolio withstand ongoing challenges in the commercial real estate (CRE) markets. "Although ARI's loan portfolio has undergone challenges in the last year, we don't expect the same amount of systemic pressure on CRE portfolios we've seen in recent years. ARI had around $500 million of loans (29% of ATE) on non-accrual, as of March 31, 2025, flat compared with $556 million (29% of ATE), as of March 31, 2024. However, ARI's real estate owned exposure has increased to 45% of ATE from 33% of ATE over the same period. We think the strain on ARI's book is currently manageable, but we will continue to monitor the company's resolution processes." The majority of the ARI's non-accruing loans (~$375 million amortized cost, net of specific CECL allowance) are tied to its exposure to an ultra-luxury residence in Manhattan, with the remaining $97 million associated with an Ohio retail center that the company is looking to resolve by the end of the year. S&P will continue to monitor ARI's progress in addressing the same, particularly amid an uncertain macroeconomic environment that could result in more pressure on CRE lending books, despite showing signs of recovery in the second half of 2024. S&P said, "The stable outlook indicates our expectation that ARI will navigate the ongoing stress in the CRE markets over the next 12 months without a sharp worsening in its asset quality, liquidity, or performance. We also expect ARI will maintain leverage of 3.5x-4.0x." APPTECH PAYMENTS: Board Chair, COO Step Down -------------------------------------------- AppTech Payments Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Luke D'Angelo resigned as Chairman of the Company's Board of Directors and as an employee of the Company. Mr. D'Angelo's resignation was not due to a disagreement with the Company on any matter relating to the Company's operations, policies, or practices. On May 19, 2025, Virgilio Llapitan resigned as President, Chief Operating Officer and Director. Mr. Llapitan's resignation was not due to a disagreement with the Company on any matter relating to the Company's operations, policies, or practices. About AppTech Payments Corp. Headquartered in Carlsbad, California, AppTech Payments Corp. -- www.apptechcorp.com -- provides digital financial services for financial institutions, corporations, small and midsized enterprises, and consumers through the Company's scalable cloud-based platform architecture and infrastructure, coupled with its Specialty Payments development and delivery model. AppTech maintains exclusive licensing and partnership agreements in addition to a full suite of patented technology capabilities. San Diego, California-based DBBMcKennon, the Company's auditor since 2014, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has limited revenues and has suffered recurring losses from operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $8.99 million in total assets, $3.52 million in total liabilities, and a total stockholders' equity of $5.47 million. APPTECH PAYMENTS: Delisted From Nasdaq; Trading Moves to OTCQB -------------------------------------------------------------- AppTech Payments Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company was notified by The Nasdaq Stock Market LLC that as a result of the Company's previously disclosed noncompliance with Nasdaq Listing Rule 5550(a)(2), Nasdaq determined to delist the Company's common stock and warrants from the Nasdaq Capital Market and to suspend trading in the Company's common stock and warrants effective on May 20, 2025. Nasdaq further indicated that it would file a Form 25 Notification of Delisting with the Securities and Exchange Commission. The Company had applied and been approved to have its common stock and warrants quoted on the OTC Markets' OTCQB market tier, an electronic quotation service operated by OTC Markets Group Inc. for eligible securities traded over the counter. Trading of the Company's common stock and warrants commenced on the OTCQB market tier on May 20, 2025, under its current trading symbols, APCX and APCXW. The transition to the quotation of the Company's common stock and warrants on the OTC Markets will have no effect on the Company's business or operations. The Company will continue to file periodic and other required reports with the SEC under applicable federal securities laws, which will be available on the SEC's website, www.SEC.gov. About AppTech Payments Corp. Headquartered in Carlsbad, California, AppTech Payments Corp. -- www.apptechcorp.com -- provides digital financial services for financial institutions, corporations, small and midsized enterprises, and consumers through the Company's scalable cloud-based platform architecture and infrastructure, coupled with its Specialty Payments development and delivery model. AppTech maintains exclusive licensing and partnership agreements in addition to a full suite of patented technology capabilities. San Diego, California-based DBBMcKennon, the Company's auditor since 2014, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has limited revenues and has suffered recurring losses from operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $8.99 million in total assets, $3.52 million in total liabilities, and a total stockholders' equity of $5.47 million. AUTO HOUSE: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Auto House, Inc. 245 West Highway 56 Galva, KS 67443 Business Description: Auto House Towing & Recovery offers 24/7 towing and roadside assistance for all vehicle types across Central Kansas. The Company also provides heavy truck and off- road recovery, including semi-truck recovery and load management. Through its affiliate Kansas Environmental Cleanup, it delivers certified HAZMAT cleanup and site remediation services throughout the state. Chapter 11 Petition Date: May 31, 2025 Court: United States Bankruptcy Court District of Kansas Case No.: 25-20726 Judge: Hon. Robert D Berger Debtor's Counsel: Colin Gotham, Esq. EVANS & MULLINIX, P.A. 7225 Renner Road, Suite 200 Shawnee, KS 66217 Tel: (913) 962-8700 E-mail: cgotham@emlawkc.com Total Assets: $1,825,013 Total Liabilities: $4,479,222 The petition was signed by Eric Unruh as vice president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/USIWPPA/Auto_House_Inc__ksbke-25-20726__0001.0.pdf?mcid=tGE4TAMA AXIS OILFIELD: Seeks to Hire Heller Draper & Horn LLC as Counsel ---------------------------------------------------------------- Axis Oilfield Rentals, L.L.C. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Heller, Draper & Horn, L.L.C. as counsel. The firm's services include: a. advising the Debtor with respect to its rights, powers and duties as Debtor and Debtor-in-possession in the continued operation and management of the business and property; b. preparing and pursuing confirmation of a plan of reorganization and pursuing approval of the disclosure statement and plan confirmation; c. preparing, on behalf of the Debtor, all necessary applications, motions, answers, proposed orders, other pleadings, notices, schedules and other documents, and reviewing all financial and other reports to be filed; d. advising the Debtor concerning, and preparing responses to, applications, motions, pleadings, notices and other documents which may be filed by other parties herein; e. appearing in Court to protect the interests of the Debtor; f. representing the Debtor in connection with use of cash collateral and/or obtaining post-petition financing; g. advising the Debtor concerning and assisting in the negotiation and documentation of financing agreements, cash collateral orders and related transactions; h. investigating the nature and validity of liens asserted against the property of the Debtor, and advising the Debtor concerning the enforceability of said liens; i. investigating and advising the Debtor concerning and taking such action as may be necessary to collect income and assets in accordance with applicable law, and the recovery of property for the benefit of the Debtor's estate; j. advising and assisting the Debtor in connection with any potential property dispositions; k. advising the Debtor concerning executory contract and unexpired lease assumptions, assignments and rejections and lease restructuring, and recharacterizations; l. assisting the Debtor in reviewing, estimating and resolving claims asserted against the Debtor's estate; m. commencing and conducting litigation necessary and appropriate to assert rights held by the Debtor, protect assets of the Debtor's chapter 11 estate or otherwise further the goal of completing the Debtor's successful reorganization; and n. performing all other legal services for the Debtor which may be necessary and proper in this case. The firm will be paid at these rates: Douglas S. Draper $600 per hour Attorneys $475 to $600 per hour Paralegal $250 per hour The firm will be paid a retainer in the amount of $17,500. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Douglas S. Draper, a partner at Heller, Draper & Horn, L.L.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Douglas S. Draper, Esq. Heller, Draper & Horn, L.L.C. 650 Poydras Street, Suite 2500 New Orleans, LA 70130 Tel: (504) 299-3300 Email: ddraper@hellerdraper.com About Axis Oilfield Rentals LLC Axis Oilfield Rentals LLC provides equipment rentals, field supplies, and on-site support services to the oil and gas industry across upstream, midstream, and downstream operations. Headquartered in Covington, Louisiana, the Company also offers labor for equipment operation and field logistics, with additional field offices in Texas. Axis Oilfield Renta ls LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-10839) on April 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Douglas S. Draper, Esq. at HELLER, DRAPER & HORN, LLC. BAFFINLAND IRON: S&P Cuts ICR to 'SD' on Credit Facility Extension ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Canada-based iron ore miner Baffinland Iron Mines Corp. to 'SD' (selective default) from 'CCC'. S&P's '4' recovery rating and 'CCC' issue-level ratings on the senior secured notes are unchanged. S&P plans to raise its issuer credit rating on Baffinland as soon as practical, likely within days, to reflect the ongoing risk of a conventional default. Baffinland extended its substantially drawn revolving credit facility by six months to Nov. 30, 2025. In addition, the company reached an agreement to extend its $75 million Export Development Canada (EDC) term credit facility by six months to Nov. 30, 2025. S&P said, "Our downgrade of Baffinland to 'SD' follows the extension of its nearly fully drawn revolver, which we consider a de facto restructuring. Baffinland recently entered an agreement with its banking syndicate to extend the maturity to Nov. 30 from May 26 and at the same time reduced its revolver to $158 million. The company also extended its $75 million EDC term credit facility to Nov. 30 from May 26. "We believe that Baffinland had an unsustainable capital structure at the time of the extension, on its maturity date. In our view, Baffinland would have likely faced a conventional default absent the extension given its weak liquidity position and high utilization (about $158 million) under the $212.5 million revolving credit facility. Although lenders received a small step-up in the interest rate, our downgrade reflects our belief that the banking syndicate for the revolver did not receive adequate offsetting compensation for the six-month extension." The company's liquidity included $78 million cash and about $50 million available from royalty agreements with its parent, Nunavut Iron Ore Inc., for an aggregate $300 million. S&P plans to raise its issuer credit rating on Baffinland as soon as practical, likely within days, to a level that reflects the ongoing risk of default. BARBER DIRECTORY: Public Sale Auction Set for June 16 ----------------------------------------------------- For default in payment of a debt and performance of obligations owed by Barber Directory Inc. ("Debtor") to Sally Holdings LLC ("secured party"), at 10:00 a.m. (prevailing Eastern Time) on June 16, 2025, at the law offices of Polsinelli PC, 222 Delaware Avenue, Suite 1101, Wilmington, Delaware 19801, and via Zoom video conference, https://polsinelli.zom.us/j/99023459162? Meeting ID Number: 990 2345 9162, Passcode: 368818, Secured Party will sell at public auction to the highest qualified bidder for cash the Debtor's right, title and interest in and to all of its assets and personal property ("collateral"). All parties seeking to submit a bid at the sale must deliver a deposit at least two business days prior to the sale by delivering to the designated escrow agent a wire, bank certified check, or money order in an amount equal to at least 10% of the amount of the bidder's irrevocable bid. No cash will be accepted. For further information regarding the sale, contact Aaron Jackson of Polsinelli PC, 900 W. 48th Place, Suite 900, Kansas City, Missouri; Tel: (816) 360-4277; ajackson@polsinelli.com. BLH TOPCO: Hires Hartline Barger as Ordinary Course Professionals ----------------------------------------------------------------- BLH Topco LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ ordinary course professionals. These OCFs include: Professionals Services Hartline Barger Legal Services 5151 San Felipe St Houston, TX 77056 Ogletree Deakins Legal Services 8117 Preston Road Dallas, TX 75225 Wicker Smith Legal Services 390 North Orange Ave. Orlando, FL 32801 About BLH TopCo BLH TopCo, LLC is the operator and franchisor of locally themed, social gastrobars under the "Bar Louie" brand. Bar Louie is an upscale neighborhood bar and eatery. Established in 1991 in Chicago, Ill., BLH TopCo and its affiliates currently operate 31 locations, franchise an additional 17, and employ roughly 1,400 individuals across 19 states. Bar Louie restaurants are situated in various settings, such as lifestyle centers, conventional shopping malls, event venues, central business districts, and other unique standalone locations. BLH TopCo and its affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-10576) on March 26, 2025. In its petition, BLH TopCo reported between $1 million and $10 million in assets and between $50 million and $100 million in liabilities. Judge Craig T. Goldblatt handles the cases. The Debtors are represented by Thomas J. Francella, Jr., Esq., and Mark W. Eckard, Esq., attorneys at Raines Feldman Littrell, LLP. Bankruptcy Management Solutions, Inc., doing business as Stretto, serves as the Debtors' claims and noticing agent. BMX TRANSPORT: Gets Interim OK to Use Cash Collateral Until June 26 ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division granted BMX Transport, LLC interim authorization to use cash collateral through June 26. The court's interim order authorized the company to use cash collateral to pay ordinary and necessary business expenses as set forth in its budget. To protect potential secured creditors, the court granted these creditors liens on post-petition assets, excluding Chapter 5 avoidance proceeds. The order does not determine lien validity and preserves all parties' rights. The next hearing is scheduled for June 26. About BMX Transport BMX Transport, LLC provides long-distance specialized freight trucking services across the United States, focusing on goods that require unique handling or equipment. It offers full truckload transport using dry vans and refrigerated trailers, supported by warehousing and 24/7 logistics operations. Headquartered in Georgia, BMX Transport operates a federally authorized fleet of trucks and trailers. BMX Transport sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-20705) on May 5, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge James R. Sacca handles the case. The Debtor is represented by Benjamin Keck, Esq., at Keck Legal, LLC. BRANDNER DESIGN: Capital Southwest Marks $8.7MM Loan at 15% Off --------------------------------------------------------------- Capital Southwest Corporation has marked its $8,750,000 loan extended to Brandner Design, LLC to market at $7,437,000 or 85% of the outstanding amount, as of March 31, 2025, according to a disclosure contained in Capital Southwest's Form 10-K for the For the fiscal year ended March 31, 2025 filed with the Securities and Exchange Commission. Capital Southwest is a participant in a First Lien Loan to Brandner Design, LLC. The loan accrues interest at a rate of 14.31% (SOFR+10.00% (Floor 2.00%)/Q per annum. The loan matures on April 13, 2029. Capital Southwest is an internally managed closed-end, non-diversified investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. Capital Southwest is led by Michael S. Sarner, President and Chief Executive Office; and David R. Brooks Chairman of the Board. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100, 75225 Dallas, TX Tel. No.: (214) 238-5700 Brandner Design is a multifaceted design company specializing in creating unique furniture, architectural elements, and decorative pieces. BROWN & BROWN: Hires Don Wilson CPA PC as Accountant ---------------------------------------------------- Brown & Brown Resources, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Don Wilson, CPA, PC as accountant. The firm will assist the Debtor in the preparation of its 2024 medical and medicare cost reports. The firm will charge $150 per hour for accounting services, $1,200 for medical cost report, and $1,500 for medicare cost report. The firm received a retainer in the amount of $1,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Don Wilson, CPA, a partner at Don Wilson, CPA, PC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Don Wilson, CPA Don Wilson, CPA, PC 712 Morgan Blvd., Suite 112 Harligen, TX 78550 Tel: (956) 276-0901 About Brown & Brown Resources, Inc. Brown & Brown Resources, Inc. operating as Home Nursing & Therapy Services, is a home health care provider specializing in delivering nursing and therapy services to individuals in need of in-home care. Brown & Brown Resources sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-50501) on March 17, 2025, listing $2,128,167 in assets and $3,848,513 in liabilities. Eduardo J. Guimbarda, president of Brown & Brown Resources, signed the petition. Judge Michael M Parker oversees the case. William R. Davis, Jr., Esq., at Langley & Banack, Inc., represents the Debtor as legal counsel. CAMP LOUEMMA: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Camp Louemma Lane Inc. 260 South Hope Chapel Road Jackson, NJ 08527 Business Description: Camp Louemma Lane Inc. is a nonprofit organization that operated a co-ed overnight summer camp for children in Sussex, New Jersey. The camp emphasized group living and daily activities designed to promote personal growth and learning. Chapter 11 Petition Date: May 29, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-15658 Judge: Hon. Mark Edward Hall Debtor's Counsel: Eric H. Horn, Esq. Deanna Olivero, Esq. A.Y. STRAUSS LLC 290 West Mount Pleasant Avenue Suite 3260 Livingston, NJ 07039 Tel: 973-287-5006 Fax: 973-533-0127 E-mail: ehorn@aystrauss.com dolivero@aystrauss.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Moshe Rudich as authorized signor. The Debtor did not submit the required list of its 20 largest unsecured creditors when filing the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HCDUL5Q/Camp_Louemma_Lane_Inc__njbke-25-15658__0001.0.pdf?mcid=tGE4TAMA CANADIAN HOSPITAL: Blackstone Marks CAD$10.5M 2L Loan at 36% Off ---------------------------------------------------------------- Blackstone Secured Lending Fund has marked its CAD$10,533,000 loan extended to Canadian Hospital Specialties Ltd. to market at CAD$6,715,000 or 64% of the outstanding amount, according to Blackstone's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a Second Lien Loan to Canadian Hospital Specialties Ltd. The loan accrues interest at a rate of 8.75% per annum. The loan matures on April 15, 2029. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Canadian Hospital Specialties Ltd. Established 1967, Canadian Hospital Specialties Limited is a privately held medical device manufacturer and specialty distributor located in Oakville, Ontario. Customers served are in the acute hospital and non-acute healthcare space in Canada and internationally. CATHETER PRECISION: Enters $1.3M At-Market Offering With Ladenburg ------------------------------------------------------------------ Catheter Precision, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into an At Market Offering Agreement with Ladenburg Thalmann & Co. Inc. Under the Agreement, the Company may offer and sell its common stock, par value $0.0001 per share, from time to time the maximum amount permissible under Securities and Exchange Commission rules, currently $1.3 million, during the term of the Agreement through Ladenburg. The Company has filed a prospectus supplement relating to the offer and sale of the Shares pursuant to the Agreement. The Shares will be issued pursuant to the Company's previously filed and effective Registration Statement on Form S-3 (File No. 333-284217), which was initially filed with the Securities and Exchange Commission on January 10, 2025, and declared effective on January 22, 2025. The Company intends to use the net proceeds from the offering, if any, to fund its operations and for working capital. The Company is not obligated to sell any shares pursuant to the Agreement. Subject to the terms and conditions of the Agreement, Ladenburg will use commercially reasonable efforts, consistent with its normal trading and sales practices and applicable state and federal law, rules and regulations and the rules of the NYSE American LLC (the "NYSE American" or the "Exchange"), to sell shares from time to time based upon the Company's instructions, including any price, time or size limits or other customary parameters or conditions the Company may impose. Under the Agreement, Ladenburg may sell Shares by any method permitted by law deemed to be an "at the market offering" as defined in Rule 415 of the Securities Act of 1933, as amended, and the rules and regulations thereunder, including, without limitation, sales made directly on or through the NYSE American, on or through any other existing trading market for the Shares or to or through a market maker. If expressly authorized by the Company and the rules of the NYSE American, Ladenburg may also sell Shares in negotiated transactions. In addition, with the Company's permission, sales may be made directly to Ladenburg as principal pursuant to a terms agreement otherwise than in at the market transactions. If any sales are made pursuant to the Agreement which are not made in at the market offerings as defined in Rule 415, including, without limitation, any placement pursuant to a terms agreement, the Company will file a Prospectus Supplement describing the terms of such transaction, the amount of Shares sold, the price thereof, Ladenburg's compensation, and such other information as may be required pursuant to Securities and Exchange Commission rules. The Agreement will terminate upon the earlier of: (i) the issuance and sale of all of the shares through Ladenburg on the terms and subject to the conditions set forth in the Agreement or (ii) termination of the Agreement as otherwise permitted thereby. The Agreement may be terminated at any time by either party upon five business days' prior notice, or by Ladenburg at any time in certain circumstances, including the occurrence of a material adverse effect on the Company. The Company has agreed to pay Ladenburg a commission equal to 3.0% of aggregate gross proceeds that the Company receives from each sale of its shares of common stock and has agreed to provide Ladenburg with customary indemnification and contribution rights. The foregoing summary of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which is available at https://tinyurl.com/4znzh6fk About Catheter Precision Inc. Headquartered in the U.S., Catheter Precision, Inc. is a medical device company focused on improving the treatment of cardiac arrhythmias. The Company, which was reincorporated as Ra Medical Systems, Inc. in Delaware in 2018 and changed its name to Catheter Precision, Inc. on August 17, 2023, develops technology for electrophysiology procedures through collaborations with physicians and continuous product advancements. As of Dec. 31, 2024, the Company had $27.8 million in total assets, $16 million in total liabilities, and a total stockholders' equity of $11.8 million. East Brunswick, New Jersey-based WithumSmith+Brown, PC., the Company's auditor since 2023, issued a "going concern" qualification in its report dated Mar. 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring losses from operations and negative cash flows from operations and expects to continue to incur operating losses that raise substantial doubt about its ability to continue as a going concern. CBDMD INC: Board Issues RSUs, Sets Director Fees for FY25 --------------------------------------------------------- cbdMD, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors issued each independent director and the non-management employee director 1,572 of the Company restricted stock units as compensation for services as a director for the term beginning on April 11, 2025. The RSUs shall vest quarterly on June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026 and were granted under the Company's 2015 and 2021 Equity Compensation Plan. The amount of restricted common stock issued will be based on the closing price of the common stock as reported by the NYSE American LLC on May 16, 2025. The Board also approved the following annual fees to the independent directors: (i) annual cash retainer of $35,000 payable monthly for each independent director, (ii) an additional $26,500 for the Chairman of the Board, $17,000 for the Chairman of the Audit Committee and $7,000 for the Chairman of the Compensation, Corporate Governance and Nominating Committee, and (iii) an additional $8,500 to the Audit Committee members (excluding chairperson) and $4,000 to the Compensation, Corporate Governance and Nominating Committee members (excluding chairperson). About cbdMD, Inc. Headquartered in Charlotte, NC, cbdMD, Inc. -- www.cbdmd.com -- owns and operates the nationally recognized CBD (cannabidiol) brands cbdMD, Paw CBD, and cbdMD Botanicals. Its mission is to enhance its customers' overall quality of life while bringing CBD education, awareness, and accessibility of high-quality and effective products to all. The Company sources cannabinoids, including CBD, which are extracted from non-GMO hemp grown on farms in the United States. Charlotte, North Carolina-based Cherry Bekaert LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated Dec. 18, 2024, citing that the Company has historically incurred losses, including a net loss of approximately $3.7 million in the current year, resulting in an accumulated deficit of approximately $182 million as of September 30, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, cbdMD had $11,542,977 in total assets, $9,761,386 in total liabilities, and $1,781,591 in total shareholders' equity. CCBLUE BIDCO: Blackstone Marks $12 Million 1L Loan at 14% Off ------------------------------------------------------------- Blackstone Secured Lending Fund has marked its $12,087,000 loan extended to CCBlue Bidco, Inc. to market at $10,365,000 or 86% of the outstanding amount, according to Blackstone's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to CCBlue Bidco, Inc. The loan accrues interest at a rate of 10.90% (incl. 4.00% PIK) per annum. The loan matures on December 21, 2028. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About CCBlue Bidco, Inc. CCBlue Bidco, Inc. is engaged in providing health care and medical care services. CHLOE'S NYC: Gets OK to Use Cash Collateral ------------------------------------------- Chloe's NYC, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral. The Debtor needs to use its cash collateral -- funds in its bank account and revenue from business operations -- to continue running its bar/restaurant specializing in Caribbean cuisine and pursue reorganization. Without access to these funds, the Debtor argues it cannot maintain operations. The U.S. Small Business Administration is the Debtor's only secured creditor, with a $150,000 loan secured by the Debtor's personal property. The Debtor offered paying the SBA $467 per month equal to interest accruing on the loan— s adequate protection for the use of cash collateral. This, along with replacement liens on post-petition assets, is intended to preserve the SBA's security interest without causing harm. The Debtor has submitted an interim budget outlining ordinary business expenses including rent, wages, utilities, and insurance. All income is being deposited into a court-required debtor-in-possession account. About Chloe's NYC LLC Chloe's NYC LLC is Brooklyn-based limited liability company. Chloe's NYC LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-4217) on May 5, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and$1 million. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Ronald D. Weiss, Esq. CINEMARK HOLDINGS: Elects 4 Directors at Annual Meeting ------------------------------------------------------- Cinemark Holdings, Inc. held its Annual Meeting of Stockholders during which Stockholders: 1. Elected Benjamin Chereskin, Kevin Mitchell, Raymond Syufy, and Sean Gamble to the Company's Board of Directors to hold office until the Company's 2028 annual meeting of stockholders. 2. Approved, on an advisory basis, the 2024 compensation of the Company's Named Executive Officers. 3. Approved the proposal to ratify the selection of Deloitte & Touche LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025. About Cinemark Holdings Inc. Headquartered in Plano, Texas, Cinemark Holdings, Inc. operates as a movie theater. As of March 31, 2025, Cinemark Holdings had $4.7 billion in total assets, $4.3 billion in total liabilities, and total stockholders' equity of $357.6 million. * * * Egan-Jones Ratings Company on November 11, 2024, upgraded the foreign currency and local currency senior unsecured ratings on debt issued by Cinemark Holdings, Inc. to CCC+ from CCC. COMMSCOPE HOLDING: Chief Legal Officer Holds 189K Shares -------------------------------------------------------- Krista R. Bowen, SVP, Chief Legal Officer and Secretary of CommScope Holding Company, Inc., disclosed in a Form 3 filed with the U.S. Securities and Exchange Commission that as of May 19, 2025, she beneficially owns 189,004 shares of common stock. This includes: (a) 3,300 restricted stock units granted on March 1, 2022, vesting on June 1, 2025; (b) 445 units granted on June 1, 2022, vesting on June 1, 2025; (c) 27,416 units granted on June 1, 2023, vesting in two equal installments on June 1, 2025 and June 1, 2026; (d) 106,872 units granted on June 1, 2024, vesting ratably over three years starting June 1, 2025; and (e) 2,997 performance share units earned on February 24, 2025, vesting on June 1, 2025, all subject to her continued employment with the Company. A full-text copy of Ms. Bowen's SEC Report is available at https://tinyurl.com/43bhahmf About CommScope Holding Headquartered in Hickory, North Carolina, CommScope Holding Company, Inc. -- https://www.commscope.com -- is a global provider of infrastructure solutions for communication, data center, and entertainment networks. The Company's solutions for wired and wireless networks enable service providers, including cable, telephone, and digital broadcast satellite operators, as well as media programmers, to deliver media, voice, Internet Protocol (IP) data services, and Wi-Fi to their subscribers. This allows enterprises to experience constant wireless and wired connectivity across complex and varied networking environments. As of March 31, 2025, CommScope Holding Company had $7.5 billion in total assets, $8.8 billion in total liabilities, $1.2 billion in Series A convertible preferred stock and total stockholders' deficit of $2.5 billion. * * * S&P Global Ratings raised its Company credit rating on CommScope Holding Co. Inc. to 'CCC+' from 'CCC' and removed all its ratings on the company from CreditWatch, where S&P placed them with positive implications on Dec. 23, 2024, as reported by the TCR on Feb. 14, 2025. S&P said, "The stable outlook reflects our expectation for reduced default risk over the next 12 months due to the company's recent debt paydown and refinancing and improving credit metrics." In March 2025, Moody's Ratings upgraded CommScope Holding Company, Inc.'s ratings including the corporate family rating to Caa1 from Caa2 and the probability of default rating to Caa1-PD from Caa3-PD. CommScope's speculative grade liquidity (SGL) rating was upgraded to SGL-3 from SGL-4. The new backed senior secured term loan and backed senior secured notes issued in December 2024 at CommScope's subsidiary, CommScope, LLC. were assigned a B3 rating and the existing secured notes were confirmed at B3. The existing senior unsecured notes at CommScope, LLC and CommScope Technologies LLC were upgraded to Caa3 from Ca. The B3 rating on the backed senior secured term loan due 2026 was withdrawn. The outlook is stable, previously the ratings were on review for upgrade. These actions conclude the review for upgrade that was initiated on January 8, 2025. The ratings upgrade reflects the refinancing of debt due in 2025 and 2026 with a combination of about $2.1 billion in assets sale proceeds and $4.15 billion in new secured debt as well as Moody's expectations for a significant improvement in operating performance that will lead to a reduction in leverage levels well below 9x in 2025. The ratings are constrained by the existing high pro forma leverage (over 10x as of Q4 2024, including Moody's standard lease adjustments) and the significant amount of debt due in 2027 ($1.6 billion as of Q4 2024). CONFINE VISUAL: Blackstone Marks $15.8 Million 1L Loan at 19% Off ----------------------------------------------------------------- Blackstone Secured Lending Fund has marked its $15,868,000 loan extended to Confine Visual Bidco to market at $12,813,000 or 81% of the outstanding amount, according to Blackstone's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to Confine Visual Bidco. The loan accrues interest at a rate of 10.06% per annum. The loan matures on February 23, 2029. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Confine Visual Bidco Confine Visual Bidco is engaged in providing digital solutions and software products. CONFINE VISUAL: Blackstone Marks $379,000 1L Loan at 19% Off ------------------------------------------------------------ Blackstone Secured Lending Fund has marked its $379,000 loan extended to Confine Visual Bidco to market at $306,000 or 81% of the outstanding amount, according to Blackstone's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to Confine Visual Bidco. The loan accrues interest at a rate of 10.06% per annum. The loan matures on February 23, 2029. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Confine Visual Bidco Confine Visual Bidco is engaged in providing digital solutions and software products. CONSOLIDATED BURGER: Gets Court Approval for June 4 Auction ----------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Florida approved bidding procedures for the sale of substantially all of the assets of Consolidated Burger Holdings LLC and its debtor-affiliates, free and clear of liens, claims, interests and encumbrances. Pursuant to the Bidding Procedures Order, prospective interested parties will be required to submit a final, binding bid for the relevant Assets at any time, but by no later than June 2, 2025 at 5:00 p.m. (prevailing Eastern Time) to each the following parties: a) the Debtors, to the Debtors' Chief Restructuring Officer, c/o Development Specialists, Inc., 500 East Broward Boulevard, Suite 1700, Fort Lauderdale, Florida 33394 (Attn: Joseph J. Luzinski, Chief Restructuring Officer (JLuzinski@DSIConsulting.com) and Jack Donohue (jdonohue@DSIConsulting.com)); b) counsel for the Debtors, Berger Singerman LLP , 1450 Brickell A venue, Suite 1900, Miami, FL 33131, Attn.: Paul Steven Singerman, Esq. (singerman@bergersingerman.com), Jordi Guso, Esq. (jguso@bergersingerman.com) and Christopher Andrew Jarvinen, Esq. (cjarvinen@bergersingerman.com); c) investment banker for the Debtors, Peak Franchise Capital, LLC, 4100 Spring Valley Road, Suite 535, Dallas, TX 75244, Attn: Michael Elliott (mike.elliott@peakfranchisecapital.com); d) counsel to each of the respective following Consultation Parties, i) Auxilior Capital Partners, Inc., c/o Snell & Wilmer L.L.P., One East Washington Street, Suite 2700, Phoenix, AZ 85004, Attn: Todd V. Jones, Esq., (tjones@swlaw.com) and Moritt Hock & Hamroff LLP, 400 Garden City Plaza, 2nd Floor, Garden City, N.Y. 11530, Attn: Marc L. Hamroff, Esq. (mhamroff@moritthock.com) and Theresa A. Driscoll, Esq. (tdriscoll@moritthock.com); ii) Burger King Company LLC, c/o V enable LLP , 801 Brickell Avenue, Suite 1500, Miami, FL 33131, Attn: Paul J. Battista, Esq. (PJBattista@Venable.com) and Mariaelena Gayo-Guitian, Esq. (mguitian@Venable.com); iii) Southfield Mezzanine Capital LP , c/o Stevens & Lee, P .C., 620 Freedom Business Center, Suite 200, King of Prussia, PA 19406, Attn: Robert Lapowsky, Esq. (robert.lapowsky@stevenslee.com) and Underwood Murray, P.A., 100 N. Tampa St., Suite 2325, Tampa, FL 33602, Attn: Daniel E. Etlinger, Esq. (detlinger@underwoodmurray.com) and Megan W. Murray, Esq. (mmurray@underwoodmurray.com); and iv) Union Capital Equity Partners II, L.P., c/o Finn Dixon & Herling, 6 Landmark Square, Stamford, CT 06901-2704, Attn: Henry P. Baer, Jr., Esq. (HBaer@FDH.com). If the Debtors receive more than one qualified bid for any of the assets and the Debtors determine in the exercise of their reasonable business judgment and fiduciary duties and in consultation with the Consultation Parties that proceeding with the Auction would best promote the goals of the Bidding Procedures and maximize value for the Debtors' estates, the Debtors shall proceed with and conduct the Auction. The Auction, if required, will be conducted at the offices of Berger Singerman LLP, 1450 Brickell Avenue, Suite 1900, Miami, FL 33131 on June 4, 2025 at 10:00 a.m. (prevailing Eastern Time), or at such other time and location as designated by the Debtors, in consultation with the Consultation Parties, including via remote video or in person; provided that the Auction shall not be rescheduled on a date that is reasonably likely to result in closing the Sale Transaction(s) beyond the Outside Date. The Debtors shall have the right to conduct any number of Auctions on the date of the Auction to accommodate multiple Qualified Bids on disparate categories of Assets, if the Debtors determine, in their reasonable discretion, subject to consultation with the Consultation Parties, that conducting such auctions would be in the best interests of the Debtors’ estates. If the Debtors receive no more than one Qualified Bid with respect to any of the Assets, the Debtors may determine in their reasonable discretion, in consultation with the Consultation Parties, not to hold the Auction for such Assets and instead declare such Qualified Bid as the Successful Bid on such Assets and request at the Sale Hearing that the Court approve the applicable Asset Purchase Agreement with the applicable Successful Bidder. Objections to the sale of any Assets free and clear of liens, claims, interests and encumbrances pursuant to Bankruptcy Code section 363(f) and entry of any Sale Order must: (1) be in writing and specify the nature of such objection; (2) comply with the Bankruptcy Code, Bankruptcy Rules, Bankruptcy Local Rules and all orders of the Court; and (3) be filed with the Court and served, so as actually to be received not later than May 30, 2025 at 5:00 p.m. (prevailing Eastern Time). The Sale Hearing will take place on June 12, 2025 at 10:30 a.m. (prevailing Eastern Time), before the Honorable Karen K. Specie, United States Bankruptcy Judge, at the United Bankruptcy Court for the Northern District of Florida, Tallahassee Division, United States Bankruptcy Courthouse, 110 East Park Avenue, 2nd Floor Courtroom, Tallahassee, Florida 32301. Parties interested in receiving additional information, including, with regard to the Sale, the Assets, the Auction or the Bidding Procedures may make requests to the Debtors’ investment banker, Peak Franchise Capital, LLC, 4100 Spring Valley Road, Suite 535, Dallas, TX 75244, Attn: Michael Elliott (mike.elliott@peakfranchisecapital.com). About Consolidated Burger Holdings Consolidated Burger Holdings LLC and affiliates are among the largest franchisees of Burger King, the world's second-largest fast food hamburger chain. As of the Petition Date, they operated 57 Burger King restaurants across prime markets in Florida and Southern Georgia. These restaurants are informally grouped into three geographic clusters: (i) Tallahassee and Southern Georgia, comprising 18 locations; (ii) South Florida, with 19 locations; and (iii) the Florida Panhandle, with 20 locations. Debtor Consolidated Holdings is the sole member and 100% equity owner of both Consolidated A and Consolidated B. Consolidated Burger Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40162) on April 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $50 million and $100 million each. Honorable Bankruptcy Judge Karen K. Specie handles the case. The Debtor is represented by Paul Steven Singerman, Esq., Jordi Guso, Esq., Christopher Andrew Jarvinen, Esq., and Brian G. Rich, Esq. at BERGER SINGERMAN LLP. DEVELOPMENT SPECIALISTS, INC., is the Debtors' Restructuring Advisor. PEAK FRANCHISE CAPITAL LLC is the Debtors' Investment Banker. OMNI AGENT SOLUTIONS, INC. is the Debtors' Notice & Claims Agent. CRYPTO COMPANY: Raises Promissory Note to $325K in 5th Amendment ---------------------------------------------------------------- The Crypto Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company and AJB Capital Investments LLC entered into a Fifth Amendment to that certain Promissory Note dated as of August 28, 2024. * The First Amendment to the Promissory Note dated as of October 1, 2024, amends the Promissory Note, to increase the principal amount of the Promissory Note from $120,000 to $142,000. * The Second Amendment to the Promissory Note amends the Promissory Note, as amended by the First Amendment, to increase the principal amount of the Promissory Note from $142,000 to $157,556. * The Third Amendment to the Promissory Note amends the Promissory Note, as amended by the First and Second Amendments, to increase the principal amount of the Promissory Note from $157,556 to $222,890. * The Fourth Amendment to the Promissory Note amends the Promissory Note, as amended by the First, Second, and Third Amendments, to increase the principal amount of the Promissory Note from $22,890 to $252,890. * The Fifth Amendment to the Promissory Note amends the Promissory Note, as amended by the First, Second, Third, and Fourth Amendments, to increase the principal amount of the Promissory Note from $252,890 to $325,113, provided, however, that the $72,223 of additional principal carries an original issue discount of $7,223 withheld from the Company to cover monitoring costs associated with the Promissory Note and $4,000 withheld from the Company to cover due diligence and legal costs in connection with the Fifth Amendment. In exchange for the additional principal, the Company issued AJB Capital Investments LLC a pre-funded warrant to purchase up to 25,000,000 shares of Common Stock of the Company for a nominal exercise price of $0.00001 per warrant share. The Warrant includes various covenants of the Company for the benefit of the Warrant holder such as a beneficial ownership limitation on the holder that, in certain circumstances, may serve to restrict the holder's right to exercise the Warrant. The foregoing description of the Fifth Amendment to the Promissory Note and the Pre-Funded Warrant are not complete and are qualified in their entirety by reference to the text of such documents, which are filed as Exhibit 10.1 and Exhibit 10.2 to the Form 8-K available at https://tinyurl.com/4fkff528 About Crypto Company Malibu, Calif.-based The Crypto Company -- https://www.thecryptocompany.com -- is engaged in the business of providing consulting services and education for blockchain technology and for the building of technological infrastructure and enterprise blockchain technology solutions. During 2023, the Company generated revenues and incurred expenses solely through these consulting operations. In February 2022, the Company acquired bitcoin mining equipment and entered into an arrangement with a third party to host and operate the equipment. However, by the end of 2022, the Company had exited that Bitcoin mining business. Lakewood, Colorado-based BF Borgers CPA PC, the Company's former auditor, issued a "going concern" qualification in its report dated April 16, 2024, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. The Company have yet to file its Annual Report on Form 10-K for the year ended December 31, 2024 by March 31, 2025, the original due date for such filing. CRYPTO MARKET: Hires Blue Anchor as Real Estate Broker ------------------------------------------------------ Crypto Market Real Investment Group, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Blue Anchor Realty, LLC as real estate broker. The firm will sell the Debtor's nine residential real properties located in Pensacola, Florida. The firm will be paid a fee of 4.5 percent of the sales price. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Lee Wood Blue Anchor Realty, LLC PO Box 20087 Pensacola, FL 32524 Tel: (850) 450-9787 About Crypto Market Real Investment Group Crypto Market Real Investment Group, Inc. is a company likely involved in cryptocurrency investments based in Navarre, Fla. Crypto Market Real Investment Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-30252) on March 25, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Jerry C. Oldshue, Jr. handles the case. The Debtor is represented by Byron W. Wright III, Esq., at Bruner Wright, PA. CSR WORLDWIDE: Court Enters Supplemental Order for Receivership --------------------------------------------------------------- In the case styled Bank of Hays and REI Subsidiary CDE 22, LLC, Plaintiffs v. CSR Worldwide OK, Inc.; et al., Defendants, Case No. 6:23-cv-00196-DES (E.D. Okla.), the U.S. District Court for the Eastern District of Oklahoma entered a supplemental order that David R. Payne is the duly appointed and acting receiver of the assets of CSR Worldwide OK, Inc. and CSR-OK Real Estate Holding Company, LLC, pursuant to the Court's Order Appointing Receiver entered October 13, 2023. Among the assets of the Receivership Estate to be administered by the Receiver are Mortgagors' respective and collective "claims for recovery of money or property from any person." The Receivership Order further provides that the Receiver has "standing to pursue such claims as he shall deem appropriate in the exercise of his business judgment on behalf of the Mortgagors." Pending in the Eastern District of Oklahoma is the case styled as Central States Reprocessing LLC and CSR Worldwide OK, Inc. v. Oldcastle APG, Inc. et al., Case No. 20-CV-474. The claims for recovery asserted by the Plaintiffs in the Oldcastle Case were jointly asserted by Reprocessing and CSR WW, both of whom are Defendants in the foreclosure case. The Receiver asserts that the improved real property and equipment that are the subject of the Oldcastle Case are the same improved real property and equipment that are the subject of this foreclosure case. The Receiver believes that some or all of the Oldcastle Claims may properly belong to the Mortgagors' Receivership Estate, including as a result of (a) Reprocessing having directly or indirectly transferred the subject equipment to CSR WW; (b) CSR WW having transferred the subject improved real property and equipment to CSR Holding; and (c) CSR Holding having leased the subject improved real property and equipment to CSR WW under a long-term lease. The Hon. D. Edward Snow has reviewed the Order entered in the Oldcastle Case (the "Withdrawal Order") that, inter alia, (a) allowed Plaintiffs' counsel to withdraw from the Oldcastle Case due to a conflict of interest; and (b) required the Oldcastle Case Plaintiffs to secure alternative counsel that must file an entry of appearance in the Oldcastle Case not later than June 2, 2025. The Receiver believes the conflict that led to entry of the Withdrawal Order relates to competing rights to the Oldcastle Claims asserted or assertable by Reprocessing, on the one hand, and one or both of the Mortgagors (or the Receivership Estate), on the other hand. To the extent the Receiver determines that Reprocessing asserts a right in the Oldcastle Claims adverse to or in competition with the Receivership Estate's asserted rights therein, the Receiver is authorized to seek from the Oldcastle Case Court leave to seek declaratory relief against Reprocessing to determine their respective rights to the Oldcastle Claims. The Defendants are represented by: Jennifer Ary Brown, Esq. FRANDEN FARRIS QUILLIN GOODNIGHT & ROBERTS Williams Center Tower II 2 W. 2nd Street, Suite 900 Tulsa, OK 74103 Telephone: (918) 583-7129 E-mail: jary@tulsalawyer.com - and - Nicholas Robert Grillot, Esq. HINKLE LAW FIRM, LLC 1617 N. Waterfront Parkway, Ste 400 Wichita, KS 67206 Telephone: (316) 267-2000 E-mail: ngrillot@hinklaw.com About CSR Worldwide OK CSR Worldwide OK, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Okla. Case No. 23-80391) on June 6, 2023, with $7,099,094 in assets and $7,130,915 in liabilities. Stephen Moriarty, Esq., at Fellers, Snider, Blankenship, Bailey & Tippens, P.C., has been appointed as Subchapter V trustee. Judge Paul R. Thomas oversees the case. The Debtor tapped Crowe & Dunlevy, P.C., A Professional Corporation and Hinkle Law Firm, LLC as bankruptcy counsels; and D. R. Payne & Associates, Inc. as restructuring advisor. DATAVAULT AI: Completes Strategic Acquisition of CSI Assets ----------------------------------------------------------- Datavault AI Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company completed its previously announced asset purchase of technology assets, customer contracts, trademarks, and other intellectual property from CompuSystems, Inc. "The closing of the CSI acquisition will mark a pivotal step in Datavault AI's growth strategy," said Nathaniel Bradley, CEO of Datavault AI. "Since the deal's announcement, we have begun client outreach, positioning the business for strong growth. We are focused on monetizing the historical, present and future data of CSI along with transitioning the entire company to scalable, repeatable and customer first solutions. Leveraging our patented suite of Web 3.0 technologies is paramount, and we are strengthening our team with an infusion of talent and event expertise that will provide us with a stable base of clientele, events and deal flow. By using our technologies inside meaningful and highly efficacious deployments and events with CSI, our AI and machine learning will also improve. Data Vault events will expand our revenue generation in a way that we can automate, replicate and scale. Our IBM watsonxTM-powered AI platform and our Datavault AI agents will improve our customers' satisfaction, revenue generation and spend with Datavault AI in coveted sports, entertainment and venue markets. We've begun to apply our patented technologies of Data Vault, Adio, and WiSA towards exploiting these markets, and we expect to benefit from the technical capabilities that afford us a competitive advantage in managing events." "We anticipate CSI will deliver solid revenue in 2025, comprising the majority of our 2H 2025 revenue target of $12 million to $15 million. Building on this momentum in 2026, the acquisition is expected to account for $15 million to $20 million of our target $40 million to $50 million in total revenue next year driven from a combination of DVHOLO, Adio, WiSA and Data Vault licensing and sales on our patented Information Data Exchange. I look forward to sharing more details and a broader business update during our investor call today," added Bradley. At the closing, pursuant to an asset purchase agreement, by and between the Company and CSI, dated as of December 19, 2024, as amended by that certain amendment to the asset purchase agreement, dated as of December 30, 2024, and as further amended by that certain Second Amendment to the asset purchase agreement, dated as of February 25, 2025, and as further amended by that certain third amendment to the asset purchase agreement, dated March 31, 2025, and as further amended by that certain fourth amendment to the asset purchase agreement, dated May 14, 2025, the Company acquired the Acquired Assets for an aggregate purchase price consisting of: (i) the Exclusivity Payment Fee (as defined in the Asset Purchase Agreement), (ii) the Breakup Fee (as defined in the Asset Purchase Agreement), (iii) an amount in cash equal to $5,000,000, (iv) 10,600,000 validly issued, fully paid and nonassessable shares of restricted common stock of the Company, par value $0.0001 per share, (v) $5,000,000 payable in the form of the convertible note issued by the Company to CSI, (vi) $5,000,000 payable in the form of the convertible note (the "First Convertible Note") issued by the Company to CSI, (vii) $5,000,000 payable in the form of convertible note (the "Second Convertible Note", and together with the Initial Convertible Note and First Convertible Note, the "Notes") issued by the Company to CSI, (viii) $500,000 for the reimbursement of fees incurred by CSI due to the acquisition, and (ix) the assumption of the Transferred Liabilities (as defined in the Asset Purchase Agreement), which clauses (i) through (ix), collectively, comprised the total consideration to be paid for the Acquired Assets. Convertible Notes: Pursuant to the Asset Purchase Agreement, in connection with the Closing, the Company issued the Notes in an aggregate principal amount of $15,000,000, each due on the second anniversary of the closing. The Company agreed to pay interest to CSI on the aggregate unconverted and then outstanding principal amount of the First Convertible Note and Second Convertible Note at the rate of 5% per annum, and on the aggregate unconverted and then outstanding principal amount of the Initial Convertible Note at the rate of 10% per annum. The Company agreed to pay interest accruing from the six-month anniversary of the closing on the First Convertible Note and from the nine-month anniversary of the closing on the Second Convertible Note on the unpaid balance of such principal amount no less frequently than quarterly per calendar quarter. The payment of the accrued interest shall occur on the last business day of each calendar quarter. If the Initial Convertible Note has not been satisfied in full within three months after the Closing Date, then at CSI's option, it shall be convertible to shares of Common Stock, in increments of $500,000, at a price of $1.14 per share. The Company shall also repay the principal amount and all accrued interest under the Initial Convertible Note in full, without a penalty, within three business days after the Company raises an additional amount of capital totaling at least $15,000,000. The First Convertible Note can be converted, partially or entirely, into shares of Common Stock, any time after the six-month anniversary of the closing until the First Convertible Note is fully paid off. The Second Convertible Note can be converted, partially or entirely, into shares of Common Stock, any time after the nine-month anniversary of the closing until the Second Convertible Note is fully paid off. The First Convertible Note and Second Convertible Note use a conversion price equaling to the average VWAP during the 30 consecutive trading days ending on the trading day that is immediately prior to the conversion date subject to a floor price of $1.40 per share and ceiling price of $2.50 per share. The entire outstanding principal and accrued interest shall automatically be converted into shares of Common Stock on the Maturity Date at the Conversion Price. The Notes include customary event of default provisions. Upon the occurrence of an event of default, the Notes and all amounts due thereunder shall become immediately due and payable in cash without notice. Additionally, upon the occurrence of an event of default, CSI is entitled to increase the rate of interest on the aggregate outstanding principal balance and any other amounts then owing by Company to CSI to 10% per annum. In conjunction with the closing, Datavault will name John Mark LoGiurato as President of the CSI Division of Datavault AI. On May 20, 2025, in connection with Mr. LoGiurato's appointment as President of the CSI Division, Mr. LoGiurato will be granted 500,000 units of restricted stock of Datavault AI (the "Units") as an inducement material to Mr. LoGuirato's entering into employment with the Company. The Units were approved by the board of directors of the Company and granted outside of the Company's 2020 Stock Incentive Plan and 2018 Long-Term Stock Incentive Plan in accordance with Nasdaq Listing Rule 5635(c)(4). In connection with the award of Units, Mr. LoGiurato and the Company have entered into an Inducement Award Agreement for the Units, which agreement contemplates half of the Units vesting in equal 3-month installments over a 36-month period beginning June 20, 2025, and the other half of the Units vesting upon the CSI Division obtaining aggregate revenue equaling or exceeding $25 million over any trailing 12 calendar month period ending on or prior to the date that is 5 years from the grant date. About Datavault AI Datavault AI Inc. (f/k/a WiSA Technologies, Inc.) -- www.wisatechnologies.com -- develops and markets spatial audio wireless technology for smart devices and home entertainment systems. The Company's WiSA Association collaborates with consumer electronics companies, technology providers, retailers, and industry partners to promote high-quality spatial audio experiences. WiSA E is the Company's proprietary technology for seamless integration across platforms and devices. San Jose, California-based BPM LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's recurring losses from operations, a net capital deficiency, available cash and cash used in operations raise substantial doubt about its ability to continue as a going concern. The Company has incurred net operating losses each year since inception. As of December 31, 2024, the Company had cash and cash equivalents of $3.3 million and reported net cash used in operations of $17.5 million during the year ended December 31, 2024. The Company expects operating losses to continue in the foreseeable future because of additional costs and expenses related to research and development activities, plans to expand its product portfolio, and increase its market share. The Company's ability to transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support its cost structure. DATAVAULT AI: Raises $15M via Convertible Notes, Warrants --------------------------------------------------------- Datavault AI Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company completed the second closing of its previously announced transaction pursuant to a Securities Purchase Agreement between the Company and certain institutional investors, dated March 31, 2025, and issued to the Purchasers the Additional Notes and the Additional Warrants. Pursuant to the Purchase Agreement, the investors agreed to purchase from the Company: (a) in a registered direct offering, senior secured convertible notes having an aggregate principal amount of $5,555,555 for an aggregate purchase price of $5,000,000 and senior secured convertible notes having an aggregate principal amount of $11,111,111 for an aggregate purchase price of $10,000,000, and (b) in a concurrent private placement, common stock purchase warrants to purchase up to 19,346,101 shares of common stock of the Company, par value $0.0001 per share, of which Warrants to purchase up to 6,448,700 shares of Common Stock were issued in connection with the issuance Initial Closing and Warrants to purchase up to 12,897,401 shares of Common Stock were issued in connection with the Additional Closing. The Initial Notes were issued on April 3, 2025, in the initial closing of the Offerings. Obligations Under the Purchase Agreement: Pursuant to the Purchase Agreement, the Company is required to file a registration statement registering the shares of Common Stock issuable upon exercise of the Warrants within 15 days upon receipt of written request by the Purchasers and use commercially reasonable efforts to cause such Resale Registration Statement to become effective within 45 days following receipt of such written request. Pursuant to the Purchase Agreement, the Company agreed, subject to certain exceptions, (i) not to offer for sale, issue, sell, contract to sell, pledge or otherwise dispose of any of shares of Common Stock or securities convertible into shares of Common Stock until 45 days after the date of each Closing, and (ii) not to issue certain securities if the issuance would constitute a Variable Rate Transaction (as such term is defined in the Purchase Agreement) until no Purchasers holds any Notes. Pursuant to the Purchase Agreement, until the date that is 18 months after the date on which the Notes are no longer outstanding, the Purchasers have the right, but not the obligation, to participate in any issuance by the Company of any debt, preferred stock, shares of Common Stock or securities convertible into shares of Common Stock up to a maximum of 65% of such Subsequent Financing on the same terms, conditions and price provided to other investors in such Subsequent Financing. Notes: The Notes carry a 10% original issue discount, and mature 18 months from the date of issuance. No interest accrues during the term of the Notes, unless an event of default occurs, in which case interest will accrue at a rate of 12% per annum. The obligations under these Notes rank senior to all other existing indebtedness and equity of the Company. The Additional Notes are convertible into shares of the Company's common stock at any time beginning on the date of issuance at the option of the holders thereof, in whole or in part, into such number of shares of Common Stock at an initial conversion price equal to $1.00 per share. Alternatively, the Notes are convertible at a price equal to the greater of (x) the Floor Price and (y) 90% of the lowest volume weighted adjusted price of the shares of Common Stock in the 10 trading days prior to the applicable conversion date. The conversion price of the Notes is subject to a floor price of $0.1794. In the event the Alternate Conversion Price would be lower than the Floor Price, the Company is required to compensate the holders of the Notes by paying the holders in cash an amount equal to the product obtained by multiplying: (A) the VWAP on the day the holder delivers the applicable conversion notice and (B) the difference obtained by subtracting: (I) the number of shares of Common Stock delivered (or to be delivered) to the holder on the applicable share delivery date with respect to such Alternate Conversion from (II) the quotient obtained by dividing; (x) the applicable conversion amount that the holder has elected to be the subject of the applicable Alternate Conversion, by (y) the applicable Alternate Conversion Price without being limited by the Floor Price. Under the Notes, the Company is required to use up to 30% of the proceeds from future financings to redeem the Notes in an amount equal to the aggregate principal amount of the Notes being redeemed from such proceeds multiplied by 105%. The Notes contain 4.99/9.99% beneficial ownership limitations and customary provisions regarding events of defaults and negative covenants. Warrants: The Warrants have an initial exercise price of $0.8615 per share. The Additional Warrants that were issued in the Additional Closing are exercisable immediately upon issuance and expire five years from the date of issuance. The exercise price of the Warrants is subject to: (a) downward adjustment in the event the Company issues shares of common stock or common stock equivalents having an effective price lower than the then current exercise price of the Warrants, subject to certain exceptions and (b) standard, proportional adjustments in the event of certain events, such as stock splits, combinations, dividends, distributions, reclassifications, mergers or other corporate changes. The Warrants contain 4.99/9.99% beneficial ownership limitations. About Datavault AI Datavault AI Inc. (f/k/a WiSA Technologies, Inc.) -- www.wisatechnologies.com -- develops and markets spatial audio wireless technology for smart devices and home entertainment systems. The Company's WiSA Association collaborates with consumer electronics companies, technology providers, retailers, and industry partners to promote high-quality spatial audio experiences. WiSA E is the Company's proprietary technology for seamless integration across platforms and devices. San Jose, California-based BPM LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's recurring losses from operations, a net capital deficiency, available cash and cash used in operations raise substantial doubt about its ability to continue as a going concern. The Company has incurred net operating losses each year since inception. As of December 31, 2024, the Company had cash and cash equivalents of $3.3 million and reported net cash used in operations of $17.5 million during the year ended December 31, 2024. The Company expects operating losses to continue in the foreseeable future because of additional costs and expenses related to research and development activities, plans to expand its product portfolio, and increase its market share. The Company's ability to transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support its cost structure. DAYLIGHT BETA: Blackstone Marks $6.2 Million 1L Loan at 77% Off --------------------------------------------------------------- Blackstone Secured Lending Fund has marked its $6,246,000 loan extended to Daylight Beta Parent, LLC (Benefytt Technologies, Inc.) to market at $1,453,000 or 23% of the outstanding amount, according to Blackstone's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to Daylight Beta Parent, LLC (Benefytt Technologies, Inc.). The loan accrues interest at a rate of 10.00% PIK per annum. The loan matures on September 12, 2033. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Daylight Beta Parent, LLC (Benefytt Technologies, Inc.) Daylight Beta Parent LLC and CFCo, LLC are health insurance sales platform provider in the U.S. DELSHAH 60: Unsecured Creditors to be Paid in Full in Plan ---------------------------------------------------------- Delshah 60 Ninth LLC and Delshah Gansevoort 69, LLC filed with the U.S. Bankruptcy Court for the Southern District of New York a Disclosure Statement describing Plan of Reorganization dated May 9, 2025. The 60 Ninth Debtor owns the 60 Ninth Property, which is improved real property with ground floor commercial space and two residential apartments, commonly known as 58-60 Ninth Avenue, New York, New York. The 60 Ninth Debtor, as seller, has entered into an Agreement of Purchase and Sale, dated January 23, 2025, with the Ninthview Purchaser, pursuant to which the 60 Ninth Debtor has agreed to sell the 60 Ninth Property to the Ninthview Purchaser in exchange for a purchase price of Twenty-One Million Dollars under the Plan. The Ninthview Purchaser has delivered a deposit in the amount of $500,000.00 to Royal Abstract of New York. The 60 Ninth Debtor believes that the 60 Ninth Purchase Price represents the fair market value of the 60 Ninth Property. The Gansevoort Debtor owns the Gansevoort Property, which is a single story 3007 square foot building. The Gansevoort Property will be marketed for sale pursuant to the Gansevoort Property Bidding and Auction Procedures. The Noteholder will be entitled to credit bid in accordance with section 363(k) of the Bankruptcy Code up to the full amount of Noteholder's Claims. The Debtors engaged in a robust prepetition marketing process for the sale of the Properties, resulting in a contract to sell the 60 Ninth Property to the Ninthview Purchaser. As a result, the Debtors believe that the 60 Ninth Purchase Price reflects fair market value for the 60 Ninth Property, and since the Noteholder consents, the Debtors submit that no further marketing is necessary. The Debtors were unable to enter into a pre-petition agreement for the sale of the Gansevoort Property so it will be auctioned under the Plan. The Plan provides for payment to general unsecured creditors despite the fact that they are subordinate to the Allowed Secured Claim of the Noteholder and the proceeds from the sales of the Properties is projected to be insufficient to pay the Allowed Secured Claim of Noteholder in full. Class 5 consists of General Unsecured Claims. Projected Allowed Claims total approximately $150,239, including 60 Ninth vendors of $11,604, Avison Young Mechanics lien of $146,666, and Gansevoort vendors of $1,134. Payment in full in Cash plus interest through the payment date. This Class is unimpaired. Class 6 consists of Interest Holders. Class 6 will continue own its Interests and shall receive all remaining sale proceeds and judgment proceeds after payment of Administrative, Priority and Class 1 through 5 Claims. Obligations under the Plan will be satisfied from the proceeds of the sale of the 60 Ninth Property under 60 Ninth Sales Contract, the sale of the Gansevoort Property under the sale procedures and the Free People Litigation Proceeds. To the extent the Debtors lack the funds to make the required payments and distributions under the Plan as and when due, Michael Shah and Delshah Capital LLC will provide the Debtors with the funds necessary to make such payments and distributions as and when due, even in the event that one or both Properties are transferred to Noteholder in exchange for a credit bid. A full-text copy of the Disclosure Statement dated May 9, 2025 is available at https://urlcurt.com/u?l=Todz53 from PacerMonitor.com at no charge. Counsel to the Debtor: Mark Frankel, Esq. Backenroth Frankel & Krinsky, LLP 488 Madison Avenue, Floor 23 New York, NY 10022 Telephone: (212) 593-1100 About Delshah 60 Ninth LLC Delshah 60 Ninth LLC is a real estate development company that specializes in commercial and residential properties. Delshah 60 Ninth sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.Y Case no. 25-10950 (PB)) on May 8, 2025. Judge Philip Bentley presides over the case. Mark A. Frankel of Backenroth Frankel & Krinsky, LLP represents as the legal counsel of the Debtor. DELTA QUAD: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: Delta Quad Holdings, LLC 5090 Shoreham San Diego, CA 92122 Case No.: 25-02135 Business Description: Delta Quad Holdings is a real estate company that owns a single property asset located at 925 Grand Blvd., Kansas City, Missouri. It operates as a single-asset entity within the real estate sector. Chapter 11 Petition Date: May 29, 2025 Court: United States Bankruptcy Court Southern District of California Judge: Hon. Christopher B Latham Debtor's Counsel: Ahren A. Tiller, Esq. BANKRUPTCY LAW CENTER 1230 Columbia St., Suite 1100 San Diego, CA 92101 Tel: 619-894-8831 Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $1 million Robert Lubin signed the petition as managing member. The Debtor confirms there are no creditors with unsecured claims. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CHHMENY/Delta_Quad_Holdings_LLC__casbke-25-02135__0001.0.pdf?mcid=tGE4TAMA DIGITAL ALLY: Danske Bank A/S Holds 6.05% Equity Stake ------------------------------------------------------ Danske Bank A/S, disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of May 14, 2025, it beneficially owns 350,017 shares of Digital Ally, Inc.'s common equity, representing 6.05% of the shares outstanding. Danske Bank A/S may be reached through: Ugnius Skadauskas Senior Service Delivery Specialist Bernstorffsgade 40 Kobenhavn, Denmark, 1577 Tel: 457-012-3456 A full-text copy of Danske Bank's SEC report is available at: https://tinyurl.com/mrxzad2p About Digital Ally Digital Ally Inc. operates across three segments: Video Solutions, Revenue Cycle Management, and Entertainment. The Video Solutions unit provides video recording systems, cloud services, and safety products for law enforcement and commercial clients. The Revenue Cycle Management segment offers financial and administrative support services to healthcare providers, helping manage billing and back-office operations. Its Entertainment division manages ticket resale through TicketSmarter and produces live events, including music festivals. In an auditor's report dated May 2, 2025, RBSM LLP, issued a "going concern" qualification, noting that the Company has incurred substantial operating losses and will need additional capital to continue as a going concern. This raises substantial doubt about the Company's ability to continue as a going concern. Digital Ally reported a net loss of $21.72 million for the year ending Dec. 31, 2024, compared to a net loss of $25.46 million for the year ending Dec. 31, 2023. As of Dec. 31, 2025, the Company had $27.74 million in total assets, $36.75 million in total liabilities, and a total deficit of $9.01 million. DISCOVERY EDUCATION: Blackstone Marks $2.9M 1L Loan at 16% Off -------------------------------------------------------------- Blackstone Secured Lending Fund has marked its $2,960,000 loan extended to Discovery Education, Inc. to market at $2,494,000 or 84% of the outstanding amount, according to Blackstone's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to Discovery Education, Inc. The loan accrues interest at a rate of 10.15% per annum. The loan matures on April 9, 2029. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Discovery Education, Inc. Discovery Education, Inc. is engaged in the development of easy-to-use education platforms to help every school districts accelerate student growth, scale teacher impact, and motivate every day learning. DISCOVERY EDUCATION: Blackstone Marks $3.7M 1L Loan at 16% Off -------------------------------------------------------------- Blackstone Secured Lending Fund has marked its $3,738,000 loan extended to Discovery Education, Inc. to market at $3,149,000 or 84% of the outstanding amount, according to Blackstone's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to Discovery Education, Inc. The loan accrues interest at a rate of 10.15% per annum. The loan matures on April 9, 2029. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Discovery Education, Inc. Discovery Education, Inc. is engaged in the development of easy-to-use education platforms to help every school districts accelerate student growth, scale teacher impact, and motivate every day learning. DISCOVERY EDUCATION: Blackstone Marks $33.2M 1L Loan at 16% Off --------------------------------------------------------------- Blackstone Secured Lending Fund has marked its $33,211,000 loan extended to Discovery Education, Inc. to market at $27,980,000 or 84% of the outstanding amount, according to Blackstone's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to Discovery Education, Inc. The loan accrues interest at a rate of 11.14% (incl. 6.07% PIK) per annum. The loan matures on April 9, 2029. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Discovery Education, Inc. Discovery Education, Inc. is engaged in the development of easy-to-use education platforms to help every school districts accelerate student growth, scale teacher impact, and motivate every day learning. DIVERSIFIED HEALTHCARE: S&P Affirms 'CCC+' Issuer Credit Rating --------------------------------------------------------------- S&P Global Ratings affirmed its 'CCC+' issuer credit rating on Diversified Healthcare Trust (DHC) and its 'B' issue-level ratings on its senior secured notes and guaranteed senior unsecured notes. The recovery ratings are unchanged at '1'. S&P also affirmed its 'CCC+' issue-level rating on its non-guaranteed senior unsecured notes, and revised the recovery rating to '3' from '4'. S&P said, "We revised the outlook to positive from negative, reflecting the possibility that we could raise our ratings on DHC over the next 12 months if the company effectively navigates its near-term debt maturities and maintains its positive operating performance, such that we view its capital structure as sustainable." DHC has made significant progress in repaying its near-term debt maturities, greatly reducing refinancing risk. After limited progress in 2024 addressing its upcoming debt maturities, the company has had a successful start to 2025. In March and April 2025, DHC executed two mortgage loans totaling approximately $249 million, using proceeds and cash on hand to redeem $280 million of its remaining $380 million senior unsecured notes due June 2025. In addition, the company has executed term sheets with lenders for another $94 million of secured loans, with proceeds and cash on hand to be used to repay the remainder of its June 2025 unsecured notes. DHC has also begun to make progress on its senior secured notes due in January 2026. The company generated net proceeds of roughly $299 million in the first quarter and used proceeds to partially redeem the secured notes, which have $641.4 million of principal balance remaining. Over the remainder of the year the company expects about $350 million of dispositions, $110.5 million of which is already under agreement or letter of intent, with most of the proceeds expected to be used to further repay its secured notes due 2026. S&P said, "With abundant existing collateral securing the notes and a significant amount of unencumbered assets across the remainder of DHC's portfolio, we believe there is little risk in the company being able to refinance the notes prior to the January 2026 maturity date (the company does have an option to extend the maturity by a year, but significant interest payments would kick in). Following this maturity, DHC's next material debt maturity is in February 2028, when $500 million of senior unsecured notes come due. While the longer-term sustainability of the company's capital structure remains unclear, we continue to view liquidity as less than adequate with somewhat limited access to capital, we believe near-term refinancing concerns have been significantly reduced." Moreover, improving operating performance, boosted by sector tailwinds, should allow the company greater access to capital should strong results persist. Cushion under the company's covenants have also increased, providing it with some flexibility as it navigates upcoming debt maturities. Operating performance within the company's SHOP portfolio has meaningfully improved. In the first quarter of 2025, same-property cash basis net operating income (NOI) increased by 33.6% sequentially and 42.1% year-over-year. S&P said, "This followed several quarters of underwhelming performance, in our view, as the company was consistently underperforming its health care REIT peers. Through a combination of asset sales, operator transitions, and capital spend, we believe the company's SHOP portfolio is better positioned to take advantage of strong sector fundamentals. Both occupancy and rental rates have been trending positively, while expense growth has moderated, resulting in meaningful NOI margin improvement." S&P said, "While all health care property types will likely benefit from the aging population and increasing spending on health care, we believe senior housing properties will likely benefit the most from the rising number of people aged 85 and older (a cohort that is expected to increase significantly over the next few decades). Moreover, the increase in wealth from rising home prices and stock portfolios could increase the adoption rate at senior housing communities. Lastly, a near-term benefit is that new construction of senior housing (starts as a percent of total inventory) is at levels not seen since 2012, as rising construction costs and constrained bank lending have curtailed new supply. While the supply tailwinds will likely act as a benefit for at least the next two years, the favorable demand drivers span a significantly longer period, which will likely support a continued improvement in DHC's operating performance. "The positive outlook reflects the possibility that we could raise our ratings on DHC over the next 12 months if the company continues to effectively navigate its near-term debt maturities and maintains its positive operating performance, such that we view its capital structure as sustainable." S&P could take a negative action on DHC if: -- It fails to refinance its 2026 senior secured notes; -- Operating performance deteriorates with occupancy and NOI not improving in line with our expectations; or -- S&P envisions a specific default scenario as increasingly likely, such as additional liquidity pressure, a covenant breach, or a debt exchange offer. S&P could raise its ratings on DHC if: -- It continues to execute on asset sales and successfully refinances its 2026 senior secured notes, improving its liquidity position such that we view its capital structure as sustainable; and -- Its operating performance continues to show signs of recovery. DLG TRANSPORTATION: Hires Frank Firm PLLC as Legal Counsel ---------------------------------------------------------- DLG Transportation, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Frank Firm, PLLC as counsel to handle its Chapter 11 cases. The firm will be paid at these rates: Jerome Frank $390 per hour Tami Salzbrenner $250 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jerome D. Frank, a partner at Frank Firm, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jerome D. Frank Frank Firm, PLLC 30833 Northwestern Highway Suite 205 Farmington Hills, MI 48334 Tel: (248) 932-1440 Fax: (248) 932-1443 About DLG Transportation, LLC DLG Transportation, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-43654) on April 10, 2025, listing up to $50,000 in both assets and liabilities. Judge Lisa S. Gretchko presides over the case. Tami R. Salzbrenner, Esq., represents the Debtor as legal counsel. EDUCATIONAL DEVT: Swings to $5.26 Million Loss for FY 2025 ---------------------------------------------------------- Educational Development Corp. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $5,263,600 for the year ended February 28, 2025, compared to a net income of $546,400 in 2023. Net revenues for the years ended February 28, 2025 and February 29, 2024 were $34,191,000 and $51,030,300, respectively. As previously disclosed on the Company's Quarterly Report on Form 10-Q Report for the quarterly period ended November 30, 2024, the short-term duration of the Revolving Loan and uncertainty of the bank's ongoing support beyond April 4, 2025, along with recurring operating losses and other items, raise substantial doubt over the Company's ability to continue as a going concern. To address these concerns, the Company has taken steps in its plans to reduce debt by selling owned real estate. On September 19, 2024, the Company executed a letter of intent to sell the Hilti Complex for $38,250,000, the closing of which remains subject to the satisfaction of various closing conditions. On October 28, 2024, the Company executed the Asset Purchase Sale Agreement with the buyer that started the due diligence period. Upon closing, the proceeds from the sale are expected to pay off the Term Loans and Revolving Loan. Following the loan payoff, management plans to fund ongoing operations with limited borrowings through local banks or other financing sources. In addition, management's plans include reducing inventory which will generate free cashflows and building the number of active PaperPie Brand Partners to pre-pandemic levels. Although there is no guarantee these plans will be successful, management believes these plans, if achieved, will alleviate the substantial doubt about continuing as a going concern and generate sufficient liquidity to meet its obligations as they become due over the next 12 months. In the auditor's report dated May 19, 2025, attached to the Company's Annual Report on Form 10-K for the year ended February 28, 2025, HOGANTAYLOR LLP, the Company's auditor since 2005, stated that Certain adverse conditions and events raised substantial doubt over the Company's ability to meet its obligations over the next 12 months. Management has evaluated these conditions and concluded that its plans have alleviated the substantial doubt about the Company's ability to continue for at least the next 12 months. Per Craig White, Chief Executive Officer, "Throughout fiscal 2025, we continued to run promotions with discounted pricing, prioritizing cash flow over profitability to reduce debt and lower inventory as part of our plan with the bank. These tactical decisions have generated cash which was used to pay down debt and past due invoices with our vendors. The positive outcome from these decisions allowed us to reduce our vendor payables by $2.0 million and reduce our bank debts, including our revolver and our two term loans, by a combined $3.1 million. As we have stated previously, reducing our bank debts and related interest expense has been the top priority in the short-term to appease our bank." "During fiscal 2025, we reduced our inventory levels from $55.6 million to $44.7 million, generating $10.9 million of cash flows. We remain focused on reducing our excess inventory, which approximates $30M at current revenue levels, and the cash flow generated from inventory reductions is expected to further strengthen our financial position. Our Company has as history of being very conservative with our operations and we are confident that the cash flow generated from reducing excess inventory levels will help us through difficult economic times." "In Comparison to last year, during fiscal 2024 we had two unusual transactions that created profitability. First, the receipt of an Employee Retention Credit of $3.8 million and, second, $4.0 million gain from the sale of our old headquarters building. The proceeds from these transactions, along with the cash flow generated from inventory reductions in fiscal 2024 of $8.2 million, allowed us to reduce our bank borrowings from $45.7 million to $33.9 million. So, on a combined basis, during fiscal 2024 and 2025 we have reduced our bank debts and vendor payables by $16.9 million." "While these results are significant, we have also continued to focus on reducing our operating expenses, most evidenced by our reduced fourth quarter losses on much lower revenue levels. I am proud of the efforts of our team to stay focused on cost reductions during this difficult economic period of high inflation and the resulting reduced disposable income of our customers." "Our strategic direction remains to strengthen our financial position through the sale and leaseback of our headquarters building, the "Hilti Complex." This transaction will bring financial value to our shareholders and the proceeds from the sale are expected to fully pay down all of our remaining bank debts, eliminating interest expense which has challenged our profitability. Following the completion of the transaction, we expect to continue operations with minimal, if any, bank borrowings." "I am pleased to announce that we recently executed a Purchase Sale Agreement with a new buyer, TG OTC, LLC. We have been working with the principals of TG OTC, LLC over the past several months to solidify the key business items within the agreement, including our lease back terms. Under the agreement, EDC will retain ownership of the 17 acres of excess land following the sale, which will strengthen our balance sheet. TG OTC, LLC will have 90 days to perform their due diligence, and we expect to close the transaction by early September. The proceeds from the sale will be used to fully pay down our debts and provide ongoing operational liquidity." A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/3ra88ush About Educational Development Corp Tulsa, Okla.-based Educational Development Corp. is the owner and exclusive publisher of Kane Miller children's books; Learning Wrap-Ups, maker of educational manipulatives; and SmartLab Toys, maker of STEAM-based toys and games. It is also the exclusive United States Multi-Level Marketing distributor of Usborne Publishing Limited children's books. Significant portions of our existing inventory volumes are concentrated with Usborne. Educational Development Corp sells its products through two separate divisions, PaperPie and Publishing. As of February 28, 2025, the Company had $78,314,300 in total assets, $37,746,700 in total liabilities, and a total stockholders' equity of $40,567,600. * * * This concludes the Troubled Company Reporter's coverage of Educational Development Corp. until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. EKSO BIONICS: All Six Proposals Passed at 2025 Annual Meeting ------------------------------------------------------------- Ekso Bionics Holdings, Inc. held its 2025 Annual Meeting of Stockholders. Of the 28,196,693 shares of common stock outstanding and entitled to vote at the Annual Meeting, 15,074,166 shares were present at the Annual Meeting either virtually or by proxy, constituting a quorum. The stockholders voted and approved the following proposals at the Annual Meeting: 1. To elect Scott G. Davis, Mary Ann Cloyd, Corinna Lathan, Ph.D., Charles Li, Ph.D., Deborah Lafer Scher to the Company's board of directors, to serve until the annual meeting of stockholders to be held in 2026 and until their respective successors are elected and qualified, or until their earlier death, resignation or removal. 2. To authorize the Board of Directors to effect, in its discretion, a reverse stock split of the Company's common stock, $0.001 par value per share, at a ratio of not less than 1-for-5 and not more than 1-for-15, with the exact ratio of any reverse stock split to be set within the above range as determined by the Board of Directors in its discretion, and without a corresponding reduction in the total number of authorized shares of common stock; The Board of Directors approved the Reverse Stock Split at a ratio of 1-for-15, and the Reverse Stock Split will become effective at 12:01 a.m. PT on May 27, 2025. The common stock, which will continue to trade on The Nasdaq Capital Market under the symbol "EKSO", is expected to begin trading on a split-adjusted basis on May 27, 2025 and have a new CUSIP number of 282644 400. As a result of the Reverse Stock Split, every fifteen (15) shares of the Company's issued and outstanding common stock will be automatically combined and changed into one (1) share of the common stock. No fractional shares will be issued in connection with the Reverse Stock Split, with any fractional shares resulting from the Reverse Stock Split will be rounded up to the next whole share. The Reverse Stock Split will affect all issued and outstanding shares of common stock, as well as the Company's then-outstanding restricted stock units, common stock underlying stock options and warrants. Immediately following the Reverse Stock Split, the Company expects to have approximately 2.4 million shares of common stock outstanding. The primary purpose of the Reverse Stock Split is to help the Company maintain the listing of its common stock on The Nasdaq Capital Market. As previously reported, the Company received written notice on December 12, 2024 from the Listing Qualifications Department of The Nasdaq Stock Market LLC, informing the Company that it had failed to meet the minimum bid price requirement of the Nasdaq listing rules for The Nasdaq Capital Market. 3. To amend the Company's Amended and Restated 2014 Equity Incentive Plan to increase the total number of shares of common stock authorized for issuance pursuant to awards granted thereunder from 4,724,286 shares to 7,024,286 shares (or the quotient obtained by dividing such number by the Split Ratio, if the Reverse Stock Split Proposal is approved and implemented); 4. To approve, in an advisory (non-binding) vote, the compensation of the Company's named executive officers; 5. To ratify the appointment of WithumSmith+Brown, PC as the Company's independent auditors for the year ending December 31, 2024; and, 6. To approve, for purposes of Nasdaq Listing Rule 5635(d), the potential issuance of up to 10,500,000 shares of common stock upon the exercise of a common stock purchase warrant issued by the Company pursuant to a warrant inducement agreement dated March 17, 2025. About Ekso Bionics Holdings San Rafael, Calif.-based Ekso Bionics Holdings, Inc. designs, develops, and markets exoskeleton products to augment human strength, endurance, and mobility. San Francisco, Calif.-based WithumSmith+Brown PC, the Company's auditor since 2010, issued a 'going concern' qualification in its report dated March 3, 2025, citing that the Company has an accumulated deficit on December 31, 2024 and, since inception, has suffered significant operating losses and negative cash flows from operations. The Company expects to generate operating losses and negative operating cash flows in the future and will require additional funding to support the Company's planned operations which raises substantial doubt about its ability to continue as a going concern. As of March 31, 2025, Ekso Bionics Holdings had $27.3 million in total assets, $14.6 million in total liabilities, and total stockholders' equity of $12.7 million. ELIS HOLDINGS: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Elis Holdings, LLC 658 Route 940 Lake Harmony, PA 18624 Chapter 11 Petition Date: May 29, 2025 Court: United States Bankruptcy Court Middle District of Pennsylvania Case No.: 25-01519 Judge: Hon. Mark J Conway Debtor's Counsel: Jason Zac Christman, Esq. J. ZAC CHRISTMAN, ESQ. 538 Main Street Suite 102 Stroudsburg, Pa 18360 E-mail: zac@jzacchristman.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million Elizabeth Shewdat signed the bankruptcy petition on behalf of the Debtor as its authorized representative. The Debtor submitted a document purporting to list its 20 largest unsecured creditors, but it was left blank. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YGLRGUY/Elis_Holdings_LLC__pambke-25-01519__0001.0.pdf?mcid=tGE4TAMA EMERGY INC: Trinity Capital Marks $3.1 Million Loan at 43% Off -------------------------------------------------------------- Trinity Capital Inc. has marked its $3,183,000 loan extended to Emergy, Inc. to market at $1,809,000 or 57% of the outstanding amount, according to Trinity's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Trinity is a participant in a Equipment Financing Loan to Emergy, Inc. The loan accrues interest at a rate of variable interest rate fixed interest rate 12.7%; EOT 11.5% per annum. The loan matures on July 1, 2026. Trinity was incorporated under the general corporation laws of the State of Maryland on August 12, 2019 and commenced operations on January 16, 2020. Trinity is a specialty lending company providing debt, including loans, equipment financing and asset based lending, to growth-oriented companies, including institutional investor-backed companies. It is an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the 1940 Act. It has elected to be treated, and intend to qualify annually, as a RIC under Subchapter M of the Code for U.S. federal income tax purposes. Trinity is led by Kyle Brown as Chief Executive Officer, President and Chief Investment Officer; and Michael Testa as Chief Financial Officer and Treasurer. The Company can be reach through: Kyle Brown Trinity Capital Inc. 1 N. 1st Street Suite 302 Phoenix, AZ 85004 Telephone: (480) 374‑5350 About Emergy, Inc. Emergy Inc., doing business as Meati Foods, operates as a plant meat company. The Company produces fungi-based meats. Meati Foods serves customers in the United States. EMERGY INC: Trinity Capital Marks $6.1 Million Loan at 43% Off -------------------------------------------------------------- Trinity Capital Inc. has marked its $6,183,000 loan extended to Emergy, Inc. to market at $6,970,000 or 57% of the outstanding amount, according to Trinity's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Trinity is a participant in a Equipment Financing Loan to Emergy, Inc. The loan accrues interest at a rate of variable interest rate Fixed interest rate 9.4%; EOT 11.5% per annum. The loan matures on July 1, 2027. Trinity was incorporated under the general corporation laws of the State of Maryland on August 12, 2019 and commenced operations on January 16, 2020. Trinity is a specialty lending company providing debt, including loans, equipment financing and asset based lending, to growth-oriented companies, including institutional investor-backed companies. It is an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the 1940 Act. It has elected to be treated, and intend to qualify annually, as a RIC under Subchapter M of the Code for U.S. federal income tax purposes. Trinity is led by Kyle Brown as Chief Executive Officer, President and Chief Investment Officer; and Michael Testa as Chief Financial Officer and Treasurer. The Company can be reach through: Kyle Brown Trinity Capital Inc. 1 N. 1st Street Suite 302 Phoenix, AZ 85004 Telephone: (480) 374‑5350 About Emergy, Inc. Emergy Inc., doing business as Meati Foods, operates as a plant meat company. The Company produces fungi-based meats. Meati Foods serves customers in the United States. ENCINO ACQUISITION: S&P Places 'B-' ICR on CreditWatch Positive --------------------------------------------------------------- S&P Global Ratings placed all its ratings on Encino Acquisition Partners LLC (Encino), including its 'B-' issuer and issue-level ratings, on CreditWatch with positive implications. The positive CreditWatch placement reflects the likelihood we will raise our ratings on the company following the close of the acquisition, which we expect will occur in second half of 2025, subject to the satisfaction of customary closing conditions. On May. 30, 2025, U.S.-based oil and gas exploration and production (E&P) company EOG Resources Inc. announced a definitive agreement to acquire a privately-held, Utica Shale-focused producer Encino for $5.6 billion, inclusive of Encino's net debt. S&P said, "We placed all of our ratings on Encino, including our 'B-' issuer and issue-level credit rating, on CreditWatch with positive implications. The CreditWatch placement reflects the likelihood we could raise our issuer and issue-level ratings on Encino following the close of the transaction to equalize them with EOG (A-/Stable/A-2). The transaction values Encino at $5.6 billion, including the assumption of its debt, which stood at about $1.7 billion as of March 31, 2025. We expect EOG will retire Encino's outstanding debt at closing. "The transaction is subject to customary closing conditions and regulatory approvals. We expect to resolve the CreditWatch placement when the acquisition closes, which we expect will occur in the second half of 2025. "The placement of all ratings on CreditWatch with positive implications reflects the likelihood we will raise our ratings on Encino to equalize them with our ratings on EOG upon close of the transaction--which we anticipate in the second half of 2025--and assuming the transaction is completed as proposed." ERESEARCHTECHNOLOGY INC: Blackstone Marks $1.4M 1L Loan at 29% Off ------------------------------------------------------------------ Blackstone Secured Lending Fund has marked its $1,461,000 loan extended to eResearchTechnology, Inc. to market at $1,033,000 or 71% of the outstanding amount, according to Blackstone's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to eResearchTechnology, Inc. The loan accrues interest at a rate of 9.07% per annum. The loan matures on January 19, 2032. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About eResearchTechnology, Inc. CLARIO, formerly ERT and Bioclinica, is a technology company specializing in clinical services and customizable medical devices to biopharmaceutical and healthcare organizations. ES PARTNERS: Gets Extension to Access Cash Collateral ----------------------------------------------------- ES Partners, Inc. received second interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral. The second interim order penned by Judge Mindy Mora authorized the company to use cash collateral until July 1 to pay the expenses set forth in its budget, with a 10% variance allowed. The budget projects monthly expenses of $392,788.25. Truist Bank, Fox Funding Group, LLC and ODK Capital will be granted a replacement lien on property acquired by the company after its bankruptcy filing similar to their pre-bankruptcy collateral. In case the replacement liens are not enough to protect Truist Bank's interest, the bank will receive a superpriority administrative expense claim. As further addition, Truist will continue to receive monthly payments of $8,000. The payments started in May. The next hearing is set for July 1. About ES Partners Inc. ES Partners, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14211-MAM) on April 17, 2025. In the petition signed by Steven M. Easton, CEO, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Mindy A. Mora oversees the case. Brian K. McMahon, Esq., at Brian K. McMahon, PA, represents the Debtor as legal counsel. Truist Bank, as lender, is represented by: Jay B. Verona, Esq. Shumaker, Loop & Kendrick, LLP 101 E. Kennedy Blvd., Suite 2800 Tampa, FL 33602 Phone (813) 229-7600 Fax (813) 229-1660 jverona@shumaker.com EVEREST TRANSPORTATION: CSC Marks $6.1MM Loan at 30% Off -------------------------------------------------------- Capital Southwest Corporation has marked its $6,159,000 loan extended to Everest Transportation Systems, LLC to market at $4,312,000 or 70% of the outstanding amount, as of March 31, 2025, according to a disclosure contained in Capital Southwest's Form 10-K for the For the fiscal year ended March 31, 2025 filed with the Securities and Exchange Commission. Capital Southwest is a participant in a First Lien Loan to Everest Transportation Systems, LLC . The loan accrues interest at a rate of 12.42% (SOFR+8% (Floor 1%)/M per annum. The loan matures on August 26, 2026. Capital Southwest is an internally managed closed-end, non-diversified investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. Capital Southwest is led by Michael S. Sarner, President and Chief Executive Office; and David R. Brooks Chairman of the Board. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100, 75225 Dallas, TX Tel. No.: (214) 238-5700 Everest Transportation Systems is a high-growth, unique freight brokerage, currently focused on over the road surface transportation. F21 OPCO: Unsecureds Will Get 0.07% to 0.15% of Claims in Plan -------------------------------------------------------------- F21 OpCo, LLC, and its debtor affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a Disclosure Statement for Joint Chapter 11 Plan dated May 9, 2025. Forever 21 sells trendy clothing and accessories to customers in the United States primarily at brick-and-mortar stores, and has been a leader in the "fast fashion" industry since its founding in 1984. The Company began as a 900 square foot store in California, but through the 1980s and 1990s, expanded throughout the United States and, eventually, globally. As of the Petition Date, the Debtors operate approximately 354 leased stores in the United States, including locations at some of the most desirable shopping malls in the country. Forever 21 also sells merchandise through its website, www.forever21.com, that the Company has hosted since the early 2000s. Pursuant to a license agreement with a subsidiary of Authentic Brands Group ("ABG"), the Debtors license the Forever 21 brand for certain product categories and uses within the U.S. In recent years, the Company has faced a number of adverse events and conditions even as people returned to in-person shopping once the COVID-19 pandemic eased – the historic rise in inflation rates, decreased consumer discretionary spending, shifting consumer preferences, and the ability for certain non-U.S. online retailer competitors to take advantage of the "de minimis exemption" which exempts goods valued under $800 from import duties and tariffs resulting in non-U.S. retailers selling their products at drastically lower prices to U.S. consumers – that ultimately proved to be more than it could bear. After considering their options, the Debtors commenced store closings at a significant number of their stores starting on February 14, 2025, which process continued for all remaining stores no later February 28, 2025. In addition, the Debtors initiated these Chapter 11 Cases to maximize value for an orderly and efficient liquidation at each of their brick-and-mortar retail locations in the United States (such sales, the "Store Closing Sales"). At the same time, the Debtors have continued to market their business to third parties that may be interested in purchasing all or a subset of the Company or its assets on a going concern basis (such marketing and sale process, the "Going Concern Sale Process"), a process that the Debtors continued postpetition. The Store Closing Sales concluded and the Going Concern Sale Process did not produce a buyer. However, the Debtors continue to market their remaining assets at their distribution center, including wholesale inventory, fixtures and equipment, and their distribution center lease. The Debtors also engaged in extensive arms' length and good faith negotiations with the Debtors' secured lenders regarding the terms of a chapter 11 plan and financing needs. On March 16, 2025, the Debtors and their prepetition secured lenders reached an agreement in principle reflected in a plan support agreement ("PSA"), regarding the consensual use of cash collateral and a framework for distributing all available proceeds of the Debtors' assets in accordance with the priority scheme set forth in the Bankruptcy Code, subject to agreements reached in connection with the PSA, through a chapter 11 plan. Under the terms of the PSA, the Debtors and the Consenting Creditors (which hold 100% of each of the ABL Claims, Term Loan Claims, and Subordinated Loan Claims) have agreed, subject to the terms and conditions of the PSA, to support the transactions reflected in the Plan. The PSA paves a clear path to a confirmable plan that will ensure the timely and efficient wind down of the Debtors and their estates, and will bring finality to these Chapter 11 Cases in the near term. The Plan contemplates the below treatment for certain Classes of Claims and Interests by which Holders of Claims in such Classes will recover, among other things: * ABL Claims. If Class 6 (General Unsecured Claims) votes in favor of the Plan, each holder of an Allowed ABL Claim shall receive its pro rata share of 94% of the Net Proceeds. If Class 6 (General Unsecured Claims) votes against the Plan, each holder of an Allowed ABL Claim shall receive its pro rata share of 97% of the Net Proceeds. * Term Loan Claims and Subordinated Loan Claims. Holders of Allowed Term Loan Claims and Allowed Subordinated Loan Claims will not receive any distribution on account of such Claims against the Debtors, but holders of Term Loan Claims and Subordinated Loan Claims that are Consenting Creditors shall receive releases under the Plan. Since all lenders under the Term Loan Facility and Subordinated Loan Facility have agreed to vote in favor of the Plan pursuant to the PSA, holders of General Unsecured Claims shall receive a distribution under the Plan, notwithstanding that such Claims are junior in priority to the Term Loan Claims and Subordinated Loan Claims, respectively. * General Unsecured Claims. If Class 6 (General Unsecured Claims) votes in favor of the Plan, each such holder shall receive its pro rata share of 6% of the Net Proceeds. If Class 6 (General Unsecured Claims) votes against the Plan, each such holder shall receive its pro rata share of 3% of the Net Proceeds. Class 6 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim and the Debtors or the Plan Administrator, as applicable, agree to less favorable treatment for such Holder, each Holder of an Allowed General Unsecured Claim shall receive its pro rata share (based on such holder's proportionate share of the aggregate amount of all Allowed General Unsecured Claims) of: * interests in (and proceeds of) the remaining unencumbered property of the Debtors (if any); and * (A) if Class 6 (General Unsecured Claims) votes to accept the Plan, 6% of the Net Proceeds or (B) if Class 6 (General Unsecured Claims) votes to reject the Plan, 3% of the Net Proceeds. Notwithstanding anything to the contrary in the Plan, the treatment of the Allowed General Unsecured Claim of SPARC Group LLC on account of the SPARC Payable shall be subject to the terms of the SPARC Settlement. The allowed unsecured claims total $432,951,881.00. This Class will receive a distribution of 0.07% to 0.15% of their allowed claims. On the Effective Date, all Existing Equity Interests will be cancelled, released, and extinguished and will be of no further force and effect. No Holders of Existing Equity Interests will receive a distribution under the Plan on account of such Existing Equity Interests. Subject in all respects to the provisions of the Plan concerning the Professional Fee Escrow Account, the Debtors or the Plan Administrator, as applicable, shall fund distributions under the Plan with Cash on hand on the Effective Date and all other Distribution Co. Assets. A full-text copy of the Disclosure Statement dated May 9, 2025 is available at https://urlcurt.com/u?l=qVCAZF from PacerMonitor.com at no charge. Counsel to the Debtors: Andrew L. Magaziner, Esq. Robert F. Poppiti, Jr., Esq. Ashley E. Jacobs, Esq. S. Alexander Faris, Esq. Kristin L. McElroy, Esq. Andrew M. Lee, Esq. Sarah E. Gawrysiak, Esq. Young Conaway Stargatt & Taylor, LLP Rodney Square 1000 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 Email: amagaziner@ycst.com rpoppiti@ycst.com ajacobs@ycst.com afaris@ycst.com kmcelroy@ycst.com alee@ycst.com sgawrysiak@ycst.com 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. FERTILITY PARTNERS: Blackstone Marks CAD$4.8M 1L Loan at 35% Off ---------------------------------------------------------------- Blackstone Secured Lending Fund has marked its CAD$4,875,000 loan extended to The Fertility Partners, Inc. to market at $3,184,000 or 65% of the outstanding amount, according to Blackstone's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to The Fertility Partners, Inc. The loan accrues interest at a rate of 8.78% per annum. The loan matures on December 21, 2028. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About The Fertility Partners, Inc. The Fertility Partners Inc. is the business partner of choice for leading fertility practices across North America, empowering them to provide exceptional patient experiences, leading fertility outcomes and scale. It achieve this through strategic collaboration, comprehensive back-office support, and investments in people, technology, and research and development. FIRST BRANDS: S&P Affirms 'B+' ICR, Alters Outlook to Stable ------------------------------------------------------------ S&P Global Ratings revised its outlook on First Brands Group LLC (FBG) to stable from positive and affirmed our 'B+' issuer credit rating. S&P said, "We also affirmed our issue-level rating of 'B+' on its senior secured debt. Our '3' recovery rating on the company's first-lien term loan is unchanged, indicating our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. "The stable outlook reflects our expectation that First Brands will maintain EBITDA margins above 20%, debt to EBITDA below 5x, and free operating cash flow (FOCF) to debt above 3%. It also reflects the expectation that FBG will complete a refinancing to extend its maturities over the next couple of quarters. First Brands Group has increased its profit margins while significantly improving its scale, profitability, geographic presence, and product scope through acquisitions. FBG generated more than $5 billion of revenue and $1.2 billion of S&P Global Ratings adjusted EBITDA in 2024, significant increases from about $1 billion of revenue and $250 million of EBITDA in 2020. S&P said, "This scale and absolute profitability rank FBG as one of the largest automotive aftermarket suppliers that we rate. We attribute the increased revenue to more than 16 acquisitions and ramping up new program wins in key big box and warehouse distributor channels." The company's product portfolio increased to eight categories, including brakes, wipers, filters, trailer and towing, pumps, and lighting among other smaller parts, with about 77% sold in North America, 17% in Europe, and about 6% to the rest of the world. These categories are also primarily non- and semi-discretionary, which should be less volatile than for many other rated aftermarket companies that focus more on discretionary items for auto enthusiasts. The increased scale has not come at the cost of lower profitability. First Brands increased revenue primarily by acquiring underperforming brands and launching new products. It turned around these businesses through cost-reduction initiatives, relocation of manufacturing to lower cost sites, and improved operating leverage and efficiency at its plants. S&P also thinks this has improved purchasing power with suppliers and FBG's ability to increase prices to its customers. As a result, FBG has reported EBITDA margins of 25%-27% over the last couple of years. S&P said, "We revised the outlook to stable from positive to reflect refinancing risk to FBG's shorter-dated capital structure and weaker free cash flow. Our capital structure modifier is now negative because FBG's weighted-average maturity is less than two years despite strong margins and improved business. Liquidity would become less than adequate once the $4.5 billion first-lien term loans become current in March 2026. While the company has historically tapped leveraged loan markets and raised debt for acquisitions the past few years, current debt capital markets have been challenging. The magnitude of FBG's debt could prove difficult to quickly refinance at favorable terms. If FBG does not make meaningful progress in addressing upcoming maturities over the next couple of quarters, it could lead to multinotch downgrades if it seems likely its debt will become current. "Even when FBG refinances its debt and extends its maturities, we would likely maintain our 'B+' rating since FOCF has remained lower than expected despite very strong margins. This has been because of elevated interest costs on its debt and factoring, increased net working capital investment in acquired companies, and cash tax distributions paid over the past couple of years. Our calculation of FOCF to debt has been below 5%, and we expect it to remain there. If FBG establishes a track record of FOCF to debt over 5% and we expect it to continue, we could take a positive rating action. "We think the direct tariff impacts for First Brands are manageable assuming parts under the U.S.-Mexico-Canada Agreement (USMCA) remain exempt, and that the company may benefit longer term compared to peers given its large North American manufacturing footprint. Except for rotors sourced from China, FBG makes or sources almost all its products from the U.S. or Mexico, with 92% USMCA compliant. We therefore think the direct tariff exposure for first brands is manageable and FBG should offset the tariff impact with modest price increases across its products. In addition, the company is working to make rotors in North America. Many of its competitors source more products from China, which could benefit First Brands over time. Still, we believe tariffs will strain U.S. consumer spending and could slow repair and replacement cycles. "Our financial risk analysis also incorporates the company's factoring arrangements. We have received additional disclosure outlining receivables factoring exceeding our previous adjustment. FBG's factoring has increased significantly over the past couple of years. In addition to programs with very extended terms for big box retailers, it has also increased factoring of receivables for warehouse distributors. As a result, leverage is now somewhat weaker than we previously estimated, in the mid- to high-4x area at year-end 2024, albeit within the same the 4x-5x threshold for our financial risk profile assessment of aggressive. The factored receivables debt adjustment represents about a 0.8x turn of leverage in our analysis. "With the revision in our business risk assessment to fair from weak, we now also net some of FBG's cash in our calculation of its credit metrics, partially offsetting the increased debt from receivables factoring. "The stable outlook reflects our expectation that First Brands will maintain EBITDA margins above 20%, which should allow the company to maintain debt to EBITDA below 5x and FOCF to debt above 3%. It also reflects the expectation that the company will complete a debt refinancing to extend its maturities over the next couple quarters." S&P could lower its rating on First Brands over the next 12 months if the company: -- Has not made progress in addressing its $4.5 billion of first-lien debt maturities due in March 2027; -- Sustains debt to EBITDA above 5x; or -- Keeps FOCF below 3% on a sustained basis. The company's credit metrics could deteriorate if reduced consumer spending reduces sales volumes, it loses a top customer, or operational challenges adversely affect its cost structure. S&P could also consider a downgrade if First Brands announces plans to pursue large debt-financed acquisitions that would weaken credit metrics. S&P could raise its rating on First Brands if the company: -- Refinances its debt and materially extends its maturities; and -- Maintains debt to EBITDA around 4.5x and sustains FOCF to debt above 5%. FIRST EAGLE: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has assigned First Eagle Holdings, Inc. a 'BB-' Long-Term Issuer Default Rating (IDR). The Rating Outlook is Stable. Fitch has also assigned a secured debt 'BB-' rating to the firm's outstanding debt. Key Rating Drivers First Eagle's ratings reflect its long-tenured franchise as an investment manager (IM), solid investment performance within its public market funds, experienced management team, and above average fee-based EBITDA (FEBITDA) margins. Ratings constraints include First Eagle's elevated leverage, weaker interest coverage, smaller but growing platform scale and diversity relative to peers. Constraints also include net asset value (NAV)-based fees, which increase FEBITDA volatility, and the company's private equity ownership, which introduces some uncertainty around financial policies and strategic objectives. First Eagle has evolved its investment capabilities in recent years from a predominantly retail-focused, value-oriented active manager to a more diversified platform, which Fitch views favorably. However, product diversity trails higher rated peers, with multi-asset strategies comprising 63% of assets under management (AUM) as of May 2025, alternative credit strategies (25% of AUM), and equities and fixed income, and real estate rounding out the product suite. First Eagle has modest scale compared to larger peers, managing approximately $156 billion in AUM as of May 2025. Fitch would view continued AUM growth and further product diversity favorably. First Eagle had positive net inflows of 1.0% in 1Q25, driven by strong demand for its high yield municipal credit and Global Value Strategic Initiatives funds. Net client flows have been marginally positive for three consecutive years, following 8.9% average outflows from 2018-2021, as value-focused investments were out of favor with the broader market. From 2021-2024, outflows averaged 0.6% of AUM, aligning with Fitch's 'bbb' category benchmark for IMs with NAV-based fees. Fitch views consistently positive net client flows favorably. Expand institutional distribution and diversifying product offerings may reduce flow volatility and strengthen competitiveness. Fitch views First Eagle's profitability as a strength. FEBITDA margins, adjusting for performance fee related expenses, averaged 45.9% from 2021-2024, which is above peers and within Fitch's 'a' benchmark of 30% to 50%. The margin declined to 35.8% for the TTM ended 1Q25 due to higher compensation expense from expanding distribution capabilities. Fitch believes the firm's adjusted FEBITDA margins will improve in the near term as investments to strengthen distribution platforms and expand alternative credit solutions support continued operating performance strength throughout the Outlook horizon. In March 2025, Genstar Capital announced plans to take a majority ownership position in First Eagle. As part of the transaction, First Eagle's existing debt will be refinanced and replaced with a $2,050 million term loan, a $350 million delayed draw term loan (DDTL), and a $450 million revolving credit facility (RCF). Both the DDTL and RCF will be initially undrawn. Fitch views First Eagle's leverage as elevated compared to peers. Cash flow leverage, measured by gross debt to adjusted FEBITDA was 5.4x for the TTM ended 1Q25. This corresponds to Fitch's 'b' category benchmark of 5x - 7x for traditional IMs. Proforma for incremental debt associated with the acquisition, leverage would increase to 5.8x for the same period. While the increase in leverage is viewed as a rating constraint, Fitch believes First Eagle will deleverage gradually through incremental FEBITDA growth. Failure to maintain leverage below 6.0x on a sustained basis over the Outlook horizon could result in negative rating action. Interest coverage (adjusted EBITDA-to-interest expense) was 2.3x for the TTM ended 1Q25, down from a 3.8x average (2021-2024) due to higher debt balances and rising variable rate debt costs. This interest coverage is weaker than peers and falls within Fitch's 'bb' category benchmark for traditional IMs. Fitch expects interest coverage to remain pressured over the Outlook horizon given increased funding costs from a larger debt balance and the potential for increased use of the company's DDTL for additional opportunistic acquisitions in the medium term. Failure to improve and sustain interest coverage above 2.5x could yield negative rating pressure. Fitch views the firm's liquidity as adequate, supported by $39 million in cash as of March 2025, $450 million of revolver capacity in the proposed debt structure, and its cash-generative operations. The firm does not have any near-term refinancing risk, with the next term debt maturity in 2032. However, First Eagle's secured term loan has a 1% annual amortization requirement, which is sufficiently covered by the firm's liquidity sources. Fitch views the firm's fully secured funding profile as a rating constraint, given it limits financial flexibility, especially during times of stress. The Stable Outlook reflects Fitch's expectation that First Eagle's strategic initiatives will be supportive of continued solid operating performance which should lead to gradual deleveraging and improvement in interest coverage. Fitch also expects First Eagle to continue executing on its business and investment strategies such that it leads to further diversification of product offerings and supports greater consistency of customer net flows. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A sustained increase in cash flow leverage above 6.0x; - Failure to sustainably improve interest coverage above 2.5x or a notable decline in available liquidity; - Sustained material investment underperformance or meaningful long-term AUM outflows; and/or - A material deviation in the investment or operational strategy such that it leads to a more substantial balance sheet exposure or funding risks. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A sustained improvement in reported cash flow leverage below 4.5x; - Sustained interest coverage above 4.5x; - Favorable investment performance and sustained improvements of net flows, in particular, long-term net client flows; and/or - Sound execution against management's business plan and financial targets, in particular pertaining to FEBITDA generation and AUM. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The secured debt rating is equalized with First Eagle's Long-Term IDR, reflecting the current funding mix and Fitch's expectations for average recovery prospects under a stressed scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The secured debt rating is primarily sensitive to changes in First Eagle's Long-Term IDR, and secondarily to material changes in First Eagle's funding mix or changes in Fitch's assessment of the recovery prospects for the debt instrument. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned below the implied SCP due to the following adjustment reason(s): Weakest Link - Capitalization & Leverage (negative). The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason(s): Historical and future metrics (negative). The Funding, Liquidity & Coverage score has been assigned below the implied score due to the following adjustment reason(s): Historical and future metrics (negative). ESG Considerations First Eagle has an ESG Relevance Score of '4' for Governance Structure due to private equity ownership, which may result in more opportunistic growth strategies or shareholder-friendly financial policies, which has a negative impact on the credit profile, and is highly relevant to the ratings resulting in a lower Long-Term IDR. 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 ----------- ------ First Eagle Holdings, Inc. LT IDR BB- New Rating senior secured LT BB- New Rating FLIP LLC: Voluntary Chapter 11 Case Summary ------------------------------------------- Debtor: Flip, LLC 2006 Searles Road Dundalk MD 21222 Business Description: Flip, LLC leases real estate properties across residential, commercial, and industrial sectors. The Company operates as a lessor, providing rental and leasing services for various types of real property. Chapter 11 Petition Date: May 29, 2025 Court: United States Bankruptcy Court District of Maryland Case No.: 25-14842 Debtor's Counsel: Duane R. Demers, Esq. LAW OFFICES OF ALI K, LLC 6328 Baltimore National Pike, Suite 200 Catonsville, MD 21228 Tel: 443-274-1002 Email: demers@7474law.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mohammed Naoui as sole member/owner. The Debtor did not submit the required list of its 20 largest unsecured creditors when filing the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IXTF3VA/FLIP_LLC__mdbke-25-14842__0001.0.pdf?mcid=tGE4TAMA FMB ENERGY: Seeks Subchapter V Bankruptcy in Texas -------------------------------------------------- On May 30, 2025, FMB Energy Services Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Texas. According to court filing, the Debtor reports $1,098,568 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About FMB Energy Services Inc. FMB Energy Services Inc. is a trucking company based in Carrizo Springs, Texas, specializing in full truckload shipments of hazardous materials for intrastate transport. FMB Energy Services Inc.sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-51179) on May 30, 2025. In its petition, the Debtor reports estimated liabilities of $1,098,568. Honorable Bankruptcy Judge Craig A. Gargotta handles the case. The Debtors are represented by William R. Davis, Jr., Esq. at LANGLEY & BANACK, INC. GATEWAY AT WYNWOOD: Miami Properties Up For Sale on June 30 ----------------------------------------------------------- The Gateway at Wynwood LLC & 2830 Wynwood Properties LLC will sell their real property located at Gateway at Wynwood, 2916 North Miami Avenue, Miami, Florida, and the adjoining property located at 2830 North Miami Avenue, Miami, Florida at public auction on June 30, 2025, at 3:00 p.m. at the offices of Goldberg Weprin Finkel Goldstein LLP, 125 Park Avenue, New York, New York. The Gateway at Wynwood is a valuable mixed-use office development, consisting of approximately 450,000 total square feet located in Miami's Wynwood District, including 195,000 square feet of Class A commercial office space, plus associated retail space and multiple floors of covered parking. The adjoining property consists of an 11,000 square foot lot currently occupied by Chase Bank. The sale will be free and clear of all liens, claims, and interests, but subject to all existing leases. The closing date will occur no later than 15 days following the Bankruptcy Court approval. Interested bidders requesting additional information contact the Debtors' advisors, Christian Lee, tel: 305-773-2813, email:christian.lee@cbre.com; or Kevin J. Nash, Esq., tel: 212-301-6944, email: knash@gwfglaw.com. About Gateway at Wynwood LLC Gateway at Wynwood LLC owns a mixed-use office development project in Miami, FL known as the Gateway at Wynwood located at 2916 North Miami Avenue, Florida. The Project is fully built and completed with a certificate of occupancy in place and consists of approximately 450,000 total square feet, including 195,000 square feet of Class A commercial office space, plus associated retail space and multiple floors of covered parking. Gateway at Wynwood LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Lead Case No. 24-72586) on July 1, 2024. In the petition signed by David Goldwasser, as chief restructuring officer, the Debtor estimated assets and liabilities between $100 million and $500 million. The Honorable Bankruptcy Judge Louis A. Scarcella oversees the case. GPS HOSPITALITY: S&P Lowers ICR to 'CCC' on Liquidity Pressures --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S. franchise operator GPS Hospitality Holding Co. LLC and the issue-level rating on its senior unsecured notes to 'CCC' from 'CCC+'. The negative outlook reflects the company's minimal liquidity cushion and our expectation for continued free operating cash flow (FOCF) deficits in 2025 such that a default could occur in the next 12 months. The downgrade reflects increased restructuring risk over the next 12 months as liquidity tightens. Operating performance continues to strain credit metrics, as net revenues fell 6.7% and S&P Global Rating-adjusted EBITDA margins contracted 190 basis points (bps) in fiscal 2024 compared with the prior year. This led to leverage above 11x and a reported free operating cash flow (FOCF) deficit of $18 million. As of Dec. 31, 2024, the company had about $8.5 million of balance sheet cash, with $24 million drawn under its super-priority revolving credit facility, representing borrowings of roughly 35%. S&P believes further borrowings are unlikely given the company's springing maximum first-lien net leverage covenant of 7.5x on the super priority revolver, which springs when more than 35% of revolver capacity is used. S&P said, "We expect the proceeds from the sale its Pizza Hut locations to provide some liquidity cushion. However, the already tight liquidity position and our expectation that operational headwinds will remain through at least 2025, increases the risk that the company will be unable to meet its debt service requirements, specifically August 2025 and February 2026. These dynamics also increase the likelihood the company will likely default in the next 12 months. "We believe operations will continue to face operational headwinds in 2025. In the fourth quarter of 2024, GPS saw net revenues come down 10.5% over the prior year, as inflationary factors and economic uncertainty pressure consumers, particularly those in lower income households. Through the first quarter of 2025, the quick service restaurant (QSR) industry continued to face similar challenges given lower consumer confidence and heightened economic uncertainty. We also anticipate margins to feel some pressure through the year from normal input cost inflation, and operating deleveraging from a decreasing top-line, offset by some benefit from the sale of its Pizza Hut locations. As a result, we anticipate a cash flow deficit in the $20-25 million range, which will likely burn through proceeds from its asset sale." The negative outlook reflects increased likelihood of a default, including a debt restructuring, over the next 12 months. S&P said, "We could lower our rating on GPS if a default, including a debt restructuring or distressed exchange, appears inevitable in the subsequent six months. "We could revise the outlook or raise the rating if GPS' operating results and liquidity improve such that we believe the company could maintain sufficient liquidity for its operations over the subsequent 12 months or longer." GTCR EVEREST: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed GTCR Everest Borrower, LLC's (dba AssetMark) Long-Term Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is Stable. Additionally, Fitch has also affirmed the 'BB' rating with a Recovery Rating of 'RR2' for the company's first lien term loan and revolving credit facility. The ratings and Outlook reflect a resilient business model characterized by recurring revenues, strong operating performance, robust EBITDA margins, and positive free cash flow (FCF) generation. However, the ratings are constrained by moderate leverage and market volatility. Although Fitch expects EBITDA leverage to remain below its positive sensitivity threshold of 4.0x over the forecast period, the Stable Outlook is maintained due to heightened market volatility and financial policy considerations associated with sponsor ownership. Key Rating Drivers Moderate Leverage: Following GTCR's acquisition of AssetMark Financial Holdings (AMK) in September 2024, pro forma leverage was approximately 5.0x at the end of 2024. Fitch expects leverage to improve to around 4.0x in fiscal year 2025 and remain in the 3x-4x range over the rating horizon, supported by a projected free cash flow margin in the low double-digit range. Fitch anticipates AMK will use excess FCF for acquisitions and technology enhancements. While financial sponsor ownership increases the likelihood of aggressive shareholder returns, Fitch does not anticipate such actions currently. Market Risk: The company's revenue and profitability are directly affected by changes in the value of financial market assets or alterations in the mix of platform assets. Approximately more than 90% of the company's revenue is based on the market value of assets on its platform, exposing its earnings to market volatility. Additionally, a decrease in interest rates could negatively impact the company's spread-based revenue from customer cash for which it serves as custodian. However, the company has fixed the interest rate on approximately 57% of the cash generating spread-based revenue, with an average tenure of 2.9 years. Recurring Revenue Model: Fitch believes AMK's wealth technology platform and consulting services are highly embedded within advisor clients' ecosystems, making them challenging to replace. Over 95% of the company's revenue is recurring, generated from assets under contract rather than trading activity. The technology that supports both the wealth management and technology platforms is crucial for Independent Broker-Dealers (IBDs) and Registered Investment Advisors (RIAs), boasting high net and gross retention rates of 98% and 102%, respectively. Furthermore, 80% of the assets managed by advisors have been with the company for more than five years. Margin expansion: The company has historically achieved solid profitability, with Fitch-adjusted proforma EBITDA margins in the mid-30s range in 2024 and 2023, based on EBITDA as a percentage of gross revenues. The company's platform assets have grown at a CAGR of approximately 17% since FY 2020, reaching a pro forma total of USD 139 billion as of Dec. 31, 2024, driven by a combination of organic growth and inorganic growth through M&A. Fitch believes that margins in the mid-30s and strong FCF conversion will lead to FCF margins averaging in the low double digits over the rating horizon. Competition: The U.S. wealth management industry is intensely competitive, with AMK competing against turnkey asset providers like Orion, SEI, and Envestnet. Many broker-dealers offer proprietary wealth management platforms, while others provide point solutions for specific needs. The industry is shifting towards the RIA channel, accounting for 30% of platform assets, potentially pressuring broker-dealer assets (70%). However, the RIA channel presents a growth opportunity. Fitch views AMK's integrated custodian services as a competitive advantage, enabling advisors to switch IBD & RIA platforms without re-papering clients, ensuring high client retention. Peer Analysis GTCR Everest Borrower, LLC's rating reflects its strong position in the rapidly growing Broker/RIA sector as a provider of wealth technology platforms and solutions. The company benefits from a substantial base of recurring revenue and operates under a fee-based model that bills in advance each quarter, providing high revenue visibility. However, Fitch considers the company's ratings to be constrained by market volatility, which could impact the value of the platform's assets, and expects moderate leverage in the ~4.0x range in fiscal year 2025. The company's credit metrics align with the 'B+' rating and other similarly rated peers within Fitch's coverage. As with other issuers owned by private equity, Fitch expects the company to prioritize equity returns over debt reduction. Key Assumptions - Gross revenue increase in the mid-teens range, driven by higher average AUM resulting from historical growth and acquisitions; - EBITDA margin compresses modestly before rebounding in 2026 due to fee compression; - Working Capital remains a modest use of cash flow in the next few years; - Cash tax rate of 26%; - Fitch forecast M&A totaling $300 million over the four-year forecast period; - Capex intensity forecast in the mid-single-digit range. Recovery Analysis For entities rated 'B+' and below, where default is closer and recovery prospects are more meaningful to investors, Fitch undertakes a tailored, or bespoke, analysis of recovery upon default for each issuance. The resulting debt instrument rating includes a Recovery Rating or published 'RR' (graded from RR1 to RR6), and is notched from the IDR accordingly. In this analysis, there are three steps: (i) estimating the distressed enterprise value (EV); (ii) estimating creditor claims; and (iii) distribution of value. Fitch assumes GTCR Everest Borrower, LLC would emerge from a default scenario under the going concern approach versus liquidation. Key assumptions used in the recovery analysis are as follows: (i) Going-concern EBITDA: Fitch estimates a going concern EBITDA of approximately $220 million, or meaningfully below the company's current run-rate EBITDA. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation. Fitch contemplates a scenario in which a sustained decline in financial markets leads to a material reduction in fee-based revenue, impairs AMK's debt-servicing ability. Fitch expects the $250 million revolving credit facility to be fully drawn in a recovery scenario and expects 'RR2' recovery (71%-90%) on the company's first lien senior secured facilities, which corresponds to a 'BB' instrument rating. (ii) EV Multiple: Fitch assumes a 6.5x multiple, which is validated by historic public company trading multiples, industry M&A and past reorganization multiples Fitch has seen across various industries. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 5.0x; - Competitive pressures or significant market declines resulting in a decline in platform assets leading to prolonged revenue underperformance vis-à-vis Fitch's expectation; - Deterioration of EBITDA margin and FCF margin profile negatively affecting the financial flexibility. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch's expectation that EBITDA leverage will be sustained below 4.0x; - Continued robust accretion of platform assets through net flows and/or acquisitions that offset any negative impact from market movements along with sustained EBITDA margins and increased scale. Liquidity and Debt Structure Fitch views AMK's liquidity position as sufficient supported by the company's cash balances and availability on the revolving credit facility. As of Dec. 31, 2024, AMK had cash balance of $240 million and the $250 million revolving credit facility remains undrawn. The company's debt capital consists of a $1.35 billion first lien term loan facility maturing 2031 and $250 million revolving credit facility maturing 2029. Issuer Profile GTCR Everest Borrower, LLC (dba AssetMark) operates a wealth management platform for financial advisors with approximately $139 billion of assets on the platform. The platform serves over 9,300 financial advisors and over 317,000 investor households. 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 ----------- ------ -------- ----- GTCR Everest Borrower, LLC LT IDR B+ Affirmed B+ senior secured LT BB Affirmed RR2 BB GULF PACIFIC: Capital Southwest Marks $3.8MM Loan at 15% Off ------------------------------------------------------------ Capital Southwest Corporation has marked its $3,866,000 loan extended to Gulf Pacific Acquisition, LLC to market at $3,286,000 or 85% of the outstanding amount, as of March 31, 2025, according to a disclosure contained in Capital Southwest's Form 10-K for the For the fiscal year ended March 31, 2025 filed with the Securities and Exchange Commission. Capital Southwest is a participant in a Revolving Loan to Gulf Pacific Acquisition, LLC. The loan accrues interest at a rate of 11.42% (SOFR+7.00% (Floor 1.00%)/M per annum. The loan matures on September 29, 2028. Capital Southwest is an internally managed closed-end, non-diversified investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. Capital Southwest is led by Michael S. Sarner, President and Chief Executive Office; and David R. Brooks Chairman of the Board. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100, 75225 Dallas, TX Tel. No.: (214) 238-5700 Gulf Pacific Acuisition, LLC is a packager and processor of foods and ingredients. GUSTO SING: Blackstone Marks AU$1.4 Million 1L Loan at 38% Off -------------------------------------------------------------- Blackstone Secured Lending Fund has marked its AU$1,000,000 loan extended to Gusto Sing Bidco Pte. Ltd. to market at AU$618,000 or 62% of the outstanding amount, according to Blackstone's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to Gusto Sing Bidco Pte. Ltd. The loan accrues interest at a rate of 9.46% per annum. The loan matures on November 15, 2031. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Gusto Sing Bidco Pte. Ltd. Gusto Sing Bidco Pte. Ltd. is engaged in the distribution of pharmaceutical products. HALL OF FAME: Ups Credit Line With CHCL to $10M in 6th Amendment ---------------------------------------------------------------- Hall of Fame Resort & Entertainment Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company, and its subsidiaries HOF Village Newco, LLC, HOF Village Retail I, LLC, and HOF Village Retail II, LLC, entered into a Sixth Amendment to Note and Security Agreement, with CH Capital Lending, LLC, a Delaware limited liability company. CHCL is an affiliate of Stuart Lichter, a director of the Company. The Sixth Amendment: (i) modifies the definition of "Facility Amount" in Section 1 of the original note and security agreement (as amended prior to the Sixth Amendment) to increase the facility amount from $8,000,000 to $10,000,000 allowing the Borrowers to request an additional $2,000,000 for general corporate purposes, subject to certain restrictions; (ii) extends the maturity date for the facility to September 30, 2025; (iii) modifies the first paragraph of Section 2 to set forth distinct processes for payroll-related requests versus all other advancement requests; and (iv) amends and restates Section 5.06 to indicate the Company and CHCL will use good faith efforts to achieve any take private transaction deal milestones including development of an analysis setting forth Borrower's estimated weekly working capital requirements for the period commencing May 1, 2025 and ending July 31, 2025. The foregoing description of the Sixth Amendment does not purport to be complete and is qualified in its entirety by the full text of the Sixth Amendment, available at https://tinyurl.com/mv8a8smu About Hall of Fame Resort Hall of Fame Resort & Entertainment Co. is a resort and entertainment company leveraging the power and popularity of professional football and its legendary players in partnership with the National Football Museum, Inc., doing business as the Pro Football Hall of Fame. Headquartered in Canton, Ohio, the Company owns the DoubleTree by Hilton located in downtown Canton and the Hall of Fame Village, which is a multi-use sports, entertainment, and media destination centered around the PFHOF's campus. Cleveland, Ohio-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has sustained recurring losses through December 31, 2024 and utilized cash from operations of $10.9 million during the year ended December 31, 2024. The Company has $109.5 million of debt due through December 31, 2025, and will need to raise additional financing to accomplish its development plans and fund its working capital. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $366.7 million in total assets, $294.5 million in total liabilities, and a total equity of $72.2 million. The Company's accumulated deficit was $273.6 million as of December 31, 2024. HEAT TRAK: Capital Southwest Marks $11.5MM Loan at 15% Off ---------------------------------------------------------- Capital Southwest Corporation has marked its $11,500,000 loan extended to Heat Trak, LLC to market at $9,775,000 or 85% of the outstanding amount, as of March 31, 2025, according to a disclosure contained in Capital Southwest's Form 10-K for the For the fiscal year ended March 31, 2025 filed with the Securities and Exchange Commission. Capital Southwest is a participant in a First Lien - Term Loan A to Heat Trak, LLC. The loan accrues interest at a rate of 14.46% (SOFR+10.00% (Floor 2.00%)/Q, per annum. The loan matures on June 9, 2028. Capital Southwest is an internally managed closed-end, non-diversified investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. Capital Southwest is led by Michael S. Sarner, President and Chief Executive Office; and David R. Brooks Chairman of the Board. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100, 75225 Dallas, TX Tel. No.: (214) 238-5700 HeatTrak is a manufacturer specializing in heated mats designed for snow and ice melting on walkways, stairs, and driveways. HERMES HIPPIE: Seeks More Time to Respond to Receivership Motion ---------------------------------------------------------------- In the case styled AVENTURA LENDING LLC, Plaintiff v. THE HERMES HIPPIE LLC; LOLA GUSMAN; THE BOARD OF MANAGERS OF THE ONE GRAND ARMY PLAZA CONDOMINIUM, ON BEHALF OF THE UNIT OWNERS; CITY OF NEW YORK, DEPARTMENT OF FINANCE; "JOHN DOE" and "JANE DOE," the last two names being fictitious, said parties intended being tenants or occupants, if any, having or claiming an interest in, or lien upon, Defendants, Case No. 1:24-cv-02438-ENV-LKE (E.D.N.Y.), the Defendants' counsel filed a letter to Magistrate Judge for the Eastern District of New York to extend Defendants' time to file opposition to the motion by Plaintiff Aventura Lending LLC to Appoint Receiver/Referee. The Defendants cite several conflicts including multiple depositions and court appearances by the counsel, and the need for additional time to prepare opposition. No prior extension of this deadline has been previously requested. Counsel for Plaintiff objects to this request, stating: "Considering the multiple bankruptcy filings filed by your client since we commenced this case and the extensive delays that they have caused with moving forward with this case (including delaying my client's right to obtain an appointment of a receiver pursuant to the mortgage under this matured commercial loan), my client objects to any extensions or adjournments in connection with the motion to appoint a receiver." Aventura Lending is a single-member limited liability company. Aventura Lending's sole member is Consolidated Industries LLC. Consolidated Industries LLC is a two-member limited liability company. The Hermes Hippie LLC is a single-member limited liability company formed and registered in the State of New York. Plaintiff Aventura Lending LLC is represented by: Danielle Paula Light, Esq. Ashley Marie Koenen, Esq. Hasbani & Light, P.C. Tel: 212-643-6677 212-643-6677 E-mail: dlight@hasbanilight.com akoenen@hasbanilight.com The Defendants are represented by: Andreas E. Christou, Esq. WOODS LONERGAN PLLC One Grand Central Place 60 East 42nd Street Suite 1410 New York, NY 10165 Telephone: (212) 684-2500 Facsimile: (212) 684-2512 E-mail: andreas.christou@woodslaw.com HERO BX ALABAMA: Siena Lending Seeks Appointment of Receiver ------------------------------------------------------------ In the case styled SIENA LENDING GROUP LLC, Plaintiff v. HERO BX ALABAMA, LLC, et al., Defendants, Case No. 1:25-cv-00139-SPB (W.D. Pa.), the Plaintiff moves for an immediate Order appointing a receiver for the Defendants and the properties upon which they operate. Pursuant to a Loan Agreement dated as of November 1, 2021, the Plaintiff provided Defendants (i) a revolving loan in the maximum revolving facility amount of $50,000,000; (ii) an equipment term loan in the original principal amount of $4,300,000; and (iii) a real estate term loan in the original principal amount of $3,900,000. In the Loan Agreement, to secure the full payment and performance of all of the Obligations, the Defendants assigned and granted Plaintiff a continuing security interest in all property of Defendants. The Plaintiff perfected its security interests by filing UCC financing statements with the Alabama, Pennsylvania, and Delaware secretaries of state and respective counties where the Real Properties. As detailed in the Verified Complaint, the Defendants own five biofuel manufacturing facilities located in Pennsylvania, Alabama, Illinois, Iowa and New Hampshire. The Defendants' primary facility and headquarters are located near Erie, PA. The Defendants ceased operating at the end of 2024 when lucrative federal tax credits for biofuel producers expired, making any further production unprofitable. The Loan went into default in late 2024 when Defendants (i) failed to maintain a Fixed Charge Coverage Ratio in violation of the Loan Agreement and (ii) failed to satisfy the required Cash Infusion 2 Deliverable Conditions in violation of the Loan Agreement. As a result, on December 9, 2024, Plaintiff sent a Notice of Default and Reservation of Rights to Defendants. The Loan went into an over-advance. Thereafter, Defendants failed to make payments to cure the over-advance in accordance with the Loan Agreement, resulting in an additional event of default. As a result of the aforementioned Events of Default, Plaintiff as mortgagee is entitled to the appointment of a receiver. HERO BX ALABAMA, LLC is engaged in the production and marketing of biodiesel at the Company's facility located in Erie, Pennsylvania. The Plaintiff is represented by: Joseph T. Moran, Esq. BLANK ROME LLP Union Trust Building 501 Grant Street, Suite 850 Pittsburgh, PA 15219 Telephone: (412) 932-2800 Facsimile: (412) 932-2777 E-mail: joseph.moran@blankrome.com - and - John E. Lucian, Esq. Lawrence R. Thomas III, Esq. BLANK ROME LLP One Logan Square, 130 North 18th Street Philadelphia, PA 19103 Telephone: (215) 569-5500 Facsimile: (215) 569-5555 E-mail: john.lucian@blankrome.com lorenzo.thomas@blankrome.com HIGH SOURCES: Seeks Chapter 11 Bankruptcy in Florida ---------------------------------------------------- On May 30, 2025, High Sources Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports $9,148,669 in debt owed to 100 and 199 creditors. The petition states funds will be available to unsecured creditors. About High Sources Inc. High Sources Inc. provides janitorial, facilities maintenance, and construction services across multiple sectors, including healthcare and retail. Based in Tampa, Florida, the Company operates field offices in Arizona, Florida, and Texas. Founded in 2015, it is a minority-owned business. High Sources Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03583) on May 30, 2025. In its petition, the Debtor reports total assets of $1,110,080 and total liabilities of $9,148,669. Honorable Bankruptcy Judge Catherine Peek Mcewen handles the case. The Debtors are represented by Buddy D. Ford, Esq. at FORD & SEMACH, P.A. HIGHLAND CAPITAL: Supreme Court Pauses Chapter 11 Liability Ruling ------------------------------------------------------------------ Emily Lever of Law360 repots that on May 29, 2025, the U.S. Supreme Court granted bankrupt hedge fund Highland Capital permission to maintain liability protections for certain key parties in its Chapter 11 proceedings while it appeals a Fifth Circuit decision that invalidated those safeguards. About Highland Capital Management Highland Capital Management, LP was founded by James Dondero and Mark Okada in Dallas in 1993. Highland Capital is the world's largest non-bank buyer of leveraged loans in 2007. It also manages collateralized loan obligations. In March 2007, it raised $1 billion to buy distressed loans. Collateralized loan obligations are created by bundling together loans and repackaging them into new securities. Highland Capital Management sought Chapter 11 protection (Bank. D. Del. Case No. 19-12239) on Oct. 16, 2019. On Dec. 4, 2019, the case was transferred to the U.S. Bankruptcy Court for the Northern District of Texas and was assigned a new case number (Bank. N.D. Tex. Case No. 19-34054). Judge Stacey G. Jernigan is the case judge. At the time of the filing, Highland had between $100 million and $500 million in both assets and liabilities. The Debtor tapped Pachulski Stang Ziehl & Jones LLP as bankruptcy counsel, Foley & Lardner LLP as special Texas counsel, and Teneo Capital, LLC as litigation advisor. Kurtzman Carson Consultants, LLC, is the claims and noticing agent. The U.S. Trustee for Region 6 appointed a committee of unsecured creditors on Oct. 29, 2019. The committee tapped Sidley Austin LLP and Young Conaway Stargatt & Taylor LLP as bankruptcy counsel, and FTI Consulting, Inc. as financial advisor. HOMES NOW: Case Summary & One Unsecured Creditor ------------------------------------------------ Debtor: Homes Now LLC 709 W. Rusk St., Suite B560 Rockwall, TX 75087 Business Description: Homes Now LLC operates as a lessor of real estate, engaging in the rental and leasing of residential, commercial, and industrial properties. Chapter 11 Petition Date: May 29, 2025 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 25-41516 Debtor's Counsel: John Paul Stanford, Esq. QUILLING, SELANDER, LOWNDS, WINSLETT & MOSER, P.C. 2001 Bryan Street 1800 Dallas TX 75201 Tel: (214) 880-1851 Email: jstanford@qslwm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million Ken Strickler, in his role as authorized representative, signed the petition. The Debtor listed Capital Fund I LLC, located at 14555 N. Scottsdale Rd., Suite 200, Scottsdale, Arizona, as its sole unsecured creditor, with a potential deficiency claim of $1. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VUIZWPQ/Homes_Now_LLC__txebke-25-41516__0001.0.pdf?mcid=tGE4TAMA HURRICANE CREEK: Gets OK to Use Cash Collateral Until July 23 ------------------------------------------------------------- Hurricane Creek, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division to use cash collateral. The court's order authorized the company's interim use of cash collateral through July 23 to cover operating expenses, including payments to the Subchapter V trustee and those outlined in the company's budget. Approval from the U.S. Small Business Administration is required for additional spending not listed in the budget. As protection, SBA and other secured creditors including Iterum Financial, Byzfunder, Global Funding Experts, Itria Ventures and Rapid Cap SBFS, will receive replacement liens on all cash collateral, with the same priority as their pre-bankruptcy liens. As additional protection, Hurricane Creek was ordered to keep the collateral of its secured creditors insured as required under its loan and security agreements. The next hearing is scheduled for July 23. About Hurricane Creek Hurricane Creek, LLC has operated a country-music themed bar and restaurant. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02935) on June 12, 2024, with up to $50,000 in assets and up to $1 million in liabilities. Judge Tiffany P. Geyer presides over the case. Michael Faro, Esq., at Faro & Crowder, PA represents the Debtor as legal counsel. HYPERSCALE DATA: Debt Conversions OK'd at Special Meeting --------------------------------------------------------- Hyperscale Data, Inc. held a Special Meeting of Stockholders. As of April 30, 2025, the record date for the Meeting, the Company had outstanding and entitled to vote: (i) 1,706,356 shares of its Class A Common Stock, par value $0.001 per share, (ii) 4,995,709 shares of its Class B Common Stock, par value $0.001 per share, (iii) 50,000 shares of its Series C Convertible Preferred Stock and (iv) 960 shares of its Series G Convertible Preferred Stock issued and outstanding, which together constitute all of the outstanding voting capital stock of the Company. At the Meeting, the stockholders voted on seven proposals, which are described in more detail in the Company's definitive proxy statement on Schedule 14A filed with the U.S. Securities and Exchange Commission on May 2, 2025. At the Meeting, stockholders approved the following proposals that were presented for a vote: Proposal One: Approval of, pursuant to Rule 713(a) of the NYSE American, the conversion of the Company's 60,000 shares of Series B Preferred Stock into the Company's Class A Common Stock, pursuant to the Securities Purchase Agreement dated March 31, 2025. Proposal Two: Approval of, pursuant to Rule 713(a) of the NYSE American, the conversion of the SJC Exchange Note in the principal amount of $4,909,410.96 into Class A Common Stock, which SJC Exchange Note was issued to the holder on March 21, 2025. Proposal Three: Approval of, pursuant to Rule 713(a) of the NYSE American, the conversion of the A&R Forbearance Note in the principal amount of $3,500,000 into Class A Common Stock, which A&R Forbearance Note was issued pursuant to the Forbearance Agreement dated February 25, 2025. Proposal Four: Approval of, pursuant to Rule 713(a) of the NYSE American, the conversion of the Orchid Exchange Note in the principal amount of $4,193,314.54 into Class A Common Stock, which Orchid Exchange Note was issued pursuant to the Exchange Agreement dated March 14, 2025. Proposal Five: Approval of, pursuant to Rule 713(a) of the NYSE American, the conversion of the Orchid Convertible Note in the principal amount of $1,650,000 into Class A Common Stock, which Orchid Convertible Note was issued to the holder on April 1, 2025. Proposal Six: Approval of, pursuant to Rule 713(a) of the NYSE American, the conversion of Target Capital Convertible Note in the principal amount of $3,750,000 into Class A Common Stock, which Target Capital Convertible Note was issued to the holder on April 15, 2025. Proposal Seven: Approval of, pursuant to Rule 713(a) of the NYSE American, the conversion of the Secure Net Capital Convertible Note in the principal amount of $1,250,000 into Class A Common Stock, which Secure Net Capital Convertible Note was issued to the holder on April 15, 2025. About Hyperscale Data Headquartered in Las Vegas, NV, Hyperscale Data, Inc., formerly known as Ault Alliance, Inc., is transitioning from a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact to becoming solely an owner and operator of data centers to support high performance computing services. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides, through its wholly owned subsidiary, Ault Capital Group, Inc., mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. New York, New York-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated Apr. 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. HYPERSCALE DATA: Declares Cash Dividends on Preferred Shares ------------------------------------------------------------ Hyperscale Data, Inc. announced that its Board of Directors has declared a monthly cash dividend of $0.2708333 per share of the Company's outstanding 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock. The record date for this dividend is May 31, 2025, and the payment date is Tuesday, June 10, 2025. Link to NYSE quote for the Company's 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock: https://www.nyse.com/quote/XASE:GPUSpD The Company further announced that the Board has declared a monthly cash dividend of $0.41666 per share of the Company's outstanding 10.00% Series E Cumulative Redeemable Perpetual Preferred Stock. The declared dividend includes the previously deferred dividend for the month ended April 30, 2025. The record date for this dividend is May 31, 2025, and the payment date is Tuesday, June 10, 2025. "The Company is pleased to pay the previously deferred monthly Series E Preferred Stock dividend while simultaneously declaring the current monthly dividend," said Milton "Todd" Ault III, Executive Chairman of Hyperscale Data. "While the certificate of designations for the Series E Preferred Stock permitted the Company to defer up to 12 consecutive monthly dividend payments, we always anticipated electing to defer the monthly dividend by one month the first few months. By taking care of the previously deferred monthly dividend, the Company is demonstrating its creditworthiness to stockholders and its commitment to paying consistent dividends on the Series D and Series E Preferred Stock." For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors, and any other interested parties read Hyperscale Data's public filings and press releases available under the Investor Relations section at hyperscaledata.com or available at www.sec.gov. About Hyperscale Data Headquartered in Las Vegas, NV, Hyperscale Data, Inc., formerly known as Ault Alliance, Inc., is transitioning from a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact to becoming solely an owner and operator of data centers to support high performance computing services. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides, through its wholly owned subsidiary, Ault Capital Group, Inc., mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. New York, New York-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated Apr. 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. INTREPID USA: Seeks Chapter 7 Liquidation with $88MM Debt --------------------------------------------------------- Rick Archer of Law360 reports that Intrepid USA Inc., a home health and hospice provider formerly associated with Lynn Tilton's turnaround business, has filed for Chapter 7 liquidation in a Texas bankruptcy court, with more than $88 million in debt primarily linked to its 2024 sale. About Intrepid USA Inc. Intrepid U.S.A., Inc. is engaged in the business of providing home treatments and other medical assistance. Intrepid USA sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case. 25-32989) on May 29, 2025. Honorable Bankruptcy Judge Jeffrey P. Norman, Esq. handles the case. The Debtor is represented by Jarrod B. Martin, Esq. at Bradley Arant Boult Cummings LLP. IRAQ: Archirodon Seeks Receiver for Manhattan Rental Property ------------------------------------------------------------- In the case styled ARCHIRODON CONSTRUCTION (OVERSEAS) COMPANY LIMITED, Petitioner v. GENERAL COMPANY FOR PORTS OF IRAQ, MINISTRY OF TRANSPORT OF THE REPUBLIC OF IRAQ, AND REPUBLIC OF IRAQ, Respondents, Case No. 1:24-mc-00393-AT (S.D.N.Y.), the Petitioner moves for an order appointing a receiver to sell the Republic of Iraq's real property located at 124 East 80th Street and to turn over the proceeds to Archirodon in satisfaction of its judgment. This case arises out of a construction contract between Archirodon and the General Company for Ports of Iraq for the design and construction of a staging pier and breakwater for the Al Faw Grand Port in Iraq. The contract required disputes to be arbitrated before the International Chamber of Commerce in Geneva. After a dispute arose, Archirodon instituted an arbitration. On November 25, 2019, the arbitral tribunal issued a final award in favor of Archirodon. Archirodon holds a judgment confirming an arbitral award against the Republic of Iraq, and the arbitration agreement contains no provision restricting execution or attachment. The Republic of Iraq has been using its property at 124 East 80th Street for a commercial activity -- namely, as a commercial gymnasium and rental property. The DaytonInManhattan blog says the property is called the 1930 Clarence Dillon House, completed in 1930. It is described as a four-story house that imitates a Georgian townhouse. Zillow estimates the value of the property at $7,642,200. Finally, the D.C. District Court has already determined that a reasonable period of time has elapsed. The Court should appoint a receiver to sell the property or, alternatively, direct the marshal to serve a writ of execution against the property. In either case, Archirodon further seeks a restraining notice prohibiting the sale or transfer of the property pending its sale or execution. General Company for Ports of Iraq is a governmental company under the Ministry of Transportation in the Republic of Iraq. The Petitioner is represented by: Robert K. Kry, Esq. Alexandra C. Eynon, Esq. MOLO LAMKEN LLP 430 Park Avenue, 6th Floor New York, NY 10022 Telephone: (212) 607-8160 E-mail: rkry@mololamken.com aeynon@mololamken.com JP MORGAN 2025-LTV1: Fitch Assigns 'B-(EXP)sf' Rating on B-2 Notes ------------------------------------------------------------------ Fitch Ratings has assigned expected ratings to JP Morgan Mortgage Trust 2025-LTV1 (JPMMT 2025-LTV1). Entity/Debt Rating ----------- ------ JPMMT 2025-LTV1 A-1A LT AAA(EXP)sf Expected Rating A-1B LT AAA(EXP)sf Expected Rating A-1 LT AAA(EXP)sf Expected Rating A-2 LT AA-(EXP)sf Expected Rating A-3 LT A-(EXP)sf Expected Rating M-1 LT BBB-(EXP)sf Expected Rating B-1 LT BB-(EXP)sf Expected Rating B-2 LT B-(EXP)sf Expected Rating B-3 LT NR(EXP)sf Expected Rating XS LT NR(EXP)sf Expected Rating PT LT NR(EXP)sf Expected Rating Transaction Summary Fitch expects to rate the RMBS to be issued by JP Morgan Mortgage Trust 2025-LTV1, Series 2025-LTV1 (JPMMT 2025-LTV1), as indicated above. The notes are supported by 281 loans with a balance of $272.80 million as of the cutoff date. This represents the first prime high-loan-to-value (LTV) transaction on the JPMMT shelf in 2025 and the second Fitch rated JPMMT transaction in 2025. The notes are secured by mortgage loans originated mainly by United Wholesale Mortgage (UWM), which is assessed as an 'Above Average' originator by Fitch. The remaining originators are contributing less than 10% each to the transaction. On and after the closing date, the loans are serviced by the following servicers: United Wholesale Mortgage LLC (61.4%), which is not rated by Fitch but Cenlar, rated 'RPS2' by Fitch, is the subservicer; Nationstar Mortgage LLC d/b/a Rushmore Servicing (25.7%), rated 'RSS2'/Stable by Fitch; PennyMac Loan Services and PennyMac Corp (10.5%), rated 'RPS2-'/Stable by Fitch; loanDepot.com LLC (1.8%), which is not rated by Fitch and Fay Servicing, LLC (0.6%), rated 'RSS2'/Negative by Fitch. Per the transaction documents, 93.8% of the loans are designated as safe harbor (APOR) qualified mortgage loans (SHQM) and the remaining 6.2% are designated as rebuttable presumption (APOR) qualified mortgage loans. Class A-1A, class A-1B, class A-2 and class A-3 notes are fixed rate, are capped at the net weighted average coupon (WAC) and have a step-up feature. The pass-through rate for class M-1 and B-1 notes will be a per annum rate equal to the lesser of (i) the applicable fixed rate for such class of notes, determined at the time of pricing, or (ii) the net WAC rate for the related payment date. The class B-2 and B-3 notes are based on the net WAC. Additionally, on any payment date after the step-up date where the aggregate unpaid interest carryover amount for class A notes is greater than zero, payments to the class A step-up interest carryover reserve account will be prioritized over payment of interest/unpaid interest payable to class B-3 notes. KEY RATING DRIVERS Updated Sustainable Home Prices (Negative): Fitch views the home price values of this pool as 10.1% above a long-term sustainable level (versus 11.1% on a national level 4Q24, down 0.1% since last quarter, based on Fitch's updated view on sustainable home prices). Housing affordability is the worst it has been in decades driven by both high interest rates and elevated home prices. Home prices have increased 2.9% YoY nationally as of February 2025 despite modest regional declines, but are still being supported by limited inventory). Prime Credit Quality High LTV Loans (Mixed): The collateral consists of 281 fixed-rate, fully amortizing loans totaling $272.80 million. In total, 93.8% of the loans are designated as SHQM and the remaining 6.2% are designated as APOR qualified mortgage loans. The loans were made to borrowers with strong credit profiles but relatively high leverage. The loans are seasoned at approximately six months in aggregate, according to Fitch, and three months per the transaction documents. The borrowers have a strong credit profile, with a 746 FICO and a 39.8% debt-to-income (DTI) ratio, according to Fitch. Based on Fitch's analysis of the pool, the original WA combined LTV ratio (CLTV) is 86.7%, which translates to a sustainable LTV ratio (sLTV) of 95.2%. Approximately 35.2% of the loans have an sLTV greater than 100%. Per the transaction documents and Fitch's analysis, conforming loans constitute 12.7% of the pool and non-conforming loans constitute 87.3% of the pool. Additionally, 46.7% of the loans were originated by a retail or non-broker correspondent channel, and 53.3% via a broker channel. Of the pool, 100% comprises loans where the borrower maintains a primary or secondary residence (90.3% primary and 9.7% secondary). Single-family homes and planned unit developments (PUDs) constitute 89.5% of the pool, condominiums make up 7.6% and the remaining 2.9% are multifamily. The pool consists of loans with the following loan purposes, as determined by Fitch: purchases (79.3%), cashout refinances (9.8%) and rate-term refinances (10.9%). Fitch views favorably that no loans are for investment properties and a majority of mortgages are purchases. A total of 132 loans in the pool are for over $1.0 million, and the largest loan is approximately $2.87 million. Eighteen loans in the transaction have an interest rate buy down feature. Fitch did not increase its loss expectations on these loans since they were underwritten to the full interest rate. Of the pool loans, 27.1% are concentrated in California, followed by Florida and Arizona. The largest MSA concentration is in the Los Angeles MSA (11.1%), followed by the Phoenix MSA (7.7%) and the Denver MSA (4.5%). The top three MSAs account for 23.3% of the pool. As a result, no probability of default (PD) penalty was applied for geographic concentration. Furthermore, none of the borrowers were viewed by Fitch as having a prior credit event within the past seven years. Additionally, 9.0% of the loans have a junior lien in conjunction with a first-lien mortgage. First-lien mortgages constitute 100% of the pool (no second-lien loans are in the pool). All loans in the pool are current as of the cutoff date. Loan Count Concentration (Negative): The loan count for this pool is 281 loans, which results in a weighted average number (WAN) of 208 loans. Due to the WAN being less than 300, a loan count concentration penalty was applied. The loan count concentration for this pool results in a 1.12x penalty, which increases loss expectations by 214 bps at the 'AAAsf' rating category. Full Advancing (Mixed): The servicers will provide full advancing for the life of the transaction; each servicer is expected by Fitch to advance delinquent principal and interest (P&I) on loans that entered into a pandemic-related forbearance plan. Although full P&I advancing will provide liquidity to the notes, it will also increase the loan-level loss severity (LS) since the servicer looks to recoup P&I advances from liquidation proceeds, which results in less recoveries. Nationstar is the master servicer and will advance if the servicer is unable to do so. If the master servicer is unable to advance, the paying agent (Citibank) will advance as needed. Modified Sequential-Payment Structure (Neutral): The transaction has a modified sequential-payment structure, whereby collected principal pro rata is distributed among the class A notes while excluding the mezzanine and subordinate notes from principal until all the class A notes are reduced to zero. To the extent that either a cumulative loss trigger event or a delinquency trigger event occurs in a given period, principal will be distributed first to class A-1A and A-1B, then to A-2 and A-3 notes until they are reduced to zero. Once the A classes are paid in full, principal will be allocated first to M-1, then to B-1, then to B-2 and finally to B-3. Like other modified sequential structures, interest is prioritized over the payment of principal in the principal waterfall, with interest being paid first, prior to principal. The interest waterfall is sequential, with the class A receiving current interest and unpaid interest first. Both of these features are supportive of timely interest being paid to the 'AAAsf' rated classes. The transaction has excess interest and subordination to provide credit protection to the rated classes in the structure. However, excess spread will be reduced on and after the payment date in June 2029, since the class A notes have a step-up coupon feature, whereby the coupon rate will be the lower of (i) the applicable fixed rate plus 1.000% and (ii) the net WAC rate. Additionally, on any payment date occurring on or after the payment date in June 2029 on which the aggregate unpaid interest carryover amount for class A notes is greater than zero, payments to the interest carryover reserve account will be prioritized over the payment of interest and unpaid interest payable to class B-3 notes in both the interest and principal waterfalls This feature is supportive of the 'AAAsf' rated notes being paid timely interest at the step-up coupon rate under Fitch's stresses, and classes A-2 and A-3 being paid ultimate interest at the step-up coupon rate under Fitch's stresses. Fitch rates to timely interest for 'AAAsf' rated classes and to ultimate interest for all other rated classes. The transaction has excess interest and subordination to provide credit protection to the rated classes in the structure. Losses will be allocated reverse sequentially, with class B-3 taking losses first. Once the class M-1 is written off, the losses will be allocated sequentially to the A classes, with the A-1A class taking losses last. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Fitch incorporates a sensitivity analysis to demonstrate how the ratings would react to steeper market value declines (MVDs) than assumed at the MSA level. Sensitivity analyses was conducted at the state and national levels to assess the effect of higher MVDs for the subject pool as well as lower MVDs, illustrated by a gain in home prices. This defined negative rating sensitivity analysis demonstrates how the ratings would react to steeper MVDs at the national level. The analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the model-projected 41.6% at 'AAA'. The analysis indicates that there is some potential rating migration with higher MVDs for all rated classes, compared with the model projection. Specifically, a 10% additional decline in home prices would lower all rated classes by one full category. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The defined positive rating sensitivity analysis demonstrates how the ratings would react to positive home price growth of 10% with no assumed overvaluation. Excluding the senior class, which is already rated 'AAAsf', the analysis indicates there is potential positive rating migration for all of the rated classes. Specifically, a 10% gain in home prices would result in a full category upgrade for the rated class excluding those being assigned ratings of 'AAAsf'. This section provides insight into the model-implied sensitivities the transaction faces when one assumption is modified, while holding others equal. The modeling process uses the modification of these variables to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. It should not be used as an indicator of possible future performance. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as prepared by SitusAMC. The third-party due diligence described in Form 15E focused on four areas: compliance review, credit review, valuation review and data integrity. Fitch considered this information in its analysis and, as a result, Fitch decreased its loss expectations by 0.69% at the 'AAAsf' stress due to 100% due diligence with no material findings. DATA ADEQUACY Fitch relied on an independent third-party due diligence review performed on 100% of the pool. The third-party due diligence was generally consistent with Fitch's "U.S. RMBS Rating Criteria." SitusAMC was engaged to perform the review. Loans reviewed under this engagement were given compliance, credit and valuation grades and assigned initial grades for each subcategory. Minimal exceptions and waivers were noted in the due diligence reports. Refer to the "Third-Party Due Diligence" section for more detail. Fitch also utilized data files provided by the issuer on its SEC Rule 17g-5 designated website. Fitch received loan level information based on the ResiPLS data layout format, and the data provided was considered comprehensive. The data contained in the ResiPLS layout data tape were reviewed by the due diligence companies, and no material discrepancies were noted. 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. KDW REALTY: June 23, 2025 Auction Set by Secured Party ------------------------------------------------------ Auctions Advisors, on behalf of Loan Originations LLC, a DE LLC ("secured party"), will offer for sale on June 20, 2025, at 11:00 p.m. ET, at a public auction under the Uniform Commercial Doe, 100% of the membership interests in KDW Realty LLC ("collateral"). Keesha D. White is the owner of 100% of the collateral and pledged to Secured Party a first-priority, perfected security interests in and to the collateral. The Collateral includes an indirect interest in 4 detached houses in and near Philadelphia, PA. The sale will be conducted virtually via online video conference. Instructions to become a "qualified bidder" and attend the auction via online video conference are set forth in the terms & conditions, available online at https://www.auctionadvisors.com or by contacting Joshua Olshin: jolshin@auctionsadvisors.com. Secured Party is and will be a qualified bidder and is allowed to credit bid amounts due and owing to it by Ms. White. The auction sale will be held to enforce the rights of Secured Party under certain Security and Pledged Agreement and UCC financing statements pursuant to which Ms. White granted Secured Party's predecessor in interest a security interest in, among other things, the collateral. Qualified bidders must post a $50,000 good faith deposit prior to bidding, which deposit must be increased to 25% of the successful bid by the successful bidder on or prior to 12:00 p.m. ET on June 23, 2025. Secured Party will not required either to post or increase any deposit. Any interested bidder must satisfy the requirements to be a "qualified bidder" by no later than noon eastern time on June 19, 2025. LAKE COUNTY: Seeks Chapter 11 Bankruptcy in Illinois ---------------------------------------------------- On May 30, 2025, Lake County Hospitality LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About Lake County Hospitality LLC Lake County Hospitality LLC operates in the hotel and lodging sector and is associated with properties in Illinois. The Company manages hospitality assets and has been linked to hotels such as Four Points by Sheraton in Buffalo Grove. Lake County Hospitality LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08293) on May 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtors are represented by Paul M. Bach, Esq. at BACH LAW OFFICES. LANDMARK HOLDINGS: Gets Final OK to Use Cash Collateral ------------------------------------------------------- Landmark Holdings of Florida, LLC and its affiliates received final approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. The final order extended the companies' authority to use cash collateral to pay the expenses set forth in their budget, with a 10% variance allowed. The 13-week budget projects total disbursements of $24,813. As protection, Amerant Bank N.A., a secured creditor, was granted a replacement lien on all property of the companies as of the petition date or acquired thereafter. In addition, Amerant Bank will be granted a superpriority claim in case of any diminution in value of its pre-bankruptcy collateral resulting from the companies' use, sale or disposition of such collateral. The companies' authority to use cash collateral terminates upon occurrence of certain events, including consummation of a confirmed Chapter 11 plan; failure to deliver required documents; failure to comply with the budget; unauthorized use of cash collateral and unauthorized payments; dismissal or conversion of the companies' Chapter 11 cases; appointment of a trustee or examiner; material misrepresentation; and failure to perform obligations under the Order. About Landmark Holdings of Florida Landmark Holdings of Florida, LLC and seven affiliates filed Chapter 11 petitions (Bankr. M.D. Fla. Lead Case No. 25-00397) on March 9, 2025. The petitions were signed by Landmark CEO Bryan Day. At the time of the filing, Landmark reported between $50 million and $100 million in assets and between $50 million and $100 million in liabilities. Judge Caryl E. Delano oversees the cases. Jamie Zysk Isani, Esq., at Hunton Andrews Kurth, LLP is the Debtors' legal counsel. Amerant Bank N.A., as secured creditor, is represented by: Brian P. Yates, Esq. Garbett, Allen, Roza & Yates, P.A. Brickell City Tower 80 S.W. Eighth Street, Suite 3100 Miami, FL 33130 Telephone: (305) 579-0012 Email: byates@garlawfirm.com LILLY INDUSTRIES: Seeks Cash Collateral Access Until Aug. 31 ------------------------------------------------------------ Lilly Industries, Inc. asked the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, for authority to continue using cash collateral through Aug. 31. The Debtor, a supplier of natural stone and tile materials for construction, initially filed for bankruptcy on Feb. 3. The court previously approved interim and final cash collateral use, with the final order set to expire on June 3. The only secured creditor, the U.S. Small Business Administration, consented to the use of its collateral. The Debtor proposed continued monthly adequate protection payments of $5,129 to the SBA. The Debtor stated that ongoing access to cash collateral is essential to maintaining operations, purchasing inventory, paying staff, and protecting asset value. About Lilly Industries Inc. Lilly Industries, Inc. (doing business as The Slab Studio) is a trade-only gallery that offers architects, contractors, dealers, and designers access to the finest natural stone and semi-precious slabs, ensuring a sophisticated, one-of-a-kind viewing experience. With discerning standards and a global reach, they act as a trusted partner for those seeking premium materials for high-end design projects. Lilly Industries filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 25-10301) on February 3, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Robert Goe, Esq., a practicing attorney in Irvine, Calif., serves as Subchapter V trustee. Judge Theodor Albert oversees the case. The Debtor tapped Brian M. Rothschild, Esq., at Parsons Behle & Latimer as legal counsel and Rocky Mountain Advisory, LLC as accounting and financial advisor. LOGIX HOLDING: Capital Southwest Marks $3.5MM Loan at 20% Off ------------------------------------------------------------- Capital Southwest Corporation has marked its $8,750,000 loan extended to Logix Holding Company, LLC to market at $2,829,000 or 80% of the outstanding amount, as of March 31, 2025, according to a disclosure contained in Capital Southwest's Form 10-K for the For the fiscal year ended March 31, 2025 filed with the Securities and Exchange Commission. Capital Southwest is a participant in a First Lien Loan to Logix Holding Company, LLC. The loan accrues interest at a rate of 10.05% (SOFR+5.75% (Floor 2.00%)/Q per annum. The loan was scheduled to mature on December 22, 2024. Capital Southwest is an internally managed closed-end, non-diversified investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. Capital Southwest is led by Michael S. Sarner, President and Chief Executive Office; and David R. Brooks Chairman of the Board. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100, 75225 Dallas, TX Tel. No.: (214) 238-5700 Logix Holding Company, LLC operates as a holding company. The Company, through its subsidiaries, provides wireline telecom services such as business and wholesale internet, ethernet, voice cloud. Logix Holding serves customers in the United States. LOJERKY INC: Hires Nichani Law Firm as Bankruptcy Counsel --------------------------------------------------------- Lojerky, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Nichani Law Firm as bankruptcy counsel. The firm will provide these services: a. give the Debtor legal advice with respect to its powers and duties as debtor and debtor in possession in the continued management of the estate; b. represent the Debtor as debtor in possession in connection with reclamation proceedings if instituted in this court by creditors; c. prepare on behalf of the Debtor as debtor in possession, the necessary applications, answers, orders, motions, reports and other legal papers; and d. perform all other legal services for Applicant as debtor and debtor-in-possession which may be necessary herein; and it is necessary for debtor as debtor-in-possession to employ an attorney for such professional services. The firm will be paid at $525 per hour. The firm was paid a retainer in the amount of $21,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Vinod Nichani, Esq., a partner at Nichani Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Vinod Nichani, Esq. Nichani Law Firm 1960 The Alameda, Suite 100 San Jose, CA 95126 Tel: (408) 800-6174 Fax: (408) 290-9802 Email: vinod@nichanilawfirm.com About Lojerky, Inc. Lojerky, Inc., is the owner of the real property located at 406 Redwood Highway, Cave Junction, OR 97523 (the "Property"). The Debtor filed a Chapter 11 bankruptcy petition (Bankr. N.D. Cal. Case No. 23-51058) on September 17, 2023, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Arasto Farsad, Esq., of FARSAD LAW OFFICE, P.C. LOZO ENTERPRISES: Hires Calaiaro Valencik as Legal Counsel ---------------------------------------------------------- LoZo Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Calaiaro Valencik as counsel. The firm will provide these services: a. prepare bankruptcy petition and attendance at the Initial Debtor Interview and 341 Meeting of Creditors; b. represent the Debtor in relation to negotiating an agreement on cash collateral; c. represent the Debtor in relation to acceptance or rejection of executory contracts; d. advise Debtor with regard to its rights and obligations during the chapter 11 case; e. represent the Debtor in relation to any motions to convert or dismiss this Chapter 11; f. represent the Debtor in relation to any motions for relief from stay filed by any creditors; g. prepare the Chapter 11 Plan and Disclosure Statement, including attending confirmation hearings; h. prepare any objection to claims in the Chapter 11; and i. otherwise, represent the Debtor in general. The firm will be paid at these rates: Donald R. Calaiaro, Attorney/Partner $475 per hour David Z. Valencik, Attorney/Partner $395 per hour Andrew K. Pratt, Attorney/Partner $335 per hour Daniel R. White, Attorney/Partner $350 per hour Paralegals, Paralegal $125 per hour The firm received a retainer in the amount of $7,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. David Z. Valencik, Esq., a partner at Calaiaro Valencik, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David Z. Valencik, Esq. 555 Grant Street, Suite 300 Pittsburgh, PA 15219 Tel: (412) 232-0930 Fax: (412) 232-3858 Email: dvalencik@c-vlaw.com About LoZo Enterprises LLC LoZo Enterprises LLC, operating as X Golf Wexford, a franchised indoor golf simulator facility in Wexford, Pennsylvania. LoZo Enterprises LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-21098) on April 29, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by David Z. Valencik, Esq. at Calaiaro Valencik. LUCKY RABBIT: Taps Buffalo Public to Settle Insurance Claims ------------------------------------------------------------ Lucky Rabbit, LLC d/b/a Misuta Chow's seeks approval from the U.S. Bankruptcy Court for the Western District of New York to employ Buffalo Public Adjusters as public adjuster. The firm will aid in the preparation, presentation, adjustment, and negotiation, or effecting the settlement, of claims for loss or damage by covered peril or perils sustained at 521 Main Street, Buffalo, New York 14203 by the Debtor arising from the flood occurring on or about June 22, 2024. The firm will be paid at 6 percent of the amount of any recovery of insurance claim proceeds. Michael E. McKenica, SPPA, AIC, a partner at Buffalo Public Adjusters, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael E. McKenica, SPPA, AIC Buffalo Public Adjusters, 2690 Sheridan Drive Tonawanda, NY 14150 Tel: (716) 671-3473 About Lucky Rabbit, LLC d/b/a Misuta Chow's Lucky Rabbit, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 24-10015) on Jan 5, 2024. At the time of the filing, Debtor had estimated assets of $50,001 to $100,000 and liabilities of between $100,001 and $500,000. Judge Carl L. Bucki oversees the case. Arthur G Baumeister, Jr. at Baumeister Denz, LLP, is the Debtor's legal counsel. MAJAB DEVELOPMENT: Seeks to Hire Bush Ross P.A. as Counsel ---------------------------------------------------------- Majab Development, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Bush Ross, P.A. as counsel. The firm's services include: a. rendering legal advice with respect to the Debtor's powers and duties as debtor-in-possession; b. preparing on behalf of the Debtor necessary motions, applications, orders, reports, pleadings, and other legal papers, including schedules of assets and liabilities; c. appearing before the Court and the United States Trustee to represent and protect the interests of the Debtor; d. assisting with and participating in negotiations with creditors and other parties in interest in formulating a chapter 11 plan, drafting such a plan and a related disclosure statement, and taking necessary steps to confirm such a plan; e. representing the Debtor in all adversary proceedings, contested matters, and matters involving the administration of this case; and f. performing all other legal services that may be necessary for the proper preservation and administration of this chapter 11 case. The firm will be paid at these rates: Attorneys $225 to $625 per hour Legal assistants $125 to $185 per hour The firm will be paid a retainer in the amount of $25,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Kathleen L. DiSanto, a partner at Bush Ross, P.A., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Kathleen L. DiSanto Bush Ross, P.A. 1801 North Highland Avenue Tampa, FL 33602 Tel: (813) 224-9255 Fax: (813) 223-9620 Email: kdisanto@bushross.com 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. MANA GROUP: Seeks to Hire JRD Financials as Accountant ------------------------------------------------------ Mana Group Pharmacies, LLC d/b/a Brown's Pharmacy, seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ JRD Financials as accountant. The firm's services include preparing and filing of the Debtor's tax returns and any additional financial advice, information or assistance as may be requested by the Debtor. The firm will be paid at the rate of $75 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jennifer Diehl, a partner at JRD Financials, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jennifer Diehl JRD Financials 7809 Elm Ave. Wyndmoor, PA 19038 Tel: (302) 547-9853 Email: jen@jrdfinancials.com About Mana Group Pharmacies Mana Group Pharmacies, LLC, operating as Brown's Pharmacy, is an independent, locally owned pharmacy in Irving, Texas, serving the Irving, Las Colinas, and Greater Dallas-Fort Worth areas since 1973. The pharmacy focuses on providing personalized, friendly customer service, distinguishing itself from larger chain pharmacies. Services include prescription refills, compounding, delivery, vaccines, wound care, MEDSYNC (medication synchronization), and PakMyMeds (a free medication packaging service). Additionally, the pharmacy acts as an Amazon Hub, securely accepting and storing Amazon packages for customers. Mana Group Pharmacies filed Chapter 11 petition (Bankr. N.D. Texas Case No. 25-31057) on March 27, 2025, listing $332,938 in assets and $4,952,261 in liabilities. Christopher Tapper, managing member of Mana Group Pharmacies, signed the petition. David R. Langston, Esq., at Mullin Hoard & Brown, L.L.P., is the Debtor's legal counsel. Live Oak Banking Company, as secured creditor, is represented by: Kristin A. Zilberstein, Esq. ZBS Law, LLP 30 Corporate Park, Suite 450 Irvine, CA 92606 Telephone: (714) 848-7920 Facsimile: (714) 908-7807 bankruptcy@zbslaw.com MANDOLIN TECHNOLOGY: Blackstone Marks $3.5M 2L Loan at 17% Off -------------------------------------------------------------- Blackstone Secured Lending Fund has marked its $3,550,000 loan extended to Mandolin Technology Intermediate Holdings, Inc. to market at $2,947,000 or 83% of the outstanding amount, according to Blackstone's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a Second Lien Loan to Mandolin Technology Intermediate Holdings, Inc. The loan accrues interest at a rate of 10.97% (incl. 6.50% PIK) per annum. The loan matures on July 30, 2029. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Mandolin Technology Intermediate Holdings, Inc. Mandolin Technology Intermediate Holdings, Inc. is engaged in providing software products and services. MARRS CONSTRUCTION: Seeks Chapter 11 Bankruptcy in Arizona ---------------------------------------------------------- On May 30, 2025, Marrs Construction Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filing, the Debtor reports $12,177,492 in debt owed to 100 and 199 creditors. The petition states funds will be available to unsecured creditors. About Marrs Construction Inc. Marrs Construction Inc. is a Phoenix-based contractor that provides demolition, excavation, earthwork, site preparation, civil utility, and paving services. The Company serves both residential and commercial projects across the greater Phoenix area. Marrs Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04964) on May 30, 2025. In its petition, the Debtor reports total assets of $10,177,042 and total liabilities of $12,177,492. The Debtors are represented by Christopher C. Simpson, Esq. at OSBORN MALEDON, P.A. MATERIAL HOLDINGS: Blackstone Marks $5.3 Million 1L Loan at 82% Off ------------------------------------------------------------------- Blackstone Secured Lending Fund has marked its $5,336,000 loan extended to Material Holdings, LLC to market at $943,000 or 18% of the outstanding amount, according to Blackstone's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to Material Holdings, LLC. The loan accrues interest at a rate of 10.43% PIK per annum. The loan matures on August 13, 2031. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Material Holdings, LLC Material Holdings, LLC, formerly known as LRW Group (Lieberman Research Worldwide), is a marketing services and digital transformation consultancy, now known as Material+, focusing on customer experience transformation and insight-driven brand strategy. MEGNA HOSPITALITY: Has Deal on Cash Collateral Access ----------------------------------------------------- Royal Business Bank and Megna Hospitality Investments, Inc. advised the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, that they have reached an agreement regarding the Debtor's use of cash collateral and now desire to memorialize the terms of this agreement into an agreed order. The Debtor originally borrowed $5 million under a U.S. Small Business Administration (SBA) loan agreement in 2018, which was secured by real estate and personal property including a hotel property in Show Low, Arizona. Due to defaults on the loan, including missed payments and unpaid property taxes, the Lender accelerated the loan and scheduled a foreclosure sale for July 2, 2025. As of the bankruptcy filing, the Debtor owes the Lender approximately $4.79 million, excluding additional interest and fees. The parties agreed that the Debtor may use the cash collateral from May 20 to August 31, 2025, or until an event of default occurs or a further court order is issued. Use of funds is strictly limited to items specified in an approved operating budget, with minor allowances for variances. Franchise fee payments to Holiday Inn Express are specifically permitted even if they exceed the budget limits. To ensure the Lender is adequately protected during this period, the Lender will be granted a replacement lien on all postpetition assets (excluding certain legal claims). The Debtor must also make monthly adequate protection payments of $43,000 beginning June 1, 2025. In addition, the Debtor is required to submit detailed financial reporting, including weekly reconciliation reports, tax filings, bank statements, and other operational documents. The Lender is granted access to inspect the Debtor's property and records and is protected by requirements that the Debtor maintain sufficient insurance coverage. If the Debtor defaults on any terms—such as exceeding the budget, failing to report, or if the case is dismissed or converted—the Lender may terminate the Debtor's authority to use cash collateral. A copy of the motion is available at https://urlcurt.com/u?l=jkh9jt from PacerMonitor.com. 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 D. Kwasigroch, Esq., at the Law Offices of Michael D. Kwasigroch. MERCURY ACQUISITION: Capital Southwest Marks $2.9MM Loan at 25% Off ------------------------------------------------------------------- Capital Southwest Corporation has marked its $2,927,000 loan extended to Mercury Acquisition 2021, LLC to market at $2,195,000 or 75% of the outstanding amount, as of March 31, 2025, according to a disclosure contained in Capital Southwest's Form 10-K for the For the fiscal year ended March 31, 2025 filed with the Securities and Exchange Commission. Capital Southwest is a participant in a Second Lien Loan to Mercury Acquisition 2021, LLC. The loan accrues interest at a rate of 15.57% (SOFR+11% (Floor 1%)/Q per annum. The loan matures on December 7, 2026. Capital Southwest is an internally managed closed-end, non-diversified investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. Capital Southwest is led by Michael S. Sarner, President and Chief Executive Office; and David R. Brooks Chairman of the Board. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100, 75225 Dallas, TX Tel. No.: (214) 238-5700 Mercury Acquisition 2021, LLC engages in the retail sale of leather goods. MOM CA INVESTCO: Hires Stretto Inc. as Administrative Advisor ------------------------------------------------------------- MOM CA Investco LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Stretto, Inc. as Administrative Advisor. The firm will provide these services: a. assist with, among other things, solicitation, balloting, and tabulation of votes; prepare any related reports, as required in support of confirmation of a Chapter 11 plan; b. prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; c. assist with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; d. provide a confidential data room; e. manage and coordinate any distributions pursuant to a Chapter 11 plan if designated as distribution agent under such plan; and f. provide such other solicitation, balloting and other administrative services described in the Engagement Agreement, but not included in the Section 156(c) Application, as may be requested from time to time by the Debtors, the Bankruptcy Court or the Office of the Clerk of the Bankruptcy Court. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Sheryl Betance, a partner at Senior Managing Director of Corporate Restructuring, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Sheryl Betance Stretto, Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 Tel: (714) 716-1872 Email: sheryl.betance@stretto.com About MOM CA Investco LLC MOM CA Investco LLC and affiliates constitute a real estate joint venture comprised of a portfolio of commercial properties owned by the Debtors. The properties that make up the portfolio include hotels, an apartment complex, office buildings, other commercial real estate, and individual homes used as luxury vacation rentals. The Debtors have requested joint administration of their Chapter 11 cases under lead Case No. 25-10321 (Bankr. D. Del. in MOM CA Investco LLC). In the petition signed by Mark Shinderman, chief restructuring officer, the Debor disclosed up to $500 million in both assets and liabilities. Judge Brendan Linehan Shannon oversees the case. The Debtors tapped Buchalter, A Professional Corporation as lead bankruptcy counsel; Potter Anderson & Corroon, LLP as bankruptcy co-counsel; and FTI Consulting, Inc. as restructuring advisor. MONTEREY FINANCING: Blackstone Marks DKK$4.8M 1L Loan at 86% Off ---------------------------------------------------------------- Blackstone Secured Lending Fund has marked its DKK$4,819,000 loan extended to Monterey Financing, S.a r.l. to market at DKK$698,000 or 14% of the outstanding amount, according to Blackstone's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to Monterey Financing, S.a r.l. The loan accrues interest at a rate of 8.31% per annum. The loan matures on September 28, 2029. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Monterey Financing, S.a r.l. Monterey Financial provides receivables financing solutions. It offers consumer finance programs for clients offering retail sales and flex pay plans. MONTEREY FINANCING: Blackstone Marks NOK$5.1M 1L Loan at 91% Off ---------------------------------------------------------------- Blackstone Secured Lending Fund has marked its NOK$5,149,000 loan extended to Monterey Financing, S.a r.l. to market at NOK$489,000 or 9% of the outstanding amount, according to Blackstone's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to Monterey Financing, S.a r.l. The loan accrues interest at a rate of 10.56% per annum. The loan matures on September 28, 2029. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Monterey Financing, S.a r.l. Monterey Financial provides receivables financing solutions. It offers consumer finance programs for clients offering retail sales and flex pay plans. MONTEREY FINANCING: Blackstone Marks SEK$2-Mil. 1L Loan at 90% Off ------------------------------------------------------------------ Blackstone Secured Lending Fund has marked its SEK$2,090,000 loan extended to Monterey Financing, S.a r.l. to market at SEK$208,000 or 10% of the outstanding amount, according to Blackstone's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to Monterey Financing, S.a r.l. The loan accrues interest at a rate of 8.35% per annum. The loan matures on September 28, 2029. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Monterey Financing, S.a r.l. Monterey Financial provides receivables financing solutions. It offers consumer finance programs for clients offering retail sales and flex pay plans. MORRISVILLE BOROUGH: S&P Lowers GO Debt Rating to 'BB' ------------------------------------------------------ S&P Global Ratings lowered its underlying rating (SPUR) rating one notch to 'BB' from 'BB+' on Morrisville Borough District, Pa.'s outstanding general obligation (GO) debt. At the same time, S&P Global Ratings removed the rating from CreditWatch with negative implications, where it had been placed on March 4, 2025, for lack of timely financial information. S&P has since received the 2023 audit. The outlook is negative. S&P said, "The rating action reflects our view of heightened concerns around risk management, culture, and oversight stemming from the district's lack of willingness to implement a meaningful plan to address its structural imbalance and deficit fund balance position that we anticipate may deteriorate further in the outlook period. "Our rating action incorporates elevated risk management, culture, and oversight that we view as a weakness in the district's credit profile, reflecting the district's lack of sufficient steps to correct its structural imbalance." Additionally, like peers across the state, the district faces operating pressure from special education and charter tuition costs not offset by the commonwealth's funding formula. Environmental and social factors are neutral in our analysis. Environmental, social, and governance (ESG) credit factors for this change in credit rating/outlook and/or CreditWatch status: -- Risk management, culture, and oversight -- The negative outlook reflects at least a one-in-three chance that S&P could lower the rating further during the outlook period should the district's ongoing structural imbalance causing its deficit reserve position to grow further without a plan to correct. S&P said, "We could lower the rating further if the district's liquidity materially weakens, if the fund balance declines even further into negative territory as result of an ongoing structural imbalance, or if the district continues to rely on what we consider one-time measures to manage its operations. "We could raise the rating if available general fund reserves increase significantly, reducing the district's reliance on external borrowing for cash flow needs, and if the district shows sustained evidence of a structurally balanced budget with effective contingency planning." MRI SOFTWARE: Blackstone Marks $409,000 1L Loan at 54% Off ---------------------------------------------------------- Blackstone Secured Lending Fund has marked its $409,000 loan extended to MRI Software, LLC to market at $188,000 or 46% of the outstanding amount, according to Blackstone's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to MRI Software, LLC. The loan accrues interest at a rate of 9.05% per annum. The loan matures on February 10, 2027. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About MRI Software, LLC MRI, controlled by affiliates of Vista Equity Partners, provides financial and operational software as a service to commercial and residential property managers. NANOVIBRONIX INC: Alpha Capital Holds 9.99% Equity Stake -------------------------------------------------------- Alpha Capital Anstalt, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of May 16, 2025, it beneficially owns 82,471 shares of common stock of NanoVibronix Inc., representing 9.99% of the 825,533 shares outstanding as reported on Form S-1/A filed on May 14, 2025. The reported ownership reflects the maximum amount of shares Alpha Capital Anstalt may beneficially control under a contractual 9.99% ownership restriction, despite holding securities that, if fully converted or exercised, would exceed this limit. Alpha Capital Anstalt may be reached through: Konrad Ackermann, Director Altenbach 8, FL-9490 Vaduz, Liechtenstein 011-423-2323195 A full-text copy of Alpha Capital's SEC report is available at: https://tinyurl.com/mrxdyc6p About NanoVibronix Elmsford, N.Y.-based NanoVibronix, Inc., a Delaware corporation, commenced operations on October 20, 2003, and is a medical device company focusing on noninvasive biological response-activating devices that target wound healing and pain therapy and can be administered at home without the assistance of medical professionals. Southfield, Mich.-based Zwick CPA, PLLC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about its ability to continue as a going concern. As of September 30, 2024, NanoVibronix had $4.7 million in total assets, $2.8 million in total liabilities, and $1.9 million in total stockholders' equity. NATIONAL CREDIT: Capital Southwest Marks $11.8MM Loan at 20% Off ---------------------------------------------------------------- Capital Southwest Corporation has marked its $11,875,000 loan extended to National Credit Care, LLC to market at $9,500,000 or 80% of the outstanding amount, as of March 31, 2025, according to a disclosure contained in Capital Southwest's Form 10-K for the For the fiscal year ended March 31, 2025 filed with the Securities and Exchange Commission. Capital Southwest is a participant in a First Lien-Term Loan B to National Credit Care, LLC. The loan accrues interest at a rate of 4.50% Payment in Kind per annum. The loan matures on February 25, 2030. Capital Southwest is an internally managed closed-end, non-diversified investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. Capital Southwest is led by Michael S. Sarner, President and Chief Executive Office; and David R. Brooks Chairman of the Board. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100, 75225 Dallas, TX Tel. No.: (214) 238-5700 National Credit Care, LLC provides credit restoration and consulting services. NATIONAL REALTY: Trustee Can Equitably Subordinate $3.14MM Claim ---------------------------------------------------------------- The Honorable John K. Sherwood of the United States Bankruptcy Court for the District of New Jersey will equitably subordinate the claim of Media Effective, LLC and its owner and sole employee, Javier Torres, to Class 7 under National Realty Investment Advisors, LLC's plan. The Liquidation Trustee for the Debtors' estate won a $4,605,112.16 judgment against the Claimants for media services that were provided to National Realty Investment Advisors and its affiliates. Though the Trustee's Amended Complaint alleged nine counts against Claimants, this Court's Decision and Final Judgment against Claimants only held them liable for actual fraudulent transfers under Sec. 548(a)(1)(A) of the Bankruptcy Code in the amount of $4,605,112.16 (plus pre- and post-judgment interest). On Nov. 19, 2024, Claimants wired the Trustee $4,985,820.95 to satisfy the judgment. After transferring the money, Claimants filed a proof of claim for $3,147,629, a substantial portion of the judgment paid to the estate, under Sec. 502(h) of the Bankruptcy Code. The Trustee filed an objection to the claim on Jan. 30, 2025. The Trustee argued the claim is not valid because Claimants provided no value to NRIA in excess of the amounts already paid. Moreover, the services that were provided to NRIA had no purpose other than perpetuating NRIA's Ponzi scheme. In response, Claimants argued that the trial in the adversary proceeding already decided the value of the claim, and any attempt by the Trustee to dispute the value is barred by collateral estoppel. They also asserted that claims under Sec. 502(h) are valid even where the funds received (and then returned) were part of an actual fraudulent transfer. Claimants request an allowed claim of $3,147,629, which represents their profits between April 2021 and October 2021, even though Claimants were on inquiry notice that NRIA was a Ponzi scheme at that time. The Trustee's second argument is that the equities of the case favor disallowing the claim, and even if it is allowed, the claim should be equitably subordinated under Sec. 510(c) of the Bankruptcy Code. Claimants responded that the Trustee cannot equitably subordinate a Sec. 502(h) claim because the Trustee has already prevailed on its actual fraudulent transfer claim under Sec. 548(a)(1)(A), and the estate has already been provided with a remedy for the alleged wrongdoing. The Court finds it appropriate to subordinate Claimants to Class 7 under NRIA's Plan, as intended by the Trustee. Allowing Claimants the full value of their claim under Class 4 would mean that Claimants would be paid in full prior to the defrauded investors. Also important to these considerations is the fact that the Court's decision in the adversary proceeding attempted to effectuate justice by stripping Claimants of $4,605,683.84, equal to the profits that Claimants received from NRIA from April 2021 onward, at which point Claimants were on inquiry notice that NRIA was a Ponzi scheme. Allowing Claimants to be paid these profits in full prior to the investors receiving a return of the principal invested in the Ponzi scheme under Class 5 would be unjust, the Court concludes. Claimants' right to a hearing on the value of their claim in Class 7 and the Trustee's objections are preserved based on the Court's determination that this issue is not barred by collateral estoppel. A copy of the Court's decision dated May 15, 2025, is available at https://urlcurt.com/u?l=jlIhp9 from PacerMonitor.com. About National Realty Investment National Realty Investment Advisors, LLC is a luxury-homes developer based in Secaucus, N.J. National Realty Investment Advisors and 102 affiliates, including NRIA Partners Portfolio Fund I, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-14539) on June 7, 2022. In the petition filed by its independent manager, Brian Casey, National Realty Investment Advisors listed up to $50,000 in both assets and debt. NRI Partners Portfolio listed assets between $50 million and $100 million and liabilities between $500 million and $1 billion. Judge John K. Sherwood oversees the cases. S. Jason Teele, Esq., at Sills Cummis & Gross P.C., is the Debtors' counsel. Omni Agent Solutions is the claims and noticing agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee of unsecured creditors on June 30, 2022. The committee is represented by Ice Miller, LLP. NOBLE GOODNESS: Voluntary Chapter 11 Case Summary ------------------------------------------------- Five affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Noble Goodness, LLC (Lead Case) 25-04874 2225 E McDowell Rd. Phoenix, AZ 85006 Noble Eats, LLC 25-04877 4245 N. 24th St. Phoenix, AZ 85016 Noble Productions, LLC 25-04881 2201 E. McDowell Rd. Phoenix, AZ 85006 Noble Projects, LLC 25-04886 2201 E. McDowell Rd. Phoenix, AZ 85006 Noble Rex, LLC 25-04889 2225 E. McDowell Rd. Phoenix, AZ 85006 Business Description: The Debtors operate a bakery and eatery business in Phoenix, Arizona. Noble Goodness, under the name Noble Bread, supplies artisanal baked goods to local retailers, restaurants, and farmers markets, while Noble Eats, doing business as Noble Eatery, runs a deli serving lunch and catering services. Noble Productions, Noble Rex, and Noble Projects own the real estate, facilities, and equipment supporting the bakery operations. Chapter 11 Petition Date: May 29, 2025 Court: United States Bankruptcy Court District of Arizona Debtors' Counsel: Wesley D. Ray, Esq. Philip R. Rudd, Esq. SACKS TIERNEY P.A. 4250 N Drinkwater Blvd. 4th Floor Scottsdale, AZ 85251-3693 Tel: 480-425-2600 Fax: 480-970-4610 Email: Wesley.Ray@sackstierney.com rudd@sackstierney.com Noble Goodness' Total Assets as of May 28, 2025: $1,304,464 Noble Goodness' Total Liabilities as of May 28, 2025: $3,330,219 Noble Productions' Total Assets as of May 28, 2025: $657,970 Noble Productions' Total Liabilities as of May 28, 2025: $754,281 Noble Eats, LLC's Total Assets as of May 28, 2025: $8,986 Noble Eats, LLC's Total Liabilities as of May 28, 2025: $556,398 Noble Rex's Total Assets as of May 28, 2025: $1,386,056 Noble Rex's Total Liabilities as of May 28, 2025: $2,274,812 Noble Projects' Total Assets as of May 28, 2025: $157 Noble Projects' Total Liabilities as of May 28, 2025: $0 The petitions were signed by Jason Raducha as member. The Debtors failed to attach lists of their 20 largest unsecured creditors to the petitions. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/PLKG67Q/Noble_Goodness_LLC__azbke-25-04874__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/6IXSHPI/NOBLE_PRODUCTIONS_LLC__azbke-25-04881__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/FDS4KVY/NOBLE_PROJECTS_LLC__azbke-25-04886__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/IM3GCGI/Noble_Eats_LLC__azbke-25-04877__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/FXVMZLA/NOBLE_REX_LLC__azbke-25-04889__0001.0.pdf?mcid=tGE4TAMA NORTH HOUSTON: Seeks Subchapter V Bankruptcy in Texas ----------------------------------------------------- On May 28, 2025, North Houston Heart and Vascular Associates PA filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filing, the Debtor reports $1,499,863 in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About North Houston Heart and Vascular Associates PA North Houston Heart and Vascular Associates PA, dba The Vein Institute & MediSpa, based in Humble, Texas, provides vascular care services in the greater Houston area. The clinic specializes in the prevention, diagnosis, and minimally invasive treatment of vascular conditions, including laser vein procedures. It was founded by Dr. Raymond Little, a board-certified cardiovascular specialist. North Houston Heart and Vascular Associates PAsought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-32960) on May 28, 2025. In its petition, the Debtor reports total assets of $3,578,969 and total liabilities of $1,499,863. The Debtors are represented by Phillip Yates, Esq. at LAW OFFICE OF YATES & ASSOCIATES, PLLC. ODEVO AB: Blackstone Marks SEK$90.9 Million 1L Loan at 90% Off -------------------------------------------------------------- Blackstone Secured Lending Fund has marked its SEK$90,957,000 loan extended to Odevo AB to market at SEK$9,004,000 or 10% of the outstanding amount, according to Blackstone's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to Odevo AB. The loan accrues interest at a rate of 7.84% per annum. The loan matures on December 31, 2030. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Odevo AB Odevo AB is engaged in real estate management and development. OSCAR ACQUISITION: S&P Lowers ICR to 'B-' on Deteriorated Earnings ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Oscar Acquisition LLC to 'B-' from 'B'. At the same time, S&P lowered its issue level ratings on the company's secured and unsecured debt to 'B-' and 'CCC', respectively. The recovery ratings are unchanged at '3' and '6', respectively. The stable outlook reflects S&P's expectations for S&P Global Ratings-adjusted leverage sustained at 7x-8x over the next 12 months. S&P said, "We believe soft demand has deteriorated credit measures such that the company will sustain leverage at 7x-8x over the next 12 months, versus our prior expectations of 6x-7x, levels that commensurate with our 'B-' ratings. The company's adjusted leverage is at the upper end of the 7x-8x range for the 12 months ended March 29, 2025, and we believe metrics could stay within this range over the next 12 months. We expect deteriorated financial performance does heighten credit risk, over the next few quarters. We recognize that if business conditions remain subdued for a prolonged period or weaken more severely than expected, it could create further downside pressure on the credit quality. Though beyond that, we expect improving demand from end markets could lead to earnings' growth and some deleveraging in the next two years. "We expect Oscar's revenues could continue to decline by about 5%-10% in 2025, following 10%-15% compression in 2024 from the prior year. We expect overall demand to remain soft from residential as well as commercial end markets, particularly through the first half of 2025, with some potential improvement toward the end of the year. Nonetheless, the company has demonstrated its ability to generate adjusted EBITDA margins of 18%-20% even through difficult operating conditions, using cost controls and operating efficiency measures. We also believe these efficiency initiatives could support improved profitability levels longer term once business conditions normalize. "Free cash generation combined with sufficient liquidity and no upcoming debt maturities could mitigate weakened financial performance. We expect slower business conditions along with cost control measures and working capital management to help lower working capital investments and thus support free cash generation. As such we expect the company could generate $80 million to $90 million in free cash through 2025, although free cash flow generation in recent quarters has been minimal. Further, the company's liquidity resources with full availability under its $340 revolving credit facility and no upcoming debt maturities until 2027, offset some of the risks associated with deteriorated earnings. "The stable outlook indicates our belief that adjusted leverage would remain within the 7x-8x range and adjusted EBITDA interest coverage to be about 1.5x, over the next 12 months." S&P could lower the rating over the next 12 months if: -- S&P views its capital structure as unsustainable, exhibited by adjusted leverage deteriorating to 10x or EBITDA interest coverage trending toward 1x, or free cash flow turns negative. This scenario could materialize in the case of a severe downturn such that demand for the company's products drastically declines or higher-than-expected input prices cannot be passed on, as higher prices compress margins. -- The company undertakes a more aggressive financial policy such as pursuing debt-financed dividends or acquisitions that weaken credit measures. S&P could raise its rating on the company over the next 12 months if: -- Its S&P Global Ratings adjusted earnings improve faster than expected, helped by better demand, such that S&P Global Ratings-adjusted leverage declines back to the 6x-7x range and adjusted EBITDA interest coverage to 2x, and S&P views these levels to be generally sustainable. PARKERVISION INC: To Sell Common Shares, Warrants in Shelf Offering ------------------------------------------------------------------- ParkerVision, Inc. filed a Registration Statement on Form S-3 with the U.S. Securities and Exchange Commission informing that it may offer and sell, from time to time, shares of its common stock, par value $0.01 per share, warrants, or any combination thereof, in one or more offerings in amounts, at prices and on terms that it determines at the time of the offering, with an aggregate initial offering price of up to $25,000,000. ParkerVision said, "Our securities may be sold directly by us to you, through agents designated from time to time, or through underwriters or dealers. For additional information on the methods of sale, you should refer to the section entitled "Plan of Distribution" in this base prospectus and in the applicable prospectus supplement. If any underwriters or agents are involved in the sale of our securities with respect to which this base prospectus is being delivered, the names of such underwriters or agents and any applicable fees, commissions or discounts and over-allotment options will be set forth in a prospectus supplement. The price to the public of such securities and the net proceeds that we expect to receive from such sale will also be set forth in a prospectus supplement." "Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell our securities in public primary offerings with a value exceeding more than one-third of our public float in any 12-month period so long as our public float remains below $75.0 million. As of May 16, 2025, the aggregate market value of our outstanding common stock held by non-affiliates, or the public float, was approximately $53,786,641 based on 112,055,502 shares of our outstanding Common Stock that were held by non-affiliates on such date and a price of $0.48 per share, which was the last sale price of our Common Stock on the OTCQB Venture Market on May 16, 2025, calculated in accordance with General Instruction I.B.6 of Form S-3. We have not offered any securities pursuant to General Instruction I.B.6 of Form S-3 during the twelve-month period that ends on and includes the date hereof." "Our common stock is quoted on the OTCQB Venture Market under the ticker symbol "PRKR." "On May 16, 2025, the last reported sale price of our Common Stock was $0.48 per share. The applicable prospectus supplement will contain information, where applicable, as to any other listing, if any, on the OTCQB Venture Market or any securities market or other securities exchange of the securities covered by the prospectus supplement. Prospective purchasers of our securities are urged to obtain current information as to the market prices of our securities, where applicable." A full-text copy of the Company's report is available at https://tinyurl.com/mwh4kzb8 About ParkerVision Jacksonville, Fla.-based ParkerVision, Inc., and its wholly-owned German subsidiary, ParkerVision GmbH is in the business of innovating fundamental wireless hardware technologies and products. The Company has designed and developed proprietary RF technologies and integrated circuits based on those technologies, and the Company licenses its technologies to others for use in wireless communication products. Atlanta, Ga.-based Frazier & Deeter, LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 24, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's current resources are not sufficient to meet their liquidity needs for the next 12 months, the Company has losses from operations, negative operating cash flows and an accumulated deficit. These factors raise substantial doubt about the Company's ability to continue as a going concern. Parkervision disclosed $5,879,000 in total assets, $52,291,000 in total liabilities, and $46,412,000 in total shareholders' deficit at December 31, 2024. PEGASUS BUILDERS: Seeks Subchapter V Bankruptcy in Florida ---------------------------------------------------------- On May 30, 2025, Pegasus Builders Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Pegasus Builders Inc. Pegasus Builders Inc. is a licensed general contractor specializing in luxury custom homes and equestrian estates across Wellington and South Florida. The Company holds licenses in general contracting, engineering, and roofing, backed by over 25 years of experience in the Florida market. It serves both residential and commercial clients and actively participates in philanthropic initiatives supporting various local and national organizations. Pegasus Builders Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-16181) on May 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtors are represented by Aaron Wernick, Esq. at WERNICK LAW PLLC. PENDULUM THERAPEUTICS: Trinity Capital Marks $1.4M Loan at 18% Off ------------------------------------------------------------------ Trinity Capital Inc. has marked its $1,405,000 loan extended to Pendulum Therapeutics, Inc. to market at $1,405,000 or 82% of the outstanding amount, according to Trinity's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Trinity is a participant in a Secured Loan to Pendulum Therapeutics, Inc. The loan accrues interest at a rate of Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0% per annum. The loan matures on July 1, 2026. Trinity was incorporated under the general corporation laws of the State of Maryland on August 12, 2019 and commenced operations on January 16, 2020. Trinity is a specialty lending company providing debt, including loans, equipment financing and asset based lending, to growth-oriented companies, including institutional investor-backed companies. It is an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the 1940 Act. It has elected to be treated, and intend to qualify annually, as a RIC under Subchapter M of the Code for U.S. federal income tax purposes. Trinity is led by Kyle Brown as Chief Executive Officer, President and Chief Investment Officer; and Michael Testa as Chief Financial Officer and Treasurer. The Company can be reach through: Kyle Brown Trinity Capital Inc. 1 N. 1st Street Suite 302 Phoenix, AZ 85004 Telephone: (480) 374‑5350 About Pendulum Therapeutics, Inc. Pendulum Therapeutics -- https://pendulumlife.com/ -- is a biotechnology company improving health through products targeting the microbiome. PET RINSE: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------- Pet Rinse Repeat, LLC asked the U.S. Bankruptcy Court for the Western District of Missouri for authority to use cash collateral and provide adequate protection. The Debtor operates a mobile and in-store dog grooming and boarding business in the Kansas City area and remains in possession of its assets as a debtor-in-possession. The business includes mobile vans and a retail location at 2030 Swift Avenue, North Kansas City, Missouri. Arvest Bank is the primary secured lender, holding three promissory notes totaling over $306,000. Arvest claims a senior perfected security interest in the Debtor’s assets, including cash, receivables, equipment, and inventory, backed by a UCC-1 filing made in March 2023. The Debtor proposed to use the pre-petition cash collateral and in return grant Arvest a replacement lien on post-petition cash collateral and other assets. Additionally, the Debtor proposes monthly interest-only payments on all three loans: $1,059 on Loan #5289, $569 on Loan #5581, and $552 on Loan #6321, starting in June 2025. The Debtor argued that access to these funds is critical to continuing operations and avoiding business shutdown, which would harm all creditors. The motion includes a 30-day budget showing the Debtor can sustain operations if permitted to use the cash collateral. The Debtor commits not to use these funds to pay pre-petition unsecured debts and believes Arvest is adequately protected. About Pet Rinse Repeat LLC Pet Rinse Repeat, LLC operates a mobile and in-store dog grooming and boarding business in the Kansas City area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-40747-btf11) on May 19, 2025. In the petition signed by Amy Ramatowski, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Brian T. Fenimore oversees the case. Erlene W. Krigel, Esq., at Krigel, Nugent + Moore, P.C., represents the Debtor as legal counsel. POET TECHNOLOGIES: Sets Virtual Annual Meeting for June 27 ---------------------------------------------------------- POET Technologies Inc. released a Notice of Annual and Special Meeting of Shareholders, attached to the Company's report on Form 6-K Report filed with the U.S. Securities and Exchange Commission. The Notice announced that the Annual and Special Meeting of holders of common shares of the Company will be held virtually -- ://meetnow.global/MA7YKL7 -- at 1:00 p.m. (EDT) on June 27, 2025 for the following purposes: 1. to receive the audited consolidated financial statements of the Company for the financial year ended December 31, 2024 together with the auditor's report thereon and interim financial statements of the Company for the period ended March 31, 2025; 2. to elect the directors of the Company for the coming year; 3. to appoint Davidson & Company LLP as the auditors of the Company and to authorize the directors to fix their remuneration; and 4. to approve a resolution of a majority of the disinterested shareholders of the Company, approving the amendments to the Company's omnibus incentive plan, as more particularly set out in the Circular; 5. to transact such further or other business as may properly come before the Meeting or any adjournments thereof. Along with the Notice, the Company filed -- Attending the Meeting Online, Notice of Meeting And Management Information Circular, Notice of Availability Of Proxy Materials, Form Of Proxy, Financial Statements Request Form, And Certificate -- as exhibits to its Form 6-K Report, available at: https://tinyurl.com/4pm2hzzm About POET Technologies Inc. POET Technologies Inc. -- www.poet-technologies.com -- is a design and development company offering high-speed optical modules, optical engines, and light source products to the artificial intelligence systems market and hyperscale data centers. POET's photonic integration solutions are based on the POET Optical Interposer, a novel, patented platform that allows the seamless integration of electronic and photonic devices into a single chip using advanced wafer-level semiconductor manufacturing techniques. POET's Optical Interposer-based products are lower cost, consume less power than comparable products, are smaller in size, and are readily scalable to high production volumes. In addition to providing high-speed (800G, 1.6T, and above) optical engines and optical modules for AI clusters and hyperscale data centers, POET has designed and produced novel light source products for chip-to-chip data communication within and between AI servers, the next frontier for solving bandwidth and latency problems in AI systems. POET's Optical Interposer platform also solves device integration challenges in 5G networks, machine-to-machine communication, self-contained "Edge" computing applications, and sensing applications, such as LIDAR systems for autonomous vehicles. POET is headquartered in Toronto, Canada, with operations in Allentown, PA, Shenzhen, China, and Singapore. Hartford, Conn.-based Marcum LLP, the Company's auditor since 2009, issued a "going concern" qualification in its report dated March 15, 2024, citing that the Company has incurred significant losses over the past few years and needs to raise additional funds to meet its future obligations and sustain its operations. As of Dec. 31, 2024, the Company had $69,652,449 in total assets, $48,963,562 in total liabilities, and a total stockholders' equity of $20,688,887. PUBLISHERS CLEARING: Claims Filing Deadline on July 14, 2025 ------------------------------------------------------------ The U.S. Bankruptcy Court Southern District of New York set July 14, 2025, at 5:00 p.m. (Eastern Time) as the last date and time for persons and entities to file proofs of claim against Publishers Clearing House LLC. The Court also set Oct. 6, 2025, at 5:00 p.m. (Eastern Time) as the deadline for all governmental units to file their claims against the Debtor. Each Proof of Claim, including supporting documentation, must be filed so that Omni actually receives the Proof of Claim on or before the applicable Bar Date either (i) electronically, by using the interface available on Omni's website at https://omniagentsolutions.com/PCH-Claims or (ii) using one of the methods as follows: If By First Class Mail, Overnight Or Hand Delivery: Publishers Clearing House LLC Claims Processing c/o Omni Agent Solutions 5955 De Soto Ave., Suite 100 Woodland Hills, CA 91367 A claimant submitting a Proof of Claim through non-electronic means wishing to receive acknowledgment that its Proof of Claim was received by Omni must submit a copy of the Proof of Claim (in addition to the original Proof of Claim) and a self-addressed, stamped envelope. If you have any questions regarding the claims process and wish to obtain a copy of the bar date notice, a proof of claim form or related documents, you may do so by: (i) calling Omni's hotline at 888-710-5634 (US & Canada toll free) and 818-381-4518 (international), by email PCHInquiries@omniagnt.com and (ii) visit Omni's website at https://cases.omniagentsolutions.com/PCH. About Publishers Clearing House Publishers Clearing House LLC is a direct-to-consumer company offering free-to-play digital entertainment. Through its PCH/Media division, PCH helps brands and advertisers connect with qualified, responsive audiences across its extensive chance-to-win gaming platforms. PCH has evolved into a multi-channel media company, combining digital entertainment, direct-to-consumer marketing, and commerce to create compelling experiences for users and brands alike. Publishers Clearing House filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10694) on April 9, 2025. The case is pending before the Honorable Martin Glenn. Klestadt Winters Jureller Southard & Stevens, LLP is serving as legal advisor, William H. Henrich and Laurence Sax from Getzler Henrich & Associates LLC are serving as Co-Chief Restructuring Officers, SSG Capital Advisors, LLC, is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. Omni Agent Solutions is the claims agent. QT HAU LLC: Case Summary & Six Unsecured Creditors -------------------------------------------------- Debtor: QT Hau LLC 3226 Greenmount Avenue Baltimore MD 21218 Business Description: QT Hau LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: May 29, 2025 Court: United States Bankruptcy Court District of Maryland Case No.: 25-14829 Debtor's Counsel: David S. Musgrave, Esq. GORDON FEINBLATT LLC 1001 Fleet Street, Suite 700 Baltimore MD 21202 Tel: (410) 576-4194 Email: dmusgrave@gfrlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Thy Vo as manager. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KDDQXFA/QT_Hau_LLC__mdbke-25-14829__0001.0.pdf?mcid=tGE4TAMA R & L HANDYMAN: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ R & L Handyman, Inc. got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. At the hearing held on May 27, the court authorized the Debtor's interim use of cash collateral and set a further hearing for July 1. The Debtor needs its cash collateral to fund ongoing operations and administrative costs during its Chapter 11 Subchapter V bankruptcy. The Debtor identifies several potential secured creditors with liens on its limited assets -- $1,812 in bank accounts, $12,884 in accounts receivable, and $37,730 in fixed assets -- including Deere & Company, Ford Credit, Mulligan Funding, On Deck Capital, and Citizens Bank & Trust. To protect creditor interests, the Debtor offers adequate protection via post-petition replacement liens, asset inspection rights, and financial reporting. About R & L Handyman Inc. R & L Handyman, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 8:25-bk-03055-CPM) on May 9, 2025. In the petition signed by Elizabeth Perdue, vice president, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Catherine Peek McEwen oversees the case. Matthew J. Kovschak, Esq., at Sutton Law Firm, represents the Debtor as legal counsel. RADIATE HOLDCO: S&P Lowers ICR to 'CC' on Debt Restructuring ------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Radiate Holdco LLC to 'CC' from 'CCC'. At the same time, S&P lowered its issue-level rating on the company's first lien debt to 'CC' from 'CCC'. S&P also lowered its issue-level rating on the company's unsecured debt to 'C' from 'CC'. The negative outlook indicates that S&P will likely lower its ratings to 'D' upon completion of the transaction. S&P views the proposed transaction as a distressed exchange. On May 24, 2025, Radiate announced it entered into an agreement with over 98% of first-lien lenders and 86% of unsecured lenders on the company's debt restructuring. Revolver and first-lien term loan lenders are being offered an opportunity to exchange into first-lien, first-out (FLFO) debt at 100 cents on the dollar, while first-lien note holders are being offered 98 cents on the dollar. In addition, unsecured note holders are being offered an opportunity to exchange into first-lien, second-out (FLSO) debt at 83 cents on the dollar. Maturities for first-lien lenders would be extended to September 2029 from 2026, while maturities for unsecured lenders would be extended to March 2030 from 2028. The transaction also includes $400 million of new money (100% pay in kind), 50% in FLSO, and 50% in first-lien, third-out (FLTO) from sponsor Stonepeak. S&P said, "If completed, we would view the proposed transactions as distressed because existing lenders would not receive adequate compensation to offset the more junior ranking to the company's proposed super senior issuance and the extended maturities. In addition, the price offered to unsecured and first-lien noteholders is below par. Furthermore, we believe if the debt restructuring doesn't happen, there is a realistic possibility of a conventional default over the near to medium term. The transactions are expected to close by June 30, 2025. "The negative outlook indicates that we will likely lower our ratings to 'D' upon completion of the transaction. "After our review, following the completion of the debt exchanges, we would likely raise our issuer credit rating on Radiate to 'CCC+', reflecting the improved liquidity profile but also incorporating our view that the company will continue to face issues surrounding the sustainability of its capital structure." RIVER FALL: Seeks to Hire Bowditch & Dewey LLP as Counsel --------------------------------------------------------- River Fall 529 LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Bowditch & Dewey, LLP as counsel. The firm's services include: a. advising the Debtor with respect to its rights, powers and duties as a debtor-in-possession in the continued operation and management of its businesses and properties; b. representing the Debtor at all hearings and matters pertaining to its affairs as debtor and debtor-in-possession; c. preparing, 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; d. advising the Debtor with respect to, and assisting in the negotiation and documentation of, financing agreements and related transactions; e. reviewing and analyzing the nature and validity of any liens asserted against the Debtor's property and advising the Debtor concerning the enforceability of such liens; f. advising the Debtor regarding its ability to initiate actions to collect and recover property for the benefit of its estate; g. advising and assisting the Debtor in connection with the potential sale of the Debtor's assets and preparing documents and related pleadings concerning same; h. advising the Debtor concerning executory contract and unexpired lease assumptions, lease assignments, rejections, restructurings and recharacterization of contracts and leases; i. reviewing and analyzing the claims of the Debtor's creditors, the treatment of such claims and the preparation, filing or prosecution of any objections to claims; j. preparing, on the Debtor's behalf, and advising the Debtor with respect to any plan of reorganization or liquidation and all pleadings and documents related thereto; k. commencing and conducting any and all litigation necessary or appropriate to assert rights held by the Debtor, protect assets of the Debtor's Chapter 11 estate or otherwise further the goal of effectuating the Debtor's reorganization other than with respect to matters to which the Debtor retains special counsel; and l. performing all other legal services and providing all other necessary legal advice to the Debtor as debtor-in-possession which may be necessary in the Debtor's bankruptcy proceeding. The firm will charge the Debtor for its legal services on flat fee basis in accordance with its ordinary and customary rates. The firm will be paid a retainer in the amount of $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Christopher M. Condon, Esq., a partner at Bowditch & Dewey, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Christopher M. Condon, Esq. Bowditch & Dewey, LLP 75 Federal Street Suite 1000 Boston, MA 02110 Tel: (617) 757-6500 About River Fall 529 LLC River Fall 529 LLC is a single-purpose real-estate company that owns the 529 Eastern Avenue property in Fall River, Massachusetts. River Fall 529 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-10810) on April 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Christopher M. Condon, Esq. at BOWDITCH & DEWEY LLP. S&R EQUIPMENT: Case Summary & 18 Unsecured Creditors ---------------------------------------------------- Debtor: S&R Equipment Rentals LLC DBA Tool Time Equipment Rental & Sales 1320 N. Milford Road Highland, MI 48357 Business Description: S&R Equipment Rentals LLC DBA Tool Time Equipment Rental & Sales provides construction equipment rental and sales services across Central and Southeast Michigan, as well as neighboring states. Operating for over 18 years, the Company serves a diverse clientele that includes Fortune 500 firms, contractors, and homeowners. Its equipment offerings include excavators, lifts, landscaping tools, air compressors, forklifts, skidloaders, trailers, and more. Chapter 11 Petition Date: May 29, 2025 Court: United States Bankruptcy Court Eastern District of Michigan Case No.: 25-45516 Judge: Hon. Mark A Randon Debtor's Counsel: George E. Jacobs, Esq. BANKRUPTCY LAW OFFICES 2425 S. Linden Rd., Suite C Flint, MI 48532 Tel: (810) 720-4333 Email: george@bklawoffice.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Kenneth Sullivan as sole shareholder. A copy of the Debtor's list of 18 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/U7XGUVI/SR_Equipment_Rentals_LLC__miebke-25-45516__0004.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HKJWKBI/SR_Equipment_Rentals_LLC__miebke-25-45516__0001.0.pdf?mcid=tGE4TAMA SHARPLINK GAMING: Believes to Have Regained Nasdaq Compliance ------------------------------------------------------------- SharpLink Gaming, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that as of May 20, 2025, the Company believes it has demonstrated compliance with Nasdaq Listing Rule 5550(a)(2), as a result of the reverse stock split previously undertaken on May 5, 2025, due to the Company's Common Stock closing well above $1.00 for more than 10 consecutive trading days, although the Company has not been officially notified yet by Nasdaq of such regained compliance. The Company will notify its stockholders at the time of any such official notification by Nasdaq. The Company believes it is in compliance with Nasdaq Listing Rule 5550(b)(1), which requires stockholders' equity greater than $2.5 million (the "Minimum Stockholders' Equity Requirement"), as a result of the Offering described above, after anticipating all first quarter 2025 and second quarter 2025 expected losses, through the date of filing of this report, and expects to remain compliant for at least the next 12 months. On May 20, 2025, the Company submitted to Nasdaq, on a pro-forma basis, a financial statement reflecting the closing of the Offering and demonstrating its compliance with the Nasdaq Minimum Stockholders' Equity Requirement. About SharpLink Gaming SharpLink Gaming, Inc., operates as a marketing partner to sportsbooks and online casino gaming operators globally. SharpLink Gaming operates as a marketing partner to sportsbooks and online casino gaming operators globally. Based in Minneapolis, Minnesota, the Company operates PAS.net, an affiliate marketing network that facilitates player acquisition and engagement for regulated iGaming operators. It also manages a portfolio of state-specific affiliate websites targeting local sports betting and online casino audiences. It also manages a portfolio of state-specific affiliate websites targeting local sports betting and online casino audiences. Cherry Bekaert LLP, the Company's auditor since 2022, included a "going concern" qualification in its audit report on the 2024 annual results. The firm cited recurring losses and negative operating cash flows as factors that raise substantial doubt about the Company's ability to continue operating. The Company has a track record of net losses and noted that it may be unable to achieve or sustain profitability going forward. The Company experienced net income of $10,099,619 for the year ending Dec. 31, 2024, compared to a net loss of $14,243,182 for the years ended Dec. 31, 2023. As of Dec. 31, 2024, the Company had an accumulated deficit of $(77,808,959). SHARPLINK GAMING: Raises $4.5M in Stock and Warrant Offering ------------------------------------------------------------ SharpLink Gaming, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a securities purchase agreement pursuant to which the Company agreed to sell and issue, in a reasonable best efforts registered offering, an aggregate of 34,000 shares of common stock, $0.0001 par value per share, of the Company and Pre-Funded Warrants to purchase up to 1,496,612 shares of Common Stock. The Shares were offered at an offering price of $2.94 per Share. The gross proceeds from the Offering, before deducting the placement agent fees and offering expenses, were approximately $4.5 million. The Company intends to use the net proceeds received from the Offering for general working capital purposes and other purposes detailed in the prospectus for the Offering that has been filed with the U.S Securities and Exchange Commission. The securities were offered and sold pursuant to the Company's Registration Statement on Form S-1, as amended (Registration No. 333-286964) previously filed with the Securities and Exchange Commission and declared effective on May 20, 2025. A holder of the Pre-Funded Warrants (together with its affiliates) may not exercise any portion of the Pre-Funded Warrant to the extent that the holder would own more than 4.99% (or 9.99%, at the election of the holder) of the outstanding shares of Common Stock immediately after exercise, except that upon at least 61 days' prior notice from the holder to the Company, the holder may increase the amount of beneficial ownership of outstanding shares after exercising the holder's Pre-Funded Warrants up to 9.99% of the number of the Company's shares of Common Stock outstanding immediately after giving effect to the exercise. The Purchase Agreement contains representations and warranties that the parties made to, and solely for the benefit of, each other in the context of all terms and conditions of that agreement and in the context of the specific relationship between the parties. The Purchase Agreement also contains customary conditions to closing, termination rights of the parties, certain indemnification obligations of the Company and ongoing covenants for the Company, including a prohibition on the Company's sale and issuance of additional securities for a period of 30 days, subject to certain exceptions. Further, on May 20, 2025, the Company entered into a placement agency agreement with A.G.P./Alliance Global Partners, pursuant to which the Company engaged A.G.P. as the exclusive placement agent in connection with the Offering. The Company agreed to pay the Placement Agent a fee in cash equal to 7.00% of the gross proceeds from the sale of the Shares, as well as a management fee equal to 1.0% of the aggregate gross proceeds raised from the sale of the Shares and Pre-Funded Warrants. The Company also agreed to reimburse the Placement Agents for out-of-pocket expenses, including the reasonable fees of legal counsel not to exceed $75,000. The Placement Agent Agreement also contains representations, warranties, indemnification and other provisions customary for transactions of this nature. About SharpLink Gaming SharpLink Gaming, Inc., operates as a marketing partner to sportsbooks and online casino gaming operators globally. SharpLink Gaming operates as a marketing partner to sportsbooks and online casino gaming operators globally. Based in Minneapolis, Minnesota, the Company operates PAS.net, an affiliate marketing network that facilitates player acquisition and engagement for regulated iGaming operators. It also manages a portfolio of state-specific affiliate websites targeting local sports betting and online casino audiences. It also manages a portfolio of state-specific affiliate websites targeting local sports betting and online casino audiences. Cherry Bekaert LLP, the Company's auditor since 2022, included a "going concern" qualification in its audit report on the 2024 annual results. The firm cited recurring losses and negative operating cash flows as factors that raise substantial doubt about the Company's ability to continue operating. The Company has a track record of net losses and noted that it may be unable to achieve or sustain profitability going forward. The Company experienced net income of $10,099,619 for the year ending Dec. 31, 2024, compared to a net loss of $14,243,182 for the years ended Dec. 31, 2023. As of Dec. 31, 2024, the Company had an accumulated deficit of $(77,808,959). SHOOSMITH BROS: Seeks Chapter 11 Bankruptcy in Delaware ------------------------------------------------------- Shoosmith Bros., Inc., a Chester, Virginia-based waste management company, has filed for Chapter 11 bankruptcy protection. The company operates a landfill facility at 11520 Iron Bridge Road, providing solid waste disposal, environmental remediation, and waste collection services across Chesterfield County. Court filings reveal that its operations involve the handling of effluent leachate, requiring specialized environmental containment measures. The bankruptcy petition was filed on June 1, 2025, in the U.S. Bankruptcy Court for the District of Delaware. Shoosmith Bros. disclosed assets between $10 million and $50 million, with liabilities ranging from $100 million to $500 million. Its parent company, VWS Holdco, Inc., also filed for bankruptcy at the same time. According to the filing, the company's property requires immediate environmental attention due to leachate concerns, which may pose potential hazards. Shoosmith Bros. is represented by attorney John W. Weiss of Pashman Stein Walder Hayden, P.C. Key creditors include Shamrock Environmental, Archaea Energy, and several environmental engineering firms -- highlighting significant challenges related to compliance and infrastructure. About Shoosmith Bros. Inc. Shoosmith Bros. Inc. is a Chester, Virginia-based waste management company. Shoosmith Bros. Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10980) on June 1, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $100 million and $500 million. The Debtor is represented by John W. Weiss, Esq. at Pashman Stein Walder Hayden, P.C. SPECTRUM OF HOPE: Capital Southwest Marks $11.1MM Loan at 16% Off ----------------------------------------------------------------- Capital Southwest Corporation has marked its $11,120,000 loan extended to Spectrum of Hope, LLC to market at $9,318,000 or 84% of the outstanding amount, as of March 31, 2025, according to a disclosure contained in Capital Southwest's Form 10-K for the For the fiscal year ended March 31, 2025 filed with the Securities and Exchange Commission. Capital Southwest is a participant in a First Lien-Tranche A Term Loan to Spectrum of Hope, LLC. The loan accrues interest at a rate of 12.96% (SOFR+8.50% Payment in Kind (Floor 1%)/Q per annum. The loan matures on December 31, 2029. Capital Southwest is an internally managed closed-end, non-diversified investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. Capital Southwest is led by Michael S. Sarner, President and Chief Executive Office; and David R. Brooks Chairman of the Board. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100, 75225 Dallas, TX Tel. No.: (214) 238-5700 Spectrum of Hope is Houston's leading Applied Behavior Analysis treatment center. We treat children that are diagnosed with language, communication, behavioral and developmental disorders, delays, and syndromes such as Autism Spectrum Disorders, and more. SPECTRUM OF HOPE: Capital Southwest Marks $11.1MM Loan at 72% Off ----------------------------------------------------------------- Capital Southwest Corporation has marked its $11,120,000 loan extended to Spectrum of Hope, LLC to market at $3,114,000 or 28% of the outstanding amount, as of March 31, 2025, according to a disclosure contained in Capital Southwest's Form 10-K for the For the fiscal year ended March 31, 2025 filed with the Securities and Exchange Commission. Capital Southwest is a participant in a First Lien-Tranche A Term Loan to Spectrum of Hope, LLC. The loan accrues interest at a rate of 12.96% (SOFR+8.50% Payment in Kind (Floor 1%)/Q per annum. The loan matures on December 31, 2029. Capital Southwest is an internally managed closed-end, non-diversified investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. Capital Southwest is led by Michael S. Sarner, President and Chief Executive Office; and David R. Brooks Chairman of the Board. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100, 75225 Dallas, TX Tel. No.: (214) 238-5700 Spectrum of Hope is Houston's leading Applied Behavior Analysis treatment center. We treat children that are diagnosed with language, communication, behavioral and developmental disorders, delays, and syndromes such as Autism Spectrum Disorders, and more. SPEEDSTER BIDCO: Blackstone Marks CAD$50.6MM 2L Loan at 32% Off --------------------------------------------------------------- Blackstone Secured Lending Fund has marked its CAD$50,654,000 loan extended to Speedster Bidco GmbH to market at CAD$34,584,000 or 68% of the outstanding amount, according to Blackstone's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a Second Lien Loan to Speedster Bidco GmbH. The loan accrues interest at a rate of 8.16% per annum. The loan matures on December 13, 2032. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Speedster Bidco GmbH Speedster Bidco GmbH is controlled by Hellman & Friedman, which had acquired AutoScout24 in 2020. Parent company, Munich, Germany-based AutoScout24 GmbH, operates a website for trading vehicles such as motorcycles, cars, trucks, and more. It also offers loans and vehicle licensing products. The Company's country of domicile is Germany. STEWARD HEALTH: Gets Court Okay for Ch. 11 Plan Vote, Lender Deal ----------------------------------------------------------------- Rick Archer of Law360 reports that on May 30, 2025, a Texas bankruptcy judge approved a settlement between Steward Health Care and its secured lenders, permitting the hospital chain's Chapter 11 plan to advance to a creditor vote and describing the deal as the sole opportunity for other creditors to receive any recovery. About Steward Health Care Steward Health Care System, LLC, owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman has been appointed as patient care ombudsman in the Debtors' Chapter 11 cases. STOLI GROUP: Unsecureds to be Paid in Full in Joint Plan -------------------------------------------------------- Stoli Group (USA), LLC and Kentucky Owl, LLC, and S.P.I. Spirits (Cyprus) Limited (“SPI” or the "Plan Sponsor") filed with the U.S. Bankruptcy Court for the Northern District of Texas a Disclosure Statement relating to the Joint Plan of Reorganization dated May 9, 2025. The Debtors are integral components of the Stoli Group, a vertically integrated global beverage enterprise focused on marketing, importing, and distributing premium and ultra-premium spirits, wines, and nonalcoholic products. Prior to the Petition Date, the Debtors engaged Foley & Lardner LLP as their restructuring counsel and Riveron Management Services, LLC as their financial advisor with Steven R. Wybo of Riveron being named and designated the Debtors' Chief Restructuring Officer ("CRO") to advise and assist the Debtors with their restructuring initiatives and the completion and implementation of the comprehensive restructuring transactions (the "Restructuring Transactions") contemplated in the Plan and explained in this disclosure statement. The Debtors' Plan builds and relies on the support of their affiliates within the Stoli Group, and an emphasis on the Plan Contribution provided by the Plan Sponsor, SPI. Underscoring the Plan Sponsor's commitment to the Debtors' continued viability and long-term success, the Plan Sponsor has already made a significant Plan Contribution in the form of cash and non-cash support to the Debtors during these Chapter 11 Cases and will continue to provide necessary support in the form of the Plan Contribution upon the Debtors' emergence from chapter 11. The Debtors' Plan contemplates a comprehensive restructuring of the Debtors' secured and unsecured obligations and positions them for sustainable long-term growth following their emergence from chapter 11. The Plan is designed to enable the Debtors to emerge from chapter 11 with strengthened balance sheets and sufficient liquidity to support post-emergence operations, with all Allowed Claims of creditors being paid in full, including secured, unsecured, priority, and administrative Claims. In addition, the Plan offers a flexible and multi-pronged framework in the treatment of Claims and contemplates a combination of asset transfers, installment payments, cash flow from the Debtors' operations, a potential Exit Facility, and a Plan Contribution by the Plan Sponsor, which will be used to satisfy all Allowed Claims. Class 5 consists of the Allowed Claims of General Unsecured Creditors. In full and final satisfaction, compromise, settlement, release, and discharge of, and in exchange for, its General Unsecured Claim, except to the extent that a Holder of a General Unsecured Claim agrees to a less favorable treatment, each Holder thereof shall receive payment in full of their Allowed Class 5 Claims in equal monthly installments amortized from the Effective Date to December 31, 2026, plus interest at the Plan Interest Rate. The Reorganized Debtors shall be entitled, in their sole discretion, to make advance or prepayments of the amounts due under this provision without penalty or make whole requirements, which payments may arise from debt refinancing or prepayments under distribution agreements. Class 5 is Impaired. Distributions under the Plan will be funded through the Debtors' existing Cash, Cash generated from the Debtors' operations, and the Plan Contribution from the Plan Sponsor. Additionally, the Debtors are actively seeking financing through an Exit Facility, which will provide the Debtors with additional Cash to fund distributions. * As part of its efforts to effectuate and fulfill the Plan, Stoli USA is currently pursuing and negotiating long-term exclusive distribution agreements with its core distributor partners. In exchange for entering into these stable, value enhancing agreements, Stoli USA expects to receive substantial upfront Cash payments. These payments will be used to pay down creditor Allowed Claims of the Debtors' creditors and support the Debtors' post-emergence working capital needs. Stoli USA's distributor relationships are key assets and sources of revenue and provide long-term visibility and financial stability. * The Plan contemplates that, before the Effective Date, the Debtors may obtain new chapter 11 exit financing via an Exit Facility to refinance their existing obligations owed to the Senior Lender under the Revolver Commitment. This Exit Facility, which is expected to be on favorable terms, will allow the Debtors to facilitate a comprehensive paydown of Allowed Claims held by all creditors and ensure the Debtors have sufficient liquidity to continue operating without disruption post-emergence. * The Plan also contemplates and accounts for meaningful Cash infusions from the Plan Sponsor. The Plan Contribution is two pronged. First, during the Chapter 11 Cases, the Plan Sponsor provided an approximately $1 million subordinated unsecured loan to address certain shortfalls and liquidity issues and help fund the Debtors' operating expenses (the "Sponsor Loan"), as well as $3 million that has been provided to date in the form of reduced production payments to SPI for product received by the Debtors. The Plan Sponsor has agreed to waive the right to assert an administrative expense claim for the unpaid post-petition production payments owed by Stoli USA to SPI, and waive the right to receive distribution on account of the Sponsor Loan. Second, the Plan Sponsor has agreed to significantly reduce the amounts Stoli USA must pay for inventory post-emergence, effectively allowing Stoli USA to conserve cash and apply such savings to creditor distributions. A full-text copy of the Disclosure Statement dated May 9, 2025 is available at https://urlcurt.com/u?l=jFumSo from PacerMonitor.com at no charge. The Debtors' Counsel: Holland N. O'Neil, Esq. Stephen A. Jones, Esq. Mary Rofaeil, Esq. Zachary C. Zahn, Esq. FOLEY & LARDNER LLP 2021 McKinney Avenue Suite 1600 Dallas, TX 75201 Tel: (214) 999-3000 Fax: (214) 999-4667 Email: honeil@foley.com sajones@foley.com mary.rofaeil@foley.com zzahn@foley.com - and - Ann Marie Uetz, Esq. FOLEY & LARDNER LLP 500 Woodward Avenue, Suite 2700 Detroit, MI 48226-3489 Tel: (313) 234-7100 Fax: (313) 234-2800 Email: auetz@foley.com - and - Michael J. Small, Esq. FOLEY & LARDNER LLP 321 North Clark Street, Suite 3000 Chicago, IL 60654-4762 Tel: (312) 832-4500 Fax: (312) 832-4700 Email: msmall@foley.com About Stoli Group (USA) LLC Stoli Group (USA) LLC is a producer, manager, and distributor of a global portfolio of spirits and wines. Stoli Group (USA) and its Kentucky Owl American sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-80146) on Nov. 27, 2024. In the petition filed by Chris Caldwell, president and global chief executive officer, Stoli Group (USA) reported assets between $100 million and $500 million and liabilities between $10 million and $50 million. Judge Scott W. Everett handles the cases. Foley & Lardner, LLP represents the Debtors as legal counsel. Fifth Third Bank, as lender, can be reached through its counsel: Brent McIlwain, Esq. Christopher A. Bailey, Esq. Holland & Knight, LLP 1722 Routh Street, Suite 1500 Dallas, TX 75201 Telephone: 214.969.1700 Email: brent.mcilwain@hklaw.com chris.bailey@hklaw.com -- and -- Jeremy M. Downs, Esq. Steven J. Wickman, Esq. Goldberg Kohn, Ltd. 55 East Monroe Street, Suite 3300 Chicago, IL 60603 Telephone: 312.201.4000 Email: jeremy.downs@goldbergkohn.com steven.wickman@goldbergkohn.com STUDENT RESOURCE: Capital Southwest Marks $9.6MM Loan at 61% Off ---------------------------------------------------------------- Capital Southwest Corporation has marked its $9,644,000 loan extended to Student Resource Center, LLC to market at $3,761,000 or 39% of the outstanding amount, as of March 31, 2025, according to a disclosure contained in Capital Southwest's Form 10-K for the For the fiscal year ended March 31, 2025 filed with the Securities and Exchange Commission. Capital Southwest is a participant in a First Lien Loan to Student Resource Center, LLC. The loan accrues interest at a rate of 8.50% Payment in Kind per annum. The loan matures on December 30, 2027. The Loan is on non-accrual status as of March 31, 2024. Capital Southwest is an internally managed closed-end, non-diversified investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. Capital Southwest is led by Michael S. Sarner, President and Chief Executive Office; and David R. Brooks Chairman of the Board. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100, 75225 Dallas, TX Tel. No.: (214) 238-5700 Student Resource Center provides education management services to educational institutions, unions, economic and social justice advocates, and students. SWEET BRIAR COLLEGE: S&P Affirms 'BB+' Rating on 2006 Revenue Bond ------------------------------------------------------------------ S&P Global Ratings affirmed its long-term rating of 'BB+' on the Amherst Industrial Development Authority, Va.'s series 2006 educational facilities revenue refunding bonds, issued for Sweet Briar College (Sweet Briar or SBC). The outlook is stable. S&P said, "We analyzed the college's environmental, social, and governance factors and consider them neutral within our credit rating analysis. "The stable outlook reflects our view that over the next year Sweet Briar's enrollment will stabilize while its finances remain positive with an endowment draw in accord with policy and financial resources remaining sufficient to support the rating with no expectations of additional debt. "We could consider a negative rating action if the college's enrollment declines, leading to an inability to maintain positive financial performance on a full-accrual basis, its financial resources relative to operations and debt deteriorate, or its fundraising weakens such that it is unable to support operations in the manner that it has. "We could consider a positive rating action during the one-year outlook period if Sweet Briar College's enrollment rises, and it can be demonstrated that it is likely to be able to replicate a firm enrollment trend in the two succeeding years while financial performance remains positive and financial resources show some growth with a lessened dependency on fundraising to support operations while no increase in debt occurs." TEXAS SOLAR: Court Extends Cash Collateral Access to July 5 ----------------------------------------------------------- Texas Solar Integrated, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Texas to use cash collateral until July 5, marking the seventh extension since the company's Chapter 11 filing. The company was previously allowed to access cash collateral until June 7 only pursuant to the court's sixth interim order issued on May 23. The seventh interim order authorized the company to use cash collateral to pay the expenses set forth in its budget, with a 10% variance allowed. The budget shows total operational expenses of $164,118 for the period from June 8 to July 5. As protection for the use of their cash collateral, International Bank of Commerce and Wesco Distribution, Inc. were granted replacement liens on all assets of the company. In addition, IBC Will receive payments totaling $76,930 as further protection. A final hearing is set for July 2. About Texas Solar Integrated Texas Solar Integrated, LLC is a solar panel installation company in San Antonio, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 24-52297) on November 14, 2024, with $50 million to $100 million in assets and $10 million to $50 million in liabilities. Mike Sardo, manager, signed the petition. Judge Michael M. Parker oversees the case. Ray Battaglia, Esq., at the Law Offices of Ray Battaglia, PLLC, represents the Debtor as bankruptcy counsel. International Bank of Commerce, as secured creditor, is represented by: Diann M. Bartek, Esq. Dykema Gossett, PLLC 112 E. Pecan Street, Suite 1800 San Antonio, TX 78205 (210) 554-5500 (Telephone) (210) 226-8395 (Facsimile) dbartek@dykema.com TILSON TECHNOLOGY: Seeks Chapter 11 Bankruptcy w/ Over $100MM Debt ------------------------------------------------------------------ Alex Wittenberg of Law360 reports that on Thursday, May 29, 2025, Tilson Technology Management Inc., a fiber network developer, and its affiliates filed for Chapter 11 bankruptcy protection in Delaware. The company disclosed debts between $100 million and $500 million, citing a client's recent failure to pay for services rendered as the cause of its cash flow problems and inability to attract new investment, the report states. About Tilson Technology Management Inc. Tilson Technology Management Inc. is a telecommunications infrastructure construction and technology management firm based in Portland, Maine, specializes in building and managing telecommunications infrastructure projects across the United States. The company works with various construction, technology, and service providers to deploy telecommunications networks. Tilson Technology Management Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10949) on May 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Evan T. Miller, Esq. at Saul Ewing LLP. TOPICAL BIOMEDICS: Unsecureds Will Get 10% over 5 Years ------------------------------------------------------- Topical BioMedics, Inc. ("TBM") filed with the U.S. Bankruptcy Court for the Southern District of New York a Disclosure Statement describing Chapter 11 Plan dated May 9, 2025. The Debtor was originally founded and formed in 1994 by Lou Paradise, Aurora Cividanes Paradise, and Steve Duricko as TPR International Ltd., Inc. The name change was changed to TBM in 2002. TBM is the maker of Topricin(R) natural pain relief creams which is used to treat a variety of aches, pains, burns and skin issues. Topricin is distributed or sold in the U.S. through national and independent pharmacies, national pharmaceutical distributors, natural distributors, chain and natural grocery stores, specialty retailers, direct and online channels including Amazon, Walmart and Shopify, as well as through health and wellness practitioners. Claims and Interests are divided into 8 Classes under the Plan, and the proposed treatment of Claims varies among Classes. Administrative Claims, Professional Fee Claims, U.S. Trustee Fees and Priority Tax Claims are not classified. The Plan contains (I) 4 Classes of unimpaired Claims, which consist of Secured Claims (Classes 1, 2, 3) and Interests (Class 8) and (II) 4 Classes of impaired Claims, which consist of miscellaneous creditors and General Unsecured Claims (Classes 4, 5, 6 and 7). Class 5 consists of Allowed Unsecured Claims. Unless otherwise agreed by the applicable holder of an Allowed Claim in this Class to accept different and less favorable treatment, each holder of an Allowed Unsecured Claim shall be entitled receive a ten percent pro rata distribution of its claim over a period of five years. The amount of the Class 5 claims total the sum of $338,179.64. Class 6 consists of the Unsecured Claims of Centri Business Consulting Services, Ouachita Contract Manufacturing, Cosmetic Solutions and Newtek Technology Solutions, Inc. These claims were incurred at the request and, in some instance, insistence of Takacs. Separate classification of these claims is appropriate as the Debtor believes Takacs has engaged and may continue to engage in improper conversations and exert influence over this Class. Each holder in this Class shall be entitled to receive a ten percent pro rata distribution of its claim over a period of five years. The amount of the Class 6 claims total the sum of $719,313.66. Class 7 consists of the unsecured claims of shareholders and board members of the Debtor. The members of Class 7 are Dennis Barnett (and Propinquity Associates), Steven Spiegel, Joseph Mazzarella, and John Stanton. Dennis Barnett, Steven Spiegel and John Stanton have claims for monies loaned to the Debtor, as well as outstanding fees due for services rendered as board members and salary. To the extent that Class 7 members hold an interest in the Debtor, Class 7 members shall retain their stock interests in the reorganized Debtor in equal amounts as they held said interests prior to the Petition Date. As Equity Security Holders and in accordance with Section 510 of the Bankruptcy Code, Class 7 members shall not receive distribution or payments on their claim obligations set forth herein through the Chapter 11 Plan. Class 8 consists of the interest of the shareholders (preferred and common stock) of the Debtor. The Debtor does not propose a change in the ownership structure of the Debtor and the existing shareholders shall retain his/her interest in the Debtor, but shall not receive any dividends or payments under the Plan. The Debtor's Plan will be implemented by revenues generated and received in the ordinary course and operations of the business, together with an anticipated, future infusion of capital from investors. The Debtor expects to launch a multi-tiered crowdfunding campaign, supported by targeted social outreach to donors and/or investors aligned with the Debtor's mission of alternative wellness and with the Debtor's prior award of grant funds (and Debtor's applications for further grant funds). As of the Effective Date, and except as otherwise provided in this Plan, pursuant to the provisions of Bankruptcy Code Section 1141(b) and (c), all assets shall vest in the reorganized Debtor free and clear of all Claims, liens, encumbrances, charges, membership interests and other interests, subject to the terms and conditions of this Plan and the Confirmation Order. Upon confirmation, the reorganized Debtor shall be entitled to manage their affairs for window purposes without further Order of this Court. A full-text copy of the Disclosure Statement dated May 9, 2025 is available at https://urlcurt.com/u?l=8w0dSR from PacerMonitor.com at no charge. Attorneys for the Debtor: GENOVA, MALIN & TRIER, LLP Andrea B. Malin, Esq. Michelle L. Trier, Esq. Hampton Business Center 1136 Route 9 Wappingers Falls, New York 12590 (845) 298-1600 About Topical BioMedics, Inc. Topical BioMedics offers natural pain relief products. Topical BioMedics, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-36109) on Nov. 11, 2024, listing $437,628 in assets and $2,412,922 in liabilities. The petition was signed by Dennis Barnett Dennis as chairman of the Board. Michelle L. Trier, Esq. at GENOVA, MALIN & TRIER, LLP, is the Debtor's counsel. TREESAP FARMS: Claims to be Paid from Asset Sale Proceeds --------------------------------------------------------- Treesap Farms, LLC and its affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement for Joint Plan of Liquidation dated May 9, 2025. TreeSap Farms, LLC holds 100% of the equity in the other Debtor entities. Essentially, all operations are conducted at the TreeSap level, and TreeSap is the employer for all of the Employees. As a result, substantially all of the Debtors' unsecured creditors hold claims against TreeSap Farms, LLC. TreeSap Farms is the borrower under all of the Debtors' Prepetition Facilities, which are guaranteed by each of the other Debtors. On April 9, 2025, the Debtors filed the Notice of Filing of Debtors' Stalking Horse Designation, which stated that the Debtors designated TYFCO, LLC as the stalking horse bidder ("TYFCO" or the "Stalking Horse Bidder"). TYFCO is an entity formed by TreeSap's CEO and majority common equity interest owner. The Bidding Procedures included the contemplation of a scenario in which an insider of the Debtors submitted a bid to purchase all or substantially all of the Debtors' assets. Specifically, these procedures pertaining to bids of insiders described the portions of the sale process a bidding insider could and could not partake in, as applicable. The Plan is a liquidating plan. Pursuant to a separate sale order the Debtors expect will be entered by the Bankruptcy Court on or around May 12, 2025, the Debtors intend to sell substantially all of their assets to the Purchaser. The Plan provides for the distribution of any proceeds from such sale and other cash and the appointment of a plan administrator to administer and liquidate the Debtors' remaining assets and make distributions pursuant to the terms of the Plan. The Plan further provides for the substantive consolidation of all of the Debtors solely for the purposes of voting, determining which Class or Classes have accepted the Plan, confirming the Plan, and the resulting treatment of all Claims and Interests and Plan Distributions. Ultimately, despite a robust marketing process, no Qualified Bids, aside from the Stalking Horse Bid, were received by the Debtors. Accordingly, on April 25, 2025, the Debtors filed the Notice of Cancellation of Auction and Designation of the Stalking Horse Bid as the Successful Bid. Also on April 25, 2025, the Debtors filed the Notice of Filing of Second Amended and Restated Stalking Horse Asset Purchase Agreement, which has attached thereto a copy of the Second Amended and Restated Stalking Horse Asset Purchase Agreement (the "Stalking Horse APA"). Pursuant to the Stalking Horse APA, the Stalking Horse Bidder is purchasing substantially all the Debtors' assets, on the terms set forth therein, where the total consideration being provided by the Stalking Horse Bidder is over $129 million. The Debtors' Plan is a liquidating plan which assumes closing of the Sale Transaction will occur. The Plan provides for the distribution of proceeds received from the Sale Transaction, as well as the distribution of other cash of the Debtors', to Holders of Allowed Claims and Interests against the Debtors, in accordance with the terms of the Plan, including: * cash sufficient to satisfy Administrative Claims, Other Secured Claims, Other Priority Claims, Professional Fee Claims, Priority Tax Claims; * cash that will be earmarked for the GUC Recovery Pool; and * cash sufficient to cover the Wind Down; and Assumed Trade Payable Claims, which are any prepetition or postpetition Claim through the sale's Closing Date that are held by a claimant that provided goods and services related to the operation of the Debtors' business, will be assumed by the Stalking Horse Bidder pursuant to the terms of the Stalking Horse APA, except as otherwise provided in the Plan. Class 4 consists of all General Unsecured Claims, including without limitation, the Prepetition Lenders Deficiency Claim. On the Effective Date, each General Unsecured Claim shall be discharged and released, and each Holder of an Allowed General Unsecured Claim shall be entitled to receive from the Disbursing Agent its Pro Rata Share of (i) the GUC Recovery Pool, and (ii) proceeds (if any) realized from the Plan Administrator's pursuit of the Retained Causes of Action. Class 4 is Impaired under the Plan. Class 7 consists of all Equity Interests. On the Effective Date, all Equity Interests shall be cancelled, released and extinguished, and each holder of an Existing Equity Interest shall not receive or retain any Distribution, property, or other value on account of its Equity Interest. On the Effective Date, all Equity Interests shall be cancelled, released and extinguished, and each holder of an Existing Equity Interest shall not receive or retain any Distribution, property, or other value on account of its Equity Interest. The Plan is premised upon the substantive consolidation of the Debtors solely for the purposes of voting, determining which Class or Classes have accepted the Plan, confirming the Plan, the resulting treatment of all Claims and Interests and making Plan Distributions. Each Debtor shall continue to maintain its separate corporate existence for all purposes other than the treatment of Claims and Interests under the Plan. A full-text copy of the Disclosure Statement dated May 9, 2025 is available at https://urlcurt.com/u?l=cgqZrM from Donlin, Recano & Company, LLC, claims agent. Counsel to the Debtors: Timothy A. (Tad) Davidson II, Esq. Hunton Andrews Kurth LLP 600 Travis Street, Suite 4200 Houston, TX 77002 Telephone: (713) 220-3810 Email: taddavidson@HuntonAK.com 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. TRUDELL DOCTOR: Case Summary & Four Unsecured Creditors ------------------------------------------------------- Debtor: Trudell Doctor, MD and Associates, LLC 6080 Boynton Beach Blvd Suite 230 Boynton Beach, FL 33437 Business Description: Trudell Doctor, MD and Associates, LLC is a family medicine clinic based in Boynton Beach, Florida. It provides primary care services to patients aged 16 and older, including in-person and telehealth visits. The practice offers treatments in women's health, hormone therapy, geriatric and adult medicine, sports medicine, and aesthetics. Chapter 11 Petition Date: May 29, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-16054 Judge: Hon. Erik P Kimball Debtor's Counsel: Alan R Crane, Esq. FURR & COHEN 2255 Glades Road, Suite 419A Boca Raton, FL 33431 Email: acrane@furrcohen.com Total Assets: $540,710 Total Liabilities: $1,066,428 Trudell A. Doctor signed the petition as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ESWU7EY/Trudell_Doctor_MD_and_Associates__flsbke-25-16054__0001.0.pdf?mcid=tGE4TAMA TZADIK SIOUX: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Tzadik Sioux Falls Portfolio I, LLC and affiliates received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, to use cash collateral. The interim order authorized the Debtors to use the cash collateral of their lenders, Fannie Mae and Merchants Bank of Indiana, to pay the expenses set forth in their budget. All of the Debtors' cash, including, without limitation, the cash in their deposit accounts, whether as original collateral or proceeds of other pre-bankruptcy collateral, constitutes cash collateral and is pre-bankruptcy collateral of Fannie Mae or Merchants. Both lenders will be provided with protection in the form of replacement liens and cash payments. The next hearing is set for June 26, with objections due by June 24. The Debtors, through their affiliated property management company, Tzadik Properties, LLC, maintain their properties and collect rental income, which forms a substantial portion of their cash collateral. The management company, run by the Debtors' managing member Adam Hendry, also handles leasing, maintenance, and tenant services. The Debtors seek authority to use rental revenues, depository accounts, receivables, and related proceeds for a 12-week interim period ending August 31, 2025. They propose to use these funds pursuant to detailed budgets filed with the motion, which also include payment to their legal counsel, Edelboim Lieberman PLLC. The Debtors' cash collateral is subject to prepetition secured claims by Fannie Mae and Merchants Bank of Indiana, which financed the acquisition and operation of the properties through multiple loan agreements. As of the petition date, the Debtors collectively owed tens of millions of dollars to these secured lenders, backed by properties valued significantly higher than the outstanding balances, indicating substantial equity cushions. Fannie Mae is represented by: Alexis A. Leventhal, Esq. Keith Aurzada, Esq. Jay Krystinik, Esq. Devan Dal Col, Esq. Reed Smith, LLP 1001 Brickell Bay Drive, Suite 900 Miami, FL 33131 Phone: 786-747-0247 aleventhal@reedsmith.com kaurzada@reedsmith.com jkrystinik@reedsmith.com ddalcol@reedsmith.com Merchants Bank of Indiana is represented by: Scott N. Brown, Esq. Bast Amron, LLP One Southeast Third Avenue, Suite 2410 Miami, FL 33131 Telephone: 305.379.7904 sbrown@bastamron.com About Tzadik Sioux Falls Portfolio I Tzadik Sioux Falls Portfolio I, LLC possesses several multi-family properties in Sioux Falls, SD. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13865) on April 9, 2025. In the petition signed by Adam Hendry, authorized representative, the Debtor disclosed $65 million in assets and $46.775 million in liabilities. Judge Peter D. Russin oversees the case. Morgan Edelboim, Esq., at Edelboim Lieberman, PLLC, represents the Debtor as legal counsel. US TELEPACIFIC: Capital Southwest Marks $2.5MM Loan at 60% Off -------------------------------------------------------------- Capital Southwest Corporation has marked its $2,547,000 loan extended to US Telepacific Corp to market at $1,019,000 or 40% of the outstanding amount, as of March 31, 2025, according to a disclosure contained in Capital Southwest's Form 10-K for the For the fiscal year ended March 31, 2025 filed with the Securities and Exchange Commission. Capital Southwest is a participant in a First Lien Loan to US Telepacific Corp. The loan accrues interest at a rate of 11.72% (SOFR+1%, 6.25% Payment In Kind (Floor 1%)/Q per annum. The loan matures on May 2, 2026. Capital Southwest is an internally managed closed-end, non-diversified investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. Capital Southwest is led by Michael S. Sarner, President and Chief Executive Office; and David R. Brooks Chairman of the Board. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100, 75225 Dallas, TX Tel. No.: (214) 238-5700 U.S. TelePacific Corp., doing business as, TPx Communications, provides telecommunication services. The Company offers local and long distance voice, data, cloud storage, internet access, communications, and collaboration services, as well as remote work, managed IT, and connectivity solutions. TPx Communications serves customers in the United States. US TELEPACIFIC: Capital Southwest Marks $230,000 Loan at 75% Off ---------------------------------------------------------------- Capital Southwest Corporation has marked its $230,000 loan extended to US Telepacific Corp to market at $58,000 or 25% of the outstanding amount, as of March 31, 2025, according to a disclosure contained in Capital Southwest's Form 10-K for the For the fiscal year ended March 31, 2025 filed with the Securities and Exchange Commission. Capital Southwest is a participant in a Third Lien Loan to US Telepacific Corp. The loan matures on May 2, 2027. Capital Southwest is an internally managed closed-end, non-diversified investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. Capital Southwest is led by Michael S. Sarner, President and Chief Executive Office; and David R. Brooks Chairman of the Board. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100, 75225 Dallas, TX Tel. No.: (214) 238-5700 U.S. TelePacific Corp., doing business as, TPx Communications, provides telecommunication services. The Company offers local and long distance voice, data, cloud storage, internet access, communications, and collaboration services, as well as remote work, managed IT, and connectivity solutions. TPx Communications serves customers in the United States. VENTURE GLOBAL: S&P Rates $1.25BB Senior Secured Notes 'BB+' ------------------------------------------------------------ S&P Global Ratings assigned its 'BB+' final rating to Venture Global Plaquemines LNG LLC's $1.25 billion senior secured notes due 2033 and its $1.25 billion senior secured notes due 2035. S&P Global Ratings also assigned a '3' recovery rating to the debt. The notes are rated under S&P project finance criteria, under which the rating is determined by the stand-alone credit profile (SACP) for the construction or operating phases of the project—whichever is lower. S&P based the rating on the SACP of the construction phase, which benefits from an advanced stage of construction that reduces the risk of delays and cost overruns. The stable outlook reflects S&P's expectation that the project's construction will proceed on time and on budget with phase 2 anticipated to enter operations in mid-2027. Venture Global Plaquemines LNG LLC (VGPL or the project) consists of a natural gas liquefaction and export facility in Plaquemines Parish, La., and the associated Gator Express Pipeline for natural gas supply to the project. Venture Global LNG Inc. (VGLNG) has developed and commercialized the project in two phases. The first phase consists of the pipelines, equipment, and facilities to support liquefied natural gas (LNG) production of 13.3 million tonnes per annum (tpa). Phase 2 consists of the facilities to support incremental production of 6.7 million tpa. When both phases are complete, the project will have an aggregate nameplate capacity of 20 million tpa and will consist of 36 liquefaction train modules, four LNG storage tanks, six pretreatment systems, three loading berths, two 720 megawatt combined-cycle power plants, a marine offloading facility, and the pipeline. Construction risk has largely been mitigated based on the advanced stage of construction. The project experienced some early construction delays with respect to its power island and pretreatment modules. However, the project sponsor descoped some of the work under the existing construction contracts and took direct responsibility for this work. This ensured that the project had sufficient temporary power to allow construction and commissioning to continue. In addition, work on the pretreatment modules has accelerated through the sponsor's intervention to mitigate further delays. The incremental cost of this work was funded with further equity injections from the sponsor and income produced from commissioning cargos. At this stage, the project benefits from the building program being very advanced with relatively small amounts of capex remaining. The project is producing cash flow from the first 16 trains that are in commissioning as of March 31, 2025, which provides a significant source of funds to complete the project and provide additional equity should any further problems arise. In addition, the project uses the same technology and design as its sister project, Venture Global Calcasieu Pass LLC (VGCP), which entered commercial operations on April 15, 2025. The project has a high level of contractedness with strong counterparties. The project is supported by 20-year contracts on 19.7 million tpa with a shorter-term contract for the remaining 0.3 million tpa. All of the contracts contain a lifting fee, which consists of a fixed percentage above Henry Hub as well as a fixed-capacity fee. The fixed-capacity fee is payable regardless of whether cargos are lifted. This contractual structure creates a highly resilient long-term cash flow. In addition, S&P notes the project entered into short-term contracts for a portion of the cargos that will be lifted during the commissioning process. Cash flow resiliency is further supported by the underlying credit strength of the revenue offtakers. The weighted-average credit assessment of the revenue offtakers is 'A-' Potential for excess capacity could enhance cash flow. The project has a total nameplate capacity of 20 million tpa, although it has a guaranteed capacity of 22.5 million tpa. The sponsors have indicated that based on design enhancements made since VPCP was built, the plant will be able to support higher production. Initial performance testing (based on cargos that have been lifted since December) and further modeling have suggested that production could be as high as 27.2 million tpa. The project has entered into sales and purchase agreements with Venture Global Commodities LLC, a wholly owned subsidiary of Venture Global LNG Inc. (VGLNG; BB-/Stable/--) for any production above 20 million tpa. Given that commissioning only commenced the past three months, S&P has modeled excess capacity of 1.375 million tpa (95% of guaranteed production of 22.5 million tpa). Overall, the strong contractual framework, along with the potential for incremental revenue from excess capacity, creates a robust cash flow. S&P said, "The stable outlook considers both the construction and operating risk of the project. Construction is significantly advanced, which we have incorporated into our rating analysis. The project benefits from proven technology and design. In addition, once the project is constructed, cash flow will be robust and supported by a strong contractual foundation with predominantly investment-grade counterparties. "We could take a negative rating action if the project experiences unforeseen delays that threaten the scheduled substantial completion date such that costs increase beyond the mitigations provided in the project forecast. "We are unlikely to raise the rating during construction. We could take a positive rating action around the time commercial operation starts if forecast cash flow remains consistent with our current base case such that the minimum debt service coverage ratio (DSCR) is at or above 1.25x." VERITAS FARMS: Delays Q1 2025 Report Due to Audit Review -------------------------------------------------------- Veritas Farms, Inc. filed a Notification of Late Filing on Form 12b-25 with the U.S. Securities and Exchange Commission, informing that it is unable to file its Quarterly Report on Form 10-Q for the period ended March 31, 2025, within the prescribed time period without unreasonable effort or expense. The Company said it needs additional time to provide information to its independent registered public accounting firm necessary to complete the review of the financial statements for the period ended March 31, 2025. Despite working diligently to timely file its Q1 2025 Quarterly Report, the Company will be unable to complete all work necessary to timely file its Q1 2025 Quarterly Report. About Veritas Fort Lauderdale, Florida-based Veritas Farms, Inc. -- https://www.TheVeritasFarms.com/ -- is a vertically-integrated agribusiness focused on growing, producing, marketing, and distributing whole plant, full spectrum hemp oils and extracts containing naturally occurring phytocannabinoids. Veritas Farms owns and operates a 140-acre farm in Pueblo, Colorado, capable of producing over 200,000 proprietary full spectrum hemp plants which can potentially yield a minimum annual harvest of 250,000 to 300,000 pounds of outdoor-grown industrial hemp. Hackensack, NJ-based Prager Metis CPAs LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 17, 2023, citing that the Company has sustained substantial losses from operations since its inception. As of and for the year ended Dec. 31, 2022, the Company had an accumulated deficit of $39,474,622, and a net loss of $5,543,908. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern within a year from the date the financial statements are issued. Continuation as a going concern is dependent on the ability to raise additional capital and financing, though there is no assurance of success. The Company has yet to file its Annual Report on Form 10-K for the year ended December 31, 2024. VILLAGE ROADSHOW: Hires Virtu Global Advisors LLC as Valuator ------------------------------------------------------------- Village Roadshow Entertainment Group Usa Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Virtu Global Advisors, LLC as valuator. The firm will provide these services: a. support the Debtors' legal, financial, and investment banking advisors in the Bankruptcy Cases and the Debtors' management in the development of restructuring and sale related strategies to best enable the Debtors to achieve their objective of executing one or more orderly sales of their assets in the Bankruptcy Cases; b. provide the Debtors with completed forecasts and valuation of their filmed entertainment royalty rights library that are envisioned to be presented at the direction of the Debtors to potential buyers, and update such forecasts and library valuations, and potentially provide opinions relating to such valuations and forecasts for distribution to the same parties; c. support the Debtors' assessment of each strategy by supporting the narration and enumeration of the options being considered. Such enumeration may include extrapolating and augmenting enterprise-level forecast models previously created by the Debtors and Virtu Global to portray the economic implications of each option; d. extrapolate and augment enterprise-level forecast models previously created by the Debtors and Virtu Global's partners that portray the economic implications of each option including: i. forecast financial requirements of each option; ii. forecasted financial performance and value of each option including but not limited to (1) cash flow and valuation coverage of secured and unsecured asset backed security, bridge notes and other secured and unsecured debtor, (2) coverage of unsecured trade creditors obligations as they arise, and (3) remaining value for the benefit of the Debtors' equity holders; iii. alternative financing structures of each option, and positive and negative characteristics of those structures; and iv. presentation of these analyses to the Debtors, other stakeholders, and other parties as the Debtors direct, including prospective purchasers, and prospective strategic and financing partners able to support the Debtors' restructuring; and e. perform other customary financial and strategic advisory services typical for an engagement of this type pursuant to direction of Debtor Village Roadshow Entertainment Group Limited's Chief Operating Officer, Louis Santor, and communicate and work with the Debtors' investment banker and other advisors, as applicable. The firm will be paid at these rates: Senior Managing Partners $985 to $1,300 per hour Managing Partners $850 to $975 per hour Partners $750 to $875 per hour Vice Presidents $700 to $775 per hour Senior Associates $625 to $725 per hour Associates $525 to $650 per hour Analysts $450 to $550 per hour Transaction Completion Admin. Support $125 to $175 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Roy A. Salter, a co-founder and senior managing partner at Virtu Global Advisors, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Roy A. Salter Virtu Global Advisors, LLC 9200 Sunset Blvd. Suite 950 West Hollywood, CA 90069 Email: info@virtu-global.com About Village Roadshow Entertainment Group USA Inc. Village Roadshow Entertainment Group USA Inc. and its affiliates are a prominent independent producer and financier of major Hollywood films, having produced over 100 successful movies since 1997. Their portfolio includes globally recognized blockbusters such as "Joker," "The Great Gatsby," and the "Matrix" trilogy. Before the WB Arbitration, which began in 2022, the Company had a profitable and well-established co-production and co-financing partnership with Warner Bros. Entertainment Inc. and its affiliates ("WB"), resulting in many successful projects. The Debtor's most valuable assets include its Film Library and Derivative Rights, stemming from its extensive and enduring film industry presence. Village Roadshow Entertainment Group USA Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10475) on March 17, 2025. In the petitions signed by Keith Maib, chief restructuring officer, the Debtors disclosed up to $500 million in estimated assets and up to $1 billion in estimated liabilities. Honorable Bankruptcy Judge Thomas M. Horan handles the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as local counsel; Sheppard, Mullin, Richter & Hampton LLP as bankruptcy counsel; Kirkland & Ellis LLP as special litigation counsel; Accordion Partners, LLC as financial and restructuring advisor; and Solic Capital Advisors, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent and administrative advisor. VIVAKOR INC: Issues $575K Notes, 1.76M Shares for Dividends ----------------------------------------------------------- Vivakor, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that between May 14, 2025 and May 19, 2025, the Company issued convertible promissory notes, to several accredited investors, in the aggregate principal amount of $575,000 in connection with a Securities Purchase Agreement entered into by and between the Company and the Holders. Under the terms of the SPA and the Notes, Vivakor received $500,000, the Notes mature 12 months from the date of issuance, have a 15% original issuance discount, have a one-time 10% interest charge applied at the issuance date, and are convertible at 80% of the lower of: (a) the closing price of the Company's common stock as traded on either the Nasdaq or the New York Stock Exchange or the NYSE Amex Exchange (as applicable) on the trading day immediately prior to the date a notice of conversion is submitted in writing to the Company under the Note, or (b) the average of the four lowest VWAPS over the 20 trading days prior to the applicable Notice Date. In connection with the issuances of the Notes, the Company will issue the Holders 75,000 shares of its common stock as additional incentive to enter into the SPA and the Notes. The issuance of the foregoing securities was exempt from registration pursuant to Section 4(a)(2) of the Securities Act promulgated thereunder as the holders are accredited investors and familiar with its operations. On May 20, 2025, the Company issued an aggregate of 1,764,964 shares of its restricted common stock for three months of dividends to the holders of its Series A Preferred Stock. Of those shares, 1,384,311 were issued to Jorgan Development, LLC and 13,983 were issued to JBAH Holdings, LLC, both of which are controlled by James Ballengee, the Company's Chief Executive Officer. The issuance of the foregoing securities was exempt from registration pursuant to Section 4(a)(2) of the Securities Act promulgated thereunder as the holders sophisticated investors and familiar with its operations. This summary is not a complete description of all of the terms of the SPA and the Notes and are qualified in their entirety by reference to the full text of the SPA and the Notes, forms of which are filed herein as Exhibits 10.1 and 10.2, respectively, and are incorporated by reference into the Company's report on Form 8-K, available through this link: https://tinyurl.com/ykz8ee7y About Vivakor Coralville, Iowa-based Vivakor, Inc. is a socially responsible operator, acquirer, and developer of technologies and assets in the oil and gas industry, as well as related environmental solutions. Currently, the Company's efforts are primarily focused on operating crude oil gathering, storage and transportation facilities, as well as contaminated soil remediation services. Pittsburgh, Penn.-based Urish Popeck & Co., LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $241 million in total assets, $125.9 million in total liabilities, and a total stockholders' equity of $115.1 million. WAYSTAR HOLDING: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable ----------------------------------------------------------------- Fitch Ratings has upgraded the Long-Term Issuer Default Rating (IDR) of Waystar Holding Corp. and Waystar Technologies, Inc. (collectively known as Waystar) to 'BB' from 'BB-'. Fitch has affirmed Waystar's first-lien term loan at 'BB+' with a Recovery Rating of 'RR2'. The Rating Outlook is Stable. The upgrade reflects lower leverage expectations with EBITDA leverage declining to 3.4x in fiscal 2024, below Fitch's prior positive sensitivity threshold of 3.5x. Fitch expects leverage to remain in the low 3x range over the rating horizon. The ratings also reflect Waystar's strong operating profile with a high portion of recurring and reoccurring revenues, solid retention rates and low debt levels, leading to FCF generation improving to the high teens to low 20s. Key Rating Drivers Lower Leverage Expectations: Waystar has lowered its EBITDA leverage to 3.4x as of fiscal 2024 via IPO proceeds and organic growth, exceeding Fitch's prior expectations. LTM 1Q25 leverage is at 3.2x. In addition, (CFO-capex)/debt has improved to 10.2% as of fiscal 2024. Fitch anticipates leverage to remain in the low 3x range over the rating horizon. The company's strong operating profile is driven by strong revenue growth, solid EBITDA margins, and healthy FCF generation. With organic EBITDA growth, Fitch expects (CFO-capex)/debt to improve to the high teens to the low 20s over the forecast horizon. Generation of strong cash capacity should support organic growth initiatives, including M&A, while maintaining low leverage levels. Continued Growth Expectations: Fitch anticipates that Waystar will benefit from ongoing healthcare spending driven by factors such as the aging population, improved utilization, and rising drug costs. These trends are likely to persist, supporting continued spend in healthcare. However, the recently proposed Trump tax bill, which aims to cut spending on Medicaid-targeted programs, could potentially reduce patient volumes at healthcare facilities. This may impact overall healthcare expenditure and consequently limit Waystar's revenue growth. Despite the above, Fitch anticipates a limited impact on Waystar's operating performance as approximately 50% of its revenues are subscription-based, providing some insulation against the direct effects of potentially reduced patient volumes. Fitch believes that Waystar's services will remain essential to healthcare providers due to increasing regulatory requirements, the complexity of claims processing, and the ongoing pressures on provider profitability. Strong Margin Profile: Fitch forecasts Waystar's EBITDA margins improving to the low 40s over the rating horizon. The EBITDA margin is at the high end of the 28%-47% range of broader Fitch-rated healthcare IT peers. Strong margins and low capital intensity have contributed to robust FCF margins with margin improving to 13.4% as of fiscal 2024. Fitch forecasts FCF margins will increase to the high teens to low 20s, partially benefiting from lower interest expenses because of lower debt levels. Fitch believes Waystar stands out among healthcare IT (HCIT) issuers that are primarily private equity sponsored, as it can generate strong FCF and use excess funds to reduce debt if needed. Strong Recurring Revenue: Approximately 99% of Waystar's revenue is highly recurring, driven by subscriptions and consistent patient volumes. Waystar's gross retention rate, which exceeds 95%, and net retention rate, above 110%, reflect the critical role that Waystar's solutions play in healthcare providers' revenue cycle operations by helping them optimize payment processes and maximize revenue collection. Low Cyclicality: Waystar has experienced revenue growth every year since its inception, including during the pandemic-driven downturn in healthcare visit volumes, and Fitch expects it to continue exhibiting low cyclicality. Fitch believes the company will benefit from a strong correlation to overall U.S. healthcare spending and utilization, which is highly nondiscretionary. Fitch also believes Waystar's credit profile will remain stable with little sensitivity to macroeconomic cycles. Improving Market Position: Through successful integration of previous acquisitions, Waystar has emerged as a leading end-to-end revenue cycle management (RCM) provider, equipped with robust processing capabilities for both commercial and government payers. In addition, it offers a powerful patient engagement and payments platform. Waystar's platform handles more than 6 billion insurance transactions and manages over $1.8 trillion in gross claims each year, effectively serving approximately 50% of the U.S. population. Evolving Marketplace: Waystar faces risks from an evolving healthcare marketplace in which efforts to slow cost growth require all constituents to modify their strategies. Nascent efforts to shift to value-based care, where reimbursements are directed to successful outcomes rather than volume of procedures, will require Waystar to reexamine its go-to-market and pricing strategies to align more closely with emerging incentives based on medical outcomes. While the transition to a value-based case is slow-moving, Fitch believes that the shift introduces a risk of disruption and rejection from the marketplace that may result in decreased growth. Peer Analysis Waystar demonstrates consistent client growth potential, driven by its leading technology platform that addresses regulatory demands, claims processing complexities, and profitability pressures, fostering software adoption among healthcare providers. Fitch attributes Waystar's growth to strong client retention rates, high switching costs, robust sales efforts, and a proven track record of market share gains. Compared to Gainwell Acquisition Corp. (B-/Stable), a Fitch-rated HCIT provider specializing in Medicaid Management Information Systems (MMIS) for over 30 U.S. states, Waystar exhibits a more conservative financial profile with lower EBITDA leverage projected to remain in the low 3x range compared to Gainwell with leverage expected to remain over 7x. In addition, Waystar demonstrates superior profitability, with EBITDA margins in the low 40% range versus Gainwell's high 20%. Waystar's leverage is notably low compared to the 8x median for other Fitch-rated HCIT peers. When compared against broader Fitch-rated software peers such as RingCentral Inc. (BB/Positive) and MeridianLink, Inc. (BB-/Stable), Waystar continues to outperform in terms of profitability. Its EBITDA margins, expected in the low 40% range, exceed those of MeridianLink (mid-30% range) and RingCentral (low 20% range). From a leverage perspective, Waystar's expected 2025 EBITDA leverage is lower than MeridianLink's (mid-3x range) and broadly in line with RingCentral's (low 3x range). Fitch's expectations of reduced leverage have led us to upgrade Waystar's IDR by one notch to 'BB' from 'BB-' with a Stable Outlook. No Country Ceiling, parent/subsidiary, or operating environment aspects affected the rating. Key Assumptions - Organic revenue growth maintained in the high single digits driven by growth in new clients, cross-sells, price increases and stable patient volumes; - EBITDA margins estimated in the low 40s with limited margin expansion expected as Waystar continues to prioritize R&D, cybersecurity and GTM initiatives; - Capex as a percentage of revenue in the 2.5%-3.0% range; - Fitch assumes Waystar will put excess cash flow, coupled with incremental debt, toward acquisitions/growth initiatives and possible share repurchases over the rating horizon. Recovery Analysis The 'BB+'/'RR2' rating for the term loan reflects the current debt structure that consists of a $400 million senior secured revolver (undrawn), a $1.17 billion senior secured term loan and Fitch's view on superior recovery in a default scenario. This notching uses Fitch's "U.S. Corporates Criteria" for companies in the 'BB-' to 'BB+' rating categories. Fitch assesses the above first-lien term loan under Category 2 as the revolver and term loan are ranked junior to the $80 million accounts receivable securitization facility. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch's expectations of EBITDA leverage sustaining above 3.5x; - (CFO-capex)/debt sustained below 10%; - Consistent organic revenue declines resulting from deterioration in competitive position. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch's expectations of EBITDA leverage sustaining below 3.0x; - (CFO-capex)/debt sustained near the mid-teens or higher. Liquidity and Debt Structure Fitch expects Waystar to maintain strong liquidity given its moderate operating expense requirements that result in strong margins, a highly variable cost structure, a short cash conversion cycle due to monthly billing and low capital intensity. Its liquidity primarily comprises an undrawn $400 million revolving credit facility (RCF). This is a considerable RCF commitment in relation to the company's revenue scale. Liquidity is further supported by Fitch's forecast of consistent FCF generation over the rating horizon. Fitch forecasts steady liquidity growth to over $500 million by 2025 due to the accumulation of FCF and its expectation for the RCF to remain undrawn. Fitch expects no significant debt maturities over the rating horizon. Waystar's securitization facility matures in 2026, and Fitch believes the company will be able to refinance or payoff this facility considering its strong operating performance and improving FCF generation. Waystar is capable of recommitting FCF toward deleveraging to achieve a more conservative posture so that future refinancing is not entirely dependent on capital market conditions when maturities come due. Issuer Profile Waystar provides cloud-based RCM software that healthcare providers use to track patient care and data from registration through appointment to ensure final payment and avoid reimbursement denials, allowing providers to lower processing costs and increase collections. Summary of Financial Adjustments Fitch made standard financial adjustments as described in the Applicable Criteria. Sources of Information 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 ----------- ------ -------- ----- Waystar Holding Corp. LT IDR BB Upgrade BB- Waystar Technologies, Inc. LT IDR BB Upgrade BB- senior secured LT BB+ Affirmed RR2 BB+ WEST TECHNOLOGY: Fitch Affirms & Then Withdraws 'CCC' LongTerm IDR ------------------------------------------------------------------ Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) for West Technology Group, LLC (West) at 'CCC'. Fitch has also upgraded West's first-lien secured revolver and term loan to 'CCC' with a Recovery Rating of 'RR4' from 'CCC-'/'RR5' and affirmed its second-lien secured notes at 'CC'/'RR6'. In addition, Fitch has resolved the Rating Watch Positive (RWP) on the first-lien revolver and term loan. Fitch has subsequently withdrawn all the ratings. West's 'CCC' IDR reflects issues related to its elevated refinancing risk, negative FCF in 2024, and Fitch's forecast of continued but narrowing negative margins. Fitch believes there is execution risk associated with cost-saving initiatives and achieving sustained organic growth. West's leverage remains elevated, despite its debt repayments. Fitch has withdrawn all West's ratings for commercial reasons. Fitch will therefore no longer provide rating or analytical coverage on the company. Key Rating Drivers Sale of Notified Business Completed: The rating action follows the completion of West's sale of its Notified business to Equiniti for $534.5 million, which closed on April 30, 2025. The purchase price includes up to $80 million in earn-out, expected to be received in 2026. Following the transaction, West repaid $319.5 million of its first-lien term loan. Following the completion of the sale, West now operates at about half its current scale, as Notified contributed 51% to total revenue in 2024. Going forward, West will focus on digital patient relationship management services (Televox) and cloud-based conversational AI for automating customer interactions (Mosaicx). Elevated Leverage, Heightened Refinancing Risk: West faces approximately $843 billion in debt maturities in April 2027. The RCF matures in August 2026. Despite substantial debt reduction in 2023, West's Fitch-adjusted EBITDA leverage remains high, exceeding 14.0x in 2024. West has been paying down debt using proceeds from business divestments. Despite the debt repayment using the Notified sale proceeds, EBITDA leverage will remain high due to the reduction in absolute EBITDA for the company. Given the elevated leverage profile and high execution risk on the turnaround to organic growth, Fitch believes there is a high refinancing risk when maturities come due in 2027. Organic Growth Headwinds: West's top-line growth trajectory remains uncertain. Revenue growth was subdued in its core segments in 2024, largely due to competitive pressures, especially in the TeleVox segment. Fitch projects this segment will return to growth as West takes steps to retain its customers. The company plans to merge the Mosaicx and Televox segments to enhance product offerings, streamline go-to-market strategies and achieve cost savings. Fitch believes there is execution risk associated with the integration process and the company's ability to continue to grow organically. Cost Controls to Enhance Profitability: The company's EBITDA margins have been volatile in the past but remained in the mid-20s in the past two years. Fitch expects EBITDA margins to expand throughout the forecast horizon, driven by the company's cost-reduction actions. The combination of the TeleVox and Mosaicx segment will drive savings and contribute to operational efficiencies. Without any material disruptions to the top line, Fitch forecasts EBITDA margins to expand as the company realizes benefits from its cost-saving initiatives. Negative FCF Remains a Drag: West's FCF generation is projected to remain negative throughout the rating horizon, driven by lower EBITDA and ongoing investments in the business. Uneven top-line growth, high interest rates and elevated costs related to restructuring have also pressured FCF. Fitch expects the one-time costs to wind down in 2025 and beyond, leading to narrowing negative FCF margins. Aside from these factors, interest expense is expected to be the main use of cash. The company's interest expense has decreased due to substantial debt repayments in 2023, and further repayments in 2025. Sufficient but Deteriorating Liquidity Position: West has sufficient near-term liquidity, supported by cash balances and revolver availability. As of March 31, 2025, the company had $133.6 million of cash and cash equivalents and $152.7 million of effective availability under its RCF ($149.7 million excluding letters of credit). Following the sale of the Notified business, revolver availability has decreased to $65 million. Fitch-adjusted EBITDA interest coverage was 0.7x in 2024; Fitch expects it to remain below 1.0x as West will operate at a smaller scale going forward. Diversified Customer Base Supports Profile: Fitch considers the diversity of West's customer base as a credit positive. In its TeleVox segment, West has over 7,000 health system, practice, and hospital customers. In the Mosaicx segment, the company covers various industries, including finance, healthcare, insurance, retail, telecom, and travel. The combination of the two segments further expands the product suite offered to customers. Peer Analysis West's business profile contains a diverse portfolio of technology solutions and is not directly comparable to its peers, which may provide a different mix of technology services. In the TeleVox segment, West competes with unrated competitors Artera Technologies LLC, CiperHealth, Epic Systems and Luma Health. In its Mosaicx segment, West competes in a fragmented competitive landscape, including large investment-grade operators such as Google (not rated), International Business Machines Corporation (A-/Stable), and other providers that generate less than $50 million in revenue annually. With the narrowing negative FCF expected across the rating horizon, elevated EBITDA leverage and EBITDA interest coverage lower than 1.0x, West exhibits the characteristics of a 'CCC' issuer. It faces significant execution risk associated with achieving sustainable top-line growth throughout the rating horizon, further pressuring credit metrics. Key Assumptions - Fitch projects 2025 revenue in the remaining business of Televox and Mosaicx to decline by about 10%. This is primarily driven by the customer losses in the Televox segment. Revenue for the core business is projected to grow in the low to mid-single digits thereafter; - EBITDA margins projected in the mid-20% range in 2025 and forecast to expand, driven by the business optimization initiatives; - Capex of about 9.5% of total revenue, with absolute capex lower than prior years because of the projected lower revenue base; - FCF generation is forecast to remain negative until 2027, but projected to improve and become less negative each year; - Fitch's base case model incorporates 2025 debt repayment following the Notified sale. Fitch applies a haircut on the earn-out proceeds expected in 2026; - No dividend payouts projected in the model. Recovery Analysis The recovery analysis assumes that West would be considered a going concern in a bankruptcy and that the company would be reorganized rather than liquidated. Fitch has assumed a 10% administrative claim. The revolving facility is assumed to be fully drawn upon default at the commitment amount of $65 million. Fitch estimates a post-reorganization enterprise valuation based on a 5.0x multiple. The choice of this multiple considered the following factors: - The Apollo transaction valued West at approximately 7.8x EV/EBITDA. West recently announced the sale of its Notified business at 10.5x adjusted EBITDA (including earn-out); - Based on 2024 Fitch case studies for the sector, the median multiple was 5.9x for 77 cases for which there was adequate information to make an estimate. Fitch assumes the recovery multiple is lower than the median level, primarily due to West's weak cash flow generation and uncertain business prospects; - Fitch's going concern EBITDA estimate is based on a stressed scenario wherein the agency assumes that West experiences revenue declines stemming from increased competition. Fitch assumes the realization of cost-saving initiatives will happen gradually, as the company will continue to spend on its marketing initiatives to regain its market share. Going concern EBITDA is forecast to be around $42 million; - The recovery analysis assigns a Recovery Rating of 'RR4' to the company's senior first-lien secured debt and 'RR6' to the second-lien notes. This results in a corresponding issue-level rating of 'CCC' for the first-lien debt and 'CC' for the second-lien notes. RATING SENSITIVITIES Rating sensitivities do not apply as the ratings have been withdrawn. Liquidity and Debt Structure As of March 31, 2025, the company had approximately $286 million in effective liquidity, including $133.6 million of cash and cash equivalents and $149.7 million of effective availability under its RCF, excluding letters of credit. West's FCF is expected to remain negative, although deficits are likely to decline over the next couple of years. Since the completion of Notified sale, the revolver availability has decreased to $65 million. West's debt structure as of March 31, 2025 includes a $153 million revolving facility, $716.5 million outstanding in first-lien term loans maturing in 2027, and $446 million outstanding on 2027 second-lien notes. The revolver is due to mature on Aug. 9, 2026. In May 2025, the company repaid $319.5 million on the first-lien term loan, bringing down the total outstanding balance to $397 million. Issuer Profile West Technology Group, LLC is a global provider of technology‐enabled communication services. Its Televox segment offers a cloud-based communication platform primarily serving the healthcare industry and its Mosaicx segment provides conversational AI services. 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 ----------- ------ -------- ----- West Technology Group, LLC LT IDR CCC Affirmed CCC LT IDR WD Withdrawn Senior Secured 2nd Lien LT CC Affirmed RR6 CC Senior Secured 2nd Lien LT WD Withdrawn senior secured LT CCC Upgrade RR4 CCC- senior secured LT WD Withdrawn WHCG PURCHASER: Blackstone Marks $16.1-Mil. 1L Loan at 60% Off -------------------------------------------------------------- Blackstone Secured Lending Fund has marked its $16,144,000 loan extended to WHCG Purchaser III Inc. to market at $6,458,000 or 40% of the outstanding amount, according to Blackstone's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to WHCG Purchaser III Inc. The loan accrues interest at a rate of 10.00% PIK per annum. The loan matures on June 20, 2030. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About WHCG Purchaser III Inc WHCG Purchaser III Inc is engaged in providing health care and medical care services in the U.S. WINKLER COUNTY HOSPITAL: S&P Affirms 'BB+' Rating on 2016 GO Bond ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' long-term rating on Winkler County Hospital District (WCHD), Texas' series 2016 general obligation (GO) bonds. The outlook is positive. S&P said, "We consider Winkler County Hospital District's social risk elevated within our credit rating analysis given the hospital's small medical staff, which leaves it vulnerable in the event of staff turnover or medical emergencies. We also view WCHD's social risk as elevated due to the small PSA with a negative employment growth indicator, and which is heavily exposed to the oil and gas sector. We also analyzed WCHD's governance factors and view them as neutral in our rating analysis, although we note that the hospital's board is not self-perpetuating, which could cause disruption, but the board structure has not impeded the hospital's ability to operate profitably. We view environmental factors as neutral relative to our credit rating analysis. "The positive outlook reflects our expectation that WCHD will continue to generate robust and positive operating margins as well as maintain or grow DCOH following the completion of the rural health clinic expansion. The outlook also incorporates our expectation that the debt profile will continue to improve, with no significant debt issuance expected over the outlook period. "We believe Winkler has some cushion at the rating, but we could revise the outlook to stable or lower the rating if operations turn negative or if maximum annual debt service (MADS) coverage meaningfully declines for a sustained period. Further, if WCHD does not maintain its balance-sheet strength, we could consider a negative rating action. We believe the district's small size could be conducive to rapid deterioration of WCHD's financial profile. "Over the outlook period, we could raise the rating if the district continues to generate strong positive operating margins, as well as maintains or strengthens its unrestricted reserve and DCOH cushion such that it offsets its size-related vulnerabilities. We would also expect, at minimum, maintenance of WCHD's current tax-base and enterprise strengths." ZIPS CAR: Capital Southwest Marks $14.07MM Loan at 18% Off ---------------------------------------------------------- Capital Southwest Corporation has marked its $14,072,000 loan extended to Zips Car Wash, LLC to market at 11,539,000 or 82% of the outstanding amount, as of March 31, 2025, according to a disclosure contained in Capital Southwest's Form 10-K for the For the fiscal year ended March 31, 2025 filed with the Securities and Exchange Commission. The Loan is on non-accrual status as of March 31, 2024. Capital Southwest is a participant in a Delayed Draw Term Loan - A to Zips Car Wash, LLC. The loan was scheduled to mature last January 16, 2025. Capital Southwest is an internally managed closed-end, non-diversified investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. Capital Southwest is led by Michael S. Sarner, President and Chief Executive Office; and David R. Brooks Chairman of the Board. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100, 75225 Dallas, TX Tel. No.: (214) 238-5700 Zips Car Wash, LLC provides car washing services. The Company offers tire cleaning, foam polish, air drying services, and gift cards. Zips Car Wash serves customers in the United States. ZIPS CAR: Capital Southwest Marks $3.5MM Loan at 18% Off -------------------------------------------------------- Capital Southwest Corporation has marked its $3,527,000 loan extended to Zips Car Wash, LLC to market at $2,892,000 or 82% of the outstanding amount, as of March 31, 2025, according to a disclosure contained in Capital Southwest's Form 10-K for the For the fiscal year ended March 31, 2025 filed with the Securities and Exchange Commission. The Loan is on non-accrual status as of March 31, 2024. Capital Southwest is a participant in a Delayed Draw Term Loan - B to Zips Car Wash, LLC. The loan was scheduled to mature last January 16, 2025. Capital Southwest is an internally managed closed-end, non-diversified investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. Capital Southwest is led by Michael S. Sarner, President and Chief Executive Office; and David R. Brooks Chairman of the Board. The Fund can be reach through: Michael S. Sarner Capital Southwest Corporation 8333 Douglas Avenue, Suite 1100, 75225 Dallas, TX Tel. No.: (214) 238-5700 Zips Car Wash, LLC provides car washing services. The Company offers tire cleaning, foam polish, air drying services, and gift cards. Zips Car Wash serves customers in the United States. ZORRO BIDCO: Blackstone Marks SEK$43.3 Million 1L Loan at 90% Off ----------------------------------------------------------------- Blackstone Secured Lending Fund has marked its SEK$43,390,000 loan extended to Zorro Bidco Ltd. to market at SEK$4,273,000 or 10% of the outstanding amount, according to Blackstone's Form 10-Q for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. Blackstone is a participant in a First Lien Loan to Zorro Bidco Ltd. The loan accrues interest at a rate of 7.21% per annum. The loan matures on August 13, 2031. Blackstone, is a Delaware statutory trust formed on March 26, 2018, and structured as an externally managed, non-diversified, closed-end management investment company. The Company is externally managed by Blackstone Private Credit Strategies LLC, and Blackstone Credit BDC Advisors LLC. Additionally, Blackstone Private Credit Strategies LLC, in its capacity as the administrator to the Company, and the Sub-Administrator provide certain administrative and other services necessary for the Company to operate. Blackstone is led by Brad Marshall as Co-Chief Executive Officer, Jonathan Bock as Co-Chief Executive Officer, and Teddy Desloge as Chief Financial Officer. The Company can be reach through: Brad Marshall Blackstone Secured Lending Fund 345 Park Avenue, 31st Floor New York, NY 10154 Telephone: (212) 503-2100 About Zorro Bidco Ltd. Zorro Bidco Ltd. is engaged in the provision of software products and services. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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