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250818.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, August 18, 2025, Vol. 29, No. 229 Headlines 111 HALLEY DRIVE: Section 341(a) Meeting of Creditors on Sept. 4 125 VERTICAL: Seeks Chapter 11 Bankruptcy in New York 24 WISTERIA DR: Case Summary & One Unsecured Creditor 5TH AVENUE: Court Extends Cash Collateral Access to Aug. 31 925 CONLEY CV22: Section 341(a) Meeting of Creditors on September 3 AB AND J: Seeks Chapter 11 Bankruptcy in California AD REM II: Voluntary Chapter 11 Case Summary AG MANAGEMENT: Seeks Chapter 11 Bankruptcy in Delaware AGDP HOLDING: Seeks to Sell Entertainment Biz at Auction AIG FINANCIAL: Deadline to File Claims Set for Sept. 5, 2025 ALLEN MEDIA: Creditors Push for Loan Paydown, Extension Talks ALROSE PATCHOGUE: To Sell Waverly Plaza to Waverly Sunrise ANGLIN CONSULTING: Seeks Chapter 11 Bankruptcy in Columbia APOGEE BREWING: Court to Hold Final Cash Collateral Hearing Today ARMELLINO ITALIAN: Gets Final OK to Use Cash Collateral ATLANTICUS HOLDINGS: Fitch Assigns 'B' LongTerm IDR, Outlook Stable AVANT GARDNER: Receives Initial Asset Bid From Axar BEECH INTERNATIONAL: Gets Extension to Access Cash Collateral BENGOWIN REALTY: Seeks Chapter 11 Bankruptcy in Florida BIG STORM BREWERY: Gets Extension to Access Cash Collateral BROADBAND TELECOM: Section 341(a) Meeting of Creditors on Sept. 18 BUDA MEZZ: Secured Party Sets Oct. 17, 2025 Auction CAMBER ENERGY: Subsidiary Acquires 51% Stake in Viking Distribution CAREPOINT HEALTH: NJSCI Opposes Antitrust Suit Disclosure File CASUAL 21 USA: Case Summary & 20 Largest Unsecured Creditors CLASSIC RECREATIONS: Auto Restore Biz Sale to CR Turnaround OK'd CLB TRUCKING: Case Summary & Six Unsecured Creditors CLOUD SOFTWARE: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable COGENT COMMUNICATIONS: S&P Downgrades ICR to 'B', Outlook Negative COSMOS HEALTH: Secures $300M Financing for Ethereum Treasury CREDO INVESTMENTS: Section 341(a) Meeting of Creditors on Sept. 8 D2 GOVERNMENT: Court Extends Cash Collateral Access to Aug. 26 DEL MONTE: Won't Decide on Tomato Contracts DELCATH SYSTEMS: Fiscal Q2 Revenue Increased to $24.2 Million DETHOME802 LLC: Seeks Subchapter V Bankruptcy in Texas DIOCESE OF SYRACUSE: US Trustee Objects to Chapter 11 Plan DISTRICT GRILL: Gets Court OK to Use Cash Collateral Until Sept. 23 E.W. SCRIPPS: Issues $750M Sr. Secured Second Lien Notes Due 2030 ECS BRANDS: Seeks to Extend Plan Exclusivity to Sept. 12 EDGE PROMO: Seeks Subchapter V Bankruptcy in North Carolina EL DORADO SENIOR: Gets Six-Month Extension to Use Cash Collateral ELITE FENCING: Seeks Chapter 11 Bankruptcy in Texas EXTENSIONS PLUS: Has Deal on Cash Collateral Access FACILITIES MANAGEMENT: Gets Extension to Access Cash Collateral FALKY HOLDINGS: Seeks Subchapter V Bankruptcy in Florida FLEMING STEEL: Case Summary & 20 Largest Unsecured Creditors FTX TRADING: Attestor Wins Suit vs. Silver Point Unit GENERATIONS ON 1ST: Court Extends Cash Collateral Access to Aug. 28 GENESIS GLOBAL: Parent Claims It Met $1.1B Duty, Seeks Overpayments GLOBAL JOINT: Seeks to Sell NY Property at Auction GLOTSER LIVING: Section 341(a) Meeting of Creditors on September 10 GRDN HOSPITALITY: Gets Interim OK to Use Cash Collateral GREAT CIRCLE: Seeks Chapter 11 Bankruptcy in New York GULFPORT ENERGY: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable HENNEPIN SCHOOLS: S&P Lowers Lease Revenue Bond Rating to 'B+' HILLCREST VENTURES: Seeks Chapter 11 Bankruptcy in California IH 35 TRUCKING: Seeks Cash Collateral Access INTERCEMENT BRASIL: Reschedules Creditors' Assembly to September 9 IRON HORSE: Seeks Chapter 11 Bankruptcy in Texas IVANKOVICH FAMILY: Seeks to Sell Celadon Accounts IYA FOODS: Seeks to Sell Miscellaneous Property J.C. PENNEY: Confirms 8 Additional Store Closures to Prevent Losses J.C.C.M. PROPERTIES: Seeks to Extend Exclusivity to Jan. 9, 2026 JAMES BARCHIESI: Court Wants Status Updates in Beyond Bespoke Case JLM RESOURCES: Seeks Subchapter V Bankruptcy in Washington JMC UNIT 1: Case Summary & 10 Unsecured Creditors JP MORGAN 2025-DSC2: S&P Assigns Prelim 'B-' Rating on B-2 Certs JPC LAND: Seeks to Sell Undeveloped Land at Auction JSMITH CIVIL: US Wins Summary Judgment Bid in ERC Lawsuit JUBILEE HILLTOP: Court Extends Cash Collateral Access to Sept. 30 KINETIK HOLDINGS: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable KKR REAL ESTATE: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable KUBOTA OF KNOXVILLE: To Sell Equipment Dealership Asset L.C.C. INC: Case Summary & 20 Largest Unsecured Creditors LASERCYCLE INC: Seeks Subchapter V Bankruptcy in Kansas LEISURE INVESTMENTS: Plan Exclusivity Period Extended to Oct. 27 LH PROPERTY: Seeks Chapter 11 Bankruptcy in Georgia MAGNOLIA OIL: S&P Upgrades ICR to 'BB-', Outlook Stable MARIN SOFTWARE: Aug. 29, 2025 Claims Filing Deadline Set MARYWOOD UNIVERSITY: S&P Affirms 'BB+' LT Rating on Revenue Debt MC BOOKKEEPING: Seeks Chapter 11 Bankruptcy in Georgia MCGEE CORNER: Section 341(a) Meeting of Creditors on September 8 MISSION SELF-STORAGE: Case Summary & Three Unsecured Creditors MOLINA VENTURES: Gets Interim OK to Use Cash Collateral MONGKOL ENTERPRISES: Case Summary & Nine Unsecured Creditors MONROE COUNTY: S&P Affirms 'BB+' Rating on 2014A Revenue Bonds MOSAIC SUSTAINABLE: Court Approves Disclosure Statement MOSAIC SUSTAINABLE: Plan Confirmation Hearing Set for September 4 MY JOB MATCHER: Court Approves Bidding Procedures NIBA DESIGNS: Seeks Chapter 11 Bankruptcy in Florida NUMERICAL CONCEPTS: Seeks Chapter 11 Bankruptcy in Indiana PACIFIC RADIO: Gets Interim OK to Use Cash Collateral Until Oct. 31 PARTNERS PHARMACY: Seeks Chapter 11 Bankruptcy with $51MM Sale Plan PARTNERS PHARMACY: To Sell Pharmacy Biz to CS One PHAIR COMPANY: Plan Exclusivity Period Extended to Oct. 23 PLATT FAMILY REAL: Seeks Chapter 11 Bankruptcy in Georgia POPELINO'S TRANSPORTATION: Has Deal on Cash Collateral Access POTTSVILLE OPERATIONS: Seeks to Extend Plan Exclusivity to Oct. 10 PRAESUM HEALTHCARE: Seeks Chapter 11 Bankruptcy in Florida PURDUE PHARMA: Court Lacks Jurisdiction to Hear Morales's Appeal QNITY ELECTRONICS: Fitch Assigns BB+ Rating on Sr. Unsecured Notes RIBBON TEXAS: Sept. 16, 2025 Claims Filing Deadline Set SANTA ANA EXPRESS: Section 341(a) Meeting of Creditors on Sept. 15 SANTOPIETRO FOOD: Seeks Chapter 11 Bankruptcy in North Carolina SBLA INC: Court Extends Cash Collateral Access to Sept. 17 SIGNATURE MECHANICAL: Gets Extension to Access Cash Collateral SILVERROCK DEVELOPMENT: Has Exhausted Time for Ch. 11, Says Lender SILVERROCK DEVELOPMENT: To Sell Property Development to TBE RE SINGH BROS: Plan Exclusivity Period Extended to September 12 SIX FLAGS: S&P Lowers ICR to 'BB-', Outlook Negative SMITH MICRO: Fiscal Q2 Loss Widens to $15.1M on Lower Revenue SOUTHERN EXPRESS: Gets Interim OK to Use Cash Collateral SPIRIT AIRLINES: S&P Lowers ICR to 'CCC' on Going-Concern Doubt SPIRIT AIRLINES: Struggles w/ Costs After Rushed Ch. 11 Fell Short SUMMIT HARD: Seeks Subchapter V Bankruptcy in Colorado SUNNOVA ENERGY: Creditor Enterprise Bank Seeks Asset Sale Review SUNSTONE DEVELOPMENT: To Sell Dana Point Parcel to Galaxy Holdings TITAN CNG: Case Summary & 20 Largest Unsecured Creditors TITAN TRANSPORTATION: Seeks Chapter 11 Bankruptcy w/ Over 50MM Debt TRUE LOUNGE: Case Summary & One Unsecured Creditor UNITI GROUP: S&P Assigns 'B-' Issuer Credit Rating, Outlook Stable UNIVERSITY PARK BERKELEY: Seeks Chapter 11 Bankruptcy in California UNIVERSITY PARK: Case Summary & 10 Unsecured Creditors US COATING: Gets Final OK to Use Cash Collateral VENTURE GLOBAL: S&P Affirms 'BB-' ICR, Outlook Stable VIVAKOR INC: Annual Shareholder Meeting Set for September 11 VIVAKOR INC: Sells Subsidiaries, Enters Forbearance With Maxus VIVAKOR INC: Sets Aug. 20 Record Date for Dividend of Adapti Shares WINSTAR HOLDINGS: Case Summary & Two Unsecured Creditors WINTER GARDEN: S&P Places 'CC' Rev. Bond Rating on Watch Negative WISDOM DENTAL: Gets Interim OK to Use Cash Collateral YELLOW CORP: Seeks Court OK for $16MM Real Estate Sales YELLOW CORP: To Sell Properties to Multiple Buyers ZIPS CAR WASH: Landlords Challenge Assumption of Leases in Ch. 11 [] Troutman Pepper Adds Three New Partners to Bankruptcy Practice [] U.S. Trustee Objects to Jackson Walker-Judge Romance Deals ********* 111 HALLEY DRIVE: Section 341(a) Meeting of Creditors on Sept. 4 ---------------------------------------------------------------- On August 4, 2025, 111 Halley Drive LLC filed Chapter 11 protection in the Southern District of New York. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on September 4, 2025 at 02:00 PM at Office of UST (TELECONFERENCE ONLY). About 111 Halley Drive LLC 111 Halley Drive LLC is an investment company operating as a pooled investment vehicle under 15 U.S.C. S 80a-3. 111 Halley Drive sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22728) on August 4, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. Honorable Bankruptcy Judge Sean H. Lane the case. 125 VERTICAL: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------- On August 13, 2025, 125 Vertical Parking Group LLC filed Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About 125 Vertical Parking Group LLC 125 Vertical Parking Group LLC holds a single asset consisting of a developed real estate parcel located at 123 Baxter Street in New York. 125 Vertical Parking Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43916) on August 13, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Lawrence Morrison, Esq. at MORRISON TENENBAUM PLLC. 24 WISTERIA DR: Case Summary & One Unsecured Creditor ----------------------------------------------------- Debtor: 24 Wisteria Dr LLC 24 Wisteria Drive Remsenburg, NY 11960 Business Description: 24 Wisteria Dr LLC's sole asset is a single- family residential property located at 24 Wisteria Drive in Remsenberg, New York, with an estimated value of $1.3 million. Chapter 11 Petition Date: August 14, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-73139 Judge: Hon. Alan S Trust Debtor's Counsel: Richard S. Feinsilver, Esq. RICHARD S. FEINSILVER, ESQ. One Old Country Road Suite 347 Carle Place, NY 11514 Tel: 516-873-6330 Fax: 516-873-6183 E-mail: feinlawny@yahoo.com Total Assets: $1,300,000 Total Liabilities: $1,700,000 The petition was signed by Michael O'Sullivan as managing member. The Debtor identified US Bank NA, as Trustee, c/o Newrez at Box 10826, Greenville, South Carolina 29603, as its sole unsecured creditor, with the claim estimated at $400,000. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/67CATCY/24_Wisteria_Dr_LLC__nyebke-25-73139__0001.0.pdf?mcid=tGE4TAMA 5TH AVENUE: Court Extends Cash Collateral Access to Aug. 31 ----------------------------------------------------------- 5th Avenue Furniture Warehouse Inc. received another extension from the U.S. Bankruptcy Court for the Eastern District of New York to use the cash collateral of New York State Department of Taxation and Finance. The court issued its second interim order authorizing the Debtor to use cash collateral through August 31 in accordance with its budget. As adequate protection for the Debtor's use of its cash collateral, the agency will continue to receive a monthly payment of $1,000. In addition, the agency will be granted replacement liens on all assets of the Debtor of the same type and nature that existed as of the petition date, with the same validity and priority as its pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 causes of action and are subordinate to any quarterly or other fees payable to the U.S. trustee. The final hearing is scheduled for August 21. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/IieU0 from PacerMonitor.com. About 5th Avenue Furniture Warehouse Inc. 5th Avenue Furniture Warehouse, Inc. is a family-owned furniture retailer located at 1644 5th Avenue, Bay Shore, New York, offering a range of home furnishings, mattresses, and accessories. 5th Avenue Furniture Warehouse sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-72216) on June 6, 2025. In its petition, the Debtor reported total assets of $283,034 and total liabilities of $2,736,974. Judge Louis A. Scarcella handles the case. The Debtor is represented by Heath S. Berger, Esq., at BFSNG Law Group, LLP. 925 CONLEY CV22: Section 341(a) Meeting of Creditors on September 3 ------------------------------------------------------------------- On August 4, 2025, 925 Conley CV22 Pledgor LLC filed Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors filed by United States Trustee under Section 341(a) to be held on September 3, 2025 at 02:00 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 3913464. About 925 Conley CV22 Pledgor LLC 925 Conley CV22 Pledgor LLC is a real estate entity serving as a pledgor for a 96-unit residential property located at 925 Conley Road SE in Atlanta, Georgia. 925 Conley CV22 Pledgor LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-72985) on August 4, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Alan S. Trust handles the case. The Debtor is represented by Heath S. Berger, Esq. at Bfsng Law Group, LLP and Mark E. Cohen, Esq. AB AND J: Seeks Chapter 11 Bankruptcy in California --------------------------------------------------- On August 12, 2025, AB and J Jewelry Inc. filed Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About AB and J Jewelry Inc. AB and J Jewelry Inc. sold plated and fine jewelry products through a retail store in Ontario, California and via online platforms, offering items such as gold-plated stainless steel chains, silver jewelry, and moissanite pieces. AB and J Jewelry Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-15659) on August 12, 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 Scott H. Yun handles the case. The Debtor is represented by Leonard Pena, Esq. at PENA & SOMA, APC. AD REM II: Voluntary Chapter 11 Case Summary -------------------------------------------- Debtor: Ad Rem II, LLC 6 Devon Woods Close Amagansett, NY 11930 Business Description: Ad Rem II, LLC owns real estate at 6 Devon Woods Close in Amagansett, New York, valued at about $4.5 million. Chapter 11 Petition Date: August 14, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-73151 Debtor's Counsel: Charles A. Higgs, Esq. THE LAW OFFICE OF CHARLES A. HIGGS 2 Depot Plaza First Floor, Office 4 Bedford Hills, NY 10507 Tel: (917) 673-3768 E-mail: charles@freshstartesq.com Total Assets: $4,500,000 Total Liabilities: $3,150,000 The petition was signed by William J. Fowkes as managing member. The Debtor filed a list of its 20 largest unsecured creditors, but all entries were left blank. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7L7C55Q/Ad_Rem_II_LLC__nyebke-25-73151__0001.0.pdf?mcid=tGE4TAMA AG MANAGEMENT: Seeks Chapter 11 Bankruptcy in Delaware ------------------------------------------------------ On August 4, 2025, AG Management Pool LLC filed Chapter 11 protection in the District of Delaware. According to court filing, the Debtor reports between $100 million and $500 million in debt owed to 50,000 and 100,000 creditors. The petition states funds will be available to unsecured creditors. About AG Management Pool LLC AG Management Pool LLC is a Brooklyn-based entertainment venue management company. AG Management Pool LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11445) on August 4, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. The Debtor is represented by Sean Matthew Beach, Esq. at Young, Conaway, Stargatt & Taylor. AGDP HOLDING: Seeks to Sell Entertainment Biz at Auction -------------------------------------------------------- AGDP Holding Inc. and its affiliates seek permission from the from the U.S. Bankruptcy Court for the District of Delaware, to sell substantially all Assets, free and clear of liens, clams, interests, and encumbrances. The Debtors operate a multi-space entertainment venue complex, specializing in large-scale live entertainment—concerts, festivals, corporate functions, and multimedia events— and are known for state-of-the-art audiovisual production, including a 2022 upgrade featuring one of the world's highest-resolution video walls. The Debtors focus on industry‑leading production capabilities, immersive audiovisual experiences, and status as one of North America's largest standing-room-only entertainment venues. The Debtors have a clear strategy for these chapter 11 cases: to execute a sale process for all or substantially all of their Assets, benefitting all of their stakeholders, including employees, customers, and vendors. Among other things, the sale process will provide a transparent and comprehensive avenue through which the Debtors will seek bids for the Assets. In connection with the sale process, the Debtors have selected the binding bid submitted by AG Acquisition 1, LLC (Stalking Horse Bidder). The Asset Purchase Agreement between certain of the Debtors and the Stalking Horse Bidder, will serve as the baseline for all prospective bidders to negotiate from, and will be subject to higher or otherwise better bids for the Assets pursuant to the Bidding Procedures. As part of the Debtors' efforts to ensure that they secure a value-maximizing transaction for the Assets, prior to the Petition Date, the Debtors retained Triple P Securities, LLC, an experienced and well-known investment banker who has appeared before the Bankruptcy Court on numerous occasions, to canvass the market for interested buyers. The Debtors will work with Triple P Securities to market the Assets, and obtain the highest and best value. The Debtors seek approval of the Bidding Procedures to establish a controlled, fair, and open process for the solicitation, receipt, and evaluation of Bids (as defined in the Bidding Procedures) in a fair and accessible manner. A Potential Bidder that desires to make a Bid shall deliver written copies of its Bid in both Portable Document Format (.pdf) and Microsoft Word (.doc/.docx) to the following by no later than Wednesday, October 8, 2025, at 12:00 p.m. (prevailing Eastern Time). If such Bid relates to the Assets contemplated to be sold under the Stalking Horse Purchase Agreement, providing for consideration to the Debtors of at least the sum of the Stalking Horse Bid and an incremental overbid of $350,000, which may be adjusted for any Bid relating to Assets not contemplated to be sold under the Stalking Horse Purchase Agreement; provided that any such Bid must include a cash component sufficient to satisfy the DIP Obligations. To participate in the Auction, a Potential Bidder (other than the Stalking Horse Bidder) must deliver to the Debtors and their advisors an irrevocable offer for the purchase of all, substantially all, or some of the Assets, and shall meet the criteria in each case, on or prior to the Bid Deadline: If the Debtors receive more than one Qualified Bid for any particular Asset or portion of Assets by the Bid Deadline, the Debtors shall conduct the Auction to determine the Successful Bidder(s) in their reasonable business judgment. The Auction, if required, will be conducted on Wednesday, October 15, 2025 at Young Conaway Stargatt & Taylor, LLP, 1000 N. King Street, Wilmington, Delaware 19801 or, if determined by the Debtors to be necessary or convenient, via teleconference and/or videoconference. Each Successful Bid and Back-Up Bid shall be subject to approval by the Court. The hearing to approve a Successful Bid and Back-Up Bid shall take place Thursday, October 23, 2025, at a time to be determined. Following arm's-length and good-faith negotiations, the Debtors and the Stalking Horse Bidder, AG Acquisition LLC, have agreed upon the Stalking Horse Purchase Agreement whereby the Stalking Horse Bidder will purchase certain of the Assets. The Stalking Horse Purchase Agreement contains certain key provisions, each of which were specifically negotiated by the Stalking Horse Bidder and which are a condition required by the Stalking Horse Bidder for the deal encapsulated in the Stalking Horse Purchase Agreement. The Debtors are seeking approval of the Bidding Procedures and the following proposed timeline for the sale process to establish a clear and open process for the solicitation, receipt, and evaluation of third-party bids on a timeline that allows the Debtors to consummate a Sale. The Debtors will continue to conduct an extensive and fulsome process to market the Assets. The open and fair auction and sale process contemplated by the Bidding Procedures will ensure that the Debtors' estates receive the highest or best value available for the Assets by allowing the market to dictate the value of the Assets, and will provide a greater recovery than would be provided by any other available alternative. About AGDP Holding Inc. AGDP Holding Inc. and its affiliates sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11446) on August 4, 2025. The case is jointly administered in Case No. 25-11446. In the petitions signed by Gary Richards, chief executive officer, AGDP Holding disclosed up to $100 million in estimated assets and up to $500 million in estimated liabilities. Judge Mary F. Walrath oversees the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as counsel; Triple P TRS, LLC as financial advisor; and Triple P Securities, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent. AIG FINANCIAL: Deadline to File Claims Set for Sept. 5, 2025 ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Delaware set Sept. 5, 2025, at 11:59 p.m., as the last date for person or entities, and all governmental units to file their proofs of claim against AIG Financial Products Corporation. All claimants must submit -- by overnight mail, courier service, hand delivery, or in person -- an original, written Proof of Claim that substantially conforms to the Proof of Claim Form so as to be actually received by Epiq Corporate Restructuring LLC, the Debtor's claims and notice agent, on or before the applicable Bar Date at the following address: AIG Financial Products Corp. Claims Processing Center c/o Epiq Corporate Restructuring LLC 10300 SW Allen Boulevard Beaverton, Oregon 97005 Alternatively, Claimants may submit a Proof of Claim: By first class mail to: AIG Financial Products Corp. Claims Processing Center c/o Epiq Corporate Restructuring LLC P.O. Box 4420 Beaverton, Oregon 97076-4420 or Electronically by completing the Proof of Claim Form that can be accessed at Epiq's website, https://dm.epiq11.com/AIGFP. Proofs of Claim will be deemed timely filed only if actually received by Epiq on or before the applicable Bar Date. Proofs of Claim may not be delivered by facsimile, telecopy, or electronic mail transmission. Any facsimile, telecopy, or electronic mail submissions will not be accepted and will not be deemed filed until a Proof of Claim is submitted to Epiq by overnight mail, courier service, hand delivery, regular mail, in person, first class mail, or through Epiq's website listed above. About AIG Financial Products Corp. AIG Financial Products Corp. is a wholly- owned, direct subsidiary of American International Group, Inc. It is a Delaware corporation founded in 1987 and based in Wilton, Conn., is a financial products company. It was founded for the purpose of trading in the capital markets and offering corporate finance, structured finance, and financial risk management products, including complex derivatives transactions. AIG Financial Products filed a petition under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 22-11309) on Dec. 14, 2022, with $100 million to $500 million in assets and $10 billion to $50 billion liabilities. Judge Mary F. Walrath oversees the case. The Debtor tapped Young Conaway Stargatt & Taylor, LLP and Latham & Watkins, LLP as bankruptcy counsels; Debevoise & Plimpton, LLP as special litigation counsel; and Alvarez & Marsal North America, LLC as financial advisor. William C. Kosturos, managing director at Alvarez & Marsal, serves as the Debtor's chief restructuring officer. Epiq Corporate Restructuring, LLC is the claims and noticing agent. ALLEN MEDIA: Creditors Push for Loan Paydown, Extension Talks ------------------------------------------------------------- Reshmi Basu of Bloomberg News reports that lenders to Byron Allen's media empire have resumed efforts to negotiate a debt deal after talks stalled last year, according to people with knowledge of the matter. Some creditors are pushing for a partial loan repayment using asset-sale proceeds and tighter covenants in exchange for extending maturities, the people said, speaking anonymously about private discussions. The group, advised by Ducera Partners and Gibson Dunn & Crutcher, is worried Allen may reinvest proceeds instead of paying down debt. About Allen Media Allen Media LLC operates as a media company. The Company specializes in video production, photography, senior pictures, business portraits, graphic design work, photo editing, and screenplay analysis services. ALROSE PATCHOGUE: To Sell Waverly Plaza to Waverly Sunrise ---------------------------------------------------------- Thomas A. Draghi, Esq., Plan Administrator of the Estate of Alrose Patchogue, LLC, seeks permission from the U.S. Bankruptcy Court for the U.S. Bankruptcy Court for the Southern District of New York, to sell substantially all Assets to the Stalking Horse, subject to higher and better offers, free and clear of liens, claims, interests, and encumbrances. The Plan Administrator seeks entry of an order: (a) approving the Sale of the Sale Assets to the designated Stalking Horse, Waverly Sunrise, LLC, a New York limited liability company, and the Confirmed Plan, subject to higher and better offers as set forth in the Confirmed Plan. If no higher and better offers are timely filed and served, then there will be no Auction. If a higher and better offer is timely filed and served by an offeror, then the Auction will be held on a date set by order of the Court following the Hearing on the Stalking Horse Sale Motion. Signature Bank holds a lien of the Property. The Debtor is the ground lessee of the Real Property located at 630 Waverly Avenue, Patchogue, New York with Gould Patchogue, LLC, the lessor. The Real Property, which is commonly known as Waverly Plaza, is comprised of six commercial buildings and approximately 550 parking spaces. The Confirmed Plan authorizes the Plan Administrator, on behalf of the Post-Effective Date Debtor, to enter into a Purchase and Sale Agreement with a proposed stalking horse to sell the Sale Assets, with the purchase price of $6,000,000.00. The Plan Administrator, with the able assistance of Broker, has secured the Stalking Horse, Waverly Sunrise, and has fully negotiated and documented the Stalking Horse PSA with Waverly Sunrise. The Plan Administrator now files this Stalking Horse Sale Motion seeking entry of the Stalking Horse Order. However, if a proposed higher and better offer [than the Stalking Horse] is filed by an offeror with the Court and served upon counsel for the Secured Noteholder on or before the deadline to file objections to the Stalking Horse Sale Motion, then the Sale Assets shall be sold at an auction. The Plan Administrator and Broker have marketed the Sale Assets during the Marketing Period. After receiving approximately one dozen informal offers and/or expressions of interest for the Sale Assets, the Plan Administrator, in his business judgment, has determined to enter the Stalking Horse PSA with the Stalking Horse, thereby designating Waverly Sunrise as the Stalking Horse with respect to the Sale of the Post-Effective Date Debtor's Sale Assets. The Plan Administrator respectfully highlights the following material provisions of the Stalking Horse PSA with the Stalking Horse: -- The Stalking Horse will purchase the Debtor’s ground lessee interest in the Premises (as defined in the Stalking Horse PSA) from the Post-Effective Date Debtor for $6,000,000.00. -- The Purchase Price shall be allocated as follows: $6,000,000.00 to Real Property and $0.00 to Personal Property. The Plan Administrator, in an exercise of his sound business judgment, has determined that each of the Assumed Leases is a crucial and beneficial asset of the Post Effective Date Debtor's estate and critical to the Sale of the Sale Assets. About Alrose Patchogue Alrose Patchogue is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Alrose Patchogue, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-10836) on May 14, 2024, listing $10,005,901 in assets and $5,163,314 in liabilities. The petition was signed by Penny Hart as manager. Dawn Kirby, Esq., at Kirby Aisner & Curley, LLP, is the Debtor's counsel. ANGLIN CONSULTING: Seeks Chapter 11 Bankruptcy in Columbia ---------------------------------------------------------- On August 11, 2025, Anglin Consulting Group Inc. filed Chapter 11 protection in the District of Columbia. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Anglin Consulting Group Inc. Anglin Consulting Group Inc. is a professional services firm specializing in management consulting, financial and healthcare solutions, and operational support for public and private organizations. The Company provides certified American Sign Language (ASL) interpretation services, ensuring accessibility and effective communication for clients who are deaf or hard of hearing. Anglin serves a diverse client base including federal, state, and local government agencies, commercial businesses, and non-profits, leveraging its SBA 8(a), Economically Disadvantaged Woman-Owned, Service-Disabled Veteran-Owned, and HUBZone certifications to deliver comprehensive, inclusive solutions. Anglin Consulting Group Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00328) on August 11, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. The Debtor is represented by Justin P. Fasano, Esq. at MCNAMEE HOSEA, P.A. APOGEE BREWING: Court to Hold Final Cash Collateral Hearing Today ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, is set to hold a hearing today to consider final approval of Apogee Brewing, LLC's bid to use cash collateral. The Debtor's authority to use cash collateral pursuant to the court's order issued at the August 11 hearing expires today. Apogee Brewing, doing business as True Anomaly, is a Texas-based craft brewery and beer hall formed in 2013, with two main locations in Houston: a leased tap room at 2012 Dallas Street and a larger 63,670 square foot property on 4001 Navigation Boulevard. The larger property includes two buildings: one operational brewing and packaging facility and another under construction intended to be a new tap room and kitchen. This property was acquired to replace the leased space, which will be permanently closed due to Texas Department of Transportation expansion plans. The brewery facility is encumbered by two U.S. Small Business Administration-guaranteed loans totaling nearly $4 million, held by Stellar Bank, which holds liens on the property. The property was appraised at about $3.23 million in July 2022 and later appraised at $4.25 million upon completion of improvements in November 2022. However, the Debtor has struggled to finish construction on the tap room and kitchen due to cash flow problems. The Debtor requires cash collateral to maintain operations during bankruptcy, including paying wages and salaries, purchasing materials and supplies, and paying ongoing business expenses. The Debtor said that its leased tap room is currently profitable and cash positive, making continued use of cash collateral critical to preserve the value of its assets and its business as a going concern for the benefit of creditors. Several secured creditors, including SBA, Stellar Bank, Capital Certified Development Corporation, and EADO Investments, LP, may claim interests in the Debtor's cash and receivables. While no agreements on cash collateral use have been finalized, the Debtor expects the secured creditors to consent to interim use. As adequate protection, the Debtor offers to grant secured creditors automatically perfected, first priority replacement liens on the revenues generated by the operation of the Debtor's business, with the same priority and extent as their pre-bankruptcy liens. About Apogee Brewing, LLC Apogee Brewing, LLC operates a craft brewery and taproom in Houston, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34497) on August 4, 2025. In the petition signed by Michael Duckworth, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Eduardo V. Rodriguez oversees the case. Stacey Barnes, Esq.,at KEARNEY, MCWILLIAMS & DAVIS, PLLC, represents the Debtor as legal counsel. ARMELLINO ITALIAN: Gets Final OK to Use Cash Collateral ------------------------------------------------------- Armellino Italian Ices Corp. received final approval from the U.S. Bankruptcy Court for the Northern District of Alabama to use cash collateral to fund business operations while under Chapter 11 protection. The final order authorized the Debtor to use cash collateral strictly according to the budget. As adequate protection for the Debtor's use of its cash collateral, Dogwood State Bank was granted replacement liens on all assets acquired by the Debtor after its Chapter 11 filing, with the same validity, priority and extent as the bank's pre-bankruptcy liens. In addition, Dogwood will receive a monthly payment of $4,000, starting August 25. Meanwhile, the Debtor was ordered to escrow $1,000 per month for the Subchapter V trustee fees and expenses. These escrowed funds are not subject to the replacement liens granted to the bank. The Debtor owes Dogwood approximately $555,036.83 on two loans, which are secured by the bank's valid and perfected liens on the Debtor's property. As of the petition date, the Debtor held approximately $9,300 in cash, had no accounts receivable, and projected $40,000 in average monthly income. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/EQIzh from PacerMonitor.com. About Armellino Italian Ices Corp. Armellino Italian Ices Corp., which operates Rita's Italian Ice and PJ's Coffee franchises in Tuscaloosa, Alabama, specializes in selling Italian ice, frozen custard, and specialty coffee products through its two branded retail locations on University Boulevard. Armellino sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-70864) on July 1, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Anthony B. Bush, Esq., at The Bush Law Firm, LLC is the Debtor's bankruptcy counsel. Dogwood State Bank, as secured creditor, is represented by: Marianna R. Nichols, Esq. Bradley Arant Boult Cummings, LLP 1819 Fifth Avenue North Birmingham, AL 35203 Telephone: (205) 521-8000 Facsimile: (205) 521-8800 mnichols@bradley.com ATLANTICUS HOLDINGS: Fitch Assigns 'B' LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has assigned Atlanticus Holdings Corporation (Atlanticus) a first-time expected Long-Term Issuer Default Rating (IDR) of 'B'. Fitch has also assigned Atlanticus' outstanding senior unsecured debt a rating of 'B' with a Recovery Rating of 'RR4'. The Rating Outlook is Stable. Fitch has also assigned an expected rating of 'B(EXP)'/'RR4' to Atlanticus' announced $400 million unsecured debt issuance. Proceeds from the issuance will be used to repay outstanding secured debt and for general corporate purposes. The fixed rate of interest and final maturity date will be determined at the time of issuance. Key Rating Drivers Financial Profile Supports the Rating: Atlanticus' rating is supported by its experienced management team, adequate funding flexibility and liquidity, consistent profitability, and appropriate leverage for the portfolio's risk profile. Modest Franchise, Risk Profile Constrain Rating: Atlanticus' ratings are constrained by its modest franchise, high portfolio delinquencies and net charge-offs, and monoline second-look business model, which has an elevated risk profile given the high subprime exposure. Limited but Growing Scale: Atlanticus' scale has grown in recent years, but market share remains limited relative to major specialty finance and credit card peers, and revenue is less diversified by geography and product type. Fitch believes the business model focus on second-look originations, subprime borrowers, and high concentrations of key retail partnerships results in heightened vulnerability to adverse economic conditions and partner-specific events. Asset Quality Stabilizing, but Losses Elevated: Asset performance has improved in recent quarters, with 30+ day delinquencies of 13.7% at 1H25, down from 16.6% at YE 2024 and a peak of 20.1% at YE 2022. Credit performance weakened notably in 2022-2023, prompting Atlanticus to tighten underwriting standards and strengthen its portfolio mix. Net charge-offs declined to 21.4% in 1H25 (annualized) from 26.4% in 2023, driven by the higher credit quality of recent originations. Still, Fitch believes the company's customer base, which is already challenged by high inflation, will be particularly vulnerable to economic stresses such as rising unemployment. Solid Profitability: Profitability, measured as pre-tax return on average assets (ROAA), was 4.7% in 1H25 (annualized), compared with 4.6% in 2024 and 5.1% in 2023. Fitch expects profitability to grow modestly with stronger risk-adjusted yields in the near term, as Atlanticus tightened its underwriting and repriced its portfolio in 2023-2024. Still, profitability remains highly sensitive to consumer credit performance given the business model. Appropriate Leverage: Fitch views Atlanticus' leverage (debt/tangible equity) as appropriate for the risk profile of its portfolio. Pro forma for the announced $400 million unsecured debt issuance, leverage was 5.9x at 1H25, up from 5.5x prior to the issuance, aligned with 5.8x at YE 2024. Fitch expects leverage to decline modestly through retained earnings in the near term. As of March 31, 2025, Atlanticus had $40 million of Series A preferred stock outstanding, which Fitch treats as debt due to its mandatory redemption feature. The company also had $83 million of Series B preferred stock outstanding, which Fitch afforded 50% equity credit due to the cumulative nature of the dividends, the fact that the shares are perpetual, the lack of required redemption in cash following a change of control, and the lack of material covenants or events of default. Secured Funding Profile: Atlanticus' funding profile is largely secured, which Fitch believes limits financial flexibility during periods of stress due to the high encumbrance of assets. Pro forma for the debt issuance, unsecured debt will increase to 25.6% of total debt at 1H25, which is within Fitch's 'bb' category quantitative benchmark range of 10%-35% for balance sheet-heavy finance and leasing companies with a Sector Risk Operating Environment score in the 'bbb' category. Fitch would view further increases in unsecured debt as incrementally positive for the credit profile. Adequate Liquidity: Fitch views Atlanticus' cash liquidity of $518 million at 1H25, pro forma for the debt issuance, as sufficient to support its operations and meet near-term funding needs. Proceeds from the issuance are expected to repay $203 million of secured debt, with the balance held in cash to address 2026 debt maturities and/or fund potential acquisitions. Warehouse facilities are expected to be extended or enter amortization periods and self-liquidate with collateral cash flows, limiting refinancing risk. Atlanticus maintains a well-staggered maturity profile with $148 million of notes coming due in November 2026 and $168 million in January 2029. Stable Outlook: The Stable Outlook reflects Fitch's expectation that Atlanticus' leverage, earnings, and credit performance will remain relatively stable, and the unsecured funding mix will be sustained above 15% of total debt. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained deterioration in credit performance, including delinquencies sustained above 20% and net charge-offs above 25%; - Sustained increase in leverage above 7x; - Sustained decrease in the unsecured funding mix below 10%; - Sustained decline in return on average assets below 3%; - Material increases in the risk profile of the portfolio, as evidenced by greater concentrations in lower credit quality borrowers or general purpose card receivables; - Inability to access committed or term funding, or material shortening of funding maturity profile; - The imposition of new and more onerous regulations that negatively impact Atlanticus' ability to execute its business strategy. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustained reduction in leverage below 5x; - Improvement to the business profile through increased market share, expansion into new geographies, or further product and retail partnership diversification, which would strengthen Atlanticus' franchise and competitive position; - Sustained increase in the proportion of unsecured debt above 20% of total debt; - Continued maintenance of net charge-offs through credit cycles. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The senior unsecured debt rating is equalized with the Long-Term IDR, reflecting Fitch's expectation of average recovery prospects in a stress scenario. Fitch would expect to convert the expected unsecured debt rating of 'B(EXP)' to a final rating of 'B' upon settlement of the announced transaction. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The senior unsecured debt rating is primarily sensitive to changes in the Long-Term IDR, the funding mix, and availability of unencumbered assets to support recovery prospects in a stressed scenario. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. The Business Profile score has been assigned below the implied score due to the following adjustment reason(s): Business model (negative). The Asset Quality score has been assigned above the implied score due to the following adjustment reason(s): Historical and future metrics (positive) The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason(s): Portfolio risk (negative), Revenue diversification (negative). The Funding, Liquidity & Coverage score has been assigned below the implied score due to the following adjustment reason(s): Business model/funding market convention (negative) Date of Relevant Committee 07-Aug-2025 ESG Considerations Atlanticus Holdings Corporation has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to the importance of fair collection practices and consumer interactions and the regulatory focus on them, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This 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. Entity/Debt Rating Recovery ----------- ------ -------- Atlanticus Holdings Corporation LT IDR B New Rating senior unsecured LT B New Rating RR4 senior unsecured LT B(EXP) Expected Rating RR4 AVANT GARDNER: Receives Initial Asset Bid From Axar --------------------------------------------------- James Nani of Bloomberg Law reports that Avant Gardner, the bankrupt New York City music venue and festival operator, has obtained a minimum credit bid of $110 million from lender Axar Capital Management LP. Filed through Axar affiliate AG Acquisition 1 LLC, the bid is intended to set a floor for competitive bidding and includes portions of the company's prebankruptcy secured loans along with its entire $45.8 million in bankruptcy financing, according to a motion submitted Thursday in the U.S. Bankruptcy Court for the District of Delaware, according to Bloomberg Law. The motion was filed by Avant Gardner's parent, AGDP Holding Inc., following its Chapter 11 filing, the report states. About Avant Gardner Avant Gardner is a prominent Brooklyn-based entertainment venue operator and event promoter that is operating from its principal location at 140 Stewart Ave in Brooklyn, New York. The company manages entertainment venues and produces live events, with operations in the performing arts and entertainment event promotion sector. Avant Gardner sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11443) on August 4, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $100,000 and $500,000. The Debtor is represented by Sean Matthew Beach, Esq. at Young, Conaway, Stargatt & Taylor. BEECH INTERNATIONAL: Gets Extension to Access Cash Collateral ------------------------------------------------------------- Beech International, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral until September 18, marking the 13th extension since its Chapter 11 filing. The latest order signed by Judge Ashely Chan authorized the Debtor to use cash collateral within a 15% variance per budget category, (except those cash held by UMB Bank, National Association in reserves) until September 18 or until the occurrence of a termination event. Termination events include the entry of a subsequent cash collateral order; the appointment of a Chapter 11 trustee or examiner; the conversion of the Debtor's Chapter 11 case to one under Chapter 7; or the filing by the Debtor of a motion to obtain financing secured by liens senior to the liens in favor of UMB Bank. As protection, each creditor with an interest in the cash collateral will be granted a replacement lien on all property of the Debtor acquired after its bankruptcy filing. The replacement lien does not apply to proceeds of actions commenced under Chapter 5 of the Bankruptcy Code. A final hearing is scheduled for September 17. The deadline for filing objections is on September 10. The Debtor believes that only UMB Bank, National Association and PIDC Local Development Corporation have an asserted interest in cash collateral. UMB is the trustee under a Trust Indenture dated as of Sept. 1, 2010, between the Philadelphia Authority for Industrial Development and TD Bank, N.A., as prior trustee. Pursuant to the Indenture, among other things, PAID issued certain Revenue Bonds (International Apartments at Temple University) Series 2010A, 2010B, and 2010C, in the aggregate principal amount of $17.280 million. On Sept. 1, 2010, PAID loaned the proceeds of the bonds to Beech International to acquire, construct, equip and install the student housing facility with two commercial units adjacent to Temple University. This loan is evidenced by, among other things, a Loan Agreement between PAID and the Debtor dated as of September 1, 2010, and three promissory notes issued by the Debtor in favor of PAID. As of the petition date, UMB asserts that approximately $15,241,671.88 remained due and owing on the notes. Prior to the petition Date, PIDC Local Development Corporation made (i) a loan in the amount of $600,000 to the company's sole member, Beech Interplex, Inc.; and (ii) a loan in the amount of $1 million to Beech Interplex. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/NwoT1 from PacerMonitor.com. About Beech International Beech International, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Beech International filed Chapter 11 petition (Bankr. E.D. Pa. Case No. 24-14406) on December 10, 2024, listing between $10 million and $50 million in both assets and liabilities. Ken Scott, chief executive officer of Beech International, signed the petition. Judge Ashely M. Chan handles the case. Robert Lapowsky, Esq., at Stevens & Lee, P.C. is the Debtor's legal counsel. UMB Bank, N.A., as secured creditor, is represented by: Tobey M. Daluz, Esq. Margaret A. Vesper, Esq. Ballard Spahr, LLP 1735 Market Street, 51st Floor Philadelphia, PA 19103 Tel: (215) 864-8148 Facsimile: (215) 864-8999 daluzt@ballardspahr.com vesperm@ballardspahr.com -- and -- William P. Wassweiler, Esq. Ballard Spahr, LLP 2000 IDS Center 80 South 8th Street Minneapolis, MN 55402-2119 Telephone: (612) 371-3289 Facsimile: (612) 371-3207 wassweilerw@ballardspahr.com BENGOWIN REALTY: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------- On August 4, 2025, Bengowin Realty Inc. filed Chapter 11 protection in the Southern District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About Bengowin Realty Inc. Bengowin Realty Inc. is a real estate company based in Homestead, Florida. Bengowin Realty Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19001) on August 4, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. The Debtor is represented by James A. Poe, Esq. of James A. Poe, P.A. BIG STORM BREWERY: Gets Extension to Access Cash Collateral ----------------------------------------------------------- Big Storm Brewery, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division to use cash collateral. The third interim order signed by Judge Roberta Colton authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the 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 creditors, including Briar Capital Real Estate Fund, LLC, the U.S. Small Business Administration, and The Center for Special Needs Trust Administration, Inc. This authorization will continue until August 21 or until further order of the court. The Debtor projects total operational expenses of $102,224 for the period from July 4 to August 29. Each creditor with a security interest in cash collateral will have a perfected post-petition lien on the cash collateral to the same extent and with the same validity and priority as its pre-bankruptcy lien. As further protection, the Debtor was ordered to keep its property insured in accordance with its loan agreements with the secured creditors. The next hearing is scheduled for August 21. About Big Storm Brewery Big Storm Brewery, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04026) on June 16, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Roberta A. Colton oversees the case. Jake C. Blanchard, Esq., at Blanchard Law, P.A. is the Debtor's bankruptcy counsel. Briar Capital Real Estate Fund, LLC, as secured creditor, is represented by: Zachary J. Bancroft, Esq. Baker, Donelson, Bearman, Caldwell & Berkowitz, PC 200 South Orange Avenue, Suite 2050 Orlando, FL 32801 Telephone: (407) 422-6600 zbancroft@bakerdonelson.com achentnik@bakerdonelson.com bkcts@bakerdonelson.com BROADBAND TELECOM: Section 341(a) Meeting of Creditors on Sept. 18 ------------------------------------------------------------------ On August 12, 2025, Broadband Telecom Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports between $50 million and $100 million in debt owed to 200 and 999 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) filed by United States Trustee to be held on September 18, 2025 at 02:00 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 3913464. About Broadband Telecom Inc. Broadband Telecom Inc., part of the Bankai Group, provides international wholesale telecommunications services including voice over internet protocol and messaging solutions to telecom operators, carriers, communication service providers, enterprises, and retailers. The Company operates from its headquarters in Garden City, New York, and serves clients globally with scalable communications infrastructure. Broadband Telecom Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73095) on August 12, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Alan S. Trust handles the case. The Debtor is represented by Tracy L. Klestadt, Esq. at KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP. BUDA MEZZ: Secured Party Sets Oct. 17, 2025 Auction --------------------------------------------------- AN Emmerson Mezz Lender LLC ("secured party"), as successor-in-interest to Natixis, New York Branch ("original secured party"), will appear at the offices of King & Spalding LLP, legal counsel to the secured party, at 1290 Avenue of the Americas, New York, New York 10104, and virtually via Microsoft Teams, and will be then and there offer for sale at a public auction set for Oct. 17, 2025, at 10:30 a.m. (Prevailing Eastern Time) the personal property of BUDA Mezz LLC, on account of unpaid indebtedness owned by the Debtor to secured party. The property offered for sale will consist of any and all right, title and interest of the Debtor. For further information regarding the sale, obtaining virtual credentials for the sale, the collateral, and the requirements to be considered as a "qualified bidder" may be obtained by contacting: Matthew D. Mannion Mannion Auctions LLC 299 Broadway Suite 1601 New York, New York 10007 Email" mdmannion@jpandr.com and Brock Cannon Newmark 125 Park Avenue New York, New York 10017 Email: brock.cannon@nmrk.com CAMBER ENERGY: Subsidiary Acquires 51% Stake in Viking Distribution ------------------------------------------------------------------- Camber Energy, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Viking Energy Group, Inc., a wholly-owned subsidiary of the Company, entered into a Securities Purchase Agreement pursuant to which Viking agreed to purchase 51 units, representing 51% of the membership interests of Viking Distribution Solutions, LLC, from Milo Group, LLC. Viking Distribution was formed on May 13, 2025, and Milo was issued all 100 units of Viking Distribution in consideration of Milo's assignment to Viking Distribution of all of Milo's intellectual property and intangible assets, including patent rights, know-how, procedures, methodologies, and contract rights in connection with an electric distribution ground fault prevention trip signal engaging system, also referred to as the "broken conductor protection system" or "open conductor detection system", and related issued patents, pending patents and/or patent application(s) including, without limitation, the following: (i) U.S. Patent No. 11,852,692, titled Electric Distribution Line Ground Fault Prevention Systems Using Dual, High Sensitivity Monitoring With High Sensitivity Relay Devices; (ii) U.S. Application No. 18/936,543 (JED-109C), titled Distribution Line Ground Fault Prevention With Blown Fuse Protection on Single Phase; (iii) U.S. Application No. 18/920,865 (JED-110C), titled Electric Distribution Line Ground Fault Prevention Device Using Dual Parameter High Sensitivity Monitoring Small Current Reduction With Small Increase in Negative Sequence Current; and (iv) PCT INT'L Application No. PCT/US23/83181 (JED-105PCT), titled Electric Distribution Line Ground Fault Prevention Systems Using Dual, High Sensitivity Monitoring With High Sensitivity Relay Devices. The inventor associated with the aforementioned patents and/or patent applications is Robert Stuart, the same inventor or co-inventor associated with the following previously disclosed patents owned by Viking Protection Systems, LLC, another majority-owned subsidiary of Viking: Associated Application No. & Descriptions: * U.S. No. 17/672,422 – Electric Transmission Line Ground Fault Prevention Methods Using Dual, High Sensitivity Monitoring * U.S. No. 17/693,504 – Electric Transmission Line Ground Fault Prevention Systems Using Dual, High Sensitivity Monitoring * U.S. No. 17/821,651 – Electric Transmission Line Ground Fault Prevention Systems Using Dual Parameter Monitoring with High Sensitivity Relay Devices in Parallel with Low Sensitivity Relay Devices * U.S. No. 18/227,670 – Electric Transmission Line Ground Fault Prevention Methods Using Multi-Parameter High Sensitivity Monitoring * International Application No. PCT/US2024/010627 – Electric Transmission Line Ground Fault Prevention Methods Using Multi-Parameter High Sensitivity Monitoring On August 1, 2025, the closing of the Purchase occurred. Viking acquired 51 units (51%) of Viking Distribution from Milo for $100 dollars, with Milo retaining the remaining 49 units (49%) of Viking Distribution. Contemporaneously with the closing, Viking and Milo then entered into an Operating Agreement as of August 1, 2025 governing the operation of Viking Distribution. The patents and/or patent applications referenced above relate to the organization's Broken Conductor Protection Technology, with Viking Distribution's intellectual property portfolio relating to distribution power lines and Viking Protection's intellectual property portfolio relating to transmission power lines. About Camber Energy Based in Houston, Texas, Camber Energy, Inc. -- http://www.camber.energy-- is a growth-oriented diversified energy company. Through its majority-owned subsidiaries, the Company provides custom energy and power solutions to commercial and industrial clients in North America and has a majority interest in: (i) an entity with intellectual property rights to a fully developed, patented, proprietary Medical and Bio-Hazard Waste Treatment system using Ozone Technology; and (ii) entities with the intellectual property rights to fully developed, patented, and patent-pending proprietary Electric Transmission and Distribution Open Conductor Detection Systems. Additionally, the Company holds a license to a patented clean energy and carbon-capture system with exclusivity in Canada and for multiple locations in the United States. Various of the Company's other subsidiaries own interests in oil properties in the United States. The Company is also exploring other renewable energy-related opportunities and/or technologies, which are currently generating revenue or have a reasonable prospect of generating revenue within a reasonable period of time. Dallas, Texas-based Turner, Stone & Company, L.L.P, the Company's auditor since 2016, issued a "going concern" qualification in its report dated May 12, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $42,320,043 in total assets, $80,135,700 in total liabilities, and a total stockholders' deficit of $37,819,657. CAREPOINT HEALTH: NJSCI Opposes Antitrust Suit Disclosure File -------------------------------------------------------------- Lauren Berg of Law360 Real Estate Authority reports that on Thursday, August 14, 2025, the New Jersey State Commission of Investigation contested a federal judge's decision denying protection for investigative records that RWJBarnabas Health Inc. seeks to subpoena in its defense against an antitrust suit brought by CarePoint Health Systems Inc. The commission argued the ruling conflicts with precedent granting such materials the same confidentiality safeguards as grand jury records, the report states. About CarePoint Health Systems Inc. d/b/a Just Health Foundation CarePoint Health brings quality, patient-focused health care to Hudson County. Combining the resources of three area hospitals, Bayonne Medical Center, Christ Hospital in Jersey City, and Hoboken University Medical Center, CarePoint Health provides a new approach to deliver health care that puts the patient front and center. CarePoint Health leverages a network of top doctors, nurses, and other medical professionals whose expertise and attentiveness work together to provide complete coordination of care, from the doctor's office to the hospital to the home. Patients benefit from the expertise and capabilities of a broad network of leading specialists and specialized technology. At CarePoint Health, all medical professionals emphasize preventive medicine and focus on educating patients to make healthy life choices. For more information on its facilities, partners and services, visit www.carepointhealth.org. CarePoint Health Systems Inc., doing business as Just Health Foundation, and its affiliates filed voluntary petitions for relief under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12534) on Nov. 3, 2024, with up to $1 million in assets and up to $50,000 in liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped Dilworth Paxson LLP as legal counsel, Ankura Consulting as financial advisor, and Epiq Corporate Restructuring, LLC as claims and noticing agent and administrative advisor. CASUAL 21 USA: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Casual 21 USA Corp. 23 Roosevelt Ave Woodridge, NY 12789 Business Description: Casual 21 USA Corp. operates an online retail business specializing in discounted contemporary fashion, offering casual clothing, footwear, handbags, wallets, accessories, and related items. The Company carries a mix of branded products including New Balance, Steve Madden, Betsey Johnson, and Ed Hardy, as well as private-label and niche fashion lines. Based in Woodridge, New York, it serves customers across the United States through its e-commerce platform. Chapter 11 Petition Date: August 15, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-35882 Judge: Hon. Kyu Young Paek Debtor's Counsel: Adrienne Woods, Esq. WZMP WEINBERG ZAREH MALKIN PRICE LLP 45 Rockefeller Plaza, 20th Floor New York, NY 10111 Tel: 212-899-5470 E-mail: awoods@wzmplaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Asher Horowitz as CFO. 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/7DAO2KQ/Casual_21_USA_Corp__nysbke-25-35882__0001.0.pdf?mcid=tGE4TAMA CLASSIC RECREATIONS: Auto Restore Biz Sale to CR Turnaround OK'd ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, has approved Classic Recreations - Texas LLC, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor operates an auto restoration service and built some of the most visionary custom built cars in the market. A list of the Assets that are included in the sale can be found at: https://urlcurt.com/u?l=7zVvzW The Court has authorized the Debtor to sell substantially all of its Assets to Velocity Restorations, LLC, and its successors and/or assigns in the purchase price of $1,200,000.00. The Debtor was authorized to obtain post-petition financing on a super-priority basis from the Lender. The relief requested in the DIP Motion was granted by the court on an interim basis through the Interim Order entered on July 16, 2025 and on a final basis through the Final Order entered after the Sale Hearing. The Court found that proper and timely notice of the Sale Motion, Bid Procedures, and Sale Hearing, as well as the proposed Sale contemplated thereby, have been provided to all known parties entitled to notice thereof, in compliance with the applicable provisions of the Bankruptcy Code, the Bankruptcy Rules, and the Local Rules, and all orders of the Court, and related certificates of service filed with the Court. The Court also determined that the Bid Procedures were substantively and procedurally fair to all parties and all potential bidders and afforded notice and a full, fair, and reasonable opportunity for any person to make a higher or otherwise better offer to purchase the Assets, and represent the best method for maximizing the value of the Debtor’s estate. The Assets shall vest Purchaser with all right, title and interest of Seller in, to, and under the Assets free and clear of all encumbrances and on an "AS IS" and "WHERE IS" basis, without any representations or warranties of any kind. The Sale Order and the Asset Purchase Agreement shall be binding in all respects upon the Debtor, its estate, all creditors of, and holders of equity interests in, the Debtor, any holders of Liens, Claims, or Interests in, against, or on all or any portion of the Assets. The Hancock Whitney Claim shall be paid at Closing and any and all other Liens, Claims, and Interests related to the Assets shall attach solely to the remaining Sale Proceeds with the same validity, enforceability, priority, and force and effect as they had against the Assets immediately prior to the Closing, and subject to the rights, claims, defenses, and objections, if any, of the Debtor (and/or its estate) and all parties in interest with respect to such Liens, Claims, and Interests. About Classic Recreations - Texas LLC Classic Recreations - Texas, LLC is an auto restoration service in Flower Mound, Texas. It has hand-built some of the most visionary custom built cars for the demanding market of classic American muscle. Classic Recreations sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Tx. Case No. 25-32572-mvl11V) Judge Michelle V. Larson presides over the case. Thomas Daniel Berghman at Munsch Hardt Kopf & Harr PC serves as the Debtor's legal counsel. CLB TRUCKING: Case Summary & Six Unsecured Creditors ---------------------------------------------------- Debtor: CLB Trucking, Inc. 959 Old State Route 66 Greensburg, PA 15601 Business Description: CLB Trucking, Inc., based in Greensburg, Pennsylvania, provides interstate trucking services specializing in the transport of metals, coal, asphalt, and dry bulk commodities. The Company operates a fleet of trucks and trailers to serve industrial clients in the region and beyond. Chapter 11 Petition Date: August 15, 2025 Court: United States Bankruptcy Court Western District of Pennsylvania Case No.: 25-22144 Debtor's Counsel: Brian C. Thompson, Esq. THOMPSON LAW GROUP, P.C. 301 Smith Drive, Suite 6 Suite 200 Cranberry Township, PA 16066 Tel: (724) 799-8404 Fax: (724) 799-8409 E-mail: bthompson@thompsonattorney.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Traci L. Peters as owner. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VE7EWXY/CLB_Trucking_Inc__pawbke-25-22144__0001.0.pdf?mcid=tGE4TAMA CLOUD SOFTWARE: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has assigned first-time Long-Term Issuer Default Ratings (IDRs) of 'B+' to Cloud Software Group Holdings, Inc., Cloud Software Group, Inc., and Picard Parent, Inc.. The Rating Outlook is Stable. Fitch has also rated the senior secured first lien revolver, term loans, and notes 'BB+' with a Recovery Rating of 'RR1' and the senior secured second lien bonds 'B-'/'RR6'. Cloud Software Group, Inc. and Picard Parent, Inc. are co-borrowers on the revolver and term loans. The 2027 rollover notes are issued by Citrix Systems, Inc. The ratings reflect Cloud Software Group's established and diversified software portfolio, strong revenue visibility from a highly recurring subscription base, and an improving credit profile driven by EBITDA growth and disciplined cost management. Fitch expects continued improvement in leverage and cash flow metrics, with (CFO-capex)/debt projected in the mid- to high single digits and gross leverage trending toward 5x over the rating horizon. Cloud Software Group's exposure to competitive pressures from larger, well-capitalized peers is balanced by its mission-critical product offering, high switching costs, and deep customer integration. Key Rating Drivers Improving Credit Metrics: Fitch expects Cloud Software Group's credit metrics to strengthen over the rating horizon, supported by EBITDA growth and disciplined cost management. Fitch forecasts gross leverage (total debt/EBITDA) trending toward 5x, with (CFO-capex)/debt improving to the mid-to-high single digits as operating cash flow normalizes and capex remains disciplined. These improvements reflect a focus on cash flow generation, supporting adequate interest coverage and credit protection measures. Mature and Diversified Business Model: Cloud Software Group operates a mature business model for the software sector, with established franchises in virtualization, digital workspace, data integration, and analytics. Fitch expects annual recurring revenue (ARR) to grow in the low single digits, with total revenue growth aligning closely with ARR over the medium-to-long-term as the company advances its transition to a subscription-based model. Product and customer diversification contribute to revenue stability and resilience, mitigating sector-specific disruptions. Strong Revenue Visibility and Recurring Base: A large proportion of Cloud Software Group's revenue is derived from subscription-based models, supporting strong revenue visibility. Fitch expects recurring revenues to remain above 98% of total revenue, with customer retention rates and contract tenures comparable to leading industry peers. This predictable revenue stream provides a stable foundation for ongoing investment in product development and operational optimization. Competitive Positioning in Enterprise Markets: Cloud Software Group maintains leading market positions in key enterprise software verticals, including virtualization, workspace-as-a-service, and data integration. However, the company faces significant competitive pressures from larger, well-capitalized peers and public cloud providers, which possess greater resources and financial flexibility. The mission-critical nature of Cloud Software Group's offerings, high switching costs, and deep integration with customer IT environments support its competitive position. Ongoing innovation will still be required to defend market share and sustain growth. Financial Flexibility and Liquidity: Cloud Software Group demonstrates sound financial discipline and maintains adequate liquidity through free cash flow generation and access to revolving credit facilities. As a private equity-owned entity, the company is likely to prioritize acquisitions and dividends for use of excess FCF, rather than significant deleveraging. Peer Analysis Fitch considers Cloud Software Group's credit profile broadly comparable to other sponsor-owned U.S. software providers in the 'B' rating category, characterized by high recurring revenue, strong margins, and elevated leverage. Software industry peer ConnectWise Holdings, LLC (B+/Stable) demonstrates comparable recurring revenue and strong EBITDA margins, with gross leverage expected to remain above 4x due to its ongoing tuck-in M&A strategy. Ivanti Software, Inc. (B-/Stable) displays a comparable recurring revenue profile and solid margins but is constrained by elevated leverage and a competitive operating environment. RealPage, Inc. (B/Stable) offers high recurring revenue and operational efficiency but maintains gross leverage between 5.5x and 7x following its leveraged buyout. Motus, LLC (B-/Stable) has a high mix of recurring revenue but weaker credit metrics than higher-rated peers, with leverage expected to remain above 7x. Mitnick Parent, LP. (d/b/a Veracode, B/Negative) operates with over 96% recurring revenue and high retention rates but is constrained by elevated gross leverage and execution risks. Key Assumptions - Organic revenue (excluding the recently announced Arctera acquisition) declining 7% in FY25 and a further 2% decline in FY26, reflecting the transitional impact of the company's strategy in converting to a SaaS-based model. In subsequent years revenue is expected to sync more closely with ARR and grow in low-single-digits range; - EBITDA margins expected to remain relatively flat over the rating horizon; - Around $500 million per year spent on acquisitions starting FY26, funded by FCF; - Following the recently completed refinancing transaction, no significant debt repayments assumed beyond mandatory amortization. Recovery Analysis Recovery Analysis - The recovery analysis assumes that Cloud Software Group would be reorganized as a going-concern in bankruptcy rather than liquidated. - Fitch has assumed a 10% administrative claim. Going-Concern (GC) Approach - In the event of distress, Fitch assumes that Cloud Software Group would likely suffer from customer churn and EBITDA margin compression. Since Cloud Software is a relatively mature software company, its ability to implement substantial cost-cutting measures is limited, which could result in a notable contraction in margins—potentially as much as 10 percentage points. For recovery analysis, Fitch has assumed 20% reduction in FY25E revenues and applied low-60s EBITDA margins to arrive at a GC EBITDA of $2.477 billion. - The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which the enterprise valuation is based. - An EV multiple of 6.5x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The choice of this multiple considered the following factors: - The historical bankruptcy case study exit multiples for technology peer companies ranged from 2.6x-10.8x; - Of these companies, only three were in the Software sector: Allen Systems Group, Inc.; Avaya, Inc.; and Aspect Software Parent, Inc., which received recovery multiples of 8.4x, 8.1x, and 5.5x, respectively. - Fitch arrives at an EV of $16.101 billion. After applying the 10% administrative claim, adjusted EV of $14.49 billion is available for claims by creditors. This results in a 'RR1/97%' Recovery Rating for the first lien secured revolver, term loans, and notes, and 'RR6/0%' for the second lien bonds. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 5.5x; - (CFO-Capex)/Debt sustained below 7.5%. - Sustained revenue decline driven by erosion in market position. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 4.0x; - (CFO-capex)/debt sustained above 10%. Liquidity and Debt Structure As of end of Q2'25, Cloud Software Group had adequate liquidity with $1.2 billion cash and cash equivalents along with full availability on the $1 billion on the revolving credit facility. Total liquidity pro forma of the refinancing transaction is also comfortable with ~$2.6 billion of cash and cash equivalents as of Q2'25 and full availability on the revolver. Fitch estimates liquidity to remain adequate pro forma for the Arctera acquisition. Issuer Profile Cloud Software Group was established in 2022 by the merger of Citrix and TIBCO, both leaders in enterprise software. The company is a global provider of infrastructure solutions for managing enterprise applications and data. 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 ----------- ------ -------- Picard Parent, Inc. LT IDR B+ New Rating senior secured LT BB+ New Rating RR1 Citrix Systems, Inc. senior unsecured LT BB+ New Rating RR1 Cloud Software Group, Inc. LT IDR B+ New Rating senior secured LT BB+ New Rating RR1 Senior Secured 2nd Lien LT B- New Rating RR6 Cloud Software Group Holdings, Inc. LT IDR B+ New Rating COGENT COMMUNICATIONS: S&P Downgrades ICR to 'B', Outlook Negative ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on U.S.-based telecommunications provider Cogent Communications Group LLC to 'B' from 'B+', its issue-level rating on the company's senior secured notes to 'BB-' from 'BB', and our issue-level rating on the company's senior unsecured notes to 'B' from 'B+'. The negative outlook indicates the potential for a downgrade within the next 12 months if growth in its Wavelength business fails to materialize. This could result in minimal free operating cash flow (FOCF) to debt and leverage remaining above 6x in 2026. The downgrade reflects a sharp increase in leverage to 7.5x as of June 30, 2025, from 5.5x at year-end 2024, though S&P believes the company has good prospects for leverage reduction over the next couple of years. During the quarter, the company completed two debt-financing transactions--a $174.4 million Internet Protocol version 4 (IPv4) issuance and a refinancing of its senior secured notes--which added another $100 million to debt. This was compounded by another quarter of lower T-Mobile payments, ongoing elevated operating expenses and capex, and Wavelength sales that have underperformed our expectations. S&P's previous base-case forecast assumed that leverage would decline to below our 5.25x downside trigger by year-end 2026. S&P said, "We expect Cogent will generate roughly breakeven FOCF this year. Through the first six months of 2025, Cogent burned about $72 million of reported FOCF (including T-Mobile payments). The company's weak cash-flow generation stems from elevated expenses associated with data-center refurbishment, subdued growth in its core business, and the new lower level of T-Mobile payments. We expect these elevated expenses to decline in the back half of the year, when Cogent's capex should return to a more normalized level of about $100 million and Wavelength sales increase. However, higher interest expenses from recent debt transactions will pressure FOCF until the company's Wavelength sales ramp. "The potential for significant growth in Wavelength revenue underpins the company's deleveraging prospects in 2026 and beyond. We expect substantial growth based on a robust backlog and reduced provisioning times (down to 30 days). Under our base-case forecast, we expect growth from Wavelength revenue will enable Cogent to grow revenue by over 5% annually starting in 2026, along with EBITDA growth above 10% in both 2026 and 2027. In addition, we expect to see about 200 basis points (bps)-300 bps of EBITDA margin improvement as growth in high-margin Wavelength sales ramp. The company is well-positioned to capitalize on several tailwinds, including advancements in AI, data traffic growth, and increasing enterprise demand for low-latency data transmission. "Discretionary cash flow (DCF) continues to be negative in 2025 as the company maintains its high dividend. Since its inception, Cogent has consistently returned value to shareholders through dividends. Given our expectation for roughly breakeven FOCF this year, the company is funding its $180 million annual dividend from debt issuance. We expect that deficits will improve as Cogent moderates its capital spending in the back half of this year. Alternatively, while not included in our base-case scenario, the company has certain noncore assets it could monetize, including its data center portfolio, excess IPv4 addresses, and excess dark fiber assets from the acquired Sprint network. "The negative outlook indicates the potential for a downgrade within the next 12 months if growth in its Wavelength business fails to materialize. This could result in minimal FOCF to debt and leverage remaining above 6x in 2026." S&P could lower its rating on Cogent if: -- The company is unable to substantially grow its Wavelengths business; -- The company is unable to grow FOCF to Debt approaching 5%; or -- Leverage remains above 6x over the next year. S&P could revise its outlook to stable if Cogent is able to reduce leverage to below 6x on a sustained basis and generate FOCF to debt above 5%. This could occur if: -- Sales from the company's Wavelength service improve such that the company can sustain overall top line growth; -- FOCF to Debt is sustained above 5%; or -- The company generates positive DCF. COSMOS HEALTH: Secures $300M Financing for Ethereum Treasury ------------------------------------------------------------ Cosmos Health Inc. announced that it has entered into a securities purchase agreement with a U.S.-based institutional investor for the issuance of up to $300 million in senior secured convertible promissory notes, subject to the satisfaction or waiver of certain conditions, to support the launch of its Ethereum (ETH) digital asset treasury reserve strategy. Greg Siokas, CEO of Cosmos Health, stated: "This financing marks a strategic milestone for Cosmos Health, offering shareholders direct exposure to ETH, currently one of the most widely adopted digital assets in the world. It also provides access to growth capital to support a range of strategic initiatives, including accelerated product development, advanced R&D innovation, enhanced commercial initiatives, and our planned entry into U.S. manufacturing." "Our entry into the digital asset space is not a short-term pivot, but part of a broader commitment to innovation," Greg Siokas continued. "We are confident that the size and flexibility of this facility should position us to deliver long-term, sustainable value for our shareholders." Pursuant to a Securities Purchase Agreement, by and between Cosmos Health Inc. and an institutional investor thereto, the Company agreed to issue and sell to the Purchaser a series of 9% original issue discount senior secured convertible promissory notes in the maximum aggregate principal amount of $300,000,000. An initial Note in the aggregate original principal amount of $8,000,000 is anticipated to be issued and sold to the Purchaser on August 6, 2025, subject to the satisfaction of certain closing conditions. On the Second Closing Date (as defined in the Purchase Agreement), the Company will, subject to the satisfaction (or waiver) of the conditions set forth in Sections 1(b)(ii), 6(b) and 7(b) of the Purchase Agreement, issue a series of senior secured convertible notes in the maximum aggregate principal amount of $2,000,000 to the Purchaser. Any subsequent Notes to be sold shall not exceed the amount of $5,000,000 individually, and in the aggregate not more than $290,000,000 (each such issuance, including the Initial Closing Date and the Second Closing Date, a "Closing"). Each Note will mature 24 months after its respective issuance date. The Company shall pay the Purchaser an annual commitment facility fee equal to 2.0% of the Crypto Collateral Measurement Value (as defined in the Security Agreement). The transactions contemplated by the Purchase Agreement were effected in a private offering in reliance on an exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended. Curvature Securities, Inc. is acting as the placement agent for the Note Offering. The Company has agreed to pay the Placement Agent a cash fee equal to 6.0% of the aggregate gross proceeds received by the Company from the Note Offering. All Notes sold in the Note Offering will bear interest at a rate of 9% per annum. The interest shall be computed on the basis of a 360-day year and shall be payable in arrears on the first calendar day of each calendar month with the first Interest Date being September 1, 2025. Interest shall be payable on each Interest Date, in shares of common stock of the Company, par value $0.001 so long as there has been no Equity Conditions Failure (as defined in the Notes) provided however, that the Company may, at its option following notice to the Holder, pay Interest on any Interest Date in cash or in a combination of Cash Interest and Interest Shares. Each Note will contain customary events of default and the Interest Rate will increase to an annual rate of 16% upon the occurrence of an Event of Default. The Company will use the net proceeds from the Note Offering as follows: (A) seventy-two and one half percent (72.5%) of net proceeds shall be used to acquire Note Purchased Crypto (as defined in the Notes) as a treasury asset for the Company's balance sheet, and (B) any remaining proceeds shall be used for general corporate purposes and working capital, subject to the limitations set forth in the Notes. At any time after the date of issuance, the Notes shall be convertible into shares of Common Stock. The number of Conversion Shares issuable upon conversion of a Note shall be determined by dividing (x) the Conversion Amount by the lower of: (y) the Conversion Price and (z) the Market Price (as such terms are defined in the Notes). At the option of the holder, at any time on or after the Issuance Date, the holder may convert) (an "Alternate Optional Conversion", and the date of such Alternate Optional Conversion, an "Alternate Optional Conversion Date") all, or any part, of the Note into shares of Common Stock (such portion of the Conversion Amount subject to such Alternate Optional Conversion, the "Alternate Optional Conversion Amount") at the Alternate Conversion Price, as such terms are defined in the Note. A Note holder will not have the right to convert any portion of a Note, to the extent that, after giving effect to such conversion, the holder (together with certain of its affiliates and other related parties) would beneficially own in excess of 4.99% of the shares of Common Stock outstanding immediately after giving effect to such conversio. However, a Note holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation, provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the shares of Common Stock outstanding immediately after giving effect to such conversion. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. At any time any Notes remain outstanding, the Company will be prohibited from effecting or entering into an agreement to effect any Subsequent Placement (as defined in the Purchase Agreement) involving a Variable Rate Transaction (as defined in the Purchase Agreement) without the written consent of the Purchaser in its sole discretion. For a period of time ending the later of (i) the third anniversary of the Purchase Agreement, and (ii) the later of (x) the last Closing Date thereunder and (y) the date no Notes remain outstanding, the Purchaser has the right to participate up to 25% of in any equity or equity linked financing of the Company on the same terms as such other investor(s). Pursuant to the terms of the Purchase Agreement, the Company has agreed to call and hold the annual meeting of the stockholders of the Company no later than 60 days after the Initial Closing Date in order to (i) increase the number of authorized shares of capital stock of the Company to 1,500,000,000 shares of Common Stock and 300,000,000 shares of "blank check" preferred stock, and (ii) approve the issuance of the Conversion Shares and Notes in in compliance with the rules and regulations of the Nasdaq Capital Market. The Notes will rank senior to all outstanding and future indebtedness of the Company, and its Subsidiaries (as defined in the Purchase Agreement) other than Permitted Indebtedness (as defined in the Notes) secured by Permitted Liens (as defined in the Notes). The Purchase Agreement, form of Note, and Registration Rights Agreement contain customary representations, warranties, agreements and conditions to completing future sale transactions, indemnification rights and obligations of the parties. Among other things, the Purchaser represented to the Company, that it is an "accredited investor" (as such term is defined in Rule 501(a) of Regulation D under the Act. Security and Pledge Agreement: On August 5, 2025, the Company, the other guarantors parties thereto and the collateral agent entered into the Security and Pledge Agreement pursuant to which, the Notes will be secured by all of the Company's right, title and interest in, to and under all personal property and assets of the Company acquired using the proceeds from the sale of the Notes or otherwise acquired using the Proceeds of Collateral (as defined in the Security Agreement), subject to certain exceptions. Registration Rights Agreement: On August 5, 2025, the Company and Purchaser entered into the Registration Rights Agreement, pursuant to which the Company agreed to prepare and file a resale Registration Statement on Form S-3 to register the Conversion Shares, as defined in the Purchase Agreement, within 45 days following the Initial Closing Date. Voting Agreement: On August 5, 2025, the Company and certain stockholders of the Company signatory thereto (the "Stockholders") entered into a Voting Agreement, pursuant to which the Stockholders agreed to vote in favor for the Stockholder Proposals. Account Control Agreement: On August 5, 2025, the Company, the Purchaser, the delegate and the custodian entered into an Account Control Agreement with respect to the digital assets to be purchased with all, or any part, of the proceeds of the sale of the Notes and deemed as Collateral pursuant to the Security Agreement. In accordance with the terms of the Control Agreement, the Custodian shall hold such Collateral in its Custodial Accounts, as defined in the Control Agreement, and act for benefit and follow the applicable instructions of the Purchaser. About Cosmos Health (Nasdaq: COSM), incorporated in 2009 in Nevada, is a diversified, vertically integrated global healthcare group. The Company owns a portfolio of proprietary pharmaceutical and nutraceutical brands, including Sky Premium Life, Mediterranation, bio-bebe, and C-Sept. Through its subsidiary, Cana Laboratories S.A., which is licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency, it manufactures pharmaceuticals, food supplements, cosmetics, biocides, and medical devices within the European Union. As of Dec. 31, 2024, Cosmos Health had $54,311,892 in total assets, $29,778,963 in total liabilities, and a total stockholders' equity of $24,532,929. New York, N.Y.-based RBSM LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred substantial operating losses and will require additional capital to continue as a going concern. This raises substantial doubt about the Company's ability to continue as a going concern. CREDO INVESTMENTS: Section 341(a) Meeting of Creditors on Sept. 8 ----------------------------------------------------------------- On August 4, 2025, Credo Investments LLC filed Chapter 11 protection in the Southern District of Indiana. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on September 8, 2025 at 02:00 PM Eastern via a teleconference at 888-330-1716; passcode 6790688. About Credo Investments LLC Credo Investments LLC is a single asset real estate company operating in Indiana. Credo Investments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-04653) on August 1, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Jeffrey J. Graham handles the case. The Debtor is represented by Matthew D. Boruta, Esq. D2 GOVERNMENT: Court Extends Cash Collateral Access to Aug. 26 -------------------------------------------------------------- D2 Government Solutions, Inc. received fifth interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, New Bern Division, to use cash collateral through August 26. The fifth interim order authorized the Debtor to use cash collateral to pay ordinary and necessary business expenses as set forth in its budget, with a 10% variance allowed. The budget projects total operational expenses of $560,338 for August. As protection for any diminution in value of the lenders' interests in their collateral, the lenders will be granted a post-petition continuing replacement lien on assets, including accounts receivables generated post-petition, similar to their pre-bankruptcy collateral. The replacement lien will have the same validity, perfection, extent and priority as the lenders' pre-bankruptcy lien. The next hearing will be held on August 26. The Debtor, which operates as a defense contractor across the U.S., filed for bankruptcy largely due to delays in payments on government contracts, its primary source of income. All receivables from the Debtor's contracts are handled through a factoring agreement with LSQ Funding Group, which holds a significant reserve. Although several recorded UCC-1 filings show blanket liens from the U.S. Small Business Administration, First Corporate Solutions, and Corporation Servicing Company, the Debtor believes that most, if not all, of the pre-bankruptcy receivables had been assigned to LSQ prior to filing. Therefore, at the time of bankruptcy, the Debtor likely had no receivables generating cash collateral for these lenders. However, LSQ's reserve may still qualify as property of the estate and potentially subject to lender claims. About D2 Government Solutions Inc. D2 Government Solutions, Inc. founded in 2010, is a Service-Disabled Veteran-Owned Small Business (SDVOSB) that provides a broad spectrum of professional services to U.S. government agencies. The Company specializes in aviation-related operations including base and flight operations, aircraft maintenance, logistical support, aerial imaging, and range services. In addition, D2 offers administrative and facility support services such as mailroom operations, military transition assistance, ID processing support, clerical staffing, and medical administrative functions, reflecting its versatility in meeting diverse federal contracting needs. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-01322) on April 11, 2025. In the petition signed by Darryl Centanni, president, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Pamela W. McAfee oversees the case. The Debtor is represented by J.M. Cook, Esq., at J.M. Cook, P.A. DEL MONTE: Won't Decide on Tomato Contracts ------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that Del Monte, the packaged foods giant, asked a New Jersey bankruptcy judge to reject tomato processors' bid for an immediate ruling on their contracts, contending that such an early decision in the Chapter 11 case would interfere with its search for a buyer. About Del Monte Foods Corporation II Inc. Del Monte Foods, Inc. produces, distributes, and markets branded plant-based packaged food products in the United States and Mexico. Del Monte Foods Corporation II Inc. and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025, listing $1,000,000,001 to $10 billion in both assets and liabilities. Judge Michael B Kaplan presides over the case. Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor as counsel. DELCATH SYSTEMS: Fiscal Q2 Revenue Increased to $24.2 Million ------------------------------------------------------------- Delcath Systems, Inc., an interventional oncology company focused on the treatment of primary and metastatic liver cancers, announced in a press release its financial results and business highlights for the second quarter ended June 30, 2025. Second Quarter 2025 Financial Results: * Total revenue of $24.2 million, compared with $7.8 million in the second quarter of 2024 ◦HEPZATO KIT(TM) revenue of $22.5 million, compared to $6.6 million in the second quarter of 2024 ◦CHEMOSAT(R) revenue of $1.7 million, compared to $1.2 million in the second quarter of 2024 * Gross margins of 86%, compared to 80% in the second quarter of 2024 * Net income of $2.7 million, compared to a net loss of $13.7 million in the second quarter of 2024 * Non-GAAP positive adjusted EBITDA in the second quarter of $9.8 million, compared to a loss of $0.8 million in the second quarter of 2024 * Cash provided by operations of $7.3 million in the quarter * Cash and investments of $81.0 million as of June 30, 2025 Business Highlights: * Activated three new U.S. centers in the second quarter, which brings the current total to 20 active centers, with an additional 10 centers accepting referrals * Announced its intention to enter into a Medicaid National Drug Rebate Agreement (NDRA) to expand patient access beginning July 1, 2025 * Received authorization from the European Union and United Kingdom regulatory authorities for the clinical study of Melphalan for Injection/Hepatic Delivery System in patients with refractory metastatic colorectal cancer with liver dominant disease "The consistent utilization of HEPZATO at treating sites and continued positive feedback from treating physicians has increased our confidence in HEPZATO's long term growth prospects," said Gerard Michel, Chief Executive Officer of Delcath. "Physicians are sharing positive results, which is expanding interest at sites not yet activated as well as interest in participating in the future development of HEPZATO. With growing physician engagement and a strong financial outlook, the company is well prepared to pursue additional indications for HEPZATO." 2025 Full Year Financial Guidance: The Company updates its financial outlook for fiscal year 2025: * Total CHEMOSAT and HEPZATO KIT revenue to be in the range of $93 to $96 million, an increase of more than 150% over 2024 * Gross margins in the range of 83% to 85% * Positive adjusted EBITDA and cashflow in each quarter of 2025 Second Quarter 2025 Results: Total revenue for the quarter ending June 30, 2025 was $24.2 million compared to $7.8 million for the same period in the prior year. Revenue in the quarter includes sales of $22.5 million of HEPZATO in the U.S. and $1.7 million of CHEMOSAT in Europe. Research and development expenses for the quarter ending June 30, 2025, were $6.9 million compared to $3.4 million for the same period in the prior year. The increase is primarily due to costs associated with expanding the clinical team including the share-based compensation expense related to an increase in headcount and initiation of the Phase 2 clinical trial evaluating HEPZATO in combination with standard of care for metastatic colorectal cancer and Phase 2 clinical trial in metastatic breast cancer. In 2024, these costs primarily related to medical affairs and regulatory costs associated with the approved products. Selling, general and administrative expenses for the quarter ended June 30, 2025, were $11.4 million compared to $6.8 million for the same period in the prior year. The increase is primarily due to continued commercial expansion activities including marketing-related expenses, additional personnel in the commercial team and share-based compensation expenses. Net income for the quarter ended June 30, 2025 was $2.7 million compared to net loss of $13.7 million for the same period in the prior year. Non-GAAP adjusted EBITDA for the quarter ended June 30, 2025 was $9.8 million compared to adjusted EBITDA loss of $0.8 million for the same period in the prior year. A table reconciling non-GAAP measures is included in this press release for reference. As of June 30, 2025, the Company had $81.0 million in cash and investments, and no debt. About Delcath Systems Headquartered in New York, N.Y., Delcath Systems, Inc. -- www.delcath.com -- is an interventional oncology company focused on the treatment of primary and metastatic liver cancers. The company's proprietary products, HEPZATO KIT (Hepzato (melphalan) for Injection/Hepatic Delivery System) and CHEMOSAT Hepatic Delivery System for Melphalan percutaneous hepatic perfusion (PHP) are designed to administer high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects during a PHP procedure. New York, N.Y.-based Marcum LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 26, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. DETHOME802 LLC: Seeks Subchapter V Bankruptcy in Texas ------------------------------------------------------ On August 4, 2025, DETHOME802 LLC filed Chapter 11 protection in the Southern District of Texas. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About DETHOME802 LLC DETHOME802 LLC a single asset real estate company based in Houston, Texas. DETHOME802 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34480) on August 1, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. DIOCESE OF SYRACUSE: US Trustee Objects to Chapter 11 Plan ---------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that the U.S. Trustee's Office on Friday, August 15, 2025, asked a New York bankruptcy judge to deny the Roman Catholic Diocese of Syracuse's proposed amendments to its Chapter 11 plan, arguing that incorporating recent insurance settlements would improperly impose liability releases on abuse claimants who have already voted. About The Roman Catholic Diocese of Syracuse The Roman Catholic Diocese of Syracuse, New York -- http://www.syracusediocese.org/-- through its administrative offices (a) provides operational support to the Catholic parishes, schools and certain other Catholic entities that operate within the territory of the Diocese in support of their shared charitable humanitarian and religious missions; (b) conducts school operations by managing tuition and scholarship payments, employee payroll, and other school-related operating expenses for separately incorporated Diocesan schools, as well as providing parish schools with financial, operational and educational support; and (c) provides comprehensive risk management services to the OCEs through the Diocese's insurance program. The Roman Catholic Diocese of Syracuse, New York filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bank. N.D.N.Y. Case No. 20-30663) on June 19, 2020. Stephen A. Breen, chief financial officer, signed the petition. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities. Judge Margaret M. Cangilos-Ruiz oversees the case. Bond, Schoeneck and King, PLLC, serves as the Debtor's bankruptcy counsel. The Debtor also tapped Mullen Coughlin LLC as special counsel, Arete Advisors LLC as cybersecurity consultant, and Moxfive LLC as technical advisor. Stretto is the claims agent and administrative advisor. The U.S. Trustee for Region 2 appointed a committee to represent unsecured creditors in the Debtor's bankruptcy case. The committee tapped Stinson, LLP, Saunders Kahler, LLP and Berkeley Research Group, LLC, as its bankruptcy counsel, local counsel and financial advisor, respectively. DISTRICT GRILL: Gets Court OK to Use Cash Collateral Until Sept. 23 ------------------------------------------------------------------- District 7 Grill Corporation and affiliates got the green light from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The court's order authorized the Debtors' interim use of cash collateral from August 11 to September 23 to pay the expenses set forth in its budget. As adequate protection for any diminution in the value of its collateral, the U.S. Small Business Administration will be granted replacement liens on the Debtors' post-petition cash and inventory, with the same priority, validity and extent as its pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 avoidance actions. As additional protection, SBA will receive a monthly payment of $1,000, starting on September 4. The Debtors' authority to use cash collateral will terminate if their Chapter 11 cases are converted to Chapter 7 cases; the court removes them as debtors-in-possession; or they use cash collateral for purposes not authorized under the interim order. The final hearing is set for September 23. The deadline for filing objections is on September 22. The Debtors operate four restaurants in Houston, Texas, under the District 7 and Table 7 Bistro brands. Each of the Debtors has received an Economic Injury Disaster Loan (EIDL) from SBA, which is secured by a blanket lien on all assets, including cash. As of the petition date, SBA asserts liens totaling approximately $875,000 across the entities: $150,000 owed by District 7 Grill Corporation, $425,000 by District 7 Grill Eado LLC, $150,000 by District 7 Main LLC, and $150,000 by Table 7 Bistro, Inc. SBA recorded UCC-1 financing statements against each borrower in 2020, and therefore claims first-priority liens on all assets of the respective debtors, including their cash. About District 7 Grill Corporation District 7 Grill Corporation operates four restaurants in Houston, Texas, under the District 7 and Table 7 Bistro brands. District 7 Grill and three affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-34547) on August 5, 2025. At the time of the filing, District 7 Grill disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Jeffrey P. Norman oversees the cases. Brandon J. Tittle, Esq., at Tittle Law Firm, PLLC, represents the Debtor as bankruptcy counsel. E.W. SCRIPPS: Issues $750M Sr. Secured Second Lien Notes Due 2030 ----------------------------------------------------------------- The E.W. Scripps Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company, the subsidiary guarantors named therein and U.S. Bank Trust Company, National Association, as trustee and collateral agent, entered into an indenture, pursuant to which the Company issued $750,000,000 aggregate principal amount of new 9.875% senior secured second lien notes due 2030. The Notes will mature on August 15, 2030, and interest on the Notes is payable semi-annually in arrears on each August 15 and February 15, commencing February 15, 2026, to holders of record on the August 1 and February 1 immediately preceding the related interest payment date, at a rate of 9.875% per annum. The Notes are guaranteed on a senior secured second lien basis by substantially all of the Company's domestic subsidiaries and each existing and future material, wholly-owned domestic subsidiary, subject to certain exceptions (including with respect to permitted securitization facility related entities). The Notes and the related guarantees are secured by a second priority lien on substantially all of the assets of the Company and the Guarantors, subject to permitted liens and certain other exceptions (including with respect to accounts receivables and related assets included in a permitted securitization facility). The Company may redeem up to 40% of the Notes at 109.875% at any time and from time to time prior to August 15, 2027 with an amount not to exceed the net cash proceeds from certain equity offerings; provided at least 50% of the aggregate principal amount of the Notes originally issued on the issue date remains outstanding immediately after any such redemption (unless all Notes are redeemed or repurchased substantially concurrently). At any time and from time to time prior to August 15, 2027, the Company may redeem all or part of the Notes by paying 100% of the principal amount thereof plus a make whole premium as of, and accrued but unpaid interest, if any, to, the date of such redemption. At any time and from time to time on or after August 15, 2027, the Company may redeem the Notes at its option, in whole or in part, at the redemption prices (expressed as a percentage of the principal amount of the Notes) set forth in the Indenture, plus accrued and unpaid interest to the date of such redemption. If a Change of Control (as defined in the Indenture) occurs, the Company will make an offer to each holder of the Notes to repurchase all or any part of that holder's Notes for cash at a price equal to 101.0% of the aggregate principal amount of the Notes repurchased, plus accrued and unpaid interest, if any, on the Notes repurchased to, but excluding, the date of purchase. The Indenture contains covenants that, among other things and subject to certain exceptions, limit the Company's ability and the ability of its restricted subsidiaries to: (i) incur certain additional debt, (ii) incur certain liens securing debt, (iii) pay certain dividends or make other restricted payments, (iv) make certain investments, (v) make certain asset sales and (vi) enter into certain transactions with affiliates. The Indenture contains customary events of default, including, among other things, failure to make required payments, failure to comply with certain agreements or covenants, failure to pay or acceleration of certain other indebtedness, certain events of bankruptcy and insolvency, and failure to pay certain judgments. An event of default under the Indenture will allow either the Trustee or the holders of at least 30% in aggregate principal amount of the then-outstanding Notes to accelerate the amounts due under the Notes. In connection with the issuance of the Notes, on August 6, 2025, the Company, the other grantors named therein, JPMorgan Chase Bank, N.A., as the administrative agent under the Company's senior credit facilities, U.S. Bank Trust Company, National Association, as the collateral agent under the indenture governing the Company's 3.875% senior secured notes due 2029, and the Collateral Agent entered into a junior lien intercreditor agreement (the "Junior Lien Intercreditor Agreement") providing for the relative priorities of their respective security interests in the Collateral and certain other matters relating to the administration of such security interests. Under the terms of the Junior Lien Intercreditor Agreement, any amounts received by the Collateral Agent or any other secured party in respect of the proceeds of Collateral will be applied to repay the holders of first lien debt (which does not include the Notes) prior to any payment in respect of the Collateral to the holders of the Notes and any other indebtedness of the Issuer and the guarantors that does not constitute first lien debt until such obligations are paid in full. About Scripps The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation's largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of more than 60 stations in 40+ markets. Scripps reaches households across the U.S. with national news outlets Scripps News and Court TV and popular entertainment brands ION, ION Plus, ION Mystery, Bounce, Grit and Laff. Scripps is the nation's largest holder of broadcast spectrum. Scripps is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps' long-time motto is: "Give light and the people will find their own way." As of Dec. 31, 2024, E.W. Scripps Company had $5.2 billion in total assets, $3.9 billion in total liabilities, and $1.3 billion in total stockholders' equity. * * * In July 2025, S&P Global Ratings assigned its 'CCC+' issue-level rating and '3' recovery rating to The E.W. Scripps Co.'s proposed $650 million senior secured second-lien notes due 2030. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for lenders in the event of a payment default. E.W. Scripps plans to use the proceeds from these notes to fully repay its 5.875% senior unsecured notes due 2027 ($426 million outstanding) and repay $220 million of its senior secured first-lien term loan B-2 maturing 2028 ($545 million outstanding). Moreover, in August 2025, Fitch Ratings has upgraded The E.W. Scripps Company's Long-Term Issuer Default Rating (IDR) to 'CCC' from 'CCC-'. Fitch has also upgraded Scripps' senior secured debt to 'B' with a Recovery Rating of 'RR1', from 'B-'/'RR1', and senior unsecured debt to 'CC'/'RR6' from 'C'/'RR6'. In addition, Fitch has assigned a 'CCC-'/'RR5' rating to Scripps' new senior secured second-lien debt. Moody's Ratings subsequently assigned a Caa2 rating to The Scripps (E.W.) Company's proposed $650 million senior secured second-lien notes due 2030. In connection with this rating action, Moody's affirmed the Caa1 corporate family rating, B2 ratings on the senior secured debt instruments and Caa3 ratings on the senior unsecured notes. Moody's also upgraded the probability of default rating to Caa1-PD from Caa2-PD and changed the outlook to stable from negative. Scripps' SGL-3 Speculative Grade Liquidity rating remains unchanged. ECS BRANDS: Seeks to Extend Plan Exclusivity to Sept. 12 -------------------------------------------------------- ECS Brands, Ltd. asked the U.S. Bankruptcy Court for the District of Colorado to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to September 12 and November 10, 2025, respectively. The Debtor claims that it has made progress toward reorganization. The Debtor has been in the process of negotiating with its landlord in order to formulate a new lease. If the Debtor is unable to enter into satisfactory terms with its landlord for a new lease, the Debtor will have to find a new space and spend a significant amount of money to move its operations. Whether the Debtor stays or moves its operations will have a significant impact on the terms of its plan. The Debtor explains that it is substantially paying its bills, however, due to some unforeseen delays in testing and client orders, the Debtor's revenue is not as high as anticipated and the Debtor is late on its August rent payment. Nevertheless, the Debtor's business has substantial going concern value and allowing the Debtor a short period of time to file its plan during the exclusivity period will ultimately maximize repayment to its creditors. The Debtor notes that is not seeking an extension to pressure any creditor to comply with its demands, instead, it is seeking a short extension to allow for more time to negotiate and enter into a new lease. There are no unresolved contingencies. The Debtor asserts that termination of the exclusivity period could result in multiple plans being filed which would delay reorganization and result in unnecessary time and litigation over competing Plans and would impede the progress that has been made with respect to negotiations over the Plan. ECS Brands Ltd. is represented by: Jenny M. Fujii, Esq. Kutner Brinen Dickey Riley P.C. 1600 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-2400 Email: jmf@kutnerlaw.com About ECS Brands ECS Brands Ltd. is a privately held company specializing in hemp-derived products. Founded in 2018, ECS Brands focuses on manufacturing and supplying bulk hemp extracts, white-label products, and innovative formulations such as water-soluble nano emulsions. ECS Brands Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-12101) on April 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Bankruptcy Judge Thomas B. Mcnamara handles the case. The Debtor is represented by Jenny M.F. Fujii, Esq., at Kutner Brinen Dickey Riley PC. EDGE PROMO: Seeks Subchapter V Bankruptcy in North Carolina ----------------------------------------------------------- On August 13, 2025, Edge Promo Team LLC filed Chapter 11 protection in the Eastern District of North Carolina. According to court filing, the Debtor reports debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Edge Promo Team LLC Edge Promo Team LLC provides custom merchandise and branding solutions, including screen printing, embroidery, direct-to-garment printing, laser etching, signage, and e-commerce fulfillment. The Company operates from Garner, North Carolina, serving businesses, organizations, and individuals with both large- and small-scale production. Edge Promo Team LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-03107) on August 13, 2025. In its petition, the Debtor reports Honorable Bankruptcy Judge Pamela W. McAfee handles the case. The Debtor is represented by William P. Janvier, Esq. at STEVENS MARTIN VAUGHN & TADYCH, PLLC. EL DORADO SENIOR: Gets Six-Month Extension to Use Cash Collateral ----------------------------------------------------------------- Lisa Holder, the Chapter 11 trustee for El Dorado Senior Care, LLC, received a six-month extension from the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division to use cash collateral. The court's order authorized the trustee to access cash collateral from August 1 until January 31 next year in accordance with its budget, subject to a 10% variance. As adequate protection for the Debtor's use of their cash collateral, secured creditors BMO Bank, N.A. and Gina (Foulk) MacDonald will be granted replacement liens on assets acquired by the Debtor after its Chapter 11 filing, with the same priority and extent as their pre-bankruptcy liens. In addition, BMO Bank will receive a monthly payment of $18,300 as further protection. BMO Bank's lien is secured by real property revenues via a 2020 Assignment of Rents while Ms. MacDonald asserts an interest based on judgment-debtor examinations. The trustee respects their claims but reserves the right to challenge them. About El Dorado Senior Care El Dorado Senior Care, LLC, a company in El Dorado Hills, Calif., owns and operates community care facilities for the elderly. El Dorado filed voluntary petition for Chapter 11 protection (Bankr. E.D. Calif. Case No. 24-22208) on May 21, 2024, with $3,420,371 in assets and $3,127,562 in liabilities. Benjamin L. Foulk, owner and manager, signed the petition. Judge Fredrick E. Clement oversees the case. D. Edward Hays, Esq., at Marshack Hays Wood, LLP, serves as the Debtor's legal counsel. Blanca Castro has been appointed as patient care ombudsman in the Debtor's Chapter 11 case. ELITE FENCING: Seeks Chapter 11 Bankruptcy in Texas --------------------------------------------------- On August 4, 2025, Elite Fencing & Construction LLC filed Chapter 11 protection in the Southern District of Texas. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Elite Fencing & Construction LLC Elite Fencing & Construction LLC is a fencing and construction services company based in Alvin, Texas. Elite Fencing & Construction LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-80358) on August 4, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Ricardo Guerra, Esq. at Guerra Days Law Group, PLLC. EXTENSIONS PLUS: Has Deal on Cash Collateral Access --------------------------------------------------- Extensions Plus, Inc. asks the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, for authority to use cash collateral and provide adequate protection, in accordance with its agreement with J.P. Morgan Chase Bank. The Debtor filed for Chapter 11 bankruptcy protection to stop ongoing collection efforts by a judgment creditor, Raj Hair International Pvt. Ltd., which had obtained a pre-petition judgment of approximately $2.6 million against the Debtor and was moving forward with a punitive damages trial phase scheduled for June 24. Raj was also in the process of levying the Debtor's bank accounts, which threatened to severely disrupt cash flow and jeopardize the Debtor's operations. After the filing, the Debtor's counsel negotiated with JP Morgan Chase Bank's counsel to stipulate the use of cash collateral, which is essential for the Debtor to keep operating during the bankruptcy. Under the stipulation, the Debtor agrees to pay Chase $13,000 per month as adequate protection for Chase's secured interests. Chase holds two secured loans to the Debtor: Loan 1 with an outstanding balance of $134,529 and Loan 2 with a balance of $296,634. Loan 1 is also secured by a Deed of Trust on the principal, Helent Stahl's, residence. The stipulation authorizes the Debtor's use of Chase's cash collateral from June 23 through September 23, with the expectation that the parties will seek to renew the agreement if necessary. A copy of the motion is available at https://urlcurt.com/u?l=FHslNV from PacerMonitor.com. A hearing on the matter is set for September 10, at 1:30 p.m. About Extensions Plus Inc. Extensions Plus Inc. designs and supplies high-quality women's hairpieces and wigs, including custom and ready-made styles made from real Indian human hair. The Company serves clients globally and domestically, including those experiencing hair loss and celebrities seeking premium hair extensions. Founded in 1988, Extensions Plus operates out of its headquarters in Tarzana, California. Extensions Plus Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11102) on June 23, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Victoria S. Kaufman handles the case. The Debtors are represented by Peter T. Steinberg, Esq. at STEINBERG, NUTTER & BRENT, LAW CORPORATION. FACILITIES MANAGEMENT: Gets Extension to Access Cash Collateral --------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Pennsylvania signed a fourth stipulation and order authorizing the interim use of cash collateral by Facilities Management Services of Pennsylvania, Inc. The stipulation and order approved the use of cash collateral of PNC Bank, National Association, a secured creditor, for business expenses set forth in the Debtor's projected budget, subject to a 110% variance. The budget shows operating expenses of $80,360.30 for August 11 to September 10; $70,065.86 for September 11 to October 10; and $70,065.86 for October 11 to November 10. As protection for the use of PNC Bank's cash collateral, the Debtor was ordered to make payments to the bank in the amounts and on the dates required under the loan documents. The Debtor was also ordered to grant replacement liens to PNC Bank on its post-petition property, with the same priority as the bank's pre-bankruptcy lien. The Debtor's authority to use cash collateral terminates upon the earliest of (i) the end of the budget period, unless extended by consent or (ii) upon a termination event such as the Debtor's failure to comply with the order; trustee or examiner appointment; case dismissal or conversion; or granting any motion for relief from stay allowing foreclosure. The next hearing is scheduled for November 5. About Facilities Management Services of Pennsylvania Facilities Management Services of Pennsylvania, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-13194) on September 10, 2024, listing $500,001 to $1 million in both assets and liabilities. Judge Ashely M Chan presides over the case. David B. Smith, Esq., at Smith Kane Holman, LLC is the Debtor's legal counsel. PNC Bank, N.A., as secured creditor, is represented by: Jennifer L. Maleski, Esq. Dilworth Paxson, LLP 1500 Market Street, Suite 3500E Philadelphia, PA 19102 Telephone: (215) 575-7000 Facsimile: (215) 754-4603 jmaleski@dilworthlaw.com FALKY HOLDINGS: Seeks Subchapter V Bankruptcy in Florida -------------------------------------------------------- On August 13, 2025, Falky Holdings Inc. filed Chapter 11 protection in the Northern District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Falky Holdings Inc. Falky Holdings Inc. is a corporation based in Florida with operations in both Clearwater and Tallahassee. Falky Holdings Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40378) on August 13, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Byron W. Wright III, Esq. at BRUNER WRIGHT, P.A. FLEMING STEEL: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Fleming Steel Co. 2739 Pulaski Road New Castle, PA 16105 Business Description: Fleming Steel, based in New Castle, Pennsylvania, designs and manufactures custom doors, including horizontal slide, canopy, vertical lift, craneway and monorail, horizontal swing, fuselage/hull apertures, and specialized application doors. Operating since 1921 under third- generation family ownership, the Company provides engineered solutions for commercial, industrial, aerospace, and government clients, incorporating custom designs for acoustic, blast-resistant, flood control, thermal, and electromagnetic shielding applications. Fleming Steel's projects have served clients such as Boeing, NASA, American Airlines, the United States Navy, and the Smithsonian Air and Space Museum, combining patented door designs with consultation and preventative maintenance services. Chapter 11 Petition Date: August 15, 2025 Court: United States Bankruptcy Court Western District of Pennsylvania Case No.: 25-22143 Debtor's Counsel: Ryan J. Cooney, Esq. COONEY LAW OFFICES 223 Fourth Ave Pittsburgh, PA 15222 Tel: (412) 992-7597 E-mail: Rcooney@cooneylawyers.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Seth Kohn as president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/URSR2KA/Fleming_Steel_Co__pawbke-25-22143__0004.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UBXPBQQ/Fleming_Steel_Co__pawbke-25-22143__0001.0.pdf?mcid=tGE4TAMA FTX TRADING: Attestor Wins Suit vs. Silver Point Unit ----------------------------------------------------- Mike Leonard of Bloomberg Law reports that attestor Value Master Fund LP won its legal battle Friday, August 15, 2025, against a Silver Point Capital LP affiliate over a failed deal to purchase an FTX creditor claim. A Delaware judge dismissed the lawsuit, which accused an Attestor affiliate of interfering with Silver Point's agreement to acquire the $10.5 million face-value claim from FPG Inc. at a steep discount. The court found no meaningful connection to Delaware in the original deal, the alleged interference, or the claim's later sale. 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. GENERATIONS ON 1ST: Court Extends Cash Collateral Access to Aug. 28 -------------------------------------------------------------------- Generations on 1st, LLC and Parkside Place, LLC received another extension from the U.S. Bankruptcy Court for the District of North Dakota to use the cash collateral of its secured creditor. The court order approved the Debtors' fifth stipulation with Red River State Bank, allowing the Debtors to use the secured creditor's cash collateral for the period from August 15 to 28, consistent with their budget. Red River State Bank's cash collateral includes rents from the Debtors' mixed-use apartment buildings in South Dakota. The rents are currently being held by a court-appointed receiver. As of the petition date, the receiver is holding pre-bankruptcy rents in the sum of $110,948.58 for Parkside and $211,201.59 for Generations. The next hearing to consider another extension of the Debtor's bid to use cash collateral is set for August 28. About Generations on 1st and Parkside Place Generations on 1st, LLC, a company in Fargo, N.D., and its affiliate Parkside Place, LLC filed Chapter 11 petitions (Bankr. D. N.D. Lead Case No. 25-30002) on January 6, 2025. In their petitions, Generations on 1st reported total assets of $13,567,037 and total liabilities of $12,137,102 while Parkside Place reported $7,221,882 in assets and $5,599,522 in liabilities. Judge Shon Hastings handles the cases. The Debtors are represented by Maurice VerStandig, Esq. at The Dakota Bankruptcy Firm. Red River State Bank, as lender, is represented by Drew J. Hushka, Esq., at Vogel Law Firm. GENESIS GLOBAL: Parent Claims It Met $1.1B Duty, Seeks Overpayments ------------------------------------------------------------------- Aislinn Keely of Law360 Bankruptcy Authority reports that on August 14, 2025, Digital Currency Group Inc. urged a New York bankruptcy judge to rule it has no remaining liability on a $1.1 billion promissory note intended to "backstop" its bankrupt subsidiary, crypto lender Genesis, arguing that gains from rising cryptocurrency prices have offset the losses the note was meant to cover. About Genesis Global Genesis Global Holdco, LLC, through its subsidiaries, and Global Trading, Inc., provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Capital, LLC (GGC) and Genesis Asia Pacific PTE. LTD. (GAP) provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Holdco, LLC owns 100% of GGC and GAP. Genesis Global Holdco, LLC, GGC and GAP each filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-10063) on Jan. 19, 2023. The cases are pending before the Honorable Sean H. Lane. At the time of the filing, Genesis Holdco reported $100 million to $500 million in both assets and liabilities. Genesis Holdco is a sister company of Genesis Global Trading, Inc. ("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG"). GGT, DCG and certain of the Holdco subsidiaries are not included in the Chapter 11 filings. The non-debtor subsidiaries include Genesis UK Holdco Limited, Genesis Global Assets, LLC, Genesis Asia (Hong Kong) Limited, Genesis Bermuda Holdco Limited, Genesis Custody Limited ("GCL"), GGC International Limited ("GGCI"), GGA International Limited, Genesis Global markets Limited, GSB 2022 II LLC, GSB 2022 III LLC and GSB 2022 I LLC. The Debtors tapped Cleary Gottlieb Steen & Hamilton, LLP as bankruptcy counsel; Morrison Cohen, LLP as special counsel; Alvarez & Marsal Holdings, LLC as financial advisor; and Moelis & Company, LLC as investment banker. Kroll Restructuring Administration, LLC, is the Debtors' claims and noticing agent and administrative advisor. The ad hoc group of creditors is represented by Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP. The ad hoc group of Genesis lenders is represented by Proskauer Rose, LLP. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped White & Case, LLP as bankruptcy counsel; Houlihan Lokey Capital, Inc., as investment banker; Berkeley Research Group, LLC as financial advisor; and Kroll as information agent. GLOBAL JOINT: Seeks to Sell NY Property at Auction -------------------------------------------------- Global Joint Venture, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York, to sell Property located at 139-141 Bowery, New York, NY to the highest or best bidder at a public auction, free and clear of liens, claims, interests, and encumbrances. The Property is a newly developed mixed-use condominium, consisting of 18 residential apartment units, 14 commercial offices, one community center and one retail space on the street level, and is 14 stories high. The Property is currently vacant and located in the Bowery section of Manhattan (between Chinatown and SoHo) and has approximately 52,000 square feet of saleable space. In 2019, the Debtor refinanced the Property and commenced a condominium conversion plan. The condominium was completed in 2024, and the Debtor obtained a certificate of occupancy on October 18, 2024. Since that time, however, the Debtor has been unable to immediately refinance or sell, and the Property fell into default with its secured lender, Emerald Creek Capital 3 LLC. The Debtor retains BK Real Estate Advisers as its real estate broker. The Debtor seeks approval of the bid procedures, prepared in conjunction with the Lender, to govern the Debtor's marketing and sale process to sell the Property, including a break-up fee for a stalking house contract if one materializes. The Debtor intends to close the Sale for the Property pursuant to a confirmed plan of reorganization and will file a proposed liquidating plan and disclosure statement to run in tandem with the sale process. To optimally receive and evaluate bids in a fair and accessible manner, the Debtor, in consultation with the Broker and Emerald Creek, has developed and proposed the Bid Procedures to govern the sale of the Property. The Bid Procedures are designed to encourage all entities to put their best bids forward and enhance the value to the Debtor’s estate. All parties are directed to review the Bid Procedures for their specific terms. The Broker will prepare sales and marketing materials for circulation along with the Bid Procedures to potential buyers in order to maximize the value of the Property. Interested purchasers may be required to enter into confidentiality agreements with the Broker prior to their being provided with confidential information regarding the Property. The Bid Procedures do not impair the Debtor's ability to consider all qualified bid proposals and, as noted, preserve the Debtor's right to, in consultation with the Broker and Emerald Creek, modify the Bid Procedures as necessary or appropriate to maximize value for the Debtor's estate. The Debtor believes that the Bid Procedures: (i) will promote and encourage active and competitive bidding; (ii) will elicit the best and highest offer available for the Property; (iii) will allow the Debtor to conduct the sales in a controlled, fair, and open fashion that will encourage participation by financially capable bidders; (iv) are consistent with other procedures previously approved by this district; and (v) are appropriate under the relevant standards governing auction proceedings and bidding incentives in bankruptcy cases. At any time prior to the Auction, the Debtor, upon Emerald Creek's consent, may select a Stalking Horse Bidder in connection with the Auction and enter into a Stalking Horse Agreement, which shall be subject to higher and better offers at the Auction, to establish the minimum bid for the Property at the Auction. The Debtor also reserve the right, upon Emerald Creek’s consent, and subject to its rights under Bankruptcy Code section 363(f), to provide the Breakup Fee—up to a maximum amount of one (1%) of the proposed purchase price—payable to the Stalking Horse Bidder from the proceeds of the Sale, to the extent the Debtor determines that provision of such Breakup Fee is likely to maximize the value of the Property. The Debtor respectfully submits that the Breakup Fee has a sound business purpose, are fair and appropriate under the circumstances, and therefore should be approved. About Global Joint Venture, Inc. Global Joint Venture Inc. owns a mixed-use commercial condominium situated at 139-141 Bowery in New York, NY. Global Joint Venture Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42139) on May 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Kevin Nash, Esq. at GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP. GLOTSER LIVING: Section 341(a) Meeting of Creditors on September 10 ------------------------------------------------------------------- On August 11, 2025, Glotser Living LLC filed Chapter 11 protection in the Southern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on September 10, 2025 at 01:30 PM at Office of UST (TELECONFERENCE ONLY). About Glotser Living LLC Glotser Living LLC is a single-asset real estate company, as defined under U.S. bankruptcy law, holding a single property as its primary business. Glotser Living LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code Bankr. S.D.N.Y. Case No. 25-11765) on August 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. The Debtor is represented by Julio E. Portilla, Esq. GRDN HOSPITALITY: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- GRDN Hospitality, LLC received interim approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to use cash collateral pending a final hearing. The court's order authorized the Debtor's interim use of cash collateral to pay the expenses set forth in its budget, subject to a 15% variance. As adequate protection for the Debtor's use of its cash collateral, Live Oak Bank will be granted post-petition security interests in and replacement liens on all assets of the Debtor, including accounts receivable, inventory and debtor-in-possession accounts, acquired after the petition date, with the same validity, priority and extent as the bank's pre-bankruptcy liens. The replacement liens do not apply to any avoidance actions. Each post-petition lien will have priority in payment over all administrative expenses. The final hearing is set for September 4. Objections are due by August 21. About GRDN Hospitality LLC GRDN Hospitality, LLC operates as a craft brewery under the brand Three Weavers Brewing Company in Inglewood, California. It produces and distributes a variety of beers, including lagers and ales, and engages in on-site retail and community events. GRDN Hospitality sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-16321) on July 24, 2025, listing between $1 million and $10 million in assets and liabilities. The petition was signed by Lynne Weaver as chief executive officer and manager. The Debtor is represented by: Gregory K. Jones, Esq. Stradling Yocca Carlson & Rauth, LLP 10100 N. Santa Monica Blvd., Suite 1450 Los Angeles, CA 90067 Tel: 424-214-7000 Fax: 424-214-7010 gjones@stradlinglaw.com GREAT CIRCLE: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------- On August 12, 2025, Great Circle Park LLC filed Chapter 11 protection in the Southern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Great Circle Park LLC Great Circle Park LLC owns and operates a single real estate property as its primary business activity, in line with its classification as a single-asset real estate company under U.S. law, and is engaged in property holding and management within the United States. Great Circle Park LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11767) on August 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Martin Glenn handles the case. The Debtor is represented by Tracy L. Klestadt, Esq. at KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP. GULFPORT ENERGY: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed Gulfport Energy Corporation's (Gulfport) Long-Term (LT) Issuer Default Rating (IDR) at 'B+'. Fitch has also affirmed the revolver ratings at 'BB+' with a Recovery Rating of 'RR1' and the unsecured ratings at 'BB-'/'RR3'. The Rating Outlook is Stable. Gulfport's rating reflects its low leverage, at or below 1.0x, materially lower firm transportation costs, strong FCF yields, improved liquidity, and modest production growth. Fitch expects the company to be FCF positive over the rating horizon. The ratings are constrained by Gulfport's modest but reasonable hedging program and below-average scale. Excess FCF allows potential shareholder-friendly actions, including share repurchases, dividends, and preferred redemptions. The Stable Rating Outlook reflects the company's solid liquidity and consistent positive FCF, which should offset the impact of potentially lower natural gas prices. Key Rating Drivers Strong FCF Generation: The rating is supported by Fitch's expectation that Gulfport will generate strong FCF throughout the forecast period under its base case and strip pricing assumptions. The company has a high EBITDA-to-FCF conversion rate due to low interest payments and a relatively low maintenance capex plan. The FCF is further supported by the company's consistent hedging policy and netbacks that are strong relative to its gas-focused peers. Low Leverage/Strong Liquidity: Fitch expects Gulfport's debt/EBITDA to remain at or below 1.0x over the forecast horizon. Management's debt/EBITDA target ratio of 1.0x is one of the lowest in the sector, and the company is meeting this goal. Fitch forecasts sufficient FCF generation to repay the $55 million outstanding on the revolver as of June 30, 2025, and execute share repurchases while maintaining a solid balance sheet. Potential Larger Shareholder Returns: Gulfport's expected strong FCF and low debt support potential for higher shareholder returns. The company has a $1.5 billion share repurchase authorization, with $790.9 million remaining as of June 30, 2025. The program supports the announced redemption of preferred stock and the ongoing common share repurchases. The redemption, which will occur on Sept. 5, 2025, will give preferred shareholders the option to convert shares into common stock or receive cash. Fitch applies zero equity credit to the $31.4 million of the preferred stock outstanding as of June 30, 2025. Capex to Maintain Production: Fitch estimates about $400 million of annual capex would be required to maintain production. The company experienced cost inflation like other exploration and production (E&P) companies, but costs since somewhat retreated. Fitch expects flat production over the forecast and a modest return to dry gas production. Gulfport may pursue smaller leasehold acquisitions on acreage complementary to its acreage. Hedging Exposure: Fitch calculates Gulfport has about 54% of its production hedged for the remainder of 2025 and 45% in 2026 at an average price of $3.63 and $3.72, respectively. The company also maintains basis hedges to protect against widening basis differentials. Gulfport's hedge position is reasonable, particularly given the company's low debt burden. Maintaining a conservative hedging policy is important due to Gulfport's high exposure to volatile natural gas pricing. Peer Analysis Gulfport's 1Q25 production of 929 million cubic feet equivalent per day (mmcfe/d) was less than Ascent Resources Utica Holdings, LLC's (BB-/Positive) 2,002 mmcfe/d and more than Aethon United BR LP's (B/Stable) 906 mmcfe/d as of 2024. The company's proved reserves of 4 trillion cubic feet equivalent are also below peers'. Gulfport's 1Q25 Fitch-calculated unhedged, levered netback of $2.56/thousand cubic feet of natural gas equivalent (mcfe) was above Ascent's $2.09/mcfe and Comstock's $2,28/mcfe. Gulfport's Fitch-calculated debt/EBITDA of 1.0x in 2024 is below peers and will likely remain so. Key Assumptions - Henry Hub natural gas price of $3.60/thousand feet (mcf) in 2025, $3.50/mcf in 2026, $3.00/mcf in 2027, and $2.75/mcf thereafter. - West Texas Intermediate oil price of $65/barrel (bbl) in 2025, $60/bbl in 2026 and 2027, and $57/bbl thereafter. - Production growth flat throughout the forecast. - Capex of $400 million to $450 million a year throughout the forecast. - Excess cash used to repay revolver borrowings and fund share distributions. Recovery Analysis The recovery analysis assumes Gulfport Energy would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch assumed a 10% administrative claim. Going-Concern Approach: Gulfport's GC EBITDA assumption reflects a stress price deck assumption of Henry Hub natural gas at $2.50/mcfe in 2025 and $2.25/mcfe over the long term. Long-term price assumptions reflect the industry emerging from the trough of the cycle. In addition, Fitch made assumptions for lower costs, reduced capital spending, and lower production estimates due to the assumption of lower capex. The GC EBITDA is $365 million, which reflects these conditions. Fitch applied an enterprise valuation multiple of 3.5x EBITDA to the GC EBITDA to calculate a post-reorganization enterprise value. The choice of this multiple considered the following factors: The historical bankruptcy case study exit multiples for peer companies ranged from 2.8x-7.0x, with an average of 5.2x, and a median of 5.4x: two M&A transactions in the Appalachian basin during 2020 had implied EBITDA multiples of 3.4x and 4.0x for the E&P assets. Although the Utica basin wells generally perform strongly, lower valuations can reflect the lack of public E&P companies operating in the basin given the use of public stock as a currency as part of the financing, high gas gathering and firm transportation costs, and challenged capital markets to finance transactions. Liquidation Approach: The liquidation estimate reflects Fitch's view of the value of balance sheet assets that can be realized in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors. Fitch considers valuations such as SEC PV-10 and M&A transactions for each basin, including multiples for production per flowing barrel, proved reserves valuation, value per acre, and value per drilling location. Waterfall: The reserve-based revolver (elected commitments of 1 billion) is assumed to be 80% drawn upon default. The allocation of value in the liability waterfall results in recovery corresponding to a 'RR1' Recovery Rating for the first lien revolver and a recovery corresponding to 'RR3' for the senior unsecured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A change in financial policy that leads to shareholder returns at the expense of creditors and reduces liquidity; - Midcycle EBITDA leverage above 2.0x; - A material reduction in netbacks. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustained EBITDA at or above $750 million while maintaining positive FCF; - Improved netbacks, particularly through lower firm transportation and gas-gathering costs; - Maintaining midcycle EBITDA leverage of 1.5x. Liquidity and Debt Structure Gulfport has ample liquidity as of June 30, 2025, with $881 million available on its $1 billion committed RCF ($1.1 billion borrowing base), which matures in 2028, and expected consistent positive FCF. Issuer Profile Gulfport Energy Corporation is an independent natural gas-weighted E&P company, with assets in the Appalachia (primarily Eastern Ohio targeting the Marcellus and Utica formations) and Anadarko (primarily Central Oklahoma targeting the SCOOP Woodford and Springer formations) basins. 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 ----------- ------ -------- ----- Gulfport Energy Corporation LT IDR B+ Affirmed B+ senior unsecured LT BB- Affirmed RR3 BB- senior secured LT BB+ Affirmed RR1 BB+ HENNEPIN SCHOOLS: S&P Lowers Lease Revenue Bond Rating to 'B+' -------------------------------------------------------------- S&P Global Ratings lowered its rating to 'B+' from 'BB-' on the City of Minneapolis' series 2021A tax-exempt and 2021B taxable charter school lease revenue bonds issued for Hennepin Schools Building Co., a Minnesota nonprofit corporation and 501(c)(3) organization. The outlook is stable. The downgrade reflects S&P's view of the school's weakened financial performance trends, which have led to two years of deficit operations, a slimming liquidity position, and a debt service coverage (DSC) covenant violation in fiscal 2024 (calculated as 0.8x by the borrower). These conditions stem from the school's inability to meet enrollment projections and near-term uncertainty regarding the school's ability to balance operations and meet covenants. S&P said, "We consider Hennepin school subject to elevated social capital risk due to the potential impact of demographic factors on the school's enrollment trends and its small enrollment base; management indicated the school primarily serves recently settled immigrant groups and has begun marketing to recruit students. We believe that uncertainty around immigration remains elevated given unpredictability around policy implementation by the U.S. administration. We analyzed Hennepin's environmental and governance risks and consider them neutral in our credit rating analysis. "The stable outlook reflects our expectation of flat to incrementally growing enrollment, and that financial operations will return to breakeven in fiscal 2025 and 2026, although largely through budgetary adjustments that may be unsustainable in the longer term. "We could lower the rating if enrollment does not continue to increase as expected, such that the school generates another operating deficit resulting in insufficient lease-adjusted MADS coverage and further erosion of the school's liquidity position. In addition, we could also consider a negative rating action if the school's test scores do not continue improving markedly, specifically such that academics pressure the charter standing or future renewals. "We could raise the rating if the school successfully executes its growth plan such that enrollment grows toward levels that could sustain debt service, produces at least balanced or consistently positive full-accrual operations and stronger MADS coverage, while liquidity remains stable or improves, and the school demonstrates a trend of comfortably meeting covenants." HILLCREST VENTURES: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------------- On August 13, 2025, Hillcrest Ventures LLC filed Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Hillcrest Ventures LLC Hillcrest Ventures LLC, a Calabasas, California-based real estate developer, undertakes large-scale property projects that include multifamily housing, mixed-use complexes and commercial developments. Hillcrest Ventures LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11472) on August 13, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Martin R. Barash handles the case. The Debtor is represented by Raymond H. Aver, Esq. at LAW OFFICES OF RAYMOND H. AVER, A PROFESSIONAL. IH 35 TRUCKING: Seeks Cash Collateral Access -------------------------------------------- I.H. 35 Trucking, L.L.C. asked the U.S. Bankruptcy Court for the Southern District of Texas, Laredo Division, for authority to use cash collateral. The Debtor sought permission to use funds necessary for ongoing business operations, which are subject to liens claimed by secured creditor TBK Bank, SSB. Before filing for bankruptcy, the Debtor and TBK entered into four separate loan agreements between April 2021 and August 2022, totaling over $628,000. These agreements granted TBK a blanket security interest in virtually all of the Debtor's assets, including accounts receivable. TBK perfected its liens by filing UCC financing statements. TBK now claims that its lien extends to the Debtor's post-petition lease payments from an affiliated company, I.H. 35 Transportation, L.L.C., but the Debtor disputes that these post-petition receivables are subject to TBK’s lien and has not yet evaluated the exact amount of TBK's secured claim. The Debtor estimates it receives approximately $200,000 per month in revenue and, to date, no other creditors have asserted liens on its post-petition accounts receivable. To avoid protracted litigation and maintain operations, the Debtor and TBK have agreed to a compromise. Under the proposed order, the Debtor will be allowed to use the disputed cash collateral in exchange for making monthly adequate protection payments of $2,500 to TBK, starting immediately upon entry of the order and continuing until the earlier of: (a) confirmation of a Chapter 11 plan, (b) case dismissal or conversion, or (c) a court order modifying the agreement. TBK will also be entitled to an administrative expense claim for any missed payments. A court hearing is scheduled for August 21. About IH 35 Trucking IH 35 Trucking, LLC is a family-owned logistics provider based in Laredo, Texas, offering temperature-controlled and flatbed freight services across North America. It specializes in full truckload, intermodal, and cross-border transportation, with operations extending into Mexico and Canada. Leveraging satellite tracking, Qualcomm communications, and route optimization systems, it delivers tailored long-haul and short-haul logistics solutions for temperature-sensitive goods. IH 35 Trucking sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-50057) on June 6, 2025, with $1 million to $10 million in assets and liabilities. Jorge Pablo Munoz, managing member, signed the petition. Judge Jeffrey P. Norman presides over the case. Carl M. Barto, Esq., at the Law Office of Carl M. Barto represents the Debtor as bankruptcy counsel. TBK Bank, SSB, as lender, is represented by: Michael S. Held, Esq. J. Machir Stull. Esq. Aaron E. Lozano, Esq. JACKSON WALKER L.L.P. 2323 Ross Avenue, Suite 600 Dallas, Texas 75201 Telephone: (214) 953-6000 Fax: (214) 661-6859 Email: mheld@jw.com mstull@jw.com alozano@jw.com INTERCEMENT BRASIL: Reschedules Creditors' Assembly to September 9 ------------------------------------------------------------------ Augusto Decker of Bloomberg Law reports that InterCement said it postponed to September 9 the assembly to continue discussions on a previously announced preliminary agreement for Mover Group’s consensual restructuring. Ongoing negotiations are centered on finalizing documentation, obtaining corporate approvals, and resolving other outstanding issues, the report states. About Intercement Brasil Intercement Brasil is a producer of cement and concrete based in Brazil. Overall, the Company has 34 production units, with an active capacity of more than 33 million tons of cement per year, employing more than 6,000 professionals. Intercement Brasil and affiliates sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 24-11226) on July 15, 2024. The firm's foreign representative is Antonio Reinaldo Rabelo Filho. The Foreign Representative's counsel is John K. Cunningham, Esq. at WHITE & CASE LLP. IRON HORSE: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------ On August 12, 2025, Iron Horse Chemicals LLC filed Chapter 11 protection in the Southern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 100 and 199 creditors. The petition states funds will be available to unsecured creditors. About Iron Horse Chemicals LLC Iron Horse Chemicals LLC manufactures and supplies industrial and specialty chemicals primarily for the oil and gas industry, offering products such as corrosion inhibitors, scale inhibitors, demulsifiers, surfactants, and enhanced oil recovery agents. The Company provides laboratory analysis, field technical services, custom blending, and logistics support from its facility in Midland, Texas. It serves energy sector clients across the United States with solutions for wellsite operations, production optimization, and equipment protection. Iron Horse Chemicals LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90304) on August 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Christopher Adams, Esq. at OKIN ADAMS BARTLETT CURRY LLP. IVANKOVICH FAMILY: Seeks to Sell Celadon Accounts ------------------------------------------------- Ivankovich Family LLC and its affiliates, A&O Family LLC, a Florida entity (A&O FL), A&O Family LLC, an Illinois entity (A&O IL), and Atlas P2 Managing Member LLC (Atlas P2), seek permission from the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, in a Second Motion to sell Assets in the accounts held with Celadon Financial Group (Celadon) and Wedbush Securities Inc. (Wedbush), free and clear of liens, interests, and encumbrances. The Celadon Accounts are titled and registered in the names of the Debtors and are in the possession and control of the Debtors. The Celadon Accounts are therefore indisputably bankruptcy estate assets. Debtors Ivankovich Family LLC, A&O FL, A&O IL, and Debtor Atlas P2's subsidiary, P2 Portfolio Managing Member LLC, had accounts with Celadon Financial Group LLC ("Celadon") as follows: Account Number Name on Title of Account Acct. No. XXX-1441 A&O Family LLC Acct. No. XXXX-1442 Ivankovich Family LLC Acct. No. XXX-1443 P2 Portfolio Managing Member LLC Acct. No. XXX-1444 A&O Family LLC The Celadon Accounts are managed by Celadon, and held by clearing agent Wedbush, which have an aggregate value, as of April 30, 2025, of $22,550,774.49. The Celadon Accounts are comprised of stock, bond, and other publicly traded investments, which are managed by Celadon and held in accounts at Wedbush. RBC Capital Markets, LLC, whose securities are in the Celadon Accounts, has certain margin requirements, which will prevent the Debtors from liquidating RBC securities to the extent those margin requirements are exceeded. In liquidating the Celadon accounts, the Debtors will take into consideration RBC's margin requirements, and liquidate accordingly. The Debtors and Township Orlando, LLC, Township Capital, LLC and Township GP Fund II, LP reached a Settlement Agreement as to the amount owed by the Debtors to the Township Parties, which amount totals $8,500,000.00 with the first payment of $4,000,000.00 due on August 30, 2025. Neither Jeanette Ivankovich nor Schiller DuCanto & Fleck, LLP objected to the Settlement Motion, the proofs of claim filed by the Township Entities in the case. Therefore, in addition to the relief requested in the First Sale Motion, the Debtors seek entry of an order substantially in the form to the Order, which in addition to granting the relief sought in the First Sale Motion, seeks specific Court authority to make the additional payments identified below: a. Payment of Outstanding UST Fees: $67,758.94. b. Payment to the Township Parties of the first installment of the agreed upon amount ($8,500,000 in total) pursuant to the Settlement Agreement between the parties (ECF Nos. 415 and 472): $4,000,0000.00. c. Payment of all IRS claims: Amended PoC No. 10 in Ivankovich Family LLC totaling $29,940.00; Amended PoC No. 9 in A&O IL totaling 29,940.00; and Amended PoC No. 1 in Atlas P2 totaling $2,820.00, which claims total $62,700.00. The Debtors request that the Court enter an order, substantially in the form attached to the Second Sale MotionA, granting the relief sought in the First Sale Motion. About Ivankovich Family LLC Ivankovich Family, LLC and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 24-15755) on June 10, 2024. Steven Ivankovich and Anthony Ivankovich, managers, signed the petitions. At the time of the filing, Ivankovich Family reported $50,001 to $100,000 in both assets and liabilities. Judge Laurel M. Isicoff oversees the cases. The Debtors tapped Eyal Berger, Esq., at Akerman, LLP as bankruptcy counsel; Christenson Law Firm, LLP and Schoenberg Finkel Beederman Bell Glazer, LLC as special counsel; Mandell Hahm Advisory Group, Ltd. as accountant; and CohnReznick, LLP as financial advisor. IYA FOODS: Seeks to Sell Miscellaneous Property ----------------------------------------------- Iya Foods Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to sell miscellaneous Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is in the final stages of liquidating its assets as part of its strategy to emerge from this bankruptcy case. The Debtor closed on the sale of a substantial portion of its manufacturing assets to J&J Snack Foods. J&J is removing the property it owns from the Debtor’s location in Naperville, Illinois. The Debtor's assets are identified on Exhibit 1, and largely consist of miscellaneous items the Debtor used in its manufacturing process that J&J did not acquire, plus intangible or soft assets, such as recipes and intellectual property. The Debtor expanded its operations in 2022 to start manufacturing Iya Chipers, other baked products and house brands for retailers. Iya Foods, Inc. operated as an Illinois-based purveyor of gluten-free, African-inspired flours, baking mixes, and specialty food ingredients. Founded in 2015 by a first-generation immigrant entrepreneur, Iya Foods began operations in a modest 1,000-square-foot facility and grew rapidly by focusing on clean-label, authentic ethnic foods tailored to an increasingly health conscious market. The company's products achieved broad acceptance in national grocery chains and health-focused retailers, supporting impressive sales growth over several years. Both the Small Business Administration and Village Bank and Trust are parties to security agreements with the Debtor pursuant to which the Debtor granted each of them security interests in substantially all its property. Unfortunately, the Debtor’s expansion in 2022 and 2023, was derailed by unforeseen operational disruptions, most notably, persistent and severe interference by the landlord at the new facility in Naperville. The landlord's failure to remediate essential property conditions, coupled with ongoing disputes and other misconduct, prevented Iya Foods from commencing full-scale production in a timely manner. As a result, the company was unable to realize the projected revenues needed to service its increased debt load and sustain its expanded operations. After contacting multiple parties engaged in the business of manufacturing or selling bakery products, the Debtor obtained an offer from J & J Snack Foods Corp. to acquire a substantial amount of the Debtor's manufacturing equipment. Eventually, the Debtor and J&J Foods executed an asset purchase agreement for the sale of the Debtor’s assets, including the Debtor's Rademacher oven, in exchange for $2.1 million. The sale to J&J Foods included many, but not all, of the Debtor's assets. Instead, the Debtor still owns certain hard assets, including miscellaneous equipment used in the baking process, as well as certain soft assets, comprising recipes and other intellectual property. To the extent the Debtor receives an offer to acquire some, or all, of the Remaining Assets, and the Debtor concludes, in the exercise of its reasonable business judgment, that the Offer is sensible and provides a fair value for the subject property, the Debtor will both submit the Offer to Village Bank & Trust and the SBA and file a notice on the Bankruptcy Court docket advising parties in interest of the Offer. The Sale Notices will include the value that is being provided in the Offer, the identity of the proposed purchaser, the specific assets the Proposed Purchaser is seeking to acquire, whether the Proposed Purchaser is an insider, and information about whether any other entity has made an offer for the subject assets. The Debtor now seeks an order authorizing it to sell its remaining assets in an expedited fashion. An expedited sale is necessary because the Debtor may not have the ability to occupy its current location much longer. A substantially complete list of the Debtor's remaining assets is attached as Exhibit 1: https://urlcurt.com/u?l=AMOjjk The Remaining Assets include, without limitation: (i) the Iya brand and intellectual property (including trademarks, trade names, logos, domain names, websites, and digital brand assets); (ii) Iya-branded recipes, formulations, specifications, and proprietary methods; (iii) inventory and supplies (raw materials, ingredients, packaging, work-in-process, and finished goods); (iv) customer information, relationships, order histories, and contracts related to co-manufacturing, private label, and import/export operations; (v) business data, operational records, SOPs, production and quality records, and other know-how; (vi) permits and licenses to the extent transferable under applicable law; The Remaining Assets include, without limitation: (i) the Iya brand and intellectual property (including trademarks, trade names, logos, domain names, websites, and digital brand assets); (ii) Iya-branded recipes, formulations, specifications, and proprietary methods; (iii) inventory and supplies (raw materials, ingredients, packaging, work-in-process, and finished goods); (iv) customer information, relationships, order histories, and contracts related to co-manufacturing, private label, and import/export operations; (v) business data, operational records, SOPs, production and quality records, and other know-how; (vi) permits and licenses to the extent transferable under applicable law; and (vii) tangible equipment, tools, furniture, fixtures, storage racks, freezers, kitchenware, office equipment, and similar residual assets. The Debtor intends to serve the Motion on (a) all entities that receive ECF notice, (b) the Office of the U.S. Trustee, (c) all creditors. About Iya Foods Inc. Iya Foods Inc. is a company that specializes in producing and offering African superfoods. Its products are plant-based, gluten-free, non-GMO, kosher, and free from preservatives, additives, or artificial ingredients. The company focuses on creating nutritious and delicious ingredients that can be used in a variety of recipes, making them accessible to people with dietary preferences or restrictions, such as those following vegan or gluten-free diets. Iya Foods filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-00341) on January 10, 2025, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Deborah L. Thorne handles the case. The Debtor is represented by Justin R. Storer, Esq., at the Law Office of William J. Factor. Village Bank and Trust, N.A., a secured creditor, is represented by Andrew H. Eres, Esq., at Dickinson Wright PLLC, in Chicago, Illinois. J.C. PENNEY: Confirms 8 Additional Store Closures to Prevent Losses ------------------------------------------------------------------- S. Goolam of www.eldiario24.com reports that JCPenney, a retail staple for more than a century, will close eight stores across several states in the coming days as it works to curb losses amid ongoing financial pressures. The retailer stressed in a recent statement that it has no plans for a widespread reduction in its store footprint, though some closures are inevitable due to lease expirations, shifting markets, and other factors. According to www.eldiario24.com, JCPenney's struggles were magnified during the COVID-19 pandemic, which pushed the company into Chapter 11 bankruptcy in 2020 and led to a reduction in store count from 850 to about 650. Compared to that restructuring, the closure of eight additional locations is relatively limited. Even so, the news drew strong reactions from longtime shoppers on social media, with many lamenting the decline of in-person retail and calling on consumers to support local stores instead of relying heavily on e-commerce. Despite the closures, the company remains upbeat about its prospects, pointing to its merger with Sparc as a key step forward. CEO Marc Rosen said the partnership would allow both companies to leverage resources and talent to grow their brands. The following locations are scheduled to close: * The Shops at Tanforan in San Bruno, California * The Shops At Northfield in Denver, Colorado * Pine Ridge Mall in Pocatello, Idaho * West Ridge Mall in Topeka, Kansas * Westfield Annapolis Mall in Annapolis, Maryland * Fox Run Mall in Newington, New Hampshire * Asheville Mall in Asheville, North Carolina * Charleston Town Center in Charleston, West Virginia About J.C. Penney Co. Inc. J.C. Penney Company, Inc. -- @ www.jcpenney.com/ -- is an apparel and home retailer, offering merchandise from an extensive portfolio of private, exclusive, and national brands at over 850 stores and online. It sells clothing for women, men, juniors, kids, and babies. On May 15, 2020, J.C. Penney entered into a restructuring support agreement with lenders holding 70% of its first lien debt. The RSA contemplates agreed-upon terms for a pre-arranged financial restructuring plan that is expected to reduce several billion dollars of indebtedness. To implement the plan, J.C. Penney and its affiliates on May 15, 2020, filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 20-20182). At the time of the filing, J.C. Penney disclosed assets of between $1 billion and $10 billion and liabilities of the same range. Judge David R. Jones oversaw the cases. The Debtors tapped Kirkland & Ellis and Jackson Walker, LLP as legal counsel; Katten Muchin Rosenman, LLP as special counsel; Lazard Freres & Co. LLC as investment banker; AlixPartners, LLP as restructuring advisor; and KPMG, LLP as tax consultant. Prime Clerk was the claims agent. The committee of unsecured creditors retained Cole Schotz, P.C., and Cooley, LLP. * * * J.C. Penney in November 2020 won approval to sell substantially all of its retail and operating assets ("OpCo") to a group formed by landlords Brookfield Asset Management, Inc. and Simon Property Group and senior lenders through a combination of cash and new term loan debt. Paul, Weiss, Rifkind, Wharton & Garrison LLP was the legal counsel, and BRG Capital Advisors, LLC, served as financial adviser to Simon and Brookfield. J.C.C.M. PROPERTIES: Seeks to Extend Exclusivity to Jan. 9, 2026 ---------------------------------------------------------------- J.C.C.M. Properties, Inc., asked the U.S. Bankruptcy Court for the Northern District of Georgia to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 9, 2026 and March 10, 2026, respectively. The Debtor explains that it is presently working to negotiate a plan of reorganization with its creditors, but the Debtor requires additional time to allow its operations to stabilize now that it has been given the breathing room afforded by the automatic stay. Debtor is currently litigating the Judgment in the Lawsuit and requires additional time for the liquidation of those claims before proposing a plan of reorganization. The Debtor claims that it seeks an extension to the Exclusivity Periods to preclude the costly disruption and instability that would occur if competing plans were proposed. The Debtor asserts that its request for an extension will not unfairly prejudice or pressure its creditor constituencies or grant the Debtor any unfair bargaining leverage. The Debtor needs creditor support to confirm any plan, so the Debtor is in no position to impose or pressure its creditors to accept unwelcome plan terms. The Debtor seeks an extension of the Exclusivity Periods to advance the case and continue good faith negotiations with its stakeholders. The Debtor further asserts that premature termination of the Exclusivity Periods may engender duplicative expense and litigation associated with multiple competing plans. Any litigation with respect to competing plans and resulting administrative expenses will only decrease recoveries to the Debtor's creditors and significantly delay, if not undermine entirely, the possibility of prompt confirmation of a plan of reorganization. J.C.C.M. Properties Inc. is represented by: William A. Rountree, Esq. Rountree, Leitman, Klein & Geer, LLC Century I Plaza 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Tel: (404) 584-1238 Email: wrountree@rlkglaw.com About J.C.C.M. Properties J.C.C.M. Properties Inc. leases real estate, with its main assets situated at 1585 Crater Lake in Kennesaw, Georgia. J.C.C.M. Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55412) on May 14, 2025. In its petition, the Debtor estimated liabilities between $1 million and $10 million and estimated liabilities between $50 million to $100 million. Judge Paul Baisier oversees the case. The Debtor is represented by Will Geer, Esq., at Rountree Leitman Klein & Geer, LLC. JAMES BARCHIESI: Court Wants Status Updates in Beyond Bespoke Case ------------------------------------------------------------------ Judge Vernon S. Broderick of the United States District Court for the Southern District of New York ordered the parties in BEYOND BESPOKE TAILORS, INC., et al., Plaintiffs, -against- JAMES BARCHIESI, et al., Defendants, Case No. 20-cv-05482-VSB-JW (S.D.N.Y.), to file a joint letter by Aug. 29, 2025 regarding the status of this case, including which claims in this action are stayed by the Bankruptcy Code and which claims should proceed. In that letter, the parties should also indicate an update on potential settlement discussions, to the extent they have been discussed, and a briefing schedule for any anticipated motions. On Jan. 15, 2025, Defendant James Barchiesi filed a suggestion of bankruptcy regarding his Petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Middle District of Pennsylvania. The Debtor claimed that certain acts and proceedings against the Debtor and his property are stayed as provided for in Section 362 of the Bankruptcy Code. On Jan. 21, 2025, Judge Broderick issued an order explaining that the automatic stay under Section 362 of the Bankruptcy Code does not apply to all the claims in this action. Specifically, he held that the automatic stay under Section 362 does not apply to the claims against the non-Debtor Defendants or to the Debtor's third-party claims or counterclaims, and ordered the parties to file a joint letter informing him of the status of the Bankruptcy Court in addressing the scope of the automatic stay as to non-debtor defendants, and any other issues by Feb. 20, 2025 and every 30 days thereafter. The parties filed joint letters on Feb. 20, March 20, May 21, and July 1, 2025. According to Judge Broderick, the parties have failed to file any status updates since despite his previous order requiring status letters every 30 days. A copy of the Court's Order dated August 12, 2025, is available at https://urlcurt.com/u?l=93rhKh from PacerMonitor.com. James Barchiesi filed for Chapter 11 bankruptcy protection (Bankr. M.D. Pa. Case No. 5:25-bk-00094-MJC) on Jan. 15, 2025. JLM RESOURCES: Seeks Subchapter V Bankruptcy in Washington ---------------------------------------------------------- On August 13, 2025, JLM Resources Inc. filed Chapter 11 protection in the Western 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 JLM Resources Inc. JLM Resources Inc., doing business as Procraft Windows, provides window and door products and installation services in King and Snohomish counties, Washington. The Company, established in 1985, serves residential clients with a focus on replacement windows and doors, completing over 22,000 projects for more than 18,000 homes. It operates as a family-owned business with a team of experienced craftsmen and offers a lifetime installation warranty. JLM Resources Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12238) on August 13, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher M. Alston handles the case. The Debtor is represented by Jennifer L. Neeleman, Esq. at NEELEMAN LAW GROUP, P.C. JMC UNIT 1: Case Summary & 10 Unsecured Creditors ------------------------------------------------- Debtor: JMC Unit 1, LLC d/b/a WaveMAX Hialeah 5966 W 16 Avenue Miami FL 33176 Business Description: JMC Unit 1 LLC, doing business as WaveMAX Hialeah, operates a full-service laundromat in Hialeah, Florida, providing self-service laundry, wash-dry-fold, dry cleaning, and scheduled pickup and delivery services. The Company also offers commercial laundry solutions to businesses including colleges, health clubs, medical offices, country clubs, Airbnb rentals, and salons. Its operations emphasize modern equipment, customer convenience, and rapid turnaround. Chapter 11 Petition Date: August 14, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-19413 Debtor's Counsel: Jacqueline Calderin, Esq. AGENTIS PLLC 45 Almeria Avenue Coral Gables FL 33134 Tel: (305) 722-2002 E-mail: jc@agentislaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by John Cooper in his capacity as president and authorized representative. A full-text copy of the petition, which includes a list of the Debtor's 10 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/C6M4NSI/JMC_Unit_1_LLC__flsbke-25-19413__0001.0.pdf?mcid=tGE4TAMA JP MORGAN 2025-DSC2: S&P Assigns Prelim 'B-' Rating on B-2 Certs ---------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to J.P. Morgan Mortgage Trust 2025-DSC2's mortgage-backed certificates. The note issuance is an RMBS securitization backed by first-lien, fixed- and adjustable-rate, fully amortizing residential mortgage loans (including loans with initial interest-only periods) to prime and nonprime borrowers. The loans are secured by single-family residential properties, townhomes, planned-unit developments, condominiums, two- to four-family residential properties, and five- to 10-unit multifamily properties. The pool consists of 1,792business-purpose investment property loans, which are all ability to repay (ATR)-exempt loans. The preliminary ratings are based on information as of Aug. 14, 2025. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect S&P's view of: -- The pool's collateral composition; -- The transaction's credit enhancement, associated structural mechanics, representation and warranty (R&W) framework, and geographic concentration; -- The mortgage aggregator and reviewed originators; and -- S&P said, "Our U.S. economic outlook, which considers our current projections for economic growth, unemployment rates, and interest rates, as well as our view of housing fundamentals, and is updated, if necessary, when these projections change materially. Preliminary Ratings Assigned J.P. Morgan Mortgage Trust 2025-DSC2(i) Class A-1A, $201,255,000: AAA (sf) Class A-1B, $37,132,000: AAA (sf) Class A-1, $238,387,000: AAA (sf) Class A-2, $35,090,000: AA- (sf) Class A-3, $46,229,000: A- (sf) Class M-1, $16,524,000: BBB (sf) Class B-1, $19,494,000: BB- (sf) Class B-2, $10,211,000: B- (sf) Class B-3, $5,385,091: NR Class A-IO-S, notional(ii): NR Class XS, notional(iii): NR Class A-R, not applicable: NR (i)The collateral and structural information in this report reflect the term sheet dated Aug. 12, 2025. (ii)The notional amount equals the aggregate stated principal balance of the mortgage loans as of the cutoff date. (iii)Excess servicing strip. NR--Not rated. JPC LAND: Seeks to Sell Undeveloped Land at Auction --------------------------------------------------- John Patrick Lowe, Chapter 11 Trustee of JPC Land Holdings LLC seeks permission from the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. Included in the bankruptcy estate is the Debtor’s fee simple interest in the property known as 338 Acres – Terra Escondido Subdivision. The Real Property consists of undeveloped land. Capital Farm Credit (CFC) holds an undisputed first lien on the Real Property. The Trustee retains Amber Moore of Bell Tower Commercial Real Estate to market and sell the Real Property in exchange for a 3% commission. The Broker is currently working on at least one offer from an arm's length purchaser relating to the Real Property. The current proposed purchase price is in an amount that the Trustee believes would pay CFC's claim in full. The Trustee intends to sell the Real Property via auction to be conducted in Court at a hearing on this Motion. Prospective bidders will be required to provide prior to the Auction proof of funds (or ability to obtain funds), earnest money in the amount of no less than $200,000.00, and a non-contingent offer to purchase the Real Property as-is- where-is, with no representations or warranties of any kind, as well as an ability to close within thirty days of the Auction. Any bidder to whom the Trustee is authorized to sell the Real Property who fails to close on the purchase of the Real Property will forfeit its earnest money. At the end of the Hearing, the Trustee will request that the Court designate a winning bidder and purchase price and potentially also a backup bidder and purchase price. There are no warranties, express or implied, and the Real Property is being sold "as-is and where-is" without representation or warranty of any kind. Any prospective bidders wishing to participate in the Auction will be required to confirm that they do not require any further due diligence and are not relying upon representations or warranties made by or on behalf of the Trustee. The Trustee will mail to all creditors copies of this Motion and proposed order, pursuant to Bankruptcy Rule 2002 and Local Rule 2002. If no timely objections are filed, the Court should enter an order approving the sale at auction of the Real Property. About JPC Land Holdings JPC Land Holdings is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). The Debtor owns a 369-acre property known as Terra Escondido Subdivision valued at $3.2 million. JPC Land Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-11180) on September 24, 2024, with up to $3,200,000 total assets and up to $7,537,126 total liabilities. Raif Castello, director and president, signed the petition. Judge Shad Robinson presides over the case. Stephen W. Sather, Esq., at Barron Newburger, PC serves as the Debtor's counsel. JSMITH CIVIL: US Wins Summary Judgment Bid in ERC Lawsuit --------------------------------------------------------- Judge Joseph N. Callaway of the United States Bankruptcy Court for the Eastern District of North Carolina granted the motion for summary judgment filed by the United States of America in the adversary proceeding captioned as JSMITH CIVIL, LLC, Plaintiff, v. UNITED STATES OF AMERICA, Defendant, Adv. Proc. No. 24-00004-5-JNC (Bankr. E.D.N.C.). In this adversary proceeding, JSmith seeks turnover and recovery of tax refunds or refundable credits it contends arise as a result of the Employee Retention Credit, a COVID-relief credit, totaling more than $1 million. JSmith filed an amended complaint on April 4, 2024, contending its construction company operations were fully or partially suspended by and due to the effect of government orders from April through June of 2020 and again in April through June of 2021. It seeks to recover alleged resulting tax credits and monetary recovery totaling $350,478.53 for second quarter 2020 and $745,394.93 for second quarter 2021. In the Motion, the United States maintains that because an ERC is only available to businesses whose activities were suspended or partially suspended by a qualifying governmental order, and because the relevant North Carolina shutdown order exempted construction companies, JSmith is ineligible for this credit as a matter of law. JSmith counters that crucial aspects of its construction business and operations were suspended during the two quarters at issue as a result of orders issued from various governmental authorities, including orders of Roy A. Cooper, III, in his capacity as Governor of the State of North Carolina, and other COVID era related orders issued by various state and federal governmental agencies. The United States contends JSmith has not, and cannot, point to an order from an appropriate governmental authority limiting commerce, travel, or group meetings pertaining to its particular business as required by the statute. JSmith points to North Carolina Executive Orders, the Occupational Safety and Health Administration Enforcement Plan, Center for Disease Control guidelines, and documents from other federal and state agencies. JSmith contends these agencies issued orders that imposed certain obligations, restrictions, and affirmative actions upon the business operations and affairs of North Carolina employers, including the Debtor. The Court finds nothing from the guidance and plans issued by or from OSHA, the CDC, and the NCDOL, qualify as a governmental order under the ERC. The North Carolina Governor issued an executive order on March 27, 2020, Executive Order 121, requiring all non-essential businesses to close. Executive Order 121 specifically exempted essential infrastructure operations, including construction. Judge Callaway holds, "Executive Order 121 is unambiguous in its exclusion of 'construction' work, and Plaintiff JSmith does not contend it was in some other business for the quarters in question. JSmith has therefore failed to meet its burden in identifying a qualifying governmental order that resulted in the mandatory suspension, or partial suspension, of its construction business operations during Q2 2020 and Q2 2021. It has failed to demonstrate a genuine issue as to a material fact and cannot prove its case. Therefore, the United States, as the defendant, is entitled to summary judgment." A copy of the Court's Memorandum Opinion dated August 7, 2025, is available at https://urlcurt.com/u?l=mX2Wuq from PacerMonitor.com. About JSmith Civil LLC JSmith Civil LLC is a Goldsboro contractor. JSmith Civil LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 23-02734) on Sept. 19, 2023. In the petition filed by Jeremy Smith, as president, the Debtor estimated assets and liabilities between $10 million and $50 million each. Judge Joseph N. Callaway oversees the case. The Debtor is represented by Joseph Zachary Frost, Esq., at Buckmiller, Boyette & Frost, PLLC. JUBILEE HILLTOP: Court Extends Cash Collateral Access to Sept. 30 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Pennsylvania approved a stipulation allowing Jubilee Hilltop Ranch, LLC to use the cash collateral of secured creditor Mid Penn Bank. The stipulation authorizes the Debtor to use cash collateral to pay the expenses set forth in its monthly operating budget nunc pro tunc from the petition date through September 30. As adequate protection for the Debtor's use of its cash collateral, Mid Penn Bank will receive interest-only monthly payments of $15,000, starting this month. In addition, Mid Penn Bank will be granted replacement liens on personal property acquired by the Debtor after its Chapter 11 filing, with the same priority and validity as the bank's pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 claims. A final hearing will be held on September 30. The Debtor does not own the real estate it operates from and relies heavily on regular income to cover critical expenses. Two secured creditors, Mid Penn Bank and Financial Agent Services, assert interests in the cash collateral. Mid Penn Bank holds a comprehensive security interest in the Debtor's assets under a UCC financing statement and is owed approximately $2.53 million while Financial Agent Services holds a broad lien but is not currently owed any outstanding balance. The Debtor estimates its current assets, including inventory, equipment, and receivables, to be worth approximately $672,850, with an additional $134,812 in accounts receivable. Mid Penn Bank, as secured creditor, is represented by: Dominic V. Giovanniello, Esq. Saxton & Stump, LLC 4250 Crums Mill Road, Suite 201 Harrisburg, PA 17112 Telephone: (717) 216-5504 Telecopier: (717) 547-1900 dgiovanniello@saxtonstump.com About Jubilee Hilltop Ranch Jubilee Hilltop Ranch, LLC is a Pennsylvania-based family farm specializing in grass-finished beef, pastured pork, and eggs for the restaurant industry. Jubilee Hilltop Ranch sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-70267) on June 26, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Neal Salyards, president of Jubilee Hilltop Ranch, signed the petition. Judge Jeffrey A. Deller oversees the case. Kevin Petak, Esq., at Spence Custer, represents the Debtor as legal counsel. KINETIK HOLDINGS: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed Kinetik Holdings LP's Long-Term Issuer Default Rating (IDR) at 'BB+' and senior unsecured ratings at 'BB+' with a Recovery Rating of 'RR4'. The Rating Outlook is Stable. Kinetik's ratings reflect Fitch's forecast for EBITDA leverage to remain comfortably within its assigned 4.0x to 5.0x EBITDA leverage sensitivity band. The ratings also reflect Kinetik's sizable EBITDA generation and majority fee-based revenue stream which include some contract revenue-assurance features that support steady cash flow. This is balanced by considerable volumetric risk arising from Kinetik's gathering and processing (G&P) operations and some direct commodity price exposure. Key Rating Drivers Headwinds Drive Elevated Near-Term Leverage: Fitch calculates leverage over the last 12 months (LTM) ended 2Q25 at 4.5x, up sharply from leverage of 3.9x at YE2024. The LTM leverage spike primarily reflects higher capital spending on Kings Landing and North Delaware development as well share repurchases. Kinetik's 2Q25 EBITDA trended lower reflecting some large producer customers delaying development plans, driving gas processed volumes down almost 3% quarter over quarter. EBITDA was also negatively impacted by lower commodity price driven revenues and higher operating costs, notably from higher electricity prices and compression rental fees. Fitch forecasts leverage will remain around 4.5x at YE 2025 and improve toward 4.2x over the medium-term forecast. Fitch's calculation differs from management's leverage policy calculation; management uses pro rata EBITDA for unconsolidated joint ventures while Fitch uses dividends, among other calculation differences. Kinetik is poised to benefit around 4Q25 and into 2026 when Kings Landing begins full commercial service and previously curtailed gas processing throughput volumes are restored. Fitch expects producer customers that have delayed development plans expected in 1H25 will commence plans by early 2026. Midstream Logistics Volumetric Risk Exposure: Between 60% and 65% of Kinetik's EBITDA is typically generated from G&P operations. These G&P operations expose Kinetik to volumetric risk through a mix of fixed-fee and percentage of proceeds (POP) contracts. While fixed-fee contracts provide protection from direct commodity price exposure, volumes have indirect price risk in the event production is delayed or moved off dedicated acreage. Under POP contracts, Kinetik assumes ownership of the hydrocarbons, which exposes the company to commodity price risks if prices of these commodities move unfavorably. Kinetik has a track record of opportunistically hedging various hydrocarbons, and Fitch expects the company will continue to successfully hedge gross profits exposed to commodity price risk at or below 15%-20%. Focused on Permian Basin: Kinetik has a broad footprint in the Delaware sub-basin of the Permian. The Delaware has been the faster growing of the Permian basin's two sub-basins over the recent years on a percentage basis. The Permian is the leading U.S. oil basin and is where over half of all oil-directed rigs working in the U.S. are located. Kinetik supplements its large G&P business with three long-haul pipeline joint ventures (JVs) that handle oil, natural gas, and natural gas liquidis (NGLs). Strong Customer Portfolio: Kinetik has 90 customers. Four unidentified customers appear in the company's concentration disclosure in its 2024 10-K. Fitch expects the majority of gross profit will be generated by investment grade rated counterparties. Certain customers are partly or wholly covered under contractual arrangements where there is a remittance relationship between Kinetik and the E&P customer, thereby reducing payment risk. Capital Allocation: Fitch takes the view that Kinetik will continue to dynamically manage capital allocation. In the last 18 months, Kinetik has divested a stake in a long-distance pipeline and made acquisitions. The company has a goal of $2.0 billion EBITDA by 2030. In another aspect of capital allocation, in 2025 the company has been actively buying back shares in the open market. $172.6 million has been repurchased year to date as of Aug. 6, 2025, according to the 2Q25 disclosure. Peer Analysis The best peer comparison for Kinetik is DT Midstream, Inc. (DTM; BBB-/Stable). DTM has higher cash flow assurance as 100% of EBITDA is from fee-based contracts with no direct commodity price exposure. Kinetik has a small portion of EBITDA coming from contracts that take title to hydrocarbons and sell them at market prices. Both companies have exposure to some volumetric risk. Each company has a large presence in regions with long-term fast-paced growth, which provides some assurance that the volumetric risk at each company is bounded. The two companies differ in terms of their focus on hydrocarbons and operating regions. Kinetik is mainly a gas gatherer operating in the Delaware Basin. Delaware production economics have been driven by crude oil, not natural gas, in the last decade. DTM's two regions are explored for the purpose of finding natural gas. Each hydrocarbon has a different volumetric risk profile. Fitch forecasts Kinetik around 4.5x leverage in 2025. Fitch sees DTM's future run-rate leverage positioned between its sensitivity band of 3.0x and 4.0x (DTM's band for its BBB- rating). The one-notch difference in the companies' ratings is due to a combination of slightly lower business risk at DTM and higher forecast leverage at Kinetik. Key Assumptions - Fitch's macro assumptions, such as the Fitch price deck for oil and natural gas and the "Global Economic Outlook" regarding Kinetik's unhedged portion of interest rates; - EBITDA expected to ramp up over the forecast, with gathered gas volumes expected to grow in the high single digits yoy in 2025; - Kings Landing begins full commercial service by 4Q25; - Capex in line with management's updated 2025 guidance; - Annual cash dividend increases in line with management guidance. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage expected to be sustained above 5.0x; - Meaningful increase in business risk; - A cluster of large shippers on the joint venture pipelines experiencing business shocks or radically changing financial policy results in the cluster's credit quality falling to 'B'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage expected to be sustained below 4.0x; - Meaningful improvement of the of existing business risk by increasing the percentage of gross margin generated from take-or-pay contracts and minimum volume commitments from current percentages. Liquidity and Debt Structure As of June 30, 2025, Kinetik had over $1.03 billion of available liquidity, consisting of $10.7 million of cash and cash equivalent, and over $1.02 billion of availability on the $1.6 billion senior unsecured revolving credit facility (RCF), which had $565 million of outstanding borrowings and $12.6 million of LOCs. In addition, the $250 million accounts receivables securitization facility (A/R facility) had $60.7 million available for investment. Maturities are manageable, with the nearest facility termination being the $250 million A/R facility due in March 2026 followed by a maturity of the $1.15 billion term loan A at May 2028 and $1.05 billion of senior unsecured notes due December 2028. Kinetik's credit agreements contain a financial covenant that requires it to maintain a net leverage ratio below 5.00 to 1.00 at the end of any fiscal quarter. Following certain acquisition periods, this ratio is raised to 5.50 to 1.00. Kinetik LP was in compliance for all covenants as of the quarter ended June 30, 2025. Issuer Profile Kinetik is a gathering and processing focused midstream company handling natural gas, NGLs, and crude oil with assets primarily focused in the Delaware Basin within the Permian Basin. Summary of Financial Adjustments Under Fitch's typical calculation of EBITDA, distributions from investees accounted for under the equity method of accounting are included in EBITDA. Equity earnings or EBITDA from these entities are excluded. 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 ----------- ------ -------- ----- Kinetik Holdings LP LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ KKR REAL ESTATE: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has assigned KKR Real Estate Finance Trust Inc. (KREF) and its wholly owned operating subsidiary KKR Real Estate Finance Holdings L.P. Long-Term Issuer Default Ratings (IDRs) of 'BB-'. The Rating Outlook is Stable. Fitch has also assigned a secured debt rating of 'BB-' to the Term Loan B issued by its finance subsidiary, KREF Holdings X LLC. Key Rating Drivers Strong Affiliation: KREF's ratings reflect its relationship with KKR & Co. (KKR; A/Stable) and its external manager, KKR Real Estate Finance Manager LLC., which provides the firm with investment and asset management resources, risk management tools, and bank relationships as part of one of the largest global real estate platforms. The rating also reflects KREF's experienced management team, and adequate liquidity given limited near-term corporate maturities. Challenging Sector Conditions: KREF's ratings are constrained by its fully secured funding profile, narrow focus on the commercial real estate (CRE) market. It has elevated loan exposures to office properties, which has resulted in elevated impaired loans, higher leverage relative to peers, and earnings pressure. The firm's rating is also constrained by its real estate investment trust (REIT) status, which requires distributions, limiting its ability to retain capital Rating constraints applicable to CRE-focused lenders more broadly include challenging real estate trends, given tougher economic conditions, elevated rates, declining real estate values, and increased delinquencies, loan modifications, and foreclosures. Elevated Loan Impairments: KREF's ratio of impaired loans (risk-rated five) to gross loans (based on outstanding principal) was 7.7% at 2Q25, up from 5.2% at YE 2024, as the firm continues to address problem loans. Fitch uses risk-rated five loans in the impairment ratio, although risk-rated five loans include both impaired loans and loans where KREF expects losses but are not necessarily impaired. Additionally, 3.5% of outstanding principal, were risk-rated four (on a scale of one to five, with one representing the lowest risk) at 2Q25. Four-rated loans reflect the potential of realizing a principal loss. While some of the lower-rated loans could be resolved over the near term, Fitch believes KREF's elevated exposure to office properties, representing 19% of loan principal at June 30, 2025, will continue to pressure asset quality metrics amid high interest rates. The firm's meaningful reserves against existing impaired loans, its historical focus on higher-quality buildings in locations with strong demographics, and its asset management capabilities within the broader KKR platform mitigate these concerns. Profitability Challenged: KREF reported a pretax loss of $36.3 million during the six-months ended June 30, 2025, compared to pretax income of $22.2 million during the six-months ended June 30, 2024. This was primarily due to a decrease in net interest income from a decline in SOFR, a lower portfolio balance, additional loans moving to non-accrual, and increased credit provisioning. Pretax ROAA was negative 0.3% in 1H25, below the average of 0.7% from 2021-2024, which was within Fitch's 'b' category earnings benchmark range of 0%-1% for balance sheet-heavy finance and leasing companies with a sector risk operating environment (SROE) score in the 'bbb' category. Fitch believes further migration of four-rated loans to impaired status (five-rated) could keep provisioning levels elevated throughout 2025, pressuring returns, while net interest income could be adversely impacted by higher levels of impaired loans. Elevated Leverage: KREF's leverage, measured as gross debt-to-tangible equity, including non-recourse securitizations and giving 50% equity credit to preferred shares, was 4.0x at June 30, 2025. This is within Fitch's 'bbb' category benchmark range of 0.75x-4.0x for balance sheet-intensive finance and leasing companies with a SROE score in the 'bbb' category. KREF targets net leverage of 3.5x-4.0x, which is net of unrestricted cash. On this basis, leverage was 3.9x at 2Q25. Fitch expects leverage to remain elevated compared to peers but within the firm's target range throughout 2025, although a continued muted lending environment could allow for modest de-leveraging as problem assets are resolved. Fully Secured Funding Profile: As of 2Q25, KREF has a fully secured funding profile, which Fitch believes constrains funding, liquidity, and coverage assessments as a high proportion of encumbered assets reduces financial flexibility, particularly in times of stress. The lack of unsecured funding aligns with Fitch's 'b' category benchmark range of 0%-10% for balance sheet-heavy finance and leasing companies. Fitch does not expect the firm to access the unsecured debt markets over the near term. Limited Mark-to-Market Funding: As of 2Q25, 78% of debt facilities do not permit valuation adjustments based on capital markets events. Instead, margin calls on these facilities are limited to collateral-specific credit marks, which Fitch expects will limit liquidity risks, even during periods of market stress. At YE 2019, 72% of KREF's debt facilities were non-mark-to-market, and the company did not experience any margin calls during the market volatility in the pandemic. Sufficient Liquidity: As a REIT, KREF is required to distribute at least 90% of its annual net taxable income to shareholders, which constrains the firm's ability to build equity and Fitch's assessment of its liquidity. Distributable earnings (DE) coverage of its dividend has been weaker more recently from asset quality issues, averaging 38% from 2021-2024, or 46% on a cumulative basis over the period. Coverage was 42% in 1H25, driven by earnings pressure from asset quality challenges. Fitch believes dividend coverage could improve as KREF resolves watch-list loans and exits other real estate owned. At 2Q25, the company had $107.7 million of cash and equivalents and $649.0 million of available borrowing capacity on its funding lines, which Fitch believes is sufficient to address funding needs, including loan funding commitments in the near term. KREF has no near-term corporate maturities with the next maturity in 2030 when the corporate revolver is due. Stable Outlook: The Stable Outlook reflects Fitch's view that KREF's leverage will be managed in a manner consistent with the risk profile of the portfolio, credit losses will remain manageable, and earnings will improve to cover its dividend from redeployment of problem assets into yielding assets. Fitch also expects the company to appropriately manage its debt maturity profile and maintain solid liquidity. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Further deterioration in credit performance, whereby impaired and non-performing loans remain elevated and result in elevated provisioning expense and meaningful credit losses, adversely affecting cash earnings; - A sustained reduction in pretax ROAA at or below 1.0%; - An inability to maintain sufficient liquidity relative to debt maturities, unfunded commitments and margin call potential associated with collateral loan non-performance or material credit deterioration; - A sustained increase in Fitch-calculated total leverage above 5.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Ability to resolve problem loans without a meaningful impact to cash earnings; - Sustained maintenance of Fitch-calculated total leverage at or below 4.0x; - Consistent core earnings performance with pretax ROAA in excess of 1.0%; - Maintenance of a strong liquidity profile relative to near-term debt maturities and unfunded commitments; - Sustained increase in the proportion of unsecured debt approaching 10% of total debt. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The rating on the secured debt is equalized with the Long-Term IDR of KKR Real Estate Finance Holdings L.P., given the debt issued by KREF Holdings X LLC benefits from a corporate guarantee from KKR Real Estate Finance Holdings L.P. and indicating Fitch's expectation for average recovery prospects. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The secured debt rating is sensitive to changes in the Long-Term IDR as well as changes in the firm's funding mix and collateral coverage for secured debt. Stronger collateral coverage that improves recovery prospects could result in the upward notching of the secured debt ratings relative to KKR Real Estate Finance Holdings L.P.'s Long-Term IDR. SUBSIDIARY AND AFFILIATE RATINGS: KEY RATING DRIVERS The rating of KKR Real Estate Finance Trust Inc. (the operating company) is equalized with that of KREF given it is a wholly owned subsidiary. SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES The rating of KKR Real Estate Finance Trust Inc. is equalized with that of KREF and is expected to move in tandem. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. The Capitalization & Leverage score has been assigned below the implied score due to the following adjustment reason: Risk profile and business model (negative). The Funding, Liquidity & Coverage score has been assigned below the implied score due to the following adjustment reason: Divergent Benchmarks (negative). Date of Relevant Committee 06 August 2025 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 ----------- ------ KKR Real Estate Finance Holdings L.P. LT IDR BB- New Rating KREF Holdings X LLC senior secured LT BB- New Rating KKR Real Estate Finance Trust Inc. LT IDR BB- New Rating KUBOTA OF KNOXVILLE: To Sell Equipment Dealership Asset ------------------------------------------------------- Kubota of Knoxville LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee, to sell substantially all Assets, free and clear of liens, claim, interests, and encumbrances. The Debtor's Property is consists of all of the personal property of the debtor except for cash, bank deposits, receivables, new equipment inventory, and any tax attributes. The Debtor enters into a Asset Purchase Agreement with Nelson Tractor Company, Inc. to purchase the Property. The deadline for submitting bids by Qualified Bidder shall be on August 20, 2025 at noon (Eastern Time)(Bid Deadline). A qualified bid shall provide for a purchase price of no less than $1,150,000. A bidder shall state that it is financially capable of consummating the transactions contemplated by the Marked Agreement and maintains financial and other information that will allow the Debtor to make a reasonable determination as to the Bidder's financial and other capabilities to consummate the transaction. A bid shall be accompanied by a deposit in the for of certified check or wire transfer of immediately available funds payable to the order of the Debtor in an amount equal to at least $50,000. If one or more qualified bids are received by the Bid Deadline, the Debtor shall conduct the auction of the Assets. If no Qualified Bids are received other than from Nelson, the Debtor shall cancel and not hold a Auction. All bidders at the Auction will be deemed to have consented to the core jurisdiction of the Bankruptcy Court and waived any right to jury trial in connection with any disputes relating to the Auction or, the Sale of the Assets, and the construction and enforcement of the APA or the Marked Agreement. If an Auction is conducted, the party with the second highest or otherwise best Qualified Bid, as determined by the Debtor in the exercise of its reasonable business judgment and in consultation with its counsel, shall be required to serve as a back-up bidder and keep such bid open and irrevocable until the earlier of 5:00p.m. prevailing Eastern Time on the date that is 15 days after the date of the Sale Hearing or the closing of the Sale with the Successful Bidder. The back-Up Bidder may advise the Debtor ⁬within one day of the Sale Hearing of its intention to withdraw from the bidding in which the case the Debtor may select a secondary Back-Up Bidder. In the event that, for any reason, the Successful Bidder fails to close the sale contemplated by its Successful Bid, the Debtor shall be authorized to close with the Backup Bidder after obtaining the approval of the Bankruptcy Court with respect to adequate assurance of future performance as to the Back-up Bidder at a subsequent hearing. About Kubota of Knoxville LLC Kubota of Knoxville, LLC is a certified Kubota equipment dealership based in Knoxville, Tennessee. The Company offers tractors, mowers, utility vehicles, and farming implements, along with maintenance and parts services. Founded in 2011, it serves customers across East Tennessee. Kubota of Knoxville sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-31018) on May 27, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Lynn Tarpy, Esq., at Tarpy, Cox, Fleishman & Leveille, PLLC. L.C.C. INC: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: L.C.C., Inc 12990 County Road 18 Fort Lupton, CO 80621 Business Description: L.C.C. Inc. is a family-owned tire dealer based in Fort Lupton, Colorado, specializing in commercial, off-the-road (OTR), light truck, and passenger tires. Led by President Luis Carlos Chavez, who has over 18 years of experience in the OTR industry including 12 years at W.W.F. Inc., the Company offers sales and service for new and used OTR tires, providing domestic and international distribution. L.C.C. Inc. maintains a large inventory ready for timely shipment and supports its products with service warranties, emphasizing expertise, reliability, and customer service. Chapter 11 Petition Date: August 15, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-15137 Judge: Hon. Michael E Romero Debtor's Counsel: Aaron A. Garber, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street Suite 200 Littleton, CO 80120 Tel: 303-296-1999 Email: agarber@wgwc-law.com Total Assets: $1,390,491 Total Liabilities: $5,336,230 Luis Carlos Chavez signed the petition in his capacity as president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NMRQPMY/LCC_Inc__cobke-25-15137__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NFGYL7A/LCC_Inc__cobke-25-15137__0001.0.pdf?mcid=tGE4TAMA LASERCYCLE INC: Seeks Subchapter V Bankruptcy in Kansas ------------------------------------------------------- On August 11, 2025, LaserCycle Inc. filed Chapter 11 protection in the District of Kansas. According to court filing, the Debtor reports $2,071,203 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About LaserCycle Inc. 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. LaserCycle Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-21113) on August 11, 2025. In its petition, the Debtor reports total assets of $183,634 and total liabilities of $2,071,203. Honorable Bankruptcy Judge Robert D. Berger handles the case. The Debtor is represented by Colin Gotham, Esq. at EVANS & MULLINIX, P.A. LEISURE INVESTMENTS: Plan Exclusivity Period Extended to Oct. 27 ---------------------------------------------------------------- Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware extended Leisure Investments Holdings LLC, and certain of its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to October 27 and December 29, 2025, respectively. As shared by Troubled Company Reporter, the Debtors request entry of the Proposed Order extending the Plan Periods and Solicitation Periods by approximately ninety 90 days, as follows: (i) for the Initial Debtors, through and including October 27 and December 29, 2025, respectively; (ii) for Controladora, through and including November 12, 2025 and January 12, 2026, respectively; and (iii) for Embassy, through and including December 1, 2025 and January 29, 2026, respectively, without prejudice to the Debtors' right to seek additional extensions of the Exclusive Periods. The Debtors explain that they faced significant challenges in obtaining access to and control over their books and records. The Debtors and their professionals expended substantial time and effort in attempt to obtain such access, which has limited the Debtors' opportunity to formulate and negotiate a chapter 11 plan. Accordingly, the Debtors submit that this factor weighs in favor of extending the Exclusive Periods. The Debtors assert that they have endeavored to establish and maintain cooperative working relationships with their primary creditor constituencies. Importantly, the Debtors are not seeking the extension of the Exclusive Periods to delay administration of the Chapter 11 Cases or to exert pressure on their creditors, but rather to continue the orderly, efficient, and cost-effective chapter 11 process. Thus, this factor also weighs in favor of the requested extension of the Exclusive Periods. The Debtors further assert that termination of the Exclusive Periods would adversely impact the Debtors' efforts to preserve and maximize the value of the estates and the progress of the Chapter 11 Cases. If the Court were to deny the Debtors' request for an extension of the Exclusive Periods, any party in interest would be permitted to propose an alternative chapter 11 plan for the Debtors, which would only foster a chaotic environment and cause opportunistic parties to engage in counterproductive behavior in pursuit of alternatives that are neither value maximizing nor feasible under the circumstances of the Chapter 11 Cases. Counsel to the Debtors: Robert Brady, Esq. Sean T. Greecher, Esq. Allison S. Mielke, Esq. Jared W. Kochenash, Esq. Young Conaway Stargatt & Taylor LLP Rodney Square 100 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 Email: rbrady@ycst.com sgreecher@ycst.com amielke@ycst.com jkochenash@ycst.com About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Company," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Robert S. Brady, Esq., Sean T. Greecher, Esq., Allison S. Mielke, Esq., and Jared W. Kochenash, Esq. as counsels. The Debtors' restructuring advisor is RIVERON MANAGEMENT SERVICES, LLC. The Debtors' Claims & Noticing Agent is KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL. LH PROPERTY: Seeks Chapter 11 Bankruptcy in Georgia --------------------------------------------------- On August 4, 2025, LH Property Group LLC filed Chapter 11 protection in the Northern District of Georgia. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About LH Property Group LLC LH Property Group LLC is a Georgia-based company likely involved in real estate or property management. LH Property Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-58793) on August 4, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. MAGNOLIA OIL: S&P Upgrades ICR to 'BB-', Outlook Stable ------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on U.S.-based oil and gas exploration and production (E&P) company Magnolia Oil & Gas Corp. to 'BB-' from 'B+'. S&P said, "At the same time, we affirmed our 'BB-' issue-level rating on the company's 6.875% senior unsecured notes due 2032 and revised our recovery rating to '3' from '2' to indicate our expectation for meaningful (capped at 50%-70%; rounded estimate: 65%) recovery of principal to creditors in the event of a payment default. "The stable outlook reflects our forecast that Magnolia will maintain strong credit measures over the next two years while expanding its production base and continuing to demonstrate conservative financial policies. Overall, we expect the company's funds from operations (FFO) to debt will average above 100% and it will generate positive discretionary cash flow (DCF) over the next two years." Magnolia Oil & Gas Corp. reported average daily production of about 98,200 barrels of oil equivalent (boe) per day and generated over $100 million of free operating cash flow (FOCF) in the second quarter of 2025. Therefore, S&P now views the company's multi-year track record of positive FOCF generation, solid credit metrics, ample liquidity, and prudent financial policies as positioning it at the upper end of its expected range for the intermediate financial risk profile category. The upgrade reflects Magnolia's track record of maintaining strong credit measures and prudent financial policies. The company targets leverage of below 1.0x (debt to EBITDAX) and adheres to a disciplined capital allocation strategy, under which it limits its capital spending to 55% of its annual EBITDAX while returning capital to its shareholders through dividends and share repurchases. By employing this disciplined approach, Magnolia has generated strong free cash flow, even during periods of lower commodity prices (including the 2020 downturn), while increasing its production by approximately 60% since 2018. S&P said, "We expect the company's FFO to debt will remain above 100% and its debt to EBITDA will remain below 1.0x over the next two years while it continues to generate positive DCF. Magnolia also maintains a conservative balance sheet, with its capital structure comprising $400 million of 6.875% senior unsecured notes due 2032, an undrawn $450 million reserve-based lending (RBL) facility maturing in 2029, and a cash balance of approximately $252 million as of the end of the second quarter of 2025. We believe the company's consistent FOCF generation, sustained credit strength, and ample liquidity indicate stronger credit quality than that of its 'B+'-rated peers." S&P said, "We expect the company will expand its production by 10% this year. Magnolia increased its production by 9% per year in 2023 and 2024, supported by strong well performance and acquisitions. In 2025, we anticipate the company will achieve production of approximately 99,000 boe per day (about 69% liquids), on its two-rig program focused on the Giddings field, with capital expenditure (capex) of $430 million-$470 million. We expect Magnolia will continue to expand its production by the mid-single-digit percent area though continued development in the Giddings field supplemented by smaller bolt-on acquisitions. The company also plans to defer roughly six well completions into 2026 to maintain operational flexibility and preserve cash flows while still meeting its growth targets. "We expect Magnolia will continue to return a substantial portion of FOCF to its shareholders. The company has a disciplined approach to shareholder returns, with long-term annual dividend growth averaging about 10% and a stated goal of repurchasing at least 1% of its outstanding shares each quarter. As such, Magnolia returned abound 90% of its excess cash flow through a combination of dividends and share repurchases in 2024 and returned approximately 72% of its FOCF in the second quarter of 2025. Going forward, we anticipate the company will return about 85% of its annual FOCF and likely allocate its remaining DCF toward small accretive bolt-on acquisitions in its core operating areas in South Texas." Magnolia has completed about $40 million of acquisitions year to date, bringing its total acquisition spending to about $650 million since 2022. Magnolia's small size and scale continue to constrain the rating. While the company has steadily expanded its production base, its overall size and scale remain smaller than those of its similarly rated peers, such as SM Energy and Matador Resources. As of year-end 2024, Magnolia had 192 million boe of proved reserves, with about 78% classified as proved developed. All the company's reserves and production are located in South Texas, specifically in the Eagle Ford Shale and Austin Chalk formations. In 2024, Magnolia derived roughly 24% of its production from Karnes County and the remaining 76% from the Giddings field, primarily in Grimes, Washington, Lee, and Fayette counties. Additionally, as of Dec. 31, 2024, the company's reserve life stood at about 4.6 years, with total proved reserves extending to roughly 5.8 years, which is shorter than that of many of its peers. However, Magnolia's three-year reserve replacement ratio exceeds 160%, which indicates a successful track record of reserve growth. S&P said, "We also note that the company books its proved undeveloped reserves (PUDs) on a one-year development basis, whereas SEC guidelines allow for up to five years. While Magnolia's smaller size, limited geographic diversity, and short reserve life continue to constrain the rating, we believe it benefits from a low-cost operating structure and a favorable product mix, with liquids accounting for approximately 69% of its total production." S&P said, "The stable outlook reflects our view that Magnolia will maintain strong credit measures over the next two years while expanding its production base and demonstrating a conservative financial policy. We anticipate the company will use a substantial portion of its FOCF for shareholder returns and small bolt-on acquisitions. Overall, we expect Magnolia's FFO to debt will average above 100% over the next two years as it continue to generate positive DCF. "We could lower our rating on Magnolia if we expect its FFO to debt will approach 60% on a sustained basis. This would most likely occur if commodity prices weaken below our price deck assumptions and the company does not reduce its capital spending in response. Alternatively, we could lower our rating if Magnolia pursues a more aggressive financial policy, such as by undertaking large debt-funded acquisitions or increased shareholder distributions. "We could raise our rating on Magnolia if it expands its scale and diversity to levels more consistent with those of its 'BB'-rated peers while maintaining appropriate credit metrics, including FFO to debt of comfortably above 60% and positive DCF." MARIN SOFTWARE: Aug. 29, 2025 Claims Filing Deadline Set -------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware set Aug. 29, 2025, as the last date for persons or entities to file proofs of claim against Marin Software Incorporated. The Court also set Dec. 29, 2025, as the deadline for all governmental units to file their claims against the Debtor. All Proofs of Claim must be actually received by the Claims Agent on or before the applicable Bar Date. All Proofs of Claim must be filed electronically at https://www.donlinrecano.com/Clients/mrin/FileClaim, or sent to the Claims Agent via first-class mail, overnight mail, or hand delivery, addressed to: If by First-Class Mail: Donlin, Recano & Company, LLC Re: Marin Software Incorporated P.O. Box 2053 New York, NY 10272-2042 If Proof of Claim is sent by Overnight Mail or Courier or Hand Delivery, send to: Donlin, Recano & Company, LLC c/o Angeion Group Re: Marin Software Incorporated 200 Vesey Street, 24th Floor New York, NY 10281 If you wish to file your claim electronically with Donlin, Recano, visit https://bankruptcy.angeiongroup.com/Clients/mrin/FileClaim You should consult an attorney if you have any questions, including whether to file a Proof of Claim. If you have any questions with respect to this notice, you may contact the Debtor's claims and noticing agent, Donlin, Recano & Company, LLC ("Claims Agent"), at + 1 (877) 896-3192 or visit the Claims Agent's website at https://www.donlinrecano.com/mrin. The Claims Agent is not permitted to provide legal advice. About Marin Software Incorporated Marin Software Incorporated provides a software-as-a-service platform for managing digital advertising across search, social, and eCommerce channels. Its platform offers analytics, workflow, and optimization tools designed to help performance marketers and agencies improve returns on advertising spend. Marin Software Incorporated sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11263) on July 1, 2025. In its petition, the Debtor reports total assets of $5,656,853 and total debts of $2,767,237. The Debtor's bankruptcy counsel is James E. O'Neill, at PACHULSKI STANG ZIEHL & JONES LLP. The Debtor's Corporate Counsel is FENWICK & WEST LLP. ARMANINO ADVISORY LLC is the Debtor's Financial Advisor. DONLIN, RECANO & COMPANY, LLC is the Debtor's Claims, Noticing & Solicitation Agent and Administrative Advisor. MARYWOOD UNIVERSITY: S&P Affirms 'BB+' LT Rating on Revenue Debt ---------------------------------------------------------------- S&P Global Ratings revised its outlook to positive from stable and affirmed its 'BB+' long-term rating on Scranton-Lackawanna Health & Welfare Authority, Pa.'s revenue debt, issued for Marywood University (Marywood). The outlook revision reflects S&P's view of the university's consistently stable enrollment with anticipated growth in fall 2025, improved operating performance, and its gradually improving financial resources ratios, all favorable trends that S&P expects will continue in the near term. S&P said, "We analyzed the environmental and governance credit factors pertaining to the university's market position, management and governance, and financial performance. We view Marywood's social capital risk as elevated due to its location in Pennsylvania--an area with pressured demographic trends and a decreasing number of high school students--which could influence future enrollment trends. We view the university's environmental and governance factors as neutral within our credit analysis. "The positive outlook reflects our expectation there is at least a one-in-three chance that we could raise the rating. The positive outlook also reflects anticipated enrollment growth and improvement in operations and financial resource ratios while the university's overall debt level stays consistent or is reduced. "We could return the outlook to stable if enrollment decreases, operational performance weakens, financial resource ratios decrease to a level no longer in line with the rating, or if the university issues new debt without a commensurate increase in financial resources. "We could consider a positive rating action if operating results are at least balanced in fiscal 2026 without extraordinary endowment draws, financial resource ratios improve to a level that is comparable with those of its higher-rated peers, and enrollment continues to be at least stable." MC BOOKKEEPING: Seeks Chapter 11 Bankruptcy in Georgia ------------------------------------------------------ On August 4, 2025, MC Bookkeeping LLC filed Chapter 11 protection in the Northern District of Georgia. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About MC Bookkeeping LLC MC Bookkeeping LLC is a bookkeeping services company based in Cumming, Georgia. MC Bookkeeping LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga.Case No. 25-21083) on August 4, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. Honorable Bankruptcy Judge James R. Sacca handles the case. MCGEE CORNER: Section 341(a) Meeting of Creditors on September 8 ---------------------------------------------------------------- On August 4, 2025, McGee Corner LLC filed Chapter 11 protection in the Southern District of Indiana. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A Meeting of Creditors under Section 341(a) to be held on September 8, 2025 at 01:45 PM Eastern via a teleconference at 888-330-1716; passcode 6790688. About McGee Corner LLC McGee Corner LLC is a single asset real estate company based in Greenfield, Indiana. McGee Corner LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-04651) on August 4, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Jeffrey J. Graham handles the case. The Debtor is represented by Matthew D. Boruta, Esq. MISSION SELF-STORAGE: Case Summary & Three Unsecured Creditors -------------------------------------------------------------- Debtor: Mission Self-Storage Leesburg, LLC 1563 Capital Circle SE Tallahassee, FL 32301 Business Description: Mission Self-Storage Leesburg, LLC operates self-storage facilities in Florida, offering a range of storage units including climate- controlled spaces and parking for vehicles such as RVs and boats. The Company provides 24/7 access through an electronic gate system and maintains security with video surveillance. Rentals are managed online or by phone, facilitating a contactless move-in experience. Chapter 11 Petition Date: August 15, 2025 Court: United States Bankruptcy Court Northern District of Florida Case No.: 25-40380 Debtor's Counsel: Byron W. Wright III, Esq. BRUNER WRIGHT, P.A. 2868 Remington Green Circle, Suite B Tallahassee, FL 32308 Tel: (850) 385-0342 Fax: (850) 270-2441 E-mail: twright@brunerwright.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Stacy Rossetti as authorized member. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CKPPZAQ/Mission_Self-Storage_Leesburg__flnbke-25-40380__0001.0.pdf?mcid=tGE4TAMA MOLINA VENTURES: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Molina Ventures, LLC got the green light from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral to pay the expenses set forth in its budget pending a further hearing on September 10. The Debtor needs to use cash collateral to fund critical business expenses. This includes payroll for 55 employees and contractors, payments to essential vendors and suppliers, rent, equipment and vehicle leases, and administrative costs necessary to sustain daily operations. The expenditures follow a projected budget, with a 25% variance allowance. The Debtor offers secured creditors, which may hold liens on cash and future income, adequate protection in the form of post-petition replacement liens of equal priority. Monthly financial reporting will also be provided to creditors upon request. About Molina Ventures LLC Molina Ventures LLC, doing business as American Air Conditioning & Heating Co., provides heating, ventilation, and air conditioning services to residential and commercial clients in the San Antonio, Texas area. Molina Ventures LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-51802) on August 4, 2025. In its petition, the Debtor reports total assets of $726,079 and total liabilities of $2,096,654. Honorable Bankruptcy Judge Craig A. Gargotta handles the case. The Debtor is represented by Paul Steven Hacker, Esq. at HACKER LAW FIRM, PLLC. MONGKOL ENTERPRISES: Case Summary & Nine Unsecured Creditors ------------------------------------------------------------ Debtor: Mongkol Enterprises, Inc. d/b/a Asia Kitchen 1739 SW Loop 410, Suite 201-204 San Antonio, TX 78227 Business Description: Mongkol Enterprises, Inc. operates as a restaurant business under the name Asia Kitchen, serving Thai cuisine at its location in San Antonio, Texas. The Company provides dine-in, takeout, and catering services, offering traditional Thai dishes. It is situated within a commercial complex that hosts multiple businesses. Chapter 11 Petition Date: August 14, 2025 Court: United States Bankruptcy Court Western District of Texas Case No.: 25-51865 Judge: Hon. Michael M Parker Debtor's Counsel: William R. Davis , Jr., Esq. LANGLEY & BANACK, INC. 745 E. Mulberry Ave. Suite 700 San Antonio TX 78212 Tel: (210) 736-6600 E-mail: wrdavis@langleybanack.com Total Assets: $68,680 Total Liabilities: $2,000,107 The petition was signed by Patrick E. Murray as president. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PV4DMHY/Mongkol_Enterprises_Inc__txwbke-25-51865__0001.0.pdf?mcid=tGE4TAMA MONROE COUNTY: S&P Affirms 'BB+' Rating on 2014A Revenue Bonds -------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' long-term rating on Monroe County Industrial Development Corp., N.Y.'s series 2014A revenue bonds, issued on behalf of Monroe Community College Association Inc. (MCCA). The outlook is stable. S&P said, "We analyzed the college housing project's environmental, social, and governance credit factors pertaining to Monroe Community College's market position, management and governance, and financial performance. We believe the college is affected by demographic pressure, coupled with a competitive environment, which we view as a social capital risk due to its location in an area with pressured demographic trends and a declining number of graduating high school students. We evaluated the college housing project's environmental and governance factors and found them to be neutral within our credit analysis. "The stable outlook reflects our expectation that the association will continue to generate maximum annual debt service (MADS) coverage in line with projections and comply with all stipulated debt covenants, occupancy will continue to improve moderately despite declining demand demographics across the region, and the association will not issue additional debt over the outlook horizon. "We could lower the rating if the project fails to meet its required debt service coverage levels, if occupancy levels display uneven trends amid demographic and competitive pressure, and if available liquidity falls materially from current levels due to continued occupancy pressures beyond fall 2025, such that a draw on available funds is necessary, materially reducing financial flexibility. "We could raise the rating following a trend of sustained solid occupancy and cash flows comparable with those of higher-rated peers while meeting covenants and debt service payments on an ongoing basis and absent additional support from the college." MOSAIC SUSTAINABLE: Court Approves Disclosure Statement ------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas approved the disclosure statement for the amended joint Chapter 11 plan of Mosaic Sustainable Finance Corporation and its debtor-affiliates as consisting adequate information within the meaning of Section 1125 of the U.S. Bankruptcy Code. The deadline to vote to accept or reject the Debtors' Chapter 11 plan is Aug. 25, 2025, at 4:00 p.m. (prevailing Central Time) According the Troubled Company Reporter on Aug. 11, 2025, the Debtors submitted a Disclosure Statement for the Amended Joint Chapter 11 Plan dated July 30, 2025. Among other features, the Plan contains a Third Party Release, which is set forth in Article XII thereof and addressed in detail in Section 12.3 infra, and by which all parties holding claims against or interests in the Debtors will be bound unless each elects to make the Third Party Release Opt-Out Election. The Debtors are pursuing, on parallel paths, both the Plan Equitization Transaction and the Sale Transaction. The Restructuring Transactions contemplated in the Plan include four toggle scenarios for a path forward: (i) a sale of all Debtors' assets (i.e., both Servicing Business and Origination Business); (ii) the separate sale of just the Servicing Business, for cash to a third party or by credit bid to the Prepetition Secured Lenders; (iii) conversion of the debt of the DIP Lenders and Prepetition Secured Lenders into preferred and common equity in the Reorganized Debtors under the Plan; or (iv) an alternative plan sponsored and funded by a third party. The Bidding Procedures Order provided that, if the Debtors did not timely receive a bid for the purchase of all or substantially all of their assets or an alternative plan proposal, in accordance with the terms and conditions set forth in the Bidding Procedures Order on or before July 28, 2025, they will consummate the Plan Equitization Transaction. Generally, to the extent the Restructuring Transactions are consummated through the Plan Equitization Transaction: * 90% of the DIP Claims will be equitized into 100% of the Reorganized Preferred Equity, with the DIP Lenders receiving Litigation Trust Interests in accordance with the distribution priority set forth in the Litigation Trust Agreement, in an amount equal to 10% of the DIP Claims; * 90% of Prepetition First Out Claims will be equitized into 100% of Reorganized Common Equity (subject to dilution); with Holders of Prepetition First Out Claims receiving Litigation Trust Interests, in accordance with the distribution priorities set forth in the Litigation Trust Agreement, in an amount equal to 10% of the Prepetition First Out Claims; * Holders of Prepetition Last Out Claims will receive (A) the share allocable to such Prepetition Last Out Claim under the AAL of 100% of the Reorganized Common Equity, allocated, in the first instance, to the Holders of Prepetition First Out Claims; and (B) Litigation Trust Interests, if any, in accordance with the terms of the AAL and distribution priorities set forth in the Litigation Trust Agreement. * Allowed General Unsecured Claims will be satisfied by (A) the greater of (x) the recovery such claimant would be entitled to receive under section 1129(a)(7) of the Bankruptcy Code; and (y) its pro rata share of the GUC Recovery Pool allocable to the applicable Debtors; and (B) Litigation Trust Interests, in accordance with the distribution priorities set forth in the Litigation Trust Agreement, in each case up to the Allowed Amount of such Allowed General Unsecured Claim; and * Intercompany Claims between and among Topco and any of its direct or indirect subsidiaries will either be extinguished, canceled, and/or discharged on the Effective Date or be reinstated; In the alternative, to the extent the Restructuring Transactions are consummated through the Sale Transaction: * DIP Claims will be paid in full in Cash from Sale Proceeds; * Prepetition First Out Claims will be paid in full, in Cash; provided, that, if proceeds from a Sale Transaction are insufficient for payment in full, in cash, on account of the Allowed Prepetition First Out Claims, (A) payment, in Cash to the extent of available Cash, on account of its Allowed Prepetition First Out Claim, and (B) Litigation Trust Interests, in accordance with the distribution priorities set forth in the Litigation Trust Agreement; * Prepetition Last Out Claims will receive payment in Cash on account of its Allowed Prepetition Last Out Claim, to the extent that the Prepetition Last Out Lenders are entitled to such proceeds pursuant to the terms of the AAL; * Allowed General Unsecured Claims will be satisfied by (A) a pro rata share of the General Unsecured Claims Distribution; and (B) Litigation Trust Interests, in accordance with the distribution priorities set forth in the Litigation Trust Agreement. If the Sale Transaction does not result in a General Unsecured Claims Distribution Allowed General Unsecured Claims will be satisfied by Litigation Trust Interests, in accordance with the distribution priorities set forth in the Litigation Trust Agreement; and * Intercompany Claims between and among any Debtors whose equity is not purchased by the Successful Bidder will, at the option of the Debtors, either be extinguished, canceled and/or discharged on the Effective Date or be reinstated. Under both the Plan Equitization Transaction and the Sale Transaction, Priority Non-Tax Claims and Other Secured Claims are unimpaired and deemed to accept the Plan. Likewise, Administrative Expense Claims, Fee Claims, US Trustee Fees, and Priority Tax Claims shall be paid in full in Cash on the Effective Date or thereafter as described in Article III of the Plan. Class 5 consists of General Unsecured Claims. In full and final satisfaction, compromise, settlement, release, and discharge of each Allowed General Unsecured Claim against the Debtors, on the Effective Date, each Holder of an Allowed General Unsecured Claim against the Debtors shall receive: * in the event the Restructuring Transactions are consummated through the Plan Equitization Transaction, (A) the greater of (x) the recovery such claimant would be entitled to receive under section 1129(a)(7) of the Bankruptcy Code, and (y) its pro rata share of the GUC Recovery Pool allocable to the applicable Debtors; and (B) Litigation Trust Interests, in accordance with the distribution priorities set forth in the Litigation Trust Agreement, in each case up to the Allowed Amount of such Allowed General Unsecured Claim, but excluding, for the avoidance of doubt, any Litigation Trust Interests constituting proceeds of Consumer Credit Transaction Claims; or * in the event the Restructuring Transactions are consummated through the Sale Transaction, (A) its pro rata share of the General Unsecured Claims Distribution, if any, allocable to the applicable Debtors, if any and (B) Litigation Trust Interests, in accordance with the distribution priorities set forth in the Litigation Trust Agreement, in each case up to the Allowed Amount of such Allowed General Unsecured Claim, but excluding, for the avoidance of doubt, any Litigation Trust Interests constituting proceeds of Consumer Credit Transaction Claims. A full-text copy of the Disclosure Statement dated July 30, 2025 is available at https://urlcurt.com/u?l=kTArnu from PacerMonitor.com at no charge. About Mosaic Sustainable Finance Mosaic Sustainable Finance Corporation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90156) on June 6, 2025, with $1,000,000,001 to $10 billion in assets and liabilities. Judge Christopher M. Lopez presides over the case. Charles Martin Persons, Esq., at Paul Hastings LLP, is the Debtor's legal counsel. MOSAIC SUSTAINABLE: Plan Confirmation Hearing Set for September 4 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas will hold a hearing on Sept. 4, 2025, at 9:00 a.m. (prevailing Central Time) before the Hon. Christopher M. Lopez, 515 Rusk Street, Houston, Texas 77002, to confirm the amended Chapter 11 plan of Mosaic Sustainable Finance Corporation and its debtor-affiliates. Objection to the confirmation of the Debtors' Amended Plan, if any, is Aug. 25, 2025, at 4:00 p.m. (prevailing Central Time). About Mosaic Sustainable Finance Mosaic Sustainable Finance Corporation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90156) on June 6, 2025, with $1,000,000,001 to $10 billion in assets and liabilities. Judge Christopher M. Lopez presides over the case. Charles Martin Persons, Esq., at Paul Hastings LLP, is the Debtor's legal counsel. MY JOB MATCHER: Court Approves Bidding Procedures ------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware approved bidding procedures for the sale of all or substantially all of the assets of My Job Matcher Inc. and its debtor-affiliates, free and clear of all encumbrances other than assumed liabilities and permitted encumbrances. In connection with the sale, the Debtors have entered into an asset purchase agreement with Job.com Acquisition Co. LLC subject to the Debtors' acceptance of higher or otherwise better offers in accordance with the bidding procedures. The Debtors said that they entered into the stalking horse APA: i) credit bidding a total of $35,000,000 on account of the DIP Obligations and the prepetition secured obligations; ii) assuming certain liabilities and executory contracts and unexpired leases of the Debtors, and iii) satisfying cure costs. If the stalking horse purchaser is not the winning bidder, it has agreed to serve as the back-up bidder if designated as such in accordance with the bidding procedures. The deadline to submit offers for the Debtors' assets must be filed no later than 4:00 p.m. (ET) on Sept. 17, 2025. The Debtors will provide any qualifying bidder with reasonable access to the Data Room and any other additional information that the Debtors believe to be reasonable and appropriate under the circumstances. All additional due diligence requests shall be directed to: a) proposed investment banker for the Debtors: Configure Partners, LLC Jay Jacquin Tel: 404-448-0010 x101 Email: jjacquin@configurepartners.com Matt Guill Tel: 404-448- 0010 x110 Email: mguill@configurepartners.com b) Proposed counsel for the Debtors: Morris James LLP Jeffery R. Waxman, Esq. Tel: 302-888-5842 Email: jwaxman@morrisjames.com Vincent Cannizzaro Esq. Tel: 302-888-6867 Email: VCannizzaro@morrisjames.com Objections to the sale of the Debtors' assets must be filed on Sept. 19, 2025, at 12:00 p.m. (ET) If no timely qualifying bids other than the stalking horse APA are submitted on or before the bid deadline, the Debtors will not hold an Auction and shall request at the sale hearing that this Court approve the stalking horse APA and the transactions contemplated thereunder. If the Debtors timely receive one or more Qualifying Bids other than the stalking horse APA, then the Debtors will conduct the auction on Sept. 23, 2025 at 10:00 a.m. (ET), at the offices of Morris James LLP, 500 Delaware Avenue, Suite 1500, Wilmington, DE 19801, or virtually via telephone and/or video conference pursuant to information to be timely provided by the Debtors to the auction participants. The sale hearing shall be held in this Court on Sept. 29, 2025 at 9:30 a.m. (ET), unless otherwise determined by the Court. Sale closing will take place on Oct. 3, 2025. 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, at Morris James LLP, is the Debtor's counsel. NIBA DESIGNS: Seeks Chapter 11 Bankruptcy in Florida ---------------------------------------------------- On August 13, 2025, NIBA Designs Inc. filed Chapter 11 protection in the Southern District of Florida. According to court filing, the Debtor reports $2,728,104 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About NIBA Designs Inc. NIBA Designs Inc. designs and manufactures custom luxury rugs for interior designers and architects, offering fully bespoke pieces handmade by artisans in India, Nepal, and Peru. The Company provides thousands of customizable rug designs in various styles and offers consultation services including custom renderings, color consulting, and product sampling for residential and commercial projects. Based in the United States, NIBA Designs works exclusively with GoodWeave-certified factories and is recognized in the design community for its craftsmanship, originality, and socially responsible production practices. NIBA Designs Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19316) on August 13, 2025. In its petition, the Debtor reports total assets of $157,574 and total liabilities of $2,728,104. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtor is represented by Chad Van Horn, Esq. at VAN HORN LAW GROUP, P.A. NUMERICAL CONCEPTS: Seeks Chapter 11 Bankruptcy in Indiana ---------------------------------------------------------- On August 11, 2025, Numerical Concepts Inc. filed Chapter 11 protection in the Southern District of Indiana. 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 Numerical Concepts Inc. Numerical Concepts Inc. is a woman-owned manufacturer established in 1973, specializing in the design and fabrication of both custom-built machines and individual components for various industries worldwide. Operating from a 78,000-square-foot facility, the Company offers comprehensive services including machining, assembly, inspection, and testing with minimal subcontracting. Leveraging over 450 years of combined management and machinist experience, Numerical Concepts serves as a one-stop provider of complex equipment and parts with a focus on quality and customer satisfaction. Numerical Concepts Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-80405) on August 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Jeffrey J. Graham handles the case. The Debtor is represented by Jason T. Mizzell, Esq. at KROGER, GARDIS & REGAS, LLP. PACIFIC RADIO: Gets Interim OK to Use Cash Collateral Until Oct. 31 ------------------------------------------------------------------- Pacific Radio Exchange, Inc. got the green light from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral through October 31 to pay the expenses set forth in its budget. The Debtor is not allowed to make payments to insiders until all legal requirements are met. Secured creditors are deemed adequately protected. The court will hold a hearing on October 21 to consider another extension of the Debtor's authority to access cash collateral. The Debtor has identified the secured creditors claiming liens on its assets. These include the U.S. Small Business Administration; traditional lenders like Bankers Healthcare Group, Celtic Bank, and WebBank; and merchant cash advance lenders. The Debtor disputes the secured status of certain MCA creditors, asserting that their agreements were disguised loans rather than true purchases of future receivables. It plans to litigate these claims if necessary. Based on current valuations, the Debtor believes the senior lienholders (e.g., SBA, Bankers Healthcare) are likely fully secured while the junior MCA creditors may be undersecured or unsecured. The Debtor believes that the secured creditors are adequately protected by the existing equity cushion in its assets. According to the Debtor's schedules, the value of the cash collateral is $758,060.18, and the total amount of secured claims is $720,623. This leaves an equity cushion of approximately $37,437, or about 5%. The Debtor said this equity cushion, combined with replacement liens and prudent financial controls, offers substantial protection to the secured creditors. In fact, all secured creditors are protected by an equity cushion greater than 20% when accounting for the seniority of certain claims and the likely treatment of junior lienholders as unsecured. As of the petition date, the Debtor listed assets totaling approximately $758,060. These include $713,246 in inventory (at cost value), $24,236 in accounts receivable, $3,462 in cash on hand, and various business equipment and fixtures. The Debtor has six employees, including two insiders, and emphasizes the importance of maintaining staff morale and continuity. About Pacific Radio Exchange Inc. Pacific Radio Exchange Inc., doing business as PacRad, supplies professional audio, video, DJ, and broadcast equipment. The Company offers products such as bulk and custom cables, connectors, fiber optics, networking gear, and power management tools. It serves both individual consumers and industry professionals with AV solutions and custom services. Pacific Radio Exchange sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-16614) on August 1, 2025. In its petition, the Debtor reported total assets of $94,813 and total liabilities of $1,690,315. Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case. The Debtor is represented by Matthew D. Resnik, Esq., at RHM Law, LLP. PARTNERS PHARMACY: Seeks Chapter 11 Bankruptcy with $51MM Sale Plan ------------------------------------------------------------------- Hilary Russ of Law360 reports that Partners Pharmacy Services LLC, a medication provider for long-term care patients in seven U.S. states, has filed for Chapter 11 in Texas and plans to sell its assets to its prepetition lender, an existing indirect owner, via a $51 million credit bid. About Partners Pharmacy Services LLC Partners Pharmacy Services LLC provides medication management services to residents in skilled nursing facilities, assisted living communities, long-term care residences, long-term acute care hospitals, and institutional care facilities across the United States. Founded in 1998 and headquartered in Springfield Township, New Jersey, the Company operates in multiple states through a network of in-house pharmacies and regional locations, offering services such as automation systems, infusion therapy technologies, compounding, and clinical decision-support tools. It is one of the largest long-term care pharmacy providers in the U.S., serving over 48,000 residents in more than 500 communities. Partners Pharmacy Services LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-34698) on August 13, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The Debtors are represented by Patrick J. Potter, Esq., Dania Slim, Esq., Amy West, Esq., and L. James Dickinson, Esq. of PILLSBURY WINTHROP SHAW PITTMAN LLP. SSG CAPITAL ADVISORS, LLC is the Debtors' Investment Banker. GIBBONS ADVISORS, LLC is the Debtors' Financial Advisor. ROLL RESTRUCTURING ADMINISTRATION LLC is the Debtors' Notice, Claims & Balloting Agent and Administrative Advisor. PARTNERS PHARMACY: To Sell Pharmacy Biz to CS One ------------------------------------------------- Partners Pharmacy Services, LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to sell substantially all Assets at Auction, free and clear of liens, claims, interests, and encumbrances. The Debtors have secured a stalking horse bid from their pre-petition lender who is also providing post-petition financing to fund operations and administrative costs during the sale process. The stalking horse bid consists of (a) approximately $51 million credit bid comprised of $44,524,814 of the Debtors' obligations under the Credit Agreement with CS One and $6.5 million of the Debtors' obligations under the DIP Facility; plus (b) assumption of certain Assumed Liabilities; plus (c) assumption and assignment of the Assumed Contracts to the Stalking Horse Bidder and payment of cure costs. The Stalking Horse Bid is not subject to a breakup fee, expense reimbursement, or other bid protections. The Debtors retain SSG Advisors, LLC as their investment banker to market the Assets and solicit higher or better offers. Timeline for Sale: -- September 29, 2025 at 4:00 p.m. Sale Objection Deadline and Cure Objection Deadline -- October 7, 2025 at 4:00 p.m. Bid Deadline -- October 9, 2025 at 10:00 a.m. Auction (if necessary) -- October 10, 2025 at 4:00 p.m. Deadline to file Successful Bidder Notice The Debtors serve the medication management needs of residents at skilled nursing facilities, assisted living communities, long-term care residences, long-term acute care hospitals, and institutional care facilities across the United States. These services are delivered through a network of in-house pharmacies and supported by a range of advanced technologies and capabilities, including automation systems, infusion therapy technologies, compounding services, clinical decision-support tools, and a dedicated team offering clinical support services. The Debtors have faced mounting challenges stemming from industry headwinds, including the Covid-19 pandemic, inflation, changes to Medicare, declining reimbursement rates, and unfavorable industry consolidation. Despite these efforts, the Debtors remained cash flow negative, which led to multiple amendments to their Pre-Petition Credit Agreement, including temporary waivers of defaults and extensions of the maturity date. The Debtors negotiate an asset purchase agreement with Specialty RX, another pharmacy company focused on serving long-term care facilities, emerged as a potential purchaser, however, it was not executive, which prompted the Debtors to engage in a discussion with CS One. The discussion has led to the negotiation of the Stalking Horse pursuant to which CS One is agreeing to: (a) acquire substantially all of the Debtors' assets as a going concern by credit bidding approximately $51 million of the obligations under the Pre-Petition Credit Agreement and the DIP Facility; (b) assume certain liabilities and pay the cure costs of any Contracts assumed and assigned to CS One; and (c) subject its bid to higher and better offers through a competitive auction process. CS One has also agreed to provide $6.5 million in post-petition financing to fund the Debtors' operations and administrative expenses during the sale process, which the Court has approved on an interim basis. The Debtors engage SSG as investment banker to lead the marketing process and continue discussions with any parties expressing an interest in the Assets, with the goal of having as many bidders as possible participate in the Auction. The Bidding Procedures are specifically designed to promote what courts have deemed to be the paramount goal of any proposed sale of property of a debtor’s estate: maximizing the value of sale proceeds received by the estate. The Bid Procedures are designed to facilitate orderly yet competitive bidding to maximize the value of the Assets. The Bid Procedures contemplate an open auction process with minimum barriers to entry. The proposed sale timeline provides potential bidding parties with sufficient time—more than seven weeks from the filing of this Motion—to perform due diligence and acquire the information necessary to submit a timely and well-informed bid. The Debtors have a sound business justification for designating CS One as the Stalking Horse Bidder. After two failed transactions in the past year, CS One's offer represents the highest and only viable offer for the Assets. The Stalking Horse APA also provides a "floor" price for the Assets and a framework purchase agreement from which other bidders can submit competing bids. Finally, through the Stalking Horse APA, the Stalking Horse Bidder is giving the Debtors and their stakeholders significant operational comfort by standing ready, willing, and able to purchase the Assets on a going-concern basis. About Partners Pharmacy Services, LLC Partners Pharmacy LLC provides medication management services to residents in skilled nursing facilities, assisted living communities, long-term care residences, long-term acute care hospitals, and institutional care facilities across the United States. Founded in 1998 and headquartered in Springfield Township, New Jersey, the Company operates in multiple states through a network of in-house pharmacies and regional locations, offering services such as automation systems, infusion therapy technologies, compounding, and clinical decision-support tools. It is one of the largest long-term care pharmacy providers in the U.S., serving over 48,000 residents in more than 500 communities. Partners Pharmacy LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. ) on August 13, 2025. The petition was signed by Ronald M. Winters as chief restructuring officer, who discloses that the lead Debtor has estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. Fourteen affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Partners Pharmacy Services, LLC (Lead Case) 25-34698 Partners of Connecticut, LLC 25-34702 Partners of Massachusetts, LLC 25-34703 Partners of Pennsylvania, LLC 25-34705 Partners Pharmacy of Florida, LLC 25-34707 Partners Pharmacy of Maryland, LLC 25-34708 Partners Pharmacy of Texas, LLC 25-34697 Partners Pharmacy of Virginia, LLC 25-34709 Partners of New York, LLC 25-34704 Partners Pharmacy Shell Point, LLC 25-34710 Partners Pharmacy, L.L.C. 25-34712 Solutions Homecare, L.L.C. 25-34713 Arrow Envoy Holdings, LLC 25-34699 Arrow Pharmacy Holdings, LLC 25-34700 Judge Christopher M. Lopez presides over the case. The Debtors are represented by Patrick J. Potter, Esq., Dania Slim, Esq., Amy West, Esq., and L. James Dickinson, Esq. at PILLSBURY WINTHROP SHAW PITTMAN LLP . PHAIR COMPANY: Plan Exclusivity Period Extended to Oct. 23 ---------------------------------------------------------- Judge J Barrett Marum of the U.S. Bankruptcy Court for the Southern District of California extended Jeffrey David Phair and The Phair Company LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to October 23 and December 22, 2025, respectively. As shared by Troubled Company Reporter, the the Debtors' request for an extension of the exclusivity periods for the filing of a plan and the solicitation of acceptances to such plan satisfies the general principles established by courts as guideposts for demonstrating "cause" within the meaning of Section 1121(d). The first factor, the size and complexity of the case, weighs in favor of granting the Motion. This jointly administered case involves two related Debtors, numerous creditors, and multiple development projects. The Debtors are actively working on a joint plan of reorganization and the related projections to put together a plan that will pay all of Debtors' creditors in full based on the sale of the three of those development projects. The second factor, the necessity of sufficient time to permit the debtor to negotiate a plan of reorganization and prepare adequate information, weighs in favor of granting the Motion. This is Debtors' first request for an extension and less than 120 days have elapsed since Debtors filed their voluntary petitions. The requested extension is less than half of the limit on exclusivity provided by the Bankruptcy Code. The third factor, the existence of good faith progress towards reorganization, weighs in favor of granting the Motion. Debtors have made good faith progress in moving toward reorganization, particularly in light of the early stage of the case. As of the date of this Motion, a little more than three months have passed since the commencement of the bankruptcy cases. The fourth factor, whether the debtor is paying its bills as they come due, weighs in favor of granting the Motion. As reflected in Debtors' monthly operating reports, Debtors are consistently paying their post-petition bills as they come due. Jeffrey David Phair is represented by: D. Edward Hays, Esq. Aaron E. De Leest, Esq. Laila Rais, Esq. Sarah R. Hasselberger, Esq. MARSHACK HAYS WOOD LLP 870 Roosevelt, Irvine, CA 92620 Telephone: 949-333-7777 Facsimile: 949-333-7778 The Phair Company LLC is represented by: Vincent Renda, Esq. PINNACLE LEGAL, P.C. 9565 Waples Street, Suite #200 San Diego, CA 92121 Telephone: 858-868-5000 Facsimile: 866-303-8383 About The Phair Company LLC The Phair Company LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-00667) on February 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Vincent Renda, Esq. at PINNACLE LEGAL P.C., is the Debtor's counsel. PLATT FAMILY REAL: Seeks Chapter 11 Bankruptcy in Georgia --------------------------------------------------------- On August 4, 2025, Platt Family Real Estate Holdings LLC filed Chapter 11 protection in the Northern District of Georgia. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Platt Family Real Estate Holdings LLC Platt Family Real Estate Holdings LLC is an Atlanta-based real estate company that appears to hold and manage property assets. Platt Family Real Estate Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-58770) on August 4, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. POPELINO'S TRANSPORTATION: Has Deal on Cash Collateral Access ------------------------------------------------------------- Popelino's Transportation, Inc. and the U.S. Small Business Administration advised the U.S. Bankruptcy Court for the Central District of California, Riverside Division, that they have reached an agreement regarding the Debtor's use of cash collateral and now desire to memorialize the terms of this agreement into an agreed order. The Debtor obtained a COVID-19 Economic Injury Disaster Loan from the SBA in several phases: an initial amount of $150,000 on July 15, 2020; an increase of $350,000 on August 11, 2021; and a final increase of $756,900 on January 22, 2022, bringing the total loan amount to $1,256,900. As of the Petition Date, the outstanding balance on the SBA Loan was $1,263,138.54, as reflected in Proof of Claim No. 7 filed by the SBA on April 10, 2025. Under the terms of the Note, the Debtor is required to make monthly principal and interest payments of $6,205 over a 30-year term, beginning twenty-four months after the original loan date. The interest rate is 3.75% annually, and the loan is prepayable without penalty. The SBA Loan Agreement stipulates that all proceeds are to be used exclusively as working capital to address economic injury resulting from the COVID-19 disaster, and for payment of UCC lien filing and handling fees. The SBA Loan is secured by a blanket lien on all tangible and intangible personal property of the Debtor pursuant to a Security Agreement dated July 15, 2020, and perfected by a UCC-1 financing statement filed on July 26, 2020. To permit the Debtor to continue operations and preserve the value of the estate, the SBA and the Debtor have entered into a stipulation authorizing the Debtor’s use of cash collateral retroactively from March 18, 2025, through December 31, 2025, or until plan confirmation, whichever occurs first. Pursuant to the stipulation, the SBA consents to the Debtor's use of cash collateral for payment of ordinary and necessary post-petition expenses. As adequate protection, the SBA shall receive a replacement lien on all post-petition revenues of the Debtor, effective as of the Petition Date. This replacement lien is automatically perfected, valid, binding, and enforceable to the same extent, priority, and validity as the SBA's original lien on the Personal Property Collateral, but limited to the extent the Debtor's use of cash collateral results in post-petition diminution of SBA's collateral. Additionally, the Debtor is required to make adequate protection payments of $6,205 per month to the SBA, beginning in April 2025 and continuing monthly thereafter. The SBA is also granted a super-priority administrative expense claim under 11 U.S.C. sections 503(b) and 507(b), limited to the amount of any post-petition diminution in value of its collateral due to the Debtor's use of cash collateral. A copy of the motion is available at https://urlcurt.com/u?l=j5fvSB from PacerMonitor.com. About Popelino's Transportation Inc. Popelino's Transportation, Inc. is a Riverside, California-based company that has been offering green waste hauling and transportation services since 2005. Additionally, the Company recycles green waste at its facility to generate compost, mulch, and woodchips for landscaping. Popelino's Transportation filed petition (Bankr. C.D. Calif. Case No. 25-11628) on March 18, 2025, listing $3,318,612 in total assets and $8,329,194 in total liabilities. Jose Barragan, president of Popelino's Transportation, signed the petition. Judge Mark D. Houle oversees the case. Todd Turoci, Esq., at The Turoci Firm represents the Debtor as legal counsel. POTTSVILLE OPERATIONS: Seeks to Extend Plan Exclusivity to Oct. 10 ------------------------------------------------------------------ Pottsville Operations, LLC, and affiliates asked the U.S. Bankruptcy Court for the Western District of Pennsylvania to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to October 10 and December 9, 2025, respectively. The Pottsville Debtors continue to operate their businesses and manage their properties as debtors in possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. As of the date hereof, no trustee or examiner has been appointed in the Chapter 11 Cases. This is the Pottsville Debtors' fourth request to extend the Exclusive Periods. The Pottsville Debtors and other interested parties, including the Pottsville Committee, are still in the process of discussing the terms of a chapter 11 plan and need additional time to work out the details. Extending the Exclusive Periods will benefit creditors by avoiding the drain on estate assets attendant to a competing chapter 11 plan. The Debtors are making good faith efforts to advance the bankruptcy case in a manner that will maximize the return for the estate. The Debtors explain that they have been paying their undisputed post-petition bills. Likewise, the Debtors are current on their payments to the U.S. Trustee on account of quarterly fees. Furthermore, no parties have opposed the three prior motions to extend the Exclusive Periods. Thus, the requested extension of the Exclusive Periods will not jeopardize the rights of creditors and other parties who do business with the Debtors during the Chapter 11 Case. The Debtors' Counsel: Elizabeth A. Green, Esq. Andrew V. Layden, Esq. BAKER & HOSTETLER LLP SunTrust Center, Suite 2300 200 South Orange Avenue Orlando, Florida 32801-3432 Tel: (407) 540-7920 Fax: (407) 841-0168 E-mail: egreen@bakerlaw.com E-mail: alayden@bakerlaw.com The Debtors' Local Counsel: Daniel R. Schimizzi, Esq. Mark A. Lindsay, Esq. Harry A. Readshaw, Esq. Jordan N. Kelly, Esq. Sarah E. Wenrich, Esq. RAINES FELDMAN LITTRELL, LLP 11 Stanwix Street, Suite 1100 Pittsburgh, PA 15222 Tel: 412-899-6474 E-mail: dschimizzi@raineslaw.com mlindsay@raineslaw.com hreadshaw@raineslaw.com jkelly@raineslaw.com swenrich@raineslaw.com About Pottsville Operations Pottsville Operations LLC and its affiliates own and operates six skilled nursing facilities in Pennsylvania. Collectively, Pottsville has 925 beds across the six facilities, and 759 residents currently at the Facilities as of the Petition Date. Pottsville acquired the facilities in May of 2021. Pottsville Operations and its 10 affiliates sought relief under sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Penn. Lead Case No. 24-70418) on Oct. 15, 2024. In the petition signed by Neil Luria, as chief restructuring officer, Pottsville reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Bankruptcy Judge Jeffery A Deller handles the cases. The Debtors tapped Baker & Hostetler, LLP as general bankruptcy counsel; and RAaines Feldman Littrell, LLP as local counsel. SOLIC Capital Advisors LLC is serving as financial advisor, and Solic's Neil Luria has been tapped as CRO of the Debtors. Stretto, Inc. is the claims agent. Margaret Barajas is the patient care ombudsman appointed in the Debtors' cases. PRAESUM HEALTHCARE: Seeks Chapter 11 Bankruptcy in Florida ---------------------------------------------------------- On August 13, 2025, Praesum Healthcare Services LLC filed Chapter 11 protection in the Southern District of Florida. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 200 and 999 creditors. The petition states funds will be available to unsecured creditors. About Praesum Healthcare Services LLC Praesum Healthcare Services LLC operates a network of behavioral health and addiction treatment facilities across the United States, offering a full continuum of care that includes medical detoxification, residential rehabilitation, and outpatient counseling. The Company's brands include Sunrise Detox, which provides medically supervised detox services, Evolve Recovery Center, which delivers residential treatment programs, and The Counseling Center, which offers outpatient and intensive outpatient therapy, with locations in multiple states including New Jersey, New York, Massachusetts, Georgia, and Florida. Founded in 2004, Praesum Healthcare manages more than two dozen centers under these brands, serving individuals with substance use disorders and co-occurring mental health conditions. Praesum Healthcare Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 25-19335) on August 13, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq. at SHRAIBERG PAGE PA. PURDUE PHARMA: Court Lacks Jurisdiction to Hear Morales's Appeal ---------------------------------------------------------------- Judge Nelson S. Roman of the United States District Court for the Southern District of New York granted Purdue Pharma L.P.'s motion to dismiss the appeal styled AMANDA MORALES, Appellant, -against- PURDUE PHARMA L.P., et al., Appellees, Case No. 24-cv-2958 (S.D.N.Y.). The appeal is dismissed for lack of jurisdiction. Appellant Amanda Morales, proceeding pro se and in forma pauperis, appeals from the March 27, 2024 order of the United States Bankruptcy Court for the Southern District of New York, which directs Ms. Morales to cease filing duplicative requests and bars her from contacting the Bankruptcy Court via email. Appellees Purdue Pharma L.P. moves to dismiss the appeal as untimely and on the ground that it improperly seeks review of an interlocutory order. On July 14, 2021, Ms. Morales filed motion for summary judgment, seeking restitution from Purdue. The Bankruptcy Court denied Ms. Morales's Initial Motion on Aug. 18, 2021. On Oct. 15, 2021, Ms. Morales filed a motion for reconsideration of her Initial Motion, which the court denied on Oct. 29, 2021. On July 18, 2023, she submitted a letter seeking the same relief, which the court treated as a second motion for reconsideration and denied on Aug. 3, 2023. She then filed a complaint on Feb. 2, 2024, and an additional letter on March 5, 2024, that raised the same issues as those in her previous filings. On March 27, 2024, the Bankruptcy Court issued the Order that is the subject of this appeal. The Order directed Ms. Morales to stop filing duplicative requests and barred her from further contacting Chambers, while clarifying that any future requests must be made through an appropriate pleading" with the Bankruptcy Court, given she raises outstanding, meritorious legal issues. Purdue argues that Ms. Morales missed the 14-day window for filing a notice of appeal, and, because the timeliness requirements are statutory and jurisdictional, the late filing deprives the District Court of jurisdiction to hear this appeal. Ms. Morales's assertion that she cannot control delivery delays with the post office likewise does not change that the clerk received her notice of appeal two days after the filing deadline. Accordingly, the District Court finds Ms. Morales's appeal was untimely filed. In this case, Ms. Morales purports to rely on Bankruptcy Rule 8002(d)(1)(B)'s "excusable neglect" provision to extend her appeal deadline. Ms. Morales filed a late notice of appeal and failed to move for an extension. Without an extension contemplated by Rule 8002, the District Court is without jurisdiction to consider the appeal, and it must be dismissed. Purdue also argues that jurisdiction is lacking for the independent reason that Ms. Morales does not seek review of any appealable order of the Bankruptcy Court, but rather she seeks to appeal a procedural, non-final interlocutory order without court leave. Because the District Court lacks jurisdiction, there is no need to examine the underlying merits of Ms. Morales's appeal in this case. In fact, the District Court has no power to do so. But even if Ms. Morales's appeal had been timely, the Order is not a final order, but rather, interlocutory and not appropriately the subject of appellate review, the District Court concludes. A copy of the Court's Decision and Order dated August 6, 2025, is available at https://urlcurt.com/u?l=J9zdoy from PacerMonitor.com. About Purdue Pharma LP Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the reimagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19 23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation. The Debtors' consolidated balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as legal counsels; PJT Partners as investment banker; AlixPartners as financial advisor; and Grant Thornton, LLP as tax structuring consultant. Prime Clerk, LLC, is the claims agent. Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the official committee of unsecured creditors appointed in the Debtors' bankruptcy cases. David M. Klauder, Esq., is the fee examiner appointed in the Debtors' cases. The fee examiner is represented by Bielli & Klauder, LLC. * * * U.S. Bankruptcy Judge Robert Drain in early September 2021 approved a plan to turn Purdue into a new company (Knoa Pharma LLC) no longer owned by members of the Sackler family, with its profits going to fight the opioid epidemic. The Sackler family agreed to pay $4.3 billion over nine years to the states and private plaintiffs and in exchange for a lifetime legal immunity. The deal resolves some 3,000 lawsuits filed by state and local governments, Native American tribes, unions, hospitals and others who claimed the company's marketing of prescription opioids helped spark and continue an overdose epidemic. Separate appeals to approval of the Plan have already been filed by the U.S. Bankruptcy Trustee, California, Connecticut, the District of Columbia, Maryland, Rhode Island and Washington state, plus some Canadian local governments and other Canadian entities. In early March 2022, Purdue Pharma reached a nationwide settlement over its role in the opioid crisis, with the Sackler family members boosting their cash contribution to as much as $6 billion. The settlement was hammered out with attorneys general from the eight states -- California, Connecticut, Delaware, Maryland, Oregon, Rhode Island, Vermont and Washington -- and D.C. who had opposed the previous settlement. QNITY ELECTRONICS: Fitch Assigns BB+ Rating on Sr. Unsecured Notes ------------------------------------------------------------------ Fitch Ratings has assigned Qnity Electronics, Inc.'s (BB+/Stable) senior secured notes a 'BBB-' rating with a Recovery Rating of 'RR1', as well as its senior unsecured notes a 'BB+'/'RR4' rating. Qnity is issuing these obligations 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. 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. 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. This profitability supports 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 digits 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 the forecast period; - Capex at roughly 6.5% of sales annually; - Dividends of around $70 million and 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 revolving credit facility. 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. senior secured LT BBB- New Rating RR1 senior unsecured LT BB+ New Rating RR4 RIBBON TEXAS: Sept. 16, 2025 Claims Filing Deadline Set ------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas set Sept. 16, 2025, at 5:00 p.m. (prevailing Central Time), as the last date and time for person and entities who asserts a claim againstLion Ribbon Texas Corporation and it's debtor-affiliates to file proofs of claim against the Debtors. The Court also set Dec. 30, 2025, at 5:00 p.m. (prevailing Central Time), as the deadline for all governmental units to file their claims against the Debtors. Each Proof of Claim must be filed or submitted, including supporting documentation, through any of the following methods: (i) electronic submission through the Electronic Case Filing system at https://ecf.txsb.uscourts.gov/, (ii) electronic submission using the interface available on Kroll's website at https://cases.ra.kroll.com/DGA/EPOC-Index or (iii) if submitted through non-electronic means, by U.S. mail or other hand delivery system, so as to be actually received by Kroll on or before the Claims Bar Date, the Governmental Bar Date, or other applicable Bar Date, as applicable, at the following address: Lion Ribbon Texas Corp. Claims Processing Center c/o Kroll Restructuring Administration LLC 850 3rd Avenue, Suite 412 Brooklyn, NY 11232 Claimants submitting a Proof of Claim through non-electronic means wishing to receive acknowledgment that their Proofs of Claim were received by Kroll Restructuring Administration LLC ("Kroll") must submit (i) a copy of the Proof of Claim Form and (ii) a self-addressed, stamped envelope. Proofs of Claim sent to Kroll by facsimile, telecopy, or electronic mail will not be accepted and will not be considered properly or timely filed for any purpose in these Chapter 11 Cases. About Lion Ribbon Texas Corp. Lion Ribbon Texas Corp. and affiliates design, manufacture, and distribute consumer crafting, gifting, and stationery products for celebrations, hobbies and creative play. They operate globally, with facilities across North America and supporting operations in India, Hong Kong, China, the United Kingdom, and Australia. They supply both branded and private-label products to consumers and major corporate clients. The Debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90164) on July 3, 2025. In their petitions, the Debtors reported $100 million to $500 million in assets and liabilities on a consolidated basis. Judge Christopher M. Lopez handles the cases. The Debtors are represented by Caroline A. Reckler, Esq., Ray C. Schrock, Esq., Adam S. Ravin, Esq., Randall Carl Weber-Levine, Esq., and Meghana Vunnamadala, Esq., at Latham & Watkins, LLP. The Debtors tapped Huron Consulting Services, LLC as investment banker and financial advisor; Deloitte Tax, LLP as tax services provider; Liskow & Lewis, APLC as conflicts counsel; C Street Advisory Group, LLC as communications advisor; and Kroll Restructuring Administration, LLC as claims, noticing and solicitation agent. SANTA ANA EXPRESS: Section 341(a) Meeting of Creditors on Sept. 15 ------------------------------------------------------------------ On August 12, 2025, Santa Ana Express Car Wash LLC filed Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on September 15, 2025 at 10:30 AM at UST-RS1, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:9718357. About Santa Ana Express Car Wash LLC Santa Ana Express Car Wash LLC, doing business as Speedy Clean Car Wash, operates a car wash facility at 2035 N. Tustin Avenue in Santa Ana, California. The Company provides quick, environmentally friendly car wash services featuring a wash completed in approximately six minutes along with free vacuum stations and monthly membership options. Santa Ana Express Car Wash LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-15662) on August 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by Michael Jay Berger, Esq. at LAW OFFICES OF MICHAEL JAY BERGER. SANTOPIETRO FOOD: Seeks Chapter 11 Bankruptcy in North Carolina --------------------------------------------------------------- On August 13, 2025, Santopietro Food Group LLC filed Chapter 11 protection in Eastern District of North Carolina. 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 Santopietro Food Group LLC Santopietro Food Group LLC, doing business as Nancy's Pizzeria, operates a franchised casual dining restaurant specializing in Chicago-style stuffed and deep-dish pizzas along with other Italian-American dishes. The Company offers dine-in, takeout, and delivery services and operates in North Carolina under a franchise agreement with Chicago Franchise Systems, Inc. Santopietro Food Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-03108) on August 13, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Pamela W. McAfee handles the case. The Debtor is represented by William P. Janvier, Esq. at STEVENS MARTIN VAUGHN & TADYCH, PLLC. SBLA INC: Court Extends Cash Collateral Access to Sept. 17 ---------------------------------------------------------- SBLA, Inc. received another extension from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral. The court issued its fifth interim order authorizing the Debtor to use its secured creditors' cash collateral until September 17 to pay the expenses set forth in its budget, subject to a 10% variance. As protection, secured creditors will be granted replacement liens on personal property acquired by the Debtor after its Chapter 11 filing, with the same priority and extent as their pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 causes of action. The creditors that may have an interest in the cash collateral are 8Fig, Inc.; Libertas Funding, LLC; Fox Funding Group, LLC; Pinnacle Business Funding LLC; Rocket Capital NY LLC; Spring Funding; Capytal.com; SellersFi; Corporation Service Company, C T Corporation System, and Middesk, Inc. as representatives; and CHTD Company. The next hearing is scheduled for September 17. The Debtor's financial troubles stem from its reliance on merchant cash advance (MCA) financing, which it used to cover prior debt. The initial lender, 8Fig, Inc., provided short-term financing, but the debt service became unsustainable. As a result, the Debtor took on additional loans from new MCA lenders, which led to a cycle of increasing debt and pressure. Some of these subsequent lenders contacted the Debtor unsolicited, anticipating the company's need for further funding. This spiraling debt situation, combined with lawsuits from creditors, led the Debtor to file for bankruptcy protection. About SBLA Inc. SBLA, Inc. focuses on providing non-invasive, at-home anti-aging solutions through its innovative "sculpting wands." The Company's product line includes items like the Neck, Chin & Jawline Sculpting Wand, Facial Instant Sculpting Wand, and Lip Plump & Sculpt to help firm, lift, and rejuvenate various areas of the face and body. Known for its collaboration with Christie Brinkley, SBLA emphasizes effective, science-backed skincare to offer alternatives to invasive procedures. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12606) on March 11, 2025. In the petition signed by Leonard Cogan, CFO, the Debtor disclosed $801,858 in assets and $3,252,917 in liabilities. Judge Mindy A. Mora oversees the case. Bradley S. Shraiberg, Esq., at Shraiberg Page PA, is the Debtor's legal counsel. 8Fig, Inc., as secured creditor, is represented by: Eric B. Zwiebel, Esq. Emanuel & Zwiebel, PLLC 7900 Peters Road Executive Court at Jacaranda Building B, Suite 100 Plantation, FL 33324 Phone: (954) 424-2005 Fax: (954) 533-0138 eric.zwiebel@emzwlaw.com Pinnacle Business Funding LLC, as secured creditor, is represented by: Anthony F. Giuliano, Esq. Giuliano Law, P.C. 445 Broadhollow Road, Ste. 25 Melville, NY 11747 Phone: (516) 792-9800 afg@glpcny.com SIGNATURE MECHANICAL: Gets Extension to Access Cash Collateral -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona issued a fourth stipulated order extending Signature Mechanical, Inc.'s authority to use cash collateral until October 31 in accordance with its agreement with the U.S. Small Business Administration. The Debtor needs to continue using cash collateral under the same terms and conditions as the third stipulated order, which expired on July 31. As adequate protection for the use of their cash collateral, secured creditors will receive monthly payments as follows: U.S. Small Business Administration, $1,012; Ford Motor Credit, $686; Ascentium Capital, LLC, $142; and First Citizens Bank & Trust, $1,499. About Signature Mechanical Signature Mechanical Inc. is a construction company and general contractor specializing in commercial HVAC, electrical and plumbing installations. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 24-06640) on August 12, 2024, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Daniel P. Collins presides over the case. Ronald J. Ellett, at Ellett Law Offices, P.C., is the Debtor's bankruptcy counsel. SILVERROCK DEVELOPMENT: Has Exhausted Time for Ch. 11, Says Lender ------------------------------------------------------------------ Emily Lever of Law360 Bankruptcy Authority reports that the secured lender for resort developer SilverRock urged a Delaware bankruptcy judge to reject the company's third bid to extend its plan exclusivity, contending that a liquidating plan should not require 16 months to prepare. About SilverRock Development Company SilverRock Development Company, LLC, is a San Diego, Calif.-based company primarily engaged in renting and leasing real estate properties. SilverRock filed Chapter 11 petition (Bankr. D. Del. Lead Case No. 24-11647) on Aug. 5, 2024, with $100 million to $500 million in both assets and liabilities. Robert S. Green, Jr., chief executive officer, signed the petition. Judge Mary F. Walrath handles the case. The Debtor is represented by Jonathan M. Stemerman, Esq., at Armstrong Teasdale. SILVERROCK DEVELOPMENT: To Sell Property Development to TBE RE -------------------------------------------------------------- Silverrock Development Co. and its affiliats seek approval from the U.S. Bankruptcy Court for the District of Delaware, to sell Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor declares Jeffrey Adkison, as the real estate broker and Christopher S. Sontchi, as the Debtor's independent manager. The Debtors' business operations center around the real estate development of a 525-acre master planned community in the City of La Quinta, California known as "Talus." The Debtor employs Jones Lang LaSalle North Americas, Inc. to act as the Debtors' exclusive real estate broker and advisor. The Debtors, in consultation with certain Consultation Parties and the City, were empowered to solicit letters of intent from bidders willing to serve as a stalking horse with respect to the sale process, designate such bidder as the stalking horse bidder, and provide bid protections to the Stalking Horse Bidder. On June 5, 2025, the Debtors, in consultation with the Consultation Parties and the City selected TBE RE Acquisition Co II LLC as the proposed Stalking Horse Bidder and determined that its Stalking Horse LOI represented the highest or otherwise best offer then available for the Purchased Assets. The purchase price for the Purchased Assets under the Designated Stalking Horse LOI was $60 million dollars. Pursuant to the terms of the Designated Stalking Horse LOI, certain required documents for the development of the Real Property were required to be negotiated and substantially finalized with the City by July 29, 2025. The Debtors conducted a live auction on August 4, 2025 in La Quinta, California. In accordance with the Auction Procedures, the Auction continued until all bidders had submitted their Last and Final Bids. The Last and Final Bids of both bidders were held open, and on August 5, 2025, the City of La Quinta, California City Council met in closed session to review the Last and Final Bids. The Successful Bid is essentially the Stalking Horse LOI with an increased purchase price of $65 million of cash proceeds and an agreement by the Successful Bidder to modify its form of purchase and sale agreement to provide greater certainty as to the Successful Bidder's termination rights with respect to any appeal filed under the California Environmental Quality Act. The Debtors have a sound business justification for consummating the Sale Transaction, which is the result of a competitive-bidding process consistent with the Bid Procedures. The Sale Transaction represents a sound exercise of the Debtors' business judgment because the Purchase Price obtained in connection with the Successful Bid will provide the Debtors with Cash Proceeds of at least $65 million and the PSA Modification. About SilverRock Development Company SilverRock Development Company, LLC, is a San Diego, Calif.-based company primarily engaged in renting and leasing real estate properties. SilverRock filed Chapter 11 petition (Bankr. D. Del. Lead Case No. 24-11647) on Aug. 5, 2024, with $100 million to $500 million in both assets and liabilities. Robert S. Green, Jr., chief executive officer, signed the petition. Judge Mary F. Walrath handles the case. The Debtor is represented by Jonathan M. Stemerman, Esq., at Armstrong Teasdale. SINGH BROS: Plan Exclusivity Period Extended to September 12 ------------------------------------------------------------ Judge Mary Jo Heston of the U.S. Bankruptcy Court for the Western District of Washington extended Singh Bros Express LLC and affiliates' exclusive periods to file a plan of reorganization to September 12, 2025. As shared by Troubled Company Reporter, the Debtors explain that this case, while not complicated due to the sheer number of creditors that the Debtors have had to deal with, is complex due to the intensity of prior litigation and the extensive settlement efforts that have occurred. Moreover, this case has not yet been pending for an entire year, and the Debtors' good faith is evidenced by its Settlement Agreement with All Track and Transition360, for which final writings are being drafted and negotiated. Therefore, the Debtors are clearly making "satisfactory progress" towards negotiating with key creditors. The Debtors claim that they have filed a Plan, and the extension of the exclusivity period is not meant to pressure creditors. The Debtors are paying their trade creditors in full each month and have reached a Settlement Agreement with their primary creditor, pending finalization and execution of a written document memorializing the Settlement Agreement. Counsel to the Debtors: Jane Pearson, Esq. Polsinelli PC 1000 Second Avenue, Suite 3500 Seattle, WA 98104 Telephone: (206) 393-5415 Email: jane.pearson@polsinelli.com About Singh Bros Express Singh Bros Express, LLC, operates in the general freight trucking industry. Singh Bros Express and its affiliates, Singh Bros Transport, LLC, and Singh Bros Trucking, LLC, filed Chapter 11 petitions (Bankr. W.D. Wash. Lead Case No. 24-42600) on Nov. 15, 2024. At the time of the filing, Singh Bros Express reported $1 million to $10 million in both assets and liabilities. Judge Mary Jo Heston handles the cases. The Debtors are represented by Jane E. Pearson, Esq., at Polsinelli, PC. SIX FLAGS: S&P Lowers ICR to 'BB-', Outlook Negative ---------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Six Flags Entertainment Corp. to 'BB-' from 'BB'. S&P also lowered its issue-level ratings on Six Flags' debt by one notch. The negative outlook reflects S&P' expectation that Six Flags' leverage will remain above our 5.5x downgrade threshold through at least 2025. S&P said, "The downgrade to 'BB-' and negative outlook reflect our expectation that Six Flags' leverage will remain above 5x for the next 18 months. Six Flags' operating performance in the second quarter of 2025 was well below our expectations." Compared to the combined portfolio of legacy Six Flags and Cedar Fair operations in the prior year, attendance declined 9% in the quarter as weather disrupted nearly 20% of the company's operating days, including 49 in which parks closed entirely. Management believes that many guests delayed park visits during the early weeks of the operating season and have put off season pass and membership purchases. Six Flags also cited weakness among lower-income consumers. The combined company's active season pass base declined 8% from the prior year. The combined portfolio declines were exacerbated by a pull forward of marketing spending originally planned for the second half, as well as higher severance and other costs associated with the integration of the merger. As a result, Six Flags lowered its EBITDA guidance for 2025 significantly to $860 million-$910 million from $1.08 billion-$1.12 billion. Despite disruptions in the first half, the company cited sequential improvement in attendance in July as weather patterns normalized. Six Flags reported a modest 1% increase in the full five weeks of July, with attendance up 4% in the last four weeks and up 8% in the last two weeks of the month. At the midpoint of its updated guidance, management expects flat combined attendance in the second half versus the second half of 2024 as weather patterns normalize and Six Flags adds up to 35 incremental operating days for its most popular Halloween events. These are some of its biggest attendance days, partially offset by the elimination of lower-margin winter events. S&P said, "We now assume attendance for the combined portfolio will decline 3%-4% in 2025. Expected improvement from fewer weather disruptions and a strong event calendar in the second half will not fully offset a lower active pass base and attendance declines in the first half. We also assume per capita spending will decline 3%-4%, primarily driven by a lower-yielding attendance mix and the impact of recent promotional offerings. Furthermore, we expect Six Flags will realize the remainder of the $120 million in run-rate cost synergies it targeted post-merger by the end of 2025, largely offset by ongoing merger and other integration costs. "We forecast S&P Global Ratings-adjusted leverage in the mid-6x area at the end of 2025, well above our 4.5x downgrade threshold for the 'BB' rating, supporting the downgrade and negative outlook. Furthermore, the company announced that CEO Richard Zimmerman will step down at the end of this year and that it intends to reassess its previously shared long-term guidance. We see the risk that a change in operating strategy and financial policy could further delay deleveraging. "We expect an improvement in season pass sales, a reduction in planned capital expenditures, and potential divestitures should support leverage reduction to the low-5x area in 2026. The company launched its 2026 season pass program several weeks earlier than last year in efforts to increase its pass base. Since the end of the second quarter, 2026 season pass sales increased 700,000 units, double the amount of passed it sold in July 2024.Additionally, Six Flags continues to invest in its parks on new rides and attractions, technology infrastructure upgrades, improved amenities, and food and beverage offerings in efforts to broaden appeal to a wider customer demographic. Higher early season pass sales, easy comparisons to 2025 weather disruptions, and the planned openings of new rides and attractions should support attendance growth in the 2%-3% area in 2026. "Management lowered planned capex to about $400 million from its prior estimate of $450 million-$500 million. As a result, we expect increased EBITDA and cash flow will reduce S&P Global Ratings-adjusted leverage to the low-5x area by the end of 2026. Although not in our base case, we expect Six Flags could further reduce leverage from planned asset sales. The company announced that Six Flags America in Bowie, Md., and its accompanying water park, Hurricane Harbor, will permanently close at the end of the 2025 operating season and be marketed for sale and redevelopment. Six Flags also plans to sell excess land in Richmond, Va. Management estimates these assets could generate gross proceeds of at least $200 million that it could use to reduce debt and accelerate leverage reduction. "Seasonality, weather, and discretionary spending remain risks. Our rating incorporates that most of Six Flags' revenue and EBITDA are generated in the second and third quarters throughout the summer. Demand for regional theme parks also are exposed to cyclical discretionary spending. In 2025, we expect heightened macroeconomic uncertainty is likely to remain as trade conflicts and market volatility may continue to weigh on consumer and business sentiment, and entertainment spending decisions are delayed or cancelled. Prolonged lower consumer confidence may limit spending." Although regional theme parks typically benefit, at least a little, from moderate economic weakness as consumers opt for cheaper entertainment options close to home, a strained consumer may reduce visits and in-park spending. Additionally, Six Flags' planned capital investments over the next several years could limit financial flexibility in an economic downturn. The negative outlook reflects S&P's expectation that Six Flags' leverage will remain above 5x into 2026 as recent operating softness, higher costs from the merger integration, and planned park portfolio investments delay its deleveraging path. S&P could lower its rating on Six Flags if S&P Global Ratings-adjusted debt to EBITDA remains above 5.5x, likely caused by: -- A prolonged economic downturn reducing consumer spending and deteriorating operating performance; -- Weather disruptions during peak seasonal periods; or -- Operational missteps during the merger integration. S&P could revise the outlook to stable if: -- Ongoing park investments meaningfully improve operating performance such that leverage declines and remains below S&P's 5.5x downgrade threshold; or -- The company accelerates planned divestitures that could be used for additional debt repayment. Although unlikely over the next 12 months due to S&P's leverage forecast, it could raise its rating if the company's performance improves such that it reduces and sustains leverage below 4.5x. SMITH MICRO: Fiscal Q2 Loss Widens to $15.1M on Lower Revenue ------------------------------------------------------------- Smith Micro Software, Inc. in a press release dated August 6, 2025, reported financial results for its second quarter ended June 30, 2025. "We made significant progress in the second quarter, culminating in the upcoming launch of SafePath(R) 8 later this month. SafePath 8 will introduce powerful AI-driven features and is already opening many channels for us as we broaden our reach across our carrier partners and prospects. Our vision of the digital family lifestyle is stronger than ever, offering our customers a comprehensive ecosystem of family safety solutions," said William W. Smith Jr., president, chief executive officer, and chairman of the board of Smith Micro. Mr. Smith added, "Our customer relationships remain strong, and we are excited about the upcoming launch of an additional feature set with a current customer, which we expect will result in sequential quarterly revenue growth for the second half of 2025." Second Quarter 2025 Financial Results: * Smith Micro reported revenue of $4.4 million for the quarter ended June 30, 2025, compared to $5.1 million reported in the quarter ended June 30, 2024. * Gross profit for the quarter ended June 30, 2025 was $3.2 million, compared to $3.5 million for the quarter ended June 30, 2024. * Gross profit as a percentage of revenue was 73.5% for the quarter ended June 30, 2025, compared to 68.7% for the quarter ended June 30, 2024. * GAAP net loss for the quarter ended June 30, 2025 was $15.1 million, or $0.78 loss per share, compared to GAAP net loss of $6.9 million, or $0.66 loss per share, for the quarter ended June 30, 2024. * Non-GAAP net loss for the quarter ended June 30, 2025 was $2.8 million, or $0.14 loss per share, compared to non-GAAP net loss of $4.0 million, or $0.38 loss per share, for the quarter ended June 30, 2024. Non-GAAP net loss excludes the items noted below under "Non-GAAP Measures." All share and per share amounts for common stock herein have been retroactively adjusted for all periods presented to give effect to the one-for-eight reverse stock split of the Company's common stock, which became effective April 10, 2024 at 11:59 pm Eastern time. Second Quarter Year-to-Date 2025 Financial Results: * Smith Micro reported revenue of $9.0 million for the six months ended June 30, 2025, compared to $10.9 million reported in the six months ended June 30, 2024. * Gross profit for the six months ended June 30, 2025 was $6.6 million compared to $7.3 million reported for the same period in 2024. * Gross profit as a percentage of revenue was 73.1% for the six months ended June 30, 2025 compared to 67.1% for the six months ended June 30, 2024. * GAAP net loss for the six months ended June 30, 2025 was $20.2 million, or $1.08 loss per share, compared to GAAP net loss of $37.9 million, or $3.79 loss per share, for the six months ended June 30, 2024. * Non-GAAP net loss for the six months ended June 30, 2025 was $5.6 million, or $0.30 loss per share, compared to non-GAAP net loss of $8.2 million, or $0.82 loss per share, for the six months ended June 30, 2024. Non-GAAP net loss excludes the items noted below under "Non-GAAP Measures." * Total cash and cash equivalents as of June 30, 2025 were $1.4 million. Subsequent to quarter end, on July 18, 2025, Smith Micro completed a registered direct offering and sale of Company common stock and a concurrent private placement of unregistered common stock purchase warrants which generated gross proceeds of $1.5 million. About Smith Micro Software Pittsburgh, Pa.-based Smith Micro Software, Inc. develops software to simplify and enhance the mobile experience, providing solutions to some of the leading wireless and cable service providers around the world. From enabling the family digital lifestyle to providing powerful voice messaging capabilities, the Company's solutions enrich today's connected lifestyles while creating new opportunities to engage consumers via smartphones and consumer IoT devices. The Smith Micro portfolio also includes a wide range of products for creating, sharing, and monetizing rich content, such as visual voice messaging, optimizing retail content display and performing analytics on any product set. As of Dec. 31, 2024, the Company had $48.05 million in total assets, $5.65 million in total current liabilities, $1.64 million in total non-current liabilities, and $40.76 million in total stockholders' equity. Los Angeles, California-based SingerLewak LLP, the Company's auditor since 2005, issued a "going concern" qualification in its report dated March 12, 2025, citing that the Company has suffered recurring losses from operations and has projected future cash flow requirements to meet continuing operations in excess of current available cash. This raises substantial doubt about the Company's ability to continue as a going concern. SOUTHERN EXPRESS: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Southern Express Inc. got the green light from the U.S. Bankruptcy Court for the Eastern District of North Carolina to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral to pay operating expenses in accordance with its budget. This interim order will remain in full force and effect until the earlier of (i) August 27; (ii) termination of the interim order; or (iii) upon filing of a notice of default. Events of default include the Debtor's failure to comply with any of the terms or conditions of the interim order and failure to file a Chapter 11 plan. The Debtor believes that certain proceeds generated from its continuing operations may constitute cash collateral of the U.S. Small Business Administration and CT Corporation System, believed to represent Kapitus, LLC. The secured creditors may assert a security interest in all of the Debtor's assets. Each of the secured creditor's liens on the collateral securing their indebtedness will extend to the Debtor's post-petition assets to the extent and amount that they are secured as of the petition date. These replacement liens are subject to and subordinate to a fee carve-out. The next hearing is set for August 27. The Debtor has an outstanding SBA loan with a balance of approximately $1.96 million and acknowledges a UCC-1 financing statement filed by Kapitus in July 2025, although it argues Kapitus is unsecured as to cash collateral. The Debtor, which operates with 39 employees and has been in business since 2010, attributes its bankruptcy filing to lingering impacts of the COVID-19 pandemic and broader economic challenges. About Southern Express Inc. Southern Express Inc. provides motorcoach and shuttle transportation services across the southern United States, including corporate charters, event and campus shuttles, school and family trips, and airport transfers. Founded in 2010 by industry professionals Bruce Bechard and Vance Hoover, the privately held company operates a modern, sanitized fleet staffed by certified driving professionals and emphasizes locally made decisions to ensure consistent, client-focused service. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-02978) on August 5, 2025. In the petition signed by R. Vance Hoover, president, the Debtor disclosed $3,330,694 in assets and $6,321,019 in liabilities. Judge Pamela W. Mcafee oversees the case. Jason L. Hendren, Esq. at HENDREN, REDWINE & MALONE, PLLC, represents the Debtor as legal counsel. SPIRIT AIRLINES: S&P Lowers ICR to 'CCC' on Going-Concern Doubt --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Spirit Airlines LLC to 'CCC' from 'CCC+'. S&P also downgraded Spirit's enhanced equipment trust certificates (EETCs) by one notch, reflecting our lower issuer credit rating on the company. S&P said, "The negative outlook reflects our doubt around the company's ability to improve operating performance and maintain sufficient liquidity, and our view that a debt restructuring or a distressed exchange is likely over the next 12 months." Spirit Airlines disclosed in its quarterly filing for the period ended June 30, 2025, that there is substantial doubt in its ability to continue as a going concern. Continued deterioration in the airline's operating performance--driven by overcapacity in key domestic markets, engine issues limiting capacity growth and utilization, and elevated labor costs--has widened S&P Global Ratings' projected cash flow deficit, and S&P believes the company may breach its minimum liquidity covenant in the near term. Material challenges in an uncertain operating environment have increased the probability that Spirit defaults on its debt obligations. S&P said, "Our 'CCC' rating indicates that we envision specific default scenarios over the next 12 months, including a potential near-term liquidity crisis or violation of financial covenants. Our downgrade of the company follows its recent disclosure that there is substantial doubt in its ability to operate as a going concern." A higher-than-expected free cash flow deficit amid weak market conditions is a key risk to the company's near-term liquidity position. Spirit emerged from bankruptcy in March 2025 after filing for Chapter 11 protection in November 2024, with funded debt outstanding lower by about $1 billion and maturities extended beyond 2025. While the restructuring removed near-term refinancing risks, operational headwinds continued to impact its performance, with negative free operating cash flow of about $459 million in the first half of 2025. The new senior secured notes have a $450 million minimum liquidity covenant (inclusive of revolver availability up to $300 million). Liquidity was about $680 million on June 30, 2025 (cash and short term investments of $408 million and $275 million undrawn revolver), down from about $880 million a quarter ago. Furthermore, Spirit disclosed in its filing that it may need to pledge additional collateral in order to renew its credit card processing agreement (expiring Dec 31, 2025), which could result in a further reduction in unrestricted cash. If the agreement is not renewed, credit card processors could impose higher cash holdbacks, with the potential exposure estimated at about $490 million as of June 30, 2025. S&P said, "We project capacity decline of close to 20% and negative S&P Global Ratings-adjusted EBITDA to result in an unadjusted free cash flow deficit of over $600 million for the full year, considerably weaker than our previous expectation. We estimate total liquidity to be about $480 million at the end of the year, barely above the $450 million covenant requirement." Capacity declined by 22% in the first half of 2025 with fewer aircraft as well as lower aircraft utilization. Spirit has considerably scaled back its flight volume by selling aircraft and reducing off-peak flying, while a higher number of aircraft on ground (AOG) continued to hinder its ability to control fixed costs. Moreover, tariff uncertainty and broader macroeconomic volatility has disproportionately impacted domestic main cabin demand, where Spirit holds the majority of its exposure. Spirit is actively implementing measures to strengthen its cash position, but the pace of improvement may be insufficient to prevent a liquidity crisis. S&P said, "Despite taking steps such as network reconfiguration, pivoting toward premium, and cost reduction strategies (including pilot furloughs), Spirit's turnaround plan has yet to generate progress in its financial results. The company is actively pursuing additional liquidity measures, including additional asset sales ($250 million has been completed earlier in the third quarter, though we continue to include about $400 million in our liquidity analysis for the year), cost cutting initiatives, and negotiation with its credit card processors. We believe that if these efforts prove unsuccessful, Spirit will likely pursue a distressed restructuring or face an event of default within the next 12 months." S&P said, "The negative outlook reflects the probability of Spirit being unable to improve operational performance and cash flow generation, with deterioration in its liquidity position such that we believe an event of default or restructuring that we consider tantamount to a distressed exchange is likely within the next 12 months. "We could lower our rating on Spirit if we believe a default or distressed exchange appears inevitable within the next six months. "We could raise our ratings on Spirit if it materially improves its operating performance and liquidity position such that it is no longer subject to a going-concern qualification and we no longer view a distressed exchange or restructuring as likely." SPIRIT AIRLINES: Struggles w/ Costs After Rushed Ch. 11 Fell Short ------------------------------------------------------------------ Steven Church and Mary Schlangenstein of Bloomberg News report that when Spirit Airlines entered bankruptcy court last November 2024, it assured employees, customers, and creditors that "99.9%" of them would see no change, according to company lawyer Marshall Huebner. The budget carrier said its Chapter 11 filing was solely to finalize a deal with a select group of bondholders who agreed to exchange their debt for equity — a move aimed at cutting interest costs while avoiding the drawn-out, costly disputes with unions, lessors, and other stakeholders that have marked past airline bankruptcies. About Spirit Airlines Spirit Airlines, Inc. (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. SUMMIT HARD: Seeks Subchapter V Bankruptcy in Colorado ------------------------------------------------------ On August 13, 2025, Summit Hard Cider and Perry Company LLC filed Chapter 11 protection in the District of Colorado. According to court filing, the Debtor reports $2,663,400 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Summit Hard Cider and Perry Company LLC Summit Hard Cider and Perry Company LLC, operating in Fort Collins, Colorado, produces and sells craft hard ciders and perries, and operates a taproom and pub under the Scrumpy's brand, offering beverages and food to consumers. The Company also collects local fruit through a mobile juicing trailer to create both alcoholic and non-alcoholic drinks. Summit Hard Cider and Perry Company LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-15079) on August 13, 2025. In its petition, the Debtor reports total assets of $164,233 and total liabilities of $2,663,400. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Payton L. Buhler, Esq. at BELL, GOULD, LINDER & SCOTT P.C. SUNNOVA ENERGY: Creditor Enterprise Bank Seeks Asset Sale Review ---------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that Enterprise Bank & Trust has asked a Texas bankruptcy court to reconsider its approval of Sunnova Energy's asset sale, saying the deal failed to account for the possible recapture of federal tax credits. According to a Thursday, August 14, 2025, filing, the sale covered assets from nonbankrupt affiliates that could lead to the forfeiture of millions in credits previously transferred to the bank. Enterprise said it acquired more than $32 million in Sunnova's solar investment tax credits in 2023 and 2024, which remain subject to a five-year recapture period tied to the underlying projects. About Sunnova Energy Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Sunnova Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90160) on June 8, 2025. In its petition, the Debto reports estimated assets and liabilities between $10 billion and $50 billion each. The Debtor is represented by Jason Gary Cohen, Esq. at Bracewell LLP. SUNSTONE DEVELOPMENT: To Sell Dana Point Parcel to Galaxy Holdings ------------------------------------------------------------------ Sunstone Development LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is comprised of four contiguous parcels of vacant land in Dana Point, California. The Dana Point Parcels' are part of the Dana Point Coastal Couplet Commercial district, which permits a wide range of commercial uses along the Pacific Coast Highway, and the Coastal Visitor Commercial district, designed for tourist-oriented businesses. Debtor acquired the parcels in September 2022 to develop a commercial center at the gateway to the Marina at Dana Point with retail, office, and mixed-use establishments, however, in the fall of 2024 Debtor was unable to arrange an extension or take financing of the Oakhurst Loan which was required to move on to the next phase of development of the Dana Gateway Project. When it filed bankruptcy, the Debtor valued the Dana Point Parcels at $18,450,000, which was based on appraisals received prior to the bankruptcy case and in consultation with Ron Wright and Katherine Griffiths at Coldwell Banker Commercial Realty, whom the Debtor employed to market the Dana Point Parcels. Oakhurst filed a claim in the amount of $12,078,740.72 secured by a priority interest in the Dana Point Parcels. In addition to the Oakhurst Loan, when Debtor filed Bankruptcy, it estimated it owed $642,103.34 to the Orange County Tax Collector in property taxes secured by an interest in the Dana Point Parcels. The Debtor received several offers to purchase the Dana Point Parcels, including initial offers in the $12,000,000 range for the collective purchase of the Dana Point Parcels; offers to purchase the Northside Parcels for approximately $6,000,000 with between 90 and 120 days for the release of contingencies; and offers to purchase the Southside Parcels for $6,500,000 with contingencies released between 10 and 20 days. On August 8, 2025, Debtor received an offer from Galaxy Holdings, LLC offering to purchase the Dana Point Parcels for $15,000,000, with no financing contingency, a $450,000 deposit, and minimal time for the release of other contingencies. The offer was attractive not only because it was consistent with the higher range of offers received for the collective purchase of the Dana Point Parcels, but also because of the Galaxy's willingness to close contingencies as soon as possible. The Debtor enter into the Galaxy Purchase Agreement which indicate a deposit amount of $450,000 and estimated close of escrow on September 30, 2025. To ensure Debtor receives maximum value for the Dana Point Parcels, Debtor requested, and Galaxy agreed, that its offer to purchase the Dana Point Parcels would be subject to overbid. Minimum Initial Overbid: $15,250,000 ($250,000 higher than the purchase price. The Overbid Procedures contain the following material terms: -- Minimum Initial Overbid: $15,250,000 ($250,000 higher than the purchase price. -- Stalking Horse Bid: Galaxy's Purchase Agreement is deemed a Qualified Bid and serves as the "stalking horse" bid. -- "Bid Deadline": All bid materials are due by 5:00 p.m. on August 31, 2025 to myself and Debtor's bankruptcy counsel. -- An auction will be held at the Sale Hearing only if one or more Qualifying Bids is received, with overbids must increase by at least $100,000 in net cash. -- If Galaxy is not the successful bidder, Debtor will pay Galaxy a $25,000 breakup fee, funded from the sale proceeds. In return, Galaxy will assign its reports and clearances to the successful bidder. Debtor is confident that these Overbid Procedures, drafted in consultation with Coldwell and with the consent of Galaxy, will ensure maximum value is received for the Dana Point Parcels. About Sunstone Development, LLC Sunstone Development, LLC filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 25-11049) on April 22, 2025, listing between $10 million and $50 million in assets and liabilities. Judge Scott C. Clarkson oversees the case. Franklin Soto Leeds, LLP is the Debtor's legal counsel. TITAN CNG: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Titan CNG, LLC 25-11525 8285 West Lake Pleasant Pkwy. Peoria, AZ 85382 Titan Transportation Equipment Leasing, LLC 25-11526 f/k/a EVO Equipment Leasing, LLC 8285 West Lake Pleasant Pkwy. Peoria, AZ 85382 J.B. Lease Corporation 25-11527 6925 South 6th Street Oak Creek, WI 53154 Business Description: Titan CNG, LLC operates compressed natural gas fueling stations serving commercial fleets and trucking operators across the United States. Titan Transportation Equipment Leasing, LLC leases trucks, trailers, and related transportation equipment to support freight and contract delivery operations nationwide. J.B. Lease Corporation provides vehicle and equipment leasing services for regional freight transport and postal service contracts in the U.S. Chapter 11 Petition Date: August 14, 2025 Court: United States Bankruptcy Court District of Delaware Judge: Hon. Mary F. Walrath Debtors' Bankruptcy Counsel: Natasha M. Songonuga, Esq. ARCHER & GREINER, P.C. 300 Delaware Avenue Suite 1100 Wilmington, DE 19801 Tel: 302-777-4350 Email: nsongonuga@archerlaw.com Titan CNG, LLC's Estimated Assets: $100,000 to $500,000 Titan CNG, LLC's Estimated Liabilities: $10 million to $50 million Titan Transportation's Estimated Assets: $10 million to $50 million Titan Transportation's Estimated Liabilities: $50 million to $100 million J.B. Lease Corporation's Estimated Assets: $1 million to $10 million J.B. Lease Corporation's Estimated Liabilities: $10 million to $50 million The petitions were signed by Mark E. Palmer as chief restructuring officer. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/DOAHADA/Titan_CNG_LLC__debke-25-11525__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/DKIDKDY/Titan_Transportation_Equipment__debke-25-11526__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/DXHL2TA/JB_Lease_Corporation__debke-25-11527__0001.0.pdf?mcid=tGE4TAMA List of Debtors' 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. ALERUS Financial Lease Financing $149,475 16215 N. 28th Ave. Agreement Phoenix, AZ 85053 2. Bank of Oklahoma Lease Financing $149,475 6500 W. Freeway, Agreement Ste. 900 Fort Worth, TX 76116 3. Billy (Trey) Peck Jr. Loan $149,233 c/o Bridgewest Growth Fund LLC 7563 E. Cinnabar Ln. Strafford, MO 65757 4. CFP Capital Lease Financial $288,000 12198 South State Agreement St, Suite 4 Draper, UT 84020 5. Daimler Truck Lease Financial $1,113,022 Financial Agreement P.O. Box 5260 Carol Stream, IL 60197-5260 6. Damon Cuzick Loan $37,308 20823 W. Western Buckeye, AZ 85396 7. Equify Financial, LLC Lease Financial $425,422 6500 W. Freeway, Agreement Ste. 900 Fort Worth, TX 76116 8. Equipment Leasing Lease Financial $149,475 Services, LLC Agreement 800 Ct Ave Ste 4N Norwalk, CT 06854 9. First Fidelity Lease Financing $9,783 16277 N. Greenway Agreement Hayden Loop Ste 100 Scottsdale, AZ 85260 10. First Interstate Bank Lease Financing $149,475 401 N. 31st St. Agreement PO Box 30918 Billings, MT 59116 11. INTEGRO Bank Lease Financing $286,000 c/o Tiffany & Bosco, P.A. Agreement Camelback Esplanade II, Seventh Floor 2525 East Camelback Road Phoenix, AZ 85016 12. Investor Bank Lease Financing $149,475 8501 N. Scottsdale Agreement Rd. #120 Scottsdale, AZ 85253 13. Libertas Funding Loan $2,346,000 411 W. Putnam Ave. Ste 220 Greenwich, CT 06830 14. Met Tel Com Lease Financial $67,068 55 Water Street, Agreement 32nd Floor New York, NY 10041 15. Mitsubishi HC Lease Financial $90,697 Capital America Agreement 800 Ct Ave Ste 4N Norwalk, CT 06854 16. Penske Truck Lease Financial $1,465,748 Leasing Co., L.P. Agreement P.O. Box 802577 Chicago, IL 60680-2577 17. Southwest Heritage Bank Lease Financial $256,776 16435 N Scottsdale Agreement Rd, Suite 140 Scottsdale, AZ 85254 18. Thomas Abood Loan $745,916 6508 E. Bar Z Ln. Paradise Valley, AZ 85253 19. Toyota Industries Lease Financial $67,136 Commercial Finance Inc Agreement P.O. Box 660926 Dallas, TX 75266-0926 20. Trinity Capital Lease Financing $178,000 1 N 1st St., Ste. 302 Agreement Phoenix, AZ 85004 TITAN TRANSPORTATION: Seeks Chapter 11 Bankruptcy w/ Over 50MM Debt ------------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that Titan Transportation Equipment Leasing, an Arizona truck leasing company, has sought Chapter 11 protection in Delaware, listing $50 million to $100 million in liabilities and $10 million to $50 million in assets. About Titan Transportation Equipment Leasing Titan Transportation Equipment Leasing is an Arizona-based transportation equipment leasing company. Titan Transportation Equipment Leasing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11526) on August 14, 2025. In its pettion, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Natasha M. Songonuga, Esq. at Archer & Greiner, P.C. TRUE LOUNGE: Case Summary & One Unsecured Creditor -------------------------------------------------- Debtor: True Lounge, Inc. 82-88 Orchard Street Newark, NJ 07102 Business Description: True Lounge, Inc. operates as a restaurant, bar, and lounge at 82-88 Orchard Street, Newark, New Jersey, offering live music, comedy, and entertainment events. It serves as a nightlife venue in the Newark area, hosting both public performances and private events. Chapter 11 Petition Date: August 15, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-18597 Debtor's Counsel: Carol L. Knowlton, Esq. GORSKI & KNOWLTON PC 311 Whitehorse Ave., Suite A Hamilton, NJ 08610 Tel: 609-964-4000 Fax: 609-528-0721 E-mail: cknowlton@gorskiknowlton.com Total Assets: $2,085,100 Total Liabilities: $1,811,117 The petition was signed by Catherine Spruill as president. The Debtor identified Federal Wine & Spirits Company, based in Kearny, New Jersey, as its only unsecured creditor, holding a claim totaling $12,608. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EWE3XOQ/True_Lounge_Inc__njbke-25-18597__0001.0.pdf?mcid=tGE4TAMA UNITI GROUP: S&P Assigns 'B-' Issuer Credit Rating, Outlook Stable ------------------------------------------------------------------ S&P Global Ratings assigned a 'B-' issuer credit rating and stable outlook to Uniti Group LLC (formerly Uniti Group Inc.). S&P said, "We also raised the issue-level rating on Windstream Services LLC's (a wholly owned subsidiary of Uniti) $500 million term loan B due 2031 and $2.2 billion of first-lien senior notes due 2031 to 'B' from 'B-'. At the same time, we revised the recovery rating on the debt to '2' (70% rounded estimate) from '3', reflecting a favorable mix of secured to unsecured debt in the new capital structure. "In addition, we lowered the issue-level rating on Windstream Services LLC's $475 million revolving credit facility due 2027 to 'B' from 'BB-' and revised the recovery rating on this debt to '2' (70% rounded estimate) from '1+', given the cross guarantees in the new structure." Windstream Holdings II LLC merged with and into Uniti Group LLC (formerly Uniti Group Inc.), with Uniti surviving the merger as an indirect, wholly owned subsidiary of Windstream Parent, which was renamed Uniti Group Inc. (Uniti). Shortly thereafter, Uniti combined the legacy debt from both Uniti and Windstream under a single organizational silo. S&P said, "Furthermore, we modestly lowered the rounded recovery estimate on Uniti Group LLC's (a wholly owned subsidiary of Uniti) senior secured debt and $500 million revolver due 2027 to 70% from 75% because it is pari passu with Windstream's secured debt. The stable outlook on Uniti reflects our expectation that elevated capital expenditure (capex) will offset earnings growth such that leverage remains in the low- to mid-6x area over the next year. "We expect Uniti's adjusted debt to EBITDA will remain in the low-to-mid 6x area through 2026. We believe Uniti will be challenged to improve leverage over the next few years as modest earnings growth is offset by negative free operating cash flow (FOCF) due to an acceleration of network investments to upgrade the network to fiber-to-the-home (FTTH). Still, we believe these investments, if executed well, could enable Uniti to reduce leverage longer term once its investment cycle winds down. "Our forecast assumes revenue decreases 7%-8% in 2025 as ongoing declines in legacy data and managed services revenue offset consumer fiber growth. In 2026, we believe declines can improve to 1%-3% as consumer fiber revenue growth offsets reductions in its consumer digital subscriber line (DSL) business, which is in secular decline. "At the same time, our base-case forecast assumes earnings growth of 2%-4% in 2026 on recent cost savings initiatives and the partial realization of synergies associated with the merger. However, we expect S&P Global Ratings-adjusted gross leverage to remain elevated above 6x (which includes $575 million of preferred equity that we treat as debt) because of continued FOCF deficits and associated funding requirements. Furthermore, we believe there are certain risks that could hurt credit quality, including the potential for integration missteps and not achieving the targeted $100 million of cost savings. "We expect Uniti to expand its FTTH coverage to about 45% of its footprint by the end of 2025. Uniti only added about 90,000 homes passed in the first half of 2025, resulting in total fiber passings increasing to about 1.7 million, or about 42% of its footprint, as of June 30, 2025, lower than Frontier Communications at about 56%. However, with the completion of the merger in the second half of 2025, we expect Uniti to accelerate its fiber expansion such that it passes an additional 280,000-290,000 homes with fiber to reach 2,000,000 homes by year end. In 2026, we expect Uniti to continue at an accelerated fiber build pace of 350,000-400,000 annually to achieve its goal of 75% FTTH coverage by 2029 (3.5 million homes passed), which would likely align it with peers such as Frontier." Uniti is increasing fiber penetration rates in its upgraded markets. The company added about 37,500 fiber customers in the first half of 2025, increasing its overall consumer fiber penetration to about 28% as of June 30, 2025, compared with about 27% as of June 30, 2024. S&P said, "We expect Uniti to continue to increase consumer fiber subscribers at a healthy rate in 2025, with a longer-term opportunity to increase its penetration to the low-30% area by 2027. That said, we expect broadband competition to intensify in certain geographies as the wireless carriers increase their penetration of fixed wireless access (FWA) customers." For example, T-Mobile and Verizon Communications are expanding their FWA services and expect to have 13 million-14 million FWA subscribers by year-end 2025. Moreover, AT&T is offering FWA in certain markets, a shift in posture because it previously dismissed the service as inferior to fiber. AT&T will remain primarily focused on FTTH service while leveraging FWA in more rural areas and markets that may not receive a FTTH upgrade in the near term. S&P said, "We believe FWA could take broadband share from Uniti in areas that have not been upgraded to fiber. Although FWA data speeds are not as fast as fiber, we believe it could be attractive to Uniti's DSL subscribers given its speed advantage over copper and its attractive prices." As of Dec. 31, 2024, Uniti's copper-based infrastructure accounted for about 70% of its Kinetic revenue. FOCF generation is constrained by elevated capital spending. S&P said, "We believe average FOCF deficits will likely exceed $300 million annually over the next several years on elevated capital spending of $1.2 billion-$1.4 billion per year. That said, we do not expect the company to draw on its revolver in 2025 given its current liquidity position. Still, we believe Uniti may need to access the capital markets over the next couple of years to reach its 3.5 million fiber passings target by 2029." The stable outlook on Uniti reflects S&P's expectation that elevated capex will offset earnings growth such that leverage remains in the low- to mid-6x area over the next year. S&P could lower the rating if: -- Aggressive competition or execution missteps hurt Uniti's ability to increase broadband penetration such that it cannot sufficiently increase EBITDA and reduce leverage, leading us to assess the capital structure as unsustainable; or -- Uniti's liquidity position erodes because of cash flow deficits, and it appears unlikely that the company could obtain additional financing. Over the longer term, S&P could raise its ratings on Uniti if it: -- Profitably captures broadband share in its markets while growing EBITDA and improving FOCF; and -- Sustains leverage below 5.5x and FOCF to debt approaching 5%. This could occur longer term if the company executes its fiber expansion strategy while improving its operational efficiency. UNIVERSITY PARK BERKELEY: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------------------- Yun Park of Law360 Real Estate Authority reports that the University Park Berkeley LLC, which runs a student housing complex in Berkeley, California, sought Chapter 11 protection Thursday, August 14, 2025, in a California bankruptcy court, listing debts of between $50 million and $100 million. About University Park Berkeley LLC University Park Berkeley LLC is a Single Asset Real Estate entity likely operating property near UC Berkeley. It runs a student housing complex in Berkeley, California. University Park Berkeley LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12252) on August 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $50 million and $100 million each. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by Nina P. Aritonova, Esq. at The Law Office Of Nina Aritonova. UNIVERSITY PARK: Case Summary & 10 Unsecured Creditors ------------------------------------------------------ Debtor: University Park Berkeley, LLC 20 Enterprise Suite 400 Aliso Viejo CA 92656 Business Description: University Park Berkeley, LLC is classified as a single-asset real estate debtor under U.S. bankruptcy law. Chapter 11 Petition Date: August 14, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-12252 Judge: Hon. Mark D Houle Debtor's Counsel: Nina Aritonova, Esq. THE LAW OFFICE OF NINA ARITONOVA, ESQ. 23416 Strathem Street West Hills CA 91304 Tel: 310-384-7841 Email: N_aritonova@hotmail.com Estimated Assets: $50 million to $100 million Estimated Liabilities: $50 million to $100 million The petition was signed by Blake Wettengel as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/M46F2ZY/University_Park_Berkeley_LLC__cacbke-25-12252__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 10 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Terra University Park, LLC Loan $1,000,000 a Delaware Limited Liability Co. 550 5th Avenue 6th Floor New York, New York 10036 Pircher Nichols & Meeks Attn: Real Estate Notices 1901 Ave. of the Stars Suite 1200 Los Angeles, California 90067 2. Affinity Construction Professional $25,800 2145 Brampton Court Services Walnut Creek, California 94598 3. Book & Ladder, LLC Professional $193,643 20 Enterprise Suite 400 Services Aliso Viejo, California 92656 4. Casa Azul Janitorial Services Professional Unliquidated 1707 Shattuck Avenue Services Berkeley, California 94709 5. City of Berkeley Government $126,339 Rent Stabilization Program Expenses 2125 Milvia Street Berkeley, California 94704 6. Cosco Fire Protection Professional $14,003 7455 Longard Road Services Livermore, California 94551 7. Crew Enterprises Professional $703,078 20 Enterprise Suite 400 Services Aliso Viejo, California 92656 8. NBPC, LLC Professional $33,289 20 Enterprise Suite 400 Services Aliso Viejo, California 92656 9. Ryan, LLC Professional $109,433 P.O. Box 848351 Services Dallas, Texas 75284 10. Situs Asset Management Professional $637,531 P.O. Box 676239 Services Dallas, Texas 75267 US COATING: Gets Final OK to Use Cash Collateral ------------------------------------------------ US Coating Specialists, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral. The final order authorized the Debtor to use cash collateral and to operate under the prior cash collateral budget until its Chapter 11 case is closed. Nothing in the final order prejudices or otherwise limits LEAF Capital Funding, LLC's right to seek further or different adequate protection upon appropriate notice and motion in the event of a material changes in circumstances. The Debtor received funding from Leaf Capital Funding, a merchant cash advance lender, prior to the petition date. It owes the lender approximately $150,000. About US Coating Specialists US Coating Specialists, LLC is a licensed commercial roofing company in Florida, offering services like SPF spray foam, silicone, and metal roofing. It also provides roof repairs, maintenance, and emergency services for commercial and industrial buildings. The company works with trusted partners and offers financing options for new roofing systems. US Coating Specialists filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-11972) on February 25, 2025, listing up to $10 million in both assets and liabilities. Anthony Flett, chief executive officer of US Coating Specialists, signed the petition. Judge Mindy A. Mora oversees the case. Mark F. Robens, Esq., at Stichter, Riedel, Blain, & Postler P.A., represents the Debtor as legal counsel. Leaf Capital Funding, LLC, as lender, may be reached at: Brian Kestenbaum Manager 110 S. Poplar Street, Suite 101 Wilmington, DE 19108 Email: sbarnett@leafnow.com VENTURE GLOBAL: S&P Affirms 'BB-' ICR, Outlook Stable ----------------------------------------------------- S&P Global Ratings affirmed its 'BB-' issuer credit rating (ICR) on Venture Global LNG Inc. (VGLNG), its 'BB' issue-level rating on the company's senior secured debt, and its 'B+' issue-level rating on the company's preferred shares. The '2' recovery rating on the senior secured debt indicates S&P's expectation for substantial (70%-90%; rounded estimate: 80%) recovery in the event of default. The stable outlook reflects S&P's view that the commencement of commercial operations at VGCP and the advanced stage of construction at VGPL support robust, stable distributions from contracted revenues, and incremental revenue from commissioning cargos and excess capacity cargos. VGLNG's business risk profile will strengthen in the medium term. The company's business risk profile continues to benefit from the strength of the underlying projects that will generate the cash flow on which it relies to service its debt. These projects benefit from strong revenue contracts that provide take-or-pay cash flow from predominantly investment-grade counterparties. The company's projects are in various stages of development. VGCP has reached commercial operations and construction of VGPL is almost complete, with commercial operations of stage 1 expected next year. In addition, the company is developing its Venture Global CP2 LNG LLC (CP2) project, which is adjacent to the VGCP project. The company recently announced a final investment decision of stage 1 at CP2, which will add 20 million tons per year (tpa) of capacity. If the company goes forward with stage 2, it will add a further 20 million tpa of capacity. The completion of the projects announced to date represents 45.3 million tpa of contracted capacity. In addition, the company has announced an expansion of the VGPL project, which will result in a further 24.8 million tpa. All projects are on the U.S. Gulf Coast. S&P said, "Our current business risk profile incorporates the completion of VGCP as well as the advanced stage of construction at VGPL. We believe the development of additional contracted capacity at CP2 and VGPL will further strengthen the company's business risk profile, assuming that the additions are completed according to budgeted cost and time estimates." VGLNG's financial risk profile is supported by various forms of cash flow but leverage remains high. S&P continues to fully consolidate all project debt except for the debt from VGCP, which it proportionally consolidates based on ownership. The financial risk profile reflects significant leverage, given the material amount of debt the company raised to support continued construction and development of all projects. S&P said, "During our forecast period, the company benefits from contracted cash flow from VGCP, early cargo sales from VGPL, as well as revenue from cargos that are lifted in excess of the nameplate capacity at VGCP, which further supports cash flow. Leverage was above our downside rating trigger of 7.0x in 2024 although we expect leverage will moderate in 2025 and 2026. In addition, we believe it will increase in 2027 as VGPL fully enters commercial operations. Over time we expect leverage will moderate as the company creates a foundation of contracted cash flow, which will smooth out some of the volatility associated with projects entering commercial operations in conjunction with an aggressive development program. "The stable outlook reflects our expectation that the VGCP project will generate stable cash flow annually as it has moved to commercial operations in the second quarter of 2025. We also expect that phase 1 of the VGPL project will be completed in 2026, with phase 2 following in 2027. We believe that once completed, these projects will provide VGLNG with robust, stable distributions from contracted revenues. In addition, we expect the revenue the company receives through each project's commissioning period will provide a further source of cash flow. "We could take a negative rating action if the company cannot successfully complete the VGPL project as planned or the costs of the CP2 project escalate beyond those currently budgeted. In addition, we could take a negative rating action if cash flow from excess capacity or early cargo sales falls is not offset by reduced spending, or increased equity such that the debt-to-EBITDA ratio remains above 7.0x. "We could take a positive rating action if VGPL continues to move toward commercial operations without any cost escalation or operational issues and the construction activities at CP2 continue to advance as scheduled and within the budget as planned." VIVAKOR INC: Annual Shareholder Meeting Set for September 11 ------------------------------------------------------------ Vivakor, Inc., an integrated provider of energy transportation, storage, reuse, and remediation service, announced that its Annual Shareholder Meeting will be held at 2278 Monitor Street, Dallas Texas 75207, to begin at 9:00 a.m. CST on September 11, 2025, and will be conducted in an in-person only format. Voting Information: Shareholders of Vivakor, as of the August 13, 2025 record date, can vote in person or by proxy. Shareholders needing assistance can email the Company at info@vivakor.com. About Vivakor Coralville, Iowa-based Vivakor, Inc. is a socially responsible operator, acquirer, and developer of technologies and assets in the oil and gas industry, as well as related environmental solutions. Currently, the Company's efforts are primarily focused on operating crude oil gathering, storage and transportation facilities, as well as contaminated soil remediation services. Pittsburgh, Penn.-based Urish Popeck & Co., LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $241 million in total assets, $125.9 million in total liabilities, and a total stockholders' equity of $115.1 million. VIVAKOR INC: Sells Subsidiaries, Enters Forbearance With Maxus -------------------------------------------------------------- Vivakor, Inc. ("Vivakor") disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on July 30, 2025, Vivakor Transportation, LLC, as Seller, executed and entered into a Membership Interest Purchase Agreement with Jorgan Development, LLC to sell all of the issued and outstanding limited liability company membership interests in and to Meridian Equipment Leasing, LLC, and Equipment Transport, LLC, two indirectly wholly-owned subsidiaries of Vivakor. The purchase price paid to the Seller thereunder consisted of $11,058,235 USD to be remitted in Series A Convertible Preferred Stock of Vivakor, which shares will no longer be considered outstanding or be entitled to the relevant annual dividend. The purchase price is subject to upward or downward adjustment based on any difference in net equity of the Targets as reflected by the Targets' final financial results for the period ending June 30, 2025. The Targets were principally engaged in the truck transportation of oilfield produced water and associated equipment leasing operations. In connection with the Transaction, and among other agreements as further set forth in the Purchase Agreement: (i) affiliates of Vivakor, and certain related parties controlled directly or indirectly by James H. Ballengee, Vivakor's Chairman, President, and Chief Executive Officer (the "Ballengee Family Office Affiliates") will amend and restate that certain Transition Services Agreement dated October 1, 2024, to account for new and additional services to be provided by various parties thereto, (ii) the parties will amend and restate that certain Secured Promissory Note dated August 15, 2022, by and between Vivakor, as Borrower, and Jorgan Development, LLC, as Lender, reducing the payments to Lender thereunder by almost 1/2, from 99% of certain free cash flow from certain of Vivakor's terminal operations to 50% of free cash flow from such operations, and (iii) Mr. Ballengee and certain Ballengee Family Office Affiliates will voluntarily suspend the right to receive dividends and distributions upon Series A Convertible Preferred Stock of Vivakor, held by them for the period from August 1, 2025 to January 1, 2026. Forbearance Agreement: On July 30, 2025, Silver Fuels Delhi, LLC, White Claw Colorado City, LLC, Silver Fuels Processing, LLC, CPE Gathering Midcon, LLC, Vivakor, and Vivakor Transportation, LLC (collectively, the "Vivakor Obligors"), James H. Ballengee, Vivakor's Chairman, President, and Chief Executive Officer, and certain related parties controlled directly or indirectly by Mr. Ballengee (collectively, the "Ballengee Obligors"), executed and entered into a Forbearance Agreement with Maxus Capital Group, LLC ("Maxus" and the "Forbearance Agreement", respectively). Pursuant to the terms of the Forbearance Agreement, the Vivakor Obligors and the Ballengee Obligors agreed that: (A) various events of default have occurred and are continuing to occur with respect to: (i) Master Agreement No. 1450 dated March 17, 2020, by and between Maxus Capital Group, LLC, as Lessor, Silver Fuels Delhi, LLC, as Lessee, and Jorgan Development, LLC, as Co-Lessee, and all Schedules and Leases made subject thereto (collectively, the "1450 Lease"), (ii) Master Agreement No. 1452 dated December 28, 2021, by and between Maxus Capital Group, LLC, as Lessor, Meridian Equipment Leasing, LLC, as Lessee, and Jorgan Development, LLC, as Co-Lessee, and all Schedules and Leases made subject thereto (collectively, the "1452 Lease"), (iii) Master Agreement No. 1462 dated December 28, 2021, by and between Maxus Capital Group, LLC, as Lessor, White Claw Colorado City, LLC, as Lessee, and Jorgan Development, LLC, as Co-Lessee, and all Schedules and Leases made subject thereto (collectively, the "1462 Lease", and together with the 1450 Lease and the 1452 Lease, the "Maxus Leases"), (B) Maxus will forbear and refrain from further action to enforce its rights under the Maxus Leases so long as no further events of default occur pursuant to the Forbearance Agreement, and (C) pursuant to the Maxus Leases, the Vivakor Obligors and Ballengee Obligors will pay or cause to be paid to Maxus the sum of $3,288,067.12 on or before September 1, 2025, the sum of $1,418,659.76 on or before October 1, 2025, the sum of $1,500,000 on or before November 30, 2025, the sum of $3,000,000 on or before November 30, 2025, the sum of $41,012.06 per month pursuant to the 1450 Lease, the sum of $592,973.77 per month pursuant to the 1452 Lease, and the sum of $188,030.95 per month pursuant to the 1462 Lease. Upon the execution of the Forbearance Agreement, the Vivakor Obligors and Ballengee Obligors must remit to Maxus a forbearance fee equal to (x) $250,000.00 cash and (b) restricted common shares of Vivakor in an amount equal to $250,000.00, priced per share based on the average closing price for the three days preceding their issuance. Pursuant to a Transition Agreement dated August 3, 2025, by and between Vivakor and Vivakor Administration, LLC, as Company, and Russ M. Shelton (the "Transition Agreement"), a copy of which is attached hereto as Exhibit 99.1, Mr. Shelton, resigned his position as Executive Vice President and Chief Operating Officer of the Company, concurrent therewith and agreed to assist in transitioning his responsibilities to his replacement. Mr. Shelton's resignation is not the result of any disagreement with Vivakor or its independent auditors regarding its accounting or financial practices. Vivakor Administration, LLC, a Texas limited liability company, is a wholly-owned direct subsidiary of Vivakor. About Vivakor Coralville, Iowa-based Vivakor, Inc. is a socially responsible operator, acquirer, and developer of technologies and assets in the oil and gas industry, as well as related environmental solutions. Currently, the Company's efforts are primarily focused on operating crude oil gathering, storage and transportation facilities, as well as contaminated soil remediation services. Pittsburgh, Penn.-based Urish Popeck & Co., LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $241 million in total assets, $125.9 million in total liabilities, and a total stockholders' equity of $115.1 million. VIVAKOR INC: Sets Aug. 20 Record Date for Dividend of Adapti Shares ------------------------------------------------------------------- Vivakor, Inc., an integrated provider of energy transportation, storage, reuse, and remediation service, announced in a press release the record date of August 20, 2025 for its previously disclosed plan to issue a special dividend to Vivakor shareholders. Vivakor currently holds 206,595 (approximately 13.5% of the outstanding common) shares of Adapti, Inc. (OTCID: ADTI), a company that manages the marketing of products, data and companies through its AdaptAI software platform that leverages advanced AI technology to match products and brands with influencers to attempt to generate superior marketing results. Based on Vivakor's current shares outstanding of approximately 47,297,347 and excluding 20,963,229 shares held by the Company's Chief Executive Officer and former Chief Financial Officer who waived their right to the dividend, each Vivakor shareholder will be entitled to receive approximately 0.0079 shares of Adapti, Inc. common stock per Vivakor share. Based on the current $3.50 share price of Adapti's common stock, the special dividend is currently valued at approximately $0.75 million. Adapti, Inc., formerly known as Scepter Holdings, Inc., filed its Form 10 Registration Statement with the U.S. Securities and Exchange Commission (SEC) in September 2024 and has since become a mandatory SEC reporting company. Adapti, Inc. filed its Annual Report on 10K for the period ended March 31, 2025 on July 3, 2025. The Ballengee Group, LLC, a Dallas-based baseball sports management agency which represents approximately 200 professional athletes, an entity previously controlled by Vivakor's Chief Executive Officer, Mr. James Ballengee, was acquired by Adapti, Inc. on July 14, 2025. Additional information regarding this transaction can be found in Adapti, Inc.'s filings with the SEC. About Vivakor Coralville, Iowa-based Vivakor, Inc. is a socially responsible operator, acquirer, and developer of technologies and assets in the oil and gas industry, as well as related environmental solutions. Currently, the Company's efforts are primarily focused on operating crude oil gathering, storage and transportation facilities, as well as contaminated soil remediation services. Pittsburgh, Penn.-based Urish Popeck & Co., LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $241 million in total assets, $125.9 million in total liabilities, and a total stockholders' equity of $115.1 million. WINSTAR HOLDINGS: Case Summary & Two Unsecured Creditors -------------------------------------------------------- Debtor: Winstar Holdings Group, LLC 111 East Monument Avenue Suite 323 Kissimmee, FL 34741 Business Description: Winstar Holdings Group LLC is a Florida- based limited liability company that operates as a holding entity with affiliations in the trucking and logistics sector and in roofing and solar contracting. Chapter 11 Petition Date: August 15, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-05195 Judge: Hon. Grace E Robson Debtor's Counsel: Daniel A. Velasquez, Esq. LATHAM LUNA EDEN & BEAUDINE LLP 201 S. Orange Avenue, Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 E-mail: dvelasquez@lathamluna.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Carlos J. Ocasio as managing member. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JTYRDEI/Winstar_Holdings_Group_LLC__flmbke-25-05195__0001.0.pdf?mcid=tGE4TAMA WINTER GARDEN: S&P Places 'CC' Rev. Bond Rating on Watch Negative ----------------------------------------------------------------- S&P Global Ratings placed its 'CC' long-term rating on Winter Garden Housing Finance Corp., Tex.'s, series 1994 single-family mortgage revenue bonds on CreditWatch with negative implications. The CreditWatch placement reflects that there is at least a one-in-two likelihood that S&P will lower the rating to 'D' (default) within 90 days if debt service is not paid on time and in full on the next payment date of Oct. 1, 2025, as a result of insufficient funds. S&P said, "If debt service is not paid on time and in full as due on Oct. 1, 2025, we will likely lower the rating to 'D' (default) and then withdraw the rating. Under our "Ratings Definitions," Dec. 2, 2024, the 'D' rating applies when payments on an obligation are not made in accordance with the terms of the obligation (or within the earlier of the stated grace period or the next 30 calendar days)." WISDOM DENTAL: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Wisdom Dental, P.A. got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, to use cash collateral. At the hearing held on August 11, the court granted the Debtor's motion to use cash collateral on an interim basis through September 24. In exchange for permission to use the collateral, the Debtor offered several forms of adequate protection for secured creditors, including post-petition replacement liens matching the validity and priority of their pre-bankruptcy claims. As of the petition filing, the Debtor reported $850 in cash and $170,420.28 in accounts receivable. It also listed 20 secured parties that may have valid pre-bankruptcy liens on its cash or receivables such as Seacoast National Bank, U.S. Small Business Administration, Fresh Funding Solutions, and others, some of whom have already been paid in full. About Wisdom Dental, P.A. Wisdom Dental, P.A. operates a dental clinic under the name Ave Maria Dentistry from its ocation in Ave Maria, Florida. The practice provides preventive, restorative, and cosmetic dental services and is led by Dr. Wisdom D. Akpaka. The company was incorporated in Florida in 2015. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01508) on August 6, 2025. In the petition signed by Wisdom Akpaka, president, the Debtor disclosed $223,970 in assets and $2,851,770 in liabilities. Judge Caryl E. Delano oversees the case. Michael Dal Lago, Esq., at DAL LAGO LAW, represents the Debtor as legal counsel. YELLOW CORP: Seeks Court OK for $16MM Real Estate Sales ------------------------------------------------------- Rick Archer of Law360 Real Estate Authority reports that trucking company Yellow Corp. is seeking approval from a Delaware bankruptcy judge to sell three of its remaining depots for a little over $16 million. About Yellow Corporation Yellow Corporation -- www.myyellow.com -- operated logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corp had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. Kirkland & Ellis LLP is serving as the Company's restructuring counsel, Pachulski Stang Ziehl& Jones LLP is serving as the Company's Delaware local counsel, Kasowitz, Benson and Torres LLP is serving as special litigation counsel, Goodmans LLP is serving as the Company's special Canadian counsel, Ducera Partners LLC is serving as the Company's investment banker, and Alvarez and Marsal is serving as the Company's financial advisor. Epiq Bankruptcy Solutions serves as claims and noticing agent. Milbank LLP, serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. White & Case LLP, serves as counsel to Beal Bank USA. Arnold & Porter Kaye ScholerLLP, serves as counsel to the United States Department of the Treasury. Alter Domus Products Corp., the Administrative Agent to the DIP Lenders, is represented by Holland & Knight LLP. Akin Gump Strauss Hauer & Feld LLP and Benesch, Friedlander, Coplan & Aronoff LLP are serving as counsel to the Official Committee of Unsecured Creditors. Potter Anderson & Corroon LLP and Quinn Emanuel Urquhart & Sullivan, LLP, are representing MFN Partners, LP and Mobile Street Holdings, LLC. YELLOW CORP: To Sell Properties to Multiple Buyers -------------------------------------------------- Yellow Corporation and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware, to sell Assets, free and clear of liens, claims, interests, and encumbrances. The Debtors, through their investment banker, Ducera Partners, commenced their initial marketing and sale efforts for their Real Property Assets, including for the Subject Properties under the Asset Purchase Agreements. As described in the Kaldenberg Bidding Procedures Declaration and the Kaldenberg Declaration, the Debtors commenced their initial marketing and sale efforts for their Real Property Assets, including for the Subject Properties under the Asset Purchase Agreements, one week prior to the Petition Date. The Debtors and their advisors, including Ducera and CBRE Inc., exclusive real estate broker, have marketed the Subject Properties for over two years—leaving no stone unturned. The Kaldenberg Declaration can be found at: https://urlcurt.com/u?l=CNWNKE The Debtors, in an exercise of their sound business judgment and in consultation with the Committee, seek to enter into and consummate each of the Asset Purchase Agreements. The Debtors believe that it is beneficial to their stakeholders and will maximize the value of the Subject Properties (and, in turn, their estates and creditor recoveries) to consummate the Sale Transactions under the Asset Purchase Agreements. The aggregate Purchase Price proceeds to be obtained by the Debtors' estates under the Asset Purchase Agreements is approximately $16 million, with the following breakdown: $21,500,000 CAD (or approximately $15.6 million) under the Viola Asset Purchase Agreement, $300,000 under the Ray Properties Asset Purchase Agreement, and $160,000 CAD (or approximately $115 thousand) under the Victor Asset Purchase Agreement. A summary of the Asset Purchase Agreements can be found at: https://urlcurt.com/u?l=h5sQ77 The Debtors, in consultation with the Committee, have determined in their business judgment that the Asset Purchase Agreements maximize the value of the Subject Properties and contain terms and provisions that are value-maximizing, fair, and reasonable. The following charts present summaries of the terms and conditions of each of the Asset Purchase Agreements: The Victor Asset Purchase Agreement: Seller: Yellow Corporation Purchaser: Victor Masson Acquired Assets One Owned Property - 930 Route 147, Dixville, QC J0B 1P0 Purchase Price: $160,000 CAD The Viola Asset Purchase Agreement: Seller; YRC Freight Canada Company Purchaser: 2534929 Ontario Inc. Acquired Assets: One Owned Property - 285 South Blair Street, Whitby, ON L1N 9V9 The Ray Properties Asset Purchase Agreement: Seller: Yellow Corporation and its subsidiaries listed therein Purchaser: Richard Oliphant Acquired Assets: One Owned Property - 161 Center Street, Jacksonville, NC 28546 The Debtors believe that the total consideration provided by the Purchasers under the Asset Purchase Agreements, in each case, is fair and reasonable, and that the Sale Transactions under the respective Asset Purchase Agreements maximize the value of the Subject Properties. The Debtors respectfully submit that, in their sound and prudent business judgment and in consultation with the Committee, the Asset Purchase Agreements maximize the value of the Subject Properties. About Yellow Corporation Yellow Corporation -- www.myyellow.com -- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corp had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. Kirkland & Ellis LLP is serving as the Company's restructuring counsel, Pachulski Stang Ziehl & Jones LLP is serving as the Company's Delaware local counsel, Kasowitz, Benson and Torres LLP is serving as special litigation counsel, Goodmans LLP is serving as the Company's special Canadian counsel, Ducera Partners LLC is serving as the Company's investment banker, and Alvarez and Marsal is serving as the Company's financial advisor. Epiq Bankruptcy Solutions serves as claims and noticing agent. Milbank LLP, serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. White & Case LLP, serves as counsel to Beal Bank USA. Arnold & Porter Kaye ScholerLLP, serves as counsel to the United States Department of the Treasury. Alter Domus Products Corp., the Administrative Agent to the DIP lenders, is represented by Holland & Knight LLP. Ducera Partners, serves as the Debtors' investment banker. ZIPS CAR WASH: Landlords Challenge Assumption of Leases in Ch. 11 ----------------------------------------------------------------- Yun Park of Law360 Real Estate Authority reports that the two landlords of Zips Car Wash told a Texas federal district court that missed payments justified the termination of the debtor's leases and required the company to vacate, challenging the bankruptcy court's approval of Zips' lease assumptions. About Zips Car Wash, LLC Zips Car Wash LLC and affiliates are among the largest privately owned express car wash operators in the U.S., offering advanced car wash services using cutting-edge chemistry like Ultra HD Glaze and Graphene-Ceramic Fusion X to deliver superior results, including glossy tires, streak-free windows, and a well-protected paint job. Founded in 2004 with just two locations in rural Arkansas, the Debtors have expanded significantly through strategic acquisitions, now operating over 260 locations across 23 states. Headquartered in Plano, Texas, the Debtors run their businesses under the Zips, Jet Brite, and Rocket Express brands and serve their customers through two core revenue channels: a traditional pay-per-wash format and Zips Unlimited, their flagship monthly subscription program with over 600,000 members. Zips Car Wash LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80069) on Feb. 5, 2025. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and estimated liabilities between $1 billion and $10 billion. Honorable Bankruptcy Judge Michelle V. Larson handles the case. The Debtors' local bankruptcy counsel is Jason S. Brookner, Esq., Aaron M. Kaufman, Esq., and Amber M. Carson, Esq., at Gray Reed, Dallas, Texas. The Debtors' general bankruptcy counsel is Joshua A. Sussberg, Esq., and Ross J. Fiedler, Esq., at Kirkland & Ellis LLP, in NewYork, and Lindsey Blumenthal, Esq., at Kirkland & Ellis LLP, Chicago, Illinois. The Debtors' investment banker is Evercore Group LLC. The Debtors' financial advisor is Alixpartners LLP. The Debtors' Noticing & Claims Agent is Kroll Restructuring Administration LLC. The Debtors' Real Estate Consultant & Advisor is Hilco Real Estate LLC. The Debtors' tax advisor is PWC US TAX LLP. [] Troutman Pepper Adds Three New Partners to Bankruptcy Practice ----------------------------------------------------------------- Michael Cecka, David Fialkow, and Melissa Kato have joined Troutman Pepper Locke as partners and members of the commercial mortgage-backed securities (CMBS) special servicer team within the firm's Bankruptcy and Restructuring Practice. Their additions to the CMBS team will further fortify the firm's competitive edge in the special servicing and litigation sectors nationally. Mr. Cecka, Mr. Fialkow, and Ms. Kato join Troutman Pepper Locke from K&L Gates, where their practices focused on real estate finance and loan servicing, CMBS and collateralized loan obligation (CLO) defaults and enforcement, and CMBS and CLO special servicing issues. "We are so pleased to welcome Michael, David, and Melissa to our team. They are highly regarded and sophisticated practitioners with deep experience and market knowledge in their sectors. Their arrivals continue the growth and development of our CMBS platform, while also opening up multiple opportunities for our team to collaborate with other practice groups and service offerings across the larger firm," said Jonathan Young, leader of the firm's Bankruptcy and Restructuring Practice. "Their arrivals, following Chris Fernandez's recent addition to our group, underscore our commitment to expanding our top-tier presence in the commercial mortgage servicing space, while also positioning us to meet growing market demand." Mr. Cecka, based in the firm's Charlotte office, focuses his practice on real estate finance and special servicing matters for all asset classes. He represents national, international, and regional lenders, primary, master, and special servicers, and other investors in connection with various structured finance transactions, including CLOs, CMBS and balance sheet mortgage loans, mezzanine debt, and other credit facilities secured by single or multi-property portfolios secured by all commercial asset classes. "The firm's expansive litigation resources and esteemed presence in the CMBS special servicing arena provide an outstanding platform to further develop innovative solutions for clients," remarked Mr. Cecka. Mr. Fialkow, based in the firm's Boston office, is a distinguished litigator with experience representing financial institutions and service providers in disputes involving commercial and consumer finance products. His consumer experience consists of handling litigation, class actions, arbitrations, and regulatory compliance matters for national banks and other financial service providers. On the commercial side, Mr. Fialkow advises on lender liability actions, loan transaction disputes, and risk mitigation. "Troutman Pepper Locke's commitment to this group's continued growth, its deep industry knowledge, and bench of leading attorneys made it an extremely attractive destination. I am thrilled to join the firm and reunite with Michael, Melissa, and Chris," said Mr. Fialkow. Ms. Kato, based in the firm's Charlotte office, brings a wealth of experience advising and representing institutional lenders, servicers, investors, and financial institutions, with a particular focus on CMBS securitizations, CRE CLOs, loan servicing-related matters, and complex loan restructurings. She represents clients in a variety of secured and unsecured financial transactions, including the purchase and sale of servicing rights, loan restructurings, and asset management. Additionally, Ms. Kato has significant experience representing servicers in CMBS special servicing issues tied to SASB defaulted loans. "I am eager to join a team where I can leverage the multifaceted skill set of my colleagues to address clients' servicing, litigation, receivership, and bankruptcy needs," added Ms. Kato. "Michael's wealth of knowledge, particularly in representing special servicers in loan modifications and workouts, combined with Melissa's experience handling nuanced CMBS special servicing issues, especially those related to SASB defaulted loans, and David's litigation proficiency in lender liability defense, builds on the momentum of our growing team and strengthens our capacity to deliver top-tier service in this niche market," added Mark Silverman, partner and leader of the CMBS special servicer team within the firm's Bankruptcy and Restructuring Practice. "Together, their industry and market experience position the firm as a market-leading resource for managing complex CMBS transactions and maturity defaults." Troutman Pepper Locke's Bankruptcy and Restructuring group provides secured lender and CMBS servicer and special servicer clients with creative solutions that prioritize recovery on defaulted loans. Clients impacted by distressed situations rely on the team's know-how to enforce their rights and maximize value. The group's deep understanding of pre- and post-insolvency issues from every stakeholder's perspective enables them to help clients prevent and prepare for a financial crisis and, when needed, serve as trusted advisors to respond effectively to financial distress. About Troutman Pepper Locke Troutman Pepper Locke -- http://www.troutman.com/-- helps clients solve complex legal challenges and achieve their business goals in an ever-changing global economy. With more than 1,600 attorneys in 30+ offices, the firm serves clients in all major industry sectors, with particular depth in energy, financial services, health care and life sciences, insurance and reinsurance, private equity, and real estate. [] U.S. Trustee Objects to Jackson Walker-Judge Romance Deals ------------------------------------------------------------- Hailey Konnath of Law360 Bankruptcy Authority reports that on Friday, August 15, 2025, the U.S. Trustee for the Southern District of Texas opposed Jackson Walker LLP's proposed settlements with former bankruptcy clients over fee disputes tied to a former firm lawyer's undisclosed relationship with a former bankruptcy judge, arguing the deals should be rejected or addressed at trial. The Troubled Company Reporter, citing Bonnie Eslinger of Law360, previously reported that Jackson Walker has entered another settlement with former bankruptcy clients to resolve fee disputes stemming from the undisclosed romantic relationship between a former firm partner and former Texas bankruptcy Judge David R. Jones, according to a motion filed Tuesday, July 29, 2025, in Texas federal court. A recent court filing shows that Sungard and Jackson Walker have reached a settlement under which the law firm will return over 93% of the fees previously approved in Sungard's bankruptcy case. The deal, which is awaiting court approval, would resolve claims arising from the undisclosed romantic relationship between former bankruptcy judge David R. Jones and ex-Jackson Walker partner Elizabeth Freeman, which prompted a review of fees awarded in cases overseen by Jones. About Jackson Walker LLP Jackson Walker LLP is a law firm. The Firm's practice areas include aviation, antitrust, bankruptcy, energy, environmental, entertainment, health care, immigration, insurance, intellectual property, international, labor and employment, real estate, and tax law. ********* 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 ***