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250813.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, August 13, 2025, Vol. 29, No. 224 Headlines 137 FALMOUTH: Seeks Chapter 11 Bankruptcy in New York 202-204 OCEAN: Seeks to Extend Plan Exclusivity to March 3, 2026 2022 WEST 36TH: Unsecureds Will Get 1% of Claims in Plan 4 POINTS TOWING: Seeks Subchapter V Bankruptcy in Delaware 7Q59 AMHERST: Amends Several Secured Claims Pay Details A.Z.N. REALTY: Lender Seeks to Prohibit Cash Collateral Access ACCESS CIG: S&P Alters Outlook to Stable, Affirms 'B' ICR ACQUISITION INTEGRATION: Seeks $3MM DIP Loan From NOVO Tech ADVENT AIR: Unsecured Creditors to Split $50K over 60 Months AEROFARMS INC: Boosts Finances via New Equity, Debt Restructuring ALBERT WHITMAN: Court Extends Cash Collateral Access to Sept. 6 ALEXANDER PLASTICS: Seeks Subchapter V Bankruptcy in Texas AMERICAN FORKLIFT: Unsecureds to be Paid in Full in Sale Plan ANASTASIA HOLDINGS: S&P Downgrades ICR to 'D' on Missed Payments ANNALEE DOLLS: Seeks to Extend Plan Exclusivity to November 6 ANTONIO MUNOZ: Seeks Subchapter V Bankruptcy in Texas ARCHDIOCESE OF NEW ORLEANS: Updates Restructuring Plan Disclosures ARP HOSPITALITY: Gets Interim OK to Use Cash Collateral ARP HOSPITALITY: Seeks to Hire OMNI 360 Advisors LLC as Accountant ASSURE AFFORDABLE: Seeks Chapter 11 Bankruptcy in Michigan ATLANTIC GOLF: Seeks to Hire Memoli & Company PC as Accountant ATM AFFILIATES: Unsecureds to Get 100 Cents on Dollar in Plan AWS HOSPITALITY: Taps Craig Shaffer and Associates as Accountant AWS HOSPITALITY: Taps Crane Simon Clar & Goodman as Attorney AXIS INTERNATIONAL: S&P Rates 2025 School Revenue Bonds 'BB' B & W ENTERPRISES: Case Summary & Five Unsecured Creditors BAR K: Seeks Chapter 7 Bankruptcy After Closure BEAMES ENTERPRISES: Unsecured Creditors to Split $9K in Plan BRIDGE PLAZA: Seeks to Hire Stark & Stark PC as Special Counsel BRIGHT HORIZONS: Moody's Rates New Sec. First Lien Term Loan 'Ba3' BUILT TO LAST: Gets Final OK to Use Cash Collateral CAMBER ENERGY: Swings to $4.37 Million Q2 Net Income CANADA GOOSE: Moody's Rates Proposed $300MM 1st Lien Loan 'B1' CANNABITION LLC: Unsecured Claims Under $1K to Recover 75% in Plan CELSIUS NETWORK: Cadwalader's Fee Bid in Mashinsky Case Slammed CELSIUS NETWORK: Court Narrows Claims in Falba, et al. Case CHANDON LTD: Unsecureds Last to Be Paid in Subchapter V Plan CHARTERCARE HEALTH: S&P Affirms 'BB-' 2025A/B Revenue Bonds Rating CLAIRE'S HOLDINGS: Clark Hill Files Rule 2019 Statement CLIFFWOOD DEVELOPMENT: $17.1M Sale to the Tsai Family to Fund Plan CROSSKIX LLC: Gets Interim OK to Use Cash Collateral Until Sept. 3 D AND B PHARMACY: Unsecureds Will Get 1% of Claims in Sale Plan DANNIKLOR ENTERPRISES: Gets OK to Use Cash Collateral Until Oct. 28 DANNIKLOR ENTERPRISES: Unsecureds to Split $7,500 over 5 Years DEQSER LLC: Plan Exclusivity Period Extended to November 6 DIOCESE OF NEW ORLEANS: Court Okays Settlement Voting Materials DOCKSIDE AT VENTURA: Taps Latham Luna Eden as Bankruptcy Counsel DP LOUISIANA: Court Extends Cash Collateral Access to Sept. 1 DUNCAN RENTAL: Gets Interim OK to Use Cash Collateral ELETSON HOLDINGS: Cypriot Nominees Violated Stay Relief Order ENERGY TRANSFER: S&P Rates Junior Subordinated Notes 'BB+' FAIRFIELD SENTRY: Bank Vontobel Loses Bid to Dismiss Case FINS UP: Unsecured Creditors to Get Share of Income for 3 Years FIRST QUANTUM: Fitch Alters Outlook on 'B' LongTerm IDR to Stable FIRST STUDENT: Fitch Rates Proposed New Term Loans 'BB+' FIRST STUDENT: Moody's Rates New First Lien Bank Loans 'B1' FREEDOM MORTGAGE: Moody's Rates New $500MM Unsecured Notes 'B2' FTX TRADING: Customers Move to Bolster Case Against Fenwick & West FWAK LLC: Seeks Chapter 11 Bankruptcy in Washington GABHALTAIS TEAGHLAIGH: Court OKs 283 West Property Sale to H. Cohen GABHALTAIS TEAGHLAIGH: Newton Property Sale to Howard Cohen OK'd GABHALTAIS TEAGHLAIGH: Weymouth Property Sale to 193 Randolph OK'd GLOBAL CLEAN: Emerges from Chapter 11 as Grapevine Energy GREATER LIGHT: Seeks Chapter 11 Bankruptcy in California GRUPO AEROMEXICO: DOJ Supports Delta Alliance Breakup H & H ENTERPRISES: $5K Unsecured Claims to be Paid in Full in Plan HADLOCK ENTERPRISES: Gets Final OK to Use Cash Collateral HAYWARD HOLDINGS: S&P Alters Outlook to Positive, Affirms 'BB' ICR HIGHLAND CAPITAL: Court Tosses Dugaboy Appeal in Adversary Case HO WAN KWOK: Court Holds Mei Guo in Civil Contempt of Injunction HOWARD MIDSTREAM: Fitch Rates Proposed Sr. Unsecured Notes 'BB-' HOWARD MIDSTREAM: Moody's Rates New Senior Unsecured Notes 'B1' HUDSON SQUARE: Hires McManimon Scotland & Baumann as Attorney I V SUPPORT: Gets Interim OK to Use Cash Collateral IMG HOLDINGS: Case Summary & 20 Largest Unsecured Creditors IRWIN NATURALS: FitLife Brands Closes $42.5M Bankruptcy Acquisition JAZI KAT: Travelers Can't Extend Deadline to File Amended Pleadings JOE'S PIZZA: Has Deal on Cash Collateral Access JSG I: S&P Affirms 'B-' Issuer Credit Rating, Outlook Stable KAHN PROPERTY: Case Summary & 10 Unsecured Creditors KATIE KAHANOVITZ: Seeks to Extend Plan Exclusivity to October 24 KDC/ONE DEVELOPMENT: Moody's Rates Upsized 1st Lien Term Loan 'B3' KIDZ TYME: Voluntary Chapter 11 Case Summary KRONOS WORLDWIDE: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable KUBERA HOTEL: To Sell Hotel Property to Goldfin Ventures for $17MM LA NOTTE VENTURES: Court Extends Cash Collateral Access to Sept. 3 LASERCYCLE INC: Case Summary & 19 Unsecured Creditors LEFEVER MATTSON: Hires Marcus & Millichap as Real Estate Broker LEXINGTON BLUE: Lender Seeks to Prohibit Cash Collateral Access LI-CYCLE HOLDINGS: Sells Certain Subsidiaries & Assets to Glencore LIFE TIME: Moody's Upgrades CFR to B1 & Alters Outlook to Stable LINDBLAD EXPEDITIONS: Moody's Rates New Senior Secured Notes 'B3' LINQTO INC: Bankruptcy Case to Stay in Texas Court MAJAB DEVELOPMENT: Unsecureds to Split $20K in Liquidating Plan MAMBA PURCHASER: S&P Rates New $910MM First-Lien Term Loan B 'B' MARFA CABINETS: Case Summary & 20 Largest Unsecured Creditors MATCH GROUP II: Moody's Rates Proposed Sr. Unsecured Notes 'Ba2' MEMORIAL GLEN: Voluntary Chapter 11 Case Summary MEMPHIS MADE: Seeks Chapter 11 Bankruptcy in Tennessee METATRON HEALTH: Gets Extension to Access Cash Collateral MEYER BURGER: Committee Hire Fox Rothschild LLP as Legal Counsel MID SOUTH MATTRESS: Seeks to Hire RMR Legal PLLC as Legal Counsel MORTGAGE UNITY: Unsecureds Will Get 19.75% Dividend over 4 Years MOUNTAIN VIEW: To Sell Mountain View Mall to True Equity for $10.8M MY JOB MATCHER: Seeks to Hire Ordinary Course Professionals NAPA FORD: Gets Interim OK to Use Cash Collateral NEWBURN LAW: Amends Plan to Include SBA Secured Claim Pay NEWELL BRANDS: Fitch Affirms & Then Withdraws 'B+' IDR NEXUS BUYER: Moody's Alters Outlook on 'B2' CFR to Negative NIKOLA CORP: Hyroad Energy Buys 113 Trucks in Bankruptcy Auction NORTHVOLT AB: Speeds Batteries Production Before Halting Operations OASIS INTERIORS: Case Summary & Nine Unsecured Creditors ODS INC: Court Amends Cash Collateral Order OFF LEASE: Prelim. Injunction Bid in Johnson v. Ally Denied OMIMEX PETROLEUM: Seeks 90-Day Extension of Plan Filing Deadline PIVOT OPERATIONS: Unsecureds to Get $1,200 per Month for 36 Months POWIN LLC: FlexGen Buys Assets in Bankruptcy Sale PROAMPAC PG: Fitch Assigns 'B' LongTerm IDR, Outlook Stable PROAMPAC PG: Moody's Affirms 'B3' CFR, Outlook Remains Negative QNITY ELECTRONICS: Fitch Assigns 'BB+' LongTerm IDR, Outlook Stable QNITY ELECTRONICS: S&P Rates New $1.5BB Secured Notes 'BB+' QUEST SOFTWARE: Sets Up 3.5-Tier Loan in 2nd Debt Shake-Up RED ROCK: Court OKs Deal on Cash Collateral Access REFRIGERATION TECHNOLOGIES: Gets Extension to Use Cash Collateral RENT-A-CHRISTMAS: Seeks Cash Collateral Access RMKD LIQUORS: Unsecured Creditors to Get Nothing in Sale Plan ROCK HOME: Claims to be Paid from Asset Sale Proceeds RSTZ TRANSPORT: Court OKs Tractor Sale to William Robinson for $95K SABRE INDUSTRIES: S&P Affirms 'B' ICR, Outlook Stable SAMYS OC: Seeks to Extend Plan Exclusivity to August 30 SETON EDUCATION: S&P Affirms 2021A/B Long-Term Revenue Bonds 'BB+' SRX CANADA: Seeks Creditor Protection Under CCAA STARWOOD PROPERTY: S&P Rates New $500MM Sustainable Term Loan 'BB' STERLING GARDENS: Hires McManimon Scotland & Baumann as Attorney SUMMIT PROTECTIVE: Gets Interim OK to Use Cash Collateral SUNOCO LP: Moody's Confirms 'Ba1' CFR & Alters Outlook to Stable SURF 9: Seeks to Hire Rocke McLean & Sbar as Special Counsel TAP-TEE REALTY: Voluntary Chapter 11 Case Summary TELLICO RENTALS: Court Extends Cash Collateral Access to Aug. 31 TENEO HOLDINGS: Moody's Withdraws 'B2' CFR Following Debt Repayment TERRAFORM LABS: Founder Expected to Plead in $40B Fraud Case TPI COMPOSITES: Begins Chapter 11 Process w/ $82.5MM DIP Loan TPI COMPOSITES: Case Summary & 30 Largest Unsecured Creditors TPI COMPOSITES: Files for Chapter 11 Bankruptcy TRANSDIGM INC: S&P Rates New Sr. Secured Term Loan and Notes 'BB-' TRAVEL + LEISURE: Fitch Rates New $500MM 2033 Secured Notes 'BB+' TRIMONT ENERGY GIB: Gets Extension to Access Cash Collateral TRIMONT ENERGY LIMITED: Gets Extension to Access Cash Collateral TRIMONT ENERGY NOW: Gets Extension to Access Cash Collateral TZADIK SIOUX: Seeks to Extend Plan Exclusivity to October 6 UNITED PROPERTY: Case Summary & 14 Unsecured Creditors UNRIVALED BRANDS: Seeks to Extend Plan Exclusivity to December 3 UTICA TOWNSHIP: Hires Seiller Waterman LLC as Bankruptcy Counsel VILLAGES HEALTH: Hires Stretto Inc as Administrative Advisor VILLAGES HEALTH: Seeks to Hire Goodwin Procter as Special Counsel VILLAGES HEALTH: Seeks to Hire Ordinary Course Professionals VITAL PHARMACEUTICALS: Founder Faces Filings Ban Over Fake AI Cases VOYAGER DIGITAL: MCB Wins Bid to Dismiss Case Under Rule 12(b)(6) VSM PROPERTIES: Gets One-Month Extension to Use Cash Collateral W.R. GRACE: Fitch Affirms 'B' IDR & Rates New Term Loan 'BB' W.R. GRACE: Moody's Rates New $500MM First Lien Term Loan 'B2' WATER ENERGY: To Sell Snyder Property to Summer Moon for $330K WEABER INC: Gets Interim OK to Use Cash Collateral WEBB FAMILY: Unsecureds to Get Share of Income for 3 Years WHITNEY OIL & GAS: Gets Extension to Access Cash Collateral WORK 'N GEAR: Hires KCP Advisory Group as Financial Advisor WORK 'N GEAR: Hires Larry Nusbaum of Alvinder as Interim President WORK 'N GEAR: Seeks to Hire A.Y. Strauss LLC as Bankruptcy Counsel ZUCKERMAN FAMILY: Court to Consider Remand First Before Dismissal ********* 137 FALMOUTH: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------- On August 6, 2025, 137 Falmouth Street LLC filed Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports $1,281,790 in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About 137 Falmouth Street LLC 137 Falmouth Street LLC is a real estate lessor that owns a single-family residence at 137 Falmouth Street in Brooklyn, New York, listed as Block 8749 Lot 311. The property is currently valued at $1.3 million. 137 Falmouth Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43810) on August 6, 2025. In its petition, the Debtor reports total assets of $1,300,016 and total liabilities of $1,281,790. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Charles Wertman, Esq. at LAW OFFICES OF CHARLES WERTMAN P.C. 202-204 OCEAN: Seeks to Extend Plan Exclusivity to March 3, 2026 ---------------------------------------------------------------- 202-204 Ocean Ave Holdings LLC asked the U.S. Bankruptcy Court for the Eastern District of New York to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 3, 2026 and May 4, 2026, respectively. This is the Debtor's first request for an extension of the exclusivity periods. It is self-evident that the Debtor is not seeking these extensions to artificially delay the conclusion of this chapter 11 case or to hold creditors hostage to an unsatisfactory plan proposal. Simply put, at this juncture, the Debtor simply needs time to reorganize its business operations, to reach an agreement with DLJ Mortgage Capital, Inc., Selene Finance LP, to obtain Court approval for the settlement terms and to file a feasible plan of reorganization and disclosure statement, offering treatment to all creditors of the estate. The Debtor explains that an extension of the exclusive periods will give the company a reasonable opportunity to negotiate and obtain confirmation of a consensual plan with its creditors. Further, the Debtor needs the requested extended period in order for all parties to file their respective claims within the deadlines to be established by the Court and for the Debtor to review said claims once filed. The Debtor claims that the requested extensions of the exclusivity period to file a plan and disclosure statement will not harm any economic stakeholder. Rather, the time will be used to negotiate a resolution of claims file in this case, in order to propose feasible plan and disclosure statement, meeting the requirements of Section 1125 of the Bankruptcy Code. The Debtor believes that sufficient cause exists to support the requested extensions of the exclusive periods. 202-204 Ocean Ave Holdings LLC is represented by: Alla Kachan, Esq. Law Offices of Alla Kachan, PC 2799 Coey Island Avenue, Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 About 202-204 Ocean Ave Holdings LLC 202-204 Ocean Ave Holdings LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42218) on May 8, 2025, listing up to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Nancy Hershey Lord presides over the case. Alla Kachan, Esq. at Law Offices Of Alla Kachan P.C. represents the Debtor as counsel. 2022 WEST 36TH: Unsecureds Will Get 1% of Claims in Plan -------------------------------------------------------- 2022 West 36th Avenue, LLC filed with the U.S. Bankruptcy Court for the District of Colorado a Disclosure Statement to accompany Plan of Reorganization dated August 6, 2025. The Debtor is a Colorado limited liability company who purchased a single family residence in Denver, Colorado in June 2022 for the sole purpose of redeveloping it into a two-unit residence. After acquiring the real property located at 2022 West 36th Avenue, Denver, Colorado 80211 ("Property"), the Debtor hired professionals to survey the Property, design the new building, and develop architectural plans. By the time the Debtor received building permits, the market drastically changed, and the financials made it impossible for the Debtor to continue to pursue redevelopment. The values of real property in the area plunged and there was insufficient equity to attract the right type of investor. As a result, the potential resale of the intended redeveloped property no longer supported the costs of redevelopment. The Debtor could not sell the Property for a price high enough to cover costs. The lender started foreclosure proceedings, and in an effort to protect its interest in the Property, and provide additional time to sell or find a new investor, the Debtor sought protection under Chapter 11 of the Bankruptcy Code on May 8, 2025. The Debtor has been developing a strategy to bring as much value to its creditors. The Debtor hired a broker, Hollermeir Realty, to market and sell the Property. The Court denied the application to employ the broker and the Debtor intends to refile the application to employ with additional information. The Plan provides for the sale or refinance of the Property. If the Debtor is unable to sell or refinance within 365 days of the Effective Date of the Plan, the Debtor shall surrender the Property to 7400, LLC within 380 days of the Effective Date of the Plan though a deed in lieu of foreclosure. If the Debtor is able to sell or refinance the Property, any net proceeds shall be disbursed according to the terms of the Plan. Class 3 consists of General Unsecured Claims. Class 3 is impaired under the Plan. On the later of the closing of the sale of the Property, refinance, or the Effective Date of the Plan, Class 3 Creditors shall receive a pro rata distribution of the sale proceeds remaining after the payment of the Class 1 through 2 Claims and Unclassified Administrative Expenses Claims until paid in full. Based on the anticipated amount of Class 3 Claims and anticipated amount of Unclassified Priority Claims, the Debtor anticipates that unsecured creditors will receive less than 1% on account of their claims. Class 4, Interests held by Equity Interests in the Debtor. Class 4 includes the Equity Interests in Debtor. Class 4 is unimpaired by the Plan. The Debtor's Plan is feasible based upon the sale or refinance of the Property. The biggest risk to creditors is the Debtor's inability to sell or refinance. If the Debtor is not able to sell or refinance within 365 days of the Effective Date of the Plan, it will surrender the Property to 7400, LLC. A full-text copy of the Disclosure Statement dated August 6, 2025 is available at https://urlcurt.com/u?l=pNfcS8 from PacerMonitor.com at no charge. Counsel to the Debtor: Keri L. Riley, Esq. Kutner Brinen Dickey Riley, PC 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Tel: (303) 832-2910 Email: klr@kutnerlaw.com About 2022 West 36th Avenue 2022 West 36th Avenue is a Colorado limited liability company who purchased a single family residence in Denver, Colorado in June 2022. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Col. Case No. 25-12773) on May 8, 2025, listing up to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Michael E Romero presides over the case. Keri L. Riley, Esq. at Kutner Brinen Dickey Riley, P.C. represents the Debtor as counsel. 4 POINTS TOWING: Seeks Subchapter V Bankruptcy in Delaware ---------------------------------------------------------- On August 8, 2025, 4 Points Towing & Roadside Service LLC filed Chapter 11 protection in the District of Delaware. 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 4 Points Towing & Roadside Service LLC 4 Points Towing & Roadside Service LLC provides towing and roadside assistance services across Kent County and surrounding areas in Delaware and Maryland, offering local and long-distance transport for cars, trucks, exotic and classic vehicles, and low-clearance automobiles. The Company also handles light equipment hauling in Dover and along US-13 and DE-1 in Harrington, Milford, and Central Delaware. It operates as a family-owned and locally managed business. 4 Points Towing & Roadside Service LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11491) on August 8, 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 Laurie Selber Silverstein handles the case. The Debtor is represented by Adam Hiller, Esq. at HILLER LAW LLC. 7Q59 AMHERST: Amends Several Secured Claims Pay Details ------------------------------------------------------- 7Q59 Amherst, LLC, submitted an Amended Small Business Plan of Reorganization under Subchapter V dated August 6, 2025. This plan provides for the reinstatement of the mortgages of Greenfield Cooperative Bank, the payment of a substantial portion of, if not the full amount, of a tenants' claim and a utility claim – these two claims would be paid within 30 days of Court approval of the plan, and Greenfield Cooperative Bank would continue to receive monthly payments and payments of arrears. Arianna Ketchakeu, Penelope Hosley and Kalyani Kortright ("Ketchakeu, et al") filed a proof of claim in the amount $65,990.27. It claims a security interest based on a prejudgment attachment. Judgment has entered in this case. This is the result of a landlord tenant dispute in the Housing Court, Western Division, Docket No. 22cv00438 under Proof of Claim Docket No. 3. It regarded asserted improper eviction efforts. The Debtor was not represented for significant portions of the case. The Debtor and Ms. Dole have filed an appeal of the Judgment entered. Class 1 consists of any claims owed to the Greenfield Cooperative Bank. The claim of Greenfield Cooperative Bank, under Section 1124(2)(B) of the Bankruptcy Code will be cured and reinstated, with the interest rate returning to the non-default interest rate as of September, 2024, as follows: (i) immediate payment of $25,000.00 against any arrears, (ii) payments of $25,000.00 upon the anniversary of the Effective Date of the Confirmation of this Plan, and (iii) continued payments of the mortgage obligations owed to Greenfield Cooperative Bank under the (non) default terms of the mortgage obligations. The Debtor believes that this treatment is proper under Section 1123(a)(5)(G) of the Bankruptcy Code (which permits a plan's implementing terms "curing or waiving of any default", and Greenfield Cooperative Bank is not impaired as Section 1124(2)(A) of the Bankruptcy Code excludes impairment if the plan "cures any such default that occurred before or after the commencement of the case," while Section 1124(2)(B) of the Bankruptcy Code further permits the plan "reinstate[ing] the maturity of such claim or interest as such maturity existed before such default." Class 3 consists of the claim of Ketchakeu, et al. The claim of Ketchakeu, et al shall receive the choice of one of the following: (i) payment of $25,000 in full satisfaction of the entire claim (in full satisfaction of the claim against the Debtor or any third party, to be paid on the Effective Date, or (ii) five yearly payments of $5,000.00 each, commencing upon the one-year anniversary of the Effective Date, with the claimant reserving her full rights against any third parties. Ketchakeu, et al, must make the choice for treatment of the claim in writing by the date that its ballot is due; if no choice is designate, it will be deemed to have accepted the first choice. This Plan will be funded from cash on hand, working capital, cash from ongoing business operations, and contributions from Xian Dole, the Debtor's manager and beneficial interest holder. The Debtor will continue to operate in the ordinary course of business. Pursuant to Section 1190(2) of the Code, the Plan provides for the submission of all or such portion of the future earnings of the Debtor as is necessary for the execution of the Plan. To the extent necessary, the Debtor's principal, Xian Dole, will make additional contributions to account for any shortfalls. Pursuant to the Debtor's Financial Projections, the Debtor's projected Disposable Income will be used to make payment distributions under the Plan; after payment of operating expenses, the Debtor will use most, if not all of its disposable funds to pay Greenfield Cooperative Bank mortgage payments. The Debtor believes that its forecast is a reasonable reflection of its past and anticipated future performance. A full-text copy of the Amended Plan of Reorganization dated August 6, 2025 is available at https://urlcurt.com/u?l=r4aP3M from PacerMonitor.com at no charge. Counsel for the Debtor: Louis S. Robin, Esq. Law Offices of Louis S. Robin 1200 Converse Street Longmeadow, MA 01106 Tel. (413) 567-3131 Fax (413) 565-3131 Email: louis.robin@prodigy.net About 7Q59 Amherst LLC 7Q59 Amherst, LLC is a Massachusetts limited liability company that was initially founded on August 4, 2017. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-30150) on March 17, 2025, listing up to $10 million in both assets and liabilities. Xian Dole, manager of 7Q59 Amherst, signed the petition. Judge Elizabeth D. Katz oversees the case. Louis S. Robin, Esq., at Law Offices of Louis S. Robin, represents the Debtor as bankruptcy counsel. A.Z.N. REALTY: Lender Seeks to Prohibit Cash Collateral Access -------------------------------------------------------------- Flushing Bank asked the U.S. Bankruptcy Court for the Eastern District of New York to prohibit A.Z.N. Realty LLC from using cash collateral and require adequate protection in the form of periodic payments and replacement liens. The Bank argued that A.Z.N. Realty, which filed for Chapter 11 on May 13, has been using cash collateral in violation of the Bankruptcy Code, specifically 11 U.S.C. section 363(c)(2), as the Bank has not consented to its use and the Debtor has not sought court approval. The Debtor's obligations stem from a $6.8 million loan made in 2018, secured by a mortgage on income-producing real property located at 13 East 27th Street in New York City. Abraham Nahamias, the Debtor's sole member and an insider, guaranteed the loan. Despite generating over $550,000 in annual rental income, the Debtor defaulted on loan payments in March 2023. Two subsequent forbearance agreements dated June 30, 2023, and March 29, 2024 were also breached, leading to the Bank initiating a foreclosure action in March 2024. A Consent Judgment of Foreclosure and Sale was entered in January 2025, and a foreclosure auction was scheduled for May 14. However, the bankruptcy filing stayed that sale. Flushing Bank now holds a secured claim of over $9 million and maintains a perfected first lien on the property and its rental income, which qualifies as "cash collateral." The Bank objected to the Debtor's proposed use of over 50% of that income for questionable and unauthorized expenditures, including $17,500 per month in insider payments to Nahamias ($9,000 in management fees and $8,500 in salary), and other payments to unknown or unexplained recipients such as "LoanBuilder," health insurance, and an SBA loan. About A.Z.N. Realty LLC A.Z.N. Realty LLC owns a commercial office building located at 13 East 37th Street in New York, NY. The Property is improved by an eight story building, occupied by a Chinese restaurant on the ground floor, with eight other tenants occupying various spaces and three currently vacant. A.Z.N. Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42314) on May 13, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Kevin Nash, Esq., at Goldberg Weprin Finkel Goldstein, LLP. Flushing Bank, as lender, is represented by: Frank Dell'Amore, Esq. Jaspan Schlesinger Narendran, LLP 300 Garden City Plaza, 5th Floor Garden City, New Jersey Tel: (516) 393-8289 ACCESS CIG: S&P Alters Outlook to Stable, Affirms 'B' ICR --------------------------------------------------------- S&P Global Ratings revised its outlook on record information management company Access CIG LLC to stable from negative, and S&P affirmed the 'B' issuer credit rating. The stable outlook reflects S&P's expectation that Access' credit metrics should stabilize this year while cash flow benefits from a modest improvement in debt costs. Access' performance has been stabilizing as it executes its growth strategy and eases up on acquisitions. Its EBITDA margin improved to about 45% on a rolling twelve-month basis ended June 30,2025, from slightly over 42% for the same time last year. This was due to good pricing momentum in the physical storage business and increases in Unify AFS subscriptions, partly offset by slightly higher debt from increased lease liabilities. S&P anticipates certain acquisition and integration costs will continue to decrease this year and benefit EBITDA. However, headwinds from a shift from traditional to digital products, which initially have a lower margin, as well as increases in lease costs could modestly weigh on margins. S&P said, "We expect Access will maintain financial policies, including acquisition plans and credit metrics, consistent with the ratings. Its debt to EBITDA improved to about 7.3x as of June 2025 from 7.7x for the same period last year, while FOCF to debt increased to about 4.3% from 3%. We believe credit metrics are likely to stabilize this year before strengthening next year as the company navigates headwinds we consider manageable. Our forecast for the next one to two years doesn't include any material acquisitions, as the timing of such could be uncertain. We expect that credit metrics might temporarily weaken when the company incurs meaningful acquisition-related costs but then rebound to rating-appropriate levels within a few quarters. "We view Access' planned maturity extension and debt repricing as modestly credit positive. The company expects to reduce its interest burden by $20 million-$25 million by lowering the interest rate on the term loan and revolver. We view this as additive to cash flows and providing the company with additional funds to reinvest in the business, whether through organic initiatives or acquisitions. The maturity extension of both the revolver and term loan give flexibility as the company execute operational initiatives. "The stable outlook reflects our belief that despite some potential margin headwinds, credit metrics will remain commensurate for the ratings." S&P could lower its rating on Access if debt to EBITDA is sustained above 7.5x and FOCF to debt is maintained below 3%. This would occur if: -- Organic revenue growth showed signs of decelerating due to pressures resulting from a more pronounced shift away from physical storage or a diminishing competitive position; or -- A ramp-up in acquisition-related activity that increases operating expenses. While unlikely over the next 12 months, S&P could take a positive rating action if Access diversifies and expands its business while sustaining debt to EBITDA below 5.5x and FOCF to debt in the high-single-digit percent area. This could occur if: -- Access commits to a more conservative financial policy, which S&P believes might be unlikely given the financial sponsor ownership and the company's debt-funded growth strategy; and -- The company diversifies operations to offset potential headwinds from the shift away from physical storage. ACQUISITION INTEGRATION: Seeks $3MM DIP Loan From NOVO Tech ----------------------------------------------------------- Acquisition Integration, LLC asked the U.S. Bankruptcy Court for the Northern District of Alabama, Northern Division, for authority to use cash collateral and obtain post-petition financing. The Debtor requested authority to obtain up to $3 million in post-petition financing from NOVO Tech, Inc. through a revolving credit facility, allowing it to borrow approximately $544,882 per month—$500,000 designated for parts and $44,882 for operating expenses. This financing is essential for the Debtor to continue performance under a critical contract with the U.S. Army, known as the MASPO Contract, which involves supplying parts for military aviation systems. The Army has already issued a Notice to Cure due to delays in delivery, and without immediate funding, the debtor cannot fulfill the contract or maintain basic operations such as payroll. The DIP loan will not bear interest unless the debtor defaults. Instead, repayment to the lender will occur through reimbursement for parts and 50% of net revenues from payments received under the MASPO Contract. NOVO Tech will receive a first-priority lien on unencumbered assets and all MASPO-related receivables, and a junior lien on already encumbered assets. The Lender will also hold a super-priority administrative expense claim, superior to all other claims except for a limited carve-out of up to $75,000 for professionals and required U.S. Trustee fees. The proposed order also modifies the automatic stay provisions, allowing the lender to enforce its rights after giving five business days' notice if an event of default occurs. The Debtor also sought approval to use cash collateral and offer adequate protection to pre-petition secured creditors like ServisFirst Bank, which has consented to subordinate its lien on MASPO receivables to the DIP Lender. Pre-petition creditors will receive replacement liens and administrative claims to the extent of any loss in collateral value, although these claims remain subordinate to the DIP Lender's super-priority claim. A court hearing is scheduled for August 20. A copy of the motion is available at https://urlcurt.com/u?l=eWFsiC from PacerMonitor.com. About Acquisition Integration LLC Acquisition Integration, LLC provides logistics, distribution, and technical services to the commercial and military aerospace and vehicle industries. The Company partners with CAP Fleet to produce upfitted police and special service vehicles for the U.S. Government Services Administration. Based in the US, it operates as an SBA-certified HUBZone and Service-Disabled Veteran-Owned Small Business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-81168) on June 10, 2025. In the petition signed by David P. Bristol, member, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Clifton R. Jessup Jr. oversees the case. Stuart Maples, Esq., at Thompson Burton, PLLC, represents the Debtor as legal counsel. NOVO Tech, Inc., as DIP lender, is represented by: Kevin D. Heard, Esq. Heard, Ary & Dauro, LLC 303 Williams Avenue SW, Suite 921 Huntsville, AL 35801 Tel: (256) 535-0817 Email: kheard@heardlaw.com ServisFirst Bank, as secured creditor, is represented by: Wes Bulgarella, Esq. Maynard Nexsen, P.C. 1901 Sixth Avenue North 1700 Regions/Harbert Plaza Birmingham, AL 35203 Tel: (205) 254-1000 Email: wbulgarella@maynardnexsen.com ADVENT AIR: Unsecured Creditors to Split $50K over 60 Months ------------------------------------------------------------ Advent Air Conditioning, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas a Subchapter V Plan of Reorganization dated August 7, 2025. The Debtor is a Texas corporation headquartered in Southlake, Texas. It is engaged in the business of providing heating, ventilation, and air conditioning (HVAC) services to residential and commercial customers. The Debtor's financial distress was caused by a combination of reduced customer revenue, a decline in contractor activity, and outstanding merchant cash advance obligations that interfered with operating liquidity. The Debtor also accrued priority tax debts, which it intends to pay under this Plan. This Plan proposes to pay administrative and priority claims in full over time, pay secured claims pursuant to their collateral value and contractual treatment, and provide general unsecured creditors a pro rata recovery of $50,000 over 60 months from the Debtor's projected monthly net income. Class 4 consists of General Unsecured Claims. Holders of allowed general unsecured claims shall receive a pro rata share of $50,000.00, to be paid over 60 months in equal monthly installments of $833.33, beginning 30 days after the Effective Date. This treatment reflects the Debtor's disposable income during the plan term and exceeds the estimated liquidation value. Class 5 consists of Equity Interests. All equity interests in the Debtor shall be retained by Jared Douglas, the Debtor's sole shareholder. No distributions will be made to equity holders unless all claims in Classes 1 through 4 have been paid in full. The Debtor's monthly operating budget projects net income of approximately $4,900 per month. Plan payments include approximately $738.16 to Class 2, $2,500.00 to Class 3 (estimated), and $1,583.33 to Class 4, totaling approximately $4,821.49. The Debtor's projections demonstrate feasibility of the Plan as required by Section 1129(a)(11) of the Bankruptcy Code. The Debtor shall fund the Plan from ongoing business revenue, and continue its operations as a going concern. The Plan payments will be disbursed by the Debtor in accordance with the confirmed terms and shall be made directly to creditors unless otherwise ordered by the Court. A full-text copy of the Subchapter V Plan dated August 7, 2025 is available at https://urlcurt.com/u?l=js3sZI from PacerMonitor.com at no charge. Counsel to the Debtor: Clayton L. Everett, Esq. Norred Law, PLLC 515 E. Border Street Arlington, TX 76010 Telephone: (817) 704-3984 Email: clayton@norredlaw.com About Advent Air Conditioning Inc. Advent Air Conditioning Inc. is a family-owned HVAC services company based in Lewisville, Texas, serving the greater Dallas Fort Worth area. Established in 1981, the company specializes in AC repair, heating repair, and HVAC system replacements, offering energy-efficient and indoor air quality solutions. Advent Air Conditioning sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41696) on May 9, 2025. In its petition, the Debtor reported total assets of $142,986 and total liabilities of $1,333,818. Judge Mark X. Mullin handles the case. The Debtor is represented by Clayton L. Everett, Esq., at Norred Law, PLLC. AEROFARMS INC: Boosts Finances via New Equity, Debt Restructuring ----------------------------------------------------------------- citybuzz reports that AeroFarms, a pioneer in indoor vertical farming, has strengthened its finances by refinancing debt and securing additional equity to sustain operations in Danville, Va., and fund pre-construction for a second farm. CEO Molly Montgomery highlighted the profitability and scalability of vertical farming, stressing its role in producing nutritious, sustainable local food. According to citybuzz, the restructuring included interim financing from New York-based Siguler Guff and Wilmington, Del.-based Waterside Commercial Finance, which is expected to be replaced later this year by a USDA-guaranteed loan. The refinancing allowed AeroFarms to repay debt to Horizon Technology Finance on more favorable terms, while equity was provided by existing investors such as Grosvenor Food & AgTech (GFA) and Ingka Investments, despite challenging conditions for vertical farming startups, the report related. After filing for Chapter 11 bankruptcy in June 2023, AeroFarms emerged by year-end under Montgomery's leadership, focusing on higher-margin microgreens and streamlining operations—steps that have delivered profitability in recent quarters, the report said. Support from backers like GFA's Stephan Dolezalek reflects confidence in AeroFarms' model and its impact on sustainable agriculture. With its improved financial footing, the company is poised to expand and continue delivering fresh, locally grown greens worldwide, the report states. About AeroFarms Inc. AeroFarms, Inc. is engaged in large-scale commercial indoor vertical farming, using proprietary aeroponic technology to grow differentiated leafy greens products while using up to 95 percent less water and zero pesticides. AeroFarms operates two commercial farms, which are located in Danville, Virginia and Newark, New Jersey, where they also have their Company headquarters. AeroFarms and affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10737) on June 8, 2023. In the petition signed by Guy Blanchard, president and CEO, the Debtor disclosed up to $500 million in assets and up to $100 million in liabilities. Judge Mary F. Walrath oversees the case. The Debtors tapped DLA Piper LLP (US) as general bankruptcy counsel, CloudPoint Capital LLC as investment banker, ICR, LLC as communications and consulting services provider, Omni Agent Solutions as notice and claims agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Fox Rothschild, LLP and Dundon Advisers, LLC serve as the committee's legal counsel and financial advisor, respectively. ALBERT WHITMAN: Court Extends Cash Collateral Access to Sept. 6 --------------------------------------------------------------- Albert Whitman & Company received fourth interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The order penned by Judge Jacqueline Cox authorized the Debtor's interim use of cash collateral until September 6 to pay the expenses set forth in its budget and additional amounts that Republic Business Credit, LLC approves in advance. RBC holds an interest in the Debtor's cash, which constitutes cash collateral. As of the petition date, the Debtor owed RBC at least $208,800.96 under a 2023 purchase agreement, which allows the Debtor to obtain cash to operate its business from the sale of its accounts receivable to RBC. The Debtor's obligation to pay its pre-bankruptcy debt is secured by RBC's liens on substantially all of its property, including receivables (with face value of $714,235 as of the petition date according to the Debtor's April 22 report) and inventory (with book value of $731,589.17 according to the Debtor's March 31 report). As adequate protection, the fourth interim order authorized the Debtor to grant RBC perfected replacement liens on its pre-bankruptcy collateral and any assets acquired by the Debtor after the petition date, to the same extent and with the same priority as RBC's pre-bankruptcy lien. In case the protection granted proves to be insufficient, RBC will have an allowed claim pursuant to Section 507(b) under the Bankruptcy Code, with priority over all other claims. The next hearing is scheduled for September 2. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/MqmtD from PacerMonitor.com. About Albert Whitman & Company Albert Whitman & Company is a 106-year-old children's book publisher based in Park Ridge, Ill. Albert Whitman & Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-06161) on April 22, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Jacqueline P. Cox handles the case. William J. Factor, Esq., is the Debtors legal counsel. Republic Business Credit, LLC, as secured creditor, is represented by: Michael A. Brandess, Esq. Husch Blackwell, LLP 120 South Riverside Plaza, Suite 2200 Chicago, IL 60606 Phone: 312-526-1542 michael.brandess@huschblackwell.com ALEXANDER PLASTICS: Seeks Subchapter V Bankruptcy in Texas ---------------------------------------------------------- On August 6, 2025, Alexander Plastics Inc. filed Chapter 11 protection in the Northern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Alexander Plastics Inc. Alexander Plastics Inc., doing business as Creations Global, manufactures and distributes plastic products and kiosk systems from its facility in Garland, Texas. The Company offers engineered interior systems, mobile fabrication services, and VMS hybrid kiosks for retail and commercial clients. It provides design, prototyping, and engineering support tailored to custom specifications, and also supplies wholesale plastic components to various industries through direct and contract channels. Alexander Plastics Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33013) on August 6, 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 Frances A. Smith, Esq. at ROSS & SMITH, P.C. AMERICAN FORKLIFT: Unsecureds to be Paid in Full in Sale Plan ------------------------------------------------------------- American Forklift Rental & Supply, LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Subchapter V Plan dated August 6, 2025. The Debtor is a Florida Limited Liability Company formed on February 21, 2007. Debtor is engaged in the business of selling and renting forklifts. Debtor services, maintains, and sells parts for forklifts, as well. The Debtor is selling the Real Property shortly after the confirmation of this proposed Plan, pursuant to Section 1123(b)(4) of the Bankruptcy Code (the "Real Property Sale"). Forklifts of Florida, owned by the son of the Debtor's principal intends to make an offer to purchase the Real Property based on a letter of intent it received to finance the purchase of the Real Property. The Debtor has simultaneously retained a real estate broker to list and market the Real Property to ensure that the Real Property is sold at a reasonable price that is sufficient to pay all Allowed Claims. The proceeds of the proposed Real Property Sale are projected to be more than sufficient to satisfy one hundred percent of all filed and scheduled claims, in the estimated total amount of $845,720.68, as soon as reasonably possible after the sale closing and receipt of the sale proceeds into Debtor's account. The tax assessed value of the Real Property is $1,227,342.00. The Real Estate Broker hired by the Debtor set the initial listing price at $3,250,000.00 based on his Broker's Price Opinion conducted on July 1, 2025. This Plan provides for payment to: two class of unsecured, priority claims; two classes of secured claims; two classes of general unsecured claims; and one class of equity security holders. Creditors receiving distributions under the Plan will be paid from the net proceeds of the sale of the Debtor's real property, which has equity greater than its projected cumulative disposable income. This Plan provides for the payment of each class of administrative, priority, secured, and general unsecured claims in full (100%) from the post-confirmation sale of all the Debtor's assets. All creditors with Allowed Claims will be paid from the proceeds of a proposed sale of all the Debtor's real property located at 5387 McLeod Road, Orlando, FL 32804 (the "Real Property") to fund its plan in this case. The Debtor projects that the total amount of all potential Allowed Claims of $898,914.76, will be satisfied from the proposed sale proceeds in full (100%). Since the plan is projected to pay all creditors with Allowed Claims in full (100%), non-priority unsecured creditors, will receive more than such creditors would receive under a hypothetical Chapter 7 liquidation. Class 5 consists of the non-priority unsecured portion of its claim, in the amount of $1,557.71, filed by the Florida Department of Revenue (Proof of Claim No.2- 1). To the extent the Class 5 creditor has an Allowed Claim, it will receive payment in full of its claim from the sale proceeds within fourteen days of the Effective Date of the Plan. Class 5 is impaired. Class 6 consists of the non-priority unsecured portion of its claim, in the amount of $1,963.72, filed by the Florida Department of Revenue (Proof of Claim No. 4-1). To the extent the Class 6 creditor has an Allowed Claim, it will receive payment in full of its claim from the sale proceeds within fourteen days of the Effective Date of the Plan. Class 6 is impaired. Class 11 consists of Joseph Garcia, Jr.'s membership interests, warrants, and equity interests currently issued or authorized in The Debtor. Mr. Garcia shall retain his equity interests after all Allowed Claims are satisfied under the terms of this Plan. The Plan contemplates that upon the Real Property Sale of the Debtor's Real Property. The proceeds from the sale shall be used to pay all creditors one-hundred percent of their Allowed Claims in lump sum payments. A full-text copy of the Subchapter V Plan dated August 6, 2025 is available at https://urlcurt.com/u?l=8LMXfA from PacerMonitor.com at no charge. Counsel for the Debtor: Melissa A. Youngman, Esq. WINTER PARK ESTATE PLANS & REORGS: A PRIVATE LAW PRACTICE PO Box 303 Winter Park, FL 32790 407.765.3427 (t) Email: my@melissayoungman.com About American Forklift Rental & Supply American Forklift Rental & Supply, LLC provides forklift rentals, sales, parts, service, and safety training across Central Florida, including Orlando, Tampa, and surrounding counties. The company offers new and used forklifts in various fuel types and sizes, with flexible rental terms and included maintenance. Headquartered in Orlando, American Forklift Rental & Supply has served the region for over 25 years and remains owner-operated to ensure personalized customer support. American Forklift Rental & Supply sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02765) on May 5, 2025. In its petition, the Debtor reported total assets of $1,280,342 and total liabilities of $890,93. Judge Lori V. Vaughan handles the case. The Debtor is represented by Melissa Youngman, Esq., at Winter Park Estate Plans & ReOrgs. ANASTASIA HOLDINGS: S&P Downgrades ICR to 'D' on Missed Payments ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Beverly Hills, Calif.-based color cosmetics company Anastasia Holdings LLC to 'D' from 'CCC-' and its issue-level rating on the first-lien term loan to 'D' from 'CCC-'. Anastasia entered into a forbearance agreement with lenders on July 25, 2025 related to the principal and interest payment due Aug. 11, 2025, on its $650 million term loan. Subsequently, the company did not make the principal and interest payment on Aug. 11, 2025. S&P views the forbearance agreement and missed payment as tantamount to a default. The downgrade reflects that Anastasia has defaulted on its debt obligations under the forbearance agreement. It also reflects that the company failed to make principal and interest payments due on its first-lien term loan due Aug. 11, which S&P also views as a default. Under the forbearance agreement, the term loan lenders agreed to not exercise certain remedies relating to the nonpayment until Sept 10, 2025. S&P views the transaction as distressed and do not have information on sufficient compensation to lenders for the deferral. In S&P's view, this represents a default on the term loan because Anastasia did not meet its contractual obligation to pay principal and interest in a timely manner. ANNALEE DOLLS: Seeks to Extend Plan Exclusivity to November 6 ------------------------------------------------------------- Annalee Dolls, LLC, asked the U.S. Bankruptcy Court for the District of New Hampshire to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to November 6, 2025 and January 5, 2026, respectively. The Debtor explains that the history of this case suggests that there is a reasonable possibility of a reasonable consensual plan of reorganization based on the distinctly limited value of the property of the estate. To the best of Debtor's knowledge and belief, no alternate, substantial plan has been or will be held off by continuing debtor exclusivity. The Debtor claims that the history and record of this case shows that Debtor has addressed in good faith objections made by parties in interest. It has managed to accommodate most of the concerns expressed by parties in interest. The Debtor asserts that it is not holding any creditors hostage. Debtor has made substantial adequate protection payments to Customers in this case. All other creditors that claim to be secured have tacitly consented to Debtor's use of cash collateral. None of them have filed a pleading in this case, let alone sought relief from the automatic stay. The Debtor further asserts that no creditor or any other party in interest has expressed an interest in filing a plan for the reorganization of Debtor. Should any person wish to file a reorganization plan, this Court could terminate exclusivity following notice and a hearing for good cause proven to the satisfaction of this Court. The Debtor believes that the requested extension will provide enough time for Debtor to gain sufficient insight into the goals and objectives of Debtor's creditors to formulate a plan that responds to them to the extent possible given Debtor's business and the value of the property of the estate. About Annalee Dolls LLC Annalee Dolls, LLC is an American company known for its handcrafted felt dolls that embody holiday themes and whimsical charm. Founded in 1934, the business has become a staple of collectible Americana, with its headquarters and flagship store located in Meredith, New Hampshire. The company continues to attract visitors and collectors with its nostalgic products and scenic gift shop near Lake Winnipesaukee. Annalee Dolls sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10232) on April 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Kimberly Bacher handles the case. The Debtor is represented by: William S. Gannon, Esq. William S. Gannon PLLC Tel: 603-621-0833 bgannon@gannonlawfirm.com ANTONIO MUNOZ: Seeks Subchapter V Bankruptcy in Texas ----------------------------------------------------- On August 7, 2025, Antonio Munoz Aserradero LLC filed Chapter 11 protection in the Eastern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Antonio Munoz Aserradero LLC Antonio Munoz Aserradero LLC is a Texas-based company engaged in sawmills and wood preservation activities. Antonio Munoz Aserradero LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-60480) on August 7, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Michael E Gazette, Esq. at LAW OFFICES OF MICHAEL E GAZETTE. ARCHDIOCESE OF NEW ORLEANS: Updates Restructuring Plan Disclosures ------------------------------------------------------------------ The Roman Catholic Church of the Archdiocese of New Orleans, Additional Debtors, and the Official Committee of Unsecured Creditors submitted a Second Amended Disclosure Statement for the Second Amended Plan of Reorganization dated August 6, 2025. Class 6 consists of the Bond Claims against the Debtor. On the Effective Date, the PostPetition Bond Payments will be treated as payments of principal on the Bonds and applied as provided in Section 4.6(b) to reduce the principal amount owed on the Bond Claims, without prepayment premium or penalty of any kind. On the Effective Date, (i) the principal amount of the Bond Claims shall be reduced, without prepayment premium or penalty, by the total Post-Petition Bond Payments (totaling $9,302,062.50) received from the Debtor, with such Post-Petition Bond Payments treated as payments of principal as provided in Section 4.6(a), (ii) the Bond Trustee's Claim and the Bond Trustee's Professional Fee Claim will receive no recovery under this Joint Plan and will be valued for purposes of this Joint Plan at $0.00, and (iii) any portion of the Bond Claims representing Claims for unmatured, post-petition interest will receive no recovery and will be Disallowed. After the application of such Post-Petition Bond Payments, the determination that the Bond Trustee's Claim and the Bond Trustee's Professional Fee Claim shall receive no recovery, and the Disallowance of any Claim for unmatured, post-petition interest, the Bond Claims will be Allowed, collectively, in the reduced amount of $28,667,937.50. Beginning on the Effective Date, and except to the extent that a Creditor holding an Allowed Bond Claim agrees to less favorable treatment, each Creditor holding an Allowed Bond Claim shall receive, in full and final satisfaction, compromise, settlement, and release of, and in exchange for, such Allowed Bond Claim, its pro rata share of ten annual Cash payments based on the following formula: The product of (i) a fraction with a numerator equal to the Allowed Bond Claims and a denominator equal to all Unsecured Claims against the Debtor that would be paid in the hypothetical chapter 7 case described in the Liquidation Analysis and (ii) the amount available to be distributed to all Unsecured Claims against the Debtor in the hypothetical chapter 7 case described in the Liquidation Analysis. For example, if (i) the Allowed Bond Claims were $29 million, (ii) the total Unsecured Claims (including the Bond Claims) in the Liquidation Analysis were $1,429,299,271, and (iii) the total assets available for distribution to Creditors holding Unsecured Claims in the Liquidation Analysis were $209,230,813, then the Allowed Bond Claims would receive the present value of 2.02% of the $209,230,813 (i.e., a present value of $4,245,222.61). The present value amount determined by the preceding formula shall be amortized over ten years and paying an 8.5% interest rate. Additionally, such Creditor's pro rata share of the Cash payments may be reduced by the application of amounts payable to the Bond Trustee in accordance with the Amended Bond Documents. The treatment of the Bond Claims outlined in this Section 4.6 will be memorialized in the Amended Bond Documents, which Amended Bond Documents shall (i) substantially conform to this Joint Plan as set forth in Plan Supplement 4.6 and (ii) be executed and delivered to the Bond Trustee by the Archdiocese or the Reorganized Archdiocese on or before the Effective Date. Class 7 consists of General Unsecured Claims and Unsecured Trade Claims against the Debtor. Except to the extent that a Creditor holding an Allowed General Unsecured Claim or an Allowed Unsecured Trade Additional Debtors' Non-Trade Unsecured Claim against an Additional Debtor (or Additional Debtors) is presumed to have accepted the Joint Plan with respect to such Claim. Therefore, no Creditor holding such a Class 10 General Unsecured Claim against the Additional Debtors is entitled to vote to accept or reject the Joint Plan on account of such Claim. Subject in all respects to the Insurance Settlement Agreements, including the releases therein (i.e., solely to the extent of Preserved Coverage, if any, with respect to any Settling Insurers' Policies), the insurance rights of the Additional Debtors or other Covered Parties that pertain to Non-Abuse Personal Injury Claims of the Additional Debtors are expressly reserved for each Covered Party, as applicable, and the Plan Documents will not, and will not be deemed to, transfer, grant, or assign such insurance rights to the Settlement Trust. In accordance with Article 6 of the Joint Plan, on or before the Effective Date, the Settlement Trust will be established for the purposes of (a) assuming responsibility for the liabilities of the Debtor and Additional Debtors for the Abuse Claims and (b) receiving, liquidating, and distributing Settlement Trust Assets in accordance with the Joint Plan and Settlement Trust Documents. The Debtor, the Additional Debtors, the Contributing Non-Debtor Catholic Entities, and the Settling Insurers shall fund the Settlement Trust. The Debtor shall fund its portion of the Debtor and Additional Debtor Settlement Consideration from the Debtor's Assets directly to the Settlement Trust. The Settling Insurers shall fund the Settling Insurers' Settlement Consideration as outlined in the relevant Insurance Settlement Agreement. The Additional Debtors and the Contributing Non-Debtor Catholic Entities shall collectively contribute their portion of the Debtor and Additional Debtor Settlement Consideration to 1793 Group, a newly formed Louisiana non-profit corporation, which will transfer such consideration to the Settlement Trust upon the Effective Date. Additionally, 1793 Group shall also receive, on behalf of all the Contributing Non-Debtor Catholic Entities, the Additional Debtors, or the Reorganized Additional Debtors certain proceeds from the sale of the Affordable Housing Facilities to which the Additional Debtors may be entitled under Section 5.3(a)(iii). Finally, 1793 Group will also make on behalf of the Additional Debtors or the Reorganized Additional Debtors any and all payments, if any, that the Additional Debtors or the Reorganized Additional Debtors may be obligated to make to the Debtor or the Reorganized Archdiocese under Section 12.10 (The Debtor's Settlement of Certain Claims). From and after the Effective Date, any Cash, proceeds, or other property received by the Settlement Trust will constitute Settlement Trust Assets. The Debtor and Additional Debtor Settlement Consideration. The consideration provided by the Debtor and Additional Debtor in connection with this Joint Plan (the "Debtor and Additional Debtor Settlement Consideration") consists of the following: * Cash on the Effective Date. On the Effective Date, the Archdiocese (directly) and the Additional Debtors and Non-Debtor Catholic Entities (indirectly through 1793 Group) will transfer Cash in the collective amount of $130,000,000 to the Settlement Trust. * Non-Settling Insurance Rights Transfer. On the Effective Date, the NonSettling Insurance Rights Transfer to the Settlement Trust will become effective, as set forth in Section 7.2 of this Joint Plan. * Additional Plan Consideration. On the Effective Date, the Debtors and the Additional Debtors will provide the Additional Plan Consideration. The Settling Insurers' Settlement Consideration. In accordance with the respective Insurance Settlement Agreements, the Settling Insurers will transfer to the Settlement Trust or Escrow Agent certain amounts as follows: (i) SPARTA, in the amount of $21,000,000; (ii) U.S. Fire/International, in the amount of $5,000,000; (iii) Catholic Mutual, in the amount of $2,000,000; (iv) Puritan, in the amount of $85,000; (v) National Union, in the amount of $290,000; and (vi) Twin City, in the amount of $900,000 (collectively, the "Settling Insurers' Settlement Consideration"). On the Effective Date, all Existing Benefits Programs will be honored except for any Disallowed Priest Pension Claims (including any Priest Pension Claims Disallowed by Section 8.7 of this Joint Plan). A full-text copy of the Second Amended Disclosure Statement dated August 6, 2025 is available at https://urlcurt.com/u?l=wg5Zi1 from Donlin, Recano & Company, Inc., claims agent. Counsel to the Roman Catholic Church of the Archdiocese of New Orleans: JONES WALKER LLP R. Patrick Vance, Esq. Elizabeth J. Futrell, Esq. Mark A. Mintz, Esq. Samantha A. Oppenheim, Esq. 201 St. Charles Avenue, 51st Floor New Orleans, LA 70170 Telephone: (504) 582-8000 Facsimile: (504) 589-8260 Email: pvance@joneswalker.com efutrell@joneswalker.com mmintz@joneswalker.com soppenheim@joneswalker.com Counsel to the Additional Debtors: HELLER, DRAPER, & HORN, L.L.C. Douglas S. Draper, Esq. Greta S. Brouphy, Esq. Michael E. Landis, Esq. 650 Poydras Street, Suite 2500 New Orleans, Louisiana 70130 Telephone: 504-299-3300 Facsimile: 504-299-3399 E-mail: ddraper@hellerdraper.com gbrouphy@hellerdraper.com mlandis@hellerdraper.com Counsel to the Official Committee of Unsecured Creditors: PACHULSKI STANG ZIEHL & JONES LLP James I. Stang, Esq. Iain A.W. Nasatir, Esq. Andrew W. Caine, Esq. Karen B. Dine, Esq. 10100 Santa Monica Blvd., Ste. 1300 Los Angeles, CA 90067 Telephone: (310) 277-6910 Facsimile: (310) 201-0760 Email: jstang@pszjlaw.com inasatir@pszjlaw.com acaine@pszjlaw.com kdine@pszjlaw.com TROUTMAN PEPPER LOCKE LLP Omer F. Kuebel, III, Esq. Bradley C. Knapp, Esq. 601 Poydras Street, Suite 2660 New Orleans, Louisiana 70130-6036 Telephone: (504) 558-5210 Facsimile: (504) 910-6847 Email: rkuebel@lockelord.com TROUTMAN PEPPER LOCKE LLP W. Steven Bryant, Esq. 300 Colorado Street, Ste. 2100 Austin, Texas 78701 Telephone: (512) 305-4726 Facsimile: (512) 305-4800 Email: steven.bryant@troutman.com About Roman Catholic Church of The Archdiocese Of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans -- https://www.nolacatholic.org/ -- is a non-profit religious corporation incorporated under the laws of the State of Louisiana. Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese of New Orleans has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need, including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square miles in southeast Louisiana and includes eight civil parishes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Roman Catholic Church for the Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's bankruptcy counsel and special counsel, respectively. Donlin, Recano & Company, Inc., is the claims agent. The U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on May 20, 2020. The committee is represented by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC is the committee's financial advisor. ARP HOSPITALITY: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- ARP Hospitality Group, LLC got the green light from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral to fund operations, maintain assets and purchase replacement inventory. As adequate protection for the Debtor's use of its cash collateral, Stabilis Lending, LLC will be granted a replacement lien on the Debtor's post-petition assets and the proceeds thereof, with the same priority and extent as its pre-bankruptcy lien. In case the replacement lien proves inadequate, the secured creditor will have a superpriority administrative expense claim, senior to any and claims against the Debtor. A final hearing is set for September 16. The deadline for filing objections is on September 9. The Debtor operates a hotel managed by Priti Patel and is not in monetary default to Stabilis to which it owes approximately $7.35 million. The Debtor said that using the cash collateral is essential to preserve the value of its estate and Stabilis' collateral. Without such use, the Debtor would face immediate and irreparable harm. About ARP Hospitality Group LLC ARP Hospitality Group LLC, doing business as Fairfield by Marriott, operates a midscale hotel offering lodging, breakfast, and business services. The property is located in Paramus, New Jersey, and serves both business and leisure travelers. ARP Hospitality Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-17941) on July 29, 2025. In its petition, the Debtor reports total assets of $9,957,890 and total liabilities of $7,960,943. Judge John K. Sherwood oversees the case. The Debtor is represented by Michael S. Kopelman, Esq. at KOPELMAN & KOPELMAN, LLP. ARP HOSPITALITY: Seeks to Hire OMNI 360 Advisors LLC as Accountant ------------------------------------------------------------------ ARP Hospitality Group LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire OMNI 360 Advisors LLC as accountant. The firm will assist the Debtor in all matters required in Chapter 11 case. OMNI's current hourly rates are: Partners $375 Associates $275 Staff $125 The firm requires a $5,000 retainer. OMNI 360 Advisors is a disinterested person under 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: James G. Colitsas CPA OMNI 360 Advisors LLC 777 Scudders Mill Rd Building 4, Suite 101 Plainsboro Township, NJ 08536, Phone: (732) 521-9455 About ARP Hospitality Group LLC ARP Hospitality Group LLC, doing business as Fairfield by Marriott, operates a midscale hotel offering lodging, breakfast, and business services. The property is located in Paramus, New Jersey, and serves both business and leisure travelers. ARP Hospitality Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-17941) on July 29, 2025. In its petition, the Debtor reports total assets of $9,957,890 and total liabilities of $7,960,943. The Debtor is represented by Michael S. Kopelman, Esq. at KOPELMAN & KOPELMAN, LLP. ASSURE AFFORDABLE: Seeks Chapter 11 Bankruptcy in Michigan ---------------------------------------------------------- On August 7, 2025, Assure Affordable Homes Inc. filed Chapter 11 protection in the Eastern District of Michigan. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About Assure Affordable Homes Inc. Assure Affordable Homes Inc. specializes in third-party real estate management and provides professional property appraisal services. Assure Affordable Homes Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-47953) on August 7, 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 Mark A. Randon handles the case. The Debtor is represented by Alexander J. Berry-Santoro, Esq. at MAXWELL DUNN PLC. ATLANTIC GOLF: Seeks to Hire Memoli & Company PC as Accountant -------------------------------------------------------------- Atlantic Golf Management Corporation seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Carmen J Memoli CPA and Memoli & Company PC as accountant. The firm will prepare and file Debtor's tax returns in addition to bookkeeping services as needed in order to file a complete and accurate income tax return. The accountant's current hourly rates are: Principal/Director $300 Manager $145 Staff Accountant $125 Bookkeeper $100 Clerical $75 Mr. Memoli assured the court that Memoli & Company is disinterested under 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Carmen J Memoli, CPA Memoli & Company PC 222 Oak Ave #5 Toms River, NJ 08753 Phone: (732) 240-3366 About Atlantic Golf Management Corporation Atlantic Golf Management Corporation is primarily involved in the operation of golf courses, open to the general public on a contract or fee basis. Atlantic Golf Management Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-10975) on January 30, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by: Valerie Palma DeLuisi, Esq. LAW OFFICES OF NICHOLAS J. PALMA, ESQ. P.C. 1425 Broad Street Clifton, NJ 07013 Tel: (973) 471-1121 Email: vpd@palmalawfirm.com ATM AFFILIATES: Unsecureds to Get 100 Cents on Dollar in Plan ------------------------------------------------------------- ATM Affiliates, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization for Small Business. The Debtor is a limited liability company formed under the laws of the State of Pennsylvania. The Debtor is primarily in the business of providing accounting and bookkeeping services. Prior to facing its financial problems, the Debtor also purchased properties in Allentown, Pennsylvania (the "Allentown Property") and Coppell, Texas (the "Coppell Property") from which the Debtor rents space and generates rental income. The Allentown Property is located at 1248 Hamilton Street, Allentown, Pennsylvania 18102. The Coppell Property is located at 566 S. Coppell Road #2, Coppell, Texas 75019. Both the Allentown Property and Coppell Property are currently being marketed for sale. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $183,580, plus sale proceeds estimated to be over $1.0 million. The final Plan payment is expected to be paid on July 31, 2026. The Plan is premised, in part, on revenue generated from the Debtor's accounting business and, in part, on the sale of the Allentown Property and Coppell Property (collectively, the "Properties"). The Debtor is currently seeking $680,000.00 for the Allentown Property and $640,000.00 for the Coppell Property. The Debtor has already received 2 full-price offers for both properties, but neither offers closed. Thus, the Debtor is continuing to market both properties for sale. From the sale, the Debtor should generate sufficient revenue to pay all of its secured and unsecured debts. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 100 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of Non-priority unsecured creditors. Each holder of an unsecured claim shall be entitled to be paid (a) a pro rata portion of their claims from the Debtor's discretionary income after payment of administrative expenses in the bankruptcy case, statutory fees, Class 1 Claims and Class 2 Claims (interest payments) and (b) in full upon the sale of either of the Properties. This Class is unimpaired. Class 4 consists of Equity security holders of the Debtor. The Debtor's current principal shall maintain ownership in the Debtor. The Plan will be funded through (a) operating revenues from the accounting practice of the Debtor and (b) the sale of the Properties. The Properties must sell by July 31, 2026 (the "Sale Deadline"). If the Properties are not sold by that date, unless the secured creditors consent to a different treatment, the secured creditors with liens on the Properties shall be entitled to foreclose on the properties under their rights under applicable state law. Until the Sale Deadline, the sole recourse of the secured creditors with liens on the Properties shall be to enforce the terms of this Plan with the Bankruptcy Court. Such secured creditors shall be enjoined from exercising any other remedies against the Properties. A full-text copy of the Plan of Reorganization dated August 6, 2025 is available at https://urlcurt.com/u?l=HGzW3k from PacerMonitor.com at no charge. Counsel to the Debtor: H. Joseph Acosta, Esq. CONDON TOBIN SLADEK THORNTON NERENBERG PLLC 8080 Park Lane, Suite 700 Dallas, TX 75231 Tel: (214) 265-3852 Fax: (214) 265-3800 Email: jacosta@condontobin.com About ATM Affiliates LLC ATM Affiliates LLC is primarily in the business of providing accounting and bookkeeping services. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31668) on May 5, 2025, listing $1,000,001 to $10 million in assets and $500,001 to $1 million in liabilities. Judge Scott W Everett presides over the case. Joseph Acosta, Esq. at Condon Tobin Sladek Thornton Nerenberg, PLLC represents the Debtor as counsel. AWS HOSPITALITY: Taps Craig Shaffer and Associates as Accountant ---------------------------------------------------------------- AWS Hospitality Group Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Craig Shaffer and Associates Ltd. as its accountants. The firm will provide accounting and tax preparation services for the Debtor. The firm will be paid at these rates: Craig Shaffer, CPA $250 per hour Staff $150 per hour Mr. Shaffer assured the court that his firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Craig Shaffer, CPA Craig Shaffer and Associates Ltd. 2720 S. River Road #109 Des Plaines, IL 60018 Telephone: (847) 299-0200 Facsimile: (847) 299-0209 Email: craig@csaccountants.com About AWS Hospitality Group Inc. AWS Hospitality Group Inc., operates S2 Express Grill, is a restaurant chain offering comfort food and globally inspired dishes through casual and bar-and-grill formats. Founded in 2019, the business evolved from a nightlife venue in Calumet Park, Illinois, and now operates multiple locations across the Chicago metropolitan area, including Richton Park, Orland Park, and downtown Chicago. The Company focuses on underserved communities, aiming to revitalize neighborhoods while creating local employment opportunities. AWS Hospitality Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-09341) on June 19, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. Judge Michael B. Slade handles the case. The Debtor is represented by Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman. AWS HOSPITALITY: Taps Crane Simon Clar & Goodman as Attorney ------------------------------------------------------------ AWS Hospitality Group Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Crane, Simon, Clar & Goodman to handle its Chapter 11 case. The firm will render these services: a. prepare necessary applications, motions, answers, orders, adversary proceedings, reports and other legal papers; b. provide the Debtor with legal advice with respect to its rights and duties involving its property, as well as its reorganization efforts; c. appear in court and to litigate whenever necessary; and d. perform any and all other legal services that may be required from time to time in the ordinary course during the administration of this bankruptcy case. The firm will be paid at these hourly rates: Arthur Simon, Attorney $520 Scott Clar, Attorney $520 Karen Goodman, Attorney $520 John Redfield, Attorney $450 The firm received an advance payment of $21,738 from the Debtor. Mr. Clar 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: Scott R. Clar, Esq. Law Offices of Crane, Simon, Clar & Goodman 135 La Salle Street, Suite 3950 Chicago, IL 60603 Telephone: (312) 641-6777 Facsimile: (312) 641-7114 About AWS Hospitality Group Inc. AWS Hospitality Group Inc., operates S2 Express Grill, is a restaurant chain offering comfort food and globally inspired dishes through casual and bar-and-grill formats. Founded in 2019, the business evolved from a nightlife venue in Calumet Park, Illinois, and now operates multiple locations across the Chicago metropolitan area, including Richton Park, Orland Park, and downtown Chicago. The Company focuses on underserved communities, aiming to revitalize neighborhoods while creating local employment opportunities. AWS Hospitality Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-09341) on June 19, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. Judge Michael B. Slade handles the case. The Debtor is represented by Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman. AXIS INTERNATIONAL: S&P Rates 2025 School Revenue Bonds 'BB' ------------------------------------------------------------ S&P Global Ratings assigned its 'BB' long-term rating to the Colorado Educational & Cultural Facilities Authority's approximately $10.72 million series 2025 charter school revenue bonds, issued for AXIS International Academy (AXIS), Co. The outlook is stable. S&P analyzed the school's environmental, social, and governance (ESG) factors and consider them neutral in its credit rating analysis. S&P said, "The stable outlook reflects our expectation that projected financial results for fiscal year 2025 will be sufficient to cover pro forma lease-adjusted MADS. We expect AXIS will repay the series 2025B bonds upon receipt of BEST grant funds, resulting in debt metrics that are in line with those of peers. We also expect AXIS to maintain healthy liquidity in line with current levels and to meet enrollment projections for fall 2025. "We could consider a negative rating action if enrollment does not meet projections or if lease-adjusted MADS coverage does not remain around fiscal 2024 levels. "While rating upside is unlikely given the school's limited size, even at maximum projected enrollment, we could consider a positive rating action if it demonstrates a longer trend of enrollment growth after successfully completing its construction project and generates considerably stronger demand with waitlists that exceed total enrollment. In addition, for us to consider positive rating action, AXIS would need to continue generating healthy operating surpluses and produce lease-adjusted MADS coverage in line with those of higher-rated peers." B & W ENTERPRISES: Case Summary & Five Unsecured Creditors ---------------------------------------------------------- Debtor: B & W Enterprises 1110 Jackson Street Monroe, LA 71202 Business Description: B & W Enterprises is a partnership organized under Louisiana law. It operates as a private business entity within the state's jurisdiction. Chapter 11 Petition Date: July 15, 2025 Court: United States Bankruptcy Court Western District of Louisiana Case No.: 25-30804 Judge: Hon. John S Hodge Debtor's Counsel: Conner L. Dillon, Esq. GOLD, WEEMS, BRUSER, SUES, RUNDELL, A PLC Post Office Box 6118 Alexandria LA 71307-6118 Tel: (318) 445-6471 Fax: (318) 445-6476 Email: cdillon@goldweems.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Emily Elaine Benjamin Winston as president. A copy of the Debtor's list of five unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VK7BF5Y/B__W_Enterprises__lawbke-25-30804__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VPP7PKY/B__W_Enterprises__lawbke-25-30804__0001.0.pdf?mcid=tGE4TAMA BAR K: Seeks Chapter 7 Bankruptcy After Closure ----------------------------------------------- Dillon Seckington of Fox4 reports that Bar K has entered bankruptcy proceedings, shortly after revealing that its Berkeley Riverfront location would close in late July 2025. On July 29, 2025, the dog-focused bar and restaurant chain shut down its locations in Kansas City, St. Louis, and Oklahoma City, according to the report. Just days later, on August 4, 2025 it filed Chapter 7 bankruptcy petitions for the Kansas City and St. Louis sites, signaling a move toward liquidation rather than reorganization. That same day, the landlord for the St. Louis venue claimed more than $200,000 in unpaid rent and issued a 10-day deadline for payment -- a demand that went unmet before the filing. The location faced a similar dispute in 2024, when it was accused of owing nearly $300,000 in back rent. In a statement last month, Bar K said it had been hit by the same economic headwinds facing the hospitality sector: rising costs from inflation, a challenging labor market, and a sharp decline in consumer spending. The company also cited major construction projects along the riverfront as a significant drag on the Kansas City site. Founded in 2018 with its flagship in Kansas City, Bar K expanded to St. Louis in 2021 and Oklahoma City in 2023. It was named USA Today's best dog bar in 2024 and placed ninth in 2025, according to Fox4. The bankruptcy filings also list related entities, including Stay! At Bar K, with estimated liabilities between $500,000 and $1 million, and Bear Bishop, with liabilities between $100,000 and $500,000, the report states. About Bar K Bar K is a dog-focused bar and restaurant chain. Bar K sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-41225) on August 4, 2025. The Debtor is represented by Jonathan A. Margolies, Esq. at Seigfreid Bingham. BEAMES ENTERPRISES: Unsecured Creditors to Split $9K in Plan ------------------------------------------------------------ Beames Enterprises, LLC, filed with the U.S. Bankruptcy Court for the Western District of Washington a Plan of Reorganization dated August 7, 2025. The Debtor operates as an aircraft repair business which started in 2022 and operates out of an aircraft hangar at the Arlington, WA airport. The business continued operations and was making the payment to the Department of Revenue, but began experiencing additional financial hardships in January, 2024. More specifically, the business secured a large repair job and quoted a flat rate for the repairs. To help pay for the expenses, the Debtor took out a merchant cash advance loan with high interest believing future income would allow the Debtor to pay the loan back. Once the aircraft repairs were completed, the Debtor advertised the aircraft for rent. Unfortunately, the aircraft had a few renters, but nothing materialized as the Debtor had hoped. The Debtor listed the aircraft for sale and was unable to find a buyer. Without the additional income materializing, the business was unable to pay its monthly obligations and the debt payments. Facing mounting collection pressure, a Petition was filed under Chapter 11, Subchapter V on June 30, 2025 (herein the "Petition Date") in an effort to reorganize the outstanding debt owed and allow the Debtor to continue operating. This Plan provides for unclassified administrative claims, three classes of secured claims, one class of unsecured claims, and one class of equity security holders. Class 1 consists of General Unsecured Claims. Allowed Class 1 claims will be paid a prorata share of $9,000.00. Payments will be made in the amount of $250.00 per month beginning November, 2025. To maximize efficiency for Class 1 claims and the Debtor, the Debtor may pay the total amount to be received under the plan to each creditor as a lump sum payment if the total monthly amount to be received is less than $10.00. This Class is impaired. The Plan will be funded with revenue from the Debtor's operation. It is anticipated the Debtor's fixed expenses will remain relatively constant moving forward with variable expenses increasing proportionately with revenue. Debtor expects the income and expenses to remain consistent through the life of the Plan. The Reorganized Debtor shall continue to own, maintain, operate and manage the Business without further notice or order of the Bankruptcy Court. Creditors may not take any actions (including, without limitation, lawsuits or other legal actions, levies, attachments, or garnishments) to enforce or collect either preconfirmation obligations or obligations due under the Plan, so long as the Debtor is not in material default under the Plan. A full-text copy of the Plan of Reorganization dated August 7, 2025 is available at https://urlcurt.com/u?l=ZufacH from PacerMonitor.com at no charge. Counsel to the Debtor: Thomas D. Neeleman, Esq. Jennifer L. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. 1403 8th Street Marysville, WA 98270 Telephone: (425) 212-4800 Facsimile: (425) 212-4802 Email: jennifer@neelemanlaw.com About Beames Enterprises Beames Enterprises, LLC operates as an aircraft repair business which started in 2022 and operates out of an aircraft hangar at the Arlington, WA airport. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11808) on June 30, 2025, with $0 to $50,000 in assets and $50,001 to $100,000 in liabilities. Judge Christopher M. Alston presides over the case. Thomas D. Neeleman, at Neeleman Law Group PC, is the Debtor's legal counsel. BRIDGE PLAZA: Seeks to Hire Stark & Stark PC as Special Counsel --------------------------------------------------------------- Bridge Plaza Condominium Association, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Stark & Stark, PC as special counsel. The firm will file an appeal of the outcome of the trial in the matter under Docket Number MON-L-000833-21, "Peoplemover, LLC et als. v. Bridge Plaza Condominium Assoc., et al. Stark & Stark's hourly rates are: Senior Partner $500 Associate $300 Paralegals $175 Stark & Stark is a disinterested person under 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: John Randy Sawyer, Esq. Stark & Stark, PC 100 American Metro Boulevard Hamilton, NJ 08619 Phone: (609) 895-7349 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. BRIGHT HORIZONS: Moody's Rates New Sec. First Lien Term Loan 'Ba3' ------------------------------------------------------------------ Moody's Ratings assigned a Ba3 rating to Bright Horizons Family Solutions LLC's (Bright Horizons or BFAM) proposed senior secured first lien term loan B. Bright Horizons' Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating and Ba3 ratings on the senior secured first lien revolver and existing term loan B are not affected. Moody's will withdraw the Ba3 rating on the existing term loan B maturing November 2028 if the facility is terminated as expected as part of the proposed refinancing. The Speculative Grade Liquidity (SGL) rating remains unchanged at SGL-1. The outlook remains stable. Bright Horizons is proposing to issue a new $450 million term loan B maturing in 2032. Bright Horizon will utilize the proceeds along with a $50 million revolver draw to fund the repayment of the remaining $500 million balance on the existing term loan B. Extending the term loan B maturity will also satisfy the condition to move the revolver expiration to April 2030. Previously, the revolver maturity sprung forward to 91 days prior to the maturity of any material indebtedness. Prior to the proposed refinancing, this means the revolver matured on August 24, 2028, which was 91 days prior to the term loan maturity. The company upsized its previously undrawn revolver to $900 million from $400 million in April 2025 and borrowed $362.5 million to fund the retirement of its term loan A. There is no change to the collateral or guarantee structure. The refinancing is credit positive because it will lengthen the term loan and revolver maturities and provide greater runway for the company to pursue its growth initiatives. The CFR and stable outlook are not affected because debt and leverage are not changing, the company's leverage remains within Moody's expectations for the rating, and liquidity was already very good. The company generated good revenue and earnings growth in the second quarter and is guiding 2025 revenue growth to approximately 8-9% versus 2024. RATINGS RATIONALE Bright Horizons' Ba3 CFR reflects its moderate financial leverage and the operating challenges in the aftermath of the pandemic, particularly due to increasing hybrid work arrangements in the markets in which the company operates. Moody's expects debt-to-EBITDA leverage to improve to around 3x by 2026 from an estimated 3.2x as of June 2025 (incorporating Moody's adjustments) through continued earnings growth. This recovery is underpinned by better occupancy rates within the full-service segment and the continued growth and expansion of service offerings within the backup care segment. The credit profile also reflects business risks including exposure to economic conditions and cyclical employment. Additionally, the rating accounts for Bright Horizons' relatively high level of capital expenditures and its history of share repurchases. However, the rating is supported by the company's market-leading position in the employer-sponsored child-care industry, good diversification by customer and industry verticals, and relatively long-term contracts. A good track record of solid free cash flow generation, which has exceeded $120 million in each of the last five years and was roughly $240 million for the 12 months ended June 2025, drives good operating flexibility and very good liquidity. Moody's projects free cash flow will be in the range of $180 to $200 million annually over the next year. The rating also reflects some favorable long-term demographic and social factors, such as the increasing percentage of dual-income families and the increased focus on early childhood education, partially offset by a declining US birth rate. Occupancy rates continue to improve but remain below pre-pandemic levels. Because Bright Horizons' does not have a formal leverage target, there is some uncertainty how the company manages leverage. The lack of a dividend improves the conversion of EBITDA into good free cash flow. Bright Horizon's active pursuit of acquisitions creates some leveraging event risk. The SGL-1 speculative grade liquidity rating reflects Bright Horizon's very good liquidity supported by $179 million of cash as of June 2025, good positive free cash flow and no material maturities until the revolver expires in April 2030. Moody's estimates revolver availability of roughly $430 million as of June 2025 pro forma for the proposed refinancing. The cash sources provide good flexibility to reinvest and pursue acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable rating outlook reflects Moody's expectations that Bright Horizons will continue its positive enrollment trends, grow revenue and earnings, and continue to successfully execute its child-care center expansion strategy, while maintaining a disciplined approach to acquisitions and share repurchases. The ratings could be upgraded if operating performance and earnings, including occupancy rates, continue to improve with Moody's adjusted debt-to-EBITDA leverage sustained below 3x and free cash flow-to-debt maintained over 12.5%. Additionally, the company would need to demonstrate a conservative approach with respect to acquisitions, shareholder distributions and share repurchase activities in order to sustain lower leverage. The ratings could be downgraded if operating earnings fall because of enrollment declines, lower pricing or an increase in costs, or if debt-to-EBITDA leverage (incorporating Moody's adjustments) is sustained above 4x. Debt-financed acquisitions or share repurchases, or a deterioration in liquidity could also lead to a downgrade. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Bright Horizons Family Solutions LLC, based in Newton, Massachusetts, is a provider of employer-based childcare services, back-up dependent care, and other educational advisory services. As of June 2025, the company operated 1,020 childcare and early education centers (603 in North America, 273 in the UK, 70 in the Netherlands, and 82 in Australia) with the capacity to serve approximately 115,000 children. The company is publicly traded under ticker "BFAM" on the NYSE and generated approximately $2.8 billion of revenue for the 12 months ending June 2025. BUILT TO LAST: Gets Final OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Indiana issued a final order authorizing Built to Last Construction, LLC to use cash collateral and granting adequate protection to its pre-bankruptcy lenders. The final order authorized the Debtor to continue using cash collateral to fund its operations in accordance with an approved budget. A variance of not more than 15% per week is allowed. The replacement liens granted to lenders under the court's initial order remain binding and fully enforceable (effective retroactively to the petition date), with the same validity, priority and extent as their pre-bankruptcy liens. The lenders are the U.S. Small Business Administration, Huntington National Bank, Quick Bridge Funding LLC, Mahindra Finance USA LLC, and Corporation Service Company, as representative. SBA is believed to hold a first-priority lien. Meanwhile, the Debtor was ordered to continue its monthly payments to Ford Motor Credit Company, LLC and John Deere Financial, which hold purchase money security interests in certain company equipment. As of the petition date, Ford was owed $4,146 while John Deere Financial was owed $14,000. The Debtor believes the collateral for the debts owed under their loan agreements are worth more than the outstanding balance of the loans. The terms of both the initial and final orders survive the entry of any order confirming a plan of reorganization for the Debtor; dismissing the Debtor's Chapter 11 case; and converting the case to one under Chapter 7. About Built to Last Construction Built to Last Construction, LLC provides services ranging from roofing jobs, bathroom and kitchen remodels, to constructing decks, updating and replacing windows and remodeling basements. Built to Last Construction sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-03452) on June 16, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Bradley Ford, managing member, signed the petition. Judge Andrea K. McCord oversees the case. Morgan A. Decker, Esq., at Rubin and Levin, PC, represents the Debtor as legal counsel. CAMBER ENERGY: Swings to $4.37 Million Q2 Net Income ---------------------------------------------------- Camber Energy, Inc., reported net income of $4.37 million on $0 of revenue for the three months ended June 30, 2025, compared to a net loss of $3.48 million on $9.51 million of revenue for the three months ended June 30, 2024. The absence of revenue in the current quarter was attributed to a change in the Company's accounting method for Simson-Maxwell effective April 1, 2025. The Company posted net income of $1.18 million on $6.23 million in revenue for the first half of 2025, swinging from a year-earlier loss of $30.10 million on $16.20 million in revenue. As of June 30, 2025, Camber Energy had $23.50 million in total assets, $60.36 million in total liabilities, and a total stockholders' deficit of $36.86 million. The Company reported a working capital deficiency of $13.14 million largely due to accrued interest on notes payable to Discover Growth Fund, LLC, undistributed revenues and royalties, and related-party payables to AGD Advisory Group, Inc. According to Camber Energy, the above conditions raise substantial doubt about its ability to continue as a going concern, noting that future viability depends on generating profitable operations, securing acquisition opportunities, and obtaining financing. The complete text of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1309082/000147793225005619/cei_10q.htm About Camber Energy Camber Energy, Inc. is a diversified energy company that, through its subsidiaries, provides custom energy and power solutions to commercial and industrial clients in North America. It holds a majority stake in businesses with patented technologies for medical and biohazard waste treatment using ozone, as well as electric transmission and distribution broken conductor protection systems, and has a license for a patented clean energy and carbon-capture system with exclusive rights in Canada and certain U.S. locations. Its operations are primarily conducted through its wholly owned subsidiary, Viking Energy Group, Inc. In an auditor's report dated May 12, 2025, Turner, Stone & Company, L.L.P issued a "going concern" qualification citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. The Company reported a net loss of $70.26 million in 2024, following a net loss of $18.54 million in 2023. The loss for the year ended Dec. 31, 2024, was comprised of, among other things, certain non-cash items, including: (i) goodwill impairment of $34,860,411; (ii) change in fair value of derivative liability of $18,306,398; (iii) amortization of debt discount of $3,349,404; (iv) impairment of intangible assets of $2,248,940; (v) loss on extinguishment of debt of $811,132, and; (vi) depreciation, depletion and amortization of $779,632. CANADA GOOSE: Moody's Rates Proposed $300MM 1st Lien Loan 'B1' -------------------------------------------------------------- Moody's Ratings has assigned a B1 rating to the proposed $300 million senior secured first lien term loan B due 2032 issued by Canada Goose Inc. Moody's have also affirmed Canada Goose's Ba3 corporate family rating and Ba3-PD probability of default rating. The B1 rating on the senior secured first lien term loan B due 2027 and SGL-2 speculative grade liquidity rating (SGL) remain unchanged. The outlook is stable. "The proposed $300 million issuance is largely leverage neutral because the proceeds will be used repay the outstanding $287.3 million term loan B due 2027. Furthermore, it strengthens Canada Goose's liquidity by extending its maturity profile to 2032", said Moody's Ratings analyst Dion Bate. The B1 rating on the $300 million ($287.3 million as of June 30, 2025) term loan B due 2027 will be withdrawn once fully repaid. RATINGS RATIONALE Canada Goose's Ba3 rating benefits from: (1) conservative credit metrics with debt/EBITDA expected to remain below 3x over the next 12 to 18 months, which provides buffer in the rating against potential underperformance; (2) a strong global and well established brand with sales evenly spread across APAC, US, EMEA and Canada; (3) vertically integrated business model and high proportion of Direct-to-Consumer (DTC) sales that support strong margins; and (4) positive free cash flow and good liquidity. However, the company is constrained by: (1) its narrow and discretionary luxury product and inherent seasonality in its down apparel business, whose demand can decline in difficult economic conditions or from shifts in consumer sentiment or preferences; (2) geopolitical risks associated with US trade tariffs; (3) small scale and manufacturing concentration in Canada; and (4) large private equity ownership that may take decisions that favor shareholders over creditors. The stable outlook reflects Moody's expectations that the company will successfully navigate through the geopolitical risks and continue to execute its DTC strategy through new stores and expanding its non-parka product offering while maintaining the current credit metrics and good liquidity in the next 12 to 18 months. Canada Goose has good liquidity (SGL-2). Sources total around C$470 million while uses in the form of term loan amortization total about C$4 million in the next four quarters to June 2026. Liquidity is supported by C$180 million of cash at June 29, 2025 (Q1 fiscal 2026), free cash flow of about C$15 million through to June 2026, and C$467.5 million asset-based lending (ABL) facility expiring in May 2028 (increases to C$517.5 million between June and November), subject to a borrowing base (C$272 million as of Q1 fiscal 2026). Canada Goose is subject to a springing fixed charge coverage covenant under its ABL facility, however the covenant is not likely to be applicable through the next four quarters. The company has limited ability to generate liquidity from non-core asset sales. Canada Goose has three classes of debt: (1) unrated C$467.5 million ABL facility; (2) proposed B1-rated $300 million secured term loan B due in 2032 and unrated C$145 million unsecured facilities in Japan (JPY4,000 million) and mainland China (RMB560 million) of which C$9 million drawn as of June 2025. The term loan is rated one notch below the CFR (Ba3), to reflect its junior ranking behind the ABL facility. The term loan benefits from first priority lien on PP&E and a second priority lien on cash, accounts receivable and inventory. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the greater of a corresponding dollar amount and 100% of consolidated EBITDA, plus unlimited amounts subject to 3.0x first lien net leverage ratio. There is no inside maturity sublimit. A "blocker" provision restricts any investments by the borrower and its restricted subsidiaries in an unrestricted subsidiary in the form of material intellectual property outside of the ordinary course of business. Restricted subsidiaries that hold material intellectual property cannot be designated as unrestricted subsidiaries. There are no protective provisions restricting an up-tiering transaction. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Canada Goose continues to increase its scale and product diversity while maintaining strong operating performance and improving EBITDA margins. An upgrade would also require conservative and clearly articulated financial policies, that would translate into adjusted debt/EBITDA approaching 2.5x and EBIT/Interest expense well above 5x. The ratings could be downgraded if there is a shift to more aggressive financial strategies or a significant weakening of its liquidity position. Furthermore, the ratings could be downgraded if there is a deterioration in Canada Goose's brand relevance and operating results such that debt/EBITDA is sustained above 3.5x or EBIT/Interest expense is sustainably below 3.5x. Canada Goose Inc., headquartered in Toronto, Canada, is a designer, manufacturer and retailer of luxury outerwear, knitwear and accessories for men, women and children. The company reports its results in two main segments: Direct-to-Consumer (DTC, 74% of revenue at 2025 fiscal year end) and Wholesale (19% at 2025 fiscal year end). The remaining balance is derived from other channels such as sales to employees, friends and family sales. The principal methodology used in these ratings was Retail and Apparel published in November 2023. 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. CANNABITION LLC: Unsecured Claims Under $1K to Recover 75% in Plan ------------------------------------------------------------------ Cannabition, LLC filed with the U.S. Bankruptcy Court for the District of Nevada a First Amended Disclosure Statement to accompany Plan of Reorganization dated August 6, 2025. The Debtor was formed in 2021 for the purpose of developing an interactive, multimedia experience in Las Vegas, Nevada, the Cannabition Cannabis Museum (the "Project"). Upon completion, the Project will be an approximately 15,000 square foot interior and atrium entrance interactive exhibit museum and experiential event space situated at the Project 13 Entertainment Complex at 2548 Desert Inn Road, Las Vegas, NV (the "Property"). The Debtor's completion of the Project was delayed, first by circumstances surrounding the COVID-19 pandemic, and then with respect to the failure of its original design and fabrication firm, Solomon Group Entertainment, LLC. Solomon challenges that Solomon Group's performance on the Cannabition project contributed to the bankruptcy filing. The substantial delays in the project led to a slowdown in investor contributions. On February 10, 2025, Landlord filed a Complaint and on April 16, 2025, Landlord filed a Motion for Declaratory Relief of Termination of Lease on Order Shortening Time (the "Eviction Motion"). To date, despite repeated demands for turnover, Landlord has refused to restore Debtor to possession of Premises, and Debtor has moved the Bankruptcy Court for leave to file a Supplemental Complaint against Landlord to obtain possession as well as to recover damages. The Plan generally calls for an infusion of funds from a related party loan in order to complete and open the Debtor's business, make payments necessary to assume executory contracts, and pay the costs of the administration of the bankruptcy case; for the Debtor payment in full to non-affiliate secured and unsecured creditors from any combination of cash generated from the Debtor's operations and post-petition borrowing and equity infusions; and for subordinated payment to affiliated creditors following payment in full of all other creditors. Class 3 consists of Unsecured Claims consist of Claimants holding Unsecured Claims aggregating over $1,000, other than claims owed to Affiliates or Insiders. Class 3 Claimants shall receive quarterly distributions commencing on the first day of the month which is at least 120 days after the Opening Date. Such payments shall be in an amount equivalent to Debtor's prior quarter net operating income and shall continue until such claims are paid in full, without interest. Any Class 3 Creditor who wishes to participate in Class 4 in lieu of participation in Class 3 may elect to do so by so indicating on its Ballot, which election shall reduce that Claimant's Claim to no more than $1,000. Class 4 consists of Unsecured Claims (Administrative Convenience). Unsecured Claimants consist of Claimants holding Claims of $1,000 or less shall receive a single cash payment in the amount of 75% of the principal amount of such Claim within 30 days following the Effective Date. Any Class 4 Creditor who wishes to participate in Class 3 in lieu of participation in Class 4 may elect to do so by so indicating on its Ballot. Class 5 consists of Unsecured Claims of Affiliates and Insiders. Such claims shall be paid following payment of Class 3 and 4 claims. Such payments shall be in an amount equivalent to Debtor's prior quarter net operating income (receipts less disbursements and any reserves deemed necessary for operations by the Debtor) and shall continue until such claims are paid in full, without interest. Class 6 consists of Equity Interests. Holders of membership interests in the Debtor shall retain their equity interests and all rights and obligations attendant thereto. Class 6 is Unimpaired. All creditors with rights to convert claims to equity shall retain such conversion rights. The Debtor has arranged exit financing in the amount of $3 million from Lender in order to complete improvements and cover initial operating expenses associated with the Project. To the extent such approval has not been granted prior to the Effective Date of the Plan, Debtor shall be permitted to borrow such funds on or after the Effective Date, and also reserves the right to borrow additional amounts to the extent necessary to fund the Plan. The Debtor has arranged a credit line with L&L Holding Company, LLC ("Lender") in order to borrow up to $3,000,000 as an unsecured loan, payable in full two years after the funds are advanced, with interest accruing at the favorable interest rate of 12% per annum (equal to Wall Street Journal prime rate on May 12, 2025 of 7.5% plus 4.5%). The Debtor anticipates that, post-Opening, it will generate income from operations necessary to fund payments under the Plan. To the extent needed, such operational funds may be supplemented by post petition borrowing and sales of equity interests. A full-text copy of the First Amended Disclosure Statement dated August 6, 2025 is available at https://urlcurt.com/u?l=tG8br1 from PacerMonitor.com at no charge. Proposed Counsel for the Debtor: Candace C. Carlyon, Esq. Carlyon Cica Chtd. 265 E. Warm Springs Road, Suite 107 Las Vegas, NV 89119 Tel: (702) 685-4444 Email: ccarlyon@carlyoncica.com About Cannabition, LLC Cannabition LLC is an immersive cannabis museum located at 2548 W Desert Inn Rd, Suite 100, Las Vegas, NV 89109. The venue offers interactive exhibits and vibrant installations that explore cannabis culture. Cannabition is designed by Emmy Award-winning creative director David Korins and is part of the Planet 13 Entertainment Complex. Cannabition LLC in Las Vegas, NV, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Nev. Case No. 25-12424) on April 29, 2025, listing as much as $1 million to $10 million in both assets and liabilities. Andrew Laub as manager, signed the petition. CARLYON CICA CHTDA. serve as the Debtor's legal counsel. CELSIUS NETWORK: Cadwalader's Fee Bid in Mashinsky Case Slammed --------------------------------------------------------------- Yun Park of Law360 Bankruptcy Authority reports that the litigation administrator for the bankrupt cryptocurrency company Celsius Network has contested Cadwalader Wickersham & Taft LLP's request to have the Chapter 11 estate cover its legal fees for representing Alex Mashinsky, the co-founder sentenced to 12 years for fraud. About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network, LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtors estimated assets and liabilities between $1 billion and $10 billion. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Fischer (FBC & Co.) as special counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Stretto is the claims agent and administrative advisor. On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped White & Case, LLP as its bankruptcy counsel; Elementus Inc. as its blockchain forensics advisor; M3 Advisory Partners, LP as its financial advisor; and Perella Weinberg Partners, LP as its investment banker. Shoba Pillay, Esq., is the examiner appointed in the Debtors' Chapter 11 cases. Jenner & Block, LLP and Huron Consulting Services, LLC, serve as the examiner's legal counsel and financial advisor, respectively. * * * On November 9, 2023, the Bankruptcy Court entered the Findings of Fact, Conclusions of Law, and Order Confirming the Modified Joint Chapter 11 Plan of Celsius Network LLC and Its Debtor Affiliates. The Effective Date of the Plan occurred January 31, 2024. CELSIUS NETWORK: Court Narrows Claims in Falba, et al. Case ----------------------------------------------------------- Chief Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York granted in part the motion of Lukasz Krol and Dennis Reichelt to dismiss the adversary complaint filed by Mohsin Y. Meghji, the litigation administrator for Celsius Network LLC and its debtor affiliates in the Chapter 11 cases. The case is MOHSIN Y. MEGHJI, as Representative for the Post-Effective Date Debtors, Plaintiff, v. CEZARY FALBA et al., Defendants, Adv. Pro. No. 24-04006 (Bankr. S.D.N.Y.). In August 2020, CNL executed an agreement in principle with Jason Stone, a self-identified "pioneer" in the staking space. Per the terms of the August 2020 agreement, Stone was appointed CEO of a new CNL subsidiary established to manage Celsius' staking and DeFi activities. Anticipating a potentially lengthy pre-closing window, the parties authorized Stone to begin deployment of Celsius' coins on behalf of CNL pending the finalization of the acquisition. On Oct. 1, 2020, CNL and the subsidiary, KeyFi Inc., executed a non-binding memorandum of understanding concerning the deployment of CNL's coins. During the time that Stone was CEO of Celsius KeyFi, both Krol and Reichelt were "contractors" of Celsius KeyFi. During this period, the Litigation Administrator represents that Celsius wallets made five direct transfers to Defendant Reichelt and four direct transfers to Defendant Krol. Additionally, the Litigation Administrator asserts that Celsius Wallets made the direct transfers to one or more Contractor Defendants. As relevant to the Moving Defendants specifically, the Litigation Administrator represents upon information and belief that Celsius Wallets made one indirect transfer to Defendant Reichelt. The Litigation Administrator also alleges, on information and belief, one such indirect transfer to Defendant Krol. Additionally, the Litigation Administrator asserts that Celsius Wallets made indirect transfers to one or more Contractor Defendants. Separately, the Litigation Administrator asserts that certain assets were "sent from Executive Wallets" to Defendant Krol which Celsius has "not yet specifically traced to Celsius Wallets." These transfers constitute a subset of what the Complaint refers to as the "Executive Transfers," a term collectively identifying transfers of "assets sent from or through Executive Wallets to the Contractor Defendants." The Litigation Administrator commenced the instant adversary proceeding on July 13, 2024. The Complaint focuses on Celsius property that Stone and the KeyFi Executives allegedly misappropriated on various occasions. The Complaint alleges a number of claims against various defendants, including Defendants Krol and Reichelt, who allegedly received the Subject Property on multiple occasions. Counts III, IV and V are fraudulent transfer claims applicable to the Celsius Direct Transfers, Celsius Indirect Transfers, and Executive Transfers, respectively; each count asserts that the applicable transactions constituted both intentional fraudulent transfers and constructive fraudulent transfers. Counts I, II, and VII are turnover and accounting claims. Count VI is for unjust enrichment. Count VIII is for conversion. Count IX is for aiding and abetting Stone's breach of fiduciary duty. Count X alleges Rackeeter Influenced and Corrupt Organizations (RICO) violations. Plaintiff alleges three categories of intentional fraudulent transfers involving the Subject Property: the Celsius Direct Transfers; the Celsius Indirect Transfers and the Executive Transfers. As relevant to the Moving Defendants, the applicable Celsius Direct Transfers are collectively alleged to have occurred between Dec. 29, 2020 and May 12, 2021, the applicable Celsius Indirect Transfers on Feb. 19, 2022, or otherwise on or after Sept. 21, 2021, and, as relevant to Defendant Krol, the applicable Executive Transfers between April 23, 2021 and Feb. 19, 2022. As such, the earliest alleged transaction occurred on Dec. 29, 2020, less than two years before Celsius filed for bankruptcy on July 13, 2022. Defendant Krol filed the Motion on April 21, 2025. The Motion seeks to dismiss the Complaint on the bases that the Litigation Administrator fails to state a claim as to each of the causes of action against the Moving Defendants and fails to plead applicable allegations of fraud with particularity. As to the actual fraudulent transfer claims, the Moving Defendants argue that the Litigation Administrator impermissibly attributed two direct transfers, identified in paragraphs 69(a)(i) and 69(c)(ii) of the Complaint, to multiple recipients, including Defendant Krol and Defendant Reichelt. As to the remaining Celsius Direct Transfers, the Moving Defendants assert that the Complaint fails to establish either actual fraudulent intent or the traditional "badges of fraud." The Moving Defendants also contend that the constructive fraudulent claims arising out of these direct transfers similarly fail as the Litigation Administrator "has not adequately pled lack of reasonably equivalent value." Defendant Krol asserts that the Litigation Administrator's fraudulent transfer claims concerning the transfers of assets from the KeyFi Executives fail because the transfers were not made to Krol, who is a mediate transferee, and because the settlement between Stone and Celsius KeyFi resolves claims for transfers from the Celsius Wallets to the Executive Wallets. As to the Litigation Administrator's unjust enrichment claim, the Moving Defendants contend that the claim is duplicative of the Complaint's fraudulent transfer claims. Additionally, they assert that the Litigation Administrator does not adequately plead a fiduciary relationship to support its accounting claim. As to the conversion claim, which only applies to the Celsius Direct Transfers, the Moving Defendants claim that the Litigation Administrator fails to "make factual allegations as to how they exercised control over Celsius's assets." With respect to the aiding and abetting cause of action, the Moving Defendants similarly assert that the Complaint fails to state a claim because it "does not adequately allege facts giving rise to a strong inference of the Moving Defendants' actual knowledge of the alleged breach of fiduciary duty or identify a single affirmative act by them that assisted, let alone substantially assisted, Stone's violations." The Moving Defendants dispute the Litigation Administrator's RICO claim, arguing that the Complaint offers "no showing of their knowing participation in Stone's activities that would be sufficient to support a claim that there was a collective enterprise engaging in a common scheme to defraud Celsius," and no specific facts to support the Plaintiff's claims of mail and wire fraud. As to the Complaint's fraudulent transfer claims, the Litigation Administrator emphasizes that it is not the intent of the Moving Defendants -- the transferees -- at issue, but that of the KeyFi Executives, who effectuated the applicable transfers. The Litigation Administrator contends that the Complaint adequately pleads several "badges of fraud," including close association, insolvency, and lack of reasonably equivalent value, in support of its fraudulent transfer claims. The Court denies the Motion with respect to Counts I, II, V, VI, VII, VIII, IX, and X of the Complaint. With respect to Counts III and IV, the Court grants the Motion solely with respect to the fraudulent transfer claims arising out of the transfers to the "Contractor Defendants" identified in paragraphs 69(e)–(f) and 72(d)–(e) of the Complaint. The Court accordingly dismisses Counts III and IV of the Complaint as applicable to the transactions identified in paragraphs 69(e)–(f) and 72(d)–(e). The Court's partial dismissal of Counts III and IV is without prejudice. A copy of the Court's Memorandum Opinion and Order dated August 5, 2025, is available at https://urlcurt.com/u?l=BgFgEb from PacerMonitor.com. Attorneys for Mohsin Y. Meghji, Litigation Administrator for Celsius Network LLC: Mitchell P. Hurley, Esq. Dean L. Chapman Jr., Esq. AKIN GUMP STRAUSS HAUER & FELD LLP One Bryant Park New York, NY 10036 E-mail: mhurley@akingump.com dchapman@akingump.com - and - Elizabeth D. Scott, Esq. AKIN GUMP STRAUSS HAUER & FELD LLP 2300 North Field Street Dallas, TX 75201 E-mail: edscott@akingump.com Attorney for Defendants Lukasz Krol and Dennis Reichelt: Ievgeniia P. Vatrenko, Esq. IEVGENIIA P. VATRENKO, ESQ. 2 Northside Piers Brooklyn, NY 11249 E-mail: jenny@vatrenkoesq.com About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network, LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtors estimated assets and liabilities between $1 billion and $10 billion. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Fischer (FBC & Co.) as special counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Stretto is the claims agent and administrative advisor. On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped White & Case, LLP as its bankruptcy counsel; Elementus Inc. as its blockchain forensics advisor; M3 Advisory Partners, LP as its financial advisor; and Perella Weinberg Partners, LP as its investment banker. Shoba Pillay, Esq., is the examiner appointed in the Debtors' Chapter 11 cases. Jenner & Block, LLP and Huron Consulting Services, LLC, serve as the examiner's legal counsel and financial advisor, respectively. * * * On November 9, 2023, the Bankruptcy Court entered the Findings of Fact, Conclusions of Law, and Order Confirming the Modified Joint Chapter 11 Plan of Celsius Network LLC and Its Debtor Affiliates. The Effective Date of the Plan occurred January 31, 2024. CHANDON LTD: Unsecureds Last to Be Paid in Subchapter V Plan ------------------------------------------------------------ Chandon Ltd d/b/a Ohana Salon filed with the U.S. Bankruptcy Court for the District of Arizona a Subchapter V Plan of Reorganization dated August 5, 2025. The Debtor is a salon offering hair and beauty services. The Debtor is owned 100% by Chandra Chriswisser. She became the owner of the business in May of 2008. At the time of the bankruptcy filing, the Debtor faced problems including unpaid payroll taxes, hard money loans and a lawsuit. Ms. Chriswisser will be paid $72,000.00 per year for managing the Debtor's business. Ms. Chriswisser has owned and operated the business since 2008. Ms. Chriswisser will be the 100% owner of the Reorganized Debtor and will continue to manage the business. The Debtor is seeking to: * Pay its Secured Creditor, BayFirst National Bank, in full for its Allowed Secured Claim determined under Section 506 of the Bankrutpcy Code. * Pay all Administrative Creditors in full; * Pay all Priority Creditors in full; and * Pay the remaining balance of Plan payments to the Class Four General Unsecured Creditors, to be divided pro rata. The treatment in this Plan is in full and complete satisfaction of the legal, contractual, and equitable rights (including any liens) that each entity holding a claim or an interest may have in or against the Debtor, the Estate, or their respective property. This treatment supersedes and replaces any agreements those entities may have in or against the Debtor, the Estate, or their respective property. Class Four shall consist of all Allowed General Unsecured Claims. Class Four will be paid the balance under the Plan, pro rata. Class Four is Impaired. Plan Payments Months 1 to 3. The Debtor shall pay $1,210.07 per month, to be distributed as follows: BayFirst National Bank ($224.02); Internal Revenue Service ($789.09); and Arizona Department of Revenue ($196.96). Months 4 to 12. The Debtor shall pay $1,013.11 per month, to be distributed as follows: BayFirst National Bank ($224.02) and Internal Revenue Service ($789.09). Months 13 to 24. The Debtor shall pay $1,273.11 per month, to be distributed as follows: BayFirst National Bank ($224.02); Internal Revenue Service ($789.09); and General Unsecured Creditors, pro rata ($260.00). Months 25 to 33. The Debtor shall pay $2,508.11 per month, to be distributed as follows: BayFirst National Bank ($224.02); Internal Revenue Service ($789.09); and General Unsecured Creditors, pro rata ($1,495.00). Months 34 to 36. The Debtor shall pay $3,108.11 per month, to be distributed as follows: BayFirst National Bank ($224.02); Internal Revenue Service ($789.09); and General Unsecured Creditors, pro rata ($2,095.00). Months 37 to 48. The Debtor shall pay $3,158.11 per month, to be distributed as follows: BayFirst National Bank ($224.02); Internal Revenue Service ($789.09); and General Unsecured Creditors, pro rata ($2,145.00). Months 49 to 60. The Debtor shall pay $3,392.11 per month, to be distributed as follows: BayFirst National Bank ($224.02); Internal Revenue Service ($789.09); and General Unsecured Creditors, pro rata ($2,379.00). The Subchapter V Trustee will continue to act as Trustee post confirmation if the plan is confirmed pursuant to Section 1191(b) of the Bankruptcy Code. After the Effective Date, the Trustee will invoice the Reorganized Debtor monthly for services the Trustee provides under the Plan, at the same hourly rate as may be approved by the Court for services the Trustee renders prior to confirmation of the Plan. The terms of payment for any such invoices shall be on ordinary business terms as agreed by the Trustee and Debtor. By this Plan the Debtor is seeking to retain all of its personal property, and continue its business offering hair and beauty services as the Reorganized Debtor. A full-text copy of the Subchapter V Plan dated August 5, 2025 is available at https://urlcurt.com/u?l=vKBe8S from PacerMonitor.com at no charge. Counsel to the Debtor: Ronald J. Ellet, Esq. Ellett Law Offices, PC 299 North 44th Street, Suite 330 Phoenix, AZ 85018 Tel: (602) 235-9510 Fax: (602) 235-9098 Email: rjellett@ellettlaw.com About Chandon Ltd d/b/a Ohana Salon Chandon Ltd. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04091) on May 7, 2025 listing up to $50,000 in assets and between $500,001 and $1million in liabilities. Judge Madeleine C. Wanslee presides over the case. Ronald J. Ellett, Esq., at Ellett Law Offices, P.C. represents the Debtor as bankruptcy counsel. CHARTERCARE HEALTH: S&P Affirms 'BB-' 2025A/B Revenue Bonds Rating ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB-' rating on Rhode Island Health & Educational Building Corp.'s series 2025A tax-exempt revenue bonds and series 2025B taxable revenue bonds issued for CharterCARE Health of Rhode Island, Inc. (CharterCARE). The bonds have not yet sold. This analysis incorporates a planned $35 million shift from taxable bonds (proposed at $13.1 million, down from $56 million) to tax-exempt bonds (proposed at $127.4 million, up from $82 million), a shorter period of deferred principal on the tax-exempt debt, slightly higher maximum annual debt service (MADS) due to rising interest rates since the initial rating was assigned, a five-year bullet on the taxable bonds, down from 10 years, and a lower balance of unrestricted reserves on the opening balance sheet although there will also be additional trustee-held funds available for capital. The outlook is negative. S&P said, "Given our lack of experience with Centurion and CharterCARE's leadership, the complexity of the transaction, and some initial reliance on Prospect for services, we initially view governance risk as elevated. However, once we can assess CharterCARE's actual operating and financial performance as an independent provider, we could change this view. "We also view social risk as elevated, due both to a high reliance on government payers and because almost half (1,107 of 2,500 full-time equivalents [FTEs]) of CharterCARE's staff are union members. Partially mitigating this risk are staggered terminations (although most contracts are expiring in calendar 2025) that are spread between both facilities. In addition, the number of contracts (seven) makes it less likely that all operations would be shut down at once, and management reports that there have been no recent strikes. "We view CharterCARE's environmental factors as neutral in our credit analysis. "The negative outlook reflects our view of the outsized uncertainty around future operating performance, given the complexity involved in converting from a for-profit provider under a bankrupt operator to an independent nonprofit provider. We view the turnaround plan as promising, and we recognize the hospital's long history in the market but also believe that there are many challenges that could slow progress. "A lower rating is likely if CharterCARE is unable to largely meet forecast expectations during the one-year outlook period or with any meaningful change to the enterprise profile, including a negative shift in market share because of an inability to grow volumes. Our expectations include break-even-to-slightly positive operating performance by 2027 sufficient to meet DSC requirements, as well as maintenance of key balance sheet metrics around leverage and unrestricted reserves that are generally in line with levels posted on the opening balance sheet. We do not view CharterCARE as having any capacity for additional debt. "Over time, we could consider a stable outlook. However, any action would be predicated on receipt of audited financial statements and reliable interim financial statements that show CharterCARE has largely performed as expected and retained a sufficient balance sheet cushion. A stable outlook would also require evidence of compliance with the state's conditions, and a steady or improving enterprise profile." CLAIRE'S HOLDINGS: Clark Hill Files Rule 2019 Statement ------------------------------------------------------- The law firm of Clark Hill PLC filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 cases of Claire's Holdings LLC and its affiliates, the firm represents the following parties in interest and/or creditors: 1. Vestar/Kimco Tustin, L.P. (Unsecured Creditor: Landlord) 2. Silverado Ranch Plaza LLC (Unsecured Creditor: Landlord) 3. Vestar DRM-Opco, L.L.C. (Unsecured Creditor: Landlord) 4. Vestar CPT Tempe Marketplace, LLC (Unsecured Creditor: Landlord) 5. TPP Orchard Property, LLC (Unsecured Creditor: Landlord) 6. VORH Associates LLC (Unsecured Creditor: Landlord) 7. Green Oak Village I LLC (Unsecured Creditor: Landlord) 8. Exegistics, Inc. (Unsecured Creditor: Vendor) * $577,271.00 Clark Hill represents each of these clients individually and they do not constitute a committee of any kind. The law firm can be reached at: CLARK HILL PLC Karen M. Grivner, Esq. 824 N. Market Street, Suite 710 Wilmington, Delaware 19801 Tel: (302) 250-4750 / Fax: (302) 421-9439 Email: kgrivner@clarkhill.com Audrey L. Hornisher, Esq. Tara L. Bush, Esq. 901 Main Street, Suite 6000 Dallas, Texas 75202 Tel: (214) 651-4300 / Fax: (214) 651-4330 Email: ahornisher@clarkhill.com tbush@clarkhill.com Kevin H. Morse, Esq. 130 E. Randolph Street, Suite 3900 Chicago, Illinois 60601 Tel: (312) 985-5556 / Fax: (312) 517-7593 Email: kmorse@clarkhill.com About Claire's Holdings Claire's Holdings LLC is a fully integrated, global fashion brand powerhouse committed to inspiring self-expression through the creation and delivery of exclusive, well-curated products and experiences. Through its global brands, Claire's and Icing, the company delivers an immersive, omnichannel shopping experience with owned and concession stores throughout North America and Europe as well as around the world. On the Web:Â http://www.claires.com/ On August 6, 2025, Claire's Holdings LLC and certain of its U.S. and Gibraltar-based subsidiaries, the operator of Claire's and ICING stores globally, commenced Chapter 11 proceedings in the United States Bankruptcy Court in the District of Delaware. The cases are pending before the Honorable Judge Brendan L. Shannon and the Debtors have requested joint administration (Bankr. D. Del. Lead Case No. 25-11454). In parallel, Claire's Canadian subsidiary commenced a proceeding in the Ontario Superior Court of Justice (Commercial Division) under the Companies' Creditors Arrangement Act to monetize the Company's Canadian assets under the protections offered by the CCAA. KSV Restructuring Inc. is the monitor in the CCAA case. Claire's and ICING locations outside of North America are not included in the Chapter 11 or CCAA proceedings. Claire's listed $1 billion to $10 billion in assets and liabilities. Kirkland & Ellis LLP is serving as legal counsel to Claire's. Houlihan Lokey is serving as investment banker, and Alvarez & Marsal is serving as restructuring advisor. Osler, Hoskin & Harcourt LLP is serving as Canadian legal counsel to Claire's. Omni Agent Solutions LLC is the claims agent. Ankura Trust Company, LLC, as Prepetition Priority Term Loan Agent and Prepetition Existing Term Loan Agent, is represented by: Joel Moss, Esq. Amit Trehan. Esq. Sean Tierney, Esq. Cahill Gordon & Reindell LLP Email: JMoss@cahill.com ATrehan@cahill.com STierney@cahill.com JPMorgan Chase Bank, N.A., as Prepetition ABL Agent, is represented by: Elisha D. Graff, Esq. Zachary J. Weiner, Esq. Sean Lee, Esq. Simpson Thacher & Bartlett LLP Email: egraff@stblaw.com zachary.weiner@stblaw.com sean.lee@stblaw.com -and- L. Katherine Good, Esq. Jeremy Ryan, Esq. Potter Anderson & Corroon LLP Email: lkgood@potteranderson.com jryan@potteranderson.com) CLIFFWOOD DEVELOPMENT: $17.1M Sale to the Tsai Family to Fund Plan ------------------------------------------------------------------ Cliffwood Development Partners, LLC filed with the U.S. Bankruptcy Court for the Central District of California a Combined Disclosure Statement and Chapter 11 Plan dated August 6, 2025. The Debtor's primary asset is its 85% tenant in common (TIC) interests in certain residential property located at 306 N. Cliffwood Ave., Los Angeles, California (the "Property"). The Property consists of an approximately 11,500 square feet high end residential single family home on a 0.44-acre lot. The Property is in the affluent and exclusive Brentwood neighborhood of Los Angeles. The Debtor anticipates that prior to the Confirmation hearing, the Other TIC Owner's 15% co-tenant in common will transfer its interest in the Property to the Debtor. In order to preserve the Property and the value thereof for the benefit of all creditors and equity holders, this Chapter 11 case was commenced on the Petition Date. By the Plan, the Debtor plans to sell the Property and use the proceeds to pay its creditors. Because the sale of the Property to BH was subject to overbid, the Debtor sought and obtained Court approval of certain bidding procedures for the sale of the Property at auction (the "Auction"). Specifically, pursuant to the Court's "Order Approving Motion For Entry Of An Order Approving Bidding Procedures For The Sale Of Real Property" (the "Bidding Procedures Order"), there were two "Qualified Bidders" for the Property – BH and the Trust. The Auction for the Property took place on July 30, 2025. At the Auction, the Trust submitted the highest and best bid in the amount of $17.1 million (net of brokers' commissions). The Plan contemplates that the Property would be sold to the Tsai Family Trust (the "Trust") for $17,100,000 (net of brokers' commissions) after confirmation of the Plan ("Post-Confirmation"). The Plan also provides that: * the Property's sale proceeds will be used to pay in full secured real property tax claims, and then, subject to the Hankey Carveout, to pay down Hankey's senior secured claim (of approximately $17,200,000); and * any creditors holding Allowed junior secured claims and general unsecured claims will share pro rata in the amount of $25,000 (the "Carveout/Contribution"), to be funded by a carveout by Hankey of the sum of $150,000 (the "Hankey Carveout") from the sale proceeds, and/or a contribution in the sum of $150,000 (the "DA Contribution") from the Debtor's affiliate (the "Debtor's Affiliate"). Specifically, after the Effective Date, the Reorganize Debtor shall sell the Property free and clear of any and all liens, claims, and interests. Upon the closing of the sale of the Property (to the Trust for $17.1 million (net of brokers' commissions), pursuant to the Trust Purchase Agreement), the liens securing the Class 1 claim, Class 2 claim, and Class 3 claim (if any) shall attach to the Net Sale Proceeds (i.e., the sale price net of any taxes, escrow charges, and other costs of sale of the Property) with the same validity, priority, force, and effect as such liens have against that property as of the Effective Date. The Reorganized Debtor's plan obligations will be paid primarily using the Property's Sale Proceeds and, if necessary, from the Hankey Carveout and/or DA Contribution. A sale of the Property for $17.1 million (net of brokers' commissions) pursuant to the Plan will result in: (1) the payment in full of secured property tax claims; and (2) the payment of more than $16 million to pay down Hankey's senior secured claim. Further, any creditors holding junior secured claims and general unsecured claims will share pro rata in the Carveout/Contribution in the amount of $25,000, to be funded by the Hankey Carveout and/or DA Contribution. Although Hankey's asserted secured claim will not be Paid in Full from the Sale Proceeds, Hankey has consented to the sale of the Property free and clear of its liens, claims, and interests pursuant to the Plan. Class 4 consists of Allowed General Unsecured Claims against Debtor. The allowed unsecured claims total $1,155.23. Each holder of a Class 4 Allowed Claim will receive a cash payment equal to its prorated share of remaining Net Sale Proceeds, if any, from the Property Sale after the Allowed secured claims of Classes 1, 2, and 3 (i.e., only if Heltzer's Allowed claim is not reclassified as a General Unsecured Claim), priority unsecured claims, and Administrative Claims are paid in full. Also, each holder of a Class 4 Allowed Claim will receive a cash payment equal to its prorated share (calculated based on the total amount of Allowed Class 3 and Class 4 claims) of the Carveout/Contribution. Class 4 is impaired under the Plan. The primary sources of funding for the Plan are the Sale Proceeds from the sale of the Property, which sale is anticipated to net at least $17.1 million to the Estate (less ordinary closing costs), and the Hankey Carveout and DA Contribution in the collective amount of $300,000. A full-text copy of the Combined Disclosure Statement and Plan dated August 6, 2025 is available at https://urlcurt.com/u?l=vnjWHn from PacerMonitor.com at no charge. About Cliffwood Development Partners, LLC Cliffwood Development Partners LLC is a Los Angeles-based property owner and developer involved in a variety of real estate projects, focusing on development and investment in residential and commercial properties. Cliffwood Development Partners LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11786) on March 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Julia W. Brand handles the case. The Debtor is represented by: Gary E. Klausner, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: (310) 229-1234 Email: GEK@lnbyg.com CROSSKIX LLC: Gets Interim OK to Use Cash Collateral Until Sept. 3 ------------------------------------------------------------------ Crosskix, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division to use cash collateral through September 3. The interim order signed by Judge Lori Vaughan 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 JP Morgan Chase Bank N.A.. As adequate protection, JP Morgan Chase Bank N.A. and other creditors with security interest in the cash collateral will be granted a replacement lien on property acquired by the Debtor after its bankruptcy filing. The replacement lien will have the same validity, priority and extent as the secured creditors' pre-bankruptcy lien. As further protection, the Debtor was ordered to keep its property insured in accordance with applicable loan and security agreements. The next hearing is scheduled for September 3. Prior to the petition date, the Debtor obtained a loan from JP Morgan, which obligation is purportedly secured by a lien on its cash and cash equivalents. JP Morgan may assert a first priority security interest by virtue of a UCC-1 financing statement it filed with the State of Florida. The cash collateral the Debtor intends to use is comprised of cash on hand and funds to be received during normal operations, which may be encumbered by the lien of JP Morgan. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/JTd9V from PacerMonitor.com. About Crosskix LLC Crosskix, LLC, an Ocoee, Florida-based company, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04309) on July 11, 2025. In its petition, the Debtor reported estimated assets and liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP is the Debtor's legal counsel. D AND B PHARMACY: Unsecureds Will Get 1% of Claims in Sale Plan --------------------------------------------------------------- D and B Pharmacy Corporation, d/b/a Paul's Pharmacy filed with the U.S. Bankruptcy Court for the Southern District of New York a Small Business Plan of Reorganization under Subchapter V dated August 5, 2025. The Debtor is a full service "neighborhood" pharmacy offering a variety of traditional and non-traditional goods and services including: medication management, equipment sales and rentals, lab testing, delivery and immunizations. The Debtor's current financial predicament was the result of a decrease in revenue suffered as a result of the COVID-19 pandemic which restricted its operations. As a result of mandated "lock downs," the Debtor was unable to meet its day-to-day operating expenses. The Debtor fell behind with rent due to the Landlord. The Debtor borrowed funds from the SBA and other lenders who made Merchant Cash Advances. Since the filing, the Debtor has continued in the management of its property as a debtor-in-possession pursuant to Sections 1107 and 1108 of the Bankruptcy Code. Since the Debtor's Chapter 11 filing, it has been substantially current with its obligations to its employees (other than Insiders) and to tax authorities. The Court approved use of cash collateral. With COVID restrictions relaxed, the Debtor's business has improved. However, it is still slower than it was pre-COVID. As such, Roldan believes that a sale of the business will efficiently fund a Plan. The Debtor has undertaken steps to market and sell the business. The Debtor moved to retain Vested Business Brokers, Ltd. to market the business for sale. An Order approving their retention was entered on June 25, 2025. The Plan will be funded primarily with the sale of the Debtor's business which the Debtor hopes will net at least $450,000.00 after payment of the broker's commission. It is anticipated that this will yield a distribution of less than 1% to Unsecured Creditors. Distributions under the Plan will be made by the Debtor as Disbursing Agent. Class 4 shall consist of all Allowed General Unsecured Claims and includes all creditors other than McKesson and Burlington who filed financing statements under the Uniform Commercial Code. Holders of Class 4 Claims consist of Unsecured Claims. The Holders of Class 4 Unsecured Claims will receive distribution on a pro rata basis following the satisfaction of holders of claims in Classes 1, 2 and 3 hereof. The holders of Class 4 Claims are Impaired. Class 5 shall consist of the Allowed Equity Interests. Currently, all Allowed Interests are held by Roldan. Roldan, the holder of the Allowed Interest, shall retain his Interest in the Debtor and continue to operate it. He is deemed to have accepted the Plan. The Plan shall be funded by Cash on hand and the proceeds of the sale of the all payments required to be made under the Plan shall be made by the Disbursing Agent. A full-text copy of the Plan of Reorganization dated August 5, 2025 is available at https://urlcurt.com/u?l=HwfOyB from PacerMonitor.com at no charge. Counsel to the Debtor: Anne Penachio, Esq. Penachio Malara, LLP 245 Main Street, Suite 450 White Plains, NY 10601 Telephone: (914) 946-2889 About D and B Pharmacy Corporation d/b/a Paul's Pharmacy D and B Pharmacy Corporation, operating as Paul's Pharmacy, provides prescription services, over-the-counter medications, and medical equipment at its location in South Salem, New York. The pharmacy serves the Vista, Lewisboro, and surrounding communities, offering additional services such as FedEx Drop, NYC Lotto, lab testing, and UPS shipping. It also carries gifts and home goods, emphasizing personalized customer care and accepting most major insurance plans. D and B Pharmacy Corporation sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-22402) on May 9, 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 Kyu Young Paek handles the case. The Debtor is represented by Anne Penachio, Esq. at Penachio Malara, LLP. DANNIKLOR ENTERPRISES: Gets OK to Use Cash Collateral Until Oct. 28 ------------------------------------------------------------------- Danniklor Enterprises, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral until October 28, marking the third extension since its Chapter 11 filing. The third interim order authorized the Debtor to use the cash collateral of Dogwood State Bank and the U.S. Small Business Administration, which consists of cash, accounts and accounts receivable. As protection for the Debtor's use of their cash collateral, the secured creditors will be granted replacement liens on property acquired by the Debtor after its Chapter 11 filing, to the same extent and with the same validity and priority as their pre-bankruptcy liens. These liens are subject to the fees due to the Clerk of the Court and fees payable under 28 U.S.C. Section 1930. The Debtor was ordered to escrow $1,000 each month for Subchapter V trustee fees. The next hearing is set for October 28. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/GcKhO from PacerMonitor.com. About Danniklor Enterprises Danniklor Enterprises, LLC, operating as Bikes Palm Beach, sells a wide range of bicycles and accessories, including kids' bikes, hybrid and electric bikes, triathlon bikes, and high-end road bikes. The Company also offers cycling gear such as helmets, lights, sunglasses, and athletic footwear. In addition to retail sales, it provides bicycle maintenance services with a 24-hour turnaround commitment at its location in Jupiter, Florida. Danniklor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15192) on May 8, 2025, listing $119,176 in assets and $1,984,410 in liabilities. Brian LaGrua, manager of Danniklor, signed the petition. Judge Mindy A. Mora oversees the case. Robert C. Furr, Esq., at Furr and Cohen, is the Debtor's legal counsel. Dogwood State Bank, as secured creditor, is represented by: Eric F. Werrenrath, Esq. Winderweedle, Haines Ward & Woodman, PA 329 Park Avenue North, Second Floor Winter Park, FL 32789 Telephone: (407) 423-4246 Facsimile: (407) 645-3728 ewerrenrath@whww.com hcrain@whww.com DANNIKLOR ENTERPRISES: Unsecureds to Split $7,500 over 5 Years -------------------------------------------------------------- Danniklor Enterprises, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Florida a Subchapter V Plan dated August 5, 2025. The Debtor operates a bicycle store located in Juno Beach, Florida and does business as Bikes Palm Beach. The Debtor was acquired by its principal, Brian LaGrua, out of a passion for cycling, fitness and a desire to serve a growing community. In 2024, the business serviced over 7,000 bicycles and continued to serve as a vital community hub, hosting weekly group rides with up to 100 participants. Nonetheless, continued revenue losses, over $250,000 in 2024, and litigation pressures made Chapter 11 the most responsible option to protect the business and its stakeholders. The business remains viable with strong community demand. Through Chapter 11, the Debtor's goal is to restructure debt, preserve jobs, maintain vendor relationships and continue serving the cycling community. The Debtor asserts that it will have sufficient net disposable monthly income due to its ongoing business operations to make the payments required under the Plan. In order to produce the income necessary to fund the Plan, the Debtor will continue to run its existing business. Class 2 consists of non-priority unsecured claims of the Debtor. The Debtor shall pay to non-priority unsecured creditors the aggregate sum of $7,500 pro rata in semi-annual payments over five years. Based upon the liquidation analysis, there would be no distribution to Class 2 general unsecured claimants in the event of a liquidation. Accordingly, the amount to be paid to Class 2 claimants under the Plan will exceed the amount to be paid to Class 2 claimants in the event of a liquidation. Class 2 is impaired. A full-text copy of the Subchapter V Plan dated August 5, 2025 is available at https://urlcurt.com/u?l=E8e0VX from PacerMonitor.com at no charge. Counsel to the Debtor: Robert C. Furr, Esq. Furr and Cohen, PA 2255 Glades road, Suite 419A Boca Raton, FL 33431 Telephone: (561) 395-0500 Facsimile: (561) 338-7532 Email: rfurr@furrcohen.com About Danniklor Enterprises Danniklor Enterprises, LLC, operating as Bikes Palm Beach, sells a wide range of bicycles and accessories, including kids' bikes, hybrid and electric bikes, triathlon bikes, and high-end road bikes. The Company also offers cycling gear such as helmets, lights, sunglasses, and athletic footwear. In addition to retail sales, it provides bicycle maintenance services with a 24-hour turnaround commitment at its location in Jupiter, Florida. Danniklor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15192) on May 8, 2025, listing $119,176 in assets and $1,984,410 in liabilities. Brian LaGrua, manager of Danniklor, signed the petition. Judge Mindy A. Mora oversees the case. Robert C. Furr, Esq., at Furr and Cohen, represents the Debtor as legal counsel. DEQSER LLC: Plan Exclusivity Period Extended to November 6 ---------------------------------------------------------- Judge Craig T. Goldblatt of the U.S. Bankruptcy Court for the District of Delaware extended Deqser LLC and KNY 26671 LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to November 6, 2025 and January 5, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that they have been operating under the protection of chapter 11 for less than 4 months, and during this short period of time have made significant and material progress in administering these Chapter 11 Cases. The Debtors believe that, in light of the progress that the Debtors have made in these Chapter 11 Cases over the past 4 months, and the Debtors' efforts to work cooperatively with their stakeholders, it is reasonable and appropriate that the Debtors be granted an extension of the Exclusive Periods. The Debtors assert that they have endeavored to establish and maintain cooperative working relationships with key stakeholders throughout the Chapter 11 process. The Debtors are not seeking the extension of the Exclusive Periods to delay administration of these chapter 11 cases or to exert pressure on their creditors, but rather to facilitate the continued negotiation and formulation of a chapter 11 plan. 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 in these Chapter 11 Cases. In effect, if the Court were to deny the Debtors' request for an extension of the Exclusive Periods, any party in interest would be free to propose an alternative chapter 11 plan for the Debtors. Counsel for the Debtors: GELLERT SEITZ BUSENKELL & BROWN LLC Ronald S. Gellert, Esq. 1201 North Orange Street, Suite 300 Wilmington, DE 19801 Tel:(302) 425-5806 E-mail: rgellert@gsbblaw.com - and - MAYERSON & HARTHEIMER, PLLC Sandra E. Mayerson, Esq. David H. Hartheimer, Esq. Mayerson & Hartheimer, PLLC 845 Third Avenue, 11th Floor New York, NY 10022 Tel: (646) 778-4381 Fax: (646) 778-4384 E-mail: sandy@mhlaw-ny.com david@mhlaw-ny.com About Deqser LLC Deqser LLC is a business entity associated with Cooperative Laundry, a commercial laundry service based in Kearny, New Jersey. Operating from a state-of-the-art facility, the company supports the hospitality industry with advanced, eco-efficient laundry solutions. Deqser sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-10687) on April 10, 2025. The Debtor reported estimated assets and estimated liabilities of $1 million to $10 million. The Hon. Craig T Goldblatt presides over the case. The Debtor's general bankruptcy counsel is Mayerson & Hartheimer, PLLC and its local bankruptcy counsel is Gellert Seitz Busenkell & Brown, LLC. DIOCESE OF NEW ORLEANS: Court Okays Settlement Voting Materials --------------------------------------------------------------- Stephanie Riegel of Nola.com reports that on Friday, August 8, 2025, a federal bankruptcy judge authorized survivors of clergy sexual abuse to vote on a proposed settlement with the Archdiocese of New Orleans, potentially resolving the case by year-end. U.S. Bankruptcy Court Judge Meredith Grabill, overseeing the case now over five years old, approved detailed documents explaining the settlement and voting instructions, the report related. According to Nola.com, the settlement, negotiated between the archdiocese and a court-appointed committee representing about 650 abuse survivors, would establish a trust fund nearing $180 million for survivors. An additional $45 million is expected next year from the sale of Christopher Homes, the church's low-income senior housing. Ballots will be sent to survivors later this August and must be returned by October 29, 2025. Dismissal would allow survivors to pursue individual lawsuits in state courts, a process likely to take years. Judge Grabill reiterated a firm warning during the hearing: if the plan is not confirmed, the case will be dismissed, with no further amendments or attempts. Kristi Schubert, representing roughly 75 survivors, said dismissal "would almost certainly lead to the archdiocese filing for bankruptcy again," setting survivors back to square one. The archdiocese said in a statement it was "pleased with the progress" and remains committed to resolving the matter. Ongoing Legal Proceedings Friday's, August 8, 2025, hearing continued a two-day session addressing the disclosure statement that will accompany the solicitation packet sent to survivors. The disclosure statement clarifies what survivors and creditors can expect from the settlement, the funding sources, and the church's financial ability to pay, according to report. Much of the hearing focused on the evidence allowed for attorneys preparing for the confirmation hearing, assuming survivors approve the plan. At that hearing, described as a trial, Judge Grabill will hear a motion from attorneys representing about 80 survivors seeking dismissal of the case, nola.com reports. They claim Archbishop Gregory Aymond and his advisers mismanaged the case, incurring $50 million in legal costs. Lead attorney Soren Gisleson asked permission to depose Archbishop Aymond about church finances and management. The archdiocese's lawyer, Dirk Wegmann, opposed many requests as overly broad. Judge Grabill approved some with limits. Gisleson also requested emails between Aymond and Saints and Pelicans owner Gayle Benson regarding her $75 million fundraising campaign to restore the 175-year-old St. Louis Cathedral. Judge Grabill allowed the request, limited to the past 18 months, according to report. Neither the archdiocese nor Benson’s spokesperson responded to comment requests. About Roman Catholic Church of the Archdiocese of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans -- https://www.nolacatholic.org/ -- is a non-profit religious corporation incorporated under the laws of the State of Louisiana. Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese of New Orleans has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need, including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square miles in southeast Louisiana and includes eight civil parishes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Roman Catholic Church for the Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's bankruptcy counsel and special counsel, respectively. Donlin, Recano & Company, Inc., is the claims agent. The U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on May 20, 2020. The committee is represented by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC is the committee's financial advisor. On March 5, 2021, the U.S. Trustee appointed an official committee to represent unsecured commercial creditors in the Debtor's Chapter 11 case. DOCKSIDE AT VENTURA: Taps Latham Luna Eden as Bankruptcy Counsel ---------------------------------------------------------------- Dockside at Ventura Condominium Association, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Latham, Luna, Eden & Beaudine, LLP as counsel. The firm's services include: (a) advising as to the Debtor's rights and duties in this case; (b) preparing pleadings related to this case, including a disclosure statement and plan of reorganization; and (c) taking any and all other necessary action incident to the proper preservation and administration of this estate. The firm will be paid at these rates: Attorneys $575 per hour Paralegals $105 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Prior to the commencement of this case, the Debtor paid an advance fee of $103,388 for services and expenses to be incurred in connection with creditor negotiations, litigation, preparation of the bankruptcy filing prior to the Chapter 11 Bankruptcy filing. Justin M. Luna, Esq., a partner at Latham, Luna, Eden & Beaudine, 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: Justin M. Luna, Esq. LATHAM, LUNA, EDEN & BEAUDINE, LLP 201 S. Orange Ave., Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 Email: jluna@lathamluna.com About Dockside at Ventura Condominium Association Dockside at Ventura Condominium Association, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04636) on July 25, 2025, with $1,000,001 to $10 million in assets and liabilities. Judge Grace E. Robson presides over the case. Justin M. Luna, Esq., at Latham, Luna, Eden & Beaudine, LLP represents the Debtor as legal counsel. DP LOUISIANA: Court Extends Cash Collateral Access to Sept. 1 ------------------------------------------------------------- DP Louisiana, LLC received second interim approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to use cash collateral to fund its operations. The court's order authorized the Debtor's interim use of cash collateral for the period from August 4 through September 1. The Debtor intends to use cash received from the sale of hydrocarbons in which a secured creditor may assert security interests pursuant to the Louisiana Oilwell Lien Act (LOWLA). It has identified 26 creditors, which may possess lien rights against the oil and gas leases and equipment it owns. As adequate protection, the LOWLA lienholders will be granted perfected replacement liens on collateral as to which they had a first priority lien as of the petition date, subject to the carveout for certain fees; and junior perfected liens on the collateral that is subject to a validly perfected lien with priority over the LOWLA lienholders' liens as of the petition date. In case the replacement liens prove to be inadequate to protect the LOWLA lienholders, an allowed superpriority administrative expense claim will be granted to such lienholders, subject to the carveout. The bankruptcy court will hold a final hearing on August 27. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/9Nnde from PacerMonitor.com. About DP Louisiana LLC DP Louisiana LLC is engaged in oil and gas extraction operations. It is based in Louisiana and uses EAG Services in Houston, Texas, for administrative support. DP Louisiana sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-11366) on June 30, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Meredith S. Grabill handles the case. The Debtor is represented by Douglas S. Draper, Esq., at Heller, Draper & Horn, L.L.C. DUNCAN RENTAL: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division granted Duncan Rental Company, LLC interim approval to use cash collateral. The interim order signed by Judge Roberta Colton 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. As adequate protection for the Debtor's use of its cash collateral, SBA will be granted a replacement lien on the cash collateral, to the same extent and with the same validity and priority as its pre-bankruptcy lien. In addition, the Debtor was ordered to keep its property insured in accordance with its loan agreements with SBA. About Duncan Rental Company LLC Duncan Rental Company, LLC is a Florida-based equipment rental company specializing in construction and heavy equipment. Duncan Rental Company filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04733) on July 11, 2025, listing between $100,000 and $500,000 in assets and between $500,000 and $1 million in liabilities. Kathleen DiSanto, Esq., at Bush Ross, P.A., serves as Subchapter V trustee. Judge Roberta A. Colton handles the case. The Debtor is represented by Buddy D. Ford, Esq. at Ford & Semach, P.A. ELETSON HOLDINGS: Cypriot Nominees Violated Stay Relief Order ------------------------------------------------------------- The Honorable John P. Mastando III of the United States Bankruptcy Court for the Southern District of New York granted in part Levona Holdings Ltd.'s motion to enforce the stipulated stay relief order and for sanctions against the purported preferred nominees pursuant to Section 105(a) of the Bankruptcy Code in the bankruptcy case of Eletson Holdings Inc. On Oct. 22, 2013, Eletson Holdings partnered with Blackstone Tactical Opportunities to form Eletson Gas LLC, whose preferred shares were held by Blackstone, while Eletson Holdings held the common shares of Eletson Gas. In November 2021, Levona Ltd. acquired Blackstone's stake in Eletson Gas. In July 2022, Eletson Holdings and Corp. filed an arbitration against Levona to resolve a dispute regarding the ownership of the preferred shares of Eletson Gas. In the Arbitration, Eletson Holdings argued that it had fulfilled certain obligations to Levona and thus the preferred shares had been transferred to the Cypriot Nominees. On March 8, 2023, while the Arbitration was pending, Pach Shemen, VR Global, and Alpine filed involuntary Chapter 7 bankruptcy petitions against the Debtors in this Court. On April 17, 2023, the Court entered the Stay Relief Order to allow the Arbitration to continue during the pendency of the bankruptcy case. The Stay Relief Order was signed by Reed Smith LLP as counsel for the Debtors, Eletson Holdings Inc., Eletson Finance (US) LLC, and Agathonissos Finance LLC. On Sept. 6, 2023, the Debtors voluntarily stipulated to convert the Chapter 7 cases to Chapter 11 cases. While the bankruptcy cases progressed, the arbitrator issued the Arbitration Award on Sept. 29, 2023. In the Arbitration Award, the arbitrator found, inter alia, that the Eletson Gas preferred shares had been transferred to the Cypriot Nominees as of March 11, 2022. Additionally, the arbitrator awarded certain damages against Levona, Pach Shemen, and Murchinson to be paid to Corp., and to non-parties Eletson Gas and the Cypriot Nominees. Thereafter, on Aug. 18, 2023, Eletson Holdings and Corp. filed a petition in the District Court to confirm the Arbitration Award. On Feb. 9, 2024, the District Court issued an Opinion and Order, which confirmed, in part, the Arbitration Award, but vacated certain portions of the damages and certain findings made by the arbitrator relating to Levona, Pach Shemen, and Murchinson's liability under an alter ego theory. On Dec. 16, 2024, Eletson Gas filed a petition before the High Court of Justice, Business & Property Courts of England and Wales Commercial Court in the United Kingdom seeking an order enforcing the Arbitration Award against Levona. Motion Pending before the Court is the Motion to Enforce The Stipulated Stay Relief Order and for Sanctions Against (A) The Purported Preferred Nominees And (B) Reed Smith LLP Pursuant To Section 105(a) of The Bankruptcy Code and Inherent Authority filed by Levona on Jan. 16, 2025. Levona seeks enforcement of the Stipulation and Order Granting Alleged Debtor's Motion for Relief from Stay to Proceed with, or to Confirm the Inapplicability of, the Automatic Stay to Prepetition Arbitration Proceedings entered by this Court on April 17, 2023 based on alleged violations of the Stay Relief Order. Levona alleges that Desimusco Trading Limited, Apargo Limited, and Fentanlon Limited (the purported "Preferred Nominees" or "Cypriot Nominees") violated the Stay Relief Order by: 1) changing Eletson Gas LLC's share registry to reflect the Arbitrator issuing the Final Award, and 2) commencing litigation against Levona in England, allegedly seeking enforcement of the Arbitration Award. Based on the alleged violations of the Stay Relief Order, Levona seeks an order from the Court: 1) restoring the status quo by ordering the parties to rescind the changes to the share registry and other acts in violation of the Stay Relief Order; 2) ordering the parties to "terminate the English Enforcement Proceedings;" 3) enjoining the Cypriot Nominees from committing further acts or commencing further proceedings to enforce the Arbitration Award; and 4) imposing sanctions Levona then argues that pursuant to the Bankruptcy Court's inherent powers, the Court can issue a finding of contempt and an award of sanctions because: 1) the Stay Relief Order is "clear and unambiguous;" 2) the alleged noncompliance is "clear and convincing" as evidenced by the change in Eletson Gas's share registry, the replacement of the board of directors, and the filing of the English Proceeding; and 3) the "Violating Parties" have not made "reasonable" efforts to comply with the Stay Relief Order. Accordingly, Levona seeks coercive sanctions of up to $1,000 per day and compensatory sanctions. In the Reed Smith Objection, Reed Smith argues that neither the Cypriot Nominees nor Reed Smith is bound by the Stay Relief Order. Reed Smith also asserts that: 1) the Stay Relief Order does not "clearly and unambiguously prohibit" confirming the Arbitration Award in other jurisdictions; and 2) Reed Smith has "diligently attempted to comply in a reasonable manner" with the Stay Relief Order. Additionally, in opposition to the Motion, the Cypriot Nominees argue that: 1) they are not bound by the "Stay Stipulation" (entered as the "Stay Relief Order") because they are not "Arbitration Parties;" 2) Levona is incorrect in arguing that the Stay Relief Order applies generally because the second sentence of the Stay Relief Order only applies to "Arbitration Parties;" and 3) even if the "Stay Stipulation" applied to the Cypriot Nominees, there is no "clear and convincing" evidence that the Cypriot Nominees acted in violation of the Stay Relief Order because when the Preferred Shares were transferred to the Cypriot Nominees on March 11, 2022, it is at that moment that the Preferred Shares are deemed to be held by the Cypriot Nominees. The Court agrees with Levona that the Stay Relief Order applies generally and broadly. The general application of the Stay Relief Order serves to prevent the use of the Arbitration Award until the proceedings related to the Arbitration conclude, and the parties return to this Court. The proceedings related to the Arbitration have not concluded in District Court. According to the Court, the second sentence of the Stay Relief Order does not limit application of the entire Stay Relief Order to only the Arbitration Parties – rather, it specifies the "Arbitration Parties" for the "avoidance of doubt" since they are among the parties most likely to act on the Arbitration Award. Therefore, the Stay Relief Order applies to the Cypriot Nominees and to Reed Smith, the Court finds. Sanctions The Court agrees with Levona that the Feb. 26th Corporate Actions, which purport to: appoint a new board of directors for Eletson Gas, institute changes to the share registry based on the Arbitration Award, and authorize actions to enforce the Arbitration Award, constitute violations of the Stay Relief Order. The Court agrees with Levona that updating the share registry and replacing Eletson Gas's board of directors are not "ministerial acts." Also, updating the share registry and changing the board violate the Stay Relief Order because such changes can only occur if the Cypriot Nominees hold the preferred interests, which is an issue that is still being determined in the District Court, the Court finds. Accordingly, the changes to the share registry and to the board of Eletson Gas constitute violations of the Stay Relief Order. Thus, the Cypriot Nominees are in violation of the Stay Relief Order. English Enforcement Proceeding Reed Smith argues that the English Enforcement Proceeding seeks to simply recognize the Arbitration Award. Further, Reed Smith asserts that there is an explicit reference to the Stay Relief Order in the English Enforcement Proceeding, and Reed Smith makes clear in the Proceeding that Eletson Gas will not take further action without leave of the Bankruptcy Court. Based on Levona's failure to ascribe actions taken by or under the direction of Reed Smith in contravention of the Stay Relief Order, the Court finds that Reed Smith has not violated the Stay Relief Order. The Court ordered as follows: 1. The Cypriot Nominees (Desimusco Trading Co., Apargo Ltd., and Fentalon Ltd.) are found to be in contempt for violating the Stay Relief Order. 2. The Cypriot Nominees are ordered within five (5) business days to rescind their changes to the share registry and to the board of directors of Eletson Gas LLC and are prevented from taking further acts in violation of the Stay Relief Order. 3. If the Cypriot Nominees do not comply within five (5) business days of entry of this Order, the Court will impose coercive monetary sanctions in the amount of $1,000 per day per party against the Cypriot Nominees until compliance with this Order has been effectuated. A copy of the Court's Memorandum Opinion and Order dated August 1, 2025, is available at https://urlcurt.com/u?l=v2lDtS About Eletson Holdings Eletson Holdings Inc. is a family-owned international shipping company, which touts itself as having a global presence with headquarters in Piraeus, Greece as well as offices in Stamford, Connecticut, and London. At one time, Eletson claimed to own and operate one of the world's largest fleets of medium and long-range product tankers and boasted a fleet consisting of 17 double hull tankers with a combined capacity of 1,366,497 dwt, 5 LPG/NH3 carriers with a combined capacity of 174,730 cbm and 9 LEG carriers with capacity of 108,000 cbm. Eletson Holdings, a Liberian company, is Eletson's ultimate parent company and is the direct parent and owner of 100% of the equity interests in the two other debtors, Eletson Finance (US) LLC, and Agathonissos Finance LLC. Eletson and its two affiliates were subject to involuntary Chapter 7 bankruptcy petitions (Bankr. S.D.N.Y. Case No. 23-10322) filed on March 7, 2023 by creditors Pach Shemen LLC, VR Global Partners,L.P. and Alpine Partners (BVI), L.P. The petitioning creditors are represented by Kyle J. Ortiz, Esq., at Togut, Segal & Segal, LLP. On Sept. 25, 2023, the Chapter 7 cases were converted to Chapter 11 cases. The Honorable John P. Mastando, III is the case judge. Lawyers at Reed Smith represent the Debtors as bankruptcy counsel. Riveron RTS served as the Debtors' Domestic Financial Advisor; Harold Furchtgott-Roth as Economic Expert; and Kurtzman Carson as Voting Agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors. The committee tapped Dechert, LLP as its legal counsel and FTI Consulting as the Committee's financial advisors. ENERGY TRANSFER: S&P Rates Junior Subordinated Notes 'BB+' ---------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating to Dallas-based midstream energy master limited partnership Energy Transfer L.P.'s (ET) proposed Series 2025A and Series 2025B junior subordinated notes due in 2056. ET intends to use the net proceeds to repay borrowings under its revolving credit facility and for general partnership purposes. S&P said, "We classify the notes as having intermediate equity content due to their subordination, permanence, and optional deferability features. When calculating ET's consolidated credit ratios, we will treat the issuance as 50% equity." Although the subordinated notes are due in over 30 years, S&P considers 2036 the effective maturity date. At that time, the notes will receive minimal equity content because their effective maturity will be less than 20 years. The issuer credit rating on the company is 'BBB' and the outlook is stable. FAIRFIELD SENTRY: Bank Vontobel Loses Bid to Dismiss Case --------------------------------------------------------- The Honorable John P. Mastando III of the United States Bankruptcy Court for the Southern District of New York denied the motion of the Defendant, Bank Vontobel AG, as successor to Finter Bank Zurich, to dismiss the fifth amended complaint in the adversary proceeding captioned as FAIRFIELD SENTRY LTD. (In Liquidation), et al., Plaintiffs, v. ABN AMRO SCHWEIZ AG a/k/a AMRO (SWITZERLAND) AG, et al., Defendants, Adv. Pro. No. 10-03636 (Bankr. S.D.N.Y.) for lack of personal jurisdiction. This adversary proceeding was filed on Sept. 21, 2010. Kenneth M. Krys and Greig Mitchell, in their capacities as the duly appointed Liquidators and Foreign Representatives of Fairfield Sentry Limited (In Liquidation), Fairfield Sigma Limited (In Liquidation), and Fairfield Lambda Limited (In Liquidation) filed the Amended Complaint on Aug. 12, 2021. Via the Amended Complaint, the Liquidators seek the imposition of a constructive trust and recovery of over $1.7 billion in redemption payments made by Sentry, Sigma, and Lambda to various entities known as the Citco Subscribers. Of that amount, Defendant allegedly received at least $574,065 through three redemption payments from its investment in Sentry. This adversary proceeding arises out of the decades-long effort to recover assets of the Bernard L. Madoff Investment Securities LLC Ponzi scheme. The Citco Subscribers allegedly invested, either for their own account or for the account of others, into several funds -- including Sentry, Sigma, and Lambda -- that channeled investments into BLMIS. The Amended Complaint alleges that investors received payments on account of their shares in the Fairfield Funds based on a highly-inflated Net Asset Value The Citco Subscribers and the beneficial shareholders were allegedly such investors. To calculate the NAV, administrators used statements provided by BLMIS that showed securities and investments, or interests or rights in securities and investments, held by BLMIS for the account of Sentry. In fact, no securities were ever bought or sold by BLMIS for Sentry, and none of the transactions on the statements ever occurred. The money sent to BLMIS by the Fairfield Funds for the purchase of securities was instead used by Bernard Madoff to pay other investors or was misappropriated by Madoff for other unauthorized uses. The NAVs were miscalculated, and redemption payments were made in excess of the true value of the shares. The Fairfield Funds were either insolvent when the redemption payments were made or were made insolvent by those payments. Vontobel's predecessor-in-interest Finter was a corporate entity organized under the laws of Switzerland with a registered address in Chiasso, Switzerland. Vontobel allegedly invested into and redeemed shares of Sentry and Sigma through several companies within the Citco corporate family. Investments into the Funds were registered in the name of Citco Fund Services (Europe) B.V., and Citco Global Custody N.V. Citco Bank Nederland N.V. Dublin Branch allegedly carried out subscriptions and redemptions on behalf of Vontobel and other investors. Citco Bank and Citco Global Custody served as the subscriber of record for Vontobel's shares of the Fairfield Funds. The Citco Subscriber was organized under the laws of either Curaçao or the Netherlands. The Amended Complaint seeks the imposition of a constructive trust on the redemption payments received from the Fairfield Funds. The Amended Complaint alleges that Defendant's purported agent, the Citco Subscriber, had knowledge of the fraud at BLMIS and therefore knowledge that the NAV was inflated. The Amended Complaint alleges that the defendants, including Vontobel as a beneficial shareholder of certain accounts, purposefully availed themselves of the laws of the United States and the State of New York by investing money with the Funds, and knowing and intending that the Funds would invest substantially all of that money in New York-based BLMIS. Defendant has moved to dismiss the Amended Complaint for lack of personal jurisdiction, arguing that the Amended Complaint has not sufficiently alleged minimum contacts with the forum to establish personal jurisdiction over Defendant and that exercising personal jurisdiction would be unreasonable. The Liquidators argue that exercising jurisdiction over Defendant would be reasonable and that Defendant's contacts with the United States, through its own actions and those of its purported agent, in knowingly and intentionally investing in Sentry, using U.S. correspondent accounts to invest in and receive payments from Sentry, and conducting other business activities support personal jurisdiction. According to the Court, the Plaintiffs' allegations and supporting evidence of intentional investments into BLMIS in New York, as well as their selection and use of U.S.-based correspondent accounts, demonstrate that Vontobel took affirmative actions on its own apart from the conduct of the Plaintiffs. The Liquidators have shown that the Defendant knew and intended that, by investing in the Funds, Defendant's money would enter into U.S.-based BLMIS. This certainty can be found in the Fairfield Funds' contractual obligation to invest at least 95% of the money they received in U.S.-based BLMIS. Moreover, the Plaintiffs have alleged that the Defendant, through its agent, conducted due diligence investigations and benefited from the materials that it received from FGG which confirmed the investments would be made with BLMIS in New York. The Court thus finds that Defendant's selection and use, through its agent, of U.S. correspondent accounts, due diligence, and communications with FGG concerning investments with BLMIS in New York support the Court's exercise of jurisdiction over the claims for receiving redemption payments from the Fairfield Funds with the knowledge that the NAV was wrong. The contacts are not random, isolated, or fortuitous. The contacts demonstrate Vontobel's purposeful activities aimed at New York in order to effectuate transfers from Sentry. The Plaintiffs have thus provided evidence sufficient to support a prima facie showing that the Defendant had minimum contacts with the forum. Accordingly, the Court finds that the Defendant's conduct would also satisfy the more flexible jurisdictional inquiry under the Fifth Amendment. Defendant argues that the Plaintiffs' claims are not predicated on whether the funds they seek to recover were ever placed with or controlled by BLMIS and do not focus on the decision to invest with the Funds as the basis for either liability or jurisdiction. However, the Liquidators seek imposition of a constructive trust on funds received with knowledge that the NAV was inflated. Judge Mastando explains, "The issue of knowledge of the inflated NAV is inextricably tied to the Defendant's investments with New York-based BLMIS. The allegations are directly related to Defendant's investment activities with BLMIS through the Fairfield Funds. The Defendant's contacts with the United States, in investing in, in communications with, and redemptions from the Fairfield Funds, form a sufficiently close link between the defendant, the forum and the litigation concerning Defendant's activities in the forum." A copy of the Court's Memorandum Opinion and Order dated August 1, 2025, is available at https://urlcurt.com/u?l=ptaqjt Attorneys for Defendant, Bank Vontobel AG (as successor to Finter Bank Zurich): Gregory F. Hauser, Esq. Joshua A. Dachs, Esq. WUERSCH & GERING LLP 100 Wall Street, 10th Floor New York, NY 10005 E-mail: gregory.hauser@wg-law.com About Fairfield Sentry Fairfield Sentry Limited is being liquidated under the supervision of the Commercial Division of the High Court of Justice in the British Virgin Islands. It is one of the funds owned by the Fairfield Greenwich Group, an investment firm founded in 1983 in New York. Fairfield Sentry and other Greenwich funds had among the largest exposures to the Bernard L. Madoff fraud. Fairfield Sentry became the subject of a BVI liquidation, and a BVI court appointed Kenneth M. Krys and Greig Mitchell as Liquidators and Foreign Representatives of Fairfield Sentry and Fairfield Sigma under BVI law. The Liquidators then sought recognition of the BVI liquidation as a foreign main proceeding by filing petitions under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 10-13164) on June 14, 2010 in the Southern District of New York. The Bankruptcy Court entered an order granting recognition of the Fairfield Sentry case on July 22, 2010, enabling the Liquidators to use the U.S. Bankruptcy Court to protect and administer Fairfield Sentry's assets in the U.S. FINS UP: Unsecured Creditors to Get Share of Income for 3 Years --------------------------------------------------------------- Fins Up, PC, filed with the U.S. Bankruptcy Court for the District of Arizona a Plan of Reorganization for Small Business dated August 6, 2025. The Debtor was created in 2005 with the goal to have a handful of physicians do both traditional primary care medicine and hospital based medicine. As time went on, hospitals started to hire their own hospital based doctors, and in 2017 the Debtor lost a major contract with a hospital and decided to sell most of its remaining assets (contracts with physicians who had agreements with hospitals) to a hospital system. The Debtor began winding up its business. During the end of the wind-up, the Debtor learned that it had been incorrectly billing the Center of Medicare and Medicaid Services ("CMS"). The Debtor had charged the physician rate for physicians who remotely oversaw the work of nurse practitioners, but the correct charge was for the rate of the nurse practitioner, which is about 15% less than the physician rate. The Debtor self- reported the inadvertent overcharge to CMS. The Debtor filed the case primarily to resolve CMS's claim in a plan of reorganization. Under this Plan, the debtor will devote all its projected disposable income over the next three years toward the payment of Creditors. Payments under the Plan will be made from income of the Debtor's business that is not reasonably necessary for the continuation, preservation, or operation of the business of the Debtor. The Plan provides for payment of Claims in accordance with the Bankruptcy Code and projects payment to Allowed General Unsecured Claims. Class 2 consists of General Unsecured Claims. Holders of allowed Class 2 claims shall receive their pro rata share of the disposable income payments provided for in this plan over the next three years. The Debtor estimates that the total amount of unsecured claims is approximately $1,053,971.79. The Debtor disputes many of the claims. Class 2 is impaired. Equity Interest holders are parties who hold an ownership interest (i.e., equity interest) in the Debtor. The Debtor's sole shareholder, Healthbuzz, P.C., is the only member of Class 3. Class 3 shall retain its equity interest in the Debtor. Class 3 is not impaired. The Plan will be funded by the proceeds realized from the post Effective Date operations of the Debtor, the sale of the Debtor's assets, if any, and the Debtor's continued use of its Cash. The Debtor's Plan payments shall consist of 36 monthly payments commencing on the 15th day of the month immediately following the Effective Date. Plan payments shall be in the amount of the Debtor's disposable income set forth in the projections. At any time, the Debtor may accelerate Plan payments by prepaying some or all of the remaining Plan payments, in which case the Debtor may complete the payments under this Plan in fewer than 36 months. A full-text copy of the Plan of Reorganization dated August 6, 2025 is available at https://urlcurt.com/u?l=yEfTRn from PacerMonitor.com at no charge. Counsel for the Debtor: Grant L. Cartwright, Esq. Andrew A. Harnisch, Esq. Eric W. Moats, Esq. May, Potenza, Baran & Gillespie, P.C. 1850 North Central Avenue, Suite 1600 Phoenix, AZ 85004 Telephone: (602) 252-1900 Facsimile: (602) 252-1114 Email: gcartwright@maypotenza.com About Fins Up P.C. Fins Up P.C., doing business as Desert Vista Medical Associates is a multi-specialty medical practice based in Scottsdale, Arizona. The clinic offers outpatient services across various specialties including internal medicine, family medicine, emergency medicine, and diagnostic radiology. Fins Up P.C. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04235) on May 9, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Grant L. Cartwright, Esq. at MAY POTENZA BARAN & GILLESPIE PC. FIRST QUANTUM: Fitch Alters Outlook on 'B' LongTerm IDR to Stable ----------------------------------------------------------------- Fitch Ratings has revised the Outlook on First Quantum Minerals Ltd.'s (FQM) Long-Term Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDR at 'B'. Fitch has also affirmed FQM's senior secured and senior unsecured ratings at 'B'. The Recovery Rating is 'RR4'. The Outlook revision reflects that FQM's operating performance has been in line with its expectations as higher copper prices and proactive liquidity management continue supporting its financial profile. Its updated forecast assumes that EBITDA gross leverage will remain slightly above 4x for the next three years, providing sufficient headroom against a negative rating sensitivity of 5x. Fitch assumes that FQM's Cobre Panama mine remains under care and maintenance during this time horizon. Fitch has removed from its forecast the previously planned sale of the minority stakes in Zambian assets due to uncertainty in its timing. The company has signed a streaming facility to support its liquidity, which Fitch treats as non-debt. The rating incorporates the high-risk environment related to the operations in Zambia (RD). Key Rating Drivers Prolonged Suspension of Cobre Panama: The Cobre Panama mine remains under preservation and safe management with no production since November 2023. A decision on the future of the mine was not reached after last year's general elections and the timing of the mine restart is still uncertain. Fitch has therefore focused its 2025-2028 forecasts on operations in Zambia. FQM is working to bring the Cobre Panama mining operations back on track through a public relations campaign to improve perceptions of the project and remains in dialog with the government. The company commenced setting terms for an environmental audit in January, although the timing and final terms are still pending finalization from the government. FQM has completed shipping stockpiled copper concentrate and plans to restart the power plant in 4Q25. It is no longer pursuing two separate international arbitration cases against Panama, while Franco Nevada suspended arbitration in June. Improved Leverage: Fitch forecasts EBITDA will average USD1.6 billion in 2025-2028 under its price assumption and without production from Cobre Panama, almost half the amount generated when the mine was in operation. Fitch expects EBITDA gross leverage of slightly above 4x for the next three years based on Fitch's price assumptions, providing comfortable headroom for the 'B' rating, which led to the Outlook revision. Fitch excludes the Franco Nevada streaming from debt from 2025 as Fitch does not assume any metal deliveries from the mine over the next three years. Fitch expects negative free cash flow (FCF) in 2025-2026 due to large capex, including in the Kansanshi S3 project. New Gold Stream: FQM has signed a USD1 billion gold streaming agreement with RGLD Gold AG, a subsidiary of Royal Gold, Inc. Fitch does not add it to debt due to the prevalence of equity-like features, including the absence of an obligation to deliver gold if mining operations are shut and no security over assets, although FQM and Kansanshi ownership chain provide guarantees. Fitch estimates the stream will amortize at about USD60 million per annum at its price assumptions. Fitch does not factor in the minority stake sale in Zambia as its timing remains uncertain and following the completion of the new stream. Proactive Liquidity Management: FQM has been actively addressing liquidity risks and strengthening its balance sheet since Cobre Panama's operations were suspended. In 2024, it issued USD1.6 billion in secured notes for refinancing and placed USD1.1 billion of common shares that it used for bond prepayments. It also signed a USD500 million copper prepayment facility in 2024 and another one in 1Q25, along with USD1 billion note issuance in 1Q25. The proceeds from the new stream will be used for liquidity and to repay around USD560 million of credit facilities. Rated Above Zambia's Country Ceiling: In the absence of output from Cobre Panama, FQM will derive over 95% of its EBITDA from Zambia in 2025, leading us to apply the 'B-' Country Ceiling of Zambia rather than that of Panama. FQM maintains large liquidity headroom with a high share of export proceeds. Cash held abroad and undrawn offshore committed credit lines totaled USD2.1 billion in 2025 and USD2.3 billion in 2026. This supports a hard-currency debt-service coverage ratio above 1.5x for 2025-2027 and allows us to rate FQM a notch above Zambia's Country Ceiling. Challenging Operating Environment: The forced suspension of Cobre Panama reflects a deterioration in Panama's mining environment. Social and environmental opposition to mining became more vocal in the run-up to elections last year. Further, the government signed a moratorium in November 2023 on new mining projects in the country. Fitch believes the new government may adopt a more constructive approach towards the mining sector. However, as the decision might take time, Fitch sees no certainty on the timeline for the mine's restart. Zambia's Power Challenges: The supply of energy in Zambia has been limited since 1Q24, due to drought reducing hydropower generation. FQM has been importing power from neighboring countries to minimize operational disruptions. Fitch expects that around 40% of FQM's energy will be supplied from abroad in 2025-2026, increasing its cash costs by 4%. Over the longer term, a new solar and wind project in Zambia, together with new hydropower initiatives, should improve the domestic energy supply. Peer Analysis FQM's peers include copper producers Freeport-McMoRan Inc. (BBB/Stable), Hudbay Minerals Inc. (BB-/Stable), Ero Copper Corp. (B/Stable) and Endeavour Mining plc (BB/Stable). Freeport is among the top 10 global producers, with 1.9 million tonnes of copper output in 2024. FQM produced 431,000 tonnes and Ero 41,000 tonnes in 2024, while Hudbay is estimated to have produced 140,000 tonnes. FQM's medium-term cost position is in the higher third quartile, while Freeport's assets are placed at around the 50th percentile on average due to the low-cost operations at its Grasberg mine. Freeport benefits from wider diversification across geographies with a more stable operating environment and more sizeable assets with a longer reserve life. Freeport's medium-term EBITDA gross leverage is below 2x. FQM has a stronger business profile than Hudbay, due to its much larger scale and longer reserve life. However, it has a less competitive cost position. The latter operates in the lower-risk jurisdictions of Canada and Peru and has some commodity diversification. Fitch expects Hudbay's EBITDA gross leverage to remain below 2.5x. Gold miner Endeavour is smaller than FQM (assuming current scale) but has a better cost position in the second quartile of the global cost curve. Operations are spread across Senegal, Cote d'Ivoire and Burkina Faso, with the latter having a very weak operating environment with many challenges, including security. Endeavour has a conservative financial policy to maintain net debt/EBITDA below 0.5x through the cycle. Ero is much smaller in scale and has a comparable reserve life and cost position on the higher end of the cost curve compared with FQM. Fitch expects Ero's gross leverage to be around 2x in 2025. Key Assumptions - Prices of copper, gold and nickel for 2025-2028 in line with Fitch's price assumptions. - Its rating case is based on the Cobre Panama mine not resuming operations during the forecast period given the uncertainty. - Full ramp-up of Kansanshi S3 production in 2026, increasing total copper volume sold to 490,000 tonnes from 2027, from 440,000 tonnes in 2025-2026. - Capex in 2025-2027 in line with FQM's guidance and adjusted to Fitch's price assumptions. - Franco Nevada streaming agreement excluded from Fitch-adjusted debt over the forecast period. - No dividend for 2025-2028. Recovery Analysis The recovery analysis assumes that FQM would be considered a going concern in bankruptcy and that it would be reorganized rather than liquidated. Its going concern EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA on which Fitch bases the valuation of the company. Fitch assumes a going concern EBITDA of USD1.35 billion under the assumption of a protracted operational disruption at Cobre Panama. An enterprise value/EBITDA multiple of 4.5x was used to calculate the post-reorganization enterprise value, which factors in FQM's scale, growth prospects and exposure to Zambia with a weak mining operating environment. FQM's senior secured revolving credit facility (RCF) is assumed to be fully drawn. Senior secured debt reflected in the recovery waterfall comprises a combined USD1.9 billion RCF and a term loan bank facility. Fitch removed the USD0.9 billion streaming agreement with Franco-Nevada from the waterfall because its going concern EBITDA assumption excludes Cobre Panama. The existing USD1.6 billion senior secured second lien notes with a share pledge covering the Sentinel and Enterprise assets and benefiting from a guarantee from Kansanshi and other guarantors are reflected as secured in the recovery waterfall. Senior unsecured debt of USD3.9 billion comprises bonds and the copper prepayment facility. FQM Trident Limited's USD425 million term loan is included as senior debt. Fitch excludes immediate maturities from its debt calculation. After deducting 10% for administrative claims and taking into account Fitch's Country-Specific Treatment of Recovery Ratings Criteria, its analysis resulted in a waterfall-generated recovery computation in the 'RR4' band, indicating a 'B' senior secured rating. The Recovery Rating is capped at 'RR4'. Its analysis for FQM's unsecured bonds also resulted in a waterfall-generated recovery computation in the 'RR4' band, indicating a 'B' senior unsecured rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA gross leverage consistently above 5x - Material deterioration in liquidity and increasing refinancing risk - Signs of a deteriorating operating environment in Zambia - Failure to maintain hard-currency debt-service coverage above 1.5x to maintain its rating above Zambia's Country Ceiling Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA gross leverage consistently below 4x - EBITDA interest coverage above 4x - Positive FCF on a sustained basis - Restart of operations at Cobre Panama Liquidity and Debt Structure FQM's liquidity comprised an unrestricted cash balance of USD737 million and an undrawn committed RCF of USD930 million as of 30 June 2025, compared with around USD524 million of short-term debt maturities. The new USD1 billion streaming agreement will support liquidity. Issuer Profile FQM is a medium-sized miner and global copper company. It produces copper in the form of concentrate, cathode and anode, as well as gold, silver, zinc and nickel. Major assets are located in Zambia and Panama with smaller operations in Spain, Mauritania, Australia, Turkey and Finland. Summary of Financial Adjustments The Franco Nevada streaming agreement of USD970 million was reclassified from deferred revenue to Fitch-adjusted debt in 2024. Transaction and accretion charges of USD45 million were added back to the Fitch-adjusted debt balance in 2024. The Jiangxi copper prepayment of USD500 million was reclassified from deferred revenue to Fitch-adjusted debt, and USD36 million of interest expenses was added to interest paid in 2024. 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 Fitch has revised FQM's ESG Relevance Score for Exposure to Social Impacts to '4' from '5' as the forced suspension of operations at Cobre Panama has taken place since November 2023 and Fitch now analyses the company's performance excluding this mine. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. 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 ----------- ------ -------- ----- First Quantum Minerals Ltd. LT IDR B Affirmed B senior unsecured LT B Affirmed RR4 B senior unsecured LT B Affirmed RR4 B Senior Secured 2nd Lien LT B Affirmed RR4 B FIRST STUDENT: Fitch Rates Proposed New Term Loans 'BB+' -------------------------------------------------------- Fitch Ratings has assigned First Student BidCo Inc.'s (First Student) proposed senior secured term loan B and term loan C a 'BB+' rating with a Recovery Rating 'RR2'. Fitch currently rates Recess HoldCo LLC's and First Student Long-Term Issuer Default Ratings (IDRs) at 'BB-' and its existing senior secured debt at 'BB+'/'RR2'. The Rating Outlook is Stable. The new term loans will be used to refinance existing term loans and repay vehicle borrowings. As a result, the transaction has a neutral impact on First Student's credit metrics. The new loans extend maturities by two years to 2030. The rating reflects First Student's fundamentally stable demand profile, national scale, and recent execution on pricing strategies supporting a recovery in profitability. Fitch forecasts EBITDA leverage to trend to the mid-4.0x range from the high-4.0x range, and EBITDA interest coverage to rise to the mid-3.0x range from the low-3.0x range over 2025 and 2026. Key Rating Drivers Pricing Execution Supports Profitability: Good execution on multi-period contract pricing resets has allowed First Student to recover from recent heightened cost inflationary environment that lasted through 2022. The tail end of these contract resets occurred in 2025, and execution to date provides greater visibility to operating margins. Strong pricing has increased EBITDA margin by over 100bps to reach 15% in fiscal 2025 and Fitch expects margin to further increase in fiscal 2026, but at a slightly more moderate level, partly due to its sale and leaseback transactions that add lease costs. The company reported low-teen pricing growth for fiscal 2025 renewals and around 10% for its fiscal 2026 renewal bids. Improving FCF, Sufficient Coverage: First Student's cash flow profile is recovering, and while Fitch expects FCF to remain negative, mostly driven by investment for new contract wins, pre-growth capex FCF is expected to improve to around $40 million in fiscal 2026. This underlying strengthening provides greater financial flexibility and aids in growth priorities. Fitch also expects EBITDA interest coverage to be around low 3x in fiscal 2025 before improving to the mid-3.0x range in fiscal 2026, which is consistent with the 'BB-' rating. Leverage Around High 4x: Fitch estimates leverage to be in the high 4x range in fiscal 2025 and trend toward the mid -4x range in fiscal 2026, consistent with the rating profile. Earnings growth has lowered leverage from 6x in fiscal 2024. Fitch believes growth through tuck-in M&A could accelerate following recent periods of deleveraging focus. However, increasing FCF and a balanced capital allocation plan should keep leverage in the mid-4x range going forward. Stable Demand and Multi-Year Contracts: First Student's demand profile benefits from the essential nature of student transportation services and multi-year contracts with high renewal rates. Contracts are typically structured on a per route, per hour, or per mile basis, and often include price escalators and fuel purchasing provisions to account for cost inflation and fuel exposure. Customer relationships have generally been stable, with overall customer retention around 95% and an average tenure of over 13 years. Leading Market Position: First Student is the largest provider of outsourced student transportation in North America and is estimated to be nearly twice the size of its next largest competitor. However, it competes on a local basis, typically against smaller operators or school or municipality-provided transportation services. Its large scale reduces regional and customer-specific risks and can offer some market benefits, such as the ability to move drivers to short-staffed locations, which maintains good customer relations, and economies of scale in purchasing equipment. Peer Analysis Fitch compares First Student with other transportation issuers such as Garda World Security (B+/Stable) and Waste Pro USA, Inc. (B+/Stable). Similar to First Student, Garda and Waste Pro business profile benefit from their contracted services and relatively steady demand that support stable cash flow profiles. Relative to First Student's credit metrics, Garda's EBITDA leverage in the mid-6.0x to 7x and EBITDA interest coverage of 2.0x are weaker. Waste Pro has slightly stronger metrics, with leverage in the high 4x range and coverage in the high 3x, though its rating reflects regional concentration and an anticipated active M&A strategy. Key Assumptions - Pricing drives organic revenue growth in the mid-single-digits in fiscal 2026. Revenue growth is supplemented by additional bolt-on M&A. - EBITDA margin around 15% in fiscal 2025 and increases to 16% in fiscal 2026, supported by pricing and cost optimization initiatives, partially offset by additional lease costs from sales and leaseback transactions. - Capital intensity increases to 10% in fiscal 2026, driven by 8% maintenance and 2% growth capex for recent business wins. Maintenance capex ranges from 7-8% in future years. - Financial and capital allocation priorities shift toward growth but continue to balance its leverage profile. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDAR leverage and EBITDA leverage sustained above 5.0x; - EBITDA interest coverage below 2.5x; - EBITDA margin consistently below 10% or expectations of sustained neutral to negative FCF. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Commitment to deleveraging with EBITDAR leverage and EBITDA leverage sustained below 4.0x; - Adherence to a disciplined revenue and cost management approach that enhances margin and cash flow resiliency; - FCF margin sustained above the low single digits. Liquidity and Debt Structure As of March 2025, First Student's total liquidity was $764 million, comprised of $61 million in unrestricted cash, the full $505 million available under its revolver, and $198 million available under its working capital facility. The company does not face any material debt maturities until the working capital facility comes due in 2027, followed by its term loans in 2030. The term loan is scheduled to amortize at $24 million per year. Fitch does not treat Term Loan C as debt, as the proceeds from Term Loan C are collateralized on a one-to-one basis by cash held in a restricted account. These funds are used solely to cash collateralize letters of credit that support the company's self-insurance program and are not accessible to First Student for other purposes. Issuer Profile First Student is the largest national provider of essential K-12 student transport services in North America, operating roughly 46,000 school buses. Date of Relevant Committee June 25, 2025 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 ----------- ------ -------- First Student Bidco Inc. senior secured LT BB+ New Rating RR2 FIRST STUDENT: Moody's Rates New First Lien Bank Loans 'B1' ----------------------------------------------------------- Moody's Ratings assigned B1 ratings to First Student Bidco Inc.'s (First Student) proposed senior secured first lien bank credit facilities comprising a $2,253 million term loan B and $412 million term loan C. Both facilities will be due 2030. First Student's existing ratings, including the B1 corporate family rating, and stable outlook remain unchanged. Net proceeds from the new term loans will be used to refinance the company's existing term loans due 2028 and repay a portion of existing lease liabilities. The overall transaction is leverage neutral and extends the company's term loan maturities by two years. The company's earliest debt maturity is now its $505 million revolving credit facility expiring 2028 (which remains unused) followed by $625 million of first lien senior secured notes due 2029. Moody's will withdraw the ratings on the company's existing term loans at the close of this transaction. RATINGS RATIONALE First Student's ratings reflect its strong competitive position as the largest provider of student transportation services in North America. First Student, which is more than twice the size of its nearest competitor, possesses a national network that creates economies of scale to effectively deploy its large fleet of buses and driver base. The company benefits from the very stable demand for student busing with high contract renewal rates. The majority of First Student's contracts with school districts are at least three years in length and contain pricing mechanisms to account for driver and insurance cost increases. These costs, specifically driver turnover, hampered First Student's earnings in recent years. However, Moody's believes First Student has secured favorable contract price increases across its portfolio to better manage these costs. As a result, Moody's expects the company to maintain a solid EBITDA margin in the high-teens. With improving earnings, Moody's expects First Student's debt-to-EBITDA will trend to around 5.0x during its current fiscal year ending June 2026. Moody's total debt includes the cash collateralized term loan C debt, which contributes about a half-turn to financial leverage. Over the past couple years, First Student has successfully reduced leverage from well in excess of 6.0x through consistent earnings growth and limited acquisitions. Ongoing negative free cash flow remains a constraint to First Student's credit profile. The company's free cash flow is burdened by high capital expenditure needs to maintain and grow its large fleet of relatively young buses. Moody's expects free cash flow to improve to around breakeven in fiscal year 2026. Excluding growth-related capex, Moody's expects First Student's free cash flow to be solidly positive. Moody's expects First Student to maintain adequate liquidity over the next twelve months. The company's liquidity is primarily support by a solid cash position and full availability under its $505 million revolving credit facility expiring in 2028. The company's need to draw on its revolving credit facility is reduced by the presence of a working capital securitization facility that matures in 2027. The company utilizes this facility to fund the seasonal working capital needs of the business, particularly during the summer when cash outflows are high. This facility had $198 million available as of March 2025. The stable outlook reflects Moody's views that First Student's steady contract pricing gains will yield continued earnings growth to support a decline in financial leverage over the next twelve months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if First Student maintains its market leading position and improves earnings such that debt-to-EBITDA is sustained below 5.0x and EBITDA less capex-to-interest expense is above 2x. In addition, First Student would need to maintain good liquidity with an expectation for consistently positive free cash flow. The ratings could be downgraded if First Student experiences declining revenue and lower profitability from loss of contracts, higher costs or inadequately priced contracts. Debt-to-EBITDA approaching 6.0x and EBITDA less capex-to-interest expense below 1.5x could result in a downgrade. Lastly, an inability to generate positive free cash flow or increased reliance on its revolving credit facility could prompt a downgrade of the ratings. First Student Bidco Inc. is the largest provider of student transportation services in North America through long-term contracts with school districts. The company is owned by EQT Infrastructure. Revenue for the twelve month period ended March 31, 2025 was approximately $4.0 billion. The principal methodology used in these ratings was Passenger Railways and Bus Companies published in August 2024. FREEDOM MORTGAGE: Moody's Rates New $500MM Unsecured Notes 'B2' --------------------------------------------------------------- Moody's Ratings has assigned a B2 rating to Freedom Mortgage Holdings LLC's proposed $500 million backed senior unsecured notes due in 2033. Freedom's other ratings, including its B1 corporate family rating, were unaffected by the action. The issuer's outlook is stable. RATINGS RATIONALE Moody's have assigned a B2 rating to the proposed senior unsecured bond, one notch below the company's B1 CFR, based on the debt's priority of claim and strength of asset coverage, as well as Moody's expectations that the company's financial policy is to keep the ratio of secured debt associated with mortgage servicing rights (MSRs) and secured corporate debt to total corporate debt below 50%. As of March 31, 2025, the company's secured debt ratio was approximately 46%. Post the launch of the transaction, Moody's expects the secured debt ratio to remain below 50% with new funding activities. Proceeds from the issuance will be used to repay senior unsecured notes due in 2026. Freedom's B1 CFR is supported by the company's strong capitalization, with tangible common equity to adjusted tangible managed assets of 24.9% as of March 31, 2025, offset by profitability that is currently somewhat weaker than the rated peer average. The stable outlook reflects Moody's expectations that over the next 12-18 months, the company's profitability will be modest, capitalization strong, and its funding and liquidity profile will be largely unchanged. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if Freedom strengthens its profitability, such as by demonstrating a through-the-cycle net income to assets (ROA) ratio of above 3.0%. In addition, the company would need to maintain strong capitalization, such as tangible common equity to adjusted tangible assets of around 25%. An upgrade would also likely be contingent upon the company exhibiting strengthened access to the unsecured debt markets that results in improved funding costs in relation to earning-asset yields. The ratings could be downgraded if financial performance deteriorates; for example if Moody's expects the company's tangible common equity to adjusted tangible managed assets to decline and remain below 20%, or profitability deteriorates such that through-the-cycle average ROA is below 2.0%. The senior unsecured bonds could be downgraded if Moody's expects secured corporate debt to total corporate debt to increase and remain above 60%. The principal methodology used in this rating was Finance Companies published in July 2024. Freedom's "Assigned Standalone Assessment" score of b1 is set three notches below the "Financial Profile" initial score of ba1 to reflect Moody's expectations of future profitability and capital trends, and incorporates Moody's assessments of the company's financial policy, particularly with respect to key person risk. FTX TRADING: Customers Move to Bolster Case Against Fenwick & West ------------------------------------------------------------------ Jack Karp of Law360 reports that on Monday, August 11, 2025, customers of the bankrupt cryptocurrency exchange FTX Trading Ltd. told a Florida federal court that new evidence warrants revising their complaint against Fenwick & West LLP, which they accuse of playing a role in the platform's collapse. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. FWAK LLC: Seeks Chapter 11 Bankruptcy in Washington --------------------------------------------------- On August 7, 2025, FWAK LLC filed Chapter 11 protection in the Eastern District of Washington. 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 FWAK LLC FWAK LLC, doing business as Chrimar Apartments, is a single-asset real estate entity that owns and leases residential property. FWAK LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wash. Case No. 25-01396) on August 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Phillip J. Haberthur, Esq. at LANDERHOLM, P.S. GABHALTAIS TEAGHLAIGH: Court OKs 283 West Property Sale to H. Cohen ------------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts has permitted Gabhaltais Teaghlaigh LLC to sell Property in a private sale, free and clear of liens, claims, interest, and encumbrances. The Debtor is engaged in providing real estate rental services. The Court has authorized the Debtor to sell the Property located at 283 West Fifth Street, South Boston, Massachusetts to Howard Cohen, or his nominee or assignee for the purchase price of $945,000.00. The sale is to be AS IS and WHERE IS without any warranty by the Debtor except as may be specifically contained in the Purchase and Sales Agreement. The Purchaser would not have entered into the Purchase and Sale Agreement (P&S) and would not consummate the Sale if 283 West Fifth Street were not to be transferred to the Purchaser free and clear of all Encumbrances, or if the Purchaser would (or in the future could) be liable for any Encumbrance. The Debtor is authorized to pay, from the proceeds of the sale of 283 West Fifth Street, the normal and usual costs incurred at closing by the seller (i.e. deed stamps and recording costs) and the Seller's share of any outstanding real estate taxes or other municipal claims which constitute liens on 283 West Fifth Street. The balance of the proceeds of the sale of 283 West Fifth Street shall be held in escrow by the Debtor pending further order of this Court The Purchaser shall have until the later of 5:00 p.m. on August 28, 2025, or the date that is 7 days following the date that this order becomes a final order, to pay the Purchase Price to the Debtor. A failure by the Purchaser to timely pay the Purchase Price to the Debtor shall be a default by the Purchaser and the Purchaser shall forfeit to the Estate any deposit previously paid to the Estate. The Purchaser is purchasing the Real Property in good faith, is a good faith Purchaser within the meaning of Code Section 363(m) and is therefore entitled to the full protection of that provision. About Gabhaltais Teaghlaigh LLC Gabhaltais Teaghlaigh, LLC is a real estate rental company that immediately prior to the petition date, owned six residential or commercial properties. Gabhaltais Teaghlaigh sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 22-10839) on June 15, 2022. In the petition filed by Virginia Hung, as member, Gabaltais Teaghlaigh listed under $50,000 in both assets and liabilities. Judge Elizabeth D. Katz oversees the case. David G. Baker, Esq., at Baker Law Offices is the Debtor's bankruptcy counsel. Synergy Funding is represented by: Alex F. Mattera, Esq. Pierce Atwood, LLP 100 Summer Street, 22nd Floor Boston, MA 02110 Telephone: (617) 488-8112 amattera@pierceatwood.com GABHALTAIS TEAGHLAIGH: Newton Property Sale to Howard Cohen OK'd ---------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts has permitted Gabhaltais Teaghlaigh LLC to sell Property in a private sale, free and clear of liens, claims, interest, and encumbrances. The Debtor is engaged in providing real estate rental services. The Court has authorized the Debtor to sell right, title and interest in and to certain real property known and numbered as 15 Simms Court, Newton, Massachusetts to Howard Cohen, or his nominee or assignee for the purchase price of $630,000.00. The sale is to be AS IS and WHERE IS without any warranty by the Debtor except as may be specifically contained in the Purchase and Sales Agreement. The Debtor is authorized to pay, from the proceeds of the sale of 15 Simms Court, the normal and usual costs incurred at closing by the seller (i.e. deed stamps and recording costs), the Seller's share of any outstanding real estate taxes or other municipal claims which constitute liens on 15 Simms Court. The balance of the proceeds of the sale of 15 Simms Court Street shall be held in escrow by the Debtor pending further order of this Court. The Purchaser shall have until the later of 5:00 p.m. on August 28, 2025, or the date that is 7 days following the date that this order becomes a final order, to pay the Purchase Price to the Debtor. A failure by the Purchaser to timely pay the Purchase Price to the Debtor shall be a default by the Purchaser and the Purchaser shall forfeit to the Estate any deposit previously paid to the Estate. The consideration paid for 15 Simms Court constitutes reasonably equivalent value under the Bankruptcy Code. About Gabhaltais Teaghlaigh LLC Gabhaltais Teaghlaigh, LLC is a real estate rental company that immediately prior to the petition date, owned six residential or commercial properties. Gabhaltais Teaghlaigh sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 22-10839) on June 15, 2022. In the petition filed by Virginia Hung, as member, Gabaltais Teaghlaigh listed under $50,000 in both assets and liabilities. Judge Elizabeth D. Katz oversees the case. David G. Baker, Esq., at Baker Law Offices is the Debtor's bankruptcy counsel. Synergy Funding is represented by: Alex F. Mattera, Esq. Pierce Atwood, LLP 100 Summer Street, 22nd Floor Boston, MA 02110 Telephone: (617) 488-8112 amattera@pierceatwood.com GABHALTAIS TEAGHLAIGH: Weymouth Property Sale to 193 Randolph OK'd ------------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Massachusetts has permitted Gabhaltais Teaghlaigh LLC to sell Property in a private sale, free and clear of liens, claims, interest, and encumbrances. The Debtor is engaged in providing real estate rental services. The Court has authorized the Debtor to sell the Property located at 193 Randolph Street, Weymouth, Massachusetts to 193 Randolph Realty Trust for the purchase price of $350,000.00. The sale is to be AS IS and WHERE IS without any warranty by the Debtor except as may be specifically contained in the Purchase and Sales Agreement. The Debtor is authorized to pay, from the proceeds of the sale of 193 Randolph Street, the normal and usual costs incurred at closing by the seller (i.e. deed stamps and recording costs) and the Seller's share of any outstanding real estate taxes or other municipal claims which constitute liens on 193 Randolph Street. The balance of the proceeds of the sale of 193 Randolph Street shall be held in escrow by the Debtor pending further order of this Court. The Purchaser shall have until the later of 5:00 p.m. on August 28, 2025, or the date that is 7 days following the date that this order becomes a final order, to pay the Purchase Price to the Debtor. A failure by the Purchaser to timely pay the Purchase Price to the Debtor shall be a default by the Purchaser and the Purchaser shall forfeit to the Estate the deposit currently held by the Purchaser's counsel. About Gabhaltais Teaghlaigh LLC Gabhaltais Teaghlaigh, LLC is a real estate rental company that immediately prior to the petition date, owned six residential or commercial properties. Gabhaltais Teaghlaigh sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 22-10839) on June 15, 2022. In the petition filed by Virginia Hung, as member, Gabaltais Teaghlaigh listed under $50,000 in both assets and liabilities. Judge Elizabeth D. Katz oversees the case. David G. Baker, Esq., at Baker Law Offices is the Debtor's bankruptcy counsel. Synergy Funding is represented by: Alex F. Mattera, Esq. Pierce Atwood, LLP 100 Summer Street, 22nd Floor Boston, MA 02110 Telephone: (617) 488-8112 amattera@pierceatwood.com GLOBAL CLEAN: Emerges from Chapter 11 as Grapevine Energy --------------------------------------------------------- Grapevine Energy Holdings, LLC, formerly Global Clean Energy Holdings, Inc., a vertically integrated renewable fuels company, announced on August 12, 2025, that the Company and its subsidiaries have emerged from Chapter 11. This milestone marks the successful completion of the Company's restructuring process and implementation of its Chapter 11 Plan of Reorganization, which was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on July 28, 2025. Importantly, through this process the Company has significantly enhanced its financial position by addressing prepetition indebtedness and claims, as well as securing more than $60 million in exit financing commitments, operations and maintenance contract support, and additional working capital liquidity, each pursuant to the Plan. The Company emerges with a resilient capital structure that is privately held by the Senior Lenders, led by OIC, and CTCI Americas, Inc. The Company also announced a reconstituted Board of Directors with the addition of significant operational and financial leadership experience. Grapevine's new Board of Directors consists of Gerrit Nicholas, Ethan Shoemaker, Matthew Kondratowicz, Igor Radomyshelsky, Todd Chen, Michael Yang, and Brian Coffman. Additionally, the Company announced the appointment of Igor Radomyshelsky, as Interim Chief Executive Officer, and Matt Kondratowicz as Chief Strategy Officer, both of whom also serve on the Board of Directors. Noah Verleun will be taking on the role of CEO of the upstream camelina platform, overseeing its growth and strategic development. Gerrit Nicholas, incoming Chairman of Grapevine's new board of directors said, "The team has taken tremendous steps over the last several years to put the Company on a trajectory for enduring success. As Grapevine emerges from Chapter 11, we are well positioned to drive continued safe and reliable operations, increase profitability, and maximize the value of our Upstream feedstock business. The relationships Igor and Matt have cemented with the existing leadership team combined with their deep understanding of Grapevine's operational strengths, make them ideally suited to lead this new phase of our journey." The Company intends to file a Form 15 with the Securities and Exchange Commission evidencing the termination of the registration of its securities under Section 12(g) of the Securities Exchange Act of 1934 and suspending its reporting obligations under Section 15(d) of the Exchange Act. As a result of such filing, the Company will no longer be obligated to and will not file any further current or periodic reports with the SEC. For more information about the Company's restructuring, including access to documents filed with the Court, visit https://dm.epiq11.com/case/gceholdings/info. ABOUT GRAPEVINE ENERGY Grapevine Energy Holdings, LLC is a vertically integrated renewable fuels company that operates a large-scale renewable diesel facility in Bakersfield, California and specializes in the development and cultivation of camelina, a nonfood, regenerative, intermediate oilseed crop, which is used for the production of advanced biofuels and biomaterials. With a vision that begins in the laboratory, moves through the farm gate, and finishes with renewable fuels, Grapevine's farm-to-fuels value chain integration provides unrivaled access to reliable, ultra-low carbon feedstocks and is unparalleled in the sustainable fuels industry. About Global Clean Energy Holdings Inc. Global Clean Energy Holdings Inc. is a renewable energy company that produces ultra-low carbon fuels from proprietary strains of Camelina sativa, a nonfood crop. The Company manages the full value chain -- from cultivation to fuel production -- at facilities including its plant in Bakersfield, California. It operates internationally and collaborates with growers to support large-scale Camelina cultivation. Global Clean Energy Holdings Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.Â S.D. Tex. Lead Case 25-90113) onÂ April 16, 2025. In its petition, the Debtor reports total assets as of Sept. 30, 2024 amounting to $1,598,001,000 and total debts as of Sept. 30, 2024 totalling $1,584,749,000. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtors tapped Joshua A. Sussberg, P.C., Brian Schartz, P.C., Ross J. Fiedler, Esq., and Peter A. Candel, Esq. at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP. The Debtors tapped Jason L. Boland, Esq., Robert B. Bruner, Esq., Julie Harrison, Esq., and Maria Mokrzycka, Esq. at NORTON ROSE FULBRIGHTUS LLP. LAZARD FRERES & CO. LLC is the Debtors' Investment Banker. ALVAREZ & MARSAL NORTH AMERICA, LLC is the Debtors' Financial Advisor. EPIQ CORPORATE RESTRUCTURING, LLC is the Debtors' Noticing & Claims Agent. HILCO VALUATION SERVICES, LLC is the Debtors' Appraisal Advisor. GREATER LIGHT: Seeks Chapter 11 Bankruptcy in California -------------------------------------------------------- On August 6, 2025, Greater Light Baptist Church of Sacramento filed Chapter 11 protection in the Eastern District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Greater Light Baptist Church of Sacramento Greater Light Baptist Church of Sacramento, dba The Light Christian Church {TLCC), is a Sacramento-based ministry focused on practical, spirit-filled teaching of the Word of God. Led by Pastor O.J. Swanigan, TLCC aims to help individuals discover and walk in their purpose to strengthen the Body of Christ. Worship services are joyful yet reverent, emphasizing God's presence and praise as a lifestyle. Greater Light Baptist Church of Sacramento sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-24136) on August 6, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher D. Jaime handles the case. The Debtor is represented by Michael Jay Berger, Esq. at LAW OFFICES OF MICHAEL JAY BERGER. GRUPO AEROMEXICO: DOJ Supports Delta Alliance Breakup ----------------------------------------------------- Mary Schlangenstein of Bloomberg News reports that the U.S. Justice Department has called for ending the antitrust immunity that lets Delta Air Lines Inc. and Grupo Aeromexico coordinate routes and pricing. In an August 8, 2025 filing, the agency said policies by Mexico's government appear restrictive and potentially discriminatory, limiting market competition, according to the report. It supported a U.S. Transportation Department proposal that the Trump administration revoke the long-standing partnership's antitrust protection, the report related. About Grupo Aeromexico Grupo Aeromexico, S.A.B. de C.V. (BMV: AEROMEX) -- https://www.aeromexico.com/ -- is a holding company whose subsidiaries are engaged in commercial aviation in Mexico and the promotion of passenger loyalty programs. Aeromexico, Mexico's global airline, has its main hub at Terminal 2 at the Mexico City International Airport. Its destinations network features the United States, Canada, Central America, South America, Asia and Europe. Grupo Aeromexico and three of its subsidiaries sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30, 2020. In the petitions signed by CFO Ricardo Javier Sanchez Baker, the Debtors reported consolidated assets and liabilities of $1 billion to $10 billion. The Debtors tapped Davis Polk and Wardell LLP as their bankruptcy counsel, KPMG Cardenas Dosal S.C. as auditor, and Rothschild & Co US Inc. and Rothschild & Co Mexico S.A. de C.V. as financial advisor and investment banker. White & Case LLP, Cervantes Sainz S.C. and De la Vega & Martinez Rojas, S.C., serve as the Debtors' special counsel. Epiq Corporate Restructuring, LLC, is the claims and administrative agent. The U.S. Trustee for Region 2 appointed a committee to represent unsecured creditors on July 13, 2020. The committee is represented by Willkie Farr & Gallagher, LLP and Morrison & Foerster, LLP. H & H ENTERPRISES: $5K Unsecured Claims to be Paid in Full in Plan ------------------------------------------------------------------ H&H Enterprises of PC BCH LLC d/b/a Sandbar submitted a Second Amended Subchapter V Plan of Reorganization dated August 6, 2025. For the purposes of the Plan, the Debtor's disposable income is being calculated on an evolving basis. The Debtor will generate consistent disposable income with which to render payments to creditors under the plan. The Debtor anticipates that the approximately $61,486.38 in cash on hand and recovered deposits will be utilized to pay the Administrative Expense Claims under the plan. The remaining $104,000.00 in assets are fully encumbered by secured claims of creditors whose treatment. Class 5 consists of General Unsecured Claims. The Allowed Unsecured Claims of General Unsecured Creditors is $5,000.00. The total claim amount of $5,000.00 shall be paid in full via a lump sum payment prior to the end of the 60th month of the Plan. This Class is impaired. On, or as soon as practicable after the Effective Date, the Disbursing Agent will pay the Holders of Allowed Administrative Expense Claims, Professional Fee Claims, and Priority Tax Claims. The Debtor will fund the Plan through the following: (a) the Quarterly Net Disposable Income Payments as more particularly described in Class 5 of the Plan and incorporated herein by reference, and (b) the net Proceeds from the recovery of any Causes of Action and objections to claims pursued by the Reorganized Debtor. The Debtor Plan Payment is comprised of all of the projected disposable income of the Debtor to be disbursed as (a) payments made to the Holders of Allowed Administrative Expense Claims, Professional Fee Claims, Priority Tax Claims, and Administrative Convenience Claims or any other payments that may be due on the Effective Date on or as soon as practicable after the Effective Date, (b) payments made to the holders of allowed Secured Claims, and (c) payments made to fund the Unsecured Creditor Fund. The source of payments to fund the Unsecured Creditor Fund will be held and disbursed in accordance with the terms of Class 5 of this Plan. If confirmed pursuant to Section 1191(a) of the Bankruptcy Code, the Disbursing Agent will make the Plan Payments. If confirmed pursuant to Section 1191(b) of the Bankruptcy Code, the Disbursing Agent will make the Plan Payments pursuant to Section 1194(b) of the Bankruptcy Code. In accordance with Article 5 and 6 herein, the Distributions of the Debtor Plan Payments include the payments to the Holders of Allowed Administrative Expense Claims, Priority Tax Claims and Unsecured Creditor Fund. A full-text copy of the Second Amended Plan dated August 6, 2025 is available at https://urlcurt.com/u?l=Zc62eC from PacerMonitor.com at no charge. Counsel for the Debtor: Michael A. Wynn, Esq. Darby Fowler, Esq. Wynn & Associates, PLLC 430 W 5th Street, Suite 400 Panama City, FL 32401 Telephone: (850) 303-7800 Email: michael@wynnlaw-fl.com About H&H Enterprises of PC BCH, LLC d/b/a Sandbar H&H Enterprises of PC BCH LLC d/b/a Sandbar, a Florida corporation established in December 2009, operates a restaurant in the heart of Panama City Beach, FL. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 24-50032) on March 6, 2024, listing $165,486 in assets and $1,086,708 in liabilities. The petition was signed by Craig K Harris as MGRM. Judge Karen K. Specie oversees the case. Michael Austen Wynn, Esq., at Wynn & Associates PLLC, is the Debtor's counsel. HADLOCK ENTERPRISES: Gets Final OK to Use Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Washington issued a final order authorizing Hadlock Enterprises, LLC to use cash collateral to fund operations. The final order authorized the Debtor to use cash collateral in accordance with its latest budget until January 31 next year or until confirmation of its Chapter 11 plan. As adequate protection for the Debtor's use of its cash collateral, Pinnacle Bank will be granted replacement liens on post-petition cash, receivables and inventory and the proceeds thereof, to the same extent and with the same priority as its pre-bankruptcy lien. As additional protection to Pinnacle Bank, the final order approved the Debtor's monthly payment of $13,500 to the bank. The order also authorized the payment of the owner's salary. As of the petition date, the Debtor held about $178,917 in cash and receivables. The Debtor's primary secured creditor is Pinnacle Bank (formerly Fund-Ex Solutions Group), which holds an SBA-backed loan of approximately $1.4 million and has a blanket lien on the Debtor's assets. Other secured creditors are Milestone Bank and Rapid Finance, though they are subordinate and unlikely to recover anything from the estate. About Hadlock Enterprises LLC Hadlock Enterprises, LLC doing business as Autoglass Clinic and Mobile Radio, provides auto glass repair and replacement, car audio installation, and window tinting services. The company serves individual and commercial clients across automotive, residential, and marine sectors. Its offerings include RV and boat glass services as well as home and commercial glass solutions. Hadlock Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11654) on June 16, 2025. In the petition signed by Russell F. Hadlock, managing member, the Debtor disclosed $275,750 in total assets and $2,170,473 in total liabilities. Steven M. Palmer, Esq., at Cairncross & Hempelmann, P.S., is the Debtor's legal counsel. Pinnacle Bank, as secured creditor, is represented by: Darren R. Krattli, Esq. Eisenhower Carlson, PLLC 909 A St. Suite 600 Tacoma, WA 98402 Phone: 253-319-0955 dkrattli@eisenhowerlaw.com HAYWARD HOLDINGS: S&P Alters Outlook to Positive, Affirms 'BB' ICR ------------------------------------------------------------------ S&P Global Ratings affirmed all its ratings on U.S.-based swimming pool equipment manufacturer Hayward Holdings Inc., including the 'BB' issuer credit rating and revised the outlook from stable to positive. The positive outlook reflects the possibility of an upgrade if the company maintains S&P Global Ratings-adjusted leverage below 3x range into next year's summer selling season. The company's operating performance through the first half of fiscal 2025 continues to meet expectations. First half sales through June 28, 2025, increased 6.3% year over year, primarily driven by pricing and the acquisition of ChlorKing. Despite still soft new and existing home sales, after-market pool equipment demand remained healthy, albeit primarily for parts rather than larger ticket new replacement equipment. First half EBITDA increased 10% year over year reflecting price-driven gross margin expansion and to a lesser extent increased fixed cost absorption and ongoing lean and other supply chain initiatives. S&P expects the company to sustain its sales growth and margins into the second half with recent pricing increases offsetting tariff impacts and fourth quarter pre-order rates similar to last year given the good sell-through rates so far through the first half of the year. With leverage now within the company's target range, management may elect to increase share repurchases without materially increasing leverage. The continued EBITDA growth and growing cash balances from annual FOCF of more than $150 million, allowed the company to repay $123 million in debt and reduce debt to EBITDA to 2.2x for the 12-months-ended June 30, 2025, from 2.9x at fiscal-year-end 2029. Although the company obtained a new three-year $450 million share repurchase authorization, it also reconfirmed its 2x-3x debt to EBITDA target. S&P said, "Therefore, we believe the company may consider increasing its share repurchase activity given that it is at the low end of management's target. We are currently assuming the company will ratably repurchase its authorization over the next three years. Given its cash balance well over $200 million and our annual FOCF projections of more than $150 million annually, we believe the company can continue to repurchase shares and opportunistically make bolt-on acquisition without increasing debt while keeping debt to EBITDA near 2.5x." Hayward's resilient aftermarket business, largely nondiscretionary in nature, continues to offset sales declines tied to new pool construction. While industry-wide new-build volumes contracted approximately 15% in 2024, the decline was limited to about 5% during the same period for Hayward. Supporting this were price increases and continued strength in aftermarket and service-driven revenues. With two-thirds of the 5.4 million in-ground pools in the U.S. still lacking automation, the retrofitting opportunity remains significant. Maintenance and equipment replacement are nondiscretionary, providing a stable revenue stream amid economic headwinds and elevated interest rates. This demand also provides opportunities for higher margin replacement upgrades for automated equipment. Hayward's continued focus on capturing this under-automated installed base, coupled with pricing discipline, has made its aftermarket model a key stabilizer of cash flow and margins. The company is also expanding its product mix and customer penetration capabilities through initiatives like the ChlorKing acquisition, which expanded its commercial water treatment capabilities, and the launch of Omni X, a decentralized, app-enabled control platform that enhances aftermarket penetration. These efforts should continue contributing to both volume and margin growth. Tariff exposure is modest for Hayward, which it mitigated by proactive supply chain adjustments and increased domestic manufacturing. Because most of Hayward's products are plastic-based, with copper as the primary metal input, tariffs on steel and aluminum exert a modest cost impact. The company faces a $30 million annualized tariff burden, with $18 million in fiscal 2025, driven by U.S. duties on China-sourced components and finished goods. In response, Hayward implemented broad-based 3% price increase in April and accelerated its reshoring strategy, decreasing direct sourcing from China to the U.S. to approximately 3% of COGS by year-end from 10%. S&P expects these actions combined, alongside tighter inventory alignment, are expected to mitigate tariff-related pressures, support margin stability, and strengthen Hayward's credit profile over the medium term. The positive outlook reflects the possibility for an upgrade if the company sustains its good operating performance and maintains S&P Global Ratings-adjusted leverage below 3x into the next summer selling season. S&P could revise the outlook on Hayward back to stable if adjusted debt leverage increases and remains above 3x. This could occur if: -- Operating performance is weaker than our expectations because of weak after-market pool demand from weather, driving lower pool use; or -- The company faces margin pressure and much weaker FOCF either from lower volumes and higher fixed cost absorption or higher input cost inflation; or -- Hayward pursues material leveraging acquisitions or debt-funded share repurchases that result in adjusted debt to EBITDA remaining above 3x. S&P could raise its ratings if the company performs in line with its base case and sustains leverage below 3x into the next summer selling season. This could occur if: -- The company funds its share repurchase with internally generated FOCF; and -- Pursues future opportunistic M&A without sustaining leverage above its 2-3x target. HIGHLAND CAPITAL: Court Tosses Dugaboy Appeal in Adversary Case --------------------------------------------------------------- In the appeal styled DUGABOY INVESTMENT TRUST, et al., Appellants, v. HIGHLAND CAPITAL MANAGEMENT, L.P., et al., Appellees, Case No. 3:24-CV-1531-X (N.D. Tex.), Judge Brantley Starr of the United States District Court for the Northern District of Texas affirmed the bankruptcy court's order dismissing the complaint of Dugaboy Investment Trust in the underlying adversary proceeding. This appeal stems from an adversary proceeding that is a part of a larger bankruptcy that has spanned multiple appeals with a storied history. In the bankruptcy proceeding, the chapter 11 Plan was confirmed and became effective in 2021. The Plan established the Claimant Trust pursuant, in part, to the terms of the Claimant Trust Agreement. The CTA was created as a statutory trust under the Delaware Statutory Trust Act. Dugaboy admits that under the CTA, it holds a "Contingent Claimant Trust Interest". These interests are not vested, and Dugaboy concedes it is a holder of an unvested contingent interest that will vest (to become a “Claimant Trust Beneficiary”) only after holders of superior claims and indemnification provisions are satisfied. Dugaboy filed an adversarial action, arguing that its interest should have already vested, seeking equitable relief as a beneficiary. Dugaboy brought three claims: (1) a claim for disclosure of the trust asset and a request for an accounting; (2) a declaratory judgment regarding the value of the trust assets; and (3) a declaratory judgment and determination regarding the nature of Dugaboy's interest. Defendants Highland Capital Management, L.P. and Highland Claimant Trust filed a motion to dismiss the complaint. The bankruptcy court granted the motion to dismiss and dismissed Claim 1 for a failure to state a claim and dismissed Claims 2 and 3 for lack of subject matter jurisdiction. Dugaboy appealed. Dugaboy argues that the bankruptcy court erred in dismissing claim 1 for failure to state a claim. Dugaboy's argument hinges on whether or not it is entitled to certain information under the Plan. Essentially, Dugaboy argues that, though it holds an unvested contingent interest, its interest should have already vested, or, alternatively, it should be understood to be a beneficiary under state law in equity, entitling it to an accounting and information. Because the language of the Plan and CTA are controlling, the District Court affirms the bankruptcy court's order. Dugaboy argues that it seeks an equitable remedy under Texas (or if applicable, Delaware) law. Appellees argue that there is no basis in law or contract for the information that Dugaboy seeks. Dugaboy asserts that the language of the CTA is not dispositive. The District Court disagrees. According to the District Court, the Plan and the CTA are dispositive, and Dugaboy seeks to reach outside the contracted-for terms to find the relief it seeks. Because the CTA provides that unvested contingent interests have no right to financial information, Dugaboy cannot plead any facts to support such a right under the CTA, the District Court affirms the bankruptcy court's dismissal of claim 1 for a failure to state a claim. Dugaboy's claims 2 and 3 are both pled as contingent on an accounting under claims 1 and 2, respectively. Because Dugaboy is not entitled to relief under claim 1, claims 2 and 3 are moot, and the District Court affirms the bankruptcy court's dismissal of these claims. A copy of the Court's Memorandum Opinion and Order dated July 30, 2025, is available at https://urlcurt.com/u?l=ZhC4pf from PacerMonitor.com. About Highland Capital Management Highland Capital Management, LP was founded by James Dondero and Mark Okada in Dallas in 1993. Highland Capital is the world's largest non-bank buyer of leveraged loans in 2007. It also manages collateralized loan obligations. In March 2007, it raised $1 billion to buy distressed loans. Collateralized loan obligations are created by bundling together loans and repackaging them into new securities. Highland Capital Management sought Chapter 11 protection (Bank. D. Del. Case No. 19-12239) on Oct. 16, 2019. On Dec. 4, 2019, the case was transferred to the U.S. Bankruptcy Court for the Northern District of Texas and was assigned a new case number (Bank. N.D. Tex. Case No. 19-34054). Judge Stacey G. Jernigan is the case judge. At the time of the filing, Highland had between $100 million and $500 million in both assets and liabilities. The Debtor tapped Pachulski Stang Ziehl & Jones LLP as bankruptcy counsel, Foley & Lardner LLP as special Texas counsel, and Teneo Capital, LLC as litigation advisor. Kurtzman Carson Consultants, LLC, is the claims and noticing agent. The U.S. Trustee for Region 6 appointed a committee of unsecured creditors on Oct. 29, 2019. The committee tapped Sidley Austin LLP and Young Conaway Stargatt & Taylor LLP as bankruptcy counsel, and FTI Consulting, Inc. as financial advisor. HO WAN KWOK: Court Holds Mei Guo in Civil Contempt of Injunction ---------------------------------------------------------------- Judge Julie A. Manning of the United States Bankruptcy Court for the District of Connecticut holds Mei Guo in civil contempt of the consented to in part preliminary injunction in the adversary proceeding captioned as LUC A. DESPINS, CHAPTER 11 TRUSTEE FOR THE ESTATE OF HO WAN KWOK, Plaintiff, v. MEI GUO, Defendant, Adv. P. No. 23-05008 (Bankr. D. Conn.). On May 16, 2023, the Trustee filed the Complaint initiating this adversary proceeding. The Complaint states four claims for relief against Ms. Guo: (i) The first claim seeks declaratory judgment that (i) pursuant to section 541(a) of title 11 of the United States Code, a Bombardier Global XRS private jet with serial number 9189, formerly indirectly owned by Ms. Guo, was property of the estate because it was beneficially owned by the Individual Debtor as of the filing of his bankruptcy petition and at the time of its post-petition sale; and (ii) pursuant to section 541(a)(6) the proceeds of the sale of the Bombardier are property of the estate. On these bases, pursuant to sections 542 and 544 of the Bankruptcy Code, the first claim seeks turnover of the Bombardier Proceeds to the estate via delivery to the Trustee. (ii) The second claim seeks, in the alternative to the first claim and pursuant to sections 549 and 550 of the Bankruptcy Code, avoidance of a postpetition transfer of the Bombardier Proceeds from the Individual Debtor to Ms. Guo and recovery of the value thereof from Ms. Guo. (iii) The third claim seeks, in the alternative to the first and second claims and pursuant to sections 544 and 550 of the Bankruptcy Code and former section 276 of the New York Debtor and Creditor Law (repealed effective April 4, 2020), the value of Anton Development Limited, a former owner of the Bombardier, at the time of its transfer from Mr. Han Chunguang to Ms. Guo on the basis of fraudulent transfer and recovery thereof from Ms. Guo. (iv) The fourth claim seeks declaratory judgment that pursuant to section 541(a) of the Bankruptcy Code, several British Virgin Islands entities owned by Ms. Guo, namely, Whitecroft Shore Limited, Allied Capital Global Limited, Creative Apex Investments Limited, Crystal Breeze Investments Limited, Elite Well Global Limited, Globalist International Limited, Infinite Increase Limited, Infinitum Developments Limited, Noble Fame Global Limited, and Rosy Acme Ventures Limited are beneficially owned by the Individual Debtor. On this basis, pursuant to sections 542 and 544 of the Bankruptcy Code, the fourth claim seeks turnover of the BVI Entities to the estate via delivery to the Trustee. The Court has entered partial summary judgment against Ms. Guo, (i) ruling the Individual Debtor beneficially owned the Bombardier and Whitecroft and, hence, the Bombardier Proceeds and Whitecroft are property of his bankruptcy estate which must be delivered to the Trustee; and (ii) narrowing the issues for trial on the third claim and remainder of the fourth claim. The United States District Court for the District of Connecticut has affirmed this decision as it relates to the first and fourth claims. The District Court decision is presently on appeal at the United States Court of Appeals for the Second Circuit. On Dec. 21, 2023, the Court entered the Preliminary Injunction. At the time of its entry, Ms. Guo consented to its terms other than the requirement -- not at issue presently -- that certain funds held overseas be transferred to an escrow agent in the United States. On Dec. 20, 2024, the Trustee filed the Contempt Motion. On Jan. 3, 2025, the Court issued an order for Ms. Guo to appear and show cause why she should not be held in contempt of court. On Jan. 16, 2025, Ms. Guo filed an objection to the Contempt Motion. The Trustee argues the Preliminary Injunction clearly and unambiguously requires Ms. Guo to seek his consent or a Court order before dissipating any assets, including assets acquired after the entry of the Preliminary Injunction. Ms. Guo argues the Preliminary Injunction is ambiguous and unclear as to whether it applies to after acquired assets and whether there is an exception for personal expenses. The Court agrees with the Trustee. The Trustee also argues Ms. Guo did not comply with the Preliminary Injunction. Ms. Guo asserts it would be impossible for her to comply because compliance would prevent her from paying necessary personal expenses. The Court agrees with the Trustee. The factual record introduced during the evidentiary hearing makes clear Ms. Guo transferred assets -- both those she held at the time the Preliminary Injunction entered and those she afterwards acquired -- to pay certain expenses -- both personal in nature and not, including gratuities for, e.g., the Individual Debtor's criminal defense counsel -- without the Trustee's consent or further order of the Court. The Court finds the Trustee has established by clear and convincing evidence that Ms. Guo did not comply with the Preliminary Injunction. The Trustee further argues Ms. Guo has not even attempted to comply with the Preliminary Injunction The Trustee observes Ms. Guo has not, as required by the Preliminary Injunction, sought his consent to her expenditures or sought further order from the Court. Ms. Guo objects to the Trustee's assertion and argues that she complied with the terms she reasonably believed were contained in the Preliminary Injunction. The Court agrees with the Trustee. According to the Court, Ms. Guo maintained an expensive and luxurious lifestyle. She paid excessive gratuities to third parties. Ms. Guo also testified she financed her lifestyle based on hundreds of thousands of dollars in unsolicited gifts from family, friends, and friends of family or friends. The Court concludes the Trustee has established by clear and convincing evidence that Ms. Guo did not reasonably attempt to comply in a diligent manner. She did not attempt to comply at all and ignored the terms of an injunction to which she consented to be bound. There is nothing reasonable about the amounts and modes of her dissipation of assets. Ms. Guo also testified that she never attempted to obtain the Trustee's consent or a further order of the Court as provided in the Preliminary Injunction. This failure demonstrates a lack of diligence, the Court concludes. The Court finds the Trustee has established all elements of civil contempt. Accordingly, the Court cites Ms. Guo for civil contempt of court. Ms. Guo is sanctioned and must pay the Trustee's reasonable attorneys' fees and costs incurred in bringing and prosecuting the Contempt Motion, the reasonableness and amount of which will be determined by the Court. The Trustee's other requests for sanctions are denied without prejudice to the Trustee filing a motion for such relief, including without limitation a motion for the disclosure of assets. As provided in the Preliminary Injunction, Ms. Guo and the Trustee must meet and confer on an agreement or consent order to resolve their various concerns, including Ms. Guo's concerns about her ability to pay personal expenses and the Trustee's concerns about asset dissipation. Failure by Ms. Guo to meet and confer in good faith may result in further sanctions, including without limitation additional attorneys' fees and costs incurred by the Trustee in attempting to reach an agreement. A copy of the Court's Memorandum of Decision and Order dated July 31, 2025, is available at https://urlcurt.com/u?l=9hVqK3 from PacerMonitor.com. Counsel for Ms. Mei Guo: Eric A. Henzy, Esq. James M. Moriarty, Esq. ZEISLER & ZEISLER, P.C. 10 Middle Street, 15th Floor Bridgeport, CT 06604 E-mail: ehenzy@zeislaw.com jmoriarty@zeislaw.com About Ho Wan Kwok Ho Wan Kwok sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case No. 22-50073) on Feb. 15, 2022. Judge Julie A. Manning oversees the case. Dylan Kletter, Esq., is the Debtor's legal counsel. Ho Wan Kwok aka Guo Wengui is an exiled Chinese businessman. According to Reuters, Guo was a former real estate magnate who fled China for the U.S. in 2014 ahead of corruption charges. Guo filed for bankruptcy after a New York court ordered him to pay lender Pacific Alliance Asia Opportunity Fund $254 million stemming from a contract dispute. PAX had initially loaned two of Guo's companies $100 million in 2008 for a construction project in Beijing and sued Guo when he failed to pay off the loan. An Official Committee of Unsecured Creditors has been appointed in the case and is represented by Pullman & Comley, LLC. Luc A. Despins was appointed Chapter 11 Trustee in the case. HOWARD MIDSTREAM: Fitch Rates Proposed Sr. Unsecured Notes 'BB-' ---------------------------------------------------------------- Fitch Ratings has assigned Howard Midstream Energy Partners, LLC's (Howard) proposed senior unsecured notes a 'BB-' rating with a Recovery Rating of 'RR4'. Howard intends to use the proceeds to repay existing indebtedness and general corporate purposes. Fitch views this transaction as neutral to Howard's credit profile. The ratings and Rating Outlook continue to reflect the merits and demerits concerning the issuer previously stated by Fitch on Nov. 1, 2024. Fitch has reviewed preliminary terms for the proposed transaction, and the assigned ratings assume no material variations in the final terms. Key Rating Drivers Credit Neutral Transaction: Leverage is not expected to be meaningfully impacted by this transaction. The 'BB-'/'RR4' rating for the proposed senior unsecured offering is consistent with the ratings of Howard's existing senior unsecured notes. Improvements in Business Risk: Howard executed on a few strategic transactions in 2024 and early 2025 including increasing its ownership stake in the Catalyst joint venture, Port Arthur Terminal, acquisitions of an ethylene pipeline, Steam Methane Reformer in Corpus Christi, and 25% ownership in FERC regulated Midship Pipeline. These transactions have added meaningful size and scale to Howard's operations. Some of these assets contain long-term revenue assurance type minimum volume commitment (MVC) contracts but some do not. Howard funded the transactions with FCF, equity and debt, while ensuring a clear path to long-term leverage target of 4.0x. Capital Allocation Policy: Howard is expected to generate healthy cash flows from operations. Its ability to maintain leverage within the 3.5x-4.0x target range will depend on capital allocation priorities around organic and inorganic growth projects, distribution policy, and debt repayment. Fitch expects Howard to prudently invest in growth while balancing common distributions and debt repayment. Fitch's leverage calculation differs from management's, estimating Howard's leverage in the mid-to-low 4.0x range for most part of the forecast period. A material debt-funded distribution is not anticipated, and the sponsor is expected to remain supportive of Howard's credit profile. Reasonably Diversified Business: Howard operates in five distinct hydrocarbon producing regions, with a significant presence in four, most of which are considered relatively strong regions. Its diverse asset base includes natural gas gathering and processing (G&P), pipelines, liquids terminaling, and refinery off-gas processing. Although 75% of the business is natural gas-centric, over 40% is tied to crude oil production and refining. Howard's degree of regional and business diversification is considered strong for its size. It is unlikely that multiple assets and regions of operations will be simultaneously impacted, which supports the credit profile. Volumetric Exposure Tempers Cashflow Stability: Howard is expected to generate nearly 95% of its EBITDA from long-term fixed-fee contracts, including acreage dedications, and revenue assurance type MVC and take-or-pay (TOP) contracts. MVC and TOP contracts, which provide cash flow stability, are expected to account for 40%-50% of the EBITDA. The remaining portion is subject to volumetric risks and a modest amount of direct commodity price exposure, which are sources of cash flow instability for Howard. Volumes from lean gas producing regions such as the Eagle Ford and Marcellus are subject to greater disruptions during softer natural gas price environment. Exposure to High-Yield Customers: Howard's weighted average counterparty credit quality (by gross margin) has modestly improved due to a recent upgrade to investment-grade rating for one of its top customers. However, many of its top customers are either high-yield or small private companies deemed high-yield. Counterparty credit quality is crucial in assessing risks associated with customers failing to make payments under MVC or TOP contracts during distress. It also reflects the volume loss risk for acreage-dedicated contracts if a customer experiences distress. Peer Analysis Harvest Midstream I, L.P (Harvest; BB-/Stable) is a mid-sized midstream partnership with operations across multiple oil and gas plays in the United States. Harvest is bigger in size and scale but has greater exposure to mature declining basins. Harvest has a smaller portion of cash flows under revenue assurance type contracts, resulting in higher volumetric risks. Leverage expectations at Harvest will be lower than Howard in the shorter term but nearly the same in the outer years. Howard's stronger cash flow profile and exposure to more prolific regions offset its relatively modest size and higher near-term leverage compared with Harvest, resulting in the same Issuer Default Ratings (IDRs). Summit Midstream Corp. (Summit; B-/Positive) is a small-sized and geographically diversified midstream partnership. Summit is smaller and has greater exposure to mature declining basins compared to Howard. Summit also has a lower portion of cash flows underpinned by revenue assurance type contracts. Summit's leverage is expected to improve but remain in the same range as Howard's leverage. These factors lead to the difference in IDRs between Howard and Summit. Key Assumptions - Fitch's Oil and Gas price deck; - Activity levels in the regions where Howard operates consistent with Fitch's base case price deck; - Base interest rate for the credit facility reflects Fitch's Global Economic Outlook; - Successful execution of modest growth projects and growth capital spend lower than the recent past; - Distributions from the joint ventures received in accordance with the agreements; - Common dividends remain suspended in the near-term, increasing over the medium term, and no major debt financed distributions. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage expected to be sustained above 4.5x; - Any event that leads to meaningful uncertainty as to the future performance by top counterparties relative to contracts with minimum payments; - A significant decrease in the percentage of EBITDA coming from take-or-pay-type or minimum volume commitment contracts; - Sustained high capital expenditures or a change in financial policy that reduces Howard's credit quality; - Acquisitions or large growth projects not funded in a balanced manner and/or meaningfully increase Howard's overall business risk. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade is not expected in the near term given Howard's limited size and scale. However, a positive rating action/upgrade could occur if Howard's size and scale increases significantly with EBITDA leverage expected to sustain below 3.5x; - A significant increase in the percentage of EBITDA coming from take-or-pay or minimum volume commitment contracts. Liquidity and Debt Structure Howard is expected to have ample liquidity following the new issuance and repayment of a material amount of revolver balance. The company will have a total liquidity of about $749 million, including roughly $12 million in cash on the balance sheet, and the remaining available under its $1 billion first lien secured revolving credit facility (net of letters of credit). The credit facility currently matures on Dec. 15, 2028, subject to a 91-day springing maturity triggered by certain events related to the $550 million senior unsecured notes due July 15, 2028. The maturity could be extend as part of the repayment of 2028 notes and portion of revolver balance subsequent to the new issuance. Covenants on the credit facility permit a maximum total leverage ratio of 5.0x stepping up to 5.25x in the 12 months post a material acquisition; senior secured leverage of 3.75x; and a minimum interest coverage ratio of 2.5x. Fitch expects Howard to remain compliant with the covenants in the credit agreement and maintain adequate liquidity over Fitch's forecast period. Issuer Profile Howard Midstream Energy Partners, LLC is an oil and gas midstream company operating across five distinct regions in the U.S. and has a modest presence in Mexico. Summary of Financial Adjustments Fitch's calculation of adjusted EBITDA excludes equity in earnings from unconsolidated affiliates and includes cash distributions from those unconsolidated affiliates. The values in the above sensitivities and other metric values in this press release calculated by Fitch is different from management's and bank's calculations. Date of Relevant Committee 31 October 2024 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 ----------- ------ -------- Howard Midstream Energy Partners, LLC senior unsecured LT BB- New Rating RR4 HOWARD MIDSTREAM: Moody's Rates New Senior Unsecured Notes 'B1' --------------------------------------------------------------- Moody's Ratings assigned a B1 rating to Howard Midstream Energy Partners, LLC's (Howard Midstream or HMEP) proposed offering of senior unsecured notes. Howard Midstream's existing ratings, including its Ba3 Corporate Family Rating, B1 existing senior unsecured notes ratings and stable outlook are unchanged. Howard Midstream intends to use net proceeds from its proposed notes offering to fund the redemption of its senior unsecured notes due 2028 and repay a portion of outstanding revolver borrowings. "Howard Midstream's notes issuance is opportunistically refinancing existing debt to extend maturities," commented Amol Joshi, Moody's Ratings Vice President – Senior Credit Officer. RATINGS RATIONALE Howard Midstream's new notes are rated B1, one notch below the company's Ba3 CFR, reflecting the priority claim of its secured revolving credit facility. The company's new notes are pari passu with its existing unsecured notes, and the revolver's subsidiary guarantors also guarantee the notes on a senior unsecured basis. Howard Midstream's Ba3 CFR reflects its diversified asset base supported by contracted revenue, with a mix of natural gas gathering and processing, liquids transportation and processing, and terminalling, storage and rail assets. These assets connect supply sources to attractive demand markets with a diverse customer base including producers, refiners and power generators. The company faces modest commodity price and volume risk affecting earnings, even as HMEP benefits from significant fee-based revenue with a supportive counterparty risk profile and contracts underpinned by minimum contracted payments and acreage dedications providing cash flow and volume visibility. Howard Midstream's debt balances have increased to fund growth capital spending and acquisitions, including its increase in ownership of Catalyst Midstream Partners, LLC (Catalyst, unrated) and an ethylene pipeline acquisition in 2024 as well as its early 2025 acquisition of a minority interest in Midship Holdings, LLC. However, acquisitions and completed projects including the Port Arthur Terminal expansion should benefit scale and earnings, likely leading to improving leverage metrics into 2026. The company's credit profile is tempered by its growing yet moderate scale and the inherent risks associated with discretionary yet potentially sizeable excess cash distributions to its private owner, although no equity distributions have occurred while funding its significant capital spending in 2023-24. The company has primary operations in several regions, and also has interests in certain joint ventures, including Catalyst and a 50% operating interest in the cross-border Nueva Era pipeline that transports natural gas from the US to customers in Mexico. Howard Midstream should maintain good liquidity through mid-2026. At March 31, HMEP had just over $10 million in cash and $280 million of revolver borrowings. Howard Midstream's $1 billion revolving credit facility matures in December 2028. Moody's expects the company to generate meaningful free cash flow supporting liquidity prior to any potential equity distributions. The revolving credit facility has financial covenants including maximum Total Leverage Ratio of 5x, maximum Senior Secured Leverage Ratio of 3.75x and minimum Interest Coverage Ratio of 2.5x. While these covenants will limit the company's ability to borrow a significant proportion of the credit facility, Moody's expects HMEP to be in compliance with these covenants through mid-2026. The stable outlook reflects the company's free cash flow generating ability and Moody's expectations of solid leverage metrics through mid-2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Howard Midstream's ratings could be upgraded if the company has significant growth in scale and cash flow, its overall counterparty risk profile is supportive, Moody's adjusted leverage proportionately consolidated for its joint ventures falls below 3.5x, distribution coverage is sufficient, and liquidity is at least adequate. Howard Midstream's ratings could be downgraded if Moody's adjusted leverage approaches 5x, its counterparty risk profile deteriorates, or liquidity weakens considerably. Howard Midstream Energy Partners, LLC, headquartered in San Antonio, Texas, is a privately owned midstream energy company with primary operations in Texas, Mexico, the Appalachian Basin and the Gulf Coast. Certain investment funds managed by affiliates of Alberta Investment Management Corporation own approximately 90% of the company's common capital units. The principal methodology used in these ratings was Midstream Energy published in February 2022. HUDSON SQUARE: Hires McManimon Scotland & Baumann as Attorney ------------------------------------------------------------- Hudson Square Hospitality Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire McManimon, Scotland & Baumann, LLC as attorneys. The firm's services include: a. advising the Debtor with respect to the power, duties and responsibilities in the continued management of its financial affairs as a debtor, including the rights and remedies of the debtor-in-possession with respect to its assets and claims of creditors; b. advising the Debtor with respect to preparing and obtaining approval of a disclosure statement and plan of reorganization; c. preparing on behalf of the Debtor, as necessary, applications, motions, complaints, answers, orders, reports, and other pleadings and documents; d. appearing before this Court and other officials and tribunals, if necessary, and protecting the interests of the Debtor in federal, state, and foreign jurisdictions and administrative proceedings; e. negotiating and preparing documents relating to the use, reorganization, and disposition of assets as requested by the Debtor; f. negotiating and formulating a disclosure statement and plan of reorganization; g. advising the Debtor concerning the administration of its estate as a debtor-in-possession; and h. performing such other legal services for the Debtor as may be necessary and appropriate. The firm will be paid at these rates: Anthony Sodono, III (Member) $725 Michele M. Dudas (Partner) $560 Partners $350 to $695 Associates $220 to $350 Law Clerks $150 to $175 Paralegals and Support Staff $175 to $275 Anthony Sodono, III, Esq., a partner at McManimon Scotland, 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. The firm can be reached through: Anthony Sodono, III, Esq. McManimon, Scotland & Baumann, LLC 75 Livingston Avenue, Suite 201 Roseland, NJ 07068 Tel: (973) 622-1800 Email: asodono@msbnj.com 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. I V SUPPORT: Gets Interim OK to Use Cash Collateral --------------------------------------------------- I V Support Systems, Inc. received interim approval from the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to use cash collateral. The court's interim order authorized the Debtor to use the cash collateral of the U.S. Small Business Administration pending the final hearing on September 2. As adequate protection for the Debtor's use of its cash collateral, SBA will receive cash payments and a replacement lien (matching its pre-bankruptcy lien's extent, validity and priority) on assets of the Debtor. The replacement lien does not apply to avoidance claims and their proceeds. The Debtor, which specializes in the repair, maintenance, and sale of biomedical equipment, filed for bankruptcy on July 31 after a significant legal judgment in a labor dispute. In July, a jury ruled partially in favor of a former employee, Karina Naime, awarding her $339,813 in damages, plus interest and attorney's fees. Although final judgment has not yet been entered, the verdict has caused financial strain, prompting the company to seek protection under Chapter 11 to preserve its business, continue paying employees, and restructure its debts. The Debtor intends to use its cash collateral, primarily revenues from accounts receivable and inventory, to fund essential operating expenses. The Debtor's only secured creditor is SBA, which holds a $300,000 loan secured by a blanket lien on its tangible and intangible personal property, including receivables and inventory. About I V Support Systems, Inc. I V Support Systems, Inc. specializes in the repair, maintenance, and sale of biomedical equipment. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 8:25-bk-12139-MH) on July 31, 2025. In the petition signed by George Davis, CEO, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Aaron E. de Leest, Esq., at Marshack Hays Wood LLP, represents the Debtor as legal counsel. IMG HOLDINGS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Lead Debtor: IMG Holdings, Inc. 1159 2nd Avenue, #424 New York, NY 10065 Business Description: IMG Holdings, Inc. creates, licenses, and sells fragrances under a portfolio of classic and contemporary perfume brands. Founded in Barcelona, Spain in 1932 and later relocating operations to the United States, the Company develops its fragrance oils domestically and sources packaging components from China, with products sold through its own website, major retailers such as Walmart and Amazon, and other distribution channels. Its brand portfolio includes Tabu, Chantilly, English Leather, and Love's Baby Soft, among other long- established perfume lines. Chapter 11 Petition Date: August 11, 2025 Court: United States Bankruptcy Court District of Delaware Six affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- IMG Holdings, Inc. (Lead Case) 25-11500 IMG Fragrance Brands, LLC 25-11501 Dana Classic Fragrances Inc. 25-11502 Dana Fragrance Brands, LLC 25-11503 Inter-Marketing Group, Inc. 25-11504 St. Honore Holding, Inc. 25-11505 Judge: Hon. Karen B Owens Debtors' General Bankruptcy Counsel: William E. Chipman, Jr., Esq. David W. Carickhoff, Esq. Mark D. Olivere, Esq. Aaron J. Bach, Esq. Alison R. Maser, Esq. CHIPMAN BROWN CICERO & COLE, LLP Hercules Plaza 1313 North Market Street, Suite 5400 Wilmington, Delaware 19801 Tel: (302) 295-0191 Email: chipman@chipmanbrown.com carickhoff@chipmanbrown.com olivere@chipmanbrown.com bach@chipmanbrown.com maser@chipmanbrown.com Debtors' Noticing, Claims & Balloting Agent: STRETTO, INC. Lead Debtor's Estimated Assets: $1 million to $10 million Lead Debtor's Estimated Liabilities: $50 million to $100 million The petitions were signed by Larry Thompson as chief executive officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2JONIYA/IMG_Holdings_Inc__debke-25-11500__0001.0.pdf?mcid=tGE4TAMA List of IMG Holdings, Inc.'s 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Excel Rank Trade Creditor $214,810 International Company Limited Suites 607-9, 6/FL. World Finance Ctr (N) Harbour City, Kowloon Hong Kong 2. Milbank LLP Professional $61,236 55 Hudson Yards Services New York, NY 10001-2163 3. Canada Revenue Agency Taxes $49,288 Section 116 Centre of Expertise Post Office Box 470 Station Main Surrey, BC V3T 5B7 4. Contract Filling, Inc. Trade Creditor $37,184 10 Cliffside Drive Cedar Grove, NJ 07009 5. Latham & Watkins LLP Professional $33,109 1271 Avenue of the Americas Services New York, NY 10020 6. Ladas & Parry LLP Professional $32,373 1040 Avenue of the Americas Services New York, NY 10018 7. CaseStack/Hub Group Trade Creditor $14,267 2001 Hub Group Way Oak Brook, IL 60523 8. United Healthcare Insurance $7,871 P.O. Box 94017 Palatine, IL 60094-4017 9. Sennco Solutions Inc. Trade Creditor $7,056 14407 Coil Plus Drive Unit A Plainfield, IL 60544-7703 10. Way Services, Inc. Trade Creditor $7,000 107 Pitney Road Lancaster, PA 17602 11. 2016, LLC Trade Creditor $6,423 (MegaRhino) P.O. Box 1047 Asheville, NC 28802 12. Chen Xiaomei Trade Creditor $3,000 NO 50, Zhonghua Road Nanjing CN Jiangsu China 13. UL Information & Insights Trade Creditor $2,862 23 British American Boulevard Latham, NY 12110 14. Gisler Mahler Lazoff Professional $2,000 & Sacharow Services 1069 Ringwood Avenue Suite 315 Haskell, NJ 07420 15. IT Partner LLC Trade Creditor $1,200 3422 Old Capitol Trail Suite 679 Wilmington, DE 19808 16. Fidesta ehf, kt. Trade Creditor $1,000 481107-1560 Smaratorg 3 201 Kopavogur IS Kopavogur 201 Iceland 17. Endicott Comm, Inc. Trade Creditor $800 P.O. Box 2720 Ocala, FL 34478 18. UPS Trade Creditor $750 paymentremit@ups.com 19. Uline Trade Creditor $640 P.O. Box 88741 Chicago, IL 60680-1741 20. VRC Companies, LLC Trade Creditor $500 P.O. Box 11407 Birmingham, AL 35246-5874 IRWIN NATURALS: FitLife Brands Closes $42.5M Bankruptcy Acquisition ------------------------------------------------------------------- FitLife Brands, Inc. (Nasdaq: FTLF), a provider of innovative and proprietary nutritional supplements and wellness products, on Aug. 11, 2025 announced that on Aug. 8, it successfully closed the acquisition of substantially all of the assets of Irwin Naturals and its related affiliates as previously approved by the US Bankruptcy Court for the Central District of California. Through the asset purchase transaction under Section 363 of the US Bankruptcy Code, the Company acquired substantially all of the assets and assumed minimal liabilities of Irwin. Total consideration for the acquisition was $42.5 million. Of this amount, $35.75 million was funded using proceeds from a new term loan and revolving line of credit provided by First Citizens Bank, with the remainder funded from FitLife's available cash balances. Dayton Judd, FitLife's Chairman and CEO, commented, "We are excited to close this acquisition. Irwin has incredible brands with strong distribution, supported by an amazing team. We expect Irwin to drive revenue and earnings growth for the Company." About FitLife Brands FitLife Brands is a developer and marketer of innovative and proprietary nutritional supplements and wellness products for health-conscious consumers. FitLife markets over 250 different products primarily online, but also through domestic and international GNC franchise locations as well as through various retail locations. FitLife is headquartered in Omaha, Nebraska. For more information, please visit our website at www.fitlifebrands.com. 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. JAZI KAT: Travelers Can't Extend Deadline to File Amended Pleadings ------------------------------------------------------------------- Senior Judge Douglas L. Rayes of the United States District Court for the District of Arizona denied Travelers Casualty Insurance Company of America's motion to extend the deadline to file amended pleadings and for leave to file an amended answer in the case captioned as Jazi Kat 4659 Rockridge LLC, et al., Plaintiffs, v. Travelers Casualty Insurance Company of America, et al., Defendants, Case No. 23-cv-00716-DLR (D. Ariz.). The motion of Jazi Kat 4659 Rockridge, LLC and Jazi Kat, LLC to strike Travelers's reply to the motion to amend is also denied. Plaintiffs brought this insurance breach of contract and bad faith action, alleging that Travelers failed to pay money Plaintiffs were owed under their insurance policy. In February 2020, Travelers issued the Policy to Plaintiffs to insure two commercial properties located at 5314 and 5306 N. 7th Street respectively. The motions before the Court only concern an issue with ownership of the property at 5306 N. 7th Street. Plaintiffs are fully owned by Bridget O'Brien. In May 2020, O'Brien, on behalf of Jazi Kat, LLC, executed a special warranty deed, conveying the Property to Vickie L. Simpson, as Trustee of the Vickie L. Simpson Living Trust. The deed was recorded by the Maricopa County Recorder's Office. In February 2021, a fire occurred that destroyed the Property. The following day, O'Brien submitted a claim to Travelers for the loss caused by the fire. In May 2021, while Travelers was adjusting the claim, the Trust conveyed the Property back to Jazi Kat, LLC by special warranty deed. This deed was also recorded by the Maricopa County Recorder's Office. Travelers, apparently unaware of these conveyances, adjusted the claim and issued payment. Plaintiffs, unsatisfied with the payments, demanded appraisal in accordance with the terms of the Policy. As a result, Travelers issued additional payment. Believing that Travelers still had not issued sufficient payment or complied with the terms of the Policy, Plaintiffs filed the present suit. The Court later entered a scheduling order setting the deadline for motions to amend the pleadings for Nov. 1, 2023. In June 2024, Travelers took a 30(b)(6) deposition of Plaintiffs through O'Brien. She testified that Simpson was a lessee of the Property and that she wasn't aware of any other "relationship" between Simpson and Plaintiffs. On Sept. 26, 2024, Travelers deposed O'Brien in her individual capacity. In that deposition, O'Brien testified that the deed transferring the Property to the Trust was recorded inadvertently. Six weeks after that deposition and over a year past the scheduling order deadline, Travelers filed its Motion to Amend. Travelers argues that it was unable to discover the Property conveyance with reasonable diligence because Plaintiffs concealed it. Travelers requests the Court extend the deadline to file amended pleadings to the date it filed the motion and grant it leave to amend its answer to assert two new affirmative defenses. Plaintiffs argue that Travelers should not be permitted to amend its answer because it failed to act diligently. Plaintiffs also filed a Motion to Strike, arguing that the Court should not consider evidence Travelers submitted in its reply to the Motion to Amend. Travelers' failure to inform the Court of why and when it discovered the deeds does not assist the Court in determining if it acted with diligence. Because it appears that Travelers knew of the deeds before it deposed O'Brien, it likely knew of the conveyances before the first scheduled deposition of July 8, 2024. The burden is on Travelers to show that it was diligent. Still, despite learning of the conveyances by Sept. 26 at the latest, it did not file its motion until Nov. 8, over a month later. According to the Court, this delay does not indicate diligence. The Travelers has not met its burden of showing good cause to extend the deadline for amended pleadings, so the Court need not reach Plaintiffs' argument that Travelers' proposed amendments would violate the automatic stay in place because of Plaintiffs' Chapter 11 bankruptcy petitions. The Court also finds Travelers has not shown good cause to extend the deadline to amend its answer. A copy of the Court's Order dated August 1, 2025, is available at https://urlcurt.com/u?l=C20VMR from PacerMonitor.com. Jazi Kat 4659 Rockridge, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 24-01627) on March 5, 2024. In the petition signed by Bridget O'Brien, managing member, the Debtor disclosed $1 million to $10 million in assets and liabilities. Judge Eddward P Ballinger Jr. oversees the case. Krystal M. Ahart, Esq., at Kahn & Ahart, PLLC, is the Debtor's counsel. JOE'S PIZZA: Has Deal on Cash Collateral Access ----------------------------------------------- Joe's Pizza Santa Monica, Inc. asks the U.S. Bankruptcy Court for the Central District of California for authority to use cash collateral, in accordance with its agreement with the U.S. Small Business Administration. The Debtor initially failed to list the SBA as a secured creditor due to disorganized records and inexperience. Upon discovering the SBA’s lien, the Debtor corrected the error, communicated with the SBA, and negotiated the Stipulation. The SBA filed its proof of claim on July 15, 2025, and has agreed to allow cash collateral use through the earlier of a confirmed Plan of Reorganization or December 1, 2025, unless extended or terminated due to default. The SBA consents to the use of cash collateral for ordinary post-petition operating expenses, including accounting and legal fees, subject to court approval. As adequate protection, the SBA will receive replacement liens and adequate protection claims (admin priority claims under section 507(b)) on post-petition assets of the same type as the pre-petition collateral, excluding Chapter 5 causes of action. The interest rate on the SBA's pre-petition loan continues at 3.75%. The SBA's replacement lien has super-priority status, senior to any other post-petition lien or avoided lien. A court hearing is set for September 9. A copy of the motion is available at https://urlcurt.com/u?l=H2yY6Z from PacerMonitor.com. About Joe's Pizza Santa Monica Joe's Pizza Santa Monica Inc. operates a pizza restaurant in Santa Monica, California. The Company offers dine-in and takeaway services and serves a variety of pizzas, salads, appetizers, and beverages at its Broadway location. Joe's Pizza Santa Monica Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-15242) 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 Vincent P. Zurzolo handles the case. The Debtor is represented by the Law Offices of Bradley E. Brook, APC. JSG I: S&P Affirms 'B-' Issuer Credit Rating, Outlook Stable ------------------------------------------------------------ S&P Global Ratings removed its ratings on safety products manufacturer JSG I Inc. from CreditWatch, where S&P placed them with negative implications on June 30, 2025, and affirmed our 'B-' issuer credit rating. S&P will withdraw its ratings on the existing senior secured facilities at transaction close. S&P said, "We assigned our 'B-' issue-level rating to JSG's proposed senior secured facilities. The recovery rating is '3', indicating our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for lenders in the event of a payment default. "The stable outlook reflects our forecast for modest revenue and EBITDA margin improvement over the next year, translating to S&P Global Ratings-adjusted leverage in the high-5x area in 2025 and the mid-5x area in 2026." JSG I Inc. plans to refinance its capital structure with a new five-year, $50 million revolving credit facility (undrawn at close); seven-year, $595 million first-lien term loan; and $100 million delayed-draw first-lien term loan (undrawn at close, coterminus with the first-lien term loan). The transaction is leverage neutral and alleviates near-term maturity risks. S&P said, "We removed the ratings from CreditWatch negative, reflecting that the proposed transaction addresses JSG's near-term refinancing risk. The company's existing debt (including its $35 million revolving credit facility due in March 2026 and $594.5 million first-lien term loans due in June 2026) is now current. The proposed financing is leverage neutral given that it will consist of a similar quantum of debt: a new five-year, $50 million revolving credit facility (undrawn at close); seven-year, $595 million first-lien term loan; and $100 million delayed-draw first-lien term loan (undrawn at close, coterminus with the first-lien term loan). It extends the company's maturity runway, and we expect JSG will save about $4.4 million-$5.9 million annually in interest expense, subject to final pricing. "We forecast revenue growth in the low-single-digit percent area in 2025, supported by price increases and generally stable demand. While tariff-related and other macroeconomic uncertainty has weighed on shipments through the first half of 2025, we expect pricing actions and incremental volume from new and recent product launches to bring modestly higher revenue year over year. We also expect incremental volume from JSG's January 2025 acquisition of Australia-based Global Spill and Safety, a manufacturer of safety and spill containment products. The market accepted annual price increases at the beginning of the year, and JSG has since announced additional actions to mitigate tariff effects. Good recent order intake supports our expectation for stable shipments and revenue over the remainder of 2025. "We forecast JSG's credit metrics will generally improve, though remain vulnerable to potential swings. JSG's relatively small revenue base, concentration of operations within the niche safety products industry, and appetite for acquisitions introduce potential volatility in credit metrics. We believe the risk for volatility is greater than for companies with larger cash flow bases, especially amid high uncertainty regarding global growth, consumer health, interest rates, and tariffs/general cost inflation. In a scenario of a partial loss of revenue from a key customer, geopolitical tensions that may disrupt supply chains, or a pronounced downturn in the U.S. economy (roughly 80% of JSG's total revenue is sold into the U.S. market), EBITDA and credit metrics could be more materially affected. JSG also has interest in and a history of bolt-on acquisitions, which adds execution risk and the potential for higher leverage. "Our view of JSG's relative scale and scope is notwithstanding its leading positions in served markets, good brands (including its flagship Justrite brand), and long-standing relationships with certain large, key customers. The company also benefits from regulatory barriers to entry. We view these factors as supporting the company's high-teens percent EBITDA margins. "The stable outlook on JSG reflects our forecast for modest revenue and EBITDA margin improvement over the next year, translating to S&P Global Ratings-adjusted leverage in the high-5x area in 2025 and the mid-5x area in 2026." S&P could lower the rating on JSG if: -- Liquidity considerably deteriorates, or -- Demand and/or operating performance significantly weaken to the point leverage becomes unsustainable, in our view. S&P could raise the rating on JSG if: -- S&P expects the company will sustain S&P Global Ratings-adjusted leverage comfortably below 6x, inclusive of potential acquisitions; and -- It consistently generates positive free operating cash flow (FOCF). KAHN PROPERTY: Case Summary & 10 Unsecured Creditors ---------------------------------------------------- Debtor: Kahn Property Owner, LLC 135 West Gate Drive Huntington, NY 11743 Business Description: Kahn Property Owner, LLC owns a 22-acre estate at 135 West Gate Drive in Huntington, New York, located in the Gold Coast region of Long Island. The property includes Oheka Castle & Resort, a historic mansion that operates as a restaurant and catering venue hosting weddings, private parties, corporate functions, and other events. Kahn Property holds the real estate, while the Oheka Castle business is operated separately. Chapter 11 Petition Date: July 31, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-72946 Judge: Hon. Louis A Scarcella Debtor's Counsel: Joseph S. Maniscalco, Esq. LAMONICA HERBST & MANISCALCO, LLP 3305 Jerusalem Avenue, Suite 201 Wantagh, NY 11793 Tel: 516-826-6500 E-mail: jsm@lhmlawfirm.com Total Assets: $92,813,057 Total Liabilities: $63,508,319 Gary Melius signed the petition on behalf of Kahn Associates LLC, the Debtor's member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YBLHJPY/Kahn_Property_Owner_LLC__nyebke-25-72946__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 10 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Arbor $2,425,000 333 Earle Ovington Blvd. Uniondale, NY 11553 2. Daniel Perla $422,053 104 Windor Gate Great Neck, NY 11020 3. Due by the First LLC $1,105,091 255 Glen Cove Road Carle Place, NY 11514 4. Jaspan Schlesinger LLP $53,721 300 Garden City Plaza Garden City, NY 11530 5. John Pitta $8,193,228 7430 29th Court Vero Beach, FL 32967 6. Joshua Dratel $26,889 29 Broadway Suite 1412 New York, NY 10006 7. Katers and Granitz $204,740 8112 West Bluemound Road Suite 101 Milwaukee, WI 53213 8. Mahany Law $236,988 PO Box 511328 Milwaukee, WI 53203 9. No More Bon Bons $513,090 1999 Grand Avenue Baldwin, NY 11510 10. Robert Kohlmeyer $125,138 CRK Holding 278 Indian Head Road Kings Park, NY 11754 KATIE KAHANOVITZ: Seeks to Extend Plan Exclusivity to October 24 ---------------------------------------------------------------- Katie Kahanovitz, LLC asked the U.S. Bankruptcy Court for the Southern District of Florida to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to October 24 and December 23, 2025, respectively. The Debtor requests that the exclusivity deadline be extended so all claims be filed prior to Debtors being required to propose a Plan of Reorganization. In addition, Debtor requests the additional time to review claims to propose a Plan of Reorganization. The Debtor explains that its request for extension of the Exclusive Periods is reasonable given the Debtor's progress to date. Extending the Exclusive Periods will give the Debtors the opportunity to have the Debtor's Plan of Reorganization confirmed. The Debtor claims that it is not seeking this extension to delay the administration of the case or to pressure creditors to accept an unsatisfactory plan. To the contrary, the requested extension to the Exclusive Periods will permit the Debtor to move forward in an orderly, efficient and cost effective manner to maximize the value of the Debtor's assets. The Debtor does not believe that any creditors or parties in interest will be prejudiced by this extension. Katie Kahanovitz, LLC is represented by: Craig I. Kelley, Esq. Kelley Kaplan & Eller, PLLC 1665 Palm Beach Lakes Blvd., Suite 1000 West Palm Beach, FL 33401 Telephone: (561) 491-1200 Facsimile: (561) 684-3773 Email: bankruptcy@kelleylawoffice.com About Katie Kahanovitz, LLC Katie Kahanovitz, LLC is a real estate firm specializing in property sales, rentals, and management services. Katie Kahanovitz, LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. 25-11992) on Feb. 26, 2025, listing $228,270 in assets and $2,090,833 in liabilities. The petition was signed by Katie Kahanovitz as manager. Judge Erik P Kimball presides over the case. Craig I. Kelley, at KELLEY KAPLAN & ELLER, PLLC, is the Debtor's counsel. KDC/ONE DEVELOPMENT: Moody's Rates Upsized 1st Lien Term Loan 'B3' ------------------------------------------------------------------ Moody's Ratings assigned B3 ratings to kdc/one Development Corporation, Inc.'s (kdc/one) proposed repriced and upsized backed senior secured first lien term loan due August 2028 issued in US dollar and Euro tranches. Kdc/one's B3 Corporate Family Rating, B3-PD Probability of Default Rating and the B3 ratings on the company's existing senior secured revolving credit facility due August 2028 and senior secured first lien US dollar and Euro term loans due August 2028 are not affected. Moody's expects to withdraw the ratings on the existing US dollar and Euro term loan tranches if the facilities are terminated as part of the refinancing. The rating outlook remains stable. Kdc/one is proposing to utilize the proceeds from a proposed $150 million combined upsize to the US dollar and Euro term loans to fund an acquisition, repay the small amount drawn on the revolver and add to the cash balance. The company is concurrently proposing to reprice the US dollar and Euro term loan to reduce the spread. The transactions are modestly credit negative because the acquisition will increase debt-to-EBITDA leverage to approximately 6.1x pro forma before considering potential synergies from 5.9x as of January 2025. The acquisition will favorably compliment kdc/one's existing capabilities, geographic footprint and product portfolio. The repricing also partially offsets the increase in cash interest costs. The transactions do not affect kdc/one's B3 CFR or stable outlook because debt-to-leverage will remain at the low end of Moody's expectations for the rating. The revolver was undrawn as of January 2025 but the paydown indicates a small amount of the revolver was utilized subsequent to the quarter end, commensurate with kdc/one's current negative free cash flow. The revolver paydown favorably enhances liquidity by restoring full unused revolver capacity aside from letters of credit and increasing the cash balance. The company's preliminary results for the fiscal year ended April 2025 indicates good continued revenue and earnings growth for the year though adjusted EBITDA was down slightly in the fourth quarter. The revolver and term loans are secured by a first priority security interest on substantially all of the company's assets. kdc/one Development Corporation, Inc. (Canadian borrower) and KDC US Holdings, Inc. (US borrower) are joint and several co-borrowers of the revolver and term loans. Zobelle Mexico, S.A. de C.V. is also a permitted revolver borrower. Guarantees are provided by Knowlton Development Corporation, Inc., which is the issuer of consolidated audited financial statements, and by material domestic subsidiaries. RATINGS RATIONALE Kdc/one's B3 CFR reflects the company's continued good operational momentum, improved earnings trajectory, and good liquidity, balanced against its high debt-to-EBITDA leverage and limited free cash flow generation. The company's credit profile is supported by its strong market position as a global contract manufacturer with a vertically integrated platform across beauty, personal care, and home care categories. The company's innovation capabilities and long-standing customer relationships continue to underpin its competitive position. Moody's anticipates that revenue will grow in the mid-to-high single digit range in the fiscal year ended April 2026. These improvements are driven by new business wins, cost control initiatives, and a more favorable alignment between orders and point-of-sale activity following prior inventory destocking. The credit profile remains constrained by kdc/one's elevated financial leverage and limited free cash flow. Declines in consumer product volumes are a headwind because of cautious consumer spending amid the cumulative impact of rising prices in recent years and tariff-related economic uncertainties. New product development by customers is also likely to be restrained in this environment. Moody's nevertheless forecast debt-to-EBITDA of 6.1x as of January 2025 pro forma for the proposed acquisition and refinancing will decline to a high 5x range over the next year. Moody's projects free cash flow to remain modest below $10 million. Multiple repricing transactions over the last year and earnings growth should improve the company's EBITA-to-interest coverage to about 1.2x in fiscal 2026 from 1.1x for the 12 months ended January 2025. Capital intensity and the interest burden continue to weigh on cash generation. Raw material pass-through arrangements on some contracts help to limit exposure to cost volatility. Liquidity is currently good despite weak free cash flow due to a $171 million cash position and an undrawn $360 million revolver as of April 2025 pro forma for the proposed refinancing transactions. The company's liquidity is further bolstered by Moody's expectations for positive free cash flow in fiscal 2026 and no near-term covenant pressure under its springing leverage covenant structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that kdc/one will grow revenue and earnings over the next year through new business wins and disciplined cost management, and despite potential customer volume and economic headwinds. Moody's projects the company will improve free cash flow to a positive level after being negative $14 million for the 12 months ended January 31, 2025. Good liquidity provides flexibility to execute growth strategies and manage in the current weak consumer product volume environment. The ratings could be upgraded if kdc/one generates consistent positive organic revenue growth with a stable to higher margin, improves and sustains free cash flow-to-debt above 2%, sustains debt-to-EBITDA below 6.0x, demonstrates a prudent financial policy and maintains good liquidity. The ratings could be downgraded if operating earnings decline due to factors such as weakness in customer volumes, revenue or margins, or free cash flow remains negative. A deterioration in liquidity such as reduced revolver availability or cash, debt-funded acquisitions or shareholder distributions, or EBITA-to-interest at or below 1.0x could also lead to a downgrade. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. COMPANY PROFILE Kdc/one Development Corporation, Inc. (kdc/one; Knowlton Development) designs, develops, and co-manufactures a wide-ranging portfolio of consumer products used in everyday life. The company operates as a contract manufacturer and innovation partner, enabling a number of consumer brands to bring their products to market. The company specializes in custom formulation, packaging and manufacturing solutions for beauty, personal care and home care brands. These capabilities are supported by innovation platforms and long-standing customer relationships. kdc/one's customer base is primarily composed of beauty, personal care and home care companies located in North America, with a growing presence in Europe and Asia. kdc/one is majority owned by Cornell Capital following a 2018 leveraged buyout, with minority investments from KKR and CDPQ. Revenue was approximately $2.9 billion for the 12 months ended January 2025. KIDZ TYME: Voluntary Chapter 11 Case Summary -------------------------------------------- Debtor: Kidz Tyme Foundation Incorporated 4332 NW 17 Avenue Miami FL 34747 Business Description: Kidz Tyme Foundation Inc. leases real estate properties in Miami, Florida, with its principal holdings located at 4332, 4310 and 4350 NW 17 Avenue. Chapter 11 Petition Date: August 11, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-19271 Judge: Hon. Corali Lopez-Castro Debtor's Counsel: Christopher Hixson, Esq. HIXSON LAW GROUP 18167 U.S. Highway 19 N, Suite 250 Clearwater FL 33764 Tel: 833-203-5294 E-mail: chris@hixlawgroup.com Total Assets: $2,125,419 Total Liabilities: $842,177 The petition was signed by Tanisha Curry as president. The Debtor indicated in the petition that no creditors hold unsecured claims. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UNF4UOQ/Kidz_Tyme_Foundation_Incorporated__flsbke-25-19271__0001.0.pdf?mcid=tGE4TAMA KRONOS WORLDWIDE: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has affirmed Kronos Worldwide, Inc. (Kronos) and its wholly-owned subsidiary, Kronos International, Inc.'s Long-Term Issuer Default Rating (IDRs) at 'B+'. Fitch has also affirmed Kronos International Inc.'s senior secured notes and Kronos Worldwide, Inc.'s ABL at 'BB+' with a Recovery Rating of 'RR1'. The Rating Outlook remains Stable. The ratings reflect Kronos' strong liquidity position, conservative financial policy and low capex requirements. The company's limited scale and full exposure to the cyclical titanium dioxide (TiO2) industry will continue to present cash flow variability. While Fitch expects TiO2 market conditions to remain soft through 2026, Kronos' reduced dividend supports Fitch's expectations of modest but positive FCF through the forecast. The Stable Outlook reflects Fitch's expectations for EBITDA leverage to remain around 3.0x in the near term, driven by stable EBITDA generation and the company's light capital structure. Key Rating Drivers Stable Performance Amid Market Headwinds: Kronos is expected to maintain stable performance in 2025, with EBITDA projected to remain in line with 2024 levels despite continued softness in the TiO2 market. Demand for TiO2 remains subdued, reflecting ongoing weakness in the coatings sector, which is closely linked to the housing and construction markets. After posting a negative Fitch-defined EBITDA of $4 million in 2023, Kronos demonstrated a strong recovery with EBITDA of $186 million in 2024. Fitch anticipates a gradual recovery in demand, returning to historical levels by 2027, which should support a recovery in margins to above 10%. Limited Tariff Exposure: Kronos remains largely insulated from direct tariff impacts because TiO2 and titanium ore are exempt from the announced tariffs, and the company uses a local production strategy. In 1Q25, Kronos proactively built and prepositioned inventory in the U.S., incurring incremental costs that Fitch views as one-time in nature. Nevertheless, demand for Kronos' products remains indirectly exposed to the broader risk of escalating trade tensions, which could negatively affect buyer sentiment and order patterns across sectors. Reduced Dividend Supports FCF: Kronos' reduced quarterly dividend underscores strong financial flexibility and a credit-conscious approach by majority owners amid ongoing TiO2 market softness. The lower dividend supports neutral-to-positive free cash flow (FCF) and preserves liquidity throughout the forecast period, while also creating capacity for future investments, particularly at the Louisiana Pigment Company assets. Fitch expects management to align dividends with operating cash flow generation. The reduced dividend is forecast to support slightly positive FCF, even as EBITDA is expected to remain flat through 2026. Modest Debt Load: Fitch views Kronos' debt load as modest compared with its view of a normalized EBITDA for the company. Fitch expects EBITDA leverage to trend around 3.0x on the full repayment of the 2025 secured notes stub maturity and flattish EBITDA generation. Limited Size, Diversification: Kronos is a pure-play pigment producer with limited scale and no diversification to buffer TiO2 industry volatility, exposing its cash flow and credit profile to market swings. This exposure is partially offset by solid liquidity and strong market positions in Europe and North America, though Fitch sees limited ability to affect global market dynamics. During the 2015-2016 TiO2 price downturn, Kronos' European EBITDA was severely constrained, despite its status as the largest TiO2 producer in Europe. Parent-Subsidiary Linkage: Under its parent-subsidiary linkage criteria, Fitch has equalized the IDRs of Kronos Worldwide, Inc. and its wholly owned issuing subsidiary, Kronos International Inc., at 'B+'. The equalization reflects open legal ring-fencing and open access and control between the stronger subsidiary and Kronos Worldwide, Inc. Peer Analysis Kronos' ratings reflect its relatively small size and limited diversification compared with peers in the TiO2 segment, while also reflecting its typically healthy 2.0x-3.0x leverage and generally neutral-to-positive cash flow profile. Compared with industry leaders The Chemours Co. and Tronox Ltd. (both unrated), Kronos has limited ability to influence TiO2 supply dynamics and, as a pure-play pigment producer. Tronox also benefits from a relatively greater degree of vertical integration, resulting in a stronger EBITDA margin profile than Kronos. Fitch believes Kronos' asset profile compares favorably to Venator Materials PLC (unrated), which emerged from a chapter 11 restructuring process in 2023, due to increased production capacity of chloride-process TiO2 assets. Chloride-process TiO2 is considered a preferred product for most high-end applications and is produced at lower conversion costs. Key Assumptions - Sales growth is minimal through 2026 on continued weakness in coatings end-markets, followed by moderate recoveries in demand driving approximately 5% sales growth in 2027 and thereafter; - EBITDA margins recover to 10% by 2027 on improved fixed cost absorption stemming from higher capacity utilization, coupled with lower ore and energy costs; - Capex of around $50 million annually in 2025 per issuer guidance, held around similar levels thereafter; - Dividends of around $30 million annually through 2026 amid continued soft operating conditions and operating cash flow, before increasing towards historical levels thereafter; - The 2025 notes are fully redeemed prior to maturity via a combination of existing cash and revolver borrowings. Recovery Analysis Key Recovery Rating Assumptions - The recovery analysis assumes Kronos would be reorganized as a going-concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. - Fitch assumes Kronos draws approximately $297 million under its ABL, representing about 85% of the full $350 million amount. This is due to the likelihood the ABL borrowing base will be lessened in a distressed scenario as the TiO2 pricing environment declines over time, which would gradually reduce the borrowing base. Going-Concern (GC) Approach: Fitch used a going-concern EBITDA of $162 million to reflect a mid-cycle amount in a post-bankruptcy scenario, which would likely be around 2014/2016 levels. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which it bases the enterprise valuation. Specifically, the GC EBITDA depicts a sustained economic contraction in North America and EMEA, resulting in an extended period of severe volume headwinds, which leads to a material decline in EBITDA and cash generation. An enterprise value multiple of 5.5x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The 5.5x multiple acknowledges the commoditized nature of Kronos' TiO2 products and its lack of diversification. The choice of this multiple considered historical bankruptcy case study exit multiples for peer companies, including Tronox Incorporated (2011) and Venator Materials PLC (2023). Under the pro forma scenario, Kronos' ABL and senior secured note recoveries both correspond to an 'RR1'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Mid-cycle EBITDA leverage sustained above 4.0x, potentially stemming from material debt-funded acquisition activity; - EBITDA interest coverage sustained below 3.5x, or sustained high utilization under the ABL, signaling deteriorating liquidity; - Expectations of sustained negative FCF generation, potentially stemming from continued maintenance of dividend payments under persistently weak operating conditions, or a structural deterioration in the TiO2 market. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Increases in size, scale, or diversification leading to improved mid-cycle EBITDA size or cost position; - Maintenance of current financial policies, leading to mid-cycle EBITDA Leverage sustained below 3.0x and continued robust financial flexibility; - A structurally improved sector outlook that results in EBITDA margin resiliency and reduced FCF variability. Liquidity and Debt Structure Kronos had $20 million of cash and cash equivalents on its balance sheet, and $300 million in availability under its global ABL revolver as of March 31, 2025. The issuer upsized its ABL revolver commitment amount to $350 million in July 2025, further aiding a comfortable liquidity position. In an extended period of stress, the company has the ability to cut its dividend payment, and paired with modest capex requirements and a light maturity schedule, Fitch believes the company will maintain strong liquidity throughout the forecast period. Fitch views Kronos' upcoming EUR75 million notes stub maturity in September 2025 as manageable based on its strong liquidity position. Fitch believes the company retains the optionality to fully retire the notes prior to maturity with existing cash, while retaining comfortable liquidity. Kronos has no other debt maturing until the senior secured notes in 2029. Issuer Profile Kronos Worldwide, Inc. is a pure-play TiO2 producer and the fifth largest producer of TiO2 in the world. 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 Kronos Worldwide, Inc. has an ESG Relevance Score of '4' for Governance Structure due to significant "key man risk" presented by its dominant shareholder. Approximately 81% of Kronos' common stock is indirectly owned by a family trust. Fitch expects the family trust to continue to be supportive of Kronos' conservative capital allocation policy and current operating strategy. This factor has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. 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 ----------- ------ -------- ----- Kronos International Inc. LT IDR B+ Affirmed B+ senior secured LT BB+ Affirmed RR1 BB+ Kronos Worldwide, Inc. LT IDR B+ Affirmed B+ senior secured LT BB+ Affirmed RR1 BB+ KUBERA HOTEL: To Sell Hotel Property to Goldfin Ventures for $17MM ------------------------------------------------------------------ Kubera Hotel Properties, LP seeks approval from the U.S. Bankruptcy Court for the Northern District of California, Oakland Division, to sell commercial property, free and clear of liens, claims, interests, and encumbrances. The Debtor wants to sell its hotel located at 920 University Avenue, Berkeley, California 94710. The Hotel was built in 1967 and has 113 rooms. In 2007 Kubera entered into a 15 year flag agreement with La Quinta Inn. Operations for Debtor were successful until 2021 – 2023, and COVID. Debtor was unable to pay La Quinta Inn franchise fees owed from 2021 – 2023 and eventually La Quinta Inn sued Kubera. The Debtor employs Ravi Jagtiani of Intero Real Estate Services Inc.as real estate agent. The Debtor agrees to sell the Property in the sum of $17,000,001.00, with a deposit in the sum of 2.00% or $340,000.00, to be paid one day after approval of the Purchase Agreement with buyer Goldfin Ventures, LLC, legally authorized signer, Vinu Krishnamurthy. The commission fee shall be paid via escrow upon closing of the sale. The Seller and the Buyer have decided to open an escrow to facilitate the sale of the Property and each of the Parties shall pay various expenses as provided in the Purchase Agreement. The Debtor seeks entry of an order authorizing it to direct the title company to pay from escrow the following: Standard closing costs, which the Debtor is informed and believes, consists of unpaid, pro-rated property taxes. The escrow time period is 120 days. The Debtor is a California limited liability company and therefore is pass-through taxation to Mr. Pradeep Khatri. The estate will not have capital gains taxes to be concerned with. The proposed sale of the Property maximizes the amount that Debtor, the bankruptcy estate, and its creditors will realize for the Property. The proposed sale is fair and reasonable and in the best interests of the bankruptcy estate and its creditors. About Kubera Hotel Properties, LP Kubera Hotel Properties LP operates a 113-room hotel located at 920 University Avenue, Berkeley, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-40996) on June 6, 2025. In the petition signed by Pradeep Kantilai T. Khatri, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Charles Novack oversees the case. The Law Offices of Ryan C. Wood, Inc. represents the Debtor as counsel. LA NOTTE VENTURES: Court Extends Cash Collateral Access to Sept. 3 ------------------------------------------------------------------ La Notte Ventures, Inc. received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral until September 3, marking the 10th extension since its Chapter 11 filing. The 10th interim order authorized the Debtor to operate within 10% of the budget until its use of cash collateral is approved on a permanent basis. The Debtor's budget projects total operational expenses of $23,472.14 for August. As protection for any diminution in the value of its collateral, the U.S. Small Business Administration will be granted replacement liens on all post-petition property of the Debtor, including all cash collateral, to the same extent, validity, and priority as its pre-bankruptcy liens. As additional protection, SBA will continue to receive a monthly payment of $251. The Debtor's authority to use cash collateral terminates upon dismissal or conversion of its Chapter 11 case to one under Chapter 7 or upon entry of a court order directing the cessation of the use of cash collateral. The next hearing is scheduled for September 2. About La Notte Ventures La Notte Ventures, Inc., doing business as La Notte Ristorante Italiano, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-15860) on October 23, 2024, with up to $50,000 in assets and up to $1 million in liabilities. Judge Jacqueline P. Cox presides over the case. The Debtor is represented by: David R. Herzog, Esq. Law Office of David R. Herzog, LLC 53 W. Jackson Blvd., Suite 1442 Chicago, IL 60604 Telephone: (312) 977-1600 Email: drh@dherzoglaw.com LASERCYCLE INC: Case Summary & 19 Unsecured Creditors ----------------------------------------------------- Debtor: LaserCycle, Inc. 14849 W 95th St Lenexa, KS 66215 Business Description: LaserCycle, Inc. provides printers, copiers, scanners, and related office equipment along with managed print services, equipment repairs, and document security solutions, serving businesses from its headquarters in Lenexa, Kansas. The Company offers OEM, remanufactured, and compatible printing supplies, as well as wide-format printing systems and sanitization products. LaserCycle supports clients across industries with equipment sales, fleet management, and maintenance programs designed to optimize print operations. Chapter 11 Petition Date: August 11, 2025 Court: United States Bankruptcy Court District of Kansas Case No.: 25-21113 Judge: Hon. Robert D. Berger Debtor's Counsel: Colin Gotham, Esq. EVANS & MULLINIX, P.A. 7225 Renner Road, Suite 200 Shawnee, KS 66217 Tel: (913) 962-8700 E-mail: cgotham@emlawkc.com Total Assets: $183,634 Total Liabilities: $2,071,203 The petition was signed by Rick Krska as CEO. A full-text copy of the petition, which includes a list of the Debtor's 19 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GKPMIHQ/LaserCycle_Inc__ksbke-25-21113__0001.0.pdf?mcid=tGE4TAMA LEFEVER MATTSON: Hires Marcus & Millichap as Real Estate Broker --------------------------------------------------------------- Lefever Mattson seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Marcus & Millichap as real estate broker. The firm further amended the scope of the retention of Marcus & Millichap to include one additional piece of real property, a five-acres of land with a single-family residence located at 4920 Samo Lane, Fairfield, California. The firm will be paid a commission of 1 to 5 percent of the sales price of each property. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ramon Kochavi Marcus & Millichap 2626 Hanover Street Palo Alto, CA 94304 Tel: (650) 391-1700 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. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. LEXINGTON BLUE: Lender Seeks to Prohibit Cash Collateral Access --------------------------------------------------------------- Kapitus Servicing Inc. asks the U.S. Bankruptcy Court for the Eastern Districtof Kentucky, Lexington Division, to prohibit Lexington Blue, Inc. from using cash collateral. Kapitus claims to be the Debtor's first-priority secured creditor, with a perfected security interest in nearly all of the Debtor's assets including accounts receivable and customer contracts secured under a Loan and Security Agreement executed in October 2022. The Kentucky Attorney General ordered the cessation of the Debtor's business on June 2, 2025, freezing all assets. The Debtor filed for Chapter 11 protection on June 16 even though its business operations had already ceased. Kapitus argues that the Debtor has no ongoing business, unencumbered assets, or ability to provide adequate protection as required under 11 U.S.C. sections 361 and 363. The remaining assets, including accounts receivable and customer contracts are fully encumbered by Kapitus' lien, and therefore cannot be used by the Debtor without court authorization and adequate protection. Kapitus asserted that the Debtor has engaged in gross financial mismanagement, including maintaining inaccurate financial records, failing to reconcile accounts, misrepresenting secured obligations in its bankruptcy schedules, and allowing prepetition insider transfers and asset dissipation. Kapitus cited the U.S. Trustee's Motion to Convert, which supports allegations of financial misconduct and questions the feasibility of any reorganization. Given these issues, Kapitus contended that the Debtor's use of cash collateral absent proper safeguards would further jeopardize its security interests. Kapitus requested that any use of its collateral be conditioned upon extensive protections, including the granting of a perfected replacement lien, monthly financial reporting, oversight and approval of customer contract assignments, segregation of receivables, maintenance of insurance with Kapitus as loss payee, and detailed updates on recovery efforts, among other conditions. Kapitus also sought an administrative expense claim under 11 U.S.C. section 507(b) to the extent that protection proves inadequate, and outlines a list of default events that should trigger immediate termination of any authority to use its cash collateral, including conversion or dismissal of the case or appointment of a trustee. Kapitus emphasized that it has received no proposal for adequate protection and reserves all rights and remedies. A court hearing is scheduled for August 21. About Lexington Blue Inc. Lexington Blue, Inc. provides roofing and exterior renovation services for residential and commercial properties. Lexington Blue Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ky. Case No. 25-50863) on June 16, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Gregory R. Schaaf oversees the case. The Debtor is represented by J. Christian Dennery, Esq., at Dennery, PLLC. Kapitus Servicing Inc., as lender, is represented by: Lisa Koch Bryant, Esq. Tilford Dobbins & Schmidt, PLLC 401 West Main Street, Suite 1400 Louisville, Kentucky 40202 Tel: (502) 584-1000 lbryant@tilfordlaw.com LI-CYCLE HOLDINGS: Sells Certain Subsidiaries & Assets to Glencore ------------------------------------------------------------------ Li-Cycle Holdings Corp. (the "Issuer") announces the completion of the sale of certain of its subsidiaries and assets to an affiliate of Glencore Canada Corporation, the Company's largest secured creditor, by way of credit bid and assumption of certain indebtedness. The sale includes Li-Cycle's Germany, Arizona, Alabama, New York, and Ontario Spokes; its Rochester Hub project; and its intellectual property portfolio. Glencore has also assumed certain of Li-Cycle's liabilities. Glencore's successful credit bid concludes Li-Cycle's court-approved sale and investment solicitation process. The remaining Li-Cycle entities are either being wound-up under their corporate statutes or remain in creditor protection pursuant to the Companies' Creditors Arrangement Act (Canada) and Chapter 15 of the U.S. Bankruptcy Code at this time. More information regarding Li-Cycle's CCAA and Chapter 15 proceedings can be found at https://www.alvarezandmarsal.com/LiCycle. Glencore Canada Corporation also announced in a press release on Aug. 7, 2025, the successful completion of its acquisition of certain subsidiaries and assets of Li-Cycle Holdings Corp. The sale includes the Issuer's: (i) its Arizona, Alabama, New York, Ontario and Germany Spokes, (ii) its Rochester Hub project, and (iii) its intellectual property portfolio by way of a credit bid and assumption of certain indebtedness, pursuant to the equity and asset purchase agreement dated May 14, 2025 (as amended) with the Issuer and certain of its subsidiaries (the "EAPA") and the transactions contemplated thereby. Glencore's successful credit bid concludes the Issuer's court-approved sale and investment solicitation process. Pursuant to an order of the Ontario Superior Court of Justice (Commercial List) dated August 1, 2025, which was recognized by an order of the United States Bankruptcy Court for the Southern District of New York dated August 5, 2025 in the insolvency proceedings under Chapter 15 of Title 11 of the United States Code, among other things, the EAPA, the transactions contemplated thereby and the credit bid effected by the Company were approved. Glencore also provided an update with respect to its previously announced investment in unsecured convertible notes (the "Convertible Notes") issued by the Issuer. As of August 7, 2025, Glencore holds Convertible Notes in an aggregate principal amount of US$327,405,516.54. The Company previously announced that it could become, as of March 14, 2025, the beneficial holder of more than 10% of the issued and outstanding common shares of the Issuer upon conversion of the Convertible Notes. If the Convertible Notes were converted in full at the conversion prices in effect as at August 7, 2025 (including accrued but unpaid interest through August 7, 2025), the Company would hold 74,587,088 Common Shares, representing approximately 62.6% of the outstanding Common Shares on a partially-diluted basis, including 7,423 Common Shares held by Mr. Kunal Sinha (the "Nominee") for the benefit of the Company, Glencore International AG and/or Glencore plc (collectively, the "Reporting Persons"). On May 16, 2025, Glencore filed an early warning report disclosing that if the Convertible Notes were converted in full at the conversion prices in effect as at March 14, 2025 (including accrued but unpaid interest through March 13, 2025), the Company would hold 84,404,412 Common Shares, representing approximately 66.7% of the outstanding Common Shares on a partially-diluted basis, including 7,423 Common Shares held by the Nominee for the benefit of the Reporting Persons. Each of the Reporting Persons reserves the right to change its plans and intentions regarding the Issuer, at any time, as it deems appropriate. The Company is a wholly owned indirect subsidiary of Glencore plc, a globally diversified natural resource producer and commodities trading company. An amended early warning report prepared pursuant to the requirements of National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues by Glencore Ltd. (the "Amended EWR") will be filed on SEDAR+ at www.sedarplus.com under the Issuer's profile. The Amended EWR will amend and update certain information contained in the early warning report filed by Glencore Ltd. on May 16, 2025. To obtain more information or to obtain a copy of the early warning report to be filed in respect of this news release, please contact the Company at the contact details noted below. Additional information about the Issuer's CCAA proceeding can be found on the website of the Court-appointed Monitor at http://www.alvarezandmarsal.com/LiCycle. About Glencore Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the commodities that support decarbonisation while meeting the energy needs of today. With around 150,000 employees and contractors and a strong footprint in over 30 countries in both established and emerging regions for natural resources, its marketing and industrial activities are supported by a global network of more than 50 offices. Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. Glencore also provides financing, logistics and other services to producers and consumers of commodities. Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. Glencore is an active participant in the Extractive Industries Transparency Initiative. Glencore will support the global effort to achieve the goals of the Paris Agreement through our efforts to decarbonise its own operational footprint. For more information see its 2024-2026 Climate Action Transition Plan available on its website at glencore.com/publications. The Company's head office is located at 100 King Street West, Suite 6900, Toronto, M5X 1E3. About Li-Cycle Holdings Corp. Li-Cycle Holdings Corp. is a Toronto-based company that focuses on lithium-ion battery resource recovery. Founded in 2016, the Company uses proprietary Spoke & Hub Technologies to recycle various types of lithium-ion batteries and recover critical battery-grade materials for reuse in the supply chain. Li-Cycle, formerly listed on the New York Stock Exchange under the symbol LICY, manages its Spokes and Rochester Hub operations, as well as its corporate governance and administrative services, from its Toronto headquarters. Li-Cycle Holdings Corp. and affiliates sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-10991) on May 14, 2025. Honorable Bankruptcy Judge Philip Bentley handles the case. William E. Aziz is the Debtor's foreign representative. The Debtor is represented by Madlyn Gleich Primoff, Esq., Alexander Adams Rich, Esq., and Sarah R. Margolis, Esq. at FREHSFIELDS US LLP. LIFE TIME: Moody's Upgrades CFR to B1 & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings upgraded Life Time, Inc.'s Corporate Family Rating to B1 from B2 and its Probability of Default Rating to B1-PD from B2-PD. Moody's also upgraded the rating on the company's senior secured revolving credit facility due 2029, senior secured first lien term loan due 2031 and senior secured notes due 2031 to B1 from B2. The rating outlook changed to stable from positive. The upgrade reflects Life Time's continued improvement in free cash flow generation, operating performance, and steady deleveraging. Club expansion, including the addition of more than 20 new centers over the past two years and strong low double-digit same-store-center revenue growth has been driving earnings growth leading to steady reduction in leverage. Additionally the company has been able to improve profits through more value-added offerings, operating efficiencies and pricing actions, leading to margin expansion and higher profitability. In-center revenue, which grew at a high double-digit rate, benefited from strong demand for personal training and expanded offerings such as pickleball and kids programming. Member engagement has also improved, with a 5.9% year-over-year increase to 143 average annual visits (12 per month), with many clubs operating near optimal capacity. Higher visit frequency and increased in-center spending reflect strong customer satisfaction and have contributed to elevated retention rates. Moody's expects debt-to-EBITDA leverage, on a Moody's adjusted basis, to remain moderate around 4.2x in 2025, reflecting spending on new facilities, earnings growth and incremental operating leases to support facility expansion. Moody's expects Life Time will continue to focus on expansion, with plans to open 10 to 14 new locations annually and expand luxury amenities and service offerings across its existing venues. New locations typically require $65 to $75 million, and combined with upgrades to existing facilities and continued investment in digital offerings, result in high recurring investments. The expansion requires significant capital expenditures, which may result in negative free cash flow in certain periods. However, the company's use of sale-leaseback (SLB) transactions provide it with additional sources of capital to support ongoing investment. New location openings also carry execution risk, including high startup costs, competitive pressures, and membership recruitment challenges, which could increase costs or impact profitability. Life Time maintains good liquidity, supported by $59 million of cash as of March 31, 2025 and $619 million availability under its $650 million revolving credit facility after taking into account $31 million of outstanding letters of credit. Moody's expects the company to have negative free cash flow of $170 to $190 million in 2025, reflecting substantial capital investments. Access to approximately $250 million from SLBs is expected to provide additional liquidity to support the company's growth strategy. RATINGS RATIONALE Life Time benefits from a robust competitive position underpinned by the scale and premium nature of its athletic club locations, many of which are strategically situated and supported by a substantial portfolio of owned real estate. This physical footprint is not only capital-intensive to replicate but also enhances brand visibility and long-term asset value. The company's affluent membership base and comprehensive suite of wellness, fitness, and lifestyle services further differentiate it from more value-oriented fitness operators, allowing for stronger pricing power and customer loyalty. Additionally, Life Time is demonstrating improved operating cash flow, which is increasingly enabling the company to internally fund growth capital expenditures, reducing reliance on external financing. These strengths are further supported by broader societal trends, including rising awareness of health and wellness, which continue to drive demand for premium fitness experiences. Despite its strong market position, Life Time faces several credit challenges that constrain its financial profile. Moody's expects leverage to remain moderate over the next 12 months, reflecting earnings growth and continued investment in new facilities, including incremental operating lease obligations to support expansion. The fitness and leisure club industry is inherently exposed to cyclical risks, including economic downturns, shifting consumer preferences, and intense competition from both boutique studios and digital fitness platforms. Life Time's membership attrition rates, while not currently disclosed by the company, have historically been in the mid-30% range. This level of attrition necessitates ongoing investment in club enhancements and marketing to sustain its revenue base. Furthermore, the company's aggressive expansion strategy relies heavily on external financing mechanisms such as sale-leaseback transactions and revolving credit facilities, which introduce refinancing risk that must be carefully managed. The company is exposed to event risk related to potential debt issuance to facilitate the exit of its private equity owners though Moody's believes secondary share sales are the preferred exit strategy. The August 2024 and June 2025 secondary offering are an example and reduced the private equity firms ownership stake to roughly 35%. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations of continued revenue and earnings growth, supported by the opening of new locations and increasing membership trends. While these growth initiatives are capital intensive, Moody's anticipates leverage will remain in the low 4x range over the next 12 to 18 months. The outlook assumes that the company will maintain good liquidity while executing on its development strategy. The ratings could be upgraded if the company generates sustained membership, revenue and earnings growth, and sustains debt-to-EBITDA below 3.5x. An upgrade would also require a track record of positive free cash flow while maintaining good reinvestment and maintenance of good liquidity. The ratings could be downgraded if Life Time's operating earnings weakens due to factors such as membership declines, pricing pressure or increasing costs. Debt-to-EBITDA sustained above 5x, weak or negative free cash flow, a deterioration in liquidity, or a more aggressive financial policy could also prompt a downgrade. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The B1 Corporate Family Rating (CFR) is two notches below the Ba2 scorecard-indicated outcome, based on Moody's 12–18 month forward-looking projections under the Business and Consumer Services industry rating methodology. The lower rating reflects Life Time's substantial capital requirements to fund new club development, reliance on external financing, exposure to consumer discretionary spending, and operation within a highly competitive industry. Life Time (is headquartered in Chanhassen, MN) operates a portfolio of more than 180 premium athletic clubs across 31 states and one province in Canada. The company provides wellness and fitness services. Offerings include indoor and outdoor activities, such as swimming pools, rock climbing, cycling, weight loss coaching, spa services, as well as pickleball and basketball courts. Amenities vary by location. Life Time offers a range of programs and information via the Life Time digital app. Life Time's parent company, Life Time Group Holdings, Inc. (LTGH), became a publicly traded company in October 2021 with private equity firms Leonard Green & Partners, and TPG retaining significant stakes. In addition to private equity, the founder and CEO, Bahram Akradi, retains a meaningful share of the company (8% as of July 30, 2025). Life Time generated about $2.7 billion of revenue for the 12 months ended March 31, 2025. LINDBLAD EXPEDITIONS: Moody's Rates New Senior Secured Notes 'B3' ----------------------------------------------------------------- Moody's Ratings assigned a B3 rating to the backed senior secured notes that Lindblad Expeditions, LLC announced earlier. The company will use the net proceeds to redeem its $360 million of 6.75% backed senior secured notes due February 15, 2027 and its parent's $275 million of 9.00% backed senior secured notes due May 15, 2028. Lindblad Expeditions, LLC's direct parent, Lindblad Expeditions Holdings, Inc. (Lindblad) and certain of the parent's subsidiaries will guarantee the new note obligations. Moody's also assigned a B3 backed senior secured rating to the company's upsized revolving credit facility. The company is upsizing its revolving credit facility to $60 million from the current $45 million. Moody's existing ratings of Lindblad, including the B3 corporate family rating and B3 backed senior secured rating and the stable outlook are unaffected by the debt issuance. RATINGS RATIONALE The B3 CFR reflects the company's leading position in expedition cruising and land-based adventure travel and improving demand, balanced by its high leverage and ongoing recovery of occupancy and profit margins towards pre-pandemic levels. Moody's expects credit metrics to remain at levels supportive of the B3 rating. Moody's projects debt/EBITDA will be near 6.0x by the end of 2025. Sustaining the recent improvements in operating performance should lead to a further decline in leverage in 2026. Earnings will improve if the company sustains higher occupancy rates. Occupancy reached 86% in the second quarter, up from 77% in the year ago quarter and below the 89% achieved in the second quarter of 2019. Risks include the company's high financial leverage, increasing competition from new entrants in the expedition travel category over the next few years and its relatively small size and narrow product focus. The addition of river cruises in the highly competitive European market is also a risk factor. Lindblad's liquidity is good with about $201 million of unrestricted cash and equivalents at June 30, 2025 and full availability under its $45 million revolving credit facility that expires in 2027. The upsized revolver commitment will now expire in 2030. There will be no material debt maturities until the new notes mature in 2030. Lindblad's alternate sources of liquidity are limited because essentially all of its assets will secure its debt obligations. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if Moody's expects debt/EBITDA to be sustained below 5.5x and EBITA/interest expense to be sustained above 2.0x. Ratings could be downgraded if the company's liquidity materially weakens or if its debt/EBITDA is sustained above 6.5x. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Headquartered in New York, New York, Lindblad Expeditions Holdings, LLC and its consolidated subsidiaries is a provider of tour and adventure travel related services to over 40 destinations on six continents. The company owns and operates 12 expedition ships and seven seasonal charter vessels with capacities ranging from 16 to 148 passengers. Revenue was $702 million in the twelve months ended June 30, 2025. LINQTO INC: Bankruptcy Case to Stay in Texas Court -------------------------------------------------- Linqto announced August 06, 2025, that its voluntary Chapter 11 bankruptcy case will remain in the U.S. Bankruptcy Court in the Southern District of Texas. Judge Alfredo R. Perez rejected Interested Party Sapien Group USA, LLC's motion to move venue to Delaware, stating that Linqto filing in Texas complied with U.S. Bankruptcy law. "Today's ruling is a win for Linqto's customers and other creditors," said Samuel Schwartz, lawyer for Linqto and partner at Schwartz PLLC. "Remaining in Texas will allow for an expedited recovery for creditors and be the most cost-effective approach. We look forward to working with the unsecured creditors committee and all the stakeholders to develop a plan of reorganization and a successful exit from bankruptcy." Among the voices in support of the need to keep the case in Texas was the unsecured creditors committee which pointed to the significant work that had already been done in this case. About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90187) on July 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500 million and $1 billion. Judge Alfredo R. Perez oversees the case. The Debtor is represented by Gabrielle A. Hamm, Esq. at Schwartz, PLLC. Breakpoint Partners LLC is the Debtor's restructuring advisor. Epiq Corporate Restructuring, LLC is the Debtor's claims agent. ThroughCo Communications, LLC is the Debtor's public relations agent. Sandton Capital Solutions Master Fund VI, LP, as DIP Lender, may be reached through: Robert Rice Sandton Capital Partners 16 West 46th Street, 11th Floor New York, NY 10036 Direct: (310) 600-3980 Office: (212) 444-7200 Sandton is represented by its attorneys: Kristen L. Perry, Esq. Faegre Drinker Biddle & Reath, LLP 2323 Ross Avenue, Suite 1700 Dallas, TX 75201 Tel: (469) 357-2500 Fax: (469) 327-0860 Email: kristen.perry@faegredrinker.com -- and -- Richard J. Bernard, Esq. Faegre Drinker Biddle & Reath, LLP 1177 Avenue of the Americas, 41st Floor New York, NY 10036 Tel: (212) 248-3263 Fax: (212) 248-3141 Email: richard.bernard@faegredrinker.com -- and -- Michael R. Stewart, Esq. Adam C. Ballinger, Esq. Faegre Drinker Biddle & Reath, LLP 2200 Wells Fargo Center 90 South 7th Street Minneapolis, MN 55402 Tel: (612) 766-7000 Fac: (612) 766-1600 Email: michael.stewart@faegredrinker.com adam.ballinger@faegredrinker.com MAJAB DEVELOPMENT: Unsecureds to Split $20K in Liquidating Plan --------------------------------------------------------------- Majab Development, LLC, submitted an Amended Subchapter V Plan of Liquidation dated August 6, 2025. This is a liquidating plan. The Amended Plan will be funded from the payments of the loan receivable owed by Edward Brinkmann, the Equity Contribution, and any net recoveries made by the Postconfirmation Trustee. The Debtor's non-insider general unsecured claims are comprised of the disputed and unliquidated claims of the PeWeTe Companies. The PeWeTe Companies filed six proof of claim, asserting claims in excess of $531 million (and far in excess of the amounts claimed by the PeWeTe Companies' own experts in the PeWeTe Litigation). In addition to its non-insider general unsecured claims, the Debtor owes insider loans and interest of approximately $3,293,058.07 to Anna Brinkmann. At one point, the Debtor had contemplated assigning the loans to Mr. Brinkmann, but after further consultation with tax professionals, the assignment was abandoned. Class 2 consists of General Unsecured Claims. The holder(s) of Allowed General Unsecured Claim(s) shall receive its pro rata share of the Unsecured Distribution Fund, in the amount of $20,000.00, plus any amounts recovered by the Postconfirmation Trustee, after payment of the fees and expenses of the Postconfirmation Trustee. The pro rata share of any distributions on account of any Allowed Class 2 Claim will be calculated as a fraction of the amount of any such distribution, the numerator of which shall be the Allowed amount of the Class 2 Claim and the denominator of which shall be the aggregate Allowed amount of all Allowed Class 2 Claims. Class 2 is Impaired. Class 3 consists of the Equity Interests in the Debtor. All Equity Interests are cancelled upon the entry of the discharge. Class 3 is Impaired, and the holders of Equity Interests are entitled to vote to accept or reject the Amended Plan. The Amended Plan will be funded by the collection of the note receivable, the Equity Contribution, and the net proceeds of any recoveries made by the Postconfirmation Trustee, if any. Allowed Class 2 General Unsecured Claims will receive their pro rata share of the Unsecured Distribution Fund and the net recoveries made by the Postconfirmation Trustee, if any. The Postconfirmation Trustee Carveout will be funded with $25,000.00 and the Unsecured Distribution Fund will be funded with $20,000.00. A full-text copy of the Amended Plan dated August 6, 2025 is available at https://urlcurt.com/u?l=c4KeQV from PacerMonitor.com at no charge. Counsel to the Debtor: Kathleen L. DiSanto Bush Ross, P.A. 1801 North Highland Avenue Tampa, FL 33602 Tel: (813) 224-9255 Fax: (813) 223-9620 Email: kdisanto@bushross.com About Majab Development LLC Majab Development, LLC is a Florida-based construction and real estate development company, primarily focusing on land subdivision and heavy civil engineering projects. Founded in 2015, the company operates in the Naples, Florida area and has been involved in various residential developments. Majab Development sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00835) on May 8, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Caryl E. Delano handles the case. The Debtor tapped Kathleen L. DiSanto, Esq., at Bush Ross, PA as counsel and Morgenstern Phifer & Messina, PA as accountant. MAMBA PURCHASER: S&P Rates New $910MM First-Lien Term Loan B 'B' ---------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to Mamba Purchaser Inc.'s (B/Stable/--) proposed $910 million first-lien term loan, which comprises a $730 million first-lien term loan and an incremental $180 million first-lien term loan, maturing October 2031. S&P is also assigning a 'B' issue-level rating and '3' recovery rating to the $70 million revolver maturing 2030. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of default. The company will use the proceeds from the incremental term loan, along with cash on the balance sheet, to fund a $285 million dividend to its sponsors. S&P said, "We expect the increase in debt will raise its S&P Global Ratings-adjusted last-12-month leverage by about 1.7x turns to above 8x. This elevated leverage is consistent with our expectations that sponsor-owned companies will maintain relatively higher levels of debt leverage. Despite this and the increase in interest expense, we expect free cash flow to debt will remain above 3% for 2026, which supports the 'B' rating." S&P said, "Our ratings on Mamba continue to reflect the company's position as the largest provider of concierge health care in the U.S. However, the discretionary nature of its services and its modest scale are weaknesses relative to similarly rated health care services peers. Our ratings also reflect its financial-sponsor ownership and our expectation that its S&P Global Ratings-adjusted leverage will remain above 5x over the next several years. We expect high-single digit percent revenue growth, driven by a steady rise in member patients and annual price increases and supported by a growing number of employed physicians. We also expect relatively stable EBITDA margins as operating leverage is likely to be offset by an increase in marketing and infrastructure to support continued growth." Issue Ratings--Recovery Analysis Key analytical factors -- Mamba's capital structure will comprise a $70 million revolver and a $910 million first-lien term loan (including the proposed $180 million first-lien add-on). -- S&P's simulated default scenario considers a payment default in 2028 due to a sharp economic downturn and a significant loss of members or physician partners. -- S&P assumes that in a default scenario, the revolver will be 85% drawn. Given its market-leading position and the continued demand for its services, it believes Mamba would remain a viable business and, therefore, would reorganize rather than liquidate following a payment default. -- S&P values the company on a going-concern basis using a 5.5x multiple of our projected emergence EBITDA, consistent with its treatment of similar peers. Simulated default assumptions -- Year of default: 2028 -- EBITDA at emergence: $95 million -- Implied enterprise value multiple: 5.5x Simplified waterfall -- Net emergence value (after 5% administrative costs): $495 million -- Valuation split (obligors/nonobligors): 100%/0% -- Collateral value available to first-lien lenders: $495 million -- First-lien debt: $959 million --Recovery expectations: 50%-70% (rounded estimate: 50%) All debt amounts include six months of prepetition interest. MARFA CABINETS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Marfa Cabinets LLC f/k/a Marfa Cabinets, Inc. 2050 South Mt Prospect Road Suite E Des Plaines, IL 60018 Business Description: Marfa Cabinets LLC, formerly Marfa Cabinets, Inc., is a Chicago-based manufacturer of high-end kitchen cabinets and bathroom vanities that combines modern and traditional design elements to produce custom residential cabinetry. The Company operates a manufacturing facility in Illinois where an in-house team of designers and craftsmen produce cabinets and vanities using European-sourced materials from Italy and Spain and equipment imported from Europe. Marfa Cabinets operates in the household furniture and kitchen cabinet manufacturing sector, supplying custom, made-in-USA cabinetry for premium residential projects. Chapter 11 Petition Date: August11, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-12238 Judge: Hon. Deborah L. Thorne Debtor's Counsel: Gregory K. Stern, Esq. GREGORY K. STERN, P.C. 53 West Jackson Boulevard Suite 1442 Chicago, IL 60604 Tel: (312) 427-1558 Fax: (312) 427-1289 E-mail: greg@gregstern.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Alexander Doroshko as manager. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MYFD7KA/Marfa_Cabinets_LLC__ilnbke-25-12238__0001.0.pdf?mcid=tGE4TAMA MATCH GROUP II: Moody's Rates Proposed Sr. Unsecured Notes 'Ba2' ---------------------------------------------------------------- Moody's Ratings assigned a Ba2 rating to Match Group, Inc.'s proposed senior unsecured notes issued by subsidiary, Match Group Holdings II, LLC ("Holdings II"), a wholly-owned second tier holding company. The existing ratings for both issuers, including the Ba2 corporate family rating for Match and stable outlook remain unchanged. The net use of proceeds of the notes is to add cash to the balance sheet in order to repay the 0.875% Exchangeable senior notes due June 15, 2026 in addition to general corporate purposes. The increase in debt would raise leverage to 4.2x from 3.5x as of Q2 2025 and including Moody's standard lease adjustments, but leverage would decrease to 3.6x pro forma for the repayment of the exchangeable notes, which is likely to happen at or close to the maturity date of the exchangeable notes. The transaction would also increase interest expense given the very low rate on the Exchangeable notes. However, Moody's note that the company repaid the $425 million senior secured term loan B in January 2025, so the annual increase in interest expense will be less significant. RATINGS RATIONALE Match's Ba2 CFR is supported by the company's market position as the leading global provider in the online dating category led by the Tinder and Hinge brands. Leverage pro forma for the repayment of the Exchangeable notes is relatively moderate and the company will continue to generate high levels of operating cash flow. There is good geographic diversity, and Moody's projects additional expansion outside the US as dating app usage gains international acceptance. The credit profile is constrained by Match's narrow business focus in a highly competitive industry with around 55% revenue concentration in the Tinder brand, which has experienced a decline in paid users in recent periods. While Match has a portfolio of different dating brand names, some of them are in decline and future growth will be reliant largely on results from its Tinder and Hinge brands as well as newer dating app offerings. Match faces significant competition from a multitude of companies including Bumble and Meet Group, as well as other smaller operators. The substantial growth experienced historically has slowed significantly as some consumers have lost interest in dating apps. The company will continue to execute initiatives to revive growth. The online dating market is also susceptible to sudden changes in consumer preferences and rapidly evolving technology that could lead to declines in user activity and impact customer conversion and monetization. The stable outlook reflects Moody's views that Match's revenue will be largely unchanged in 2025 as the company pursues strategies to drive enhanced growth and pro forma leverage is likely to be largely unchanged in 2025. While the Hinge brand will continue to demonstrate good growth, improving growth at Tinder will be more challenging as it seeks to continue to enhance the user experience. Some of Match's newer dating apps that are directed at more specific consumer demographic groups will also support growth, but the company will need to offset declines in more mature apps and online services which are included in the evergreen brands. Match plans to distribute free cash flow (FCF) to shareholders and will continue to consider additional acquisitions to increase scale and the overall portfolio of brands. Moody's expects Match will maintain very good liquidity over the next 12-15 months as reflected in the speculative grade liquidity (SGL) rating of SGL-1, supported by about $335 million of cash as of Q2 2025 and an undrawn $500 million revolving credit facility. The revolver's maturity date is the earlier of March 2029 or 91 days prior to the maturity of the senior notes due in 2027, 2028, or 2029. Free cash flow as a percentage of debt is 22% LTM Q2 2025, but Moody's expects the ratio will decrease below 20% in 2025 due to the initiation of a dividend payment in Q1 2025 and higher interest expense. Match will seek to return a significant portion of operating cash flow to shareholders through stock buy backs ($785 million as of LTM Q2 2025) and through dividends of about $190 million in 2025. A portion of the cash balance may be used for future acquisitions. Capital expenditures were $49 million LTM Q2 2025, and Moody's expects spending will increase to the $55 to $60 million range in 2025. When the revolver is drawn, Match is required to maintain a Consolidated Net Leverage Ratio of less than or equal to 5.0x (as defined in the bank credit agreement). The calculation excludes the exchangeable notes since these obligations reside at finco entities; however, Moody's includes them in Moody's adjusted gross debt calculations. As of Q2 2025, the company's reported trailing twelve-month net leverage is 2.5x (as defined). FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Match demonstrated good organic revenue growth above 5% with EBITDA margin expansion leading to leverage sustained well below 3x total debt to EBITDA (as calculated by Moody's). Consistently strong FCF as a percentage of debt in the 20% range and a diversified portfolio of brands with reduced reliance on any one app. Maintenance of at least a good liquidity profile with prudent financial policies would also be needed. The ratings could be downgraded if leverage was expected to remain above 4x (as calculated by Moody's) due to declines in operating performance, elevated debt levels, or debt funded acquisitions. A continuing decline in organic revenue or a weakened liquidity position including a significant decline in FCF generation or reduced revolver availability could also lead to negative rating pressure. The senior unsecured notes could also be downgraded if the company issues new senior secured debt. Headquartered in Dallas, Texas, Match Group, Inc. is a leading global online dating provider via its major brands in over 40 languages including Tinder, Hinge, Match, Meetic, OkCupid, Pairs, Plenty Of Fish, Azar, BLK and more. In June 2020, Match Group separated from InterActiveCorp (IAC). Revenue totaled approximately $3.5 billion LTM Q2 2025. The principal methodology used in this rating was Business and Consumer Services published in November 2021. MEMORIAL GLEN: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Memorial Glen Cove, LLC 5900 Balcones Dr., Suite 100 Austin, TX 78731 Chapter 11 Petition Date: August 11, 2025 Court: United States Bankruptcy Court Western District of Texas Case No.: 25-51840 Debtor's Counsel: Justin Rayome, Esq. JUSTIN RAYOME P.O. Box 131512 Houston, TX 77219 E- mail: justin.rayome.law@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Ali Choudhri as authorized representative. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OCYEX2Y/Memorial_Glen_Cove_LLC__txwbke-25-51840__0001.0.pdf?mcid=tGE4TAMA MEMPHIS MADE: Seeks Chapter 11 Bankruptcy in Tennessee ------------------------------------------------------ David Royer of WREG Memphis reports that Memphis Made Brewing Company, one of the city's largest craft brewers, has filed for Chapter 11 bankruptcy. The August 7, 2025 filing lists assets between $1 million and $10 million and will allow the company to restructure its finances while repaying creditors. Despite the bankruptcy, the brewery said in a Saturday social media post that it intends to keep operating. "We're working on a plan that will enable us to continue brewing beer and serving our community," the statement read. "After the reorganization process, we believe we’ll be a better brewery on the other side." The owners told the Memphis Business Journal they are exploring a potential sale of the business. In its public statement, the brewery stressed it remains open: "While it's a challenging time, we're still brewing beer, supplying distributors, and operating the taproom. We started Memphis Made to give back to our city, counter negative perceptions, and show what makes Memphis great." According to the MBJ, Memphis Made produced 3,100 barrels in 2024, ranking it as the city's fourth-largest brewer. About Memphis Made Brewing Company LLC Memphis Made Brewing Company LLC operates a small-batch craft brewery and taproom in downtown Memphis, Tennessee. The Company produces a variety of beers that are distributed locally to restaurants, bars, and retail establishments across the Memphis area. Memphis Made sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-23931) on August 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge M Ruthie Hagan handles the case. The Debtor is represented by Toni Campbell Parker, Esq. at LAW FIRM OF TONI CAMPBELL PARKER. METATRON HEALTH: Gets Extension to Access Cash Collateral --------------------------------------------------------- Metatron Health, LLC received another extension from the U.S. Bankruptcy Court for the District of Oregon to use its secured creditors' cash collateral. The Debtor was authorized to use $49,264 in cash collateral for the period from Aug. 3 to 24, to pay the expenses set forth in its budget. The budget projects total operational expenses of $122,539.00 for the period from July 28 to October 12. The cash collateral consists solely of revenue collected from patients in exchange for services. Secured creditors include the Internal Revenue Service and AbbVie, Inc., each asserting secured claims against $6,100 in personal property assets. As protection, these secured creditors will be granted replacement liens on assets of the Debtor except avoidance or recovery actions under Chapter 5 of the Bankruptcy Code. A final hearing is scheduled for August 20. Managed by Dr. Roberta Huang, the Debtor previously operated two locations (Portland and Tualatin) but has since consolidated all operations in Tualatin. The Debtor employs five individuals, including medical professionals and support staff, and is pursuing reorganization through asset liquidation and debt restructuring. The Debtor has identified two secured creditors with liens on its cash collateral: the IRS, which holds a primary tax lien of $97,572 and a second lien for $58,778, and AbbVie, which holds a security interest of $386,642, subordinate to the IRS. The Debtor reported only $100 in cash and $6,000 in accounts receivable as of the petition date, along with approximately $1.5 million in personal property, of which $500,000 is not subject to purchase money security interests. About Metatron Health LLC Metatron Health LLC, d/b/a Portland Regenerative Medicine, specializes in cutting-edge regenerative medicine and aesthetic treatments to enhance health and wellness. The Company offers services such as bioidentical hormone replacement therapy, sexual health treatments, pelvic health solutions, and advanced facial and body aesthetic procedures like Botox, fillers, CoolSculpting, and hair restoration. With a patient-centered approach, Metatron strives to improve and extend the quality of life for both women and men through personalized care and innovative therapies. Metatron Health LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Or. Case No. 25-30533) on Feb. 20, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge David W. Hercher handles the case. The Debtor is represented by Nicholas J. Henderson, Esq. at ELEVATE LAW GROUP. MEYER BURGER: Committee Hire Fox Rothschild LLP as Legal Counsel ---------------------------------------------------------------- The official committee of unsecured creditors of Meyer Burger (Holding) Corp. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Fox Rothschild LLP as its counsel. The firm's services include: (a) advising the Committee with respect to its rights, duties, and powers in these Chapter 11 Cases; (b) assisting and advising the Committee in its consultations with the Debtors relative to the administration of these Chapter 11 Cases; (c) assisting the Committee in analyzing the claims of the Debtors' creditors and the Debtors' capital structure and in negotiating with holders of claims and equity interests; (d) assisting the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors and of the operation of the Debtors' business; (e) assisting the Committee in analyzing (i) the Debtors pre-petition financing, (ii) proposed use of cash collateral, the terms and conditions of the proposed use of cash collateral and the adequacy of the budget, and (iii) DIP financing; (f) assisting the Committee in its investigation of the liens and claims of the holders of the Debtors' pre-petition debt and the prosecution of any claims or causes of action revealed by such investigation; (g) assisting the Committee in its analysis of, and negotiations with, the Debtors or any third party concerning matters related to, among other things, the assumption or rejection of certain leases of nonresidential real property and executory contracts, asset dispositions, sale of assets, financing of other transactions and the terms of one or more plans of reorganization or liquidation for the Debtors and accompanying disclosure statements and related plan documents; (h) assisting and advising the Committee as to its communications to unsecured creditors regarding significant matters these Chapter 11 Cases; (i) representing the Committee at hearings and other proceedings; (j) reviewing and analyzing applications, orders, statements of operations, and schedules filed with the Court and advising the Committee as to their propriety; (k) assisting the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives in these Chapter 11 Cases, including without limitation, the preparation of retention papers and fee applications for the Committee's professionals, including Fox Rothschild; (l) preparing, on behalf of the Committee, any pleadings, including without limitation, Applications, memoranda, complaints, adversary complaints, objections, or comments in connection with any of the foregoing; and (m) performing such other legal services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. Fox Rothschild's current hourly rates are: Michael G. Menkowitz, Partner $1,275 Jesse M. Harris, Partner $625 Stephanie Slater Ward, Associate $625 Matthew A. Skolnick, Associate $495 Robin I. Solomon, Paralegal $555 Marcia Steen, Paralegal $505 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: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No, Fox Rothschild has not agreed to any variation from its customary billing arrangements except that Fox Rothschild has agreed to cap its blended hourly rate at $695 per hour for the entire engagement. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: Fox Rothschild professionals included in this engagement have not varied their rate based on the geographic location of these Chapter 11 Cases. 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 period. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: Fox Rothschild did not represent the Committee prior to the Petition Date. Question: Has your client approved your prospective budget and staffing plan and, if so, for what budget period? Response: Fox Rothschild expects to develop a budget and staffing plan to reasonably comply with the U.S. Trustee's request for information and additional disclosures, as to which Fox Rothschild reserves all rights. The Committee has approved Fox Rothschild's proposed hourly billing rates. Jesse Harris, Esq., a partner at Fox Rothschild 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: Michael G. Menkowitz, Esq. Jesse M. Harris, Esq. FOX ROTHSCHILD LLP 2000 Market Street, 20th Floor Philadelphia, PA 19103 Tel: (215) 299-2000 Fax: (215) 299-2150 Email: mmenkowitz@foxrothschild.com jesseharris@foxrothschild.com 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. MID SOUTH MATTRESS: Seeks to Hire RMR Legal PLLC as Legal Counsel ----------------------------------------------------------------- Mid South Mattress Co. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to hire RMR Legal PLLC as counsel. The firm's services include: a. advising the Debtors with respect to their powers and duties as debtors in possession in the continued management and operation of their businesses and properties; b. advising and consulting on the conduct of these Chapter 11 cases, including all of the legal and administrative requirements of operating in Chapter 11; c. attending meetings and negotiating with representatives of creditors and other parties in interest; d. taking all necessary actions to protect and preserve the Debtors' estates; e. preparing pleadings in connection with these Chapter 11 cases; f. representing the Debtors in connection with obtaining authority to continue using cash collateral and post petition financing; g. advising the Debtors in connection with any potential sale of assets; h. appearing before the Court and any appellate courts to represent the interests of the Debtors' estates; i. taking any necessary action on behalf of the Debtors to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a chapter 11 plan and all documents related thereto; and j. performing all other necessary legal services for the Debtors in connection with the prosecution of these chapter 11 cases, including: (i) analyzing the Debtors' leases and contracts and the assumption and assignment or rejection thereof; (ii) analyzing the validity of liens against the Debtors' assets; and (iii) advising the Debtors on corporate and litigation matters. The firm will be paid at these rates: Partners $275 per hour Paraprofessionals $125 per hour The Debtors paid the firm a retainer of $6,738. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Roy Michael Roman, managing partner of RMR Legal PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Roy Michael Roman, Esq. RMR Legal PLLC 70 N. Ocoee Street Cleveland, TN 37311 Tel: (423) 528-8484 E-mail: Roymichael@rmrlegal.com About Mid South Mattress Mid South Mattress Co., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-11620) on June 27, 2025, listing between $500,001 and $1 million in assets and between $100,001 and $500,000 in liabilities. Roy Michael Roman, Esq., at Rmr Legal, PLLC represents the Debtor as bankruptcy counsel. MORTGAGE UNITY: Unsecureds Will Get 19.75% Dividend over 4 Years ---------------------------------------------------------------- Mortgage Unity, LLC filed with the U.S. Bankruptcy Court for the District of Massachusetts a Plan of Reorganization for Small Business dated August 5, 2025. The Debtor is Massachusetts corporation formed on March 13, 2019. It was formed as a limited liability company and its two managers are 50% equal equity holders Michael Flanagan and Kimberly Lanagan. In the aftermath of the COVID-19 pandemic, the Debtor's business had been forced to deal with a steady climate of rising interest rates and rapidly shrinking mortgage market. While the Debtor has reason for optimism. In 2020 & 2021 the Debtor was able to grow revenue at a rate greater than the growth rate of the market. In 2022 and 2023, revenue contracted rapidly but at a pace that was in line with the rate of market contraction. In 2024 and projected 2025 the Debtor is growing revenue, again at a rate outpacing that of the market. The projected 2026 Market of 2.386 trillion would surpass the market of 2019 with a significant reduction in competition as the industry has seen a large exodus of licensed loan originators due to the challenging market conditions of the last 30 months. The headwind created by the new administration and its difficulties with the Federal Reserve Board has significantly dampened the present market. The final Plan payment is expected to be paid on December 31, 2029, for all creditors except the Small Business Administration, whose loan will stay intact and unmodified and be paid in monthly installments of $731.00 at the annual current rate of 3.75% pursuant to its Note whose last payment will be made on May 30, 2050. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow of its continued operations over a four-year period. There is one secured claim filed by the U.S. Small Business Administration, which is owed, pursuant to its proof of claim, $149,600.63, which will be paid in monthly installments of $731.00 per month, pursuant to the Terms of its Note. There are no pre petition arrears owed. The Note is current and will be paid monthly installments until its expiration on May 30, 2050. All unsecured undisputed claims, will receive distributions equal to 19.75% of their allowed claims in an amount to be calculated by distributing the Debtor's future disposable income remaining after payment of administrative expense claims and the monthly payment due to the U.S. Small Business Administration. Based upon the Debtor's projections, the Debtor will pay a 19.75% dividend to all unsecured undisputed allowed unsecured non disputed creditors consisting of: * Claim 2: American Express National Bank $48,358.12; 19.75% of its claim or $9,550.73 will be paid through the Plan, in quarterly disbursements, after payment of administrative expense claims. * Claim #3: American Express National Bank $33,840.01; 19.75% of its claim or $6,683.40 will be paid through this Plan, in quarterly disbursements, made by the Debtor, after payment of administrative expense claims. * Claim 4: Monica Freitas $302,446.90 is disputed. Debtor filed an objection to the Proof of Claim on May 16, 2025 and an Adversary Proceeding on May 27, 2025. Debtor will escrow $19.75 of her Claim or $59,713.51 with counsel for the Debtor to be paid in quarterly disbursements after payment of all administrative expense claims. * Claim 5: Thomas Flanagan $30,000.00; 19.75% of his claim or $5,925.00 00 will be paid through the Plan in quarterly disbursements after payment in full of all administrative expense claims. Thomas Flanagan is an insider of the Debtor's, however he had not received any payments for services rendered for the last two years, thereby eliminating any preference claims pursuant to 11 U.S.C. Section 547(b). * Claim 6: United Wholesale Mortgage $12, 779.41; 19.75% of its claim or $2,523.93 will be paid through the Plan in quarterly disbursements, after payment in full of all administrative expense claims. Class 4 consists of the claims for capital contributions made by Michael Flanagan in the amount of $150,000.00 and Kimberly Lanagan in the amount of $50,000.00. The capital contributions will not be paid under the Plan. The Debtor will refrain, during the pendency of the four-year period of the Plan, from making any distributions to Mr. Flanagan or Ms. Lanagan on behalf of their capital contributions. The Plan will be funded through the profits made by the Debtor during the life of the plan. A full-text copy of the Plan of Reorganization dated August 5, 2025 is available at https://urlcurt.com/u?l=mYZ3aO from PacerMonitor.com at no charge. About Mortgage Unity LLC Mortgage Unity LLC is a mortgage services company based in Marlborough, Mass. Mortgage Unity sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-40187) on Feb. 21, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $100,000 and $500,000 in liabilities. The Debtor is represented by: Carl D. Aframe, Esq. Aframe & Barnhill 390 Main Street, Suite 901 Worcester, MA 01608 Tel: (508) 756-6940 Fax: (508) 753-8219 Email: aframe@aframebarnhill.net MOUNTAIN VIEW: To Sell Mountain View Mall to True Equity for $10.8M ------------------------------------------------------------------- Mountain View Midstar LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas, Forth Worth Division, to sell commercial real property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is the Mountain View Mall located at 1211 N. Commerce Street, Ardmore, Oklahoma 73401. The Debtor is a limited liability company formed on August 12, 2005, under the laws of the State of Oklahoma. The Debtor owns and operates a shopping center, located at 1211 N. Commerce, Ardmore, Oklahoma 73401, commonly known as the "Mountain View Mall" or "Mountain View Shopping Center" or "Shops at Ardmore". At the Ardmore Mall, the Debtor leases retail space to many well-known retail chains, including Ulta Salon, Cosmetics & Fragrances, Inc., Staples, Inc., GNC General Nutrition Corporation, Hobby Lobby as well as non-retails users such as Armed Forces Recruiting and The United States Government. Ardmore, Oklahoma is also considered a gateway to densely populated cities, including Norman and Oklahoma City, Oklahoma, in Oklahoma. The Debtor's principal place of business in Hurst, Texas, where the management company that runs all of the Debtor's operations is located. The Debtor's bankruptcy filing was necessitated by several factors. In recent years, larger retail chains, like Big Lots and GNC, who have operated at the Ardmore Mall have either filed bankruptcy, gone out of business or vacated the Mall. The Debtor has tried to line up replacement tenants, including the government of the State of Oklahoma, but, to date, it has been unsuccessful. Operating expenses, like insurance, have also increased four times at the Mall. Moreover, the Debtor has witnessed an evolving market trend where retailers are leaving indoor malls for open air power centers. Thus, the Debtor has experienced a significant shortfall in revenue from the operations at the Ardmore Mall in recent years. This shortfall in revenue has caused the Debtor to generate insufficient funds to meet its debt servicing obligations to United Texas Bank (UTB), which asserts a first priority lien on the property comprising the Mall. The Debtor did not just place the Ardmore Mall for sale. It has maintained the property and has attempted to attract new tenants, including the State of Oklahoma; all in the efforts to make the Ardmore Mall more attractive to Buyers. Significantly, the Debtor has also informed UTB off all of its marketing efforts, has allowed UTB to inspect the Mall and has cooperated with all of UTB’s information requests. But, the Debtor's marketing efforts have not proven successful, because the Ardmore Mall would require significant financial investment and improvements before it could be considered -- with no guarantees -- as an attractive shopping center for new tenants. In order to place the properties on the market, the Debtor signed an Exclusive Representation Agreement, dated as of April 2025 (Listing Agreement), with the Broker, pursuant to which the Broker obtained an exclusive right to market and sell the Ardmore Mall for six months. Pursuant to the Listing Agreement, upon the consummation of the sale of the Ardmore Mall, the Debtor must pay the Broker 2.5% of the ultimate purchase price for the Ardmore Mall (Commission). On July 22, 2025, True Equity Group Investment Company (Buyer) submitted the fifth, most recent offer, a letter of intent (LOI) to purchase the Ardmore Mall for $10,800,000 in cash within 30 days. The Buyer has strongly indicated that it prefers to close the sale even sooner. The Buyer's LOI has resulted in a proposed asset purchase agreement for the sale of the Ardmore Mall. the Buyer deposited with the title company $100,000.00 earnest money deposit. The Debtor and Buyer are attempting to execute and finalize the Asset Purchase Agreement (APA) within days of the filing of this Sale Motion and close within less than 30 days. The Debtor believes the process of which this the Motion seeks approval is appropriately designed to generate the greatest value for its estate and constituents. About Mountain View Midstar LLC Joseph Mountain View Midstar LLC is a real estate company that leases nonresidential properties, including land and other commercial parcels not classified under traditional building categories. The Company operates in Hurst, Texas, and is associated with the Mountain View Mall and Shops at Ardmore. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42648) on July 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Joseph Acosta, Esq. at CONDON TOBIN. United Texas Bank, as lender, is represented by Jason M. Rudd, Esq., Scott D. Lawrence, Esq., Ethan A. Minshull, Esq., Catherine A. Curtis, Esq., and Meghan D. Young, Esq., at Wick Phillips Gould & Martin, LLP, in Dallas, Texas. MY JOB MATCHER: Seeks to Hire Ordinary Course Professionals ----------------------------------------------------------- My Job Matcher, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to retain non-bankruptcy professionals in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to these Chapter 11 cases. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the OCPs have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCPs include: Monaco Cooper Lamme & Carr, PLLC 1881 Western Avenue, Suite 200 Albany, NY 12203 -- Collections matter and general litigation Daniel Coker Horton & Bell, P.A. 265 N. Lamar Boulevard, Suite R Oxford, MS 38655 -- General litigation and corporate matters Young Moore and Henderson, P.A. 3101 Glenwood Avenue, Suite 200 Raliegh, NC 27612 -- General litigation Keating Muething & Klekamp PLL One East 4th Street, Suite 1400 Cincinnati, OH 45202 -- ERISA and Trademark matters About My Job Matcher, Inc. My Job Matcher, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-11280) on July 6, 2025. At the time of filing, the Debtor estimated $10,000,001 - $50 million in assets and $50,000,001 - $100 million in liabilities. The petition is signed by Robert J. Corliss, chief executive officer. Judge Karen B Owens presides over the case. Jeffrey R. Waxman, Esq. at Morris James LLP represents the Debtor as counsel. NAPA FORD: Gets Interim OK to Use Cash Collateral ------------------------------------------------- Napa Ford Lincoln Mercury Inc. got the green light from the U.S. Bankruptcy Court for the Northern District of California, Santa Rosa Division, to use cash collateral. At the hearing held on August 8, the court granted the Debtor's motion to use cash collateral on an interim basis and set a further hearing on the motion for August 22. The Debtor said that using cash collateral, specifically that of its primary secured creditor Ford Motor Credit Company, is essential to maintain its business operations, cover necessary expenses such as payroll, insurance, taxes, and utilities, and ultimately preserve the value of its assets for the benefit of the bankruptcy estate and its creditors. The Debtor operates from a leased location at 570 Soscol Avenue, Napa, Calif., with the property owned by LILMAR, LLC, a company fully owned by the Debtor's President and CFO, Kevin Massie. No rent payments to LILMAR are included in the August budget. The Debtor's assets consist of bank funds, accounts receivable, furniture, and computers. Ford Credit holds a perfected security interest in all of these assets under a wholesale financing agreement dating back to 2003, with a current balance of approximately $5.58 million owed. Additional secured creditors include Ford Motor Company, Libertas, Novus Capital Funding, the U.S. Small Business Administration, and several other lenders who filed UCC Financing Statements, though exact amounts for many of these creditors remain unknown. The Debtor also faces priority tax claims of approximately $180,780 and general unsecured debts totaling about $709,000. The Debtor attributes its financial difficulties to a significant slowdown in vehicle sales, primarily caused by a Ford recall affecting much of its inventory. This recall left the dealership with unsellable vehicles and an inability to meet its debt obligations. In response to defaults, Ford Credit installed a "keeper" at the dealership to oversee sales and retain proceeds, leaving the Debtor with almost no cash to fund ongoing operations. In light of this, the Debtor intends to use available cash collateral and future income to pay necessary expenses, with flexibility to deviate from the budget by up to 15% per category without further court approval, provided the spending remains within approved categories and Ford Credit is notified in emergencies. To provide adequate protection for Ford Credit's secured interest, the Debtor offers monthly adequate protection payments of $19,000. Additionally, the Debtor offers Ford Credit a replacement lien on post-petition assets, equal in scope and priority to the prepetition lien, and limited to the amount of cash collateral actually used. Other secured creditors are not offered cash payments but are offered replacement liens of similar nature and priority. About Napa Ford Lincoln Mercury Inc. Napa Ford Lincoln Mercury Inc. operates as an automotive dealership offering new and used Ford and Lincoln vehicles. The Company provides vehicle sales, parts, and maintenance services at its location in Napa, California. Napa Ford Lincoln Mercury Inc. relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-10450) on July 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge Charles Novack oversees the case. The Debtor is represented by Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger. NEWBURN LAW: Amends Plan to Include SBA Secured Claim Pay --------------------------------------------------------- Newburn Law, P.C., submitted a Third Amended Subchapter V Plan of Reorganization dated August 6, 2025. There were no significant events during the Chapter 11, allowing the Debtor to focus on its restructuring efforts. Class 3 consists of the claim of the U.S. Small Business Administration. The Class 3 Secured Claim is impaired by this Plan. Pursuant to Section 506 of the Bankruptcy Code, the Claim is secured up to the value of the collateral for the Claim and unsecured for the balance and the balance shall be treated as a Class 5 Claim. The Debtor has segregated in a separate bank account (the "SBA Account") the $3,172 in cash that was available as of the Petition Date. In the SBA Account the Debtor also has deposited any monies collected from receivables that existed as of the Petition Date. Within fourteen days from the Effective Date of the Plan the Debtor shall distribute to the SBA all proceeds in the SBA Account. The pre-Petition Date receivables are hereby assigned to the SBA. Should the Debtor receive any payments on account of pre-Petition Date receivables, the Debtor shall turnover such proceeds to the SBA. Class 4 consists of the claim of Newtek Small Business Finance, LLC. The Class 4 Secured Claim is impaired by this Plan. The Class 4 Claim shall be treated as a Class 5 unsecured claim pursuant to Section 506 of the Bankruptcy Code. The Class 5 claimant shall file all appropriate documents to release its lien. To the extent it fails to, the Debtor may file this Plan, the confirmation order with a release. Like in the prior iteration of the Plan, holders of Class 5 General Unsecured Claims shall share on a Pro Rata basis monies deposited into the Unsecured Creditor Account as set forth herein. As set forth in Article III, paragraph 3.2 of this Plan, upon the first full month following the Effective Date of the Plan and every month until Administrative Claims are paid in full and then for the remainder of the Term of the Plan the Debtor will every month in accordance with the terms of this Plan deposit for the five year Term of the Plan: (a) during the first year of the Plan $476; (b) during the second year of the Plan $244; (c) during the third year term of the Plan $510; (d) during the fourth year of the Plan $576 and (e) during the fifth year of the Plan $969. At the end of each calendar quarter, the balance of the Unsecured Creditor Account will be distributed to the holders of Allowed Administrative Claims on a Pro Rata basis until such time as all holders of Allowed Administrative Claims have been paid in full and then to Tax Claims and Class 1 on a Pro Rata Basis until paid in full and then will be distributed to Class 5 general unsecured creditors that hold Allowed Claims on a Pro Rata basis. The account will be maintained at a federally insured banking institution and shall be maintained within the insurance limit of the institution. The Debtor believes that the Plan, as proposed, is feasible. The funding for the Plan will come from the Debtor's continued operations. As detailed in the Projections, the Debtor will have sufficient cash on hand and profits during the term of the Plan to satisfy its Plan obligations. A full-text copy of the Third Amended Subchapter V Plan dated August 6, 2025 is available at https://urlcurt.com/u?l=OnEtGj from PacerMonitor.com at no charge. Counsel to the Debtor: 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 Newburn Law P.C. Newburn Law P.C. is a Colorado law firm started in 2013. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-13133) on May 23, 2025, listing $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Michael E Romero presides over the case. Aaron A Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C., is the Debtor's counsel. NEWELL BRANDS: Fitch Affirms & Then Withdraws 'B+' IDR ------------------------------------------------------ Fitch Ratings has affirmed Newell Brands Inc.'s (Newell) Long-Term Issuer Default Rating (IDR) at 'B+', first lien secured revolver at 'BB+' with a Recovery Rating of 'RR1' and unsecured debt at 'BB-' with a Recovery Rating of 'RR3'. The Rating Outlook is Stable. Fitch has also withdrawn the ratings. Newell's 'B+' ratings reflect its ongoing operating challenges, including revenue and EBITDA declines and higher leverage. The company has taken steps to reposition its brand portfolio and realign its business segments and supply chain network, showing signs of traction with margin improvement in 2024. However, Fitch expects revenue to remain pressured given macroeconomic headwinds, with EBITDA expected to be below $900 million and EBITDA leverage (gross debt to EBITDA) elevated in the mid-5x range over the next 12-24 months. Fitch has withdrawn Newell's ratings for commercial reasons. Fitch will therefore no longer provide rating or analytical coverage on Newell. Key Rating Drivers Declines in Top Line and EBITDA: Newell's operations have been challenged by changing consumer behavior, market share losses in some of its categories, and a slowdown in consumer spending on discretionary products given moderating consumer fundamentals. Fitch expects revenue to decline around 4% in 2025, reflecting core sales declines of around 3%, and sales growth to be modestly negative in 2026. Core sales, a Newell metric that excludes impacts from mergers and acquisitions (M&A) and non-comparable factors like category exits, fell by 3.4% in 2024 and 12.2% in 2023. Fitch projects EBITDA will decline to the high $800 million range in 2025 from around $900 million in 2024, assuming margins remain stable at around 12%, with EBITDA remaining within this range over the next 12-24 months. Fitch's projections consider tariff headwinds Newell detailed in its 2Q25 earnings. The company expects an incremental cash tariff cost, compared to 2024, of approximately $155 million. Elevated Leverage; Successful 2026 Debt Refinancing: Fitch expects EBITDA leverage to remain in the mid-to-high 5x range, reflecting flat debt levels. Gross leverage declined to 5.5x in 2024, compared to 6.2x in 2023, but was higher than the 4.9x in 2022 and 3.7x in 2021, due to declines in EBITDA. The company recently issued $1.25 billion of 8.5% senior unsecured notes due 2028 to fully redeem its outstanding $1.2 billion of 4.2% senior notes due 2026, pushing out maturities to 2027 when its $491 million 9.375% notes and its $1 billion RCF come due. Fitch expects FCF to be flat to modestly positive in 2025-2026. Business Realignment: The company has realigned its business segments several times in recent years to drive growth and improve profitability. Its learning and development business (36% of 2024 revenue) has shown signs of stabilization, while its home and commercial solutions (54%) and its outdoor and recreation (10%) verticals continue to see substantial sales declines. Newell expects to sustain low single-digit organic sales growth over the medium term by strengthening brands through increased innovation, focusing on omnichannel initiatives (with e-commerce at over 20% of sales), and accelerating international growth (around 38% of 2024 sales). Major Brands Drive Revenue: Fitch expects revenue to stabilize in the low $7 billion range in 2026 (well below the high $9 billion range in 2019-2022), due to improved industry prospects supported by investments in its core brands. Newell has focused on front-end or brand capability buildout, concentrating on larger, more profitable brands in its top 10 countries, prioritizing the business in the U.S., and disproportionately investing in mid- and high-price point segments. Newell's top 25 brands comprise around 90% of its revenue and profits, and the company has pruned less profitable brands, exiting 2024 with approximately 55 brands compared with 80 brands in 2023. Return to 14% EBITDA Margin Challenging: The company has announced several restructuring initiatives around supply chain, savings, and organizational realignment to drive sales and margins over the last few years. Due to Newell's top-line challenges and the investments required to support its brands, Fitch expects a return to the 14% EBITDA range seen in 2019-2021 to be difficult. Fitch expects margins to stabilize at 2024 levels of around 12%, with gross margin improvements and cost-cutting initiatives expected to largely offset top-line and inflation/tariff headwinds. Peer Analysis Other consumer product companies within Fitch's rated portfolio include Spectrum Brands, Inc. (Spectrum; BB/Stable), ACCO Brands Corporation (ACCO; BB-/Negative), Central Garden & Pet Company (Central; BB/Stable), and Knowlton Development Corporation, Inc. (KDC; B-/Stable). Spectrum's ratings reflect the company's low leverage across the rating horizon, its relatively diversified portfolio, and uncertainty around the company's longer-term business mix. Central's ratings reflect its strong market positions in the pet, lawn and garden segments, as well as ample liquidity supported by strong cash on the balance sheet and robust FCF. Fitch expects EBITDA leverage to be in the mid-3x range. These strengths are moderated by its limited scale and customer concentration risk. ACCO's 'BB-/Negative Outlook' rating reflects Fitch's expectation that the company may not be able to stabilize its operations over the next 12-24 months, which could lead to leverage sustained above 4x, with a significant decline in scale over the past several years driven by secular challenges. KDC's ratings reflect its position as a global leader in custom formulation, packaging and manufacturing solutions for beauty, personal care and home care brands, supported by a diverse product portfolio and customer base. The ratings also consider KDC's leverage to remain around the mid-to-upper 5x range, weak interest coverage metrics, and lack of consistent FCF generation. Key Assumptions - Revenue declines in the mid-single digits to $7.2 billion in 2025 from $7.6 billion in 2024, reflecting core sales decline of around 3.5% and low-single-digit currency headwinds. Sales are expected to be flat to modestly positive thereafter; - Operating EBITDA is expected to be modestly lower in 2025, in the high-$800 million range compared to over $900 million in 2024 and is expected to be within this range in 2026. EBITDA margin is expected to be stable around 12%, barring more material impact from tariffs, with benefits from restructuring and cost reduction initiatives offsetting top line weakness and tariff headwinds; - Capex of around $250 million and dividends at close to $120 million annually; - FCF is expected to remain flat to modestly positive in 2025-2026 given Fitch's projected EBITDA levels in the high $800 million range; Fitch expects leverage to remain in the mid to high 5x in 2025-2026, compared with 5.5x in 2024, 6.2x in 2023 and 4.9x in 2022. The projected net EBITDA leverage of 5.5x in 2025 (around 5.3x excluding off-balance sheet factored receivables) is significantly higher than Newell's long-term net leverage target of 2.5x; - Newell's committed facilities have a floating interest rate structure and Fitch assumes around 4.25% to 4.5% SOFR base rates over the next 12 months and trending towards 3.5% thereafter. Newell's notes have a fixed interest rate structure. Recovery Analysis Fitch's recovery assumes Newell's value is maximized as a going concern in a post-default scenario, given a going concern valuation of approximately $4.5 billion. Fitch's going concern value is derived from a projected EBITDA of around $750 million. The scenario assumes a lower revenue base of $6 billion, around 20% below 2024 revenues of $7.6 billion, assuming market share losses or discontinuation of some existing brands in its portfolio. EBITDA margins could trend around 12%-13% in a recovery scenario, below the 14% margins achieved previously from 2019 through 2021. A going-concern multiple of 6x was selected, within the 4x to 8x range observed for North American corporates, reflecting Fitch's assessment of Newell's industry dynamics and company-specific factors. After deducting 10% administrative claims from the going-concern valuation and adjusting for senior ranking receivables claims, the amended secured credit facility would have outstanding recovery prospects, and the unsecured claims would have good recovery prospects. Fitch assumes the entire $1.0 billion revolver commitment is fully drawn for the purposes of the recovery analysis. Therefore, the senior secured credit facility is rated 'BB+'/'RR1', and the unsecured notes of approximately $4.6 billion are rated 'BB-'/'RR3'. The revolver has a first-lien security interest on all unencumbered accounts receivable, inventory, and other specific domestic and international assets, as well as a guarantee from certain domestic and foreign subsidiaries. Availability is subject to an asset coverage ratio of 1.05x, and there are financial covenants testing the company's collateral coverage ratio and total net leverage ratio. The maximum total net leverage ratio is set at 6.5x for the quarters ending Sept. 30, 2025, through and including June 30, 2026; and 5.25x for the quarters ending Sept. 30, 2026, and thereafter through maturity. The collateral coverage test requires Newell to maintain a pledged collateral value to total revolving credit exposure at a minimum ratio of 1.05x. RATING SENSITIVITIES Rating Sensitivities are no longer relevant given Fitch's rating withdrawal. Liquidity and Debt Structure As of June 30, 2025, Newell had $219 million of cash on hand and approximately $459 million of availability under the company's $1 billion revolver due in August 2027. This considers $989 million of availability based the value of pledged collateral, with $495 million of borrowings and $35 million of letters of credit outstanding at the end of the quarter. Newell has two off-balance sheet factoring arrangements included as part of Fitch-adjusted debt. The company has a customer receivable factoring agreement to sell receivables of up to $700 million and a separate three-year accounts receivable facility due October 2026. This three-year facility provides liquidity of up to $225 million between February and April of each year and up to $275 million at all other times. The company had a total of $585 million borrowed collectively under these facilities as of June 30, 2025. Newell's total outstanding debt was approximately $5.7 billion as of June 30, 2025, including off-balance sheet factored receivables. The company has around $50 million in debt maturities in 2025, which it could pay down with cash on hand or revolver borrowings. In May 2025, the company issued $1.25 billion of 8.5% senior unsecured notes due 2028 to fully redeem its outstanding $1.2 billion of 4.200% senior notes due 2026. Issuer Profile Newell is a global marketer of consumer and commercial products, marketed under brands such as Paper Mate, Sharpie, Dymo, EXPO, Parker, Elmer's, Coleman, Oster, Sunbeam, FoodSaver, Mr. Coffee, Rubbermaid Commercial Products, Graco, Baby Jogger, Calphalon, Rubbermaid, Contigo, and Yankee Candle. Summary of Financial Adjustments Historical EBITDA has been adjusted for stock-based compensation, restructuring and restructuring related costs, acquisition amortization and impairment, transaction and related costs and other items. 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 ----------- ------ -------- ----- Newell Brands Inc. LT IDR B+ Affirmed B+ LT IDR WD Withdrawn senior unsecured LT BB- Affirmed RR3 BB- senior unsecured LT WD Withdrawn senior secured LT BB+ Affirmed RR1 BB+ senior secured LT WD Withdrawn NEXUS BUYER: Moody's Alters Outlook on 'B2' CFR to Negative ----------------------------------------------------------- Moody's Ratings affirmed the credit ratings of Nexus Buyer LLC (IntraFi), including the B2 Corporate Family Rating, the B2-PD Probability of Default Rating, the B1 senior secured first lien bank credit facilities ratings –including revolving credit facility and term loan, and the Caa1 senior secured second lien bank credit facility rating. Concurrently, Moody's assigned a B1 rating to the proposed $650 million incremental senior secured first lien term loan due 2031 and a Caa1 rating to the proposed $815 million senior secured second lien term loan due 2032. The outlook changed to negative from stable. The proceeds of the incremental first lien bank credit facility debt and new second lien bank credit facility debt will be used to fund a distribution to shareholders, refinance the existing $540 million senior secured second lien term loan, and cover any associated fees and expenses. The ratings on the existing second lien term loan will be withdrawn at transaction close. Governance considerations include aggressive financial policies that prioritize shareholder interests, including by increasing leverage from time to time to pay sizable dividends to the company's owners, and were a key driver of the rating actions. The negative outlook reflects the very high leverage of about 8.5x pro forma for the transaction, and inclusive of stock-based compensation, and the expectation that it will take about 12 months to de-lever to below 7x through earnings growth. The outlook also reflects expectation for thin cash flows resulting from incremental interest costs and already elevated tax-related distributions to owners. RATINGS RATIONALE The B2 CFR reflects elevated leverage, a history of frequent and mostly debt-funded dividend recapitalizations, exposure to changes in the regulatory framework for bank deposits and FDIC deposit insurance, the potential for technological disruption of deposit allocation services, and elevated tax distributions to owners given the LLC taxation structure. These factors are balanced by a healthy organic growth trajectory with expectations of net revenue growth of about 8% in 2025, after a 22% expansion in 2024, as the company has seen a solid increase in demand for its services from banks looking to retain deposits and to improve their percentage of insured deposits, as well as from consumers of banking services, who want the peace of mind of having their deposits fully insured. Also, ongoing aggregate deposit growth at commercial banks, return of balances to traditional bank accounts—from treasuries and money market mutual funds--as interest rates have modestly declined, as well as ongoing onboarding of financial institutions into the network, should result in greater growth in IntraFi's network balances, and thus revenue and EBITDA growth. Moreover, the company's relatively low capital requirements have enabled it to generate steady and strong cash flow prior to shareholder distributions. The company has good liquidity characterized by a cash balance of about $90 million at June 30, 2025 (pro forma for the proposed transaction), an undrawn $100 million revolving credit facility due 2029, Moody's expectations of about $20 million of free cash flow in 2025, and sufficient cushion under the first lien net leverage springing covenant. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if Debt-to-EBITDA is sustained above 7x, if Free-Cash-Flow-to-Debt is sustained below 3% (excluding non-tax shareholder distributions) and/or if liquidity weakens. The ratings could be upgraded if debt-to-EBITDA is sustained below 5x, Free-Cash-Flow-to-Debt (excluding non-tax shareholder distributions) is consistently above 5%, together with ongoing organic revenue growth, and the company demonstrates commitment to more conservative financial policies. Founded in 2002, IntraFi is a financial technology solution provider acting as an intermediary network between financial institutions collecting and using deposits. With a network of more than 3,000 financial institutions and net revenues of approximately $657 million, the company is the leading provider of deposit allocation services in the United States. The company was acquired by Blackstone Group and management in 2019 for total purchase asset value of about $2.5 billion, and Warburg Pincus was added as a shareholder in 2022. TPG Capital made a small investment in the company at the end of 2023. 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. NIKOLA CORP: Hyroad Energy Buys 113 Trucks in Bankruptcy Auction ---------------------------------------------------------------- Hyroad Energy, a pioneer in hydrogen-powered transportation solutions, announced on Aug. 8, 2025, its acquisition of 113 hydrogen fuel cell trucks, spare parts, the software platforms and IP assets from the Nikola Corporation bankruptcy auction. The acquisition will significantly grow Hyroad's fleet and accelerate its ability to deploy zero-emission, hydrogen-fueled trucks. "This acquisition significantly advances Hyroad's mission to provide turnkey hydrogen trucking solutions that reduce the complexity and risk typically associated with adopting zero-emission technologies," said Dmitry Serov, CEO and Founder of Hyroad Energy. "These trucks and the corresponding equipment and systems represent immediate capacity to put proven hydrogen fuel cell technology on the road to meet demand for zero-emission trucks." The acquisition includes the vehicles, supporting software systems, and operational infrastructure necessary to deploy and maintain the fleet. Hyroad will establish maintenance and parts facilities to support operations. The trucks will be deployed primarily in California, where Hyroad continues to develop hydrogen refueling infrastructure to support its customers. In addition to deploying the purchased trucks, Hyroad also intends to offer support for the Nikola trucks that are already in customers' hands to enable the continuity and growth of the hydrogen-fueled truck market in the United States. About Hyroad Energy Hyroad Energy delivers cutting-edge, zero-emission Class-8 hydrogen fuel cell trucks, designed to meet the needs of fleets while reducing their carbon footprint. Through its innovative truck-as-a-service pay-per-mile model, Hyroad eliminates the complexity and upfront costs traditionally associated with deploying zero-emission trucks. As a pioneer in hydrogen-powered transportation, Hyroad Energy is leading the charge toward a cleaner, more sustainable future. For more information, visit www.hyroadenergy.com About Nikola Corp. 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. NORTHVOLT AB: Speeds Batteries Production Before Halting Operations ------------------------------------------------------------------- Marie Mannes and Essi Lehto of Reuters report that Swedish battery manufacturer Northvolt, which recently filed for bankruptcy, had increased production of high-quality battery cells at its Skelleftea facility before operations ceased, a former executive said Friday, August 8, 2025. This progress was a key factor in facilitating the company's sale, the report said. According to Reuters, Northvolt filed for bankruptcy in March and stopped production in June after failing to secure a buyer. On Thursday, August 7, 2025, U.S. startup Lyten announced plans to acquire most of Northvolt's assets, raising hopes for a strong European presence in the battery industry. Lyten CEO Dan Cook told Reuters that the quality achieved by Northvolt’s management team—many of whom are expected to join Lyten—was pivotal in the acquisition. With yields already near 90%, the production ramp-up is expected to be relatively quick. Former Northvolt Chief Operations Officer Matthias Arleth said at a Friday, August 8, 2025, press conference that the company had been producing up to 30,000 premium battery cells weekly at Skelleftea. His future role is currently unclear. Reuters reported in November 2024 that Northvolt had not met some internal targets for cells qualified for delivery to clients. Gustaf Sundell, head of ventures and new business at Scania, told Reuters that while Scania was satisfied with the quality of cells received, it is too early to say if they will place orders with Lyten. Financial Struggles Northvolt's bankruptcy trustee, Mikael Kubu, said many creditors would face significant losses but did not provide details. The company's debt is estimated at around $8 billion. Unsecured creditors include major shareholders Goldman Sachs and Volkswagen, whose brands Scania, Porsche, and Audi were Northvolt customers. Lyten, a Silicon Valley startup developing lithium-sulfur batteries as a cleaner alternative to lithium-ion, is backed by Stellantis, owner of Jeep, and FedEx, the report states. The trustee said the sale of Northvolt's Swedish assets is expected to close by the end of October 2025, with more time needed to complete transactions involving foreign assets. About Northvolt AB Northvolt AB was established in 2016 in Stockholm, Sweden. Pioneering a sustainable model for battery manufacturing, the company has received orders from several leading automotive companies. The company is currently delivering batteries from its first gigafactory, Northvolt Ett, in Skelleftea, Sweden and from its R&D and industrialization campus, Northvolt Labs, in Vasteras, Sweden. On Nov. 21, 2024, Northvolt AB and eight affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90577). The cases are before the Honorable Alfredo R. Perez. Northvolt is being advised by Teneo as its restructuring and communications advisor. Kirkland & Ellis LLP, A&O Shearman and Mannheimer Swartling Advokatbyra AB are serving as legal counsel. The company has also engaged Rothschild & Co to run its marketing process. Stretto is the claims agent. OASIS INTERIORS: Case Summary & Nine Unsecured Creditors -------------------------------------------------------- Debtor: Oasis Interiors, Inc. d/b/a Oasis Interiors d/b/a North County Blinds d/b/a North County Blind Company 439 E El Camino Real Ste C San Clemente, CA 92672 Business Description: Oasis Interiors, Inc., doing business as North County Blinds, is a family-owned retailer and installer of window treatments and interior soft furnishings based in Encinitas, California, serving customers across San Diego County. The Company provides in-home design consultations and installs Hunter Douglas window treatments (including Silhouette, Pirouette, Duette and Vignette lines) and also offers commercial blinds and shades, custom window cornices and custom bedding. Chapter 11 Petition Date: August 11, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-12223 Judge: Hon. Mark D. Houle Debtor's Counsel: Kevin Tang, Esq. TANG & ASSOCIATES 17011 Beach Blvd Suite 900 Huntington Beach, CA 92647 Tel: 714-594-7022 E-mail: kevin@tang-associates.com Total Assets: $284,776 Total Liabilities: $2,413,292 The petition was signed by Cesar Ivan Jimenez as managing member. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/D6AVDZY/Oasis_Interiors_Inc__cacbke-25-12223__0001.0.pdf?mcid=tGE4TAMA ODS INC: Court Amends Cash Collateral Order ------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey issued an amended order granting adequate protection to ODS, Inc.'s secured creditors, Newtek Small Business Finance, LLC and Kapitus Servicing, Inc., as consideration for its use of their cash collateral. The court's initial order entered on July 9 granted adequate protection only to Newtek, which holds a valid, perfected and secured first lien on and security interest in the Debtor's accounts receivable. Under the amended order, Newtek will be granted a replacement perfected first security interest in the Debtor's post-petition assets and the proceeds thereof. To the extent this protection proves insufficient, Newtek will have a superpriority administrative expense claim senior to any claims against the Debtor, subject to payments due under 28 U.S.C. Section 1930(a)(6). Meanwhile Kapitus will be granted a replacement perfected second security interest and a superpriority administrative expense claim senior to any claims other than Newtek's claim. As additional protection, the Debtor will continue its monthly payment of $23,000 to Newtek, which started in July. Meanwhile, Kapitus will start to receive a monthly payment of $3,000 on August 15. The amended order authorized the Debtor's interim use of cash collateral nunc pro tunc to the petition date in accordance with its budget, with a 15% cushion above budgeted amounts. The funds will be used to continue the Debtor's operations, maintain assets, purchase supplies, and pay any statutory quarterly fees including, but not limited to, U.S. trustee quarterly fees. As of the petition date, the Debtor owed $506,247.29 to Newtek and $80,087.60 to Kapitus, which holds a valid, perfected and secured second lien on and security interest in, inter alia, all accounts receivable and other assets of the Debtor. About ODS Inc. ODS, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-16371) on June 16, 2025, listing up to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Jerrold N Poslusny Jr presides over the case. E. Richard Dressel, Esq. at Lex Nova Law, LLC is the Debtor's bankruptcy counsel. Newtek Small Business Finance, LLC, as secured creditor, is represented by: David Fornal, Esq. Maselli, Mills & Fornal, P.C. 400 Alexander Road, Suite 101 Princeton, NJ 08540 (609) 452-8411 dfornal@masellilaw.com Kapitus Servicing, Inc., as secured creditor, is represented by: James C. Suozzo, Esq. Rivkin Radler, LLP 25 Main Street Court Plaza North, Suite 501 Hackensack, NJ 07601-7082 Tel: 201-287-2460 / 201-287-2494 Fax: 201-489-0495 James.Suozzo@rivkin.com OFF LEASE: Prelim. Injunction Bid in Johnson v. Ally Denied ----------------------------------------------------------- Judge Wendy W. Berger of the United States District Court for the Middle District of Florida denied Ricky Antonio Johnson's motion for temporary restraining order and preliminary injunction in the case captioned as RICKY ANTONIO JOHNSON, Plaintiff, v. ALLY FINANCIAL INC., Defendant, Case No.: 6:25-cv-1234-WWB-LHP (M.D. Fla.). Plaintiff seeks a temporary restraining order and thereafter a preliminary injunction enjoining Defendant and any officers, attorneys, agents, representatives, or private or governmental actors from seizing his personal property, or from enforcing any judgment or orders in the parties' state court action. Plaintiff alleges that Defendant has engaged in a systematic campaign of harassment, constitutional violations, and legal abuse initiating a replevin action in Florida state court. Specifically, Plaintiff alleges that he purchased an automobile from nonparty Off Lease Only LLC. On Sept. 7, 2023, Off Lease Only LLC initiated bankruptcy proceedings under Chapter 11 of the United States Bankruptcy Code. Despite alleging that he is not a party to the bankruptcy proceedings, Plaintiff alleges Defendant wrongfully sought replevin of his automobile in the County Court in and for Seminole County, Florida, Case No. 2025-CC-1579, in violation of the automatic stay under 11 U.S.C. Sec. 362(k). -- violation of the automatic stay under 11 U.S.C. Sec. 362(k); -- violation of the Fair Debt Collection Practices Act, 15 U.S.C. Sec. 1692(d); -- discrimination under Title II of the Americans with Disabilities Act, 42 U.S.C. Sec. 12132, et seq.; -- a Civil Rights Violation under 42 U.S.C. Sec. 1983; -- conspiracy to interfere with civil rights under 42 U.S.C. Sec. 1985; -- Fraud on the Court and Procedural Abuse; -- Abuse of Florida Replevin Statutes and Police Powers; -- Emotional Distress and Psychological Trauma; and -- violation of his right to a jury trial under the Seventh Amendment. The Court concludes that at this juncture, Plaintiff's Motion fails. As an initial matter, Plaintiff fails to present facts or identify evidence stating why notice to defendants is impractical as required by Local Rule 6.01(b)(2). Similarly, although Plaintiff certifies that he has attempted to give notice to Defendant's counsel, he has failed to identify or describe his efforts, or to explain, beyond mere conclusory statement, why notice should not be required under Federal Rule of Civil Procedure 65(b)(1)(B). The Court could deny the Motion on these grounds, but both the Complaint and the Motion suffer from additional substantive defects. In the Complaint, Plaintiff's claims for relief include copious factual allegations, but fail to identify specific causes of action or the elements thereof. The Court is left to speculate as to what acts or omissions give rise to the alleged liability. It is therefore impossible for the Court to determine whether Plaintiff's allegations meet the applicable standard to establish a substantial likelihood of success on the merits. Moreover, even if the Complaint were more effectively pleaded, the Motion would still fail for its failure to develop argument, cite to supportive authorities, and point to specific facts showing immediate irreparable harm, the Court finds. A copy of the Court's Order dated August 4, 2025, is available at https://urlcurt.com/u?l=3MGFJ8 from PacerMonitor.com. About Off Lease Only LLC Prior to the Petition Date, Off Lease Only LLC and affiliates were used car retailer, operating dealerships. The Company operated five used car dealerships in Florida and one in Texas. However, the Company sold cars to customers throughout the US. The Company ceased operations shortly before the Petition Date and intends to wind down its business and allow its floorplan lender to collect the vehicles securing its loan during the Chapter 11 Cases. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11388) on September 7, 2023. In the petition signed by Leland Wilson, chief executive officer, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Craig T. Goldblatt oversees the case. The Debtors tapped Prokkauer Rose LL and Pachulski Stang Ziehl & Jones LLp as co-counsel, FTI Consulting, Inc. as financial advisor, Bofa Securities, Inc. as investment banker, and Stretto, Inc. as claims and noticing agent and administrative advisor. OMIMEX PETROLEUM: Seeks 90-Day Extension of Plan Filing Deadline ---------------------------------------------------------------- Omimex Petroleum, Inc., asked the U.S. Bankruptcy Court for the Northern District of Texas to extend its exclusivity period to file Chapter 11 plan and solicit acceptances thereof for additional ninety days. The Debtor explains that the case is complex in terms of addressing and planning for which of the 339 wells shall continue production under a plan and which wells shall be plugged and/or abandoned. The Debtor claims that it has identified and has been developing a solution that would resolve some and perhaps all of the P&A work and liabilities without expense to the State of Colorado. Working thorough this scenario on the P&A piece of the puzzle has required additional time for the Debtor. The Debtor has filed a plan, but additional time to finalize and present exit financing terms, against the headwinds in the energy and credit markets. The Debtor anticipates filing an amended plan and disclosure statement by August 31, 2025 to address the remaining issues necessary to proceed to confirmation; however, this could extend into early September as financing is finalized and the Debtor and prospective lender(s) address turmoil in the energy and credit markets. The Debtor asserts that it has a plan on file and needs additional time to prepare for confirmation. Amendments to the plan and disclosure statement are necessary to present additional details, creditor input (without soliciting), and present additional details, but the basic structure of the plan already is on file and presented. The Debtor further asserts that it is not seeking this extension to pressure creditors. Instead, an extension will facilitate further meaningful discussions with creditors and/or the implementation of the anticipated exit from Chapter 11. Omimex Petroleum Inc. is represented by: Jeff Carruth, Esq. Weycer, Kaplan, Pulaski & Zuber, P.C. 24 Greenway Plaza, Suite 2050 Houston, TX 77046 Tel: (713) 341-1158 Fax: (713) 961-5341 E-mail: jcarruth@wkpz.com About Omimex Petroleum Omimex Petroleum Inc. provides energy and fertilizer services. It focuses on the exploration, development, acquisition and operation of oil and gas properties, and production of various fertilizers. Omimex Petroleum serves oil and gas industry internationally. Omimex sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 24-34018) on Dec. 10, 2024, with $1 million to $10 million in both assets and liabilities. Christopher Chambers, sole director of Omimex, signed the petition. The Debtor is represented by Jeff Caruth, Esq., at Weycer, Kaplan, Pulaski & Zuber, P.C. PIVOT OPERATIONS: Unsecureds to Get $1,200 per Month for 36 Months ------------------------------------------------------------------ Pivot Operations, LLC filed with the U.S. Bankruptcy Court for the District of Idaho a Subchapter V Plan of Reorganization dated August 5, 2025. The Debtor is an Idaho limited liability company that operates a lifestyle and fitness location in Downtown Boise, providing gym services, health and nutritional coaching and physical therapy. At all times prior to filing its bankruptcy petition, Pivot operated in the Treasure Valley area. Prior to the bankruptcy filing, Pivot operated two locations – one in downtown Boise (that remains open), and one at 10-Mile Crossing in Meridian, Idaho. The burden of the Meridian location lease combined with lower income for that location than expected contributed to the company experiencing cash-flow issues. These cash flow issues have resulted in the Debtor being unable to pay its obligations for the Meridian location as they become due. The Debtor now seeks to reorganize the existing debt through this Plan. Shortly after the bankruptcy filing, the Debtor closed the Meridian location and consolidated all operations into the downtown Boise location, which is the only location being operated now. After the case was filed the Debtor successfully obtained approval to pay the prepetition wages owed to employees, and to continue paying its secured lender, Citizen's Community Bank, pursuant to an adequate protection order. Class 4 consists of all other allowed unsecured claims against the Debtor, as scheduled and asserted in filed Proofs of Claim (and subject to any claim objection proceedings), and includes the non administrative claims of Bill Bright Properties. Creditors in this class shall receive a pro rata portion of a month payment of $1,200.00 per month for the 36- month term of the Plan. The Equity Security Holder(s) shall retain their ownership interest in the Reorganized Debtor in the same amounts as they held pre-petition ownership interests. The Debtor intends to fund its plan through monthly payments to creditors. These monthly payments will be made from the income the Debtor receives from the operation of its business. A full-text copy of the Subchapter V Plan dated August 5, 2025 is available at https://urlcurt.com/u?l=A0Ekx8 from PacerMonitor.com at no charge. Counsel to the Debtor: Matthew T. Christensen, Esq. Johnson May 199 N. Capitol Blvd., Suite 200 Boise, ID 83702 Tel: (208) 384-8588 Fax: (208) 629-2157 Email: mtc@johnsonmaylaw.com About Pivot Operations LLC PIVOT Operations, LLC, is an Idaho limited liability company that operates a lifestyle and fitness location in Downtown Boise, providing gym services, health and nutritional coaching and physical therapy. The Debtor filed Chapter 11 petition (Bankr. D. Idaho Case No. 25-00331) on May 7, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Joseph Savola, manager of PIVOT Operations, signed the petition. Judge Whitman L. Holt oversees the case. Matthew Christensen, Esq., at Johnson May, represents the Debtor as legal counsel. POWIN LLC: FlexGen Buys Assets in Bankruptcy Sale ------------------------------------------------- FlexGen Power Systems, LLC, a provider of battery energy storage solutions and energy management software, on August 06, 2025, announced that the U.S. Bankruptcy Court for the District of New Jersey, the Court presiding over the Chapter 11 cases of Powin, LLC and Powin affiliates, has approved FlexGen's acquisition of a substantial portion of Powin's business, advancing FlexGen's mission to future proof global grids and growing energy demand through battery energy storage. Through the acquisition, FlexGen will own all of Powin's IP, including hardware IP, software IP and information technology systems, along with a significant spare parts inventory. Upon closing of the acquisition, FlexGen will support over 25 GWh of battery energy storage systems and 200 projects across 10 countries in its portfolio. FlexGen's Remote Operations Center (ROC) will gain system visibility to ensure continuity for Powin customers, while its FlexGen HybridOS(R) controls software, analytics modules and lifecycle services will be made available to provide additional insights and best-in-class system availability. "This is a significant milestone, not just for FlexGen, but for the entire industry, as storage is no longer a nice-to-have, but rather, essential to meeting global energy demand and opportunities," said FlexGen CEO, Kelcy Pegler. "With this acquisition, we will continue to deliver the reliability and intelligence the grid, data centers and communities need to thrive in a world of growing energy needs." Drawing on 15 years of integration experience with over 65 configurations from 22 global vendors, FlexGen is prepared to deliver immediate continuity and support for Powin customers. With its full suite of lifecycle services and hardware-agnostic FlexGen HybridOS(R) software products, FlexGen meets operators where they are today while driving an AI-centric roadmap for its analytics module and sophisticated controls software. The impact is futureproofing customer investments with maximum uptime and minimal disruption. "Our top priority is customer success and delivering immediate operational stability, maximizing the value and performance of their systems. FlexGen's proven financial strength means we're a capital-light software and services partner that will remain in business to deliver on our customer promises," added Gary Cristini, FlexGen's CFO. "We thank Powin for their early-mover role in shaping the dynamic and important grid-scale battery market and honor our commitment to carry on that legacy and deliver exceptional uptime, reliability and customer success." For more information about FlexGen and this transition, visit: https://www.flexgen.com/Powin. If you're an existing Powin customer with questions, please reach out to: PowinSupport@FlexGen.com About FlexGen Power Systems, LLC. FlexGen provides industry-leading software and services for deploying, managing and optimizing battery energy storage systems. FlexGen leverages decades of software, engineering, and procurement expertise to solve today's toughest energy challenges that enable the transition to a modern electric grid. FlexGen HybridOS(R) energy management software seamlessly integrates with any battery OEM and offers advanced analytics and AI-driven insights that allow energy storage owners to deploy diverse power market strategies and integrate various generation forms, enhancing grid stability and economic returns. Serving more than 25 GWh and over 200 energy storage systems enabled by FlexGen, we are trusted by the most technically and commercially demanding developers, utilities, government agencies, and industrial companies in the world. About Powin LLC Powin, LLC, is a manufacturer of utility-scale battery energy storage systems. It specializes in designing and manufacturing advanced energy storage solutions for utility, commercial, and industrial applications. Powin and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16137) on June 10, 2025. In its petition, Powin listed assets and liabilities between $100 million and $500 million. Bankruptcy Judge Michael B. Kaplan handles the cases. The Debtors tapped Togut, Segal & Segal LLP and Dentons US LLP as counsel, and Huron Transaction Advisory LLC as investment banker. PROAMPAC PG: Fitch Assigns 'B' LongTerm IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has assigned ProAmpac PG Borrower LLC a first-time 'B' Long-Term Issuer Default Rating (IDR). The Rating Outlook is Stable. Fitch has also assigned a 'B+' rating with a Recovery Rating of 'RR3' to the company's revolver and existing and proposed first lien senior secured debt, and a 'B-'/'RR5' rating to the company's second lien secured bonds. ProAmpac's rating reflects its expanding scale and growing market diversification across resilient end markets. The company's sizable EBITDA and revenues compare favorably with similarly rated peers. Leverage is elevated due to the debt-funded acquisition strategy, although Fitch views this as sustainable if subsequent M&A activity and execution risk remain in line with historical transactions. Liquidity is satisfactory, with limited refinancing requirements through 2028. Key Rating Drivers Debt-Funded Acquisition Strategy: ProAmpac's acquisition strategy has enabled the company to significantly expand its scale and market diversification, establishing it as the second-largest flexible packaging producer in North America. Pro forma for the acquisition, annual revenues will be roughly $3 billion with EBITDA approaching $500 million, significantly exceeding similarly rated peers. This acquisition will also increase exposure to the food and consumer, and further diversify its portfolio across both plastic and natural fiber substrates. High but Sustainable Leverage: Leverage metrics remain elevated relative to 'B' rated packaging peers, reflecting the company's M&A-driven roll-up strategy within the highly fragmented packaging sector. Fitch expects the company to demonstrate deleveraging capacity over the forecast period, although leverage is likely to remain elevated as new acquisition opportunities arise. Funding for the $425 million transaction includes a meaningful $125 million equity component along with $300 million in incremental debt, resulting in a pro forma Fitch-calculated EBITDA leverage of 7.2x by year-end 2025, declining toward 6.5x by the end of the forecast period. Moderate Execution Risk: Fitch expects material near-term execution risks to moderate over time as ProAmpac expands its scale. The company has a proven track record of integrating 24 acquisitions to the ProAmpac platform since 2016. As the group's scale increases and synergy benefits are captured, the overall business profile should further strengthen, reducing transaction-related risks over time, as Fitch expects future acquisitions will be add-ons rather than transformative in size. Stable End Markets and Customers: ProAmpac benefits from diversified end markets, with exposure across economically resilient food and beverage, consumer products, and healthcare markets. These segments underpin a defensive demand profile, contributing to earnings stability. The company's long-standing customer portfolio is also supportive of the rating, with key customers including Scotts, Home Depot and Amazon, in addition to a broad range of middle market brands. Fitch expects negligible impacts from prospective tariffs. Cash Flow Generative Business: Cash flow generation is expected to be stable due to ProAmpac's geographic diversification, with revenue spanning the U.S. (70% of revenues), Canada (17%) and Western Europe (13%). Contractual cost pass-throughs with customers covering roughly 50% of sales offers moderate protection to margins in the face of variable raw materials input costs. The percent of sales covered by cost pass-through contracts is supportive of the 'B' rating but is lower than levels found in investment-grade peers. Satisfactory Liquidity: Pro forma for the acquisition, ProAmpac will have approximately $30 million of cash on hand and undrawn committed revolving credit facilities capacity of $212 million for a total available liquidity of $242 million (factoring in the anticipated revolver draw for the acquisition of $80 million). A mostly positive FCF forecast provides capacity to fund operations and meet mandatory amortization of the company's term loans. Substantially all the company's capital structure, including its revolver, matures in 2028, providing manageable refinancing headroom. Peer Analysis After Clydesdale Acquisition Holdings, Inc.'s (Clydesdale;BB/Stable) acquisition of Pactiv Evergreen, the company is nearly three times the size of ProAmpac with superior EBITDA margins and nearly two turns of leverage lower toward the end of the forecast period. Clydesdale and ProAmpac share similar end markets with Clydesdale, mostly exposed to the food service industry. Clydesdale's lower leverage and larger size results in a rating three notches higher. Mercer International, Inc. (Mercer;B+/Stable) is exposed to more cyclical sectors of pulp and lumber. To counteract the cyclical nature of their end markets, Mercer aims to maintain leverage lower than ProAmpac. Superior EBITDA interest coverage and lower midcycle leverage at Mercer lead to a rating one notch higher than ProAmpac. Domtar Corporation (Domtar;BB-/Negative) is exposed to cyclical pulp and lumber while also producing paper. Domtar's pulp and lumber businesses continue to operate at near break-even levels, while the paper business provides the majority of cash flow generation. The company's negative outlook reflects the current profitability pressure, with leverage still below that of ProAmpac. Trimas Corporation (Trimas) operates three different segments in packaging, aerospace and specialty products. The end market diversity offers some stability in earnings and the companies conservative financial policy results in leverage materially below ProAmpac. Key Assumptions - 2025 is pro forma for the acquisition, funded as per management information; - Majority of synergies are realized, resulting in modest margin expansion; - Organic revenue growth slightly above Fitch's GDP forecast; - Refinancing in 2028 at pricing in line with current capital structure; - Capex as per management guidance; - Acquisition in 2028 reflecting ongoing roll-up strategy; - SOFR rate assumptions per Chatham Financial from 2025-2028 are 4.5%, 3.6%, 3.2% and 3.4%, respectively. Recovery Analysis - The recovery analysis assumes that ProAmpac would be reorganized as a going concern in bankruptcy rather than liquidated; - A bankruptcy scenario could result from a distressed economic environment that the company struggles to pass raw material price increases to customers. In addition, if the company is unable to integrate the proposed acquisition fully leading to EBITDA margins in the low teens. The company's high interest expense causes a full draw on the revolver while persistently and materially negative FCF leads the company into a liquidity crisis; - Fitch assumes the revolver is 100% drawn; - Fitch has assumed a 10% administrative claim and a 5% concession payment from the first lien lenders to the second lien lenders, resulting in a 26% recovery for the second lien secured notes. Going Concern Approach Fitch assigned a going concern EBITDA of $380 million, representing what Fitch believes ProAmpac could reasonably generate in a distressed economic environment as the company emerges from bankruptcy. Fitch typically assigns EV/EBITDA multiples between 4.5x and 6.0x for packaging peers. ProAmpac's exposure to mostly stable end markets, large manufacturing footprint, degree of vertical integration within plastics, and mostly positive FCF generation leads Fitch to use a 5.5x multiple. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained negative FCF or prolonged evidence of EBITDA margin deterioration; - EBITDA interest coverage sustained below 1.5x; - EBITDA leverage sustained above 7.0x; - Any sizable acquisition that materially increases execution risk. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 6.0x with a clearly articulated capital allocation policy; - Sustain improvement in EBITDA margins and consistent FCF; - EBITDA interest coverage sustained above 2.5x. Liquidity and Debt Structure Pro forma for the acquisition, ProAmpac will have approximately $30 million of cash on hand and undrawn committed revolving credit facilities capacity of $212 million for a total available liquidity of $242 million (factoring in the anticipated revolver draw for the acquisition of $80 million). A mostly positive FCF forecast provides capacity to fund operations and meet mandatory amortization of the company's term loans. Substantially all the company's capital structure, including its revolver, matures in 2028, providing manageable refinancing headroom. ProAmpac continually demonstrates comfortable headroom under their net leverage covenant of 8.25x to access their revolver. In addition, the company continually demonstrates to raise capital to fund acquisitions. Fitch sees refinancing in 2028 as likely. Issuer Profile Incorporated in 2015, Cincinnati, OH-based ProAmpac is a global manufacturer of flexible film and fiber packaging solutions. As of January 2025, it had over 6,400 employees, 10 design centers and 50 manufacturing sites, serving over 5,000 customers in 90 countries. Date of Relevant Committee 04-Aug-2025 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 ----------- ------ -------- ProAmpac PG Borrower LLC LT IDR B New Rating senior secured LT B+ New Rating RR3 Senior Secured 2nd Lien LT B- New Rating RR5 PROAMPAC PG: Moody's Affirms 'B3' CFR, Outlook Remains Negative --------------------------------------------------------------- Moody's Ratings affirmed ProAmpac PG Borrower LLC's (ProAmpac) corporate family rating at B3 and probability of default rating at B3-PD. At the same time Moody's affirmed the B3 ratings on the backed senior secured first lien bank credit facility, including the $350 million backed senior secured first lien revolving credit facility due June 2028 and $2,717 million proposed upsized backed senior secured first lien term loan due September 2028. The outlook remains negative. Proceeds from the proposed $220 million term loan add-on, along with $80 million of additional revolver borrowings and $125 million in management rollover equity, will be used to fund an acquisition for a purchase price of $425 million, including fees and expenses. The negative outlook reflects the company's persistently high leverage of 8.3x debt/EBITDA and weak interest coverage of 1.5x EBITDA/interest projected for 2025, along with reduced availability on its revolving credit facility and continued integration risk associated with the proposed acquisition. The ratings affirmation reflects ProAmpac's adequate liquidity with no near term debt maturities and Moody's expectations that revenue growth from its expanded product offering will support modest margin improvements as it shifts into more fiber-based solutions. The affirmation also reflects Moody's expectations that the proposed acquisition will provide an uplift to earnings over the next 12-18 months, and will be strategically advantageous for ProAmpac's recycled product offering. RATINGS RATIONALE ProAmpac's B3 CFR reflects the company's high leverage, limited free cash flow generation, and track record of aggressive growth through acquisitions. Very high debt levels lead to weak interest coverage, which Moody's expects to improve only slightly over the next 12 months. However, without meaningful EBITDA growth, material improvements in interest coverage are unlikely in 2025 and 2026. ProAmpac's proposed acquisition is a continuation of its inorganic growth strategy that will reduce revolver availability in the near-term. Moody's expects that the earnings uplift from the acquisition will support some leverage reduction over the next 18 months. While the acquisition should support the company's offering of recycled products and enhance relationships with several key customers, it does present additional execution risk as ProAmpac integrates its operations into the core business while also reducing external liquidity availability. Offsetting these challenges are ProAmpac's significant exposure to staple goods such as food and beverage and foodservice, as well as its focus on value-added products for its customers. Moody's expects ProAmpac to continue to expand its material science capabilities and improve its business mix through sustainability innovation. The rating also reflects the company's long-term relationships with its customers, which allows it to win new business within the existing blue-chip customer base. Nevertheless, ProAmpac's credit profile is constrained by its lack of long-term contracts on about half of its business. Moody's expects ProAmpac to maintain adequate liquidity over the next 12 to 18 months, supported by $31 million of cash on the balance sheet and $138 million drawn on its $350 million revolving credit facility pro forma June 30, 2025. Moody's do not expect ProAmpac to violate the springing covenant on the revolving credit facility. Refinancing risk remains minimal as its nearest maturity is the revolver expiring in June 2028. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could downgrade the ratings if ProAmpac fails to improve credit metrics or engages in material debt funded acquisitions or dividend distributions. Specifically, the rating could be downgraded if total adjusted debt to EBITDA is sustained above 7.0x, EBITDA to interest coverage falls below 2.0x, or free cash flow to debt turns negative. While unlikely over the next 12 to 18 months, an upgrade of the ratings would be dependent upon an improvement in credit metrics, employment of a less aggressive financial policy and the maintenance of good liquidity. Specifically, the ratings could be upgraded if total adjusted debt to EBITDA is sustained below 6.0x, EBITDA to interest coverage is above 3.0x and free cash flow to debt is above 3.5%. Headquartered in Cincinnati, Ohio, ProAmpac PG Borrower LLC is a manufacturer of flexible plastic packaging products serving customers primarily in the food, retail, healthcare, and industrial end markets. ProAmpac is majority owned and controlled by PPC Partners. The company recorded the revenue of about $2.4 billion for the twelve months that ended in June 2025. The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass and Plastic Containers published in April 2025. 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. QNITY ELECTRONICS: Fitch Assigns 'BB+' LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has assigned Qnity Electronics, Inc a first time Long-Term (LT) Issuer Default Rating (IDR) of 'BB+'. Fitch has also assigned Qnity's senior secured term loan B a 'BBB-' rating with a Recovery Rating of 'RR1'. Qnity is issuing this debt as part of its spin-off from DuPont de Nemours, Inc. Qnity will distribute the gross proceeds of $4.1 billion in debt raised to DuPont. The Rating Outlook is Stable. The ratings and Outlook reflect Qnity's attractive growth profile as a pure-play global electronics materials and component solutions provider. Qnity is expected to able to invest through the cycle and still generate positive FCF. The initial financial structure should provide about 0.5x EBITDA leverage headroom below Fitch's downgrade sensitivity. The credit profile also considers Qnity's untested long-term commitment to conservative financial policies as an independent company. Key Rating Drivers Initial Conservative Financial Structure: Fitch forecasts Qnity's pro forma gross EBITDA leverage at 3.0x for 2025 and expects it to improve organically as revenue grows over its forecast period. This should increase headroom under its 3.5x downgrade sensitivity. Fitch anticipates annual post-dividend FCF generation of $400 million-$500 million, providing flexibility for capital returns or tuck-in acquisitions. Qnity's projected EBITDA leverage is a strength for the 'BB+' rating. Similarly rated semiconductor market peers typically use leveraged M&A to grow, then deleverage. Building a standalone track record of conservative financial structure and EBITDA leverage headroom could strengthen Qnity's credit profile. Secular Tailwinds, Cyclical Exposure: Qnity benefits from the increasing technological intensity and complexity within the semiconductor market. Secular growth trends like miniaturization, higher densities, expanded use cases, and new materials across a variety of applications support this demand, with end-use applications in AI, data centers, electric vehicles, and consumer electronics. Qnity is exposed to the revenue cyclicality of the semiconductor supply chain and wafer starts. Long-standing customer relationships developed under DuPont, a broad product portfolio, and limited exposure to volatile fabrication capital equipment spending help reduce margin volatility. Stable FCF Profile: Qnity's secular demand tailwinds and moderate investment intensity is expected to result in high single-digit FCF margins. The company's balanced geographic footprint and excess capacity should enable management to maintain capital spending in the mid-single digits. However, significant and structural shifts in customer supply chains could increase multi-year spending given the company's co-located footprint. Qnity will likely sustain research and development intensity in the mid- to high-single digits to support its market positions and customer collaboration as electronics complexity increases. Flexible, Short Supply Chains: Qnity's manufacturing footprint is mainly in local markets, resulting in a strong presence in Asia, where most chip manufacturing occurs. Most customers qualify multiple production lines, allowing Qnity to shift production between assets. This production redundancy protects it from downtime at any one of its facilities and reduces its exposure to tariffs, with less than 5% of the company's revenue directly exposed to U.S. trade policies. Qnity generates $1.4 billion in sales into China, which Fitch notes as a potential risk. Strong Customer Relationships: The semiconductor market is relatively concentrated, with the top 10 companies accounting for about two-thirds of the total market. Qnity's top 10 customers account for about 34% of its revenue. Its top customer, Samsung Electronics Co., Ltd. (AA-/Stable), contributes about 12%. The relationship tenure with each of its top 10 customers is over 15 years. This is partly due to the increasing complexity of the semiconductors and end products, which encourages customers to continue working with established partners for faster product development. Qnity also partners with customers in R&D, which supports strong customer retention. Recovery Rationale: Qnity's enterprise value supports strong recovery prospects and category 1 designation for its secured debt. Secured EBITDA leverage will remain less than 5.25x, or less than 50% above the midpoint of 'BB' category leverage expectations in Fitch's Technology Navigator. Fitch notch-ups the secured debt instruments by one notch to 'BBB-'/'RR1' from the 'BB+' LT IDR. Peer Analysis Compared to peers in the electronics materials market MKS Instruments, Inc. (BB/Stable) and Entegris (BB/Stable), Qnity is expected to have approximately similar EBITDA and FCF margins around 30% and 10%, respectively. These profitability support the companies' credit profile. Qnity is forecast to have the highest margin of the three and largest revenue at $4.5 billion in 2025 ($3.8 billion and $3.3 billion forecast for MKS and Entegris, respectively). Fitch forecasts Qnity's EBITDA leverage at 3.0x for 2025, which compares favorably to Entegris's 4.1x and MKS's 4.6x for their fiscal 2025 year-ends. Both MKS and Entegris are reducing leverage after recent M&A, targeting gross leverage below 2x and 4x, respectively. This compares with Qnity's initial leverage target of below 3x net leverage. All three companies are exposed to semiconductor market cyclicality. Qnity's relationships with original equipment manufacturers (OEMs) and breadth of offerings are expected to reduce its operating volatility through this cycle. Compared to its BB+ peer Amkor Technology, Inc. (BB+/Positive), Qnity's EBITDA and FCF margin are relatively strong, but Amkor operates with a lower EBTIDA leverage that is forecast to be 1.1x in 2025. This level reflects a more conservative capital structure from historic operating volatility. Key Assumptions - Qnity is spun-off from Dupont closes as planned in 4Q25; - Semiconductor Technologies (ST) revenues benefit from improved semiconductor demand during the forecast period. Overall growth from ST and Interconnect Solutions segments of approximately mid-single digit annually, trending higher over the forecast period, supported by continued AI investment; - EBITDA margins around 30%, with variance of around 3%. Improvements in operating leverage that benefit slight margin improvement during over forecast period; - Capex at roughly 6.5% of sales annually; - Dividends of around $70 million, growing each year. Share buybacks are limited in 2025 and 2026, but increase to $400 million-$500 million annually after offsetting cash balance growth. - Base interest rates applicable to potential revolving facility draws reflect current SOFR forward curve of approximately 3.2%, 3.1%, 3.2% and 3.4% between 2025 and 2028 respectively. No revolver draws are expected in Fitch's forecast. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 3.5x; - A structural deterioration in the company's market position, potentially highlighted by the loss of major customers or pricing power; - CFO-capex/total debt trending below 10% Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A commitment to and demonstrated track record of maintaining EBITDA leverage below 3x through the cycle; - Demonstration of reduced volatility through the semiconductor cycle; - Measured, successful near- to medium-term M&A activity, leading to a less-cyclical operating profile and reducing cash flow risk. Liquidity and Debt Structure Qnity's liquidity position is supported by an expected $750 million cash balance and an undrawn $1.25 billion senior secured five-year RCF. Fitch expects Qnity's liquidity to remain strong through the forecast period, supported by positive FCF. After dividends, Qnity will have flexibility in how it uses its cash. Fitch does not expect any discretionary debt repayments in its forecast. Issuer Profile Qnity Electronics, Inc. is one of the largest pure-play global leaders in the design and development of materials and solutions for the semiconductor and electronics industries. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations 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 ----------- ------ -------- Qnity Electronics, Inc. LT IDR BB+ New Rating senior secured LT BBB- New Rating RR1 QNITY ELECTRONICS: S&P Rates New $1.5BB Secured Notes 'BB+' ----------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating and '3' recovery rating to Qnity Electronics Inc.'s proposed $1.5 billion senior secured notes due 2032. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery. At the same time, S&P assigned its 'BB' issue-level rating and '5' recovery rating to Qnity's proposed $1 billion unsecured notes due 2033. The '5' recovery rating indicates its expectation for modest (10%-30%; rounded estimate: 25%) recovery. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default considers a deep global economic recession that hinders worldwide demand for semiconductors and electronics despite current AI-driven demand, including data center buildouts. -- S&P believes a payment default for Qnity, given this proposed debt structure, would require a steep drop in cash flow generation for an extended period such that it drops below the level of estimated fixed charge requirements, and liquidity is nearly fully utilized. -- S&P assumes the company would reorganize, cut costs, and reposition its business such that it can remain viable and generate normalized EBITDA by emergence. Simulated default assumptions -- Simulated year of default: 2030 -- Jurisdiction: U.S. -- EBITDA at emergence after recovery adjustments: $525 million. -- EBITDA multiple: 6.5x Simplified waterfall -- Gross enterprise value: $3.41 billion -- Net enterprise value (after 5% administrative costs): $3.24 billion -- Valuation split (domestic obligors/foreign nonobligors): 20%/80% --Less: unpledged foreign stock: $908 million -- Collateral value available to secured debt: $2.3 billion -- First-lien debt: $4.2 billion --Recovery expectations: 50%-70% (rounded estimate: 65%) -- Unencumbered recovery value: $867 million -- Total unsecured claims (unsecured debt and pari-passu secured claims): $3.0 billion -- Total recovery value available to unsecured debt: $867 million --Recovery expectations: 10%-30% (rounded estimate: 25%) QUEST SOFTWARE: Sets Up 3.5-Tier Loan in 2nd Debt Shake-Up ---------------------------------------------------------- Reshmi Basu of Bloomberg News reports that Clearlake Capital Group-backed Quest Software is reorganizing its creditor repayment hierarchy for the second time in three months, launching another debt exchange to ease its debt burden. Under the latest plan, holders of the company's fifth-priority debt -- currently last in line among loan holders in a potential bankruptcy -- can swap their positions for a newly created "3.5-out" term loan at a discount, the report related, citing sources with knowledge of the deal. The move follows a May agreement in which Quest raised $350 million in new funding and pushed several creditors lower in the repayment order, the report said. About Quest Software Inc. Quest Software, also known as Quest, is a privately held software company headquartered in Aliso Viejo, California States. Quest provides cloud management, software as a service, security, workforce mobility, and backup & recovery. RED ROCK: Court OKs Deal on Cash Collateral Access -------------------------------------------------- The U.S. Bankruptcy Court for the District of Nevada approved a stipulation between Red Rock Mega Storage, LLC and Leigh Rodney and Clare R. Doney, co-trustees of the Rodney Family Trust, to resolve the company's amended motion to use cash collateral. The agreement allows the Debtor to use the Lender's cash collateral, specifically the rental income from the self-storage property located at 8803 Red Rock Road, Reno, NV, in accordance with an agreed-upon operating budget. The Lender consents to the use of the cash collateral solely for maintaining and preserving the collateral properties, with limited variances and a $10,000 emergency repair reserve. The Debtor must make monthly adequate protection payments to the Lender equal to the net income from the property, after deducting operating expenses as detailed in the budget. The background of the case involves two loans from the Lender to the Debtor, totaling nearly $10 million, secured by deeds of trust on real property. The loans matured on August 1, 2023, and the Debtor defaulted. Despite a forbearance agreement entered into in August 2024, which temporarily delayed foreclosure, the Lender initiated foreclosure proceedings in February 2025 after the Debtor failed to cure defaults. A trustee's sale was scheduled for June 26, 2025, but the Debtor filed for Chapter 11 bankruptcy on June 17, 2025, halting the foreclosure. As of the bankruptcy petition date, the Debtor disputes the Lender's claimed loan balances—approximately $11.7 million for the first loan and $3.49 million for the second—but acknowledges the Lender's security interests in the rents and collateral. The property at 8803 Red Rock Road is a self-storage facility with 97% occupancy and roughly $79,000 in monthly gross income. A copy of the stipulation is available at https://urlcurt.com/u?l=bONIaV from PacerMonitor.com. About Red Rock Mega Storage Red Rock Mega Storage, LLC operates a storage facility offering a range of unit sizes, including climate-controlled spaces and enclosed units for RV and boat storage. It serves customers in Reno, Nevada, with 24/7 access and on-site amenities. Red Rock Mega Storage sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-50549) on June 17, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Judge Hilary L. Barnes oversees the case. Kevin A. Darby, Esq., at Darby Law Practice, Ltd is the Debtor's bankruptcy counsel. Rodney Family Trust, as lender, is represented by Amy N. Tirre, Esq. at Law Offices of Amy N. Tirre, A Professional Corporation. REFRIGERATION TECHNOLOGIES: Gets Extension to Use Cash Collateral ----------------------------------------------------------------- Refrigeration Technologies, LLC, received sixth interim approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral to fund operations. The sixth interim order authorized the Debtor to use cash collateral from August 1 until the next hearing scheduled for November 12 or until the occurrence of so-called termination events. Termination events include the dismissal or conversion of the Debtor's Chapter 11 case; the appointment of a Chapter 11 trustee; cessation of the Debtor's operations; and the Debtor's failure to perform its obligations under the sixth interim order (with a five-day grace period following notice from secured creditors). As adequate protection for any diminution in the value of their cash collateral, secured creditors will be granted replacement liens on the Debtor's property securing their claims, to the same extent and with the same priority as their pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 causes of action or rights of recovery and are subordinate to trustee fees and claims of the Debtor's professionals. In case the replacement lien proves to be inadequate, the claims of secured creditors will have priority under Section 507(b) of the Bankruptcy Code, placing the secured creditors ahead of others for repayment. The next hearing is set for November 12. Penn Liberty Bank, Bibby Financial Services, Inc., WBL and Wellen Capital, LLC are the secured creditors that may have interest in the cash collateral. WBL obtained a judgment against the Debtor in the amount of $331,193.07 prior to the petition date. Meanwhile, the three other creditors already received full payments but their UCC-1 financing statements were not terminated. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/DHdmH from PacerMonitor.com. About Refrigeration Technologies Refrigeration Technologies, LLC filed a Chapter 11 bankruptcy petition (Bankr. E.D. Pa. Case No. 24-12902) on August 19, 2024, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Ashely M. Chan presides over the case. James Christopher Vandermark, Esq., at White and Williams, LLP represents the Debtor as legal counsel. RENT-A-CHRISTMAS: Seeks Cash Collateral Access ---------------------------------------------- Rent-A-Christmas LLC asked the U.S. Bankruptcy Court for the Southern District of New York for authority to use cash collateral and provide adequate protection. The Debtor specializes in designing, renting, and installing seasonal holiday displays for commercial and residential clients. As of the July 29 filing date, Rent-A-Christmas estimates its assets are worth $218,209. The Debtor requested authority to use cash collateral, particularly funds potentially subject to security interests held by New York Business Development Corporation, the only creditor believed to have valid, perfected security interests in its assets. Other potential secured creditors include the U.S. Small Business Administration and Corporation Service Company but their financing statements lapsed as of June and July 2025, respectively, making their claims unsecured. The Debtor has two active loans with NYBDC: 1. A 2021 loan with about $26,267 remaining. 2. A modified 2022 loan (formerly a line of credit) with about $29,483 owed. To protect NYBDC's interests, the Debtor proposed adequate protection in the form of: 1. Replacement liens on all pre- and post-petition assets, excluding any funds recovered through avoidance actions (e.g., preference or fraudulent transfer claims). 2. Monthly payments in the original loan amounts ($873 and $1,614). Subordination of the replacement liens to specific carve-outs, including U.S. Trustee fees, court-approved professional fees, and potential Chapter 7 trustee fees up to $10,000. The Debtor argued that use of the cash collateral is essential to maintain operations, preserve asset value, and ensure a successful reorganization. The proposed budget outlines necessary operating expenses, and the Debtor asserts that NYBDC will be adequately protected through the replacement liens and continued payments. A court hearing will be held on August 27. About Rent-A-Christmas LLC Rent-A-Christmas LLC is a seasonal decoration rental company specializing in Christmas trees, lights, and holiday displays for commercial and residential customers. Rent-A-Christmas LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22707) on July 29, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities $1 million and $10 million. Judge Sean H. Lane oversees the case. The Debtor is represented by Julie Cvek Curley, Esq. at Kirby Aisner & Curley LLP. RMKD LIQUORS: Unsecured Creditors to Get Nothing in Sale Plan ------------------------------------------------------------- RMKD Liquors Inc., d/b/a Columbia Wine Co., filed with the U.S. Bankruptcy Court for the Southern District of New York a Subchapter V Plan of Reorganization dated August 5, 2025. The Debtor is a New York Corporation which maintains its principal place of business at 4038 Broadway, New York, New York 10032 in the building known as and located at 565 West 169th Street, New York, New York 10032 ("Business Location"), in the Washington Heights area of New York City. The Debtor is a retail liquor store in New York that specializes in selling alcoholic beverages. It offers a wide range of products, including wine, spirits such as vodka, whiskey, rum and tequila, liqueurs, and sometimes specialty items like mixers, cocktail ingredients if it contains alcohol, or alcohol-related accessories such as bottle openers, wine bags, and wine keys. Pre-petition, the Debtor secured a business broker, RE/MAX ("Broker"), to secure a ready, willing and able purchaser for its business, which the Broker did. The Debtor has been negotiating with the potential purchaser and is hopeful that an asset purchase agreement will be finalized shortly. Since the Debtor's Secured Creditors hold blanket liens on all of its assets and they total $734,238.71, with any potential buyer paying only approximately $400,000 for its assets, there will be no funds left to distribute to unsecured creditors. Unsecured claims total $146,141.27. After secured, administrative and priority claims are paid in full, $0.00 will remain to be distributed to unsecured creditors of their timely filed claims under this Plan. The projection of the net sale proceeds from the gross sale price of $400,000 is the Debtor's projected disposable income over the life of the Plan (which will be upon consummation of any sale). There will be no funds remaining after distribution to secured creditors on their validly held liens against the Debtor's assets and as such, unsecured creditors will receive $0.00 distribution under the Plan. This Plan under chapter 11 of Title 11 of the United States Code proposes to pay creditors of the Debtor from the net sale proceeds of substantially all of its assets. General Unsecured Creditors holding allowed claims will receive distributions which the Debtor has valued at approximately $0.00 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. The Debtor reserves the right to object to certain claims, which if successful could increase the pro rata distribution to allowed creditors, although no objections are currently anticipated. Class 6 consists of all Allowed General Unsecured Claims, which shall be paid $0.00 on its claim. Class 6 is impaired and is entitled to vote to accept or reject the Plan. Upon the effective date of the plan, the holder of the interests of the Debtor shall retain such interests. The distribution to the creditors of the Debtor is to be made after closing on the sale of substantially of the Debtor's assets to a potential purchaser together with existing cash of the Debtor in its DIP account. The Debtor specifically reserves all future income necessary for operating expenses and working capital. A full-text copy of the Subchapter V Plan dated August 5, 2025 is available at https://urlcurt.com/u?l=apMRsP from PacerMonitor.com at no charge. Counsel to the Debtor: Jeb Singer, Esq. J. Singer Law Group, PLLC 1 Liberty Plaza, 23rd Floor New York, New York 10006 Telephone: (917) 806-5832 Email: jsinger@jsingerlawgroup.com About RMKD Liquors RMKD Liquors Inc. operates a retail liquor store in New York, offering a variety of alcoholic beverages including wine, vodka, whiskey, rum, tequila, and liqueurs. It also sells alcohol-related accessories such as bottle openers, wine bags, and wine keys, and occasionally stocks specialty items like cocktail mixers containing alcohol. RMKD Liquors sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10940) on May 7, 2025. In its petition, the Debtor reported total assets of $127,400 and total liabilities of $1,440,174. Judge David S. Jones handles the case. The Debtor is represented by Jeb Singer, Esq., at J. Singer Law Group, PLLC. ROCK HOME: Claims to be Paid from Asset Sale Proceeds ----------------------------------------------------- Rock Home, LLC filed with the U.S. Bankruptcy Court for the Middle District of Tennessee a Chapter 11 Plan of Liquidation dated August 5, 2025. The Debtor was formed as a 2-member Tennessee limited liability company in August of 2018. It was a formed as a construction company and built homes. The Debtor also sought to acquire, develop and sell land in the greater Nashville area. In 2022, the Debtor acquired land in Nashville on E Stewarts Lane, which was divided into 11 lots. The Debtor sold 3 of those lots (Lots 1, 3, and 5) to Miklar, LLC and subsequently built homes thereon. The Debtor still owns the remaining 8 lots (Lots 2, 4, and 6-11), though none of these lots have any structural improvements. Of the 3 homes the Debtor constructed for Miklar, 2 have been sold and 1 remains to be sold by Miklar. With the exception of potential punch list items that may be needed from the Debtor upon a sale by Miklar, the Debtor does not presently have any ongoing construction projects. The precise total value of the Real Estate is unknown, though each lot is believed to have an approximate value of $162,500. Using this per lot assumption would results in collective gross sales prices of $1,300,000, which would be sufficient to satisfy the corresponding property taxes, the secured debt of Heritage Bank & Trust, the remaining balance of the judgment lien. Sales in excess in of such assumed amount may realize a surplus. This Plan provides for three classes of secured claims; one class of unsecured claims; and one class of equity interests of the Debtor. Allowed secured claims shall receive payment from the sale of real estate owned by the Debtor, and allowed unsecured claims shall receive payment from any excess proceeds available after such sales. The Plan also provides for payment of administrative and priority claims. Class No. 4 consists of All Allowed Unsecured Claims. The Net Sale Proceeds from the sale the Real Estate, after satisfaction of Classes 1-3, Administrative Claims, Priority Tax Claims, Other Priority Claims and the costs of continued performance of this Plan up to the point of closing on the last sale of Real Estate shall constitute a pool available for this unsecured class (the "Unsecured Pool"). The Unsecured Pool shall be paid pro-rata to the claimholders in this class. The Unsecured Pool shall be distributed through a lump-sum payment paid pro-rata to the claimholders in this class. This Class is impaired. Unless otherwise ordered by the Court, the membership interests in the Debtor will remain with the members who held the same as of the Petition Date. The Debtor will engage in the marketing of remaining lots of the Real Estate for the purpose of selling the same. The Debtor will use Michael Matthews, a principal of the Debtor and licensed agent in Tennessee, or such other broker or agent the Debtor may see fit in the Debtor's sole and exclusive discretion to assist in the marketing and sale of the Real Estate. If the Debtor uses Mr. Matthews to sell any of the Real Estate, no commission or other compensation would be paid from the Debtor's estate for these services. Net Sale Proceeds after satisfaction of the Claims in Classes 1-3 shall be held for distribution pursuant to the terms of this Plan. Upon sale(s) of the Real Estate and satisfaction of the Claims in Classes 1-3, the Debtor shall file a Notice of Net Sale Proceeds and Motion to Distribute with the Court that shall inform the Debtor's creditors of the amount of Net Sale Proceeds and proposed distribution thereof. The distribution shall respect the priority scheme of the Bankruptcy Code and, accordingly, satisfy unsecured priority claims first. Any remaining amounts after satisfying the secured and priority claims shall be distributed to the Class 4 Claimants on a pro-rata basis. A full-text copy of the Liquidating Plan dated August 5, 2025 is available at https://urlcurt.com/u?l=yucC6V from PacerMonitor.com at no charge. Counsel to the Debtor: Gray Waldron, Esq. Dunham Hildebrand Payne Waldron, PLLC 9020 Overlook Blvd., Ste. 316 Brentwood, TN 37027 Telephone: (629) 777-6519 Email: gray@dhnashville.com About Rock Home LLC Rock Home, LLC is a privately held company with principal real estate assets located in Nashville, Tenn. Rock Home sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-01934) on May 5, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Nancy B. King handles the case. The Debtor is represented by Denis Graham Waldron, Esq., at Dunham Hildebrand Payne Waldron, PLLC. RSTZ TRANSPORT: Court OKs Tractor Sale to William Robinson for $95K ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, has approved RSTZ Transport Inc. to sell the 2020 Peterbilt 389 Sleeper Tractor, free and clear of liens, claims, interests, and encumbrances. The The Debtor is a Georgia corporation and operates an over-the-road trucking business. The Debtor's President, Richard Bethune, operates the business. The Court has authorized the Debtor to sell the Tractor to William Robinson for the total purchase price of $95,000. All proceeds shall be paid to Lender Flagstar Financial & Leasing LLC (Lender) upon the closing of the sale of the Asset. All liens, claims, encumbrances, and interests on the Asset shall be deemed divested, released, and terminated, subject to the terms and conditions of the Order. About RSTZ Transport Inc. RSTZ Transport Inc. is a Georgia-based corporation operating in the general freight trucking industry. RSTZ Transport filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 25-20123) on January 31, 2025, listing total assets of $3,464,462 and total liabilities of $4,588,041. Judge James R. Sacca oversees the case. Ian Falcone, Esq., at The Falcone Law Firm, PC is the Debtor's bankruptcy counsel. SABRE INDUSTRIES: S&P Affirms 'B' ICR, Outlook Stable ----------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on Electric transmission and distribution structures producer Sabre Industries Inc. S&P also assigned its 'B' issue-level rating and '3' recovery rating to Sabre's proposed $1.26 billion term loan. The stable outlook reflects S&P's expectation for net leverage of 4x-5x over the next 12 months. S&P said, "Post-transaction, we forecast leverage near 5x while Sabre maintains financial flexibility and a cushion against materially weaker market conditions. We expect that, following the dividend recapitalization, the capital structure will consist of a $150 million revolving credit facility due 2030 with $98 million of availability, a $125 million accounts receivable (AR) securitization facility due 2027 with $27 million of availability, and a new $1.26 billion term loan due 2032. While the addition of approximately $400 million in debt to fund the dividend payment will increase leverage to 4.8x from 4.0x as of fiscal year-end 2025, we expect revenue growth and stable margins will be sufficient to support liquidity and continued access to capital markets. Further, we expect the company will maintain EBITDA interest coverage of about 3.1x while generating positive free cash flow. As such, the company has a significant cushion against any potential material earnings decline." Sabre's financial risk assessment reflects its ownership by a financial-sponsor owner; nonetheless, its recent earnings growth materially improved leverage. S&P's view of its financial risk will continue to reflect the company's ownership by a financial sponsor and the potential for additional debt-financed shareholder rewards in the future. That said, the company reduced leverage by roughly two turns as of fiscal year-end 2025 versus the previous year. At the same time, EBITDA interest coverage nearly doubled while the company continued to generate positive free cash flow. S&P anticipates this will continue given strong market fundamentals and record-level contracted backlogs. Sabre benefits from favorable long-term growth prospects in both the utility and telecommunication segments, backed by continued infrastructure investment projects despite limited scale, product, and geographic diversity. S&P's view of Sabre's business risk reflects its relatively small (but steadily growing) scale, narrow product focus, and limited geographic diversity compared with higher-rated peers in the building materials industry. However, within the space Sabre operates, it does have some breadth of product, including towers, monopoles, transmission structures, and other ancillary components. The company has a market share of approximately 26% in the utility segment and 37% in the telecom segment. S&P said, "Further, we view Sabre's profitability as average compared with the broader building materials' industry, while comparing favorably with its direct competitors. We also believe long-term demand fundamentals for the company's products are favorable, driven by continued transmission investment for reliability and grid hardening. We also expect demand in the telecom segment to improve through investments in increased communication capacity for the mobile industry and further buildout of the 5G mobile networks. "The stable outlook on Sabre reflects our expectation that the company will maintain S&P Global Ratings-adjusted leverage of nearly 5x and EBITDA interest coverage of at least 2x over the next 12 months. We expect the company to maintain these credit measures even as macroeconomic and operating conditions remain difficult." S&P could lower its ratings on Sabre within the next year if: -- S&P Global Ratings-adjusted EBITDA declines more than 25% such that S&P Global Ratings-adjusted leverage rises above 7x and EBITDA interest coverage declines toward 1.5x with little prospect of rapid recovery; or -- Management undertakes a more aggressive financial policy, including pursuing large, debt-financed acquisitions and/or shareholder returns, which weaken credit measures. Although highly unlikely given the company's ownership by a private-equity firm, S&P would upgrade Sabre if: -- S&P Global Ratings-adjusted debt to EBITDA improves to well below 5x and we believe it can sustain those levels through most market conditions; and -- The financial sponsor demonstrates commitment to this level for multiple years. SAMYS OC: Seeks to Extend Plan Exclusivity to August 30 ------------------------------------------------------- Samys OC, LLC ("SOCL") asked the U.S. Bankruptcy Court for the District of Kansas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to August 30 and October 30, 2025, respectively. The Debtor explains that its Counsel has been working to review the pleadings filed in the case, the pleadings filed in the related cases, and working with the Debtor to formulate its Chapter 11 Plan. The Debtor claims that the company and its Counsel believe that additional time is needed to allow the Proof of Claim deadlines to expire and to allow Counsel for the Debtor and the Debtor to continue to work to formulate the Debtor's Chapter 11 Plan. The Debtor believes that it can have a Plan and Disclosure Statement filed with the Court if given until August 30, 2025. The Debtor asserts that the extension of time for the filing of the Plan and Disclosure Statement and the extension of time for the exclusivity periods will not work a hardship on creditors and is in the best interest of all parties to allow the Proof of Claim deadlines to expire and to allow Counsel for the Debtor and the Debtor to continue to work to formulate the Debtor's Chapter 11 Plan. About Samys OC LLC Samys OC, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kansas Case No. 24-11166) on Nov. 14, 2024, listing up to $50,000 in assets and $10 million to $50 million in liabilities. The petition was signed by Amro M. Samy as managing member. Judge Mitchell L Herren presides over the case. The Debtor is represented by: Lora J Smith, Esq. Hinkle Law Firm Tel: 316-267-2000 Email: lsmith@hinklaw.com Nicholas R Grillot Hinkle Law Firm, L.L.C. Tel: 316-267-2000 Email: ngrillot@hinklaw.com SETON EDUCATION: S&P Affirms 2021A/B Long-Term Revenue Bonds 'BB+' ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB+' long-term rating on Build NYC Resource Corp.'s series 2021A tax-exempt and series 2021B taxable educational revenue bonds, issued for Seton Education Partners (Seton) on behalf of Brilla Public Preparatory Charter Schools (Brilla). The outlook is stable. S&P said, "We do not view the school's social capital risk as elevated in our credit analysis due to its growing enrollment, despite some signs of weakening demographic trends in the local area school-age population, which has led to heightened competition for students. We also evaluated the environmental and governance factors and consider them to be neutral within our credit analysis. "The stable outlook reflects our expectation that Brilla will continue to grow enrollment as it opens the two additional middle schools in fall 2025, thereby supporting strong financial metrics including sufficient lease-adjusted MADS coverage and liquidity. "We could consider a negative rating action if the school fails to meet budgeted enrollment levels such that operations are pressured, resulting in continued operating deficits and weakening of lease-adjusted MADS coverage, or if it has a significant decline in liquidity. "We could consider a positive rating action over time should enrollment continue to grow and the network expand with new schools or should there be sustained improvements within the financial profile, including moderation in lease-adjusted MADS burden and a trend of positive operating margins." SRX CANADA: Seeks Creditor Protection Under CCAA ------------------------------------------------ SRx Health Solutions, Inc. (NYSE American: SRXH), a global health and wellness company, on Aug. 12, 2025, announced that its subsidiary, SRx Health Solutions (Canada), Inc. ("SRx Canada") and certain of its subsidiaries has sought creditor protection in Canada under the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended from the Supreme Court of Ontario. The decision to seek creditor protection was made in the best interest of its stakeholders after careful evaluation of SRx Canada's financial situation and all available alternatives following consultation with its legal and financial advisors. In the CCAA Proceedings, SRx Canada will seek to obtain a stay of proceedings and the approval of debtor-in-possession financing. The stay of proceedings and DIP Financing are intended to provide SRx Canada with the time and stability required to consider potential restructuring transactions and maximize the value of its assets for the benefit of its stakeholders, which may include the sale of all or substantially all of the business or assets of SRx Canada through a Court-supervised sales process. The Company intends to carry on the critical aspects of the business of SRx Canada throughout the pendency of the CCAA Proceedings. The Company anticipates that neither it nor any of its United States assets, including its subsidiary Halo, Purely For Pets, Inc., will be affected by the CCAA Proceedings and no United States bankruptcy proceedings will be commenced. On Aug. 12, the SRx Health also announced that SRx Canada and certain of its subsidiaries obtained an Initial Order in Canada under the federal Companies' Creditors Arrangement Act from the Ontario Superior Court of Justice (Commercial List). In connection with the Initial Order, the Court granted, among other relief: -- a stay of proceedings in favor of SRx Canada -- the appointment of Grant Thornton Limited as the monitor of SRx Canada (in such capacity, the "Monitor") -- debtor-in-possession financing -- a sale process SRx Canada has secured DIP Financing (which includes insider participation). The Dip Financing consists of a credit facility of up to a maximum of $1,750,000 which is expected to be used to financing SRx Canada's working capital needs, including for continued operations and to implement the restructuring contemplated by the CCAA Proceedings. The CCAA Proceedings and DIP Financing will provide SRx Canada with the time and stability required to complete the Sale Process and identify transaction(s) which may include the sale of all or substantially all of the business or assets of SRx Canada. The Company intends to carry on the critical business of SRx Canada throughout the pendency of the CCAA Proceedings. Pursuant to the Initial Order, the Monitor is maintaining a case website at the following URL: https://www.doanegrantthornton.ca/Srx. All materials filed and orders granted in the CCAA Proceedings will be uploaded to the case website. Neither the Company nor the Company's United States subsidiary, Halo, Purely For Pets, Inc., a Delaware corporation, has made any filing under any bankruptcy code or statutory reorganization scheme either in the United States or in Canada. About SRx Health Solutions, Inc. SRx Health Solutions Inc. is an integrated Canadian healthcare services provider that operates within the specialty healthcare industry. The SRx network extends across all ten Canadian provinces, making it one of the most accessible providers of comprehensive, integrated, and customized specialty healthcare services in the country. SRx combines years of industry knowledge, technology, and patient-centric focus to create strategies and solutions that consistently exceed client expectations and drive critical patient care initiatives aimed to improve the wellness of Canadians. For more information on SRx Health Solutions Inc., please visit www.srxhealth.com. STARWOOD PROPERTY: S&P Rates New $500MM Sustainable Term Loan 'BB' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB' issue rating to Starwood Property Mortgage LLC's proposed $500 million sustainable term loan due August 2032. The 'BB' rating is in line with our issuer credit rating on its parent, Starwood Property Trust Inc. (Starwood). S&P also rates the proposed loan in line with Starwood Property Mortgage's existing secured term loans and a notch above Starwood's unsecured debt. S&P said, "The proposed issuance won't affect our measure of Starwood's leverage (debt to adjusted total equity), which was about 3.3x as of June 30, 2025. Starwood will use the net proceeds to pay down repurchase facilities ($10.3 billion outstanding as of June 30, 2025). In addition, after the second quarter end, the company completed its acquisition of Fundamental Income Properties. Pro forma for the acquisition and $500 million in equity raise, we expect leverage to be roughly 3.4x (meaning it would remain within our expected range of 3.0x-4.0x). "We view favorably Starwood's actions to reduce the funding cost on its existing term loans and diversify its funding by accessing the unsecured debt markets earlier this year. We think that the impact of high interest rates has been realized in commercial real estate (CRE) lenders' portfolios and that older vintage loans (originated before 2022) will cause further asset quality deterioration. But as of the end of June, about 42% of Starwood's commercial portfolio was originated after the first quarter of 2022, and that should help the portfolio withstand the ongoing challenges in the CRE markets." The company's higher-risk internally rated loans (those with its internal scores of 4 and 5) totaled $2.4 billion, or about 37% of its adjusted total equity, as of June 30, 2025. In the second quarter, Starwood foreclosed on two loans that were previously on nonaccrual and were risk-rated 5 internally--an $84 million multifamily loan and a $56 million life-science loan, for a total of about $140 million, net of specific reserve against the life-science property. As a result, total loans foreclosed were $655 million as of the end of June, versus $510 million at the end of the prior quarter. S&P said, "We expect that the company's good diversification, expertise in managing troubled assets, and sizable unencumbered assets will allow it to navigate through its asset quality strains without it seeing a significant weakening of its financial or business positions. Office loans in the U.S. make up 9% of Starwood's assets (8% pro forma for the Fundamental acquisition), below the proportional exposures of many of its rated peers. "The stable rating outlook on Starwood indicates that we expect the company to manage difficult conditions in CRE without a sharp worsening of its asset quality, liquidity, or performance. We also expect the company to maintain leverage at 3x-4x and meet its debt maturities." STERLING GARDENS: Hires McManimon Scotland & Baumann as Attorney ---------------------------------------------------------------- Sterling Gardens Realty LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire McManimon, Scotland & Baumann, LLC as attorneys. The firm's services include: a. advising the Debtor with respect to the power, duties and responsibilities in the continued management of its financial affairs as a debtor, including the rights and remedies of the debtor-in-possession with respect to its assets and claims of creditors; b. advising the Debtor with respect to preparing and obtaining approval of a disclosure statement and plan of reorganization; c. preparing on behalf of the Debtor, as necessary, applications, motions, complaints, answers, orders, reports, and other pleadings and documents; d. appearing before this Court and other officials and tribunals, if necessary, and protecting the interests of the Debtor in federal, state, and foreign jurisdictions and administrative proceedings; e. negotiating and preparing documents relating to the use, reorganization, and disposition of assets as requested by the Debtor; f. negotiating and formulating a disclosure statement and plan of reorganization; g. advising the Debtor concerning the administration of its estate as a debtor-in-possession; and h. performing such other legal services for the Debtor as may be necessary and appropriate. The firm will be paid at these rates: Anthony Sodono, III (Member) $725 Michele M. Dudas (Partner) $560 Partners $350 to $695 Associates $220 to $350 Law Clerks $150 to $175 Paralegals and Support Staff $175 to $275 Anthony Sodono, III, Esq., a partner at McManimon Scotland, 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. The firm can be reached through: Anthony Sodono, III, Esq. McManimon, Scotland & Baumann, LLC 75 Livingston Avenue, Suite 201 Roseland, NJ 07068 Tel: (973) 622-1800 Email: asodono@msbnj.com About Sterling Gardens Realty LLC 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. Sterling Gardens Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-18052) on July 31, 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 Christine M. Gravelle handles the case. The Debtor is represented by Anthony Sodono, III, Esq. at McMANIMON, SCOTLAND & BAUMANN, LLC. SUMMIT PROTECTIVE: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Summit Protective & Investigative Services, Inc. got the green light from the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral to pay operating expenses pending the final hearing on August 27. As adequate protection for the Debtor's use of their cash collateral, secured creditors including Wheatland Bank, Evolve Services LLC and Retail Capital LLC will be granted replacement liens on the Debtor's assets whether such assets were acquired before or after the Debtor's Chapter 11 filing, with the same priority as their pre-bankruptcy liens. As additional protection, Wheatland Bank will receive a monthly payment of $1,250. The Debtor operates as a security services company and generates income from providing security guard services. The funds it intends to use are payments received from its clients in which the secured creditors hold UCC liens. The Debtor said that, without access to these funds, it will be unable to pay necessary ongoing business expenses such as employee wages, rent, vehicle-related costs, fuel, insurance, and utilities. Although other secured creditors exist, their interests are limited to liens on specific vehicles and do not extend to the cash collateral at issue. About Summit Protective & Investigative Services Summit Protective & Investigative Services, Inc. provides security guard services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-23819) on July 24, 2025. In the petition signed by Ronald Ressurection, chief financial officer, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Judge Christopher M. Klein oversees the case. Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger, represents the Debtor as legal counsel. SUNOCO LP: Moody's Confirms 'Ba1' CFR & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings confirmed the ratings of Sunoco LP (Sunoco), including its Ba1 corporate family rating, its Ba1-PD probability of default rating and its Ba1 senior unsecured notes rating. The Ba1 backed senior unsecured ratings of NuStar Logistics, L.P. and the backed revenue bonds issued by St. James (Parish of) LA were also confirmed. The outlook was changed to stable from ratings under review. Sunoco's speculative grade liquidity rating (SGL) remains unchanged at SGL-2. This concludes the review for downgrade that was initiated on May 05, 2025. RATINGS RATIONALE Sunoco's Ba1 CFR benefits from its investment grade scale, a large operating footprint, and a strong measure of contracted pipeline and storage earnings that bring important diversification and margin stability to its legacy wholesale fuel distribution business. The pending $9.3 billion acquisition of Calgary, Alberta-based Parkland Corporation (Ba2 review for upgrade) expands Sunoco's wholesale distribution operations into Canada and the Caribbean and adds considerable scale. The acquisition received approval from Parkland's shareholders in June and awaits Canadian regulatory approvals, currently expected in the fourth quarter of 2025. Post-acquisition, Sunoco will be one of the largest distributors of motor fuels in North America, benefitting from the geographic reach and revenue stability of this business and the strength of its Sunoco retail brand in the US. The rating is constrained by Sunoco's elevated debt leverage and its exposure to fuel volume risk which leaves it vulnerable to shifts in market demand and the long-term secular decline in fuel consumption tied to efforts to decarbonize the global economy. The Parkland acquisition shifts Sunoco's business mix back toward wholesale fuel distribution, which heightens its business risk. Sunoco's debt/EBITDA of 4.7x, including Moody's standard debt adjustments and pro forma for the closing of the acquisition which is expected in the fourth quarter of 2025, will exceed Moody's 4.5x downgrade threshold. The company has identified substantial synergies it expects to realize post-acquisition through a mix of cost reductions and commercial opportunities that will allow Sunoco to reduce leverage to 4.4x by year-end 2026 under mid-cycle fuel margin assumptions, with additional deleveraging likely in 2027. The company has a good track record of delivering acquisition-related synergies, most notably its 2024 $7.3 billion acquisition of NuStar Energy L.P. in which it was able to execute its cost reduction and commercial plans in a manner that allowed it to return its financial leverage to pre-acquisition levels well ahead of schedule. Moody's expects that Sunoco will continue to be acquisitive, with an appetite for logistics assets such as terminals and storage tanks that support the distribution business in the company's more attractive markets. However, Moody's expects that Sunoco will adhere to its stated long-term leverage target of 4x (about 4.3x including Moody's standard operating lease adjustments) and that acquisitions will be paced and funded in a way that doesn't cause adjusted leverage to be sustained above 4.5x. Sunoco's Ba1 senior unsecured rating is the same as its CFR, reflecting the unsecured nature of its capital structure. Wholly-owned subsidiary NuStar Logistics L.P.'s (NSL) senior unsecured notes are rated Ba1, reflecting cross guarantees between Sunoco and NSL. The St. James Parish, LA revenue bonds are rated Ba1, reflecting Sunoco's guarantee. Moody's expects the capital structure to remain unsecured with debt pari passu following the Parkland acquisition, consistent with prior acquisitions. Moody's regard Sunoco as having good liquidity as indicated by its SGL-2 Speculative Grade Liquidity rating, principally a function of its fully undrawn $1.5 billion unsecured revolving credit facility, at March 31, 2025. The facility is primarily used to fund acquisitions and Sunoco periodically issues notes to term out borrowings. Moody's don't expect the company to rely on its revolver in any material way to fund operations (other than temporary working capital swings) or its capital program as Moody's forecasts Sunoco to generate positive free cash flow. The credit facility requires Sunoco to maintain a net leverage ratio of not more than 5.5x and interest coverage of not less than 2.25x, both of which Moody's expects the company to comfortably comply. Sunoco's next debt maturities are its $500 million notes issue in June 2026 and a $550 million issue in 2027, all of which Moody's expects Sunoco to address in the normal course. The revolver expires in 2030. Moody's expects the Parkland acquisition will be funded with a mix of long-term debt, preferred and common equity issuance and will not rely on the revolver for permanent financing of the deal. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if Sunoco's growth and acquisition activity resumes a midstream bias, and its adjusted debt/EBITDA approaches 3.75x while maintaining strong distribution coverage. The ratings could be downgraded if adjusted leverage is consistently above 4.5x and distribution coverage is maintained below 1.2x. Sunoco is a diversified midstream master limited partnership with a large motor fuel distribution network and crude oil, refined products, renewable fuels, and ammonia pipeline, storage and terminalling operations. Sunoco's general partner is owned by Energy Transfer LP (ET). Following the closing of the Parkland acquisition, ET will also own 15% of SUN's common units. Sunoco is headquartered in Dallas, Texas. The principal methodology used in these ratings was Midstream Energy published in February 2022. 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. SURF 9: Seeks to Hire Rocke McLean & Sbar as Special Counsel ------------------------------------------------------------ Surf 9 LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Rocke, McLean & Sbar, P.A. as special counsel. The firm will represent the Debtor in connection with an eviction action in Lee County, Florida, Case No. 25-CC-004672, commenced by Jetport Loop, LLC. The Debtor requires additional time to vacate the leased premises due to there being approximately 53,000 units of saleable product stored. The firm's fees range of $350 to $550 per hour for attorneys. Robert L. Rocke, Esq., a partner at Rocke, McLean & Sbar, P.A., assures the Court that his 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 Debtors and their estates. The firm can be reached through: Robert L. Rocke, Esq. Rocke, McLean & Sbar, P.A. 2309 S. MacDill Avenue Tampa, FL 33629 Telephone: (813) 769-5600 Facsimile: (813) 769-5601 Email: rrocke@rmslegal.com About Surf 9 LLC Surf 9 LLC is a limited liability company. Surf 9 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No.: 25-40078) on January 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. Kevin Nash, Esq. of Goldberg Weprin Finkel Goldstein LLP, serves as the Debtor's counsel. TAP-TEE REALTY: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Tap-Tee Realty Inc. 525 Myrtle Avenue Suite C-1 Brooklyn NY 11205 Chapter 11 Petition Date: August 11, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-43854 Judge: Hon. Elizabeth S. Stong Debtor's Counsel: Joshua Reid Bronstein, Esq. JOSHUA R. BRONSTEIN & ASSOCIATES, PLLC 114 Soundview Drive Port Washington NY 11050 Tel: 516-698-0202 E-mail: jbrons5@yahoo.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $100,000 to $500,000 The petition was signed by Eddie Doran as president. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HIIUGQY/Tap-Tee_Realty_Inc__nyebke-25-43854__0001.0.pdf?mcid=tGE4TAMA TELLICO RENTALS: Court Extends Cash Collateral Access to Aug. 31 ---------------------------------------------------------------- Tellico Rentals, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of Tennessee to use cash collateral. The interim order authorized the Debtor to use up to $73,200 in cash collateral through August 31 in accordance with its budget, subject to a 20% variance by category. The Debtor's cash collateral consists of rental income generated from 40 rental units located in Tellico Plains, Tennessee. Mary Jane Saunders, a secured creditor, asserts an interest in the property. As protection for the Debtor's use of her cash collateral, the secured creditor will be granted a post-petition lien on the existing collateral and collateral created after the petition date. To the extent the secured creditor is later determined to be inadequately protected, she is entitled to seek administrative priority afforded by Sections 507(a)(2) and 507(b) of the Bankruptcy Code. Meanwhile, the Debtor was ordered to escrow $3,700 each month for 2025 real property taxes into the trust account of Tarpy, Cox, Fleishman & Leveille, PLLC plus $1,075 monthly interest and penalties for past due 2023 and 2024 taxes. A final hearing is set for August 21. Objections are due by August 19. About Tellico Rentals LLC Tellico Rentals, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-31173) on June 19, 2025, listing up to $10 million in both assets and liabilities. Mohit Mankad, Tellico manager, signed the petition. Judge Suzanne H. Bauknight oversees the case. Edward J. Shultz, Esq., at Tarpy, Cox, Fleishman & Leveille, PLLC, represents the Debtor as legal counsel. TENEO HOLDINGS: Moody's Withdraws 'B2' CFR Following Debt Repayment ------------------------------------------------------------------- Moody's Ratings has withdrawn Teneo Holdings LLC's (Teneo) ratings, including the company's B2 corporate family rating and the B2-PD probability of default rating. Moody's have also withdrawn the B2 senior secured first lien bank credit facility rating (consisting of a revolving credit facility and term loan). Prior to the withdrawal, the rating outlook was stable. The ratings withdrawal follows Teneo's full repayment of its previously rated debt RATINGS RATIONALE Moody's have withdrawn the ratings because Teneo's debt previously rated by us has been fully repaid. Teneo is a global provider of strategic advisory services to CEOs and other senior executives of companies. TERRAFORM LABS: Founder Expected to Plead in $40B Fraud Case ------------------------------------------------------------ Pete Brush of Law360 reports that a Manhattan federal judge said Monday, August 11, 2025, that Terraform founder Do Kwon is expected to plead guilty in his $40 billion criminal fraud case. The order comes ahead of his 2026 trial and follows weeks of negotiations between his lawyers and federal prosecutors, the report states. About Terraform Labs Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins. It was co-founded by Do Kwon and Daniel Shin in 2018 in Seoul, South Korea. Terraform Labs introduced its first cryptocurrency token, TerraUSD, in 2019. Investment firms like Arrington Capital, Coinbase Ventures, Galaxy Digital, and Lightspeed Venture Partners helped Terraform Labs raise more than $200 million. The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022 caused the temporary suspension of the Terra network, wiping out over $45 billion in market capitalization in a single week. Both of Terra Form Labs' founders have encountered legal problems as a result of the devaluation of the company's currency. In September 2022, South Korean prosecutors filed a warrant for Do Kwon's arrest. He was also added to Interpol's Red Notice list, which urges other law enforcement to find and detain him. Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22, 2024. In the petition filed by Chris Amani, as chief executive officer, the Debtor estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Zachary I Shapiro, Esq., at Richards, Layton & Finger, P.A. TPI COMPOSITES: Begins Chapter 11 Process w/ $82.5MM DIP Loan ------------------------------------------------------------- Dale Quinn of Bloomberg News reports that TPI Composites has filed for voluntary Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas and secured an agreement with lenders for up to $82.5 million in debtor-in-possession (DIP) financing. The proposed financing, pending final documentation and court approval, is provided by senior secured lenders tied to funds managed by Oaktree Capital Management. It includes $27.5 million in new funding to support ongoing operations and $55 million to be rolled over from the company's existing senior secured credit facility, according to Bloomberg News. About TPI Composites Inc. TPI Composites -- https://tpicomposites.com/ -- is a leading wind-blade manufacturer and the only independent wind blade manufacturer with a global footprint. TPI Composites Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34655) on August 11, 2025. The company listed $500 million to $1 billion in estimated assets, along with $1 billion to $10 billion in estimated liabilities. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Gabriel Adam Morgan, Esq. at Weil, Gotshal & Manges LLP. TPI COMPOSITES: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------------- Lead Debtor: TPI Composites, Inc. 9200 E. Pima Center Parkway, Suite 250 Scottsdale Arizona 85258 Business Description: TPI Composites, Inc., headquartered in Scottsdale, Arizona, is an independent manufacturer specializing in advanced composite wind turbine blades. Founded in 1968 with roots from Tillotson Pearson Inc., the Company operates production facilities across the U.S., Mexico, Turkiye, and India, alongside engineering and service centers in Europe and the U.S. TPI serves global wind turbine OEMs by providing manufacturing and service solutions aimed at supporting decarbonization through wind energy. Chapter 11 Petition Date: August 11, 2025 Court: United States Bankruptcy Court Southern District of Texas Twenty-two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- TPI Composites, Inc. (Lead Case) 25-34655 TPI Texas, LLC 25-90283 TPI International, LLC 25-90284 TPI Turkey, LLC 25-90285 TPI APAC, LLC 25-90286 TPI APAC II, Inc. 25-90287 TPI Turkey II, LLC 25-90288 TPI Turkey Izbas, LLC 25-90289 TPI Composites Services, LLC 25-90290 TPI Mexico, LLC 25-90291 TPI Mexico II, LLC 25-90292 TPI Mexico III, LLC 25-90293 TPI Mexico IV, LLC 25-90294 TPI Mexico V, LLC 25-90295 TPI Mexico VI, LLC 25-90296 Ponto Alto Holdings, LLC 25-90297 TPI Arizona, LLC 25-90298 TPI Iowa, LLC 25-90299 TPI Iowa II, LLC 25-90300 Composite Solutions, Inc. 25-90301 TPI Holdings Mexico, LLC 25-90302 TPI Technology, Inc. 25-90303 Judge: Hon. Christopher M Lopez Debtors' Counsel: Gabriel A. Morgan, Esq. Clifford W. Carlson, Esq. WEIL, GOTSHAL & MANGES LLP 700 Louisiana Street, Suite 3700 Houston, Texas 77002 Tel: (713) 546-5000 Fax: (713) 224-9511 Email: gabriel.morgan@weil.com Clifford.Carlson@weil.com - and - Matthew S. Barr, Esq. Lauren Tauro, Esq. Ryan C. Rolston, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Tel: (212) 310-8000 Fax: (212) 310-8007 Email: matt.barr@weil.com Lauren.Tauro@weil.com Ryan.Rolston@weil.com Debtors' Financial Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC Debtors' Investment Banker: JEFFERIES LLC Debtors' Claims & Noticing Agent: KROLL RESTRUCTURING ADMINISTRATION LLC Total Assets as of June 30, 2025: $591,709,000 Total Debts as of June 30, 2025: $1,077,146,000 The petitions were signed by William E. Siwek as authorized signatory. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JXYERHI/TPI_Composites_Inc__txsbke-25-34655__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. U.S. Bank Trust Company, 5.25% Convertible $135,339,675 National Association Senior Notes Attn.: Joshua A. Hahn, VP Due 2028 60 Livingston Avenue Saint Paul, Minnesota 55107 United States Phone: (612) 659-2000 Email: joshua.hahn@usbank.com 2. Zoltek Corporation Trade Payable $17,064,236 Attn.: Dave Purcell, CEO 3101 McKelvey Road Bridgeton, Missouri 63044 United States Phone: (314) 291-5110 Email: david.purcell.a6@zoltek.com 3. Blue Cube Operations, LLC Trade Payable $14,631,033 Attn.: Ken Lane, CEO 190 Carondelet Plaza, Suite 1530 Clayton, Missouri 63105 United States Phone: (844) 238-3445 Email: klane@olin.com 4. Newtech Industrial Trade Payable $9,289,495 (Singapore) Pte. Ltd. Attn.: Kunlun Tan, President 987 Serangoon Road Singapore, 328147 Singapore Phone: +86 519 8343 8330 Email: kunlun@newtryglobal.com 5. Sunwell (Jiangsu) Carbon Trade Payable $8,015,451 Fiber Composite Co., Ltd. Attn.: Robert Tsai, Chairman No. 9 Industry South 6th Road Nantou City, TW-Nan, 54066 Taiwan Phone: +86 21 5774 6183 Email: robert@swancor.com 6. Baltek Trade Payable $7,312,211 Attn.: Eric Gauthier, CEO 108 Fairway Court Northvale, New Jersey 07647 United States Attn.: Eric Gauthier, CEO Phone: (201) 784-8370 Email: eric.gauthier@3acomposites.com 7. Zhejiang Zhenshi New Trade Payable $6,640,824 Materials Co., Ltd. Attn.: Anna Huang, Vice Chairman No 1 Guangyun South Road Tongxiang, 314500 China Phone: +86 13586493451 Email: anna.huang@zhenshi.com 8. Composites One, LLC Trade Payable $4,873,147 Attn.: David P. Smith, CCO 100 W 33rd Street New York, New York 10001 United States Phone: (866) 415-4954 Email: dave.smith@compositesone.com 9. Mankiewicz Coatings LLC Trade Payable $3,830,525 Attn.: Andrew Bellamy, CEO Georg-Wilhelm-Strasse 189 Hamburg, 21107 Germany Phone: +49 40 751030 Email: andrew.bellamy@mankiewicz.com 10. Westlake Epoxy Inc. Trade Payable $2,904,810 Attn.: Jean-Marc Gilson, CEO 2801 Post Oak Boulevard, Suite 600 Houston, Texas 77056 United States Phone: (380) 251-9900 Email: jgilson@westlake.com 11. SAERTEX LLC Trade Payable $2,859,222 Attn.: Christian Beckmann, CEO 12200 Mount Holly Hntrsvlle Road, Suite A Huntersville, North Carolina 28078 United States Phone: (704) 464-5998 Email: c.beckmann@saertex.com 12. Leadgo America Inc. Trade Payable $2,572,824 Attn.: Terry Hu, CEO 801 E Chapman Avenue, Suite 216 Fullerton, California 92831 United States Phone: (714) 729-0180 Email: thu@leadgo.us 13. Cotech IRM Services Inc. Trade Payable $2,296,048 Attn.: Raymond Semple, COO 12040 Perry Road Houston, Texas 77070 United States Phone: (281) 550-5540 Email: raymond.semple@auroraenergy.co 14. Advanced Cutting Solutions LLC Trade Payable $1,812,368 Attn.: Nathanial Makin, President 1400 Chef Menteur Highway New Orleans, Louisiana 70129 United States Phone: (504) 356-4107 Email: nmakin@acskits.com 15. LM Wind Power A/S Trade Payable $1,513,446 Attn.: Hanif Mashal, CEO LM Wind Power Asjupitervej 6 Kolding, DK-83, 836000 Denmark Phone: + 45 79 84 00 00 Email: hanif.mashal@lmwindpower.com 16. Finework(Hunan) New Trade Payable $1,504,708 Energy Technology Co., Ltd. Attn.: Zhang Youjun Chairman Dongxin Road Zoushi Town, Dahua Industry Park Changde City, Taoyuan County, CN-HN, 415701 China Phone: +86 0736-6643660 Email: youjun.zhang@shfinework.cn 17. Gurit Ltd. Trade Payable $1,410,599 Attn.: Javier Perez-Freije, CFO St Cross Business Park Newport, Isle of Wight, GB-NWP, PO30 5WU United Kingdom Phone: +41 44 316 15 50 Email: javier.perez@gurit.com 18. Jianhui FRP Trading Co., Ltd. Trade Payable $1,409,380 Attn.: Kari Loukola, Executive VP Room 1201 Allied Kajima Building 138 Gloucester Road Wanchai, Jiangsu, CN-HK, 523881 China Phone: +358 503422870 Email: kari.loukola@exelcomposites.com 19. Kaon Polymer and Trade Payable $1,302,435 Sealants Co., Ltd. Attn.: John Um, CEO 27 Jiwonro Danwongu Ansan-City, KR-41, 15619 Republic of Korea Phone: + 82 31 319 7088 Email: johnum@kaonpns.com 20. Polytech A/S Trade Payable $1,300,008 Attn.: William Tyllstrom, Director Business Development Industrievej 37 Bramming, DK-83, 6740 Denmark Phone: +45 75 10 10 26 Email: wty@polytech.com 21. Custom Profile, Inc. Trade Payable $1,225,904 Attn.: Keith Zeiler, CEO 2535 Waldorf Court NW Grand Rapids, Michigan 49544 United States Phone: (616) 735-4410 Email: kzeiler@custom-profile.com 22. LAP Laser LLC Trade Payable $1,204,241 Attn.: Thomas Simmerer, CEO 1830 Airport Exchange Boulevard, Suite 110 Erlanger, Kentucky 41018 United States Phone: (561) 416-9250 Email: t.simmerer@lap-laser.com 23. Roller Bearing Company Trade Payable $883,554 of America Attn.: Mike Hartnett, CEO 102 Willenbrock Road Oxford, Connecticut 06478 United States Phone: (203) 267-7001 Email: mhartnett@rbcbearings.com 24. American Clean Power Association Trade Payable $830,000 Attn.: Jason Grumet, CEO 1501 M Street NW, Suite 900 Washington, DC 20005 United States Phone: (202) 383-2500 Email: jgrumet@cleanpower.org 25. MDT A/S Trade Payable $746,781 Attn.: Jonas Andersen, Senior Design Engineer Vaerkstedsvej 2 Kolding, DK-83, DK-83 6000 Denmark Phone: +45 7555 9797 Email: jonas@flexible-products.dk 26. Enercon GmbH Customer Undetermined Attn.: Uli Sudhoff, CCO Claim Dreekamp 5 Aurich, 26605 Germany Phone: +49 4941 927100 Email: ulrich.suedhoff@gmx.de 27. GE Renewables Customer Undetermined Attn.: Scott Strazik, CEO Claim 1 River Road Schenectady, New York 12345 United States Phone: (518) 385-2211 Email: scott.strazik@gevernova.com 28. Nordex Energy Customer Undetermined Attn.: Jose Luis Blanco, CEO Claim Langenhorner Chaussee 600 Hamburg, 22419 Germany Phone: +49 40 300 30 1000 Email: jblanco@nordex-online.com 29. Siemens Gamesa Customer Undetermined Renewable Energy Claim Attn.: Marc Becker, Senior V.P. 2597 Highway 61 Fort Madison, Iowa 52627 United States Phone: (303) 895-2010 Email: marc.becker@siemensgamesa.com 30. Vestas Manufacturing Customer Undetermined Attn.: Todd O'Neill, CEO Claim 11140 Eastman Park Drive Windsor, Colorado 80550 United States Phone: (503) 327-2000 Email: toneill@vestas.com TPI COMPOSITES: Files for Chapter 11 Bankruptcy ----------------------------------------------- TPI Composites, Inc. (NASDAQ: TPIC) announced Aug. 11, 2025, that it, together with its domestic subsidiaries, has commenced voluntary chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas to pursue a comprehensive restructuring of the Company that will allow the Company to emerge as a stronger enterprise. To support the Company during this process, TPI has reached an agreement, subject to final documentation and approval of the Bankruptcy Court, with the Company's senior secured lenders comprised of funds affiliated with funds managed by Oaktree Capital Management, L.P. for Oaktree to provide a debtor-in-possession ("DIP") financing facility of up to $82.5 million and for the consensual use of cash collateral, which is anticipated to be approximately $50 million. It is expected that the DIP financing facility will be comprised of up to $27.5 million in new money to support the Company's day-to-day operations and up to $55 million rolled up from the Company's existing senior secured credit facility, underscoring Oaktree's continued support for and confidence in the Company. "Over the past several months, we have implemented strategic measures to fortify our business. These deliberate steps were designed to strengthen our financial stability and ensure we remain well-positioned to provide long-term benefits to our customers, suppliers, partners, and associates" said Bill Siwek, Chief Executive Officer of TPI. "Despite recent progress, industry-wide pressures have created financial challenges that must be addressed. We explored a variety of alternatives to address the challenges facing the Company and believe that a chapter 11 process is necessary to position the Company for success. We aim to reach agreement with stakeholders on the terms of a plan of reorganization for the Company to be able to right-size its balance sheet and go forward with the ability to compete successfully in the current economic environment. Doing so will provide access to new liquidity to continue our operations and invest in innovation, ensuring our customers can continue to count on TPI for leading-edge wind blade solutions." Mr. Siwek continued, "As we continue active negotiations with stakeholders regarding the terms of our restructuring and advance the chapter 11 process, we remain committed to serving our customers and collaborating closely with our suppliers. I am grateful to our associates for their dedication in continuing to deliver outstanding service, and to our customers, suppliers, service providers and other stakeholders for their steadfast support during this restructuring." Throughout this process and moving forward, TPI will continue operating normally and does not expect any material operational impact from the chapter 11 proceedings. The Company will continue to work closely with its customers and suppliers, including by continuing to operate its manufacturing sites and delivering blade services. In conjunction with the chapter 11 proceedings, the Company has filed a number of customary motions with the Bankruptcy Court seeking court authorization to support its operations, including the payment of employee wages, salaries and benefits. The Company anticipates receiving Bankruptcy Court approval for these requests and intends to continue honoring its obligations to key stakeholders post filing, including by satisfying payment obligations to suppliers for goods and services provided in accordance with customary terms after the filing. About TPI TPI Composites, Inc., is a global company focused on innovative and sustainable solutions to decarbonize and electrify the world. TPI delivers high-quality, cost-effective composite solutions through long-term relationships with leading OEMs in the wind markets. TPI is headquartered in Scottsdale, Arizona and operates factories in the U.S., Mexico, Türkiye and India. TPI operates additional engineering development centers in Denmark and Germany and global service training centers in the U.S. and Spain. On August 11, 2025, TPI Composites, Inc. and several subsidiaries sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 25-34655). TPI disclosed $591,709,000 in total assets against $1,077,146,000 in total debt as of June 30, 2025. The Hon. Christopher M Lopez is the case judge. Weil, Gotshal & Manges LLP is serving as legal counsel, Jefferies LLC. is serving as financial advisor, and Alvarez & Marsal North America, LLC is serving as restructuring advisor to TPI. Kroll is the claims agent. Sullivan & Cromwell LLP and Moelis & Company are serving as advisors to senior secured lenders. TRANSDIGM INC: S&P Rates New Sr. Secured Term Loan and Notes 'BB-' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB-' issue-level rating and '4' recovery rating to TransDigm Inc's (BB-/Stable) proposed $1,500 million senior secured term loan due 2032 and $1,500 million senior secured notes due 2034. The '4' recovery rating indicates S&P's expectation for average (30%-50%; rounded estimate: 40%) recovery for senior secured lenders in the event of a payment default. Additionally, S&P rated the company's $1,000 million senior subordinated notes due 2034 'B' with a recovery rating of '6', in line with existing subordinate debt. The '6' recovery rating indicates its expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default. TransDigm plans to allocate the proceeds from these facilities toward a special dividend. At the same time, S&P lowered its recovery rating on the company's existing senior secured debt to '4' from '3'. The change in the recovery rating was driven by the material increase in the amount of secured debt in its capital structure from the proposed transactions, reducing recovery prospects for secured debtholders. S&P said, "All our other ratings on TransDigm, including the 'BB-' issuer credit rating and stable outlook, are unchanged. The proposed transaction will increase debt meaningfully, fully exhausting the cushion built into the rating to account for the company's aggressive financial policy. However, forecasted credit metrics remain within downside triggers. We expect the company's S&P Global Ratings-adjusted leverage for the 2025 fiscal year ending Sept. 30 to measure 5.75x-6.00x, improving in 2026 to 5.50x-5.75x. We expect this improvement to be driven by favorable market conditions, especially within the aerospace aftermarket and by improving commercial original equipment manufacturer production levels." Issue Ratings--Recovery Analysis Key analytical factors -- The company's capital structure consists of a $910 million revolver, a $750 million accounts receivable (AR) securitization facility, approximately $23.1 billion of secured debt, and $6.1 billion of subordinated notes on a pro forma basis to include the proposed facilities. -- Other default assumptions include SOFR at 3.5%, the revolver is 85% drawn at default, and the AR facility is 100% drawn and a priority claim. Simulated default assumptions -- Year of default 2029 -- EBITDA at emergence: $1.9 billion -- EBITDA multiple: 6x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $10.8 billion -- Obligor/nonobligor split: 85%/15% -- Priority claims (AR facility): $458 million -- Value available to first-lien claim: $9.8 billion -- First-lien claims: $23.2 billion -Recovery expectations: 30%-50%; rounded estimate: 40% -- Value available for subordinated claims: $584 million -- Estimated subordinated claims: $6.2 billion -Recovery expectations: 0%-10%; rounded estimate: 0% TRAVEL + LEISURE: Fitch Rates New $500MM 2033 Secured Notes 'BB+' ----------------------------------------------------------------- Fitch Ratings has assigned Travel + Leisure Corporation's (TNL) anticipated $500 million senior secured notes issuance due 2033 a 'BB+' rating with a Recovery Rating of 'RR2'. Fitch currently rates TNL's Long-Term Issuer Default Rating (IDR) at 'BB-' with a Stable Rating Outlook. Proceeds will be used to repay the $350 million senior secured notes due October 2025, repayment of outstanding borrowings under the revolving credit facility, and general corporate purposes. The rating reflects TNL's top-three position in the timeshare industry, strong free cash flow and leverage profile. The recurring nature of the timeshare operating model consistently generates positive free cash flow, with flexible inventory investment. This is offset by recent increase in loan loss provision, exchange business declines, and general exposure to the discretionary travel industry. Key Rating Drivers Stable Leverage Profile: TNL ended 2024 with EBITDA leverage of 3.9x, down from 4.1x the prior year. Fitch's leverage calculation includes the company's net interest margin from timeshare financing, marking a variation from its criteria. Fitch excludes related nonrecourse debt and applies an adjustment to ensure proper capitalization of the company's captive finance operations. TNL targets a net debt/adjusted EBITDA ratio of 2.25x-3.00x, which includes financing income, nets gross recourse debt with cash and excludes nonrecourse debt. Solid Operating Model: TNL generates a substantial portion of revenue from recurring sources, at roughly 75% of 2024 revenue. These mainly consist of vacation ownership interests (VOI) upgrade sales, property management fees, consumer financing, exchange transactions and subscription revenue. The operating model is also prepaid by nature, as roughly 80% of the 809,000 owners as of Dec. 31, 2024 have no loans outstanding. Fitch views these factors positively, as they provide greater visibility for future revenue and offer a buffer against inflationary pressures or economic downturns, given the lock-in rate component. Mixed Performance: Recent performance demonstrates TNL's ability to attract new owners and improve margins to counter declines in exchange members and increases in loan losses. The company expects the loan loss provision to be 21% in 2025, which is a slight decline from 2024. In the travel and membership segment, the number of exchange members and transactions continues to steadily decline. The increasingly consolidated industry poses challenges for the exchange business, as a single dominant timeshare company can fulfill an array of existing options. Well-Positioned in a Competitive Industry: With 270+ resorts concentrated in destination cities, TNL is the largest timeshare operator based on owner families, which provides economies of scale and facilitates third-party marketing relationships. TNL is well positioned within the timeshare industry and has a diversified portfolio of vacation ownership brands operating under the vacation ownership business line, including Club Wyndham, WorldMark by Wyndham, Margaritaville Vacation Club, Sports Illustrated Resorts, and Accor Vacations Club. Industry Cyclicality: The domestic timeshare market is mature, with above-average economic cyclical sensitivity owing to the consumer discretionary nature of the product. The industry has a variety of competitive alternatives, including hotels and alternative lodging accommodation businesses, such as Airbnb, Inc., Vrbo and FlipKey. The consolidation of the industry into smaller but well-capitalized companies has allowed the industry to sustain and recover more quickly from economic downturns. Criteria Variation: Fitch's "Corporate Rating Criteria" requires deconsolidation of TNL's financial services operations and assumes a hypothetical capital injection to achieve the target standalone capital structure. However, Fitch performed a variation from this approach and included income from TNL's financial service operations in Fitch-adjusted EBITDA. Cash generated by Wyndham Consumer Finance, Inc., the wholly owned consumer financing subsidiary, flows directly up to TNL and is relatively stable and sustainable. Therefore, its inclusion better depicts the company's true operating position, as this cash flow supports its ability to service debt and finance operations. Peer Analysis TNL is the largest timeshare operator, with close to 809,000 owner families in its system. Comparable peers by size include Marriott Vacations, with 700,000 owner families, followed by HGV, with 725,000 members. TNL's and Marriott Vacations' revenues are diversified relative to HGV due to the inclusion of their respective timeshare exchange networks, RCI and Interval International. Additionally, Marriott Vacations has greater brand diversification relative to HGV and TNL through its relationship with Marriott International, Inc. and ILG's exclusive licenses to use the Starwood and Hyatt timeshare brands. Key Assumptions - Total revenues grow by low single digits in 2025 through 2027; - EBITDA margins at approximately 24% through 2027; - Financing income and expense included within EBITDA; - Base interest rates applicable to the company's outstanding variable rate debt obligations reflect current SOFR forward curve; - Capital return through share repurchases and dividends totaling roughly $400 million in 2025 through 2027; - All debt maturities through 2027 addressed by refinancing. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Severe disruption in the asset-backed securities (ABS) markets such that TNL needs to provide material support to its captive finance subsidiary; - Consistently negative FCF and material decline in liquidity; - EBITDA leverage sustaining above 4.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustaining below 3.0x; - Greater cash flow diversification by brand and/or business line; - Evidence of through-the-cycle sustainability in the company's capital light inventory sources such that it does not materially affect TNL's financial flexibility and operational strategy. Liquidity and Debt Structure At 2Q25, TNL had $212 million in cash and cash equivalents and $596 million of available capacity under its $1.0 billion revolving credit facility. Because TNL is reliant on the ABS market to help fund its timeshare customer lending activities, a significant economic downturn resulting in tightened credit markets could pressure TNL's securitization market access and potentially require the company to provide support to its finance subsidiary. This risk is somewhat mitigated by the company's annual extension of its two-year $600 million receivable securitization warehouse facility. As of 2Q25, the combined availability of TNL's U.S. dollar and Australian dollar/New Zealand dollar conduit facilities totaled $364 million, with capacity of $747 million. Issuer Profile Travel + Leisure, Co. (NYSE:TNL) is a timeshare company with Vacation Ownership and Travel & Membership segments. TNL develops, markets, sells and manages VOIs and provides consumer VOI financing. It operates the world's largest vacation exchange network, Resorts Condominium International. Date of Relevant Committee 25-Sep-2024 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 ----------- ------ -------- Travel + Leisure Co. senior secured LT BB+ New Rating RR2 TRIMONT ENERGY GIB: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Trimont Energy (GIB), LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to continue to use cash collateral. The court's 18th interim order approved the use of cash collateral for the period from Oct. 25, 2023, through the date which is five business days following a declaration to terminate, reduce or restrict the ability to use cash collateral by the Debtor. Certain entities may possess oil and gas liens under the Louisiana Oil Well Lien Act (LOWLA) on oil and gas assets owned by the Debtor. As protection against any diminution in value of their interests in the pre-bankruptcy collateral, the LOWLA lienholders will be granted valid and perfected security interests in, and liens on, the Debtor'd assets. These liens do not apply to any Chapter 5 causes of action and the proceeds, thereof. To the extent the liens granted prove to be inadequate, the LOWLA lienholders will receive superpriority administrative expense claims, subject to a fee carveout. The termination events under the 18th interim order include the filing by the Debtor of documents pertaining to a debtor-in-possession financing that adversely effects the LOWLA lienholders' liens; a default by the Debtor in reporting financial information; dismissal or conversion of the Debtor's Chapter 11 case; the appointment of a Chapter 11 trustee or examiner with enlarged powers; or other responsible person; and the failure by the Debtor to perform its obligations under the 18th interim order. The next hearing is set for August 27. The deadline for filing objections is on August 20. About Trimont Energy (GIB) Trimont Energy (GIB), LLC is a Houston-based company, which operates in the oil and gas extraction industry. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. La. Case No. 23-11869) on Oct. 25, 2023, with $1 million to $10 million in both assets and liabilities. Christopher O. Ryals, chief restructuring officer, signed the petition. Judge Meredith S. Grabill oversees the case. Douglas S. Draper, Esq., at Heller, Draper & Horn, LLC represents the Debtor as legal counsel. TRIMONT ENERGY LIMITED: Gets Extension to Access Cash Collateral ---------------------------------------------------------------- Trimont Energy Limited, Inc. received 18th interim approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to use cash collateral. The court's 18th interim order approved the use of cash collateral for the period from Oct. 25, 2023, through the date which is five business days following a declaration to terminate, reduce or restrict the ability to use cash collateral by the Debtor. Certain entities may possess oil and gas liens under the Louisiana Oil Well Lien Act (LOWLA) on oil and gas assets owned by the Debtor. As adequate protection against any diminution in value of their interests in the pre-bankruptcy collateral, the LOWLA lienholders will be granted valid and perfected security interests in, and liens on, the Debtor's assets. These liens do not apply to any Chapter 5 causes of action and the proceeds, thereof. To the extent the liens granted prove to be inadequate, the LOWLA lienholders will receive superpriority administrative expense claims, subject to a carveout. The termination events under the 18th interim order include the filing by the Debtor of documents pertaining to a debtor-in-possession financing that adversely effects the LOWLA lienholders' liens; a default by the Debtor in reporting financial information; dismissal or conversion of the Debtor's Chapter 11 case; the appointment of a Chapter 11 trustee or examiner with enlarged powers; or other responsible person; and the failure by the Debtor to perform its obligations under the 18th interim order. The next hearing is set for August 27. Objections are due by August 20. About Trimont Energy Limited Inc. Trimont Energy Limited, Inc., a company in Houston, Texas, filed its voluntary petition for Chapter 11 protection (Bankr. E.D. La. Case No. 23-11872) on October 25, 2023, listing between $1 million and $50 million in both assets and liabilities. Christopher O. Ryals, chief restructuring officer, signed the petition. Judge Meredith S. Grabill oversees the case. The Debtor is represented by: Douglas S. Draper, Esq. Heller, Draper & Horn L.L.C. Tel: 504-299-3300 Email: ddraper@hellerdraper.com TRIMONT ENERGY NOW: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Trimont Energy (NOW), LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of Louisiana to use cash collateral. The court's 18th interim order approved the use of cash collateral for the period from Oct. 25, 2023, through the date which is five business days following a declaration to terminate, reduce or restrict the ability to use cash collateral by the Debtor. Certain entities may possess oil and gas liens under the Louisiana Oil Well Lien Act (LOWLA) on oil and gas assets owned by the Debtor. As protection against any diminution in value of their interests in the pre-bankruptcy collateral, the LOWLA lienholders will be granted valid and perfected security interests in, and liens on, the Debtor's assets. These liens do not apply to any Chapter 5 causes of action and the proceeds, thereof. To the extent the liens granted prove to be inadequate, the LOWLA lienholders will receive allowed superpriority administrative expense claims, subject to a fee carveout. The termination events under the 18th interim order include the filing by the Debtor of documents pertaining to a debtor-in-possession financing that adversely effects the LOWLA lienholders' liens; a default by the Debtor in reporting financial information; dismissal or conversion of the Debtor's Chapter 11 case; the appointment of a Chapter 11 trustee or examiner with enlarged powers; or other responsible person; and the failure by the Debtor to perform its obligations under the 18th interim order. The next hearing is set for August 27. Objections are due by August 20. About Trimont Energy (Now) Trimont Energy (NOW) LLC, a company in Houston, Texas, filed its voluntary petition for Chapter 11 protection (Bankr. E.D. La. Case No. 23-11868) on October 25, 2023, listing $1 million to $10 million in both assets and liabilities. Christopher O. Ryals, chief restructuring officer, signed the petition. Judge Meredith S. Grabill oversees the case. The Debtor tapped Heller, Draper, & Horn, LLC as legal counsel; Chaffe & Associates, Inc. as financial advisor; and Christopher O. Ryals of RCO Capital, LLC as chief operating officer. TZADIK SIOUX: Seeks to Extend Plan Exclusivity to October 6 ----------------------------------------------------------- Tzadik Sioux Falls Portfolio I, LLC and affiliates asked the U.S. Bankruptcy Court for the Southern District of Florida to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to October 6 and December 5, 2025, respectively. The Debtors explain that substantially all of the factors for consideration support granting Debtors' requested extension of the Exclusive Periods. First, this case is an objectively large and complex chapter 11, there are eight administratively consolidated debtors with extensive real property, several secured and unsecured creditors, with partially overlapping, cross-collateralized claims and encumbrances, challenges to use of cash collateral, employment and payment of professionals, and other matters that have and will be brought to the Court for adjudication. Second, more time is required because the Debtors recently revised their first round of appraisals and anticipate receiving the balance of property appraisals in the next two weeks. Such valuations are necessary to prepare their disclosure statements as well as organize a marketing and reorganization process to pay secured creditors through sales and unsecured creditors through go-forward operational income. Third, the Debtors have achieved significant milestones in engaging local brokers to assist in the marketing and sale process and have negotiated terms with a national broker to explore portfolio sales. Fourth, the Debtors are operating pursuant to cash collateral budgets, are paying operational expenses as well as significant adequate protection payments, and are paying and making arrangements to pay administrative claims as they accrue. Fifth, under all circumstances, the Debtors will be able to formulate a plan that is a combination of sales and debt restructuring. Advice of real estate professionals is necessary and such professionals are assisting debtor in a marketing plan to maximize value of sales while preserving going concern value of the properties. Sixth, the Debtors believe that a path forward exists to sell properties, distribute sale proceeds to pay secure creditors with modest carve-outs for administrative and other claims, notwithstanding creditors' earlier positions that single asset sales would not be permitted under the respective loan documents. Creditors have not committed to such agreements, but Debtors believe they have made progress and that the applicable jurisprudence supports their position that properties can be sold consistently with such proposals. Seventh, the Debtors cases have only been pending for a short time, this is the Debtors' first request for an extension of the Exclusivity Periods, and the Joint Debtors cases have been pending for even less time. Finally, the Debtors are not seeking this extension to pressure creditors. Counsel for the Debtors: Morgan Edelboim, Esq. Brett D. Lieberman, Esq. Edelboim Lieberman Revah PLLC 20200 W. Dixie Highway, Suite 905 Aventura, FL 33180 Tel: (305) 768-9909 Fax: (305) 928-1114 Email: morgan@elrolaw.com About Tzadik Sioux Falls Portfolio I LLC Tzadik Sioux Falls Portfolio I, LLC possesses several multi-family properties in Sioux Falls, SD. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-13865) on April 9, 2025. In the petition signed by Adam Hendry, authorized representative, the Debtor disclosed $65 million in assets and $46.775 million in liabilities. Judge Peter D. Russin oversees the case. Morgan Edelboim, Esq., at Edelboim Lieberman, PLLC, is the Debtor's legal counsel. Fannie Mae, as secured lender, is represented by: Alexis A. Leventhal, Esq. Keith Aurzada, Esq. Jay Krystinik, Esq. Devan Dal Col, Esq. Reed Smith, LLP 1001 Brickell Bay Drive, Suite 900 Miami, FL 33131 Phone: 786-747-0247 aleventhal@reedsmith.com kaurzada@reedsmith.com jkrystinik@reedsmith.com ddalcol@reedsmith.com Merchants Bank of Indiana, as secured lender, is represented by: Scott N. Brown, Esq. Bast Amron, LLP One Southeast Third Avenue, Suite 2410 Miami, FL 33131 Telephone: 305.379.7904 sbrown@bastamron.com UNITED PROPERTY: Case Summary & 14 Unsecured Creditors ------------------------------------------------------ Debtor: United Property Maintenance Corporation d/b/a California Construction Superior 4 Pomegranate Street Ladera Ranch, CA 92694 Business Description: United Property Maintenance Corporation, doing business as California Construction Superior, provides residential and commercial water damage restoration services in San Diego County, California. The Company offers 24/7 emergency flood response, water extraction, drying, mold prevention, and full-service rebuilding of damaged areas including drywall, paint, and cabinetry. Its operations include certified technicians, insurance consultations, and the use of specialized equipment and virtual project tracking technology. Chapter 11 Petition Date: August 11, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-12226 Judge: Hon. Mark D. Houle Debtor's Counsel: David A. Wood, Esq. MARSHACK HAYS WOOD LLP 870 Roosevelt Irvine, CA 92620-3663 Tel: (949) 333-7777 E-mail: dwood@marshackhays.com Total Assets: $470,779 Total Liabilities: $2,271,035 The petition was signed by Michael Speltz as president. A full-text copy of the petition, which includes a list of the Debtor's 14 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7MT7MSI/United_Property_Maintenance_Corporation__cacbke-25-12226__0001.0.pdf?mcid=tGE4TAMA UNRIVALED BRANDS: Seeks to Extend Plan Exclusivity to December 3 ---------------------------------------------------------------- Unrivaled Brands, Inc. and Halladay Holding, LLC asked the U.S. Bankruptcy Court for the Central District of California to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 3, 2025 and January 30, 2026, respectively. The Debtors explain that they have already filed a joint plan and disclosure statement, and have made substantial progress by resolving all of its contested matters as to Peoples. However, Greenlane's opposition to the Abandonment Motion and the result of that contested matter will have to be taken into account in the Debtors' finalized amended plan and disclosure statement. Accordingly, the Debtors submit this factor weights in favor of a further extension so that the Debtors are allowed sufficient time to resolve the pending issues before them. The Debtors claim that they have demonstrated substantial good faith progress in these cases and have diligently sought to advance these cases since the Petition Date. The Debtors were able to put numerous years of litigation to rest with Peoples via a 9019 Motion approved by this Court. The Debtors have been working to incorporate the settlement into an amended plan and disclosure statement. The Debtors are operating in good faith and intend to work collaboratively with their creditors as evidenced by the Debtors' success on the global settlement. The Debtors assert that their request for an extension of their plan exclusivity periods is being made in good faith and is not being made for the purpose of pressuring creditors into acceding to certain plan terms. The goal of the requested extension is to continue productive negotiations with Greenlane for the benefit of all creditors. The Debtors further assert that they will need additional time to finalize an amended plan and disclosure statement to account for the results of the pending litigation concerning the Abandonment Motion. The Debtors submit that these contingencies warrant an extension of their plan exclusivity periods. Accordingly, the Debtors respectfully submit that this factor also weighs in favor of an extension of the Debtors' plan exclusivity periods. The Debtors' Counsel: John Patrick M. Fritz, Esq. Robert M. Carrasco, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: (310) 229-1234 Email: jpf@lnbyg.com About Unrivaled Brands Business Description: Unrivaled owns 100% membership interests in Halladay, and Halladay is Unrivaled's wholly owned subsidiary. Halladay's primary asset is a commercial real property building. Unrivaled Brands, Inc. in Downey, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Lead Case No. 24-19127) on Nov. 6, 2024, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Sabas Carrillo as chief executive officer, signed the petition. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. serves as the Debtor's legal counsel. UTICA TOWNSHIP: Hires Seiller Waterman LLC as Bankruptcy Counsel ---------------------------------------------------------------- Utica Township Volunteer Fire Fighters Association seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to hire Seiller Waterman LLC as bankruptcy counsel. The firm's services include: (a) dispensing legal advice with respect to the Debtors' powers and duties as debtors-in-possession in the continued operation of their affairs and management of their assets; (b) communicating with representatives of creditors and other parties-in-interest; (c) undertaking all necessary action to protect and preserve the Debtors' estate, including the prosecution of certain actions on behalf of the Debtors, the defense of any actions commenced against the Debtors, negotiations concerning all litigation in which the Debtors are involved, and objecting to claims filed against the Debtors' estates; (d) preparing on behalf of the Debtors all necessary motions, answers, orders, reports, and other legal papers in connection with the administration of the Debtors' estate; and (e) performing of any other legal services for the Debtors in connection with the Chapter 11 Cases and the formulation and implementation of the Debtors' chapter 11 plan. The firm's current hourly rates are: Partners $350 to $450 Counsel $300 to $400 Associates $250 to $350 Paralegals $130 to $150 In addition, the firm will seek reimbursement for expenses incurred. The firm is now holding $2,000 as a retainer to be applied to post-petition fees and expenses as the Court permits. Joseph H. Haddad, Esq., an attorney at Seiller Waterman LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joseph H. Haddad, Esq. Seiller Waterman LLC Meidinger Tower, 22nd Floor 462 S. Fourth Street Louisville, KY 40202 Telephone: (502) 584-7400 Facsimile: (502) 583-2100 Email: haddad@derbycitylaw.com About Utica Township Volunteer Fire Fighters Association Utica Township Volunteer Fire Fighters Association is a nonprofit organization based in Clarksville, Indiana, providing volunteer fire protection and emergency services for Utica Township and surrounding areas. Utica Township Volunteer Fire Fighters Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-90840) on July 22, 2025. In its petition, the Debtor reports total assets of $3,023,08 and total liabilities of $1,076,837. Honorable Bankruptcy Judge Andrea K. McCord handles the case. The Debtor is represented by William P. Harbison, Esq. at SEILLER WATERMAN LLC. VILLAGES HEALTH: Hires Stretto Inc as Administrative Advisor ------------------------------------------------------------ The Villages Health System, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Stretto, Inc. as administrative advisor. The firm will provide these services: a. assist with the preparation of the Debtor's schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; b. assist with the preparation of the Debtor's monthly operating reports and gather data in conjunction therewith; c. assist with, among other things, solicitation, balloting, and tabulation of votes; d. prepare any related reports, as required in support of confirmation of a chapter 11 plan; and e. prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received an advance retainer in the amount of $15,000. Sheryl Betance, a partner at Stretto, Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Sheryl Betance Stretto, Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 Tel: (714) 716-1872 Email: sheryl.betance@stretto.com About 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. VILLAGES HEALTH: Seeks to Hire Goodwin Procter as Special Counsel ----------------------------------------------------------------- The Villages Health System, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Goodwin Procter, LLP as special counsel. Goodwin will continue to provide these professional services: (i) conduct an investigation into the Debtor's Medicare coding and billing practices; (ii) counsel the Debtor through its voluntary self-disclosure to the Office of Inspector General ("OIG") for the Department of Health & Human Services ("HHS") in December 2024, and its acceptance into the self disclosure protocol on January 31, 2025; and (iii) communicate and negotiate with the Department of Justice, Civil Division ("DOJ") and the OIG on behalf of the Debtor. The firm will be paid at these rates: Partner $1,400 to $2,450 per hour Counsels $1,300 to $2,280 per hour Associates $870 to $1,370 per hour Paralegals $380 to $740 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Gregory Demske, a partner at Goodwin Procter 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: Kirk Ogrosky, Esq. Allan Medina, Esq. Gregory Demske, Esq. Goodwin Procter LLP 1900 N Street, NW Washington, DC 20036 Tel: (202) 346-4000 Email: kogrosky@goodwinlaw.com Amedina@goodwinlaw.com GDemske@goodwinlaw.com 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. VILLAGES HEALTH: Seeks to Hire Ordinary Course Professionals ------------------------------------------------------------ The Villages Health System, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to retain non-bankruptcy professionals in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to these Chapter 11 cases. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the OCPs have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCPs include: Johnson Pope Bokor Ruppel & Burns, LLP 400 North Ashley Drive, Suite 3100 Tampa, FL 33602 -- Legal Services - Healthcare, Privacy, and Corporate Ford Harrison LLP 100 Rialto Place, Suite 610 Melbourne, FL 32901 -- Legal Services - Labor & Employment Foley & Lardner LLP 100 North Tampa Street, Suite 2700 Tampa, FL 33602 -- Legal Services - Criminal and Conflicts Counsel to the Debtor Norwood Staffing Solutions, LLC 4604 Stearns Lane Sunset Valley, TX 78735 -- Medical Record Audit Services Crowe LLP 225 West Wacker Drive, Suite 2600 Chicago, IL 60606 -- Business Valuation Services Guidehouse Inc. 1676 International Drive McLean, VA 22102 -- Corporate Compliance Services 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. VITAL PHARMACEUTICALS: Founder Faces Filings Ban Over Fake AI Cases ------------------------------------------------------------------- David Minsky of Law360 reports that a Florida federal judge is weighing a motion to bar the founder of Bang Energy from submitting additional filings without court permission. Monster Energy argued on Monday, August 11, 2025, that a pro se motion to dismiss its judgment enforcement case included false legal citations created by artificial intelligence, the report states. About Vital Pharmaceuticals Since 1993, Florida-based Vital Pharmaceuticals, Inc., doing business as Bang Energy and as VPX Sports, has developed performance beverages, supplements, and workout products to fuel high-energy lifestyles. VPX Sports is the maker of Bang energy drinks, among other consumer products. Vital Pharmaceuticals, Inc., along with certain of its domestic subsidiaries and affiliates, filed voluntary petitions for protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 22-17842) on Oct. 10, 2022. VPX estimated $500 million to $1 billion in assets and liabilities as of the bankruptcy filing. The Hon. Scott M. Grossman is the case judge. VOYAGER DIGITAL: MCB Wins Bid to Dismiss Case Under Rule 12(b)(6) ----------------------------------------------------------------- Judge Paul A. Engelmayer of the United States District Court for the Southern District of New York denied Metropolitan Commercial Bank's motion to dismiss the case captioned as MICHAEL WYSE, as Plan Administrator for the Voyager Wind-Down Debtor, Plaintiff, -v- METRO POLITAN COMMERCIAL BANK, Defendant, Case No. 24-cv-09108-PAE (S.D.N.Y.) under Federal Rules of Civil Procedure 12(b)(l). MCB's Rule 12(b)(6) motion is granted. Plaintiff Michael Wyse brings this action as Plan Administrator for the Voyager Wind-Down Debtor, consisting of debtors Voyager Digital Ltd., Voyager Digital Holdings, Inc., and Voyager Digital, LLC, pursuant to Chapter 11 of the Bankruptcy Code, 11 U.S.C. Sec. 1101 et seq. Until its bankruptcy in July 2022, Voyager had operated a digital asset trading platform that attracted more than 3.5 million users and held more than $5.6 billion in customer assets. Central to the Platform's functionality was a custodial for the benefit of' account established at defendant Metropolitan Commercial Bank. In this lawsuit, the Plan Administrator alleges that MCB facilitated Voyager's ability to falsely market the Platform as legally compliant. On behalf of 31,867 former Voyager customers, he claims that MCB enabled, aided, and profited from Voyager's allegedly deceptive and unlawful Platform. His claims are brought exclusively under the laws of all 50 states, and those of the District of Columbia, Puerto Rico, Guam, and the U.S. Virgin Islands. These claim common law fraud, statutory consumer fraud, statutory securities fraud, and the sale of unregistered securities, mostly based on secondary theories of liability. The Plan Administrator also brings an unjust enrichment claim. MCB now moves to dismiss the Complaint for lack of standing and failure to state a claim under Federal Rules of Civil Procedure 12(b)(l) and 12(b)(6), respectively. Rule 12(b)(l) Motion In moving to dismiss for lack of standing, MCB emphasizes that, in general, unassignable state law claims cannot be brought by an assignee, and that whether an assignment is permitted is a function of state law. But, as the Plan Administrator notes, assignments made pursuant to bankruptcy reorganization plans supersede state anti-assignment laws. Judge Engelmayer explains, "Such is the case here. The Plan, organized in connection with bankruptcy proceedings in this District, expressly assigned to the Plan Administrator any and all causes of action related to the Voyager bankruptcy. It also transferred and assigned to the Plan Administrator all of Voyager's assets and corresponding claims. And there is no dispute about the integrity of the Assignment." To the extent MCB separately disputes the Plan's transfer to the Plan Administrator of the state-law fraud claims of certain Assignors, that objection should have been brought at the time the Plan was confirmed. MCB did not make any formal objection to the Plan, despite the opportunity to do so. It is thus bound by the Plan's provisions, including those authorizing the Plan Administrator to bring claims on behalf of the Assignors. The Court accordingly denies MCB's challenge on this ground, an improper and belated collateral attack. The Court therefore denies MCB's motion to dismiss based on Rule 12(b)(l) for a lack of standing. Rule 12(b)(6) Motion In support of its fraud claims, the Complaint alleges three categories of misstatements or omissions by Voyager that MCB ostensibly knew of and facilitated, either directly or secondarily. These consist of false representations about: (1) the applicability of FDIC insurance, (2) the safety of the Voyager Platform, and (3) Voyager's MTLs. In support of its non-fraud securities claims alleging the sale by Voyager of unregistered securities, it alleges that, as Voyager's agent or partner, MCB facilitated these sales of unregistered securities as part of the FBO Agreement. MCB moves for dismissal of all claims, under Rule 12(b)(6), for failure to state a claim. As to the claims sounding in fraud, MCB argues that the Complaint does not satisfy Rule 9(b)'s heightened pleading standard, and does not plausibly plead the elements of reliance, causation, or actual knowledge. As to the claims based solely on vicarious or secondary liability, which include the non-fraud statutory claims alleging sale of unregistered securities, it argues that the Complaint fails to plausibly plead an agency or partnership relationship. As to the remaining claim of unjust enrichment, MCB argues that it fails for multiple reasons, including that it duplicates dismissed claims. Fraud Claims Of the Complaint's 53 counts asserting MCB's liability to the Assignors, 38 sound in fraud-predominantly common law fraud, securities fraud, or consumer fraud. Invoking the laws barring such frauds in all 50 states plus several territories, it alleges that MCB is liable to the Assignors on theories of direct, aiding and abetting, conspiracy, vicarious, and secondary liability. MCB's motion to dismiss challenges the plausibility of the Complaint's pleadings as to three elements: reliance, causation, and actual knowledge. The Court holds that multiple elements of these are not adequately pled with particularly, requiring dismissal of all counts sounding in fraud. Reliance is an element of many of the Complaint's claims sounding in fraud, common law and statutory. The Court finds the Complaint, however, is entirely conclusory on this point. It is devoid of any particularized factual allegation that any of the 31,867 Assignors actually relied on any alleged misrepresentation or omission, whether made by MCB or Voyager. That is fatal to such claims. The Court finds the Complaint's central theory of causation -- that MCB, knowing of Voyager's misrepresentations, took (or failed to take) actions that helped bring about the 31,867 Assignors' losses-is based on speculative inferences. According to Judge Engelmayer, "The Complaint does not plead that MCB exercised any control over Voyager. It does not plead that MCB caused Voyager to engage in any alleged misconduct. It does not allege a non-speculative causal chain between MCB's actions and any Assignor's loss. The Complaint attributes Voyager's collapse to various factors -- including borrower defaults, crypto lending risks, and regulatory violations. But, despite the Plan Administrator's ability to take and access pre-Complaint discovery, it does not plead facts under which any action by MCB was a proximate cause of the losses of any Assignor." The Court also finds the Complaint fails to plausibly plead MCB's actual knowledge. According to the Court, MCB's right of access to certain information, and its approval rights over Voyager's public statements, are not tantamount to its actual knowledge of fraudulent conduct within Voyager. Securities Claims The Complaint also brings claims under the statutes of most states to the effect that MCB was vicariously or secondarily liable for Voyager's alleged sales of unregistered securities. The Court finds these claims are deficient, at a minimum, because the Plan Administrator has failed to plausibly allege, as these claims presuppose, an agency or partner relationship between Voyager and MCB with respect to these sales. Unjust Enrichment Claim The Court dismisses the unjust enrichment claim. According to the Court, the claim duplicates the dismissed fraud claims. A copy of the Court's Opinion & Order dated August 4, 2025, is available at https://urlcurt.com/u?l=8HQiDJ from PacerMonitor.com. About Voyager Digital Holdings Based in Toronto, Canada, Voyager Digital Holdings Inc. -- https://www.investvoyager.com/ -- ran a cryptocurrency platform. Voyager claimed to offer a secure way to trade over 100 different crypto assets using its easy-to-use mobile application. Through its subsidiary Coinify ApS, Voyager provided crypto payment solutions for both consumers and merchants around the globe. Voyager Digital Holdings Inc. and two affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10943) on July 5, 2022. In the petition filed by Stephen Ehrlich, chief executive officer, the Debtors estimated assets and liabilities between $1 billion and $10 billion. Judge Michael E. Wiles oversees the cases. The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy counsel; Berkeley Research Group, LLC, as financial advisor; Moelis & Company as investment banker; Consello Group as strategic financial advisor; Deloitte Tax, LLP as tax services provider; and Deloitte & Touche, LLP, as accounting advisor. Stretto, Inc., is the claims agent. On July 19, 2022, the U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped McDermott Will & Emery, LLP as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; Cassels Brock & Blackwell, LLP as Canadian counsel; and Epiq Corporate Restructuring, LLC, as noticing and information agent. The committee also tapped the services of Harney Westwood & Riegels, LP, in connection with Three Arrows Capital Ltd.'s liquidation proceedings in British Virgin Islands. On July 6, 2022, the Debtors filed a joint Chapter 11 plan of reorganization. * * * Following an auction process, the Debtors in September 2022 selected the bid submitted by FTX US' West Realm Shires Inc. as the winning bid for the assets. But after a series of events, FTX collapsed in November 2022, before the sale could be completed. After reopening bidding, Voyager Digital selected the offer from U.S. exchange BAM Trading Services Inc. (doing business as "Binance.US") as the highest and best bid for its assets. Binance's bid is valued at $1.022 billion. In April 2023, Binance.US called off its deal to buy assets of bankrupt crypto lender Voyager Digital, citing a "hostile and uncertain regulatory climate." VSM PROPERTIES: Gets One-Month Extension to Use Cash Collateral --------------------------------------------------------------- VSM Properties, LLC received a one-month extension from the U.S. Bankruptcy Court for the Eastern District of Tennessee to use cash collateral. The interim order authorized the Debtor to use up to $28,299.94 in cash collateral through August 31 to pay operating expenses in accordance with its budget, subject to a 20% variance by category. The Debtor's cash collateral consists of rental income in which secured creditors, Mary Jane Saunders and Grassland Financial Services, LLC, assert an interest. As protection for the Debtor's use of their cash collateral, the secured creditors will be granted a post-petition lien on their existing collateral and collateral created after the petition date. To the extent the secured creditors are later determined to be inadequately protected, they are entitled to seek administrative priority afforded by Sections 507(a)(2) and 507(b) of the Bankruptcy Code. Meanwhile, the Debtor was ordered to escrow $2,100 each month for 2025 real property taxes into the trust account of Tarpy, Cox, Fleishman & Leveille, PLLC, plus $610 for monthly interest for past due 2023 and 2024 taxes. A final hearing is set for August 21. Objections are due by August 19. About VSM Properties LLC VSM Properties, LLC is a real estate management company based in Tellico Plains, Tennessee. It owns commercial properties in the area, including the riverside building at 1641 Cherohala Skyway. VSM Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-31124) on June 12, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Suzanne H. Bauknight handles the case. Edward J. Shultz, Esq., at Tarpy Cox Fleishman & Leveille, PLLC is the Debtor's legal counsel. Grassland Financial Services, LLC, as secured creditor, is represented by: David G. Mangum, Esq. 2303 8th Avenue South Nashville, TN 37204 Phone: (615) 255-8690 Fax: (615) 255-2766 notice@davidmangum.com W.R. GRACE: Fitch Affirms 'B' IDR & Rates New Term Loan 'BB' ------------------------------------------------------------ Fitch Ratings has affirmed W.R. Grace Holdings LLC 's (Grace) Long-Term Issuer Default Rating (IDR) at 'B'. In addition, Fitch has assigned a 'BB' rating and a Recovery Rating of 'RR1' to the company's new proposed term loan B due 2032. Fitch has also affirmed Grace's senior secured revolver and existing senior secured notes and term loan B at 'BB'/'RR1', and affirmed the senior unsecured notes at 'B-'/'RR5'. The Rating Outlook has been revised to Stable from Negative. The ratings reflect Grace's improved operations after customer destocking and lower raw material prices, offset by muted near-term cash generation. Fitch expects EBITDA leverage at or below 6.5x through the forecast horizon. The Outlook revision reflects Grace's use of $650 million in equity from Standard Industries to repay debt, materially strengthening the balance sheet and reducing interest expense. Fitch believes this demonstrates Grace's and Standard's commitment to near- to medium-term debt reduction. Key Rating Drivers Equity Contributions Drive Deleveraging: Standard Industries has contributed $400 million since April 2025 largely for the purposes of debt reduction, including a $300 million contribution in June 2025 to retire the company's outstanding preferred shares (defined as debt by Fitch). The company is also issuing new secured debt to repay its $1.2 billion term loan B due 2028 and portions of its revolver balance, with the remainder funded by an additional $250 million equity contribution. In addition to lowering leverage and interest expense, Fitch believes that these contributions signal both Grace and Standard's interest in and commitment to material debt reduction. The result is an improved balance sheet and cash flow profile, and Fitch expects the company to continue to apply excess cash to debt reduction as necessary. Improving Cost, Leverage Profile: Grace's 'B' rating reflects a high but improving debt burden and slowly improving EBITDA margins. Moderating raw material prices and a slowly improving demand environment have driven Fitch-calculated EBITDA margins to nearly 23% which is their highest level since 2021. However, operating rates among chemical producers remain low relative to pre-pandemic levels, given global capacity additions and continuing European weakness, further affecting the near-term specialty catalyst outlook. Fitch believes recovering volumes, price increases, and cost control initiatives through the forecast will support additional deleveraging beyond 2025 as the company's baseline EBTIDA margins improve, though an uncertain global economic environment could tamper these expectations. Muted Near-Term FCF: With few material debt maturities until 2027, Fitch expects Grace's financial flexibility to remain adequate. The company's $318 million in preferred shares have been retired, and the 2028 term loan is also expected to be retired via new debt. Grace's revolver has also been extended to 2030, leaving the bulk of the company's maturities in 2029 and beyond. Fitch expects FCF to remain muted throughout the rest of 2025 with FCF margins to returning to mid-single digits through the remainder the forecast, driven by lower interest expense, strong refining technologies demand, and steady improvement in specialty catalyst and materials technologies. Refinery Production Supports Earnings Stability: Stability in the Refining Technologies subsegment is supported by refinery production utilization levels. Subsegment products have various uses, including cracking hydrocarbon chains in distilled crude oil to produce transportation fuels, maximizing propylene production and converting methanol into petrochemical feeds. These are valuable inputs to a refinery's operations that support the optimization of crack spreads. Fitch expects volumes to track refinery utilization levels, currently supported by robust fuel demand, with high pass-through rates providing underlying stability in contrast to projected specialty catalyst weakness. Specialized Chemical Portfolio: Grace's two business segments offer highly specialized products with high margins and pricing power. It has been able to pass through costs to customers, and the Catalysts Technologies segment has consistently generated EBITDA margins of around or above 30%, while the Materials Technologies business is in the low-20% vicinity. These margins are on the high end for specialty chemical companies and, while somewhat volatile, are partially insulated by solid pass-through rates. Fitch believes Grace will continue to deploy capital in the medium term to build out the Materials Technologies segment but that the near-term priority will remain debt reduction. Peer Analysis Grace's EBITDA margins place the company firmly within the specialty manufacturer group. The company is smaller than direct competitor Albemarle (BBB-/Stable), which also produces lithium and bromine to complement its catalysts. Like NewMarket Corporation (BBB/Stable), Grace is a leader in a highly specialized industry but had historically demonstrated a greater appetite for debt-funded M&A, and Fitch expects the company will operate with a leverage profile generally consistent with the 'B' rating category. Advancion Holdings LLC (B-/Stable) has a similar leverage profile as Grace following M&A and dividend recapitalization activities, though Grace's FCF generation capabilities are stronger. Grace's interest coverage is stronger than Advancion's, and tight coverage is a material credit consideration for Advancion. Among catalyst peers, Albemarle has historically operated at significantly lower leverage than Grace, historically employing a strategy of building out its faster-growing segments through cash generated at its catalyst business. Key Assumptions - Near-term revenue growth negatively affected primarily by soft specialty catalyst demand, though conditions are projected to improve throughout the forecast; - EBITDA margins relatively flat through the forecast, with small improvements driven by slow demand improvement; - Limited to no upstream dividends to Standard Industries; - EBITDA leverage falls to 6.5x in 2025 driven primarily by equity-funded debt retirement, with deleveraging in 2026 and beyond largely a result of gradual voluntary debt repayments. Recovery Analysis The recovery analysis assumes Grace would be reorganized as a going concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. The going concern EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which the valuation of the company is based. The going concern EBITDA depicts a scenario in which severe headwinds in the company's more commoditized Refining Technologies business and weak growth in other segments due to slower macroeconomic activity leads to a severe drop in EBITDA and cash generation. The assumption also reflects corrective measures in the reorganization to offset the adverse conditions that triggered default, such as cost-cutting efforts and industry recovery. An enterprise value multiple of 6.5x EBITDA is applied to the going concern EBITDA to calculate a post-reorganization enterprise value. The multiple is comparable to the range of historical bankruptcy case study exit multiples for peer companies, which were 5.0x-8.0x. Bankruptcies in this space were related either to litigation or deep cyclical troughs. The revolving credit facility is assumed to be fully drawn. Fitch's recovery assumptions result in a Recovery Rating for the senior secured debt within the 'RR1' range and results in a 'BB' rating. The assumptions also result in a Recovery Rating for the senior unsecured debt within the 'RR5' range and results in a 'B-' rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage durably above 6.5x without clear sight to material deleveraging; - EBITDA interest coverage durably below 2.0x; - Reduced ability to pass through costs to customers, leading to less stable margins and heightened cash flow risk; - More aggressive than anticipated M&A activity or a dividend policy otherwise incompatible with management's articulated capital deployment. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstrative gross debt reduction coupled with continued cash generation and earnings stability, leading to EBITDA leverage durably below 5.5x; - Successful completion of Materials Technologies and Specialty Catalysts buildout while continuing to strengthen the company's capital structure. Liquidity and Debt Structure Grace's liquidity position pro forma for the August 2025 transaction is solid, with roughly $280 million in availability on its revolving credit facility and a moderate cash balance. The company faces limited maturities until 2027, when its $742.5 million senior secured notes are due. Issuer Profile Grace is a specialty chemicals company with Catalyst and Materials segments. It produces catalysts for petrochemical, refining, and chemical manufacturing, as well as specialty materials for pharmaceutical, consumer, coatings, and chemical process applications. 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 ----------- ------ -------- ----- W. R. Grace Holdings LLC LT IDR B Affirmed B senior secured LT BB New Rating RR1 senior unsecured LT B- Affirmed RR5 B- senior secured LT BB Affirmed RR1 BB W.R. GRACE: Moody's Rates New $500MM First Lien Term Loan 'B2' -------------------------------------------------------------- Moody's Ratings has assigned a B2 rating to W.R. Grace Holdings LLC's (Grace) proposed $500 backed senior secured first-lien term loan B due 2032. Proceeds from this new term loan along with a $250 equity contribution and other debt issuance will be used to repay its first-lien term loan B along with a portion of outstanding revolver borrowings. Grace's B3 Corporate Family Rating ("CFR"), B3-PD Probability of Default rating ("PDR") and Caa2 unsecured notes rating remain unchanged. The outlook is stable. RATINGS RATIONALE Grace's B3 CFR reflects its elevated leverage metrics and weak cash flow profile despite its market leadership and good profit margins. Standard Industries' equity contribution will improve the company's capital structure and reduce its annual interest payments. While the company has well established, leading market positions in specialized catalysts and materials industries, weak demand from polyolefin customers, price competition, weak demand out of China, and trade uncertainty dampened earnings in 1H2025. Moody's expects customer destocking and subdued demand will weigh on Grace's earnings in 2025, though some of the pressure will be mitigated by the company's Enterprise Improvement Program. Moody's expects adjusted debt/EBITDA (including pension adjustments) to improve to mid-7x after the proposed transactions versus about 8x at the end of 2024. Standard Industries contributed $400 million in equity to Grace to pay down debt and redeem preferred shares in the first half of 2025, before this newly proposed $250 million equity injection. Grace's credit profile is supported by strong market positions in several key end markets, including the leader in the global polyolefin catalyst industry, fluid catalytic cracking (FCC) catalysts, and specialty silica gels. Grace's business profile further benefits from high barriers to entry, a good operating track record which helps to support EBITDA margins. The company's adequate liquidity is also a supporting factor for the credit profile as it manages through this challenging downcycle. The company maintains adequate liquidity. The company had a total of $480 million available liquidity, including cash balance of $186 million, at the end of Q2 2025. Lower capital spending and working capital optimization will reduce the requirement of revolver borrowing in 2025. The stable outlook reflects Moody's expectations that Grace's business performance and credit metrics will likely remain close to current level in the next 12 to 18 months, and that liquidity will continue to remain above $200 million. Grace's debt capital structure is comprised of a first lien term loan, first lien senior secured revolving credit facility, senior secured notes and senior unsecured notes. The B2 ratings on the first lien term loan, revolving credit facility and senior secured notes, are one notch above the B3 CFR and reflect a first lien position on substantially all assets and priority ranking in the event of default. The Caa2 rating of the senior unsecured notes, two notches below the CFR, indicates their deep subordination as a result of the significant amount of first lien debt in the capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING An upgrade is unlikely at this time, but Moody's could upgrade the rating with expectations for adjusted financial leverage sustained below 5.5x (Debt/EBITDA), retained cash flow-to-debt sustained above 10% (RCF/Debt) and more balanced financial policies that include gross debt reduction and a commitment from its owners to a more conservative financial policy. An upgrade would also assume a reduction in event risk such that the size of future acquisitions would not raise pro forma leverage meaningfully above 5.5x for a sustained period. Moody's could downgrade the rating with expectations of adjusted financial leverage to remain above 6.5x through the cycle, a significant deterioration in the company's liquidity position, or a large debt-financed acquisition or dividend to shareholders. ESG CONSIDERATIONS Environmental, social, and governance factors are important factors influencing Grace's credit quality, but not a driver of the actions. Grace's (CIS-4) score indicates that the rating is lower than it would have been if ESG risk exposures did not exist. The score mainly reflects the risks associated with Grace's highly leveraged balance sheet and the exposure to environmental risks including physical climate risks related to its operations in the Gulf Coast as well as waste and pollution risks arising from its chemical production process. Headquartered in Columbia, MD, W.R. Grace Holdings LLC, a Standard Industries company, is a leading global manufacturer of specialty chemicals and materials operating and/or selling in over 60 countries. The company has two reporting segments: Catalysts Technologies and Materials Technologies. Catalysts Technologies is a globally diversified business that includes refining, polyolefin and chemicals catalysts. Materials Technologies includes specialty materials such as silica-based and silica-alumina-based materials used in consumer/pharmaceutical, chemical processes and coatings applications. On April 26, 2021, W.R. Grace agreed to be acquired by Standard Industries Inc. (formerly Standard Industries Holdings Inc.) for $7.0 billion. The principal methodology used in this rating was Chemicals published in October 2023. WATER ENERGY: To Sell Snyder Property to Summer Moon for $330K -------------------------------------------------------------- Water Energy Services, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 601 Old Lubbock Highway, Snyder, TX 79549. The Debtor works with Hilco Real Estate, LLC as the Debtor's broker to market the Property. The Debtor wants to sell the Property to Summer Moon Properties, LLC in the purchase price of $330,000.00. The closing date will be at 10:00 am on or before 30 days from Seller's Acceptance at the offices of the Escrow Agent, or at such other location that the Seller may designate. The broker's commission is 8% or $26,400. The Debtor is aware of purported liens against the real property, including those held by: a. Community Bank & Trust – West Georgia (CB&T); b. Scurry County; and c. City of Snyder (Snyder). Additionally, BTG, LLC (BTG) and OSC Energy, LLC (OSC) have filed abstracts of judgments but, due to CB&T's lien, are unsecured vis-à-vis this Property. At closing, the Debtor seeks authority to pay: a. CB&T the amount of $254,000; b. Hilco the amount of $26,400 as a commission consistent with the Court's prior order approving Hilco's employment; c. Scurry County for property taxes in the approximate amount of $10,000; and d. The City of Snyder approximately $1,760 on account of its Notice of Lien. The remainder, approximately $37,840, which is a carve out from CB&T's lien and therefore not subject to any other liens, goes to the Debtor. Additionally, pursuant to the Contract, the Debtor seeks authority to pay certain expenses and commissions at closing, including: a. Preparation of the deed and any bill of sale; b. Prorated property taxes as required; c. Any other standard costs associated with closing; The Debtor further requests that the remaining sale proceeds be held as cash collateral and utilized in accordance with the Court-approved budget. Because CB&T's lien exceeds the sale price and CB&T is agreeing that the portion to be remitted to the Debtor is being carved out of CB&T's lien, the approximately $39,600 remaining after the foregoing distributions is CB&T's cash collateral and not the cash collateral of any other party in interest. The Debtor reserves the right to take a reasonable different position should facts and law so dictate. The Debtor also proposes that United States Trustee fees be paid from these proceeds. The Debtor believes that the Contract is the highest and best offer that will be received for the Property. The Debtor believes the Purchase Price is reasonable and fair. The Debtor chose this offer based on the price offered and the belief that the Buyer can close under the contracted terms. 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., atvHayward, PLLC. WEABER INC: Gets Interim OK to Use Cash Collateral -------------------------------------------------- Weaber, Inc. got the green light from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to use cash collateral on an interim basis pending a further hearing. The court's order authorized the Debtor to use cash collateral in the amounts set forth for weeks 1 and 2 of the budget. Such use will be limited to (i) the amount reflected in the "Subtotal Cash Disbursements" line totaling $1,473,928; and (ii) the amount reflected in the "Lumber" line not to exceed $350,000 per week. As adequate protection for the Debtor's use of their cash collateral, JPMorgan Chase Bank, N.A. and Cyprium Investors IV AIV I, LP will be granted replacement liens on their pre-bankruptcy collateral and additional post-petition security interests in and liens on the pre-bankruptcy collateral and other property that is currently owned or will be acquired by the Debtor after the petition date. In addition, the Debtor will pay interest on its obligations to JPMorgan and the other lenders under the 2017 credit agreement in cash at the non-default rate of 9.25% per annum on a weekly basis. As additional protection, JPMorgan and Cyprium will have an allowed administrative claim against the Debtor. The next hearing is set for August 19. The Debtor produces oak and poplar hardwood products and operates entirely within the U.S., employing approximately 295 individuals. It is primarily financed by JPMorgan, which holds a first lien on its assets, with approximately $24.3 million in outstanding debt. Additional secured creditors include Cyprium Investors (with a junior lien of approximately $8 million) and Pathward N.A. (which holds a $3.88 million first-priority lien on certain machinery and equipment). The Debtor values its secured assets as follows: $6 million in accounts receivable, $23.3 million in inventory, $17.5 million in real estate, and $4.5 million in machinery and equipment. A copy of the interim order is available at https://is.gd/XL4x5W from PacerMonitor.com. About Weaber Inc. 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. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-02167) on August 1, 2025. In the petition signed by Matthew G. Weaber, president and CEO, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Henry W. Van Eck oversees the case. Albert A. Ciardi, III, Esq., at Ciardi Ciardi and Astin, is the Debtor's legal counsel. JPMorgan Chase Bank, N.A., as secured creditor, is represented by: Su Jin Kim, Esq. Morgan, Lewis & Bockius, LLP 2222 Market Street Philadelphia, PA 19103 Telephone: (215) 963-5000 Facsimile: (215) 963-5001 su.kim@morganlewis.com -- and -- Michael Luskin, Esq. Stephan E. Hornung, Esq. Morgan, Lewis & Bockius, LLP 101 Park Avenue New York, NY 10178-0060 Tel: 212-309-6000 michael.luskin@morganlewis.com stephan.hornung@morganlewis.com Cyprium Investors IV AIV I, LP, as secured creditor, is represented by: Michael J. Roeschenthaler, Esq. Raines Feldman Littrell LLP 11 Stanwix Street, Suite 1100 Pittsburgh, PA 15222 (412) 899-6472 mroeschenthaler@raineslaw.com WEBB FAMILY: Unsecureds to Get Share of Income for 3 Years ---------------------------------------------------------- Webb Family Medical Clinic, PLLC, filed with the U.S. Bankruptcy Court for the Northern District of Mississippi a Subchapter V Plan of Reorganization dated August 6, 2025. The Debtor is a medical clinic, providing general medical services and urgent care needs in small town clinic settings. The Debtor had a problem with reimbursements from Blue Cross Blue Shield because of a pre-petition garnishment that was pending. The Debtor's petition was filed in time before Blue Cross Blue Shield was required to remit garnished funds to the garnishing creditor, but that caused a delay in getting Blue Cross Blue Shield payments to the Debtor on a timely basis. As a result of the garnishment, the Debtor's principals infused funds into the Debtor in the early stages of this case, and apparently repaid themselves a portion of the advances. The Debtor's principals also allowed their personal credit cards to be used to pay for clinic/Debtor goods and services. Hopefully, that cash flow issue has now been alleviated and the Debtor's cash flow has returned to much more normal and predictable levels. The Debtor's operations as a provider of general medical services are ongoing and this case has not adversely affected the prompt delivery of competent medical services. Class 10 consists of General Unsecured Claims. General, Unsecured Creditors will receive the Debtor's projected disposable income over the 3-year life of the Plan. The Debtor's equity security holders will maintain their ownership of the Debtor. The Debtor's means for execution and implementation of the Plan are from the operation of the Debtor's business. A full-text copy of the Subchapter V Plan dated August 6, 2025 is available at https://urlcurt.com/u?l=noQaxe from PacerMonitor.com at no charge. Counsel to the Debtor: Craig M. Geno, Esq. LAW OFFICES OF GENO AND STEISKAL, PLLC 601 Renaissance Way Suite A Ridgeland, MS 39157 Telephone: 601-427-0048 Facsimile: 601-427-0050 Email: cmgeno@cmgenolaw.com About Webb Family Medical Clinic Webb Family Medical Clinic, PLLC, is a medical clinic, providing general medical services and urgent care needs in small town clinic settings. The Debtor sought relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-11479) on May 8, 2025, listing under $1 million in both assets and liabilities. The Law Offices of Craig M. Geno, PLLC, serves as the Debtor's counsel. WHITNEY OIL & GAS: Gets Extension to Access Cash Collateral ----------------------------------------------------------- Whitney Oil & Gas, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of Louisiana to use cash collateral. The court's 18th interim order authorized the use of cash collateral for the period from Oct. 26, 2023, through the date which is five business days following a declaration to terminate, reduce or restrict the ability to use cash collateral by the Debtor. Certain entities may possess oil and gas liens under the Louisiana Oil Well Lien Act (LOWLA) on oil and gas assets owned by the Debtor. As protection for any diminution in value of their interests in the pre-bankruptcy collateral, the LOWLA lienholders will be granted valid and perfected security interests in, and liens on, the Debtor's assets, subject to a fee carveout. These liens do not apply to any Chapter 5 causes of action and the proceeds, thereof. To the extent the liens granted prove to be inadequate, the LOWLA lienholders will receive a superpriority administrative expense claims, junior to the fee carveout. The termination events under the 18th interim order include the filing by the Debtor of documents pertaining to a debtor-in-possession financing that adversely effects the LOWLA lienholders' liens; a default by the Debtor in reporting financial information; dismissal or conversion of the Debtor's Chapter 11 case; the appointment of a Chapter 11 trustee or examiner with enlarged powers; or other responsible person; and the failure by the Debtor to perform its obligations under the 18th interim order. The next hearing is set for August 27. Objections are due by August 20. About Whitney Oil & Gas Whitney Oil & Gas, LLC operates in the oil and gas extraction industry. The company is based in Houston, Texas. Whitney Oil & Gas filed Chapter 11 petition (Bankr. E.D. La. Case No. 23-11873) on Oct. 26, 2023, with $1 million to $10 million in both assets and liabilities. Judge Meredith S. Grabill oversees the case. Douglas S. Draper, Esq., at Heller, Draper & Horn, LLC is the Debtor's legal counsel. WORK 'N GEAR: Hires KCP Advisory Group as Financial Advisor ----------------------------------------------------------- Work 'N Gear, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire KCP Advisory Group as financial advisor. The firm's services include: a. assisting in ongoing operations, such as forecasting, planning, controlling, managing cash, and developing one or more business plans; b. reviewing, analyzing and negotiating settlements with secured lender(s), vendors and other creditors, and other work as necessary; c. assisting in filing, compliance, and administration of the Chapter 11 Case; d. assisting in confirming and consummation of a plan of reorganization in the Chapter 11 Case; e. assisting in connection with evaluating and resolving claims; f. preparing and supporting any legal actions to be undertaken by the Debtor, including but not limited to, the filing of the Chapter 11 Case and testifying on behalf of the Debtor; and g. performing such other services as may be required or are otherwise deemed to be in the interests of the Debtor in accordance with the Debtor's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. KCP's hourly rates are: Chief Executive Officer $750 Senior Managing Directors $650 Managing Directors $500 Analysts and Associates $250 to 400 KCP Advisory Group is a disinterested person under 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Marjorie E. Kaufman KCP Advisory Group , LLC 700 Technology Park Dr Billerica, MA 01821 Phone: (781) 313-8123 About Work 'N Gear LLC Work 'N Gear, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-17472) on July 16, 2025, with up to $10 million in both assets and liabilities. Larry Nusbaum, interim president of Work 'N Gear, signed the petition. Judge Mark Edward Hall oversees the case. Eric H. Horn, Esq., at A.Y. Strauss, LLC, represents the Debtor as legal counsel. WORK 'N GEAR: Hires Larry Nusbaum of Alvinder as Interim President ------------------------------------------------------------------ Work 'N Gear, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Alvinder, Inc., designating Larry Nusbaum as interim president. The firm will render these services: (a) assist the Debtor in developing strategies to improve cash flow, enhance profitability and to reduce expenses; (b) assist the Debtor in identifying and implementing both short-term and long-term liquidity generating initiatives, including forecasting and reporting cash flow performance; (c) assist the Debtor in amending or terminating leases and contracts; (d) assist the Debtor in negotiating with lenders and other creditors in furtherance of a restructuring and reorganization; (e) assist in developing and implementing cash management strategies, tactics and processes including developing a cash receipts and disbursements forecasting tool; and (f) assist the Debtor in the preparation of data required in order to prepare the first day motions and related orders which may be required by the Court in the event that the Company determines to commence a bankruptcy proceeding. Alvinder shall be compensated based upon an annualized salary of $295,000 per year, which shall be paid bi-weekly to Alvinder in the amount of $11,346.15. Alvinder is a "disinterested person," as that term is defined in section 101(14) of the Bankruptcy Code. according to court filings. The firm can be reached through: Larry Nusbaum Alvinder, Inc. About Work 'N Gear LLC Work 'N Gear, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-17472) on July 16, 2025, with up to $10 million in both assets and liabilities. Larry Nusbaum, interim president of Work 'N Gear, signed the petition. Judge Mark Edward Hall oversees the case. Eric H. Horn, Esq., at A.Y. Strauss, LLC, represents the Debtor as legal counsel. WORK 'N GEAR: Seeks to Hire A.Y. Strauss LLC as Bankruptcy Counsel ------------------------------------------------------------------ Work 'N Gear, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire A.Y. Strauss LLC as counsel. The firm's services include: (a) providing the Debtor with advice and preparing all necessary documents regarding debt restructuring, bankruptcy and asset dispositions; (b) taking all necessary actions to protect and preserve the Debtor's estate during the pendency of this Chapter 11 Case; (c) preparing on behalf of the Debtor, as debtor-in-possession, all necessary motions, applications, answers, orders, reports and papers in connection with the administration of this Chapter 11 Case; (d) counseling the Debtor with regard to its rights and obligations as a debtor-in-possession; (e) appearing in Court to protect the interests of the Debtor; and (f) performing all other legal services for the Debtor which may be necessary and proper in this proceedings and in furtherance of the Debtor's operations. The firm will be compensated for the services at a rate of $425 to $650 per hour. The firm received a retainer in the aggregate amount of $100,000. A.Y. Strauss LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Eric H. Horn, Esq. Eva M. Thomas, Esq. A.Y. STRAUSS LLC 290 West Mount Pleasant Avenue, Suite 3260 Livingston, NJ 07039 Telephone: (973) 287-5006 Facsimile: (973) 533-0127 About Work 'N Gear LLC Work 'N Gear, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-17472) on July 16, 2025, with up to $10 million in both assets and liabilities. Larry Nusbaum, interim president of Work 'N Gear, signed the petition. Judge Mark Edward Hall oversees the case. Eric H. Horn, Esq., at A.Y. Strauss, LLC, represents the Debtor as legal counsel. ZUCKERMAN FAMILY: Court to Consider Remand First Before Dismissal ----------------------------------------------------------------- In the case captioned as JOSE MARIA MORENO, Plaintiff, v. ZUCKERMAN FAMILY FARMS, INC., et al., Defendants, Case No. 2:25-cv-01574-CKD (E.D. Cal.), Judge Carolyn K. Delaney of the United States District Court for the Eastern District of California granted in part plaintiff Jose Maria Moreno's ex parte application for leave to conduct jurisdictional discovery and for an extension of time to file a motion to remand. The motion to dismiss filed by defendants Zuckerman – Mandeville, Inc.; Zuckerman Produce, Inc.; Heritage Land Co., Inc.; Zuckerman Heritage, Inc.; and Delta Farms Packing, Inc. -- Non-ZFF Defendants -- is denied without prejudice. A hearing on the matter was held July 29, 2025. Plaintiff initiated this wage-and-hour putative class action on July 15, 2024, in the San Joaquin County Superior Court against all defendants. On September 30, 2024, plaintiff filed a first amended complaint. Plaintiff brings these claims against defendants: (1) Failure to pay all minimum wages; (2) Failure to pay all overtime wages; (3) Failure to provide rest periods and pay missed rest period premiums; (4) Failure to provide meal periods and pay missed meal period premiums; (5) Failure to maintain accurate employment records; (6) Failure to pay wages timely during employment; (7) Failure to pay all wages earned and unpaid at separation; (8) Failure to indemnify all necessary business expenditures; (9) Failure to furnish accurate itemized wage statements; (10) Violations of California's Unfair Competition law; and (11) Penalties pursuant to the Labor Code Private Attorneys General Act of 2004. Plaintiff brings this class action on behalf of himself and the following class: "All individuals who are or were employed by Defendants as non-exempt employees in California during the Class Period." On June 5, 2025, defendants removed the action to this Court on the basis that federal subject matter jurisdiction exists pursuant to the Class Action Fairness Act ("CAFA"). Ex Parte Application Defendant argues that ex parte relief is inappropriate because the remand procedure provides an adequate remedy to plaintiff under 28 U.S.C. Sec. 1447(c). As an initial matter, the Court notes that plaintiff's chosen procedure to bring this request for jurisdictional discovery appears unusual. From the Court's review, the typical practice in similar cases seems to be a plaintiff will file a motion to remand and request jurisdictional discovery in the alternative. However, the Court set a briefing schedule and provided defendant with the opportunity to respond to plaintiff's arguments related to discovery and heard the parties in oral argument. Accordingly, the Court will address plaintiff's request for jurisdictional discovery. Plaintiff seeks discovery to determine whether the local controversy exception to the CAFA applies. Specifically, plaintiff seeks discovery to determine whether the putative class members are predominately composed of California citizens and exceed the two-thirds minimum or the one-third minimum under the CAFA to warrant remand. Plaintiff seeks personnel records of the putative class members and copies of the class members' U.S. Citizenship and Immigration Services I-9 forms, which plaintiff believes are exclusively in defendants' possession. Defendants argue that discovery is unnecessary because defendants provided plaintiff an opportunity to review the putative class members' I-9 forms. According to the Court, in this case, plaintiff has demonstrated good cause to conduct limited discovery for the purposes of determining whether the putative class members are citizens of California. Plaintiff seeks documents that he alleges are in the sole possession of defendants. Defendants have agreed to allow plaintiff to view I-9 forms for the potential class members from all defendants. It is clear to the Court that discovery is needed to determine whether this Court has jurisdiction under the CAFA. The Court holds plaintiff's request for an extension of time to file a motion to remand is granted for the limited purpose of conducting jurisdictional discovery. Motion to Dismiss The Court declines to rule on the motion to dismiss until the issue of remand is decided. Accordingly, defendants' motion to dismiss is denied without prejudice subject to refiling after the Court decides whether remand is warranted. A copy of the Court's Order dated August 4, 2025, is available at https://urlcurt.com/u?l=gcTAiE from PacerMonitor.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. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***