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250922.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, September 22, 2025, Vol. 29, No. 264 Headlines 110-35 175 ST: Seeks Chapter 7 Bankruptcy in Pennsylvania 1499 FULTON: Seeks Chapter 7 Bankruptcy in New York 23ANDME HOLDINGS: Moves to Toss 160,000 Disputed Claims in Ch. 11 388 PROSPER: Section 341(a) Meeting of Creditors on October 20 4721 DITMARS: Seeks Chapter 7 Bankruptcy in New York 535 12TH AVE: Section 341(a) Meeting of Creditors on October 15 9TH LEIMERT: Seeks Chapter 7 Bankruptcy in California ALIEN TECHNOLOGIES: Seeks to Tap Nardella & Nardella as Counsel ALLSTAR PROPERTIES: Court OKs Interim Use of Cash Collateral ALTICE INTERNATIONAL: Creditors Hire Houlihan for Debt Talks Advice AMERICAN AXLE: Fitch Assigns 'BB+' Rating on New Secured Loan AMERICAN AXLE: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable AMERICAN PHYSICIAN: Trustee Claims Former Execs Siphoned Off Funds ARCHDIOCESE OF NEW ORLEANS: Slater Slater Represents Creditors ARTERA SERVICES: S&P Affirms 'B-' ICR, Outlook Negative ASTRA ACQUISITION: RiverNorth Virtually Writes Off $529,837 2L Loan B MAC BUFFET: Section 341(a) Meeting of Creditors on October 23 BAYSIDE LIMO: Unsecureds to Get Share of Income for 5 Years BELLA INVESTMENT: Hires Smith Kane Holman as Bankruptcy Counsel BIG LEVEL: Baker Donelson Represents Navistar & Bank of America BIG LOTS: Creditors' Committee Asks Court OK on $6.5MM Exec Claims BOWERS TRUCKING: Case Summary & 20 Largest Unsecured Creditors BOYD GROUP: DBRS Finalizes BB Rating, Trend Stable BRAVO BRIO: U.S. Trustee Unable to Appoint Committee BRIGHT GREEN: Taps Rodey Dickason Sloan Akin as Litigation Counsel BROADWAY REALTY: Seeks to Sell NY Property at Auction BUCKEYE PARTNERS: S&P Upgrades ICR to 'BB', Outlook Stable CAR TOYS: Committee Seeks Approval to Tap DBS Law as Legal Counsel CARBON CREEK: Hires Markus Williams Young & Hunsicker as Counsel CARMEN FRATICELLI: Court Upholds Dismissal of Bankruptcy Case CBRM REALTY: Seeks to Extend Plan Exclusivity to January 14, 2026 CENTRAL PARENT: PCM Fund Marks $597,000 Loan at 16% Off CENTRAL PARENT: PIMCO Access Marks $5.8MM Loan at 16% Off CENTRAL PARENT: PIMCO Dynamic Marks $68.7MM Loan at 16% Off CENTRAL PARENT: PIMCO Global Fund Marks $497,000 Loan at 16% Off CENTRAL PARENT: PIMCO Strategic Marks $1MM Loan at 16% Off CHF-APTOS LLC: S&P Rates 2025A Student Housing Revenue Bonds 'BB' CIVIL LLC: Committee Seeks to Tap Barth & Thompson as Local Counsel CMC ADVERTISING: Unsecureds Will Get 100% of Claims over 5 Years COLIANT SOLUTIONS: Amends AFC Secured Claims Pay Details CONSOLIDATED BURGER: Plan Exclusivity Period Extended to Sept. 26 CONSTANT CONTACT: RiverNorth Marks $530,000 2L Loan at 14% Off CTL-AEROSPACE INC: Taps Coolidge Wall Co. as General Counsel DA NOI: Seeks Court Approval to Tap Steven H. Greenfeld as Counsel DANIEL TRUCKING: Gets OK to Use Cash Collateral Until Oct. 3 DELTA QUAD: Seeks to Hire Evans & Mullinix as Bankruptcy Counsel DIEBOLD NIXDORF: S&P Upgrades ICR to 'B+', Outlook Stable DISCOVERY COMMUNICATIONS: S&P Withdraws 'B' Short Term ICR DRAGON BUYER: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable DRSN GROUP: Seeks to Hire DiLeo & Charles Tax and as Accountant DYNAMISM LLC: Seeks to Tap Michael D. Pinsky as Bankruptcy Counsel ELETSON HOLDINGS: Says Non-existent Entity Lacks Standing to Appeal ENDURE DIGITAL: PIMCO Access Marks $2.5MM Loan at 23% Off EXACTECH INC: Reaches $8MM Deal to Settle Implant Defect Claims FLEXERA SOFTWARE: S&P Withdraws 'B-' Issuer Credit Rating FLOWER APARTMENTS: Court OKs Interim Use of Cash Collateral FRANKLIN SQUARE: S&P Alters Outlook to Negative, Affirms 'BB' ICR FTX TRADING: Bankruptcy Laws Applicable to Binance, Founder FULCRUM LOAN: Seeks to Hire Concierge Auctions as Auctioneer GAFI MIAMI: Section 341(a) Meeting of Creditors on October 17 GD TRANSPORT: Court Extends Cash Collateral Access to Oct. 14 GEOSYNTEC CONSULTANTS: S&P Rates New First-Lien Term Loan 'B-' GILBERT LEGGETT: Court Extends Cash Collateral Access to Oct. 13 GREEN TERRACE: Trustee Hires Miskel Backman as Zoning Counsel HARVEY CEMENT: Hires John M. Galich as Special Real Estate Counsel HAWAIIAN ELECTRIC: Fitch Assigns 'BB' Rating on Sr. Unsecured Notes HERMITAGE NEWARK: Seeks Chapter 11 Bankruptcy in Texas HOUWELING'S ARIZONA: U.S. Trustee Unable to Appoint Committee HR NORTH: Court OKs Lutz Property Sale to Brightsky Residential HRZN INC: Section 341(a) Meeting of Creditors on October 21 ICORECONNECT INC: Gets Extension to Access Cash Collateral IHEARTCOMMUNICATIONS INC: PIMCO Access Marks $2.8MM Loan at 18% Off INDEPENDENT MEDEQUIP: Case Summary & 20 Top Unsecured Creditors INMAR INC: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ION PLATFORM:S&P Affirms 'B+' Issuer Credit Rating, Outlook Stable IVANTI SOFTWARE: PCM Fund Marks $1.1MM Loan at 17% Off IVANTI SOFTWARE: PIMCO Access Marks $4.8MM Loan at 17% Off IVANTI SOFTWARE: PIMCO Global Fund Marks $746,000 Loan at 17% Off IVANTI SOFTWARE: PIMCO Strategic Marks $1.2MM Loan at 17% Off JILL ACQUISITION: S&P Raises ICR to 'B+' on Credit Metric Cushion JLM RESOURCES: Gets Final OK to Use Cash Collateral JONES DESLAURIERS: Fitch Rates New Unsecured Notes 'CCC+' JXN WATER: On Brink of Insolvency, Loses $27K Revenue Daily K&D INDUSTRIES: Voluntary Chapter 11 Case Summary K&D's SANTA CRUZ: Gets Interim OK to Use Cash Collateral KAWANA MEADOWS: Involuntary Chapter 11 Case Summary KEN GARFF: S&P Upgrades ICR to 'BB' on Improved Business Profile L.D. LYTLE: Red Oak Property Sale to 4452 Broad for $1.45MM OK'd LANDMARK RECOVERY: Gets Court OK to Use Cash Collateral LEES EARNED: Voluntary Chapter 11 Case Summary LEHMAN BROTHERS: Co. Tied to Ex-Restructuring Chief Sued Over Loan LINQTO INC: Law Firms Want to Exit as Counsel for Sapien in Ch. 11 LOANDEPOT INC: DBRS Confirms B Long Term Issuer Rating LODGING ENTERPRISES: Claims to be Paid from Asset Sale Proceeds LSF12 CROWN: S&P Affirms 'B-' ICR on New Incremental Term Loan LYNNHAVEN SCHOOL: Seeks to Tap Tavenner & Beran as Legal Counsel MAITE LLC: Section 341(a) Meeting of Creditors on October 27 MAXIMUS SUPPLY: Court OKs Continued Access to Cash Collateral MAY INTERNATIONAL: Case Summary & 20 Largest Unsecured Creditors MEADE PIPELINE: Fitch Assigns First Time 'BB+' IDR, Outlook Stable MERCURY AGGREGATOR: PIMCO Strategic Marks $317,000 Loan at 32% Off MERCURY AGGREGATOR: PIMCO Strategic Marks $578,000 Loan at 32% Off MIDWEST CHRISTIAN: Seeks to Extend Plan Exclusivity to December 31 MOSAIC COMPANIES: Reaches Deal w/ Creditors, Lender for Ch. 11 Plan MP PPH: Trustee Hires Goodman-Gable-Gould as Insurance Adjuster MRP BUYER: S&P Assigns 'BB-' Rating on New Senior Secured Loans NIKOLA CORP: Seeks to Extend Plan Exclusivity to January 15, 2026 NM & CH: Seeks Chapter 7 Bankruptcy in Indiana NU RIDE: Court Affirms Disallowance of Singh, et al. Claims NUMALE CORPORATION: Seeks to Sell Health Clinic Biz at Auction OASIS INTERIORS: Gets Final OK to Use Cash Collateral ORCHARD FALLS: Case Summary & 20 Largest Unsecured Creditors PARK RIVER: S&P Affirms 'B-' Issuer Credit Rating, Outlook Stable PEAK ACHIEVEMENT: DBRS Finalizes BB(low) Rating, Trend Stable PG&E CORP: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable PHILLIPS ACRES: Section 341(a) Meeting of Creditors on November 6 PINSEEKERS DEFOREST: Plan Exclusivity Extended to Jan. 6, 2026 PINSTRIPE HOLDINGS: U.S. Trustee Unable to Appoint Committee PINSTRIPES HOLDINGS: Hires Epiq as Claims and Noticing Agent PLAZA 106: Section 341(a) Meeting of Creditors on October 14 PM INVESTMENTS: Section 341(a) Meeting of Creditors on October 22 POLELINE LENDER: Seeks to Hire Foley Freeman as Bankruptcy Counsel POSEIDON BIDCO: PIMCO Access Marks $3.6MM Loan at 19% Off POSEIDON BIDCO: PIMCO Global Fund Marks EUR$400,000 Loan at 19% Off POSEIDON BIDCO: PIMCO Strategic Marks $1MM Loan at 19% Off PRETZEL PARENT: S&P Affirms 'B' ICR, Outlook Stable PRG RI: S&P Assigns 'BB+' Rating on 2025 Housing Revenue Bonds PROSPECT MEDICAL: Plans to End Tort Cases Stay PROSPECT MEDICAL: Selects Hartford HealthCare to Start Sale Process PUERTO RICO: Trump Administration Faces Lawsuit Over Board Firings QUANTUM CORP: Continues to Defend Seung Lee Shareholder Class Suit QXC COMMUNICATIONS: Gets Extension to Access Cash Collateral RANA REAL ESTATE: Seeks Subchapter V Bankruptcy in Florida RAZIF MANAGEMENT: Section 341(a) Meeting of Creditors on October 23 REMEMBER ME: Seeks to Extend Plan Exclusivity to December 21 RETREAT AT JARRETT: Seeks Subchapter V Bankruptcy in Oklahoma REWORLD HOLDING: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable RITE AID: Gets Court OK to Solicit Dual-Track Chapter 11 Plan Votes RIZO-LOPEZ FOODS: Seeks Chapter 11 After Listeria-Related Shutdown ROCKFORD SILK: Seeks Chapter 11 Bankruptcy in Illinois RUNITONETIME LLC: Bidder Disputes Chapter 11 Sale Procedures SAFEMOON US: Chapter 7 Trustee Seeks Approval of $12MM Settlement SEQUOIA GROVE: Seeks Subchapter V Bankruptcy in Texas SIMBA IL HOLDINGS: Seeks Subchapter V Bankruptcy in California SMYRNA READY: Fitch Alters Outlook on BB- Long-Term IDR to Negative SO-BEN REALTY: Voluntary Chapter 11 Case Summary SOUTHWEST FT WORTH: Court Extends Cash Collateral Access to Oct. 7 SPIRIT AVIATION: U.S. Trustee Appoints Creditors' Committee SPRUCE BIDCO: PIMCO Access Virtually Writes Off $22MM Loan SPRUCE BIDCO: PIMCO Global Marks JPY$2.6MM Loan at 99% Off STAGE STORES: Ch. 11 Administrator Asks Court OK on Ex-Workers Deal STANFORD AND 12TH: Section 341(a) Meeting of Creditors on Oct. 20 STEENBOK LUX: PIMCO Access Marks EUR$28.3MM Loan at 63% Off STEENBOK LUX: PIMCO Global Marks EUR$2.6MM Loan at 60% Off SUMMIT MIDSTREAM: Fitch Affirms 'B-' LongTerm IDR, Outlook Positive SUNNOVA ENERGY: Unsecureds Will Get 1.9% to 2.2% of Claims in Plan SUPERIOR EQUIPMENT: Hires David Freydin as Bankruptcy Counsel TEAM CHAMPIONS: Seeks to Hire Gutnicki LLP as Co-Bankruptcy Counsel THERATECHNOLOGIES INC: Quebec Court Approves Sale to Future Pak TOTAL AUTO: Trustee Hires Baker & Hostetler as Special Counsel TOTAL AUTO: Trustee Hires YVS Law as Special Litigation Counsel TOTAL AUTO: Trustee Taps HBM Management as Insolvency Professional TRANS AMERICAN: To Sell Rio Hondo Property to Smith & Sons for $4MM TRANSNET SOC: PIMCO Access Marks $37.3MM Loan at 94% Off TRICOLOR AUTO: Trustee Moves to Take Charge of 100K Auto Loans TRIPLE T & CO: Gets Final OK to Use Cash Collateral TULSA PYTHIAN: S&P Cuts 2016A Housing Revenue Bonds Rating to 'B+' TWO JOE'S: Section 341(a) Meeting of Creditors on October 20 UNICORN BAY: PIMCO Access Marks HKD$44.1MM Loan at 87% Off UNICORN BAY: PIMCO Global Marks HKD$6.5MM Loan at 87% Off UP5 SERVICES: Seeks to Tap Russell Van Beustring as Legal Counsel USA COMPRESSION: Fitch Rates Proposed Sr. Unsecured Notes 'BB' VALYRIAN MACHINE: Section 341(a) Meeting of Creditors on October 14 VANKIRK ELECTRIC: Case Summary & 20 Largest Unsecured Creditors VEROBLUE FARMS: Cassels Brock Must Produce Certain Documents WALKER EDISON: Hires Lincoln International as Investment Banker WALKER EDISON: Seeks Approval to Hire MACCO as Financial Advisor WALKER EDISON: Taps Epiq Corporate as Administrative Advisor WALKER EDISON: Taps Morris Nichols Arsht & Tunnell as Counsel WESTMORELAND COAL: PCM Fund Marks $277,000 Loan at 61% Off WESTMORELAND COAL: PIMCO Global Marks $397,000 Loan at 60% Off WINDSTREAM SERVICES: S&P Rates New Senior Secured Term Loan B 'B' WOOLSEY ROAD: Voluntary Chapter 11 Case Summary [] Recovery Law Fined $392K, Banned for 3 Yrs. Over Disclosure ********* 110-35 175 ST: Seeks Chapter 7 Bankruptcy in Pennsylvania --------------------------------------------------------- On September 17, 2025, 110-35 175 St. LLC initiated a voluntary Chapter 7 case in the Eastern District of Pennsylvania, assigned bankruptcy case number 25-13755. Court filings show the company holds debts in the $100,001–$1 million range and has between 1 and 49 creditors. About 110-35 175 St. LLC 110-35 175 St. LLC is a single asset real estate company. 110-35 175 St. LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case no. 25-13755) on September 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Ashely M. Chan handles the case. 1499 FULTON: Seeks Chapter 7 Bankruptcy in New York --------------------------------------------------- On September 17, 2025, 1499 Fulton Realty LLC entered Chapter 7 bankruptcy in the Eastern District of New York. The voluntary case shows debts ranging from $1 million to $10 million and identifies 1–49 creditors. About 1499 Fulton Realty LLC 1499 Fulton Realty LLC is a real estate company. 1499 Fulton Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44448) on September 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. 23ANDME HOLDINGS: Moves to Toss 160,000 Disputed Claims in Ch. 11 ----------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that the bankruptcy estate of 23andMe, now known as Chrome Holding Co., is challenging more than 160,000 allegedly fraudulent claims tied to a 2023 data breach that exposed customer information. In a Thursday filing in the U.S. Bankruptcy Court for the Eastern District of Missouri, the company said it believes unknown actors mounted a coordinated effort to flood the case with bogus claims. About 23andMe Holding Co. 23andMe Holding Co. is a genetics-led consumer healthcare and biotechnology company in San Francisco, Calif. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). 23andMe disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison, LLP, Morgan, Lewis & Bockius, LLP and Carmody MacDonald, PC serve as legal counsel to the Debtors while Alvarez & Marsal North America, LLC serve as the restructuring advisor. The Debtors tapped Reevemark, LLC and Scale Strategy Operations, LLC as communications advisors and Kroll Restructuring Administration Services, LLC as claims agent. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP serve as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Kelley Drye & Warren, LLP and Stinson, LLP as legal counsel and FTI Consulting, Inc. as financial advisor. 388 PROSPER: Section 341(a) Meeting of Creditors on October 20 -------------------------------------------------------------- On September 16, 2025, 388 Prosper LLC 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 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 October 20, 2025 at 03:00 PM by TELEPHONE. About 388 Prosper LLC 388 Prosper LLC is classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B). 388 Prosper LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20745) on September 16, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented byChad Van Horn, Esq. at VAN HORN LAW GROUP, P.A. 4721 DITMARS: Seeks Chapter 7 Bankruptcy in New York ---------------------------------------------------- On September 17, 2025, 4721 Ditmars Blvd LLC sought Chapter 7 protection in the Eastern District of New York. The voluntary filing disclosed debts between $100,001 and $1 million and identified 1–49 creditors. About 4721 Ditmars Blvd LLC 4721 Ditmars Blvd LLC is a single asset real estate 4721 Ditmars Blvd LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44439) on September 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. 535 12TH AVE: Section 341(a) Meeting of Creditors on October 15 --------------------------------------------------------------- On September 16, 2025, 535 12th Ave NE LLC filed Chapter 11 protection in the Middle District of Florida. According to court filing, the Debtor reports $1,058,802 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 October 15, 2025 at 2:00 p.m. telephonically via US Trustee - Tampa/Ft. Myers. About 535 12th Ave NE LLC 535 12th Ave NE LLC is a single-asset real estate entity as defined under 11 U.S.C. Section 101(51B), owns a property located at 535 12th Ave NE in St. Petersburg, Florida, which has an appraised value of $1.63 million. 535 12th Ave NE LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06747) on September 16, 2025. In its petition, the Debtor reports total assets of $1,636,583 and total liabilities of $1,058,802. The Debtor is represented by Jake C. Blanchard, Esq. at BLANCHARD LAW, P.A. 9TH LEIMERT: Seeks Chapter 7 Bankruptcy in California ----------------------------------------------------- On September 17, 2025, 9th Leimert LLC entered Chapter 7 bankruptcy in California's Central District. The voluntary case disclosed debts in the $100,001–$1 million range and identified 1–49 creditors. About 9th Leimert LLC 9th Leimert LLC is a single asset real estate company. 9th Leimert LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18198) on September 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Barry Russell handles the case. ALIEN TECHNOLOGIES: Seeks to Tap Nardella & Nardella as Counsel --------------------------------------------------------------- Alien Technologies Corp. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Nardella & Nardella, PLLC as counsel. The firm's services include: (a) advise and counsel the Debtor concerning the operation of its business in compliance with Chapter 11 and orders of this court; (b) defend any causes of action on behalf of the Debtor; (c) prepare, on behalf of the Debtor, all necessary legal papers in the Chapter 11 case; (d) assist in the formulation of a plan of reorganization and preparation of a disclosure statement; and (e) provide all services of a legal nature in the field of bankruptcy law. The firm will be paid at these hourly rates: Partners $550 Associates $425 Paraprofessionals $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer of $15,500 from the Debtor. Jesus Lozano, Esq., an attorney at Nardella & Nardella, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jesus Lozano, Esq. Nardella & Nardella, PLLC 135 W. Central Blvd., Suite 300 Orlando, FL 32801 Telephone: (407) 966-2680 Email: jlozano@nardellalaw.com About Alien Technologies Corporation Alien Technologies Corporation designs and sells hardtop removal tools and accessories for Jeep Wrangler and Ford Bronco vehicles under the TopLift Pros brand. Alien Technologies Corporation sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03827) on June 20, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Grace E. Robson handles the case. Jesus Lozano, Esq., at Nardella & Nardella, PLLC represents the Debtor as counsel. ALLSTAR PROPERTIES: Court OKs Interim Use of Cash Collateral ------------------------------------------------------------ Allstar Properties, LLC and its affiliates received interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia to use cash collateral to fund operations. The interim order authorized the Debtors to use cash collateral through October 1 to pay post-petition operating expenses in accordance with the budget, subject to a 10% variance per line item (excluding insurance, which may exceed that limit as needed). Creditors with potential security interests in the properties and rents include banks and lenders such as Bank of America N.A., AgSouth Farm Credit ACA, and Synovus Bank. To protect the interests of secured creditors, the Debtors will grant replacement liens on post-petition assets, with the same validity and extent as their pre-bankruptcy liens. These liens do not extend to potential proceeds from avoidance actions. A final hearing is scheduled for October 1. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/suwe9 from PacerMonitor.com. Bank of America is represented by: William A. DuPre, IV, Esq. Clayton A. Smith, Esq. Miller & Martin, PLLC Regions Plaza, Suite 2100 1180 West Peachtree Street NW Atlanta, GA 30309 bill.dupre@millermartin.com clayton.smith@millermartin.com AgSouth is represented by: Roy E. Manoll, III, Esq. Fortson, Bentley and Griffin, PA 2500 Daniell’s Bridge Rd. Building 200, Suite 3A Athens, GA 30606 (706) 548-1151 rem@fbglaw.com About Allstar Properties LLC Allstar Properties, LLC and affiliates are Georgia-based real estate companies that hold and manage property assets. The Allstar entities focus on property ownership, while ACH Rental Properties provides property management and rental services. Collectively, they operate within the real estate sector across residential and nonresidential properties in the state. Allstar Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41314) on August 31, 2025. In its petition, the Debtor reported estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case. The Debtor is represented by: Anna Mari Humnicky Small Herrin, LLP Tel: 770-857-4770 Email: ahumnicky@smallherrin.com ALTICE INTERNATIONAL: Creditors Hire Houlihan for Debt Talks Advice ------------------------------------------------------------------- Irene García Pérez, Giulia Morpurgo, and Reshmi Basu of Bloomberg News report that Altice International's creditors have tapped Houlihan Lokey to advise on debt talks, though the appointment has not been formally confirmed, sources said. The creditor group, working with Gibson Dunn & Crutcher, also extended a cooperation agreement until March. The pact, signed earlier this year, had been set to expire in September, according to the people. About Altice USA Inc. Altice USA, Inc. is an American cable television provider. * * * As reported by the TCR on May 17, 2024, S&P Global Ratings lowered all its ratings on Altice USA Inc. one notch, including the Company credit rating to 'CCC+', and removed them from Credit Watch, where it placed them with negative implications on May 2, 2024. The negative outlook reflects that S&P could lower its ratings if the company opts to pursue a debt restructuring over the next year. S&P said, "We believe Altice USA's capital structure is unsustainable. We believe the company is vulnerable to nonpayment long term and depends on favorable business, financial, and economic conditions to meet its financial obligations as they come due in 2027 and beyond. We believe it is more likely than not that Altice USA will enter into a distressed debt restructuring that we consider tantamount to default, or it could face bankruptcy long term." AMERICAN AXLE: Fitch Assigns 'BB+' Rating on New Secured Loan ------------------------------------------------------------- Fitch Ratings has assigned a rating of 'BB+' with a Recovery Rating of 'RR1' to American Axle & Manufacturing, Inc.'s (American Axle) proposed senior secured term loan and notes and a 'BB-'/'RR4' rating to its proposed senior unsecured notes. American Axle is the operating subsidiary of American Axle & Manufacturing Holdings, Inc. (Holdings). Fitch currently rates American Axle's Long-Term Issuer Default Rating (IDR) 'BB-' with a Stable Outlook. American Axle's ratings reflect its leading position in automotive driveline components, its strong EBITDA margins and solid FCF, offset by moderate EBITDA leverage. Although the pending Dowlais Group plc acquisition will increase diversification, the company will still rely on a relatively concentrated set of customers. The Stable Outlook reflects Fitch's expectation that the company's post-acquisition FCF will be prioritized toward gross debt reduction and the EBITDA leverage profile will remain around 3x, in line with the 'BB-' IDR over the intermediate term. Key Rating Drivers Proposed Secured Debt, Unsecured Notes: American Axle plans to use proceeds from the proposed senior secured term loans and notes due 2032 and senior unsecured notes due 2033, along with company shares, to fund the Dowlais acquisition. Acquisition Diversifies Business Profile: The Dowlais acquisition significantly diversifies American Axle's business profile. Pre-acquisition, over 40% of the company's revenues are linked to General Motors production, and around 70% to the Detroit 3. The Dowlais acquisition will reduce the company's Detroit 3 exposure to around 50%, while increasing exposure to customers in Europe and China. Additionally, Fitch expects about $300 million in synergies from the acquisition, which will support EBITDA margins through the automotive cycle. Transaction Moderates Customer Concentration: Although the acquisition will reduce the company's exposure to General Motors from 42% to 27%, and exposure to the Detroit 3 from around 70% to 50%, the company's customer base will remain exclusively OEMs. This high reliance on OEM production makes the company susceptible to volumetric downturns in production, which constrains the rating. This risk is partially mitigated by the company's strong position in the supply chain as a key supplier of essential driveline products on light trucks, SUVs and CUVs, which are its customers' top-selling vehicles. Forecasted Positive FCF, Debt Repayment: Fitch's rating case forecasts annual FCF of approximately $300 million and $450 million in 2027 and 2028, respectively, driven by EBITDA improvement and low working capital usage. Management is expected to prioritize gross debt reduction, which is projected to reach around $4 billion in 2028, down from approximately $4.8 billion after acquisition close. American Axle has also consistently carried a high cash balance ($553 million as of YE 2024), and its liquidity is further supported by an undrawn $925 million revolver, which will be upsized to $1.5 billion post-acquisition close. EBITDA Leverage Around 3.0x: Fitch expects American Axle's EBITDA leverage will run at around 3.0x (mid-2x on a net basis), pro forma the Dowlais acquisition, which is in line with the 'BB-' rating level. FCF-linked gross debt reduction and improving EBITDA margin support the company's EBITDA leverage. Management projects low-double digit margins near term, rising in future years on acquisition synergies, operating leverage, rising content-per-vehicle as the combined company wins business more hybrid and battery electric vehicle (BEV) platforms. Powertrain Flexibility: The company is focused on securing and enhancing its core internal combustion engine (ICE) programs, while also selectively growing electric drivetrain capacity. North American OEMs have recently refocused production toward ICE and hybrid powertrains. In turn, the company has seen a shift in quoting activities to more ICE and hybrid propulsion programs versus the past several years and has booked about $20 billion in lifetime revenue for its primary driveline programs through 2030+. Minimal Tariff Risk: Fitch expects the impact of direct tariffs on the company's business to be minimal, as most of its products are compliant with the U.S., Mexico, Canada (USMCA) trade agreement. These include around $100 million of its imports from Mexico and $25 million of its imports from Canada. Additionally, almost all the steel and aluminum consumed in its North American operations are from U.S.-based sources. The company is working with customers to mitigate a majority of incremental tariffs through cost recoveries, and estimates the net impact of tariffs will be about $10 million to $15 million for FY 2025 after recoveries. Peer Analysis American Axle is a global, Tier 1 automotive supplier of driveline components for light vehicles to a variety of OEM customers. It competes directly with the driveline business of Dana Incorporated (BB/Rating Watch Positive), although Dana is more globally diversified, supplying products to the light, commercial and off-road vehicle markets. Following the Dowlais acquisition, American Axle will be larger than Dana from a revenue perspective, with stronger EBITDA and FCF margins. Dana's EBITDA leverage is 0.5x lower than American Axle's. Allison Transmission Holdings, Inc. (BB+/Stable) is a supplier of fully automatic transmissions to the global on-highway, off-highway and military end-markets. Although it is smaller than American Axle by revenue, its share in the end-markets in which it competes is very high, with well over 50% penetration in certain end-markets. This drives its pricing power and EBITDA margins in the mid-to-upper 20% range, and FCF margins in the low-10% range, which are significantly higher than those of American Axle's and support its higher rating despite EBITDA leverage only 0.5x-1.0x lower. The Goodyear Tire & Rubber Company (BB-/Negative) is the third-largest global tire manufacturer. The company's revenue is significantly higher than American Axle's, and about 75% of its sales are derived from the replacement tire market, which tends to be more stable than the Tier 1 auto supply market. However, Goodyear's EBITDA and FCF margins are lower than American Axle's, and its leverage is higher. Key Assumptions - Stand-alone American Axle revenue declines by mid-single digits in FY 2025 due to lower production volumes at OEMs, followed by low -single digits growth through the forecast; - Dowlais acquisition closes in late FY 2025 resulting in full impact of revenue being included starting FY 2026; - Approximately $300 million of synergies are realized within three years of acquisition close; - EBITDA margins run in the low-double-digit range, with moderate expansion over the ratings horizon supported by growth in content-per-vehicle and operating leverage; - The company raises around $2.2 billion of incremental debt to finance the acquisition; - Capex runs at around 5.0% of revenue; - Dowlais debt will be tendered resulting in post-transaction debt under $5 billion. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Inability to realize post-acquisition synergies and efficiencies leading to EBITDA and FCF margins below 10% and 1.5%, respectively; - Deviation in post-acquisition capital allocation and financial policy leading to EBITDA leverage sustained above 3.5x; - Reduction in financial flexibility as evidenced by (CFO-Capex)/Debt below 5% or sustained EBITDA interest coverage below 4.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Successful integration of Dowlais and realization of cost synergies leading to mid-teen EBITDA margin and over 3.5% FCF margin; - Demonstrated ability to realize new business wins in ICE / hybrid / EV products that drive increasing content-per-vehicle; - Commitment to financial policy resulting in EBITDA leverage sustained below 2.5x; - Retention of substantial liquidity and balanced capital allocation plan preserving through-the-cycle financial flexibility. Liquidity and Debt Structure As of June 30, 2025, American Axle has $587 million of cash and cash equivalents on its balance sheet. In addition to its cash on hand, the company maintains additional liquidity through an undrawn, $925 million secured revolver that expires in 2030 and will be upsized to $1.5 billion upon transaction close. The company also has local currency credit facilities to finance the operations of certain foreign subsidiaries. As of June 30, 2025, American Axle has $24 million outstanding on the foreign credit facilities. The U.S. revolver provides backup liquidity for the non-U.S. credit facilities. American Axle's debt structure as of June 30, 2025, consists of $1.1 billion senior term loans with maturities in 2029 and 2030, and $1.5 billion unsecured notes with maturities from 2027 to 2029. The proforma capital structure will also include an incremental $2.2 billion consisting of senior secured debt due in 2032 and unsecured notes due in 2033 to fund the Dowlais acquisition. Issuer Profile American Axle is a global Tier 1 automotive and mobility supplier that designs, engineers and manufactures driveline and metal forming technologies to support electric, hybrid and internal combustion vehicles. Date of Relevant Committee 09 September 2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- American Axle & Manufacturing, Inc. senior secured LT BB+ New Rating RR1 senior unsecured LT BB- New Rating RR4 AMERICAN AXLE: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has assigned 'BB-' Long-Term Issuer Default Ratings (IDRs) to American Axle & Manufacturing Holdings, Inc. and its American Axle & Manufacturing, Inc. (American Axle) subsidiary. Fitch has also assigned a 'BB+' rating with a Recovery Rating of 'RR1' to American Axle's senior secured revolver and term loans, and a 'BB-'/ 'RR4' rating to its senior unsecured notes. The Rating Outlook is Stable. American Axle's ratings reflect its leading position in automotive driveline components, its strong EBITDA margins and solid FCF, offset by moderate EBITDA leverage. Although the pending Dowlais Group plc acquisition will increase diversification, the company will still rely on a relatively concentrated set of customers. The Stable Outlook reflects Fitch's expectation that the company's post-acquisition FCF will be prioritized toward gross debt reduction and the EBITDA leverage profile will remain around 3x, in line with the 'BB-' IDR over the intermediate term. Key Rating Drivers Acquisition Diversifies Business Profile: American Axle's acquisition of Dowlais significantly diversifies its business profile. Pre-acquisition, over 40% of American Axle's revenues are linked to production at General Motors, and around 70% to the Detroit 3. The acquisition of Dowlais will reduce the company's Detroit 3 exposure to around 50%, while increasing its exposure to customers in Europe and China. The acquisition will also introduce complementary product lines and is expected to drive about $300 million in synergies through supply chain and logistics savings, SGA savings, optimizing the combined global footprint, as well as more vertical integration. Fitch expects these synergies will provide further support to EBITDA margins through the typical automotive cycle. Transaction Moderates Customer Concentration: Although the acquisition will reduce the company's exposure to General Motors from 42% to 27%, and exposure to the Detroit 3 from around 70% to 50%, the company's customer base will remain exclusively OEMs. This high reliance on OEM production makes the company susceptible to volumetric downturns in production, which constrains the rating. This risk is partially mitigated by the company's strong position in the supply chain as a key supplier of essential driveline products on light trucks, SUVs and CUVs, which are its customers' top-selling vehicles. Forecasted Positive FCF, Debt Repayment: Fitch's rating case forecasts annual FCF of approximately $300 million and $450 million in 2027 and 2028. respectively, driven by EBITDA improvement and low working capital usage. Management is expected to prioritize gross debt reduction, which is projected to reach around $4 billion in 2028, down from approximately $4.8 billion after acquisition close. American Axle has also consistently carried a high cash balance ($553 million as of YE 2024), and its liquidity is further supported by an undrawn $925 million revolver, which will be upsized to $1.5 billion post-acquisition close. EBITDA Leverage Around 3.0x: Fitch expects American Axle's EBITDA leverage will run at around 3.0x (mid-2x on a net basis), pro forma of the Dowlais acquisition, which is in line with the 'BB-' rating level. FCF-linked gross debt reduction and improving EBITDA margin support the company's EBITDA leverage. Management projects low-double digit margins near term, rising in future years on acquisition synergies, operating leverage, rising content-per-vehicle as the combined company wins business more hybrid and battery electric vehicle (BEV) platforms. Powertrain Flexibility: American Axle is focused on securing and enhancing its core business of internal combustion engine (ICE) programs, while also selectively growing capacity for electric drivetrains. North American OEMs have recently refocused production toward ICE and hybrid powertrains. In turn, the company has seen a shift in quoting activities to more ICE and hybrid propulsion programs versus the past several years and has booked about $20 billion in lifetime revenue for its primary driveline programs through 2030+. Minimal Tariff Risk: Fitch expects the impact of direct tariffs on the company's business to be minimal, as most of its products are compliant with the U.S., Mexico, Canada (USMCA) trade agreement, which includes around $100 million of its imports from Mexico and $25 million of its imports from Canada. Additionally, almost all the steel and aluminum consumed in its North American operations are from US-based sources. The company is working with its customers to mitigate a majority of incremental tariffs through cost recoveries, and estimates the net impact of tariffs will be about $10 million to $15 million for FY 2025 after recoveries. Peer Analysis American Axle is a global, Tier 1 automotive supplier of driveline components for light vehicles to a variety of OEM customers. It competes directly with the driveline business of Dana Incorporated (BB/Rating Watch Positive), although Dana is more globally diversified, supplying products to the light, commercial and off-road vehicle markets. Following the Dowlais acquisition, American Axle will be larger than Dana from a revenue perspective, with stronger EBITDA and FCF margins. Dana's EBITDA leverage is 0.5x lower than American Axle's. Allison Transmission Holdings, Inc. (BB+/Stable) is a supplier of fully automatic transmissions to the global on-highway, off-highway and military end-markets. Although it is smaller than American Axle by revenue, its share in the end-markets in which it competes is very high, with well over 50% penetration in certain end-markets. This drives its pricing power and EBITDA margins in the mid-to-upper 20% range, and FCF margins in the low-10% range, which are significantly higher than those of American Axle's and support its higher rating despite EBITDA leverage only 0.5x-1.0x lower. The Goodyear Tire & Rubber Company (BB-/Negative) is the third-largest global tire manufacturer. The company's revenue is significantly higher than American Axle's, and about 75% of its sales are derived from the replacement tire market, which tends to be more stable than the Tier 1 auto supply market. However, Goodyear's EBITDA and FCF margins are lower than American Axle's, and its leverage is higher. Key Assumptions - Stand-alone American Axle revenue declines by mid-single digits in FY 2025 due to lower production volumes at OEMs, followed by low -single digits growth through the forecast; - Dowlais acquisition closes in late FY 2025 resulting in full impact of revenue being included starting FY 2026; - Approximately $300 million of synergies are realized within three years of acquisition close; - EBITDA margins run in the low-double-digit range, with moderate expansion over the ratings horizon supported by growth in content-per-vehicle and operating leverage; - Capex runs at around 5.0% of revenue; - Dowlais debt will be tendered resulting in post-transaction debt under $5 billion. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Inability to realize post-acquisition synergies and efficiencies leading to EBITDA and FCF margins below 10% and 1.5%, respectively; - Deviation in post-acquisition capital allocation and financial policy leading to EBITDA leverage sustained above 3.5x; - Reduction in financial flexibility as evidenced by (CFO-Capex)/Debt below 5% or sustained EBITDA interest coverage below 4.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Successful integration of Dowlais and realization of cost synergies leading to mid-teen EBITDA margin and over 3.5% FCF margin; - Demonstrated ability to realize new business wins in ICE / hybrid / EV products that drive increasing content-per-vehicle; - Commitment to financial policy resulting in EBITDA leverage sustained below 2.5x; - Retention of substantial liquidity and balanced capital allocation plan preserving through-the-cycle financial flexibility. Liquidity and Debt Structure As of June 30, 2025, American Axle has $587 million of cash and cash equivalents on its balance sheet. In addition to cash on hand, the company maintains additional liquidity through a $925 million secured revolver that expires in 2030 and will be upsized to $1.5 billion upon transaction close. As of June 30, 2025, the revolver is undrawn and has $28 million of the available capacity used to back letters of credit, leaving $897 million in available capacity. The company also has local currency credit facilities to finance the operations of certain foreign subsidiaries. As of June 30, 2025, American Axle has $24 million outstanding on the foreign credit facilities leaving $78 million in additional availability. The U.S. revolver provides backup liquidity for the non-U.S. credit facilities. American Axle's debt structure as of June 30, 2025, consists of $484 million outstanding under its term loan A, $648 million outstanding under its term loan B, as well as $500 million of 6.5% senior notes due April 2027, $400 million of 6.875% senior notes due July 2028 and $600 million of 5.0% senior notes due October 2029. The company plans to raise incremental $2.2 billion to fund the Dowlais acquisition. Issuer Profile American Axle is a global Tier 1 automotive and mobility supplier that designs, engineers and manufactures driveline and metal forming technologies to support electric, hybrid and internal combustion vehicles. Date of Relevant Committee 09 September 2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- American Axle & Manufacturing Holdings, Inc. LT IDR BB- New Rating WD American Axle & Manufacturing, Inc. LT IDR BB- New Rating WD senior unsecured LT BB- New Rating RR4 WD senior secured LT BB+ New Rating RR1 WD AMERICAN PHYSICIAN: Trustee Claims Former Execs Siphoned Off Funds ------------------------------------------------------------------ Rick Archer of Law360 reports that the trustee overseeing the liquidation of American Physician Partners alleged before a Delaware bankruptcy court that the company's ex-executives siphoned off millions through unauthorized bonuses and invented consulting fees. About American Physician Partners American Physician Partners, LLC, is an emergency medicine management company in Brentwood, Tenn. American Physician Partners and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11469) on Sept. 18, 2023. In the petition signed by CRO John DiDonato, American Physician Partners disclosed $100 million to $500 million in assets and $500 million to $1 billion in liabilities. Judge Brendan L. Shannon oversees the cases. Pachulski Stang Ziehl & Jones LLP, led by Laura Davis Jones, is the Debtors' legal counsel. Huron Consulting Services LLC is the Debtors' financial advisor. Epiq is the claims agent. ARCHDIOCESE OF NEW ORLEANS: Slater Slater Represents Creditors -------------------------------------------------------------- The law firm of Slater Slater Schulman, LLP filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 case of The Roman Catholic Church of the Archdiocese of New Orleans, the firm represents creditors. The creditors have retained the counsel as their legal counsel with respect to matters arising in the Bankruptcy Case and for purposes of asserting claims and protecting other rights against the Debtor. The Creditors' address and the nature and amount of disclosable economic interests held in relation to the Debtor are: 1. T.C. Daniel A. Meyer c/o Slater Slater Schulman, LLP 6023 Magazine Street New Orleans, LA70118 Telephone: (504) 334-8522 Facsimile: (212) 922-0907 Email: dmeyer@sssfirm.com * The creditor asserts claims and causes of action against the Debtor as set forth in Proof of Claim No. 20428 2. J.C. * The creditor asserts claims and causes of action against the Debtor as set forth in Proof of Claim No. 20429 3. R.B. * The creditor asserts claims and causes of action against the Debtor as set forth in Proof of Claim No. 20430 4. J.K * The creditor asserts claims and causes of action against the Debtor as set forth in Proof of Claim No.20431 5. T.V. * The creditor asserts claims and causes of action against the Debtor as set forth in Proof of Claim No.20432 6. J.B. * The creditor asserts claims and causes of action against the Debtor as set forth in Proof of Claim No. 20433 7. E.B. * The creditor asserts claims and causes of action against the Debtor as set forth in Proof of Claim No. 20434 8. T.J. * The creditor asserts claims and causes of action against the Debtor as set forth in Proof of Claim No. 20435 9. A.M. * The creditor asserts claims and causes of action against the Debtor as set forth in Proof of Claim No. 20436 10. T.G. * The creditor asserts claims and causes of action against the Debtor as set forth in Proof of Claim No. 20437 11. T.S. * The creditor asserts claims and causes of action against the Debtor as set forth in Proof of Claim No. 20438 12. D.B. * The creditor asserts claims and causes of action against the Debtor as set forth in Proof of Claim No. 20439 13. J.M. * The creditor asserts claims and causes of action against the Debtor as set forth in Proof of Claim No. 20441 14. D.M. * The creditor asserts claims and causes of action against the Debtor as set forth in Proof of Claim No. 20442 15. Eric Temple * The creditor asserts claims and causes of action against the Debtor as set forth in Proof of Claim No. 20443 16. E.B. * The creditor asserts claims and causes of action against the Debtor as set forth in Proof of Claim No. 20457 17. L.B. * The creditor asserts claims and causes of action against the Debtor as set forth in Proof of Claim No. 20456 18. A.A. * The creditor asserts claims and causes of action against the Debtor as set forth in Proof of Claim No. 20455 19. M.K. * The creditor asserts claims and causes of action against the Debtor as set forth in Proof of Claim No. 20454 20. E.J. * The creditor asserts claims and causes of action against the Debtor as set forth in Proof of Claim No. 20453 A List of Creditors is available at https://urlcurt.com/u?l=uUjKVh from Donlin, Recano & Company, Inc., claims agent. The law firm can be reached at: SLATER SLATER SCHULMAN, L.L.P. Daniel A. Meyer, Esq. 6023 Magazine Street New Orleans, Louisiana 70118 Telephone: (504) 334-8522 Facsimile: (212) 922-0907 Email: dmeyer@sssfirm.com About Roman Catholic Church of The Archdiocese Of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans -- https://www.nolacatholic.org/ -- is a non-profit religious corporation incorporated under the laws of the State of Louisiana. Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese of New Orleans has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need, including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square miles in southeast Louisiana and includes eight civil parishes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Roman Catholic Church for the Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's bankruptcy counsel and special counsel, respectively. Donlin, Recano & Company, Inc., is the claims agent. The U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on May 20, 2020. The committee is represented by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC is the committee's financial advisor. ARTERA SERVICES: S&P Affirms 'B-' ICR, Outlook Negative ------------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating and maintained the negative outlook. S&P said, "At the same time, we affirmed our 'B-' issue-level rating on the company's senior secured credit facilities. The '4' recovery rating is unchanged and indicates our expectation for average (30%-50%; rounded estimate: 40%) recovery in the event of a default. "The negative outlook reflects the potential that we could lower the ratings if we view the capital structure as unsustainable, which could occur if liquidity becomes constrained or if the path to deleveraging becomes less likely in 2026. "We expect Artera Services LLC's credit measures will be worse than previously expected in 2025, with S&P Global Ratings-adjusted debt to EBITDA at 11.2x and S&P Global Ratings-adjusted free operating cash flow (FOCF) to debt around negative 1%. The timing for a material rebound continues to be uncertain. "Second-quarter earnings demonstrated a sequential improvement, but we believe Artera's financial flexibility has weakened following working-capital investments to facilitate new market expansion and the Step-Mar acquisition. Despite the large cash burn during the quarter, we estimate the company maintains sufficient liquidity to withstand near term pressure. "In our view the recently announced CEO transition highlights Artera's meaningful execution challenges over the last few years. Strategically, we expect Artera will continue new end-market expansion and increasing wallet share with existing customers. We also expect the company will continue to streamline field operations and target faster customer invoicing, which could improve cash conversion and liquidity over time. Nevertheless, we believe there's continued risk that these execution challenges persist, which could weaken the company's liquidity. We also believe there's some risk that further customer attrition could delay or prevent strategic initiatives from being implemented as planned. "We've revised our revenue and EBITDA forecasts slightly to reflect expansion into new markets, offset by lower productivity. Artera is onboarding new crews as part of its expansion. We therefore expect higher operating expenses and lower utilization for crews as demand ramps, which could occur in 2026. This coincides with cost overruns on several projects in the gas transmission segment. We now expect a revenue decline of 0%-2% (slightly better than our previous forecast of a 0%-5% decline). The improvement is largely due to progress on expansion into new markets, award wins in gas transmission, and some pricing and volume growth in the gas distribution segment, offset by continued softness in Massachusetts. Similarly, we expect the S&P Global Ratings-adjusted EBITDA margin will be about 100 basis points lower than our previous forecast at 8%-9% due to the lower utilization. "Liquidity softened in the second quarter as credit metrics continued to deteriorate. We estimate in the 12 months through June 30, 2025, the company's S&P Global Ratings-adjusted debt to EBITDA was over 12x. Moreover, reported FOCF was negative $114 million in the first half of the year, largely due to weaker earnings and working-capital deficit spending. We expect Artera will generate stronger earnings in the second half of 2025 than in the first half and forecast S&P Global Ratings-adjusted debt to EBITDA in the low 11x area in 2025 (previously 9.8x). We also expect robust working-capital inflows in the fourth quarter, and we forecast reported FOCF of negative $40 million-negative $30 million in 2025 (previous expectations: negative $30 million-negative $5 million). "The $350 million accounts receivable (A/R) securitization facility will be current in February 2026. If Artera loses access to this facility, we believe its ability to manage working capital would be materially compromised. We expect the company will draw on this facility to make part of its third quarter interest payment. Following the Step-Mar acquisition and working capital seasonality, the company had about $9 million of balance-sheet cash and nearly $370 million of availability under its A/R facility and cash revolver at the end of the second quarter. Any combination of worse liquidity or weaker earnings could result in a negative rating action. "The negative outlook reflects the potential that the capital structure could become unsustainable. We expect leverage will remain elevated while cash flows remain negative in 2025 due to continued softness in Massachusetts and operational inefficiency and the risk that these measures don't materially improve in 2026. "We could lower our ratings on Artera if its operating performance does not improve and we view the capital structure as unsustainable, or if we view liquidity as likely to become constrained." This could happen if: -- Customer attrition continues or productivity improvements are slower than expected, further delaying deleveraging and positive FOCF generation; -- The company cannot implement its planned price increases and cost-savings initiatives; or - The company's working-capital needs increase well beyond our base-case assumption. S&P could revise the outlook to stable if leverage improves and it expects the company will be able to generate sustained positive reported FOCF. This could happen if: -- Demand from natural gas customers improves or the company is successful in expanding into adjacent end markets; -- The company improves profitability through cost-savings initiatives, productivity improvements, and a business mix shift; or -- The company prioritizes deleveraging with debt repayment in lieu of pursuing debt-financed acquisitions. ASTRA ACQUISITION: RiverNorth Virtually Writes Off $529,837 2L Loan ------------------------------------------------------------------- RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. (OPP) has marked its $529,837 loan extended to Astra Acquisition Corp. to market at $3,534 or 1% of the outstanding amount, according to RiverNorth/DoubleLine's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. RiverNorth/DoubleLine is a participant in a Second Lien Initial Term Loan to Astra Acquisition Corp. The loan accrues interest at a rate of 8.88% per annum. The loan matures on October 22, 2029. RiverNorth/DoubleLine is a closed-end management investment company that was organized as a Maryland corporation on June 22, 2016, and commenced investment operations on September 28, 2016. The investment adviser to the Fund is RiverNorth Capital Management, LLC. The Fund's sub-adviser is DoubleLine Capital, LP. The Fund is a diversified investment company with an investment objective to seek current income and overall total return. The Fund seeks to achieve its investment objective by allocating its Managed Assets among three principal strategies: Tactical Closed-End Fund Income Strategy, Alternative Credit Strategy and Opportunistic Income Strategy. The Adviser will determine the portion of the Fund's Managed Assets to allocate to each strategy and may, from time to time, adjust the allocations. RiverNorth/DoubleLine is led by Patrick W. Galley as President and Chief Executive Officer and Jonathan M. Mohrhardt and Treasurer and Chief Financial Officer. The Fund can be reach through: Patrick W. Galley RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. 360 South Rosemary Avenue, Suite 1420 West Palm Beach, FL 33401 Telephone: (561) 484-7185 About Astra Acquisition Corp. Astra Acquisition Corp. operates as a private equity company. The Company serves investors in the United States. B MAC BUFFET: Section 341(a) Meeting of Creditors on October 23 --------------------------------------------------------------- On September 15, 2025, B Mac Buffet LLC filed Chapter 11 protection in the Southern 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. A meeting of creditors under Section 341(a) to be held on 10/23/2025 at 11:00 AM at (UST - USA Toll Free Call in number: 888-330-1716, Access Code: 6397709). About B Mac Buffet LLC B Mac Buffet LLC, doing business as B-Mac's Buffet, operates a Southern-style buffet restaurant in Waycross, Georgia, serving dishes such as fried chicken, ham, meatloaf, pork chops, vegetables, salads, and baked goods. The establishment caters to local residents and visitors, offering a casual dining setting for families and groups. B Mac Buffet LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ga. Case No. 25-50431) on September 15, 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 Michele J. Kim handles the case. The Debtor is represented by Jon Levis, Esq. at LEVIS LAW FIRM, LLC. BAYSIDE LIMO: Unsecureds to Get Share of Income for 5 Years ----------------------------------------------------------- Bayside Limo of Tampa LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated September 11, 2025. The Debtor was formed on July 9, 2013. It is currently owned and operated by Kevin New. The Debtor maintains a fleet of vehicles including several party buses and provides luxury transportation services throughout the state of Florida with its primary focus on the Greater Tampa Bay Area. The Debtor currently operates from 19216 Inlet Cove Court, Lutz, FL 33558. The Plan under Subchapter V of Chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from the Debtor's current and future earnings. This Plan provides for one class of priority claims; eight classes of secured claims; class of general unsecured claims; and one class of equity security holders. Unsecured creditors holding allowed claims will receive a pro-rata share of their allowed claim payable over five years. This Plan also provides for the payment of administrative and priority claims under the terms to the extent permitted by the Code or by agreement between the Debtor and the claimant. Class 10 consists of General Unsecured Creditors. The Debtor will pay its projected net disposable income for the period to claimants in this class with allowed claims. The Debtor presently projects this amount to be approximately $65,000. Creditors in this class will receive a pro rata distribution of their claim, without interest, in twenty equal quarterly distributions, with payments commencing on the start of the calendar quarter immediately following the Effective Date of Confirmation and continuing for a total of twenty consecutive quarters. In the event that this quarter starts less than thirty days after the entry of the Confirmation Order, payment shall not commence until the following quarter. This Class is impaired. Class 11 consists of Equity Security Holders of the Debtor. Equity will retain ownership in the Debtor postconfirmation. No distributions will be made to equity until such time as all payments in Class 10 have been made. Current management will continue to manage the Debtor post confirmation. The Plan will be funded by the continued operations of the Debtor. A full-text copy of the Plan of Reorganization dated September 11, 2025 is available at https://urlcurt.com/u?l=bSC4kH from PacerMonitor.com at no charge. About Bayside Limo of Tampa LLC Bayside Limo of Tampa LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No.8:25-bk-03982-CPM) on June 13, 2025. In the petition signed by Kevin New, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Catherine Peek McEwen oversees the case. The Debtor is represented by: Buddy D. Ford, Esq. Ford & Semach, P.A. Tel: 813-877-4669 Email: buddy@tampaesq.com BELLA INVESTMENT: Hires Smith Kane Holman as Bankruptcy Counsel --------------------------------------------------------------- Bella Investment Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ the Smith Kane Holman, LLC as counsel. The firm will render these services: (a) advise the Debtor with respect to its rights and obligations pursuant the code; (b) assist the Debtor in the preparation of the schedules and statement of financial affairs and any amendments thereto; (c) represent the Debtor at its first meeting of creditors and any and all Rule 2004 examinations; (d) prepare any and all necessary applications, motions, answers, responses, orders, reports and any other type of pleading or document regarding any proceeding instituted by or against the Debtor with respect to this case; (e) assist the Debtor in the formulation and seek confirmation of a Chapter 11 plan and disclosure materials; and (f) perform all other legal services for the Debtor that may be necessary or desirable in connection with this case. The firm will be paid at these hourly rates: Partners $400 - $495 Associates $325 - $495 Paralegals $75 - $100 In addition, the firm will seek reimbursement for expenses incurred. David Smith, Esq., an attorney at Smith Kane Holman, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David B. Smith, Esq. Smith Kane Holman, LLC 112 Moores Rd. Malvern, PA 19355 Telephone: (610) 407-7215 Facsimile: (610) 407-7218 About Bella Investment Properties Bella Investment Properties LLC is classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B). Bella Investment Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-13573) on September 8, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Derek J. Baker handles the case. The Debtor is represented by David B. Smith, Esq., at Smith Kane Holman, LLC. BIG LEVEL: Baker Donelson Represents Navistar & Bank of America --------------------------------------------------------------- The law firm of Baker, Donelson, Bearman, Caldwell & Berkowitz, P.C. filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 case of Big Level Trucking, Inc., the law firm represents Navistar Leasing Company ("Navistar Leasing") and Banc of America Leasing & Capital, LLC ("Bank of America"). Baker Donelson's address is 100 Vision Drive – Suite 400, Jackson, MS 39211. Baker Donelson holds no disclosable economic interest in relation to the Debtor. Navistar Leasing's address is 2701 Navistar Drive, Lisle, IL 60532. The nature and amount of any disclosable economic interest Navistar Leasing may have in relation to the Debtor will be set forth in one or more Proofs of Claim filed on behalf of Navistar Leasing. Bank of America's address is 135 S. Lasalle Street, Chicago, IL 60674. The nature and amount of any disclosable economic interest Bank of America may have in relation to the Debtor will be set forth in one or more Proofs of Claim filed on behalf of Bank of America. Baker Donelson is acting as counsel for Navistar Leasing and Bank of America (collectively, the "Clients"). Each of the Clients has been informed of the multiple representation by Baker Donelson and has consented thereto. The law firm can be reached at: BAKER, DONELSON, BEARMAN CALDWELL & BERKOWITZ, PC Alan L. Smith, Esq. One Eastover Center 100 Vision Drive, Suite 400 Jackson, Mississippi 39211 Telephone: (601) 351-8932 Facsimile: (601) 974-8932 Email: asmith@bakerdonelson.com About Big Level Trucking Big Level Trucking, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-51204) on August 18, 2025, listing up to $50 million in both assets and liabilities. Judge Katharine M. Samson oversees the case. The Debtor tapped the Law Offices of Geno and Steiskal, PLLC as counsel. BIG LOTS: Creditors' Committee Asks Court OK on $6.5MM Exec Claims ------------------------------------------------------------------ Emily Lever of Law360 reports that Big Lots and its creditors committee urged the Delaware bankruptcy court to bless a $6.5 million settlement addressing claims that the retailer's board failed in overseeing a going-concern sale last 2024 and breached fiduciary duties. About Big Lots Big Lots (NYSE: BIG) -- http://www.biglots.com/-- is one of the nation's largest closeout retailers focused on extreme value, delivering bargains on everything for the home, including furniture, decor, pantry and more. On Sept. 9, 2024, Big Lots, Inc. and each of its subsidiaries initiated voluntary Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 24-11967). The case is being administered by the Honorable J. Kate Stickles. Davis Polk & Wardwell LLP is serving as legal counsel, Guggenheim Securities, LLC is serving as financial advisor, AlixPartners LLP is serving as restructuring advisor, and A&G Real Estate Partners is serving as real estate advisor to the Company. Kroll is the claims agent. Kirkland & Ellis is serving as legal counsel to Nexus Capital Management LP. PNC Bank, National Association, the DIP ABL Agent and Prepetition ABL Agent, is represented by Choate, Hall & Stewart, LLP; and Blank Rome, LLP. 1903P Loan Agent, LLC, the DIP Term Agent, and the Prepetition Term Loan Agent are represented by Otterbourg, P.C. and Richards, Layton & Finger, P.A. BOWERS TRUCKING: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Bowers Trucking, Inc. d/b/ay Bowers Trucking & Logistics 66417 Hwy 60 Ponca City, OK 74604 Business Description: Bowers Trucking, Inc., headquartered in Ponca City, Oklahoma, provides transportation services across ground, ocean, and air throughout the US, Canada, and Mexico, including import and export container shipments to China and Japan. Founded in the early 1960s by Glen C. Bowers to support his sawmill operations in Fairfax, Oklahoma, the Company has expanded under subsequent generations to serve large and small businesses with flatbed freight, commodities, and time-sensitive shipments. Bowers Trucking focuses on operational standards, safety, and communication. Chapter 11 Petition Date: September 18, 2025 Court: United States Bankruptcy Court Western District of Oklahoma Case No.: 25-12884 Judge: TBD Debtor's Counsel: Stephen J. Moriarty, Esq. FELLERS, SNIDER ET AL 100 N. Broadway, STE 1700 Oklahoma City, OK 73102-8820 Tel: 405-232-0621 Fax: 405-232-9659 E-mail: smoriarty@fellerssnider.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Garrett Bowers as CEO. 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/QJJWGYY/Bowers_Trucking_Inc__okwbke-25-12884__0001.0.pdf?mcid=tGE4TAMA BOYD GROUP: DBRS Finalizes BB Rating, Trend Stable -------------------------------------------------- DBRS Limited finalized the provisional credit rating of BB with a Stable trend on Boyd Group Services Inc.'s (BGSI or the Company) Senior Unsecured Notes (the Notes), which closed on September 4th, 2025. The Recovery Rating on the Notes is RR5. The credit rating on the Notes is applicable to the following series: CAD 275 million, 5.75% Senior Unsecured Notes due September 4, 2033. The net proceeds from the Notes will be used to repay existing indebtedness. The Notes will be unsecured obligations ranking equal with all existing and future unsecured indebtedness's of BGSI, but will effectively be subordinated to any secured indebtedness, including indebtedness under the Company's credit agreement. KEY CREDIT RATING DRIVERS Should BGSI be challenged to improve operating performance, including a return to positive same-store sales growth on a consistent basis over the next few quarters, and/or key credit metrics deteriorate (i.e., debt-to-EBITDA weakens to more than 4.0 times (x)) because of weaker-than-expected operating performance and/or more aggressive financial management, the credit ratings will be pressured. Conversely, although unlikely over the near term, Morningstar DBRS could take a positive credit rating action should BGSI materially strengthen its business risk profile, along with a commensurate improvement in the Company's key credit metrics on a normalized and sustained basis. CREDIT RATING RATIONALE Comprehensive Business Risk Assessment (CBRA): BBH/BB BGSI's CBRA of BBH/BB is supported by the Company's solid market position as one of the largest non-franchised collision repair centers in North America, benefitting from the Company's strong reputation and long-standing relationships with insurance companies. The CBRA also reflects the highly competitive and fragmented industry in which BGSI operates, the non-contractual aspect of its relationships with insurance companies, and the risks associated with its aggressive growth plans. Comprehensive FRA (CFRA): BBBL/BBH The Company's CFRA of BBBL/BBH reflects Morningstar DBRS' expectation that the Company is taking a balanced approach around scaling debt-funded growth, such that key credit metrics remain supportive of the current credit rating (i.e., maintain debt-to-EBITDA between 3.5x and 4.0x). Intrinsic Assessment (IA): BBH The IA of BBH is within the Intrinsic Assessment Range and is based on the CBRA and CFRA, also taking into consideration peer comparisons, among other factors. Additional Considerations: None The credit ratings include no further negative or positive adjustments resulting from additional considerations. Recovery Rating: The recovery rating of RR5 on the Proposed Notes assumes the Company's secured revolver is fully drawn and reflects the first-lien position of indebtedness under the secured credit agreement. Notes: All figures are in U.S. dollars unless otherwise noted. BRAVO BRIO: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Bravo Brio Restaurants, LLC, according to court dockets. About Bravo Brio Restaurants Bravo Brio Restaurants, LLC filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-05224) on August 18, 2025, listing between $50 million and $100 million in assets and liabilities. Judge Lori V. Vaughan oversees the case. R. Scott Shuker, Esq., at the Law Firm of Shuker & Dorris, P.A. is the Debtor's legal counsel. BRIGHT GREEN: Taps Rodey Dickason Sloan Akin as Litigation Counsel ------------------------------------------------------------------ Bright Green Corporation seeks approval from the U.S. Bankruptcy Court for the District of New Mexico to employ the Rodey, Dickason, Sloan, Akin, & Robb, PA as special litigation counsel. The firm will represent the Debtor in a lawsuit pending in New Mexico's Thirteenth Judicial District Court against John Fikany, Case No. D-1333-CV-2020-00231. The firm will be paid at these hourly rates: Jeffrey Croasdell, Partner $475 Other Partners $300 - $350 Other Associates and Staff Attorneys $225 - $275 Paralegals and Other Paraprofessionals $150 Since the petition date, the firm has incurred an additional $16,040 in unpaid fees and $1,275 of expenses and taxes in connection with the New Mexico lawsuit. Mr. Croasdell disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey Croasdell, Esq. Rodey, Dickason, Sloan, Akin, & Robb, PA 201 3rd Street NW, Suite 2200 Albuquerque, NM 87102 Telephone: (505) 765-5900 About Bright Green Corporation Bright Green Corporation was among the first entrants in the U.S. federally authorized cannabis space for research and medical development. Bright Green Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.M. Case No. 25-10195) on Feb. 22, 2025, listing up to $10 million in both assets and liabilities. Honorable Bankruptcy Judge Robert H. Jacobvitz handles the case. The Debtor tapped Michael Best & Friedrich LLP as bankruptcy counsel and Rodey, Dickason, Sloan, Akin, & Robb, PA as special litigation counsel. BROADWAY REALTY: Seeks to Sell NY Property at Auction ----------------------------------------------------- Broadway Realty I Co., LLC and its debtor affiliates seek permission from the U.S. Bankruptcy Court for the Southern District of New York, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor has conducted a robust and comprehensive marketing process for the sale or refinancing of the Debtors' extensive real estate portfolio comprised of over 5,100 rent stabilized, multifamily residential units across New York City. The Debtors hold interests in approximately 93 multi-family residential buildings in New York City. The majority of these properties consist of rentstabilized units and provide housing to over 5,100 New Yorkers. The Debtors develops bidding and auction procedures, which are designed to provide an opportunity for all interested parties to submit offers for some or all of the Assets and to efficiently consummate such transactions. The Debtors are seeking bids from investors or purchasers for all of the Assets as a portfolio and bids on individual Assets or for any combination of Assets. The Bidding Procedures are designed to promote a competitive and robust bidding process and the greatest level of interest in the Assets. The Debtors hire Eastdil Secured L.L.C., a premier independent real estate investment bank with deep expertise in the New York City commercial real estate and capital markets. The Bidding Procedures provide the Debtors with flexibility to solicit proposals, negotiate transactions, hold auctions, and proceed to consummate potential Transactions. In light of the milestones required under the Final Cash Collateral Order, the Debtors propose the following key dates and deadlines for the Marketing Process: -- Deadline to Submit Non-Binding Indications of Interest (parties are highly encouraged to do so): November 21, 2025 at 5:00 p.m. (prevailing Eastern Time) -- Bid Deadline: December 12, 2025 at 5:00 p.m. (prevailing Eastern Time) -- Auction(s) (if necessary): January 8, 2026 at 10:00 a.m. (prevailing Eastern Time) -- Closing of Transaction(s): On or before February 12, 2026. Interested purchasers or investors, upon executing confidentiality agreements, will be granted access to a data room, which contains significant diligence and other confidential information about the Assets. The deadline for interested parties to submit binding Bids is December 12, 2025 at 5:00 p.m. (prevailing Eastern Time). The Debtors may: (i) establish initial minimum overbid and subsequent bidding increment requirements and (ii) offer a Stalking Horse Bidder a break-up fee in an amount to be mutually agreed among the CROs, but not to exceed 3% of the proposed Transaction value. The Debtors believe that the Bidding Procedures allow the Debtors to provide certain Stalking Horse Bid Protections for a designated Stalking Horse Bidder, such as the initial minimum overbid requirement, the subsequent bidding increments, and the Termination Payment. About Broadway Realty I Co. Broadway Realty I Co., LLC is a real estate investment business and management company headquartered in New York City. The company operates from its principal location at 2 Grand Central Tower in Manhattan, with its main asset property at 4530 Broadway in New York. It specializes in real estate investment and property management activities across the New York metropolitan area. Broadway Realty I Co. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11050) on May 21,2025. In its petition, Broadway Realty I Co. reported between $500 million and $1 billion in both assets and liabilities. Judge David S. Jones, Esq. handles the cases. The Debtors are represented by Gary Holtzer, Esq., at Weil Gotshal & Manges, LLP. Flagstar Bank, N.A., as creditor, is represented by Harvey A. Strickon, Esq., Brett Lawrence, Esq., Justin Rawlins, Esq., and Nicholas A. Bassett, Esq., at PAUL HASTINGS LLP, in New York. BUCKEYE PARTNERS: S&P Upgrades ICR to 'BB', Outlook Stable ---------------------------------------------------------- S&P Global Ratings raised its corporate credit rating on Buckeye Partners LP (BPL) one notch to 'BB', which reflects its expectation that its leverage will remain under 5.5x and that Buckeye Energy Holdings LLC's (BEH) consolidated leverage won't increase. S&P said, "At the same time, we raised our issue-level rating on BPL's senior secured debt to 'BBB-'. The '1' recovery rating on this debt is unchanged, indicating our expectation for very high (90% -100%; rounded estimate 95%) recovery in the event of a payment default. "In addition, we raised our rating on BPL's senior unsecured debt to 'BB'. The '3' recovery rating is also unchanged, indicating our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default. "The stable outlook reflects our expectation that BLP's S&P Global Ratings-adjusted debt to EBITDA will remain under 5.5x and that BEH's leverage won't materially increase." On July 22, 2025, Buckeye Energy Holdings LLC (BEH), the parent of Buckeye Partners LP (BPL), spun-out its ownership interest in Swift Current Energy (SCE), which decreased consolidated leverage. Following the spin out of SCE, consolidated leverage at BEH decreased. S&P continues to view BPL as a core subsidiary of BEH given it's the primary cash-flow driver of the consolidated entity. Other than BPL, assets that remain at BEH are small in scope. The company anticipates limited further development of these assets, reducing uncertainty around BEH's cash-flow needs. BPL's leverage continues to decrease from throughput growth on its existing asset base. However, its financial policy around excess cash-flow allocation remains a key consideration. S&P expects that the $537 million outstanding under its term loan B due November 2026 and $600 million senior unsecured notes due December 2026 will be refinanced or managed through a combination of refinancings and repayment over the next 12-24 months. If BPL uses its excess cash to repay debt, leverage could fall significantly below 5.5x. Currently, management hasn't articulated a lower long-term debt target, which limits further upside to the rating. S&P said, "The stable outlook reflects our expectation that BPL will maintain S&P Global Ratings-adjusted debt to EBITDA under 5.5x and that leverage at BEH will not materially increase. "We could take a negative rating action on BPL if it sustained leverage above 5.5x or if BEH's debt increased without corresponding actions to reduce leverage. "We could take a positive rating action on BPL if the partnership adopts and adheres to a more conservative financial policy, such that leverage was sustained below 4.5x and leverage at BEH wasn't expected to increase." CAR TOYS: Committee Seeks Approval to Tap DBS Law as Legal Counsel ------------------------------------------------------------------ The official committee of unsecured creditors appointed in the Chapter 11 case of Car Toys, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to employ DBS Law as its counsel. The firm's counsel and staff will be paid at these hourly rates: Daniel Bugbee, Attorney $575 Laurie Thornton, Attorney $525 Aditi Paranjpye, Attorney $525 Dominique Scalia, Attorney $500 Paralegals $225 - $275 In addition, the firm will seek reimbursement for expenses incurred. Mr. Scalia disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Dominique R. Scalia, Esq. DBS Law 819 Virginia Street, Suite C-2 Seattle, WA 98101 Telephone: (206) 489-3802 Email: dscalia@lawdbs.com About Car Toys Inc. Car Toys, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12288) on August 18, 2025. In the petition signed by Philip Kaestle, chief restructuring officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Timothy W. Dore oversees the case. Steven M. Palmer, Esq., at Cairncross & Hempelmann, PS represents the Debtor as counsel. On Sept. 3, 2025, the Office of the United States Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped DBS Law as counsel. CARBON CREEK: Hires Markus Williams Young & Hunsicker as Counsel ---------------------------------------------------------------- Carbon Creek Energy, LLC seeks approval from the U.S. Bankruptcy Court for the District of Wyoming to employ Markus Williams Young & Hunsicker LLC as counsel. The firm will render these services: (a) assist in the production of the Debtor's schedules and statement of financial affairs and other pleadings necessary to file its Chapter 11 case; (b) prepare on behalf of the Debtor all necessary legal papers; (c) represent the Debtor in adversary proceedings and contested matters related to its bankruptcy case; (d) provide legal advice with respect to the Debtor's rights, powers, obligations and duties as Chapter 11 in the continuing operation of its business and the administration of the estate; (e) investigate the assets, liabilities, and financial affairs of the estate; (f) assist the Debtor in analyzing and pursuing any proposed dispositions of assets of its bankruptcy estate; (g) pursue claims and causes of action of the Debtor's bankruptcy estate; (h) defend the Debtor and its estate in any litigation matters which may be asserted; and (i) provide other legal services for the Debtor as necessary and appropriate for the administration of its estate. The firm will be paid at these hourly rates: Bradeley Hunsicker, Attorney $435 - $695 Lacey Bryan, Attorney $435 - $695 Matthew Faga, Attorney $435 - $695 William Cross, Attorney $435 - $695 Other Attorneys $335 - $695 Paralegals $195 Assistants $175 In addition, the firm will seek reimbursement for expenses incurred. Mr. Faga disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew T. Faga, Esq. Markus Williams Young & Hunsicker LLC Cheyenne, WY 82001 Telephone: (307) 778-8178 Facsimile: (303) 830-0809 Email: mfaga@markuswilliams.com About Carbon Creek Energy LLC Carbon Creek Energy LLC is the contract operator of coal-bed methane wells in Wyoming's Powder River Basin owned by US Realm Powder River, LLC, managing drilling, production, and field operations under a services agreement. Powder River Midstream, LLC provides affiliated midstream support through pipelines, compression, and natural gas transportation infrastructure that move output from the wells to market. US Realm Wyoming Ranches, LLC owns real estate in Sheridan, Wyoming, that supports field and office activities for operations. The three entities function as affiliates of US Realm Powder River, LLC, which holds mineral leases across more than 1 million acres and owns thousands of coal-bed methane wells in the basin. Carbon Creek Energy LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Wyo. Case No. 25-20387) on September 8, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Cathleen D. Parker handles the case. The Debtor is represented by Bradley T. Hunsicker, Esq., Matthew T. Faga, Esq., and William G. Cross, Esq., at Markus Williams Young & Hunsicker LLC. BMC Group, Inc. is the Debtor's noticing agent. CARMEN FRATICELLI: Court Upholds Dismissal of Bankruptcy Case ------------------------------------------------------------- Judge Maria de los Angeles Gonzalez of the United States Bankruptcy Court for the District of Puerto Rico denied Carmen Maria Mercado Fraticelli's motion for reconsideration of the dismissal of her bankruptcy case. On May 31, 2024, Carmen Maria Mercado Fraticelli filed the petition for relief under Chapter 11, Subchapter V of the Bankruptcy Code. On Aug. 5, 2024, creditor Blue View Capital LLC filed proof of claim number 1 in the amount of $283,593.07, secured by Debtor's residential property located in Ponce, Puerto Rico. On Sept. 17, 2024, Blue View filed a motion to dismiss the case with a four-year bar to re-file. On Sept. 26, 2024, Debtor opposed Blue View's dismissal request. On Oct. 30, 2024, the court entered an opinion and order denying Blue View's request for dismissal of the case with a four-year bar to refile and allowed Debtor to proceed to confirmation. On Nov. 23, 2024, Blue View moved for the reconsideration of the order denying the dismissal and the bar to refile. Following Debtor's request for valuation and protracted motion litigation with Blue View, on Dec. 5, 2025, the court conducted an evidentiary hearing to determine, for purposes of 11 U.S.C. Section 1129(b)(2)(A)(i), 11 U.S.C. Section 506(a) and Fed. R. Bankr. P. 3012, the value of Debtor's residential property. On April 14, 2025, the court determined in an opinion and order that the value of said property was $135,000 and granted Debtor thirty days to file an amended Subchapter V plan consistent with the valuation ruling. On May 19, 2025, Debtor filed her Subchapter V amended plan, which the court set for a confirmation hearing on July 10, 2025. On July 7, 2025, Blue View filed an objection to the confirmation of Debtor's amended plan. Blue View questioned the plan's feasibility by analyzing the monthly operating reports filed to date, which it argued had multiple deficiencies and inconsistencies. Blue View also pointed out that the operating reports for April and May were outstanding. Further, it argued that the plan did not meet the criteria for cram down confirmation under 11 U.S.C. Sec. 1191(b) and that the plan improperly proposed a bifurcation of its claim, a claim that Debtor never objected to. The court granted Blue View's objection to confirmation and denied confirmation of Debtor's plan. The court also granted Blue View's request for reconsideration and dismissed the case. Now pending before the court is Debtor's motion filed on July 21, 2025, seeking reconsideration of the dismissal. On the same day, Debtor also filed an amended subchapter V plan, amended schedules I and J, an objection to Blue View's claim, amended monthly operating reports for January, February, and March 2025, and monthly operating reports for April, May, and June 2025. In her motion for reconsideration, Debtor argues that at the confirmation hearing, she did not admit that her plan was unfeasible. Instead, she contends that the court could not assess feasibility due to the incomplete monthly operating reports filed up to that date. She states that now she has amended these reports and attached evidence of her income to demonstrate the source of the funds. Further, she asserts that at the 341 meeting of creditors and in "other hearings and motions," she had testified that her plan would also be funded with her husband's income. She further states that, if necessary, her son and daughter would contribute to fund her plan and submits as exhibits two unsworn statements under penalty of perjury to that effect. She also attributes her previous omission of her husband's income and bank statements to an error made by her prior accountant, who has now been replaced. She claims that she is now in full compliance with the confirmation requirements. Debtor also emphasizes her active participation in the valuation hearing, which resulted in the court determining that the value of the property is $135,000. She contends that she had no obligation to file an objection to Blue View's claim, and that the court's valuation effectively bifurcated the claim. Moreover, Debtor argues that she does not need Blue View's vote for plan confirmation because she can confirm her plan under the cram-down provisions of 11 U.S.C. Sec. 1191(b). She asserts that her plan is fair and equitable because it proposes to pay within a reasonable timeframe and with interest, providing more than what unsecured creditors would receive in a Chapter 7 liquidation scenario. Lastly, she requests that the court exercise its equitable powers under 11 U.S.C. Sec. 105(a) to reconsider the dismissal of her case and allow her to preserve her only property, which serves as her residence and place of business. Blue View opposes Debtor's reconsideration request. It asserts that the court did not err in dismissing the case and that Debtor's motion fails to meet the standard for reconsideration, as there is no showing of newly discovered evidence or manifest error. Moreover, Blue View contends that there were multiple valid grounds for dismissal, which the record clearly supported, including ongoing noncompliance despite multiple opportunities to cure deficiencies, continuing substantial diminution to the estate, lack of feasibility, and an unreasonable likelihood of reorganization. Regarding the statements attached to her motion claiming that her son and daughter might contribute to fund the plan, Blue View argues that these individuals could have appeared at the confirmation hearing but chose not to and that their statements fail to identify specific amounts that could render them relevant for a feasibility determination. The court agrees with Blue View. Debtor has neither argued how this court committed manifest error nor presented any compelling grounds for the court to reconsider its dismissal order. On the contrary, the record shows, and Debtor admits, that: she failed to comply with the reporting requirements for debtors in Subchapter V; she appeared unprepared to prosecute the confirmation of her plan at the confirmation hearing; she waited until the day before the hearing to seek a continuance and to request additional time to amend her plan and operating reports; and the lack of complete and accurate financial information resulting from incomplete or missing operating reports prevented the court from properly assessing the plan's feasibility at the confirmation hearing. Furthermore, aside from stating that the omission was due to errors made by the prior accountant, Debtor has failed to explain why possible contributions by family members to fund the plan were not included in prior plans and reports filed with the court. The court concurs with Blue View that this information has been readily available to Debtor and therefore does not constitute newly discovered evidence warranting reconsideration of the case's dismissal. The Court concludes absent a showing of mistake, inadvertence, surprise, excusable neglect, or any other reason that justifies the reconsideration of the dismissal of the case, Debtor's motion for reconsideration is denied. A copy of the Court's Opinion and Order dated September 15, 2025, is available at https://urlcurt.com/u?l=87uFyw from PacerMonitor.com. Carmen Maria Mercado Fraticelli filed for Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 24-02341) on May 31, 2024, listing under $1 million in both assets and liabilities. The Debtor is represented by Juan Carlos Bigas Valedon, Esq. CBRM REALTY: Seeks to Extend Plan Exclusivity to January 14, 2026 ----------------------------------------------------------------- CBRM Realty Inc. and its affiliates asked the U.S. Bankruptcy Court for the District of New Jersey to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 14, 2026 and March 15, 2026, respectively. The Debtors explain that they are simultaneously advancing solicitation, a sale, and confirmation on a compressed schedule. Thus, the breadth of entities, assets, stakeholders, litigation, and concurrent sale and plan process collectively demonstrate the size and complexity of these chapter 11 cases and weigh in favor of extending the Exclusivity Periods. The Debtors claim that they are not seeking an extension of the Exclusivity Periods to pressure or prejudice any of their stakeholders. Continued exclusivity will allow the Debtors to bring these chapter 11 cases to an orderly conclusion by preventing competing plans from derailing the solicitation of votes on the Plan. Being required to defend against multiple plans would give rise to uncertainty and confusion among voters that could put the confirmation of the Plan at risk and cause substantial delay in returning value to the Debtors' creditors. Since the Petition Date, the Debtors have paid their postpetition debts in the ordinary course of business or as otherwise provided by Court order, which weighs in favor of an extension of the Exclusivity Periods. Additionally, the Debtors have had ongoing and transparent communications with their major creditors and the U.S. Trustee regarding business operations, and plan to continue to meet their postpetition obligations in the ordinary course. The Debtors assert that they have already taken significant steps in these chapter 11 cases by filing the Plan to effectuate an orderly wind down process to allocate proceeds following the closing of the sale of the NOLA Properties, which is ultimately the best path forward for the Debtors' estates. Accordingly, an extension of the Exclusivity Periods will allow the Debtors adequate time to complete the solicitation of votes on this Plan and move forward with obtaining court approval. The Debtors further assert that they have designated a successful bidder for the NOLA Properties and are in the process of soliciting a Plan to progress toward confirmation of the Plan, all while engaging with various key stakeholders. Consummation of the Plan, including the sale of the NOLA Properties, will likely require further negotiations with key stakeholders. Accordingly, the Debtors submit that sufficient cause exists to extend the Exclusivity Periods as provided herein. Counsel to the Debtors: Andrew Zatz, Esq. Barrett Lingle, Esq. WHITE & CASE LLP 1221 Avenue of the Americas New York, New York 10020 Tel: (212) 819-8200 Email: azatz@whitecase.com barrett.lingle@whitecase.com - and - Gregory F. Pesce, Esq. Adam Swingle, Esq. WHITE & CASE LLP 111 South Wacker Drive Chicago, Illinois 60606 Tel: (312) 881-5400 E-mail: gregory.pesce@whitecase.com adam.swingle@whitecase.com Co-Counsel to the Debtors: Kenneth A. Rosen, Esq. KEN ROSEN ADVISORS PC 80 Central Park West New York, New York 10023 Tel: (973) 493-4955 E-mail: ken@kenrosenadvisors.com About CBRM Realty CBRM Realty Inc. is a Somerset, New Jersey-based real estate investment firm. CBRM Realty Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-15343) on May 19, 2025. In its petition, the Debtor reports estimated assets and liabilities (on a consolidated basis) between $100 million to $500 million each. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtors tapped White & Case LLP and Ken Rosen Advisors PC as counsel, Islanddundon LLC as financial advisor, and Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims, noticing, and solicitation agent. CENTRAL PARENT: PCM Fund Marks $597,000 Loan at 16% Off ------------------------------------------------------- PCM Fund, Inc. has marked its $597,000 loan extended to Central Parent, Inc. to market at $500,000 or 84% of the outstanding amount, according to PCM Funds' Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. PCM Fund is a participant in a Loan to Central Parent, Inc. The loan accrues interest at a rate of 7.546% per annum. The loan matures on July 6, 2029. PCM Fund, Inc., PIMCO Global StocksPLUS & Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund are organized as closed-end management investment companies registered under the Investment Company Act of 1940. PIMCO Global StocksPLUS & Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund were organized as Massachusetts business trusts. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations. Pacific Investment Management Company LLC serves as the Funds’ investment manager. Each Fund represents a single operating segment, as the chief operating decision maker monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. PCM Fund is led by Joshua D. Ratner as Principal Executive Officer and Bijal Y. Parikh as Principal Financial & Accounting Officer. The Fund can be reach through: Joshua D. Ratner PCM Fund, Inc. 1633 Broadway, New York, NY 10019 Telephone: (844) 337-4626 About Central Parent, Inc. Central Parent, Inc. is a holding company for CDK Global Inc., a technology company providing software and services to auto dealers. CENTRAL PARENT: PIMCO Access Marks $5.8MM Loan at 16% Off --------------------------------------------------------- PIMCO Access Income Fund has marked its $5,868,000 loan extended to Central Parent, Inc. to market at $4,915,000 or 84% of the outstanding amount, according to Pimco Access' Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. Pimco Strategic is a participant in a Loan to Central Parent, Inc. The loan accrues interest at a rate of 7.546% per annum. The loan matures on July 6, 2029. PCM Fund, Inc., PIMCO Global StocksPLUS & Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund are organized as closed-end management investment companies registered under the Investment Company Act of 1940. PIMCO Global StocksPLUS & Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund were organized as Massachusetts business trusts. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations. Pacific Investment Management Company LLC serves as the Funds' investment manager. Each Fund represents a single operating segment, as the chief operating decision maker monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. PCM Access is led by Joshua D. Ratner as Principal Executive Officer and Bijal Y. Parikh as Principal Financial & Accounting Officer. The Fund can be reach through: Joshua D. Ratner PIMCO Access Income Fund 1633 Broadway, New York, NY 10019 Telephone: (844) 337-4626 About Central Parent, Inc. Central Parent, Inc. is a holding company for CDK Global Inc., a technology company providing software and services to auto dealers. CENTRAL PARENT: PIMCO Dynamic Marks $68.7MM Loan at 16% Off ----------------------------------------------------------- PIMCO Dynamic Income Fund has marked its $68,705,000 loan extended to Central Parent, Inc. to market at $57,543,000 or 84% of the outstanding amount, according to Pimco Dynamic's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. Pimco Dynamic is a participant in a Loan to Central Parent, Inc. The loan accrues interest at a rate of 7.546% per annum. The loan matures on July 6, 2029. PCM Fund, Inc., PIMCO Global StocksPLUS & Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund are organized as closed-end management investment companies registered under the Investment Company Act of 1940. PIMCO Global StocksPLUS & Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund were organized as Massachusetts business trusts. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations. Pacific Investment Management Company LLC serves as the Funds' investment manager. Each Fund represents a single operating segment, as the chief operating decision maker monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. Pimco Dynamic is led by Joshua D. Ratner as Principal Executive Officer and Bijal Y. Parikh as Principal Financial & Accounting Officer. The Fund can be reach through: Joshua D. Ratner PIMCO Dynamic Income Fund 1633 Broadway, New York, NY 10019 Telephone: (844) 337-4626 About Central Parent, Inc. Central Parent, Inc. is a holding company for CDK Global Inc., a technology company providing software and services to auto dealers. CENTRAL PARENT: PIMCO Global Fund Marks $497,000 Loan at 16% Off ---------------------------------------------------------------- PIMCO Global StocksPLUS & Income Fund has marked its $497,000 loan extended to Central Parent, Inc. to market at $427,000 or 84% of the outstanding amount, according to PIMCO Global's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. PIMCO Global is a participant in a Loan to Central Parent, Inc. The loan accrues interest at a rate of 7.5% per annum. The loan matures on July 6, 2029. PCM Fund, Inc., PIMCO Global StocksPLUS & Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund are organized as closed-end management investment companies registered under the Investment Company Act of 1940. PIMCO Global StocksPLUS & Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund were organized as Massachusetts business trusts. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations. Pacific Investment Management Company LLC serves as the Funds' investment manager. Each Fund represents a single operating segment, as the chief operating decision maker monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. PIMCO Global is led by Joshua D. Ratner as Principal Executive Officer and Bijal Y. Parikh as Principal Financial & Accounting Officer. The Fund can be reach through: Joshua D. Ratner PIMCO Global StocksPLUS & Income Fund 1633 Broadway, New York, NY 10019 Telephone: (844) 337-4626 About Central Parent, Inc. Central Parent, Inc. is a holding company for CDK Global Inc., a technology company providing software and services to auto dealers. CENTRAL PARENT: PIMCO Strategic Marks $1MM Loan at 16% Off ---------------------------------------------------------- PIMCO Strategic Income Fund, Inc. has marked its $1,094,000 loan extended to Central Parent, Inc. to market at $916,000 or 84% of the outstanding amount, according to Pimco Strategic's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. Pimco Strategic is a participant in a Loan to Central Parent, Inc. The loan accrues interest at a rate of 7.546% per annum. The loan matures on July 6, 2029. PCM Fund, Inc., PIMCO Global StocksPLUS & Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund are organized as closed-end management investment companies registered under the Investment Company Act of 1940. PIMCO Global StocksPLUS & Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund were organized as Massachusetts business trusts. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations. Pacific Investment Management Company LLC serves as the Funds' investment manager. Each Fund represents a single operating segment, as the chief operating decision maker monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. PCM Fund is led by Joshua D. Ratner as Principal Executive Officer and Bijal Y. Parikh as Principal Financial & Accounting Officer. The Fund can be reach through: Joshua D. Ratner PIMCO Strategic Income Fund, Inc. 1633 Broadway, New York, NY 10019 Telephone: (844) 337-4626 About Central Parent, Inc. Central Parent, Inc. is a holding company for CDK Global Inc., a technology company providing software and services to auto dealers. CHF-APTOS LLC: S&P Rates 2025A Student Housing Revenue Bonds 'BB' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB' long-term rating to California Municipal Finance Authority's $80 million series 2025A senior lien student housing revenue bonds issued for the CHF-Aptos LLC Cabrillo College Project, the sole member of which is Collegiate Housing Foundation. The outlook is stable. S&P said, "We view the project as having elevated exposure to physical risk related to wildfire and seismic risk within Santa Cruz County. According to S&P Global Sustainable1 data, the county includes areas where there is a relatively high risk of wildfires during dry months and periods of prolonged drought. Despite the elevated physical risks, we view social and governance factors as neutral in our credit rating analysis. "The stable outlook reflects our expectation that during the outlook period, construction will progress on time and within budget. "We could consider a negative rating action during the outlook period if there are cost overruns or construction delays that inhibit the project's ability to open on time. Beyond the outlook period, we could consider a negative rating action if occupancy is materially weaker than projected, pressuring the project's ability to meet covenanted coverage. "We do not expect to raise the rating or revise the outlook to positive during the outlook period as the project will be under construction. Beyond the outlook period, an established trend of strong occupancy and DSC over 1.2x on all debt obligations could lead to a positive rating action." CIVIL LLC: Committee Seeks to Tap Barth & Thompson as Local Counsel ------------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of Civil, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of West Virginia to employ Barth & Thompson as local counsel. The firm will aid the efforts of Raines Feldman Littrell LLP, the committee's primary counsel, to represent the interests of the unsecured creditors in these Chapter 11 cases. The firm will be paid at these hourly rates: Stephen Thompson, Partner $500 J. Nicholas Barth, Partner $500 Christine Allen, Paralegal $200 Debra Hutcheson, Paralegal $200 In addition, the firm will seek reimbursement for expenses incurred. Mr. Thompson disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Stephen L. Thompson, Esq. Barth & Thompson P.O. Box 129 Charleston, WV 25321 Telephone: (304) 342-7111 Facsimile: (304) 342-6215 Email: sthompson@barth-thompson.com About Civil LLC Civil, LLC and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. W.V. Case No. 25-20179) on August 20, 2025. In the petitions signed by Barry W. Tackett, chief restructuring officer, Civil disclosed between $50 million and $100 million in assets and between $10 million and $50 million in liabilities. The case is jointly administered in Case No. 25-20179. Judge B. McKay Mignault oversees the cases. J. Zachary Balasko, Esq., at Steptoe and Johnson PLLC, represents the Debtor as legal counsel. The Office of the United States Trustee appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Raines Feldman Littrell LLP as bankruptcy counsel and Barth & Thompson as local counsel. CMC ADVERTISING: Unsecureds Will Get 100% of Claims over 5 Years ---------------------------------------------------------------- CMC Advertising, Ltd. filed with the U.S. Bankruptcy Court for the Northern District of Ohio a Chapter 11 Plan under Subchapter V dated September 11, 2025. The Debtor is an Ohio limited liability company formed in 2005. The Debtor presently has two members: (1) Claude Montgomery who maintains a 99% interest in the Debtor; and (2) Mr. Montgomery's spouse, Cheri Montgomery, who maintains a 1% interest in the Debtor. The Debtor does business under the name of Mailworks II. The Debtor is a full service advertising company which offers a wide range of items and services to promote its customers' businesses. At present, the Debtor has approximately 60 active customers. Its customers are primarily non-profit organizations including churches. As a part of reorganizational plan, the Debtor has reduced staffing levels to save on costs. As well, to increase revenue, the Debtor is utilizing social media on a greater basis. In its Plan, it is the Debtor's goal to pay 100% on the allowed claims in this case, but over a period of five years. In terms of unsecured debt, the Debtor believes that at the time of filing it had approximately $1,046,179.08 in outstanding unsecured debt. The Debtor does not believe that any of this debt constitutes priority debt under the Bankruptcy Code, with the Debtor being current, as of the Petition Date, on its tax obligations and wages owed to its employees. The Debtor's unsecured debt consists of three overall categories of obligations: (1) trade debt; (2) credit card debt; and (3) Merchant Cash Advances, the latter of whom may claim that they are not creditors, but are actual purchasers of the Debtor's future accounts receivable. The Plan Proponent's financial projections show that the Debtor will have total projected disposable income for the five-year term of this Plan of $1,475,903.28. This Plan of Reorganization under chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor's from its Disposable Income. Non-priority unsecured creditors holding allowed claims will receive an estimated distribution over the length of this Plan of a 100% distribution on the allowed amount of their claims. Class 8 consists of General Unsecured Claims. Allowed unsecured claims will be a 100% distribution on the allowed amount of their claim. No interest shall accrue on any Claims in this Class. The Debtor shall make equal quarterly payments over the length of the Plan to fully pay all allowed unsecured claims. Claims in this Class are impaired and are entitled to Vote on this Plan. Such payments shall be disbursed, pro-rata, to claimants holding allowed unsecured claims. Such payments shall commence by the Reorganized Debtor on the fifth day of the month following the Effective Date of this Plan and shall continue to be made each quarter thereafter until completion of the Plan unless such day falls on a Saturday, Sunday or other federal holiday in which case such payment shall be due on the first business day thereafter. Class 9 consists of the outstanding membership interests of Mr. Montgomery and his wife Cheri Montgomery. Confirmation of this Plan shall cause all prepetition membership interests issued by the Debtor to be revested in and retained by those entities holding an interest in the outstanding membership interest of the Debtor as of the Petition Date and shall be subject to and based upon the terms and conditions as they existed on the Petition Date including under any Operating Agreements and other duly executed business documents. The Plan will be implemented and funded through the future business operations of the Debtor. The Debtor may also seek to obtain post-confirmation financing, but this is not expected in the short term. As a part of its reorganization, the Debtor does not contemplate the sale of any assets except that assets may be sold to the extent that it is later determined they are no longer of a value to the Debtor's business operation or their useful life for the Debtor has expired. A full-text copy of the Chapter 11 Plan dated September 11, 2025 is available at https://urlcurt.com/u?l=pdzsyQ from PacerMonitor.com at no charge. Counsel to the Debtor: Eric R. Neuman, Esq. Diller and Rice, LLC 124 E. Main St. Van Wert, OH 45891 Telephone: (419) 238-5025 About CMC Advertising Ltd. CMC Advertising, Ltd. operating as Mailworks II, is an Ohio-based advertising company. CMC Advertising sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-31341) on June 27, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Claude R. Montgomery, Jr., managing member of CMC Advertising, signed the petition date. Judge John Gustafson oversees the case. Eric R. Neuman, Esq., at Diller and Rice, LLC, represents the Debtor as legal counsel. COLIANT SOLUTIONS: Amends AFC Secured Claims Pay Details -------------------------------------------------------- CoLiant Solutions Inc. submitted an Amended Disclosure Statement describing Amended Plan of Reorganization dated September 11, 2025. The Debtor filed this bankruptcy case on February 12, 2025 (the "Petition Date"). Debtor immediately sought postpetition financing with AFC to maintain its cash flow. It also sought authority to pay certain vendors who were absolutely necessary to Debtor's Business, but who would not continue to do business with Debtor without being paid on their prepetition claims (the "Critical Vendors"). In April 2025, AFC determined that Debtor was overadvanced under the DIP Agreement given the age of some receivables and would not loan against any additional invoices. The last date AFC loaned against an invoice was on or about April 21, 2025. Debtor's cash flow became a trickle such that Debtor could not continue to maintain its WalMart contracts or retain numerous employees. Debtor was unable to pay a significant number of postpetition vendors in the approximate amount of $900,000. Debtor also furloughed over half its employees without paying accrued wages in the approximate amount of $285,000. When AFC declared a default under the DIP Agreement, Debtor commenced an adversary proceeding with case number 25-05103 seeking injunctive relief to prevent AFC from exercising its rights under the DIP Agreement and AFC's prepetition loan agreement (the "AFC Financing Documents") with Debtor, which would have impaired Debtor's ability to continue operating the Business. The Bankruptcy Court entered a Temporary Restraining Order preventing AFC from exercising its rights under the DIP Agreement and the AFC Financing Documents to collect Debtor's outstanding accounts receivable, preserving limited cashflow for the operation of Debtor's Business. After having discussions with many potential parties, OnView Integrated Solutions and Keystone Security Services, LLC (collectively, the "Buyers") worked with the Stallings on a stock purchase agreement that would allow for confirmation of a plan of reorganization. The Stock Purchase Agreement term sheet was executed on June 26, 2025 and filed in the Adversary Proceeding on that same date at Docket Number 14. The entire proceeds from the sale of the Stallings Equity Interests will be used to fund the Plan. The Stallings are not receiving any payment from the sale to Buyers and are not retaining any Equity Interests in Reorganized Debtor. The Plan is a comprehensive resolution of all potential claims against Debtor. The Plan provides for the acquisition of the stock owned by the Stallings, Debtor's current shareholders, pursuant to the Stock Purchase Agreement. The Reorganized Debtor shall issue new Equity Interests to the Buyers. Under the Plan, the unsecured claims of True Business Funding and River Capital Partners, the MCAs, will not receive any Distribution but will receive a credit against Debtor's preference claims equal to the amount each would receive on a pro rata basis as General Unsecured Creditors, as long as the MCAs and Debtor resolve Debtor's preference claims against them. If Debtor and the MCAs are unable to reach a resolution of the preference claims, Debtor will file an adversary proceeding against them seeking recovery of the full preference claims without any credit. Depending on timing of recovery on the preference claims, the recovery will be used to fund Debtor's pre-confirmation business operations or to fund payment of the Priority Tax Claims under the Plan. The Debtor estimates that holders of General Unsecured Claims will receive Pro Rata Share Distributions under the Plan from an aggregate amount of $1,198,000 as part of the Purchase Proceeds over twenty-four quarters. In estimating the Distributions to holders of General Unsecured Claims, Debtor has made certain assumptions, including the amount of General Unsecured Claims ultimately allowed. Class 1 consists of the Allowed Secured Claim of AFC which includes the prepetition indebtedness and the postpetition indebtedness balance as of the Confirmation Date. AFC shall be paid in full on the Closing Date of the Stock Purchase Agreement from the Purchase Proceeds. Payment to AFC shall constitute full and final satisfaction of AFC's Claim which constitutes the balance of its PrePetition Debt and postpetition Obligations, as those terms are defined in the DIP Agreement, and any and all reasonable attorney's fees and expenses and all other fees and interest. Upon receipt of this payment, AFC's Claim shall be satisfied in full. As of September 8, 2025 (the "Claim Calculation Date"), the balance of the PrePetition Debt is $354,694.62, the balance of the postpetition Obligations is $29,433.46, and AFC's attorney's fees through August 31, 2025 total $83,422.59. The payoff amount for the AFC Allowed Secured Claim as of September 8, 2025 is $467,550.67. Within five business days from the Closing Date upon receipt of the final payoff amount, AFC shall cause to be cancelled all UCC-1 Financing Statements recorded against Debtor. AFC shall immediately provide proof of the cancellations to Reorganized Debtor. Notwithstanding anything else in this document to the contrary, the AFC Allowed Secured Claim shall be reduced by any payment received by AFC after the Claim Calculation Date up to the Closing Date. Under this Plan, with the Purchase Proceeds, the Reorganized Debtor is paying in full AFC and Administrative Claims of Postpetition Furloughed Unpaid Accrued Wages and postpetition unpaid vendors and also paying the General Unsecured Vendor Creditors an estimated 15% of their Allowed Claims over a six-year period, depending on the aggregate amount of Allowed General Unsecured Vendor Creditor Claims. The Allowed Unsecured Claim of NewTek will receive $10,000 paid by the Stallings and the MCAs' Allowed Unsecured Claims will receive a credit for their Distribution which limits their preference exposure. All Allowed Priority Tax Claims will be paid in full over a five-year period. A full-text copy of the Amended Disclosure Statement dated September 11, 2025 is available at https://urlcurt.com/u?l=EJvg13 from PacerMonitor.com at no charge. Counsel to the Debtor: 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 CoLiant Solutions Inc CoLiant Solutions Inc. offers safety and security services to retailers and construction sites nationwide by installing security and fire alarm systems. Wal-Mart is the Debtor's largest client, accounting for 50% of its business. Other customers include construction contractors, food and beverage retailers like Duncan Brands, and department stores like Dillard's. The Debtor has physical office locations in Springfield, Illinois, Bentonville, Arkansas, Modesto, California, and Buford, Georgia. CoLiant filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 25-51509) on February 12, 2025, listing between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. The Debtor is represented by William Rountree, Esq., at Rountree Leitman Klein & Geer, LLC. CONSOLIDATED BURGER: Plan Exclusivity Period Extended to Sept. 26 ----------------------------------------------------------------- Judge Karen K. Specie of the U.S. Bankruptcy Court for the Northern District of Florida extended Consolidated Burger Holdings, LLC, and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to September 26 and November 25, 2025, respectively. As shared by Troubled Company Reporter, the Debtors explain that they satisfy the factors warranting an extension of the Exclusivity Period through September 26 and an extension of the Acceptance Period through November 25, 2025. First, cause may be shown to extend the exclusivity periods where the debtor is paying its debts as they become due. The Debtors are paying their postpetition obligations in a timely fashion as shown in the monthly operating reports which the Debtors have been filing with the Court. The Debtors have been managing the remaining aspects of their operations effectively and preserving the value of their assets for the benefit of all creditors. Second, the Debtors have been working collaboratively throughout their chapter 11 cases with Auxilior Capital Partners, Inc., their prepetition secured lender, Burger King Company, LLC ("BKC"), counsel for Southfield Mezzanine Capital, the Office of the U.S. Trustee and other interested parties on all issues that have arisen in these Chapter 11 Cases. The Debtors are in compliance with the U.S. Trustee's operating guidelines. The Debtors claim that they consummated the sale of substantially all their assets on June 29, 2025. Since then, the Debtors have addressed post-closing reconciliation and other matters with each purchaser. The Debtors, Auxilior, BKC and Southfield are also discussing how to most efficiently conclude these chapter 11 cases, which may include the filing of a plan of liquidation. Those discussions are ongoing. The Debtors' Counsel: Paul Steven Singerman, Esq. Jordi Guso, Esq. Christopher Andrew Jarvinen, Esq. BERGER SINGERMAN LLP 1450 Brickell Avenue Suite 1900 Miami, FL 33131 Tel: 305-755-9500 Fax: 305-714-4340 Email: singerman@bergersingerman.com jguso@bergersingerman.com cjarvinen@bergersingerman.com - and - Brian G. Rich, Esq. BERGER SINGERMAN LLP 313 N. Monroe Street, Ste. 301 Tallahassee, FL 32301 Tel: (850) 561-3010 Fax: (850) 561-3013 Email: brich@bergersingerman.com About Consolidated Burger Holdings Consolidated Burger Holdings, LLC, and its subsidiaries operate 57 Burger King restaurants across prime markets in Florida and Southern Georgia. On April 14, 2025, Consolidated Burger Holdings and two subsidiaries sought Chapter 11 protection (Bankr. N.D. Fla. Lead Case No. 25-40162). As of Dec. 31, 2024, the Debtors' balance sheets reflect assets of $77.9 million and liabilities of $77.9 million. The Hon. Karen K. Specie is the case judge. The Debtors tapped BERGER SINGERMAN LLP as general bankruptcy counsel, DEVELOPMENT SPECIALISTS, INC., as restructuring advisor, and PEAK FRANCHISE CAPITAL LLC as investment banker. OMNI AGENT SOLUTIONS, INC., is the claims agent. CONSTANT CONTACT: RiverNorth Marks $530,000 2L Loan at 14% Off -------------------------------------------------------------- RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. has marked its $530,000 loan extended to Constant Contact, Inc. to market at $455,138 or 86% of the outstanding amount, according to RiverNorth/DoubleLine's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. RiverNorth/DoubleLine is a participant in a Second Lien Initial Term Loan to Constant Contact, Inc. The loan accrues interest at a rate of 7.50% per annum. The loan matures on February 12, 2029. RiverNorth/DoubleLine is a closed-end management investment company that was organized as a Maryland corporation on June 22, 2016, and commenced investment operations on September 28, 2016. The investment adviser to the Fund is RiverNorth Capital Management, LLC. The Fund's sub-adviser is DoubleLine Capital, LP. The Fund is a diversified investment company with an investment objective to seek current income and overall total return. The Fund seeks to achieve its investment objective by allocating its Managed Assets among three principal strategies: Tactical Closed-End Fund Income Strategy, Alternative Credit Strategy and Opportunistic Income Strategy. The Adviser will determine the portion of the Fund's Managed Assets to allocate to each strategy and may, from time to time, adjust the allocations. RiverNorth/DoubleLine is led by Patrick W. Galley as President and Chief Executive Officer and Jonathan M. Mohrhardt and Treasurer and Chief Financial Officer. The Fund can be reach through: Patrick W. Galley RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. 360 South Rosemary Avenue, Suite 1420 West Palm Beach, FL 33401 Telephone: (561) 484-7185 About Constant Contact, Inc. Constant Contact, Inc. is an online marketing company, headquartered in Waltham, Massachusetts. CTL-AEROSPACE INC: Taps Coolidge Wall Co. as General Counsel ------------------------------------------------------------ CTL-Aerospace, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio to employ Coolidge Wall Co., LPA as counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties in the continued management and operation of its business; (b) attend meeting and negotiate with representatives of creditors and other parties-of-interest; (c) take all necessary action, in accordance with the trustee, to protect and preserve the Debtor's estate; (d) prepare on behalf of the Debtor certain legal papers necessary to the administration of the estate; (e) promote the plan of reorganization, disclosure statement, and all related agreements and/or documents filed contemporaneously herewith or hereafter, and take any necessary action on behalf of the Debtor to obtain confirmation of such plan, as necessary; (f) advise the Debtor in connection with any potential sale of assets; (g) appear before this court, any appellate courts and the United States Trustee and protect the interests of the Debtor's estate before such courts and the United States Trustee; (h) consult with the Debtor regarding tax matters; and (i) perform all necessary legal services and provide all other necessary legal advice to the Debtor in connection with this Chapter 11 case. The firm received a retainer of $25,000 from John Irwin, CEO of the Debtor. Patricia Friesinger, Esq., an attorney at Coolidge Wall Co., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Patricia J. Friesinger, Esq. Coolidge Wall Co., LPA 33 West First Street, Suite 600 Dayton, OH 45402 Telephone: (937) 223-8177 Facsimile: (937) 223-6705 Email: friesinger@coollaw.com About CTL-Aerospace Inc. CTL-Aerospace Inc. is an aerospace composites maker headquartered in Cincinnati, Ohio. CTL-Aerospace Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-12226) on September 8, 2025. In its petition, the Debtor reports assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Beth A. Buchanan handles the case. The Debtor is represented by Patricia Friesinger, Esq. at Coolidge Wall Co., LPA. DA NOI: Seeks Court Approval to Tap Steven H. Greenfeld as Counsel ------------------------------------------------------------------ Da Noi Hospitality, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ the Law Office of Steven H. Greenfeld, LLC as counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties in the continued operation of its business and management of its property; (b) prepare on behalf of Debtor necessary legal papers; and (c) perform all other legal services for the Debtor which may be necessary herein. Steven Greenfeld, Esq., the primary attorney in this representation, will be paid at his hourly rate of $495. Mr. Greenfeld disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Steven H. Greenfeld, Esq. Law Office of Steven H. Greenfeld, LLC 325 Ellington Boulevard, A#620 Gaithersburg, MD 20878 Telephone: (301) 881-8300 Email: Steveng@cohenbaldinger.com About Da Noi Hospitality Da Noi Hospitality, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 25-00371) on Sept. 8, 2025, listing under $1 million in both assets and liabilities. Judge Elizabeth L. Gunn oversees the case. The Law Office of Steven H. Greenfeld, LLC serves as the Debtor's counsel. DANIEL TRUCKING: Gets OK to Use Cash Collateral Until Oct. 3 ------------------------------------------------------------ Daniel Trucking International, Inc. received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use the cash collateral of its secured creditors through October 3. The court's interim order authorized the Debtor to use cash collateral for post-petition expenses listed in a submitted budget, subject to a 10% variance per line item. The Debtor's 30-day budget projects total operational expenses of $1,103,027. Secured creditors, Old National Bank and the U.S. Small Business Administration, hold liens on all of the Debtor's assets, including cash and receivables, pursuant to pre-bankruptcy UCC filings. As adequate protection, both creditors will be granted replacement post-petition liens on the cash collateral, with the same validity and extent as their pre-bankruptcy liens, effective as of the petition date. In addition, the Debtor was ordered to keep its assets insured as further protection to the secured creditors. The next hearing is scheduled for October 1. Old National Bank is represented by: Kristopher A. Capadona, Esq. Grogan Hesse & Uditsky, P.C. 2 Mid America Plaza, Suite 110 Oakbrook Terrace, IL 60181 Telephone: 630-359-8197 kcapadona@ghulaw.com About Daniel Trucking International Inc. Daniel Trucking International, Inc. is a Wheeling, Illinois-based transportation company. Daniel Trucking International sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10329) on July 7, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Debtor is represented by David Freydin, Esq., at Law Offices of David Freydin Ltd. DELTA QUAD: Seeks to Hire Evans & Mullinix as Bankruptcy Counsel ---------------------------------------------------------------- Delta Quad Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to employ Evans & Mullinix, PA to handle its Chapter 11 case. The firm will be paid at these hourly rates: Colin Gotham, Attorney $350 Paralegals $125 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $28,262 plus the filing fee of $1,738 from the Debtor. Mr. Gotham disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Colin Gotham, Esq. Evans & Mullinix, PA Shawnee, KS 66217 Telephone: (913) 962-8700 Facsimile: (913) 962-8701 Email: cgotham@emlawkc.com About Delta Quad Holdings LLC Delta Quad Holdings LLC is a real estate company that owns a single property asset located at 925 Grand Blvd., Kansas City, Missouri. It operates as a single-asset entity within the real estate sector. Delta Quad Holdings LLC relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-41430) on Sept. 3, 2025, listing up to $50 million in estimated assets and up to $10 million in estimated liabilities. The Debtor is represented by Evans & Mullinix, PA. DIEBOLD NIXDORF: S&P Upgrades ICR to 'B+', Outlook Stable --------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Diebold Nixdorf Inc. by one-notch to 'B+' from 'B' to reflect its view of the company's strengthened financial risk profile; at this rating level, the company is broadly in line with industry peers. S&P said, "At the same time, we raised our issue-level rating on the company's existing senior secured notes to 'B+' from 'B'. The '3' recovery rating (50% - 70%; 60% rounded estimate) is unchanged. "The stable outlook reflects our expectation of solid cash flow generation, such that annual FOCF exceeds $200 million in 2025 and S&P Global Ratings-adjusted leverage remains below 3x over the next 12 months." Over the past 18 months, Diebold Nixdorf Inc.'s earnings have steadily improved as it benefitted from operating efficiencies related to its recently launched LEAN program and cost restructuring initiatives. Its credit metrics and free operating cash flow (FOCF) generation also improved. S&P said, "We expect larger, one-time restructuring costs to roll off at the end of this year and contribute to lasting cost efficiencies, such that adjusted EBITDA margin rises to about 10.8% in 2025 and continues to improve thereafter. "We expect Diebold's cost reduction efforts and focus on working capital efficiencies will support continued EBITDA and FOCF expansion. Historically the company's ongoing cost restructuring and significant debt servicing requirements pressured earnings and prevented consistent positive FOCF generation. While Diebold will likely pursue additional cost efficiencies given its mature business, we expect a material reduction in restructuring expenses going forward, as its $165 million one-time cost restructuring program concludes this year ($142.4 million in total restructuring cost incurred through the second-quarter of 2025). Consistent with management guidance, we expect these initiatives, as well as LEAN priorities, to contribute to 125 basis points (bps) to 150 bps in annual gross margin improvement and $50 million in operating expense savings through 2027. Considering the anticipated roll off in restructuring expenses and realization of related cost synergies, we project Diebold's adjusted EBITDA of about $409 million in 2025, increasing to $514 million in 2026." The company generated about $138 million of adjusted annual FOCF in 2024 and has continued to improve quarterly trends with diligent working capital management, generating three consecutive quarters of positive FOCF and positive FOCF in the first half of 2025 – a period that has historically exhibited greater seasonality. S&P said, "We particularly view the company's positive FOCF generation in the first half of the year as evidence of improvements in working capital management. We believe management of a larger order backlog of about $900 million-$1 billion, prioritization of inventory management, and ongoing right-sizing DSO and DPO (days sales/payables outstanding) helped improve business linearity. Combined with a stronger earnings profile, we expect Diebold will generate greater, more sustainable annual FOCF. Under our base case, we project the company will generate annual FOCF in excess of $200 million starting in 2025." S&P said, "We expect Diebold's FOCF improvements will provide some flexibility for shareholder returns. In February 2025, Diebold announced approval for $100 million share repurchase authorization. Through the first half of the year, the company has repurchased roughly $40 million of common stock. In our base-case forecast, we expect the company will exercise the remainder of its authorization this year and continue participating in treasury share activity in future years. We anticipate share buybacks will be the company's preferred method of shareholder returns in the near term. "The company will likely continue to deleverage from 5.1x debt/EBITDA at the end of 2023, and we expect it will operate at materially lower levels going forward. We believe the company will exercise greater financial discipline and prioritize conservative financial policies that include maintaining net leverage of around 1.5x (management defined). Per management's forecast of adjusted EBITDA ($470 million-$490 million), we expect the company will be within its leverage target at the end of this year. Under our base case, we forecast leverage of 2.7x at the end of 2025 and deleveraging to the low-2x level in 2026 based on projected EBITDA improvement. "We expect hardware refreshes and geographic expansion opportunities, particularly in retail, will support near-term growth. In 2024, Diebold generated approximately 74% of its revenues from the banking segment and about 43% of the segment's revenue was tied to product sales. We view the ATM market as mature and expect growth prospects in this vertical will be limited in the medium to long term due to increased digitization and rise in popularity/use of alternative payment methods. As a result, we expect global ATM install base to steadily decline, but note upgrades to recyclers may help offset some erosion." The global ATM install base declined 2% in 2024 from 2023 levels, and Datos Insights (formerly RBR Data Services) expects global ATMs to shrink by about 4.3% over the next six years, reducing worldwide terminal footprint to approximately 2.8 million in 2030. S&P said, "While the changes in demand continue to pressure terminal usage, and thus terminal manufacturers like Diebold, we believe near-term growth opportunities may come from the early upgrade cycle and a software and services led strategy. In particular, we expect Diebold will maintain steady revenue growth and benefit from a terminal refresh cycle (in February 2025, management estimated remaining ATM refresh opportunity of across 75% of its installed customer base) and increased demand for software- and services-based revenues (e.g. cash management/monitoring, machine maintenance). The software and services make up roughly 57% of its banking segment mix, and we anticipate this mix will continue to shift in this direction as Diebold ramps its Branch Automation Solutions program. "We expect the retail sector to be a larger contributor of top-line growth in 2026, driven by a broad end-market recovery starting the back half of this year. We also believe expansion within European markets and greater penetration in North America, where Diebold currently occupies 9% market share, will support growth in the retail segment. We expect value-add of more customizable, modular solutions and AI-integrated products will also drive customer adoption. At the same time, the non-sticky nature of the retail customer base provides for lower switching costs and supports Diebold's ability to compete in the North American market. Considering these factors, we forecast somewhat flat revenue in 2025 and slowly ramping low- to mid-single-digit percent growth in 2026 and 2027. Our sales growth expectations consider Diebold's large and growing backlog of $980 million at the end of second-quarter 2025. "The stable outlook reflects our expectation Diebold will experience low- to mid-single-digit percent revenue growth throughout our forecast period and that S&P Global Ratings-adjusted EBITDA margins will gradually expand to the low- to mid-teens level, as the company's services segment continues to grow, cost benefit from LEAN initiatives is achieved, and restructuring costs roll off. At the same time, the stable outlook reflects our expectation that the company will end 2025 with debt/EBITDA of 2.7x and that leverage will trend to the low-2x area thereafter, led by growth in absolute earnings rather than debt reduction. It also considers our expectation that better working capital management will support healthy FOCF generation in excess of $200 million throughout the forecast." S&P could lower the rating if: -- S&P Global Ratings-adjusted debt/EBITDA trends to and remains elevated around or above the 4x level; and -- FOCF/debt falls to around or below 10%, from greater industry volatility and persistent swings in working capital. An upgrade over the next 12 months is unlikely given our view of Diebold's business risk. S&P could raise its rating on Diebold if: -- It establishes a history of consistent operating performance and FOCF generation; -- It maintains stable profitability while managing mature ATM industry conditions such that its leverage is sustained below 3x and FOCF/debt is above 15%; and -- Its financial policy and capital allocation priorities support the same credit metrics. DISCOVERY COMMUNICATIONS: S&P Withdraws 'B' Short Term ICR ---------------------------------------------------------- S&P Global Ratings its 'B' short-term rating on Discovery Communications Benelux B.V. at the issuer's request. The withdrawal of the rating is in relation to the termination of its Euro commercial paper (CP) program. DRAGON BUYER: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of Dragon Buyer, Inc. (d/b/a Candescent) at 'B+'. The Rating Outlook is Stable. Fitch has also assigned a first-time IDR of 'B+' with a Stable Outlook to Dragon Midco, Inc. In addition, Fitch has affirmed the first lien secured term loan and revolver at 'BB' with a Recovery Rating of 'RR2'. Candescent's ratings reflect its highly recurring nature of revenue, strong free cash flow generation, and a mission-critical product offering to a diversified customer base. However, the rating is constrained by its moderately high leverage profile and significant exposure to financial institutions and credit unions, resulting in end-market concentration. Key Rating Drivers Highly Recurring Revenue: Candescent's revenue is highly recurring with more than 90% of revenue being subscription-based with high net retention rates. This results in a highly predictable operating profile for the company. It also operates under multiyear contracts with an average contract length of five years, thereby providing further revenue visibility. Moderate Leverage with Deleveraging Capacity: Fitch calculated EBITDA leverage, or debt/EBITDA, will be above 4x for 2025. It will likely remain over 4x in 2026, gradually coming down thereafter mainly from EBITDA growth. Growth in EBITDA is projected to be a combination of cost savings and operating efficiencies. However, some execution risk remains. Candescent's private equity ownership would likely prioritize return on equity optimization over voluntary debt prepayment. These actions could include acquisitions to broaden the company's market position. Strong Cash Flow Generation: The free cash flow generated by core operations of the business is strong. One-time costs related to the NCR Voyix Corporation (BB/Stable) carve out will temporarily impact the (CFO-capex)/debt ratio in 2025. Fitch expects the free cash flow conversion rates to normalize in 2026 once these exceptional items subside. Strong free cash flow generation, combined with full revolver availability and solid cash buffers, underpins the company's robust liquidity profile. Diversified, Stable Customer Base: Candescent's offerings are deployed across over 1,300 customers including banks, credit unions and other financial institutions. Given the highly integrated nature of its products into customers' core banking systems and the mission critical nature of Candescent's solutions, Fitch views the revenue structure as resilient. Subscription fee revenues account for majority of revenues and are expected to remain at similar levels going forward. End-Market Concentration: Candescent derives nearly all its revenue from financial institutions and could be impacted over time by fluctuations in banking activity. Sector concentration also exposes Candescent to consolidation trends underway in financial institutions. Offsetting industry concentration risk is product diversification and limited customer concentration. Favorable Outsourcing Trends: Fitch expects banks will continue to outsource certain functions to third-party software providers to focus on core competencies and reduce costs, but there are near-term risks as banks experience balance sheet pressures. Candescent's software applications are used in a broad array of functions in retail and corporate banking, including treasury/capital markets, internet/mobile banking, and payments. Its products are open and modular and can fit into a bank's existing infrastructure, working with either its own systems or other third-party software. Peer Analysis Candescent's performance algins with 'B+' rated software peers. Fitch rates Candescent relative to other software companies such as Finastra Limited (B/Stable), MeridianLink Inc. (MLNK; BB-/RWN) and Project Everest Ultimate Parent, LLC (d/b/a Conga; B+/Stable). Finastra provides financial software in areas such as lending and retail banking, among others. MeridianLink also provides SaaS-based solutions to financial institutions. Conga provides SaaS-based revenue lifecycle management products. Among the SaaS providers to financial institutions, Finastra operates at a large scale compared to Candescent but has a higher leverage and weaker coverage profile. On the other hand, MeridianLink operates at a smaller scale and has lower leverage but a much stronger cash flow generation profile. Conga has a slightly smaller scale but similar margin and leverage profile as Candescent. Key Assumptions - Organic revenue growth in the low- to mid-single-digit range in the next few years; - EBITDA margins remain relatively stable in the mid-30% range, with gradual improvement throughout the forecast horizon; - Capex of about 11% of revenue; - Excess cash flow used primarily for tuck-in acquisitions; - EBITDA leverage remains around 4.0x range in the near term, but could be moderately higher if the company executes on M&A or debt-funded dividend payouts; - Floating rate debt assumes secured overnight financing rate (SOFR) of 4.25% in 2025 and reducing to 3.50% by 2028. Recovery Analysis The recovery analysis assumes that the issuer would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. A 10% administrative claim is assumed, and the revolver is assumed to be fully drawn. GC Approach GC EBITDA: Fitch assumes a bankruptcy scenario where the company experiences higher customer churn and decreasing revenue. Candescent could lose its top customers and downsell to other existing customers, leading to a 13% decrease from the projected FY25 revenue. There could be more cost reductions in the reorganization process, leading to a GC EBITDA margin in the low 30% range. $162 million is used as the GC EBITDA. Enterprise Valuation (EV) Multiple: The EV/EBITDA multiple used in this recovery analysis for Candescent is 7.0x. Fitch believes that the multiple is supported by the following: Comparable Reorganizations: In its "Telecom, Media and Technology Bankruptcy Enterprise Values and Creditor Recoveries" case study, Fitch notes the median TMT multiple of reorganization EV/EBITDA is approximately 5.9x. Of these companies, five were in the Software subsector: SunGard Availability Services Capital, Inc., Aspect Software, Inc., Allen Systems Group, Inc., Avaya, Inc. and Riverbed Technology Software, which received recovery multiples of 4.6x, 5.5x, 8.4x, 7.5x and 8.3x, respectively. Comparable Recovery Assumptions: The multiple has been between 5.5x and 7.0x for 'B'/'CCC' rated software as a service peers with similar products/services and operating profiles as providers of specialty software to client bases where market shares are defensible. Business Profile: The company has highly recurring revenue model providing significant revenue visibility. It benefits from exposure to a diverse and stable customer base. All these business profile factors support a high EV multiple. The GC EBITDA of $162 million and recovery multiple of 7.0x result in a post-reorganization enterprise value of approximately $1 billion after the deduction of administrative claims, resulting in an 'RR2' Recovery Rating and 'BB' rating for the 1L senior secured revolver and TL, two notches above the issuer's IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage above 5.5x on a sustained basis; - CFO less capex to debt below 5.0% on a sustained basis; - Significant acquisitions largely funded with debt that pressure credit metrics or other changes in financial policies that weaken the credit profile. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 4.0x; - CFO less capex to debt at 7.5% or better; - Significant improvement in operating fundamentals reflected by growth of revenue and EBITDA. Liquidity and Debt Structure Candescent's liquidity is supported by cash on balance sheet of $183 million as of June 30, 2025, projected free cash flow generation and full availability on its revolver. The liquidity buffer of the company should enable it to invest for growth while also providing sufficient downside protection for the rating category. The debt structure comprises of $1 billion first lien secured term loan ($995 million outstanding as of June 30, 2025) and $200 million revolver. The term loan matures in September 2031 and the company has access to the revolver until September 2029. Issuer Profile Candescent provides SaaS-based solutions that power and connect account opening, digital banking and branch solutions for banks and credit unions. The company, owned by Veritas, was formed to acquire the digital banking business being spun off from NCR Voyix. 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 ----------- ------ -------- ----- Dragon Midco Inc. LT IDR B+ New Rating Dragon Buyer, Inc. LT IDR B+ Affirmed B+ senior secured LT BB Affirmed RR2 BB DRSN GROUP: Seeks to Hire DiLeo & Charles Tax and as Accountant --------------------------------------------------------------- DRSN Group LLC, doing business as Wisteria, seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ DiLeo & Charles Tax and Consulting Services, Inc. as accountant. The firm's services include: (a) provide ordinary course bookkeeping services; (b) assist the Debtor in preparing and filing its tax returns; (c) analyze financial data and prepare financial reports as necessary to comply with orders of the Court and requests from the U.S. Trustee and other parties-in-interest; and (d) perform other essential accounting duties necessary to ensure the accuracy of information presented to the Court and parties-in-interest in this case. The firm will charge the Debtor a quarterly fee for its regular bookkeeping services at $2,700 per quarter (or $900 per month), and a flat fee of $3,500 for the preparation of its 2024 tax filings. Sabrina Ciarleglio, president of DiLeo & Charles Tax and Consulting Services, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sabrina Ciarleglio DiLeo & Charles Tax and Consulting Services, Inc. 80 Theodore Fremd Ave. Rye, NY 10580 About DRSN Group LLC d/b/a Wisteria DRSN Group LLC, doing business as Wisteria, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-58190) on July 23, 2025. In the petition signed by Dominic Respoli, co-chairman, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Barbara Ellis-Monro oversees the case. The Debtor tapped Will Geer, Esq., at Rountree, Leitman, Klein & Geer, LLC as counsel and DiLeo & Charles Tax and Consulting Services, Inc. as accountant. DYNAMISM LLC: Seeks to Tap Michael D. Pinsky as Bankruptcy Counsel ------------------------------------------------------------------ Dynamism LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ the Law Office of Michael D. Pinsky, PC to handle its Chapter 11 case. The firm's hourly rates are as follows: Attorney $500 Paralegal $125 In addition, the firm will seek reimbursement for expenses incurred. Michael Pinsky, Esq., the firm's principal, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael D. Pinsky, Esq. Law Office of Michael D. Pinsky, PC 463 Canopy Forest Drive Saint Augustine, FL 32092 Telephone: (845) 467-1602 Facsimile: (845) 684-0547 Email: michael.d.pinsky@gmail.com About Dynamism LLC Dynamism LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-35951) on September 8, 2025, listing up to $500,000 in assets and liabilities. Michael Lockwood, managing member, signed the petition. Judge Kyu Young Paek oversees the case. The Law Office of Michael D. Pinsky, PC represents the Debtor as counsel. ELETSON HOLDINGS: Says Non-existent Entity Lacks Standing to Appeal ------------------------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that the shipping company Eletson Holdings Inc. told a New York federal judge that an appeal concerning its email access should be thrown out, since the appellant is not a real entity. About Eletson Holdings Eletson Holdings Inc. is a family-owned international shipping company, which touts itself as having a global presence with headquarters in Piraeus, Greece as well as offices in Stamford, Connecticut, and London. At one time, Eletson claimed to own and operate one of the world's largest fleets of medium and long-range product tankers and boasted a fleet consisting of 17 double hull tankers with a combined capacity of 1,366,497 dwt, 5 LPG/NH3 carriers with a combined capacity of 174,730 cbm and 9 LEG carriers with capacity of 108,000 cbm. Eletson Holdings, a Liberian company, is Eletson's ultimate parent company and is the direct parent and owner of 100% of the equity interests in the two other debtors, Eletson Finance (US) LLC, and Agathonissos Finance LLC. Eletson and its two affiliates were subject to involuntary Chapter 7 bankruptcy petitions (Bankr. S.D.N.Y. Case No. 23-10322) filed on March 7, 2023 by creditors Pach Shemen LLC, VR Global Partners,L.P. and Alpine Partners (BVI), L.P. The petitioning creditors are represented by Kyle J. Ortiz, Esq., at Togut, Segal & Segal, LLP. On Sept. 25, 2023, the Chapter 7 cases were converted to Chapter 11 cases. The Honorable John P. Mastando, III is the case judge. Lawyers at Reed Smith represent the Debtors as bankruptcy counsel. Riveron RTS served as the Debtors' Domestic Financial Advisor; Harold Furchtgott-Roth as Economic Expert; and Kurtzman Carson as Voting Agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors. The committee tapped Dechert, LLP as its legal counsel and FTI Consulting as the Committee's financial advisors. ENDURE DIGITAL: PIMCO Access Marks $2.5MM Loan at 23% Off --------------------------------------------------------- PIMCO Access Income Fund has marked its $2,587,000 loan extended to Endure Digital, Inc. to market at $1,992,000 or 77% of the outstanding amount, according to Pimco Access' Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. Pimco Strategic is a participant in a Loan to Endure Digital, Inc. The loan accrues interest at a rate of 7.9% per annum. The loan matures on February 10, 2028. PCM Fund, Inc., PIMCO Global StocksPLUS & Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund are organized as closed-end management investment companies registered under the Investment Company Act of 1940. PIMCO Global StocksPLUS & Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund were organized as Massachusetts business trusts. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations. Pacific Investment Management Company LLC serves as the Funds' investment manager. Each Fund represents a single operating segment, as the chief operating decision maker monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. PCM Access is led by Joshua D. Ratner as Principal Executive Officer and Bijal Y. Parikh as Principal Financial & Accounting Officer. The Fund can be reach through: Joshua D. Ratner PIMCO Access Income Fund 1633 Broadway, New York, NY 10019 Telephone: (844) 337-4626 About Endure Digital, Inc. Endurance International Group, Inc., previously named BizLand, now part of Newfold Digital, was an IT services company specializing in web hosting. EXACTECH INC: Reaches $8MM Deal to Settle Implant Defect Claims --------------------------------------------------------------- Rae Ann Varona of Law360 reports that federal prosecutors in Maryland and Alabama announced Tuesday, September 16, 2025, that orthopedic implant-maker Exactech Inc. has agreed to an $8 million settlement over allegations it sold faulty knee-replacement parts for patients receiving Medicare, Medicaid, and VA benefits. About Exactech Inc. Exactech Inc. -- https://www.exac.com/ -- is a joint-replacement implant manufacturer owned by TPG Capital. Exactech Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-12441) on October 29, 2024. In the petition filed by Donna H. Edwards, as general counsel and senior vice president, the Debtor estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Ryan M. Bartley, Esq. at Young Conaway Stargatt & Taylor, LLP. The creditors are represented by Eric Goodman, Esq., David Molton, Esq., and Cameron Moxley, Esq. at Brown Rudnick and TPG is represented by Mark Premo-Hopkins, Esq. at Kirkland & Ellis. FLEXERA SOFTWARE: S&P Withdraws 'B-' Issuer Credit Rating --------------------------------------------------------- S&P Global Ratings withdrew its 'B-' issuer credit rating on Flexera Software LLC and its 'B-' issue-level rating on the company's revolving credit facility and term loan due 2028 at the issuer's request. At the time of the withdrawal, S&P's outlook on Flexera was stable. FLOWER APARTMENTS: Court OKs Interim Use of Cash Collateral ----------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division granted Flower Apartments, LLC interim approval to use cash collateral. The interim order authorized the Debtor to use cash collateral through September 30 to pay the expenses set forth in the approved budget, subject to a 10% variance. As adequate protection for the Debtor's use of its cash collateral, U.S. Bank National Association will receive payment of $15,000 and a replacement lien on Flower Apartments' post-petition property and debtor-in-possession bank accounts. The replacement lien will have the same validity, priority and extent as the Debtor's pre-bankruptcy lien. The next hearing is scheduled for September 30. U.S. Bank is represented by: Randye B. Soref, Esq. Tanya Behnam, Esq. Polsinelli, LLP 2049 Century Park East, Suite 2900 Los Angeles, CA 90067 Telephone: (310) 556-1801 Facsimile: (310) 556-1802 rsoref@polsinelli.com tbehnam@polsinelli.com About Flower Apartments LLC Flower Apartments, LLC is a Los Angeles-based real estate company that appears to own or operate an apartment property located at 1420 S. Flower Street in downtown Los Angeles. Flower Apartments sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-15724) on July 7, 2025. In its petition, the Debtor reportedÂ estimated assets and liabilities between $1 million and $10 million. Judge Julia W. Brand handles the case. The Debtor is represented by Matthew D. Resnik, Esq., at Rhm Law, LLP. FRANKLIN SQUARE: S&P Alters Outlook to Negative, Affirms 'BB' ICR ----------------------------------------------------------------- S&P Global Ratings revised the outlook on Franklin Square Holdings L.P. (FSH) to negative from stable and affirmed its 'BB' issuer and term loan ratings. The negative outlook indicates S&P's view that it could lower the rating if it expects FSH to sustain leverage above 4.0x over the next 12 months. FSH is adding $100 million onto its term loan B, due 2031, to fund the acquisition of a digital infrastructure asset manager with about $1.6 billion in AUM. S&P said, "We expect leverage to increase to about 4.2x in 2025 because of the transaction, above our downside threshold of 4.0x. "We view positively FSH's recently proposed acquisition as a diversifier in a high-growth asset class, aside from the increase in leverage. FSH proposed that it would acquire a digital infrastructure manager with $1.6 billion in assets under management (AUM) across two flagship funds. FSH is adding $100 million onto its term loan B to fund the acquisition, and we expect the acquisition to result in around $10 million in incremental earnings over the next 12 months. We expect FSH to add growth capital and aid in distribution of the manager's strategies. We anticipate opportunities for both firms to cross-sell to each other's limited partner (LP) base. "We expect FSH to operate with leverage above 4.0x, pro forma for the proposed transaction. We forecast S&P Global Ratings-adjusted EBITDA to increase to 4.2x, pro forma for the proposed transaction. Leverage has been elevated the past two years because of deferred considerations and debt raised in connection with acquiring Portfolio Advisors in 2023, slower-than-expected fundraising, and several one-off management fee waivers and fee rate adjustments. "We anticipate management fees to grow around 5% in 2025, somewhat lower than our prior forecast (despite the impact of the proposed acquisition) due primarily to fee waivers on KKR FS Income Trust (KFIT) and FS Credit Income Fund (FCRIX). KFIT's fee waiver period was extended two quarters beyond original expectations, through the third quarter of 2025, as the fund continues to raise capital. FS Credit Income Fund was internalized in 2024, and FSH waived fees through 2025, as it transitions from being co-advised by GoldenTree Asset Management. The fund's AUM declined about 27% to $680 million due to a special redemption related to the management change. "The company's exposure to third party-managers that co-advise several of its funds causes forecast uncertainty and tempers our expectation for debt reduction. We expect that the end of fee waivers, along with ongoing fundraising, may result in stronger earnings growth in 2026, and support lower leverage. However, FSH's strategy of co-advising funds with third-party managers has previously resulted in several one-time expenses and changes in fees accruing to FSH, resulting in actual earnings below our expectations. In 2024, assets were marked down at FS KKR Capital Corp. (FSK; a business development company (BDC) co-managed by KKR Credit), and FSH's share of FSK's revenue was reduced to 50% from 60%. The contracted change in fee split resulted in a $40 million reduction in FSH's run rate earnings generated by the fund. In 2021, FSK's incentive fee lookback was removed, a change we viewed positively for earnings stability. But, its incentive fee rate decreased to 17.5% from 20%, and $90 million in incentive fees were waived throughout 2021 and 2022. FSK is FSH's largest fund, comprising about 20% of FSH's AUM as of June 30, 2025. In 2023, FS Energy and Power Fund transitioned to a diversified lending fund renamed FS Specialty Lending Fund in response to the BDC's weak investment performance and the historical volatility of the energy sector. S&P expects about $40 million to be paid to co-advisor EIG over the 2025 and 2026, as the joint venture winds down and thereafter FSH will be the sole advisor to the fund. As the company continues to diversify its strategy and grow its internally managed products, S&P anticipates future one-time items to be less impactful. The negative outlook reflects the potential that FSH may sustain leverage above 4.0x over the next 12 months. S&P said, "We could lower the ratings if FSH's earnings growth weakens beyond our expectations, which could happen if investment performance deteriorates and triggers a significant decrease in management and incentive fees, fundraising slows, or if more fee waivers are granted. We could also lower the rating if FSH issues further debt, or cash balances decline such that we expect leverage to be sustained above 4.0x over the next 12 months. "We could revise the outlook to stable over the next 12 months if we expect leverage to decline and remain below 4.0x on a sustained basis, while the company generates stable earnings." FTX TRADING: Bankruptcy Laws Applicable to Binance, Founder ----------------------------------------------------------- Vince Sullivan of Law360 reports that on Thursday, September 18, 2025, the recovery trust established under FTX's Chapter 11 plan told a Delaware judge that the bankruptcy court has authority over Binance and its founder in a $1.76 billion clawback action, stressing that U.S. bankruptcy laws extend to entities abroad. 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. FULCRUM LOAN: Seeks to Hire Concierge Auctions as Auctioneer ------------------------------------------------------------ Fulcrum Loan Holdings, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Concierge Auctions, LLC as auctioneer. The firm will assist in the sale of these Debtors' properties: (a) Fulcrum Loan Holdings, LLC: all parcels conveyed by deed on October 2013; (b) Fulcrum Tale, LLC: all parcels (c) Strategic Retreat Holdings, LLC: all parcels; (d) HIP II, LLC f/k/a Hampton Island Preserve II, LLC: all parcels; and (e) Jarbai, LLC: all parcels owned on April 30, 2017. The firm will be paid as follows: (a) Buyer's Premium: (i) Collection of Buyer's Premium: 12 percent of the successful high bid amount. (ii) Buyer's Premium Credit to the Bankruptcy Estate: 6 percent of the purchase price, the balance of the Buyer's Premium will be credited to the bankruptcy estate. (b) Exceptions to Payment of Buyer's Premium: (i) Sale to Bay Point - flat fee of $500,000; (ii) Private Sale - 3 percent of the sale price. Chad Roffers, chief executive officer at Concierge Auctions, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Chad Roffers Concierge Auctions, LLC 228 Park Avenue S., Suite 70835 New York, NY 10003 About Fulcrum Loan Holdings Fulcrum Loan Holdings, LLC is engaged in activities related to real estate. Fulcrum Loan Holdings and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 24-56114) on June 11, 2024, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Judge Paul W. Bonapfel oversees the case. The Debtors tapped Benjamin Keck, Esq., at Keck Legal, LLC, as bankruptcy counsel and F. Beau Howard, Esq., at Fox Rothschild LLP as special counsel. GAFI MIAMI: Section 341(a) Meeting of Creditors on October 17 ------------------------------------------------------------- On September 16, 2025, Gafi Miami 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 October 17, 2025 at 02:00 PM at Zoom.us - USTrustee 12: Meeting ID 160 9665 4500, Passcode 9871234560, Phone 1 (202) 796-9507. About Gafi Miami LLC Gafi Miami LLC holds a 50% membership interest in Miami Worldwide Exchange LLC, which owns a ten-story mixed-use retail and office property at 1 NE 1st Street, Miami, Florida. The development comprises four retail floors and six office floors, primarily serving jewelry tenants. Gafi Miami LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12010) on September 16, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Martin Glenn handles the case. The Debtor is represented by Ted Donovan, Esq. of GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP. GD TRANSPORT: Court Extends Cash Collateral Access to Oct. 14 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division issued a third interim order allowing GD Transport, LLC to use cash collateral through October 14. The third interim order signed by Judge Lori Vaughan authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by Wex Bank (or Wex Capital). The Debtor projects total operational expenses of $595,203.20 for the period from September 29 to November 17. As adequate protection, Wex Bank will be granted a replacement lien on cash collateral, with the same validity, priority and extent as its pre-bankruptcy lien. In addition, the Debtor was ordered to keep its property insured in accordance with the obligations under all applicable loan and security documents. The next hearing is set for October 14. About GD Transport LLC GD Transport, LLC provides transportation and logistics services for national and international shipments. It operates with a modern fleet and offers customized logistics solutions across land, sea, and air. Founded in 2006, GD Transport focuses on timely delivery, safety, and client-focused service. GD Transport sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03699) on June 16, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Lori V. Vaughan handles the case. The Debtor is represented by Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP. GEOSYNTEC CONSULTANTS: S&P Rates New First-Lien Term Loan 'B-' -------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating and '3' recovery rating to U.S.-based environmental engineering and consulting services firm Geosyntec Consultants Inc.'s proposed repriced $438 million first-lien term loan due July 31, 2031 and $110 million revolving credit facility (RCF) due July 31, 2029. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default. S&P said, "Based on the proposed transaction we expect Geosyntec will amend its existing credit agreement to reduce interest margin by 25-50 basis points, which would provide Geosyntec with modest cash interest savings. We view the transaction as leverage neutral, and our 'B-' issuer credit rating and stable outlook on the company are unchanged." Issue Ratings--Recovery Analysis Key analytical factors -- S&P's default scenario assumes macroeconomic weakness across Geosyntec's key end markets, leading to prolonged deferrals or cancellations of numerous projects that meaningfully impair the company's operating performance. -- S&P believes that if the company defaults, it will continue to have scale and market position. As a result, debtholders would achieve the greatest recovery value through reorganization rather than liquidation. -- S&P values the company on a going-concern basis using a 5.5x multiple of its projected emergence EBITDA, in line with peers in the business services sector. -- S&P assumes the company's revolver is 85% drawn at default. Simulated default assumptions -- Year of default: 2027 -- EBITDA at emergence: $56 million -- EBITDA multiple: 5.5x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $293 million -- Valuation split (obligors/nonobligors): 94%/6% -- Collateral value available to first-lien creditors: $287 million -- Total first-lien debt: $539 million --Recovery expectations: 50%-70% (rounded estimate: 50%) Note: All debt amounts include six months of prepetition interest. GILBERT LEGGETT: Court Extends Cash Collateral Access to Oct. 13 ---------------------------------------------------------------- Gilbert Leggett Farms, Inc. received third interim approval 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 from September 14 to October 13 to pay the expenses set forth in its budget, subject to a 10% variance per line item. The Debtor projects total operational expenses of $71,500.00 for the interim period. Secured creditors Ag Resource Management/Agrifund, LLC and AgCarolina Farm Credit, ACA assert liens on the Debtor's assets, including cash collateral. A subordination agreement gives Agrifund a first priority status. As adequate protection, the security interests granted to the secured creditors under their respective pre-bankruptcy loan agreements will continue to attach to the collateral set forth in the loan agreements with respect to property acquired by the Debtor after the petition date. These security interests will have the same relative priority and extent as the security interests that existed as of the petition date but the scope will be limited to the Debtor's use of cash collateral. The third interim order will remain in full force and effect until October 13 unless terminated earlier by agreement; entry of an order by the court terminating the interim order for cause, including but not limited to, breach of its terms and conditions; confirmation of a plan of reorganization; or upon filing of a notice of default, whichever comes first. The next hearing is scheduled for October 14. About Gilbert Leggett Farms Inc. Gilbert Leggett Farms, Inc. grows and sells sweet potato seed plants, including the Covington variety, and is also involved in cultivating crops such as peanuts, sweet corn, and cotton. Gilbert Leggett Farms sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02668) on July 14, 2025. In its petition, the Debtor reported total assets of $2,329,639 and total liabilities of $2,340,328. Judge Pamela W. Mcafee handles the case. David J. Haidt, Esq., at Ayers & Haidt, P.A. is the Debtor's legal counsel. Ag Resource Management/Agrifund, LLC, as secured creditor, is represented by: Ciara L. Rogers, Esq. Waldrep Wall Babcock & Bailey, PLLC 3600 Glenwood Avenue, Suite 210 Raleigh, NC 27612 Telephone: 919-589-7985 crogers@waldrepwall.com AgCarolina Farm Credit, ACA, as secured creditor, is represented by: Matthew P. Weiner, Esq. Poyner Spruill, LLP P.O. Box 1801 Raleigh, NC 27602-1801 Telephone: (919) 783-6400 Facsimile (919) 783-1075 mweiner@poynerspruill.com GREEN TERRACE: Trustee Hires Miskel Backman as Zoning Counsel ------------------------------------------------------------- Daniel Stermer, the Trustee appointed in the Chapter 11 case of Green Terrace Condominium Association, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Miskel Backman, LLP as zoning counsel. The firm will conduct an analysis of the various zoning issues in relation to the Debtor's real property. The firm will be paid at these hourly rates: Bonnie Miskel, Attorney $750 Partners $425 - $695 Associates, Law Clerks, and Land Planners $245 - $400 In addition, the firm will seek reimbursement for expenses incurred. Ms. Miskel disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Bonnie Miskel, Esq. Miskel Backman, LLP 14 SE 4th Street, Suite 36 Boca Raton, FL 33432 About Green Terrace Condominium Association Green Terrace Condominium Association, Inc. is a not-for-profit corporation established in 1973 that manages Green Terrace Condominiums, a two-story residential complex in West Palm Beach, Florida. The association oversees amenities including a community pool, clubhouse, and parking, and permits rentals under specific restrictions. Green Terrace Condominium Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-14568) on April 25, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Judge Mindy A. Mora handles the case. The Debtor is represented by Michael J. Niles, Esq., at Berger Singerman, LLP. Boken Lending II, LLC, as lender, is represented by Matthew S. Kish, Esq. at Shapiro, Blasi, Wasserman & Hermann, P.A. HARVEY CEMENT: Hires John M. Galich as Special Real Estate Counsel ------------------------------------------------------------------ Harvey Cement Products Incorporated seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ John Galich, Esq., an attorney practicing in Frankfort, Ill., as special real estate counsel. The attorney will assist the Debtor in the sale of its properties located in Harvey, Ill. Mr. Galich will be paid a retainer of $1,500 covering the first five hours of legal services, with any additional services to be paid at a rate of $300 per hour. Mr. Galich disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: John M. Galich, Esq. 10075 W. Lincoln Hwy. Frankfort, IL 60423 Email: galichlaw@gmail.com About Harvey Cement Products Founded in 1947, Harvey Cement Products Incorporated has grown over the years to be one of the leading manufacturers of over 200 varieties and sizes of masonry products and is able to deliver customer orders to virtually any job site in the contiguous United States. Harvey filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-18335) on December 5, 2024, listing between $1 million and $10 million in both assets and liabilities. Gordon Steck, vice president, signed the petition. Judge Jacqueline P. Cox handles the case. The Debtor is represented by Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman. HAWAIIAN ELECTRIC: Fitch Assigns 'BB' Rating on Sr. Unsecured Notes ------------------------------------------------------------------- Fitch Ratings has assigned Hawaiian Electric Company, Inc.'s (HECO) proposed senior unsecured notes a 'BB' rating with a Recovery Rating of 'RR3'. The notes will rank pari passu with HECO's existing unsecured debt. Net proceeds will be used for debt repayment and capex. Fitch currently rates HECO's Long-Term Issuer Default Rating (IDR) 'BB-' with a Positive Rating Outlook and Short-Term IDR 'B'. Fitch has also assigned Recovery Ratings of 'RR3' to all the senior unsecured debt of HECO, Maui Electric Company Limited (MECO; BB-/Stable) and Hawaii Electric Light Company Inc. (HELCO; BB-/Stable). The senior unsecured debt is affirmed at 'BB' for all three entities. Key Rating Drivers Wildfire Settlement on Track: The settlement agreements between HECO, parent Hawaiian Electric Industries, Inc. (HEI, B+/Positive) and other defendants, as well as individual and class plaintiffs to resolve the 2023 Maui wildfire related tort lawsuits are likely to receive final court approval in early 2026. The final settlements were contingent on resolving insurance company claims with no additional payments from defendants. In February 2025, the Hawaii Supreme Court issued an order stating that once the settlement becomes final, the exclusive remedy for insurers seeking to recover amounts paid to settling plaintiffs is to assert liens against their policyholders. Key Legislation Passed: The Governor of Hawaii signed HB1001, which is critical for the settlement agreements to move forward, into Act 301 in July 2025. Act 301 appropriates State of Hawaii's contribution to the settlement agreements, which comprises $807.5 million over four years as part of the global $4.037 billion settlement. HEI and HECO are responsible for $1.99 billion, of which $75 million was previously contributed to the 'One Ohana Fund'. Fitch views execution of the settlement agreements as crucial for resolving Maui wildfire related liabilities and for the companies' ability to access capital markets at a reasonable cost. Liquidity Bolstered at the Group: A $558 million equity issuance in September 2024 and sale of HEI's 90.1% stake in American Savings Bank in December 2024 bolstered HEI's financial condition. HEI prefunded the first installment of the $479 million settlement payment with restricted cash set aside for this first payment. HECO held $106 million in unrestricted cash and $157 million in availability under its revolving credit facility as of June 30, 2025. Additional liquidity is available via HECO's $250 million asset-based lending facility, of which $225 million was available for borrowing, and HEI's $250 million ATM program. Near-term maturities are manageable. Still Evolving Wildfire Construct: The Governor signed SB897 into Act 258 in July 2025. It directs the Hawaii PUC to set a liability cap for the state's electric utilities that limits their financial exposure from future catastrophic wildfires if the utility has a PUC approved wildfire mitigation plan and is in compliance. The PUC must also recommend whether to establish a wildfire recovery fund along with proposed size, funding and eligibility. Act 258 also permits utilities to issue securitization bonds to finance investments related to wildfire safety and resilience, a credit positive. HECO's positive rating potential depends on the liability cap determination and wildfire fund establishment. Progress on Wildfire Mitigation: HECO is directing a substantial amount of its capex on wildfire mitigation and resilience. The company has implemented several mitigation measures like hardening the transmission and distribution system, installing AI fire detection cameras and weather stations, improving operational practices, engaging with stakeholder and community members, and instituting a public safety power shutoff program. HECO has developed a comprehensive wildfire mitigation plan for 2025-2027, which has been filed with the PUC. Leverage Metrics Under Pressure: Materially higher operating costs at HECO from wildfire mitigation and higher insurance, increased FFO leverage to 5.2x in 2024 versus 3.5x-4.0x historically. The PUC approved HECO's request to file a rate case using a forward 2026 test year. In August 2025, HECO requested to explore non‑rate‑case rebasing, which could delay or eliminate the 2025 rate case. Constructive outcomes could help HECO earn its allowed ROE. Assuming a 2026 rate case, Fitch expects FFO leverage to approach 4.1x by 2027. Deleveraging would likely be slower if the rate case is delayed. Parent-Subsidiary Linkage: There is parent subsidiary linkage between HEI and HECO. Fitch determines HEI's standalone credit profile (SCP) based upon consolidated metrics. Fitch considers HECO to have the stronger SCP due to its lower leverage and lower operating risks as a regulated utility. As such, Fitch has followed the stronger subsidiary path. Legal ringfencing is porous given the general protections afforded by economic regulation, and access and control are also porous. Due to the linkage considerations, Fitch will limit the difference between HEI and HECO to two notches. Peer Analysis Like HECO, Pacific Gas and Electric Company (PG&E; BB+/Positive) has experienced catastrophic wildfires in its service territory, which has constrained access to capital markets due to large, wildfire-related third-party liabilities. PG&E has made substantial progress in reducing its wildfire risk since it experienced catastrophic wildfires in 2017-2018. However, the highly destructive wildfires in non-PG&E service territory in January 2025 that could have been sparked by utility equipment underscores the persistent threat of catastrophic wildfires in California. HECO's service area is much smaller than PG&E's, but so is its rate base. The pending settlement agreements for the August 2023 Maui wildfire peg HECO's liability at $1.99 billion, or approximately 50% of its YE 2023 rate base. AB 1054's protections for California investor-owned utilities (IOUs) could be significantly diminished if authorities determined Southern California Edison, a peer IOU to PG&E in California, sparked the Eaton Fire. Regulatory and legislative initiatives to protect PG&E and other state IOUs from potential wildfire liabilities will be critical to PG&E's future credit quality. For HECO, a liability cap determination and creation of a wildfire recovery fund is key to mitigate HECO's financial exposure to future wildfires. Unlike California, Hawaii has no precedent for applying inverse condemnation to an IOU, which benefits HECO. Fitch estimates PG&E's 2025-2026 FFO leverage will exceed its upgrade sensitivity, supporting a Positive Rating Outlook. Excluding the four equal instalments of settlement payments from FFO over 2026-2029, Fitch expects HECO's adjusted FFO leverage could improve to 4.1x by 2027. Key Assumptions - HECO capex significantly higher than historical spend due to wildfire mitigation spend; - HECO's ROE lag widening in 2026, primarily driven by higher O&M costs; - Constructive rate case/rebasing outcome at HECO - Funding of wildfire settlement payments in a credit supportive manner; - Hawaii Electric Light Company Inc.'s (HELCO) and Maui Electric Company Limited's (MECO) operations form roughly 15% and 14% of HECO's, respectively, consistent with historical levels; - No securitization assumed for HECO. Act 258 allows for HECO to issue $500 million of securitization bonds to finance wildfire mitigation capex, which would reduce its reliance on external funding. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Unwinding of the pending Maui wildfire settlements; - Inability to fund financial liability from Maui wildfires settlement agreements; - Difficulty in accessing capital markets and deterioration in liquidity; - Inadequate measures or non-compliance with PUC approved wildfire mitigation plan; - Continuation of catastrophic wildfire activity; - Deterioration in regulatory environment. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Finalization of the Maui 2023 wildfire settlement agreements coupled with the clear financing plan at HEI to fund the payments in a credit supportive manner; - Establishing a liability cap in accordance with Act 258 - Creation of a wildfire recovery fund that materially mitigates financial risk against potential large wildfire-related claims; - Constructive regulatory outcome in the 2026 rate case, which substantially eliminates the regulatory lag. Liquidity and Debt Structure HECO has sufficient near-term liquidity with available unrestricted cash of $106 million as of June 30, 2025. HECO's has a revolving facility of $300 million, increased from $200 million in September-2025. The maturity has been extended to Sept. 4, 2026, with an automatic extension to the earlier of a PUC specified date or, subject to PUC approval, five years from the closing date. As of June 30, 2025, HECO had $157 million available under its revolver. As of June 30, 2025, additional liquidity is available under HECO's $250 million asset-based lending facility of which $225 million was available for borrowing. For the remainder of 2025, HECO has $50 million debt maturity. HECO and its regulated subsidiaries have $125 million maturity in 2026 and $100 million maturity in 2027. Common equity to total capitalization for HECO was 46% as of June 30, 2025 compared with the minimum requirement of no less than 35%. The $1.92 billion charge at HECO related to the settlement agreement payments to be paid in four equal instalments over 2026-2029 is impacting the equity ratio. The equity ratio at HECO will improve as HEI injects equity in HECO and settlement payments are made. Issuer Profile HECO is an integrated regulated electric utility, which along with its subsidiaries, MECO and HELCO, is engaged in the generation, purchase, transmission, distribution and sale of electric energy in Hawaii. 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 Hawaiian Electric Company, Inc. has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to exposure to wildfire risk, which could cause catastrophic destruction to its customers, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. Hawaiian Electric Company, Inc. has an ESG Relevance Score of '4' for Exposure to Environmental Impacts due to heightened risk from extreme wildfire activity, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. Hawaiian Electric Company, Inc. has an ESG Relevance Score of '4' for Exposure to Social Impacts due to adverse impact on customers and other constituents associated with extreme wildfire activity in Hawaii, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Hawaiian Electric Company, Inc. senior unsecured LT BB New Rating RR3 senior unsecured LT BB Affirmed RR3 BB Hawaii Electric Light Company Inc. senior unsecured LT BB Affirmed RR3 BB Maui Electric Company Limited senior unsecured LT BB Affirmed RR3 BB HERMITAGE NEWARK: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------------ On September 15, 2025, Hermitage Newark LLC filed Chapter 11 protection in the Northern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About Hermitage Newark LLC Hermitage Newark LLC, owned by Dale E. Behan, manages a sand plant in Newark, Arkansas, overseeing industrial equipment and logistics for sand processing. Hermitage Newark LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43510) on September 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Joyce Lindauer, Esq. at JOYCE W. LINDAUER ATTORNEY, PLLC. HOUWELING'S ARIZONA: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------- The U.S. Trustee for Region 14 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Houweling's Arizona, Inc. About Houweling's Arizona Inc. Houweling's Arizona, Inc. operates in the agriculture sector, specializing in greenhouse cultivation of vegetables, including tomatoes and cucumbers, and related produce for domestic and international markets. It is based in Willcox, Arizona. Houweling's Arizona sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-08256) on August 31, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The Debtor is represented by Isaac D. Rothschild, Esq., at Mesch Clark Rothschild. HR NORTH: Court OKs Lutz Property Sale to Brightsky Residential --------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, has approved Truett Gardner, in his capacity as the Independent Manager of HR North Dale Mabry LLC, to sell vacant commercial land located on North Dale Mabry Highway in Lutz, Florida, free and clear of liens, claims, interests, and encumbrances. The Court has authorized the Independent Manager to to sell, transfer and assign the Property to Brightsky Residential LLC, consistent with the terms of the Purchase Agreement for for $9,330,750.00. The Independent Manager and his professionals and agents are authorized and directed to execute and deliver, and authorized to perform under, consummate, and implement all additional notices, assumptions, conveyances, releases, acquaintances, instruments and documents that may be reasonably necessary or desirable to implement the Sale. The transfer of the Property to the Buyer shall be free and clear of all Encumbrances against the estate and the Property. All Entities are prohibited from taking any action to adversely affect or interfere with the ability of the Independent Manager to transfer the Property to the Buyer in accordance with the Purchase Agreement and the Order. About HR North Dale Mabry LLC HR North Dale Mabry, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-01958) on April 21, 2021. Claire Clement, manager, signed the petition. In its petition, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Grace E. Robson presides over the case. Johnson Pope Bokor Ruppel & Burns, LLP is the Debtor's legal counsel. HRZN INC: Section 341(a) Meeting of Creditors on October 21 ----------------------------------------------------------- On September 15, 2025, HRZN Inc. filed Chapter 11 protection in the District of Colorado. According to court filing, the Debtor reports $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 October 21, 2025 at 01:00 PM at Telephonic Chapter 11: Phone 888-330-1716, Access Code 8602461#. About HRZN Inc. HRZN Inc. is a Colorado company, founded in 1983, that provides commercial landscaping and grounds maintenance services including lawn care, irrigation, snow removal, and landscape enhancements. It also offers interior plantscaping through its Plant Escape brand, serving businesses, property managers, and commercial clients across the Denver metro area. HRZN Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-15925) on September 15, 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 Michael E. Romero handles the case. The Debtor is represented by K. Jamie Buechler, Esq. at BUECHLER LAW OFFICE, LLC. ICORECONNECT INC: Gets Extension to Access Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division issued a fourth interim order authorizing iCoreConnect Inc. and iCore Midco Inc. to use cash collateral pending a further hearing on September 29. The fourth interim order authorized the Debtors to use the cash collateral of Element SaaS Finance (USA), LLC to pay amounts expressly authorized by the court; the expenses set forth in the budget; and additional amounts subject to approval by the secured creditor. As protection for any diminution in the value of its interest in the cash collateral, Element will be granted a replacement lien on all assets of the Debtors similar to its pre-bankruptcy collateral, with the same validity and priority as existed as of the petition date. Other creditors with valid pre-bankruptcy liens, including PIGI Solutions, LLC will also receive replacement liens. As further protection, the Debtors were ordered to keep their property insured as per existing lender agreements. The following constitutes an event of default: (i) either of the Debtors violates any material provision of the fourth interim order; (ii) the appointment of a trustee for either of the Debtors; (iii) conversion of the Debtors' Chapter 11 cases to Chapter 7; or (iv) for each weekly period in the budget, the actual "total revenue receipts" amounts received are more than 10% less than the projected amounts in the budget for such period; the actual expenditures exceed the budgeted amount for any single line item by 10% or more for such period; or the actual total expenditures are more than 10% greater than the total projected expenditures amounts in the budget for such period. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/7bzLE from PacerMonitor.com. About Lake County Hospitality Lake County Hospitality, LLC operates in the hotel and lodging sector and is associated with properties in Illinois. It manages hospitality assets and has been linked to hotels such as Four Points by Sheraton in Buffalo Grove. Lake County Hospitality sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08293) on May 30, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Timothy A. Barnes handles the case. Amy Denton Mayer, Esq., at Stichter Riedel Blain & Postler, P.A. is the Debtor's legal counsel. Element SaaS Finance (USA), LLC, as secured creditor, is represented by: Ernest H. Kohlmyer, III, Esq. Zimmerman, Kiser & Sutcliffe, P.A. 315 E Robinson Street, Suite 600 Orlando, FL 32802 Telephone: (407) 425-7010 Facsimile: (407) 425-2747 IHEARTCOMMUNICATIONS INC: PIMCO Access Marks $2.8MM Loan at 18% Off ------------------------------------------------------------------- PIMCO Access Income Fund has marked its $2,816,000 loan extended to iHeartCommunications, Inc. to market at $2,303,000 or 82% of the outstanding amount, according to Pimco Access' Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. Pimco Strategic is a participant in a Loan to iHeartCommunications, Inc. The loan accrues interest at a rate of 10.216% per annum. The loan matures on May 1, 2029. PCM Fund, Inc., PIMCO Global StocksPLUS & Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund are organized as closed-end management investment companies registered under the Investment Company Act of 1940. PIMCO Global StocksPLUS & Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund were organized as Massachusetts business trusts. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations. Pacific Investment Management Company LLC serves as the Funds' investment manager. Each Fund represents a single operating segment, as the chief operating decision maker monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. PCM Access is led by Joshua D. Ratner as Principal Executive Officer and Bijal Y. Parikh as Principal Financial & Accounting Officer. The Fund can be reach through: Joshua D. Ratner PIMCO Access Income Fund 1633 Broadway, New York, NY 10019 Telephone: (844) 337-4626 About iHeartCommunications, Inc. iHeartCommunications, Inc. operates as a media company. INDEPENDENT MEDEQUIP: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Eleven affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Independent MedEquip, LLC (Lead) 25-02821 1201 3rd Avenue North Birmingham, AL 35203 IMedEquip LLC 25-02823 Viking Medical Supply, Inc. 25-02824 Independent Offices LLC 25-02826 MedAlliance LLC 25-02827 Cloud City Medical, LLC 25-02829 Physicians Choice Medical, LLC 25-02830 Central Mobility & Rehab Equipment, LLC 25-02831 Georgia Medical Supply of Richland, LLC 25-02832 Lifeaid Medical Equipment LLC 25-02834 Life Medical Supply LLC 25-02835 Business Description: Independent MedEquip LLC, based in Birmingham, Alabama, is a Delaware holding company that owns a network of subsidiaries across multiple states operating in the durable medical equipment sector, including iMedEquip LLC, its primary operating arm, as well as Viking Medical Supply, Independent Offices, MedAlliance, Cloud City Medical, Physician's Choice Medical, Central Mobility & Rehab Equipment, Georgia Medical Supply, LifeAid Medical Equipment, and Life Medical Supply. Through these entities, the group rents and sells medical equipment such as oxygen systems, CPAP machines, wheelchairs, hospital beds, diabetic and incontinence supplies, and complex mobility solutions, with revenues primarily derived from Medicare, Medicaid, private insurers, and patient payments, while also managing administrative functions and real estate assets tied to its operations. Chapter 11 Petition Date: September 18, 2025 Court: United States Bankruptcy Court Northern District of Alabama Judge: Hon. Tamara O Mitchell Debtors' Bankruptcy Counsel: Stuart Memory, Esq. MEMORY MEMORY AND CAUSBY LLP 469 S McDonough Street Montgomery, AL 36104 Tel: (334) 834-8000 Fax: (334) 834-8001 Email: smemory@memorylegal.com Independent MedEquip's Estimated Assets: $0 to $50,000 Independent MedEquip's Estimated Liabilities: $100,000 to $500,000 IMedEquip LLC's Eastimated Assets: $0 to $50,000 IMedEquip LLC's Estimated Liabilities: $1 million to $10 million The petitions were signed by Lonnie Dorcey as president and CEO. Independent MedEquip's only unsecured creditor is IOU Financial Inc., based at 600 TownPark Lane, Suite 100, Kennesaw, Georgia, holding a $326,875 claim. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ER7PRDI/Independent_MedEquip_LLC__alnbke-25-02821__0001.0.pdf?mcid=tGE4TAMA List of IMedEquip LLC's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. AAA Medical Billing Services $24,990 P.O. Box 817 Orland, CA 95963 2. AcuServe $23,602 121 South Main Street Suite 102 Akron, OH 44308 3. Analytix Healthcare Solutions $116,042 800 West Cummings Park Suite 200 Woburn, MA 01801 4. Atlas-Fios $24,478 9505 Hillwood Drive Las Vegas, NV 89134 5. Bradley Arant Boult Cummings $103,599 P.O. Box 830709 Birmingham, AL 35283-0709 6. BrandWolf Creative $22,361 29 Mitre Street St. Lucia Queensland, Australia 4067 7. Change Healthcare $970,754 c/o Optum Financial Services 11000 Optum Circle Eden Prairie, MN 55344-2503 8. Drive DeVilbiss Healthcare $116,778 29427 Network Place Chicago, IL 60673-1294 9. Global Merchant Cash Inc. $113,397 67 Beaver Street Suite 415 New York, NY 10004 10. Human Care USA Inc. $134,994 P.O. Box 11485 Austin, TX 78761 11. Motus Nova LLC $361,874 3636 Habersham Road Suite 2406 Atlanta, GA 30305-1196 12. NewCo Capital Group VI LLC $449,321 25 Robert Pitt Drive Suite 204 Monsey, NY 10952 13. OccFit Wellness $85,134 125 Commerce Park Road Mooresville, NC 28117 14. Parkside Funding Group $623,990 1615 Avenue I Apartment 122 Brooklyn, NY 11203 15. ResMed $63,974 P.O. Box 100047 Atlanta, GA 30348-0047 16. Southeastern Biomedical Services $25,772 404 6th Street South Clanton, AL 35045 17. StateServ Network Services LLC $71,640 P.O. Box 661220 Dallas, TX 75266-1220 18. Strategic Office Support $72,000 P.O. Box 223877 Houston, TX 77227 19. Tennr $34,944 275 7th Avenue New York, NY 10001 20. Vinali Group $77,119 P.O. Box 31246 Tampa, FL 33631-3246 INMAR INC: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ---------------------------------------------------------- Fitch Ratings has affirmed Inmar, Inc.'s Long-Term Issuer Default Rating (IDR) at 'B+' and has assigned OPE Inmar Holdings, Inc. a Long-Term IDR of 'B+'. The Rating Outlook is Stable. In addition, Fitch has downgraded the existing issue-level ratings to 'BB-' with a Recovery Rating of 'RR3' from 'BB'/'RR2.' The downgrade reflects a higher first-lien balance and decreased potential recovery in a hypothetical distressed scenario. Inmar's IDR reflects its recurring revenue base and longstanding relationships with a diversified client base. Its net retention has exceeded 100%, indicating low churn and supports the ratings. However, its small scale and high leverage remain a rating constraint. Inmar has historically generated EBITDA below $250 million, aligning with the single 'B' rating category. Due to its incremental term loan, Fitch expects leverage to remain above 5.0x for the next few quarters. This is high for the rating, but offset by recurring revenue and FCF potential. Key Rating Drivers High Retention and Good Recurring Revenue: Inmar benefits from having over 75% of its revenue mix under multiyear contracts. Contracted revenue has grown steadily from 70% in 2021 to current levels. The company's solutions are embedded in many customers' workflows, with 60% of customers using multiple Inmar products. Both factors increase stickiness in the client base. The company has historically achieved more than 100% net retention across both segments. Moderately High Leverage: Leverage is moderately high for the rating level, and Fitch expects it to remain above 5.0x for the medium term. The company's higher leverage leads to interest coverage below 2.5x, relatively low for the rating, which constrains the rating. Fitch expects Inmar to maintain sufficient liquidity with the full availability of $150 million on the revolving credit facility and no near-term maturities. Diversified, Longstanding Relationships: Inmar's products have established positions across their respective markets, and are used by over 40,000 retailers, more than 50,000 pharmacies, and 90% of consumer-packaged goods companies in the U.S. Within retail customers, technology and data offerings are embedded in existing workflows related to incentivize settlement and returns processing, which increases switching costs. No single customer contract accounts for more than 5% of the company's total revenue, and the top 10 customers account for roughly 25% of total revenue. Resilience Through Economic Cycles: The company's revenue has held up well during past economic recessions, declining only slightly during the financial crisis (2008) and Covid-19 pandemic. This is a result of customer reliance on Inmar products and the contracted nature of the revenues. During recessions, companies often expand incentives and loyalty offers to stimulate consumer spending, creating a tailwind for Inmar. Strong FCF Potential: Inmar's FCF was positive in 2024 after two years of negative cash flow, due primarily to working capital swings. Fitch expects the company's FCF to improve steadily over the next several years. The ratio of CFO less capex to debt was 5.4% in 2021, and Fitch believes the company can return to this level at some point over the next several quarters. Diversification of Business Lines: Inmar's Healthcare segment provides diversification from Marketing Technology. It provides logistical and compliance solutions to over 10,000 pharmacies and hospitals, handling more than 85% of all drug returns in the U.S., and completing 38,000 hospital visits to perform compliance services. Historically, the Healthcare segment has had net retention of 100%. This provides diversification from more cyclical end-markets, including retail. Exposure to uncorrelated end-markets provides credit protection in the event of competitive or secular pressures in either segment. Peer Analysis Fitch does not rate Inmar's direct competitors. In terms of credit metrics, Inmar's peers typically have leverage below 4.5x. NIQ Global Intelligence plc (BB-/Stable) competes in the consumer research segment, but does not operate loyalty programs or a coupon clearinghouse. NIQ has higher leverage due to its large acquisition of Growth from Knowledge (GfK). The company's core business model depends on transaction volumes, although it has been expanding its data-based marketing offerings, providing additional diversification and credit support. Key Assumptions - Organic revenue growth of about 3% for 2026, declining slightly in outer years; - EBITDA margins of 24% to 25% for the next several years; - Capital expenditure (capex) relatively constant as a percentage of revenue; - Cash taxes low in the initial years of the forecast based on prior years' operating losses Recovery Analysis The recovery analysis assumes that Inmar would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Inmar's GC EBITDA assumption is an output of the analysis, not a starting point or an input driving the recovery analysis. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation. A distressed scenario is envisioned in which several material clients of Inmar exit the relationship. Lower revenue also results in margin compression. These assumptions result in a GC EBITDA estimate of $170 million. An enterprise value (EV)-to-EBITDA multiple of 6.0x is used to calculate a post-reorganization valuation, above the 5.5x median technology, media and telecommunications emergence EV/forward EBITDA multiple. The 6.0x multiple is below the recovery assumptions that Fitch employs for data analytics companies with high recurring revenue streams and is in line with other business services firms. The multiple is further supported by Fitch's positive view of the company's recurring revenues and its proprietary data, which would be attractive to distressed investors. Recent acquisitions in the data and analytics subsector have occurred at attractive multiples, ranging from 10x to over 20x. Current EV multiples of public data analytics companies trade even higher. Fitch assumes a fully drawn revolver in its recovery analysis, as credit revolvers are tapped as companies approach distress situations. The recovery analysis results in a 'BB-'/'RR3' issue and Recovery Rating for the first-lien credit facilities. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 5.0x; - (Cash flow from operations - capex)/debt below 2.5%; - Erosion of the business indicated by revenue contraction or minimal growth and associated margin compression. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 4.0x; - (Cash flow from operations - capex)/total debt sustained above 7.5%; - Increased scale as a result of stronger than expected revenue growth and margin expansion. Liquidity and Debt Structure Inmar had adequate liquidity of $46 million in unrestricted cash as of March 31, 2025. Inmar also has full availability on its revolver, which is currently at $150 million and matures in 2029. This is the earliest maturity. Inmar's existing $1.07 billion senior secured term loan matures in 2031. Fitch expects the incremental term loan of $150 million will be pari passu with the existing debt. Issuer Profile Inmar provides data analytics, workflow capabilities and technology platforms in two segments, healthcare and marketing technology. The MarTech sector includes loyalty programs and a coupon clearinghouse. In healthcare the company's platforms improve pharmacy efficiency and compliance. 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 ----------- ------ -------- ----- OPE Inmar Holdings, Inc. LT IDR B+ New Rating Inmar, Inc. LT IDR B+ Affirmed B+ senior secured LT BB- Downgrade RR3 BB ION PLATFORM:S&P Affirms 'B+' Issuer Credit Rating, Outlook Stable ------------------------------------------------------------------ S&P Global Ratings affirmed its 'B+' issuer credit rating on financial data and intelligence software company ION Platform Investment Group Ltd. At the same time, S&P assigned its 'B+' issue-level rating to the proposed exchange notes and new credit facilities. The recovery rating is '3.' The stable outlook reflects the company's high recurring revenue base and strong profitability, which will support steady earnings and free operating cash flow (FOCF) generation over the next 1-2 years while it works to combine the ION businesses. S&P expects ION Platform will expand S&P Global Ratings-adjusted EBITDA margin to about 53% in 2025 as it realizes cost savings such that debt to EBITDA improves toward 7x. The note exchange and refinancing would simplify ION Platform's capital structure. Currently, ION Platform consolidates ION Trading, ION Corporates, and I-Logic, but maintains three siloed capital structures. The proposed facilities will be issued by new coborrowers ION Platform Finance US and ION Platform Finance Sarl, and debt servicing will depend on the restricted group that combines ION Markets, ION Corporates, and ION Analytics. ION Platform will be the new parent guarantor. S&P expects the transactions will be largely leverage neutral. The company also seeks consents to amend its existing note indentures. It has entered a support agreement with bondholders representing about 58% of the principal notes outstanding at Sept 18, 2025. If the company receives the requisite supermajority consents for certain terms and conditions (at least 90%), S&P expects ION Platform will eliminate restrictive covenants and release guarantees and security for the nonconsenting notes. A majority consent would result in the reinstatement of collateral for the nonconsenting notes at each issuer, on a pari passu basis with the exchange notes and refinanced credit facilities. Nonconsenting notes may be disadvantaged by one or two rating notches. S&P said, "We expect a potential lower recovery rating for this debt given that the existing collateral will be diluted or that it will be subordinated if it is no longer secured and guaranteed. We expect ION Platform will receive exchange and consents for substantially all existing notes, refinance the credit facilities, and that we will withdraw the ratings on the existing notes. If the amount of nonconsenting notes outstanding is material, our recovery percentage estimate may increase but remain within the '3' recovery rating band. We may reevaluate our recovery analysis if the final capital structure and terms of the exchange are materially different from the proposed structure and likely withdraw our issue-level ratings on any de minimis debt outstanding." S&P said, "The rating on ION Platform reflects our positive view of its enhanced scale. The consolidation of ION Analytics, ION Corporates, and ION Markets will leverage its meaningful operating scale (over $1.3 billion in S&P Global Ratings-adjusted EBITDA) and above average EBITDA margins (over 50%) to serve its large client base and expand its product offerings, despite a competitive landscape and mature industry conditions. While we acknowledge potential integration complexities and the group's history of aggressive financial policies, we expect gradual leverage improvement over the next few years, supported by higher EBITDA margins through cost efficiencies, stable profitability driven by high recurring revenue (over 80%), and client retention (above 90%). "The stable outlook reflects ION Platform's high recurring revenue base and strong profitability, which will support steady earnings and FOCF over the next 1-2 years while it combines the existing ION businesses. We expect the company will expand S&P Global Ratings-adjusted EBITDA margin to about 53% in 2025 as it realizes cost savings and improves debt to EBITDA toward 7x." S&P could lower its rating on ION Platform if: -- Realization of synergies is slower than expected or it faces integration challenges, including higher-than-expected transaction costs, such that leverage remains above 7x or FOCF to debt remains below 5%; or -- S&P believes the overall group's credit profile has weakened because of a business underperformance or more-aggressive financial policies, including materially weaker overall credit metrics. An upgrade is unlikely given S&P's view of the group's overall credit profile. However, it could raise its rating on ION Platform if: -- It adopts a conservative financial policy and S&P believes it will maintain leverage below 5x and FOCF to debt above 5%; and -- S&P believes the group has strengthened its overall profile and its credit metrics are not materially worse than its expectations for ION Platform. IVANTI SOFTWARE: PCM Fund Marks $1.1MM Loan at 17% Off ------------------------------------------------------ PCM Fund, Inc. has marked its $1,169,000 loan extended to Ivanti Software, Inc. to market at $975,000 or 83% of the outstanding amount, according to PCM Funds' Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. PCM Fund is a participant in a Loan to Ivanti Software, Inc. The loan accrues interest at a rate of 9.016% per annum. The loan matures on June 1, 2029. PCM Fund, Inc., PIMCO Global StocksPLUS & Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund are organized as closed-end management investment companies registered under the Investment Company Act of 1940. PIMCO Global StocksPLUS & Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund were organized as Massachusetts business trusts. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations. Pacific Investment Management Company LLC serves as the Funds’ investment manager. Each Fund represents a single operating segment, as the chief operating decision maker monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. PCM Fund is led by Joshua D. Ratner as Principal Executive Officer and Bijal Y. Parikh as Principal Financial & Accounting Officer. The Fund can be reach through: Joshua D. Ratner PCM Fund, Inc. 1633 Broadway, New York, NY 10019 Telephone: (844) 337-4626 About Ivanti Software, Inc. Ivanti Software, Inc. is a global enterprise software company that provides cloud-based IT and security solutions focused on the "everywhere workplace." IVANTI SOFTWARE: PIMCO Access Marks $4.8MM Loan at 17% Off ---------------------------------------------------------- PIMCO Access Income Fund has marked its $4,804,000 loan extended to Ivanti Software, Inc. to market at $4,007,000 or 83% of the outstanding amount, according to Pimco Access' Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. Pimco Strategic is a participant in a Loan to Ivanti Software, Inc. The loan accrues interest at a rate of 9% per annum. The loan matures on June 1, 2029. PCM Fund, Inc., PIMCO Global StocksPLUS & Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund are organized as closed-end management investment companies registered under the Investment Company Act of 1940. PIMCO Global StocksPLUS & Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund were organized as Massachusetts business trusts. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations. Pacific Investment Management Company LLC serves as the Funds' investment manager. Each Fund represents a single operating segment, as the chief operating decision maker monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. PCM Access is led by Joshua D. Ratner as Principal Executive Officer and Bijal Y. Parikh as Principal Financial & Accounting Officer. The Fund can be reach through: Joshua D. Ratner PIMCO Access Income Fund 1633 Broadway, New York, NY 10019 Telephone: (844) 337-4626 About Ivanti Software, Inc. Ivanti Software, Inc. is a global enterprise software company that provides cloud-based IT and security solutions focused on the "everywhere workplace." IVANTI SOFTWARE: PIMCO Global Fund Marks $746,000 Loan at 17% Off ----------------------------------------------------------------- PIMCO Global StocksPLUS & Income Fund has marked its $746,000 loan extended to Ivanti Software, Inc. to market at $622,000 or 83% of the outstanding amount, according to PIMCO Global's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. PIMCO Global is a participant in a Loan to Ivanti Software, Inc. The loan accrues interest at a rate of 9.016% per annum. The loan matures on June 1, 2029. PCM Fund, Inc., PIMCO Global StocksPLUS & Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund are organized as closed-end management investment companies registered under the Investment Company Act of 1940. PIMCO Global StocksPLUS & Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund were organized as Massachusetts business trusts. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations. Pacific Investment Management Company LLC serves as the Funds’ investment manager. Each Fund represents a single operating segment, as the chief operating decision maker monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. PIMCO Global is led by Joshua D. Ratner as Principal Executive Officer and Bijal Y. Parikh as Principal Financial & Accounting Officer. The Fund can be reach through: Joshua D. Ratner PIMCO Global StocksPLUS & Income Fund 1633 Broadway, New York, NY 10019 Telephone: (844) 337-4626 About Ivanti Software, Inc. Ivanti Software, Inc. is a global enterprise software company that provides cloud-based IT and security solutions focused on the "everywhere workplace". IVANTI SOFTWARE: PIMCO Strategic Marks $1.2MM Loan at 17% Off ------------------------------------------------------------- PIMCO Strategic Income Fund, Inc. has marked its $1,237,000 loan extended to Ivanti Software, Inc. to market at $1,032,000 or 83% of the outstanding amount, according to Pimco Strategic's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. Pimco Strategic is a participant in a Loan to Ivanti Software, Inc. The loan accrues interest at a rate of 10.079% per annum. The loan matures on June 1, 2029. PCM Fund, Inc., PIMCO Global StocksPLUS & Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund are organized as closed-end management investment companies registered under the Investment Company Act of 1940. PIMCO Global StocksPLUS & Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund were organized as Massachusetts business trusts. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations. Pacific Investment Management Company LLC serves as the Funds' investment manager. Each Fund represents a single operating segment, as the chief operating decision maker monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds portfolio managers as a team. PCM Fund is led by Joshua D. Ratner as Principal Executive Officer and Bijal Y. Parikh as Principal Financial & Accounting Officer. The Fund can be reach through: Joshua D. Ratner PIMCO Strategic Income Fund, Inc. 1633 Broadway, New York, NY 10019 Telephone: (844) 337-4626 About Ivanti Software, Inc. Ivanti Software, Inc. is a global enterprise software company that provides cloud-based IT and security solutions focused on the "everywhere workplace." JILL ACQUISITION: S&P Raises ICR to 'B+' on Credit Metric Cushion ----------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on U.S.-based specialty retailer Jill Acquisition LLC (J.Jill) to 'B+' from 'B'. S&P also raised its issue-level ratings on the company's senior secured term loan to 'BB-' from 'B+'. The '2' recovery rating is unchanged. The stable outlook reflects S&P's expectation the company will sustain S&P Global Ratings-adjusted leverage in the high-1x area, EBITDA interest coverage near 6x, and positive free operating cash flow (FOCF) of at least $20 million over the next 12 months amid a challenging macroeconomic environment. J.Jill continues to report strong credit metrics, including S&P Global Ratings-adjusted leverage of 1.7x and EBITDA interest coverage of 6.2x, despite recent operating performance declines from tariffs and weak consumer demand. In S&P's view, the company's conservative balance sheet has positioned it to navigate an increasingly challenging operating environment. S&P said, "The upgrade reflects our view that J.Jill's conservative balance sheet allows it navigate operating disruptions and business cycle downturns. In our view, J.Jill's low funded debt levels provide a cushion to its credit measures. The company repaid $94.2 million in principle under its term loan, bringing its principal balance to $74.3 million in fiscal 2024 and leading to S&P Global Ratings-adjusted leverage of 1.4x. We now forecast the company will sustain adjusted leverage at about 1.8x with adjusted EBITDA interest coverage near 6x through fiscal 2026 despite a material decline in profitability. The company's track record of maintaining low debt levels even during a challenging retail environment supports our view that its conservative balance sheet provides operating flexibility and resilience. "We forecast J.Jill will generate sufficient annual FOCF of $20 million-$30 million in fiscals 2025 and 2026. Although this represents a decline from its four-year average reported FOCF generation of $55 million, we believe it reflects J.Jill's ability to consistently convert sales to cash even amid meaningful profitability pressures. Our forecast reflects $25 million of capital expenditure (capex) primarily related to store growth, ship-from-store capabilities, and maintenance needs. "We expect its FOCF will be used for shareholder returns. The company currently has a $25 million share repurchase authorization, with $20 million remaining, as well as a modest annual dividend of about $5 million. We expect J.Jill will balance shareholder returns with maintaining a sufficient cash balance to absorb operational disruptions and support its seasonal working capital requirements. "We expect challenging operating conditions will persist through 2026 for apparel retailers, given weaker consumer demand and tariff expenses. J.Jill's S&P Global Ratings-adjusted EBITDA margin decreased 300 basis points to 21.7% in the second quarter on a last-12-months basis due increased promotional activity to drive traffic and tariff costs. We forecast a further decline to 20% this year, with margins sustained around this level through fiscal 2026, due to softer demand trends, elevated costs from tariffs, and operating deleverage. Despite these dynamics, we forecast adjusted leverage sustained in the high-1x area and adjusted EBITDA interest coverage of nearly 6x. "With respect to tariffs, rates for the company's largest sourcing countries have landed at about 20%, with India now at 50%. We expect this level of tariffs will impact quarterly costs of goods sold by an incremental $5 million net of vendor-negotiated offsets. Despite the decline in margins, we continue to view J.Jill's profitability as above average relative to other apparel peers. S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses--specifically with regard to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. S&P said, "As a result, our baseline forecasts carry a significant amount of uncertainty, magnified by ongoing regional geopolitical conflicts. As situations evolve, we will gauge the macro and credit materiality of potential shifts and reassess our guidance accordingly." S&P said, "We forecast low-single-digit percent revenue declines through fiscal 2026. This largely reflects our view that macroeconomic uncertainties and inflation will constrain consumer demand for discretionary products over the next 12 months. J.Jill is testing geo-targeted marketing and a more diversified mix of marketing channels to build brand awareness and drive customer engagement. Moreover, we believe J.Jill's more affluent and loyal customer demographic positions it more favorably than some peers against a broader decline in consumer discretionary spending. Our forecast also incorporates five annual net store openings. "The stable outlook reflects our view that J.Jill's conservative balance sheet provides it with operating flexibility and resilience amid a challenging retail environment, evidenced by adjusted leverage in the high-1x area, EBITDA interest coverage of around 6x, and sufficient FOCF generation of at least $20 million. "We could lower our rating if the company faces incremental performance challenges because of an economic slowdown or operating missteps, including inventory mismanagement, increased competition, or fashion risk." Under this scenario, S&P would expect: -- Annual FOCF generation below our current forecast of at least $20 million; or -- EBITDA interest coverage declining to well below 6x. Although unlikely over the near-term, S&P could raise the rating if J.Jill: -- S&P views the business more favorably because the company demonstrates less performance volatility through unfavorable operating environments, including stable revenue growth and profitability; and -- The financial sponsor fully exits the business while J.Jill remains committed to a conservative financial policy including sustaining adjusted leverage of less than 3x and adjusted EBITDA interest coverage of more than 6x. JLM RESOURCES: Gets Final OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Washington entered a final order authorizing JLM Resources, Inc. and Sparc Enterprises, Inc. to use cash collateral. The final order authorized the Debtor to use cash collateral to pay post-petition operating expenses in accordance with its budget, with up to 10% variance and ability to roll forward unused amounts. The Debtor projects total operational expenses of $40,352.19 for the week ending September 27; $212,731.31 for October; and $201,134.75 for November. As adequate protection, KeyBank National Association, the primary secured creditor, was granted replacement liens on the Debtors' post-petition cash, receivables, inventory, and proceeds. These replacement liens will have the same validity and extent as KeyBank's pre-bankruptcy liens. In addition, the Debtors must pay $750 per month to KeyBank starting September 25. Meanwhile, the final order authorized the Debtors to grant other secured creditors, including Kapitus, LLC and the U.S. Small Business Administration, replacement liens on their pre-bankruptcy collateral. The Debtors were also authorized to remit $500 monthly to a trust account for administrative fees beginning this month. The final order establishes a termination date of November 30, unless extended by KeyBank. Use of cash collateral terminates upon dismissal or conversion of the Debtor's Chapter 11 case to one under Chapter 7; trustee appointment; confirmation of a Chapter 11 plan; or entry of any order modifying the final order. KeyBank, as secured creditor, is represented by: Michael M. Feinberg, Esq. Cairncross & Hempelmann 524 Second Avenue, Suite 500 Seattle, WA 98104-2323 Telephone: (206) 587-0700 / (206) 254-4459 mfeinberg@cairncross.com 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 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 reported 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. JONES DESLAURIERS: Fitch Rates New Unsecured Notes 'CCC+' --------------------------------------------------------- Fitch Ratings has assigned a 'CCC+' rating with a Recovery Rating of 'RR6' to the new USD400 million senior unsecured notes and CAD200 million senior unsecured notes issued by Navacord's subsidiary, Jones DesLauriers Insurance Management Inc. The proceeds of this transaction will be utilized to refinance the company's existing USD500 million senior unsecured notes due 2030. Fitch currently rates Navacord Intermediate Holdings, Inc. and its wholly owned borrower subsidiary, Jones DesLauriers Insurance Management Inc., at 'B'. The Rating Outlook is Stable. While leverage is high at more than 8.0x pro forma, Navacord's 'B' rating reflects the company's resilient organic growth profile and strong operating margin profile. The rating also reflects Navacord's position as one of the top commercial brokerage firms in Canada. Limitations to the rating include an aggressive financial policy and the anticipated maintenance of an elevated leverage profile. Key Rating Drivers Solid Market Position: Fitch views Navacord's strong position in the Canadian insurance distribution market as a credit positive, as one of the largest commercial brokerage and benefits firms in Canada. The insurance brokerage industry is highly fragmented and competitive, but Navacord has consistently achieved solid organic revenue growth, maintaining at least mid-single-digit growth since 2017, with double-digit organic growth from 2019 to 2023 and high-single-digit growth in 2024. The organic growth has slowed recently, and Fitch partly attributes this to weaker property and casualty (P&C) trends in recent quarters, similar to patterns among other public insurance brokers in 1H25. Fitch expects the industry to grow in the mid-single-digit range, but certain higher-growth brokers like Navacord may exceed this growth rate. The company has also sustained solid EBITDA margins in the high-20% to mid-30% range over the past five years. High Leverage: Fitch views high leverage as a limiting factor for the Issuer Default Rating (IDR) and expects it will likely constrain the rating to the 'B' rating category in the near term. Fitch-calculated pro forma EBITDA leverage (debt/EBITDA) is in the low-8.0x range as of 2Q25, while net leverage is in the mid-6.0x range. Fitch expects Navacord to continue maintaining an elevated leverage profile due to its aggressive M&A strategy. Well-managed insurance brokerage firms can tolerate a higher degree of financial leverage compared to other corporate sectors, given the industry's high stability throughout the economic cycle. Large brokers have only experienced organic sales declines in the low-single-digit range following the 2008 global financial crisis. However, Navacord's leverage is higher compared to other Fitch-rated peers. M&A Growth Strategy: Fitch considers Navacord's aggressive M&A growth strategy a key rating factor constraining its IDR to the 'B' category. The company, which has spent over $2.1 billion on 117+ deals, is expected to continue prioritizing acquisitions. Navacord stands out as a major issuer solely focused on Canada in the North American insurance brokerage industry. Historically, acquisitions have been largely debt-funded, posing financial risk in a high-interest-rate environment. However, integration risk is manageable due the business model, as deals primarily aim to acquire customers and brokers. Diversification: Navacord benefits from broad client, broker, and carrier diversification, despite operating solely in Canada. It serves over 85,000 commercial clients, with the top 20 customers comprising only 5% of revenue. Its top 10 producers account for less than 10% of revenue. The company is diversified by insurance carrier partners and business lines, including commercial and personal P&C and benefits. Navacord's strong market position currently prevents geographic concentration from limiting its IDR. Fitch believes the company could expand beyond Canada over time; however, this would involve execution risks associated with geographical diversification. Stable Business Model: The company operates a predictable business model in an industry that performs well throughout the economic cycle. Founded in 2014, Navacord has a more limited operating history compared to other Fitch-rated brokers. However, Fitch expects the industry to exhibit much lower revenue and earnings declines in a recession than other sectors, given the highly sticky nature of insurance. Many large global insurance brokers have grown organically each year since 2007, except for a modest decline in 2009, and grew during the pandemic. However, Navacord faces unique risks due to its geographic exposure solely to the Canadian market. Cash Flow Ratios Constrained: Fitch expects constrained FCF due to debt-financed M&A, causing high financial leverage and low near-term interest coverage near Fitch's negative sensitivity threshold for the 'B' IDR. Fitch expects interest coverage to improve marginally post-refinancing transaction. Constrained FCF stems from the M&A roll-up strategy, but the underlying cash generation is healthy. Fitch believes that slowing M&A would materially improve cash flow unless all excess cash is diverted to shareholder capital returns. Peer Analysis Navacord competes in a fragmented landscape of insurance brokerage and benefits services providers that includes other local/regional companies, national agents and large multi-national brokers. Fitch rates numerous companies in the insurance brokerage industry that are comparable in terms of scale, operating profile and business model. Navacord maintains a strong position among commercial brokers in Canada and has established reasonable size with run-revenue of more than CAD900 million and annual premium near CAD5.0 billion. However, it remains relatively small and has meaningfully higher financial leverage versus larger global brokers such as Willis Towers Watson Plc (BBB+/Stable) and Aon Corporation (BBB+/Stable), among others. Navacord's 'B' rating is reflective of the company's strong historic growth profile, solid profitability, and diversification among its customers and business segments. This is offset by an aggressive, debt-financed M&A strategy that has led to high gross leverage. Key Assumptions - Organic revenue growth in the mid-single-digit percentage range over the ratings horizon plus contributions from incremental M&A through FY28; - EBITDA margins estimated in the low-30% range, with some forecast pressures from cost/wage inflation and additional growth investments; - Cash taxes remain a modest use of cash flow in the next few years; - Fitch assumes Navacord will continue its growth-driven M&A strategy and will incur cash outflows related to purchase and integration costs. Fitch assumes this remains the primary use of cash flow and incremental M&A is funded via internal cash flow and incremental debt. Recovery Analysis For entities rated 'B+' and below — where default is closer and recovery prospects are more meaningful to investors — Fitch undertakes a tailored, or bespoke, analysis of recovery upon default for each issuance. The resulting debt instrument rating includes a Recovery Rating or published RR, graded from 'RR1' to 'RR6', and is notched from the IDR accordingly. In this analysis, there are three steps: (i) estimating the distressed enterprise value (EV), (ii) estimating creditor claims, and (iii) distribution of value. Fitch assumes Navacord would emerge from a default scenario under the going concern approach versus liquidation. Key assumptions used in the recovery analysis are as follows: (i) Going concern EBITDA — Fitch estimates a going concern EBITDA of approximately CAD 205 million, or 23% below the company's current Fitch-adjusted run-rate EBITDA. This lower level of EBITDA considers competitive and/or company-specific pressures that hurt earnings in the future while also considering that its M&A strategy could lead to a much higher EBITDA base before any risk of bankruptcy. (ii) EV Multiple — Fitch assumes a 6.5x multiple, which is validated by historic public company trading multiples, industry M&A and past reorganization multiples Fitch has seen across various industries. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in operating fundamentals that lead to weaker revenue trends, margin underperformance, and compression of cash flows; - EBITDA interest coverage, or EBITDA/interest paid, sustained below 1.5x; - (CFO-capex)/debt sustained near 1% or below, excluding M&A-related costs; - EBITDA leverage sustained above 8.0x, particularly if driven by shareholder distributions. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage, or debt/EBITDA, sustained below 6.5x; - (CFO-capex)/debt sustained in the low double digits. Liquidity and Debt Structure Navacord has a well-positioned balance sheet with cash balances of CAD271 million at April 2025. In addition, it has full access to its CAD180 million senior secured revolving credit facility. Cash needs are minimal given the nature of its business that has low capital intensity and working capital needs, along with manageable debt amortization and cash taxes. This should provide sufficient liquidity to both operate its current business as well as invest for organic growth and M&A. Post-transaction, the company's debt capital consists of a CAD180 million senior secured revolver, USD370 million of senior secured first lien term loans, USD725 million of senior secured notes, USD400 million of new senior unsecured notes and CAD200 million of new senior unsecured notes. Its revolver and term loans are floating rate while the senior notes will have a fixed coupon. There are no near-term maturities with the first lien debt and senior notes maturing in 2030. Fitch expects its debt will grow in the future as the company continues its M&A-driven growth strategy. Issuer Profile Navacord Corp. was founded in 2014 and competes in the Canadian commercial insurance brokerage space. It was incorporated under Navacord Corp. in 2018 and is one of the top four commercial insurance broker and benefits providers in Canada. Date of Relevant Committee 04-Apr-2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Jones Deslauriers Insurance Management Inc. senior unsecured LT CCC+ New Rating RR6 JXN WATER: On Brink of Insolvency, Loses $27K Revenue Daily ----------------------------------------------------------- Anthony Warren of WLBT3 reports that JXN Water is losing $3 million a month and about $27,000 in revenue daily as a long-stalled rate increase remains unapproved, according to a financial report filed Monday, September 15, 2025, in federal court. Interim Third-Party Manager Ted Henifin said resistance from city officials and the court has blocked the measure, leaving the system "barreling toward insolvency" and threatening its ability to provide essential water and sewer services, the report related. The utility has built up $31 million in unpaid bills, including $11.7 million owed to Jacobs Engineering for operating the city's water treatment plants and $5.6 million to Veolia North America for running wastewater facilities. Henifin warned contractors cannot continue working without payment, and their departure would erase recent progress in stabilizing the system. He also urged the city to issue bonds, backed calls for privatization, and pressed bond insurer Assured Guaranty to refinance $148.5 million in debt or approve $50 million in short-term financing to keep the system afloat, according to WLBT3. Henifin is also seeking congressional approval to redirect $54 million in federal funds toward operations, a move that could sustain JXN Water for 18 months. Jackson previously received $600 million in federal aid in 2022, most of it earmarked for infrastructure. But without swift approval to tap those funds—and with a major debt payment looming December 1—the utility risks a shutdown that could once again leave residents without reliable water and sewer service, the report states. About JXN Water JXN Water operates as the public utility in charge of the city of Jackson's water and wastewater services. K&D INDUSTRIES: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: K&D Industries of NY, LLC 1006 Lower South Street Peekskill, NY 10566 Business Description: K&D Industries of NY, LLC, based in Peekskill, New York, provides specialized trucking services and construction-related solutions, including aggregate hauling, milling, paving, and salt delivery, primarily serving a diverse range of clients in Westchester County and the Hudson Valley region. Chapter 11 Petition Date: September 18, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-22886 Judge: TBD Debtor's Counsel: Lawrence Morrison, Esq. MORRISON TENENBAUM PLLC 87 Walker Street, Second Floor New York, NY 10013 E-mail: lmorrison@m-t-law.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Karl Bjorland as president. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5IECZFI/KD_Industries_of_NY_LLC__nysbke-25-22886__0001.0.pdf?mcid=tGE4TAMA K&D's SANTA CRUZ: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- K&D's Santa Cruz Tire and Auto, Inc. received interim approval from the U.S. Bankruptcy Court for the Northern District of California, San Jose Division, to use cash collateral. The interim order authorized the Debtor to use the cash collateral of Funding Metrics, LLC, RDM Capital, Kash Advance, LLC, and Select Funding, LLC until the continued hearing on September 25. As adequate protection, all lienholders will be granted replacement liens on new receivables, inventory, and equipment, maintaining the same pre-bankruptcy priority. Meanwhile, the Debtor's sale of the tire inventory is conditioned on a $244.68 adequate protection payment to Bridgestone, along with granting it a lien on new tire inventory. As to Bank of the West (BMO Bank), the Debtor must continue making monthly lease payments of $2,362.45. A final hearing is scheduled for September 25. In a separate order, the bankruptcy court approved on a final basis the stipulation between the Debtor and Live Oak Banking Company. Under the stipulation, Live Oak agrees that the Debtor may use its cash collateral to pay operating expenses, including payment of monthly salary of $7,000 to its principals Karl Ryan and Diane Ryan as set forth in the budget. In return, the Debtor is required to make monthly payments of $18,008.29 to Live Oak, starting this month. In addition, Live Oak will be granted post-petition security interests in and replacement liens on all of the Debtor's assets acquired after the petition date, with the same priority, validity and extent of Live Oak's pre-bankruptcy liens. The replacement liens do not apply to any avoidance claims. Live Oak's cash collateral consists of accounts receivable, inventory, equipment and goodwill and proceeds. About K&D's Santa Cruz Tire and Auto K&D's Santa Cruz Tire and Auto, Inc., doing business as Santa Cruz Tire and Auto Care, provides automotive repair and maintenance services including brakes, engine and suspension repair, wheel alignments, smog checks, and air conditioning service. The company also sells and installs tires from brands such as Pirelli and Firestone and offers related services such as towing, financing, and a vehicle shuttle program. It operates from its location in Santa Cruz, California, serving customers in the surrounding area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-51258) on August 15, 2025, with $1,754,537 in assets and $2,350,343 in liabilities. Karl Ryan, CEO, signed the petition. Judge M. Elaine Hammond presides over the case. Lars Fuller, Esq., at The Fuller Law Firm, PC represents the Debtor as bankruptcy counsel. KAWANA MEADOWS: Involuntary Chapter 11 Case Summary --------------------------------------------------- Alleged Debtor: Kawana Meadows Development, LLC 1162 Kawana Springs Road Santa Rosa CA 95404 Business Description: Kawana Meadows Development, LLC, based in Santa Rosa, California, is a real estate development company focused on residential projects, including the Kawana Meadows Subdivision at 1162 Kawana Springs Road. The Company operates as the developer for the Bay Area II EB-5 Project and manages projects approved for single-family homes within Sonoma County. Involuntary Chapter 11 Petition Date: September 18, 2025 Court: United States Bankruptcy Court Northern District of California Case No.: 25-10590 Petitioners' Counsel: David S. Henshaw, Esq. BURKE, WILLIAMS & SORENSEN, LLP 18300 Von Karman Avenue, Suite 650 Irvine CA 92612 Tel: (949) 265-3426 Email: dhenshaw@bwslaw.com A full-text copy of the Involuntary Petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/SJTRZAA/Kawana_Meadows_Development_LLC__canbke-25-10590__0001.0.pdf?mcid=tGE4TAMA Alleged creditors who signed the petition: Petitioner Nature of Claim Claim Amount Amy Wu Breach of $10,000 4174 Coulombe Drive Fiduciary Duty Palo Alto CA 94306 Coulombe Properties LLC Breach of $10,000 4174 Coulombe Drive Fiduciary Duty Palo Alto CA 92612 KEN GARFF: S&P Upgrades ICR to 'BB' on Improved Business Profile ---------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on U.S.-based Ken Garff Automotive LLC to 'BB' from 'BB-'. S&P also raised its issue-level rating on the company's senior unsecured debt to 'BB' from 'BB-' with a '4' recovery rating (30%-50%; rounded 35%). The stable outlook reflects S&P's view that the company will maintain margins above 3.5%, net leverage below 3x, and free operating cash flow (FOCF) to debt above 15% over the next 12 months. The upgrade reflects Ken Garff's fundamentally improved business and margin profile. The company generated trailing twelve-month margins of 4% due to greater than expected new vehicle demand, consistent growth in parts & service (P&S), and strong cost controls. Margins were down only modestly from 4.4% in 2023 despite continued industry normalization in new vehicle GPU as vehicles inventories have replenished following the supply-constrained pandemic period. S&P said, "Although we anticipate further new vehicle GPU decline as demand softens, we now expect margins will remain at or above 3.5% throughout our forecast. This is 50-100 basis points higher than the company's pre-pandemic margins. We believe increased worker productivity, lower turnover, growth in P&S, a more efficient operating cost structure, and increased leveraging of technologies like AI and Tekion support these fundamental margin improvements." S&P said, "We now believe Ken Garff's margins will remain within the lower end of the average range of our rated auto dealer universe and similar to peers such as Sonic Automotive (its lower-margin EchoPark operations drag down margins). Ken Garff's EBITDA margins are weighed down by its substantially larger fleet business relative to peers, where the dealerships sell new fleet vehicles in large volumes at low margins. If we remove fleet sales and estimated costs, we estimate margins would improve by roughly 40 to 50 basis points. Over the longer term, we believe there could be opportunity to improve fleet profitability through increased fleet servicing and upfitting." The company has also continued to increase its scale, growing forecasted revenue 6.1% to over $7.1 billion in 2025 from $6.7 billion in 2024 (and up from the roughly $4 billion of revenues when S&P first rated the company in 2018). Over the past two years, Ken Garff has also slightly improved its geographic diversification by adding dealerships in Arizona and Hawaii. While the company's geographic diversification is far less than that of its larger public peers, its geographic mix is favorable compared to Morgan Auto, which only operates in Florida (though Morgan's margins are much higher, in part due to its greater luxury mix). Larger 'BB+'-rated peers such as Penske, Group 1, Asbury, and Lithia have revenues in excess of $20 billion, higher margins, and greater diversification. Ken Garff has also rebalanced its brand portfolio by divesting lower-earning Stellantis and Nissan stores for higher-earning import and domestic stores, further supporting our expectation for longer-term margins of at least 3.5%. S&P said, "As a result of our improved view of the company's profitability and business profile, we are now netting cash in our credit metric calculations, which improves the company's credit profile." S&P said, "We expect net leverage of 2.5x or below over the next few years as the company continues growing organically and utilizing excess cash flow for tuck-ins and dividends. The company has prioritized organic growth and tuck-in acquisitions over accelerating growth with large debt-funded acquisitions, unlike many of its peers. As such, Ken Garff has also managed its leverage profile more conservatively, with net leverage of about 2.3x for the 12-months-ended June 30, 2025. We believe this more conservative growth strategy has also resulted in less volatile profits and more stable cash flows. While we forecast the company will increase acquisitions this year to $230 million, we still forecast its net leverage profile in the 2x-3x range over the next few years. We expect Ken Garff will focus on organic growth and free cash funded acquisitions in the range of around $100 million-$150 million annually in 2026 and 2027. We also believe the company will generate healthy free cash flow to debt of over 15% in 2025 even as new vehicle GPUs decline. "Consistent with the application of our group rating methodology criteria, we consider the company's parent, Ken Garff Enterprises LLC, to be the group's parent and determine our group credit profile (GCP) at the level of the parent Ken Garff Enterprises LLC. We consider Ken Garff Automotive LLC to be a core subsidiary of its parent and contributes the majority of the group's revenue and profit. We include the additional real estate and insurance subsidiary metrics at the parent level in our analysis of the GCP and our overall leverage calculations. Overall, we do not see the creditworthiness of the parent as improving upon or affecting the standalone rating on Ken Garff. "We believe the company is well-positioned to navigate the evolving market landscape. Ken Garff faces an increasing number of online competitors, such as Carvana and Amazon, as well as traditional dealers Lithia Motors Inc. and Asbury Automotive Group Inc., which continue to expand their online platforms. We believe Ken Garff is in a decent position with its Remote Start online program, which it can leverage to bolster sales, improve customer appointment efficiency, and enhance the overall customer experience. However, as online competition further intensifies, the company may need to increase its marketing or IT investments to compete. Ken Garff also faces competition from standalone used car dealerships including Sonic's EchoPark, Penske Automotive Group Inc.'s CarShop, AutoNation's AutoNation USA, and CarMax Inc.'s existing footprint. Buildout of standalone used-car stores has moderated recently but remains a competitive force against Ken Garff's used car business. Despite challenging inventory dynamics throughout 2025, Ken Garff been consistent in sourcing used vehicles and turning inventory quickly, which has helped steadily grow sales while improving profitability. We expect competition to heat up as used vehicle supply and consumer affordability improves throughout 2026, which could cause dealers to re-accelerate growth in their standalone platforms. "We expect electric vehicle (EV) penetration to slow after the EV tax credits expire in September 2025 due to customer concerns over affordability, charging infrastructure, and range. Nevertheless, we still believe vehicles will continue to electrify over the longer term. We believe electric cars require less frequent P&S maintenance, which is a key profit center for Ken Garff, but each servicing on average is more profitable. While this will be a long-term headwind, we believe Ken Garff is well-positioned relative to peers to adapt to the changing sales environment given its relatively large scale in the very fragmented dealer market. Ken Garff, with its greater scale and greater resources, should better attract and retain EV technicians relative to smaller regional peers. In particular, the company has an apprenticeship program that helps develop junior techs. This will become even more critical given the increasing complexity of servicing more software-enabled vehicles. "The stable outlook reflects our expectation that the company will maintain EBITDA margins above 3.5%, debt to EBITDA below 3x, and FOCF above 15% for the next 12 months. "We could lower our rating on Ken Garff if we expect the company's margins will remain meaningfully below its peers' margin levels. We could also lower our ratings if debt to EBITDA was sustained well above 3x or FOCF debt was maintained well below 15%." This could happen if: -- Operating performance deteriorates due to a greater-than-expected decline in vehicle margins, improper cost controls, or a drop in demand; or -- The company adopts a more aggressive financial policy and pursues debt-funded acquisitions, share repurchases, or dividends. While unlikely in the near term, S&P could raise its rating on Ken Garff if the company: -- Substantially improves its scale, diversification, and margin profile on par with its higher rated peers; or -- Maintains leverage of around 1.5x and FOCF to debt above 25% on a sustained basis. L.D. LYTLE: Red Oak Property Sale to 4452 Broad for $1.45MM OK'd ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, has approved L.D. Lytle Inc. to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor sought to sell real property and improvements commonly known as a Sunshine Kids Academy located at 551 Bluebird Lane, Red Oak, Texas 75154. The Debtor has demonstrated good and sound business reasons and judgment in seeking to sell the Property pursuant to the Commercial Contract. The Debtor has provided adequate notice of the Motion, the terms of the Contract and the hearing on the Motion to creditors, holders of liens against the Property, and parties-in-interest. The Court has authorized the Debtor to sell the Property to 4452 Broad, a Delaware Limited Liability Co. and/or its assigns, for the sale price of $1,450,000.00, on the terms and subject to the conditions set fort in the Contract. All net proceeds from the sale of the Property shall be received by the Debtor for deposit in its authorized debtor-in-possession account. All of the Debtor's interests in the Property shall be, as of the closing of the Contract, transferred to, and vested in, the Buyer. About L.D. Lytle, Inc. L.D. Lytle Inc., doing business as Sunshine Kids Academy, operates early childhood education and daycare centers in Texas. It provides childcare services at locations in Ennis, Ferris, and Red Oak. L.D. Lytle sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-32454) on June 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge Michelle V. Larson handles the case. The Debtor is represented by Joyce Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC. LANDMARK RECOVERY: Gets Court OK to Use Cash Collateral ------------------------------------------------------- Landmark Recovery of Colorado, LLC and Landmark Recovery of Arkansas, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Tennessee, Nashville Division, to use cash collateral. The court order authorized the Debtors to use cash collateral to pay fees and disbursements to bankruptcy professionals and the Subchapter V trustee and any fees payable to the Clerk of the Bankruptcy Court. The Debtors' landlords, Sabra Health Care Holdings III, LLC and MLD Properties, LLC, assert a lien on certain property of the Debtors including, but not limited to, "accounts collateral." Both landlords have filed UCC financing statements in Delaware. As adequate protection, the landlords will be granted replacement liens on the Debtors' post-petition property and its proceeds, with the same priority and extent as their pre-bankruptcy liens. The replacement liens do not apply to avoidance actions. The landlords are represented by: Laura F. Ketcham, Esq. Miller & Martim, PLLC 832 Georgia Ave., Suite 1200 Chattanooga, TN 37402 423.785.8383 laura.ketcham@millermartin.com -- and -- Phillip A. Martin, Esq. Fultz Maddox Dickens, PLC 101 South Fifth Street, 27th Floor Louisville, KY 40202 502.992.5038 pmartin@fmdlegal.com About Landmark Recovery of Colorado LLC Landmark Recovery of Colorado LLC, formerly Landmark Recovery of Colorado Springs and doing business as Praxis of Colorado Springs by Landmark Recovery and Sheridan Grove Recovery, operates addiction treatment centers across multiple U.S. states, providing medical detox, residential, and outpatient rehabilitation services for substance use disorders. Its facilities, some branded under "Praxis by Landmark Recovery," offer individualized treatment plans incorporating therapy, medication-assisted treatment, and clinical support. Landmark Recovery's operations span locations in Arkansas, Colorado, Indiana, Kentucky, and Ohio, serving patients through evidence-based addiction care programs. Landmark Recovery of Colorado and Landmark Recovery of Arkansas sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Lead Case No. 25-03452) on August 20, 2025. In its petition, Landmark Recovery of Colorado reported total assets of $7,375,347 and total liabilities of $1,841,854 while Landmark Recovery of Arkansas reported between $1 million and $10 million in assets and up to $50,000 in liabilities. Honorable Bankruptcy Judge Randal S. Mashburn handles the case. The Debtors are represented by Michael G. Abelow, Esq., at Sherrard Roe Voigt & Harbison, PLC. LEES EARNED: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Lees Earned Portfolio, LLC 22803 NE 19th Drive Arlington, WA 98223 Business Description: Lees Earned Portfolio, LLC owns and manages real estate properties, including residential and non-residential assets, and leases them to tenants, operating within the real estate rental and property management sector. Chapter 11 Petition Date: September 18, 2025 Court: United States Bankruptcy Court District of Utah Case No.: 25-25578 Judge: Hon. Peggy Hunt Debtor's Counsel: Geoffrey L. Chesnut, Esq. RED ROCK LEGAL SERVICES, PLLC PO Box 1948 Cedar City, UT 84721 Tel: (435) 634-1000 Email: courtmailrr@expresslaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Allen K. Davis as member. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SRNIXFY/Lees_Earned_Portfolio_LLC__utbke-25-25578__0001.0.pdf?mcid=tGE4TAMA LEHMAN BROTHERS: Co. Tied to Ex-Restructuring Chief Sued Over Loan ------------------------------------------------------------------ Abigail Harrison of Law360 reports that a reinsurer is seeking about $19.5 million in North Carolina business court from a holding company linked to Lehman Brothers' former restructuring professional, alleging default on a commercial loan secured by a sizable office building. About Lehman Brothers Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers has been a leader in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Lehman Brothers filed for Chapter 11 bankruptcy on Sept. 15, 2008 (Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition disclosed US$639 billion in assets and US$613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Several other affiliates followed thereafter. Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset LLC sought for bankruptcy protection in December 2009. The Debtors' bankruptcy cases are handled by Judge James M. Peck. Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq Bankruptcy Solutions serves as claims and noticing agent. Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve as counsel to the Official Committee of Unsecured Creditors. Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's investment banker. On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S. District Court for the Southern District of New York, entered an order commencing liquidation of Lehman Brothers, Inc., pursuant to the provisions of the Securities Investor Protection Act (Case No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as trustee for the SIPA liquidation of the business of LBI. The Bankruptcy Court approved Barclays Bank Plc's purchase of Lehman Brothers' North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, purchased LBHI's operations in Europe for US$2 plus the retention of most of employees. Nomura also bought Lehman's operations in the Asia Pacific for US$225 million. Lehman emerged from bankruptcy protection on March 6, 2012, more than three years after it filed the largest bankruptcy in U.S. history. Lehman mad its first payment to creditors under its $65 billion payout plan in April 2012. LINQTO INC: Law Firms Want to Exit as Counsel for Sapien in Ch. 11 ------------------------------------------------------------------ Clara Geoghegan of Law360 reports that lawyers representing Sapien Group in investment platform Linqto's Chapter 11 told a Texas bankruptcy court they seek to exit the case because their client has failed to pay outstanding bills. About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90187) on July 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500 million and $1 billion. The Debtor is represented by Gabrielle A. Hamm, Esq. at Schwartz, PLLC. Breakpoint Partners LLC is the Debtor's restructuring advisor. Epiq Corporate Restructuring, LLC is the Debtor's claims agent. ThroughCo Communications, LLC is the Debtor's public relations agent. LOANDEPOT INC: DBRS Confirms B Long Term Issuer Rating ------------------------------------------------------ DBRS, Inc. confirmed the 'B' Long-Term Issuer Rating of loanDepot, Inc. (loanDepot or the Company). At the same time, Morningstar DBRS confirmed the 'B' Long-Term Issuer Rating of the Company's operating subsidiary loanDepot.com, LLC and the Company's holding subsidiary LD Holdings Group LLC, which benefits from certain guarantees from its own wholly owned subsidiaries. The trend for all the credit ratings is Stable. loanDepot's Intrinsic Assessment (IA) is 'B,' while its Support Assessment is SA3, meaning that timely systemic support is not expected, resulting in the Company's final credit rating being equalized with its IA. KEY CREDIT RATING CONSIDERATIONS The confirmation of the credit ratings reflects loanDepot's franchise as a top ten retail-focused non-bank mortgage loan originator and servicer in the U.S. with a multi-channel origination and a scalable servicing platform. Further supportive of the credit ratings is the Company's good asset quality metrics, appropriate interest rate risk management, and adequate liquidity. Following cost optimization actions implemented as part of Vision 2025, the Company's losses have narrowed, but the Company's still challenged earnings generation ability remains a constraint on the credit ratings. Consolidated leverage remains elevated, but at the operating company, loanDepot.com, capitalization has an acceptable cushion to covenant and regulatory requirements. The Stable trend reflects our view that the Company's financial performance should continue to improve over the medium-term, given the rightsized cost structure and the strategic pivot to a profitable growth strategy under the new executive leadership. With expectations for the easing of interest rates by the U.S. Federal Reserve, loanDepot's scalable franchise and high-margin refinance business model position the Company well to capitalize on any U.S. housing market recovery. However, the strength of any recovery could be tempered by ongoing housing affordability issues as well as potential further softening of the U.S. labor market. CREDIT RATING DRIVERS Improving profitability and strengthening of the franchise through consistent market share growth while demonstrating a similar risk profile would result in a credit ratings upgrade. Furthermore, a sustained improvement in capitalization metrics would also result in a credit ratings upgrade. Conversely, deterioration in the Company's liquidity position or erosion of capital below covenant and regulatory requirements would result in a credit ratings downgrade. CREDIT RATING RATIONALE Franchise Building Block Assessment: Moderate/Weak loanDepot has an established franchise as the sixth largest retail-focused non-bank mortgage lender in the highly fragmented and cyclical U.S. residential mortgage market. Through its multi-channel origination platform, loanDepot offers a comprehensive suite of mortgage loan products and services for new home purchases, refinancing, or home equity lines of credit. The Company's mortgage origination, underwriting, and servicing capabilities are all supported by its proprietary technology-driven platforms, offering loanDepot scale, which enhances efficiency. We consider the recent return of the founder as CEO a positive for the Company, given his extensive industry knowledge and experience. After three years of business transformation through the Vision 2025 initiative to realign the cost structure to navigate through a challenging housing market, the Company has pivoted to a more ambitious, profitable market share growth strategy. Successful execution of this strategy is dependent on the overall housing market recovery as well as investment in the technology platform at a time when the Company's financial resources are constrained. In 2024, and through H1 2025, the Company grew origination volume to $24.5 billion and $11.9 billion in UPB, up by 8.0% year-on-year (YoY) and 11.8% YoY, respectively. Meanwhile, the Company's servicing portfolio totaled $117.5 billion in UPB of loans at Q2 2025, the entirety of which is serviced in-house, with scalable servicing capabilities. Earnings Building Block Assessment: Weak/Very Weak loanDepot's earnings power is weak, given the persistent losses and significant volatility. Revenues are primarily driven by transactional sources such as gain on origination and sale of loans, subjecting earnings to the cyclicality of the U.S. housing market and the overall interest rate environment. Servicing fee income from the Company's servicing portfolio is recurring and a counterbalance to this volatility to some extent. While the Company has remained unprofitable over the last four years, losses have narrowed significantly, supported by operating efficiency gains as part of the completion of the Company's Vision 2025 rightsizing cost structure initiatives. In 2024, the Company narrowed losses to $202.2 million from $235.5 million in 2023, driven by higher net revenues (excluding all interest expense) of $865.3 million, partially offset by higher operating expenses tied to growth in the origination volume. Subsequently, in H1 2025, loanDepot's losses continued to narrow to $66.0 million, down from $137.4 million in H1 2024, driven by a 24.6% YOY growth in net revenue to $472.8 million, and marginally lower operating expenses. Gain on sale margin, a key indicator of origination profitability, reached a high of 3.38% in H1 2025, up from 2.96% in fiscal year (FY) 2024 and 2.6% in FY 2023, reflecting effective pricing and operating efficiency, crucial for returning to profitability. Overall, given the Company's scalable operating model, Morningstar DBRS anticipates a gradual improvement in financial performance over the medium term, supported by improved efficiency and modest improvement in the U.S. housing market activity. Risk Building Block Assessment: Moderate Weak loanDepot continues to manage its interest rate risk appropriately through the use of derivative instruments to hedge such risks for the interest rate lock commitments (IRLCs) and loans held for sale (LHFS), as well as for its mortgage servicing rights (MSRs). Credit risk is limited due to the Company's originate-to-sale business model, but it is subject to the risk associated with the representations (reps) and warranties. In line with historic levels, credit losses remain manageable with a low LHFS non-accrual rate of just 0.5% in H1 2025, compared with 0.8% in 2024. Meanwhile, reserves for loan loss obligations for sold loans decreased to $17.4 million in H1 2025, down from $20.8 million in H1 2024, reflecting recoveries on previously recorded charge-offs, partially offset by higher provision for loan loss obligations for sold loans due to higher sales volume. Finally, the servicing portfolio credit quality has remained sound with a 60+ days delinquency rate of 1.4% in Q2 2025, down from 1.6% at YE 2024. Morningstar DBRS sees asset performance as likely to gradually weaken should expectations of slowing economic activity materialize in the near to medium term and the unemployment rate increase further from the current low levels. Funding and Liquidity Building Block Assessment: Weak loanDepot's funding is reliant on secured wholesale borrowing, resulting in a highly encumbered balance sheet. Indeed, secured borrowing comprised 88% of the $4.5 billion total debt outstanding at Q2 2025. Funding is modestly diverse by channel, with short-term warehouse credit lines comprising 54% of funding, securitizations (34%), and senior unsecured notes (12%). Funding is largely aligned with its asset base and is sourced through established relationships with a diverse group of participating financial institutions. Refinancing risk is elevated, with most warehouse facilities having one-year terms, but Morningstar DBRS notes that historically these have been extended. The Company has no meaningful near-term debt maturities until 2027. Meanwhile, at June 30, 2025, loanDepot's liquidity position was acceptable with $408.6 million of cash and equivalents, representing approximately 6.6% of total assets, within the Company's target cash balance of between 5%-7% of assets, and $1.6 billion available capacity under its warehouse lines, providing an acceptable cushion against near-term liquidity needs. Capitalization Building Block Assessment: Weak/Very Weak Capitalization is considered weak with loanDepot's consolidated leverage ratio (total debt-to-equity) elevated at 10.2x at June 30, 2025, compared to 8.7x at YE 2024 and 6.0x at YE 2023. Meanwhile, non-funding leverage ratio (which excludes warehouse borrowing) stood at 4.7x at June 30, 2025, up from 4.0x at YE 2024. Positively, at the originator/ servicer operating subsidiary (loanDepot.com) level, the leverage ratio is modest, with the Company maintaining an acceptable cushion to absorb operating losses while meeting the pertinent covenant and regulatory requirements. Notes: All figures are in U.S. dollars unless otherwise noted. LODGING ENTERPRISES: Claims to be Paid from Asset Sale Proceeds --------------------------------------------------------------- Lodging Enterprises, LLC filed with the U.S. Bankruptcy Court for the Southern District of Kansas a Disclosure Statement for Plan of Liquidation dated September 11, 2025. The Debtor specializes in 24-hour food, lodging and hospitality services, all of which are integral to the Debtor's unique accommodation solution for employees within the transportation, railroad, construction and resource sectors who encounter extended hours on the road. On the Petition Date, the Debtor owned and operated forty-four Wyndham-branded hotels and twenty-seven restaurants located in twenty-two states across the country. The Debtor's business supports the employment of over nine hundred hospitality professionals, employed through Avantic Lodging Enterprises, Inc., a non-debtor-affiliate management services company. After extensive, good-faith, arm's-length negotiations, the Debtor and the Prepetition Secured Parties entered into the Portfolio Sale Settlement Agreement. On March 27, 2025, after reaching this settlement, the Debtor filed: (i) the Debtor's Motion for Entry of an Order: (I) Approving a Settlement Pursuant to Fed. R. Bankr. P. 9019; and (II) Granting Related Relief (as subsequently amended by the motion, the "Portfolio Settlement Approval Motion"); and (ii) the Debtor's Motion for Entry of Order: (I) Approving Bid Procedures for the Sale of Substantially All of the Debtor's Assets, (II) Scheduling Certain Dates With Respect Thereto; (III) Authorizing the Debtor to Designate Stalking Horse Bidders; (IV) Approving Procedures for the Assumption and Assignment of Executory Contracts and Unexpired Leases; (V) Approving the Form and Manner of Notice of the Sale Hearing and Assumption and Assignment Procedures; and (VI) Granting Related Relief (the "Bidding Procedures Motion"). The Plan provides for: (i) the distribution of the Debtor's assets, including, without limitation, the Portfolio Sale Proceeds and the Debtor's other Cash, in accordance with Portfolio Sale Settlement, which was approved by the Portfolio Sale Settlement Order; and (ii) the appointment of a plan administrator to, among other things, make Distributions in accordance with the terms of the Plan, wind up the Debtor's Estate, and administer and liquidate certain property of the Debtor, including the Retained Causes of Action. Class 4 consists of General Unsecured Claims. Class 4 is Impaired and the Holders of Class 4 Claims are entitled to vote. On the Effective Date, each General Unsecured Claim shall be released and each Holder of an Allowed General Unsecured Claim shall be entitled to receive from the Disbursing Agent its Pro Rata Share of (i) the Claims Payment; (ii) the Surplus Excess Portfolio Sale Proceeds (if any); and (iii) proceeds (if any) realized from the Plan Administrator’s pursuit of the Retained Causes of Action. Class 5 consists of Equity Interests. Class 5 is Impaired and the Holders of Class 5 Equity Interests are entitled to vote. On the Effective Date, all Equity Interests shall be cancelled, released and extinguished, and each holder of an Existing Equity Interest shall: (i) to the extent any Cash or property remains after payment in full of the Claims in Classes 1 through 4, its Pro Rata Share of any such remaining Cash or property; or (ii) to extent no additional Cash or property remains after payment in full of Classes 1 through 4, not receive or retain any Distribution, property, or other value on account of its Equity Interest. The Debtor has engaged in the Marketing and Sale Process for the sale of the Portfolio as authorized by the Bidding Procedures Order. The Debtor intends to seek the entry of one or more Sale Orders approving one or more Sale Transactions in connection with such Marketing and Sale Process prior to the Effective Date. The Debtor intends to consummate any such Sale Transaction(s) approved by such Sale Order(s) prior to or contemporaneously with the occurrence of the Effective Date. The Debtor intends to fund the Distributions, and other expenses including the Plan Administrator Expenses and Wind-Down, provided for in the Plan, with the Portfolio Sale Proceeds, in accordance with the Portfolio Sale Settlement, and any other assets, including Cash. The transactions contemplated by the Plan shall be approved and effective as of the Effective Date, without the need for any further state or local regulatory approvals or approvals by any non-Debtor parties, and without any requirement for further action by the Bankruptcy Court, the Debtor, its officers or directors, or any other Person or Entity. The Post-Effective Date Budget shall be funded from Cash on hand, including, for the avoidance of doubt, the Portfolio Sale Proceeds, in order to ensure the payment in full of the Claims Payment, the Wind-Down Amount, and the Professional Fee Escrow Amount. A full-text copy of the Disclosure Statement dated September 11, 2025 is available at https://urlcurt.com/u?l=CiAjgL from PacerMonitor.com at no charge. Lodging Enterprises, LLC is represented by: Jonathan Margolies, Esq. SEIGFREID & BINGHAM, P.C. 2323 Grand Boulevard Suite 1000 Kansas City, MO 64108 Tel: (816) 265-4195 Fax: (816) 474-3447 Email: jmargolies@sb-kc.com - and - Timothy A. ("Tad") Davidson II, Esq. Brandon Bell, Esq. Kaleb Bailey, Esq. HUNTON ANDREWS KURTH LLP 600 Travis Street, Suite 4200 Houston, TX 77002 Phone: (713) 220-4200 Email: taddavidson@HuntonAK.com bbell@HuntonAK.com kbailey@HuntonAK.com - and - Jason W. Harbour, Esq. HUNTON ANDREWS KURTH LLP Riverfront Plaza, East Tower 951 East Byrd Street Richmond, Virginia 23219 Phone: (804) 788-8200 Email: jharbour@HuntonAK.com About Lodging Enterprises Founded in 1984, Lodging Enterprises, LLC, a company in Wichita, Kansas, offers a full suite of crew accommodations, specializing in 24-hour food, lodging and hospitality services. A large segment of the company's clientele are composed of railroad, and other transportation-industry workers for whom it is essential that lodging is available. The company owns and operates 44 Wyndham branded hotels and 27 restaurants located in 23 states across the country. Lodging Enterprises filed a Chapter 11 petition (Bankr. D. Kan. Case No. 24-40423) on June 26, 2024, with $100 million to $500 million in both assets and liabilities. Jonathan Margolies, Esq., at SEIGFREID & BINGHAM, P.C., is the Debtor's counsel. LSF12 CROWN: S&P Affirms 'B-' ICR on New Incremental Term Loan -------------------------------------------------------------- S&P Global Ratings affirmed all its ratings on LSF12 Crown Intermediate L.P. (dba Kidde Global Solutions, KGS), including its 'B-' issuer credit rating. S&P also affirmed its 'B-' issue-level ratings on the company's first-lien credit facilities, including the proposed fungible add-on, issued by LSF12 Crown US Commercial Bidco LLC. The recovery rating remains '3', indicating its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for lenders. The positive outlook reflects S&P's forecast for reducing S&P Global Ratings-adjusted leverage to 6.7x in 2025 and the mid-6x area in 2026. Shareholder distribution funding would add about 0.8 turns to leverage. The company seeks to fund it with a $250 million fungible term loan B add-on and $50 million cash from the balance sheet. S&P said, "We now forecast S&P Global Ratings-adjusted leverage of 6.7x in 2025, including the incremental debt (5.9x without it). This comes within Loan Star Funds' first year of ownership, which supports our view of its aggressive financial policy. This is offset by good operating performance through the first half of 2025 and our expectation for continued modest growth, progress in separating from previous owner Carrier Global Corp., and realization of cost savings in line with our forecast at the time of the acquisition. Leverage under our base case is comparable to our previous forecast in the mid- to high-6x area." Robust orders and pricing power support revenue growth of 4% in 2025. Orders of KGS's premium Edwards-branded commercial fire safety products remain healthy, notably in the Americas, supported by demand across most end markets (including general industrial, multifamily, data centers, education, and hospitality). Moreover, the company has already increased prices in 2025 to fully offset tariffs. Our growth forecast assumes relatively equal contributions from volume and price. In 2026, S&P expects the commercial business to continue expanding in the low-single-digit percent area and its residential segment to return to growth, supported by contributions from higher-priced (relative to its previous offering) Underwriters Laboratories ninth-edition fire detection and alarm product, which KGS has rolled out to most retail channel partners. KGS has made progress separating from Carrier and realizing cost savings. Since its acquisition in December 2024, KGS has hired key senior leadership across operations and back-office functions, and it remains on track to exit its transitional service agreement by early 2026. It has also realized $36 million in annualized cost savings through the second quarter, primarily in material and freight, and has begun value engineering, factory productivity, and other initiatives that S&P assumes will further expand margins over the next few years. While separation costs, capital investments, and higher operating costs required to realize savings weigh on cash flow in 2025, S&P expects S&P Global Ratings-adjusted free operating cash flow (FOCF) to remain positive in 2025 and forecast healthy growth in subsequent years amid stable demand and additional cost savings. The positive outlook on KGS reflects our forecast for S&P Global Ratings-adjusted leverage in the high-6x area in 2025, improving to the mid-6x area in 2026. S&P could revise the outlook to stable if KGS sustained S&P Global Ratings-adjusted leverage above 6.5x or FOCF turned negligible or modestly negative. This could occur if: -- The benefits of cost-out actions were lower or the costs to achieve them were moderately higher than we assumed; or -- The company pursued a more aggressive financial policy, including debt-funded acquisitions or additional shareholder returns. S&P could raise its rating if: -- The company sustained S&P Global Ratings-adjusted leverage below 6.5x; -- Financial policy decisions supported maintaining lower leverage, including potential acquisitions and shareholder rewards; and -- It maintained consistently positive FOCF as a stand-alone entity. LYNNHAVEN SCHOOL: Seeks to Tap Tavenner & Beran as Legal Counsel ---------------------------------------------------------------- Lynnhaven School, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Tavenner & Beran, PLC as legal counsel. The firm will render these services: (a) represent and advise the Debtor in connection with matters concerning restructuring; (b) represent and advise the Debtor in connection with obligations to secured creditors, unsecured creditors, and other parties in interest; (c) assist the Debtor with restructuring, in the context of an out-of-court reorganization and/or Chapter 11 reorganization proceedings; (d) prepare and file schedules of assets and liabilities, statement of financial affairs, and other pleadings necessary for the filing of a Chapter 11 petition; (e) represent and advise the Debtor in seeking court approval for use of cash and/or other financing alternatives; (f) represent and advise the Debtor in opposing complaints filed by creditors seeking relief from the automatic stay against any act or proceeding to enforce a lien against estate property or to continue any action against it; (g) represent and advise the Debtor in connection with the enforcement of any violation of the automatic stay by creditors in possession of estate property; (h) represent and advise the Debtor in all proceedings and negotiations relating to the assumption, rejection, and assignment of leases and other executory contracts; (i) represent and advise the Debtor in proceedings and negotiations relating to the sale and/or refinancing of assets; (j) assist the Debtor in formulating, preparing, and filing plan(s) of reorganization under Chapter 11 and in preparing related documents and pleadings; (k) represent and advise the Debtor in the prosecution and recovery of any preferential payments and in other avoidance actions; and (l) represent and advise the Debtor in all matters not specified above in connection with the case and related Chapter 11 proceedings. The firm will be paid at these following hourly rates: Lynn Tavenner, Partner $695 Paula Beran, Partner $680 In addition, the firm will seek reimbursement for expenses incurred. The firm received a filing fee of $1,738 and a retainer of $5,000. Ms. Beran disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paula S. Beran, Esq. Tavenner & Beran, PLC 20 North 8th Street Richmond, VA 23219 Telephone: (804) 783-8300 Email: pberan@tb-lawfirm.com About Lynnhaven School Lynnhaven School, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-33044) on July 31, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Johnathan Harris, president, signed the petition. Lynn L. Tavenner, Esq., at Tavenner & Beran, PLC represents the Debtor as counsel. MAITE LLC: Section 341(a) Meeting of Creditors on October 27 ------------------------------------------------------------ On September 17, 2025, Maite LLC filed Chapter 11 protection in the District of Colorado. According to court filing, the Debtor reports $22,451,109 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 October 27, 2025 at 01:00 PM at Telephonic Chapter 11: Phone 888-330-1716, Access Code 8602461#. About Maite LLC Maite LLC is a limited liability company. Maite LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. ) on September 17, 2025. In its petition, the Debtor reports estimated liabilities of $22,451,109. Honorable Bankruptcy Judge Thomas B. Mcnamara handles the case. The Debtor is represented by Jonathan M. Dickey, Esq. at KUTNER BRINEN DICKEY RILEY. MAXIMUS SUPPLY: Court OKs Continued Access to Cash Collateral ------------------------------------------------------------- Maximus Supply Chain Holdings, LLC received ninth interim approval from the U.S. Bankruptcy Court for the Northern District of Indiana, Hammond Division at Lafayette, to continue to use cash collateral. The ninth interim order authorized the Debtor to use cash collateral for operating expenses in accordance with its budget, subject to a 10% variance. The Debtor's eight-week budget shows projected expenses of $94,729 for the week ending September 12; $60,087 for the week ending September 19; $58,151 for the week ending September 26; $194,928 for the week ending October 3; $94,729 for the week ending October 10; and $60,087 for the week ending October 17; $58,151 for the week ending October 24; and $58,151 for the week ending October 31. A status conference on further cash use is scheduled for October 16. About Maximus Supply Chain Holdings Maximus Supply Chain Holdings, LLC develops innovative solutions and products servicing a variety of industries including automotive, commercial vehicle, agricultural equipment, RVs, and power manufacturing industries. Maximus and its affiliates filed their voluntary petitions for Chapter 11 protection (Bankr. N.D. Ind. Lead Case No. 24-40167) on June 25, 2024. At the time of the filing, Maximus reported up to $50,000 in both assets and liabilities. Sam Bazzi, president and chief executive officer of Maximus, signed the petitions. Judge Robert E. Grant oversees the cases. The Debtor is represented by: Sarah L. Fowler, Esq. Blackwell, Burke & Ramsey, P.C. Tel: 317-533-7869 Email: sfowler@bbrlawpc.com MAY INTERNATIONAL: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: May International, Inc. d/b/a Mitco Global d/b/a Mitco Ltd 2302 B Street NW, Suite 101 Auburn, WA 98001-1000 Business Description: May International, Inc., doing business as MITCO Global, provides integrated supply chain and third-party logistics services, including ocean freight, drayage, warehousing, and transportation, to clients across industries such as apparel, footwear, consumer electronics, home goods, healthcare, and cosmetics. Headquartered in Auburn, WA, the Company develops customized logistics programs combining domestic and international shipments, offering visibility and management of inventory, purchase orders, and shipments throughout the supply chain. Since its founding in 1988, MITCO has focused on technology-driven, adaptable solutions designed to meet specific customer requirements. Chapter 11 Petition Date: September 18, 2025 Court: United States Bankruptcy Court Western District of Washington Case No.: 25-12615 Judge: TBD Debtor's Counsel: Steven M. Palmer, Esq. CAIRNCROSS & HEMPELMANN, P.S. 524 Second Avenue, Suite 500 Seattle, WA 98104 Tel: 206-587-0700 Fax: 206-587-2308 E-mail: spalmer@cairncross.com Total Assets: $1,761,895 Total Liabilities: $2,223,415 The petition was signed by Kevin May as CEO. 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/ZZZNW7I/May_International_Inc__wawbke-25-12615__0001.0.pdf?mcid=tGE4TAMA MEADE PIPELINE: Fitch Assigns First Time 'BB+' IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has assigned Meade Pipeline Co LLC (Meade) a first-time Long-Term Issuer Default Rating (IDR) of 'BB+'. Fitch has also assigned Meade's proposed senior secured Term Loan B a 'BBB-' rating with a Recovery Rating of 'RR1'. The Rating Outlook is Stable. The ratings and Outlook reflect a stable cash flow profile that results from leasing pipeline capacity to Transcontinental Gas Pipeline Company LLC. Meade's Central Penn Line is strategically important to natural gas producers in the Marcellus basin, and the company's leverage is appropriate for the rating. These strengths are balanced by Meade's single asset exposure and potential recontracting risk associated with the underlying pipeline capacity. Fitch views Meade's owner Ares' extensive experience owning energy infrastructure assets favorably. Key Rating Drivers Stable Cash Flow Profile: Meade's cash flow profile is supported by fixed lease payments from Transcontinental Gas Pipeline Company LLC (Transco; BBB+/Positive) for the use of Meade's Central Penn Line (CPL) and Leidy South Expansion (LSE) capacity, providing a high degree of predictability. Under the agreements, Transco receives full operational control of Meade's capacity and is responsible for all operating and maintenance costs. This structure results in the fixed monthly payments Meade receives being fully available for debt service. The payments total around $107 million annually. The CPL and LSE leases expire in 2038 and 2042, respectively. The cash flows underlying Transco's lease payments are supported by take-or-pay contracts with predominately investment-grade natural gas producers in Northeastern Pennsylvania (NEPA). The CPL capacity, which accounts for around 75% of the pipeline's volume, is contracted until 2033, with shippers retaining a five-year extension option to 2038. The remaining pipeline capacity associated with LSE is contracted through 2042, aligning with the lease's maturity. Recontracting and Early Termination Risks: There is some recontracting risk associated with the CPL capacity beyond 2033. The lease is tied to a firm transportation agreement between Transco and Coterra Energy Inc. (CTRA; BBB/Stable), the pipeline's anchor shipper. If CTRA declines its extension option, Transco can terminate the CPL lease, subject to approval from the Federal Energy Regulatory Commission (FERC). In this scenario, Meade would retain its ownership interest in the CPL capacity but would be required to reimburse Transco for its share of the pipeline's costs, reducing Meade's cash flow stability and credit protections. CPL represents an important source of takeaway capacity for NEPA producers and remains the primary outlet for CTRA's Marcellus production. Fitch expects the pipeline will remain an attractive route for shippers around the contract extension period, increasing the likelihood of shippers exercising their option. However, the pipeline's shippers are primarily natural gas producers, who have greater flexibility to redirect volumes to different providers or end markets. This could pressure recontracting rates and volumes if regional market dynamics shift or competing infrastructure becomes available before the end of the contract term. Strategically Important Location: CPL's direct connection to Transco's mainline provides low-cost natural gas production in NEPA access to demand-rich markets in the North and Mid-Atlantic. Alternative takeaway capacity remains limited due the high utilization on existing pipeline infrastructure. The Trump administration's efforts to ease development in the region has led to the revival of projects like Constitution and Northeast Supply Enhancement. However, Fitch expects new pipeline development to continue facing permitting challenges and stiff social and political opposition, supporting the pipeline's strategic value. Stable Financial Metrics: Fitch forecasts Meade's leverage will remain at 5.7x throughout the forecast horizon, due to the fixed lease structure and lack of operating expenses. Interest coverage is projected to rise gradually from around 2.5x to above 3.0x by 2027 driven by Fitch's interest rate outlook. Meade has blocking rights on all sacred matters and does not intend to permit any encumbrances on the asset, reducing the risk of structural subordination for its creditors. Layered Counterparty Exposure: Meade's cash flows are underpinned by strong, investment-grade counterparties. Transco is responsible for the lease payments to Meade, causing it to absorb the counterparty risk of most shippers on the pipeline. However, non-payment provisions within the lease agreements provide Transco with relief from the lease payment if CTRA fails to pay its reservation fees. Fitch therefore incorporates Transco and CTRA credit quality in evaluating Meade's counterparty risk. Peer Analysis Whitewater Matterhorn HoldCo, LLC (Whitewater; BB/Stable) holds a controlling interest in the Matterhorn Express Pipeline, a natural gas intra-state pipeline connecting Permian associated gas production with the Katy Hub. Like Meade, Whitewater's distributions are supported by a single asset whose underlying cash flows are derived from take-or-pay contracts with high quality counterparties. Both entities are exposed to recontracting risks, which is partially mitigated by their market position as key connections between low-cost production areas and major demand centers. Whitewater is likely to benefit from strong natural gas demand growth along the Gulf Coast. However, the more favorable regulatory and market environment for pipeline construction in the region increases the potential for capacity overbuild, which could pressure future contract renewals. Whitewater's leverage, while currently elevated, is expected to be comparable with Meade once the contracts on Matterhorn Express have fully ramped in 2027. However, Whitewater is structurally subordinated to the leverage at OpCo, which could prevent distributions from flowing to Whitewater in the event OpCo experiences significant distress. Whitewater's business and financial profile are comparable to Meade's with the one-notch rating differential largely a function of the structural subordination at Whitewater. Key Assumptions - Fitch's Oil & Gas Price Deck; - Base interest rates consistent with Fitch's Global Economic Outlook; - No growth projects pursued; - Incremental Term Loan facilities are unused; - Cash available after debt service is distributed to sponsor. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A significant change in Fitch's expectation towards recontracting risks; - Meaningful deterioration in the credit quality of either Transco or CTRA; - EBITDA Leverage sustained above 6.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade is not expected due to the nature of Meade's business and financial profile. However, an upgrade could occur if there were a significant reduction in recontracting risk through the long-term extension of key contracts at similar rates. Liquidity and Debt Structure Meade has limited liquidity needs given its lack of operating expenses. Fitch expects Meade's operating cash flows will be sufficient to cover its debt service obligations. Fitch expects Meade's capital structure to consist of a $600 million Term Loan B with a bullet maturity seven years from the financing's closing date. The facility would also include a financial covenant requiring Meade maintain a debt service coverage ratio of at least 1.10x. Fitch expects Meade will remain compliant with this covenant throughout the forecast horizon. Issuer Profile Meade Pipeline Co LLC owns an undivided joint ownership interest in Central Penn Line North, Central Penn Line South and the Leidy South Expansion, with Transcontinental Gas Pipeline Company LLC, a subsidiary of The Williams Companies. Date of Relevant Committee 29-Aug-2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Meade Pipeline Co LLC LT IDR BB+ New Rating senior secured LT BBB- New Rating RR1 MERCURY AGGREGATOR: PIMCO Strategic Marks $317,000 Loan at 32% Off ------------------------------------------------------------------ PIMCO Strategic Income Fund, Inc. has marked its $317,000 loan extended to Mercury Aggregator LP to market at $216,000 or 68% of the outstanding amount, according to Pimco Strategic's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. Pimco Strategic is a participant in a Loan to Mercury Aggregator LP. The loan accrues interest at a rate of 13.5% per annum. The loan matures on April 3, 2026. PCM Fund, Inc., PIMCO Global StocksPLUS & Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund are organized as closed-end management investment companies registered under the Investment Company Act of 1940. PIMCO Global StocksPLUS & Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund were organized as Massachusetts business trusts. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations. Pacific Investment Management Company LLC serves as the Funds' investment manager. Each Fund represents a single operating segment, as the chief operating decision maker monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. PCM Fund is led by Joshua D. Ratner as Principal Executive Officer and Bijal Y. Parikh as Principal Financial & Accounting Officer. The Fund can be reach through: Joshua D. Ratner PIMCO Strategic Income Fund, Inc. 1633 Broadway, New York, NY 10019 Telephone: (844) 337-4626 About Mercury Aggregator LP Mercury Aggregator LP operates as an investment management firm. MERCURY AGGREGATOR: PIMCO Strategic Marks $578,000 Loan at 32% Off ------------------------------------------------------------------ PIMCO Strategic Income Fund, Inc. has marked its $578,000 loan extended to Mercury Aggregator LP to market at $394,000 or 68% of the outstanding amount, according to Pimco Strategic's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. Pimco Strategic is a participant in a Loan to Mercury Aggregator LP. The loan accrues interest at a rate of 13.5% per annum. The loan matures on April 3, 2026. PCM Fund, Inc., PIMCO Global StocksPLUS & Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund are organized as closed-end management investment companies registered under the Investment Company Act of 1940. PIMCO Global StocksPLUS & Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund were organized as Massachusetts business trusts. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations. Pacific Investment Management Company LLC serves as the Funds' investment manager. Each Fund represents a single operating segment, as the chief operating decision maker monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. PCM Fund is led by Joshua D. Ratner as Principal Executive Officer and Bijal Y. Parikh as Principal Financial & Accounting Officer. The Fund can be reach through: Joshua D. Ratner PIMCO Strategic Income Fund, Inc. 1633 Broadway, New York, NY 10019 Telephone: (844) 337-4626 About Mercury Aggregator LP Mercury Aggregator LP operates as an investment management firm. MIDWEST CHRISTIAN: Seeks to Extend Plan Exclusivity to December 31 ------------------------------------------------------------------ Midwest Christian Villages, Inc., and its affiliates asked the U.S. Bankruptcy Court for the Eastern District of Missouri to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 31, 2025 and March 2, 2026, respectively. The Debtors explain that an extension of each of the Exclusive Periods by approximately 93 days is appropriate, in the best interest of their stakeholders, and consistent with the intent and purpose of Chapter 11 of the Bankruptcy Code. The requested extension of the Exclusive Periods will enable the Debtors to continue to focus on the careful transition of the sold facilities to the buyers and the ongoing discussions regarding possible Chapter 11 plans for one or more of the bankruptcy estates and/or structured dismissal of one or more of the cases. Further, an extension will allow the Debtors to keep their attention on their operations, and allow for the continued review and analysis of claims and sale of remaining assets, which will be relevant to formulating a chapter 11 plan and drafting a substantive disclosure statement for one or more of the bankruptcy estates. Accordingly, application of the relevant factors to the facts of these chapter 11 cases demonstrates that ample cause exists to grant the reasonable and limited extension of the Exclusive Periods requested herein. The Debtors claim that granting an extension of the Exclusive Periods will help progress these cases and allow the Debtors to focus on ensuring a successful transition of the sold facilities. The Debtors assert that they are collecting and forwarding certain payor receivables to the applicable buyers post-closing as part of the transition of those facilities. Further, the Debtors are moving forward with final claims processing and rejection of certain remaining executory contracts. Co-Counsel to the Debtors: Stephen O'Brien, Esq. DENTONS US LLP 211 N Broadway Ste 3000 St. Louis, MO 63102 Telephone: (314) 241-1800 Email: stephen.obrien@dentons.com Robert E. Richards, Esq. Samantha Ruben, Esq. DENTONS US LLP 233 S. Wacker Drive, Suite 5900 Chicago, Illinois 60606-6404 Telephone: (312) 876-8000 Email: robert.richards@dentons.com samantha.ruben@dentons.com - and - David A. Sosne, Esq. SUMMERS COMPTON WELLS LLC 903 South Lindbergh Blvd., Suite 200 St. Louis, Missouri 63131 Telephone: (314) 991-4999 Email: dsosne@scw.law About Midwest Christian Villages Midwest Christian Villages Inc. operates a mix of independent, assisted and skilled nursing campuses in 10 locations across the Midwest, serving over 1,000 residents. Midwest Christian Villages and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 24-42473) on July 16, 2024, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petitions were signed by Kate Bertram, chief operating officer. Judge Kathy Surratt-States oversees the cases. The Debtors tapped Stephen O'Brien, Esq., at Dentons US, LLP and Summers Compton Wells, LLC as bankruptcy counsels; B.C. Ziegler and Company as investment banker; and Plante Moran as auditor and tax consultant. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the claims and noticing agent. The U.S. Trustee for Region 13 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Cullen and Dykman, LLP as general counsel; Sandberg Phoenix & von Gontard P.C. and Schmidt Basch, LLC as local counsel; and Province, LLC as financial advisor. MOSAIC COMPANIES: Reaches Deal w/ Creditors, Lender for Ch. 11 Plan ------------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that the bankrupt luxury tile supplier Mosaic Cos. informed the Delaware court that it reached an agreement with its creditors committee and a secured lender, winning their support for its Chapter 11 liquidation plan. About Mosaic Cos. LLC Mosaic Companies, LLC is a specialty surfaces distributor operating multiple brands in the high-end tile, stone, and ceramic products sector. Mosaic Companies sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11296) on July 8, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Craig T. Goldblatt handles the case. The Debtor is represented by Sophie Rogers Churchill, Esq. and Matthew B. Harvey, Esq. at Morris Nichols Arsht & Tunnell, LLP. MP PPH: Trustee Hires Goodman-Gable-Gould as Insurance Adjuster --------------------------------------------------------------- Bradley Jones, the liquidating trustee appointed in the Chapter 11 case of MP PPH LLC, seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ Goodman-Gable-Gould/Adjusters International as public insurance adjuster. The firm will provide these services: (a) evaluate the Insurance Claim; (b) gather and analyze documentation relevant to the claim; (c) communicate ad negotiate with Philadelphia Insurance Company and its representatives; (d) provide advice regarding the value and potential recovery on the claim; (e) assist in the preparation of any necessary claim submissions or supplemental materials; and (f) perform any other services that may be reasonably necessary to pursue and obtain a recovery on the Insurance Claim. The firm will be paid at a commission of 10 percent provided for under the contract between the Debtor and the adjuster. If the adjustor succeeds in obtaining a recovery from Philadelphia Insurance Company on the Insurance Claim in an amount of $500,000 or greater, then the adjuster will be paid from the proceeds of the insurance recoveries and as an expense of the Liquidating Trust: (a) the remaining balance of its allowed GGG/AI Administrative Claim in full; and (b) the 10 percent commission provided for under the contract between the Debtor and the Adjuster. In the event Philadelphia Insurance Company issues a final denial of the Insurance Claim and the Liquidating Trust has received no payment prior to the commencement of formal litigation, then the Adjuster will be paid a minimum payment of $30,000, which will be paid from funds presently held by the Liquidating Trust. The firm represents no interest adverse to the Debtor or to the estate on the matters upon which it is to be engaged for the Debtor. The firm can be reached at: Goodman-Gable-Gould/Adjusters International 10110 Molecular Drive, Suite 300 Rockville, MD 20850 About MP PPH LLC MP PPH, LLC is a single asset real estate entity organized under the laws of the state of Delaware. MP PPH filed a Chapter 11 petition (Bankr. D.D.C. Case No. 23-00246) on Aug. 31, 2023, with $100 million to $500 million in assets and $50 million to $100 million in liabilities. Michael A. Abreu, vice president of operations, signed the petition. Judge Elizabeth L. Gunn oversees the case. The Debtor tapped Marc E. Albert, Esq., at Stinson LLP as bankruptcy counsel; Lewis Brisbois Bisgaard & Smith, LLP and NixonPeabody, LLP as special counsels; and Noble Realty Advisors, LLC as property manager. Bradley D. Jones is appointed as the liquidating trustee in this Chapter 11 case. The trustee tapped Goodman-Gable-Gould/Adjusters International as public insurance adjuster. MRP BUYER: S&P Assigns 'BB-' Rating on New Senior Secured Loans --------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' rating and '2' recovery rating to MRP Buyer LLC's proposed senior secured loans. The '2' recovery rating indicates the likelihood of substantial recovery in an event of default. Certain investment funds managed and/or advised by Partners Group Holding AG or its affiliates completed the acquisition of Middle River Power, a 1.9-gigawatt (GW) power generation portfolio in the California Independent System Operator (CAISO) that includes combined-cycle (CCGT) and peaking capacity across 11 thermal assets, as well as colocated battery energy storage systems (BESS). To support the purchase, Partners Group raised portfolio-level financing at MRP Buyer LLC (MRP or the project), which included all the portfolio assets. The financing includes a $1.375 billion term loan B (TLB) facility and a $175 million delayed-draw loan B facility (DDTL). The project also has access to a $150 million revolving credit facility (RCF) and a $170 million letter of credit facility (LC facility). Proceeds were used to fund part of the acquisition price ($2.2 billion), including repayment of existing project-level loans. The DDTL will finance ongoing development and construction of the 326-megawatt (MW) Tranche II BESS assets. MRP's operating risk profile reflects the project's significant contracted cash flows through the TLB period and beyond, asset diversity compared with that of single-asset generators, the competitive profiles of its facilities, and the operational and technical track record of the plants, as well as exposure to market risks with respect to any merchant capacity through the project life. S&P forecasts a minimum debt service coverage ratio (DSCR) of about 1.35x through forecast project life (2025-2047), The minimum DSCR occurs during the post-TLB period. The forecast DSCR assumes that the project uses all of its permitted project investment basket (capped at $50 million annually) to fund growth capital expenditures, to the extent possible, reducing the excess cash flow sweeps (growth capex takes priority over cash flow sweeps under the proposed waterfall structure) through the term of the TLB, and increasing its residual balance at maturity. Without the utilization of this basket, the minimum DSCR under our assumptions would have been 1.54x. The stable outlook reflects S&P's expectation that the portfolio will operate as expected and in line with its contractual obligations, generating sufficient cash flow to service its debt obligations. The outlook also incorporates the expectation that the project's Tranche II BESS assets will be built on time and budget, with no unmitigated delays and cost overruns. MRP owns 1.9 GW of CCGT and peaking power generation capacity across 11 thermal assets in CAISO. The project also includes colocated BESS assets with a total capacity of 705 MW. The BESS fleet is split between Tranche I (379 MW) and Tranche II (326 MW) assets. Three Tranche I assets, Malaga (96 MW), Henrietta (99 MW), and Hanford (131 MW) have already achieved commercial operations in 2025. Border (52 MW) is nearing completion and expected to be commissioned in the coming weeks. Tranche II assets (326 MW), which include five BESS facilities, are under construction and have commissioning dates in 2026 and 2027. All the BESS assets will be colocated with its peaking facilities, sharing interconnection and other complementary infrastructure. Contracted cash flow provides good earnings visibility. Total contracted cash flow from 2025-2042 is about $3.4 billion and represents 44% of the cumulative project cash flow through our forecast asset life (2025-2047). Off-takers are high investment-grade community choice aggregators and utilities. S&P views this a key distinguishing factor for MRP, compared with similar projects, which largely entail merchant assets or portfolios, with comparatively limited cash flow certainty via energy hedges and capacity prices. S&P said, "We treat growth capex as distributions. MRP will have the optionality to incur growth capital spending, up to $50 million annually, ahead of the cash flow sweeps. Relative to other TLB-based project finance structures, which are closed-ended, this is an atypical feature. In our modeling, we treat the growth capex as distributions, which reduces the cash flow sweeps and increases the debt outstanding at maturity in 2032. Our forecast TLB balance at maturity is about $1.2 billion, which translates into a minimum DSCR of 1.35x during 2032-2047 based on an amortizing repayment structure (albeit sculpted to project cash flow). Without the utilization of the growth capex basket, minimum DSCR for the same period would have been 1.54x. "We also acknowledge that growth capex and distributions are fundamentally different, with the latter representing value exiting the project. We apply a positive holistic adjustment modifier to reflect that difference, which uplifts the project's operations phase SACP by one-notch to 'bb-'. Development and construction risk associated with the Tranche II BESS assets. S&P's 'bb-' construction phase SACP captures this risk. Of the project's nine BESS assets, three (Malaga, Henrietta, Hanford) have already been commissioned, with one more, Border, expected to be operationalized in the coming weeks. The remaining five BESS assets (Tranche II) have commissioning dates in 2026 and 2027. The engineering, procurement, and construction contractor responsible for Tranche II BESS assets is RavenVolt Inc., and its obligations under the contract are irrevocably and unconditionally guaranteed by its parent, ABM Industries Inc. (ABM). S&P said, "The stable outlook reflects our view that MRP's portfolio will operate as expected and in line with its contractual requirements. We also expect the Tranche II BESS assets will be constructed on time and on budget, with no unmitigated delays and cost overruns. We would expect the under-construction assets, especially Tracy, to commence their off-take agreements as planned with no delays. Finally, we expect the project's minimum DSCR will not fall below 1.3x during our forecast life (2025-2047). "We could lower the rating if the project's minimum DSCR through the forecast life falls below 1.3x, including the post-TLB period, which is when we model a hypothetical refinancing, with an amortizing debt structure (albeit sculpted to project cash flow). Such a scenario could occur if there were material and unmitigated delays and cost overruns associated with the Tranche II BESS assets, leading to potential cash flow loss, or penalties under the associated contracts. Although High Desert has strong energy and resource adequacy contracts over the next few years, a weakness in merchant pricing during its uncontracted life would weaken its cash flow generation, and likely the project DSCRs during the refinancing period (2032-2047). Finally, DSCRs could weaken below our downgrade threshold if its debt repayment under the sweeps is even lower than we expect, which essentially assumes the full utilization of the permitted investment basket through the life of the loan. "Given that we cap our construction phase SACP at 'bb-', an upgrade is unlikely until 2027, when we expect all the Tranche II BESS assets to be commissioned. Beyond 2027, we would raise the rating if we believed that the project could sustain a minimum DSCR of at least 1.6x through project life (2025-2047), including the refinancing period (2032-2047). Given the heavily contracted nature of the portfolio over the next few years, we would expect such an outcome to be a result of higher-than-expected debt paydown compared with our base-case assumptions. We see such a scenario as likely if the project were to prioritize cash flow sweeps over growth capex, which would reduce TLB outstanding at maturity more than our projections, and result in potentially higher DSCRs in the refinancing period." NIKOLA CORP: Seeks to Extend Plan Exclusivity to January 15, 2026 ----------------------------------------------------------------- Nikola Corp., and affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 15, 2026 and May 18, 2026, respectively. This Motion is the Debtors' second request to extend the Exclusive Periods. In the nearly six months since the Petition Date, the Debtors have addressed critical case issues in an effort to maximize the value of the Debtors' estates and sell substantially all their assets. The complexity of the various issues addressed, and the time, effort, and planning required to obtain the progress made thus far warrant the requested extension of the Exclusive Periods. Since the Petition Date, the Debtors and their professionals have focused substantially all their time, energy, and resources on smoothly transitioning into chapter 11, addressing critical case management issues, marketing the Debtors' assets in connection with various sale processes, and closing on certain sales, all in an effort to maximize the value of the Debtors' estates. The Debtors believe that, in light of the progress that the Debtors have made in these Chapter 11 Cases over the past six months, and the Debtors' efforts to work cooperatively with their stakeholders, it is reasonable and appropriate that the Debtors be granted an extension of the Exclusive Periods. Accordingly, the Debtors submit that this factor weighs in favor of extending the Exclusive Periods. The Debtors explain that they continue to pay undisputed postpetition obligations on a timely basis. Therefore, the requested extension of the Exclusive Periods will afford the Debtors a meaningful opportunity to negotiate with key parties to confirm the Combined Plan and Disclosure Statement without prejudice to the parties in interest in these Chapter 11 Cases. The Debtors assert that throughout the chapter 11 process, they have endeavored to establish and maintain cooperative working relationships with the Committee and other key stakeholders. The Debtors are not seeking an extension of the Exclusive Periods to delay administration of these Chapter 11 Cases or to exert pressure on their creditors, but rather to preserve the status quo during the pendency of the Appeal. Thus, this factor also weighs in favor of the requested extension of the Exclusive Periods. The Debtors further assert that termination of the Exclusive Periods would adversely impact the Debtors' efforts to preserve and maximize the value of the estates and the progress in these Chapter 11 Cases. Terminating the Exclusive Periods would only create 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 these Chapter 11 Cases. Counsel to the Debtors: M. Blake Cleary, Esq. Brett M. Haywood, Esq. Maria Kotsiras, Esq. Shannon A. Forshay, Esq. Sarah R. Gladieux, Esq. POTTER ANDERSON & CORROON LLP 1313 N. Market Street, 6th Floor Wilmington, Delaware 19801 Tel: (302) 984-6000 Fax: (302) 658-1192 Email: bcleary@potteranderson.com bhaywood@potteranderson.com mkotsiras@potteranderson.com sforshay@potteranderson.com sgladieux@potteranderson.com Joshua D. Morse, Esq. Jonathan R. Doolittle, Esq. PILLSBURY WINTHROP SHAW PITTMAN LLP Four Embarcadero Center, 22nd Floor San Francisco, California 94111-5998 Tel: (415) 983-1000 Fax: (415) 983-1200 Email: joshua.morse@pillsburylaw.com jonathan.doolittle@pillsburylaw.com - and - Andrew V. Alfano, Esq. Caroline Tart, Esq. Chazz C. Coleman, Esq. PILLSBURY WINTHROP SHAW PITTMAN LLP 31 West 52nd Street New York, New York 10019 Tel: (212) 858-1000 Fax: (212) 858-1500 Email: andrew.alfano@pillsburylaw.com caroline.tart@pillsburylaw.com chazz.coleman@pillsburylaw.com About Nikola Corp. Nikola Corporation and affiliates specialize in the design and manufacture of zero-emissions commercial vehicles, including battery-electric and hydrogen fuel cell trucks. The companies operate in two business units: Truck and Energy. The Truck business unit is commercializing heavy-duty commercial hydrogen-electric (FCEV) and battery-electric (BEV) Class 8 trucks that provide environmentally friendly, cost-effective solutions to the short, medium and long-haul trucking sectors. The Energy business unit is developing hydrogen fueling infrastructure to support FCEV trucks covering supply, distribution and dispensing. Founded in 2015, Nikola is headquartered in Phoenix, Ariz. Nikola and nine of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-10258) on February 19, 2025. In the petitions, the Debtors reported total assets as of Jan. 31, 2025 of $878,094,000 and total debts as of Jan. 31, 2025 of $468,961,000. Bankruptcy Judge Thomas M. Horan handles the cases. Potter Anderson & Corroon LLP serves as general bankruptcy counsel to the Debtors, and Pillsbury Winthrop Shaw Pittman LLP serves as bankruptcy co-counsel. Houlihan Lokey Capital, Inc. acts as investment banker to the Debtors; M3 Advisory Partners LP acts as financial advisor to the Debtors; while EPIQ Corporate Restructuring LLC is the Debtors' claims and noticing agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Morrison & Foerster LLP and Morris James, LLP as legal counsels; Ducera Securities, LLC as investment banker; and FTI Consulting, Inc. as financial advisor. NM & CH: Seeks Chapter 7 Bankruptcy in Indiana ---------------------------------------------- On September 18, 2025, NM & CH LLC entered Chapter 7 proceedings in Indiana's Northern District. The voluntary case, docketed as #25-31465, shows liabilities between $100,001 and $1 million, and between 1 and 49 creditors. About NM & CH LLC NM & CH LLC, doing business as Optimus Property Management Inc., is a limited liability company. NM & CH LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ind. Case No. 25-31465) on September 18, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Paul E. Singleton handles the case. The Debtor is represented by Andrea L. Tobin, Esq. of Wandling & Associates. NU RIDE: Court Affirms Disallowance of Singh, et al. Claims ----------------------------------------------------------- In the appeal styled RAHUL SINGH, PRAVESH SINGH, and RENU SINGH, Appellants, v. NU RIDE INC., et al., Appellees, Case No. 24-cv-01318-MN (D. Del.), Judge Maryellen Noreika of the United States District Court for the District of Delaware affirmed the order of the bankruptcy court that sustained NU Ride Inc.'s claim objection and disallowed the claims filed by Rahul Singh, Pravesh Singh, and Renu Singh. This dispute arises in the chapter 11 cases of debtor Nu Ride, Inc. f/k/a Lordstown Motors Corp. and Lordstown EV Corporation. Pro se appellants Rahul Singh, Pravesh Singh, and Renu Singh are equity holders who own common stock interests in the Debtors. During the chapter 11 cases, the Singhs filed proofs of claim which attached brokerage statements and asserted claims against the Debtors representing the diminution in value of the the Singhs' equity interests. A later confirmed chapter 11 plan provided that equity interests would be retained by existing equity holders such that equity holders of the Debtors are now equity holders of the reorganized Debtors. The Reorganized Debtors, together with a claims ombudsman appointed pursuant to their confirmed chapter 11 plan, later objected to the Claims, asserting that the Singhs' equity interests do not constitute "claims" against the Reorganized Debtors within the meaning of 11 U.S.C. Sec. 101(5), and thus must be disallowed. Because holders of common stock interests retained their rights as stockholders in the Reorganized Debtors under the confirmed plan, the Reorganized Debtors asserted, the Singhs' equity interests were not impacted or otherwise impaired by disallowance of the Claims. The Singhs disagreed, arguing that fraud, crime, and conspiracy among the Debtors' officers and directors had reduced the value of their investments, and further arguing that their Claims were supplemented by a separate, previously filed motion. The Reorganized Debtors responded that the Claims did not assert (nor did the Singhs provide any support for) any claims for damages independent of their equity ownership, and therefore they were entitled to receive the treatment afforded to them under the confirmed plan. The Bankruptcy Court agreed, sustained the claim objection, and disallowed the Claims by order dated Nov. 26, 2024. The Singhs raise several arguments on appeal including, primarily, that their assertions of fraud somehow altered the nature of their asserted Claims. They ultimately contend that their equity interests should be accorded a priority that is at odds with the Bankruptcy Code and the terms of the confirmed plan. The Singhs assert that they invested $1,090,406.56 of their retirement savings into 114,795 shares in the Debtors, the value of which has been reduced to approximately $11,000 and 7,653 shares. Judge Noreika holds, "The Court is mindful of Appellants' losses and those of other equity holders. The Court further recognizes the challenges of pro se representation in the context of complex chapter 11 bankruptcy proceedings. That said, Appellants' losses, as reflected in their Claims, are not particular to them, but rather borne by all equity holders. Reversing the Order, and ordering the Reorganized 'Debtors to put 1.1 million or so dollars back into our retirement accounts,' as requested by Appellants, is at odds with the terms of the confirmed Plan as well as the priorities set forth in the Bankruptcy Code. As each of the Claims submitted by the Appellants is based solely on Appellants' ownership of equity securities in the Debtors, those Claims were properly disallowed by the Bankruptcy Court. For the reasons set forth herein, the Order is affirmed." A copy of the Court's Memorandum Opinion dated September 12, 2025, is available at https://urlcurt.com/u?l=O2EWUC from PacerMonitor.com. About Lordstown Motors Corp. Lordstown Motors Corp. -- http://www.lordstownmotors.com/-- was an electric vehicle OEM developing innovative light duty commercial fleet vehicles, with the Endurance all electric pickup truck as its first vehicle. It has engineering, research and development facilities in Farmington Hills, Mich. and Irvine, Calif. On June 27, 2023, Lordstown Motors Corp. and two affiliated debtors filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10831). Judge Mary F. Walrath presided over the cases. The Debtors tapped White & Case, LLP and Richards, Layton & Finger, P.A., as bankruptcy counsels; Baker & Hostetler, LLP as special counsel; Jefferies, LLC as investment banker; KPMG, LLP as auditor; and Silverman Consulting as restructuring advisor. Kurtzman Carson Consultants, LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Troutman Pepper Hamilton Sanders, LLP, as legal counsel and Huron Consulting Group Inc. as financial advisor. In October 2023, Lordstown Motors received Bankruptcy Court approval to sell its manufacturing assets to a new company affiliated with its founder and former CEO Stephen Burns for $10.2 million. LAS Capital, majority-owned by Burns, acquired the Debtors' intellectual property, business records, and machinery including assembly lines for electric vehicle motors and batteries. The Debtors later renamed to Nu Ride Inc. The Court on March 6, 2024, confirmed the Debtors' Third Modified First Amended Joint Chapter 11 Plan. The Plan was declared effective on March 14, 2024. NUMALE CORPORATION: Seeks to Sell Health Clinic Biz at Auction -------------------------------------------------------------- Michael Carmel, as the Chapter 11 trustee (of the bankruptcy estates of NuMale Corporation, Feliciano NuMale Nevada PLLC, NuMedical SC, NuMale Colorado SC, NuMale Florida TB PLLC, NuMale Nebraska LLC, and NuMale New Mexico SC, seeks permission from the U.S. Bankruptcy Court for the District of Nevada, to sell Assets at auction, free and clear of liens, claims, interests, and encumbrances. The Debtors operate men's health clinics within the United States and the Trustee is selling all of Debtors’ right, title, and interest in, to, and under all of the tangible and intangible assets, properties, and rights of every kind and nature and wherever located, which relate to, or are used or held for use in connection with, its business except for the Excluded Assets. The Assets to be sold are: (a) all accounts receivable held by Seller; (b) all inventory, finished goods, raw materials, work in progress, packaging, supplies, parts, and other inventories; (c) all contracts, leases, licenses, instruments, notes, commitments, undertakings, indentures, joint ventures, and all other agreements, commitments, and legally binding arrangements, whether written or oral set forth on Schedule 1.01(c) of the APA, which were assumed under the Plan; (d) all furniture, fixtures, equipment, machinery, tools, vehicles, office equipment, supplies, computers, telephones, and other tangible personal property; (e) all intellectual property and industrial property rights and assets, and all rights, interests, and protections that are associated with, similar to, or required for the exercise of, any of the foregoing, whether registered or unregistered, including any and all trademarks, service marks, trade names, brand names, logos, trade dress, design rights, works of authorship, expressions, designs, copyrights, websites, software, trade secrets, and patents, as well as any royalties, fees, income, payments, and other proceeds with respect to any and all of the foregoing; (f) all prepaid expenses, credits, advance payments, claims, security, refunds, rights of recovery, rights of set-off, rights of recoupment, deposits, charges, sums, and fees (including any such item relating to the payment of Taxes); (g) all of Seller's rights under warranties, indemnities, and all similar rights against third parties to the extent related to any 363 Assets that are not an Excluded Assets; (h) all insurance benefits, including rights and proceeds, arising from or relating to the Debtors' business or the 363 Assets; (i) all ownership interests in any corporation, limited liability company, or other business entity owned by the Debtors' business; (j) originals or, where not available, copies, of all books and records, including books of account, ledgers, and general, financial, and accounting records, machinery and equipment maintenance files, customer lists, customer purchasing histories, price lists, distribution lists, supplier lists, production data, quality control records and procedures, customer complaints and inquiry files, research and development files, records, and data (including all correspondence with any federal, state, local, or foreign government or political subdivision thereof, or any agency or instrumentality of such government or political subdivision, or any arbitrator, court, or tribunal of competent jurisdiction, sales material and records, strategic plans and marketing, and promotional surveys, material, and research; and (k) all goodwill and the going concern value of the 363 Assets and the Debtors' business. The Trustee has prepared the Bid Procedures developed consistent with the objective of promoting active bidding and a robust auction. The Bid Procedures further reflect the Trustee's objective of conducting the Auction in a controlled, but fair and open fashion that promotes interest in the 363 Assets by financially capable, motivated bidders that are able and willing to close the transactions. The Trustee believes that the sale of the 363 Assets through the Auction and in the manner prescribed by the Bid Procedures will maximize value for Debtors' estates and creditors. The Trustee seeks to conduct an open sales process pursuant to which one or more winning bidders will enter into one or more Asset Purchase Agreement. Subject to Court approval, the Trustee has caused Debtors' estates to enter into the APA with Justin Pulliam. The purchase price is $300,000, which may be paid by a credit bid of Pulliam's Secured Claim as set forth in the Plan. The Trustee submits that the Motion and Bid Procedures provide the information and are typical for asset sales of the size and nature, require a deposit, and require a bidder to be Qualified Bidder. The sale of the 363 Assets shall be on an on an "as is," "where is" and "with all faults" basis without representation or warranty of any kind, either express or implied. Any persons interested in purchasing some or all of the 363 Assets shall execute a confidentiality agreement and the Trustee will provide information readily available or reasonably preparable by the Trustee in light of the circumstances of the Chapter 11 Cases. The deadline for any Qualified Bidder to submit Bids will be 48 business hours before the Auction. Pulliam has agreed to serve as the stalking horse for a purchase price of $300,000. To entice Pulliam to serve as the stalking horse—which sets the floor, and furthers interest in the sale and likelihood of competitive bidding at the Auction—the Trustee seeks authorization to provide the following limited bid protections to Pulliam: (i) an initial overbid of $25,000; and (ii) reimbursement of reasonable, actual, out of pocket costs and expenses paid or incurred by Pulliam directly, incident to, under, or in connection with the negotiation, execution, and performance of the Pulliam APA (including travel expenses and reasonable fees and disbursement of counsel, accountants, and financial advisors) in an amount not to exceed $30,000. Bidding protections are a normal and, in many cases, necessary component of significant sales conducted. Bid protections "may be legitimately necessary to convince a "white knight" bidder to enter the bidding by providing some form of compensation for the risks it is undertaking." The Trustee requests the in-court Auction be scheduled prior to October 9, 2025, with the Sale Hearing scheduled on or prior to October 9, 2025, or as soon as reasonably practical thereafter. The Sale Procedures are structured to produce an open, transparent auction process. The Trustee submits that the sale of the 363 Assets pursuant to the Bid Procedures and by the public Auction in the event of multiple Qualified Bidders, will ensure that the bidding process with respect to the 363 Assets is fair, reasonable, and will yield the maximum value for Debtors’ estates and creditors. About Numale Corporation Numale Corporation and six affiliates filed Chapter 11 petitions (Bankr. D. Nev. Lead Case No. 25-10341) on January 22, 2025. At the time of the filing, Numale reported up to $50,000 in both assets and liabilities. Judge Natalie M. Cox oversees the cases. The Debtors are represented by David A. Riggi, Esq., at Riggi Law Firm. OASIS INTERIORS: Gets Final OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Santa Ana Division granted Oasis Interiors, Inc. final approval to use cash collateral. The court authorized the Debtor's continued use of cash collateral through April 30, 2026, in accordance with its projected budget. To protect Port 51 Lending's interest in its collateral, the Debtor must make monthly payments of $2,378.10, which is an increase from the interim payment of $2,189.68. As of the petition date, the Debtor reported total assets of approximately $284,776 and secured debt totaling around $1.95 million. Port 51 holds a first-priority security interest in all business assets, while Accion and Bizfund are undersecured creditors. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/WvTCi from PacerMonitor.com. About Oasis Interiors Inc. Oasis Interiors, Inc., doing business as North County Blinds, is a family-owned retailer and installer of window treatments and interior soft furnishings based in Encinitas, California, serving customers across San Diego County. The Company provides in-home design consultations and installs Hunter Douglas window treatments (including Silhouette, Pirouette, Duette and Vignette lines) and also offers commercial blinds and shades, custom window cornices and custom bedding. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12223) on August 11, 2025. In the petition signed by Cesar Ivan Jimenez, managing member, the Debtor disclosed $284,776 in total assets and $2,413,292 in total liabilities. Judge Mark D. Houle oversees the case. Kevin Tang, Esq., at Tang & Associates, represents the Debtor as legal counsel. ORCHARD FALLS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Orchard Falls Operating Company, LLC 7800 E Orchard Rd Greenwood Village, CO 80111 Business Description: Orchard Falls Operating Company, LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: September 19, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-16047 Judge: Hon. Thomas B Mcnamara Debtor's Counsel: Jeffrey A. Weinman, Esq. ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C. 1600 Stout Street 1900 Denver, CO 80202 Tel: 303-534-4499 Email: jweinman@allen-vellone.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million Kenneth Grant, Manager of Orchard Falls Holding Company LLC, signed the petition on behalf of Orchard Falls Operating Company, LLC, which is managed by the holding company. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RY2DZKQ/Orchard_Falls_Operating_Company__cobke-25-16047__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/R445HBI/Orchard_Falls_Operating_Company__cobke-25-16047__0001.0.pdf?mcid=tGE4TAMA PARK RIVER: S&P Affirms 'B-' Issuer Credit Rating, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating on Park River Holdings Inc. (d/b/a PrimeSource Brands). S&P said, "At the same time, we assigned our 'B-' issue-level and '4' recovery ratings to the new $910 million senior secured notes and $910 million term loan, which reflects our expectation of average (30%-50%; rounded estimate: 40%) recovery. "We also assigned our 'CCC' issue-level and '6' recovery rating to the new $538 million second lien note which reflects our expectation for negligible (0%-10%; rounded estimate: 0%) recovery. "Our stable outlook reflects our expectation for net leverage of 7.0x-7.5x over the next 12 months." PrimeSource Brands plans to issue an $910 million term loan B due 2031,$910 million senior secured notes due 2031, and $538 million second lien note due 2030 with proceeds intended to partially repay outstanding ABL borrowings, refinance the $1.45 billion outstanding term loan B due 2027, both unsecured notes totaling $638 million due 2029, and $20 million seller note issued in connection with the Fortress acquisition. Although the transaction will moderately increase its debt load, S&P expects the company will maintain S&P Global Ratings-adjusted leverage of 7x-7.5x in the next 12 months and 6x-7x through the remaining forecast period. PrimeSource's adjusted leverage will broadly remain 7x-7.5x over the next 12 months as acquired earnings provide sufficient offset to proposed issuances. While the proposed issuance indicates a slightly higher debt balance at year-end 2025, S&P forecasts S&P Global Ratings-adjusted leverage of approximately 7.5x over the next 12 months, indicating some improvement from 7.8x at fiscal-year-end 2024 primarily due to incorporating acquired earnings. The company has completed $133 million in acquisitions since December 2024. S&P said, "As a result, second-quarter adjusted EBITDA was historically high despite weaker residential construction demand in the first half of 2025, which we expect to persist into early 2026. Given a portion of the proceeds are intended to repay ABL borrowings--effectively substituting a revolving source of liquidity with permanent debt--the transaction represents a less favorable evolution of the liability profile and reduces balance-sheet flexibility. This approach is characteristic of a financial-sponsor-owned company, where near-term liquidity is monetized in favor of higher fixed obligations, reinforcing our view of a more aggressive financial policy expectation." PrimeSource will likely sustain its improved adjusted EBITDA margin following its enhanced distribution framework to support free cash generation (FOCF). S&P said, "While S&P Global economists anticipate persistent inflation and elevated interest rates will weigh on construction activity and reduce consumer spending into early 2026, we expect acquisition activity will support 4%-5% annual revenue growth in 2025 and 2026. The company's ongoing distribution optimization should offset a challenging price environment to support adjusted EBITDA margins of 14%-14.5% over the next 12 months. As such, in 2025 and 2026, we expect positive FOCF supported by stable margins, moderate interest expense, and improving working capital management." The company's cash flow and capital structure will support adequate liquidity. In October 2024 the company increased its ABL borrowing capacity to $790 million and extended the maturity to 2029. This, in addition to positive funds from operations, supports S&P'sexpectation for adequate liquidity despite minimal cash balance and broadly weaker market conditions across building materials. Adequate liquidity has further support from its flexible spending model as the recent transition to a hub-and-spoke distribution model optimizes inventory management capability to enhance liquidity. S&P said, "The stable outlook reflects our view that persistently soft market conditions may somewhat slow PrimeSource's revenue and earnings growth in the short term. Over the next 12 months, we expect S&P Global Ratings-adjusted leverage of 7.0x-7.5x and forecast EBITDA interest coverage of 1.5x-2.0x. "We could lower our rating on PrimeSource over the 12 months if we view is capital structure as unsustainable, which could occur if its S&P Global Ratings-adjusted leverage climbs toward 10x, its EBITDA interest coverage is less than 1x, or its free cash flow turns negative." This could occur if: -- A severe downturn drastically reduces demand for the company's products, margin compresses by more than 100 basis points, and PrimeSource is unable to realize its forecasted synergies; -- The company maintains an aggressive financial policy, such as by issuing debt to fund distributions or acquisitions that cause its leverage to remain elevated; or -- Potentially higher tariffs cause a sharp increase in input costs, particularly if PrimeSource is unable to pass through higher costs with higher sales prices. Although unlikely over the next 12 months, S&P could raise its rating if PrimeSource's earnings are stronger than we forecast such that its S&P Global Ratings-adjusted leverage improves below 6x, and we expect it will maintain its leverage at this level. This could occur if: -- The company achieves targeted growth and demonstrates ability to pass through higher-than-expected level of costs; and -- Its financial sponsors commit to maintain leverage of less than 6x. PEAK ACHIEVEMENT: DBRS Finalizes BB(low) Rating, Trend Stable ------------------------------------------------------------- DBRS Limited finalized the provisional credit rating of BB (low) with a Stable trend on Peak Achievement Athletics Inc.'s (Peak or the Company, rated BB with a Stable trend) Senior Unsecured Notes (the Notes), which closed on September 11, 2025. The Recovery Rating on the Notes is RR5. The credit rating on the Notes is applicable to the following series: CAD 275 million, 6.125% Senior Unsecured Notes due September 11, 2033. The net proceeds from the Notes will be used to pay outstanding amounts under the Senior Secured Credit Facilities. The Notes will be guaranteed on a senior unsecured basis by the same guarantors as the Company's Senior Secured Credit Facility. The Notes will be general unsecured obligations of the Company. The Notes will rank senior in right of payment to all of the Company's and their Guarantors' future subordinated indebtedness; will rank equally in right of payment with all of the Company's and their Guarantors' existing and future senior indebtedness; and will be effectively subordinated to any of the Company's and their Guarantors' existing and future secured debt, including indebtedness under the Senior Secured Credit Facilities. CREDIT RATING DRIVERS Morningstar DBRS could take a positive credit rating action should Peak's business risk profile, and in particular its size and scale, meaningfully strengthen, combined with a commensurate improvement in key credit metrics. Conversely, Morningstar DBRS could take a negative credit rating action should key credit metrics deteriorate to a level no longer considered appropriate for the current BB credit rating category (i.e., debt-to-EBITDA increases toward 4.5 times (x), along with a corresponding decline in the Company's other key credit metrics) because of weaker-than-expected operating performance and/or more aggressive financial management. Furthermore, Morningstar DBRS notes that a weaker-than-expected operating performance for a sustained period resulting in a more permanent shift in the Company's business risk profile could also result in the requirement to maintain stronger key credit metrics to support the same credit rating. CREDIT RATING RATIONALE -- Comprehensive Business Risk Assessment (CBRA): BBL The CBRA reflects Peak's strong brands and solid market position in the global hockey equipment market, leadership in product innovation, and diversification of operations by distribution channel and customer. The CBRA also considers the Company's limited product and supplier diversification, and its exposure to macroeconomic cycles. The CBRA is constrained by and has been adjusted for Peak being a niche player in the highly competitive global sports equipment industry, with a product offering that is concentrated to hockey equipment. -- Comprehensive Financial Risk Assessment (CFRA): BBBL Peak's BBBL CFRA reflects Morningstar DBRS' expectation that debt-to-EBITDA will improve to 3.0x in F2026 from 3.9x in F2025, stabilize at the F2026 level in F2027, and subsequently improve to less than 3.0x in F2028. -- Intrinsic Assessment (IA): BB The IA is based on Peak's CBRA and CFRA. Considering peer comparisons, among other factors, Morningstar DBRS places the IA within the middle of the IA range. -- Additional Considerations: None There were no additional considerations that had a positive or negative effect on Peak's credit ratings. -- Recovery Rating: RR5 The Recovery Rating of RR5 on the proposed Notes assumes that the Company's Revolving Credit Facility will be fully drawn. Furthermore, the Recovery Rating reflects the first-lien position of Peak's borrowings under its Senior Secured Credit Facilities. Notes: All figures are in Canadian dollars unless otherwise noted. PG&E CORP: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable ---------------------------------------------------------------- S&P Global Ratings affirmed the 'BB' issuer credit ratings on PG&E Corp. and Pacific Gas and Electric Co. (Pac Gas), the 'BB' rating on PG&E's senior secured debt (the recovery rating remains '3'; 65% estimated recovery), and the 'BBB' rating on Pac Gas' senior secured first-mortgage bonds (FMBs; the recovery rating remains '1+'; 150% estimated recovery). The positive outlooks reflect the potential for an upgrade within the next 12 months if California's IOUs do not cause a catastrophic wildfire, the wildfire fund consistently maintains $11 billion (reflecting about 50% of the original $21 billion fund), and PG&E sustains its funds from operations (FFO) to debt consistently above 13%. The California legislature recently passed Senate Bill (SB) 254, which creates a wildfire fund continuation account that provides the state's investor-owned utilities (IOU), including PG&E Corp. subsidiary Pacific Gas and Electric Co. (Pac Gas), with access to an incremental $18 billion for future wildfires. S&P expects SB 254 will be enacted into law in the near term. While the new fund is smaller on a net present value basis than the roughly $21 billion wildfire fund created in 2019 through Assembly Bill (AB) 1054, S&P believes the California legislature's actions and the incremental funding available to the state's IOUs, including PG&E, are consistent with the company's current ratings. Access to an incremental $18 billion through SB 254 supports PG&E's credit quality. SB 254 provides the state's IOUs with access to an incremental $18 billion for wildfires that ignite on or after the effective date of the legislation. Of the total amount, $9 billion will be sourced from a 10-year extension starting in 2036 of the current non-bypassable charge on customer bills. $5.1 billion will be sourced through $300 million annual contributions (2029-2045) from the IOUs, with PG&E's portion expected to be about $144 million annually. The remaining $3.9 billion will be funded by the IOUs only if requested by the Wildfire Fund Administrator and paid over five years. PG&E's annual portion of the $3.9 billion is expected to be about $373 million. S&P said, "However, based on the timing of contributions through 2045, we estimate the net present value of the continuation account provides only an incremental $10.5 billion. We acknowledge this could be modestly higher or lower based on key assumptions, including discount rates and securitization maturity dates. We expect the $10.5 billion, along with the remaining amounts after funding the Eaton Fire liabilities (which we expect will not fully consume the current approximately $21 billion fund currently available for repayment), will represent only 70%-75% of the prior $21 billion fund, or approximately $14 billion to $16 billion, sufficient to maintain PG&E's credit quality." The 2025 Eaton Fire and the 2018 Camp Fire highlight the exposure of California IOUs to catastrophic wildfires. The occurrence of these severe wildfires, slightly more than six years apart, suggests a potential for continued negative impacts on California IOUs' credit quality due to escalating wildfire risks. While multi-billion-dollar investments such as system hardening and situational awareness aimed at mitigating wildfire risk are beneficial, they do not entirely eliminate the possibility of a catastrophic event. A single, devastating wildfire could significantly impair a utility's financial performance and trigger a multi-notch downgrade in its credit rating. S&P believes such high risks faced by California's IOUs are unsustainable. S&P said, "Based on the substantial damages resulting from the Eaton and Camp fires, we estimate PG&E requires a consistent $20 billion fund to achieve an investment-grade rating, absent other material reforms. A wildfire fund serves as a critical financial cushion when a utility is facing a catastrophic wildfire event. Elimination or full depletion of the wildfire fund would likely limit PG&E's credit rating to a maximum of 'BB-'." Climate change and inverse condemnation are increasing PG&E's wildfire risks. Because of climate change, areas are becoming drier for longer periods, increasing their susceptibility to catastrophic wildfires. Furthermore, under California's interpretation of the legal doctrine of inverse condemnation, a Californian utility can be financially responsible for a wildfire if its facilities were a contributing cause of the fire, irrespective of negligence. These rising risks are increasing the wildfire risks for California's IOUs. Regulated utilities were not established to serve as the primary financial backstop for wildfire risk. The utility industry typically operates with modest returns on equity, generally between 9% and 11%, and maintains a leverage ratio of approximately 50%. Consequently, the industry's inherent design does not readily accommodate the escalating and substantial wildfire risk. Other industries, such as insurance companies, which are generally characterized by lower financial leverage compared to other sectors and that have a greater capacity to absorb high losses during extreme weather events, are better positioned to take on wildfire risks. SB 254 recognizes that more must be done to support credit quality over the longer term. The bill requires the Wildfire Fund Administrator to submit a report by April 2026 recommending new approaches to mitigate damages, accelerate recovery, and equitably allocate the burdens from natural catastrophes across stakeholders to complement or replace the fund. S&P expects such measures could be challenging to implement, given the state's very high wildfire risk exposure. However, it expects to closely monitor these developments to determine any potential impacts to PG&E's credit quality. Other credit supportive elements of SB 254 include providing IOUs the right of first refusal in the sales of insurance subrogation claims, a securitization option for 2025 fires, lowering PG&E's contribution share to about 48% from 64%, determining the liability cap based on the year of ignition, and counting utility contributions toward future disallowances. However, while constructive, the need for a robust wildfire fund is essential to supporting credit quality over the longer-term. S&P said, "We expect PG&E's capital spending to average almost $13 billion per year over 2025-2028. We expect PG&E will continue to invest in wildfire mitigation and grid modernization, including undergrounding certain electric distribution assets. This robust level of capital spending, along with the newly implemented dividends, will necessitate ongoing access to the capital markets. However, the company has a track record of issuing sizable common equity and hybrids, supporting its credit quality. We therefore assume it continues to fund its cash flow deficits in a credit supportive manner, resulting in FFO to debt of 13%-15% through 2028." The positive outlooks on PG&E and Pac Gas reflect the potential for an upgrade within the next 12 months assuming California's investor-owned utilities do not cause a catastrophic wildfire, the wildfire fund is consistently maintained at above $11 billion, reflecting about 50% of the original $21 billion fund, and PG&E maintains FFO to debt consistently above 13%. S&P could affirm its ratings on PG&E and Pac Gas and revise the outlooks to stable within the next 12 months if: -- SB 254 is not enacted into law; -- PG&E does not consistently maintain FFO to debt above 13%; -- The companies' management of regulatory risk materially weakens; -- A California IOU causes or contributes to a severe wildfire; -- The Eaton Fire liabilities are higher than expected, lowering the wildfire fund on a net present value to below $11 billion; or -- Business risk increases. S&P could raise its ratings on PG&E and Pac Gas within the next 12 months if California enacts new measures in 2026 that materially reduce the IOU wildfire risks. S&P could also raise its rating if: -- Pac Gas is not found to be the cause of a catastrophic wildfire; -- California's other IOUs are not found to be the cause of a catastrophic wildfire; -- The balance in the wildfire fund is consistently greater than $11 billion; -- The company makes further progress with its 10-year undergrounding plan; -- Pac Gas maintains its safety certification; and -- PG&E's FFO to debt is consistently greater than 13%. PHILLIPS ACRES: Section 341(a) Meeting of Creditors on November 6 ----------------------------------------------------------------- On September 16, 2025, Phillips Acres Inc. filed Chapter 11 protection in the Eastern District of North Carolina. According to court filing, the Debtor reports $2,107,758 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) meeting to be held on November 6, 2025 at 10:00 AM at Zoom 341 Meeting Greenville. About Phillips Acres Inc. Phillips Acres Inc. owns and manages agricultural real estate in Farmville, North Carolina, comprising three parcels totaling 108.1 acres at 499 Albritton Road. The property includes four turkey houses, a waste lagoon, and surrounding fields and forests. Phillips Acres Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-03601) on September 16, 2025. In its petition, the Debtor reports total assets of $715,000 and total liabilities of $2,107,758. Honorable Bankruptcy Judge Pamela W. McAfee handles the case. The Debtor is represented by Christopher Scott Kirk, Esq. of C. Scott Kirk, Attorney At Law, PLLC. PINSEEKERS DEFOREST: Plan Exclusivity Extended to Jan. 6, 2026 -------------------------------------------------------------- Judge Beth E. Hanan of the U.S. Bankruptcy Court for the Western District of Wisconsin extended PinSeekers DeForest Operations LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 6, 2026 and March 7, 2026, respectively. As shared by Troubled Company Reporter, the Debtor submits that each of these factors is either neutral or weighs in favor of extending the Debtor's exclusive periods: * Although the Debtor is not a large business by revenue, the Debtor does have a complicated debt structure with its primary secured creditor (in which the Debtor is a co-borrower with an affiliated entity of both a construction loan and furniture, fixtures, and equipment loan). * The Debtor is exploring a potential asset sale. The Debtor has employed Capital Valuation Group, Inc. ("CVG") to determine the fair market value of the Debtor as a going concern, and anticipates that CVG will complete its valuation report in the coming weeks. The Debtor will use that report to decide whether an asset sale is in the best interests of the bankruptcy estate, or whether the Debtor should pursue a plan of reorganization. The Debtor intends to continue engaging with its creditors and other constituencies as it contemplates its next steps. * There are unresolved contingencies. Most importantly, the Debtor is waiting for CVG to complete its valuation report to assist with deciding whether to pursue an asset sale. In addition, pending litigation needs to be resolved. The Debtor filed an adversary proceeding to avoid and recover various transfers under chapter 5 of the Bankruptcy Code and seek damages under various state law claims. * The Debtor is not filing this motion to obtain an unfair advantage over other parties in this case. Negotiations with creditors remain in their early stages such that a sixteen-week extension of the Debtor's exclusive periods will not result in the Debtor having an unfair bargaining position over creditors. PinSeekers DeForest Operations LLC is represented by: SWANSON SWEET LLP James D. Sweet, Esq. Rebecca R. DeMarb, Esq. Virginia E. George, Esq. Peter T. Nowak, Esq. 8020 Excelsior Drive, Suite 401 Madison, WI 53703 Tel: (608) 709-5992; Fax: (608) 709-5887 Email: jsweet@swansonsweet.com rdemarb@swansonsweet.com vgeorge@swansonsweet.com pnowak@swansonsweet.com About PinSeekers DeForest Operations PinSeekers DeForest Operations LLC operates a hybrid golf entertainment facility located in DeForest, Wisconsin, just outside of Madison. The facility's year-round offerings include Toptracer golf suites, which are equipped with all-weather luxury suites suitable for golfers of all skill levels. The facility also features mini bowling, with a scaled-down version of traditional bowling called duckpin bowling, a custom-built putting course that caters to all levels of skill and age, and high-definition multi-sports simulators. PinSeekers provides a spacious event space for corporate gatherings, networking events, meetings, or parties. The venue also includes a restaurant and bar, offering a diverse menu for casual dining. PinSeekers DeForest Operations LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-10326) on Feb. 18, 2025. In its petition, the Debtor estimated assets between $1 million and $10 million and liabilities between $10 million and $50 million. The Debtor is represented by Rebecca R. DeMarb, Esq. at SWANSON SWEET LLP. PINSTRIPE HOLDINGS: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------ The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Pinstripes Holdings, Inc. About Pinstripes Holdings Inc. Pinstripes Holding, Inc., a Delaware-based company headquartered in Northbrook, Illinois, owns and operates Pinstripes, Inc. and its subsidiaries, which run dining and entertainment venues across the United States. Founded in 2007, Pinstripes Holding generates revenue from food, beverages, games, and private gatherings at locations in Florida, Maryland, Illinois, Texas, California, and Washington, D.C., which feature bowling lanes, bocce courts, bars, dining rooms, and event spaces for corporate functions, weddings, and social celebrations. Pinstripes Holding and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11677) on September 8, 2025. At the time of the filing, Pinstripes Holdings reported between $100 million and $500 million in assets and liabilities. Judge Karen B. Owens oversees the cases. Sean M. Beach, Esq., at Young Conaway Stargatt & Taylor, LLP, represents the Debtor as legal counsel. PINSTRIPES HOLDINGS: Hires Epiq as Claims and Noticing Agent ------------------------------------------------------------ Pinstripes Holdings, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Epiq Corporate Restructuring, LLC as claims and noticing agent. Epiq will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. The hourly rates of Epiq's professionals are as follows: IT/Programming $65 – $80 Case Managers $85 – $170 Consultants/Directors/Vice Presidents $175 – $185 Solicitation Consultant $185 Executive Vice President, Solicitation $190 Before the petition date, the Debtors provided Epiq a retainer in the amount of $25,000. Kathryn Tran, a consulting director at Epiq, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kathryn Tran Epiq Corporate Restructuring, LLC 777 Third Avenue, 11th Floor New York, NY 10017 About Pinstripes Holdings Pinstripes Holdings, Inc. operates a dining and entertainment concept restaurants. The company provides Italian-American cuisine with bowling, bocce, and private event services. It also offers off-site events catering services. The company was incorporated in 2006 and is based in Northbrook, Illinois. Pinstripes Holdings and four of its affiliates sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 25- 11677) on September 8, 2025. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as counsel; CR3 Partners LLC as restructuring advisor; and Hilco Corporate Finance LLC as investment banker. The Debtors' notice and claims agent is Epiq Corporate Restructuring LLC. PLAZA 106: Section 341(a) Meeting of Creditors on October 14 ------------------------------------------------------------ On September 15, 2025, Plaza 106 LLC filed Chapter 11 protection in the District of Utah. 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 October 14, 2025 via Chapter 11 341 Mtg Teleconference Line. About Plaza 106 LLC Plaza 106 LLC, based in Price, Utah, operates in the Iron and Steel Mills and Ferroalloy Manufacturing industry, producing and processing ferrous metals and related materials. Plaza 106 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-25459) on September 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented Andres Diaz, Esq. at DIAZ & LARSEN. PM INVESTMENTS: Section 341(a) Meeting of Creditors on October 22 ----------------------------------------------------------------- On September 17, 2025, PM Investments & Consulting Inc. filed Chapter 11 protection in the Western District of Louisiana. According to court filing, the Debtor reports $4,127,050 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 October 22, 2025 at 10:00 AM at 341 Meeting - Telephone Conference, UST. Call: 888-330-1716, Passcode: 5240151#. About PM Investments & Consulting Inc. PM Investments & Consulting Inc., doing business as Moore Healthcare Group, operates a medical clinic in Lafayette, Louisiana, providing internal medicine and primary care services, including chronic disease management, preventive care, acute care, and weight management. PM Investments & Consulting Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-50831) on September 17, 2025. In its petition, the Debtor reports total assets of $760,400 and total liabilities of $4,127,050. Honorable Bankruptcy Judge John W. Kolwe handles the case. The Debtor is represented by D. Patrick Keating, Esq. at THE KEATING FIRM, APLC. POLELINE LENDER: Seeks to Hire Foley Freeman as Bankruptcy Counsel ------------------------------------------------------------------ Poleline Lender LLC seeks approval from the U.S. Bankruptcy Court for the District of Idaho to employ Foley Freeman, PLLC as counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties in the affairs of the business and management; and (b) file a plan and other documents or help in the preparation of the same and to negotiate and secure approval of a Chapter 11 Plan and to file such other motions, attended hearings relating to the Chapter 11 proceedings. The firm will be paid at these hourly rates: Partner $440 Associate $300 Legal Assistant $100 The firm received a retainer of $30,000 from the Debtor. Patrick Geile, Esq., an attorney at Foley Freeman, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Patrick J. Geile, Esq. Foley Freeman, PLLC 953 S. Industry Way Meridian, ID 83642 Telephone: (208) 888-9111 Facsimile: (208) 888-5130 Email: pgeile@foleyfreeman.com About Poleline Lender LLC Poleline Lender LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Case No. 25-20295) on Sept. 8, 2025. In its petition, the Debtor disclosed up to $1 million in estimated assets and up to $500,000 in estimated liabilities. Judge Noah G. Hillen handles the case. The Debtor is represented by Patrick J. Geile, Esq., at Foley Freeman, PLLC. POSEIDON BIDCO: PIMCO Access Marks $3.6MM Loan at 19% Off --------------------------------------------------------- PIMCO Access Income Fund has marked its $3,600,000 loan extended to Poseidon Bidco SAS to market at $2,905,000 or 81% of the outstanding amount, according to Pimco Access' Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. Pimco Strategic is a participant in a Loan to Poseidon Bidco SASU. The loan accrues interest at a rate of 6.9% per annum. The loan matures on March 13, 2030. PCM Fund, Inc., PIMCO Global StocksPLUS & Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund are organized as closed-end management investment companies registered under the Investment Company Act of 1940. PIMCO Global StocksPLUS & Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund were organized as Massachusetts business trusts. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations. Pacific Investment Management Company LLC serves as the Funds' investment manager. Each Fund represents a single operating segment, as the chief operating decision maker monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. PCM Access is led by Joshua D. Ratner as Principal Executive Officer and Bijal Y. Parikh as Principal Financial & Accounting Officer. The Fund can be reach through: Joshua D. Ratner PIMCO Access Income Fund 1633 Broadway, New York, NY 10019 Telephone: (844) 337-4626 About Poseidon Bidco SASU Poseidon Bidco SASU provides financial transaction services. POSEIDON BIDCO: PIMCO Global Fund Marks EUR$400,000 Loan at 19% Off ------------------------------------------------------------------- PIMCO Global StocksPLUS & Income Fund has marked its EUR$400,000 loan extended to Poseidon Bidco SASU to market at EUR$323,000 or 81% of the outstanding amount, according to PIMCO Global's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. PIMCO Global is a participant in a Loan to Poseidon Bidco SASU. The loan accrues interest at a rate of 6.9% per annum. The loan matures on March 13, 2030. PCM Fund, Inc., PIMCO Global StocksPLUS & Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund are organized as closed-end management investment companies registered under the Investment Company Act of 1940. PIMCO Global StocksPLUS & Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund were organized as Massachusetts business trusts. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations. Pacific Investment Management Company LLC serves as the Funds’ investment manager. Each Fund represents a single operating segment, as the chief operating decision maker monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. PIMCO Global is led by Joshua D. Ratner as Principal Executive Officer and Bijal Y. Parikh as Principal Financial & Accounting Officer. The Fund can be reach through: Joshua D. Ratner PIMCO Global StocksPLUS & Income Fund 1633 Broadway, New York, NY 10019 Telephone: (844) 337-4626 About Poseidon Bidco SASU Poseidon Bidco SASU provides financial transaction services. POSEIDON BIDCO: PIMCO Strategic Marks $1MM Loan at 19% Off ---------------------------------------------------------- PIMCO Strategic Income Fund, Inc. has marked its $1,000,000 loan extended to Poseidon Bidco SASU to market at $807,000 or 81% of the outstanding amount, according to Pimco Strategic's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. Pimco Strategic is a participant in a Loan to Poseidon Bidco SASU. The loan accrues interest at a rate of 6.9% per annum. The loan matures on March 13, 2030. PCM Fund, Inc., PIMCO Global StocksPLUS & Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund are organized as closed-end management investment companies registered under the Investment Company Act of 1940. PIMCO Global StocksPLUS & Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund were organized as Massachusetts business trusts. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations. Pacific Investment Management Company LLC serves as the Funds' investment manager. Each Fund represents a single operating segment, as the chief operating decision maker monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. PCM Fund is led by Joshua D. Ratner as Principal Executive Officer and Bijal Y. Parikh as Principal Financial & Accounting Officer. The Fund can be reach through: Joshua D. Ratner PIMCO Strategic Income Fund, Inc. 1633 Broadway, New York, NY 10019 Telephone: (844) 337-4626 About Poseidon Bidco SASU Poseidon Bidco SASU provides financial transaction services. PRETZEL PARENT: S&P Affirms 'B' ICR, Outlook Stable --------------------------------------------------- S&P Global Ratings affirmed all its ratings on Live experience services company Pretzel Parent Inc.'s (dba as TAIT Towers), including the 'B' issuer credit rating and 'B' issue-level rating ('3' recovery rating) on the company's first-lien debt. The stable outlook reflects S&P's expectation that TAIT will reduce leverage to slightly below 6.5x at the end of 2025 and 5.5x at the end of 2026 as revenue and EBITDA grow from secular tailwinds in the live events industry and the company's strong pipeline of concerts, festivals, and other experiences offsets some regional softness in global studio contracts. Live experience services company Pretzel Parent Inc.'s (dba as TAIT Towers) operating performance remains resilient as new deals won with concert touring and theme parks offset weakness in its global studio segment. S&P said, "We believe the company has good revenue visibility for the remainder of the year and into 2026 with a strong backlog and pipeline, and long-standing relationships with repeat customers driving over 80% retention rates. "We expect its S&P Global Ratings-adjusted debt to EBITDA will be below 6x and free operating cash flow (FOCF) to debt of 4%-8% over the next 12 months as it grows organically, realizes cost savings, and lowers one-time transaction related costs. "We believe secular tailwinds in live experiences will grow revenue in the mid- to high-single-digit percent area over the next 12 months. We expect increased concert touring activity in its portable segment and a large film and music festival contract in its producing segment to drive solid performance in 2025 and 2026. TAIT's portable segment contributes roughly 40% of consolidated revenues. Its performance in North America, which comprises roughly 70% of the company's revenues, also remains strong. We expect TAIT to benefit from its recent acquisition of staging business Gallagher in July 2025 because it increases its portable capacity and footprint in the Nashville and Los Angeles markets with key corporate and music clients." TAIT's strong brand reputation and service quality has built a recurring customer base that generates over 80% of its revenues. This provides the company with strong visibility into its future pipeline of projects and revenues. S&P also believes TAIT's expertise in complex and innovative event solutions attracts new vendors who seek to differentiate themselves in an increasing competitive environment of live events. As such, revenue for the company's portable and producing segments increased 18% and 49%, respectively, year-to-date as of June 30, 2025, compared with the same period in 2024. S&P said, "TAIT's credit metrics are temporarily weak, with some regional softness and one-time costs that we expect will roll over by the end of this year. The company's financial results for the last 12 months ended June 30, 2025, underperformed our previous expectations, partially offset by a stronger second quarter in 2025 and our expectations for recovery in the second half of 2025. "We believe the company underperformed due to some contract cancellations and lower-than-expected pipeline conversion in the Middle East and North Africa (MENA) region from increased competition. This region contributes roughly 15% of the company's total revenues. To offset some of the MENA region and global studio shortfalls for the remainder of the year, TAIT has implemented some growth and cost optimization initiatives since the fourth quarter of 2024. As a result, the company's credit metrics are temporarily weak from substantial one-time costs. "We expect the company to benefit from roughly $10 million of run-rate cost savings primarily through headcount and lower one-time transaction-related costs by the end of 2025 such that leverage and FOCF to debt improve to the low- to mid-6x area and 2%-5%, respectively, in 2025, from 8.2x and negative levels, respectively, as of June 30, 2025. The company has made several acquisitions in recent years, and we expect it will continue to use FOCF and modest debt to fund tuck-in acquisitions while keeping leverage below 6.5x. "TAIT's aggressive financial policy under its sponsor ownership remains a risk. We believe the financial sponsors' ownership and ability to dictate TAIT's strategy could lead it to adopt a more aggressive financial policy longer term, such as by pursuing debt-financed acquisitions or dividends that weaken its credit metrics. "TAIT has a track record of pursuing tuck-in acquisitions and incorporating earn-out provisions in its purchase price, which we treat as debt. Although these tuck-in acquisitions typically have higher EBITDA margins than TAIT's, sustained acquisition integration costs could hurt the company's profitability and cash flow. While we do not assume acquisitions in our base-case forecast, the company's appetite for mergers and acquisitions in conjunction with a new financial sponsor and aggressive financial policy could result in leverage remaining well above 5x over the longer term. "The stable outlook reflects our expectation that TAIT will reduce leverage to slightly below 6.5x at the end of 2025 and 5.5x at the end of 2026 as revenue and EBITDA grow from secular tailwinds in the live events industry and the company's strong pipeline of concerts, festivals, and other experiences offsets some regional softness in global studio contracts." S&P could lower its ratings if it believes TAIT will sustain S&P Global Ratings-adjusted leverage above 6.5x and FOCF to debt below 5%. This could occur if: -- Consumer confidence deteriorates, hurting discretionary spending and demand for live experiences and resulting in fewer events; or -- The new sponsor adopts a more aggressive financial policy to pursue debt-financed acquisitions or distributions. S&P could raise its ratings if it expects TAIT to: -- Expand its scale of operations in all end markets by executing its go-to-market strategy of providing end-to-end capabilities; or -- Demonstrate a financial policy that maintains S&P Global Ratings-adjusted leverage below 5x with FOCF to debt consistently above 10%, incorporating potential leveraging activity such as acquisitions and distributions. PRG RI: S&P Assigns 'BB+' Rating on 2025 Housing Revenue Bonds -------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' long-term rating to the Rhode Island Health and Educational Building Corp.'s approximately $194.4 million par amount series 2025A (tax-exempt) student housing revenue bonds, issued for PRG RI Properties LLC (PRG-RI), the sole member of which is Provident Resources Group. The outlook is stable. S&P said, "We have analyzed the project's environmental, social, and governance factors related to its market position, management and governance, and financial performance. We consider all risk factors to be neutral in our credit rating analysis. "The stable outlook reflects our expectation that, during the one-year outlook period, construction will progress on time and within budget. The stable outlook also incorporates our view that, over the longer term, the project will perform as forecast, meeting its projected occupancy and coverage requirements. "We could consider a negative rating action if cost overruns or construction delays inhibit the project's ability to open on time and within budget. Beyond the outlook period, we could consider a negative rating action if occupancy is weaker than projected, pressuring the project's ability to meet covenanted coverage. "We do not expect to raise the rating or revise the outlook to positive during the outlook period, as the project will be under construction. Beyond the outlook period, an established trend of strong occupancy and DSC well above 1.2x could lead to a positive rating action." PROSPECT MEDICAL: Plans to End Tort Cases Stay ---------------------------------------------- Rick Archer of Law360 reports that on Thursday, September 18, 2025, counsel for Prospect Medical Holdings informed a Texas bankruptcy judge that negotiations over a process to manage tort claims in the hospital operator's Chapter 11 case have stalled, and the company is prepared to allow hundreds of claimants to resume litigation in court. About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' general bankruptcy counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors tapped Alvarez & Marsal North America, LLC as financial advisor; Houlihan Lokey, Inc. as investment banker; and Omni Agent Solutions, Inc. as claims, noticing and solicitation agent. PROSPECT MEDICAL: Selects Hartford HealthCare to Start Sale Process ------------------------------------------------------------------- James Nani of Bloomberg Law reports that bankrupt hospital operator Prospect Medical Holdings has tapped an $86.1 million bid from Hartford HealthCare subsidiary ECHN Holdings Inc. to begin the sale process for its eastern Connecticut facilities. The deal would transfer Rockville General Hospital, Manchester Memorial Hospital, ambulance services, and an endoscopy center to the nonprofit buyer, a court notice filed Thursday in Texas shows. About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' general bankruptcy counsel is Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas, and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors tapped Alvarez & Marsal North America, LLC as financial advisor; Houlihan Lokey, Inc. as investment banker; and Omni Agent Solutions, Inc. as claims, noticing and solicitation agent. PUERTO RICO: Trump Administration Faces Lawsuit Over Board Firings ------------------------------------------------------------------ Daniel Seiden of Bloomberg Law reports that the three members of the Federal Oversight and Management Board for Puerto Rico have taken the Trump administration to court, claiming its effort to fire them breaches federal statute and the U.S. Constitution. According to their complaint, members may only be removed for cause, but they instead received unexplained dismissal notices from the Presidential Personnel Office. The plaintiffs asked the U.S. District Court for Puerto Rico to block the terminations. The Justice Department did not provide immediate comment. About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States. The chief of state is the President of the United States of America. The head of government is an elected Governor. There are two legislative chambers: the House of Representatives, 51 seats, and the Senate, 27 seats. The governor-elect is Ricardo Antonio Rossello Nevares, the son of former governor Pedro Rossello. In 2016, the U.S. Congress passed PROMESA, which, among other things, created the Financial Oversight and Management Board and imposed an automatic stay on creditor lawsuits against the government, which expired May 1, 2017. The members of the oversight board are: (i) Andrew G. Biggs, (ii) Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J. Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii) David A. Skeel Jr. On May 3, 2017, the Commonwealth of Puerto Rico filed a petition for relief under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). The case is pending in the United States District Court for the District of Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico PROMESA petition is available at http://bankrupt.com/misc/1701578-00001.pdf On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation (COFINA) commenced a case under Title III of PROMESA (D.P.R. Case No. 17-01599). Joint administration has been sought for the Title III cases. On May 21, 2017, two more agencies; Employees Retirement System of the Government of the Commonwealth of Puerto Rico and Puerto Rico Highways and Transportation Authority (Case Nos. 17-01685 and 17-01686) commenced Title III cases. U.S. Chief Justice John Roberts named U.S. District Judge Laura Taylor Swain to preside over the Title III cases. The Oversight Board has hired as advisors, Proskauer Rose LLP and Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq., at O'Neill & Borges LLC are onboard as attorneys. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains the case Web site https://cases.primeclerk.com/puertorico Jones Day is serving as counsel to certain ERS bondholders. Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General Obligation Bondholders. QUANTUM CORP: Continues to Defend Seung Lee Shareholder Class Suit ------------------------------------------------------------------ Quantum Corporation disclosed in its Form 10-Q Report for the annual period ending December 31, 2023 filed with the Securities and Exchange Commission on September 15, 2025, that the Company continues to defend itself from Seung Lee shareholder class suit in the United States District Court for the District of Colorado. On September 4, 2025, a shareholder class action complaint was filed in the United States District Court for the District of Colorado. The complaint identifies Seung Lee as the plaintiff and names Quantum Corporation and James J. Lerner, Kenneth P. Gianella, and Laura Nash as defendants. It alleges certain violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 related to certain disclosures made in the Company's quarterly and annual reports regarding its financial reporting for the third quarter of the Company’s fiscal year 2025 and its restatement of that financial reporting. The complaint seeks to designate the plaintiff as the lead plaintiff for the class and define a class period of November 15, 2024 through August 18, 2025, and seeks an award of unspecified damages, costs, and expenses. At this time, Quantum is not able to determine whether this lawsuit would have any material impact on its business, operating results, or financial condition. About Quantum Quantum is a technology company focused on data management solutions. It creates products including primary storage software and systems, secondary storage software and systems, and devices and media. The Individual Defendants are officers of the company. QXC COMMUNICATIONS: Gets Extension to Access Cash Collateral ------------------------------------------------------------ QXC Communications, 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 seventh interim order extended the Debtor's authority to use cash collateral through October 7 to pay the expenses set forth in its budget, subject to a 10% variance. As adequate protection, the lenders will be granted post-petition security interests in and liens on the Debtor's personal property, 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 next hearing is scheduled for October 7. In a separate order, the bankruptcy court granted in part the motion filed by Millennium QXC Holdings, LLC, a secured creditor, to segregate and compel distribution of its cash collateral in the Debtor's Chapter 11 case. The interim order directed the Debtor to distribute $160,000 of the remaining sale proceeds, which constitute Millennium QXC Holdings' cash collateral, to the secured creditor. The order also stated that Millennium QXC Holdings' lien will remain attached to all remaining estate funds. However, this lien remains subject to any potential Section 506(c) claims and any defenses against those claims. In June, the court approved the sale of most of the Debtor's assets to Hotwire Communications, Ltd. following a court-approved public auction. The sale order authorized, inter alia, the Debtor to distribute a portion of the sale proceeds to secured creditors. The sale closed on July 2. Millennium QXC Holdings is represented by: Jordi Guso, Esq. Berger Singerman, LLP 1450 Brickell Avenue, Ste. 1900 Miami, FL 33131 Telephone: (305) 755-9500 Facsimile: (305) 714-4340 jguso@bergersingerman.com About QXC Communications Inc. QXC Communications, Inc. specializes in designing and deploying fiber-optic networks that offer high-speed internet, WiFi, HD TV, and VoIP voice services. It caters to a range of clients, residential communities, military bases, businesses, and outdoor venues. The company uses AON (Active Optical Network) technology to ensure the highest quality connectivity with minimal interruptions. QXC Communications sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12256) on February 28, 2025, listing $11,677,760 in assets and $13,912,001 in liabilities. John Von Stein, chief executive officer, signed the petition. Judge Mindy A. Mora oversees the case. John E. Page, Esq., at Shraiberg Page PA, represents the Debtor as legal counsel. RANA REAL ESTATE: Seeks Subchapter V Bankruptcy in Florida ---------------------------------------------------------- On September 17, 2025, Rana Real Estate LLC filed Chapter 11 protection in the Middle District of Florida. According to court filing, the Debtor reports in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Rana Real Estate LLC Rana Real Estate LLC owns three properties in Gainesville and Kissimmee, Florida, with a total appraised value of approximately $1.98 million. Rana Real Estate LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05881) on September 17, 2025. In its petition, the Debtor reports Honorable Bankruptcy Judge Grace E. Robson handles the case. The Debtor is represented by Bryan K. Mickler, Esq. at LAW OFFICES OF MICKLER & MICKLER, LLP. RAZIF MANAGEMENT: Section 341(a) Meeting of Creditors on October 23 ------------------------------------------------------------------- On September 17, 2025, Razif Management Inc. filed Chapter 11 protection in the Northern District of Illinois. 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 October 23, 2025 at 01:30 PM at Appear by Teams. About Razif Management Inc. Razif Management Inc., a Melrose Park, Illinois-based general contractor, provides residential interior remodeling services in the Chicago area. The Company specializes in construction and renovation projects for homeowners, with a focus on countertops, bathrooms and kitchens. Razif Management Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-14280) on September 17, 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 Timothy A. Barnes handles the case. The Debtor is represented by Saulius Modestas, Esq. at MODESTAS LAW OFFICES, P.C. REMEMBER ME: Seeks to Extend Plan Exclusivity to December 21 ------------------------------------------------------------ Remember Me Senior Care, LLC and Lighthouse Land Holdings, LLC asked the U.S. Bankruptcy Court for the Eastern District of Tennessee to extend their exclusivity period to file a plan of reorganization to December 21, 2025. The Debtors continue to work with their financial advisors, the Unsecured Creditors Committee, the United States Trustee, the Secured Creditor, and counsel for other interested parties as to the ongoing operations and finances of the Debtors. In addition, questions exist regarding the validity, enforceability, and amount of debts claimed by certain creditors, requiring additional investigation and potential discovery to properly evaluate such claims. These include claims of various debenture holders as well as other creditors. The Debtors have exercised reasonable diligence in attempting to gather the necessary creditor and debt information but requires additional time to: * conduct proper investigation into creditor claims; * verify the authenticity and validity of asserted debts; * obtain documentation necessary to substantiate or challenge creditor claims; * ensure compliance with all applicable legal requirements regarding creditor rights and debt validation; and * obtain a clearer picture of the Debtors' financial status and ability to reorganize. About Remember Me Senior Care Remember Me Senior Care, LLC, a company in Cleveland, Tenn., offers personalized assisted living and memory care services in a homelike environment. The facility provides a range of services, including help with daily activities, medication management, and specialized care for those with Alzheimer's or other dementias. Remember Me Senior Care sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-10451) on February 18, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $10 million and $50 million in liabilities. Judge Nicholas W. Whittenburg oversees the case. The Debtor is represented by: Jeffrey W. Maddux, Esq. Chambliss, Bahner & Stophel P.C. Liberty Tower 605 Chestnut Street, Ste. 1700 Chattanooga, TN 37450 Tel: 423-757-0296 Fax: 423-508-1296 Email: jmaddux@chamblisslaw.com RETREAT AT JARRETT: Seeks Subchapter V Bankruptcy in Oklahoma ------------------------------------------------------------- On September 16, 2025, Retreat at Jarrett Farms LLC filed Chapter 11 protection in the Northern District of Oklahoma. According to court filing, the Debtor reports $2,061,046 in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About Retreat at Jarrett Farms LLC Retreat at Jarrett Farms LLC, doing business as Jarrett Farm Resort & Events, operates a hospitality and event venue in Ramona, Oklahoma, offering lodging, outdoor recreation, and event hosting services across its 114-acre property. The Company provides accommodations in suites and cabins with amenities such as fireplaces, jetted tubs, and full kitchens, and organizes events including weddings, corporate retreats, and seasonal celebrations. It serves private guests and event clients primarily in the Bartlesville and surrounding Oklahoma region. Retreat at Jarrett Farms LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D Okla. Case No. 25-11355) on September 16, 2025. In its petition, the Debtor reports total assets as of June 30, 2025 amounting to $2,937,228 and total liabilities as of June 30, 2025 of $2,061,046. Honorable Bankruptcy Judge Paul R. Thomas handles the case. The Debtor is represented by Ron Brown, Esq. of BROWN LAW FIRM PC. REWORLD HOLDING: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed Reworld Holding Corporation's Long-Term Issuer Default Rating (IDR) at 'B+' and senior unsecured bonds at 'B-' with a Recovery Rating of 'RR6'. Fitch has also downgraded the existing senior secured debt to 'BB'/'RR2' from 'BB+'/'RR1' and rated the new incremental term loan 'BB'/'RR2', given the increase in secured debt capacity. The ratings reflect Reworld's resilient core waste business; baseload energy production with multi-year hedges that moderate price risk; extensive service contracts; and high barriers to entry in the waste-to-energy market. The ratings also reflect the company's long-run sensitivity to commodity prices, high capital intensity, and thermal processing operating risk. Fitch projects EBITDA interest coverage in the mid-2.0x and EBITDA leverage in the low-to-mid 6.0x, consistent with the 'B+' rating. FCF will likely be mildly negative in 2025, then turn positive as one-time costs decline. Key Rating Drivers Credit Facilities Downgraded: The tender offer and revolver upsize transactions increase the proportion of secured debt within Reworld's capital structure, reducing recovery prospects for the senior secured debt. The upsized revolver adds incremental secured debt capacity for general corporate purpose, introducing recovery risk. Reworld's 'B+' IDR is unaffected by the transaction, which is currently leverage neutral and incrementally improves the company's liquidity position. Mid-2.0x Coverage, Mid-to-low 6.0x Leverage: Fitch expects coverage and leverage metrics to remain consistent with the rating level. EBITDA improvement from cost and growth initiatives, more than offsetting near-term headwinds in one processing facility and Circon-related challenges. The ratings do not reflect any meaningful impact from corporate transactions; however, the proposed financing and covenant headroom increase Reworld's ability to pursue transactions. Execution Drives FCF: Fitch's rating case projects negative FCF of about $40 million in 2025, before FCF margins improves to the low-single digits. Near-term challenges in plant down time and heightened costs linked to the GIC stake purchase, as well as weakness across certain business lines weighing on FCF. Fitch views recurring operational challenges that consistently pressure FCF and financial flexibility as inconsistent with the current 'B+' rating. Contracts, Hedges Support Stability: The waste-processing business's stability and market strength provide a durable foundation for Reworld's credit profile. About 80% of waste revenue is under contracts that typically provide inflation-based price escalators and various cost pass-throughs. While parts of the business face electricity and recycled material price fluctuations, Fitch believes the waste segment's profitability and stability support management of core operating and capital costs through commodity cycles. Competitive Barriers, In-demand Geographies: Reworld's thermal processing assets is a key strength. The company owns and operates multiple thermal and material processing facilities near densely populated, landfill-constrained areas in the North East and South East U.S. Regulatory and political constraints create high barriers to new disposal capacity. Land scarcity in these regions also limits landfill development, a substitutive disposal method for municipal solid waste. Peer Analysis Fitch compares Reworld with Waste Pro ('B+'/Stable), a municipal solid waste collection operation, and Watco ('B'/Stable) a infrastructure-heavy rail and port & terminal operations. Reworld operates a relatively entrenched network of thermal processing and waste management assets, supporting higher competitive barriers and greater regional diversification than Waste Pro though both benefit from steady market dynamics for municipal waste services. Fitch expects Waste Pro's EBITDA leverage will remain in the mid-4.0x to 5.0x. Watco and Reworld share credit profile strengths in their difficult to replicate asset base, that support integration with customers. Fitch forecasts Watco's EBITDA leverage to remain in the 7.0x while EBITDA and FFO fixed charge coverage remain in the 3.0x and 2.0x range, respectively. Key Assumptions - Low-single digit growth through the forecast period, with gains in profiled waste and material processing facility growth, while discrete construction projects roll off; - Fitch adjusted EBITDA margins mildly improve but remain in the 23%-24% range led by pricing and cost optimization; - Capital intensity remains in the 9%-10% range; - No large M&A or other meaningful corporate transactions are assumed; - SOFR in the 4%-5% range. Recovery Analysis The recovery analysis assumes Reworld would be reorganized as a going concern in bankruptcy rather than liquidated. The analysis assumes a 10% administrative claim. Fitch assumes a going-concern EBITDA of $490 million, reflecting a sustainable post-reorganization level upon which the enterprise valuation is based. A temporary yet steep commodity price decline coupled with a liquidity event could constrain the waste business. The recovery estimate assumes a recovery of commodity prices toward mid-cycle values and good value retention of Reworld's waste processing facilities. Fitch assumes Reworld would receive a going concern recovery multiple of 6.3x in this scenario. This multiple is applied to the going concern EBITDA to calculate a post-reorganization enterprise value. Ultimately Reworld's multiple is driven by the scarcity and strong market position of Reworld's thermomechanical treatment and processing facilities, coupled with the more volatile energy and recycling earnings streams. This analysis also considers EQT Infrastructure's take-private transaction valuing Reworld at approximately 12x. Fitch's analysis assumes the $900 million revolver is fully drawn. The Recovery Rating analysis results in 'BB'/'RR2' recovery for the senior secured debt and 'B-'/'RR6' recovery for the senior unsecured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA interest coverage sustained below 2.25x; - EBITDA leverage sustained above 7.0x; - Elevating liquidity risks resulting from forecasted negative FCF and revolver utilization approaching 50%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Mid-cycle EBITDA leverage sustained below 5.5x; - Maintenance of risk-management characteristics that support financial flexibility including long-dated hedges and nearly full availability under its revolving credit facility; - A development in revenue or operational characteristics that increases stability in FCF generation. Liquidity and Debt Structure As of June 30, 2025, Reworld had $38 million of cash available $240 million of available capacity under its $600 million revolving credit facility. The revolver is planned to be significantly upsized, adding about $300 million of liquidity on a PF 2Q25 basis. The term existing loans amortize at 1% per year and mature in 2028. The revolving credit facility matures in 2028. Fitch does not treat Reworld's term loan Cs as debt, as proceeds from the facility are collateralized on a one-for-one basis by cash held in a restricted account. The company is unable to utilize these restricted funds for any purpose other than collateralizing the loan. Issuer Profile CVA owns and operates a network of waste-to-energy facilities and related waste processing infrastructure. It sells electricity and recycled materials that are recovered or generated during thermal processing. 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 ----------- ------ -------- ----- Reworld Holding Corporation LT IDR B+ Affirmed B+ senior secured LT BB New Rating RR2 senior secured LT BB Downgrade RR2 BB+ senior unsecured LT B- Affirmed RR6 B- RITE AID: Gets Court OK to Solicit Dual-Track Chapter 11 Plan Votes ------------------------------------------------------------------- Alex Wittenberg of Law360 reports that on Friday, September 19, 2025, a New Jersey bankruptcy judge authorized Rite Aid to solicit creditor votes on its Chapter 11 plan, while the company decides between finalizing a deal with McKesson Corp. or moving to dismiss its bankruptcy case. About Rite Aid Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through the Company's wholly owned subsidiary Bartell Drugs. On the Web: http://www.riteaid.com/ Rite Aid and certain of its subsidiaries previously filed for chapter 11 bankruptcy in October 2023 and emerged from bankruptcy in August 2024. On May 5, 2025, New Rite Aid, LLC and its subsidiaries, including Rite Aid Corporation, commenced voluntary Chapter 11 proceedings (Bankr. D.N.J. Lead Case No. 25-14861). As of the 2025 bankruptcy filing date, Rite Aid operates 1,277 stores and 3 distribution centers in 15 states and employs approximately 24,500 people. Rite Aid is using the Chapter 11 process to pursue a sale of its prescriptions, pharmacy and front-end inventory, and other assets. The cases are being administered by the Honorable Michael B. Kaplan. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor, Guggenheim Securities, LLC is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to the Company. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the Company. Kroll is the claims agent and maintains the page https://restructuring.ra.kroll.com/RiteAid2025 Bank of America, N.A., as DIP Agent, is represented by lawyers at Greenberg Traurig, LLP; and Choate Hall & Stewart LLP. RIZO-LOPEZ FOODS: Seeks Chapter 11 After Listeria-Related Shutdown ------------------------------------------------------------------ A cheesemaker in California, Rizo-Lopez Foods Inc., has entered Chapter 11 proceedings in California after a listeria contamination shuttered its facilities for more than 16 months and triggered over $74 million in legal exposure. About Rizo-Lopez Foods Inc. Rizo-Lopez Foods Inc. produces Mexican-style dairy products including cheeses, sour creams, and desserts under the Tio Francisco and Don Francisco brands. Based in Modesto, California, the Company operates as a food processor that supplies Hispanic specialty foods to retail and foodservice markets across the United States, with a focus on authentic Central American and Mexican flavors. Rizo-Lopez Foods Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-25004) on September 15, 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 Christopher M. Klein handles the case. The Debtor is represented by Hagop T. Bedoyan, Esq. ROCKFORD SILK: Seeks Chapter 11 Bankruptcy in Illinois ------------------------------------------------------ On September 17, 2025, Rockford Silk Screen Process Inc. filed Chapter 11 protection in the Northern District of Illinois. According to court filing, the Debtor reports $6,456,627 in debt owed to 100 and 199 creditors. The petition states funds will be available to unsecured creditors. About Rockford Silk Screen Process Inc. Rockford Silk Screen Process Inc. operates a custom printing business from 6201 Material Avenue, Loves Park, Illinois, providing silk screen, digital, and large-format printing services. The Company serves corporate and franchise clients across North America, offering products including decals, nameplates, electronic overlays, signage, and fleet graphics, and supports project management, creative design, and installation for vehicle fleets. With over 40 years of experience in the print industry, Rockford Silk Screen Process utilizes both traditional and advanced printing technologies from its 100,000+ square foot facility. Rockford Silk Screen Process Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-81268) on September 17, 2025. In its petition, the Debtor reports total assets of $3,339,844 and total liabilities of $6,456,627. The Debtor is represented by George P. Hampilos, Esq. at HAMPILOS & ASSOCIATES, LTD. RUNITONETIME LLC: Bidder Disputes Chapter 11 Sale Procedures ------------------------------------------------------------ Vince Sullivan of Law360 Bankruptcy Authority reports that the debtor's bidding procedures have drawn an objection from a prospective buyer of Maverick Gaming’s assets, who claims it has not been given critical due diligence information that could affect the value realized in the sale. About RunItOneTime LLC RunItOneTime LLC, formerly known as Maverick Gaming LLC, headquartered in Kirkland, Washington, is a regional casino and cardroom operator across Washington State, Nevada, and Colorado. The company operates a portfolio of 31 properties, with 1,800 slot machines, 350 table games, 1,020 hotel rooms, and 30 restaurants. Maverick was founded in 2017 by Eric Persson and Justin Beltram, who hold over 70% ownership in the company. RunItOneTime LLC and 67 affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90191) on July 14, 2025. In its petition, RunItOneTime estimated assets and liabilities between $100 million and $500 million each. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Latham & Watkins LLP as counsel; and Hunton Andrews Kurth LLP, as bankruptcy co-counsel. The Debtors also engaged GLC Advisors & Co., LLC and GLC Securities, LLC, as investment banker, and Triple P TRS, LLC as financial advisor. The Debtors' tax advisor is KPMG LLP. SAFEMOON US: Chapter 7 Trustee Seeks Approval of $12MM Settlement ----------------------------------------------------------------- Emlyn Cameron of Law360 reports that the Chapter 7 trustee for cryptocurrency asset firm SafeMoon US LLC has urged a Utah bankruptcy judge to approve a settlement in a class action alleging investor fraud, asserting that the proposed $12 million payout to plaintiffs is both fair and prudent. About SafeMoon US LLC Pleasant Grove, Utah-based SafeMoon US, LLC, is a cryptocurrency company project. SafeMoon US LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 23-25749) on Dec. 14, 2023. In its petition, the Debtor listed between $10 million and $50 million in estimated assets and a maximum of $500,000 in estimated liabilities. The Debtor's counsel is Mark C. Rose, Esq. at Mckay, Burton & Thurman, P.C. The Chapter 7 trustee is Ellen Ostrow, Esq. at Foley & Lardner LLP. SEQUOIA GROVE: Seeks Subchapter V Bankruptcy in Texas ----------------------------------------------------- On September 16, 2025, Sequoia Grove Inc. 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 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Sequoia Grove, Inc. Sequoia Grove Inc., doing business as GM Outdoor Living, Pool & Spa, designs, builds, renovates, and maintains custom swimming pools, outdoor living spaces, and kitchens for residential clients in the Greater Houston area from its base in Humble, Texas. The Company also partners with third-party financial institutions to provide customer financing for pool construction and outdoor living projects. Sequoia Grove, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-35441) on September 16, 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 Jeffrey P. Norman handles the case. The Debtor is represented by Leonard Simon, Esq. at PENDERGRAFT & SIMON LLP. SIMBA IL HOLDINGS: Seeks Subchapter V Bankruptcy in California -------------------------------------------------------------- On September 16, 2025, Simba IL Holdings LLC filed Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports between $100 million and $500 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About Simba IL Holdings LLC Simba IL Holdings LLC operates as a nonbank holding company that manages equity interests in subsidiary businesses. Simba IL Holdings LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12616) on September 16, 2025. In its petition, the Debtor reports Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by Leonard M. Shulman, Esq. of SHULMAN BASTIAN FRIEDMAN BUI & O'DEA LLP. REEVES & WEISS LLP is the Debtor's Special Counsel. Richard Marshack, Esq. of MARSHACK HAYES WOOD LLP is the Debtor's Chief Restructuring Officer. SMYRNA READY: Fitch Alters Outlook on BB- Long-Term IDR to Negative ------------------------------------------------------------------- Fitch Ratings has revised the Rating Outlook on Smyrna Ready Mix Concrete, LLC's (Smyrna) and Hollingshead Holding Company, LLC's Long-Term Issuer Default Ratings (IDRs) to Negative from Stable and affirmed the Long-Term IDRs at 'BB-'. Fitch has also affirmed the senior secured notes and term loan facility, including the proposed add-on term loan, at 'BB+' with a Recovery Rating of 'RR2'. Fitch has affirmed Smyrna's ABL credit facility at 'BB+'/'RR1'. Proceeds from the proposed add-on term loan will be used to repay borrowings under Smyrna's ABL credit facility. The Outlook revision to Negative reflects higher-than-expected debt associated with acquisitions and higher capex to support growth initiatives, resulting in EBITDA leverage that above Fitch's negative sensitivities through at least YE 2026. The rating affirmation reflects Smyrna's improving margins, enhanced liquidity, and Fitch's expectations that leverage will decline within the 'BB-' IDR sensitivities in 2027 from EBITDA growth and modest debt reduction. Key Rating Drivers Elevated Leverage: Fitch expects Smyrna's EBITDA leverage will remain elevated and above the negative sensitivity for the 'BB-' IDR through at least the next 18-24 months, due to higher debt from elevated capex and acquisitions. Fitch expects EBITDA leverage to settle at 5.6x at YE 2025 before declining to 4.7x at YE 2026 and 4.2x at YE 2027, driven by modest debt reduction and margin improvement. Fitch had previously expected EBITDA leverage to be around 4.3x at YE 2026. A sharper decline in demand, a lack of further margin improvement, or delayed debt reduction could lead to negative rating actions. Margin Improvement: Smyrna's cost-optimization initiatives continue to gain traction, with EBITDA margins improving 190 bps during 1H25 despite lower revenues. Fitch forecasts EBITDA margin growth of 150-200 bps in 2025 as the company further realizes cost reduction initiatives, followed by a 125-175 bps improvement in 2026 as volumes pick up. Subdued Demand Environment: Fitch expects continued softness in the operating environment in 2025 as overall construction activity remains weak in the U.S. Fitch forecasts revenues will decline 2%-3% in 2025 as lower volumes more than offset modestly higher pricing. Fitch expects modest revenue growth in 2026 as construction activity improves. A weaker demand environment could derail the margin improvement expected in the remainder of 2025 and in 2026. Focus on Strategic Growth: Since 2005, the company has actively pursued acquisitions, completing 121 acquisitions for about $2.9 billion. Smyrna has also invested in growth capex over the years, with capex as a percentage of sales around 10% in 2023-2024 and forecast to be 11% in 2025. This has meaningfully improved the company's scale and geographic diversity but has also resulted in significantly higher debt levels. Fitch views the growth strategy positively over the long term as it provides Smyrna economies of scale and diversification to withstand regional downturns. Fitch expects Smyrna will continue to execute on bolt-on acquisitions in 2025 and 2026. Free Cash Flow: Smyrna has historically generated positive FCF from its strong EBITDA margin despite high capex. In 2025, Fitch expects Smyrna to generate FCF of negative $125 million to $150 million due to elevated capex. Fitch expects FCF margin of 4%-5% in 2026 and 2027 as EBITDA margins improve further and growth capex moderates. Fitch expects capex to be around 11% of revenues in 2025, down from the 10%-10.5% reported in 2023 and 2024. Capex as a percentage of sales is forecast to be 7.5%-8.5% of revenues in 2026 and 2027, consistent with 2021 and 2022. Fitch expects FCF to be used for acquisitions and modest debt reduction. Leadership Position: Smyrna is the largest ready-mix producer with 560 concrete plants, 35 aggregates quarries and 11 cement terminals. Smyrna is vertically integrated in key markets and derives a portion of its revenue from aggregates and cement distribution. Fitch believes the company's scale and vertical integration is a competitive advantage. Benefits include lower costs from economies of scale, a consistent supply of raw materials, and flexibility during economic and construction downturns. Diverse Revenue Sources: Revenue is balanced between residential and non-residential construction, with some public construction exposure. While private construction's cyclicality poses profitability risks, market diversity helps insulate the company from downturns, as residential and non-residential construction cycles differ. Fitch also expects the company to increase its exposure to public construction during periods of weak private construction demand. Smyrna's modest geographic diversity offers additional protection against regional downturns, and the company is well-positioned to benefit from high-growth construction markets like Texas and the Southeast. Barriers to Entry: Barriers to entry in the ready-mix concrete industry are moderate due to the high initial capital investment required for production facilities. In contrast, the aggregates industry faces higher barriers due to stringent zoning and environmental restrictions that limit new quarry development. Fitch believes these conditions can deter new entrants and somewhat limit competition, thereby supporting the sustainability of the company's leading market positions and modest pricing power over the medium to long term. Ownership Structure: Smyrna is a privately held company with concentrated ownership, which poses increased risk of shareholder-friendly activities relative to publicly traded peers. Management has so far been disciplined with its capital allocation strategy, including refraining from significant cash distributions to its shareholders. Its rating case forecast assumes modest cash distributions in 2025 and beyond. Peer Analysis Smyrna's EBITDA leverage and EBITDA margin are comparable to Eco Material Technologies Inc. (B/Rating Watch Positive). Smyrna is meaningfully larger than Eco Material and generates more consistent cash flow. Smyrna also has better product diversification, but Eco Material has a more diversified geographic footprint. Smyrna is more exposed to the private construction market, while a large majority of Eco Material's products are directed toward the public infrastructure sector. Eco Materials has entered into an agreement to be acquired by CRH plc (BBB+/Stable). Smyrna's credit metrics are weaker than its large investment-grade peers Martin Marietta Materials, Inc. (BBB/Positive) and Vulcan Materials Company (BBB+/Stable). These companies are significantly larger than Smyrna and have more balanced end-market diversification. Both Martin Marietta and Vulcan are focused on their aggregates businesses, which have demonstrated more stable pricing than concrete and cement over the construction cycle Key Assumptions - Revenues fall 2%-3% in 2025 and grows mid-single digits organically in 2026 and 2027; - EBITDA margin of 18%-19% in 2025 and 20%-21% in 2026 and 2027; - EBITDA leverage of 5.5x-6.0x at YE 2025, 4.5x-5.0x at YE 2026, and 4.0x-4.5x at YE 2027; - Capex as a percentage of revenues of 11% in 2025 and around 8% in 2026 and 2027; - (CFO-capex)/debt is modestly negative in 2025 and around 5% in 2026 and 2027; - FCF of negative $125 million to $150 million in 2025 and FCF margin of 4%-5% in 2026 and 2027. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 4.3x; - The company does not realize further margin improvement from current levels; - FCF margin consistently neutral or negative; - (CFO-capex)/debt sustained below 3%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 3.8x; - (CFO-capex)/debt consistently above 7%. Liquidity and Debt Structure Smyrna has a good liquidity position, supported by $274.5 million of availability under its $425 million ABL facility that matures in October 2027 and $28.2 million of cash as of June 30, 2025. The planned add-on TL B improves the company's liquidity position as proceeds from the add-on will be used to repay borrowings under the ABL facility. Smyrna's debt maturities are well-laddered with no major debt maturities until November 2028, when $1.1 billion of senior secured notes mature. The next maturity is in 2029, when its $971 million term loan facility (pro forma for the $240 mil. add-on) becomes due. However, the term loan also matures in 2028 if the senior secured notes due 2028 is not refinanced. Annual principal amortization under the term loan facility is manageable at $9.8 million annually Issuer Profile Founded in 1999, Hollingshead Holding Company, LLC (dba Smyrna Ready Mix Concrete, LLC) is the largest producer of ready-mix concrete with 560 concrete plants, 35 quarries, and 11 cement terminals, serving customers across 22 states. 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 ----------- ------ -------- ----- Smyrna Ready Mix Concrete, LLC LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR2 BB+ senior secured LT BB+ Affirmed RR1 BB+ Hollingshead Holding Company, LLC LT IDR BB- Affirmed BB- SO-BEN REALTY: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: So-Ben Realty, LLC 6 Pavia Place Framingham MA 01702 Business Description: So-Ben Realty LLC holds principal real estate assets at 164–170 Hampshire Street and 262 Oak Street, both in Holyoke, Massachusetts. Chapter 11 Petition Date: September 18, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-40985 Judge: TBD Debtor's Counsel: James P. Ehrhard, Esq. 27 Mechanic Street Worcester MA 01608 Tel: 508-791-8411 E-mail: ehrhard@ehrhardlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Hector Reyes as manager. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4XFMXWI/So-Ben_Realty_LLC__mabke-25-40985__0001.0.pdf?mcid=tGE4TAMA SOUTHWEST FT WORTH: Court Extends Cash Collateral Access to Oct. 7 ------------------------------------------------------------------ Southwest Ft Worth Memory Care, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral to fund operations. The fifth interim order penned by Judge Mark Mullin extended the Debtor's authority to use cash collateral from September 15 to October 7 in accordance with its monthly budget, subject to a 15% variance. The Debtor projects total operational expenses of $185,441.52 for September. PSF II Dutch Branch, LLC, a secured lender, asserts pre-bankruptcy liens on substantially all of the Debtor's assets, including cash and accounts. As adequate protection for the Debtor's use of its cash collateral, the lender will be granted a post-petition claim, with priority over all other costs and expenses, and secured by perfected senior liens on all property of the Debtor and the proceeds thereof (except Chapter 5 causes of action). As further protection, the Debtor was ordered to keep the secured lender's collateral fully insured. The Debtor's authority to use cash collateral terminates upon dismissal or conversion of its Chapter 11 case; the appointment of a trustee or examiner; cessation of operations; non-compliance with or default by the Debtor of the terms of the order; the granting of claim or lien to another creditor that is equal or superior in priority; or the lifting of the automatic stay to allow any creditor to proceed against any asset of the Debtor valued at $75,000 or more. The final hearing is scheduled for October 7. The deadline for filing objections is on October 1. About Southwest Ft Worth Memory Care Southwest Ft Worth Memory Care, LLC, doing business as Autumn Leaves of Cityview, is a U.S. senior-living operator that specializes exclusively in assisted-living and stand-alone communities for residents with Alzheimer's disease and other forms of dementia. Headquartered in Grapevine, Texas, Southwest designs, owns or manages purpose-built "Autumn Leaves" communities in Texas and Illinois, offering 24-hour nursing, dementia-trained staff, "Inspired Connections" life-engagement programs and on-site dining, salon and rehab services. Southwest sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-41419) on April 23, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Mark X. Mullin handles the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC is the Debtor's legal counsel. PSF II Dutch Branch, LLC, as secured lender, is represented by: Kevin M. Lippman, Esq. Munsch Hardt Kopf & Harr, P.C. 500 N. Akard Street, Suite 4000 Dallas, TX 75201-6659 Telephone: (214) 855-7565 Facsimile: (214) 978-5335 klippman@munsch.com SPIRIT AVIATION: U.S. Trustee Appoints Creditors' Committee ----------------------------------------------------------- The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Spirit Aviation Holdings, Inc. The committee members are: 1. AGI Ground, Inc. 9130 S. Dadeland Blvd, Suite #1801 Miami, FL 33156 Attn: Angelo Gencarelli agencarelli@agi.aero 2. Association of Flight Attendants-CWA, AFL-CIO 501 3rd Street, NW Washington, DC 20001 Attn: John Morse jmorse@afacwa.org 3. Perimeter International dba PGL 2800 Story Rd W, Ste 100 Irving, TX 75038 Attn: Raj Sobhani raj.sobhani@shippgl.com 4. Jasiel Moreno 7790 Blairwood Cir. N. Lakeworth, FL 33467 jasielmoreno@gmail.com 5. SMBC Aviation Fitzwilliam 28 Dublin 2 D02 KF20, Ireland Attn: Michael Littleton Michael.Littleton@smbc.aero 6. Aviation Capital Group LLC 840 Newport Center Drive #300 Newport Beach, CA 92660 Attn: John Graves John.Graves@AviationCapital.com 7. Lufthansa Technik AG HAM T/TJA Weg beim Jaeger 193 22335 Hamburg, Germany Attn: Dr. Frank Bayer and Klaus Wachholz freya.krug@lht.dlh.de Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Spirit Aviation Holdings Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. They employ approximately 25,000 direct employees and independent contractors. Spirit Aviation Holdings and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 25-11897) on August 29, 2025. In the petition signed by Frederick Cromer, authorized signatory, Spirit Aviation Holdings disclosed up to $8.5 billion in assets and $8.1 billion in liabilities. Judge Sean H. Lane oversees the cases. Jeffrey M. Orenstein, Esq., at Wolff & Orenstein, LLC, represents the Debtors as legal counsel. The Debtors tapped FTI Consulting, Inc. as restructuring, fleet and communications advisor; PJT Partners, LP as investment banker; Debevoise & Plimpton, LLP as fleet counsel; Morris, Nichols, Arsht & Tunnell, LLP as conflicts counsel, and Epiq Corporate Restructuring, LLC as claims, noticing, solicitation and administrative agent. SPRUCE BIDCO: PIMCO Access Virtually Writes Off $22MM Loan ---------------------------------------------------------- PIMCO Access Income Fund has marked its $22,306,000 loan extended to Spruce Bidco, Inc. to market at $152,000 or 1% of the outstanding amount, according to Pimco Access' Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. Pimco Strategic is a participant in a Loan to Spruce Bidco, Inc. The loan accrues interest at a rate of 6% per annum. The loan matures on January 30, 2032. PCM Fund, Inc., PIMCO Global StocksPLUS & Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund are organized as closed-end management investment companies registered under the Investment Company Act of 1940. PIMCO Global StocksPLUS & Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund were organized as Massachusetts business trusts. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations. Pacific Investment Management Company LLC serves as the Funds' investment manager. Each Fund represents a single operating segment, as the chief operating decision maker monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. PCM Access is led by Joshua D. Ratner as Principal Executive Officer and Bijal Y. Parikh as Principal Financial & Accounting Officer. The Fund can be reach through: Joshua D. Ratner PIMCO Access Income Fund 1633 Broadway, New York, NY 10019 Telephone: (844) 337-4626 About Spruce Bidco, Inc. Spruce Bidco, Inc. (also known as Spruce Bidco I Limited) is an Irish company, established on June 17, 2024, in Dublin, engaged in facilitating the process of acquisitions or mergers. SPRUCE BIDCO: PIMCO Global Marks JPY$2.6MM Loan at 99% Off ---------------------------------------------------------- PIMCO Global StocksPLUS & Income Fund has marked its JPY$2,624,000 loan extended to Spruce Bidco, Inc. to market at JPY$18,000 or 1% of the outstanding amount, according to PIMCO Global's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. PIMCO Global is a participant in a Loan to Spruce Bidco, Inc. The loan accrues interest at a rate of 6% per annum. The loan matures on January 30, 2032. PCM Fund, Inc., PIMCO Global StocksPLUS & Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund are organized as closed-end management investment companies registered under the Investment Company Act of 1940. PIMCO Global StocksPLUS & Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund were organized as Massachusetts business trusts. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations. Pacific Investment Management Company LLC serves as the Funds’ investment manager. Each Fund represents a single operating segment, as the chief operating decision maker monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. PIMCO Global is led by Joshua D. Ratner as Principal Executive Officer and Bijal Y. Parikh as Principal Financial & Accounting Officer. The Fund can be reach through: Joshua D. Ratner PIMCO Global StocksPLUS & Income Fund 1633 Broadway, New York, NY 10019 Telephone: (844) 337-4626 About Spruce Bidco, Inc. Spruce Bidco, Inc. (also known as Spruce Bidco I Limited) is an Irish company, established on June 17, 2024, in Dublin, engaged in facilitating the process of acquisitions or mergers. STAGE STORES: Ch. 11 Administrator Asks Court OK on Ex-Workers Deal ------------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that Stage Stores' Chapter 11 plan administrator has asked a Texas bankruptcy judge to approve a settlement resolving former employees' labor law claims in exchange for allowing a $1.5 million priority unsecured claim. About Stage Stores Stage Stores, Inc. (SSI) and its affiliates -- http://www.stagestoresinc.com/-- are apparel, accessories, cosmetics, footwear, and home goods retailers that operate department stores under the Bealls, Goody's, Palais Royal, Peebles, and Stage brands and off-price stores under the Gordmans brand. Stage Stores operates approximately 700 stores across 42 states. Stage's department stores predominately serve small towns and rural communities, and its off-price stores are mostly located in mid-sized Midwest markets. Stage Stores, Inc. and affiliate Specialty Retailers, Inc., sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-32564) on May 10, 2020. The Company disclosed $1,713,713,000 of total assets and $1,010,210,000 of total debt as of Nov. 2, 2019. The Hon. David R. Jones is the case judge. The Debtors tapped Kirkland & Ellis LLP as bankruptcy counsel; Jackson Walker L.L.P. as local bankruptcy counsel; PJ Solomon, L.P., is investment banker; Berkeley Research Group, LLC as restructuring advisor; and A&G Realty Partners, LLC as real estate consultant. Gordon Brothers Retail Partners, LLC, will manage the Company's inventory clearance sales. Kurtzman Carson Consultants LLC is the claims agent. The Official Committee of Unsecured Creditors appointed in the Chapter 11 cases tapped Cooley LLP and Cole Schotz P.C. as co-counsels and Province, Inc. as financial advisor. STANFORD AND 12TH: Section 341(a) Meeting of Creditors on Oct. 20 ----------------------------------------------------------------- On September 15, 2025, Stanford and 12th Street LP 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 October 20, 2025 at 09:00 AM at UST-LA1, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:4892201. About Stanford and 12th Street LP Stanford and 12th Street LP wholesales clothing, fabrics, and sewing supplies to retailers and commercial clients across the United States. The Company distributes men's, women's, and children's apparel and supplies piece goods and notions used in garment production. Stanford and 12th Street LP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18089) on September 15, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Neil W. Bason handles the case. The Debtor is represented by Jason Wallach, Esq. at Michel Miller Park. STEENBOK LUX: PIMCO Access Marks EUR$28.3MM Loan at 63% Off ----------------------------------------------------------- PIMCO Access Income Fund has marked its EUR$28,303,000 loan extended to Steenbok Lux Finco 2 SARL to market at EUR$10,564,000 or 37% of the outstanding amount, according to Pimco Access' Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. Pimco Strategic is a participant in a Loan to Steenbok Lux Finco 2 SARL. The loan accrues interest at a rate of 10% per annum. The loan matures on June 30, 2026. PCM Fund, Inc., PIMCO Global StocksPLUS & Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund are organized as closed-end management investment companies registered under the Investment Company Act of 1940. PIMCO Global StocksPLUS & Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund were organized as Massachusetts business trusts. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations. Pacific Investment Management Company LLC serves as the Funds investment manager. Each Fund represents a single operating segment, as the chief operating decision maker monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. PCM Access is led by Joshua D. Ratner as Principal Executive Officer and Bijal Y. Parikh as Principal Financial & Accounting Officer. The Fund can be reach through: Joshua D. Ratner PIMCO Access Income Fund 1633 Broadway, New York, NY 10019 Telephone: (844) 337-4626 About Steenbok Lux Finco 2 SARL Steenbok Lux Finco 2 SARL is engaged in the acquisition, holding and disposal of stakes in any Luxembourg and/or foreign company and company. STEENBOK LUX: PIMCO Global Marks EUR$2.6MM Loan at 60% Off ---------------------------------------------------------- PIMCO Global StocksPLUS & Income Fund has marked its EUR$2,679,000 loan extended to Steenbok Lux Finco 2 SARL to market at EUR$1,077,000 or 40% of the outstanding amount, according to PIMCO Global's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. PIMCO Global is a participant in a Loan to Steenbok Lux Finco 2 SARL. The loan accrues interest at a rate of 10% per annum. The loan matures on June 30, 2026. PCM Fund, Inc., PIMCO Global StocksPLUS & Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund are organized as closed-end management investment companies registered under the Investment Company Act of 1940. PIMCO Global StocksPLUS & Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund were organized as Massachusetts business trusts. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations. Pacific Investment Management Company LLC serves as the Funds' investment manager. Each Fund represents a single operating segment, as the chief operating decision maker monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. PIMCO Global is led by Joshua D. Ratner as Principal Executive Officer and Bijal Y. Parikh as Principal Financial & Accounting Officer. The Fund can be reach through: Joshua D. Ratner PIMCO Global StocksPLUS & Income Fund 1633 Broadway, New York, NY 10019 Telephone: (844) 337-4626 About Steenbok Lux Finco 2 SARL Steenbok Lux Finco 2 SARL is engaged in the acquisition, holding and disposal of stakes in any Luxembourg and/or foreign company and company. SUMMIT MIDSTREAM: Fitch Affirms 'B-' LongTerm IDR, Outlook Positive ------------------------------------------------------------------- Fitch Ratings has affirmed Summit Midstream Corporation's (Summit; previously Summit Midstream Partners, LP) and Summit Midstream Holdings, LLC's (Summit Midstream) Long-Term Issuer Default Rating (IDR) at 'B-'. Fitch has also affirmed Summit Midstream's second lien secured notes at 'B+' with a Recovery Rating of 'RR2'. The Rating Outlook is Positive. The Positive Outlook reflects a meaningful reduction in leverage and improved liquidity over the past year. Although interest coverage on Fitch's calculations has modestly increased, further improvement is expected. The rating is constrained by Summit's modest size, presence in mature declining basins, and relatively volatile cash flow profile. Fitch expects Summit to continue strengthening its balance sheet while prudently executing on its base business and growth strategy. Key Rating Drivers Improvements to Financial Profile: According to Fitch's calculations, Summit's leverage is expected to decline to around 4.5x and interest coverage is expected to increase meaningfully above 2.5x in 2026-2027. Liquidity has improved, with no near-term debt maturities. In 2024, Summit used asset sale proceeds and opportunistic new issuance to repay debt and reduce the maturity cliff. Over the past 12-18 months, it has pursued prudent growth via strategic bolt-on acquisitions funded with a mix of cash (debt) and equity. This strategy is expected to continue over the near-to-medium term albeit at a modest pace. Measured Management Strategy: Summit has a long-term leverage target of 3.5x. Management aims to execute the base business while preserving balance sheet strength, and prudently funding growth and shareholder returns. Its regions may face temporary headwinds from lower commodity prices, but Summit is expected to manage modest disruptions. This was demonstrated in 2Q25 when it redeployed latent compression to replace leased units and extended certain gathering agreements with rate relief, improving customer drilling economics, and incentivizing the development of remaining inventory. Modest Size with Mature Basin Exposure: Summit is expected to generate a run-rate EBITDA in the $250 million range, which is considered small for a midstream operator. Modestly sized companies generally have fewer options to manage through extended periods of industry downturns and lower headroom to bear any large swings in earnings. This risk is exacerbated by Summit's exposure to mature declining basins that are more susceptible to downturns. However, its diversified presence across six distinct oil and gas producing regions (including Double E) and a balanced exposure to both crude oil and natural gas-oriented production dynamics provides some respite. Moderately Volatile Cashflow Profile: Summit is expected to derive just over 85% of EBITDA from long-term, fixed-fee, acreage-dedicated contracts with a weighted average remaining life of about eight years. The fixed-fee structure limits direct commodity price exposure, and acreage dedications help mitigate competitive volume loss. However, most contracts lack volume protections, with less than 10% tied to minimum volume commitment (MVC) contracts that decline YoY to under 5% (excluding Double E). Summit's focus on mature, declining basins and its concentration of high-yield, small private counterparties heightens this risk, resulting in a moderately volatile cash flow profile. Parent Subsidiary Linkage: Summit is the parent of Summit Midstream. Fitch evaluates Summit's credit profile on a consolidated basis and considers Summit Midstream to have a stronger credit profile. Regulatory ring-fencing is absent and there are only certain limitations on intercompany flow of funds. Hence, legal ring-fencing is open. Summit Midstream is wholly owned and controlled by Summit. Therefore, effective control is open. Summit Midstream can obtain both internal and external funding, hence funding and cash management is porous. Due to the linkage, both entities are rated based on consolidated credit profile and have the same IDRs. Peer Analysis Harvest Midstream I, L.P. (Harvest; BB-/Stable) similar to Summit is a small-cap regionally diversified midstream operator with exposure to mature declining basins, high volumetric risk, and exposure to high-yield customers. Harvest is bigger in size and scale, has diverse customer base, but has revenue concentration with its top customer, which is also a supportive affiliate. Harvest is also expected to have better financial profile with lower leverage and higher interest coverage compared with Summit. M6 ETX Holdings II MidCo, LLC (M6; B+/Stable) is a small-cap midstream issuer with operations concentrated in a relatively high-growth Haynesville basin. M6's size is comparable to Summit. However, it has a better cash flow profile, with around 25% of cash flows under MVCs and greater cash flow certainty for some of its volume exposed acreage dedicated contracts. M6's recent acquisition, which was primarily equity funded, has led to improvements in its financial profile, with leverage and interest coverage expected to be better than Summit's. Key Assumptions - Fitch's oil and gas price deck; - Activity levels in the regions where Summit operates consistent with Fitch's price deck; - Base interest rate for the ABL facility reflects Fitch's Global Economic Outlook for interest rates in the U.S.; - Distributions from the joint venture received in accordance with the agreements; - Modest preferred unit distributions and common dividends in the near term rising in the outer forecast years; - Stable capex spends including maintenance and growth capital that is somewhat consistent with historical levels; - No other material growth projects, and or asset sales, and or M&A beyond modest bolt-on transactions. Recovery Analysis - For the recovery rating, Fitch estimates the company's going-concern (GC) value was greater than the liquidation value. The GC multiple used was a 6.0x EBITDA multiple, which is in the range of most multiples seen in recent reorganizations in the energy sector. There have been a limited number of bankruptcies within the midstream sector; - Two recent gathering and processing bankruptcies of companies indicate an EBITDA multiple between 5.0x and 7.0x, by Fitch's best estimates. In Fitch's recent bankruptcy case study report, "Energy, Power and Commodities Bankruptcies Enterprise Value and Creditor Recoveries," published in September 2023, the median enterprise valuation exit multiple for the 51 energy cases with sufficient data to estimate was 5.3x, with a wide range of multiples observed; - Fitch has updated the GC EBITDA to $195 million from $185 million reflecting the modest increase in size and scale following the Moonrise acquisition; - The GC EBITDA reflects Fitch's view of a sustainable, post-reorganization EBITDA level, upon which it has based the company's valuation. The bankruptcy scenario contemplates Summit's customers reduce new well completions to a negligible level; - Fitch calculated administrative claims to be 10%, and roughly 80% drawn ABL facility, which are standard assumptions. The outcome is a 'B+'/'RR2' rating for the second lien secured notes, which corresponds to an expected recovery in the range of 71% to 90%. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch may revise the Outlook to Stable if improvements to leverage and interest coverage or funding for growth initiatives were to deviate materially from current expectations; - EBITDA interest coverage sustained below 1.5x; - EBITDA leverage expected to sustain above 6.5x; - A material change to contractual arrangement and operating practices that negatively impacts cash flow or earnings profile, including a move away from current majority of revenue being fee based; - A meaningful deterioration in customer credit quality or a significant event at a major customer that impairs cash flows; - Increases in capital spending beyond Fitch's expectation that have negative consequences for credit profile (e.g. if not funded with a balance of debt and equity); - Reduced liquidity or an imminent failure to adhere to the covenants on the ABL facility agreement. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Should the percentage of total EBITDA coming from high growth basins or MVC contracts be expected to increase significantly from current levels; - Actual EBITDA leverage below 5.5x and EBITDA interest coverage above 2.5x with expectations that these metrics will be sustained at levels stronger than these standards. Liquidity and Debt Structure The company had roughly $21 million of cash on balance sheet and approximately $359 million available under its $500 million ABL facility (net of $1 million letters of credit) as of June 30, 2025. The ABL facility is subject to a borrowing base, which was determined at nearly $529 million as of June 30, 2025. The ABL facility matures in July 2029. The $825 million second lien secured notes at Summit Midstream is the only other long-term debt which matures in October 2029. The covenants on the ABL facility requires Summit to maintain a first lien net leverage ratio below 2.5x and interest coverage ratio above 2.0x. As of June 30, 2025, Summit was compliant with the covenants on the ABL facility and had a first lien leverage of 0.53x and interest coverage of 2.76x. Issuer Profile Summit is a midstream company with assets across six distinct oil and gas basins in the U.S. Summit, through its 100% ownership of Summit Midstream, provides natural gas gathering, compression, treating, and processing services, plus crude oil and produced water gathering services. Summary of Financial Adjustments Fitch calculates EBITDA leverage and interest coverage in all cases by de-consolidating the consolidated debt of Summit Permian Transmission Holdco, LLC (for leverage) and removing the interest expense related to this debt (for coverage). Further, no flows related to Double E Pipeline, LLC are used in these two metrics. Fitch applies 50% equity credit to Summit's 9.50% Series A Preferred Cumulative Perpetual Units under Fitch's hybrid methodology, Corporates Hybrids Treatment and Notching Criteria. 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 ----------- ------ -------- ----- Summit Midstream Finance Corp. Senior Secured 2nd Lien LT B+ Affirmed RR2 B+ Summit Midstream Corporation LT IDR B- Affirmed B- Summit Midstream Holdings, LLC LT IDR B- Affirmed B- Senior Secured 2nd Lien LT B+ Affirmed RR2 B+ SUNNOVA ENERGY: Unsecureds Will Get 1.9% to 2.2% of Claims in Plan ------------------------------------------------------------------ Sunnova Energy International Inc. ("SEI") and its debtor affiliates submitted a Third Amended Disclosure Statement for the Third Amended Chapter 11 Plan dated September 11, 2025. Founded in 2012 with a mission to power energy independence with clean, reliable, and affordable electricity, Sunnova is a market leader in the residential solar industry, serving hundreds of thousands of customers in more than fifty U.S. states and territories. In the weeks and months leading to and following the Petition Date, the Company and its advisors engaged in extensive negotiations with their major constituents and potential third party investors regarding potential (a) out-of-court capital solutions, (b) bridge financing, (c) postpetition financing, and (d) a postpetition marketing process. Ultimately, certain members of the Ad Hoc Group (the "DIP Lenders" or the "Purchasers") provided the only actionable financing, through a $90 million new money term loan facility (the "DIP Facility"), funded in two tranches. In connection therewith, the Debtors and the DIP Lenders entered into that certain Asset Purchase Agreement, dated as of June 13, 2025 (the "WholeCo Stalking Horse Agreement"). The WholeCo Stalking Horse Agreement contemplated the DIP Lenders acquiring substantially all the Company's assets, including the Debtors' equity interests in (a) AssetCo and (b) the Debtors' management and servicing business ("ServiceCo," and together with AssetCo, "WholeCo") by (x) credit-bidding their claims under the DIP Facility, (y) assuming certain of the Company's liabilities, and (z) paying $10 million in cash (such transaction, the "Sale Transaction"). Pursuant to the Bidding Procedures approved by the Bankruptcy Court, the Debtors, with assistance of their Advisors, contacted 187 parties, 74 of which executed non-disclosure agreements, and 7 of which submitted qualified bids for various collections of the Debtors' assets. In addition to the WholeCo Stalking Horse Agreement, the Debtors entered into a stalking horse agreement with Omnidian, Inc. for the sale of ServiceCo. The Debtors subsequently held an auction among the qualified bidders (the "Auction"), which yielded more than thirty rounds of bids for certain subsets of the Debtors assets. In response to the Auction, the DIP Lenders increased the bid memorialized in the WholeCo Stalking Horse Agreement by $15 million in cash, plus an assumption of up to $3 million in cure costs. The Debtors determined that proceeding with the Sale Transaction, subject to the improved economics, was in the best interests of their Estates, and on July 31, 2025, the Bankruptcy Court approved the Sale Transaction. On September 3, 2025, the Sale Transaction closed. Pursuant to the Plan, the Debtors intend to distribute proceeds of the Transactions and other property of the Debtors' Estates to creditors. Specifically, the Plan contemplates (i) the establishment of a Creditor Trust that owns all remaining property of the Debtors' Estates, including certain Causes of Action, after payments of administrative claims, (ii) the distribution of beneficial interests in the Creditor Trust to the Holders of Senior Notes Claims, General Unsecured Claims, and Convertible Notes Claims, on a pro rata, "per debtor" basis, subject to the Creditor Trust Net Assets Allocation to be proposed by the Creditor Trustee and approved by the Creditor Trust Oversight Board, and (iii) the orderly wind down of the Debtors' Estates. The Plan is the culmination of a series of successes in these Chapter 11 Cases, which the Debtors commenced just three months prior to the date hereof, without postposition financing, and with only $13.5 million cash on hand. While entry into the DIP Facility and the WholeCo Stalking Horse Agreement kickstarted this process, the Transactions have allowed the Debtors to recover more than $90 million in cash and related consideration: (i) $15 million through the TEPH Sale; (ii) $16 million through the Lennar sale; (iii) $6 million through the Pulte Sale; (iv) $30 million through the Second ASPA Settlement; and (v) $28 million through the Sale Transaction. Class 4 consists of General Unsecured Claims. On the Effective Date, each Holder of an Allowed General Unsecured Claim shall receive, except to the extent that such Holder agrees to less favorable treatment, Creditor Trust Beneficial Interests, entitling each Holder of an Allowed General Unsecured Claim to its Pro Rata share of the applicable Creditor Trust Net Assets Allocations. The allowed unsecured claims total $319 million. This Class will receive a distribution of 1.9% to 2.2% of their allowed claims. On the Effective Date, Allowed Intercompany Interests shall, at the election of the Creditor Trustee be (a) Reinstated, (b) set off, settled, addressed, distributed, contributed, merged, cancelled, or released, or (c) otherwise addressed at the option of the Creditor Trustee, without any distribution, in each case in accordance with the Wind Down Transactions Memorandum. For the avoidance of doubt, no holder of an Intercompany Interest shall become a beneficiary of the Creditor Trust Beneficial Interests. As further set forth in the Disclosure Statement, on or after the Effective Date, the Creditor Trust, as applicable, shall make Plan Distributions on account of Allowed Claims in accordance with the Plan using the Creditor Trust Net Assets. "Creditor Trust Net Assets" means the Creditor Trust Assets less the Creditor Trust Fees and Expenses. "Creditor Trust Assets" means, collectively, all remaining property of the Estates including, without limitation, all Assumed Insurance Policies, all assets received by the Debtors' Estates in connection with the Second ASPA Settlement, and Estate Causes of Action, after payment of all Administrative/Priority Claims, Professional Fee Claims, unpaid Unsecured Notes Trustee Fees accrued through and including the Effective Date, and any Quarterly Fees. A full-text copy of the Third Amended Disclosure Statement dated September 11, 2025 is available at https://urlcurt.com/u?l=s9tUpf from Kroll Restructuring Administration LLC, claims agent. Co-Counsel for the Debtors: Jason G. Cohen, Esq. Jonathan L. Lozano, Esq. BRACEWELL LLP 711 Louisiana Street, Suite 2300 Houston, Texas 77002 Tel: (713) 223-2300 Fax: (800) 404-3970 Email: jason.cohen@bracewell.com jonathan.lozano@bracewell.com Co-Counsel for the Debtors: Anup Sathy, P.C. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 333 West Wolf Point Plaza Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 Email: anup.sathy@kirkland.com - and - Brian Schartz, P.C. Ciara Foster, Esq. Margaret Reiney, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: brian.schartz@kirkland.com ciara.foster@kirkland.com margaret.reiney@kirkland.com 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. SUPERIOR EQUIPMENT: Hires David Freydin as Bankruptcy Counsel ------------------------------------------------------------- Superior Equipment Lease LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ the Law Offices of David Freydin, PC as counsel. The firm will represent the Debtor in matters concerning negotiation with creditors, preparation of a plan, corporate restructuring, analysis of claims and potential causes of action and other assets, and otherwise represent the Debtor in matters before the court. The firm will be paid at these hourly rates: David Freydin, Attorney $450 Jan Michael Hulstedt, Attorney $425 Derek Lofland, Attorney $425 In addition, the firm will seek reimbursement for expenses incurred. The firm received a prepetition retainer of $15,000 prior to the filing of the case. Mr. Freydin disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David Freydin, Esq. Law Offices of David Freydin PC 8707 Skokie Blvd., Suite 312 Skokie, IL 60077 Telephone: (847) 972-6157 Facsimile: (866) 897-7577 Email: david.freydin@freydinlaw.com About Superior Equipment Lease Superior Equipment Lease LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-13334) on August 28, 2025, listing up to $10 million in both assets and liabilities. Honorable Bankruptcy Judge Janet S. Baer handles the case. The Debtor is represented by the Law Offices of David Freydin PC. TEAM CHAMPIONS: Seeks to Hire Gutnicki LLP as Co-Bankruptcy Counsel ------------------------------------------------------------------- Team Champions, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Gutnicki LLP as co-bankruptcy counsel. The firm will provide these services: (a) negotiate with creditors; (b) prepare a plan; (c) examine and resolve claims filed against the estate; (d) prepare and prosecute adversary proceedings, if any; (e) prepare pleadings filed in the case; (f) interact with the U.S. Trustee; (g) attend court hearings; and (h) otherwise represent the Debtor in matters before the Court. The firm will be paid at these hourly rates: Miriam Stein Granek, Attorney $450 Other Attorneys $345 - $850 In addition, the firm will seek reimbursement for expenses incurred. Mr. Granek disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Miriam Stein Granek, Esq. Gutnicki LLP 4711 Golf Road, Suite 200 Skokie, IL 60076 Telephone: (847) 745-6592 Email: mgranek@gutnicki.com About Team Champions Inc. Team Champions Inc. is a trucking company based in Northbrook, Illinois that provides interstate freight transportation services across the United States, operating a fleet of heavy-duty Freightliner trucks and flatbed trailers to haul general freight, construction materials, and industrial equipment. The Company serves a variety of sectors requiring long-haul and regional deliveries, including goods that can be transported on open flatbeds such as steel, lumber, and machinery. It is registered with the U.S. Department of Transportation as an interstate motor carrier and maintains a sizable fleet with dozens of tractors and trailers. Team Champions Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-12121) on August 8, 2025. In its petition, the Debtor reports total assets of $2,930,099 and total liabilities of $5,791,657. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by the Law Offices of David Freydin and Gutnicki LLP. THERATECHNOLOGIES INC: Quebec Court Approves Sale to Future Pak --------------------------------------------------------------- Theratechnologies Inc. said in a statement that the Superior Court of Quebec granted final approval for its previously announced plan of arrangement under the Business Corporations Act, allowing the sale of the Company to CB Biotechnology, LLC, an affiliate of Future Pak, LLC, following shareholder approval at a Sept. 12 special meeting. The Company expects that, subject to the satisfaction at closing of the remaining closing conditions, the Arrangement will be completed on or about Sept. 25, 2025. About Theratechnologies Inc. Theratechnologies Inc., headquartered in Quebec, Canada, is a specialty biopharmaceutical company that develops and commercializes therapies for people living with HIV, including EGRIFTA SV and Trogarzo in the United States, and focuses on expanding its product portfolio and revenue in North America. In its audit report dated Feb. 25, 2025, KPMG LLP issued a "going concern" qualification citing that the Company has incurred net losses and has an accumulated deficit and its debt agreements require debt covenants to be tested on a quarterly basis. The full resumption of distribution of EGRIFTA SV is dependent on FDA approval, which approval is outside of the control of the Company. The auditor noted there is material uncertainty related to events or conditions that cast substantial doubt about the Company's ability to continue as a going concern. As of May 31, 2025, the Company had $51.27 million in total assets, $79.19 million in total liabilities, and a total deficit of $27.92 million. TOTAL AUTO: Trustee Hires Baker & Hostetler as Special Counsel -------------------------------------------------------------- Jolene Wee, the Trustee appointed in the Chapter 11 case of Total Auto Financing LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Baker & Hostetler LLP as special counsel. The firm will evaluate and develop potential claims owned by the estate and provide specialist support to the trustee and her chosen hybrid contingency counsel in that litigation. The firm will be paid at these hourly rates: Joseph Esmont, Partner $675 Sarah Szalay, Paralegal $315 Mr. Esmont disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joseph M. Esmont, Esq. BakerHostetler LLP Key Tower 127 Public Square, Suite 2000 Cleveland, OH 44114 Telephone: (216) 621-0200 Facsimile: (216) 696-0740 Email: jesmont@bakerlaw.com About Total Auto Financing LLC Total Auto Financing, LLC is in the business of automotive finance for sub-prime car purchasers using retail installment contracts. It was formed by Elshan Bayramov and Babak Bayramov on September 28, 2020. It provides loan portfolio management services for a $48 million loan portfolio employing eight persons in the U.S. and eight persons in the Bayramovs' native country of Azerbaijan. Total Auto Financing sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 23-11867) on November 15, 2023, with $10 million to $50 million in both assets and liabilities. Elshan Bayramov, member-manager, signed the petition. Judge Brian F. Kenney oversees the case. Martin C. Conway, Esq., at Conway Law Group, PC represents the Debtor as counsel. On February 13, 2024, Jolene E. Wee was appointed as Chapter 11 trustee in this case. The trustee tapped YVS Law, LLC and Baker & Hostetler LLP as special counsel and HBM Management Associates LLC as insolvency professional. TOTAL AUTO: Trustee Hires YVS Law as Special Litigation Counsel --------------------------------------------------------------- Jolene Wee, the trustee appointed in the Chapter 11 case of Total Auto Financing, LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ YVS Law, LLC as special litigation counsel. The trustee needs a litigation counsel to investigate, analyze and prosecute certain potential claims and litigation. The firm's counsel and staff will be paid at these hourly rates: Jonathan Grasso, Attorney $495 Members $495 - $620 Counsel/Senior Counsel $435 - $615 Associates $270 - $350 Paralegals $210 - $285 Law Clerks $150 - $260 In addition, the firm will seek reimbursement for expenses incurred. The firm received an initial retainer of $75,000 from the Debtor. The firm will also be entitled to a 20 percent contingency fee for recoveries up to $2.5 million, plus a 15 percent contingency fee for the portion of recoveries over $2.5 million and up to $5 million, plus a 10 percent contingency fee for the portion of recoveries over $5 million. Mr. Grasso disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jonathan A. Grasso, Esq. YVS Law, LLC 185 Admiral Cochrane Drive, Suite 130 Annapolis, MD 21401 Telephone: (443) 569-0758 Email: jgrasso@yvslaw.com About Total Auto Financing LLC Total Auto Financing, LLC is in the business of automotive finance for sub-prime car purchasers using retail installment contracts. It was formed by Elshan Bayramov and Babak Bayramov on September 28, 2020. It provides loan portfolio management services for a $48 million loan portfolio employing eight persons in the U.S. and eight persons in the Bayramovs' native country of Azerbaijan. Total Auto Financing sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 23-11867) on November 15, 2023, with $10 million to $50 million in both assets and liabilities. Elshan Bayramov, member-manager, signed the petition. Judge Brian F. Kenney oversees the case. Martin C. Conway, Esq., at Conway Law Group, PC represents the Debtor as counsel. On February 13, 2024, Jolene E. Wee was appointed as Chapter 11 trustee in this case. The trustee tapped YVS Law, LLC and Baker & Hostetler LLP as special counsel and HBM Management Associates LLC as insolvency professional. TOTAL AUTO: Trustee Taps HBM Management as Insolvency Professional ------------------------------------------------------------------ Jolene Wee, the trustee appointed in the Chapter 11 case of Total Auto Financing LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ HBM Management Associates LLC as insolvency professional. The firm will provide services relating to determinations (and potentially serving as an expert witness) regarding the (in)solvency of the Debtor at various times due to its (in)solvency being relevant to various causes of action the trustee intends and/or is evaluating bringing against numerous parties. The firm will be paid at these hourly rates: Marc Ross, Senior Managing Director $525 Harry Malinowski, Manager $525 Other Staff $225 - $525 In addition, the firm will seek reimbursement for expenses incurred. Mr. Ross disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Marc Ross HBM Management Associates LLC 6 Elmwood Ln. Syosset, NY 11791 Telephone: (732) 921-0921 Email: marc@hbmllc.net About Total Auto Financing LLC Total Auto Financing, LLC is in the business of automotive finance for sub-prime car purchasers using retail installment contracts. It was formed by Elshan Bayramov and Babak Bayramov on September 28, 2020. It provides loan portfolio management services for a $48 million loan portfolio employing eight persons in the U.S. and eight persons in the Bayramovs' native country of Azerbaijan. Total Auto Financing sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 23-11867) on November 15, 2023, with $10 million to $50 million in both assets and liabilities. Elshan Bayramov, member-manager, signed the petition. Judge Brian F. Kenney oversees the case. Martin C. Conway, Esq., at Conway Law Group, PC represents the Debtor as counsel. On February 13, 2024, Jolene E. Wee was appointed as Chapter 11 trustee in this case. The trustee tapped YVS Law, LLC and Baker & Hostetler LLP as special counsel and HBM Management Associates LLC as insolvency professional. TRANS AMERICAN: To Sell Rio Hondo Property to Smith & Sons for $4MM ------------------------------------------------------------------- Trans American Aquaculture LLC seeks permission from the U.S. Bankruptcy Court for the Southern District of Texas, Brownsville Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Texas-limited company located at 35467 Marshall Hutts Rd, Rio Hondo, Texas 78583. The Debtor intends to sell the Property to Smith & Sons Seafood, Inc. for the total sum of $4,000,000.00. The closing date of the sale will be on December 15, 2025. Smith & Sons Seafood, Inc. and Cesar Granda have a co-equal super priority lien against Debtor’s personal property by virtue of the Order Granting Debtor’s Emergency Motion For Authority to Obtain Post Petition Financing. The United States Small Business Administration holds a second lien security interest against Debtor's personal property securing the repayment of its debt in the approximate sum of $159,176.58. Upon the sale of the real and personal property, the Debtor will execute any and all documents necessary to effectuate the transfer of said property. The Debtor desires to sell the real and personal property free and clear of any and all interest with the liens against such property to attach to the proceeds and to be distributed to Smith & Sons, Cesar Granda, SBA and the taxing authorities holding claims that remain due and owing in accordance with the orders of the Bankruptcy Court. About Trans American Aquaculture LLC Trans American Aquaculture, LLC, is a family-owned company in Dallas, Texas, that produces white shrimps. Trans American Aquaculture sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-10217) on Dec. 13, 2024, with $1 million to $10 million in both assets and liabilities. Chief Executive Officer Adam Thomas signed the petition. Judge Eduardo V. Rodriguez presides over the case. David R. Langston, Esq., at Mullin Hoard & Brown, LLP, is the Debtor's bankruptcy counsel. TRANSNET SOC: PIMCO Access Marks $37.3MM Loan at 94% Off -------------------------------------------------------- PIMCO Access Income Fund has marked its $37,343,000 loan extended to Transnet SOC Ltd. to market at $2,092,000 or 6% of the outstanding amount, according to Pimco Access' Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. Pimco Strategic is a participant in a Loan to Transnet SOC Ltd. The loan accrues interest at a rate of 11.55% per annum. The loan matures on March 2, 2028. PCM Fund, Inc., PIMCO Global StocksPLUS & Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund are organized as closed-end management investment companies registered under the Investment Company Act of 1940. PIMCO Global StocksPLUS & Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund were organized as Massachusetts business trusts. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations. Pacific Investment Management Company LLC serves as the Funds' investment manager. Each Fund represents a single operating segment, as the chief operating decision maker monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. PCM Access is led by Joshua D. Ratner as Principal Executive Officer and Bijal Y. Parikh as Principal Financial & Accounting Officer. The Fund can be reach through: Joshua D. Ratner PIMCO Access Income Fund 1633 Broadway, New York, NY 10019 Telephone: (844) 337-4626 About Transnet SOC Ltd. Transnet SOC Ltd is a large South African rail, port and pipeline company, headquartered in the Carlton Centre in Johannesburg. TRICOLOR AUTO: Trustee Moves to Take Charge of 100K Auto Loans -------------------------------------------------------------- Steven Church, Dorothy Ma, Paige Smith, and Carmen Arroyo of Bloomberg News report that the trustee overseeing Tricolor Holdings' bankruptcy wants authority over roughly 100,000 subprime auto loans, asking that they remain under court supervision while creditor distributions are sorted out. Tricolor entered liquidation on September 10, 2025, amid fraud claims. At Thursday's, September 18, 2025, first hearing, trustee lawyer Charles Gibbs said gaining entry to headquarters took almost a week, and full access to company systems is still pending. About Tricolor Auto Acceptance Tricolor Auto Acceptance is an Irving, Texas-based subprime auto lender. Tricolor Auto Acceptance, together with its parent Tricolor Auto Group and other affilites sought relief under Chapter 7 of the U.S. Bankruptcy Code(Bankr. N.D. Tex. Case No. 25-33497) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. TRIPLE T & CO: Gets Final OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Alabama, Western Division granted Triple T & Company, LLC final approval to use cash collateral. The final order authorized the Debtor to use cash collateral to fund operations in accordance with an approved budget. As adequate protection for the Debtor's use of their cash collateral, secured creditors including John Deere Construction & Forestry Company, CFG Merchant Solutions, LLC, and NewCo Capital Group VI, LLC, will be granted replacement liens on property acquired by the Debtor after the petition date that is similar to their pre-bankruptcy collateral. The replacements lien will have the same priority, validity and extent as the secured creditors' pre-bankruptcy interests in such collateral. These liens do not apply to funds required to be escrowed by the Debtor to pay trustee compensation. About Triple T & Company LLC Triple T & Company, LLC is a local freight trucking company based in Reform, Alabama. Triple T & Company, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-71066) on August 8, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and liabilities. Honorable Bankruptcy Judge Jennifer H. Henderson handles the case. The Debtor is represented by: Robert C. Keller, Esq. Russo, White & Keller Tel: 205-833-2589 Email: rjlawoff@bellsouth.net TULSA PYTHIAN: S&P Cuts 2016A Housing Revenue Bonds Rating to 'B+' ------------------------------------------------------------------ S&P Global Ratings lowered its rating on Tulsa County Industrial Authority, Okla.'s series 2016A multifamily housing revenue bonds, issued for Tulsa Pythian Manor Inc., Ga.'s Tulsa Pythian Manor and Pythian Manor West apartments projects, by three notches to 'B+' from 'BB+'. The outlook is stable. The rating action reflects a second consecutive year of debt service coverage (DSC) below 1x in fiscal 2024 at the two affordable housing properties securing the bonds due to continued increased vacancies and operating expenses through most of 2024. Although occupancy improved in late 2024 and the first half of fiscal 2025, S&P expects that the three-year average S&P Global Ratings-calculated DSC will likely remain below 1.0x next year and could remain volatile given the size of the projects, limited revenue growth, and ongoing maintenance and repairs at the properties. S&P said, "We have analyzed the projects' environmental, social, and governance (ESG) factors relative to coverage and liquidity, management and governance, and market position factors. We view ESG factors as neutral in our analysis. "The stable outlook reflects our view that the three-year average DSC next year will likely remain below 1x, capping the rating in the 'b' rating category. We expect that the projects' small size (fewer than 300 units), limited revenue growth potential, and increasing maintenance and repair costs will continue to contribute to their financial volatility, despite the property manager's indication that DSC could improve in the first half of 2025. "We could lower the rating further if the S&P Global Ratings-calculated DSC does not improve in fiscal years 2025 and 2026, or if the projects experience material volatility year over year due to increased expenses, decreased revenue, decreased occupancy, or other economic factors that could weaken their financial strength. We could also lower the rating if our assessment of management and governance worsens as a result of evidence of mismanagement that weakens the financial and operational performance of the portfolio, or if vacancies were to increase significantly again and the physical condition of the properties were to further deteriorate, causing their market position to weaken. "We could raise the rating or revise the outlook to positive if the projects were to demonstrate materially improved financial and operational performance, demonstrated by an S&P Global Ratings-calculated DSC at or above 1.0x for at least two periods, while occupancy remains high, with other credit factors remaining stable." TWO JOE'S: Section 341(a) Meeting of Creditors on October 20 ------------------------------------------------------------ On September 17, 2025, Two Joe's Hacking Corp. filed Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports $1,084,972 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) filed by Office of the United States Trustee to be held on October 20, 2025 at 02:00 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 1165157. About Two Joe's Hacking Corp. Two Joe's Hacking Corp. holds and manages New York City taxi medallions 7P18 and 7P17, valued at approximately $340,000, and operates taxi transportation services in New York City area. Two Joe's Hacking Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44464) on September 17, 2025. In its petition, the Debtor reports total assets of $340,000 and total liabilities of $1,084,972. The Debtor is represented by Alla Kachan, Esq. at LAW OFFICES OF ALLA KACHAN, P.C. UNICORN BAY: PIMCO Access Marks HKD$44.1MM Loan at 87% Off ---------------------------------------------------------- PIMCO Access Income Fund has marked its HKD$44,137,000 loan extended to Unicorn Bay to market at HKD$5,693,000 or 13% of the outstanding amount, according to Pimco Access' Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. Pimco Strategic is a participant in a Loan to Unicorn Bay. The loan accrues interest at a rate of 13% per annum. The loan matures on December 31, 2026. PCM Fund, Inc., PIMCO Global StocksPLUS & Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund are organized as closed-end management investment companies registered under the Investment Company Act of 1940. PIMCO Global StocksPLUS & Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund were organized as Massachusetts business trusts. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations. Pacific Investment Management Company LLC serves as the Funds' investment manager. Each Fund represents a single operating segment, as the chief operating decision maker monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. PCM Access is led by Joshua D. Ratner as Principal Executive Officer and Bijal Y. Parikh as Principal Financial & Accounting Officer. The Fund can be reach through: Joshua D. Ratner PIMCO Access Income Fund 1633 Broadway, New York, NY 10019 Telephone: (844) 337-4626 About Unicorn Bay Unicorn Bay is a financial technology (fintech) company that provides a personalized, automated online service and a professional toolset for individual investors. UNICORN BAY: PIMCO Global Marks HKD$6.5MM Loan at 87% Off --------------------------------------------------------- PIMCO Global StocksPLUS & Income Fund has marked its HKD$6,593,000 loan extended to Unicorn Bay to market at HKD$850,000 or 13% of the outstanding amount, according to PIMCO Global's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. PIMCO Global is a participant in a Loan to Unicorn Bay. The loan accrues interest at a rate of 13% per annum. The loan matures on December 31, 2026. PCM Fund, Inc., PIMCO Global StocksPLUS & Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund are organized as closed-end management investment companies registered under the Investment Company Act of 1940. PIMCO Global StocksPLUS & Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund were organized as Massachusetts business trusts. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations. Pacific Investment Management Company LLC serves as the Funds' investment manager. Each Fund represents a single operating segment, as the chief operating decision maker monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. PIMCO Global is led by Joshua D. Ratner as Principal Executive Officer and Bijal Y. Parikh as Principal Financial & Accounting Officer. The Fund can be reach through: Joshua D. Ratner PIMCO Global StocksPLUS & Income Fund 1633 Broadway, New York, NY 10019 Telephone: (844) 337-4626 About Unicorn Bay Unicorn Bay is a financial technology (fintech) company that provides a personalized, automated online service and a professional toolset for individual investors. UP5 SERVICES: Seeks to Tap Russell Van Beustring as Legal Counsel ----------------------------------------------------------------- UP5 Services, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Russell Van Beustring, PC as counsel. The firm's services include: (a) assist, advise and represent the Debtor relative to the administration of the Chapter 11 case; (b) assist, advise and represent the Debtor in analyzing its assets and liabilities, investigating the extent and validity of lien and claims, and participating in and reviewing any proposed asset sales or dispositions; (c) attend meetings and negotiate with the representatives of the secured creditors; (d) assist the Debtor in the preparation, analysis and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; (e) take all necessary action to protect and preserve the interests of the Debtor; (f) appear, as appropriate, before this Court, the Appellate Courts, and other Courts in which matters may be heard and to protect the interests of Debtor before said courts and the United States Trustee; and (g) perform all other necessary legal services in this case. The firm's counsel and staff will be paid at these hourly rates: Russell Van Beaustring, Attorney $425 Associate Attorneys $250 Bankruptcy Legal Assistants $75 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $20,000 on or about August 3, 2025 from the Debtor. Mr. Beaustring disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Russell Van Beaustring, Esq. Russell Van Beustring, PC 5110 Waterbeck St. Weston Lakes, TX 77441 Telephone: (713) 973-6650 Email: ecf@beustring.com About Up5 Services LLC Up5 Services LLC provides specialty trade contracting services and is classified under NAICS 2389, with operations supported by hauling equipment including flatbed and utility trailers used to transport building materials and construction supplies. The Company owns real estate holdings in Poolville and Pearsall, Texas, which are used in connection with its business activities. Up5 Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-60084) on September 2, 2025. In its petition, the Debtor reports total assets of $1,580,803 and total liabilities of $1,748,036. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Russell Van Beustring, Esq., at Russell Van Beustring, PC. USA COMPRESSION: Fitch Rates Proposed Sr. Unsecured Notes 'BB' -------------------------------------------------------------- Fitch Ratings has assigned a 'BB' rating with a Recovery Rating of 'RR4' to USA Compression Partners, LP's (USAC) proposed issuance of senior unsecured notes. USA Compression Finance Corp. is a co-issuer on the proposed notes. Proceeds are expected to be used to redeem in full the existing notes due 2027. USAC's (BB/Stable) ratings reflect its size, geographic diversity, and fixed-fee contract structure. Structural tailwinds include long lead times for new compression units, relatively constructive oil and gas prices, and the construction of new liquefied natural gas (LNG) export facilities. USAC is extending contract lengths, raising rates and improving utilization, with opportunities to high-grade its customer base. Fitch expects leverage to decline over the forecast period. The rating also reflects USAC's large distributions to common unitholders and relatively shorter remaining contract lives versus other midstream issuers. USAC has a strong record of customer retention and long-term relationships with major counterparties. Key Rating Drivers Structural Tailwinds: Several structural tailwinds support the compression industry, most notably the construction of multiple new North American LNG export facilities. Fitch expects U.S. LNG production to approximately double by 2030. These incremental LNG projects will require large amounts of natural gas, with contracted terms typically around 20 years. USAC maintains considerable operations in the Permian, which is close to many of these LNG projects. Compression will benefit from the continued robust demand for power that is driven by the expansion in data centers. Fitch views natural gas as the fastest path to large scale reliable power and expects data centers to add significant natural gas demand. Furthermore, Fitch maintains a relatively constructive oil and gas price deck over the forecast period, with strong gas prices supporting continued drilling activity, particularly in dry gas basins. Stable Cash Flows: USAC's contracts are 100% fixed-fee, take-or-pay contracts with no volumetric or commodity price-based revenue. USAC has a strong track record of average fleet horsepower utilization over the past decade of approximately 90%. Since YE 2023, compression services provided on a month-to-month basis have declined from 19% to about 17%. As a result of month-to-month services being termed up, average contract length has grown but is still relatively short compared to midstream peers. However, USAC has historically had a strong track record with renewals and has longstanding customer relationships. USAC continues to increase its average horsepower per revenue-generating compression unit to 843 for the six months ending June 2025, from 792 for YE 2023. USAC's focuses on large-horsepower, midstream compression applications, such as regional gathering, gas processing plant compression, and central gathering with unit-specific contracts. This focus provides some competitive advantages and creates high barriers to exit for some customers, which makes USAC's services costly to replace. Declining Leverage: USAC's Fitch-adjusted EBITDA leverage, which includes 50% equity credit for preferred equity units, was about 4.5x in 2024. Fitch expects it to decline further in 2025 as management targets leverage of 4.0x. Continued compression market tightness has allowed USAC to not only improve utilization but also to contract at higher rates and for longer terms. Fitch expects EBITDA to be more robust and durable the longer this tightness persists, Fitch expects leverage to remain strongly positioned within the rating category as EBITDA improving steadily and a reduction in overall preferred shares. Strong Utilization: Over the past three years, USAC's utilization rates have increased from the 2021 lows, which were driven by pandemic-related disruptions. The current utilization rate is approximately 94%, above the long-term average of about 90%. Amid a tight compression market, the company has been successful in converting idle units into active units. USAC has been disciplined in its approach to growth and has been steadily adding horsepower to its fleet. Fitch will closely monitor the partnership's ability to maintain strong utilization rates. Peer Analysis USAC has two close peers within Fitch's midstream coverage: Kodiak Gas Services, LLC (Kodiak; BB/Stable) and Archrock, Inc. (Archrock; BB/Stable). All three companies are large horsepower-focused natural gas compression service providers, are similar in size (with around $500 million in EBITDA), operate exclusively under fixed-fee, take-or-pay type contracts, and share similar levels of counterparty diversity and quality. USAC and Archrock have more geographic diversification, with their top two regions contributing about two-thirds of revenue compared to about 85% for Kodiak. One difference between the three companies is the amount of exposure to month-to-month contracts, which affect their weighted-average contract life. As of YE 2024, USAC had 14% of its contracts exposed to month-to-month terms, while Kodiak had 11% exposure and Archrock had a higher exposure than both. While these numbers tend to fluctuate with market- and issuer-specific dynamics, the exposure to monthly revenues of USAC and Kodiak tends to be lower, making the companies subjects to less potential revenue volatility than Archrock. Key Assumptions - Fitch base case oil and gas price deck; - Base interest rate applicable to the RCF reflects Fitch's Global Economic Outlook, with an added spread included for the refinancing rate of notes; - EBITDA rises due to improved utilization rates and the company contracting at higher rates for longer terms; - Growth capex in line with publicly indicated management plans. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage above 5.3x on a sustained basis; - Distribution coverage below 1.1x on a sustained basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage at or below 4.3x on a sustained basis along with a significant increase in size. Liquidity and Debt Structure Fitch considers USAC's liquidity to be acceptable and expects that it will remain so over the forecast period. As of June 30, 2025, USAC had outstanding borrowings of $770.6 million with a borrowing base availability on its revolver (based on USAC's borrowing base) of $828.6 million and an available borrowing capacity of $735.1 million under its covenants. Fitch expects the company to increase revolver borrowings in the upcoming years reducing availability, which will be reduced further if the borrowing base is decreased. As of August 2025, USAC closed and upsized its revolver to $1.75 billion from $1.6 billion and extended its maturity to 2030. As of June 30, 2025, USAC was in compliance with its financial covenants. Fitch expects the company to remain compliant over the forecast period. USAC's maturities are limited, with the nearest debt maturity due in 2029. Issuer Profile USAC provides compression services in the U.S. Summary of Financial Adjustments Fitch has applied 50% equity credit to USAC's preferred equity units. The securities are subordinate to all senior debt, and Fitch expects that management will keep the preferred equity as a permanent part of its capital structure. The instrument allows the deferral of coupon payments (on a cumulative basis) and effective maturity is greater than five years. There is a holder option for a cash redemption in the event of a change of control. Fitch views this option as non-material and believes that management's intent with the preferred equity was to create a junior security that qualifies for 100% equity treatment under its revolving credit facility. Date of Relevant Committee 31-Oct-2024 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- USA Compression Partners, LP senior unsecured LT BB New Rating RR4 USA Compression Finance Corp. senior unsecured LT BB New Rating RR4 VALYRIAN MACHINE: Section 341(a) Meeting of Creditors on October 14 ------------------------------------------------------------------- On September 16, 2025, Valyrian Machine LLC filed Chapter 11 protection in the Eastern District of Michigan. According to court filing, the Debtor reports $2,644,140 in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on October 14, 2025 at 01:00 PM via By Telephone. About Valyrian Machine LLC Valyrian Machine LLC provides CNC machining and engineering services, specializing in 5-axis milling for high-precision parts. The Company, which acquired Euclid Machine in 2023, serves businesses of all sizes with CNC-based precision machining, design, and build capabilities across materials including aluminum, brass, copper, plastics, stainless steel, steel, titanium, and specialty alloys. Its operations combine experienced CNC machinists, a full-time design engineer, and advanced ERP and CAD/CAM systems to produce manufactured parts. Valyrian Machine LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-49284) on September 16, 2025. In its petition, the Debtor reports total assets as of September 15, 2025 amounting to $985,565 and total debts as of September 15, 2025 of $2,644,140. Honorable Bankruptcy Judge Paul R. Hage handles the case. The Debtor is represented by Julie Beth Teicher, Esq. of MADDIN, HAUSER, ROTH & HELLER, P.C. VANKIRK ELECTRIC: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Vankirk Electric, Inc. 25-30511 2381 Elder Mill Road Watkinsville, GA 30677 Mon Arc Group, Inc. 25-30512 2381 Elder Mill Road Watkinsville, GA 30677 Business Description: Vankirk Electric, Inc. and Mon Arc Group, Inc. are electrical contracting companies based in Winder, Georgia, providing services for multi-family housing and construction projects across the United States, including high-density, podium-style, and garden-style apartments, student housing, assisted living facilities, and mixed-use developments. Both companies are led by Loren W. Vankirk and hold electrical and low-voltage system licenses in multiple states. Chapter 11 Petition Date: September 19, 2025 Court: United States Bankruptcy Court Middle District of Georgia Judge: TBD Debtor's Counsel: David L. Bury, Jr., Esq. STONE & BAXTER, LLP 577 Third Street Macon, GA 31201 Tel: 478-750-9898 Fax: 478-750-9899 Email: dbury@stoneandbaxter.com Vankirk Electric's Estimated Assets: $50 million to $100 million Vankirk Electric's Estimated Liabilities: $50 million to $100 million Mon Arc Group, Inc.'s Estimated Assets: $1 million to $10 million Mon Arc Group, Inc.'s Estimated Liabilities: $10 million to $50 million The petition was signed by Loren Wesley Vankirk as chief executive officer. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/P5OFZ7Q/Vankirk_Electric_Inc__gambke-25-30511__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/OOZI6KI/Mon_Arc_Group_Inc__gambke-25-30512__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Affinity Capital Group MCA (Junior Lien) $581,250 1245 Hewlett Plaza #478 Hewlett, NY 11557 2. Alpha Equity Fund LLC MCA (Junior Lien) $487,500 1425 37th Street Suite 201 Attn: File Right, LLC Brooklyn, NY 11218 3. American Express Credit Card $2,010,184 P.O. Box 981531 El Paso, TX 79998-1531 4. Anixter Inc. Trade $444,900 P.O. Box 842591 Dallas, TX 75284-2591 5. Atlanta Electrical Trade $2,479,442 Distributor 2935 Shawnee Industrial Way Suwanee, GA 30024 6. Brex, Inc. Credit Card $836,593 650 S 500 W Suite 209 Salt Lake City, UT 84101 7. City Electric Supply Trade $449,888 400 S. Record Street Dallas, TX 75202 8. Divvy, Inc - Bill.com Trade $1,929,411 Caine & Weiner 5805 Sepulvada Blvd 4th Floor Sherman Oaks, CA 91411 9. Dynasty Capital 26 LLC MCA (Junior Lien) $947,727 700 Canal St 1st Floor Stamford, CT 06902 10. FLECO Industries Trade $763,329 Timothy R Hassenger, Receiver 2055 Luna Rd Suite 142 Carrollton, TX 75006 11. Fox Funding Group, LLC MCA (Junior Lien) $445,951 803 S 21st Ave Hollywood, FL 33020 12. Kash Advance, LLC MCA (Junior Lien) $445,951 111 Great Nock Road Great Neck, NY 11021 13. Littman Bros Lighting Trade $1,076,870 845 S. Roselle Rd Schaumburg, IL 60193 14. Norcross Electric Trade $4,262,338 4190 Capital View Drive Suwanee, GA 30024 15. Norcross Electric Promissory Note $553,352 4190 Capital View Drive Suwanee, GA 30024 16. Palmetto Capital MCA (Junior Lien) $2,821,440 Ventures, LLC One Whitehall Street 2nd Fl. New York, NY 10004 17. Ramp Business MCA (Junior Lien) $1,987,568 Corporation 28 West 23rd St Floor 2 New York, NY 10010 18. Relliance Financial MCA (Junior Lien) $2,812,500 FL, LLC 381 Sunrise Highway Suite 302 Lynbrook, NY 11563 19. Rocket Capital NY LLC MCA (Junior Lien) $635,037 1 World Trade Center Suite 8500 New York, NY 10007 20. TriEd Distribution Inc. Trade $511,617 P.O. Box 847428 Dallas, TX 75284-7428 VEROBLUE FARMS: Cassels Brock Must Produce Certain Documents ------------------------------------------------------------ In the appeal styled CASSELS BROCK & BLACKWELL LLP, Appellant, vs. VEROBLUE FARMS USA, INC., Appellee, Case No. 25-CV-3034-CJW-KEM (N.D. Iowa), Chief Magistrate Judge Kelly K.E. Mahoney of the United States District Court for the Northern District of Iowa denied the motion of Cassels Brock & Blackwell LLP to stay the enforcement of the bankruptcy court's summary-judgment ruling requiring it to produce around 7,000 documents it claims are attorney-client privileged. The main dispute between the parties in this bankruptcy appeal is whether the bankruptcy court could find that Appellant Cassels Brock & Blackwell LLP, a law firm, failed to meet its burden of proving the attorney-client privilege applied to client files (potentially) involving a third party. Cassels argues that only a client can waive the attorney-client privilege, not a lawyer, so its actions (such as producing a deficient privilege log) cannot be considered in finding the attorney-client privilege inapplicable. Appellee VeroBlue Farms USA, Inc., (VBF USA) filed for Chapter 11 bankruptcy in 2018. It initiated an adversary proceeding against Cassels in 2019, seeking client files involving Cassels' legal representation of VBF USA or VBF Canada (VBF Canada was the parent company of VBF USA at its inception and is currently a minority shareholder). Cassels resisted on the grounds that it represented only VBF Canada and that the files were subject to the attorney-client privilege. In the bankruptcy court proceedings, VBF USA moved to compel discovery that Cassels claimed was privileged without producing a privilege log. In April 2025, following an evidentiary hearing, the bankruptcy court held that a fact issue existed on whether an attorney-client relationship ever existed between Cassels and VBF USA. As such, the bankruptcy court denied summary judgment to VBF USA on its claims for turnover under 11 U.S.C. Sec. 542(a) and state-law conversion, since whether the client files were VBF USA's property depended on the existence of an attorney-client relationship. The bankruptcy court recognized that Cassels bore the burden of proving the files were attorney-client privileged. The court ultimately concluded Cassels had failed to do so. Cassels moved in the bankruptcy court for a stay pending appeal. Cassels cited factors to consider in granting a stay of discovery, which included "whether there is a strong showing that a claim is unmeritorious," the risk of unfair prejudice to the opposing party, the breadth of discovery and burden of responding to it, the complexity of the action, stage of litigation, and conservation of judicial resources. VBF USA argued that Cassels cited the wrong standard and that the factors to stay pending appeal should be considered instead. On June 10, 2025, the bankruptcy court denied the motion to stay without opinion after a hearing. Cassels appealed the bankruptcy court's summary-judgment order to the District Court. On July 9, 2025, it moved to stay enforcement of the bankruptcy court order pending appeal. The parties agree on the four-factor test that applies when determining whether to issue a stay pending a bankruptcy appeal: (1) whether the stay applicant has made a strong showing that it is likely to succeed on the merits; (2) whether the applicant will be irreparably injured absent a stay; (3) whether issuance of the stay will substantially injure the other parties interested in the proceeding; and (4) where the public interest lies. VBF USA argues delay causes it harm because the purpose of gathering these documents is to investigate any potential causes of action it may have against Cassels and other entities, and the statute of limitations continues to run on any potential claims. According to Judge Mahoney, "This argument holds a little more weight, but is ultimately not as compelling as the harm to Cassels in disclosing potentially privileged documents." Judge Mahoney concludes, "Ultimately, I assign the most weight to the unlikelihood that Cassels's appeal will be successful and find this factor cannot be outweighed by the danger of irreparable harm to Cassels (which is lessoned by the fact that I do not find Cassels likely to be successful on appeal). Balancing the factors, I do not find a stay pending appeal appropriate." A copy of the Court's Memorandum Opinion and Order dated September 15, 2025, is available at https://urlcurt.com/u?l=opZAAJ from PacerMonitor.com. About Veroblue Farms USA Headquartered in Webster City, Iowa, VeroBlue Farms USA, Inc. -- http://verobluefarms.com/-- operates a fish farm specializing in Barramundi, a freshwater fish found in the Indo-Pacific waters of Australia. It created an innovative aquaculture system that utilizes the natural elements of air, water and care. VeroBlue Farms USA, Inc., VBF Operations Inc., VBF Transport Inc., VBF IP Inc., and Iowa's First Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Iowa Lead Case No. 18-01297) on Sept. 21, 2018. In the petitions signed by Norman McCowan, president, VeroBlue estimated assets of less than $50,000 and liabilities of $50 million to $100 million. The Debtors tapped Elderkin & Pirnie, PLC and Ag & Business Legal Strategies, P.C. as their legal counsel; and Alex Moglia and his firm Moglia Advisors as chief restructuring officer. The Office of the U.S. Trustee appointed an official committee of unsecured creditors on Oct. 24, 2018. The Committee retained Goldstein & McClintock LLLP as its counsel. WALKER EDISON: Hires Lincoln International as Investment Banker --------------------------------------------------------------- Walker Edison HoldCo LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Lincoln International LLC as investment banker. The firm's services include: (a) identify potential parties who might be interested in entering into a transaction; (b) assist with the preparation of an information memorandum for delivery to potential parties to a transaction describing the Debtors; (c) formulate and recommend a strategy for a potential transaction; (d) contact and elicit interest from potential parties to a transaction; (e) convey information desired by potential parties to a transaction not contained in the Information Memorandum; (f) review and evaluate potential parties to a transaction; (g) review and analyze proposals regarding a potential transaction; and (h) to the extent requested by the Debtors, assist with negotiations of the financial aspects of a potential transaction. The firm will be paid as follows: (a) monthly cash retainer - $100,000; (b) sales transaction fee of $1,500,00 plus an incentive equal to 3 percent of the Enterprise Value between 1.0x and 2.0x Net Orderly Liquidation Value; In addition, the firm will seek reimbursement for expenses incurred. Brent Williams, a managing director at Lincoln International, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brent Williams Lincoln International LLC 110 North Wacker Dr. Chicago, IL 60606 299 Park Avenue, 7th Floor New York, NY 10022 About Walker Edison Holdco Walker Edison, a Delaware corporation headquartered in West Jordan, Utah, designs and distributes affordable, ready-to-assemble home furnishings, operating primarily through e-commerce channels rather than traditional retail stores. Its business is managed by Walker Edison Intermediate, LLC and Walker Edison Holdco, LLC, and it owns EW Furniture, LLC, a Utah-based subsidiary. The company sources most products from suppliers in Asia and Brazil, distributing them through its Ohio and California centers or directly via major e-commerce platforms including Wayfair, Amazon, Walmart, Target, and Home Depot, with gross sales of roughly $124.6 million in 2024. Walker Edison Holdco, LLC and three affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11602) on August 28, 2025. At the time of the filing, Walker Edison Holdco listed up to $50,000 in assets and between $100 million and $500 million in liabilities. Judge Thomas M. Horan oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as legal counsel; Lincoln International, LLC as investment banker; MACCO Restructuring Group, LLC as transformation advisor. Epiq Corporate Restructuring, LLC is the Debtors' notice, claims and administrative agent. WALKER EDISON: Seeks Approval to Hire MACCO as Financial Advisor ---------------------------------------------------------------- Walker Edison HoldCo LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ MACCO Restructuring Group, LLC as financial advisor. The firm's services include: (a) evaluate near-term business plan/financial forecast and variance reports; (b) prepare a weekly 13-week cash flow forecast and related financial and business models and budgets; (c) evaluate and/or assist in developing a liquidation analysis; (d) identify and implement both short-term and long-term liquidity generating initiatives; (e) assist in development of cost containment procedures; (f) evaluate and make recommendations and decisions in connection with strategic alternatives to maximize the value of the Debtors; (g) review inventory and other assets to determine its salability and to provide monetization alternatives; (h) develop comprehensive Chapter 11 plan strategy and assure compliance with the Bankruptcy Code, Federal Rules, and Local Rules; (i) provide business and debt restructuring advice; (j) provide advice on restructuring alternatives; and (k) render such other restructuring, general business consulting or other assistance as may be requested and mutually agreed. Chief Executive Officer (CEO) $850 Senior Managing Directors $725 Managing Directors $675 Senior Directors $450 - $525 Directors $450 In addition, the firm will seek reimbursement for expenses incurred. Paul Maniscalco, a senior managing director at MACCO Restructuring Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul D. Maniscalco MACCO Restructuring Group, LLC 700 Milam St., Ste. 1300 Houston, TX 77002 About Walker Edison Holdco Walker Edison, a Delaware corporation headquartered in West Jordan, Utah, designs and distributes affordable, ready-to-assemble home furnishings, operating primarily through e-commerce channels rather than traditional retail stores. Its business is managed by Walker Edison Intermediate, LLC and Walker Edison Holdco, LLC, and it owns EW Furniture, LLC, a Utah-based subsidiary. The company sources most products from suppliers in Asia and Brazil, distributing them through its Ohio and California centers or directly via major e-commerce platforms including Wayfair, Amazon, Walmart, Target, and Home Depot, with gross sales of roughly $124.6 million in 2024. Walker Edison Holdco, LLC and three affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11602) on August 28, 2025. At the time of the filing, Walker Edison Holdco listed up to $50,000 in assets and between $100 million and $500 million in liabilities. Judge Thomas M. Horan oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as legal counsel; Lincoln International, LLC as investment banker; MACCO Restructuring Group, LLC as transformation advisor. Epiq Corporate Restructuring, LLC is the Debtors' notice, claims and administrative agent. WALKER EDISON: Taps Epiq Corporate as Administrative Advisor ------------------------------------------------------------ Walker Edison HoldCo LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Epiq Corporate Restructuring, LLC as administrative advisor. The firm will provide these services: (a) assist with, among other things, solicitation, balloting and tabulation of votes, and prepare any related reports, as required in support of confirmation of a Chapter 11 plan, and in connection with such services, process requests for documents from parties in interest; (b) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; (c) assist with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; (d) manage and coordinate any distributions pursuant to a Chapter 11 plan; and (e) provide such other processing, solicitation, balloting and other administrative services described in the Engagement Agreement. The hourly rates of Epiq's professionals are as follows: IT/Programming $65 - $85 Case Managers $85 - $175 Project Managers/Consultants/Directors $175 - $190 Solicitation Consultant $195 Executive Vice President, Solicitation $195 Before the petition date, the Debtors provided Epiq a retainer in the amount of $25,000. In addition, Epiq will seek reimbursement for expenses incurred. Kathryn Tran, a consulting director at Epiq, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kathryn Tran Epiq Corporate Restructuring, LLC 777 Third Avenue, 11th Floor New York, NY 10017 About Walker Edison Holdco Walker Edison, a Delaware corporation headquartered in West Jordan, Utah, designs and distributes affordable, ready-to-assemble home furnishings, operating primarily through e-commerce channels rather than traditional retail stores. Its business is managed by Walker Edison Intermediate, LLC and Walker Edison Holdco, LLC, and it owns EW Furniture, LLC, a Utah-based subsidiary. The company sources most products from suppliers in Asia and Brazil, distributing them through its Ohio and California centers or directly via major e-commerce platforms including Wayfair, Amazon, Walmart, Target, and Home Depot, with gross sales of roughly $124.6 million in 2024. Walker Edison Holdco, LLC and three affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11602) on August 28, 2025. At the time of the filing, Walker Edison Holdco listed up to $50,000 in assets and between $100 million and $500 million in liabilities. Judge Thomas M. Horan oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as legal counsel; Lincoln International, LLC as investment banker; MACCO Restructuring Group, LLC as transformation advisor. Epiq Corporate Restructuring, LLC is the Debtors' notice, claims and administrative agent. WALKER EDISON: Taps Morris Nichols Arsht & Tunnell as Counsel ------------------------------------------------------------- Walker Edison HoldCo LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Morris, Nichols, Arsht & Tunnell LLP as counsel. The firm will provide these services: (a) perform all necessary services as the Debtors' bankruptcy counsel; (b) take all necessary actions to protect and preserve the Debtors' estates during these Chapter 11 cases; (c) prepare on behalf of the Debtors necessary legal papers in connection with the administration of these cases; (d) counsel the Debtors with regard to their rights and obligations; (e) coordinate with the Debtors' other professionals in representing them in connection with these cases; and (f) perform all other necessary legal services. In addition, the firm will seek reimbursement for expenses incurred. On the petition date, the firm held an advance payment balance of $145,160.25. Robert Dehney, Esq., an attorney at Morris, Nichols, Arsht & Tunnell, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert J. Dehney, Esq. Morris, Nichols, Arsht & Tunnell LLP 1201 N. Market St. Wilmington, DE 19801 Telephone: (302) 658-9200 About Walker Edison Holdco Walker Edison, a Delaware corporation headquartered in West Jordan, Utah, designs and distributes affordable, ready-to-assemble home furnishings, operating primarily through e-commerce channels rather than traditional retail stores. Its business is managed by Walker Edison Intermediate, LLC and Walker Edison Holdco, LLC, and it owns EW Furniture, LLC, a Utah-based subsidiary. The company sources most products from suppliers in Asia and Brazil, distributing them through its Ohio and California centers or directly via major e-commerce platforms including Wayfair, Amazon, Walmart, Target, and Home Depot, with gross sales of roughly $124.6 million in 2024. Walker Edison Holdco, LLC and three affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11602) on August 28, 2025. At the time of the filing, Walker Edison Holdco listed up to $50,000 in assets and between $100 million and $500 million in liabilities. Judge Thomas M. Horan oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as legal counsel; Lincoln International, LLC as investment banker; MACCO Restructuring Group, LLC as transformation advisor. Epiq Corporate Restructuring, LLC is the Debtors' notice, claims and administrative agent. WESTMORELAND COAL: PCM Fund Marks $277,000 Loan at 61% Off ---------------------------------------------------------- PCM Fund, Inc. has marked its $277,000 loan extended to Westmoreland Coal Co. to market at $109,000 or 39% of the outstanding amount, according to PCM Funds' Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. PCM Fund is a participant in a Loan to Westmoreland Coal Co. The loan accrues interest at a rate of 8% per annum. The loan matures on March 15, 2029. PCM Fund, Inc., PIMCO Global StocksPLUS & Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund are organized as closed-end management investment companies registered under the Investment Company Act of 1940. PIMCO Global StocksPLUS & Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund were organized as Massachusetts business trusts. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations. Pacific Investment Management Company LLC serves as the Funds’ investment manager. Each Fund represents a single operating segment, as the chief operating decision maker monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. PCM Fund is led by Joshua D. Ratner as Principal Executive Officer and Bijal Y. Parikh as Principal Financial & Accounting Officer. The Fund can be reach through: Joshua D. Ratner PCM Fund, Inc. 1633 Broadway, New York, NY 10019 Telephone: (844) 337-4626 About Westmoreland Coal Co. Westmoreland Coal Company was a major independent coal producer and energy company that operated mines and power plants in the United States and Canada before its bankruptcy in 2019, with its operations largely integrated into its subsidiary, Westmoreland Mining LLC. WESTMORELAND COAL: PIMCO Global Marks $397,000 Loan at 60% Off -------------------------------------------------------------- PIMCO Global StocksPLUS & Income Fund has marked its $397,000 loan extended to Westmoreland Coal Co. to market at $157,000 or 40% of the outstanding amount, according to PIMCO Global's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. PIMCO Global is a participant in a Loan to Westmoreland Coal Co. The loan accrues interest at a rate of 8% per annum. The loan matures on March 15, 2029. PCM Fund, Inc., PIMCO Global StocksPLUS & Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Access Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund and PIMCO Dynamic Income Strategy Fund are organized as closed-end management investment companies registered under the Investment Company Act of 1940. PIMCO Global StocksPLUS & Income Fund, PIMCO Access Income Fund, PIMCO Dynamic Income Fund, and PIMCO Dynamic Income Opportunities Fund were organized as Massachusetts business trusts. PCM Fund, Inc. and PIMCO Strategic Income Fund, Inc. were organized as Maryland corporations. Pacific Investment Management Company LLC serves as the Funds' investment manager. Each Fund represents a single operating segment, as the chief operating decision maker monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. PIMCO Global is led by Joshua D. Ratner as Principal Executive Officer and Bijal Y. Parikh as Principal Financial & Accounting Officer. The Fund can be reach through: Joshua D. Ratner PIMCO Global StocksPLUS & Income Fund 1633 Broadway, New York, NY 10019 Telephone: (844) 337-4626 About Westmoreland Coal Co. Westmoreland Coal Company was a major American energy company with a history dating back to 1854, known for its independent coal production, power operations, and terminal facilities, with headquarters in Colorado Springs. WINDSTREAM SERVICES: S&P Rates New Senior Secured Term Loan B 'B' ----------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '2' recovery rating to Windstream Services LLC's proposed $1,500 million senior secured term loan B due 2032. Windstream Services LLC is a wholly owned subsidiary of Little Rock, Ark.-based telecommunications provider Uniti Group Inc. The '2' recovery rating indicates its expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of a payment default. S&P said, "We expect the company will use the proceeds from this issuance to partially redeem its 10.5% senior secured notes due 2028 ($2,275 million outstanding) and utilize the remainder to pay fees and expenses. "Our 'B-' issuer credit rating and stable outlook on parent Uniti Group Inc. are unchanged because we expect its S&P Global Ratings-adjusted gross leverage (which includes $575 million of preferred equity that we treat as debt) will remain about 6.5x. Still, we view the transaction favorably because it will extend the company's debt maturities. This transaction follows the recent merger of Uniti and Windstream, which was completed in August 2025." WOOLSEY ROAD: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Woolsey Road Group, LLC 8888 Midsouth Drive Suite 116 Olive Branch MS 38654 Business Description: Woolsey Road Group, LLC, based in Olive Branch, Mississippi, is engaged in real estate development and the management of storage and warehousing facilities. Chapter 11 Petition Date: September 18, 2025 Court: United States Bankruptcy Court Northern District of Mississippi Case No.: 25-13087 Judge: Hon. Jason D Woodard Debtor's Counsel: John Keith Perry, Jr., Esq. PERRY GRIFFIN, PC 5699 Getwell Road Southaven, MS 38672 Tel: 662-536-6868 E-mail: jkp@perrygriffin.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Marion Threatt as member. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7ZFLZ6A/Woolsey_Road_Group_LLC__msnbke-25-13087__0001.0.pdf?mcid=tGE4TAMA [] Recovery Law Fined $392K, Banned for 3 Yrs. Over Disclosure -------------------------------------------------------------- Clara Geoghegan of Law360 reports that Recovery Law Group was fined nearly $392,000 and barred from filing bankruptcy cases in Michigan's Eastern District for three years after a judge ruled the firm failed to comply with fee disclosure rules in 220 cases. About Recovery Law Group Recovery Law Group is a law firm providing consumer bankruptcy services across the country. ********* 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. 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