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250804.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, August 4, 2025, Vol. 29, No. 215 Headlines 100 PERCENT: Files Emergency Bid to Use Cash Collateral 1918 CONSTANCE: Seeks to Tap Derbes Law Firm as Bankruptcy Counsel 210 8TH ST: Unsecured Creditors to Split $62K over 5 Years 298 WILLIAM: Unsecureds to Split $60K via Quarterly Payments 5612 9TH AVE: Seeks Chapter 11 Bankruptcy in New York 98TH TRUST: Case Summary & Five Unsecured Creditors ALIXPARTNERS LLP: Moody's Affirms 'B1' CFR, Outlook Remains Stable ALLIED UNIVERSAL: S&P Rates Proposed USD And EUR Term Loans 'B' AMICI MONROE: To Sell Restaurant Business in Auction ASHLEY SELMAN: Taps Barrett Law/Cuneo Gilbert as Special Counsel ATLANTIC NATURAL: Seeks to Extend Plan Exclusivity to November 3 ATLAS CC: S&P Downgrades ICR to 'SD' on Distressed Debt Exchange AVDHESH MANAGEMENT: Seeks to Hire Trevett Cristo as Legal Counsel BACK COUNTRY ADVENTURE: Seeks Cash Collateral Access BACK DRAUGHTS: Gets Interim OK to Use Cash Collateral BEDFORD CAPITAL: Seeks Subchapter V Bankruptcy in New York BELLFLOWER CEDAR: To Sell Property to Hidden Oaks for $10.6MM BERRY CORP: S&P Affirms 'CCC+' ICR Then Withdraws Rating BLABLMBTQ, LLC: Court Extends Cash Collateral Access to Oct. 31 BOKQUA LLC: Case Summary & Three Unsecured Creditors BOUNDLESS BROADBAND: Affiliate to Sell Broadband Biz to Selectronic BOWES IN-HOME: Gets OK to Use Cash Collateral Until Sept. 24 BOZELL & JACOBS: G. Matt Barberich Named Subchapter V Trustee BRIDGE PLAZA: Seeks to Hire The Kelly Firm as Bankruptcy Counsel BRITEWASH AUTO: Closes Leesburgh Location After Owner Falls Ill CBRM REALTY: Seeks to Sell Nola Properties at Auction CLASSIC RECREATIONS: Auto Restoration Bid Protocol OK'd CME FITNESS: Seeks Subchapter V Bankruptcy in Florida CMT DEVELOPMENT: Court Amends Order on Nova Infusion Asset Sale COZY HARBOR: Final Hearing to Use Cash Collateral Set for Aug. 7 CYPRUS MINES: Future Claimants' Rep Taps Herbert Smith as Counsel DASHFIRE LLC: Creditors to Get Proceeds From Liquidation DIAMOND COMIC: Sells UK Unit Amid Chapter 11 Process DIOCESE OF ROCHESTER: Abuse Survivors Agree to $246MM Settlement DOUBLE PLAY: Gets Interim OK to Use Cash Collateral Until Aug. 28 DOVGAL EXPRESS: Cash Collateral Hearing Set for Aug. 6 DPL LLC: Moody's Upgrades Rating on Senior Unsecured Debt to Ba1 DUPAGE EQUIPMENT: Ira Bodenstein Named Subchapter V Trustee E.W. SCRIPPS: Moody's Rates New $650MM Second Lien Notes 'Caa2' ELM STREET REI: Section 341(a) Meeting of Creditors on August 25 ENTERPRISE CHARTER: Fitch Affirms 'B' LongTerm IDR, Outlook Pos. ERS MEDICAL: Seeks to Use Cash Collateral EVALINA LLC: Seeks Subchapter V Bankruptcy in Florida EXTENSIONS PLUS: Has Deal on Cash Collateral Access EXTENSIONS PLUS: Hires Steinberg Nutter as Bankruptcy Counsel FAIR ANDREEN: Plan Exclusivity Period Extended to Oct. 3, 2025 FARMFAN LLC: Case Summary & 20 Largest Unsecured Creditors FASHIONABLE INC: Plan Exclusivity Period Extended to October 6 FCI SAND: Says Loan-to-Own Strategy Triggered Bankruptcy FCI SOUTH: Seeks Chapter 11 Bankruptcy in Texas FISCHER AG: Seeks Chapter 11 Bankruptcy in Missouri FLORIANO HARTSDALE: Seeks Chapter 11 Bankruptcy in New York FRESH ACQUISITIONS: Litigation Funding Deal Not Valid, Court Says G & T 5206 INVESTMENTS: Holly Miller Named Subchapter V Trustee GENESIS HEALTHCARE: To Sell Kennett Center to Mushroom Capital GLIDE LOGISTICS: Court Extends Cash Collateral Access to Sept. 30 GLOBAL CONCESSIONS: Plan Exclusivity Period Extended to Oct. 29 GREENE FAMILY: Gets Extension to Access Cash Collateral GREENWICH RETAIL: Court Extends Cash Collateral Access to Sept. 9 HARLING INC: Court Extends Cash Collateral Access to Aug. 27 HAVOC BREWING: Court Extends Cash Collateral Access to Aug. 15 HEADWAY WORKFORCE: Seeks to Extend Plan Exclusivity to October 2 HILMORE LLC: Plan Exclusivity Period Extended to August 5 HILTON DOMESTIC: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable HOLLOWELL VENTURES: Case Summary & Six Unsecured Creditors HOLLOWELL VENTURES: Section 341(a) Meeting of Creditors on Sept. 10 HOUSE OF DESIGN: Secured Party Sets Aug. 13, 2025 Auction HUDSON SQUARE: Seeks Subchapter V Bankruptcy in New Jersey ILLINOIS INSTITUTE: Moody's Affirms 'Ba2' Issuer & Debt Ratings INTEGRATED ENDOSCOPY: Seeks Chapter 11 Bankruptcy in California IRWIN NATURALS: Has OK to Sell Dietary Supplement Biz for $36MM J.B. POINDEXTER: Moody's Rates New Senior Unsecured Notes 'B2' J4G LLC: Seeks Subchapter V Bankruptcy in Texas JEFRYN PARK: Seeks to Hire White and Williams LLP as Attorney JMMJ DEVELOPMENT: To Sell Columbia Property to LLT Properties JTRE 14: Affiliate to Sell NY Property to CPIF MRA or Highest Bid JVK OPERATIONS: Claims to be Paid from Asset Sale Proceeds KLARVIO LLC: Case Summary & Two Unsecured Creditors KUPONO RESORT: Case Summary & One Unsecured Creditor LAVISH ENTERTAINMENT: Case Summary & Two Unsecured Creditors LAVISH ENTERTAINMENT: Seeks Chapter 11 Bankruptcy for 2nd Time LBM ACQUISITION: Moody's Rates New $1.5BB 1st Lien Term Loan 'B3' LEFEVER MATTSON: Seeks $4MM DIP Loan From Serene Investment LEISURE INVESTMENTS: Seeks to Extend Plan Exclusivity to Oct. 27 LEROUX CREEK: Court OKs Farm 5 Sale to American AgCredit for $1.7MM LIFESCAN GLOBAL: Gets OK to Hire Epiq as Claims and Noticing Agent LIFTOFF MOBILE: S&P Alters Outlook to Positive, Affirms 'B-' ICR LILYDALE PROGRESSIVE: Gets Extension to Access Cash Collateral LONG ISLAND: Seeks to Hire Davidoff Hutcher as Counsel LOOK CINEMAS: Court Extends Cash Collateral Access to Sept. 3 M & N STRUCTURES: Seeks Chapter 11 Bankruptcy in Minnesota MATADOOR RESTAURANT: Hires Barton Brimm as Bankruptcy Counsel MCA NAPLES: Court OKs Naples Property to Sunrise Fund for $7.6MM MEYER BURGER: Gets Court Approval for Aug. 11, 2025 Auction MOM CA: Secures 2 Additional Weeks of Chapter 11 Funding MOSAIC COMPANIES: Hires Berkeley Research as Financial Advisor MOSAIC COMPANIES: Hires Epiq Corporate as Administrative Advisor MOSAIC COMPANIES: Taps Eversheds Sutherland as Special Counsel MOSAIC COMPANIES: Taps Morris Nichols Arsht as Bankruptcy Counsel MUSTANG SHOP: Unsecureds Will Get 45% of Claims over 60 Months NIKOLA CORP: To Sell Intellectual Property to Simoneta for $3.8MM PACIFIC RADIO: Case Summary & 20 Largest Unsecured Creditors PARAGON INDUSTRIES: Committee Taps Brinkman Law Group as Counsel PLAZA MARIACHI: Unsecureds to be Paid in Full over 3 Years PRESPERSE CORP: Plan Exclusivity Period Extended to Jan. 5, 2026 QT HAU: Court Extends Cash Collateral Access to Aug. 31 R.W. SIDLEY: Taps Kevin Synk of Centrus as CFO, Humphrey as CRO RALEG MARCY: Seeks Chapter 11 Bankruptcy in New York RAND PARENT: $300MM Upsized Loan No Impact on Moody's 'Ba1' CFR REAL MCCOY: Seeks Subchapter V Bankruptcy in Washington REDDIRT ROAD: Final Cash Collateral Hearing Set for Aug. 6 REGARD RECOVERY: Secured Party to Hold Auction on August 5 RESIDEO FUNDING: Moody's Alters Outlook on 'Ba2' CFR to Negative RICHFIELD NURSING: Hires Tower Partners LLC as Investment Banker RIO DEL PILAR: Seeks Subchapter V Bankruptcy in California ROCKAWAY CONTRACTING: Hires Morrison-Tenenbaum as Legal Counsel ROOMPLACE FURNITURE: Chapter 11 Ends in Store Closures ROOTED SUMMERVILLE: Elisabeth Donnovin Named Subchapter V Trustee RUNITONETIME LLC: Seeks to Sell Gaming Assets at Auction SABAL CONSTRUCTION: Gets Extension to Access Cash Collateral SALEM POINTE: Gets Extension to Access Cash Collateral SANMINA CORP: Moody's Rates New First Lien Term Loans 'Ba1' SCCY INDUSTRIES: Case Summary & 20 Largest Unsecured Creditors SEXTANT STAYS: Sale of Business to CozySuites for $6.3MM OK'd SHUBREW LLC: Gets Court OK to Use Cash Collateral SIMMONS FOODS: Moody's Alters Outlook on 'B2' CFR to Stable SORENTO ON YESLER: Court OKs Deal to Extend Cash Collateral Access SOUTH TEXAS: Gets Final OK to Use Cash Collateral SOUTHERN LOUISIANA: Joseph Richard Moore Named Subchapter V Trustee SPX FLOW: Moody's Rates New $200MM Secured First Lien Debt 'B1' STATE OF FLUX: Gets Interim OK to Use Cash Collateral STERLING GARDENS: Case Summary & Four Unsecured Creditors SUNNOVA ENERGY: Court OKs Asset Sale to GoodFinch, DIP Lenders SYNERGY MEDICAL: Final Cash Collateral Hearing Set for Aug. 6 TEAM HEALTH: S&P Assigns 'B-' Rating on Senior Secured Notes TODD CREEK: Seeks to Hire Allen Vellone Wolf as Bankruptcy Counsel TRIPLESHOT HOLDINGS: Gets Interim OK to Use Cash Collateral TYLER 2 CONSTRUCTION: Final Cash Collateral Hearing Set for Aug. 5 VACO INTERMEDIATE: Moody's Lowers CFR to Caa1 & PDR to Caa1-PD VALVES AND CONTROLS: Aug. 6 Deadline for Panel Questionnaires VILLAGES HEALTH: Needs $24MM Financing to Maintain Operations VOSSEKUIL PROPERTIES: Gets Final OK to Use Cash Collateral WASH MIDCO: Moody's Assigns 'B2' CFR, Outlook Stable WATER ENERGY: Court OKs Carlsbad Property Sale to Dzd Properties WAYSTAR HOLDING: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable WEABER INC: Case Summary & 20 Largest Unsecured Creditors WILLIAMSON ENERGY: Summary Judgment in Mitchell/Roberts Upheld X-LASER LLC: Claims to be Paid from Asset Sale Proceeds ZEN JV: Seeks to Hire Omni Agent Solutions as Administrative Agent [] Keenan Auction to Sell North Deering Property on August 15 ********* 100 PERCENT: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------- 100 Percent Chiropractic Foster, LLC asked the U.S. Bankruptcy Court for the Northern District of Georgia for authority to use cash collateral. The Debtor, a single-location chiropractic franchise owned and operated by Dr. Jamie Foster and managed by his wife, Krissty Foster, sought emergency court approval to use cash collateral, which consists of revenue potentially subject to existing lender liens, to continue business operations during reorganization. The Debtor's business, which opened in 2019 and initially experienced rapid growth, encountered financial hardship following an expansion into multiple additional projects and a 2022 car accident that impaired the Fosters' ability to manage operations. These challenges ultimately led to unmanageable debt and the need for bankruptcy relief. The Debtor needs interim and final authorization to use its cash collateral to pay for essential operating expenses, including wages, rent, marketing, software, and administrative costs, in accordance with a four-week budget projecting $85,400 in income and $75,246 in expenses, yielding a net operating income of approximately $7,953. The Debtor identifies the U.S. Small Business Administration as holding a first-position lien on the cash collateral and noted that other lenders, including Gill Valerio, Ridgestone Capital, Kalmata Capital, and Tactic Franchising, may also claim secured interests. To protect these interests, the Debtor proposes granting the lenders adequate protection in the form of replacement liens on post-petition assets of similar nature, excluding proceeds from any Chapter 5 avoidance actions. A copy of the motion is available at https://urlcurt.com/u?l=a095Yj from PacerMonitor.com. About 100 Percent Chiropractic Foster 100 Percent Chiropractic Foster, LLC, operates a wellness clinic providing chiropractic care, massage therapy, and nutritional supplements. The Company offers services such as corrective chiropractic treatment, family wellness programs, personal injury care, prenatal and pediatric care, and therapeutic massage. It is part of the 100% Chiropractic franchise network, which operates across the U.S. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-58291) on July 24, 2025. In the petition signed by Jamie Foster, manager, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Stacey G. Jernigan oversees the case. Will Geer, Esq., at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. 1918 CONSTANCE: Seeks to Tap Derbes Law Firm as Bankruptcy Counsel ------------------------------------------------------------------ 1918 Constance Street seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire The Derbes Law Firm, L.L.C. as counsel. The firm's services include: (a) providing legal advice with respect to its powers and duties as debtor-in-possession in the continued management of its business and property; (b) attending meetings with representatives of its creditors and other parties in interest; (c) taking all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of any action commenced against the Debtor, negotiations concerning litigation in which the Debtor is or may become involved, and objections to claims to be filed by the estate; (d) preparing on behalf of the Debtor motions, applications, answers, orders, reports, and papers necessary to the administration of the estate; (e) negotiating and preparing on the Debtor's behalf a plan of reorganization, disclosure statement, and all related agreements and/or documents, and taking any necessary action on behalf of the Debtor to obtain confirmation of such plan; (f) appearing before this Court to protect the interests of the Debtor before this Court; (g) performing all other necessary legal services and provide all necessary legal advice to the Debtor in connection with this Chapter 11 case; (h) advising the Debtor concerning executory contract and unexpired lease assumptions, assignments and rejections and lease restructuring and recharacterizations; and (i) 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. The firm's rates for the current year are: Albert J. Derbes, IV, Esq. $495/hr. Mark S. Goldstein, Esq. $495/hr. Wilbur J. "Bill" Babin, Jr., Esq. $495/hr. Patrick S. Garrity, Esq. $495/hr. Beau P. Sagona, Esq. $475/hr. Eric J. Derbes, Esq. $450/hr. Frederick L. Bunol, Esq. $390/hr. Hugh J. Posner, CPA $250/hr. Bryan J. O'Neill, Esq $300/hr. Jared S. Scheinuk, Esq. $300/hr. McKenna Dorais, Esq. $200/hr. Betty A. Maury, Esq. $250/hr. Notary $100/hr. Paralegal(s) $ 80/hr. Legal Assistant $ 60/hr. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received a retainer from Michael Baker in the amount of $11,700. Patrick S. Garrity, Esq., a partner at Derbes Law Firm, 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: Patrick S. Garrity, Esq. Eric J. Derbes, Esq. Derbes Law Firm, L.L.C. 3027 Ridgelake Drive Metairie, LA 70002 Telephone: (504) 207-0913 Facsimile: (504) 832-0327 Email: pgarrity@derbeslaw.com About 1918 Constance Street 1918 Constance Street is a New Orleans-based construction entity likely involved in residential building construction (NAICS 2361). 1918 Constance Street sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-11438) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtors are represented by Patrick S. Garrity, Esq. at The Derbes Law Firm, LLC. 210 8TH ST: Unsecured Creditors to Split $62K over 5 Years ---------------------------------------------------------- 210 8th St LLC filed with the U.S. Bankruptcy Court for the District of Colorado a Disclosure Statement describing Plan of Reorganization dated July 28, 2025. The Debtor is a single asset real estate debtor that owns a commercial building located at 210 8th St., Woodland Park, Colorado (the "Building"). The Debtor leases the Building to an affiliated entity: Okane Mochi, Inc. d/b/a Autosmith (also owned by the Debtor's owner and managing member, Thomas Gearhart). The Building houses an auto repair business run by Mr. Gearhart's son-in-law. Prior to the bankruptcy filing, the Debtor became embroiled in litigation in which Terrapin Partners, LLC claimed to be entitled to purchase the Building under a disputed Contract to Buy and Sell Real Estate (the "Purchase Contract"). Okane Mochi, Inc. fell behind in its rent payments during the pendency of the state court lawsuit and as a result the Debtor defaulted on its loan obligations. Terrapin alleged that it entered into a valid Purchase Contract with the Debtor for the purchase of the Building. Terrapin contended that if the Purchase Contract is not enforceable, it holds a claim against the Debtor's bankruptcy estate. The Debtor disputed the validity of any such claims. On or about April 30, 2025, the Debtor initiated Adversary Proceeding No. 25-01143 MER (the "Adversary Proceeding") against Terrapin, seeking (a) a declaratory judgment under Section 2201 of the Bankruptcy Code that the Purchase Contract is invalid and (b) avoidance of the purported transfer under Section 544(a) of the Bankruptcy Code (the "Complaint"). Following arm's-length negotiations, and with full awareness of the factual and legal issues in dispute, the Debtor and Terrapin reached a resolution and entered into a written Settlement Agreement. Under the Settlement Agreement, the Debtor is required to dismiss the Adversary Proceeding, Terrapin is required to dismiss the state court litigation, the Purchase Contract is deemed terminated, and the parties shall mutually release one another from all claims. The Plan provides for the continued operation of the Debtor, payments as required under the Bankruptcy Code to the Holders of Allowed Administrative and Priority Tax Claims, payments to secured creditors, and payments of $62,000.00 over a five-year period to the Holders of Allowed Unsecured Claims. Class 3 consists of the General Unsecured Claim of Malman Commercial Real Estate, LLC. If Allowed, the Class 3 claimant will receive $62,000.00 paid monthly over five years. This Class is impaired. Equity interest holders are parties who hold an ownership interest (i.e., equity interest) in the Debtor. The claims of Equity Interest Holders are treated under Class 4 of the Plan. Upon confirmation of the Plan, all Class 4 Equity Interest holders will retain their ownership in the Debtor. Payments due under the Plan will be made from cash generated from the Reorganized Debtor's post-Confirmation operations and contributions from the Debtor's managing member. A full-text copy of the Disclosure Statement dated July 28, 2025 is available at https://urlcurt.com/u?l=id1ZRs from PacerMonitor.com at no charge. The firm can be reached through: David J. Warner, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 W. Main St., Ste. 200 Littleton, CO 80120 Telephone: (303) 296-1999 Email: dwarner@wgwc-law.com About 210 8th St LLC 210 8th St, LLC is a real estate debtor with a single asset, as described in 11 U.S.C. Section 101(51B). The Debtor holds full ownership of the property situated at 210 8th St., Colorado Springs, Colo., which is appraised at a market value of $1.4 million. 210 8th St sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-11653) on March 28, 2025. In its petition, the Debtor reported total assets of $1,455,000 and total liabilities of $1,453,420. Judge Michael E. Romero handles the case. The Debtor is represented by David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C. Academy Bank, N.A., as lender, is represented by: Lucas L. Schneider, Esq. Stinson LLP 1144 15th Street Suite 2400 Denver, CO 80202 Telephone: (303) 376-8414 lucas.schneider@stinson.com 298 WILLIAM: Unsecureds to Split $60K via Quarterly Payments ------------------------------------------------------------ 298 William EO LLC filed with the U.S. Bankruptcy Court for the District of New Jersey a First Amended Disclosure Statement describing First Amended Plan of Reorganization dated July 28, 2025. The Debtor's sole asset is the real property and improvements thereon located at 298 William Street in East Orange, New Jersey (the "Property"). The Property is an 8-unit mixed residential and commercial tenanted building. Currently, seven of the eight units are leased, and the Debtor collects in excess of $11,000 in monthly rent. Thomas J. Caleca is the sole member of PL MM ROC LLC, which in turn is the managing member of the Debtor. In such capacity, Mr. Caleca has continued to manage the Debtor during the bankruptcy. This is a Plan of reorganization. In other words, the Proponent seeks to make payments under the Plan by funding payments through a cash infusion as well as continued operations. Class 3 consists of General unsecured claims. The allowed unsecured claims total $60,000. This amount is still being determined in light of the fact that certain claims are subject to objection and reclassification. All affiliates of the Debtor and other entities controlled by Thomas Caleca, shall be deemed to have waived any and all claims they have against the Debtor. Commencing January 1, 2026, claimants in this Class shall receive a pro rata portion of 20 consecutive quarterly distributions each in the amount of $3,000, totaling approximately $60,000 over the life of this Plan. Interest holders in Class 4 shall retain their interests following confirmation. The Plan will be effectuated by an infusion of cash from Thomas Caleca, directly or indirectly through the Debtor's managing member, in such amount necessary to treat secured claims and pay administrative expenses. A full-text copy of the First Amended Disclosure Statement dated July 28, 2025 is available at https://urlcurt.com/u?l=lVxFKC from PacerMonitor.com at no charge. Counsel to the Debtor: Douglas J. McGill, Esq. WEBBER MCGILL LLC 100 E. Hanover Avenue, Suite 401 Cedar Knolls, New Jersey 07927 Tel: (973) 739-9559 E-mail: dmcgill@webbermcgill.com About 298 William EO LLC 298 William EO LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-16836) on July 9, 2024, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Vincent F. Papalia presides over the case. Douglas J. McGill, at Webber Mcgill LLC, is the Debtor's counsel. 5612 9TH AVE: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------- On July 30, 2025, 5612 9th Ave LLC filed Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports $1,053,738 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 5612 9th Ave LLC 5612 9th Ave LLC is a single-asset real estate company that owns the property at 5612 9th Avenue in Brooklyn, New York. The property is held in fee simple and is estimated to be worth $1.78 million, according to Zillow. 5612 9th Ave LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43632) on July 30, 2025. In its petition, the Debtor reports total assets of $1,781,933 and total liabilities of $1,053,738. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Ronald D. Weiss, Esq. at RONALD D. WEISS, P.C. 98TH TRUST: Case Summary & Five Unsecured Creditors --------------------------------------------------- Debtor: 98th Trust LLC 22-16 98th Street East Elmhurst, NY 11369 Business Description: 98th Trust LLC is a real estate company that owns and operates a residential property located at 22-16 98th Street in Elmhurst, Queens. The Company generates revenue by leasing units at the property. Chapter 11 Petition Date: July 31, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-43694 Judge: Hon. Nancy Hershey Lord Debtor's Counsel: Lawrence Morrison, Esq. MORRISON TENENBAUM PLLC 87 Walker Street, Second Floor New York, NY 10013 Email: lmorrison@m-t-law.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Amarbin Ahmed as authorized signatory. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2BYXL5Y/98th_Trust_LLC__nyebke-25-43694__0001.0.pdf?mcid=tGE4TAMA ALIXPARTNERS LLP: Moody's Affirms 'B1' CFR, Outlook Remains Stable ------------------------------------------------------------------ Moody's Ratings affirmed AlixPartners, LLP (AlixPartners) B1 corporate family rating and B1-PD probability of default rating. Moody's affirmed its senior secured first-lien credit facilities at B1. Moody's also assigned B1 to AlixPartners' new senior secured first lien bank credit facilities, that include an approximately $2,691 million term loan due 2032, a EUR330.5 million term loan due 2032 and a $250 million revolving facility expiring 2030. The rating outlook remains stable. AlixPartners is a global provider of business consulting services. The cash raised from the additional debt will fund payments to equity holders and pay transaction-related fees and expenses and increase debt/EBITDA leverage to approximately 6.2x on a pro forma basis, from 5.0x as of the end of June 2025. Moody's expects leverage to decline to around 5.4x in the next 18 months. Although free cash flow will be limited this year, Moody's expects that AlixPartners will be able to generate cash flow that will lead to higher free cash flow to debt, in the mid to high single digit range, by 2026. Moody's considers AlixPartners a global leader in the consulting space with a track record of organic revenue growth, which Moody's expects will continue to support the ratings. ESG considerations were a key driver of the rating action, reflecting high governance risks from the company's tolerance for a sustained, levered debt capital structure. RATINGS RATIONALE The B1 CFR reflects AlixPartners': 1) established market position globally across its client base and track record in creating revenue growth; 2) diversified and highly specialized business practices with a track record of cross selling across practices; 3) cash generative model and ability to reduce leverage; 4) strong and stable EBITDA margins above 20% through the cycle supported by a balanced business profile that includes a mix of cyclical, non-cyclical and counter-cyclical businesses. Moody's assumes the company will reduce debt/EBITDA leverage to around 5.4x by year-end 2026 as a result of revenue growth, some debt repayment and stable profit margins. The ratings also reflect the company's: 1) aggressive financial policies, as evidenced by frequent, sizeable and debt-funded shareholder distributions; 2) high financial leverage when compared to similarly rated companies, as well as low free cash flow to debt expected in 2025; 3) reliance on attraction and retention of key staff; and 4) lack of recurring revenue with reliance on winning repeat business with new and existing customers. Moody's expects that special distributions will continue on an opportunistic basis, but also that the company will limit distributions during times of constrained revenue growth. The company has a stated leverage ceiling of 5.0x as calculated by the company, so Moody's do not expect leverage to rise above that level. All metrics reflect Moody's standard adjustments. Additionally, Moody's add back a portion of stock based compensation to EBITDA since equity compensation is discretionary and Moody's believes that the company will reduce compensation expense to maintain margins in a business downturn and that the company will be able to retain senior talent with low attrition rates. Governance risks arise from the tolerance for high leverage, a history of debt funded distributions and acquisitions and concentrated ownership structure. Management has a good track record in steering the operations of the company via strategic acquisitions and keeping attrition levels sustainable. Moody's expects that AlixPartners will maintain a very good liquidity profile, supported by its cash balance of $176 million as of June 30, 2025 and free cash flow generation. Moody's expects the cash balance will increase in the second half of 2025 as cash is typically at the lowest level after bonus payouts in the second quarter. Moody's expects that AlixPartners will be able to generate free cash flow annually of around $300 million before distributions. The larger $250 million revolver provides very good external liquidity. Moody's also expects that the company will execute strategic bolt-on acquisitions that could be funded primarily with internally generated cash. The B1 senior secured first lien credit facilities rating is the same as the B1 CFR, reflecting the debt capital structure that is entirely composed of the facilities. The facilities are secured by substantially all domestic assets of the borrower (AlixPartners, LLP) and its guarantors (represented by holding companies and the company's domestic subsidiaries and 65% of capital stock of foreign subsidiaries). The stable outlook reflects Moody's expectations that the company will maintain its solid market position with clients and continue to achieve revenue growth in at least the mid single-digit area and stable or improving profit margins. The outlook also incorporates the view that the company will be able to build upon successful engagements with clients that will help in winning bids and cross selling expertise for future engagements with new and existing clients. Moody's also assumes that employee turnover rates will remain stable. The stable outlook incorporates the view that AlixPartners' clients generally will not need to pull back materially on spending for consulting projects and will maintain their budgets for projects over the longer term. Moreover, the outlook assumes that the company will continue to reduce debt leverage as the earnings base increases, with free cash flow to debt improving to the mid to high single-digit area over the next two years. In addition, the stable outlook assumes that debt financed distributions may be made from time to time. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if: 1) AlixPartners continues to generate strong revenue growth, whether via organic growth or acquisitions that implies increasing market share; 2) the company demonstrates a commitment to more conservative financial policies; and 3) debt/EBITDA declines and remains around 4x and free-cash-flow to debt is sustained above 10%. The ratings could be downgraded if: 1) the company experiences declining revenues, operating margin pressure or high employee turnover rates; 2) the company exhibits financial policies whereby it completes debt-financed dividends or acquisitions which cause debt/EBITDA to be sustained above 5.5x; 3) free cash flow to debt is sustained below 4%; 4) there is a change in the ownership structure that leads to more aggressive financial policies or weaker credit metrics or 5) a material weakening in liquidity could also pressure the ratings. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. AlixPartners' B1 rating is two notches above the scorecard indicated outcome of B3 and reflects the expectation that the company will reduce financial leverage as a result of sustained revenue growth and steady profit margins. The rating difference also reflects strong liquidity and the discretionary nature of a portion of equity based compensation that allows the company to maintain profit margins. AlixPartners, LLP is a global provider of a broad range of consulting services, including Advisory, Risk, and Turnaround & Restructuring. The company operates 26 offices located in the Americas, Europe, the Middle East and Asia. Since January 2017, AlixPartners' owners include the company's founder Jay Alix, a group of investors composed of Caisse de dépôt et placement du Québec, PSP Investments, and Investcorp, and its existing managing directors. Moody's expects AlixPartners will generate revenues of approximately $2.5 billion. ALLIED UNIVERSAL: S&P Rates Proposed USD And EUR Term Loans 'B' --------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to global security services provider Allied Universal Holdco LLC's proposed $5.9 billion seven-year USD and EUR term loan facilities. The company will use the proceeds to refinance its existing term loans maturing in 2028. The transaction will be leverage neutral and could reduce its interest burden while addressing the most onerous portion of the company's 2028 maturity wall. Following the proposed transaction, Allied's outstanding 2028 maturities will consist of about $3.4 billion of senior secured notes. The company continues to proactively manage its capital structure by securing maturity extensions well in advance of due dates, and S&P expects it will address the remainder of its debt due in 2028 incrementally over the next two years. S&P said, "Our 'B' issue-level rating and '3' recovery rating on Allied's senior secured facilities are unchanged. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for the senior secured lenders in the event of a default. Our ratings and outlook on Allied and its parent entities (Allied Universal Topco LLC and Atlas Ontario L.P.) are also unchanged and reflect our expectation that the company will reduce leverage to about 8x this year and improve free cash flow as earnings expand and interest cost improves." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default contemplates a significant market share loss amid intense competition, eroding brand reputation, and rising labor costs while secular changes to its customer base impair demand. These conditions cause a significant deterioration in Allied's cash flow generation, ultimately leading to a payment default. -- In this scenario, S&P assumes the company will reorganize as a going concern to maximize its lenders' recovery prospects. -- S&P said, "We used an enterprise valuation approach and have applied a 6.5x multiple to our projected emergence-level EBITDA. This is higher than the multiples we use for some of Allied's business services peers and reflects its widely established operating platform and good brand recognition." -- S&P's recovery analysis assumes the company's $1.7 billion asset-based lending (ABL) facility, less outstanding letters of credit, will be 60% drawn and its cash flow revolvers will be 85% drawn at the time of default. Simulated default assumptions -- Simulated year of default: 2028 -- EBITDA at emergence: $1.25 billion -- Implied enterprise value (EV) multiple: 6.5x -- Estimated gross EV at emergence: $8.1 billion Simplified waterfall -- Net recovery value (after 7% administrative expense): $7.5 billion -- Net recovery value available to first-lien debt: $7 billion -- First-lien debt outstanding at default (credit facility and senior secured notes): $13.4 billion --First-lien debt recovery expectations: 50%-70% (rounded estimate: 50%) -- Unsecured senior note debt outstanding at default: $1 billion --Unsecured senior note recovery expectations: 0%-10% (rounded estimate: 0%) Note: Estimated claims amounts include about six months of accrued but unpaid interest. AMICI MONROE: To Sell Restaurant Business in Auction ---------------------------------------------------- Amici Monroe LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, to sell Assets, free and clear of liens, claims, and encumbrances. The Debtor is the franchisee of a restaurant and the owner of the assets of that restaurant. Although the Debtor was very successful, the Debtor's principal lost the right to hold a valid alcohol license. As a result of being unable to hold an alcohol license, the Debtor was faced with a potential loss of revenue, and so it sought other means to maintain the value of the restaurant, including seeking other parties to take over the day-to-day operations as well as a sale of the business. Unfortunately, before being able to fully explore these possible options, a series of events unfolded that forced the Debtor to file this case. The Debtor has determined that its best course of action to maximize the value of its estate would be to pursue a sale of substantially all its assets, ideally in a "package deal" to a single purchaser. The Debtor believes that a sale of substantially all its assets will provide for a greater return to creditors than that which could be achieved by a conversion to chapter 7 and piecemeal liquidation, particularly considering the additional fees that would be subtracted from creditors’ recoveries in the chapter 7 scenario. The Debtor intends to work cooperatively with Amici Franchising, LLC (Franchisor), the Debtors' prepetition secured lenders, the U.S. Trustee, and any other key stakeholders to ensure that the sale process generates the highest or otherwise best bid for the Debtor's assets. The Debtor and at least two potential buyers have entered into initial negotiations and anticipate an offer to purchase substantially all of the Debtor’s assets, subject to approval of the buyer by the franchisor, any higher and better bids and Court approval. The sale assets include, without limitation, substantially all of the Debtor's tangible and intangible assets such as inventory, supplies, machinery, equipment, furniture, fixtures, furnishings, any supplies, other miscellaneous tangible assets, and the goodwill associated with the Debtor's successful operation. The Debtor does not have a Stalking Horse Offer from any potential purchaser, but intends to seek out a Stalking Horse Offer upon approval of the relief sought herein by the Court. The Debtor requests approval of the Bidding Procedures that are designed to permit a fair, efficient, competitive, and value-maximizing auction process for the Debtor's assets. The Bidding Procedures are designed to encourage all prospective bidders to put their best bids forward and create a path towards the highest or otherwise best available recoveries to the Debtor's stakeholders. Details of the Bidding Procedures are attached as Exhibit 1. The Debtor has already initiated its marketing efforts, and the Debtor will use the time following entry of the Bidding Procedures Order to continue the process to actively market its assets. a. Bid Deadline: October 3, 2025 at 5:00 p.m. (Eastern Time) is the deadline by which all Qualifying Bids must be actually received by the parties specified in the Bidding Procedures. b. Auction: The Auction, if necessary, will be held on October 10, 2025 at 10:00 a.m. (Eastern) at the office of counsel for the Debtor, or other place as may be designated by the Debtor or agreed to by the parties. c. Sale Objection Deadline: The deadline by which all objections to the Sale must be filed with the Court and served so as to be actually received by the appropriate notice parties (Sale Objection Deadline), is October 17, 2025 at 5:00 p.m. (Eastern). d. Sale Hearing: The hearing approving the Sale to the Successful Bidder(s) (as defined in the Bidding Procedures) shall take place before the Court on October 23, 2025 at 10:30 a.m. (Eastern) or such other date and time that the Court is available. The Debtor submits that the Sale Notice is reasonably calculated to provide all interested parties with timely and proper notice of the proposed Sale, including the date, time, and place of the Auction (if one is held) and the Bidding Procedures and the dates and deadlines related thereto. Accordingly, the Debtor requests that the form and manner of the Sale Notice be approved and that the Court determine that no other or further notice of the Auction is required. About Amici Monroe LLC Amici Monroe LLC, operating as Amici Cafe in Georgia, operates acasual dining restaurant serving Italian-American cuisine, including pizza, pasta, sandwiches, and wings, as part of the regional Amici restaurant chain. Amici Monroe sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-20945) on July 3, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Benjamin R. Keck, Esq., at Keck Legal, LLC. ASHLEY SELMAN: Taps Barrett Law/Cuneo Gilbert as Special Counsel ---------------------------------------------------------------- Ashley Selman Farms Partnership seeks approval from the U.S. Bankruptcy Court for the Northern District of Mississippi to employ Barrett Law Group, P.A., Cuneo Gilbert & LaDuca, LLP, Merkel & Cocke, P.A., and Lewis & Lewis Attorneys as special counsel. The counsels will represent the Debtor in the matter of any claim or claims that the Debtor has as a result of losses caused by UMB Bank and pre-petition litigation against UMB Bank. The Debtor will be responsible for fees only of the claim results in recovery by judgement or settlement. The counsels will receive 33.33 percent of the gross proceeds. Don Barrett, Esq. of Barrett Law Group, P.A. assured the court that the counsels are "disinterested persons" within the meaning of 11 U.S.C. 101(14). The firms can be reached through: Don Barrett, Esq. Barrett Law Group, P.A. 404 Court Square P.O. Box 927 Lexington, MS 39095 Telephone: (662) 490-7384 - and - Cuneo Gilbert & LaDuca, LLP 2445 M Street NW, Suite 740 Washington, D.C. 20037 Telephone: (202) 789-3960 Facsimile: (202) 789-1813 Email: hello@cuneolaw.com - and - Merkel & Cocke, P.A. 30 Delta Avenue Clarksdale, MS 38614 Telephone: (662) 302-2804 - and - Lewis & Lewis Attorneys 16055 Space Center Boulevard, Suite 190 Houston, TX 77062 Telephone: (281) 286-9898 Facsimile: (281) 286-9895 About Ashley Selman Farms Partnership Ashley Selman Farms Partnership is a privately-held company operating in the oilseed and grain farming industry. Ashley Selman Farms Partnership sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-10118) on January 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Law Offices of Craig M. Geno, PLLC represents the Debtor as counsel. ATLANTIC NATURAL: Seeks to Extend Plan Exclusivity to November 3 ---------------------------------------------------------------- Atlantic Natural Foods, LLC, asked the U.S. Bankruptcy Court for the Eastern District of Louisiana to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to November 3, 2025 and January 2, 2026, respectively. The Debtor explain that cause exists to extend its Exclusive Periods. First, this is the Debtor's first request for an extension, and not a lot of time has elapsed in the Case, less than four months since the Petition Date. Second, this Case has been complex, admittedly this is not a "mega case," but the Debtor's case involves international operations, diminished resources, managing the burdens of tariffs, the presence of a non-cooperative equity-holder, lien challenges, multiple asset sales, to include a transformative transaction in the Business Sale, in multiple locations, working with the secured lender to be able to fund the Case with cash collateral, and many other challenges. Third, without an extension, the Debtor may face extra delay, disruption, and costs as it would have to allocate time, effort, and money to addressing potentially competing chapter 11 plans. With the ongoing sales processes, the Debtor cannot afford the distraction of competing plans and should be given an opportunity to extend its Exclusive Periods. Terminating the Exclusive Periods could have the opposite result, inviting disruptive and costly litigation. Fourth, the Debtor has made progress in negotiations with its creditors and has demonstrated good faith toward a chapter 11 plan. The Debtor has been consensually using cash collateral to fund the Case and pay its post-petition debts as they come due, and the Debtor has been earnestly seeking buyers of its assets as the record reflects through the sales motions, Bidding Procedures Order, and the application to employ an auctioneer. Fifth, the Debtor not seeking an extension as a means to pressure creditors. The Debtor requests a brief extension of the Exclusive Periods to provide a sufficient window to consummate its asset sales and determine the actual remaining pool of and priority of secured claims without the disruption and distraction created by competing plan proposals. Once these sales close, the Debtors will have more clarity on whether a chapter 11 plan is viable and the next steps for the Case. Finally, the Debtor has demonstrated that it is working toward a viable plan, as the Business Sale, asset sales, and collection of remaining accounts receivable are expected to pay the secured lender in the Case and bring other cash into the estate that can be distributed per the Bankruptcy Code. Also, there is the closing of the Business Sale, which is the key event in the Case, the chapter 11 plan must necessarily follow the Business Sale, and as of the date hereof this has not been approved by the Court. Atlantic Natural Foods, LLC is represented by: Tristan Manthey, Esq. Cherie Dessauer Nobles, Esq. Joseph A. Caneco, Esq. Fishman Haygood LLP 201 St. Charles Avenue, Suite 4600 New Orleans, LA 70170 Telephone: (504) 586-5252 Facsimile: (504) 586-5250 Email: tmanthey@fishmanhaygood.com About Atlantic Natural Foods Atlantic Natural Foods, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-10676) on April 7, 2025, listing between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. J. Douglas Hines, manager, signed the petition. Judge Meredith S. Grabill oversees the case. The Debtor tapped Tristan Manthey, Esq., at Fishman Haygood, LLP as counsel and Malcom M. Dienes LLC as accountant. ATLAS CC: S&P Downgrades ICR to 'SD' on Distressed Debt Exchange ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Atlas CC Holding LLC to 'SD' (selective default) from 'CC' and its issue-level rating on its senior secured term loan B and term loan C facilities to 'D' from 'CC'. S&P said, "Our ratings on its revolver and line of credit facility are unchanged because we believe the priority ranking in the exchanged facilities provides these lenders with adequate compensation for the extended maturities. "We plan to raise our issuer credit rating on Cubic to a level that reflects our view of its revised capital structure and business prospects in the coming days following a thorough review. "We view the debt restructuring as distressed and tantamount to a default because lenders exchanged their holdings below par with extended payment terms and revised payment priority. The transaction extends Cubic's debt maturities to May 2029 and beyond. The payment priority for the new capital structure is revised, with a first-out priority for the new $225 million revolver and $325 million letter of credit facility. Lenders of exchanged term loan B and term loan C facilities received second-out priority. The term loan C lenders exchanged their loans at 70 cents on the dollar with reduced cash interest and agreed to release a portion of cash collateral without a corresponding debt paydown required under the original credit agreement. Second-lien lenders also exchanged their holdings at a discount to par with paid-in-kind (PIK) interest on exchanged debt. All lenders participated in the transaction as nonparticipating lenders would have been subordinated with all restrictive covenants removed. In our view, the exchange provides lenders with less than the original promise. "We plan to raise our issuer credit rating on Cubic as soon as practical over the next two to three weeks. The rating would consider Cubic's track record of underperforming relative to plan. While the company's long-term contracts provide some visibility into future performance, its revenue and cash generation depend on successful, timely achievement of contract milestones. We may consider the updated capital structure as unsustainable if we expect the company will remain vulnerable to favorable business conditions. Additional upside toward a 'B-' rating will depend on our assessment of the company's ability to expand earnings and cash flow sufficient to cover its noncash interest obligations, which could indicate increasing likelihood of a conventional refinancing in a few years." Cubic's updated capital structure significantly improves its liquidity profile and reduces its debt service. The sponsors provided $170 million of cash to support its liquidity in addition to the $150 million of collateral release from its restricted cash. After repaying its bridge financing, repurchasing a portion of preferred shares, covering transaction fees, and other uses, S&P anticipates total liquidity of about $190 million. This, along with continued letters of credit capacity, should be sufficient to support its operations at least over the next 12 months, with cash interest reduced by about $65 million. AVDHESH MANAGEMENT: Seeks to Hire Trevett Cristo as Legal Counsel ----------------------------------------------------------------- Avdhesh Management Portland Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of New York to hire Cristo Law Group, LLC, doing business as Trevett Cristo, as its legal counsel. The firm will render these services: (a) advise the Debtor regarding its power and duties in the continued operation of its business and management of its property; (b) take necessary action to avoid liens against the Debtor's property; (c) take necessary action to enjoin and stay until final decree any attempts by secured creditors to enforce liens upon the Debtor's property; (d) represent the Debtor in any proceedings which may be instituted in this court by creditors or other parties; (e) prepare legal papers; and (f) perform all other legal services for the Debtor. The hourly rates of the firm's counsel and staff are as follows: Partners $400 Associates $200 Paralegals $100 The Debtor paid the firm a pre-bankruptcy retainer of $5,000. David Ealy, Esq., a partner at Trevett Cristo, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David H. Ealy, Esq. Cristo Law Group LLC Two State Street, Suite 1000 Rochester, NY 14614 Telephone: (585) 454-2181 Facsimile: (585) 454-4026 Email: dealy@trevettcristo.com About Avdhesh Management Portland Inc. Avdhesh Management Portland Inc. is a restaurant operator in the food service industry based in Rochester, New York. Avdhesh Management Portland Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.Y. Case No. 25-20519) on July 11, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. The Debtors are represented by David H. Ealy, Esq. at Cristo Law Group Llc D/b/a Trevett Cristo. BACK COUNTRY ADVENTURE: Seeks Cash Collateral Access ----------------------------------------------------- Back Country Adventure Tours, LLC asked the U.S. Bankruptcy Court for the District of Utah, Central Division, for authority to use cash collateral. The Debtor needs to use cash collateral to continue operating its business, pay ordinary post-petition expenses, and maintain compliance with government contracts and service obligations. Several creditors, including Apollo Funding, Creditline Capital Group, Epic Advance LLC, Expansion Capital Group, and Vernon Capital LLC, claim security interests in the Debtor's receivables totaling approximately $292,458.65. The Debtor proposed to offer these creditors adequate protection through replacement liens on post-petition assets. The Debtor sought approval to use anticipated income, projected at $130,000 for August to cover critical expenses such as payroll, taxes, equipment, insurance, legal and accounting fees, and lease obligations totaling an estimated $122,350, leaving a projected net income of $7,650. The motion further details complications with Epic Advance, whose delay in releasing post-petition funds from Stripe resulted in more than $45,000 being turned over to a marshal, potentially violating bankruptcy protections. The Debtor is actively pursuing the return of those funds. In addition to seeking court approval to use cash collateral in the ordinary course of business, the Debtor requested that the court authorize budgetary flexibility, including variances of up to 15–20%, the ability to roll over unspent funds to future periods, and the use of up to 75% of excess revenue for cost-of-goods-sold categories tied to sales volume. The Debtor said that AFG's interests are adequately protected through continued business operations, insurance, asset preservation, and the proposed lien structure. About Back Country Adventure Tours LLC Back Country Adventure Tours LLC, operating as Zipline Utah, is an outdoor adventure park located at Deer Creek State Park in Wallsburg, Utah that offers zipline experiences, aqua park activities, climbing walls, and seasonal recreational activities. The company provides both summer activities through its zipline courses, water recreation facilities, and climbing walls, as well as winter experiences with snowmobile tours, snow bikes, and off-road vehicle excursions. The adventure park operates from its 5566 UT-314 location in Rainbow Bay. Back Country Adventure Tours sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-22723) on May 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. Judge Kevin R. Anderson handles the case. The Debtor is represented by Roger A. Kraft, Esq. BACK DRAUGHTS: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Back Draughts, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The interim order signed by Judge Catherine Peek McEwen authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditor, the U.S. Small Business Administration. Each creditor with a security interest in cash collateral will have a perfected post-petition lien on the cash collateral to the same extent and with the same validity and priority as its pre-bankruptcy lien. The Debtor agreed to keep its property insured in accordance with the obligations under its loan and security agreements with secured creditors. The Debtor has identified several creditors that may assert secured interests in its assets constituting cash collateral. These creditors include SBA, Headway Capital, LLC, Ally Financial Inc., Itria Ventures, LLC, and BizFund, LLC. SBA and Headway Capital may have liens on substantially all of the Debtor's assets while Ally Financial is believed to hold a purchase money security interest in a 2020 Toyota Tundra. BizFund and Itria are parties to agreements involving the sale of future receivables, which the Debtor said may be recharacterized as loans, and thus, both entities may claim interests in cash collateral as well. The next hearing is scheduled for August 7. About Back Draughts LLC Back Draughts, LLC, doing business as Backdraughts Pizza, operates a wood-fired pizzeria serving pizza as its main offering, along with craft beer, fine wine, and cocktails. The family-owned business emphasizes a welcoming atmosphere and serves freshly prepared food. Back Draughts sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05033) on July 23, 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 Catherine Peek McEwen handles the case. Erik Johanson, Esq., at Erik Johanson, PLLC is the Debtor's legal counsel. Itria Ventures LLC, as secured creditor, is represented by: Paul A. Humbert, Esq. Law Offices of Paul A. Humbert, P.L. 9655 South Dixie Hwy, Suite 312 Miami, FL 33156 Tel: (305) 914-7862 Fax: (305) 513-5153 pa@pahumbertlaw.com BEDFORD CAPITAL: Seeks Subchapter V Bankruptcy in New York ---------------------------------------------------------- On July 31, 2025, Bedford Capital Lofts LLC filed Chapter 11 protection in the Eastern District of New York. 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 Bedford Capital Lofts LLC Bedford Capital Lofts LLC is a Brooklyn-based single asset real estate investment company that operates as an investment vehicle with its principal business address at 1266 36th Street in Brooklyn and its principal assets located at 2347 Bedford Avenue. Bedford Capital Lofts LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43691) on July 31, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. BELLFLOWER CEDAR: To Sell Property to Hidden Oaks for $10.6MM ------------------------------------------------------------- Bellflower Cedar, LLC, seeks permission from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to sell Property, free and clear of liens, claims, and encumbrances. The Debtor is a single asset real estate entity. Its primary asset is a multi-tenant retail plaza at the intersection of Bellflower Boulevard and Cedar Street, in Bellflower, California. The Property consists of two contiguous parcels of land with approximately 61,000 square feet of land area. As of the March 4, 2024 Petition Date, Parcel B within the Property was improved by a 7,000 square foot building partially occupied (2,200 square feet) by Starbucks. As explained below, a 9,000 square foot partially completed building was also located within the Property on the Petition Date. This building is now completed. Prior to the Petition Date the Debtor completed the seven-thousand-foot Building B on Parcel B, and it was able to lease the primary space within this building to Starbucks Coffee. The Debtor's intent was to lease the remaining space in Building B to other restaurant businesses once it completed the tenant improvements necessary to accommodate these new tenants. The completion of the second 9,000 square foot building on Parcel A within the Property was delayed by permitting and construction delays, and cost overruns. These delays led to a maturity default under the terms of the Debtor's senior secured creditor’s loan agreement, which was held by Grand Pacific Financing Corporation. The Debtor attempted to obtain more time to resolve this problem. However, Grand Pacific elected to initiate a foreclosure with respect to its lien forcing the Debtor to seek relief under Chapter 11 to preserve the equity in the Property for creditors. Other Liens Against the Property are: -- DIP Lender (estimated): $11,805,671.51, First -- Ygrene CPACE Loan (estimated): $1,490,000.00, Second -- James and Mary Lou Hooyenga (estimated): $365,120, Third -- Global Plumbing and Fire Supply (estimated): $ 11,638.99, Fourth The Debtor has been actively marketing the Property for sale since December of 2024. This marketing effort, which has continued for over six months, was first conducted by the brokerage firm Lee & Associates and later by Marcus & Millichap. The best offer obtained for the Property through these marketing efforts is the $10.6 million offer from Hidden Oaks, LLC. Under the Hidden Oaks' offer, this buyer has agreed to take title to the Property subject to the lien securing the $1,490,000 CPACE Loan. The Debtor and Hidden Oaks have executed a standard form Purchase and Sale Agreement (PSA) that is modified by four addendums, two of which, the Third Addendum and Fourth Addendum, have not been signed. In the Third Addendum to the PSA, the Debtor and Hidden Oaks have agreed that the Debtor will retain the right to lease the rooftop of either Building A or Building B to a wireless service provider. This provider will have the right to install equipment on the designated roof in exchange for monthly rent. The Debtor and Hidden Oaks agreed that the Debtor will file a motion seeking an order selling the Property to Hidden Oaks free and clear of certain liens, claims, encumbrances, and interests. The Fourth Addendum advises Hidden Oaks that the proposed sale of the Property shall be subject to overbids submitted in accordance with the following overbid procedures: 1. Any overbid must be submitted via email to counsel for the Debtor not later than ten days prior to the hearing date on the Sale Motion; 2. The overbid must exceed the Offer by $150,000; 3. Within two days after the submission of the overbid, the overbidder must execute a contract in substantially the same form as the PSA and make a deposit to escrow in the amount of $200,000; 4. The overbidder must provide Debtor’s counsel documentary evidence confirming the overbidder’s ability to complete the purchase of the Property that is deemed satisfactory by the Debtor and the DIP Lender; 5. If one or more qualifying overbids is received, the Debtor will conduct an auction the day prior to the hearing on the Sale Motion. The bidding at this auction shall be in increments of $50,000. The highest offer for the Property will be submitted to the Bankruptcy Court for approval at the hearing on the Sale Motion; and 6. If Hidden Oak's Offer is overbid, and Hidden Oaks is not the winning bidder in the auction, it will receive a $90,000 break-up The gross sales proceeds is $10,600,000. The breakdown of payment is: Gross Cash Sale Proceeds: $10,600,000 Less: Broker Fee (3.1%) -318,000 Section 3Q Closing Costs other than Transfer Taxes -15000 Transfer Taxes (0.11%) -11,660 US Trustee Fees (0.8%) -84,800 DIP Lender Fees + Expenses (estimate) -60,000 DIP Loan Principal Amount -9,594,966.20 City Payment -500,000 The remaining proceeds, if any, from the sale will be remitted to James and Mary Lou Hooyenga, the holder of a third priority lien against the Property securing a loan with an approximate amount owed of $365,120. Assuming the Property is sold and the sale proceeds distributed in accordance with the Discounted Payoff Agreement, the DIP Lien that currently attaches to all other assets of the Debtor will be deemed released. The Debtor will have one remaining asset—the Cell Site Fees. Based upon past discussions with City of Bellflower, which is the party seeking the installation of this cell site, the installation of a cell site on the Property is necessary to support the City’s wireless network. Accordingly, the Debtor expects to enter into a lease within the next month. About Bellflower Cedar, LLC Bellflower Cedar is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Bellflower Cedar LLC in Montebello, CA, filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 24-11656) on May 4, 2024, listing $8,980,632 in assets and $8,843,763 in liabilities. Vanessa Delgado as authorized agent, signed the petition. Judge Julia W Brand oversees the case. OKEEFE & ASSOCIATES LAW CORPORATION, PC serve as the Debtor's legal counsel. BERRY CORP: S&P Affirms 'CCC+' ICR Then Withdraws Rating -------------------------------------------------------- S&P Global Ratings affirmed all ratings, including its 'CCC+' issuer credit rating and 'B' issue-level rating on its term loan on Dallas-based oil and gas exploration and production (E&P) company Berry Corp. Subsequently, S&P withdrew all ratings on Berry at the issuer's request. The outlook was stable. S&P said, "Despite our recent price deck revision, we expect Dallas-based oil and gas exploration and production (E&P) company Berry Corp. to maintain stable credit metrics and disciplined spending in 2025, due in part to its strong hedging position. "In June, we revised our price deck to $60 Brent (from $65/bbl) for the rest of 2025 and to $65/bbl (from $70) in 2026. However, Berry's strong hedge position muted the negative impact on cash flows. We estimate about 75% of total production is hedged in 2025 and about 60% in 2026. " the ongoing pause on new well drilling in Kern County, Calif. related to the temporary suspension of the Kern County Environmental Impact Review (EIR), we expect the company will maintain stable production levels via in-basin sidetracks/workover activity and increase capital spending on its Uinta acreage in Utah. We estimate there could be a resolution of the EIR case in the next six to 12 months given the Kern County Board of Supervisors formal adoption of a revised ordinance and EIR (pending court review and approval) which could open up in-basin new well drilling, but this is not part of our base case. As a result, we expect steady credit metrics of about 30% FFO/debt through 2026. "While we still view liquidity as less than adequate, we anticipate the company will be able to mostly address its $45mm annual amortization and $9 million annual dividend payment through free cash flow. We forecast a cash burn of about $20 million in 2025 and 2026 but expect the company has enough liquidity to meet the shortfall. As of March 2025, the company had $49 million availability on its undrawn $63 million RBL (no restrictions on current dividend amount) and a $32 million delayed draw feature on the term loan. Berry remains subject to a $25 million minimum liquidity covenant. "We withdrew all ratings on Berry Corp., including our 'CCC+' issuer credit rating and issue-level rating, at the issuer's request." BLABLMBTQ, LLC: Court Extends Cash Collateral Access to Oct. 31 --------------------------------------------------------------- BLABLMBTQ, LLC received a three-month extension from the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, to use cash collateral. The court's order extended the Debtor's authority to use cash collateral from August 9 to October 31, allowing the Debtor to continue business operations while its Subchapter V plan of reorganization awaits a confirmation hearing scheduled for September 8. As adequate protection for the Debtor's use of their cash collateral, creditors with an interest in cash collateral will be granted replacement liens, with the same priority, validity and extent as their pre-bankruptcy liens. As further protection, the Debtor was ordered to keep its assets insured. The Debtor submitted a budget showing projected revenues, cash inflows and outflows, and estimated ending cash balances through late October. The budget includes ongoing operational expenses such as payroll, rent, insurance, utilities, shipping, professional fees, and inventory purchases. These expenses are based on historical averages and estimates. About BLABLMBTQ LLC BLABLMBTQ, LLC, doing business as Bella and Bloom Boutique, is an online and physical retail company that offers women's apparel and fashion accessories. It operates through its e-commerce platform and a storefront in Texas. BLABLMBTQ filed Chapter 11 petition (Bankr. W.D. Tex. Case No. 25-10545) on April 18, 2025, listing between $1 million and $10 million in both assets and liabilities. Katlyn Maupin, owner and managing member, signed the petition. Judge Christopher G. Bradley oversees the case. Stephen Sather, Esq., at Barron & Newburger, P.C. serves as the Debtor's counsel. BOKQUA LLC: Case Summary & Three Unsecured Creditors ---------------------------------------------------- Debtor: Bokqua, LLC 8700 E. Jefferson #370285 Denver, CO 80237 Business Description: Bokqua, LLC is a real estate investment company that owns and manages residential properties in the Denver metropolitan area. The Company operates in association with BVRE, a property management firm based in Denver, Colorado. Chapter 11 Petition Date: July 31, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-14846 Judge: Hon. Michael E Romero Debtor's Counsel: Jeffrey S. Brinen, Esq. KUTNER BRINEN DICKEY RILEY 1660 Lincoln St. Denver, CO 90264 Tel: (303) 832-2400 E-mail: jsb@kutnerlaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $50 million to $100 million The petition was signed by Boris Klein as member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NYHIMQQ/Bokqua_LLC__cobke-25-14846__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Three Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Genesis Capital, LLC $25,258,412 c/o Steve Abelman 675 15th Street, Suite 2900 Denver, CO 80202 2. GLS Solutions, LLC $868,000 200 S. Wilcox, #440 Castle Rock, CO 80104 3. Toorak $1,512,000 15 Maple Street Summit, NJ 07901 BOUNDLESS BROADBAND: Affiliate to Sell Broadband Biz to Selectronic ------------------------------------------------------------------- Boundless Broadband, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware, to sell broadband assets, free and clear of liens, claims, and encumbrances. The Debtors own and operate a broadband internet business based in Lunenburg, Danville, and St. Johnsbury, Vermont. The Broadband Business arose from TTMI’s desire to utilize its existing consulting expertise and deep in-house experience in designing and building fiber networks to develop and deliver world class broadband internet service to previously unserved retail customers during the COVID-19 pandemic. The Debtor scaled its business significantly during a previous cycle of federal broadband investment and recognized that the increased demand for broadband to facilitate remote work, learning, and healthcare in response to the onset of the global COVID-19 pandemic was likely to drive new government funding and, with it, new opportunities. The State of Vermont, where TTMI had worked for more than a decade, moved quickly to respond to its citizens' need for reliable high speed internet access by dedicating a portion of its Coronavirus Aid, Relief, and Economic Security (CARES) Act funding to expanding rural broadband. TTMI planned to use this opportunity in Vermont to gain experience in building and operating broadband networks that it could then use both on behalf of its customers and on its own in anticipation of additional future federal funding. The assets primarily used in connection with the Broadband Business are generally comprised of: (a) a "fiber to the home" network passing approximately 1,200 residential and commercial locations in Lunenburg, Danville, and St. Johnsbury, Vermont, which currently serves approximately 400 active customers, (b) head-end network architecture assets with redundant connections to network hubs in New York City, (c) the equipment and inventory necessary for the operation of the Broadband Business, including physical fiber rolls, installation tools, internet switches, routers and access equipment, customer premises equipment, trucks, and health and safety equipment, and (d) intellectual property, along with various permits and licenses associated with running and maintaining the network. In the summer of 2024, given the lack of market interest resulting from the initial investor transaction process envisioned by the investment bank, the Debtors simultaneously (i) reduced expenses associated with the Broadband Business to minimize the impact on the Debtors' core industry-leading, digital infrastructure consulting, design-build, and maintenance operation, and (ii) decided to engage in direct efforts to find a buyer for the Broadband Assets as a "stand alone" transaction with the intention of fully divesting the Debtors from the Broadband Business. Following the Debtors' discussions with the four (4) additional industry participants, two firms expressed an interest in conducting additional due diligence and a more fulsome exploration of the opportunity. The conversations with potential buyers, which began prior to the bankruptcy cases being filed, continued post-petition and included the Debtors' professionals actively negotiating the terms and conditions of two separate potential transactions for the Broadband Assets. Ultimately, after exchanges of information, including telephone and videoconference management meetings and site visits by the Purchaser, Selectronics Corporation, parent company of Waitsfield-Fayston Telephone Co., Inc. d/b/a Waitsfield Telecom and d/b/a Champlain Valley Telecom, and review of the data room, and only, after arm's-length and good faith negotiations with the Purchaser, the Purchaser and Debtors agreed to the terms of a Purchase Agreement. The purchase price for the assets to be acquired is cash consideration of $4,195,000 to be paid at closing, plus the assumption of the Assumed Liabilities, all as set forth in the Purchase Agreement. Although the Debtors were prepared to negotiate and bring forward for approval by the Court the alternative transaction, the Purchaser emerged with a higher and better “all cash” transaction that would close on substantially the same timeline as the alternative transaction. The Debtors seek authorization for the private sale of the Broadband Assets to the Purchaser in accordance with the Purchase Agreement, free and clear of all Liens. The Debtors submit that the Purchaser's financial condition provides sufficient adequate assurance of future performance, and that the assignment of any Assumed Contracts to the Purchaser as part of the Sale should be approved. About Boundless Broadband, LLC Boundless Broadband, LLC and two of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-10948) on May 29, 2025. In its petition, Boundless Broadband disclosed up to $50,000 million in both estimated assets and liabilities. The Honorable Bankruptcy Judge Brendan Linehan Shannon handles the cases. The Debtors tapped Saul Ewing LLC and Verrill Dana LLP as counsel and Alastar Partners, LLC as restructuring advisor. The Debtors' claims and noticing agent is Omni Agent Solutions, Inc. BOWES IN-HOME: Gets OK to Use Cash Collateral Until Sept. 24 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Illinois issued an interim order authorizing Bowes In-Home Care, Inc. to use cash collateral. The Debtor was authorized to use the cash collateral of the U.S. Small Business Administration through September 24, subject to the terms of the budget. No deviations or additional payments are allowed without prior written consent from SBA or further court order. The SBA asserts a blanket lien on all assets of the Debtor in the amount of at least $1.85 million. In case of any diminution in value of its prep-bankruptcy collateral, SBA will be granted replacement liens on all existing and future assets of the Debtor including accounts receivable, inventory, equipment, and the proceeds thereof. These replacement liens maintain the same validity, priority and extent as those held prior to the petition date. As additional protection, the Debtor was authorized to use cash collateral to pay insurance premiums to cover the collateral from damage. A status hearing is scheduled for September 23. About Bowes In-Home Care Bowes In-Home Care, Inc. is a Medicare-certified home health agency that provides skilled nursing, therapy, and care management services in home settings. Operating with a multidisciplinary approach, the company offers programs aimed at managing chronic conditions, preventing hospital readmissions, and promoting patient independence. Services include wound care, infusion therapy, physical and occupational therapy, and tele-health, with 24/7 nurse intake and coordination with hospital teams. Bowes In-Home Care sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10234) on July 3, 2025, with $1,028,214 in assets and $3,546,860 in liabilities. Michael Collura, president of Bowes In-Home Care, signed the petition. Judge Janet S. Baer presides over the case. James A. Young, Esq., at James Young Law represents the Debtor as bankruptcy counsel. BOZELL & JACOBS: G. Matt Barberich Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 13 appointed G. Matt Barberich, Jr. of B. Riley Advisory Services as Subchapter V trustee for Bozell & Jacobs, LLC. Mr. Barberich will be paid an hourly fee of $300 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Barberich declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: G. Matt Barberich, Jr. B. Riley Advisory Services 7101 College Boulevard, Suite 730 Overland Park, KS 66210 Phone: 913-389-9270 Email: mbarberich@brileyfin.com About Bozell & Jacobs LLC Bozell & Jacobs, LLC is an advertising and marketing agency based in Omaha, Nebraska. Bozell & Jacobs filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Neb. Case No. 25-80756) on July 23, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Brian S. Kruse handles the case. The Debtor is represented by Patrick Raymond Turner, Esq. at Turner Legal Group, LLC. BRIDGE PLAZA: Seeks to Hire The Kelly Firm as Bankruptcy Counsel ---------------------------------------------------------------- Bridge Plaza Condominium Association, Inc. seeks approval from the U.S. Bankruptcy Court for the The Kelly Firm, P.C. as attorneys. The firm will provide these services: (a) advise the Debtor with respect to its rights and obligations; (b) appear in the Bankruptcy Court on behalf of the Debtor; (c) assist the Debtor in formulating, negotiating and securing confirmation of a plan of reorganization or liquidation; (d) make determinations of the validity and extent of any liens which may be asserted against the assets of the estate; and (e) render any other professional services which may they may be called upon to accomplish as attorneys. The firm received an initial retainer of $35,295 from the Debtor. Andrew Kelly, Esq., an attorney at The Kelly 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 through: Andrew J. Kelly, Esq. The Kelly Firm, P.C. 101 Highway 71, Suite 200 Spring Lake, NJ 07762 Telephone: (732) 449-0525 Email: akelly@kbtlaw.com About Bridge Plaza Condominium Bridge Plaza Condominium Association, Inc. manages a commercial condominium complex located at 70 - 260 Bridge Plaza Drive in Manalapan, New Jersey. The association oversees property maintenance, governance, and common area services for unit owners within the development. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-17396) on July 15, 2025, with $1,236,128 in assets and $1,187,363 in liabilities. Marc Feingold, president, signed the petition. Judge Christine M. Gravelle presides over the case. Andrew J. Kelly, Esq., at The Kelly Firm, P.C. represents the Debtor as legal counsel. BRITEWASH AUTO: Closes Leesburgh Location After Owner Falls Ill --------------------------------------------------------------- theburn reports that an unfortunate business situation has unfolded in Leesburg, where the BriteWash Auto Wash at the Shops at Russell Branch -- near Lowe's Home Improvement -- has quietly shut down after its owner fell seriously ill. Callers to the car wash now hear an unusual recorded message announcing the closure: "BriteWash is closed for business indefinitely. As many members know, this enterprise has been under Chapter 11 bankruptcy protection for over a year. During the effort to reorganize and emerge from bankruptcy, the owner suffered several serious health issues that prevented him from continuing to manage the business. His most recent health setbacks required him to leave his home for care with family, with hopes of eventual recovery. The owner is not taking calls at this time. Members wishing to cancel their memberships should contact their credit card providers. The last day of operation was June 30, 2025. The owner sends his apologies to customers and associates from the past three years." BriteWash, first announced in 2020, faced construction delays during the pandemic and officially opened in early 2022. Despite the closure, its website, Google listing, and social media pages remain active, with no public notice of the shutdown, according to theburn. The situation highlights the personal toll illness can take on small business owners, turning years of planning and investment into an abrupt ending. The Burn extends best wishes to the owner and hopes a resolution for the site can be found, the report states. About BriteWash Auto Wash I, LLC BriteWash Auto Wash I, LLC is a Virginia limited liability company that was established in February 2019 for the purpose of developing and operating a high-end automobile wash and detailing facility in Loudoun County, Virginia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 24-11096) on June 13, 2024. In the petition signed by Gregory J. Miller, president and managing member representative, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Christopher L. Rogan, Esq. at RoganMillerZimmerman, PLLC, represents the Debtor as legal counsel. CBRM REALTY: Seeks to Sell Nola Properties at Auction ----------------------------------------------------- CBRM Realty Inc. and its affiliates seek permission from the U.S. Bankruptcy Court for the U.S. Bankruptcy Court for the District of New Jersey, to sell Property, free and clear of liens, claims, and encumbrances. The Debtors seek entry of an order authorizing analogous relief governing the sale of the multi-family housing assets (NOLA Properties) owned by Debtors RH Chenault Creek LLC, RH Windrun LLC, RH Copper Creek LLC, and RH Lakewind East LLC. The proposed Bidding Procedures largely mirror the procedures set forth in the Kelly Hamilton Bidding Procedures Order, with the exception of the stalking horse mechanic. Specifically, to date, the Debtors have not entered into a stalking horse agreement with any potential bidder for the NOLA Properties and have modified the Bidding Procedures accordingly. Approval of the Bidding Procedures is necessary to maintain and ultimately maximize the value of the NOLA Properties. The Debtors respectfully request that the Court grant the requested relief to permit the Debtors to complete their value-maximizing sale process for the NOLA Properties owned by the NOLA Debtors. The relief sought in the proposed Bidding Procedures Order includes the following: (a) setting September 11, 2025, at 4:00 p.m. (prevailing Eastern Time) as the deadline by which parties must submit an offer with respect to the Debtors' proposed sale of the NOLA Properties (Bid Deadline); (b) setting September 15, 2025, as the date on which the Debtors will conduct an auction (Auction) (if any) with respect to the proposed sale of the NOLA Properties; (c) to the extent the proposed sale is consummated under section 363 of the Bankruptcy Code, scheduling a hearing where the Debtors seek entry of the Sale Order or September 22, 2025 at 11:00 a.m. (prevailing Eastern Time), and to the extent the proposed sale is consummated through a chapter 11 plan, scheduling a hearing to consider approval of the confirmation and sale order for October 22, 2025 at 11:30 a.m. (prevailing Eastern Time), or as soon thereafter as the Court may be available, and approving the form and manner of notice thereof; (d) approving bidding and auction procedures for the sale of the NOLA Properties, substantially in the form attached to the Bidding Procedures Order as Exhibit 1, and the form and manner of notice thereof; (e) approving the form and manner of the notice of the Sale Transaction(s), substantially in the form attached to the Bidding Procedures Order as Exhibit 2; (f) approving procedures for the assumption and assignment of certain Executory Contracts and Unexpired Leases in connection with the sale of the NOLA Properties, and notice of the Debtors' potential assumption and assignment of the Assumed Contracts, substantially in the form attached as Exhibit 3 to the Bidding Procedures Order; (g) approving the payment of the Bid Protections to the Stalking Horse Bidder(s), if any, in accordance with any Stalking Horse Agreement; and (h) granting related relief. The Debtors, with the assistance of their proposed financial advisor, IslandDundon LLC, launched a marketing process to solicit proposals for the sale of one or more of the NOLA Properties. Specifically, the Debtors have retained Hilco Real Estate, LLC as their real estate advisor. The Debtors have also retained Larry G. Schedler & Associates, Inc. as their exclusive real estate broker with respect to the NOLA Properties. The Debtors request that the Court approve the following dates in connection with the Bidding Procedures and the proposed sale timeline. -- Entry of the Bidding Procedures Order: August 14, 2025 -- Assumption and Assignment Service Deadline: Seven Days after entry of the Bidding Procedures Order (i.e., August 21, 2025) -- Cure Objection Deadline: 14 Days after service of the Assumption Notice -- Bid Deadline: September 11, 2025, at 4:00 p.m. (prevailing Eastern Time) -- Deadline for Debtors to Designate Qualifying Bids: September 12, 2025 -- Auction Date (if any): September 15, 2025, at 10:00 a.m. (prevailing Eastern Time) -- Deadline to File Notice of Successful Bidder and Back-Up Bidder: September 16, 2025 -- Deadline to Object to Asset Sale Under Section 363 of the Bankruptcy Code (if applicable): September 19, 2025, at 4:00 p.m. (prevailing Eastern Time) -- Reply in Support of Asset Sale Under Section 363 of the Bankruptcy Code (if applicable): September 22, 2025 -- Sale Hearing Under Section 363 of the Bankruptcy Code (if applicable): September 22, 2025, at 11:00 a.m. (prevailing Eastern Time) -- Deadline to Object to Confirmation and the Sale Pursuant to a Chapter 11 Plan (if applicable): October 10, 2025, at 4:00 p.m. (prevailing Eastern Time -- Reply in Support of Confirmation October 17, 2025 -- Confirmation and Sale Hearing (if applicable): October 22, 2025 at 11:30 a.m. (prevailing Eastern Time) -- Consummation of Sale Transaction: Within 15 Days of Confirmation and Sale Hearing The Debtors believe that the sale process and related timeline are reasonable in time and scope and afford parties and creditors with sufficient time to gather information necessary to formulate a competitive bid that should maximize the value of the NOLA Properties for the benefit of the Debtors' estates and their stakeholders. The Debtors seek to implement a competitive bidding process to solicit Bids for one or more proposed transactions. The proposed Bidding Procedures are designed to maximize value for the Debtors' estates while providing the Debtors with flexibility to conduct the bidding process in a manner they believe will facilitate competitive bidding on an efficient timeline in advance of the Sale Hearing or Confirmation and Sale Hearing, as applicable. The Debtors are also seeking approval of certain procedures to facilitate the fair and orderly assumption and assignment of Executory Contracts and Unexpired Leases in connection with the Sale Transaction. About CBRM Realty Inc. CBRM Realty Inc. is a Somerset, New Jersey-based real estate investment firm. CBRM Realty Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-15343) on May 19, 2025. In its petition, the Debtor reports estimated assets and liabilities (on a consolidated basis) between $100 million to $500 million each. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtors tapped White & Case LLP and Ken Rosen Advisors PC as counsel, Islanddundon LLC as financial advisor, and Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims, noticing, and solicitation agent. CLASSIC RECREATIONS: Auto Restoration Bid Protocol OK'd ------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, has approved Classic Recreations - Texas LLC, to sell substantially all Assets, free and clear of liens, claims, and encumbrances. The Debtor filed its Sale Motion, which requests approval for the Sale of substantially all of the Debtor's assets free and clear of all liens, claims, encumbrance, interests to CR Turnaround LLC (Stalking Horse Bidder) under that certain Asset Purchase Agreement dated as of July 7, 2025, which vaguely defines such assets as, among other things, partially built vehicles, but excludes any other prepaid assets or properties. Details of the Assets can be found at: https://urlcurt.com/u?l=s3mYZL Notably the creditor matrix was not filed until July 11, 2025 and the notice of the bankruptcy was not done until that same day and was mailed to Creditor Karree Larsen's former place of residence in Utah. She had moved to New York over a year previously and the Debtor had actual knowledge of that move. Simultaneously therewith, the Debtor filed the Bid Procedures Motion. Pursuant to the Bid Procedures Motion, Qualified Bids were required to be submitted by July 25, 2025, with an auction set to take place on July 30, 2025 at 9:30 a.m. (CT). The Court considered the Motion to Continue Sale and Bid Procedures and the Objection filed thereto, the arguments of counsel and the evidence presented. For the reasons stated in the record, the Motion to Continue Sale and Bid Procedures was granted in part and denied in part. The final hearing to approve the Motion to Approve the Sale is continued until August 8, 2025, at 1:30 p.m. Moreover, the deadline to object that the Final Approval of the Sale is extended until August 5, 2025 at 11:59 p.m. The Debtor is to supply the information to Ms. Larsen that was agreed to and announced into the record by Wednesday, July, 30, 2025, and to provide access to Ms. Larsen and/or her representative to the Debtor’s facility after production of that information and no later than August 1, 2025. About Classic Recreations - Texas LLC Classic Recreations - Texas, LLC is an auto restoration service in Flower Mound, Texas. It has hand-built some of the most visionary custom built cars for the demanding market of classic American muscle. Classic Recreations sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Tx. Case No. 25-32572-mvl11V) Judge Michelle V. Larson presides over the case. Thomas Daniel Berghman at Munsch Hardt Kopf & Harr PC serves as the Debtor's legal counsel. CME FITNESS: Seeks Subchapter V Bankruptcy in Florida ----------------------------------------------------- On July 2, 2025, CME Fitness LLC filed Chapter 11 protection in the Middle District of Florida. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About CME Fitness LLC CME Fitness LLC is a fitness company based in Winter Springs, Florida, has filed for Chapter 11 bankruptcy protection in the Middle District of Florida. CME Fitness LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04821) on July 2, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Grace E. Robson handles the case. The Debtor is represented by Jeffrey Ainsworth, Esq. at Bransonlaw PLLC. CMT DEVELOPMENT: Court Amends Order on Nova Infusion Asset Sale --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico has approved CMT Development LLC and its affiliates, to sell Grupo Hima San Pablo Nova Infusion Asset, free and clear of liens, claims, and encumbrances. The Debtors have requested an order approving the sale of the Hima San Pablo Nova Infusion Assets relative to the sale of certain assets, including equipment, computers, furniture, machinery, vehicles, office furnishing, as well as intellectual property or proprietary rights related to the home infusion business known as Nova Infusion (Nova Infusion Assets). The Court has authorized the Debtors to sell the Assets to Eleva Recovery LLC as set forth in the Asset Purchase Agreement for Successful Bidder for the Nova Infusion Assets, free and clear of any all liens, claims and encumbrances. Notice of the Sale Motion, and the relief requested therein has been afforded to all interest parties and entities, including: (i) the Office of the United States Trustee; (ii) all entities, parties, or persons that, or that are known to, hold or have asserted any interests against or with respect to any of the Debtors or in, or against or with respect to any of the Assets ; (iii) all federal, state, and local regulatory or taxing authorities or recording offices which have a reasonably known interest in the relief requested through the Sale Motion; (iv) Civil Process Clerk, Bankruptcy Unit, Office of the U.S. Attorney for the District of Puerto Rico, Torre Chardón Suite 1201, 350 Carlos E. Chardón Street, San Juan, P.R. 00918; Attorney General of the United States, Department of Justice for the State of Washington, 950 Pennsylvania Avenue, NW, Washington D.C. 20530- 0001; Internal Revenue Service, P.O. Box 7346, Philadelphia, P.A. 19101-7346; Centro de Recaudación de Ingresos Municipales, Legal Division, Att. Carmen P. Figueroa, Esq., P.O. Box 195387, San Juan, P.R. 00919-5387, and via e-mail cfigueroa@crimpr.net and cpfbkcy@gmail.com; Department of Justice, Commonwealth of Puerto Rico, Att. Midga L. Rodríguez Collazo, Esq., P.O. Box 9020192, San Juan, P.R. 00902-0192, and via e-mail bankruptcyjusticia.gobierno.pr@gmail.com and mlrcbankruptcy@gmail.com; and Debtors' 20 largest unsecured creditors. As evidenced by the record of this case, such notice was good, sufficient and appropriate; Upon entry of the order approving the Sale Motion, Debtors shall have full corporate power and authority to consummate the Sale contemplated in the Sale Motion to Eleva Recovery LLC, subject to full compliance with the terms of the Sale Order. The approval of the Sale to Eleva Recover LLC through the Asset Purchase Agreement is considered to be deemed fair and reasonable and in the best interests of Debtors' estates; Pursuant to the Sale Motion, the liens, leases, mortgages, and/or encumbrances encumbering each of the Assets are to be completely, or caused to be cancelled pursuant to the provisions of Sections 363 and 1146 of the Bankruptcy Code and in accordance with the terms of the Sale Order. The transfer of the Assets to Eleva Recovery LLC will constitute a legal, valid, and effective transfer thereof, and shall vest Eleva Recovery LLC with all rights, title, and interest of Debtors and sellers in and to the Assets free and clear of all interests of any kind or nature whatsoever, whether known or unknown. Neither Eleva Recovery LLC nor its designees, successors, assigns or transferees, shall be obligated or liable, either directly or indirectly, as successor, transferee or otherwise, for any liabilities or interests of the Debtors, sellers, or any of theirs affiliates as a result of the Sale of the Assets including, without limitation, any retention agreements entered into by Debtors prepetition or post-petition or assumed post-petition by order of this Court or otherwise. Any monies held in escrow will be held for the benefit of CRIM for the first two years after the closing, including applicable extensions of said term. Nothing contained in any order pertaining to the sale of Debtor assets to Eleva Recovery, LLC, and no event or occurrence in connection therewith, shall conflict with or derogate the provisions of the Sale Order, or affect the Closing of the transactions contemplated herein. About CMT DEVELOPMENT Grupo HIMA San Pablo, Inc. serves as a diversified healthcare services holding company pursuant to a corporate reorganization of several businesses related by common ownership. Through its subsidiaries and affiliates, Grupo HIMA San Pablo primarily owns and operates hospital facilities and other healthcare related businesses. As of August 2023, the HIMA GROUP operates four hospitals, with over 1,200 licensed beds, including an Oncological Hospital, a multi-specialty physician practice management company, Home Care Service (including infusion therapies and wound care), a free-standing ambulatory center and a 16-ambulance service company. Grupo HIMA San Pablo and its affiliates filed Chapter 11 petitions (Bankr. D. P.R. Lead Case No. 23-02510) on Aug. 15, 2023. In the petition signed by its chief executive officer, Armando J. Rodriguez-Benitez, Grupo HIMA San Pablo disclosed $500 million to $1 billion in assets and $100 million to $500 million in liabilities. Judge Enrique S. Lamoutte Inclan oversees the cases. Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC and Pietrantoni Mendez & Alvarez, LLC serve as the Debtors' bankruptcy counsel and special counsel, respectively. The U.S. Trustee for Region 21 appointed an official committee of unsecured creditors on Sept. 7, 2023. Porzio, Bromberg & Newman, P.C. is the committee's legal counsel. Edna Diaz De Jesus is the patient care ombudsman appointed in the Debtors' Chapter 11 cases. COZY HARBOR: Final Hearing to Use Cash Collateral Set for Aug. 7 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Maine is set to hold a hearing on August 7 to consider final approval of the motion filed by Cozy Harbor Seafood, Inc. and its affiliates to use cash collateral. The Debtors' authority to use cash collateral pursuant to the court's latest interim order expires on August 7. The interim order issued on July 24 approved the payment of the Debtors' expenses from the cash collateral in accordance with its budget. The July 24 interim order provided adequate protection to Keybank National Association, a pre-bankruptcy lienholder, in the form of automatically perfected liens on equipment and vehicles owned by the Debtors, with the same priority as their pre-bankruptcy liens. In addition, Keybank was granted continuing liens, which include, without limitation, replacement liens on cash, inventory, and accounts receivable that are created or in which the Debtors acquire an interest after their bankruptcy filing. In case these liens are insufficient to fully protect Keybank, any deficiency becomes an allowed administrative expense claim. The deadline for filing objections to final approval of the Debtors' request is on August 4. The court will conduct an evidentiary hearing on August 14 if necessary. A copy of the court's second interim order and the Debtor's budget is available at https://shorturl.at/T6C6H from PacerMonitor.com. About Cozy Harbor Seafood Inc. Cozy Harbor Seafood, Inc. is the oldest and most experienced processor of lobster in the United States. It is a primary processor with its main processing plant in Portland, Maine. In business since 1980, Cozy Harbor has established itself in the U.S. and world markets as the most respected source of high-quality seafood products from Maine. Cozy Harbor Seafood sought Chapter 11 protection (Bankr. D. Maine Case No. 25-20160) on July 1, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Michael A. Fagone oversees the case. D. Sam Anderson, Esq., at Bernstein Shur Sawyer & Nelson is the Debtor's legal counsel. CYPRUS MINES: Future Claimants' Rep Taps Herbert Smith as Counsel ----------------------------------------------------------------- Roger Frankel, future claimants' representative for Cyprus Mines Corporation, seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Herbert Smith Freehills Kramer (US) LLP as special litigation co-counsel. The firm will render these services: (a) representing, advising and advocating on behalf of the FCR with respect to litigation matters, including in connection with, the confirmation hearings in the Cyprus Case and Imerys Cases, and any other contested matter, adversary proceeding, or other proceeding in which he may become a party or may otherwise appear; (b) consulting on litigation matters as appropriate with the Debtor, any official or ad hoc committees, other creditors and parties in interest, and their respective professionals, and the U.S. Trustee, concerning the Cyprus Case and Imerys Cases; and (c) in coordination with co-counsel, as appropriate, advising the FCR in the performance of his duties. The firm's current hourly billing rates are: Partners $1,550 to $2,200 Counsel $1,370 to $2,100 Special Counsel $1,325 to $1,545 Paraprofessionals $385 to $715 HSF Kramer responds to the following questions in the UST Guidelines in compliance with paragraph D, section 1 as follows: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Response: HSF Kramer did not represent the client prepetition. Question: Has your client approved your prospective budget and staffing plan, and if so, for what budget period? Response: In accordance with the Appendix B Guidelines, HSF Kramer (with its co-counsel in this Case) expects to develop a budget and staffing plan for the FCR through the remainder of 2025. Brian Shaughnessy, Esq., a partner at Herbert Smith Freehills, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brian F. Shaughnessy, Esq. Herbert Smith Freehills Kramer (US) LLP 200 Park Avenue, 16th Floor New York, NY 10166 Tel: (917) 542-7600 Fax: (917) 542-7601 Email: "rian.Shaughnessy@hsfkramer.com About Cyprus Mines Corporation Cyprus Mines Corporation is a Delaware corporation and a wholly owned subsidiary of Cyprus Amax Minerals Co., which is an indirect subsidiary of Freeport-McMoRan Inc. It currently has relatively limited business operations, which include the ownership of various parcels of real property, certain royalty interests that generate de minimis revenue (e.g., less than $1,500 in each of the past two calendar years), and the ownership of an operating subsidiary that conducts marketing activities. Cyprus Mines is a predecessor in the interest of Imerys Talc America, Inc. In June 1992, Cyprus Mines sold its talc-related assets to RTZ America Inc. (later known as Rio Tinto America, Inc.) through a two-step process. First, Cyprus Mines transferred its talc-related assets and liabilities (subject to minor exceptions) to Cyprus Talc Corporation, a newly formed subsidiary of Cyprus Mines, according to an Agreement of Transfer and Assumption, dated June 5, 1992. Second, Cyprus Mines sold the stock of Cyprus Talc Corporation to RTZ according to a Stock Purchase Agreement, also dated June 5, 1992 (as amended, the "1992 SPA"). The purchase price was approximately $79.5 million. Cyprus Talc Corporation was later renamed Imerys Talc America, Inc. Under the 1992 ATA, the entity now named Imerys expressly and broadly assumed the talc liabilities of Cyprus Mines and its former subsidiaries that were in the talc business. Cyprus Mines filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 21-10398) on Feb. 11, 2021, listing between $10 million and $50 million in assets, and between $1 million and $10 million in liabilities. The Honorable Laurie Selber Silverstein is the case judge. The Debtor tapped Reed Smith LLP as bankruptcy counsel, Kasowitz Benson Torres LLP as special conflicts counsel, and Prime Clerk LLC as claims agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee of tort claimants on March 4, 2021. The tort committee is represented by Caplin & Drysdale, Chartered, and Campbell & Levine, LLC. Province, LLC, and Axlor Consulting, LLC serve as the tort committee's financial advisor and consultant, respectively. Roger Frankel serves as the legal representative for future personal injury claimants. The FCR tapped Togut, Segal & Segal, LLP, Burr & Forman, LLP and Frankel Wyron, LLP as bankruptcy counsels; Anderson Kill, PC as special insurance counsel; Archer & Greiner, P.C. as New Jersey counsel; and Province, LLC as financial advisor. The FCR also tapped the services of economic expert, Berkeley Research Group, LLC. On May 11, 2021, the court appointed M. Jacob Renick as the fee examiner in this Chapter 11 case. The examiner tapped Godfrey & Kahn, SC as legal counsel. DASHFIRE LLC: Creditors to Get Proceeds From Liquidation -------------------------------------------------------- Dashfire, LLC, and affiliates filed with the U.S. Bankruptcy Court for the District of Minnesota a Plan of Liquidation dated July 25, 2025. Dashfire started in 2013 as a small cocktail bitters business, initially producing Vintage Orange Bitters in 5-gallan batches in a rented commercial kitchen. Over time, the company expanded its bitters portfolio to 22 flavors, growing in popularity as the market for bitters became more mainstream. After Dashfire obtained a Distilled Spirits Permit, it entered the ready-to-drink ("RTD") cocktail market. This led to a national distribution partnership. Holdings has no operations or assets other than the membership interests in Bitters and Dashfire, LLC. Bitters and Dashfire, LLC have separate operations and also maintain separate bank accounts. Although the Debtors are filing a single plan that will be jointly administered, they will not be substantively consolidated. On April 22, 2025 (the "Petition Date"), the Debtors filed voluntary petitions under chapter 11 of Title 11. As of the Petition Date, the Debtors planned to relocate to a smaller, less expensive facility in Baldwin, Wisconsin. Under this plan, the Debtors would have reorganized with a three to five-year subchapter V plan of reorganization. Unfortunately, after the Petition Date, the Debtors' two largest copacking customers chose to find new suppliers. After losing these two copacking customers, reorganization was no longer feasible. After losing the two largest copacking customers, the debtors started exploring a liquidation of all assets and found that former business partners are interested in purchasing assets for amounts that are within the appraised valuations. The following plan is based on a liquidation of all assets and distribution to creditors based on their interests in the property of specific debtors. Class III consists of General Unsecured Claims. The holder of a Class III Allowed Claim shall be paid the Pro Rata Share of any remaining proceeds of the sale of assets after liquidation of the remaining assets after the unclassified claims and Class I have been paid in full. Debtor estimates that there will be $0 available to be distributed from these sales to Class III claimants. Class IV shall consist of the Allowed Equity or ownership interests of the Debtor. The confirmation of the plan shall leave the equity interests unaffected. A full-text copy of the Liquidating Plan dated July 25, 2025 is available at https://urlcurt.com/u?l=7i4q7f from PacerMonitor.com at no charge. Counsel to the Debtors: MJB Law Firm, PLLC Karl J. Johnson, Esq. 3701 Shoreline Drive, STE 200A Wayzata, MN 55391 (612) 961-0145 Email: karl@mjblawmn.com About Dashfire LLC Dashfire, LLC, filed a Chapter 11 petition (Bankr. D. Minn. Case No. 25-41264) on April 22, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Lee Egbert, president of Dashfire, signed the petition. Judge Katherine A. Constantine oversees the case. Karl Johnson, Esq., at MJB Law Firm PLLC, is the Debtor's bankruptcy counsel. DIAMOND COMIC: Sells UK Unit Amid Chapter 11 Process ---------------------------------------------------- Comic Exporters, Inc. and Comic Holdings, Inc., subsidiaries of Diamond Comic Distributors Inc., announced on July 31, 2025, that they have entered into an agreement to sell 100% of the shares of Diamond Comic Distributors UK to Diamond Distributors UK Ltd., a new company owned and managed by the existing United Kingdom-based management team of Diamond UK. Comic Exporters, Inc. and Comic Holdings, Inc. are part of the chapter 11 bankruptcy proceedings of Diamond Comic Distributors, Inc., and therefore, the parties' agreement is subject to United States Bankruptcy Court approval. "We are extremely pleased that we have entered into this agreement and look forward to Court approval of the sale of the shares in Diamond UK," said Diamond Chief Restructuring Officer Robert Gorin. We are confident that Diamond UK's publishers, retailers and other business partners will be in good hands with Diamond Distributors UK Ltd." "The management team of Diamond UK is extremely proud of the hard work that the entire UK team has put in during the Chapter 11 process and thankful for the support shown to us by all the publishers/partners and our accounts-retailers, whom we represent and supply in the United Kingdom, EMEA region and Australia," said Mike Holman, Chief Executive Officer of Diamond UK. "We can think of no better way to thank them than by working toward a reliable and profitable future together." About Diamond UK Diamond UK is a standalone business that serves the United Kingdom, European, Middle Eastern, and Australian comic book, collectible, and book markets, and is the dominant distributor for major publishers. About Diamond Comic Distributors, Inc. Founded in 1982, Diamond Comic Distributors Inc. offers a multi-channel platform of publishing, marketing and fulfillment services, coupled with an unparalleled global distribution Network for its retailers, publishers and vendors. Diamond Comic Distributors and its affiliates filed Chapter 11 petitions (Bankr. D. Md. Case No. 25-10308) on January 14, 2025. At the time of the filing, Diamond Comic Distributors reported between $50 million and $100 million in both assets and liabilities. Judge David E. Rice handles the case. The Debtors tapped Saul Ewing, LLP as legal counsel; Getzler Henrich & Associates, LLC as financial advisor; Raymond James & Associates, Inc. as investment banker; and Stephenson Harwood, LLP as U.K. counsel. Omni Agent Solutions is the Debtors' claims and noticing agent and administrative agent. DIOCESE OF ROCHESTER: Abuse Survivors Agree to $246MM Settlement ---------------------------------------------------------------- Steven Pappas of WHAM reports that the survivors of clergy sexual abuse have unanimously agreed to a $246 million settlement with the Roman Catholic Diocese of Rochester, marking a major milestone in the church's long-running bankruptcy case. The settlement, included in the diocese's Chapter 11 plan, is set for court approval on September 5, 2025, after which 475 survivors will begin receiving payments. For many, the decision brings relief after nearly six years of legal proceedings. Carol DuPré, 78, who came forward in 2018 with her story, called the resolution a turning point. "I'm seeing a light at the end of the tunnel, and I don't think it's another train," she said. "It's been six years ... and we're pretty exhausted." DuPre said she was 15 when she was abused by Father Stuart Hogan at St. Gregory's in Marion. Hogan retired in 1965 and died in 1985. She stressed that no financial settlement could undo the trauma. "If they gave us all $1 billion, it's not going to fix what happened," DuPre said. "It's not the answer to healing." Still, she acknowledged the process has provided some measure of healing and solidarity among survivors, many of whom carried a sense of betrayal after being harmed by clergy they trusted. As the case nears its conclusion, DuPre said she hopes survivors can now focus on reclaiming their lives. "I hope they'll be satisfied and realize how important the recognition is, the accomplishment is, and their bravery for coming forward,"” she said. About The Diocese of Rochester The Diocese of Rochester in upstate New York provides support to 86 Roman catholic parishes across 12 counties in upstate New York. It also operates a middle school, Siena Catholic Academy. The diocese has 86 full-time employees and six part-time employees and provides medical and dental benefits to an additional 68 retired priests and two former priests. The diocese generated $21.88 million of gross revenue for the fiscal year ending June 30, 2019, compared with a gross revenue of $24.25 million in fiscal year 2018. The Diocese of Rochester filed for Chapter 11 bankruptcy protection (Bankr. W.D.N.Y. Case No. 19-20905) on Sept. 12, 2019, amid a wave of lawsuits over alleged sexual abuse of children. In the petition, the diocese was estimated to have $50 million to $100 million in assets and at least $100 million in liabilities. Bond, Schoenec & King, PLLC and Bonadio & Co. serve as the diocese's legal counsel and accountant, respectively. Stretto is the claims and noticing agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the diocese's Chapter 11 case. Pachulski Stang Ziehl & Jones, LLP and Berkeley Research Group, LLC serve as the committee's legal counsel and financial advisor, respectively. DOUBLE PLAY: Gets Interim OK to Use Cash Collateral Until Aug. 28 ----------------------------------------------------------------- Double Play Oil & Gas, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral through August 28 to pay the expenses set forth in its budget. The Debtor projects total operational expenses of $1,855 for the week ending August 7; $382 for the week ending August 14; $8,455 for the week ending August 21; and $2,059 for the week ending August 28. As protection, creditors with an interest in cash collateral will be granted replacement liens to the same extent and with the same priority and validity as their pre-bankruptcy liens. In addition, the Debtor was ordered to keep its assets insured as further protection. The final hearing is scheduled for August 7. The Debtor initiated bankruptcy due to foreclosure actions by Freedom Bank. Various creditors, including Freedom Bank and the U.S. Small Business Administration, hold secured interests in the Debtor's assets, with several liens recorded. Freedom Bank appears to be the only creditor with a deed of trust interest. The Debtor owed $283,000 to Freedom Bank and $49,182 to SBA, according to court papers filed by the Debtor on May 5. About Double Play Oil & Gas Inc. Double Play Oil & Gas, Inc. is an oil and gas operator in Portland, Texas. Double Play Oil & Gas filed Chapter 11 petition (Bankr. S.D. Texas Case No. 25-20130) on May 5, 2025, listing up to $50,000 in assets and up to $10 million in liabilities. Glenn Burdine, director and president of Double Play Oil & Gas, signed the petition. Judge Marvin Isgur oversees the case. Stephen W. Sather, Esq., at Barron & Newburger, P.C., represents the Debtor as legal counsel. DOVGAL EXPRESS: Cash Collateral Hearing Set for Aug. 6 ------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Illinois is set to hold a hearing on August 6 to consider another extension of Dovgal Express, Inc.'s authority to use cash collateral. The Debtor's authority to use cash collateral pursuant to the court's fifth interim order expired on July 23. The fifth interim order approved the payment of the Debtor's expenses from the cash collateral; granted the Debtor's lenders replacement liens on their collateral and authorized the payments to such lenders in accordance with its budget. The lenders asserting interests in the cash collateral are 777 Equipment Finance LLC, Alliance Funding Group as servicer for Amur Equipment Finance Inc., Commercial Credit Group, Inc., Daimler Truck Financial Services USA, LLC, Equify Financial, LLC, M & T Equipment Finance Corp., Siemens Financial Services, Inc., Stride Bank N.A., Trans Lease Inc., Transportation Alliance Bank, Inc., Webster Capital Finance, and Wells Fargo Equipment Finance, Inc. Commercial Credit Group, Inc., as lender, is represented by: Brian P. Welch, Esq. Burke, Warren, MacKay & Serritella P.C. 330 N. Wabash Ave., Suite 2100 Chicago, IL 60611 Telephone: 312-840-7117 bwelch@burkelaw.com Daimler Truck Financial Services USA, LLC, as lender, is represented by: Elisabeth M. Von Eitzen, Esq. Warner NorCross + Judd, LLP 180 East Water Street, Ste. 7000 Kalamazoo, MI 49007 (269) 276-8118 evoneitzen@wnj.com Equify Financial, LLC, as lender, is represented by: David L. Staab, Esq. Haynes and Boone, LLP 2801 N. Harwood Street Dallas, TX 75201 Phone: +1 817.347.6645 Fax: +1 817.348.2387 david.staab@haynesboone.com Siemens Financial Services, Inc., as lender, is represented by: Arlene N. Gelman, Esq. Vedder Price, P.C. 222 N. LaSalle Street, Suite 2600 Chicago, IL 60601 Telephone: 312-609-7500 agelman@vedderprice.com Stride Bank N.A., as lender, is represented by: Mark Bogdanowicz, Esq. Spencer Fane LLP 1000 Walnut St., Suite 1400 Kansas City, MO 64106 Tel: (816) 474-8100 Fax: (816) 474-3216 mbogdanowicz@spencerfane.com Transportation Alliance Bank, Inc., as lender, is represented by: Morgan I. Marcus, Esq. Carlson Dash, LLC 216 S. Jefferson St., Suite 303 Telephone: 312-382-1600 mmarcus@carlsondash.com About Dovgal Express Inc. Dovgal Express, Inc. is a transportation services provider specializing in dry van truckload, less-than-truckload, and refrigerated shipments. Dovgal Express sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-18991) on Dec. 20, 2024, with $1 million to $10 million in assets and $10 million to $50 million in liabilities. Oleksandr Dovgal, president of Dovgal Express, signed the petition. Judge Timothy A. Barnes handles the case. O. Allan Fridman, Esq., at the Law Office of O. Allan Fridman is the Debtor's bankruptcy counsel. DPL LLC: Moody's Upgrades Rating on Senior Unsecured Debt to Ba1 ---------------------------------------------------------------- Moody's Ratings upgraded the senior unsecured rating of DPL LLC (DPL) to Ba1 from Ba2. Moody's also affirmed the ratings of Dayton Power & Light Company (DP&L; d.b.a. AES Ohio) including its Baa3 Issuer rating and Baa1 senior secured rating. The rating outlooks are stable. In April 2025, DPL completed the sale of a 30% interest in DP&L to the Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ; Aaa stable). DPL used the majority of the proceeds that aggregated $544 million to repay, in May 2025, its $415 million notes due in July 2025. DPL used the balance to make an equity contribution to the utility subsidiary. DPL's remaining debt aggregates $416 million largely consisting of $400 million notes due in 2029. RATINGS RATIONALE "The upgrade of DPL's rating to Ba1 is prompted by the repayment of the $415 million notes that reduced the holding company debt by half, significantly reducing structural subordination risk" said Nati Martel, Moody's Ratings Vice President – Senior Analyst. "The rating action considers the credit friendly use of the net proceeds received from the sale of the 30% interest in DP&L and Moody's expectations that the debt repayment will help to further improve the consolidated financial ratios" added Martel. DPL generated a consolidated ratio of cash flow from operations before changes in working capital (CFO pre-W/C) to debt of 5.4% and 5.6% in 2024 and in the last twelve months (LTM) period ending March 31, 2025, respectively, up from nearly 3% in 2023. While its ratio remains weak for the Ba1 rating, Moody's expects that the $415 million debt repayment will improve the company's balance sheet. Furthermore, Moody's expects that a credit supportive outcome of the utility's pending rate case will drive additional improvements in the 2026 financial ratios. DPL's stable outlook is primarily premised on Moody's expectations that the ratio of CFO pre-W/C to debt will exceed 8% by the year-end 2026, on a sustained basis. The affirmation of DP&L's ratings factors in Moody's views that the regulatory environment in Ohio is credit supportive. Moody's expectations of a credit constructive rate case outcome, with rates becoming effective in 2026, considers the Public Utilities Commission of Ohio (PUCO) staff's recommendations in the June 2025 audit report. The staff recommended a revenue increase in the range of $155.6 million to $164.2 million, which equals to 66%-70% of the utility's requested increase of $235 million filed in November 2024. Rating outlook DP&L's stable outlook reflects Moody's expectations of a credit supportive rate case outcome that underpins the utility's ability to generate appropriate ratios on a sustained basis. The stable outlooks of DPL and DP&L are also premised on Moody's expectations that DPL will not incur any new holding company debt going forward. Moreover, the stable outlooks anticipate a credit supportive implementation of Ohio 2025 House Bill (HB) 15, that will become effective on August 14, 2025. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade An upgrade of DPL's rating could be possible if the company generates a consolidated ratio of CFO pre-W/C to debt exceeding 11% on a sustained basis, starting in 2026. DP&L's ratings could be upgraded if DP&L's ratio of CFO pre-W/C to debt exceeds 13%, on a sustained basis, resulting from constructive rate case outcomes and the implementation of HB 15. Factors that could lead to a downgrade Negative pressure on DPL's rating is possible if DP&L's ratings are downgraded. A downgrade of DPL's rating could be considered if DPL fails to generate a ratio of CFO pre-W/C to debt of at least 8% on a sustained basis. A downgrade of DP&L's ratings could be possible if the regulatory environment turns less credit supportive including adverse rate case outcomes, or there are credit negative changes in the group's financial strategy, including any new DPL holding company debt. Also, DP&L's ratings could be downgraded if its financial metrics are not supportive of the rating, including CFO pre-W/C to debt falling below 11% on a sustained basis. LIST OF AFFECTED RATINGS Issuer: DPL LLC Upgrades: Senior Unsecured, Upgraded to Ba1 from Ba2 Outlook Actions: Outlook, Changed To Stable From Positive Issuer: Dayton Power & Light Company Affirmations: LT Issuer Rating, Affirmed Baa3 Senior Secured First Mortgage Bonds, Affirmed Baa1 Outlook Actions: Outlook, Remains Stable Issuer: Ohio Air Quality Development Authority Affirmations: Senior Secured Revenue Bonds, Affirmed Baa1 The principal methodology used in these ratings was Regulated Electric and Gas Utilities published in August 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Dayton, Ohio, the intermediate holding company DPL is a subsidiary of The AES Corporation (AES: Baa3 senior unsecured, stable), a globally diversified power holding company. DPL holds an indirect 70% ownership in DP&L, a transmission and distribution utility. DP&L holds a 4.9% equity interest in Ohio Valley Electric Corp (OVEC, Baa3 stable). The group's only unregulated operations consist of the captive insurance company Miami Valley Insurance Company and the long-term contracted operations of Miami Valley Lighting, LLC that provides street and outdoor lighting services to customers in the Dayton region. In April 2025, the pension fund CDPQ became a 30% indirect shareholder in the utility subsidiary through two intermediate holding companies: AES Ohio Investments, Inc. and AES Ohio Holdings, Inc. CDPQ does not hold any ownership interest in DPL. DUPAGE EQUIPMENT: Ira Bodenstein Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 11 appointed Ira Bodenstein as Subchapter V trustee for DuPage Equipment LLC. Mr. Bodenstein will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Bodenstein declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. About DuPage Equipment LLC DuPage Equipment, LLC is an Illinois-based transportation company operating in the general freight trucking industry. DuPage Equipment filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-11146) on July 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. The Debtor is represented by Paul M. Bach, Esq. at Bach Law Offices. E.W. SCRIPPS: Moody's Rates New $650MM Second Lien Notes 'Caa2' --------------------------------------------------------------- Moody's Ratings assigned a Caa2 rating to The Scripps (E.W.) Company's ("Scripps" or the "company") proposed $650 million senior secured second-lien notes due 2030. In connection with this rating action, Moody's affirmed the Caa1 corporate family rating, B2 ratings on the senior secured debt instruments and Caa3 ratings on the senior unsecured notes. Moody's also upgraded the probability of default rating to Caa1-PD from Caa2-PD and changed the outlook to stable from negative. Scripps' SGL-3 Speculative Grade Liquidity rating remains unchanged. Net proceeds from the new second-lien notes will be used to fully repay the $426 million outstanding 5.875% senior unsecured notes due July 2027 (the "2027 Notes") and pay down roughly $220 million of the $545 million outstanding senior secured first-lien term loan B-2 due June 2028 (the "New Extended TLB-2"). Upon transaction closing and full extinguishment of the 2027 Notes, Moody's will withdraw the rating. The assigned rating is subject to review of final documentation and no material change in the size, terms and conditions of the transaction as advised to us. RATINGS RATIONALE The transaction is credit neutral given that pro forma financial leverage will remain unchanged at 6.3x (leverage metrics are Moody's adjusted on a two-year average EBITDA basis at LTM March 31, 2025 pro forma for the current transaction and April 2025 distressed exchange transactions). However, given the significantly higher coupon that Moody's expects for the proposed second-lien notes relative to the 2027 Notes, interest expense will increase and, in turn, reduce future free cash flow (FCF). The affirmation of the Caa1 CFR reflects Moody's expectations for continued pressure on retransmission revenue growth due to the increasing pace of subscriber losses arising from secular cord-cutting trends, as well as the ongoing weakness in Scripps' linear TV core advertising growth. Barring cost cuts or other favorable developments, these trends will continue to weigh on the company's future operating performance leading to EBITDA declines and debt protection measures that are consistent with Caa1 CFR issuers. Additionally, the Caa1 CFR reflects Scripps' high financial leverage, which also embeds governance risks captured in the G-5 governance score and CIS-5 credit impact score. Though Moody's expects the company to repay debt (with proceeds from asset sales and excess cash flow), leverage is expected to migrate above the 6.5x area due to EBITDA pressures. Leverage could rise higher to the extent the company's $703 million outstanding preferred shares, which is increasing at a 9% PIK rate compounded quarterly, is refinanced with debt, which Moody's expects would be at a high cost of capital potentially reducing FCF further. Given the absence of meaningful excess cash flow, currently there is limited capacity to materially repay debt. The upgrade of the PDR to Caa1-PD reflects the reduced likelihood of a near-term distressed debt exchange given that Scripps intends to raise new money second-lien notes to redeem the 2027 Notes. Following this refinancing, the nearest material debt maturity (excluding the $450 million A/R securitization facility due March 2028, which Moody's expects to be extended) will be the New Extended TLB-2 with around $345 million outstanding (pro forma for the planned $220 million repayment), which is roughly three years away. Nonetheless, if Scripps' operating performance does not materially improve by then, Moody's could expect another balance sheet restructuring and/or distressed exchange, which is factored in the Caa1 CFR. The revision of the outlook to stable reflects the lower possibility of a near-term distressed exchange as well as Moody's expectations for leverage in the 6.5x-7x range, absent a debt refinancing of the preferred shares. The Caa1 CFR is supported by Scripps' scale and market reach with local television stations broadcasting to 36% of US households (25% excluding local ION affiliates). The company is one of the largest US broadcasters with local TV stations affiliated with the Big Four broadcast networks. However, the credit profile is negatively impacted by the industry's ongoing structural decline in linear TV core advertising as non-political TV advertising budgets continue to erode in favor of digital media, especially given that relative to its rated TV broadcast peers, Scripps has higher exposure to advertising revenue, which is inherently cyclical. Moody's expects Scripps' linear TV core ad revenue will continue to be pressured, which could worsen during periods of weak CPM (cost per thousand impressions) pricing, depressed TV ratings, deteriorating macroeconomic conditions and/or displacement during election years. To offset these challenges and diversify its operations, Scripps has invested in new technologies (i.e., Connected TV and Tablo Over-the-Air subscription-free TV) and businesses (i.e., Scripps Sports), however this burdens cash flows and creates operational risk in the short-term until these assets become profitable and can contribute meaningfully to EBITDA. The B2 ratings on the company's senior secured credit facilities reflect their first-priority claim on the collateral pool ahead of the company's new senior secured second-lien notes, rated Caa2, which will have a second-priority claim, followed by the unsecured notes, rated Caa3, which do not benefit from any collateral. Over the next 12-18 months, Moody's expects Scripps will maintain adequate liquidity as reflected in the SGL-3 Speculative Grade Liquidity rating. At March 31, 2025 cash and cash equivalents were around $24 million (pro forma for the current transaction and April 2025 distressed exchange transactions), the $70 million revolving credit facility (RCF) due January 2026 was fully drawn and $107 million was drawn under the $208 million RCF due July 2027. Additionally, $362 million was outstanding under the $450 million A/R securitization facility. The RCFs were drawn to help fund cash outlays for transaction fees and repay a portion of the legacy term loans associated with the April debt exchanges. The amended credit agreement contains two covenants: (i) a 4.75x maximum first-lien net leverage quarterly maintenance covenant that steps down to 4.5x in Q4 2025 and remains at this level thereafter for the January 2026 RCF; and (ii) a 3.5x maximum first-lien net leverage quarterly maintenance covenant that steps down to 3.25x in Q4 2026 and remains at this level thereafter applicable for the July 2027 RCF. Moody's expects Scripps will comply with both covenants with minimum headroom. Moody's expects that Scripps will generate FCF of roughly $55 million to $65 million in 2025 (non-election year), $120 million to $130 million in 2026 (election year) and maintain sufficient cash balances. The company is prevented from paying common dividends or engaging in share repurchases while the preferred shares remain outstanding. FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Though unlikely near-term, ratings could be upgraded if Scripps' leverage is sustained well below 6x on a two-year average EBTIDA basis (via debt repayment and/or EBITDA growth) and two-year average FCF to debt is sustained near the mid-single digit percentage range (all metrics are Moody's adjusted). Scripps would also need to: (i) exhibit organic revenue growth and stable-to-improving EBITDA margins on a two-year average basis; (ii) adhere to conservative financial policies; and (iii) maintain at least good liquidity to be considered for an upgrade. The company would also need to address redemption of the preferred shares' growing principal balance without negatively impacting leverage or materially burdening liquidity. Ratings could be downgraded if leverage was sustained above 7x on a two-year average EBITDA basis (Moody's adjusted) as a result of weak operating performance or more aggressive financial policies. A downgrade could also arise if two-year average FCF to debt was sustained below 1% (Moody's adjusted), Scripps experienced deterioration in liquidity or covenant compliance weakness or Moody's expects that Scripps will pursue further distressed exchanges. Headquartered in Cincinnati, OH and founded in 1878, The Scripps (E.W.) Company owns and operates 61 local television stations in 42 markets and 44 ION stations across 8 national networks that collectively reach about 36% of US households (25% excluding local ION affiliates). The Local Media segment includes the company's local TV stations and their related digital operations, while the Scripps Networks unit comprises eight national entertainment and news networks - ION, Bounce, Court TV, Defy TV, Grit, ION Mystery, Laff and Scripps News - each reaching well over 90% of US television households over-the-air. The company is publicly traded with the Scripps family controlling effectively all common voting rights (93%) and an estimated 28% economic interest, with remaining shares widely held. Revenue for the twelve months ended March 31, 2025 totaled around $2.5 billion. The principal methodology used in these ratings was Media published in June 2021. Scripps' Caa1 CFR is two notices below the scorecard-indicated outcome. The difference is attributable to higher financial leverage following the April 2025 debt exchange transactions, the structural and secular pressures in Scripps' business, risk of future distressed exchanges, and Moody's expectations that the company's credit metrics over the medium to long-term will be constrained within the Caa1 rating. ELM STREET REI: Section 341(a) Meeting of Creditors on August 25 ---------------------------------------------------------------- On July 30, 2025, Elm Street REI LLC filed Chapter 11 protection in the District of Massachusetts. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on August 25, 2025 at 03:30 PM as Telephonic Meeting. About Elm Street REI LLC Elm Street REI LLC is a real estate investment company that owns and manages two properties in Worcester, Massachusetts. Elm Street REI LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-40807) on July 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million. The Debtor is represented by James P. Ehrhard, Esq. at Ehrhard & Associates. ENTERPRISE CHARTER: Fitch Affirms 'B' LongTerm IDR, Outlook Pos. ---------------------------------------------------------------- Fitch Ratings has affirmed Enterprise Charter School (NY)'s (ECS) Long-Term Issuer Default Rating (IDR) and the rating on approximately $5.5 million in outstanding par (fiscal YE 2024) series 2011A tax-exempt revenue bonds issued by the Buffalo and Erie County Industrial Land Development Corporation (NY) on behalf of ECS at 'B'. The Rating Outlook is Positive. Entity/Debt Rating Prior ----------- ------ ----- Enterprise Charter School (NY) LT IDR B Affirmed B Enterprise Charter School (NY) /General Revenues/1 LT LT B Affirmed B The 'B' IDR and bond ratings reflect ECS's solid balance sheet, student enrollment at capacity, and operations in fiscal 2024 and (unaudited) 2025 that meet bond covenants. Management also reports notable signs of improvements in academic performance. The rating is constrained by ECS's difficulties in receiving charter renewals since 2021 due to academic issues. ECS's charter authorizer, Buffalo Public Schools (BPS), last reauthorized the charter from June 2024 through June 2027. The three-year charter renewal provides greater continuity than the years prior and gives ECS substantial time to achieve academic performance targets. However, the three-year term is short of New York State's maximum five-year renewals, indicating some continued vulnerability to non-renewal of the charter. The ratings also reflect ECS's recent favorable governance and financial achievements. ECS hired a new chief executive officer (CEO) with prior experience at high-performing charter schools, expanded the board's expertise and oversight, and made infrastructure upgrades to provide accountability to financial and academic goals. The Positive Outlook is supported by the results of a Fitch forward-looking stress scenario that indicate ECS's operations and leverage meet criteria for higher, even investment-grade, ratings. Fitch will consider some upward rating action should ECS continue to make consistent progress towards academic and other benchmarks and receive indications from BPS and New York State that the school is solidly on track to renew its charter for a three- to five-year term in 2027. SECURITY The bonds are secured by a pledge of ECS's gross unrestricted revenue, a first mortgage lien on school facilities, and a cash-funded debt service reserve fund sized to maximum annual debt service (MADS). KEY RATING DRIVERS Revenue Defensibility - 'Midrange' ECS has a history of stable enrollment of about 400 students across the K-8 grade spectrum, except during the 2022 and 2023 academic years, when the school's charter was in the process of being revoked, and enrollment dipped to the low-to mid-300s. Management expects to exceed budgeted enrollment of about 400 students in fall 2025 and maintains wait lists for almost all grades. In addition to stabilized enrollment, revenue is on a positive trajectory from per-pupil funding rates. ECS's per-pupil funding rate increased by 4.6% to $14,614 for the 2024 academic year, and will increase by another 10.4%, to $16,140, for the 2025 academic year. ECS's sound enrollment, adequate student demand, and favorable increases in per-pupil funding rates are offset by very weak academic performance compared with local public school district, state, and absolute proficiency levels. Some of ECS's academic weakness reflects its disproportionately high percentage of economically disadvantaged students, a category of students that experienced significant learning loss during the Covid-19 pandemic. Still, ECS will need to demonstrate academic performance improvements to support future charter renewals. Management reports internal testing that they believe will reflect positively in upcoming statewide tests. Management and board members attribute academic improvement to the hiring of a CEO with experience at high performing charter schools, new technology and infrastructure to ensure accountability towards academic performance, and improved faculty and student engagement. Operating Risk - 'Midrange' Weak operating performance in fiscal 2022 and fiscal 2023 was largely due to nonrecurring items, such as legal fees to defend the school's charter, when charter renewal issues likely led to the enrollment dips. Fitch-calculated cash flow in fiscal 2024 rebounded to a healthy 16%, generally consistent with performance prior to 2022. With board oversight and involvement, management took steps during fiscal 2025 to ensure the 1.1x debt service coverage ratio (DSCR) covenant was achieved, which will again result in solid cash flow. Management reports a conservative balanced budget for fiscal 2026, which will be supported by a substantial increase in ECS's per-pupil funding rate. Management's ability to manage workforce costs, which are not governed by collective bargaining agreements, contributes to adequate expenditure flexibility. However, there are limitations on ECS's ability to reduce teacher headcount, as it could harm already weak academic performance and lower student demand. ECS's fixed carrying costs for MADS and pension contributions are moderate, at less than 15% of 2024 expenditure. The school participates in two state-sponsored cost-sharing multiple employee defined benefit pension plans, the New York State Teachers' Retirement System and New York State and Local Employees' Retirement System. Required pension contributions were about 5% of expenditure in fiscal 2024, in line with the school's five-year average. MADS was approximately 9% of expenditure. Fitch expects carrying costs to remain manageable, given strong New York State pension funding practices and natural expenditure growth. Financial Profile - 'a' ECS's leverage metrics are consistent with a strong financial profile assessment. At fiscal YE 2024, available cash of approximately $5.5 million compared favorably at approximately 72% of Fitch-calculated adjusted debt of about $7.7 million ($5.5 million of debt and $2.2 million of Fitch-adjusted estimated net pension liabilities). Net debt-to-cash flow remains favorably below 4x throughout Fitch's forward-looking stress scenario. These strong measures are tempered somewhat by total adjusted debt that exceeds revenue. ECS achieved the 1.1x DSCR covenant of the series 2011A bonds for fiscal 2024 and expects performance above the covenant threshold for fiscal 2025 when the official calculation is measured. Management and the board closely monitored projected DSCR throughout fiscal 2025 and made adjustments as needed to ensure covenant requirements were met. ECS is also subject to a 7% liquidity ratio of available funds-to-cash operating expenditure. This requirement has consistently been met with ample headroom over the years. ECS maintains a strong financial profile, even through a Fitch-modeled forward-looking scenario that incorporates expectations of ECS's future revenue, expenses, capital, and debt plans. No additional debt is expected. This scenario is then stressed with the effects of a potential economic downturn. Under the Fitch forward-looking stress scenario, ECS's operations and leverage meet criteria for higher, even investment-grade, ratings. Fitch would consider upgrading the ratings to more closely align with ECS's financial profile upon indications that a three- to five-year charter renewal in 2027 is likely, which will be dependent in large part on consistent progress towards academic and other benchmarks. Asymmetric Additional Risk Considerations Charter Renewal Risk: ECS's charter renewal prospects remain vulnerable to continued uncertainty. The school has experienced several years of contentious charter renewals and weak, but improving, academic performance. ECS's current charter was renewed for three years instead of the maximum five years allowed in New York State. ESG - Group Structure: ECS's viability is contingent on ongoing charter renewals, which remain uncertain. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to meet the benchmarks laid out for charter renewal in 2027. - Significant and sustained deterioration in cash flow, resulting in a DSCR close to or below the 1.1x requirement under the bond documents. - Weakening of available cash on the balance sheet, resulting in Fitch-calculated cash-to-adjusted debt of below 40% and/or net debt-to-cash flows greater than 6x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstrable and sustained achievement toward charter renewal benchmarks in 2027, while maintaining current balance sheet and operating metrics, including meeting bond covenants. - Indications from BPS, or academic test scores, that indicate ECS is on track to achieve charter renewal benchmarks in 2027. PROFILE ECS opened in 2003 in the city of Buffalo, NY. The school serves around 400 students in grades K-8. Over 90% of its students are considered economically disadvantaged. ECS is authorized by BPS, and had its charter renewed seven times, but never for the full five-year maximum term possible in New York State. The school's current three-year charter will expire on June 30, 2027. In 2021, BPS did not renew ECS's charter, citing lack of progress in academic performance compared to the local school district. ECS filed a lawsuit with the New York State Supreme Court against BPS, arguing that the school board did not comply with proper procedure in reaching its decision. The New York State Supreme Court judge granted ECS a preliminary injunction, allowing the school to continue normal operations through the 2021-2022 academic year. ECS and BPS subsequently reached a settlement that allowed ECS to operate through academic year 2024. ECS replaced its CEO effective November 2023, exceeded all required academic performance goals in the BPS settlement, and adopted measures to increase enrollment of students with disabilities and English language learners. The New York State Department of Education, which has oversight of BPS as authorizer, recommended a three-year renewal for ECS through 2027, against BPS's recommendation for a five-year renewal that was contracted per BPS's settlement with ECS. ECS and BPS subsequently agreed to the Department of Education's three-year recommendation, and ECS received a three-year charter renewal from July 1, 2024, until June 30, 2027. ECS's new CEO has experience at other high-performing charter schools and has implemented various systematic and infrastructure improvements. ECS has also expanded the expertise on its board and has increased its oversight and accountability controls of the school's operations. Management reports a strong and supportive relationship with BPS following ECS's recent changes. ESG Considerations ECS has an ESG Relevance Score of '5' for Group Structure because the entity's viability is contingent on ongoing charter renewal, which remains uncertain. This has a negative impact on the credit profile and is highly relevant to the rating, resulting in a lower rating. 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. ERS MEDICAL: Seeks to Use Cash Collateral ----------------------------------------- ERS Medical, Inc. asked the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, for authority to use cash collateral. The Debtor sought court approval to use funds pledged to secured creditors in order to pay essential business expenses, such as payroll, equipment, maintenance, insurance, utilities, and transportation. Without this relief, the Debtor said it would be forced to shut down operations, risking loss of customer relationships, vendor partnerships, and employee retention, thereby, causing irreparable harm to the business and undermining the value of its estate. As of May 31, 2025, the Debtor reported assets of $98,981.65 and liabilities of over $1 million, including about $950,000 in secured debt spread across loans from the U.S. Small Business Administration, Kapitus, and Bay First National Bank. The Debtor proposed treating only a portion of the SBA loan as secured and the remainder, along with other secured debts, as unsecured, based on a valuation analysis. The Debtor also offered to provide adequate protection to the secured creditors such as replacement liens and maintaining business operations that preserve collateral value. A hearing on the matter is set for August 13. The Debtor, which specializes in biomedical equipment services in Tracy, California, filed for bankruptcy due to mounting liabilities—largely from loans taken during the COVID-19 pandemic. While revenues have recovered to approximately 80% of pre-pandemic levels, the Debtor is unable to service its debt load, prompting the need to restructure operations and finances. About ERS Medical Inc. ERS Medical Inc. provides biomedical equipment services, including installation, calibration, inspection, and repair, for healthcare facilities. It specializes in life support and general biomedical equipment such as patient monitors, infusion pumps, defibrillators, anesthesia machines, and ultrasound systems. It operates with a team experienced in the biomedical field, including former field service engineers and U.S. Army-trained contractors. ERS Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-23668) on July 17, 2025. In its petition, the Debtor reported total assets of $125,743 and total liabilities of $1,018,196. Judge Christopher M. Klein handles the case. The Debtor is represented by Arasto Farsad, Esq., at Farsad Law Office, P.C. EVALINA LLC: Seeks Subchapter V Bankruptcy in Florida ----------------------------------------------------- On July 30, 2025, Evalina LLC filed Chapter 11 protection in the Middle District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Evalina LLC Evalina LLC, operating as Ixchel Skin and Body Medical Spa in Lutz, Florida. It offers skin treatments, aesthetic procedures, and body wellness services. Evalina LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05306) on July 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The Debtor is represented by Harley E. Riedel, Esq. at Stichter Riedel Blain & Postler, P.A. EXTENSIONS PLUS: Has Deal on Cash Collateral Access --------------------------------------------------- Extensions Plus, Inc. asked the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, for authority to use cash collateral in accordance with its agreement with the U.S. Small Business Administration. The Debtor filed for Chapter 11 bankruptcy on June 23 to stay aggressive collection efforts by its judgment creditor, Raj Hair International Pvt. Ltd., which had secured a $2.6 million judgment. Raj was also preparing to levy the Debtor's bank accounts, which would have significantly disrupted operations and cash flow, potentially forcing the Debtor to cease business. The Debtor, a California-based corporation located in Tarzana, has been in business for approximately 30 years and employs 13 full-time workers. It is engaged in the assembly and sale of hairpieces and extensions to salons and individual consumers. Immediately following the bankruptcy filing, the Debtor's counsel contacted SBA to negotiate a stipulation allowing use of SBA's cash collateral. Under the agreement, the Debtor is permitted to use SBA's collateral in exchange for continuing to pay its regular monthly loan payment of $2,505 and granting SBA replacement liens as adequate protection. SBA filed Proof of Claim No. 1, which includes its loan agreement, security agreement, and perfected UCC-1 Financing Statement that establishes its secured interest in the Debtor's assets. The stipulation covers the period from June 23 through September 23 and the parties anticipate requesting authority to extend this arrangement as needed. The Debtor emphasized that use of SBA's cash collateral is essential to continue its operations while it attempts to reorganize. Without access to this cash, the Debtor would be unable to meet basic operating expenses, jeopardizing its efforts to restructure in good faith. A hearing on the matter is set for August 20. About Extensions Plus Inc. Extensions Plus Inc. designs and supplies high-quality women's hairpieces and wigs, including custom and ready-made styles made from real Indian human hair. The Company serves clients globally and domestically, including those experiencing hair loss and celebrities seeking premium hair extensions. Founded in 1988, Extensions Plus operates out of its headquarters in Tarzana, California. Extensions Plus Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11102) on June 23, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Victoria S. Kaufman handles the case. The Debtors are represented by Peter T. Steinberg, Esq. at STEINBERG, NUTTER & BRENT, LAW CORPORATION. EXTENSIONS PLUS: Hires Steinberg Nutter as Bankruptcy Counsel ------------------------------------------------------------- Extensions Plus Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Steinberg Nutter & Brent, Law Corporation, as bankruptcy counsel. The firm will render these services: a. assist the Debtor to administer the estate and facilitate matters concerning administrative duties; b. counsel the Debtor with regard to the requirements of the Office of the U.S. Trustee; and c. provide the U.S. Trustee's Office with all information required under the Local Rules and the U.S. Trustee's Guidelines. Steinberg Nutter will be paid at these hourly rates: Partners $475 Associates $225 Law Clerks $95 Steinberg Nutter will be paid a retainer in the amount of $38,262, plus $1,738 filing fee. Steinberg Nutter will also be reimbursed for reasonable out-of-pocket expenses incurred. Peter Steinberg, partner of Steinberg Nutter & Brent, Law Corporation, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Steinberg Nutter can be reached at: Peter T. Steinberg, Esq. STEINBERG NUTTER & BRENT, LAW CORPORATION 23801 Calabasas Road, Suite 2031 Tel: (818) 876-8535 Fax: (818) 876-8536 E-mail: mr.aloha@sbcglobal.net About Extensions Plus Inc. Extensions Plus Inc. designs and supplies high-quality women's hairpieces and wigs, including custom and ready-made styles made from real Indian human hair. The Company serves clients globally and domestically, including those experiencing hair loss and celebrities seeking premium hair extensions. Founded in 1988, Extensions Plus operates out of its headquarters in Tarzana, California. Extensions Plus Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11102) on June 23, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Victoria S. Kaufman handles the case. The Debtors are represented by Peter T. Steinberg, Esq. at STEINBERG, NUTTER & BRENT, LAW CORPORATION. FAIR ANDREEN: Plan Exclusivity Period Extended to Oct. 3, 2025 -------------------------------------------------------------- Judge G. Michael Halfenger of the U.S. Bankruptcy Court for the Eastern District of Wisconsin extended Fair Andreen, Incorporated's exclusive periods to file a plan of reorganization and obtain acceptance thereof to October 3 and December 5, 2025, respectively. As shared by Troubled Company Reporter, the Debtor identified three potential causes of action belonging to the estate that the Debtor believed contributed to it seeking protection under chapter 11 at the time it filed the case. The Debtor filed motions seeking examinations and documents under Rule 2004 to investigate those causes of action. The Debtor is in the process of gathering the documents and examining the witnesses. The Debtor explains that the other Hoffinger factors that are applicable to this case support granting the Debtor's request to extend the exclusivity period. The Debtor is making good faith progress towards reorganization. It has rejected burdensome leases, obtained a bar date and is gathering information to determine how causes of action may factor in the Debtor's plan. The Debtor claims that the three causes of action are unresolved contingencies at this point for which the Debtor must obtain a better understanding on how to maximize their value for its estate. The Debtor is paying its bills as they become due. Since the Petition Date, the Debtor's bank account balance has increased substantially. Fair Andreen Inc., is represented by: Jerome R. Kerkman, Esq. Kerkman & Dunn 839 N. Jefferson St., Suite 400 Milwaukee, WI 53202-3722 Tel: (414) 277-8200 Fax: (414) 277-0100 Email: jkerkman@kerkmandunn.com About Fair Andreen Incorporated Fair Andreen, Incorporated, doing business as CityPress, is a printing and graphic communications company specializing in commercial printing, book printing, prepress, direct mail, digital printing, and art printing services. With a strong focus on innovation and eco-friendly solutions, the company serves diverse industries by providing customized printing options. Fair Andreen filed Chapter 11 petition (Bankr. E.D. Wisc. Case No. 25-21724) on April 2, 2025, listing up to $10 million in both assets and liabilities. Steven S. Bates, president of Fair Andreen, signed the petition. Judge G. Michael Halfenger oversees the case. Jerome R. Kerkman, Esq., at Kerkman & Dunn, is the Debtor's legal counsel. Huntington Bank, as secured creditor, is represented by: Matthew L. Hendricksen, Esq. Plunkett Cooney PC 221 N. LaSalle Street, Suite 3500 Chicago, IL 60601 Tel: 312-970-3495 Email: mhendricksen@plunkettcooney.com FARMFAN LLC: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: FarmFan, LLC d/b/a Harvie 2515 Banksville Road Pittsburgh PA 15216 Business Description: FarmFan LLC, doing business as Harvie, provides an online platform that connects consumers with local farms for customizable farm-share subscriptions and grocery delivery services. Chapter 11 Petition Date: August 1, 2025 Court: United States Bankruptcy Court Western District of Pennsylvania Case No.: 25-22021 Debtor's Counsel: Mason S. Shelton, Esq. BERNSTEIN-BURKLEY, P.C. 601 Grant Street 19th Floor Pittsburgh PA 15219 Tel: 412-456-8100 E=mail: mshelton@bernsteinlaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Simon Huntley as chief executive officer. 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/6XUTZUY/FarmFan_LLC__pawbke-25-22021__0001.0.pdf?mcid=tGE4TAMA FASHIONABLE INC: Plan Exclusivity Period Extended to October 6 -------------------------------------------------------------- Judge Randal S. Mashburn of the U.S. Bankruptcy Court for the Middle District of Tennessee extended Fashionable, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to October 6 and December 4, 2025, respectively. As shared by Troubled Company Reporter, since the Petition Date, the Debtor has undertaken substantial operational initiatives aimed at stabilizing and repositioning the business, including the rejection of its warehouse lease, a transition to a third-party logistics provider, the engagement of a new Chief Financial Officer ("CFO"), and a right-sizing of its workforce. The Debtor explains that its newly appointed CFO, who was onboarded in mid-June, is in the process of conducting a comprehensive assessment of the Debtor's financial affairs and has been working closely with counsel to develop a viable and confirmable Chapter 11 plan. In the course of this work, it has become clear that the Debtor requires both debtor-in-possession ("DIP") financing and post-confirmation exit financing in order to procure the inventory necessary to sustain ongoing operations and drive future sales. The Debtor claims that it is concurrently developing revised financial projections, continuing to implement operational changes, and actively exploring potential sources of DIP and exit financing. These efforts are ongoing and time-intensive and cannot reasonably be completed within the current exclusivity periods. Fashionable, Inc. is represented by: R. Alex Payne, Esq. Dunham Hildebrand Payne Waldron PLLC 9020 Overlook Blvd., Ste. 316 Brentwood, TN 37027 Telephone: (629) 777-6539 Email: alex@dhnashville.com About Fashionable Inc. Fashionable, Inc., doing business as ABLE, is a Nashville-based women's clothing and accessories brand offering a thoughtfully curated range of apparel, leather goods, jewelry, and footwear. Fashionable, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ten. Case No. 25-01501) on April 8, 2025, listing between $1 million and $10 million in both assets and liabilities. Misti Blasko, chief executive officer of Fashionable, Inc., signed the petition. Judge Randal S. Mashburn oversees the case. The Debtor is represented by R. Alex Payne, Esq., at Dunham Hildebrand Payne Waldron, PLLC. FCI SAND: Says Loan-to-Own Strategy Triggered Bankruptcy -------------------------------------------------------- Steven Church of Bloomberg News reports that a Texas-based sand supplier for fracking operations was pushed into bankruptcy to block an alleged loan-to-own scheme by its lenders, attorneys told a judge during a court hearing on Friday, July 31, 2025. According to bankruptcy lawyer Davor Rukavina, FCI Sand Operations is being targeted by a group of lenders—including a former company director—who are attempting to seize control by preventing the company from securing the funding it needs to continue operating. "We have friendly lenders in the debt stack and unfriendly lenders in the stack," Rukavina told the federal court in Dallas. About FCI Sand Operations LLC FCI Sand Operations LLC is a sand mining and processing company based in Marble Falls, Texas. FCI Sand Operations LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80481) on July 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Davor Rukavina, Esq. at Munsch Hardt Kopf & Harr, P.C. FCI SOUTH: Seeks Chapter 11 Bankruptcy in Texas ----------------------------------------------- On July 30, 2025, FCI South LLC filed Chapter 11 protection in the Northern District of Texas. According to court filing, the Debtor reports between $50 million and $100 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About FCI South LLC FCI South LLC is affiliated with FCI Sand Operations, LLC, a frac sand supplier based in Texas. The Company operates from Del Valle, Texas, and is part of a group involved in industrial materials and related infrastructure. FCI South LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-32838) on July 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $50 million and $100 million each. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor is represented by Davor Rukavina, Esq. at MUNSCH HARDT KOPF & HARR, P.C. FISCHER AG: Seeks Chapter 11 Bankruptcy in Missouri --------------------------------------------------- On July 30, 2025, Fischer AG LLC filed Chapter 11 protection in the Eastern District of Missouri. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Fischer AG LLC Fischer AG LLC, operating as Fischer Trucking, is a Missouri-based trucking and transportation company that provides trucking and freight transportation services. Fischer AG LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Case No. 25-20127) on July 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 m The Debtor is represented by David M. Dare, Esq. at Herren, Dare & Streett. FLORIANO HARTSDALE: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------------- On July 31, 2025, Floriano Hartsdale LLC filed Chapter 11 protection in the Southern District of New York. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Floriano Hartsdale LLC Floriano Hartsdale LLC is an investment company based in Hartsdale, NY. Floriano Hartsdale LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22718) on July 31, 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 Sean H. Lane handles the case. FRESH ACQUISITIONS: Litigation Funding Deal Not Valid, Court Says ----------------------------------------------------------------- The Hon. Stacey G Jernigan held an evidentiary hearing July 30 on the validity of the litigation funding agreement entered into by David Gonzales, Trustee of the Fresh Acquisitions Liquidating Trust, with Litchfield Ventures, LLC. Following the hearing, the court ruled from the bench that the Liquidating Trustee acted without proper disclosure and authority, and not as a prudent fiduciary, and outside of the range of reasonable business judgment, in entering into post-confirmation litigation funding agreement. Judge Jernigan said the Trust will have no contractual liability to Litchfield. The court will issue a written ruling that will also order either: -- substitution of a new liquidating trustee, or -- conversion to chapter 7. The court will also require the current Liquidating Trustee and his professionals, Litchfield and the new Trustee to participate in the global mediation that has been scheduled. As reported by Turnarounds & Workouts, the financing had drawn scrutiny from the judge over what appears to be expensive payment terms. Judge Jernigan also was skeptical with the Trustee’s decision to enter into the deal without first notifying the court or the interested parties in the case. The court inadvertently learned about the funding agreement at a June status conference after certain defendants being sued by the Trustee complained that the deal “is hampering the prospect of settlement in the various post-confirmation adversary proceedings.” Litchfield is an affiliate of Chicago-based GLS Capital, LLC. It extended to the Trustee a $2.325 million loan to fund his litigation against former owners and the entities they controlled. The deal calls for the Trustee to first pay back Litchfield $3 for every $1 advanced plus a 12% contingency fee—or 20% if the LFA is in default—on any recovery, before distributions are made to unsecured creditors. Following the June status conference, Judge Jernigan issued a show cause order in which she called the litigation funding “outrageous on the surface” and one “this court cannot imagine approving in a context such as this,” noting that Litchfield will receive the first $6.975 million of any litigation proceeds. She directed the Trustee to file an unsealed and unredacted copy of the Litigation Funding Agreement, and appear and show cause at the July 30 hearing regarding his authority (or lack thereof) to unilaterally enter into such agreement. Litchfield filed with the court a legal brief requesting Judge Jernigan to either find that the court lacks jurisdiction to void the litigation funding agreement or retroactively approve the deal. Litchfield asserted that the Trustee's decision to obtain commercial litigation funding was reasonable and necessary as an exercise of his good faith business judgment. The funder accused the Defendants, who are high net worth defendants, of driving up the litigation costs to try to run the Trustee out of money, leaving the Trustee with limited options. Litchfield said the court lacks post-confirmation jurisdiction to enter an order regarding the validity of the funding agreement and that the Liquidating Trust Agreement grants the Trustee broad authority, including the ability to enter into contracts relating to the Trust’s assets, including the estate’s causes of action. Litchfield warned that voiding the deal would jeopardize litigation and creditor recovery, potentially requiring new counsel on a full contingency basis, reducing recoveries due to high fees. Litchfield also hinted it might pursue claims against the Trust for quasi-estoppel, quantum meruit, unjust enrichment, and other equitable remedies, in case the deal is voided, causing delays and additional costs to the Trust. Litchfield engaged Joel E. Cohen, Managing Director in the Dispute, Claims, and Investigations practice of Stout Risius Ross, LLC and head of the New York region; and Tom Baker, a Professor at the University of Pennsylvania Carey Law School and a Professor at the Wharton School: Business Economics and Public Policy to provide expert report and testimony on litigation funding. Mr. Cohen explained that the return for litigation funding arrangements “is necessarily tied to the specific risks and characteristics of the client and the litigation” and that it is “not uncommon for funders to seek 3-4x on investments or a similar return if in a percentage structure.” Prof. Baker explained that litigation funding “can appear expensive” because funders bear 100% of the risk of loss, usually have no right to control the course of litigation or participate in settlement decisions, litigation is uncertain, and the time required for a case to reach a conclusion, through appeals, can last several years. Turnarounds & Workouts also reported that Dayspring Operating Co., LLC and the defendant group consisting of Larry Harris, Rachel Harris, Mortin Cortes, Allen Jones, Jason Kemp, Alamo Furr’s, LLC, TXFMP Management, LLC, VitaNova Brands, LLC, and Alamo Dynamic, LLC (d/b/a Dynamic Foods) filed separate responses to the court’s show cause order. Dayspring asked Judge Jernigan to void the funding agreement, remove Mr. Gonzalez as Plan Trustee, and order that all funds paid to Mr. Gonzales and his company or his attorneys using litigation funding be repaid to the Trust. Dayspring argued Mr. Gonzales has violated the Absolute Priority Rule, as outlined in 11 U.S.C. Section 1129(b)(2), by placing millions of dollars ahead of all other creditors. Daysping asserted that Mr. Gonzales’ lack of disclosure denied creditors due process, as they could not object to the agreement’s terms. Harris et al. joined and subscribed to Dayspring’s requests. Alternatively, Harris et al. ask the Court to compel a Litchfield representative and a representative of Dickinson Wright to appear at mediation with mediator John DeGroote on Aug. 29 in person in Dallas, with authority to settle their respective stakes in this litigation. “In the absence of the relief Defendants request, settlement is all but impossible,” Harris et al. state. AB Real Estate, LLC, currently a defendant in three adversary proceedings brought by the Trustee, also joined in both groups’ responses. AB Real Estate is represented by Craig F. Simon, Paula Reichenstein and Cari LaSala of MEADOWS, COLLIER, REED, COUSINS, CROUCH & UNGERMAN, LLP. The Plan Trustee is represented by Carolyn J. Johnsen and Trent P. Cornell of DICKINSON WRIGHT PLLC. About Fresh Acquisitions Fresh Acquisitions LLC and Buffets, LLC, operate independent restaurant brands and are based in San Antonio, Texas. Prior to the COVID-19 pandemic, the Debtors were a significant operator of buffet-style restaurants in the United States with approximately 90 stores operating in 27 states. The Debtors' concepts include six buffet restaurant chains and a full service steakhouse, operating under the names Furr's Fresh Buffet, Old Country Buffet, Country Buffet, HomeTown Buffet, Ryan's, Fire Mountain, and Tahoe Joe's Famous Steakhouse, respectively. Buffets Holdings, Inc., filed for Chapter 11 relief in January 2008 and won confirmation of a reorganization plan in April 2009. In January 2012, Buffets again sought Chapter 11 protection and emerged from bankruptcy in July 2012. On Aug. 19, 2015, Alamo Ovation, LLC, acquired Buffets Restaurants Holdings, Inc., and as a result of the merger, Buffets operated over 300 restaurants in 35 states. Down to 150 restaurants in 25 states after closing unprofitable locations, Buffets LLC and its affiliated entities sought Chapter 11 protection (Bankr. W.D. Tex. Case No. Lead Case No. 16-50557) in San Antonio, Texas, on March 7, 2016. On April 27, 2017, the Court confirmed the Debtors' Second Amended Joint Plan of Reorganization. The Effective Date of the Plan was May 18, 2017. Fresh Acquisitions, LLC and 14 affiliates, including Buffets LLC (a/k/a Ovation Brands), sought Chapter 11 protection (Bankr. N.D. Tex. Lead Case No. 21-30721) on April 20, 2021. Fresh Acquisitions was estimated to have $1 million to $10 million in assets and $10 million to $50 million in liabilities. The Hon. Harlin Dewayne Hale is the case judge. In the recent cases, the Debtors tapped GRAY REED as counsel; and B. RILEY ADVISORY SERVICES as financial advisor. KATTEN MUCHIN ROSENMAN LLP is special counsel. BMC GROUP, INC., is the claims and noticing agent. HILCO REAL ESTATE, LLC, is the real estate consultant. David Gonzales was appointed as Trustee of the Fresh Acquisitions Liquidating Trust, established under the Debtors' confirmed bankruptcy-exit Plan. Litchfield Ventures, LLC, an affiliate of Chicago-based GLS Capital, LLC, provided litigation funding to the Trustee. Litchfield is represented by Jeff Prostok and Suzanne K. Rosen of VARTABEDIAN, HESTER & HAYNES, LLP, Dayspring Operating Co., LLC is represented by Jerry C. Alexander and D. Hunter Polvi at PASSMAN & JONES, P.C. Larry Harris, Rachel Harris, Mortin Cortes, Allen Jones, Jason Kemp, Alamo Furr’s, LLC, TXFMP Management, LLC, VitaNova Brands, LLC, and Alamo Dynamic, LLC (d/b/a Dynamic Foods) are represented by Jillian J. Keith of JILLIAN KEITH ADR, PLLC; and D. Craig Brinker of WILSON ELSER MOSKOWITZ EDELMAN & DICKER LLP. AB Real Estate, LLC, is represented by Craig F. Simon, Paula Reichenstein and Cari LaSala of MEADOWS, COLLIER, REED, COUSINS, CROUCH & UNGERMAN, LLP. These entities are defendants in clawback lawsuits filed by the Trustee. The Plan Trustee is represented by Carolyn J. Johnsen and Trent P. Cornell of DICKINSON WRIGHT PLLC. G & T 5206 INVESTMENTS: Holly Miller Named Subchapter V Trustee --------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Holly Miller, Esq., at Gellert Scali Busenkell & Brown, LLC as Subchapter V trustee for G & T 5206 Investments. Ms. Miller will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Miller declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Holly S. Miller, Esq. Gellert Scali Busenkell & Brown, LLC 1628 John F. Kennedy Boulevard, Suite 1901 Philadelphia, PA 19103 Telephone: (215) 238-0012 Facsimile: (215) 238-0016 Email: hsmiller@gsbblaw.com About G & T 5206 Investments G & T 5206 Investments is a specialized freight transportation company based on its NAICS classification (484122). G & T 5206 Investments sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-12940) on July 23, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Patricia M. Mayer handles the case. The Debtor is represented by Maggie Soboleski, Esq. GENESIS HEALTHCARE: To Sell Kennett Center to Mushroom Capital -------------------------------------------------------------- Genesis Healthcare, Inc. and its affiliates seek permission from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to sell Assets in a private sale, free and clear of liens, claims, and encumbrances. Since their founding in 1985, the Debtors have been a cornerstone of Kennett Square, Pennsylvania. In 1997, the Debtors constructed their corporate headquarters at 122 and 128 East State Street, Kennett Square, Pennsylvania (Kennett Center Asset). Subsequently, in 2007, the Debtors built a five-story office building located across the street at 101 East State Street, Kennett Square, Pennsylvania. The Kennett Center Asset is owned by Debtor Kennett Center, L.P. and the State Street Asset is owned by Debtor State Street Associates, L.P. The Kennett Square Assets are situated in Kennett Square, Pennsylvania, a small borough southwest of Philadelphia with approximately 6,000 residents. The Kennett Square Assets comprise significant real estate in Kennett Square’s primary economic center, meaning that the sale of the Kennett Square Assets could have a substantial impact on the Kennett Square borough. Additionally, given their proximity, it is crucial that both the Kennett Center Asset and the State Street Asset be sold to a single purchaser, as selling them separately would reduce their individual value, negatively impact the economic health of Kennett Square, and impair the Debtors' ability to maximize the value of the Kennett Square Assets. Following extensive discussions with the Chester County Economic Development Council regarding the potential sale of the Kennett Square Assets and after more than three years of marketing efforts, the Sellers, exercising their business judgment, entered into that certain Real Estate Purchase Agreement with Mushroom Capital 5 LLC dated April 16, 2025, as amended by that certain First Amendment to Real Estate Purchase Agreement dated June 16, 2025, and that certain Second Amendment to Real Estate Purchase Agreement dated August 1, 2025. The Property is comprised of land, the improvements, the tangible personal property, and the intangible personal property. The purchase price is $6,250,537.00. The Debtors believe the Private Sale to the Buyer under the terms of the Purchase Agreement serves the best interests of their estates and creditors. The Private Sale represents the highest and best offer received to date for the Kennett Square Assets, maximizing value for the Debtors and minimizing unnecessary costs and expenses that no longer provide benefits to the Debtors or their estates. Notably, the Buyer's vision for the Kennett Square Assets aligns closely with the interests of both Kennett Square and the CCEDC. This alignment is particularly important to the Debtors, given the central role these assets play in the community and how closely tied the Buyer's intended use of the Kennett Square Assets is to the overall prosperity of Kennett Square. The Debtors seek approval to pay the Chester County Economic Development Council (CCEDC) its brokerage commission in the amount of 1% of the contemplated purchase price, pursuant to the Services Agreement. The Debtors seek to enter into a short-term lease agreement with Buyer to maintain the Debtors' current occupancy at the Kennett Center Asset. Entry into the Lease upon the consummation of the Private Sale allows the Debtors to maintain their current occupancy in the Kennett Center Asset and in Kennett Square while substantially minimizing the Debtors' overall costs, as they will no longer be the owner of the Kennett Center Assets. The Debtors believe that the Private Sale is a sound exercise of the Debtors' business judgment for two reasons. First, the Debtors no longer have a need for the Kennett Square Assets. Accordingly, unless the Private Sale is approved, the Debtors will continue to incur unnecessary costs and expenses associated with the ownership of the Kennett Square Assets. About Genesis Healthcare, Inc. Genesis Healthcare Inc. is a Medical Group, based in Culver City, CA. The medical group, which has also operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare, provides physician services in Southern California. Genesis Healthcare Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case 25-80185) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Marcus Alan Helt, Esq. at Mcdermott Will & Emery LLP. GLIDE LOGISTICS: Court Extends Cash Collateral Access to Sept. 30 ----------------------------------------------------------------- Glide Logistics, Inc. received a two-month extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The court issued its third interim order authorizing the Debtor to use its cash collateral through September 30 to make these monthly payments to lenders: $4,500 to BMO Bank, N.A.; $800 to Commercial Credit Group, Inc.; $3,000 to First Citizens; $1,675 to Auxilior Capital Partners, Inc.; and $400 to Mitsubishi HC Capital America, Inc. The Debtor may exceed the budgeted amounts by up to 20% for unexpected contingencies and $2,000 for any other ordinary business expenses for the two months combined. As adequate protection, Commercial Credit, First Citizens, Auxilior, Mitsubishi and the U.S. Small Business Administration will be granted valid, perfected, enforceable security interests in the Debtor's post-petition assets and the proceeds thereof, with the same priority and extent as their pre-bankruptcy liens. As further protection, the Debtor was ordered to keep the equipment that is the subject of the lenders' liens insured. The next hearing will be held on September 24. About Glide Logistics Inc. Glide Logistics Inc. is a transportation company specializing in open deck, heavy haul, and oversize freight services across the United States. Glide Logistics sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-03258) on March 2, 2025. In its petition, the Debtor reported total assets of $1,220,786 and total liabilities of $1,050,846. Judge Janet S. Baer handles the case. Keevan D. Morgan, Esq., at Morgan & Bley, Ltd. is the Debtor's legal counsel. Auxilior Capital Partners, Inc., as lender, is represented by: Diana Perez, Esq. Wright Law Group, PLLC 2405 W Grand Ave., Ste. B PMB 84356 Chicago, IL 60612-1577 Direct: (312) 778-6438 Fax: (312) 778-6438 dperez@replevin.com Mitsubishi HC Capital America, Inc., as lender, is represented by: W. Kent Carter, Esq. Gordon Rees Scully Mansukhani, LLP One North Wacker, Suite 1600 Chicago, IL 60606 Phone: 312.619.4900 kentcarter@grsm.com GLOBAL CONCESSIONS: Plan Exclusivity Period Extended to Oct. 29 --------------------------------------------------------------- Judge Paul Baisier of the U.S. Bankruptcy Court for the Northern District of Georgia extended Global Concessions Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to October 29 and December 29, 2025, respectively. As shared by Troubled Company Reporter, the Debtor claims that it needs creditor support to confirm any plan, so the Debtor is in no position to impose or pressure its creditors to accept unwelcome plan terms. The Debtor seeks an extension of the Exclusivity Periods to advance the case and continue good faith negotiations with its stakeholders. The Debtor explains that premature termination of the Exclusivity Periods may engender duplicative expense and litigation associated with multiple competing plans. Any litigation with respect to competing plans and resulting administrative expenses will only decrease recoveries to the Debtor's creditors and significantly delay, if not undermine entirely, the possibility of prompt confirmation of a plan of reorganization. The Debtor asserts that given the consequences for the Debtor's estate if the relief requested herein is not granted and the substantial progress made to date, the requested extension of the Exclusivity Periods will not prejudice the legitimate interests of any party in interest in this case. Rather, the extension will further the Debtor's efforts to preserve value and avoid unnecessary and wasteful litigation. Global Concessions Inc. is represented by: Benjamin Keck, Esq. Jonathan Clements, Esq. Keck Legal, LLC 2801 Buford Highway NE, Suite 115 Atlanta, GA 30329 Tel: (470) 826-6020 Email: bkeck@kecklegal.com About Global Concessions, Inc. Global Concessions Inc., established in 1990 and headquartered in Atlanta, Georgia, specializes in operating food and beverage concessions, primarily within major transportation hubs across the United States. The Company has expanded its portfolio to include a diverse range of dining experiences, from quick-service partnerships with renowned brands like IHOP Express, Ben & Jerry's, and Nathan's Famous, to unique, stand-alone restaurants such as Sweet Georgia's Juke Joint and One Flew South. Global Concessions Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-53640) on April 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. The Debtor tapped Benjamin Keck, Esq., at Keck Legal, LLC as counsel and GlassRatner Advisory & Capital Group, LLC, doing business as B. Riley Advisory Services, as restructuring advisor. GREENE FAMILY: Gets Extension to Access Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division granted Greene Family Enterprises, LLC interim approval to use cash collateral. The interim order signed by Judge Jacob Brown authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the "bare necessities" for day-to-day operations; pre-bankruptcy wages to employees retained by the Debtor; and additional amounts subject to approval by secured creditors, GFE Holdings and the U.S. Small Business Administration. This authorization will continue until further order of the court. Creditors including GFE Holdings and SBA with a security interest in cash collateral will have a perfected post-petition lien on the cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy liens. As further protection, the Debtor was ordered to keep its property insured in accordance with the obligations under its loan agreements with the secured creditors. The next hearing is scheduled for October 21. About Greene Family Enterprises Greene Family Enterprises, LLC, doing business as Rita's Italian Ice, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01910) on June 9, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Jerrett McConnell, Esq., at McConnell Law Group, P.A., serves as Subchapter V trustee. Judge Jacob A. Brown presides over the case. Donald M. DuFresne, Esq., at Parker & Dufresne represents the Debtor as legal counsel. GREENWICH RETAIL: Court Extends Cash Collateral Access to Sept. 9 ----------------------------------------------------------------- Greenwich Retail Group, LLC and Madison Avenue Westside, LLC received third interim approval from the U.S. Bankruptcy Court for the Southern District of New York to use the cash collateral of secured creditors. The third interim order authorized the Debtors to use up to $400,000 in cash collateral through September 9 in accordance with their budget, with a 10% variance allowed. Hanover Community Bank, the U.S. Small Business Administration and six merchant cash advance (MCA) lenders are the creditors identified by the Debtors with security interests in or liens on their assets. As protection for any diminution in value of their collateral, the secured creditors will be granted replacement liens on all assets of the Debtors and the proceeds thereof. Replacement liens will have the same priority, validity, extent and status of perfection, if any, as their pre-bankruptcy liens. In addition, secured creditors will have the right to assert a superpriority claim. The Debtors were ordered to pay $10,000 to Hanover Bank by August 31 as further protection. The final hearing is scheduled for September 9. Hanover Bank asserts it is owed $2,906,100.34 as of the petition date. As security, the bank was granted a first priority lien on substantially all of the Debtors' assets, including its cash. Meanwhile, SBA provided an EIDL loan to the Debtors in the amount of $500,000 and was granted a lien on substantially all of the Debtors' assets. SBA agreed to subordinate the EIDL loan to the Hanover loans. The merchant cash advance lenders identified by the Debtor include Moby Capital, LLC, Capitalize Group, LLC, Itria Ventures, Smart Business, Newco Capital Group and Square Advance. About Greenwich Retail Group LLC Greenwich Retail Group, LLC operates retail clothing stores under brands including Everafter, which focuses on children's and teen apparel, and The Westside, a women's fashion boutique. Greenwich Retail Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11295) on June 9, 2025. In its petition, the Debtor reported assets between $500,000 and $1 million and liabilities between $1 million and $10 million. Judge Michael E. Wiles oversees the case. Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP is the Debtor's legal counsel. Hanover Bank, as secured creditor, is represented by: Mitchell Seidman, Esq. Andrew Pincus, Esq. Seidman & Pincus, LLC 777 Terrace Avenue, Suite 508 Hasbrouck Heights, NJ 07604 Tel: (201) 473-0047 ms@seidmanllc.com ap@seidmanllc.com HARLING INC: Court Extends Cash Collateral Access to Aug. 27 ------------------------------------------------------------ Harling, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The interim order penned by Judge Jacqueline Cox authorized the interim use of cash collateral retroactive to the date of filing the Debtor's Chapter 11 case through August 27. As protection from any diminution in the value of its collateral, Byline Bank was granted a first-priority lien on property acquired by the Debtor after the petition date, including all proceeds and products thereof, to the same extent and with the same priority as its pre-bankruptcy lien. A further hearing is scheduled for August 26. The Debtor previously entered into two loan agreements with Byline Bank: one for $250,000 and another for $1,050,000, both secured by the Debtor's assets, including equipment, inventory, accounts receivable, and general intangibles. Byline Bank has filed proofs of claim for $218,647 and $741,213 on those respective loans. The Debtor's schedules list total assets of $29,137, primarily composed of $21,447 in accounts receivable and $3,500 in office furniture and equipment. About Harling Inc. Harling Inc. specializes in masonry facade repair, restoration, and building waterproofing services for commercial, industrial, and institutional buildings. It is based in Broadview, Ill. Harling sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-04324) on March 1, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Jacqueline P. Cox handles the case. Joel Schechter, Esq., at the Law Offices of Joel A. Schechter is the Debtor's legal counsel. Byline Bank, as secured creditor, is represented by: Martin J. Wasserman, Esq. Carlson Dash, LLC 216 S. Jefferson St., Suite 303 Chicago, IL 60661 Phone: 312-382-1600 mwasserman@carlsondash.com HAVOC BREWING: Court Extends Cash Collateral Access to Aug. 15 -------------------------------------------------------------- Havoc Brewing Company, LLC received fourth interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to use cash collateral. The order penned by Judge Pamela McAfee authorized the Debtor's interim use of cash collateral through August 15 to pay the expenses set forth in its budget, with a 10% variance. The budget shows total operational expenses of $96,757.08 for the period from July 15 to August 15. Celtic Bank and Catfish Haggen, LLC are the secured creditors that have interests in the Debtor's assets. The secured creditors were granted a replacement lien on the Debtor's post-petition property to the same extent and with the same validity and priority as their pre-bankruptcy liens. These secured creditors may seek administrative expense claims under Section 507(b) if their interests are not adequately protected. The next hearing is scheduled for August 12. The Debtor's sole sources of revenue and income consist of the funds currently on hand and on deposit in its bank accounts and the income and revenue generated from the sale and distribution of its beverages and merchandise both at the Brewery and through third party retailers and wholesalers. Prior to its bankruptcy filing, the Debtor incurred certain indebtedness in connection with its business operations, in which creditors including Celtic Bank and Catfish Haggen took a security interest in certain property, proceeds, and other collateral owned by the Debtor. The funds in the possession of the Debtor, which were generated from business operations, as well as the proceeds generated from the collection of any outstanding accounts receivable and other post-petition operations, may constitute the cash collateral of these secured creditors. About Havoc Brewing Company LLC Havoc Brewing Company, LLC is a veteran-owned craft brewery based in Pittsboro, N.C. Founded in 2023, the company operates a 6,500-square-foot taproom that features award-winning beers, a coffee bar, and regular community events such as trivia nights, live music, and food trucks. Havoc Brewing Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-01498) on April 25, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Pamela W. McAfee handles the case. The Debtor is represented by: Joseph Zachary Frost Buckmiller & Frost, PLLC Tel: 919-296-5040 Email: jfrost@bbflawfirm.com HEADWAY WORKFORCE: Seeks to Extend Plan Exclusivity to October 2 ---------------------------------------------------------------- Headway Workforce Solutions, Inc. and its affiliates asked the U.S. Bankruptcy Court for the Eastern District of North Carolina to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to October 2 and December 1, 2025, respectively. Since the Petition Date, the Debtors have expended significant time and effort to negotiating and obtaining a consensual resolution for initial post-petition financing, approval of sale process for certain limited assets and negotiating a term sheet for a potential plan of reorganization that preserves the tax attributes of the Debtors. The Debtors explain that they have filed motions relating to notice requirements for trading in equity and claims, seeking approval of compensation for employees and rejecting the Debtors' nonresidential leases. Moreover, the creditors' committee is also in the process of collecting discovery and investigating potential claims during the court-approved challenge period. Accordingly, because the Debtors have made significant progress under difficult circumstances in these chapter 11 cases and continue to work diligently, collaboratively and efficiently towards what they hope will be a consensual resolution of these chapter 11 cases, the Debtors believe that a short 30-day extension of each of the Exclusivity Periods is warranted. The Debtors claim that this is their first request for an extension of the Exclusivity Periods. An order allowing the extensions as requested in this application will not prejudice any party and is in the best interests of the estates and all parties in interest. Counsel to the Debtors: Jason L. Hendren, Esq. Rebecca Redwine Grow, Esq. Benjamin E.F.B. Waller, Esq. Lydia C. Stoney, Esq. Hendren, Redwine & Malone, PLLC 4600 Marriott Drive, Suite 150 Raleigh, NC 27612 Tel: (919) 573-1422 Fax: (919) 420-0475 Email: jhendren@hendrenmalone.com rredwine@hendrenmalone.com bwaller@hendrenmalone.com lstoney@hendrenmalon.com and Kirk B. Burkley, Esq. Bernstein-Burkley, PC 601 Grant Street, 9th Floor Pittsburg, PA 15219 Tel: (412) 456-8100 E-mail: kburkley@bernsteinlaw.com About Headway Workforce Solutions Headway Workforce Solutions, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-01682-5-JNC) on May 5, 2025. In the petition signed by Brendan Flood, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Joseph N. Callaway oversees the case. Rebecca Redwine Grow, Esq., at Hendren, Redwine & Malone, PLLC, is the Debtor's legal counsel. Noor Staffing Group, LLC, as DIP lender, is represented by: Pamela P. Keenan, Esq. Kirschbaum, Nanney, Keenan & Griffin, P.A. PO Box 19766 Raleigh, NC 27619-9766 Telephone: (919) 848-0420 Facsimile: (919) 848-8755 Email: pkeenan@kirschlaw.com HILMORE LLC: Plan Exclusivity Period Extended to August 5 --------------------------------------------------------- Judge Sheri Bluebond of the U.S. Bankruptcy Court for the Central District of California extended Hilmore LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to August 5 and October 6, 2025, respectively. As shared by Troubled Company Reporter, the Debtor explains that in the last few months, its manager has been involved in discussions with some of its creditors regarding claim issues and with family members in an effort to raise funds so that Hilmore may propose a feasible plan of reorganization, in addition to meeting its fiduciary duties as a debtor in possession by addressing all compliance matters. The Debtor claims that its good faith progress towards reorganization within the exclusivity period furnishes objective evidence that the request for an extension is not motivated by ulterior, strategic motives, but rather a desire to pursue to fruition efforts which have been initiated and diligently pursued since the commencement of the case. The Debtor asserts that its efforts and achievements during the pendency of its case demonstrate a level of diligence that justifies the requested extensions. As noted, not only has its manager, Shahrokh Javidzad, worked diligently to adhere to the requirements of the Bankruptcy Code, the Bankruptcy Court, and the U.S. Trustee, but he has also engaged in communications with some of its creditors in an effort to resolve claim issues and with financiers in an effort to raise funds so a feasible plan of reorganization may be proposed. Hilmore LLC is represented by: Raymond H. Aver, Esq. Law Offices of Raymond H. Aver 10801 National Boulevard, Suite 100 Los Angeles CA 90064 Tel: (310) 571-3511 E-mail: ray@averlaw.com About Hilmore LLC Hilmore LLC is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Hilmore LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No.: 25-10481) on Jan. 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Raymond H. Aver, at LAW OFFICES OF RAYMOND H. AVER. HILTON DOMESTIC: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable ------------------------------------------------------------------ Moody's Ratings affirmed its ratings assigned to Hilton Domestic Operating Company Inc. (Hilton), including the Ba1 corporate family rating, the Ba1-PD probability of default rating, the Ba2 senior unsecured and backed senior unsecured ratings and the Baa2 backed senior secured rating. The SGL-1 speculative grade liquidity rating is unchanged and the rating outlook remains stable. The ratings affirmations reflect Hilton's record of earnings and strong free cash flow generation and Moody's expectations for continuing top line and earnings growth and about steady credit metrics. RATINGS RATIONALE Hilton's Ba1 corporate family rating reflects the company's large scale, well-recognized brands, good geographic diversification and the benefits of its asset-light lodging operating model. Approximately 99% of the rooms in Hilton's system are in properties owned by third parties who license or franchise Hilton brands and/or contract Hilton to manage their operations. Asset-light property model operators typically realize less volatility in earnings over economic cycles. Their need for capital investment for growth and maintenance of existing properties is also relatively low, which promotes free cash flow generation. The ratings also reflect Hilton's moderately high leverage relative to cross-industry peers and Moody's expectations that the company will use its free cash flow for shareholder returns in lieu of debt reduction. Moody's also expects the company to continue to issue new debt to maintain financial leverage between 3.5x and 4.5x as earnings grow annually. Debt/EBITDA was 3.6x and EBITA/Interest was 5.1x at March 31, 2025. The stable outlook reflects Hilton's very good liquidity and Moody's expectations that the company will maintain debt/EBITDA near 3.8x, notwithstanding the potential for demand to weaken because of the impacts of US trade policies on business and consumer spending. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the capital structure becomes more investment grade like, with secured debt as a proportion of total debt sustained below 25%. With such a change to the debt structure, the ratings could be upgraded if debt/EBITDA is sustained below 3.5x and EBITA/interest expense is sustained above 4.0x. The ratings could be downgraded if debt/EBITDA is sustained above 4.5x or EBITA/interest expense below 3.0x. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in McLean, Virginia, Hilton Worldwide Holdings Inc., the ultimate parent company of Hilton Domestic Operating Company Inc., is a leading hospitality company with more than 8,800 managed, franchised, owned and leased hotels, and resorts and 1.3 million rooms across 139 countries and territories. Net revenue for the twelve months ended June 30, 2025 was approximately $4.8 billion. HOLLOWELL VENTURES: Case Summary & Six Unsecured Creditors ---------------------------------------------------------- Debtor: Hollowell Ventures, LLC 19788 Davis Ford Rd. Springdale, AR 72764 Business Description: Hollowell Ventures, LLC owns real estate properties in Taney County, Missouri, and Washington and Madison Counties, Arkansas. Chapter 11 Petition Date: July 31, 2025 Court: United States Bankruptcy Court Western District of Arkansas Case No.: 25-71311 Judge: Hon. Bianca M. Rucker Debtor's Counsel: Stanley V. Bond, Esq. BOND LAW OFFICE 525 S. School Ave., Suite 100 Fayetteville, AR 72701 Tel: 479-444-0255 Fax: 479-235-2827 E-mail: attybond@me.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Tim Hollowell as managing member. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JWR5ALA/Hollowell_Ventures_LLC__arwbke-25-71311__0001.0.pdf?mcid=tGE4TAMA HOLLOWELL VENTURES: Section 341(a) Meeting of Creditors on Sept. 10 ------------------------------------------------------------------- On July 31, 2025, Hollowell Ventures LLC filed Chapter 11 protection in the Western District of Arkansas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of cCreditors under Section 341(a) to be held on September 10, 2025 at 09:00 AM at Ch. 11 Tele-Meeting of Creditors. About Hollowell Ventures LLC Hollowell Ventures LLC is a real estate company operating in Arkansas and Missouri with NAICS code 5311. Hollowell Ventures LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ark. Case No. 25-71311) on July 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Bianca M. Rucker handles the case. The Debtor is represented by Stanley V. Bond, Esq. at Bond Law Office. HOUSE OF DESIGN: Secured Party Sets Aug. 13, 2025 Auction --------------------------------------------------------- Builders FirstSource Inc. ("lender"), in its capacity as a secured party, will sell the collateral owned by House of Design LLC ("borrower"), in which lender has security interest including but not limited to borrower's interests in its software, patents, and applications, trademarks, domain names, licenses, social media account, know-how and design files, and all tangible personal property. Hilco IP Servicess LLC dba Hilco Streambak as auctioneer will conduct the public auction. The public auction will be held on Aug. 13, 2025, at 12:00 p.m. (prevailing Eastern Time), at Alston & Bird LLP, 90 Park Avenue, 15th Floor, New York, New York 10016. Online bidding will be made available via Zoom Meeting to qualified bidders. Auctioneer is now soliciting bids from qualified bidders, which must be received on or before Aug. 11, 2025, at 12:00 p.m. (prevailing Eastern Time). Interested buyers wish to submit a bid for all or any part of the collateral, contact the auctioneer to obtain a bid package by emailing Hilco OP Services LLC dba Hilco Streambank, Attn: Gabe Fried, gfried@hilcoglobal.com, Jordon Parker, jparker@hilcoglobal.com, and Samantha D'Alessandro, sdalessandro@hilcoglobal.com, or project+builder@hilcoglobal.com On Dec. 10, 2024, an involuntary petition was filed against House of Design under Chapter 7 of the U.S. Bankruptcy Court for the District of Idaho Case No. 24-bk-00834-BPH. On June 2, 2025, the Court entered an order granting the lender's motion to lift the automatic stay with respect to the collateral. House of Design LLC is a technology company specializing in robotic and automation solutions. HUDSON SQUARE: Seeks Subchapter V Bankruptcy in New Jersey ---------------------------------------------------------- On July 31, 2025, Hudson Square Hospitality Inc. filed Chapter 11 protection in the District of New Jersey. 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 Hudson Square Hospitality Inc. Hudson Square Hospitality Inc. operated a hospitality venue in Matawan, New Jersey, offering restaurant, lounge, and banquet services. Hudson Square Hospitality Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-18051 on July 31, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Anthony Sodono, III, Esq. at McMANIMON, SCOTLAND & BAUMANN, LLC. ILLINOIS INSTITUTE: Moody's Affirms 'Ba2' Issuer & Debt Ratings --------------------------------------------------------------- Moody's Ratings has affirmed Illinois Institute of Technology, IL's (Illinois Tech) Ba2 issuer and debt ratings. The university had $210 million of debt outstanding as of May 31, 2024. The outlook is stable. RATINGS RATIONALE The Ba2 issuer rating reflects Illinois Tech's sound overall wealth, recent improvement in operating performance and good regional brand with its STEM focus and urban location. Several years of significant enrollment progress and growth in net student charges, complimented by tighter expense controls, has led to improvement in operating performance. However, a highly competitive global student market and challenging demographic environment may constrain the university from achieving future enrollment growth targets. Additionally, roughly half of Illinois Tech's FTE enrollment comes from international students. Evolving federal policy could be a limiting factor on the stability of this cohort. Sustaining operating performance improvement while investing in new product lines relies heavily on the ability to recruit and retain international students. A recent debt issuance reduces Illinois Tech's debt structure risks. The restructuring of financial covenants provides greater flexibility, and by eliminating the balances on lines of credit, renewal risk is eliminated. However, Illinois Tech took on considerably more leverage including approximately $47 million for capitalized interest through fiscal 2027 and establishing a debt service reserve fund. Debt service begins to escalate beginning in fiscal 2028. Growth of EBIDA to cover debt service and other needs will be important for sustaining credit quality. The Ba2 revenue bond rating reflects the credit characteristics associated with the issuer rating and the unsecured general obligation nature of the payment obligation. RATING OUTLOOK The stable outlook incorporates near-term maintenance of wealth and liquidity and generally break-even operating performance. However, the outlook is sensitive to evolving federal posture towards international students. The outlook also acknowledges the de-risking of the university's debt structure, including acceleration risk. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Sustained improvement in operating performance, including growth of EBIDA to account for rising debt service obligations -- Continued progress in meeting enrollment targets and net student charges growth -- Material and lasting growth in the university's total wealth and unrestricted liquidity FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Inability to maintain momentum in enrollment and student demand, failure to grow net tuition revenue in excess of expense growth -- With expectations of being cash flow positive again in fiscal 2025, inability to sustain debt service coverage of at least 1x with lower reliance on supplemental endowment draws -- Material decline in unrestricted liquidity -- Federal policy that impairs the ability to enroll international students, approximately 50% of the university's FTE enrollment PROFILE Illinois Institute of Technology (Illinois Tech) is a private, not-for-profit university located in Chicago, IL. In fiscal 2024, Illinois Tech generated operating revenue of approximately $306 million and enrolled 7,636 full-time equivalent (FTE) students as of fall 2024. METHODOLOGY The principal methodology used in these ratings was Higher Education published in July 2024. INTEGRATED ENDOSCOPY: Seeks Chapter 11 Bankruptcy in California --------------------------------------------------------------- On July 31, 2025, Integrated Endoscopy Inc. filed Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About Integrated Endoscopy Inc. Integrated Endoscopy Inc.develops wireless arthroscopic and single-use rigid endoscope technology for surgical applications. Headquartered in Irvine, California, the privately held Company was founded in 1996 following its acquisition of Micro Optics Development Engineering Labs' optical design assets and markets its Nuvis Single-Use Arthroscope with plans to extend into additional procedure-specific endoscopes. Its intellectual property portfolio includes 19 issued patents across the U.S., Europe, Japan, Australia, and Canada covering lens systems, LED lighting, and molded glass optics. Integrated Endoscopy Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12121 on July 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by Vanessa H. Haberbush, Esq. at HABERBUSH, LLP. IRWIN NATURALS: Has OK to Sell Dietary Supplement Biz for $36MM --------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, has approved Irwin Naturals Inc. and its affiliates, to sell substantially all Assets, free and clear of all liens, claims, and encumbrances. The Debtors' business is a popular dietary supplement company that was founded in 1994. Irwin Naturals formulates, markets, and distributes vitamins and supplements. In addition to its Irwin Naturals supplement brand, Irwin Naturals also has two other supplement brands, Nature's Secret and Applied Nutrition. The Court has authorized the Debtor to designate FitLife Brands Inc. or its designee as the Successful Bidder, and FitlLife having designated IN Acquisition Corp. as its designee, as having the highest or otherwise best Qualified bid for the Purchased Assets. The purchase price of the Assets is $36,000,000.00. Details of the Purchased Assets and Excluded Assets can be found at: https://urlcurt.com/u?l=CGGii1 The Sale Order constitutes a final and appealable order. Time is of the essence in closing the Sale referenced herein, the Debtors and Buyer intend to close the Sale as soon as practicable, and there is no just reason for delay in the implementation of the Sale Order. Specifically, the proposed Closing Date set forth in the Asset Purchase Agreement is August 1, 2025 (unless extended by the Parties pursuant to the terms of the Asset Purchase Agreement) and accordingly, the Sale must be approved and consummated promptly in order to maximize the value to the Debtors. The Court held that the service of the Assumption/Assignment Notice was sufficient under the circumstances and no further notice need be given in respect of assumption and assignment of the Assigned Contracts or the proposed Cure Costs related thereto. About Irwin Naturals Irwin Naturals is a provider of business support services. Irwin Naturals and affiliates, 5310 Holdings, LLC, DAI US HoldCo, Inc. and Irwin Naturals, Inc., filed Chapter 11 petitions (Bankr. C.D. Calif. Lead Case No. 24-11323) on Aug. 9, 2024. At the time of the filing, Irwin Naturals reported $10 million to $50 million in both assets and liabilities. Judge Victoria S. Kaufman oversees the cases. The Debtors tapped BG Law, LLP as bankruptcy counsel; Beach, Freeman, Lim & Clelland, LLP as accountant; Province, LLC as financial advisor; and Marula Capital Group, LLC as valuation consultant. Omni Agent Solutions, Inc., is the Debtors' administrative agent. The U.S. Trustee for Region 16 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Golden Goodrich, LLP. J.B. POINDEXTER: Moody's Rates New Senior Unsecured Notes 'B2' -------------------------------------------------------------- Moody's Ratings assigned a B2 rating to the new senior unsecured notes offered by J.B. Poindexter & Co., Inc. (J.B. Poindexter). All other ratings of J.B. Poindexter remain unchanged, including the B1 corporate family rating, the B1-PD probability of default rating and the B2 rating of the existing senior unsecured notes due 2031. The outlook is stable. J.B. Poindexter intends to use the net proceeds of the new notes (i) to repay in full the $175 million outstanding principal amount of borrowings under a bridge credit agreement that the company entered into to help finance the acquisition of Demers Braun Ambulance Manufacturer, Inc. (DBCM), and (ii) to pay accrued and unpaid interest thereon. The remaining proceeds, if any, will be used to repay outstanding amounts under the company's revolving credit facility. RATINGS RATIONALE J.B. Poindexter's ratings reflect the company's strong competitive position in its main business lines and long-standing relationships with key blue chip customers. The ratings also reflect the company's exposure to cyclical end markets, with significant customer concentrations and volatility around annual fleet truck orders in both its Morgan and Morgan Olson segments. Moody's expects the addition of DBCM to J.B. Poindexter's portfolio of businesses to temper the company's cyclical earnings fluctuations. The company was able to largely sustain a notable improvement in profitability and cash flow with prospects for further improvement in 2025. The EBIT margin in 2024 held at 6.2%, despite the suspension of orders by United Parcel Service, Inc. (UPS) in the Morgan Olson segment. Costs associated with a plant shutdown in Mexico for the LEER division further weighed on the company's operating performance. Moody's anticipates that the losses at Leer will abate, in part because most of the Mexican plant closure costs will not reoccur after 2025. But the resumption of orders from UPS at Morgan Olson remains uncertain following UPS' decision to lower delivery volumes for their largest customer, Amazon, by more than 50%. Also, the backlog at the Morgan division normalized in the course of 2024, making production volumes in this division more reliant on the continuation of new order flow in 2025. DBCM's multi-year backlog of orders for new ambulances augments J.B. Poindexter's revenue visibility, however. Debt/EBITDA pro forma for the DBCM acquisition will be 4.2 times at year-end 2025, compared to 3.5 times before the transaction as of March 31, 2025. Moody's anticipates that J.B. Poindexter will maintain good liquidity, supported by Moody's expectations that free cash flow will be sustained at around $60 million in 2025. Moody's estimates the cash balance following the acquisition of DBCM to be around $50 million, meaningfully below historical levels. However, the company has a new $250 million asset-based revolving facility, with access to at least $150 million of availability. Moody's anticipates that the company will not require further borrowing under the ABL through 2026 and that the company uses available cash to pay down the revolver. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if J.B. Poindexter maintains debt/EBITDA below 3.0x and EBITDA/interest above 4.0 times through cyclical periods in its end-markets. Good liquidity is also an important consideration for a ratings upgrade. The rating could also be upgraded if the company sustains the EBIT margin above 6.5%. The ratings could be downgraded if J.B. Poindexter is unable to maintain debt/EBITDA below 4.5 times, or if liquidity deteriorates, including in the event negative free cash flow erodes the remaining cash balance further. The ratings can also be downgraded if the EBIT margin is sustained below 4.5%. The adoption of more aggressive financial policies, such as sizeable owner distributions or additional sizeable debt funded acquisitions could also cause a ratings downgrade. The principal methodology used in this rating was Automotive Suppliers published in December 2024. J.B. Poindexter & Co., Inc. manufactures commercial truck bodies for medium-duty trucks, pickup truck caps and tonneau covers, truck bodies for walk-in step vans, ambulances, service utility trucks, commercial vehicle shelving and storage systems, funeral coaches and limousines. Headquartered in Houston, Texas, the company is privately held by Mr. J.B. Poindexter. J4G LLC: Seeks Subchapter V Bankruptcy in Texas ----------------------------------------------- On July 30, 2025, J4G LLC filed Chapter 11 protection in the Southern District of Texas. According to court filing, the Debtor reports $1,264,037 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About J4G LLC J4G LLC, doing business as Landscape Depot, operates as a construction and landscaping materials supplier in Texas. The Company offers landscape equipment and tool rentals for residential and commercial clients. It is also associated with food service operations under the names City Hall Cafe & Pie Bar, City Hall Cafe & Grocery, Jalepenos and with utility and construction services under the name Mercer Contracting. J4G LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34347) on July 30, 2025. In its petition, the Debtor reports total assets of $220,827 and total debts of $1,264,037. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtor is represented by Robert C. Lane, Esq. at THE LANE LAW FIRM. JEFRYN PARK: Seeks to Hire White and Williams LLP as Attorney ------------------------------------------------------------- Jefryn Park Realty LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire White and Williams LLP as attorneys. The firm will render these services: (a) take all necessary action to protect and preserve the estate of the Debtor, including the prosecution of actions on the Debtor's behalf, the defense of any actions commenced against the Debtor, the negotiation of disputes in which the Debtor is involved, and the preparation of objections to claims filed against the Debtor's estate; (b) prepare on behalf of the Debtor, as debtor-in-possession, all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the Debtor's estate; (c) prosecute, on behalf of the Debtor, a proposed plan of reorganization or liquidation and all related transactions and any revisions, amendments, etc., relating to the same; and (d) perform all other necessary legal services in connection with this Chapter 11 Case. The firm's standard hourly rates are: Partners $500 to $1,050 Associates and Counsel $350 to $825 Legal Assistants $165 to $295 The firm received a prepetition retainer totaling approximately $75,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. James C. Vandermark, Esq., a partner at White and Williams 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: James C. Vandermark, Esq. White and Williams LLP 7 Times Square, Suite 2900 New York, NY 10036-6524 Tel: (212) 244-9500 Email: vandermarkj@whiteandwilliams.com About Jefryn Park Realty LLC Jefryn Park Realty LLC, through its affiliate, manufactures custom metal hardware including hinges, locks, and handles. It leases and operates from a 40,000-square-foot industrial facility in Deer Park, New York. Jefryn Park Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-72381) on June 18, 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 Alan S. Trust handles the case. The Debtors are represented by James C. Vandermark, Esq. at WHITE AND WILLIAMS LLP. JMMJ DEVELOPMENT: To Sell Columbia Property to LLT Properties ------------------------------------------------------------- JMMJ Development LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of New York, to sell Property, free and clear of liens, claims, and encumbrances. The Debtor owns six properties in Columbia County, New York. The Debtor's properties are the subject of a mortgage liens for sums owed to the Bank of Greene County (TBOGC), a secured creditor. The proceeds of the sale shall be held in escrow subject to the mortgage liens held by TBOGC as a secured party pending further court order or a confirmed plan of reorganization. The amount of proceeds to be held in escrow will be the purchase minus standard payments at closing, to include-subject to Court approval- a broker commission of 6%. The Debtor wants to sell the Property to LLT Properties and Projects LLC for the purchase price of $270,000, which will satisfy over a quarter of the debt owned to the Bank. The Debtor's assets are subject to decline in value unless the Debtor can consummate a sale with a third party to preserve the real estate value in a manner which provides for all creditors as well as something for the benefit of the equity owners. The Debtor respectfully submits that the sale should be approved free and clear of liens and encumbrances. About JMMJ Development LLC The Debtor is a single-asset real estate company. The Debtor sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No.: 25-10191) on February 25, 2025. In its petition, Joseph Melino as managing member, discloses an estimated assets of $1 million to $10 million and estimated liabilities of $500,000 to $1 million. Judge Patrick G. Radel presides over the case. Peter A. Pastore, Esq., at O'CONNELL & ARONOWITZ, P.C., represents the Debtor as counsel. JTRE 14: Affiliate to Sell NY Property to CPIF MRA or Highest Bid ----------------------------------------------------------------- Albert Togut, Chapter 11 trustee of the estate of Park 28 Partners LLC and its affiliates, seeks permission from the U.S. Bankruptcy Court for the District of New Jersey, to sell Property, free and clear of liens, claims, and encumbrances. The Debtor owns real property commonly known as Unit COMM in the condominium building located at 31 East 28th Street, New York, New York 10016 (Property). The Debtor's Estate does not have the ability to address or pay any secured, priority, or administrative claims that have been asserted against it absent a sale of the Property by the Trustee. The Property does not generate any income. It is subject to a recorded first-priority lien that secures claims held by CPIF MRA, LLC that total $11,899,634.87. Other lienholders of the property is JKT Construction Inc. with approximately $267,000 claim. Cushman and Wakefield was retained by the Debtor, as real estate broker to market and assist in the sale of the Property. The Trustee receives a formal written offer from Kazi Jhosey to purchase the Property for the purchase price of $2.2 million, all cash, subject to higher or better offers and Bankruptcy Court approval. The Trustee seeks entry of a bidding procedures, break-up fee equal to o $50,000, or approximately 2.3% of the Purchase Price, the time and date and place for an auction, and a Court hearing after having made the highest and best offer for the Property. A deposit amount of $220,000 has been delivered to the Trustee. The closing will be held on the date that is 30 days after the date on which the Sale Order becomes a final. The Sale Contract provides that if the Court approves the Sale of the Property to a Successful Purchaser other than the Purchaser, the Purchaser will be entitled to a breakup fee equal to $50,000, or approximately 2.3% of the gross Purchase Price. The Break-Up Fee would be payable upon closing of the Sale of the Property to the Successful Purchaser. The Trustee proposes to fix September 15, 2025 at 5:00 p.m. (ET) as the Bid Deadline. In the event that a Qualifying Bid is received on or before the Bid Deadline, the Trustee proposes to hold an Auction within a few days thereafter. The Bidding Procedures contain the terms and procedures that will govern the submission of bids for the Property. The Auction will only be held if a Qualified Bid is received for the Property pursuant to the Bidding Procedures before the Bid Deadline. At the Auction, and subject to the Bidding Procedures, all Qualified Bidders will be allowed to bid to purchase the Property. The Trustee, in consultation with the Lender, will determine the highest or best bid for the Property, with the goal of maximizing the net value to the estate. In evaluating bids, the Trustee intends to consider the following factors, among others and without limitation: (a) the amount and form of consideration offered; (b) the changes to the Sale Contract, if any, required by the bidder; and (c) the bidder's ability to timely consummate the Sale. If a Qualified Bid or Bids for the Property is received by the Bid Deadline, the Auction will be held commencing at 1:00 p.m. (ET) on September 16, 2025 and continued. At the Auction, the minimum initial overbid will be at least $25,000 greater than the Starting Auction Bid unless otherwise determined by the Trustee, in consultation with the Lender. The Trustee will, from time to time, advise all participants in the Auction as to the determination of the highest or best bid or bids currently offered. Subject to the Sale Contract, the Trustee, after consultation with the Lender, may adopt other rules for the Auction that, in his reasonable judgment, will promote the goals of the Auction. All such rules will provide that: (a) the Auction procedures must be fair and open, and (b) all bids shall be made known to all other participating Qualified Bidders, and the Trustee will advise all participants in the Auction of such other rules before they are implemented. The Trustee further requests that the Bidding Procedures Order provide that the failure of any objecting person or entity to file timely an objection to the Sale shall be a bar to the assertion, at the Sale Hearing or thereafter, of any objection to the Sale, or to any portion of the agreement with the Successful Bidder to the extent it is based on a ground that should have been known prior to the Objection Deadline. About JTRE 14 Vesey LLC JTRE 14 Vesey LLC owns, in fee simple, the real property at located at 14 Vesey Street, New York, New York 10007. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-12087) on Feb. 28, 2024, listing $10 million to $50 million in both assets and liabilities. The petition was signed by David Goldwasser, VP of Restructuring. Eric Horn, Esq., at A.Y. Strauss LLC, represents the Debtor as legal counsel. JVK OPERATIONS: Claims to be Paid from Asset Sale Proceeds ---------------------------------------------------------- JVK Operations Limited and JVK Operations Ltd. of NJ filed with the U.S. Bankruptcy Court for the Eastern District of New York filed with the U.S. Bankruptcy Court for the Eastern District of New York a Second Amended Disclosure Statement for the Second Amended Standalone Chapter 11 Plan of Liquidation dated July 27, 2025. The Debtor is organized under the laws of the State of New Jersey as "for profit" corporation. The Debtor is owned by Vinod Samuel and Michael Connell who each hold 50% of the issued and outstanding shares of each of the Debtor. Since 2003, the Debtor has been a leading provider of linen, scrubs and other garments in the tri-state area. The Debtor's core business is providing laundry services to hospitals and nursing homes, hotels and restaurants. The Debtor operates its business at JVK NJ, 521 Route 168 South, Turnersville, NJ 08012. Prior to the Petition Date, the Debtor, in consultation with its professional advisors, diligently evaluated a range of strategic alternatives to address the near-term liquidity challenges created by the COVID-19 global pandemic, the assessment of the large utility claim by NatGrid, loss of a large customer in 2023, escalating energy costs, and the effects of prepetition litigation. To address these challenges, the Debtor and its professional advisors, after considering all available strategic options, determined that the best course of action was to commence the Chapter 11 Case in order to, among other things, explore a robust and independent marketing and sale process to preserve and maximize the value of the Debtor's Estate while at the same time pursuing terms consistent with a consensual restructuring of the Debtor's obligations. To that end, the Debtor, among other things, engaged Lindenwood Associates, LLC to provide accounting services and Spence Law Office, P.C. to provide legal services. In accordance with the Bidding Procedures and Bidding Procedures Order, an Auction was held April 8, 2025, at 10:00 a.m. At the auction, after several rounds of bidding, the Debtor, in their considered business judgment, determined that the "highest and best" bid was the bid received from MediServ Global USA, LLC. The MediServ bid, as allocated at the Auction (and subject to the Debtor's allocation/adjustment under the Plan), represented the highest and best offer for each of the Debtor's Assets on a standalone basis - $ 2,980,121.87 for JVK NJ and $5,387,236.00 for JVK NY ($8.367 million in the aggregate). This APA was modified in accordance with the changes to purchase price and other consideration derived from the Auction. MediServ's final offer for the Assets at the Auction was declared the highest and best offer and accepted by the Debtor. Xcellence Laundry's final offer for the Assets as stated on the record at the Auction was an effective bid of $7.936 million ($2.885 million for JVK NJ and $5.051 for JVK NY). The Debtor determined and designated Xcellence Laundry as the Back-Up Bidder at that offer amount. The Auction culminated in an improved bid of $735,000, plus an improved recovery for the estate from a closing adjustment credit of $290,000 represented a total increase in benefit to the Debtor of $1.025 million. The Debtor shall consummate the asset sale (the "Asset Sale"), and, among other things, the acquired assets, as set forth in the "Asset Purchase Agreement," shall be transferred to and vest in the Purchaser, free and clear of all Liens, Claims, charges, or other encumbrances except for the Assumed Liabilities and liens expressly set forth in the Asset Purchase Agreement and Confirmation Order. Importantly, the assets of the Debtor that are not transferred to the Purchaser, pursuant to the Asset Purchase Agreement, if any, shall vest in the Plan Debtor free and clear of all Liens, Claims, charges, or other encumbrances. Class 5 consists of all General Unsecured Claims against the Plan Debtor. Except to the extent that the Holders of the Allowed General Unsecured Claims agree to less favorable treatment, in full and final satisfaction, compromise, settlement, release, and discharge of, and in exchange for, each Holder of an Allowed General Unsecured Claim shall receive its pro rata share from the Asset Sale to Arway. In no event will such Holder of an Allowed General Unsecured Claim be paid more than the scheduled or filed amount of its Allowed Claim. Payment to Holders of Claims in Class 5 will be made: (i) at such time as all Allowed General Unsecured Claims against the Plan Debtor are Allowed; (ii) at such time and upon such terms as may be agreed upon by such Holder and the Plan Debtor; (iii) in accordance with the Bankruptcy Code and the priority treatment of Claims under the Bankruptcy Code, or (iv) at such time and upon such terms as set forth in an order of the Bankruptcy Court. Class 5 is Impaired. Class 7 consists of all Interests in Debtor. All Interests will be cancelled, extinguished, and will be of no further force or effect and the Holders of Interests will not be entitled to receive any distribution on account of such Interests. On the Effective Date, the Debtor will consummate the Asset Sale, and, among other things, the acquired assets, as set forth in the Asset Purchase Agreement, will be transferred to and vest in the Purchaser free and clear of all Liens, Claims, charges, or other encumbrances pursuant to the terms of the Asset Purchase Agreement, Plan, and Confirmation Order, except that TD Bank and Santander will retain their respective liens until paid in full and the Debtor will receive a secured promissory note for the cash balance owed from the Purchaser after the closing. On the Effective Date, the Purchaser will pay to the Debtor the Asset Sale Proceeds from the Asset Sale of $300,000 at closing and deliver the remaining $1.2 million in the form of the secured promissory note. Distributions under the Plan will be funded with (i) Cash on hand on the Effective Date, (ii) the Asset Sale Proceeds (if any), and (iii) the collection of accounts receivable and proceeds of all assets of the Debtor after the Effective Date and consummation of the Asset Sale, including proceeds from all Wind Down Assets, as set forth in the Plan. A full-text copy of the Second Amended Disclosure Statement dated July 27, 2025 is available at https://urlcurt.com/u?l=YRjlP6 from PacerMonitor.com at no charge. Counsel to the Debtors: Robert J. Spence, Esq. Spence Law Office, P.C. 55 Lumber Road, Suite 5 Roslyn, NY 11576 Tel: (516) 336-2060 Fax: (516) 605-2084 Email: rspence@spencelawpc.com About JVK Operations Limited JVK Operations Ltd. is a provider of linen and garments laundry services for healthcare facilities on the East Coast. JVK was founded in 2004 and has been servicing hospitals, nursing homes and healthcare institutions. The Company's processing services include sorting of the soiled linen, washing, drying, ironing packing and delivery according to customer specifications. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-70800) on March 1, 2024. In the petition signed by Vinod Samuel, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Robert E. Grossman oversees the case. Robert J. Spence, Esq., at SPENCE LAW OFFICE, P.C., is the Debtor's legal counsel. KLARVIO LLC: Case Summary & Two Unsecured Creditors --------------------------------------------------- Debtor: Klarvio LLC 5301 Downs Dr. Austin, TX 78721-2226 Business Description: Klarvio LLC is a boutique certified public accounting firm that provides small businesses with tax planning and preparation, bookkeeping and accounting, and strategic advisory services. The firm incorporates modern technology to streamline financial processes and tailor its guidance to each client's needs. Chapter 11 Petition Date: July 31, 2025 Court: United States Bankruptcy Court Western District of Texas Case No.: 25-11181 Judge: Hon. Christopher G Bradley Debtor's Counsel: Robert C Lane, Esq. THE LANE LAW FIRM 6200 Savoy Dr Ste 1150 Houston TX 77036-3369 Tel: (713) 595-8200 E-mail: notifications@lanelaw.com Total Assets: $115,457 Total Debts: $1,186,915 The petition was signed by Jennifer Rickle as member. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FOTNCTY/Klarvio_LLC__txwbke-25-11181__0001.0.pdf?mcid=tGE4TAMA KUPONO RESORT: Case Summary & One Unsecured Creditor ---------------------------------------------------- Debtor: Kupono Resort LLC 1327 Ocean Avenue, Suite K Santa Monica, CA 90401 Business Description: Kupono Resort LLC, classified as a single- asset real estate debtor under U.S. bankruptcy law, owns a property located at Parcel No. 260150110002 in Koloa, Hawaii. Chapter 11 Petition Date: July 28, 2025 Court: United States Bankruptcy Court District of Hawaii Case No.: 25-00652 Judge: Hon. Robert J Faris Debtor's Counsel: Allison A. Ito, Esq. CHOI & ITO 700 Bishop Street, Suite 1107 Honolulu, HI 96813 Tel: 808-533-1877 Fax: 808-566-6900 E-mail: aito@hibklaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Darrach McCarthy as Manager of Kukui Management, LLC, Manager of the Debtor. The Debtor listed the Americo Cascella Separate Property Trust, located at 7114 Coronado Ave. in Dallas, Texas, as its only unsecured creditor with a claim totaling $7.98 million. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/G3ROPWI/KUPONO_RESORT_LLC__hibke-25-00652__0001.0.pdf?mcid=tGE4TAMA LAVISH ENTERTAINMENT: Case Summary & Two Unsecured Creditors ------------------------------------------------------------ Debtor: Lavish Entertainment, LLC 235 Ponce De Leon Ave NE Atlanta, GA 30308 Case No.: 25-58546 Business Description: Lavish Entertainment LLC provides live entertainment and event production services, operating in the performing arts and nightlife industry. The company specializes in event planning, talent booking, and production for live shows and private functions. Chapter 11 Petition Date: July 31, 2025 Court: United States Bankruptcy Court Northern District of Georgia Judge: Hon. James R Sacca Debtor's Counsel: Greg Bailey, Esq. ATTY GREG T. BAILEY & ASSOC 5682 Palazzo Way Douglasville, GA 30134 Tel: 404-397-1975 Fax: 404-393-7528 Email: attygregtbailey@msn.com Total Assets: $2,392,000 Total Liabilities: $2,055,000 The petition was signed by Jonathan Burns as CEO. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3DVKJYA/LAVISH_ENTERTAINMENT_LLC__ganbke-25-58546__0001.0.pdf?mcid=tGE4TAMA LAVISH ENTERTAINMENT: Seeks Chapter 11 Bankruptcy for 2nd Time -------------------------------------------------------------- rkc.llc reports that on July 31, 2025, Lavish Entertainment LLC filed Chapter 11 protection in the Northern District of Georgia. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The company has filed for bankruptcy for the second time in less than three months, following a prior Chapter 11 case lodged on May 6, 2025 (Case No. 25-55082) in the same district. Under the leadership of CEO Jonathan Burns, the company reports that funds will be available for distribution to unsecured creditors, according to rkc.ll. Notable creditors include Wells Fargo, owed about $55,000 in trade debt, and PMV Capital Group. The company is represented in the proceedings by attorney Greg Bailey of Atty. Greg T. Bailey & Assoc, the report states. About Lavish Entertainment LLC Lavish Entertainment LLC is an Atlanta-based hospitality and entertainment company operating in the food service and entertainment sector. Lavish Entertainment LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-58546) on July 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge handles the case. The Debtor is represented by Gregory T. Bailey, Esq. at Gregory T. Bailey & Law Associates. LBM ACQUISITION: Moody's Rates New $1.5BB 1st Lien Term Loan 'B3' ----------------------------------------------------------------- Moody's Ratings assigned a B3 rating to LBM Acquisition, LLC's (dba US LBM) proposed $1.5 billion debt issuance, allocated between a senior secured first lien term loan maturing June 2031 and senior secured notes due 2031. US LBM's B3 corporate family rating, B3-PD probability of default rating, existing B3 senior secured first lien term loan maturing June 2031 and Caa2 senior unsecured notes due 2029 are not impacted by the proposed transactions. The outlook is unchanged at negative. Moody's expects the terms and conditions of the proposed senior secured notes will be similar to US LBM's existing rated senior secured term loan. The term loan and notes will be pari passu to each other. Proceeds from the proposed term loan add-on and senior secured notes will be used to pay off the company's senior secured first lien term loan due 2027 and the senior unsecured PIK notes due 2027 issued by BCPE Ulysses Intermediate, Inc. (BCPE), US LBM's parent holding company, in essentially a leveraged-neutral transaction. Upon closing, the B3 rating on the term loan due 2027, the Caa2 rating on the PIK notes and negative outlook assigned to BCPE will be withdrawn. The transactions reduce US LBM's refinancing risk and extends its debt maturity profile, which is credit positive. Any change in interest expense from the transaction is not material relative to US LBM's annual cash interest payments of around $400 million per year. RATINGS RATIONALE US LBM's B3 CFR remains constrained by the company's high debt leverage and low interest coverage because of ongoing economic uncertainties and weak consumer confidence that is negatively impacting domestic residential construction. Single-family home construction, the primary driver of the company's revenue, is currently experiencing some softness. Moody's forecasts debt/EBITDA at around 8x and EBITDA/interest expense below 2x as of year-end 2025. At the same time, services and products distributed by US LBM are easily available from other distributors or the large home centers, making it difficult to achieve large price increases and expand market share. Future capital deployment for returns to shareholders is an ongoing credit risk given the history of debt-financed distributions. Moody's recognizes management's efforts to adjust its cost base to the lower level of demand and its highly variable cost structure. However, margins will likely remain under pressure at least through 2025. Moody's project EBITDA margin at around 9% by late 2025, which is the lowest level since year-end 2020. Significant improvement in operating performance is critical for leverage reduction. Good liquidity is US LBM's key credit strength, including $190 million of expected free cash flow in 2025. Excess cash will be used to pay down revolver borrowings. US LBM has access to a $1.75 billion asset-based revolving credit facility due 2029, of which $100 million expires in 2027. As of March 31, 2025, revolver availability totaled around $680 million after considering about $280 million in borrowings, $70 million in letter of credit issuances and the borrowing base formula. US LBM has no significant debt maturities until 2029. The negative outlook reflects Moody's expectations that leverage will remain above 7x debt/EBITDA over the next 12-18 months because of near-term softness in domestic residential construction and until the company can reap the benefits of its cost reduction initiatives. The B3 ratings on US LBM's senior secured term loan due 2031 and senior secured notes due 2031, the same rating as the B3 corporate family rating, results from their subordination to company's $1.75 billion asset based revolving credit facility but priority of payment relative to the company's senior unsecured notes. The term loan and notes are pari passu to each other. The Caa2 senior unsecured notes rating, two notches below the B3 CFR, results from the subordination of the notes to the company's considerable amount of secured debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Stabilization of the outlook could occur if end markets improve and become more supportive of organic revenue growth. US LBM executing its operating plan that results in better credit metrics and cash flow would also support stabilizing the outlook. A ratings upgrade is unlikely over the next 12-18 months on account of US LBM's high debt leverage. However, upwards rating movement over the long term could occur if end markets remain supportive of long-term organic growth such that debt/EBITDA is below 5.5x and EBITDA/interest expense is above 3x. Preservation of good liquidity and predictable financial policies regarding capital deployment would also support an upgrade. A ratings downgrade could occur if debt/EBITDA remains above 6.5x and EBITDA/interest is sustained below 2x. Negative ratings pressure may also develop if the company experiences deteriorating liquidity or adopts increasingly aggressive acquisition or shareholder-return initiatives. The principal methodology used in these ratings was Distribution and Supply Chain Services published in December 2024. US LBM, headquartered in Atlanta, Georgia, is a North American distributor of building products. Bain Capital Private Equity, LP and Platinum Equity, through their respective affiliates, are the primary owners of US LBM, with management holding a minority stake. US LBM's revenue for the 12 months ended March 31, 2025 was $7.4 billion. LEFEVER MATTSON: Seeks $4MM DIP Loan From Serene Investment ----------------------------------------------------------- Lefever Mattson and its affiliates asked the U.S. Bankruptcy Court for the Northern District of California for authority to obtain up to $4 million in secured, superpriority post-petition financing to sustain operations during their Chapter 11 cases. The Debtors requested immediate access to an initial $1 million draw to address urgent expenses until a final hearing is held. The debtor-in-possession financing is being provided by Serene Investment Management, LLC, and is governed by a term sheet outlining a 16% annual interest rate (payable in kind), a $120,000 facility fee, default interest of 20%, and a six-month minimum interest payment regardless of early repayment. The DIP lender will be granted first-priority liens on unencumbered real estate, junior liens on property already encumbered, and a superpriority administrative claim, excluding avoidance actions and other specified claims. The DIP loans will mature upon the "termination date," which will be the earliest of: (a) December 31; (b) August 6, if the final order has not been entered by the bankruptcy court by September 18; (c) the consummation of a sale of all of the DIP lender's collateral pursuant to an order or orders entered by the bankruptcy court, which must provide for payment in full of the DIP facility amount to the extent not paid previously; (d) the substantial consummation of a plan of reorganization or a plan of liquidation for the borrower that is confirmed pursuant to an order entered by the bankruptcy court, which must provide for payment in full of the DIP facility amount to the extent not paid previously; and (e) the acceleration of the DIP loans and the termination of the commitment with respect to the DIP loans in accordance with the DIP financing documents. The financing is needed to cover immediate operational costs, including over $139,000 in insurance premiums for 34 properties, more than $200,000 in property maintenance, and additional obligations such as utility payments, professional fees, and administrative costs. The Debtors' real estate portfolio includes various property types, many of which do not currently generate income, and some of which the Debtors own as a tenant-in-common with investors. Due to extensive pre-petition debt and pending litigation tied to alleged fraud by Kenneth Mattson who owns 49% of the Debtors, the estate has little unencumbered cash and faces liquidity constraints. The Debtors, now managed by Robbin Itkin as the court-appointed responsible individual, engaged multiple potential lenders and ultimately selected Serene due to favorable terms and expedited funding capacity. The DIP lender is already involved in the related LeFever Mattson bankruptcy cases and holds existing liens on several of the properties used as DIP collateral. A court hearing is scheduled for August 5. A copy of the motion is available at https://urlcurt.com/u?l=SKTz5U from Kurtzman Carson Consultants, LLC, the claims agent. About LeFever Mattson LeFever Mattson, a California corporation, manages a large real estate portfolio. Timothy LeFever and Kenneth W. Mattson each owns 50% of the equity in the company. Based in Citrus Heights, Calif., LeFever Mattson manages a portfolio of more than 200 properties, comprised of commercial, residential, office, and mixed-use real estate, as well as vacant land, located throughout Northern California, primarily in Sonoma, Sacramento, and Solano Counties. It generates income from the properties through rents and use the proceeds to fund its operations. LeFever Mattson and its affiliates filed voluntary Chapter 11 petitions (Bankr. N.D. Calif. Lead Case No. 24-10545) on September 12, 2024. At the time of the filing, LeFever Mattson listed $100 million to $500 million in assets and $10 million to $50 million in liabilities. Judge Charles Novack oversees the cases. Thomas B. Rupp, Esq., at Keller Benvenutti Kim LLP represents the Debtors as counsel. Kurtzman Carson Consultants, LLC is the Debtors' claims and noticing agent. Serene Investment Management, LLC, as DIP lender, may be reached through: Adam Phillips Manager Serene Investment Management, LLC 2625 Alcatraz Ave., Suite 513 Berkeley, CA 94705 Telephone: (415) 323-0185 adam@sereneim.com info@sereneim.com Serene Investment Management, LLC, as DIP lender, is represented by: Lance N. Jurich, Esq. Loeb & Loeb LLP 10100 Santa Monica Blvd. Suite 2200 Los Angeles, CA 90067 Telephone: 310.282.2000 Facsimile: 310.282.2200 ljurich@loeb.com -- and -- Vadim J. Rubinstein, Esq. 345 Park Avenue New York, NY 10154-1895 Telephone: 212.407.4000 Facsimile: 212.407.4990 vrubinstein@loeb.com LEISURE INVESTMENTS: Seeks to Extend Plan Exclusivity to Oct. 27 ---------------------------------------------------------------- Leisure Investments Holdings LLC, and certain of its affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to October 27 and December 29, 2025, respectively. By this Motion, the Debtors request entry of the Proposed Order extending the Plan Periods and Solicitation Periods by approximately ninety 90 days, as follows: (i) for the Initial Debtors, through and including October 27 and December 29, 2025, respectively; (ii) for Controladora, through and including November 12, 2025 and January 12, 2026, respectively; and (iii) for Embassy, through and including December 1, 2025 and January 29, 2026, respectively, without prejudice to the Debtors' right to seek additional extensions of the Exclusive Periods. This Motion is the Debtors' first request to extend the Exclusive Periods. In the four months since the Commencement Date, the Debtors have addressed critical litigation, case management, and operational issues to maximize the value of the Debtors' estates and sell certain of the Debtors' assets. The complexity of the various issues addressed, and the time, effort, and planning required to obtain the progress made thus far warrant the requested extension of the Exclusive Periods. The Debtors claim that they have made significant and material progress in the Chapter 11 Cases. The progress achieved to date was the result of the extensive efforts of the Debtors, their management, and their professional advisors, in cooperation with various parties in interest in the Chapter 11 Cases, to protect and maximize the value of the Debtors' estates. Accordingly, the Debtors submit that this factor weighs in favor of extending the Exclusive Periods. The Debtors explain that they faced significant challenges in obtaining access to and control over their books and records. The Debtors and their professionals expended substantial time and effort in attempt to obtain such access, which has limited the Debtors' opportunity to formulate and negotiate a chapter 11 plan. Accordingly, the Debtors submit that this factor weighs in favor of extending the Exclusive Periods. The Debtors assert that they have endeavored to establish and maintain cooperative working relationships with their primary creditor constituencies. Importantly, the Debtors are not seeking the extension of the Exclusive Periods to delay administration of the Chapter 11 Cases or to exert pressure on their creditors, but rather to continue the orderly, efficient, and cost-effective chapter 11 process. Thus, this factor also weighs in favor of the requested extension of the Exclusive Periods. The Debtors further assert that termination of the Exclusive Periods would adversely impact the Debtors' efforts to preserve and maximize the value of the estates and the progress of the Chapter 11 Cases. If the Court were to deny the Debtors' request for an extension of the Exclusive Periods, any party in interest would be permitted to propose an alternative chapter 11 plan for the Debtors, which would only foster a chaotic environment and cause opportunistic parties to engage in counterproductive behavior in pursuit of alternatives that are neither value maximizing nor feasible under the circumstances of the Chapter 11 Cases. Counsel to the Debtors: Robert Brady, Esq. Sean T. Greecher, Esq. Allison S. Mielke, Esq. Jared W. Kochenash, Esq. Young Conaway Stargatt & Taylor LLP Rodney Square 100 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 Email: rbrady@ycst.com sgreecher@ycst.com amielke@ycst.com jkochenash@ycst.com About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Company," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Robert S. Brady, Esq., Sean T. Greecher, Esq., Allison S. Mielke, Esq., and Jared W. Kochenash, Esq. as counsels. The Debtors' restructuring advisor is RIVERON MANAGEMENT SERVICES, LLC. The Debtors' Claims & Noticing Agent is KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL. LEROUX CREEK: Court OKs Farm 5 Sale to American AgCredit for $1.7MM ------------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Colorado has approved Leroux Creek Food Corporation, LLC, to sell Property, free and clear of liens, claims, and encumbrances. The Debtor owns real property known as Farm 5 – 25236 North Road, Hotchkiss Colorado containing a 151-acre apple orchard; two parcels with one address. Such real property also has certain water rights identified as: a. Granby Ditch and Reservoir Company: 9 Shares b. Leon Lake Ditch and Reservoir Company: 71 Shares c. Durkee Ditch Company: 122 Shares d. Military Park Reservoir Company: 5 Shares e. Sooner Ditch Company: 1 Share f. Surface Creek Ditch and Reservoir Company: 1 ½ Shares (collectively referred as Farm 5) The Court has authorized the Debtor to sell Farm 5 to American AgCredit, FLCA and American Agrcredit PCA (collectively AgCredit) for the total amount of $1,700,000. The Buyer is granted and is entitled to all of the protections provided to a good faith purchaser under Section 363(m) of the Bankruptcy Code. The Debtor is authorized to sell Farm 5 to AgCredit for $1.7 million, which will be paid as a credit against the outstanding balances owing on the Debtor's obligations at AgreCredit. About Leroux Creek Food Corporation Leroux Creek Food Corporation, LLC, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 24-15015) on August 27, 2024, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Edward Tuft as president. Judge Michael E Romero presides over the case. Jeffrey A. Weinman, Esq. at ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C., is the Debtor's counsel. LIFESCAN GLOBAL: Gets OK to Hire Epiq as Claims and Noticing Agent ------------------------------------------------------------------ LifeScan Global Corporation and its debtor-affiliates received approval from the United States Bankruptcy Court for the Southern District of Texas to hire Epiq Corporate Restructuring, LLC as claims and noticing agent. Epiq will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. The firm will be paid at these hourly rates: Executive Vice President, Solicitation $195 Solicitation Consultant $195 Project Managers/Consultants/Directors $160 - $185 Case Managers $75 - $185 IT/Programming $58 - $75 In addition, the firm will seek reimbursement for expenses incurred. Alex Warso, a senior director at Epiq, disclosed in court filings that her firm is "disinterested" as defined in Section 101(14) of the Bankruptcy Code. Epiq can be reached through: Alex Warso Epiq Bankruptcy Solutions, LLC 777 Third Avenue, 12th Floor New York, NY 10017 Phone: (646) 282-2523 About LifeScan Global Corporation LifeScan delivers personalized health, wellness, and digital solutions to individuals living with diabetes. Since 1981, LifeScan has advanced glucose care and diabetes management with pioneering technologies and new products, and is actively engaged in designing, developing, manufacturing, and marketing devices, software, and applications. Its comprehensive portfolio of diabetes-related products and services includes blood glucose monitoring devices, blood glucose test strips, lancing devices, and digital applications. LifeScan Global Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90259) on July 15, 2025. As of the Petition Date, the Debtors have approximately $786 million assets and approximately $1.7 billion in liabilities. Judge Alfredo R Perez presides over the case. Megan Young-John and John F Higgins, IV at Porter Hedges LLP, represent the Debtor as legal counsel. LIFTOFF MOBILE: S&P Alters Outlook to Positive, Affirms 'B-' ICR ---------------------------------------------------------------- S&P Global Ratings revised the outlook on Liftoff Mobile Inc. to positive from stable. S&P also affirmed the 'B-' issuer credit rating on Liftoff. S&P assigned a 'B-' issue-level rating and '3' recovery rating to its proposed $150 million senior secured revolving credit facility maturing in 2030 and $1.855 million senior secured term loan maturing in 2032. The positive outlook reflects S&P's expectation that the company will maintain healthy free operating cash flow (FOCF) to debt above 5% and reduce leverage below 6x over the next year, supported by continued double-digit percentage revenue growth. Liftoff Mobile Inc. is planning to refinance its capital structure and pay a $280 million dividend to its equity owners through a new $1.855 billion term loan due in 2032. While the incremental increase in debt will elevate S&P Global Ratings-adjusted gross leverage to about 7.5x pro forma for the transaction, S&P expects the company will reduce that below our 6x upgrade threshold over the next 12 months with strong revenue growth and meaningful operating leverage. S&P said, "We expect Liftoff will reduce leverage below 6x over the next year. Despite the proposed $280 million increase in debt resulting in S&P Global Ratings-adjusted pro forma gross leverage of about 7.5x, we expect Liftoff will reduce that to the low-6x area by the end of 2025 and about 5x by 2026. This, coupled with our expectation that the company will generate healthy FOCF to debt of approximately 10% in 2025 support the positive outlook. While the proposed increase in debt from the dividend prolongs leverage reduction below 6x versus our previous expectations, we still expect material revenue and earnings growth driven by the company's new Cortex platform will support that effort. "We expect Liftoff will continue to benefit from the rollout of Cortex. In 2024, the implementation of its new proprietary neural-net-based advertising technology began to pay off. The AI technology, which can efficiently ingest much more data, has led to faster-than-industry core revenue expansion over the last 18 months. Due to the performance-based nature of the company's marketing platform, as efficiency increases over time, additional advertising dollars are pushed into the system, expanding the total addressable market. We expect the benefits will continue to accelerate as Liftoff refines and improves the technology. Liftoff also moved to deprioritize noncore revenue in 2024, which limited total growth last year, but the impact is largely behind it. We expect as Liftoff expands in scale, it will benefit from significant operating leverage due to its largely fixed cost base, which will support meaningful EBITDA improvement and margin expansion. "Secular tailwinds will support continued growth, although the mobile advertising market remains highly competitive. Digital advertising continues to take market share from traditional media channels such as TV and radio. We expect this trend will continue to increase digital advertising over 10% in 2025. Still, the digital and mobile advertising industry remains fragmented and competitive. Customers do not sign long-term contracts with Liftoff, providing a risk that they could move their advertising budgets to other platforms. "The positive outlook reflects our expectation that Liftoff will maintain healthy FOCF of about 10% and reduce leverage below 6x over the next year." S&P could revise the outlook back to stable if it no longer expect Liftoff to reduce leverage below 6x on a sustained basis. This could occur if: -- Mobile advertising competition intensifies, such that the company cannot materially increase revenue and earnings; -- Macroeconomic conditions weaken such that advertising growth slows and limits growth; or -- Liftoff pursues additional debt-funded shareholder returns that would sustain leverage above 6x over the next 12 months. S&P could raise its rating if Liftoff: -- Reduces and maintains S&P Global Ratings-adjusted gross leverage towards 6x; and -- Continues to generate FOCF to debt above 5% on a sustained basis. LILYDALE PROGRESSIVE: Gets Extension to Access Cash Collateral -------------------------------------------------------------- Lilydale Progressive Missionary Baptist Church received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The court's ninth interim order authorized the Debtor to use cash collateral for the period from July 24 to August 27 to operate and maintain its property in accordance with its budget. The Debtor projects total monthly operational expenses of $30,763.14. As protection for any diminution in value of its collateral, CadleRock III, LLC was granted a replacement lien on the Debtor's accounts and accounts receivables. The replacement lien does not apply to causes of action. In addition, the Debtor will continue its monthly payments to CadleRock in the amount of $10,000 and will remit to CadleRock all revenues for the 30-day period that exceed $45,000. The Debtor will also keep its property insured as further protection. The Debtor's authority to use cash collateral will terminate on August 27; upon entry of a court order modifying or otherwise altering the effectiveness of the eighth interim order; or upon occurrence of an event of default, whichever comes first. A status hearing is set for August 27. Cadlerock is the successor in interest to Park National Bank, the original lender. It has a mortgage on the Debtor's property in Chicago, Ill., which is valued at approximately $2 million. The property generates income through tithes and offerings, which qualify as cash collateral under Section 363(a) of the Bankruptcy Code. As of the petition date, Cadlerock is owed not less than $504,401.05. About Lilydale Progressive Missionary Lilydale Progressive Missionary Baptist Church sought protection under Chapter 11 of the U.S. Bankruptcy Code (Banker. N.D. Ill. Case No. 24-12502) on August 26, 2024, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Janet S. Baer presides over the case. The Debtor tapped the Law Office William E. Jamison & Associates as bankruptcy counsel and Chitwood & Chitwood Financial Services as accountant. CadleRock III, LLC, as secured creditor, is represented by: Cynthia G. Feeley, Esq. Feeley & Associates, P.C. 161 North Clark Street, Suite 1600 Chicago, IL 60601 Tel: 312-541-1200 feeleypc@aol.com LONG ISLAND: Seeks to Hire Davidoff Hutcher as Counsel ------------------------------------------------------ Long Island Investments LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Davidoff Hutcher & Citron LLP to handle its Chapter 11 case. The hourly rates of the firm's counsel and staff are: Attorneys $450 - $850 Paraprofessionals $195 - $295 In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer of $17,500 from from Mid Hudson Property Services LLC, an entity managed by the Debtor’s manager, David D. DeRosa. Robert Rattet, Esq., an attorney at Davidoff Hutcher & Citron, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert L. Rattet, Esq. Davidoff Hutcher & Citron LLP 120 Bloomingdale Road, Suite 100 White Plains, NY 10605 Telephone: (914) 381-7400 About Long Island Investments LLC Long Island Investments LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Long Island Investments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-72499) on June 26, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Alan S. Trust handles the case. The Debtors are represented by Robert L. Rattet, Esq. at DAVIDOFF HUTCHER & CITRON LLP. LOOK CINEMAS: Court Extends Cash Collateral Access to Sept. 3 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, issued its sixth interim order extending Look Cinemas II, LLC's authority to use cash collateral. The order signed by Judge Michelle Larson authorized the Debtor to use cash collateral through September 3, pursuant to its budget, with a 10% variance allowed. As protection, lenders were granted replacement liens on and security interests in all property currently owned or to be acquired by the Debtor that are similar to their pre-bankruptcy collateral. The Debtor was ordered to pay its landlord, Spirit Master Funding X, LLC, at least $191,229.65 this month in order to continue to occupy the premises from August 1 to 31, and another $194,098.10 by September 1 to continue to occupy the premises from September 1 to 30. The Debtor's right to use cash collateral terminates upon conversion of its Chapter 11 case to one under Chapter 7; appointment of a Chapter 11 trustee or receiver; the closing of a sale of all or substantially all of the Debtor's assets; and failure to make rent payment. A final hearing is set for September 3. About LOOK Cinemas II LOOK Cinemas II, LLC operates in the motion picture and video industries. LOOK Cinemas II sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 24-33696) on November 14, 2024, with $1 million to $10 million in both assets and liabilities. Brian E. Schultz, chief executive officer of LOOK Cinemas II, signed the petition. Judge Michelle V. Larson handles the case. The Debtor is represented by: Frank Wright, Esq. Law Offices of Frank J. Wright, PLLC 1800 Valley View Lane 250 Farmers Branch TX 75234 Tel: 214-238-4153 Email: frank@fjwright.law M & N STRUCTURES: Seeks Chapter 11 Bankruptcy in Minnesota ---------------------------------------------------------- On July 30, 2025, M & N Structures Inc. filed Chapter 11 protection in the District of Minnesota. According to court filing, the Debtor reports $5,246,089 in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About M & N Structures Inc. M & N Structures Inc. provides structural steel fabrication and design-build services across Minnesota and surrounding states. The Company specializes in in-house 3D modeling, BIM detailing, CNC-equipped fabrication, and steel erection. It serves commercial, industrial, and energy-sector projects from its facility in Winsted, Minnesota. M & N Structures Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-42489) on July 30, 2025. In its petition, the Debtor reports total assets of $3,092,696 and total liabilities of $5,246,089. The Debtor is represented by Cameron Lallier, Esq. at BASSFORD REMELE, A PROFESSIONAL CORPORATION. MATADOOR RESTAURANT: Hires Barton Brimm as Bankruptcy Counsel ------------------------------------------------------------- Matadoor Restaurant Group LLC seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to hire Barton Brimm, PA to handle its Chapter 11 case. The firm will be paid at these rates: Christine E. Brimm $400 per hour Connie L. Fraser $150 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Christine E. Brimm, Esq., a partner at Barton Brimm, PA, 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: Christine E. Brimm, Esq. Barton Brimm, PA P.O. Box 14805 Myrtle Beach, SC Tel: (803) 256-6582 Fax: (803) 779-0267 About Matadoor Restaurant Group LLC Matadoor Restaurant Group LLC, d/b/a Del Taco, operates and manages franchised and proprietary restaurant concepts in the United States. The Company serves as a franchisee of Del Taco and operates The Matador, a full-service Mexican restaurant in Greenville, South Carolina. It functions under Red Door Brands, LLC, which oversees a portfolio of foodservice operations including additional national quick-service brands. Matadoor Restaurant Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 25-02698) on July 15, 2025. In its petition, the Debtor reports estimated assts and liabilities between $1 million and $10 million. The Debtors are represented by Christine E. Brimm, Esq. at BARTON BRIMM, PA. MCA NAPLES: Court OKs Naples Property to Sunrise Fund for $7.6MM ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, has approved MCA Naples LLC, to sell and transfer certain property of the estate, free and clear of all liens, claims, interests, and encumbrances. Among the assets of the Estate is the real property and improvements located at 2626 Goodlette Frank Road N, Naples, FL 34105. The Court has authorized the Debtor to sell the real property and improvements located at 2626 Goodlette Frank Road N, Naples, FL 34105 and more particularly described on EXHIBIT A, which is incorporated by reference, to Sunrise Fund, LP, a Delaware limited partnership, or its assignee, free and clear of liens, claims and interests, in exchange for the payment of $7,667,513.34. The Allowed Secured Claim of the Collier County Tax Collector will be paid in full at Closing from the proceeds of the sale. The Allowed Secured Claim Benworth arising from that certain mortgage in favor of Benworth Capital Partners, LLC, recorded in Official Records Book 5938, Page 617, as assigned to Benworth pursuant to those assignments recorded in Official Records Book 5960, Page 2501, Official Records Book 6300, Page 216, and Official Records Book 6300, Page 843, all of the Public Records of Collier County, as merged with the Final Judgment of Foreclosure recorded in Official Records Book 6327, Page 3239, of the Public Records of Collier County, as amended, will be paid in full at Closing from the proceeds of the sale and any liens, claims, encumbrances, or interests arising from the Allowed Secured Claim Benworth shall be deemed released upon payment at Closing. At Closing, the closing agent shall pay Benworth its payoff in the amount of $7,192,078.05 as of August 14, 2025, together with per diem interest, if any, at the rate of $1,769.51. The sale shall be free and clear of any liens, claims, encumbrances, or interests arising from the memorandum of lease recorded in Official Records Book 4996, Page 554, of the Public Records of Collier County, Florida, between the Debtor and Clearday Living, f/k/a MCA Naples Operating Company, LLC. No proceeds of the sale will be paid to Clearday Living, f/k/a MCA Naples Operating Company, LLC, and any interest of Clearday Living, f/k/a MCA Naples Operating Company, LLC, will not attach to the sale proceeds. In addition to the foregoing, the Debtor is authorized to pay the following undisputed liens or claims at Closing: a. Real estate commission to Premiere Plus Realty Company in an amount equal to 4% of the Purchase Price, or $306,700.61. b. Any outstanding real estate taxes. Taxes for the current year shall be prorated as of the date of closing. There will be no reproration of taxes or any other expenses after the date of closing. c. Any outstanding homeowners', condominium or property owners' association assessments. Current assessments shall be prorated as of the date of closing. d. Any outstanding municipal charges and assessments and all municipal service charges for water, sewer and waste collection, if any. Additionally, the Debtor is authorized to at closing credit Purchaser $21,862.00 for water and sewer charges paid by Purchaser during the Due Diligence Period. e. Any outstanding code enforcement violations or similar liens will be paid at closing. f. Customary Seller's closing expenses not to exceed $30,000.00. The sale of the Property is made in good faith and the Purchaser is a good faith purchaser entitled to the protections of Section 363(m). About MCA Naples LLC CA Naples, LLC is primarily engaged in renting and leasing real estate properties. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-00458) on April 3, 2024, with $1 million to $10 million in both assets and liabilities. B.J. Parrish, chief operating officer, signed the petition. Judge Caryl E. Delano presides over the case. Luis E. Rivera II, Esq., at GrayRobinson, P.A. represents the Debtor as legal counsel. MEYER BURGER: Gets Court Approval for Aug. 11, 2025 Auction ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware approved bidding procedures for the sale of substantially all of the assets of Meyer Burger (Holding) Corp. and its debtor-affiliates. Any party interested in submitting a bid for any of the Debtors' asset should contact the Debtors' investment banker: Jefferies LLC Attn.: Leon Szlezinger 520 Madison Avenue New York, NY 10022 Tel: +1 212-323-3918 E-mail: Project.Atlas.2025.RX@jefferies.com A Potential Bidder that desires to make an irrevocable and binding Full Bid or Partial Bid and participate in any Auction will transmit such irrevocable and binding offer via email (in .pdf or similar format) so as to be actually received on or before Aug. 8, 2025 at 4:00 p.m. (prevailing Eastern Time) by Jefferies LLC. The Auction, if required, will be conducted on Aug. 11, 2025 at 10:00 a.m. (ET), either (i) at the office of Richards, Layton & Finger, P.A., located at One Rodney Square, 920 North King Street, Wilmington, Delaware 19801, or (ii) virtually or at such other date, time or location as designated by the Debtors, after consulting with the Consultation Parties. Consummation of the sale of the Assets pursuant to a successful bid will be subject to Court approval. The Sale Hearing shall be held before the Court on Aug. 13, 2025, at 10:00 a.m. (ET); provided, that, the Debtors may seek an adjournment of the Sale Hearing consistent with the Bidding Procedures. All general objections to the sale of the Assets must be filed with the Court by no later than Aug. 5, 2025 at 4:00 p.m. (ET). About Meyer Burger (Holding) Corp. Meyer Burger (Holding) Corp. -- https://www.meyerburger.com/en-us/ -- makes solar cells and solar modules, headquartered in Gwatt, a district of Thun, Switzerland. The Company sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-11217) on June 25, 2025. At the time of the filing, Debtor had estimated assets of between $100 million to $500 million and liabilities of between $500 million to $1 billion. Judge Craig T. Goldblatt oversees the case. Richards, Layton & Finger, P.A., is the Debtor's legal counsel. MOM CA: Secures 2 Additional Weeks of Chapter 11 Funding -------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that a California resort and property developer in bankruptcy informed a Delaware judge on Thursday, July 31, 2025, that it has secured two more weeks of Chapter 11 financing, preventing for now the case from being dismissed or converted to Chapter 7 liquidation. At a Wilmington hearing, counsel for MOM CA Investco LLC said the company obtained $672,500 in funding from Specialty DIP LLC, which includes $200,000 reserved for payroll and a two-month rent deferral on one of its California hotels. 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 andliabilities. 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. MOSAIC COMPANIES: Hires Berkeley Research as Financial Advisor -------------------------------------------------------------- Mosaic Companies, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Berkeley Research Group, LLC, as their financial advisor. The firm will render these services: a) prepare thirteen-week cash flow forecast for post-Opustone transaction closing for wind down scenario; b) assist with sale and marketing process for remaining business units, including comparing going concern to liquidation bids; c) provide support to the Debtors with regard to strategic alternatives, including preparations of First Day Motions relating to a potential Chapter 11 filing; d) provide other services as mutually agreed upon between the Debtors and BRG; e) if a Chapter 11 bankruptcy were to become necessary, assist the Debtors with activities relating to such bankruptcy including, as appropriate, testimony if requested. f) in consultation with management of the Debtors, assist in the implementation of strategies to maximize recoveries to stakeholders; g) assist the Company and its management in developing cash flow projections, manage liquidity, and assist with planning for alternatives as requested by the Company, including DIP budget development and sizing; h) provide strategic and financial analyses with respect to the Debtors' ongoing operations, business, prospects, liabilities, and other chapter 11 matters; i) assist the Debtors in operating in a chapter 11 bankruptcy proceeding, including negotiations with creditors and stakeholders, to preserve and maximize value; j) make presentations to the Debtors' boards of managers, creditor groups or other interested parties, as appropriate; k) assist the Debtors and their other professionals with effectuating a Chapter 11 section 363 sale process and if successful supporting the estate winddown process; l) assist the Debtors in their duties under the Bankruptcy Code, including assistance in preparation of information and analysis necessary for the administration of these chapter 11 cases (such as Schedules of Assets and Liabilities, Statements of Financial Affairs, and Monthly Operating Reports), and confirmation of a plan of reorganization in these chapter 11 cases (including approval of a Disclosure Statement and related exhibits); m) to the extent reasonably requested by the Debtor, offer testimony before the Court and participate in depositions, including by providing deposition testimony related thereto; and n) provide such other advisory services as mutually agreed upon by BRG and the Debtors. BRG's standard hourly rates are: Managing Directors $1,140 to $1,395 Directors & Associate Directors $900 to $1,100 Professional Staff $445 to $885 Support Staff $185 to $395 BRG holds a retainer in the amount of $500,000. Andrew Nolan, a director at Berkeley Research Group, assured the court that his firm is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, and as required by section 328(c) of the Bankruptcy Code, and does not hold or represent an interest materially adverse to the interests of the Debtors or their estates. The firm can be reached through: Andrew T. Nolan, Esq. Berkeley Research Group, LLC 99 High Street, 27th Floor Boston, MA 02110 Email: anolan@thinkbrg.com About Mosaic Companies, LLC Mosaic Companies, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-11296) on July 8, 2025. At the time of filing, the Debtor estimated $10,000,001 to $50 million in assets and $100,000,001 to $500 million in liabilities. Judge Craig T Goldblatt presides over the case. Sophie Rogers Churchill, Esq. at Morris, Nichols, Arsht & Tunnell LLP represents the Debtor as counsel. MOSAIC COMPANIES: Hires Epiq Corporate as Administrative Advisor ---------------------------------------------------------------- Mosaic Companies, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Epiq Corporate Restructuring, LLC as administrative advisor. The firm will render these services: (a) assist with solicitation, balloting and tabulation of votes, and prepare any related reports; (b) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; (c) assist with preparing and gathering information for the Debtors' schedules of assets and liabilities and statements of financial affairs; (d) provide a confidential data room, if requested; (e) manage and coordinate any distributions pursuant to a Chapter 11 plan; and (f) provide such other processing, solicitation, balloting and other administrative services described in the Engagement Agreement. The hourly rates of the firm's professionals are as follows: IT/Programming $55 - $85 Case Managers $80 - $180 Project Managers/Consultants/Directors $165 - $185 Solicitation Consultant $190 Executive Vice President, Solicitation $190 In addition, the firm will seek reimbursement for out-of-pocket expenses incurred. Epiq shall receive a retainer in the amount of $15,000. Sophie Frodsham, a senior director at Epiq, disclosed in court filings that her firm is "disinterested" as defined in Section 101(14) of the Bankruptcy Code. Epiq can be reached through: Sophie Frodsham Epiq Bankruptcy Solutions, LLC 777 Third Avenue, 12th Floor New York, NY 10017 Phone: (646) 282-2523 About Mosaic Companies, LLC Mosaic Companies, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-11296) on July 8, 2025. At the time of filing, the Debtor estimated $10,000,001 to $50 million in assets and $100,000,001 to $500 million in liabilities. Judge Craig T Goldblatt presides over the case. Sophie Rogers Churchill, Esq. at Morris, Nichols, Arsht & Tunnell LLP represents the Debtor as counsel. MOSAIC COMPANIES: Taps Eversheds Sutherland as Special Counsel -------------------------------------------------------------- Mosaic Companies, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Eversheds Sutherland (US) LLP, including its service division of Konexo US as special counsel. The firm will continue to provide legal services as necessary and requested by the Debtors in connection with the sale of estate assets, general corporate legal matters, and any other matters. The firm's standard hourly rates are: Partners $1,150 to $1,200 Counsel $1,050 to $1,100 Associates $675 to $800 Paralegals $450 Konexo Attorney $425 Eversheds' Konexo division received an advance payment retainer of $25,000. Eversheds provides the following statements in response to the request for additional information set forth in Part D.1. of the Appendix B Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Response: As part of its customary practices, Eversheds increases the hourly rates of its attorneys beginning January 1 of each year. Otherwise, the material terms of the prepetition engagement are substantially the same. For the work performed for the Debtors in 2025, the hourly rates for Eversheds are as follows: Partners $1,150 to $1,200 Counsel $1,050 to $1,100 Associates $675 to $800 Paralegals $450 Konexo professionals $425 Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: Eversheds and the Debtors have agreed on a budget and staffing plan for these chapter 11 cases. As disclosed in the court filings, Eversheds (including its Konexo division) does not represent or hold any interest adverse to the Debtors or their estates with respect to matters on which they are to be retained. The firm can be reached through: Rob Ellis, Esq. Eversheds Sutherland (US) LLP 999 Peachtree Street, NE, Suite 2300 Atlanta, GA 30309-3996 Tel: (404) 853-8207 Email: robellis@eversheds-sutherland.com About Mosaic Companies, LLC Mosaic Companies, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-11296) on July 8, 2025. At the time of filing, the Debtor estimated $10,000,001 to $50 million in assets and $100,000,001 to $500 million in liabilities. Judge Craig T Goldblatt presides over the case. Sophie Rogers Churchill, Esq. at Morris, Nichols, Arsht & Tunnell LLP represents the Debtor as counsel. MOSAIC COMPANIES: Taps Morris Nichols Arsht as Bankruptcy Counsel ----------------------------------------------------------------- Mosaic Companies, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Morris, Nichols, Arsht & Tunnell LLP as bankruptcy counsel. The firm will provide these services: (a) perform all necessary services as the Debtor's bankruptcy counsel; (b) take all necessary actions to protect and preserve the Debtor's estate during this Chapter 11 case; (c) prepare or coordinate preparation on behalf of the Debtor necessary legal papers in connection with the administration of this Chapter 11 case; (d) counsel the Debtor with regard to its rights and obligations as a Debtor-in-Possession; (e) coordinate with the Debtor's other professionals in representing it in connection with this case; and (f) perform all other necessary legal services. The firm will be paid at these hourly rates: Partners $1,005 - $1,895 Associates and Special Counsel $625 - $1,120 Paraprofessionals $395 - $435 Case Clerks $385 In addition, the firm will seek reimbursement for expenses incurred. On the Petition Date, Morris Nichols held an advance payment balance of $320,000. Matthew Harvey, Esq., an attorney at Morris, Nichols, Arsht & Tunnell, also provided the following statements in response to the request for additional information: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: As part of its customary practices, Morris Nichols increases the hourly rates of its attorneys beginning January 1 of each year. Otherwise, the material terms of the prepetition engagement are substantially the same. For work performed for the Debtor in 2025, Morris Nichols's hourly rates are as follows: Partners $1,005 - $1,895 Associates and Special Counsel $625 - $1,120 Paraprofessionals $395 - $435 Case Clerks $385 Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: Morris Nichols and the Debtor has agreed on a budget and staffing plan for the Chapter 11 case. Mr. Harvey disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew B. Harvey, Esq. Morris, Nichols, Arsht & Tunnell LLP 1201 N. Market St. Wilmington, DE 19801 Telephone: (302) 658-9200 About Mosaic Companies, LLC Mosaic Companies, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-11296) on July 8, 2025. At the time of filing, the Debtor estimated $10,000,001 to $50 million in assets and $100,000,001 to $500 million in liabilities. Judge Craig T Goldblatt presides over the case. Sophie Rogers Churchill, Esq. at Morris, Nichols, Arsht & Tunnell LLP represents the Debtor as counsel. MUSTANG SHOP: Unsecureds Will Get 45% of Claims over 60 Months -------------------------------------------------------------- The Mustang Shop of San Diego, Inc., submitted a Third Amended Chapter 11 Plan dated July 25, 2025. By way of this Plan, the Debtor is seeking to reorganize its business and restructure its debt obligations. The Plan will be funded from the Debtor's future income. Class 3(a) consists of Unsecured claims excluding claims of insiders. This class is estimated to total $569,249. After subtracting payments to administrative and priority tax claims, Class 3(a) will receive a total of $265,020 in 60 monthly installments. The disbursing agent will make payments of $1,667 per month in months 1 through 12, followed by $3,334 per month in months 13 through 36, $6,250 per month in months 37 through 48 and $7,500 per month in months 49 through 60. Payments will commence on the Plan's effective date. Each creditor will be paid on a pro rata basis based upon the combined total of all Class 3(a) allowed claims. Scott Crumrine, whose claim exceeds $655,000 is the largest member of the class. The Debtor and its principal, Peter Rogers are jointly and severally obligated on the claim as the result of a default judgment Crumrine obtained against both of them. As Rogers makes payments on the Crumrine judgment, the total amount that other members of class receive may increase as the claim is reduced. Thus, it is impossible to estimate with particularity the percentage that members of this class will receive. The Debtor's best estimate is that members of the class will receive approximately 45% on their allowed claims. The Debtor has settled and resolved claims by Jeannie Mickel and Kristopher Mickel and incorporates to the Plan all of the terms of the Settlement Agreement and Mutual Release executed by the Parties and their counsel. Class 3(c) consists of the equity interest holders in the Debtor. Peter Rogers is the only member of this class, having a 100% ownership interest. Mr. Rogers shall retain his equity interest in Mustang Shop of San Diego, Inc. Rogers will not receive payment on his claim, estimated to be $30,000, but will instead contribute it towards the Plan, with the money to be used to help fund it. The contribution constitutes new value to the bankruptcy estate by Rogers. The Plan will be funded from the Debtor's future income from business operations. A full-text copy of the Third Amended Plan dated July 25, 2025 is available at https://urlcurt.com/u?l=fMeHF0 from PacerMonitor.com at no charge. Attorney for the Debtor: Andrew S. Bisom, Esq. The Bisom Law Group 300 Spectrum Center Drive, Suite 400 Irvine, CA 92618 Telephone: (714) 643-8900 Facsimile: (714) 643-8901 Email: abisom@bisomlaw.com About The Mustang Shop of San Diego The Mustang Shop of San Diego, Inc., operates a metal fabrication business that specializes in customizing vintage Mustang automobiles. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Cal. Case No. 24-00637) on Feb. 27,2024, with up to $50,000 in assets and up to $1 million in liabilities. Judge Christopher B. Latham presides over the case. Andrew S. Bisom, at Bisom Law Group, is the Debtor's bankruptcy counsel. NIKOLA CORP: To Sell Intellectual Property to Simoneta for $3.8MM ----------------------------------------------------------------- Nikola Corporation and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware, to sell Assets in a private sale, free and clear of liens, claims, and encumbrances. The Debtors were engaged in the design and manufacture of battery-electric and hydrogen fuel cell electric trucks, with a focus on zero-emissions commercial transportation. The Debtors also developed and commercialized hydrogen fueling infrastructure solutions to support adoption of their vehicles. As of the Petition Date, the Debtors held a broad portfolio of proprietary intellectual property, including patents, trademarks, software, and technical data, integral to their business model and brand (Intellectual Property). The Intellectual Property and the tangible personal property related to the Intellectual Property as well as various other tangible person property (Purchased Assets), are the last material assets owned by the Debtors that have not been sold or are not already being marketed and sold pursuant to sale orders entered previously by the Bankruptcy Court. The Debtors retains Hilco IP Services, LLC d/b/a Hilco Streambank as intangible assets disposition consultant to the Debtors, and Gordon Brothers to market the Intellectual Property and ensure the Debtors received the highest and best offer for the Purchased Assets. Gordon Brothers and HilcoStreambank contacted numerous potential buyers, many of whom were already parties to confidentiality agreements from the previous sale process, and negotiated extensively with four different counterparties, including Simoneta, Ltd., a Delaware corporation, dba Hyroad Energy, and ISSO, LLC. After completing negotiations with the Purchaser, the Debtors determined, in consultation with the Committee, that the Asset Purchase Agreement is the highest and best offer for the Purchased Assets and now seek approval from the Court of the same at a private sale. The Purchase Price for the Purchased Assets is $3,850,000 plus the assumption of Assumed Liabilities. The Assumed Liabilities include those Seller liabilities resulting from the use and ownership of the Purchased Assets by Purchaser or its Affiliates. The private sale of the Purchased Assets excludes all assets, properties and rights of the Debtors other than the Purchased Assets. The Seller shall pay any cure costs (Assumed Liabilities), if applicable, associated with any Assigned Contracts. Good faith deposit is $385,000 in cash. The Debtors have determined that the Purchase Price is the highest and best price that can be achieved for the Purchased Assets under the circumstances. About Nikola Corporation Nikola Corporation and affiliates specialize in the design and manufacture of zero-emissions commercial vehicles, including battery-electric and hydrogen fuel cell trucks. The companies operate in two business units: Truck and Energy. The Truck business unit is commercializing heavy-duty commercial hydrogen-electric (FCEV) and battery-electric (BEV) Class 8 trucks that provide environmentally friendly, cost-effective solutions to the short, medium and long-haul trucking sectors. The Energy business unit is developing hydrogen fueling infrastructure to support FCEV trucks covering supply, distribution and dispensing. Founded in 2015, Nikola is headquartered in Phoenix, Ariz. Nikola and nine of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-10258) on February 19, 2025. In the petitions, the Debtors reported total assets as of Jan. 31, 2025 of $878,094,000 and total debts as of Jan. 31, 2025 of $468,961,000. Honorable Bankruptcy Judge Thomas M. Horan handles the cases. Potter Anderson & Corroon LLP serves as general bankruptcy counsel to the Debtors, and Pillsbury Winthrop Shaw Pittman LLP serves as bankruptcy co-counsel. Houlihan Lokey Capital, Inc. acts as investment banker to the Debtors; M3 Advisory Partners LP acts as financial advisor to the Debtors; while EPIQ Corporate Restructuring LLC is the Debtors' claims and noticing agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Morrison & Foerster LLP and Morris James, LLP as legal counsels; Ducera Securities, LLC as investment banker; and FTI Consulting, Inc. as financial advisor. PACIFIC RADIO: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Pacific Radio Exchange, Inc DBA Pacific Radio Electronics 2701 N. Ontario St, Suite 120 Burbank, CA 91504 Business Description: Pacific Radio Exchange, doing business as PacRad, supplies professional audio, video, DJ, and broadcast equipment. The Company offers products such as bulk and custom cables, connectors, fiber optics, networking gear, and power management tools. It serves both individual consumers and industry professionals with AV solutions and custom services. Chapter 11 Petition Date: July 31, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-16614 Judge: Hon. Vincent P Zurzolo Debtor's Counsel: Matthew D. Resnik, Esq. RHM LAW LLP 17609 Ventura Blvd., Suite 314 Encino, CA 91316 Tel: (818) 285-0100 Fax: (818) 855-7013 E-mail: matt@rhmfirm.com Total Assets: $94,813 Total Liabilities: $1,690,315 The petition was signed by Danny Lee Gutierrez as 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/UZXPR3I/Pacific_Radio_Exchange_Inc__cacbke-25-16614__0001.0.pdf?mcid=tGE4TAMA PARAGON INDUSTRIES: Committee Taps Brinkman Law Group as Counsel ---------------------------------------------------------------- The official committee of unsecured creditors of Paragon Industries, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Oklahoma to employ Brinkman Law Group, PC as counsel. The firm's services include: a. advising the Committee regarding its powers, duties, and responsibilities under the Bankruptcy Code; b. assisting the Committee in overseeing this Chapter 11 Case, including coordination with the Debtors, the U.S. Trustee, and other stakeholders; c. evaluating and negotiating the terms of any proposed post-petition financing, use of cash collateral, or exit financing; d. analyzing the Debtors' capital structure, financial condition, liabilities, and claims against and interests in the Debtors; e. analyzing potential estate claims and cause of action, including avoidance actions under Chapter 5 of the Bankruptcy Code; f. evaluating, negotiating, and documenting any proposed sale of the Debtor's assets or businesses, including bidding procedures, purchase agreements, and related filings; g. analyzing the Debtors' executory contracts and unexpired leases, including assumptions, rejection, and any related negotiations with counterparties; h. analyzing and negotiating any proposed plan of reorganization or liquidation and related disclosure statements, including confirmation and implementation issues; i. reviewing and analyzing claims filed against the estate and advising the Committee with respect to claims objections or estimation; j. representing the Committee in hearings and proceedings before the Court; k. preparing motions, applications, objections, pleadings, and proposed orders; l. investigating the acts, conduct, assets, liabilities, and financial affairs of the Debtor and its insiders; m. coordinating with any retained financial advisors or local counsel to avoid duplication of effort; n. performing all other legal services for the Committee as may be necessary and appropriate in this case. BLG's hourly rates are: Daren R. Brinkman, Partner $1,240 Kelsi J. Hunt, Of Counsel $1,090 Jory D. Cook, Of Counsel $870 J. Schaad Titus, Of Counsel $525 Kelley G. Loud, Of Counsel $450 Eliane Freire, Law Clerk $660 Paraprofessionals $450 to 525 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following is provided in response to the request for additional information contained in paragraph D.1. of the U.S. Trustee Guidelines: a. BLG did not agreed to any variation from its customary billing arrangements. b. BLG professionals included in this engagement have not varied their rate based on the geographic location of these Chapter 11 Cases. c. BLG did not represent the Committee prior to the Petition Date. d. The Committee has approved BLG's proposed hourly billing rates. Daren Brinkman, Esq., a partner at Brinkman Law Group, 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: Daren Brinkman, Esq. Brinkman Law Group, PC 543 Country Club Drive, Suite B Wood Ranch, CA 93065 Tel: (818) 597-2992 Fax: (818) 597-2998 Email: firm@brinkmanlaw.com About Paragon Industries Inc. Paragon Industries, Inc. manufactures steel pipe products used in the oil and gas, construction, and fire protection industries. Based in Sapulpa, Okla., the company offers services such as heat treatment, threading, and fabrication. Its product range includes mechanical, sprinkler, line pipe, OCTG, and construction pipes, with a customer base extending across North and South America. Paragon Industries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Okla. Case No. 25-80433) on May 21, 2025. In its petition, the Debtor reported between $100 million and $500 million in both assets and liabilities. Clayton D. Ketter, Esq., at Phillips Murrah, P.C. is the Debtor's legal counsel. Wachob Irrevocable Trust, as DIP lender, is represented by: J. Clay Christensen, Esq. Christensen Law Group, P.L.L.C. The Parkway Building 3401 N.W. 63rd Street, Suite 600 Oklahoma City, OK 73116 Tel: (405) 232-2020 Fax: (405) 228-1113 Email: clay@christensenlawgroup.com PLAZA MARIACHI: Unsecureds to be Paid in Full over 3 Years ---------------------------------------------------------- Plaza Mariachi, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Tennessee a Disclosure Statement in support of Plan of Reorganization dated July 28, 2025. The Debtor owns two separate legal parcels, one commonly referred to as Plaza Mariachi, and one commonly referred to as The Shops at Plaza Mariachi (the "Shops"), located at 3955 Nolensville Pike, Nashville, TN 37211 (collectively, the "Property"). The Debtor leases the Property to a non-debtor affiliate, PM Realty Nashville, LLC, pursuant to a Master Lease Agreement, dated January 27, 2016. The term of the lease is 40 years and does not expire until 2056. A recent appraisal of the Property estimated a total value of $19,050,000. The Plan provides for the payment in full of all Allowed Claims against the Debtor from a number of sources, including: (i) ongoing rental income, (ii) monthly advances from the Plan Sponsor, (iii) a sale of The Shops at Plaza Mariachi, and/or (iv) a sale or refinance of all or substantially all Assets of the Debtor. The Debtor will continue to market The Shops at Plaza Mariachi after the Effective Date of the Plan. The Debtor believes that a sale of The Shops at Plaza Mariachi will generate sufficient proceeds to pay the FFB debt in full, pay off all tax and mechanics liens, and provide a substantial pay-down of the Capital One debt, all of which will facilitate the Debtor's successful reorganization in the case. Regardless whether or not The Shops at Plaza Mariachi are sold, the Plan is feasible. To the extent necessary, the Debtor will pursue a sale or refinance of all of the Debtor's Assets to ensure that all Allowed Secured Claim are paid in full on or before the 3rd Anniversary of the Effective Date of the Plan. Class 6 consists of all General Unsecured Claims against the Debtor. Holders of Allowed Class 6 General Unsecured Claims will be paid in full and in cash on or before the 3rd anniversary of the Effective Date through equal quarterly installments of principal and interest. The Debtor shall maintain an appropriate reserve for all Disputed Class 5 General Unsecured Claims, until all such Disputed Class 5 General Unsecured Claims become Allowed Claims or are disallowed by a Final Order. No amounts attributable to late fees, default interest or other penalties imposed or sought to be imposed by holders of General Unsecured Claims will be paid under Class 6. Any portion of a General Unsecured Claims that constitutes Penalty/Default Interest Claims shall be classified and paid, if Allowed, under Class 7 of the Plan. Class 7 Claims are impaired under the Plan, and the holders are entitled to vote to accept or reject the Plan. Class 8 consists of all Equity Security Interests in the Debtor. All holders of Equity Security Interests will retain their interests in the Debtor in the same priority and percentage as prior to the Petition Date. Class 8 Equity Security Interests are unimpaired under the Plan and are deemed to accept the Plan. The Debtor will fund its payment obligations under the Plan from income derived from the Debtor's post-confirmation business operations, including rental income from the Master Lease. On a monthly basis after the Effective Date, the Plan Sponsor shall advance to the Debtor such funds (the "Sponsor Advances") as may be necessary to make up any shortfall in the amounts necessary for the Debtor to timely make the payments required under the Plan. The Sponsor Advances shall accrue interest at the rate of 10% per annum from the date advanced until paid in full. As permitted by sections 1123(a)(5), 1123(b), and 1141(c) of the Bankruptcy Code, the Debtor shall continue to market The Shops at Plaza Mariachi for sale as a means of generating proceeds to pay Allowed Secured Claims under the Plan. Any sale of The Shops at Plaza Mariachi that does not generate sufficient proceeds to pay all Allowed Secured Claims secured by Liens against such property in full at closing, shall be subject to the prior written consent of the holders of any Allowed Secured Claims that will not be paid in full at the closing of the sale. A full-text copy of the Disclosure Statement dated July 28, 2025 is available at https://urlcurt.com/u?l=Q8zZDP from PacerMonitor.com at no charge. Bankruptcy Counsel for the Debtor: Todd Burgess, Esq. Janel M. Glynn, Esq. The Burgess Law Group 3131 E. Camelback Rd., Suite 224 Phoenix, AZ 85016 Phone: (602) 806-2100 Email: todd@theburgesslawgroup.com Email: janel@theburgesslawgroup.com Local Counsel for the Debtor: Sean C. Wlodarczyk, Esq. EVANS, JONES & REYNOLDS, PC 401 Commerce Street, Suite 710 Nashville, TN 37219 Telephone: (615) 259-4685 Facsimile: (615) 256-4448 Email: Swlodarczyk@ejrlaw.com About Plaza Mariachi LLC Plaza Mariachi is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Plaza Mariachi LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 24-02441) on July 1, 2024, listing $10 million to $50 million in both assets and liabilities. The petition was signed by Mahan Mark Janbakhsh, member/manager. Judge Charles M. Walker oversees the case. Sean C. Wlodarczyk, Esq., at Evans, Jones & Reynolds, PC, is the Debtor's counsel. PRESPERSE CORP: Plan Exclusivity Period Extended to Jan. 5, 2026 ---------------------------------------------------------------- Judge Michael B. Kaplan of the U.S. Bankruptcy Court for the District of New Jersey extended Presperse Corporation's exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 5, 2026 and March 3, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that its good faith and substantial efforts in progressing this chapter 11 case and its demonstration not just of the reasonable prospects of potentially filing a viable plan but actually having filed the Plan and commencing solicitation efforts for that Plan after having obtained conditional approval of its Disclosure Statement, weigh heavily in favor of extending the Exclusivity Periods. The Debtor claims that the extension of the Exclusivity Periods requested in this Motion will not in any way prejudice creditors. The Debtor desires to further the extensive pre- and post-petition Plan negotiations with representatives of The Hartford, TCC and the FCR and hopes to reach as much consensus as possible (and as soon as possible) to allow for a smooth Plan confirmation hearing. The Debtor believes that the parties are very close to reaching such a consensus and ultimate settlement of most if not all of the remaining material plan confirmation issues. Moreover, even if the Court approves an extension of the Exclusivity Periods, nothing prevents parties in interest from later arguing to the Court that cause supports termination of the Debtor's exclusivity and/or raising any potential objections at the confirmation hearing. Consequently, the relief requested in this Motion will not result in a delay of the Plan process, but rather, will permit the process to proceed in an orderly manner. Furthermore, the Debtor has been paying its bills as they come due and is otherwise continuing to operate in the ordinary course of business. The Debtor has accomplished a great deal to date and continues to work diligently towards confirmation of the Plan and related issues. Presperse Corporation is represented by: Morris S. Bauer, Esq. DUANE MORRIS LLP 200 Campus Drive, Suite 300 Florham Park, NJ 07932-1007 Tel: 973-424-2000 Fax: 973-424-2001 E-mail: msbauer@duanemorris.com About Presperse Corporation Presperse Corporation provides premium specialty ingredients to formulators of skincare, sun care, hair care, color cosmetics, and diverse areas of beauty and wellness. Presperse Corporation sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-18921) on Sept. 9, 2024. In the petition filed by CFO Mehul Shah, Presperse disclosed $10 million to $50 million in assets and $50 million to $100 million in debt. The Hon. Michael B Kaplan presides over the case. Duane Morris LLP is the Debtors' general bankruptcy counsel. Getzler Henrich is the Debtors' financial advisor. Kroll Restructuring Administration LLC is the Debtors' claims and noticing agent. The Talc Claimants' Committee retained Robinson & Cole as legal counsel and GlassRatner (doing business as B. Riley) as financial advisor, and Legal Analysis Systems to provide advice. Value Extraction Services is the prepetition future claimants' representative, and hired Young Conaway as counsel, Ankura Consulting Group as consultant, and jointly retained, together with the Talc Claimants' Committee, B. Riley as financial advisor. Presperse's parent, Sumitomo Corporation of Americas, is providing post-petition financing and is represented by lawyers at Lowenstein Sandler. QT HAU: Court Extends Cash Collateral Access to Aug. 31 ------------------------------------------------------- QT Hau LLC received a one-month extension from the U.S. Bankruptcy Court for the District of Maryland, Baltimore Division to use the cash collateral of Open Bank. The court's order extended the Debtor's authority to use cash collateral from July 31 to August 31 to pay the expenses set forth in its budget. The budget projects total monthly expenses of $29,846.42. As protection for any diminution in the value of its collateral, Open Bank will be granted a first priority security interest in and lien on all property acquired by the Debtor after its bankruptcy filing. This replacement lien does not apply to any Chapter 5 causes of action. As additional protection, the Debtor was ordered to pay Open Bank the sum of $24,456.48 by August 15. The payment, which represents 10.25% contractual non-default interest, will be applied against interest due under the loan. The Debtor's authority to access cash collateral terminates on August 31 or upon occurrence of so-called events of default, whichever comes first. Events of default include the Debtor's failure to comply with the order and cure the default; conversion of the Debtor's Chapter 11 case to one under Chapter 7; appointment of a trustee; and entry of an order vacating or reversing the cash collateral order. The next hearing is scheduled for August 25. The property secures a loan from Open Bank under a $2.975 million promissory note dated December 10, 2021. As of the petition date, the debtor was in default. The bank claims it is owed over $3.47 million, including principal, interest, late charges, and taxes. About QT Hau LLC QT Hau, LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). QT Hau sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.) on May 29, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. David Simson Musgrave, Esq., at Gordon Feinblatt, LLC is the Debtor's legal counsel. Open Bank, as secured creditor, is represented by: Owen Hare, Esq. Cohn, Goldberg & Deutsch, LLC 1099 Winterson Road, Suite 301 Linthicum Heights, MD 21090 (410) 296-2550 ohare@cgd-law.com R.W. SIDLEY: Taps Kevin Synk of Centrus as CFO, Humphrey as CRO --------------------------------------------------------------- R.W. Sidley, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Centrus, LLC, to provide for its employees Kevin Synk to be employed as Interim chief financial officer, and its employee/owner Terry Humphrey as chief restructuring officer. The firm's services include: a. review analytical and financial information related to the Debtor and its operations, and provide information necessary toward the Debtor's reorganization; b. review and approve all expenditures in accordance with the budget plan, cash availability and chapter 11 laws; c. assist in negotiations with creditors and parties in interest related to the Debtor's plan and other bankruptcy matters; d. develop and maintain the Debtor's budget and manage secured lender reporting; e. assist generally in managing the chapter 11 process for client; and f. provide any other tasks as requested by Debtor and agreed to by Centrus. The firm will be paid at these rates: Terry Humphrey, Senior Consultant $400 per hour Kevin Synk, Consultant $300 per hour Immediately prior to the filing of this case, Centrus held no receivable balance for outstanding services rendered to the Debtor but held a retainer of $25,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Terry Humphrey 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: Terry Humphrey, Esq. Centrus, LLC 1653 Merriman Road, Suite 211 Akron, OH, 44313 Tel: (330) 864-5800 About R.W. Sidley, Inc. R.W. Sidley Inc. is a construction materials company based in Thompson, Ohio. R.W. Sidley Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-12797) on July 2, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jessica E. Price Smith handles the case. The Debtors are represented by Anthony J. DeGirolamo, Esq. RALEG MARCY: Seeks Chapter 11 Bankruptcy in New York ---------------------------------------------------- On July 31, 2025, Raleg Marcy Group Inc. filed Chapter 11 protection in the Eastern District of New York. 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 Raleg Marcy Group Inc. Raleg Marcy Group Inc. is a Brooklyn-based single asset real estate corporation. Raleg Marcy Group Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43697) on July 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $1 million each. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. RAND PARENT: $300MM Upsized Loan No Impact on Moody's 'Ba1' CFR --------------------------------------------------------------- Moody's Ratings said that the Ba1 rating on Rand Parent, LLC's (Rand) existing $983 million senior secured first lien term loan B facility maturing March 18, 2030 was unaffected by the $300 million upsize. Rand is the parent of Atlas Air Worldwide Holdings, Inc. (Atlas), a global provider of air cargo services. The transaction has no effect on Rand's Ba1 corporate family rating or senior secured ratings. The outlook is stable. This transaction is credit negative because it maintains the company's elevated leverage, relative to Moody's expectations, and it is the second debt-funded shareholder distribution in the last eighteen months. In June 2024, the $200 million incremental facility was used for general corporate purposes, including shareholder distributions. RATINGS RATIONALE The Ba1 senior secured term loan rating reflects the priority of these debts in Rand's capital structure, the solid collateral coverage provided by aircraft, engines and other assets pledged to the creditors, and the guarantees provided by certain asset-owning and operating subsidiaries and Rand's parent Rand Midco, LLC. Pledged collateral includes Boeing 747 aircraft, Boeing 767-300 aircraft, Boeing 777-F aircraft and engines, flight simulators, parts inventory, and accounts receivable. Rand's Ba1 CFR reflects the company's strong competitive position in outsourced cargo transport services globally, its solid recent operating performance, the decline in its customer concentrations, and its moderate debt-to-EBITDA leverage. Credit challenges include Rand's high reliance on secured debt that encumbers its most valuable assets, which constrains its liquidity strength and flexibility, and the longer-term performance uncertainties relating to shifts in US government trade policy, including tariffs, and their effect on air cargo demand. Rand specializes in wide-body dedicated freighter aircraft that serve companies, particularly in Asia, which need timely and efficient transportation of their goods to key markets, primarily the US. Rand's operating performance has benefited from the growing penetration of e-commerce in global markets, particularly in the Asia-Pacific trade corridors, which has steadily driven cargo air transportation volumes higher. Approximately 90% of Rand's flying is contracted, which provides transparency into the company's operating performance in the near term. However, tariffs that remain elevated could negatively affect cargo volumes and freight rates, increasing the company's performance risks. Rand's debt-to-EBITDA leverage measured 4.0x for the year ended March 31, 2025 (Moody's adjusted), little changed from 2023's measure of 4.1x. Leverage that rises materially could negatively affect the company's ratings. The stable outlook is based on Moody's expectations that Atlas' earnings and profitability measures will compare well with peers amid competition and economic conditions that have challenged the sector in recent years; that Rand's debt-to-EBITDA leverage will be sustained at less than 3.5x; and that the company will effectively manage liquidity over the outlook horizon. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Rand's ratings if: 1) the company maintains a profitability ratio of net income to average managed assets that continues to compare well with peers if economic conditions weaken; 2) debt-to-EBITDA is sustainably less than 3.0x; 3) customer concentrations do not increase and are effectively managed; and 4) the company maintains strong liquidity coverage of at least 120% of its debt refinancing and capital expenditure requirements. Moody's could downgrade Rand's ratings if: 1) the company reports a material decline in revenues or rise in operating costs that materially weaken margins; 2) debt-to-EBITDA leverage remains sustainably above 3.5x; 3) the company loses a top customer relationship, undermining revenue expectations and weakening aircraft utilization; or 4) liquidity coverage deteriorates. REAL MCCOY: Seeks Subchapter V Bankruptcy in Washington ------------------------------------------------------- On July 20, 2025, Real McCoy Tea Company filed Chapter 11 protection in the Western District of Washington. According to court filing, the Debtor reports $2,637,424 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Real McCoy Tea Company Real McCoy Tea Company, doing business as Kombucha Town, Cascade Craft Consulting, Live Seltzer, McCoy Teas, Real McCoy Teas, LLC, and The Culture Cafe, manufactures beverages under brands including Kombucha Town, Live Seltzer, McCoy Teas, and Real McCoy Teas, LLC. The Company produces organic kombucha and raw seltzer beverages in flavors such as Original Ginger, Blood Orange, Guayusa Mint, and Cucumber. The Company operates from Bellingham, Washington, and distributes its products through retail and online channels across multiple U.S. states. Real McCoy Tea Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12110 on July 20, 2025. In its petition, the Debtor reports total assets of $204,937 and total liabilities of $2,637,424. Honorable Bankruptcy Judge Christopher M. Alston handles the case. The Debtor is represented by Thomas D. Neeleman, Esq. at NEELEMAN LAW GROUP, P.C. REDDIRT ROAD: Final Cash Collateral Hearing Set for Aug. 6 ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Florida, Panama City Division, is set to hold a hearing on August 6 to consider final approval of Reddirt Road Partners, LLC's bid to use cash collateral. The Debtor previously received interim approval to pay its expenses from the cash collateral in which secured creditors may assert an interest. The interim order issued on July 23 granted the secured creditors a perfected post-petition lien on the cash collateral, with the same extent, validity and priority as their pre-bankruptcy liens. The secured creditors, which have claimed an interest in the cash collateral include Huntington Distribution Finance, Inc., Wells Fargo Commercial Distribution Finance, LLC, Daedong-USA, Inc., and Northpoint Commercial Finance, LLC. Events of default under the interim order include the Debtor's failure to comply with any requirement of the order (subject to a five-day grace period); the conversion of the Debtor's Chapter 11 case to one under Chapter 7; the appointment of a Chapter 11 trustee or examiner; or the Debtor permitting adequate loss insurance on the inventory or post-petition collateral to lapse. About Reddirt Road Partners Reddirt Road Partners, LLC filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-50049) on March 12, 2025, listing between $500,001 and $1 million in both assets and liabilities. Judge Karen K. Specie oversees the case. The Debtor is represented by: Byron Wright, III Bruner Wright, P.A. Tel: 850-385-0342 Email: twright@brunerwright.com REGARD RECOVERY: Secured Party to Hold Auction on August 5 ---------------------------------------------------------- For default in payment of a debt and performance of obligations owned by Regard Recovery JP Holdings Co LLC and its affiliates to WHATT Lender ("secured party"), pursuant to Section 9-610 of the Uniform Commercial Code, at 10:00 a.m. (prevailing Central Time) on Aug. 4, 2025, at the law offices of Polsinelli PC, 150 N. Riverside Plaza, Suite 3000, Chicago, Illinois 60606, and via Zoom video conference http:s//polsinelli.zoom.us/j/92569417825, Meeting ID Number: 925 6941 7825 Passcode: 796235, Secured Party will sell at public auction to the highest qualified bidder for cash Regard Recovery JP Holding Co LLC's and Regard Recovery JP LLC's interest in (a) all economic rights, including without limitation, all rights to share in the profits and losses of the issuer and all rights to receive distributions of the assets of the issuer; and (b) all governance rights, including without limitation, all rights to vote, consent to action and otherwise participate in the management of the issuer. As reported by the Troubled Company Reporter on April 25, 2025, the auction was originally set on June 5, 2025. For further information regarding the sale, contact: Nathan Grzegorek Polsinelli PC 150 N. Riverside Plaza Suite 3000 Chicago, Illinois 60606 Tel: (312) 819-1900 Fax: (312) 277-7820 Email: ngrzegoreck@polsinelli.com Regard Recovery JP Holdings Co LLC provides mental health and addiction treatment services. RESIDEO FUNDING: Moody's Alters Outlook on 'Ba2' CFR to Negative ---------------------------------------------------------------- Moody's Ratings affirmed Resideo Funding Inc.'s (Resideo) Ba2 corporate family rating and Ba2-PD probability of default rating. Concurrently, Moody's affirmed the Ba1 ratings on Resideo's backed senior secured first lien term loan B and backed senior secured first lien revolving credit facility, and the Ba3 rating on its backed senior unsecured notes. Moody's also assigned a Ba1 rating to Resideo's proposed $1.225 billion senior secured first lien term loan B due 2032. The company's Speculative Grade Liquidity Rating remains unchanged at SGL-1. Moody's changed Resideo's rating outlook to negative from stable. On July 30, 2025, Resideo announced that it will make a total cash payment of $1.59 billion to Honeywell International Inc. (Honeywell, A2 stable) to accelerate the indemnity payment related to the historical contamination of certain sites. The payment will be financed with the proceeds from the new term loan together with approximately $400 million of cash on hand. Concurrently, Resideo announced that it plans to separate its ADI Global Distribution Business through a tax-free spin-off, to be completed in the second half of 2026. Details and actual timing of the spin-off including Resideo's future capital structure post the spin-off are uncertain at this stage. The negative outlook reflects the substantial increase in total debt from this transaction and the risk that Resideo will not delever as quickly as projected in the next 12-18 months to bring leverage metrics back to levels more commensurate with its Ba2 CFR. The new term loan will increase Resideo's debt by over 50%. While future free cash flow will benefit from the termination of the $140 million annual payments to Honeywell, this is partly offset by the incremental annual cash interest expense. Moody's expects leverage including Moody's standard adjustments will improve to around 3.9x debt/EBITDA in 2026 from around 4.9x in 2025, and be sustained above Moody's 3.5x downgrade guidance for a longer period. EBITA margin would improve by close to 3% to over 10% in 2026 while the impact on free cash flow to total debt ratio will be small as total debt increases and the incremental cash interest expense will partly offset the positive impact from the elimination of the $140 million annual payment obligation to Honeywell. The negative outlook further reflects greater uncertainty in the company's future credit profile due to the planned separation of ADI business that accounts for over 60% of Resideo's revenue and 25% of EBITDA. Although the company has not made any decisions on its future capital structure, the separation will reduce scale and diversification of its cash flow streams, and increase uncertainty over the group's financial policy and credit quality. The current credit agreement does not allow for a spin-off without an amendment and consent of lenders. The affirmation of the Ba2 CFR reflects the company's solid operating performance since the acquisition of Snap One in June 2024. The affirmation further incorporates the company's strong ability to generate positive free cash flow of around $350-400 million per year despite relatively low operating margins and Moody's expectations that the company will prioritize debt repayment to reduce its high leverage. RATINGS RATIONALE Resideo's Ba2 CFR is supported by: 1) significant scale with over $7 billion revenue, global footprint, and a diverse product offering; 2) strong market position as a provider of products and solutions in residential heating, ventilation, and air conditioning (HVAC) markets and a distributor of security and fire protection products in the professional installation channel; 3) the value of the Honeywell Home brand, and the technological expertise in manufacturing of integrated home and security products; 4) ability to generate positive free cash flow and Moody's expectations of on deleveraging; 5) the majority of revenue generated from the retrofit market, which is generally less volatile than new construction; and 6) the variety of distribution channels, including the proprietary ADI Global Distribution Business. At the same time, the credit profile is constrained by: 1) the cyclicality of residential and non-residential end markets; 2) intense competition within the company's product categories and the necessity of rapid technological innovation; 3) low margin of the distribution business; 4) elevated debt load and leverage, incorporating Snap One acquisition closed in June 2024 and debt-funded indemnity payment to Honeywell in the second quarter of 2025; 5) shareholder-friendly actions including share repurchase and acquisitions. Resideo's SGL-1 Speculative Grade Liquidity Rating reflects Moody's expectations of very good liquidity over the next 12 to 15 months, supported by its solid free cash flow generation, $577 million of cash on hand as of March 31, 2025, the $500 million revolving credit facility expiring in 2029, which remained undrawn in March 2025, and good room under amended financial covenants, including leverage and interest coverage. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company continues to demonstrate a track record of successful operations, while continuing to build scale, and improves EBITA margin sustainably above 10%. Disciplined financial policies, strong credit metrics during any industry cycle, including leverage trending toward 2.5x, robust free cash flow generation with free cash flow to debt consistently above 10%, good liquidity and favorable end market trends will also be important considerations for a higher rating. The ratings could be downgraded if weakness in end markets causes revenue and operating margin to contract significantly, or if the company adopts aggressive financial policies or experiences operational challenges. Additionally, leverage sustained above 3.5x, EBITA to interest coverage below 5.0x, free cash flow to debt below 7% or liquidity deterioration could also result in a ratings downgrade. The principal methodology used in these ratings was Manufacturing published in September 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Resideo is a provider of thermal, security and energy efficiency products, software solutions and technologies for a connected home. The company's Products and Solutions segment supplies comfort, residential thermal solutions and security products, and its ADI Global Distribution segment distributes security, AV and low-voltage products. For the 12 months that ended March 30, 2025, Resideo generated $7.0 billion in revenue. RICHFIELD NURSING: Hires Tower Partners LLC as Investment Banker ---------------------------------------------------------------- Richfield Nursing and Rehabilitation LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Tower Partners, LLC, as an investment banker and transaction advisory firm. Tower will advertise and market the Debtors' assets, and search the market for buyers or for funding. Tower will charge a commission of $10,000 plus 10 percent of any transaction value above the current Stalking Horse bid of $100,000. The firm received a retainer of $20,000. Ervin M. Terwilliger, CEO of Tower Partners, LLC, assured the court that the firm is a "disinterested person" as the term is defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: Ervin M. Terwilliger Tower Partners, LLC 5950 Symphony Woods Road, Suite 302 Columbia, MD 21044 Phone: (443) 325-5290 ext. 201 Email: erv@towerpartners.com About Richfield Nursing and Rehabilitation LLC Richfield Nursing and Rehabilitation, LLC and affiliates are operators of skilled nursing and rehabilitation centers across Pennsylvania. Each location provides a range of services, including short-term rehabilitation, long-term care, and therapy. Richfield Nursing and Rehabilitation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Lead Case No. 25-01599) on June 4, 2025. In its petition, Richfield Nursing and Rehabilitation reported between $1 million and $10 million in assets and liabilities. Judge Henry W. Van Eck handles the cases. The Debtors are represented by Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky, P.C. RIO DEL PILAR: Seeks Subchapter V Bankruptcy in California ---------------------------------------------------------- On July 31, 2025, Rio Del Pilar LLC filed Chapter 11 protection in the Northern District of California. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Rio Del Pilar LLC Rio Del Pilar LLC operates in cattle ranching and farming. The Company is based in Rio Dell, California, and its activities involve livestock and agricultural land use. Rio Del Pilar LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-10467) on July 31, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Andy Warshaw, Esq. at DIMARCO WARSHAW, APLC ROCKAWAY CONTRACTING: Hires Morrison-Tenenbaum as Legal Counsel --------------------------------------------------------------- Rockaway Contracting Corp. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Morrison-Tenenbaum, PLLC as its counsel. The firm's services include: a. advising the Debtor with respect to its powers and duties as debtor-in-possession in the management of its estate; b. assisting in any amendments of Schedules and other financial disclosures and in the preparation/review/amendment of a disclosure statement and plan of reorganization; c. negotiating with the Debtor's creditors and taking the necessary legal steps to confirm and consummate a plan of reorganization; d. preparing on behalf of the Debtor all necessary motions, applications, answers, proposed orders, reports and other papers to be filed by the Debtor in this case; e. appearing before the Bankruptcy Court to represent and protect the interests of the Debtor and its estate; and f. performing all other legal services for the Debtor that may be necessary and proper for an effective reorganization. The firm will be paid at these hourly rates: Partners $550 to $695 Senior Counsel $495 Associates $380 Paraprofessionals $250 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the firm received an initial retainer of $50,000 from the Debtor. Lawrence Morrison, Esq., an attorney at Morrison-Tenenbaum, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Lawrence F. Morrison, Esq. Morrison-Tenenbaum, PLLC 87 Walker Street, Second Floor New York, NY 10013 Telephone: (212) 620-0938 Email: lmorrison@m-t-law.com About Rockaway Contracting Corp. Rockaway Contracting Corp. is a New York-based contracting company. Rockaway Contracting Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11167) on May 265, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtors are represented by Lawrence Morrison, Esq. ROOMPLACE FURNITURE: Chapter 11 Ends in Store Closures ------------------------------------------------------ Daniel Kline of The Street reports that when RoomPlace filed for Chapter 11 bankruptcy protection more than a year ago, the century-old furniture retailer hoped to reorganize, close underperforming stores, and emerge stronger. Founded in 1912, its closure once seemed nearly unthinkable. On its website, the company described itself as a customer-first retailer, offering fully designed showrooms and a bilingual sales team to create a hands-on shopping experience. "The RoomPlace concept allows you to experience a total-room design and select the perfect look that meets your individual tastes and needs," the company noted. At the time of the filing, RoomPlace planned to shut down eight stores—six in the Indianapolis area, one in Kenosha, Wis., and one in Peoria, Ill. -- while focusing on strengthening its 18 Chicagoland locations. Store-closing sales were conducted through Planned Furniture Promotions, with CEO Bruce Berman citing weak national retail sales and industry challenges as key factors in the decision. But the reorganization plan quickly unraveled. The company ultimately shuttered all 26 locations, effectively converting its Chapter 11 into a Chapter 7-style liquidation despite not formally refiling, according to The Street. At the time of the initial bankruptcy, Berman had expressed optimism: "We're making the tough decisions now to ensure we're around for another 100 years," he told Furniture Today. Instead, the company's efforts to survive Chapter 11 ended in complete closure, the report states. About The RoomPlace Furniture and Mattress LLC The RoomPlace Furniture and Mattress LLC, fka TRP Acquisition, Inc., is a one stop shop furniture store offering living room & dining room sets, bedroom furniture, mattresses & more. The RoomPlace Furniture sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D Ill. Case No. 24-01530) on February 2, 2024. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $100 million and $500 million. The Debtor is represented by E. Philip Groben, Esq. at GENSBURG CALANDRIELLO & KANTER, P.C. ROOTED SUMMERVILLE: Elisabeth Donnovin Named Subchapter V Trustee ----------------------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed Elisabeth Donnovin as Subchapter V trustee for Rooted Summerville, LLC. Ms. Donnovin will be paid an hourly fee of $325 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Donnovin declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Elisabeth B. Donnovin Johnson & Mulroony, P.C. 428 McCallie Avenue Chattanooga, TN 37402 Phone: (423) 266-2300 Email: edonnovin@johnsonmulroony.com About Rooted Summerville Rooted Summerville, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-11896) on July 25, 2025, with $0 to $50,000 in assets and $50,001 to $100,000. Judge Nicholas W. Whittenburg presides over the case. W. Thomas Bible, Jr., Esq. at the Law Office of W. Thomas Bible, Jr. represents the Debtor as legal counsel. RUNITONETIME LLC: Seeks to Sell Gaming Assets at Auction -------------------------------------------------------- RunItOneTime LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to sell Assets, free and clear of liens, claims, and encumbrances. The Debtors are a privately held gaming and entertainment company focused on acquiring undervalued gaming assets and implementing operational changes to improve profitability. The Debtors own and operate a portfolio of casinos, card rooms, hotels, and other gaming- and hospitality-related assets across Washington State, Nevada, and Colorado, including 17 card rooms in Washington State and several casinos and hotels in Nevada and Colorado, reflecting a total of approximately 2,500 slot machines, 320 table games, 1,200 hotel rooms, and 30 restaurants. The Debtors' operating businesses also include the EGads! 'fabrication and installation business, a gaming and hospitality industry leader in the design, fabrication, assembly and installation of casino interiors, custom signage, lighting, and architectural treatments, and the Utah Trailways charter company, which facilitates customer gaming excursions from Salt Lake City, Utah, to the Debtors’ operating properties in Wendover, Nevada. The Debtors commenced these Chapter 11 Cases, supported by their key stakeholders, the Ad Hoc Group and the Supporting Shareholder, to implement the value maximizing transactions set forth in the Transaction Support Agreement. Among other things, the Transaction Support Agreement contemplates the Debtors' pursuit of an in-court restructuring and resolution of their liabilities, preceded by a comprehensive marketing, auction, and sale process for substantially all of the Debtors’ assets. The proposed Bidding Procedures and related relief sought in this Motion have been carefully designed with the goal of pursuing a Sale process that is competitive, fair, and will yield the highest value for the Debtors’ estates and their creditors. Given the various components of the Debtors’ gaming enterprise, the Sale process has been structured first and foremost to provide sufficient flexibility for interested parties to participate and submit bids for all or any portion of the Assets, which the Debtors believe will increase and encourage bidding. The Debtors are currently in discussions with the DIP Lenders to address their go forward financing needs for the Sale process and the remainder of the Chapter 11 Cases, and anticipate reaching agreement in the near term to ensure that the Sale process can continue in accordance with the milestones under the Interim DIP Order. The Bidding Procedures are intended to promote a fair and robust, competitive sale process, consistent with the timeline of and milestones agreed to in connection with the Chapter 11 Cases and to confirm that any other Stalking Horse Bids the Debtors may designate are indeed the highest or otherwise best offer(s) at the time (or to enable the Debtors to identify an alternative bid to such Stalking Horse Bid that is higher or otherwise better). A summary of the description of the Bidding Procedures and the Assets to sold is available at https://tinyurl.com/569t6dwj The Debtors submit that to entice potential bidders to serve as a Stalking Horse Bidder, which would help facilitate a competitive Auction by setting a minimum price for the applicable Assets covered by any such Stalking Horse Bid at the Auction, they will need to offer such Stalking Horse Bidder the Bid Protections. No other bidder, nor any party making a credit bid (irrespective of whether it is a Stalking Horse Bidder), will be entitled to any Bid Protections or any other expense reimbursement, break-up fee, termination fee or any other similar fee or payment under the Bidding Procedures. The Debtors submit that the Bid Protections are fair and reasonable in light of the circumstances because, in the event the Bid Protections are triggered, any Stalking Horse Bidder's efforts will have promoted more competitive bidding, and thereby increased the chances that the Debtors will receive the highest or otherwise best offer for the Sale Transaction contemplated by such Stalking Horse Bid, to the benefit of the Debtors’ creditors. The Debtors respectfully request that the Court approve the following proposed timeline for the Sale process set forth in the Bidding Procedures: -- LeaseCo Marketing Determination Date: Wednesday, August 20, 2025 -- Indication of Interest Deadline: Wednesday, August 20, 2025, at 4:00 p.m. (prevailing Central Time) -- Stalking Horse Designation Deadline: Monday, August 25, 2025, at 4:00 p.m. (prevailing Central Time) -- Stalking Horse Objection Deadline: Tuesday, September 2, 2025, at 4:00 p.m. (prevailing Central Time) -- LeaseCo Stalking Horse Designation Deadline: Monday, September 8, 2025, at 4:00 p.m. (prevailing Central Time) -- LeaseCo Stalking Horse Objection Deadline: Monday, September 15, 2025, at 4:00 p.m. (prevailing Central Time) -- Cure Notice Deadline: Monday, September 8, 2025 -- Bid Deadline: Wednesday, September 17, 2025, at 4:00 p.m. (prevailing Central Time) -- Auction(s) (if necessary): Friday, September 19, 2025, at 10:00 a.m. (prevailing Central Time) -- Deadline to File Notice of Successful Bidder: As soon as reasonably practicable after the close of the Auction with respect to the applicable Sale Transaction, and, in any event, no later than 5:00 p.m. (prevailing Central Time) on the date that is one day after the close of such Auction with respect to Such Sale Transaction. In the event there is no Auction with respect to a Sale Transaction, the Debtors shall file the Notice of Successful Bidder identifying the Successful Bidder on September 19, 2025. -- Cure Objection Deadline: By 4:00 p.m. (prevailing Central Time) on the day that is 14 days after service of the Cure Notice or a Supplemental Cure Notice, as applicable -- Sale Objection Deadline: The later of the date that is three days after the filing of the Notice of Successful Bidder or Tuesday, September 23, 2025, at 4:00 p.m. (prevailing Central Time) -- Sale Hearing (subject to Court availability): No later than Friday, September 26, 2025 The Debtors believe that the above timeline is sufficient for a meaningful marketing process and will provide potential bidders with sufficient time to obtain information necessary to formulate a competitive bid, increasing the prospect that the Debtors will receive value maximizing offers that will benefit the Debtors' estates and their stakeholders. In the event an Auction is conducted, the Debtors shall file a notice identifying the Successful Bidder and Backup Bidder with respect to each Sale Transaction by 5:00 p.m. (prevailing Central Time) as soon as reasonably practicable after closing of the Auction, if any, and in any event not later than one day after the closing of the Auction, as provided in the Bidding Procedures. About RunItOneTime LLC RunItOneTime LLC, formerly known as Maverick Gaming LLC, headquartered in Kirkland, Washington, is a regional casino and cardroom operator across Washington State, Nevada, and Colorado. The company operates a portfolio of 31 properties, with 1,800 slot machines, 350 table games, 1,020 hotel rooms, and 30 restaurants. Maverick was founded in 2017 by Eric Persson and Justin Beltram, who hold over 70% ownership in the company. RunItOneTime LLC and 67 affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90191) on July 14, 2025. In its petition, RunItOneTime estimated assets and liabilities between $100 million and $500 million each. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Latham & Watkins LLP as counsel; and Hunton Andrews Kurth LLP, as bankruptcy co-counsel. The Debtors also engaged GLC Advisors & Co., LLC and GLC Securities, LLC, as investment banker, and Triple P TRS, LLC as financial advisor. The Debtors' tax advisor is KPMG LLP. SABAL CONSTRUCTION: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Sabal Construction Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, to use cash collateral. At the hearing held on July 29, the court allowed the Debtor to continue to use its cash collateral on an interim basis and set a further hearing for September 30. The court previously issued its third interim order, which allowed the Debtor to pay its operating expenses from the cash collateral and granted its secured creditors perfected post-petition liens on cash collateral, with the same priority and validity as their pre-bankruptcy liens. The third interim order issued on July 23 also permitted the Debtor to use cash collateral above the $116,000 mark, with replacement liens and rights that existed as of the date of filing as to the U.S. Small Business Administration, creditors Thiru and Judith Arasu, and New World Holdings, LLC. About Sabal Construction Inc. Sabal Construction Incorporated is a veteran-owned and operated construction company based in Tampa, Florida, established in 2013. The company specializes in luxury custom waterfront homes and light commercial projects. Sabal Construction Incorporated sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01450) on March 31, 2025, with $50,001 to $100,000 in assets and $1,000,001 to $10 million in liabilities. The petition was signed by Galen Brent Hebert as president. Judge Catherine Peek Mcewen oversees the case. The Debtor is represented by Jake C. Blanchard, Esq., at Blanchard Law, P.A. SALEM POINTE: Gets Extension to Access Cash Collateral ------------------------------------------------------ Salem Pointe Capital, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of Tennessee to use cash collateral to fund operations. The bankruptcy court authorized the Debtor to use the cash collateral of ORNL Federal Credit Union, Kapitus, LLC and the U.S. Small Business Administration from July 23 until further order. The lienholders consented to the Debtor's use of their cash collateral and have the right to revoke their consent and terminate the Debtor's access to the collateral. The lienholders will be provided with adequate protection in the form of a replacement lien on property acquired by the Debtor after the petition date; regular payments consistent with their loan agreements; and insurance coverage. As additional protection to lienholders, the Debtor agreed to limit the amount of compensation that may be paid to its management to $7,750, payable bi-weekly to Michael Ayres (through Premier Resort Management, LLC); $4,000 payable bi-weekly to Amy Ayres, and $1,500 payable monthly to Premier, absent further order of the court. Such amounts may only be paid after all payroll and payroll tax obligations have been paid. Kapitus is represented by: Erno D. Lindner, Esq. Baker, Donelson, Bearman, Caldwell & Berkowitz, PC 633 Chestnut Street, Suite 1900 Chattanooga, TN 37450 423.209.4206 elindner@bakerdonelson.com ORNL Federal Credit Union is represented by: Thomas H. Dickenson, Esq. Hodges, Doughty & Carson, PLLC P.O. Box 869 Knoxville, TN 37901-0869 865.292.2307 tdickenson@hdclaw.com About Salem Pointe Capital Salem Pointe Capital, LLC is a financial services company that typically focuses on investment and capital management. Its operations include providing financing solutions, investment opportunities, and asset management to various sectors. Salem Pointe Capital sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 24-31702) on Sept. 29, 2024, with $10 million to $50 million in both assets and liabilities. Judge Suzanne H. Bauknight oversees the case. The Debtor is represented by: James R. Moore, Esq. Moore & Brooks Tel: 865-591-3432 Email: jmoore@moore-brooks.com SANMINA CORP: Moody's Rates New First Lien Term Loans 'Ba1' ----------------------------------------------------------- Moody's Ratings assigned Ba1 ratings to Sanmina Corporation's (Sanmina) new $2,000 million senior secured first lien term loan A due 2030, $800 million senior secured first lien term loan B due 2032, and $1,500 million senior secured first lien revolving credit facility due 2030. All other ratings, including the company's Ba1 corporate family rating, Ba1-PD probability of default rating and speculative grade liquidity rating (SGL) of SGL-1 remain unchanged. The outlook remains stable. Net proceeds from the term loans will be used to fund the acquisition of ZT Systems' manufacturing business and to refinance the existing $296 million term loan. RATINGS RATIONALE Sanmina's Ba1 CFR reflects the company's position as a Tier-1 electronics manufacturing services (EMS) provider of supply chain solutions to global original equipment manufacturers (OEMs), its countercyclical cash flow generation, and history of conservative financial policy. The company also benefits from the ongoing shift to outsourced manufacturing by technology and non-technology OEMs. At the same time, the EMS businesses have limited visibility beyond near-term demand, exposure to pricing volatility, and reliance on a few large OEMs in highly cyclical end markets. Similar to other EMS providers, Sanmina's low operating margins leave little room for missteps and require disciplined working capital and cost management. Sanmina has been diversifying into mission critical markets and higher complexity products with longer life cycles that offer more stable revenue streams and reduce dependence on highly cyclical end markets. Acquiring ZT Systems' manufacturing business supports this by improving Sanmina's competitive position in the complex and growing AI rack systems market. Moody's expects 2025 to be a transition year for ZT Systems as it continues its platform realignment following the AMD acquisition. Moody's base case assumes the EBITDA will trough in 2026, increasing leverage to low 3x. Sanmina's Speculative Grade Liquidity (SGL) rating of SGL-1 reflects very good liquidity with $798 million of cash (inclusive of $212 million of cash held at the Indian JV) as of June 28, 2025 and Moody's expectations for around $150 million of free cash flow in fiscal 2025 (ending September 2025). Following the acquisition, Moody's projects negative free cash flows in fiscal 2026 and 2027 as a result of increased working capital investments to support revenue growth. Moody's expects the company will maintain ample liquidity to manage through working capital swings as a result of lower inventory turns at the acquired business. Liquidity is further supported by $1.5 billion revolving credit facility due 2030, which Moody's expects will be undrawn at close. The revolver and the term loan A have financial covenants, including a maximum net leverage of 4x and minimum cash interest coverage of 3x. Moody's expects Sanmina will comfortably remain in compliance with its financial covenants. The stable outlook reflects Moody's views that Sanmina's revenue will grow in the mid-to-high single digit range over the next 12 months. The outlook also incorporates the company's commitment to maintain leverage below 2x net debt/EBITDA. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Sanmina's ratings could be upgraded if the combined company delivers solid operating performance while demonstrating long-term commitment to conservative financial policies. The revenue base will need to be sufficiently diverse to absorb demand volatility from one or more sectors. Debt/EBITDA would need to remain below 2.5x with core operating margins expected to remain comfortably above 3.5% (Moody's adjusted). The ratings could be downgraded if Sanmina experiences material customer or program losses without offsetting increases in new business, there is a sustained decline in core operating margins to less than 3% (Moody's adjusted), and debt/EBITDA is maintained above 3.5x (Moody's adjusted). Based in San Jose, CA, Sanmina Corporation is a large electronics manufacturing services (EMS) company providing a full spectrum of integrated, value-added solutions to OEMs. The company has a global network of manufacturing facilities in 20 countries with lower cost manufacturing capabilities in Asia, Latin America, and Eastern Europe. In the LTM ended June 2025, Sanmina generated $8 billion of revenue. The principal methodology used in these ratings was Distribution and Supply Chain Services published in December 2024. SCCY INDUSTRIES: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: SCCY Industries, LLC 1800 Concept Court Daytona Beach, FL 32114 Business Description: SCCY Industries, LLC manufactured affordably priced polymer-frame pistols for the civilian market. Operating out of Daytona Beach, Florida, the Company specialized in models such as the CPX and DVG series, with in-house production and a focus on personal defense firearms. Chapter 11 Petition Date: August 1, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-04877 Judge: Hon. Grace E Robson Debtor's Counsel: Justin M. Luna, Esq. LATHAM LUNA EDEN & BEAUDINE LLP 201 S. Orange Avenue Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 E-mail: jluna@lathamluna.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Joseph Vincent Roebuck as chief executive officer. 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/NE2JIPQ/SCCY_Industries_LLC__flmbke-25-04877__0001.0.pdf?mcid=tGE4TAMA SEXTANT STAYS: Sale of Business to CozySuites for $6.3MM OK'd ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, has approved Sextant Stays Inc. to sell substantially all Assets, free and clear of liens, claims, and encumbrances. The Debtor's predecessor in interest, Idlar Ventures LLC d/b/a "Sextant" "Roami" was formed in 2016. Since its inception, the company evolved from short term rentals of one-off single family homes and condos (2015-2017), to full apartment floors (2017-2018), and eventually to full buildings (2019-onward). On February 1, 2018, the Debtor obtained a $4.0M loan from Canna Holding Ltd. f/k/a Calvert Financial Corp. to assist with growth and liquidity. The Court has authorized the Debtor to sell substantially all of its assets to CozySuites LLC for $6,300,000. The Court held that the offer by CozySuites LLC to purchase the Acquired Assets is the highest and best offer for the purchase of the Acquired Assets and represents fair and adequate consideration for the Acquired Assets. The Purchaser shall close under the Asset Purchase Agreement (APA) by no later than August 20, 2025. The Purchaser shall timely close on the Sale transaction even if an appeal is timely lodged so long as no stay (or similar injunction) pending appeal has been imposed. Moreover, absent a stay pending appeal, reversal or modification on appeal of this Order does not affect the validity of the Sale as the Purchaser is a buyer in good faith. The Acquired Assets do not include the Excluded Assets. For the avoidance of doubt, any and all claims or causes of action under Chapter 5 of the Code, and any claims or causes of action against Seller's directors and officers, and any insurance policies that would provide coverage for such claims against the Seller's directors and officers, including any proceeds of such insurance policies, are Excluded Assets under the APA. The Acquired Assets are transferred to the Purchaser "AS IS WHERE IS" with no representations or warranties other than the representations and warranties that are contained in the provisions of the APA. The Purchase Price includes reasonably equivalent and fair market value for the Debtor's interests in the Acquired Assets under the Bankruptcy Code and applicable nonbankruptcy law. Any taxes related to the Acquired Assets accruing after the Closing Date shall be the responsibility of the Purchaser. Any taxes related to the Acquired Assets that have accrued on or prior to the Closing Date (including Broward County personal property taxes) shall be the responsibility of the Debtor and shall be paid out of the available cash or the proceeds of the Sale. About Sextant Stays, Inc. Sextant Stays, Inc., doing business as Roami, is a hospitality company that offers urban group travel accommodations in cities such as Miami and New Orleans. Founded in 2016, the company manages entire buildings to provide consistent, design-forward spaces aimed at delivering memorable and connected travel experiences. Sextant Stays' approach bridges the gap between traditional hotels and inconsistent vacation rentals, catering to modern travelers seeking comfort, reliability, and style. Sextant Stays sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15908) on May 27, 2025, listing $5,033,274 in assets and $15,895,759 in liabilities. Andreas King-Geovanis, chief executive officer of Sextant Stays, signed the petition. Judge Robert A. Mark oversees the case. Brett Lieberman, Esq., at Edelboim Lieberman, PLLC represents the Debtor as legal counsel. SHUBREW LLC: Gets Court OK to Use Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Pennsylvania issued an amended order authorizing ShuBrew, LLC to use its cash collateral. The amended order authorized the Debtor to use its cash collateral, including but not limited to, all money present in its checking account, petty cash, equipment, inventory, general intangibles, and future revenue. As adequate protection to secured creditors, the Debtor was ordered to make a monthly payment of $3,700 to OnDeck Capital, $100 to Funding Metrics, LLC, and $1,200 to Forward Financing. About ShuBrew LLC ShuBrew LLC, a famous beer and brewery brand, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-20577) on March 6, 2025. In its petition, the Debtor reported estimated assets ranging from $100,000 to $500,000 and liabilities between $500,000 and $1 million. Judge John C. Melaragno oversees the case. The Debtor is represented by: Brian C. Thompson, Esq. Thompson Law Group, PC Tel: 724-799-8404 bthompson@thompsonattorney.com SIMMONS FOODS: Moody's Alters Outlook on 'B2' CFR to Stable ----------------------------------------------------------- Moody's Ratings affirmed Simmons Foods, Inc.'s ("Simmons") B2 Corporate Family Rating, B2-PD Probability of Default Rating, and the B3 rating on the company's senior secured second lien global notes. Moody's revised the outlook to stable from negative. The revision of the ratings outlook to stable from negative reflects the improvement in Simmons operating earnings and key credit metrics. The outlook revision also reflects Moody's expectations that Simmons will maintain adequate liquidity and debt to EBITDA (incorporating Moody's adjustments) below 4.5x in the next 12 to 18 months. Simmons is benefiting from a recovery in the poultry cycle that began in late 2023. While the company was initially unable to capitalize more fully on the poultry cycle rebound due to fixed-price contracts with food service customers, it began to realize the benefits in early 2025 following contract renegotiations in late 2024. As a result, Simmons' debt-to-EBITDA leverage has improved significantly—from 6.7x for the 12 months ended March 30, 2024, to 3.9x for the 12-month period ended April 05, 2025. Additionally, growth in Simmons' Pet Food segment, which accounts for approximately 36% of sales and is being driven by rising demand, particularly for cat food, has further supported the improvement in credit metrics. Moody's affirmed the existing ratings because free cash flow is low, leverage is high and Simmons' remains exposed to the volatile poultry processing industry. RATINGS RATIONALE Simmons' B2 CFR reflects the high (>50%) sales concentration in the earnings volatile poultry processing sector, high financial leverage and a recent history of negative free cash flow due to heavy capital spending. Moody's believes that the company has flexibility to pull back on capital spending to generate positive free cash flow if needed to support liquidity, but that the preference is reinvestment to bolster growth and enhance profitability. The rating is supported by Simmons' adequate liquidity and the improving business diversity resulting from the capacity investments. While overall earnings are still volatile, growth in the integrated pet food and animal nutrition segments should reduce that volatility over time. Moody's expects continued improvement in credit metrics as Simmons continues to benefit from the favorable protein cycle. Moody's projects that debt-to-EBITDA will decline to 3.7x over the next 12 months from 3.9x at the LTM period ended April 05, 2025. Capital investment needs are meaningful and returns on capital spending have at times been weak. However, in recent years, the company has imposed more discipline around growth investments through risk reducing strategies such as minimum (ROI) hurdles, quarterly capital budgeting, and cost-plus contracting. Rising input costs including for animal feed weaken earnings. Simmons' foodservice business remains more exposed to this risk since contracts typically have weaker pass-through mechanisms to raise prices to customers to offset higher costs, leading to a need for lengthier contract renegotiations. Moody's believes this is contributing to improved asset returns. Moody's views cash distributions to shareholders as aggressive at a time of significant capital investment and end market weakness. Cash distributions lead to greater reliance on debt and less cash available to fund debt reduction and investment notwithstanding that some distributions are related to taxes. Moody's expects Simmons to operate with adequate liquidity based on $10 million in cash as of April 05, 2025, approximately $323 million of availability under the unrated $425 million ABL revolving credit facility expiring in 2028, no meaningful maturities through 2028, and a largely fixed rate debt structure. Free cash flow (net of shareholder contributions) will likely be negative in fiscal 2025 but turn positive in fiscal 2026 as a result of reduced capital spending. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's views that Simmons will maintain adequate liquidity and that debt-to-EBITDA will remain below 4.5x in the next 12 to 18 months. Simmons' ratings could be downgraded if a deterioration in liquidity diminishes the company's ability to manage through a poultry cycle downturn. The ratings could also be downgraded if the poultry market and Simmons' earnings weaken, cost increases reduce margins, or if capital projects fail to translate into commensurately stronger earnings and operating cash flow. Debt/EBITDA sustained above 4.5x or continued weak or negative free cash flow could also lead to a downgrade. Simmons' ratings could be upgraded if the company is able to establish a track record of stable operating performance and positive free cash flow. Additionally, debt/EBITDA would have to approach and be sustained near 3.0x before Moody's would consider a rating upgrade. The principal methodology used in these ratings was Protein and Agriculture published in August 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Simmons Foods, Inc. and affiliates, headquartered in Siloam Springs, Arkansas, is a vertically integrated poultry processor, and the largest private label manufacturer of canned pet food in North America. The company generates sales through three primary business groups: Poultry (50% before eliminations); Pet Food (36%); and Animal Nutrition (14%). The company is principally owned and controlled by members of the Simmons family. Net sales reported for the 12 months ended April 05, 2025 totaled approximately $3.0 billion. SORENTO ON YESLER: Court OKs Deal to Extend Cash Collateral Access ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Western District of Washington approved a stipulation granting Sorento on Yesler Owner, LLC a two-month extension to use the cash collateral of Wells Fargo Bank, National Association. The stipulation extended the Debtor's authority to use its secured creditor's cash collateral from July 31 to September 30 or until conversion of its Chapter 11 case, whichever comes first. A copy of the stipulated order is available at: https://www.pacermonitor.com/view/7QLRFEA/Sorento_on_Yesler_Owner_LLC__wawbke-24-13217__0148.0.pdf?mcid=tGE4TAMA About Sorento on Yesler Owner Sorento on Yesler Owner, LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Sorento sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 24-13217) on December 17, 2024, with $10 million to $50 million in both assets and liabilities. Judge Christopher M. Alston handles the case. Christopher L. Young, Esq., at the Law Offices of Christopher L. Young, PLLC is the Debtor's bankruptcy counsel. Wells Fargo Bank is represented by Gregory R. Fox, Esq. James B. Zack, Esq., and Todd M. Brannon, Esq. at Lane Powell, PC. SOUTH TEXAS: Gets Final OK to Use Cash Collateral ------------------------------------------------- South Texas Corral, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The Debtor may use cash collateral, including revenue from business operations, as outlined in the budget. Use of cash is deemed necessary to avoid irreparable harm to the estate. The Debtor identifies multiple creditors with UCC liens, but only Banc of California (successor to CapitalSource) holds a first-position blanket lien on the cash collateral. Other creditors are considered junior lienholders and are believed to be unsecured. As protection for any diminution in the value of its collateral, Banc of California will be granted replacement liens on and security interests in all assets of the Debtor and the proceeds thereof. In addition, Banc of California will continue to receive a monthly payment of $855, representing the accruing interest on its secured loan. Payments started last month. Other creditors with interest in the cash collateral will also be provided with protection in the form of replacement liens on cash collateral generated and property acquired by the Debtor after the petition date, with the same validity, priority and extent as their pre-bankruptcy liens. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/BCkdB from PacerMonitor.com. About South Texas Corral LLC Established in 2014, South Texas Corral, LLC operates a Golden Corral buffet restaurant franchise in Brownsville, Texas. It offers dine-in and takeout services featuring a wide variety of food options including breakfast, lunch, and dinner buffets. South Texas Corral sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-10113) on June 17, 2025, listing $149,674 in assets and $1,636,260 in liabilities. Gaspar Hernandez, president of South Texas Corral, signed the petition. Judge Eduardo V Rodriguez oversees the case. Robert C. Lane, Esq., and Kyle K. Garza, Esq., at The Lane Law Firm, PLLC, is the Debtor's legal counsel. Banc of California, as secured creditor, is represented by: Lynn Hamilton Butler, Esq. Husch Blackwell, LLP 111 Congress Avenue, Suite 1400 Austin, Texas 78701-4093 (512) 479-9758 (Telephone) (512) 479-1101 (Facsimile) Lynn.Butler@huschblackwell.com SOUTHERN LOUISIANA: Joseph Richard Moore Named Subchapter V Trustee ------------------------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Joseph Richard Moore as Subchapter V Trustee for Southern Louisiana Land Services, LLC. Mr. Moore will be paid an hourly fee of $350 for his services as Subchapter V trustee, an hourly fee of $110 for his legal assistant, and will be reimbursed for work related expenses incurred. Mr. Moore declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joseph Richard Moore 200 Washington Street Monroe, LA 71201 (318) 322-6232 Email: subv@eorumyoung.com About Southern Louisiana Land Services Southern Louisiana Land Services, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-80446) on July 24, 2025, with $50,001 to $100,000 in assets and liabilities. Judge Stephen D. Wheelis presides over the case. W. Thomas Bible, Jr., Esq. at the Law Office Of W. Thomas Bible, Jr. represents the Debtor as legal counsel. SPX FLOW: Moody's Rates New $200MM Secured First Lien Debt 'B1' --------------------------------------------------------------- Moody's Ratings assigned a B1 rating to SPX Flow, Inc.'s proposed $200 million senior secured first lien revolving credit facility expiring in January 2029. In addition, SPX Flow seeks to raise a $175 million fungible add-on to its senior secured first-lien term loan B due in April 2029. Moody's B1 ratings on SPX Flow's existing senior secured first lien bank credit facility remain unchanged. SPX Flow's other ratings, including the B2 corporate family rating, B2-PD probability of default rating and the Caa1 senior unsecured notes rating, are also not affected by the transaction. The stable outlook is unchanged. SPX Flow intends to use the proceeds from the senior secured term loan B add-on and its cash balance to fund a $300 million distribution to its shareholders. As a result, Moody's expects debt-to-LTM EBITDA to increase and remain around 5.9x over the next 12-18 months. Excluding the EBITDA contribution from the Hydraulic Technology business, which was sold on June 01, 2024, pro forma debt-to-LTM EBITDA was 5.5x at the end of March 2025. Moody's will withdraw the rating on the existing $200 million senior secured first lien revolving credit facility expiring in April 2027 when the transaction is closed. RATINGS RATIONALE SPX Flow's ratings reflect the company's good scale and geographic diversification as a global manufacturer of commercial process-oriented products ranging from mixers and pumps to heat exchangers. The company has a diversified customer base that spans a variety of end markets. Over 40% of the company's revenue is derived from higher margin aftermarket sales, which underpin its solid margins. However, SPX Flow has exposure to industrial end markets, which expose the company to earnings volatility. The company has high financial leverage and associated interest expense as a result of its 2022 leveraged buyout and history of large dividend payments. Moody's forecasts that SPX Flow will grow organic revenue by 2% per year, driven by favorable pricing and growth in aftermarket and key customer accounts. Moody's also forecasts that the company will maintain its solid EBITA margin at around 19.5%. Margin will benefit from cost management initiatives and growth in the stronger margin aftermarket parts and services business despite higher operating expenses as a percentage of revenue to support operations. The stable outlook reflects Moody's expectations that SPX Flow's revenue will grow organically while margins will remain stable as the company focuses on cost cutting efforts and benefits from favorable pricing. Moody's expects SPX Flow's liquidity to be good, supported by Moody's expectations for free cash flow of more than $125 million over the next 12 months. This is driven by higher earnings and improved working capital management. Its liquidity is further supported by Moody's expectations of ample availability on the new $200 million senior secured revolving credit facility expiring in January 2029. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if SPX Flow continues to grow its size and scale, debt- to-EBITDA is sustained below 5.0x and EBITA-to-interest is above 2.5x. The ratings could be downgraded if SPX Flow's debt-to-EBITDA increases to 6.0x, EBITA-to-interest approaches 1.5x, or if the company makes a large debt funded acquisition and/or dividend. In addition, if liquidity weakens the ratings could be downgraded. The principal methodology used in this rating was Manufacturing published in September 2021. Headquartered in Charlotte, NC, SPX Flow is a global provider of process technologies that perform mixing, blending, fluid handling, separation, thermal heat transfer and other activities across a variety of nutrition, health and industrial markets. Key products include pumps, valves, homogenizers, mixers, separators and heat exchangers, along with related aftermarket parts and services. The company is controlled by private equity firm Lone Star Funds. STATE OF FLUX: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- State of Flux, Inc. got the green light from the U.S. Bankruptcy Court for the Northern District of California, to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral to pay the expenses set forth in its budget pending the final hearing on August 22. As adequate protection, MainStreet Launch and the U.S. Small Business Administration will be granted a replacement lien on all of the Debtor's post-petition assets equal in value to their pre-bankruptcy claims. The replacement liens are automatically perfected and enforceable without further action but remain subject to court review. In addition, MainStreet Launch will receive monthly cash payments of $950, beginning this month. The Debtor's cash collateral is comprised of cash on hand and funds to be received post-petition on account of its normal business and accounts receivables. As of July 7, the Debtor held approximately $189.97 in cash on hand. The cash collateral is unencumbered by a UCC-1 filings by the U.S. Small Business Administration normal loan and a Small Business Administration EIDL Covid Disaster Relief Loan, with MainStreet Launch securing their indebtedness listed below: SBA UCC-1 Filed January 7, 2022 $67,714.89 Main Street Launch UCC-1 Filed January 12, 2022 $116,214.10 The Debtor does not have any other debt secured by cash collateral. About State of Flux Inc. State of Flux Inc., formerly doing business as Haze Apparel, is a San Francisco-based retail business likely operating in the apparel industry. State of Flux sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30541) on July 7, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $100,000 and $500,000. The Debtor is represented by: Ryan C. Wood, Esq. Law Offices of Ryan C. Wood, Inc. Tel: 650-366-4858 ryan@westcoastbk.com STERLING GARDENS: Case Summary & Four Unsecured Creditors --------------------------------------------------------- Debtor: Sterling Gardens Realty, LLC 227 Freneau Avenue Matawan, NJ 07747 Business Description: Sterling Gardens Realty, LLC owns a single real estate asset, consistent with the definition of a single-asset real estate entity under U.S. bankruptcy law. Chapter 11 Petition Date: July 31, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-18052 Debtor's Counsel: Anthony Sodono, III, Esq. McMANIMON, SCOTLAND & BAUMANN, LLC 75 Livingston Avenue Suite 201 Roseland, NJ 07068 Tel: 973-622-1800 E-mail: asodono@msbnj.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Hector Alvarez as president. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4OOWBOY/Sterling_Gardens_Realty_LLC__njbke-25-18052__0001.0.pdf?mcid=tGE4TAMA SUNNOVA ENERGY: Court OKs Asset Sale to GoodFinch, DIP Lenders -------------------------------------------------------------- Sunnova Energy International Inc. announced on July 31, 2025, that the U.S. Bankruptcy Court for the Southern District of Texas has approved the sale of substantially all of its assets and business operations to an ad hoc group of debtor-in-possession lenders and affiliates or entities controlled by GoodFinch Management, LLC, as the Company's debtor-in-possession lenders. This milestone represents a successful outcome in the Company's chapter 11 cases that maximizes stakeholder value and preserves continuity of core operations for customers and partners. The Sale Transaction, which is expected to close in August 2025 subject to customary closing conditions, was determined to be the highest or otherwise best bid for the Company's assets following a competitive court-supervised sale process designed to maximize value for all stakeholders. This transaction includes the sale of Sunnova's residential solar servicing and O&M platform and its solar generation and storage portfolio to the Purchasers in exchange for a credit bid of the debtor-in-possession ("DIP") financing, $25 million of cash consideration, and certain cure costs. "This transaction represents a significant step forward that secures the future of Sunnova's operations under new ownership," said Paul Mathews, Chief Executive Officer of Sunnova. "I'm incredibly proud of the platform we've built, the innovation we've brought to residential solar and storage, and the dedication of our team. We are excited about the future and remain focused on delivering reliable service to our customers and partners." Sunnova expects full continuity of customer service and system management for substantially all in-service customers as the Company transitions to new ownership. In connection with the Sale Transaction, SunStrong Management, LLC ("SunStrong") will take over servicing of solar and storage systems. As the Company works to complete the Sale Transaction, Sunnova continues to monitor and manage in-service solar and storage systems in the ordinary course of business. The Sale Transaction does not impact the Company's previously announced asset purchase agreement and settlement agreement with ATLAS SP Partners. ATLAS continues to direct negotiations with certain dealers and installers that have worked with Sunnova in the past with the goal of completing certain in-process solar systems. Customers and commercial partners can find additional information regarding the Company's chapter 11 process at https://www.sunnova.com/lp/financialrestructuring and at https://restructuring.ra.kroll.com/Sunnova. Stakeholders with questions can contact the Company's claims agent, Kroll, by calling (888) 975-5436 (U.S. and Canada toll free) or +1 (646) 930-4686 (International) or emailing SunnovaInfo@ra.kroll.com. Advisors Kirkland & Ellis LLP and Bracewell LLP are serving as legal counsel, Alvarez & Marsal is serving as financial advisor, Moelis & Company LLC is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter Hedges LLP are serving as legal counsel and Evercore Inc. is serving as investment banker to the Ad Hoc Group. Norton Rose Fulbright US LLP is serving as legal counsel to SunStrong and GoodFinch. About SunStrong SunStrong is an independent asset management and servicing company with dedicated expertise in the residential and commercial solar asset classes. Directly or via its partners, its capabilities include full-service billing and collections, operations & maintenance, asset management, legal/compliance, and tax and accounting services. Its industry veteran leadership team draws on its solar expertise to deliver solutions that promote sustainable lifestyles. About Sunnova Energy Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Sunnova Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90160) on June 8, 2025. In its petition, the Debto reports estimated assets and liabilities between $10 billion and $50 billion each. The Debtor is represented by Jason Gary Cohen, Esq. at Bracewell LLP. SYNERGY MEDICAL: Final Cash Collateral Hearing Set for Aug. 6 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Florida is set to hold a hearing on August 6 to consider final approval of Synergy Medical Services, LLC's bid to use cash collateral. The Debtor was initially allowed to access cash collateral to pay monthly expenses and court-approved fees pursuant to the court's July 22 interim order. The interim order provided the U.S. Small Business Administration adequate protection in the form of post-petition security interests in, and liens on, all personal property acquired or generated by the Debtor after its bankruptcy filing. The interim order also approved the Debtor's monthly payment of $3,000 to SBA beginning this month and until confirmation of its Chapter 11 plan. The Debtor, a home healthcare provider operating in Florida's panhandle, has several creditors, which may claim an interest in the cash collateral, including SBA, CFG Merchant Solutions, LLC, Fox Funding Group, LLC, and Funding Metrics, LLC, based on security agreements and UCC-1 filings in Florida. As of the filing date, the Debtor's assets total approximately $160,000, which includes cash in its checking account, funds held by CareCentrix, limited personal property, and one parcel of real estate. The SBA is believed to hold first lien position on the cash collateral. About Synergy Medical Services LLC Synergy Medical Services, LLC provides home healthcare services across Florida. It offers skilled nursing, specialized nursing services, physical therapy, and home health aides. Its team of registered nurses and therapists delivers in-home care focused on professional, round-the-clock support. Synergy Medical Services sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-30599) on June 27, 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 Karen K. Speci handles the case. The Debtor is represented by Byron W. Wright III, Esq., at Bruner Wright, P.A. TEAM HEALTH: S&P Assigns 'B-' Rating on Senior Secured Notes ------------------------------------------------------------ S&P Global Ratings assigned its 'B-' issue-level rating to Team Health Holding Inc.'s first-lien senior secured notes due in 2028. The recovery rating is '3', which indicates its expectation of meaningful (50%-70%; rounded estimate: 65%) recovery. The higher recovery rating relative to Team Health's other senior secured debt due in 2028 reflects the notes' enhanced collateral position. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- Team Health's capital structure comprises a $250 million revolving credit facility due in March 2028, $550 million accounts receivable securitization facility due in November 2026, $950 million senior secured term loan due in 2028, $430 million of senior secured notes due in 2028, $1.151 billion of first-lien senior secured notes due in June 2028, and $153 million of second-lien secured notes due in January 2029. -- The securitization facility has a priority claim on nearly all the company's accounts receivable. -- The first-lien senior secured notes due in 2028 and revolving credit facility have a first-lien priority claim on the residual value of the accounts receivable pledged to support the securitization facility after related claims. These tranches of secured debt also have a first-lien priority claim on the company's revenue cycle management (RCM) subsidiary. -- The senior secured term loan and notes due in 2028 rank pari passu with the other first-lien senior secured debt on all other collateral outside of the accounts receivable facility and RCM subsidiary. -- The second-lien secured debt has a secondary claim on any residual accounts receivable value and RCM subsidiary. It ranks senior to the term loan in terms of that collateral. It also has a second-lien claim on the remaining collateral and ranks junior to all other associated debt. -- S&P's '3' recovery rating on the company's senior secured notes due in 2028 indicates its expectation of meaningful (50%-70%; rounded estimate: 65%) recovery in the event of default. The higher recovery rating than on the senior secured term loan due in 2027 reflects the notes' enhanced collateral position. -- S&P's '4' recovery rating on the company's senior secured term loan indicates its expectation of average (30%-50%; rounded estimate: 30%) recovery. -- For S&P's recovery analysis, it assumes the cash flow revolver is 85% drawn and the accounts receivable securitization facility is 100% drawn; mandatory principal amortization is made, up to the default year; and six months of accrued and unpaid interest on funded debt. Simulated default assumptions -- S&P's simulated default scenario considers a default in 2027, stemming from higher-than-expected labor costs and reimbursement declines. -- S&P anticipates a payment default when cash flow and liquidity are insufficient cover the company's fixed-charge obligations, including debt service requirements and minimum capital expenditure. -- Given Team Health's strong reputation and brand recognition, S&P believes it would likely reorganize rather than liquidate in the event of a default. Consequently, S&P used an enterprise value methodology to assess its recovery prospects. -- S&P valued the company on a going-concern basis using a 5.5x multiple of its projected emergence EBITDA, consistent with the multiples we use for similar companies. -- Emergence EBITDA: $389 million Simplified waterfall -- Net enterprise value (after 5% administrative costs): $2 billion -- Value of receivables at default: $636 million -- Estimated accounts receivable securitization claim: $566 million -- Residual accounts receivable value available: $70 million -- Value of RCM subsidiary at default: $391 million -- Value of total collateral carved out for priority debt at default: $479 million -- Remaining collateral available to all senior secured debt: $986 million -- Total senior secured debt claims: $2.9 billion* --Recovery expectations: 30%-50% (rounded estimate: 30%) -- Total collateral available to priority debt with enhanced collateral package: $982 million -- Priority senior secured debt claims: $1.5 billion* --Recovery expectations: 50%-70% (rounded estimate: 65%) *All debt amounts include six months of prepetition interest. TODD CREEK: Seeks to Hire Allen Vellone Wolf as Bankruptcy Counsel ------------------------------------------------------------------ Todd Creek Farms Home Owners Association Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Allen Vellone Wolf Helfrich & Factor P.C. as general bankruptcy counsel. The firm will provide legal advice concerning the general administration of the Estate, confirmation of any proposed plan of reorganization and disclosure statement approval, contested and adversary matters that arise in this case, investigation and litigation of any avoidance or other action the Estate may have, and other legal services for the Debtor related to or arising out of contested matters in this bankruptcy case. The firm will be paid at these hourly rates: Partners $475 to $725 Associates $350 to $450 Paralegal $195 to $250 The firm has received a $20,636 retainer pre-petition from the Debtor. Jeffrey A. Weinman, Esq., a partner at Allen Vellone Wolf Helfrich & Factor, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey A. Weinman, Esq. Matthew M. Wolf, Esq. Katharine S. Sender, Esq. ALLEN VELLONE WOLF HELFRICH & FACTOR P.C. 1600 Stout Street, Suite 1900 Denver, Colorado 80202 Phone: (303) 534-4499 Email: JWeinman@allen-vellone.com MWolf@allen-vellone.com KSender@allen-vellone.com About Todd Creek Farms Home Owners Association Inc. Todd Creek Farms Home Owners Association Inc. is a residential community management organization that oversees common areas, enforces covenants, and provides services to homeowners in the Todd Creek Farms development. Todd Creek Farms Home Owners Association Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-14385) on July 1, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtors are represented by Jeffrey Weinman, Esq. at Allen Vellone Wolf Helfrich & Factor P.C. TRIPLESHOT HOLDINGS: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- Tripleshot Holdings, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral until October 9 to pay the amounts expressly authorized by the court, including any required payments to the U.S. trustee; the expenses set forth in its budget; and additional amounts subject to approval by its senior creditor, Gulf Coast Bank and Trust Company. As adequate protection for the Debtor's use of its cash collateral, Gulf Coast Bank and any other secured creditors will have a first priority perfected post-petition lien on the cash collateral with the same priority as its pre-bankruptcy lien. In addition, Gulf Coast Bank will receive interest-only payments of $7,500 per month during the interim period. The Debtor's authority to use cash collateral will terminate before October 9 upon dismissal or conversion of its Chapter 11 case; the appointment of a trustee; the confirmation of its Chapter 11 plan; termination after service of notice in accordance with the interim order; or a further hearing on cash collateral use. The next hearing is set for October 9. Prior to the bankruptcy filing, in 2023, the Debtor obtained a secured SBA business loan from Gulf Coast Bank, which holds a first-priority security interest in its accounts, receivables, inventory, trademark rights, and other business assets. About Tripleshot Holdings LLC Tripleshot Holdings, LLC, doing business as Carver's Olde Iron, imports and sells cast-iron home decor products through its online storefront. Its offerings include doorstops, bookends, ashtrays, candle holders, and novelty pieces in rustic, western, vintage, and industrial styles. Tripleshot Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04544) on July 3, 2025. In its petition, the Debtor reports total assets of $15,000 and total liabilities of $1,173,564. Judge Roberta A. Colton handles the case. The Debtor is represented by Samantha L Dammer, Esq., at Bleakley Bavol Denman & Grace. Gulf Coast Bank and Trust Company, as lender, is represented by: Dora F. Kaufman, Esq. Jonathan Camacho Villamil, Esq. Liebler, Gonzalez & Portuondo 44 West Flagler Street, 25th Floor Miami, FL 33130 Tel: (305) 379-0400 dfkf@lgplaw.com ec@lgplaw.com service@ lgplaw.com jcamacho@lgplaw.com TYLER 2 CONSTRUCTION: Final Cash Collateral Hearing Set for Aug. 5 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Western District of North Carolina is set to hold a hearing on August 5 to consider final approval of Tyler 2 Construction, Inc.'s bid to use cash collateral. The Debtor's authority to use cash collateral pursuant to the court's July 22 interim order expires on August 5. The interim order approved the Debtor's use of cash collateral from the petition date to August 5 in accordance with its budget and the payment of $2,000 to TowneBank, the Debtor's lender which may hold an interest in the cash collateral. TowneBank, as successor to Paragon Commercial Bank, asserts a first priority blanket lien on substantially all personal property of the Debtor securing a pre-bankruptcy debt of approximately $700,000. Another lender, Philadelphia Indemnity Insurance Company, asserts a junior lien on the Debtor's personal property securing a debt of $500,000 to $800,000 (scheduled at the estimated amount of $700,000). The Debtor's assets as of the petition date consisted of roughly $3.3 million in unpaid accounts receivable due on construction contracts; $480,262 in bank deposits; furniture, fixtures and equipment (including vehicles) with an estimated fair market value of $589,000; and 10 ongoing construction contracts. TowneBank, as lender, is represented by: Pamela P. Keenan, Esq. Kirschbaum, Nanney, Keenan & Griffin, P.A P.O. Box 19766 Raleigh, NC 27619-9766 Telephone: (919) 848-0420 Facsimile: (919) 848-8755 pkeenan@kirschlaw.com About Tyler 2 Construction Inc. Tyler 2 Construction, Inc. is a general contractor based in Charlotte, North Carolina. The Company provides construction management and renovation services across sectors including office, healthcare, retail, and light industrial. Tyler 2 Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-30715) on July 9, 2025. In its petition, the Debtor reported total assets of $9,819,766 and total liabilities of $5,762,398. Judge Ashley Austin Edwards handles the case. The Debtor is represented by: Richard S. Wright, Esq. Moon Wright & Houston, PLLC Tel: 704-944-6564 rwright@mwhattorneys.com VACO INTERMEDIATE: Moody's Lowers CFR to Caa1 & PDR to Caa1-PD -------------------------------------------------------------- Moody's Ratings downgraded Vaco Intermediate Holdings LLC's (dba Vaco or Highspring) corporate family rating to Caa1 from B3 and probability of default rating to Caa1-PD from B3-PD. Concurrently, Moody's downgraded the backed senior secured bank credit facilities issued at Vaco Holdings, LLC, comprising a $40 million revolving credit facility and a $765 million term loan, to Caa1 from B3. The outlook was changed to stable from negative for both companies. Vaco is a US-based provider of consulting, managed services, and talent solutions. The downgrade of Vaco's ratings reflect Moody's expectations that weak credit metrics will persist through mid-2026 including high debt/EBITDA around 9x, EBITA/interest below 1x and about $20 million of cash flow deficits over the next 12 months. Moody's expects demand for hiring and consulting services in the finance, accounting and IT sectors will remain soft in the second half of 2025. The stable outlook indicates Moody's views that revenue should grow in the low-single digits on a sequential basis over the next 12 months and the company will maintain sufficient liquidity, supported by $37.3 million of cash on hand at March 31, 2025 and access to a $40 million revolving credit facility expiring January 2027, to execute its strategies to improve earnings over the next 12 to 18 months. ESG considerations were a key driver of the rating action, reflecting very high governance risks from the company's tolerance for a sustained, highly levered capital structure and its inconsistent track record of meeting financial and operating guidance targets. RATINGS RATIONALE Vaco's Caa1 CFR reflects the company's very high debt/EBITDA of 9x for the twelve months ended March 31, 2025, driven by declining revenue and EBITDA since 2023 and Moody's anticipations of negative cash flow in 2025. Total EBITDA has declined by 10% since 2023 from broad revenue declines across the company's three segments comprised of consulting, talent solutions, and permanent placement services. Moody's considers profitability rates low, but comparable to those reported by similarly-rated employment services and consulting companies. Moody's expects EBITDA margins will remain near current levels between 8% and 9%. Profitability would likely improve during periods of stronger permanent placement revenue growth relative to other services. All financial metrics cited reflect Moody's standard adjustments. Moody's debt leverage calculation includes the company's recurring cash dividend as a form of compensation for managing partners and senior leaders and thus an expense. The company operates in the cyclical and highly competitive staffing and consulting industry, which has experienced widespread declines in demand since 2023. The rise of automation and evolving employment models introduce both new opportunities and challenges, increasing the risk of execution. Industry downturns are partially offset by short-term favorable working capital dynamics, as companies typically generate cash from receivables when revenue decreases. However, this advantage is temporary, and prolonged revenue declines could strain liquidity. Given the challenging staffing industry conditions, aggressive financial strategy under concentrated ownership, including debt to finance acquisitions or shareholder returns, would pressure the credit profile. The ratings are supported by Vaco's position as an established player in the staffing and consulting industry, which is expected to be influenced by ongoing trends towards outsourcing in various end markets. The company's employee ownership model acts as a key competitive differentiator, attracting and retaining top talent, many coming from large accounting firms. This model incentivizes staff and drives sales growth. The company has modest revenue and earnings diversity with talent solutions, managed services, and consulting segments and focuses on staffing professionals in information technology, finance and accounting, operations and HR and other white-collar functions. Vaco benefits from low capital expenditures, a flexible cost structure linked to billable hours and margins strengthened by its consulting segment's ability to cross-sell. The company's customer concentration is moderate, and local sales teams work with clients to maintain relationships and support client retention. An adequate liquidity profile is supported by $37.3 million of cash on hand as of March 31, 2025 and an undrawn $40 million senior secured revolving credit facility expiring January 2027. Moody's expects a free cash flow deficit of around negative $20 million over the next twelve months, improving toward breakeven levels in 2026 from lower benchmark interest rates and modest sequential revenue and earnings growth. The company's senior secured term loan requires $7.65 million of annual debt principal repayment. Given Moody's anticipations for cash flow deficits, Moody's expects that the company will rely on its cash and draw up to $10 million on its revolver to fund cash needs over the next 12 to 18 months. The first lien revolver includes a first lien net leverage springing covenant set at 6.9x when the drawn amount exceeds 35% of availability. If tested, Moody's estimates that the covenant level would have been measured at 4.7x at March 31, 2025. Moody's expects the company will remain in compliance with the covenant. The stable outlook reflects Moody's expectations that revenue and earnings will stabilize and grow sequentially at low-single-digits percentage annual rates and the company will maintain sufficient liquidity, including term revolver commitment, to operate the business until its debts mature. Moody's anticipates debt/EBITDA, based on Moody's adjustments, to remain around the mid-8.0x level over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if there is sustained revenue growth and earnings such that Moody's expects debt/EBITDA will be maintained below 7.0x with some sustained free cash flow. The ratings may be downgraded if revenue or earnings decline, or if the company cannot sustain adequate external liquidity, including high reliance on its revolver facility and failure to address the January 2027 revolver maturity before it becomes current. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Vaco Intermediate Holdings LLC, controlled by Olympus Partners since 2017 and based in Brentwood, Tennessee, is a global professional services firm that delivers three integrated service offerings: consulting, managed services and talent solutions. Vaco, the talent solutions brand and largest of the portfolio companies, specializes in executive, temporary, full-time and project and consulting professionals specializing in IT and digital, finance and accounting, and HR and operations. The company operates out of over 50 offices across the United States and has an expanding global footprint with onshore, nearshore and offshore capabilities. The company reported revenue of $1.03 billion for the twelve months ended March 31, 2025. VALVES AND CONTROLS: Aug. 6 Deadline for Panel Questionnaires ------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Valves and Controls US, Inc.. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/tw8ppsk2 and return by email it to Hannah McCollum, Esq. -- hannah.mccollum@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on Wednesday, Aug. 6, 2025. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Valves and Controls US Inc. Valves and Controls US Inc., previously known as Weir Valves & Controls USA Inc., is a manufacturer of industrial valves and control systems operating within the fabricated metal product manufacturing industry. Valves and Controls US Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11403) on July 25, 2025. In its petition, the Debtor reported estimated assets between $50 million to $100 million and estimated liabilities between $100 million to $500 million. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Cole Schotz P.C. and Weil, Gotshal & Manges LLP. Paul Hastings LP is special counsel to the Debtor. AP Services LLC serves as financial advisor to the Debtor, and Kroll Restructuring Administration LLC is the Debtor's claims and noticing agent. VILLAGES HEALTH: Needs $24MM Financing to Maintain Operations ------------------------------------------------------------- Villages-News.com reports that The Villages Health is seeking to borrow $24 million to maintain operations as it navigates a Chapter 11 bankruptcy, according to the latest court filings. The healthcare system, which announced its bankruptcy on July 3, 2025 also revealed a Medicare billing discrepancy that could result in repayment obligations of up to $360 million to the federal government. Neil Luria, recently appointed as chief restructuring officer, said in court documents that the organization faces "significant financial distress" and is unable to operate profitably on a cash basis. He emphasized that borrowing $24 million is critical to sustain operations while pursuing a sale to Humana's CenterWell, which he believes is the only viable option to prevent a shutdown, the report states. "The only realistic option to avoid a shutdown of The Villages Health System's operations is a sale to a third party with sufficient resources and capitalization to lead a turnaround effort," Luria stated. The Villages Health serves nearly 60,000 patients, most enrolled in Medicare Advantage plans, through 10 leased primary and specialty care clinics across The Villages. Luria noted that patient satisfaction remains high, citing a 4.9 out of 5 rating, but acknowledged rising anxiety as Medicare open enrollment approaches in October 2025. He warned that delays in the sale process could reduce the value of the company's assets if a buyer cannot participate in the critical enrollment period. According to theburn, the proposed expedited sale has drawn objections from United HealthCare, which underwrites The Villages Health's Medicare Advantage plans and has exclusive marketing and branding rights tied to The Villages. United HealthCare, which said it was blindsided by the bankruptcy, accused The Villages Health of a "record of corporate misbehavior" and noted the provider had admitted to submitting incorrect information to insurers. The insurer also criticized the "hurried" sale process, which could impact its long-standing marketing and intellectual property agreements dating back to 2013. The court will now weigh the urgent financing request, the contested sale proposal, and the timeline leading into the October Medicare open enrollment period, the report states. About The Villages Health System LLC The Villages Health System, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 6:25-bk-04156) on July 3, 2025. In the petition signed by Neil F. Luria, chief restructuring officer, the Debtor disclosed listed between $50 million and $100 million in assets and between $100 million and $500 million in liabilities. Judge Lori V. Vaughan oversees the case. Elizabeth A. Green, Esq., at Baker & Hostetler, LLP, represents the Debtor as legal counsel. VOSSEKUIL PROPERTIES: Gets Final OK to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Wisconsin issued a final order authorizing Vossekuil Properties, LLC to use cash collateral and provide protection to WBL SPO I, LLC. The final order authorized the Debtor to use cash collateral to pay the expenses set forth in its budget, including professional fees, which require application and separate approval of the court. The final order also authorized the Debtor's payments, on a pro-rata basis, to Dodge and Fond Du Lac County Treasurers of the following: (i) $4,400 due July 14, (ii) $2,200 due July 18, and (iii) monthly payment to the treasurers of pro-rata share of $2,200 beginning on August 18. WBL, a secured creditor, will be provided with adequate protection in the form of a replacement lien, with the same priority, validity and extent as its pre-bankruptcy lien; and monthly payments of $10,000. About Vossekuil Properties LLC Vossekuil Properties, LLC is a limited liability company based in Waupun, Wis. Vossekuil Properties filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-20671) on February 10, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Jerome Kerkman of Kerkman & Dunn serves as Subchapter V trustee. Judge Beth E. Hanan oversees the case. Michelle A Angell, Esq., at Miller & Miller Law, LLC is the Debtor's bankruptcy counsel. WBL SPO I, LLC, as secured creditor, is represented by: Sherry D. Coley, Esq. Amundsen Davis, LLC 318 S. Washington St., Ste. 300 Green Bay, WI 54301 (920) 435-9378 (main) (920) 431-2239 (direct) scoley@amundsendavislaw.com WASH MIDCO: Moody's Assigns 'B2' CFR, Outlook Stable ---------------------------------------------------- Moody's Ratings assigned a B2 corporate family rating and B2-PD probability of default rating to Wash MidCo Inc. Concurrently, Moody's assigned B2 ratings to Wash BidCo Inc.'s ("WASH") proposed $625 million senior secured 1st lien term loan B due 2032 and $150 million senior secured 1st lien revolving credit facility due 2030. The outlook for Wash MidCo Inc. and Wash BidCo Inc. is stable. At the same time, Moody's withdrew the B3 CFR and B3-PD PDR at WASH Multifamily Acquisition, Inc. which will become a subsidiary of Wash MidCo Inc. at financial close. Moody's will withdraw the B3 senior secured rating assigned to WASH Multifamily Acquisition, Inc.'s $850 million senior secured notes due 2026 upon closing of the transaction. On July 15, 2025, WASH Multifamily Acquisition, Inc. announced that its sponsor, private equity firm EQT, agreed to sell the company to infrastructure funds managed by Northleaf Capital Partners and AVALT, LLC in a debt-financed transaction. In addition to the proposed $625 million term loan, the new sponsors will be contributing a meaningful amount of equity, with proceeds used to refinance all of WASH's existing indebtedness and to fund the buyout. Moody's expects that approximately $40 million will be drawn on the new revolving credit facility at close to fund transaction fees and expenses. Wash BidCo Inc., the borrower, is an intermediate holding company and a subsidiary of Wash MidCo Inc. Wash MidCo Inc., is a newly created holding company that will be the parent guarantor of the debt and provide audited financial statements of the group in future. The assigned B2 ratings reflect the initial $250 million reduction in debt at financial close and Moody's expectations that the new owners plan to focus on additional leverage reduction through operating efficiency improvements. Pro-forma adjusted debt/EBITDA will improve to about 3.5x from 4.7x for the last twelve months ending March 31, 2025. Moody's expects adjusted leverage to improve to below 3.5x by year-end 2026, if the company can realize some of the targeted profitability improvements. RATINGS RATIONALE Wash MidCo Inc.'s B2 CFR is supported by the company's solid position as one of the top providers of outsourced laundry equipment services for multifamily housing properties and colleges in the US and Canada. WASH's credit profile benefits from a predictable recurring revenue stream, high customer retention rate and strong margins stemming from the noncyclical nature of laundry services. The rating also reflects the positive credit implications stemming from the recent transaction, including improved credit metrics and a stronger liquidity profile as a result of the initial debt reduction. At the same time, the B2 CFR is constrained by WASH's low EBITA/interest expense coverage, minimal free cash flow generation, competitive business landscape, and the limited track record of the company to reduce leverage on a sustainable basis. Cash flow is limited due to substantial capital spending requirements to support the company's installed asset base. The stable outlook reflects Moody's expectations that WASH will focus on additional leverage reduction with debt/EBITDA at least sustained around 3.5x and maintaining adequate interest cover and liquidity. WASH's adequate liquidity profile is comprised of a $150 million revolving credit facility (due 2030), with $110 million of availability expected post-close, around $18.7 million cash as of the period ended March 31, 2025, and minimal free cash flow. The revolving credit facility is ranked on a pari passu basis with the term loan, and are secured by all of the tangible and intangible personal and real property of the borrower, the Canadian borrower and each guarantor, including equipment, fee-owned real property and fixtures, intellectual property, investment property and pledge of the equity securities of the borrower. Incremental indebtedness may be added so long as the first lien leverage ratio does not exceed the greater of (i) 3.3x and (ii) the first lien leverage ratio in effect immediately prior to such incurrence, if total leverage does not exceed 3.8x, and if the interest coverage ratio does not fall below 1.75x. ESG CONSIDERATIONS Moody's take into account the impact of ESG factors when assessing a company's credit quality. The assigned CIS-4 indicates that the rating is lower than it would have been if ESG risk exposures did not exist and is mainly driven by governance considerations as described below. The company's governance risks stem from its private equity ownership. The private equity business model typically involves an aggressive financial policy, limited independence of board members, and tolerance for majority debt-funded acquisitions. The new sponsors' focus on additional leverage reduction, which is a change from the previous owner's financial strategy, is a positive governance consideration. These governance considerations are reflected in the company's issuer profile score of G-4. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade -- Debt-to-EBITDA is sustained below 4.5x -- EBITA-to-interest expense is sustained above 2.0x -- The company improves its free cash flow and liquidity profile Factors that could lead to a downgrade -- Debt-to-EBITDA is sustained above 5.5x -- EBITA-to-interest expense is below 1.0x -- Deterioration in liquidity including negative free cash flow Headquartered in Torrance, California, Wash BidCo Inc. is a leading laundry service provider to multifamily apartments and universities in the US and Canada. Following the LBO transaction in July 2025, the company is privately owned by Northleaf Capital Partners, a global private markets firm headquartered in Toronto, Canada, and AVALT, LLC, an investment firm based in Boston, MA. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. WATER ENERGY: Court OKs Carlsbad Property Sale to Dzd Properties ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, has permitted Water Energy Services LLC, to sell Property, free and clear of liens, claims, and encumbrances. The Debtor's Property is located at 1609 E. Greene Street, Carlsbad, NM 88220. The Court has authorized the Debtor to sell the Property to Dzd Properties LLC with the purchase price of $500,000.00. The sale of the Property to the Buyer is approved, except, however, the following equipment/vehicles are excluded from the sale and definition of Property: Kill truck tank, VIN 1T9TA4330A1867279 Mack truck VIN, 1M2AX07Y4BM009836 The Debtor is authorized to pay the secured claims of Community Bank & Trust- West Georgia, in the amount of $430,000 and all outstanding Eddy County property taxes, any tax proration required at closing, the costs of preparation of the deed and any bill of sale, other reasonable and necessary closing costs, and a commission in the amount of $40,000 to Hilco Real Estate, LLC, with the net proceeds going to Debtor. The Order shall serve as authorization for Water Energy Services, Inc., any representative of Water Energy Services, Inc., Jamie Downs, Nicholas Atkins, DZD Properties, LLC, any representative of DZD Properties, LLC, or Linda Rodriguez to obtain a lost title, copy of the original title, or replacement title from the New Mexico Motor Vehicle Division, Texas Department of Motor Vehicles, or the appropriate New Mexico or Texas taxing authority. About Water Energy Services LLC Water Energy Services, LLC is a San Antonio-based company operating in the oil and gas extraction industry. Water Energy Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-50539) on March 21, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Michael M. Parker handles the case. The Debtor is represented by Herbert C Shelton, II, Esq., at Hayward, PLLC. WAYSTAR HOLDING: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of Waystar Holding Corp. and Waystar Technologies, Inc. (collectively known as Waystar) at 'BB'. Fitch has also affirmed Waystar's first-lien term loan at 'BB+' with a Recovery Rating of 'RR2'. The Rating Outlook is Stable. Waystar has announced its acquisition of Iodine Software for approximately $1.25 billion, with the transaction expected to be financed through a 50/50 split of cash and stock. Following the completion of the acquisition, Fitch anticipates that EBITDA leverage may temporarily exceed its negative sensitivity threshold of 3.5x for fiscal 2025. However, Fitch expects leverage to decline and stabilize in the low 3x range over the rating horizon, supported through a combination of organic revenue growth and EBITDA expansion. Key Rating Drivers Elevated Leverage, Expected to Decrease: Pro forma following the acquisition close of Iodine Software (which is expected at the end of this year), Fitch expects leverage to temporarily increase in fiscal 2025 and remain above its 3.5x negative sensitivity threshold range. However, through a combination of organic revenue growth, strong EBITDA margins and healthy FCF generation, Fitch expects Waystar to quickly delever to below 3.5x with leverage expected to remain in the low 3x range over the rating horizon. Continued Growth Expectations: Fitch anticipates that Waystar will benefit from ongoing healthcare spending driven by factors such as an aging population, improved utilization and rising drug costs. These trends are likely to persist, supporting continued spend in healthcare. In addition, the acquisition of Iodine Software enhances Waystar's AI capabilities — particularly in reducing claim denials, improving documentation accuracy, and minimizing revenue leakage through compliant coding practices. The transaction is expected to create meaningful cross-selling opportunities across the combined customer base, further expanding Waystar's market reach and value proposition. Recent Tax Bill Impact: The recently approved federal tax bill, which include cuts to the Medicaid program, may reduce Medicaid-related patient volumes and constrain healthcare spending. However, Fitch expects only a limited impact on Waystar's operating performance. With approximately 50% of revenues derived from subscription-based services, Waystar remains partially insulated from volume fluctuations. Moreover, its offerings continue to be essential to providers amid rising regulatory complexity, challenging claims processes, and ongoing pressure on profitability. Strong Margin Profile: Fitch expects Waystar's EBITDA margins to rise and remain in the low 40s, near the top of the 28%-47% healthcare information technology (HCIT) peer range. Strong margins and low capital needs have driven solid FCF, which reached 13.4% in fiscal 2024. FCF margins are projected to grow to the high teens to low 20s, aided by lower interest costs, though near-term acquisition-related expenses may limit FCF generation. Waystar remains well-positioned among private equity-backed peers, with the ability to generate strong FCF and 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. 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 track record of market share gains. Compared to Gainwell Acquisition Corp. (B-/Stable), a Fitch-rated HCIT provider focused on Medicaid Management Information Systems, Waystar maintains a more conservative financial profile. While Waystar's leverage is projected to rise above 3.5x in 2025, it is expected to return to the low 3x range — significantly lower than Gainwell's leverage, which is anticipated to remain above 7x. Waystar also 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+/Stable) 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). Fitch expects Waystar's EBITDA leverage to improve and remain in the low 3x range, which is lower than MeridianLink's (in the high 3x range) but higher than RingCentral's (in the high 2x range). Fitch's expectation of reduced leverage has led us to affirm Waystar's IDR at 'BB' with a Stable Outlook. The rating was not affected by considerations related to the Country Ceiling, parent/subsidiary relationships, or operating environment. 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 go-to-market initiatives; - SOFR base rate assumptions are 4.3% for 2025, declining to 3.5% by 2028; - Capex as a percentage of revenue in the 2.5%-3.0% range; - Fitch assumes Waystar will use cash on balance sheet coupled with incremental debt and equity issuance toward the acquisition of Iodine Software in 2025. Over the rating horizon, Fitch assumes excess cash flows toward tuck-in acquisitions and share buybacks. Recovery Analysis Fitch assesses Waystar's first lien term loan under Category 2 based on its "U.S. Corporate Rating Criteria" for companies in the 'BB-' to 'BB+' rating categories, as the term loan is ranked junior to the $80 million accounts receivable securitization facility. Under the criteria, Fitch has rated the term loan 'BB+' and maintained the 'RR2' Recovery Rating. 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 its 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 Following the acquisition of Iodine Software, Fitch expects Waystar to maintain adequate 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. Waystar's liquidity primarily comprises an undrawn $400 million revolving credit facility (RCF) and roughly $224 million cash on the balance sheet as of 1Q25. The RCF commitment is considerable 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 expects no significant debt maturities over the rating horizon. Waystar's securitization facility matures in 2026. Fiitch believes the company will be able to refinance or extend this facility, considering Waystar's strong operating performance and improving FCF generation from the low teens to the high teens over the rating horizon. 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 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 Affirmed BB Waystar Technologies, Inc. LT IDR BB Affirmed BB senior secured LT BB+ Affirmed RR2 BB+ WEABER INC: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Weaber, Inc. 1231 Mt. Wilson Road Lebanon, PA 17042 Business Description: Weaber, Inc. manufactures and distributes hardwood lumber products across the United States. Combining advanced production technology with strict quality standards, it supplies flooring, trim, paneling and other specialty hardwood components in both full- truckload and small-lot deliveries. Chapter 11 Petition Date: August 1, 2025 Court: United States Bankruptcy Court Middle District of Pennsylvania Case No.: 25-02167 Judge: Hon. Henry W Van Eck Debtor's Counsel: Albert A. Ciardi, III, Esq. CIARDI CIARDI AND ASTIN 1905 Spruce Street Philadelphia, PA 19103 Tel: (215) 557-3550 E-mail: aciardi@ciardilaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Matthew G. Weaber as president and CEO. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OQ2HRDQ/Weaber_Inc__pambke-25-02167__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. AFP Logs and Lumber, Inc. $310,139 P.O. Box 2228 Buckhannon, WV 26201 Email: nboyles@afpcorp.com Phone: (304) 472-2996 2. AHC Clarksville, LLC $173,988 P.O. Box 102455 Atlanta, GA 30368-2455 Tel: (931) 472-0389 3. Alexandria NE, LLC $382,684 P.O. Box 169 Atlanta, GA 30368-2455 Email: annbrown@sbp.com Phone: (570) 408-9500 4. Atlanta Hardwood Corporation $123,427 5596 Riverview Road Mableton, GA 30126 Email: sreimer@hardwoodweb.com Phone: (706) 865-3166 5. Baillie Lumber Company $134,731 P.O. Box 6 Hamburg, NY 14075 Email: ar@baillie.com Phone: (716) 649-2850 6. Bisson Transportation, Inc. $144,150 56 Bibber Parkway Suite 1 Brunswick, ME 04011 Email: ap@movebisson.com Phone: (207) 514-1060 7. First Insurance Funding Corp. $236,882 450 Skokie Boulevard Suite 1000 Northbrook, IL 60062 Email: csr@firstinsurancefunding.com Phone: (800) 837-3709 8. Hickory Run Logging, LLC $161,564 650 Stricklerstown Road Newmanstown, PA 17073 Email: elwayneandliz@gmail.com Phone: (717) 752-0109 9. Keystone Collections Group $298,885 P.O. Box 449 Irwin, PA 15642-0449 Phone: (717) 272-3770 10. Laird Logs $388,288 3505 Dublin Road Darlington, MD 21034 Email: lairdpal@aol.com Phone: (410) 457-4829 11. MET-ED $652,547 P.O. Box 3687 Akron, OH 44309-3687 Phone: (717) 270-4443 12. Meyer Oil Co. $95,136 P.O. Box 2004 Lebanon, PA 17042 Email: karnold@meyeroil.com Phone: (717) 273-8544 13. Morgan Lewis & $166,900 Bockius, LLP P.O. Box 8500 S-6050 Philadelphia, PA 19178-6050 Email: cashapplication@morganlewis.com Phone: (212) 309-6000 14. NWH-Industrial $97,151 Timber & Lumber P.O. Box 74008129 Chicago, IL 60674-8129 Email: nicole.hawkin@nwh.com Phone: (800) 829-9663 15. Petro Choice LLC $105,040 P.O. Box 737894 Dallas, TX 75373-7894 Email: accountsreceivable@ petrochoice.com Phone: (800) 451-5823 16. Readaptive Services $173,861 P.O. Box 102547 Pasadena, CA 91189-2547 Email: ar@redaptive.com Phone: (713) 679-0109 17. Tanner Lumber Company $97,116 P.O. Box 1637 Elkins, WV 26241 Email: justin@tannerlumber.com Phone: (304) 636-1088 18. Thunder Staffing, Inc. $453,212 5014 E. State Boulevard Fort Wayne, IN 46815 Email: accounts.receivable@ thunderstaffing.us Phone: (260) 263-5793 19. White Oak Sawmill, LLC $104,799 964 Eisenberger Road Strasburg, PA 17579 Fax: 717-687-9465 717-687-0888 20. York Saw & Knife Company $95,258 295 Emig Road York, PA 17406 Email: apeeling@yorksaw.com Phone: (800) 233-1969 WILLIAMSON ENERGY: Summary Judgment in Mitchell/Roberts Upheld -------------------------------------------------------------- Justices Michael McHaney, Barry L. Vaughan and Amy Sholar of the Appellate Court of Illinois, Fifth District, affirmed the award of summary judgment by the Circuit Court of Williamson County in favor of Williamson Energy, LLC where: (1) counterclaim was not barred by judicial estoppel; (2) reorganized debtor had standing; (3) no error in establishing judicial admissions was shown; (4) mitigation agreements and releases signed by partners bound the partnership; (5) no abuse of discretion in allowing counterclaim plaintiff to amend its counterclaim to include the partners individually was shown; (6) no error in denying motions for clarification and reconsideration was shown; (7) counterclaim defendant was not denied right to a trial; and (8) no abuse of discretion in award of attorney fees was shown. The appellants are: -- Mitchell/Roberts Partnership, an Illinois general partnership, -- Reba L. Mitchell, trustee and beneficiary of the Robert H. Mitchell Residual Trust, -- Carl Inman, independent executor of the estate of Russell J. Inman, deceased, -- Carol Dean Crabtree, -- Nelda Baldwin, personal representative of the estate of Beverly B. Adams, deceased, -- Nelda Baldwin, personal representative of the estate of Katherine Baldwin, deceased, -- David Senseney, executor of the estate of Margueritte Boos, deceased, and -- Cedar Crest Minerals, LLC. The Partnership, as appellants, appeal these following orders: -- the circuit court's grant of summary judgment in favor of appellee Williamson Energy, LLC, and against the Partnership dated Feb. 9, 2024; -- the order awarding attorney fees to Williamson Energy in the amount of $2,929,814.28; -- the order granting Williamson Energy's bill of costs; -- the order denying the Partnership's motion to reconsider; -- the order denying the Partnership's motion for clarification; -- the order granting summary judgment in favor of Williamson Energy dated Sept. 14, 2023; -- the order establishing judicial admissions; a portion of the order dated July 21, 2022, striking paragraphs 6, 7, 9, and 10 of Robin Kee Williams' affidavit; -- the order denying the Partnership's combined motion to dismiss Williamson Energy's second amended counterclaim pursuant to section 2-619.1 of the Code of Civil Procedure (735 ILCS 5/2-619.1 (West 2022)) as to counts I and II via docket entry dated March 1, 2022; and -- the entirety of the order resolving the Partnership's motion to dismiss, including, but not limited to, those portions of said order which denied its section 2-619 motion for dismissal. The Partnership requests that the circuit court's orders be reversed; that said summary judgment and orders be vacated; and the case be remanded to the circuit court with directions to enter judgment in their favor, or, in the alternative, that said judgment and orders be reversed and the case be remanded for a trial on all issues. This appeal involves two mitigation agreements and releases signed by Robin Lynne Kee Williams and John Milo Kee (siblings who are collectively referred to as "the Kees" and counterclaim defendants in the action filed by Williamson Energy). The Kees were general partners in the Partnership at the time they signed the documents. The circuit court concluded these agreements waived all claims for subsidence damage arising from Williamson Energy's mining operations. At summary judgment, the circuit court found the Partnership and the partners had breached the agreements by filing suit on claims they had waived. The circuit court also found that under the agreements, Williamson Energy was entitled to attorney fees. After a hearing to determine reasonable attorney fees, the circuit court entered judgment in favor of Williamson Energy in the amount of $2,929,814.28. This is the Partnership's second appeal to this court. The original lawsuit began in 2014 with the Partnership's affirmative claims regarding Williamson Energy's rights to mine coal. The Kees were party to the original suit and subsequent appeal. The claims in the first appeal hinged on the construction of 100-year-old deeds known as "the Pierce Deeds" which were divided into Pierce Deeds A, B, C, D, and E. The Pierce Deeds at issue in this appeal are mineral deeds. Plaintiff Mitchell/Roberts alleges that coal exists above the depth of 125 feet from the surface of the parcels described in the Pierce Deeds and claims ownership of the Shallow Coal, as the successor in interest to grantors George S. Roberts and May Roberts. The individually named plaintiffs are the individual owners of Mitchell/Roberts and allege, in the alternative, that they are the successors in interest to the grantors and have, through two partnership agreements executed in January and March 2015, conveyed their individual interests to Mitchell/Roberts. The issue in the first appeal was whether the Pierce Deeds conveyed subsidence rights to all 127 parcels described in the deeds (as Williamson Energy argued) or to only a handful of the parcels (as the Partnership and its partners argued). In the initial case, the circuit court granted summary judgment in favor of Williamson Energy, holding the Pierce Deeds, including Parcel No. 68 at issue in the instant case, unambiguously conveyed subsidence rights to all 127 parcels. On appeal, this court affirmed, and that portion of the case is resolved and final. On March 10, 2020, during the pendency of the appeal, Williamson Energy and 30 affiliated entities commenced Chapter 11 bankruptcy proceedings. On March 30, 2020, the Partnership, through counsel, filed entries of appearance in the bankruptcy proceedings as an unsecured claimant. As a result, the Partnership received all notices and disclosures filed by Williamson Energy. On April 9, 2020, the Debtors, including Williamson Energy, filed their disclosure statement for Joint Chapter 11 Plan of Reorganization. The disclosure statement provided that the debtors would reorganize as the reorganized debtors, who would retain all rights to all causes of action and that all causes of action shall vest in the reorganized debtors. On April 13, 2020, each of the debtors, including Williamson Energy, filed their respective schedules of assets and liabilities and statements of financial affairs, which they refiled on April 28, 2020. On May 20, 2020, Williamson Energy and the other Debtors filed their consolidated Chapter 11 Plan, which they subsequently amended with a plan supplement. On May 26, 2020, the Partnership filed a general unsecured claim and an administrative expense claim in the amount of $899,604,300 against Williamson Energy related to the same claims the circuit court had already decided against them. Williamson Energy opposed those claims, and the bankruptcy court subsequently rejected them in their entirety on May 21, 2021. On June 24, 2020, the bankruptcy court confirmed the Debtors' Chapter 11 Plan, which became effective on June 30, 2020, whereupon the Debtors successfully emerged from Chapter 11 as the reorganized debtors. The confirmed Chapter 11 Plan, the approved Disclosure Statement, the Chapter 11 Plan Supplement, the Debtors' original Chapter 11 Plan, the disclosure statement for the original Chapter 11 Plan, the first amended Chapter 11 Plan, and the disclosure statement for the first amended Chapter 11 Plan all provided that "the Debtors or the Reorganized Debtors, as applicable, expressly reserve all rights to prosecute any and all Causes of Action against any Entity, except as otherwise expressly provided in the Plan" and "therefore, no preclusion doctrine, including the doctrines of res judicata, collateral estoppel, issue preclusion, claim preclusion, estoppel (judicial, equitable or otherwise) shall apply to such Causes of Action upon, after or as a consequence of the Confirmation or Consummation of the Plan." Following the first appeal, the parties litigated Williamson Energy's second amended counterclaim which sought judgment against the Partnership and the individual partners, including the Kees. This counterclaim hinged on the construction of two mitigation agreements between Williamson Energy and the Kees, who had signed the agreements. The mitigation agreements waived and released claims related to subsidence damage. But the Kees and the Partnership ultimately brought the claims they had expressly waived and released, which the circuit court found implicated the attorney fee provisions contained in the mitigation agreements and releases. The circuit court also found that the attorney fee provisions had been made applicable to all the parcels covered in the Pierce Deeds. The Partnership, and all the partners except the Kees, appeal both the grant of summary judgment and the award of fees. The Partnership argues the circuit court erred in granting summary judgment in favor of Williamson Energy. They maintain that: (1) Williamson Energy's counterclaim was barred by judicial estoppel; (2) the reorganized Williamson Energy lacked standing; (3) the circuit court erred in entering its order establishing judicial admissions; (4) the mitigation agreements and releases signed by the Kees did not bind the Partnership; (5) the circuit court erred in denying its motions for clarification and reconsideration; (6) the circuit court abused its discretion in allowing Williamson Energy to amend its counterclaim to include the partners individually; and (7) the circuit court denied the Partnership its right to a trial. The Partnership also argues that the circuit court abused its discretion in awarding $2,929,814.28 in attorney fees. They maintain that the attorney fees clause is not binding on the Partnership or the partners and that the circuit court erred in allowing nearly $1,398,000 in block-billed time. The Partnership maintains the circuit court erred in rejecting their objections to the attorney fees regarding entries which were made without meaningful descriptions, unallowable travel time, irrelevant projects, and excessive billing rates. Conversely, Williamson Energy maintains the Partnership presented no evidence to dispute the facts supporting its request for summary judgment. Nor did they present any evidence when opposing Williamson Energy's motion to deem certain facts judicially admitted. Instead, in response to both motions, the Partnership made a series of legal arguments regarding standing, judicial estoppel, contract interpretation, and other matters. The Justices conclude, "There was no genuine issue of material fact that would preclude the circuit court's grant of summary judgment in favor of Williamson Energy's second amended counterclaim and find no error with the trial court's adjudication of the attorney fee award. For the foregoing reasons, we affirm the circuit court's judgment." The appellate case is styled MITCHELL/ROBERTS PARTNERSHIP, an Illinois General Partnership; REBA L. MITCHELL, Trustee and Beneficiary of the Robert H. Mitchell Residual Trust; CARL INMAN, Independent Executor of the Estate of Russell J. Inman, Deceased; CAROL DEAN CRABTREE; NELDA BALDWIN, Personal Representative of the Estate of Beverly B. Adams, Deceased; NELDA BALDWIN, Personal Representative of the Estate of Katherine Baldwin, Deceased; DAVID SENSENEY, Executor of the Estate of Margueritte Boos, Deceased; and CEDAR CREST MINERALS, LLC, Plaintiffs-Appellants and Counterclaim Defendants, v. WILLIAMSON ENERGY, LLC, a Delaware Limited Liability Company, Defendant-Appellee and Counterclaim Plaintiff (Robin Lynne Kee Williams and John Milo Kee, Counterclaim Defendants), No. 5-24-0354 (Ill. App. Ct.). A copy of the Court's Order is available at http://urlcurt.com/u?l=Um2WDJ About Foresight Energy Foresight Energy and its subsidiaries -- http://www.foresight.com/ -- are producers of thermal coal, with four mining complexes and nearly 2.1 billion tons of proven and probably coal reserves strategically located near multiple rail and river transportation access points in the Illinois Basin. The Debtors also own a barge-loading river terminal on the Ohio River. From this strategic position, the Debtors sell their coal primarily to electric utility and industrial companies located in the eastern half of the United States and across the international market. Foresight Energy LP and its affiliates sought Chapter 11 protection (Bankr. E.D. Mo. Lead Case No. 20-41308) on March 10, 2020. The Hon. Kathy A. Surratt-States is the case judge. Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel to Foresight Energy; Jefferies Group is acting as investment banker; and FTI Consulting, Inc. is acting as financial advisor. Prime Clerk LLC served as the claims agent. Akin Gump Strauss Hauer & Feld LLP is acting as legal counsel and Lazard Freres & Co. LLC is acting as investment banker to the Ad Hoc Lender Group representing lenders under the first lien credit agreement. Milbank LLP is acting as legal counsel and Perella Weinberg Partners LP is acting as investment banker to the Ad Hoc Lender Group representing crossover lenders under each of the second lien indenture and first lien credit agreement. The Debtors were estimated to have $1 billion to $10 billion in assets and liabilities. X-LASER LLC: Claims to be Paid from Asset Sale Proceeds ------------------------------------------------------- X-Laser, L.L.C., filed with the U.S. Bankruptcy Court for the District of Maryland a Chapter 11 Plan dated July 28, 2025. The Debtor was formed in 2007 to manufacture high powered display laser systems for live entertainment and digital signage applications. The company currently operates out of a leased commercial space at 9115H Whiskey Bottom Road, Laurel, Maryland 20723. Economic turmoil and tariff issues led to a sharp decrease in revenue in late March and April of 2025, X-Laser's busy season. Most companies that manufacture stage lighting increased their prices 15-40% due to tariffs and lighting is a higher priority than lasers, so much of X-Laser's customer base had less funding available for laser products. As a result, it became apparent that the Debtor could not continue its operations without substantial loss. It accordingly consulted with Counsel to discuss the possibility of filing for relief under Chapter 11 of the Bankruptcy Code. The Plan provides for payment of administrative expenses, priority claims, and some secured creditors in full or in part, either in cash or in deferred cash payments, and provides for payments to unsecured creditors in an amount equal to or greater than they would receive in the event of a Chapter 7 liquidation. Funds for implementation of the Plan will be derived from the Debtor's sale of the assets of its business. Class C-1 consists of all allowed general unsecured claims against the Debtor, including any unsecured portion of Class B1 through and including Class B-7. As all of the Debtor's assets are to be sold, any sums received shall be paid to the Class B-1 creditor in satisfaction of the secured portion of its claim, and the Debtor shall thereupon cease its business operations, no distributions shall be made to the Class C-1 creditors, the value of the property to be distributed under the Plan during the three years following confirmation not being less than the projected disposable income of the Debtor. This class is impaired. Funds for implementation of the Plan will be derived from the sale (the "Sale") of all of the Debtor's assets (the "Assets") to X Laser USA, LLC, 6122 S. Eastern Avenue, Los Angeles, CA 90040 pursuant to the Asset Purchase Agreement attached and incorporated herein as Exhibit C (the "Agreement"). The proposed purchase price is $266,922.50, representing both the stated value of the Assets and, in Debtor's belief, the highest and best offer available. As indicated in the Agreement, the Sale includes the retention of existing employees of the Debtor at their current salary and benefits (including accrued paid time off) and the assumption of the Debtor's lease with the Class B-8 creditor. It is anticipated that, because of the lien of the Class B-1 creditor, all net proceeds from the Sale will be paid to the Class B-1 creditor, with no distributions made to any other class of creditors. As reflected by the treatment of creditors, the Sale shall be free and clear of all liens except the stripped-down lien of the Class B-1 creditor. The Sale shall occur no later than 30 days after the Effective Date. Confirmation of this Plan shall constitute approval by the Court of the Sale pursuant to Section 363 of the Bankruptcy Code, and assumption of the Agreement pursuant to Section 365 of the Bankruptcy Code. A full-text copy of the Chapter 11 Plan dated July 28, 2025 is available at https://urlcurt.com/u?l=qF64wM from PacerMonitor.com at no charge. Counsel to the Debtor: Brett Weiss, Esq. The Weiss Law Group, LLC 8843 Greenbelt Road, Box 299 Telephone: (301) 924-4400 Facsimile: (240) 627-4186 Email: brett@BankruptcyLawMaryland.com About X-Laser L.L.C. X-Laser, L.L.C. designs and supplies laser light show systems and related support services for a range of users, from mobile DJs to major entertainment companies like Disney. Since 2007, the Company has offered touring-grade and entry-level laser projectors, including versatile models like the LaserCube and specialty series such as Aurora, along with advanced products like the Radiator and Ether Dream 4. X-Laser also provides training and resources to help clients enhance their live production setups. The Debtor sought protection under U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-15178) on June 7, 2025. In the petition signed by Adam Raugh, managing member, the Debtor disclosed $257,408 in assets and $3,293,527 in liabilities. Judge David E. Rice oversees the case. The Debtor is represented by Brett Weiss, Esq., at The Weiss Law Group, LLC. ZEN JV: Seeks to Hire Omni Agent Solutions as Administrative Agent ------------------------------------------------------------------ Zen JV, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Omni Agent Solutions, Inc. as administrative agent. The firm will provide these services: (a) assist with, among other things, solicitation, balloting and tabulation of votes, and prepare any related reports, as required in support of confirmation of a Chapter 11 plan, and in connection with such services, process requests for documents from parties in interest; (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, if requested; (e) manage and coordinate any distributions pursuant to a Chapter 11 plan; and (f) provide such other processing, solicitation, balloting, and other administrative services described in the Engagement Agreement. Prior to petition date, the firm received a retainer of $50,000 from the Debtors. Paul Deutch, an executive vice president of Omni Agent Solutions, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul H. Deutch Omni Agent Solutions Inc. 5955 De Soto Ave., Suite 100 Woodland Hills, CA 91367 Telephone: (818) 906-8300 Facsimile: (818) 783-2737 Email: lacontact@omniagnt.com About Zen JV, LLC Zen JV, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-11195) on June 24, 2025, listing $50,000,001-$100 million in assets and $100,000,001-$500 million in liabilities. Zachary I. Shapiro, Esq. at Richards, Layton & Finger, P.A represents the Debtor as counsel. [] Keenan Auction to Sell North Deering Property on August 15 ------------------------------------------------------------- Keenan Auction Company will hold an auction on Aug. 15, 2025, at 11:00 a.m., for the sale of North Deering Residential Development land located at 1 Hope Avenue, Portland, Maine. Further information regarding the sale contact: Keenan Auction Company Inc. Attn: Richard J. Keenan 2063 Congress Street Portland, ME 04102 Tel: 207-885-5100 E-mail: info@keenanauction.com ********* 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. 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