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250923.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, September 23, 2025, Vol. 29, No. 265 Headlines ACLCP CINCINNATI: Employs Cross & Simon as Legal Counsel AFM MATTRESS: Gets Final OK to Use Cash Collateral ALL AMERICAN: Taps Andrew Yurasko of IHT Group as Financial Advisor ALLIED DEVCORP: Case Summary & Six Unsecured Creditors AMERICAN TRASH: Files Emergency Bid to Use Cash Collateral ANNALEE DOLLS: Seeks to Use Up to $541,338 in Cash Collateral ASHTON WOODS: S&P Affirms 'BB-' ICR, Outlook Stable ASSEMBLY BIOSCIENCES: Limited Cash Raises Going Concern Doubt ASSURE AFFORDABLE: Gets Final OK to Use Cash Collateral AZUL SA: Speeds Up Network, Simplifies Fleet to Exit Ch. 11 BIG LOTS: Seeks to Extend Plan Exclusivity to January 2, 2026 BIG STORM BREWERY: Cash Collateral Hearing Set for Sept. 24 BION ENVIRONMENTAL: Trims Capital Structure in 8.1M Share Deal BLINK CHARGING: Financial Challenges Raise Going Concern Doubt BOMBARDIER RECREATIONAL: Loan Reduction No Impact on Moody's CFR BOWERS TRUCKING: Section 341(a) Meeting of Creditors on November 4 BOXLIGHT CORP: Switches Auditors to Cherry Bekaert for 2025 Audit BROADWAY REALTY: Seeks to Extend Plan Exclusivity to December 15 CALTIER FUND: DBBMcKennon Raises Going Concern Doubt CENTRAL PARENT: PIMCO Dynamic Marks $14MM Loan at 16% Off CENTRAL PARENT: PIMCO Dynamic Marks $7MM Loan at 16% Off CHAMBER INC: Case Summary & Largest Unsecured Creditors CHARLES & COLVARD: Liquidity Concerns Raise Going Concern Doubt CHICAGO RIVET & MACHINE: Financial Woes Raise Going Concern Doubt CHUNGA-JINGA LLC: Plan Exclusivity Period Extended to October 28 CITGO PETROLEUM: Del. Court Denies Gold Reserve's Motion to Strike CLEARSIDE BIOMEDICAL: Financial Strain Raises Going Concern Doubt CRUZ TEC: Case Summary & 20 Largest Unsecured Creditors CV SCIENCES: Extends $1.6 Million Promissory Note to Feb. 2027 CYCLERION THERAPEUTICS: Narrows Net Loss to $324,000 in Fiscal Q2 D LASSEN LLC: Seeks to Extend Plan Exclusivity to October 23 DIOCESE OF OAKLAND: Needs to Reach Settlement to Avoid Dismissal DIXIE GROUP: Credit Facility Risks Raise Going Concern Doubt DORMIFY INC: Seeks to Extend Plan Exclusivity to November 18 EAST HARLEM: S&P Affirms 'BB' LT Rating on 2022 Revenue Bonds ENCINAS LOGISTICS: Seeks Chapter 7 Bankruptcy in Arizona ENDURE DIGITAL: PIMCO Dynamic Marks $2.3MM Loan at 23% Off ENDURE DIGITAL: PIMCO Dynamic Marks $5.9MM Loan at 23% Off ENDURE DIGITAL: Pimco Dynamic Marks $68.1MM Loan at 23% Off FENDER MUSICAL: S&P Affirms 'B-' ICR, Outlook Negative FRANKLIN SQUARE: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable FREIGHT TECHNOLOGIES: Capital Needs Raise Going Concern Doubt FTX TRADING: Creditors to Receive $1.6B in 3rd Distribution Round FUNKO INC: Liquidity and Covenant Risks Raise Going Concern Doubt GIP PILOT: S&P Upgrades ICR to 'BB', Outlook Stable GIZMO MEDICAL: St. Cloud Capital to Sell Assets on October 2 GUARDIAN DEVELOPMENT: Ellwood City Struggles in 2nd Ch. 11 H5 TRANSPORT: Section 341(a) Meeting of Creditors on October 16 HOT CHICKEN: Closes All Locations Without Bankruptcy Filing HUB INTERNATIONAL: Moody's Affirms 'B2' CFR, Outlook Stable I V SUPPORT: Hires Marshack Hays Wood LLP as Legal Counsel IHEARTCOMMUNICATIONS INC: PIMCO Dynamic Marks $15MM Loan at 18% Off IHEARTCOMMUNICATIONS INC: PIMCO Marks $6.6MM Loan at 18% Off IMMUNIC INC: Limited Liquidity Raises Going Concern Doubt IMPERIAL MANUFACTURING: Taps Gregory K. Stern as Legal Counsel IOVATE HEALTH: Oct. 28, 2025 Foreign Recognition Hearing Set IVANTI SOFTWARE: PIMCO Dynamic Marks $11.3MM Loan at 17% Off IVANTI SOFTWARE: PIMCO Dynamic Marks $89.3MM Loan at 17% Off JAMIE HOLDINGS: Voluntary Chapter 11 Case Summary K&D INDUSTRIES: Section 341(a) Meeting of Creditors on October 30 KDC SOLAR: Case Summary & Five Unsecured Creditors KIRKBRIDE LAND: U.S. Trustee Unable to Appoint Committee KODIAK GAS: Unsecured Notes Add-on No Impact on Moody's 'Ba3' CFR LEALAND FINANCE: PIMCO Dynamic Marks $385,000 Loan at 35% Off LEALAND FINANCE: PIMCO Dynamic Marks $6.5MM Loan at 48% Off LIFESCAN GLOBAL: Hires GA Advisory as Financial Advisor LION RIBBON: Design Group Wins Court OK for Business Segment Sales LSF12 CROWN: Moody's Alters Outlook on 'B1' CFR to Negative M&K ACTIVE: Hires Jones & Walden LLC as Legal Counsel MAY INTERNATIONAL: Seeks Subchapter V Bankruptcy in Washington MCGLOTHLIN INVESTMENTS: Case Summary & 12 Unsecured Creditors MERCURY AGGREGATOR: PIMCO Dynamic Marks $10.6MM Loan at 32% Off MERCURY AGGREGATOR: PIMCO Dynamic Marks $5.8MM Loan at 32% Off MICROMOBILITY.COM INC: Posts $1.73 Million Net Loss in Fiscal Q2 MOD JEWELRY: Court OKs Interim Use of Cash Collateral NEEDSPACE VENTURE: Voluntary Chapter 11 Case Summary NEXTTRIP INC: Converts $153,000 Debt Into Series Q Preferred Shares NORTH JAX CONCRETE: Gets Interim OK to Use Cash Collateral OMNICARE LLC: Seeks Chapter 11 Bankruptcy in New York OSTENDO TECHNOLOGIES: Seeks to Extend Exclusivity to Jan. 20, 2026 PHILLIPS ACRES: Gets Interim OK to Use Cash Collateral POSEIDON BIDCO: PIMCO Dynamic Marks $3.9MM Loan at 19% Off POSEIDON BIDCO: PIMCO Dynamic Marks $4.7MM Loan at 19% Off POSEIDON BIDCO: PIMCO Dynamic Marks $77.4MM Loan at 19% Off PROPHASE DIAGNOSTICS: Case Summary & 20 Top Unsecured Creditors QUANTUM CORP: Grant Thornton LLP Raises Going Concern Doubt RAYMOND DETENTION: Court Appoints Receiver to Oversee Operations RITHM CAPITAL: Moody's Affirms 'B1' CFR, Outlook Remains Stable ROBESON HOLDING: Mayor Pushes for Receivership for School Bldg. ROYALE ENERGY: Raises Pradera Fuego Working Interest to 7.5% RUNITONETIME LLC: Co-Founder Wins Auction for Bankrupt Card Rooms RUNITONETIME LLC: Gets Court Approval for Bid Process SAKS GLOBAL: Negotiates Sale of 49% Stake in Bergdorf Goodman SCENIC CITY: Plan Exclusivity Period Extended to January 29, 2026 SCORPIUS HOLDINGS: Sells $471,000 Note Carrying 5% Interest SHORENSTEIN PROPERTIES: Office Tower Enters Receivership SHOWERS HACKING: Section 341(a) Meeting of Creditors on October 20 SOBE THERMAL: PUCO Seeks Appointment of Receiver SOUTHWEST PUBLIC: S&P Assigns 'BB' ICR, Outlook Negative SPEEDHAUS 405: Files Emergency Bid to Use Cash Collateral SPIRIT AEROSYSTEMS: Liquidity Concerns Raise Going Concern Doubt SPRUCE BIDCO: PIMCO Dynamic Marks CAD$1.8MM Loan at 28% Off SPRUCE BIDCO: PIMCO Dynamic Marks CAD$368,000 Loan at 28% Off SPRUCE BIDCO: PIMCO Dynamic Marks CAD$479,000 Loan at 28% Off SPRUCE BIDCO: PIMCO Dynamic Virtually Writes Off JPY$192.8MM Loan SPRUCE BIDCO: PIMCO Dynamic Virtually Writes Off JPY$39.3MM Loan SPRUCE BIDCO: PIMCO Dynamic Virtually Writes Off JPY$51.1 Loan STEENBOK LUX: PIMCO Dynamic Marks EUR$10MM Loan at 57% Off STEENBOK LUX: PIMCO Dynamic Marks EUR$276.1MM Loan at 62% Off STEENBOK LUX: PIMCO Dynamic Marks EUR$73.1 Loan at 63% Off TECHPRECISION CORP: Sets Oct. 28 for Virtual Annual Meeting TEZCAT LLC: Gets Extension to Access Cash Collateral TITAN CNG: Hires Archer & Greiner as Legal Counsel TNR TRANSIT: Seeks Chapter 7 Bankruptcy in Colorado TOG HOTELS: Seeks to Extend Plan Exclusivity to November 17 TRANSNET SOC: PIMCO Dynamic Marks ZAR$176.6MM Loan at 94% Off TRANSNET SOC: PIMCO Dynamic Marks ZAR$89.6MM Loan at 94% Off TRICOLOR AUTO: Ex-Worker Files Pre-Bankruptcy Layoffs Class Action TRUTANKLESS INC: Victor Mokuolu Raises Going Concern Doubt UNICORN BAY: PIMCO Dynamic Marks HKD$26.3 Loan at 87% Off UNICORN BAY: PIMCO Dynamic Marks HKD$332.1MM Loan at 87% Off UNICORN BAY: PIMCO Dynamic Marks HKD$99.5MM Loan at 87% Off UNIVERSAL DESIGN: Gets Interim OK to Use Cash Collateral VALYRIAN MACHINE: Gets Interim OK to Use Cash Collateral VERASTEM INC: Losses and Cash Needs Raise Going Concern Doubt VERITONE INC: Debt and Liquidity Strains Raise Going Concern Doubt WATERBRIDGE OPERATING: S&P Upgrades ICR to 'BB-', Outlook Stable WESTMORELAND COAL: PIMCO Dynamic Marks $7.2MM Loan at 61% Off WINDSTREAM SERVICES: Moody's Rates New $1.5BB First Lien Loan 'B2' WOOLSEY ROAD: Seeks Chapter 11 Bankruptcy in Mississippi WORLDWIDE MACHINERY: Seeks to Tap Stretto Inc. as Claims Agent ZOOZ POWER: Shareholders Approve $180M PIPE, Bitcoin Treasury Plan ********* ACLCP CINCINNATI: Employs Cross & Simon as Legal Counsel -------------------------------------------------------- ACLCP Cincinnati, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Cross & Simon, LLC to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) perform all necessary services as the Debtors' counsel in connection with these Chapter 11 cases; (b) take all necessary actions to protect and preserve the Debtors' rights during the pendency of these Chapter 11 cases; (c) represent the Debtors at hearings, meetings, and conferences on matters pertaining to the affairs of the Debtors as debtors-in-possession; and (d) perform all other necessary legal services. Cross & Simon, LLC will receive these hourly rates: $955 for Christopher P. Simon $840 for Kevin S. Mann $255 for paralegal Stephanie MacDonald The firm received prepetition retainers totaling $92,372.03 and currently holds a retainer balance of $9,254.50. Cross & Simon, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Christopher P. Simon, Esq. Kevin S. Mann, Esq. CROSS & SIMON, LLC 1105 North Market Street, Suite 901 Wilmington, DE 19801 Telephone: (302) 777-4200 E-mail: csimon@crosslaw.com kmann@crosslaw.com About ACLCP Cincinnati LLC ACLCP Cincinnati LLC and affiliates are U.S.-based real estate companies primarily engaged in owning and leasing commercial and residential properties in Ohio and Michigan. The companies operate properties in Cincinnati, Fort Gratiot, and Port Huron, including retail and mixed-use buildings. ACLCP Cincinnati LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11691) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by Kevin S. Mann, Esq. at CROSS & SIMON, LLC. AFM MATTRESS: Gets Final OK to Use Cash Collateral -------------------------------------------------- AFM Mattress Company, LLC received final approval from the U.S. Bankruptcy Court for the District of Delaware to use cash collateral. The final order authorized the Debtor to use cash collateral under the approved budget, subject to a 15% variance per category. Any use of cash collateral that does not conform to the budget must be approved in writing by Pontiac Bank, the Debtor's senior secured lender, and the official committee of unsecured creditors. As adequate protection, Pontiac Bank will be granted replacement liens and security interests on all assets of the Debtor (other than causes of action under the Bankruptcy Code), along with the authority to inspect books and records, appraise collateral and audit inventory. Adequate protection also includes regular payments as set forth in the budget. Meanwhile, Breakout Finance and HH Associates, LLC will also be granted security interests in and liens on similar terms, subordinate to Pontiac Bank but senior to most other claims. The final order and the Debtor's budget are available at https://is.gd/DUswu1 and https://shorturl.at/Devxg AFM Mattress Company LLC AFM Mattress Company LLC, doing business as American Mattress, a retail mattress company based in Elk Grove Village, Illinois. AFM Mattress Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11288) on July 6, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Maria Aprile Sawczuk, Esq., at Goldstein & Mcclintock, LLLP is the Debtor's legal counsel. Pontiac Bank, as senior secured lender, is represented by: Ronald Gellert, Esq. Gellert Seitz Busenkell & Brown LLC 1201 N. Orange Street, Suite 300 Wilmington, DE 19801 Telephone: (302) 425-5800 rgellert@gsbblaw.com ALL AMERICAN: Taps Andrew Yurasko of IHT Group as Financial Advisor ------------------------------------------------------------------- All American Holdings, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Andrew Yurasko, III, MBA, MPT, Chief Operating Officer of IHT Group, LLC, to serve as financial advisor. Mr. Yurasko and IHT Group, LLC will provide these services: (a) restructuring initiatives; (b) cash and liquidity management; (c) financial and operational reporting; (d) preparation of projections; and (e) such other services as requested by the Debtors and necessary to support the Debtors. IHT Group, LLC shall receive hourly fees ranging from $100 to $200 and reimbursement for actual and necessary expenses incurred. The Debtors have also agreed to provide IHT a $15,000 retainer. According to court filings, IHT Group, LLC does not represent or hold any interest adverse to the Debtors or to the estates with respect to the matters upon which it is to be engaged, and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Andrew Yurasko, III, MBA, MPT IHT GROUP, LLC 18848 US Hwy 441 #442 Mt. Dore, FL 32757 About All American Holdings LLC All American Holdings LLC is a limited liability company. All American Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02066) on April 1, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The Debtor is represented by Harry E. Riedel, Esq. at STICHTER, RIEDEL, BLAIN & POSTLER, P.A. ALLIED DEVCORP: Case Summary & Six Unsecured Creditors ------------------------------------------------------ Debtor: Allied DevCorp, LLC 8217 Clarks Branch Drive Raleigh, NC 27613 Business Description: Allied DevCorp LLC, based in Raleigh, North Carolina, owns the property at 153 W King St, Hillsborough, NC 27278, along with significant operational and furnishing assets used in the hotel business. The Company also holds 100% ownership of Colonial Inn Hillsborough, Inc., which leases the premises and operates The Colonial Inn as a boutique hotel with guest rooms, dining, and event spaces. Chapter 11 Petition Date: September 18, 2025 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 25-03652 Judge: Hon. Joseph N Callaway Debtor's Counsel: Joseph Z. Frost, Esq. BUCKMILLER & FROST, PLLC 4700 Six Forks Road, Suite 150 Raleigh, NC 27609 Tel: 919-296-5040 Fax: 919-890-0356 E-mail: jfrost@bbflawfirm.com Total Assets: $3,700,032 Total Liabilities: $4,655,943 The petition was signed by Philip J. Goatcher as manager. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4KSRKOY/Allied_DevCorp_LLC__ncebke-25-03652__0001.0.pdf?mcid=tGE4TAMA AMERICAN TRASH: Files Emergency Bid to Use Cash Collateral ---------------------------------------------------------- American Trash Management, Inc. asks the U.S. Bankruptcy Court for the Northern District of California, Oakland Division, for authority to use cash collateral and provide adequate protection. The Debtor's only general secured creditor is Fremont Bank, which holds a blanket lien on the Debtor's assets through a UCC-1 filing. The Debtor proposes to offer Fremont Bank adequate protection in exchange for using this cash collateral. This includes granting a post-petition replacement lien of equal value and priority to Fremont’s existing lien, making monthly cash payments of $5,600 to account for potential depreciation in collateral value, and limiting the use of funds to a detailed operational budget with a 15% variance allowed per line item. These measures are designed to ensure that Fremont Bank's position is not harmed during the reorganization process. A copy of the motion is available at https://urlcurt.com/u?l=yIz2FI from PacerMonitor.com. About American Trash Management Inc. American Trash Management, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30743) on September 15, 2025. In the petition signed by Scott Brown, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Stephen Finestone, Esq., at Finestone Hayes LLP, represents the Debtor as legal counsel. ANNALEE DOLLS: Seeks to Use Up to $541,338 in Cash Collateral ------------------------------------------------------------- Annalee Dolls, LLC asks the U.S. Bankruptcy Court for the District of New Hampshire for authority to use cash collateral for the period from October 1 to 31. The Debtor requests authorization to use up to $541,337.71 in cash collateral during this one-month period. This request is made pursuant to the terms outlined in the proposed order. A broad range of creditors and interested parties were notified, including Ally Bank, Customers Bank, On Deck Capital, Harvard Pilgrim Insurance, Uline, Libertas Funding, Oakwood Funding, Unique Funding, and various other vendors, insurers, legal representatives, and local governmental units like the Town of Meredith. Many of these creditors have potential interests in the estate or may be impacted by the use of cash collateral, particularly secured lenders or parties with UCC-1 financing statements on file. As a condition of use, the secured creditors will be granted adequate protection against any loss or diminution in the value of their collateral resulting from the Debtor's post-petition operations. This protection includes continued payment of real estate-related costs and insurance premiums, with secured parties named as loss payees. Additionally, replacement liens are granted to secured creditors to preserve their existing lien priority and scope and are deemed valid and perfected despite any non-bankruptcy law requirements. A copy of the motion is available at https://urlcurt.com/u?l=W9vsxl from PacerMonitor.com. A copy of the proposed order is available at https://urlcurt.com/u?l=o9d94M from PacerMonitor.com. About Annalee Dolls LLC Annalee Dolls, LLC is an American company known for its handcrafted felt dolls that embody holiday themes and whimsical charm. Founded in 1934, the business has become a staple of collectible Americana, with its headquarters and flagship store located in Meredith, New Hampshire. The company continues to attract visitors and collectors with its nostalgic products and scenic gift shop near Lake Winnipesaukee. Annalee Dolls sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10232) on April 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Kimberly Bacher handles the case. The Debtor is represented by William S. Gannon, Esq. at William S. Gannon, PLLC. ASHTON WOODS: S&P Affirms 'BB-' ICR, Outlook Stable --------------------------------------------------- S&P Global Ratings affirmed its 'BB-' issuer credit rating on Ashton Woods USA LLC and its 'BB-' issue-level rating on its existing senior unsecured notes. The recovery rating on the company's senior unsecured notes remains '3', indicating S&P's expectation for meaningful recovery (50%-70%; rounded estimate 65%) in the event of a payment default. S&P said, "The stable outlook reflects our forecast that Ashton's debt to EBITDA will remain between 3x and 4x for the next 12 months while its debt to capital trends toward the 35%-40% range. The company's ability to effectively manage costs and maintain pricing power, mitigating the impact of inflationary pressures on profitability will play a key role over the forecasted period. "Our forecasts on Ashton Woods USA LLC indicate EBITDA margins will decline to approximately 8%, which reflects our expectation of continued cost pressures from elevated expenses, continued use of incentives, and a soft housing market, resulting in debt to EBITDA of 3x-4x. "We expect margins will face constraints in the near term, primarily due to rising material costs, labor shortages, and increased competition. Our projections indicate adjusted gross margin will compress to 18.9% in fiscal-year 2026 from 21.0% in fiscal-year 2025. Consequently, we anticipate adjusted EBITDA margins will also moderate, declining to 7.9% in 2026 from 10.6% in 2025. These margin pressures will affect leverage metrics, with forecast debt/EBITDA increasing to 3x-4x in 2026 from 2.8x in 2025. Furthermore, we project the company's EBITDA/interest coverage ratio will remain 5x-6x in 2026. Although S&P Global Ratings-adjusted financial metrics are deteriorating, we deem the company's profile commensurate with other 'BB-'-rated peers." Ashton Woods has demonstrated consistent operational growth within the homebuilding sector, underpinned by strategic community expansion and competitive incentives. S&P said, "Our projections indicate a continued trajectory of growth, with the company anticipating an increase in community count to 196 communities in 2026 from 189 in 2025 representing a modest expansion of its geographic footprint. Concurrently, we forecast home closings to rise significantly to 11,054 in 2026 from 9,274 in 2025. Driving this increase was a higher monthly absorption rate, which we expect will rise to 4.7 in fiscal year 2026 from 4.1 in 2025, due to the company's continued focus on its Starlight brand, which focuses more on affordable homes with faster inventory turnover." With the entire industry facing volatile markets and cautious consumer behavior, the company's ability to deliver homes to its customers at quick-turnover rates has risen in importance as a risk reduction measure. This projected growth in closings translates to an approximate 19.4% increase year over year. However, the challenging macroeconomic environment poses risk to the housing sector and can influence future results. The broader macroeconomic environment presents a complex backdrop for the homebuilding industry. Affordability remains a significant challenge for potential homebuyers, driven by elevated home prices and persistent inflation. Mortgage rates, while having moderated to trailing-12-month lows, remain elevated compared with historical averages, further dampening demand. However, S&P Global economist forecast the average 30-year fixed mortgage rate to decline to 5.8% in 2026, affecting housing affordability in a positive manner. Subsequently, S&P Global economists' forecast a decrease in housing starts to 1.3 million from its previous forecast of 1.4 million albeit still considered healthy for an overall soft market. While the Federal Reserve's monetary policy decisions will continue to influence mortgage rates, the overall economic outlook remains hopeful. S&P said, "We anticipate near-term housing demand will remain subdued, although the underlying demographic trends-- such as the formation of new households--continue to support long-term demand. Furthermore, the ongoing shortage of housing supply in many markets is expected to provide some support for home prices. However, a potential slowdown in economic growth or a further increase in mortgage rates could negatively affect the housing market. Ashton Woods' geographic diversification, as the number 11 ranked national builder with a top 10 market share in seven of the top 10 established markets, mitigates some of the risks associated with regional economic downturns. Nevertheless, the company's performance will be closely tied to the overall health of the housing market and the ability of consumers to afford homeownership." S&P said, "The stable outlook reflects our forecast that Ashton Woods' debt to EBITDA will remain between 3x and 4x for the next 24 months as its debt to capital trends toward the 35%-40% range. "We could downgrade Ashton Woods in the next 12 months if its debt to EBITDA approaches 4x. This could occur if we anticipate the company's EBITDA will deteriorate below $270 million without a foreseeable recovery or its S&P Global Ratings-adjusted debt balance increases by more than 70% to greater than $1.7 billion." Although unlikely, S&P could raise its issuer credit rating on Ashton Woods to 'BB' in the next 12 months if: -- It continues to enhance the scale of its homebuilding operations while maintaining margins that compare favorably with those of its peers; and -- The company's debt to EBITDA approaches 2x, enabling it to absorb potentially weaker earnings amid a cyclical downturn. ASSEMBLY BIOSCIENCES: Limited Cash Raises Going Concern Doubt ------------------------------------------------------------- Assembly Biosciences, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended June 30, 2025, that there is substantial doubt about its ability to continue as a going concern within the next 12 months. The Company recorded net losses of $10.20 million and $11.15 million for the three months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and 2024, the Company reported a net loss of $19.02 million and $20.44 million, respectively. Liquidity and Going Concern: The Company has not derived any revenue from product sales to date and currently has no approved products. Once a product has been developed, it will need to be approved for sale by the U.S. Food and Drug Administration or an applicable foreign regulatory agency. Since the Company's initial public offering, operations have been financed through the sale of equity securities and payments related to collaboration agreements. The Company has incurred losses from operations since inception and expects to continue to incur substantial losses for the next several years as it continues its product development efforts. As of June 30, 2025, the Company held cash, cash equivalents and marketable securities of $75.0 million. Based on its current operating plans, the Company believes its existing cash and cash equivalents and marketable securities are not sufficient to fund operations beyond one year from the date these unaudited condensed consolidated financial statements are issued, and therefore, the Company has concluded there is substantial doubt about its ability to continue as a going concern. Management's plans to mitigate the conditions that raise substantial doubt about the Company's ability to continue as a going concern include seeking additional funding through public or private equity financings and potential payments from Gilead Sciences, Inc. (Gilead) under the Option, License and Collaboration Agreement (the Gilead Collaboration Agreement) (see Note 8 - Collaboration Agreement). However, the Company cannot assure funding will be available on reasonable terms, if at all. Market volatility, inflation or other factors, such as tariffs, trade wars, barriers or restrictions, or threats of such actions and the related uncertainty thereof, could also adversely impact the Company's ability to access capital when and as needed. Additionally, the Company may not be successful in the Gilead Collaboration Agreement due to various other factors, including the Company's ability to demonstrate proof of concept in one or more clinical studies so that Gilead will exercise its option to these programs. In addition, even if the Company demonstrates clinical proof of concept of its candidates, Gilead may choose not to exercise its options. The Company may obtain additional funding it requires through debt financing; however, the availability and amount of such funding is not certain. Additionally, if debt financing is available, it may involve agreements that include covenants limiting or restricting the Company's ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. If the Company is unable to secure additional sources of funding, it could be forced to reduce staff, delay, scale back or discontinue product development and clinical studies, forego business opportunities, cease operations entirely and sell, or otherwise transfer, all or substantially all of its remaining assets, which would likely have a material adverse impact on its business, results of operations, financial condition and share price. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/2nbanw3b About Assembly Biosciences San Francisco, Calif.-based Assembly Biosciences, Inc. (together with its subsidiaries, Assembly or the Company), incorporated in Delaware in October 2005, is a biotechnology company developing innovative therapeutics targeting serious viral diseases with the potential to improve the lives of patients worldwide. As of June 30, 2025, the Company had $80.78 million in total assets, $62.68 million in total liabilities, and $18.10 million in total stockholders' equity. ASSURE AFFORDABLE: Gets Final OK to Use Cash Collateral ------------------------------------------------------- Assure Affordable Homes, Inc. received final approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to use cash collateral to fund operations. The final order authorized the Debtor to use cash collateral through December in accordance with its budget, subject to a 10% variance. The U.S. Small Business Administration and Credibly hold liens on all assets of the Debtor for financing working capital for the Debtor. Other creditors with valid claims against the Debtor are Penrod Faust, LLC and Schaefer Apartment Holdings, LLC. As adequate protection, the final order authorized the monthly payments of $322 and $863.22 to SBA and Credibly, respectively. It also authorized payments of $15,000 to Penrod and $20,000 to Schaefer this month. As further protection, SBA will be granted replacement liens on all collateral secured by applicable pre-bankruptcy loan documents, with the same priority as before. If real property is sold, SBA's lien will attach to the sale proceeds. The collateral securing the replacement liens does not include Chapter 5 causes of action. Noncompliance by the Debtor with the final order and failure to cure the default could lead to dismissal of its Chapter 11 case. Moreover, the automatic stay with respect to Penrod's and Schaefer's collateral terminates on October 7, unless otherwise ordered by the court. About Assure Affordable Homes Assure Affordable Homes Inc. specializes in third-party real estate management and provides professional property appraisal services. Assure Affordable Homes Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-47953) on August 7, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mark A. Randon handles the case. The Debtor is represented by Alexander J. Berry-Santoro, Esq., at Maxwell Dunn, PLC. AZUL SA: Speeds Up Network, Simplifies Fleet to Exit Ch. 11 ----------------------------------------------------------- Alexander Mitchell of Simple Living reports that Azul Linhas Aereas, which has been under Chapter 11 bankruptcy protection since May 2025, is moving aggressively to simplify both its fleet and network in a bid to emerge from restructuring by early 2026. The Brazilian airline plans to return additional aircraft -- mainly first-generation Embraer E195s -- bringing its fleet reduction to about 35%. With a fleet of 186 aircraft at the end of the second quarter, Azul notes that the targeted planes were already out of service, minimizing the impact on customers while cutting costs tied to leasing and maintenance, according to the report. On the network side, Azul has already exited more than 15 cities and intends to eliminate over 50 routes to concentrate capacity on higher-margin markets and higher-fare travelers. Its restructuring plan aims to reduce more than $2 billion in debt, secure $1.6 billion in financing, and raise up to $950 million in new equity with support from American Airlines and United Airlines. The airline is also finalizing a $1 billion savings agreement with AerCap, one of the world's largest aircraft lessors, as part of its broader effort to strengthen liquidity and financial flexibility, according to Simple Living. By shrinking and modernizing its fleet, Azul expects to improve efficiency, reliability, and overall profitability while positioning itself for a leaner future. The trade-off, however, is reduced connectivity and potential market share losses in routes overlapping with competitors such as LATAM and GOL. Still, Azul has emphasized that the Chapter 11 process is enabling it to "effectively transform its business and simplify its balance sheet." Investors and creditors now expect disciplined cost control and a focus on high-yield traffic as the company works toward a sustainable recovery, the report states. About Azul S.A. Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The Committee retained Willkie Farr & Gallagher LLP as its counsel, Alvarez & Marsal North America, LLC, as its financial advisor, Houlihan Lokey Capital, Inc., as its investment banker. BIG LOTS: Seeks to Extend Plan Exclusivity to January 2, 2026 ------------------------------------------------------------- Big Lots, Inc., and certain of its affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 2, 2026 and March 6, 2026, respectively. Based on a weighing of the relevant factors, there is more than sufficient cause to approve the requested extension of the Exclusive Periods: * These Chapter 11 Cases Are Large and Complex. These Chapter 11 Cases involve 19 debtor-affiliate entities. At the outset of these Chapter 11 Cases, the Debtors operated approximately 1,300 stores and employed over 27,000 employees. Moreover, the Debtors have a wide variety of parties in interest, including various vendors, customers, and landlords, many of whom have been active in these Chapter 11 Cases. * Additional Time is Necessary. The Debtors seek to protect their exclusive ability to propose a chapter 11 plan to avoid the costs and distraction associated with addressing any plans filed by third parties and to advance the goal of achieving an efficient and value-preserving conclusion to these Chapter 11 Cases. * The Chapter 11 Cases Have Been Pending for Approximately One Year. The requested extension of the Exclusive Periods is the fourth such request made in these Chapter 11 Cases and comes approximately one year after the Petition Date. During this time, the Debtors have made significant progress towards determining, in conjunction with the Committee, the most value-maximizing path forward in these Chapter 11 Cases, whether that be through a Plan, dismissal, or conversion. An extension of the Exclusive Periods would allow the Debtors to continue to build on the significant progress made thus far and facilitate an efficient wind-down of the Debtors' estates. * An Extension Will Not Prejudice Creditors. The Debtors are not seeking an extension of the Exclusive Periods to pressure or otherwise prejudice any of their creditors. Rather, the Debtors assert that avoiding the expense of a party proposing a Plan will inure to the benefit of creditors by saving estate resources. * The Debtors Have Continued to Pay Post-Closing Operating Expenses. In accordance with the GBRP APA and the GBRP Sale Order, the Debtors or GBRP (as applicable) have continued to pay all of their undisputed post-January 3, 2025 administrative expenses in the ordinary course of business or as otherwise provided by an order of the Court. Counsel to the Debtors: Robert J. Dehney, Sr., Esq. Sophie Rogers Churchill, Esq. Andrew R. Remming, Esq. Tamara K. Mann, Esq. Casey B. Sawyer, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market Street, 16th Floor Wilmington, DE 19801 Tel: (302) 658-9200 Email: rdehney@morrisnichols.com aremming@morrisnichols.com tmann@morrisnichols.com srchurchill@morrisnichols.com csawyer@morrisnichols.com - and - Brian M. Resnick, Esq. Adam L. Shpeen, Esq. Stephen D. Piraino, Esq. Ethan Stern, Esq. DAVIS POLK & WARDWELL LLP 450 Lexington Avenue New York, NY 10017 Tel: (212) 450-4000 Email: brian.resnick@davispolk.com adam.shpeen@davispolk.com stephen.piraino@davispolk.com ethan.stern@davispolk.com 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. BIG STORM BREWERY: Cash Collateral Hearing Set for Sept. 24 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, is set to hold a hearing on September 24 to consider another extension of Big Storm Brewery, LLC's authority to use cash collateral. The Debtor's authority to access cash collateral pursuant to the court's September 12 interim order expires on September 24. The interim order authorized the Debtor to utilize cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditors, including Briar Capital Real Estate Fund, LLC, the U.S. Small Business Administration, and The Center for Special Needs Trust Administration, Inc. The budget shows total operational expenses of $40,062 for the period from September 5 to 26. Each creditor with a security interest in the cash collateral will have a perfected post-petition lien on the cash collateral, with the same validity, priority and extent as its pre-bankruptcy lien. As further protection, the Debtor was ordered to keep its property insured in accordance with its loan agreements with the secured creditors. About Big Storm Brewery Big Storm Brewery, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04026) on June 16, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Roberta A. Colton oversees the case. Jake C. Blanchard, Esq., at Blanchard Law, P.A. is the Debtor's bankruptcy counsel. Briar Capital Real Estate Fund, LLC, as secured creditor, is represented by: Zachary J. Bancroft, Esq. Baker, Donelson, Bearman, Caldwell & Berkowitz, PC 200 South Orange Avenue, Suite 2050 Orlando, FL 32801 Telephone: (407) 422-6600 zbancroft@bakerdonelson.com achentnik@bakerdonelson.com bkcts@bakerdonelson.com BION ENVIRONMENTAL: Trims Capital Structure in 8.1M Share Deal -------------------------------------------------------------- Bion Environmental Technologies, Inc. said in a press release holders will surrender obligations and securities that could have increased the Company's outstanding shares by up to 22.9 million if fully converted or exercised, resulting in a roughly 14.4 million reduction in its fully diluted share count. The holders will receive, in aggregate, 8,101,746 shares of common stock. The exchange simplifies the Company's capital structure by eliminating legacy convertible obligations, deferred compensation, warrants, and options while issuing substantially fewer shares to holders. The settlements involved two affiliates of the Company -- Danielle Lominy and Christopher Parlow, family members of the late Dominic Bassani, Bion's former CEO -- and three non-affiliates of the Company -- Dominic Bassani's spouse, Mark A. Smith, previously a director and president, and Edward Schafer, previously a director. The transactions were effective Sept. 15, 2025, pending formal documentation and execution. The shares will be issued on Jan. 15, 2026, or earlier upon the election of the individual holders. When the formal agreements are executed and ratified by the Board, they will be attached as an exhibit to a SEC Form 8-K that will be filed by Bion. The current Bassani family and Smith settlements come on top of an April 2024 Giveback Agreement, under which they surrendered instruments for 6,187,500 shares and 2,500,000 shares, respectively. In addition to the settlements, 1,321,000 warrants that were set to expire on Sept. 15, 2025, were not extended. They were exercised under their cashless exercise provisions, resulting in the issuance of 209,816 shares. This further reduces the Company's fully-diluted shares by 1,111,184 shares. Craig Scott, Bion's CEO, said, "When new leadership came in, our goal from day one was to simplify Bion, both in its goals and structure, and to maximize transparency. Our entry into commercialization has been very encouraging and we have begun a new phase: it is time to identify and choose our strategic partners and projects. It is mission-critical to clean up our capital structure and remove any barriers to establishing those relationships. "We appreciate that these holders acknowledged the Company's legacy capital structure problems and helped us solve them. Since April 2024, we've now pulled back more than 24 million shares from our fully-diluted share count, and we've eliminated the complicated and toxic overhang that made it so difficult to understand our potential value and how it could be affected by them." About Bion Environmental Bion Environmental Technologies Inc., incorporated in Colorado in 1987, develops and deploys technology aimed at making large-scale livestock production more sustainable and resource-efficient. The Company's patented Gen3Tech platform provides waste treatment and nutrient recovery systems for concentrated animal feeding operations, with applications focused on the beef industry, where it also seeks to establish ventures to supply sustainable beef products alongside environmentally friendly coproducts. Bion's technology addresses water and air quality issues tied to nutrient runoff and emissions from industrial livestock operations. In its audit report dated Sept. 30, 2024, Haynie & Company issued a "going concern" qualification citing that the Company has yet to generate any revenue and has suffered recurring losses from operations. These factors raise substantial doubt about its ability to continue as a going concern. The Company does not anticipate generating sufficient revenues to offset operating and capital costs for a minimum of two to five years. The Company said while there are no assurances that it will be successful in its efforts to develop and construct its Projects and market its Systems, it is certain that the Company will require substantial funding from external sources. As of March 31, 2025, Bion had $16,845 in total assets, $6.80 million in total liabilities, and a total deficit of $6.78 million. The net loss attributable to Bion's stockholders was $511,000 and $538,000 for the three months ended March 31, 2025 and 2024, respectively. BLINK CHARGING: Financial Challenges Raise Going Concern Doubt -------------------------------------------------------------- Blink Charging Co. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended June 30, 2025, that there is substantial doubt about its ability to continue as a going concern within the next 12 months. The Company recorded net losses of $31.96 million and $20.06 million for the three months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and 2024, the Company reported net losses of $52.67 million and $37.23 million, respectively. As of June 30, 2025, the Company had cash and cash equivalents of $25.32 million and working capital of $40.49 million. During the six months ended June 30, 2025, the Company used cash in operating activities of $28.52 million. The Company has not yet achieved profitability and expects to continue to incur cash outflows from operations. Absent a near-term capital infusion or significant improvement in cash flow provided by operations, the Company expects that its current cash and net working capital resources will be insufficient to fund future operations, and the need for additional funding to support its planned operations raises substantial doubt regarding the Company's ability to continue as a going concern for a period of at least one year from the time the condensed consolidated financial statements are issued. Historically, the Company has been able to raise funds to support its business operations. During the six months ended June 30, 2025, the Company sold an aggregate of 681,330 shares of common stock under an "at-the-market" equity offering program for aggregate gross proceeds of $909 thousand, less issuance costs of $18 thousand, which were recorded as a reduction to additional paid-in capital. The Company is required to file a Form S-1 to issue new equity and raise proceeds in the future. Management is actively evaluating strategic alternatives, including additional cost-reduction initiatives, asset sales, and potential restructuring or fundraising opportunities. However, there can be no assurance that any of these efforts will result in additional liquidity or resolve the Company's current financial challenges. There is also no assurance that the amount of funds the Company might raise will enable the Company to complete its development initiatives or attain profitable operations. Lastly, there can be no assurances that these other initiatives will be achieved. Therefore, the Company has concluded that management's plans do not alleviate the substantial doubt about Company's ability to continue as a going concern within the next 12 months. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/bdzkkeb6 About Blink Charging Blink Charging Co., through its wholly-owned subsidiaries, is an owner, operator and provider of electric vehicle charging equipment and networked EV charging services in the rapidly growing U.S. and international markets for EVs. Blink offers residential and commercial EV charging equipment and services, enabling EV drivers to recharge at various location types. As of June 30, 2025, the Company had $168.42 million in total assets, $97.67 million in total liabilities, and $70.75 million in total stockholders' equity. BOMBARDIER RECREATIONAL: Loan Reduction No Impact on Moody's CFR ---------------------------------------------------------------- Moody's Ratings says that Bombardier Recreational Products Inc.'s ("BRP") proposal to extend and reduce its $465 million senior secured term loan B1 to $265 million is credit positive and does not affect the company's ratings. The company's Ba1 corporate family rating, Ba1-PD probability of default rating, Baa1 rating on the senior secured revolving credit facility, Ba1 rating on the senior secured term loan B and SGL-1 speculative grade liquidity rating remain unchanged. The outlook is unchanged at stable. The term loan B1 extension to 2029 and 2031 (split between the term loan B2 and term loan B3) lengthens BRP's debt maturity and eliminates the early springing maturity covenant for the revolver, allowing full revolver access until 2029. In addition, the $200 million term loan B1 debt repayment with cash will lower BRP's debt/EBITDA from 3.5x to 3.2x (as of July 31, 2025), to fall below Moody's 3x downward rating trigger by fiscal 2026. BRP Inc., the holding company of Bombardier Recreational Products Inc., is headquartered in Valcourt, Quebec, Canada. The company is a global manufacturer and distributor of powersports vehicles, marine products and propulsion systems for boats, karts and recreation aircraft. BRP Inc. is publicly traded and 85.6% of the votes are controlled by Beaudier Group (owned by the Bombardier and Beaudoin families), Bain Capital Investors, LLC and Caisse de depot et placement du Quebec. BOWERS TRUCKING: Section 341(a) Meeting of Creditors on November 4 ------------------------------------------------------------------ On September 18, 2025, Bowers Trucking Inc. filed Chapter 11 protection in the Western District of Oklahoma. 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 November 4, 2025 at 02:30 PM telephonically with the following call in number 888-330-1716 and passcode 2164492. About Bowers Trucking Inc. Bowers Trucking Inc., d/b/a Bowers Trucking & Logistics, 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. Bowers Trucking Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-12884) on September 18 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Stephen J. Moriarty, Esq. at FELLERS, SNIDER ET AL. BOXLIGHT CORP: Switches Auditors to Cherry Bekaert for 2025 Audit ----------------------------------------------------------------- Boxlight Corporation said in a Securities and Exchange Commission filing that it dismissed Forvis Mazars, LLP as its independent registered public accounting firm, effective Sept. 17, 2025, with the decision made by the Company's Audit Committee. On the same day, the Audit Committee approved Cherry Bekaert LLP as the Company's new independent registered public accounting firm to audit its consolidated financial statements for the year ending Dec. 31, 2025. According to the Company, Forvis's audit reports on its consolidated financial statements for the fiscal years ended Dec. 31, 2023 and Dec. 31, 2024 did not contain an adverse opinion or disclaimer of opinion and were not qualified as to uncertainty, audit scope or accounting principles. Forvis's audit reports for the fiscal years ended Dec. 31, 2023 and Dec. 31, 2024 do, however, contain an expression of substantial doubt regarding the Company's ability to continue as a going concern. The Company further noted that during its last two fiscal years and the interim period through Sept. 17, 2025, there were no disagreements with Forvis regarding accounting principles, financial statement disclosure, or audit procedures that would have led Forvis to reference them in its audit reports, nor were there any reportable events under SEC rules. During the Company's two most recent fiscal years and the subsequent interim period through Sept. 5, 2025, neither the Company, nor anyone on its behalf, consulted Cherry Bekaert regarding (A) the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, and neither a written report nor oral advice was provided to the Company by Cherry Bekaert that Cherry Bekaert concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing, or financial reporting issue, or (B) any matter that was either the subject of a disagreement or a reportable event. About Boxlight Corp Boxlight Corporation, based in Duluth, Georgia, develops, sells, and services interactive technology solutions primarily for the education sector, with additional offerings for corporate and government clients. The Company designs, produces, and distributes interactive and non-interactive flat-panel displays, LED video walls, classroom audio systems, cameras, peripherals, STEM products, and software integrated into a classroom suite for learning, assessment, and collaboration. Boxlight sells its products through over 1,000 global reseller partners, reaching more than 1.5 million classrooms and meeting spaces in over 70 countries. In its audit report dated March 28, 2025, Forvis Mazars, LLP issued a "going concern" qualification citing that the Company has identified certain conditions relating to its outstanding debt and Series B and C Preferred Stock that are outside the control of the Company. In addition, the Company has generated recent losses. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. The Company's Term Loan, which has an outstanding balance of $39.0 million as of June 30, 2025, matures on Dec. 31, 2025. As of June 30, 2025, the Company's short-term debt will mature within the six months. The Company said it is seeking to refinance its debt with new lenders but noted there is no guarantee the effort will succeed before the Term Loan matures, at which point all amounts will be due. As of June 30, 2025, the Company had cash and cash equivalents of $7.6 million, a working capital balance of ($0.5) million, and a current ratio of 0.99. Boxlight reported total assets of $99.20 million, total liabilities of $91.32 million, total mezzanine equity of $28.51 million, and a total stockholders' deficit of $20.63 million. BROADWAY REALTY: Seeks to Extend Plan Exclusivity to December 15 ---------------------------------------------------------------- Broadway Realty I Co., LLC and its debtor affiliates asked the U.S. Bankruptcy Court for the Southern District of New York to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 15, 2025 and February 17, 2026, respectively. The Debtors explain that they negotiated for the consensual use of cash collateral to fund a robust and comprehensive sale and refinancing marketing process to maximize value for the estates and their creditors. The terms of the final cash collateral agreement between the Debtors and Flagstar are set forth in the proposed final cash collateral order (the "Final Cash Collateral Order"), which authorizes the Debtors to use cash collateral through and including February 17, 2026. The extensions requested by this Motion are consistent with the milestones in the Final Cash Collateral Order. The Debtors claim that now that a longer-term consensual arrangement with their secured lender has been obtained, the companies can shift their focus to the sale and refinancing marketing process to maximize value for the estates and their stakeholders and move forward with pursing confirmation of one or more chapter 11 plans. The Debtors should be afforded the additional time that is necessary to conduct the sale and refinancing marketing process and seek to achieve these goals. The Debtors assert that as explained in the First Day Declaration, their business and capital structure, together with their parent company and its other non-Debtor subsidiaries, is complex. Each Debtor is individually party to consolidated mortgage agreements with Flagstar, with the Debtors' aggregate indebtedness as of the Petition Date totaling approximately $564 million. Accordingly, the Debtors are part of a large, complex corporate enterprise. The Debtors further assert that their relationship with their stakeholders, including Flagstar and its professionals, has been transparent, cooperative, and constructive. The Debtors' conduct in these chapter 11 cases demonstrates the Debtors are acting in a prudent and transparent manner and are not seeking these extensions to artificially delay the administration of these chapter 11 cases. Proposed Attorneys for the Debtors: Gary T. Holtzer, Esq. Garrett A. Fail, Esq. Matthew P. Goren, Esq. Philip L. DiDonato, Esq. Weil, Gotshal & Manges LLP 767 Fifth Avenue New York, NY 10153 Tel: (212) 310-8000 Fax: (212) 310-8007 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. Nicholas A. Bassett, Esq. PAUL HASTINGS LLP 200 Park Avenue New York, New York 10166 Telephone: (212) 318-6000 Facsimile: (212) 319-4090 Emails: harveystrickon@paulhastings.com brettlawrence@paulhastings.com justinrawlins@paulhastings.com nicholasbassett@paulhastings.com CALTIER FUND: DBBMcKennon Raises Going Concern Doubt ---------------------------------------------------- CalTier Fund I, LP (the "Partnership") disclosed in a Form 1-K Report filed with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2024, that its auditor, DBBMcKennon, expressed substantial doubt about the Company's ability to continue as a going concern. San Diego, Calif.-based DBBMcKennon, issued a "going concern" qualification in its report dated June 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Partnership has sustained losses and used capital from inception and has raised capital to Partnership operations. These factors, among others, raise substantial doubt about the Partnership's ability to continue as a going concern. The Partnership has not generated profits since inception, has sustained net losses of $641,986 and $1,297,951 for the years ended December 31, 2024 and 2023, respectively, and has incurred negative cash flows from operations for the years then ended. The Partnership's cash balance and revenues generated are not currently sufficient and cannot be projected to cover its operating expenses and obligations for the next 12 months from the date of these financial statements. These factors among others raise substantial doubt about the Partnership's ability to continue as a going concern for a reasonable period of time. The Partnership's ability to continue as a going concern is dependent upon its ability to obtain the necessary financing and generate future profitable operations to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has in the past, and is expected to in the future, arrange additional equity or debt financing and grow revenues that may assist in addressing these issues. No assurance can be given that management's actions will result in additional financing or profitable operations or the resolution of its liquidity problems. A full-text copy of the Company's Form 1-K is available at: https://tinyurl.com/3a3rmwvu About CalTier Fund I The CalTier Fund I, LP is a Delaware limited partnership formed on January 23, 2019 to invest primarily in multi-family real estate properties in the United States. The company is externally managed by its General Partner, CalTier Inc. (formerly CalTier Realty, LLC) a Delaware corporation. The General Partner was formed in 2017 to be a fund management and real estate acquisition company focusing on opportunities throughout the United States. CalTier Inc.'s focus is to safely bring international capital from ultra-high wealth individuals, family offices, and institutional partners into the United States alongside United States accredited and non-accredited investors and deploy funds into high yield real estate acquisitions. CalTier Inc. has been created by a group of professionals, all successful in their own fields, to take advantage of a unique moment in time within the global economy, foreign direct investment and U.S. real estate market. We believe that CalTier Inc. has extensive relationships across the United States with those who have access to real estate opportunities, including off-market real estate, that fit the company's target investment criteria. As of December 31, 2024, the Company had $5,340,575 in total assets, $2,942,256 in total liabilities, $11,165 in non-controlling interests and $2,387,154 in partners' capital. CENTRAL PARENT: PIMCO Dynamic Marks $14MM Loan at 16% Off --------------------------------------------------------- PIMCO Dynamic Income Opportunities Fund has marked its $14,025,000 loan extended to Central Parent, Inc. to market at $11,746,000 or 84% of the outstanding amount, according to PDO's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. PDO is a participant in a Loan to Central Parent, Inc. The loan accrues interest at a rate of 7.54% 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 Opportunities 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 $7MM Loan at 16% Off -------------------------------------------------------- PIMCO Dynamic Income Strategy Fund (PDX) has marked its $7,059,000 loan extended to Central Parent, Inc. to market at $5,913,000 or 84% of the outstanding amount, according to PDX's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. PDX 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. PDX 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 PPIMCO Dynamic Income Strategy 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. CHAMBER INC: Case Summary & Largest Unsecured Creditors ------------------------------------------------------- Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Chamber Inc. 25-33651 3824 Hughes Avenue Culver City CA 90232 Ivy Holdings Inc. 25-80482 3824 Hughes Avenue Culver City CA 90232 Ivy Intermediate Holding Inc. 25-80483 3824 Hughes Avenue Culver City CA 90232 Business Description: Chamber Inc., Ivy Holdings Inc., and Ivy Intermediate Holding Inc. are Culver City, Calif.-based holding companies that act as parent entities for a network of hospital and physician-related subsidiaries. Their affiliates include hospital operators, overseen by Prospect Medical Holdings, Inc. and related entities, delivering acute care and behavioral health services in California, Connecticut, Pennsylvania, and Rhode Island, as well as physician-focused service providers, managed by PHP Holdings, LLC and associated entities, encompassing medical groups, independent physician associations, and managed services organizations. The holding companies themselves do not conduct operations or hold significant assets or liabilities, serving primarily to manage and coordinate the subsidiaries' activities. Chapter 11 Petition Date: September 19, 2025 Court: United States Bankruptcy Court Northern District of Texas Debtors' General Bankruptcy Counsel: Thomas R. Califano, Esq. SIDLEY AUSTIN LLP 2021 McKinney Avenue, Suite 2000 Dallas TX 75201 Tel: (214) 981-3300 Email: tom.califano@sidley.com Debtors' Financial Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC Debtors' Claims, Noticing & Solicitation Agent: OMNI AGENT SOLUTIONS, INC. Each Debtor's Estimated Assets: $0 to $50,000 Each Debtor's Estimated Liabilities: $0 to $50,000 The petitions were signed by Paul Rundell as chief restructuring officer. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/MA2H7MA/Chamber_Inc__txnbke-25-33651__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/WZMDXFQ/Ivy_Holdings_Inc__txnbke-25-80482__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/7NH5QIY/Ivy_Intermediate_Holding_Inc__txnbke-25-80483__0001.0.pdf?mcid=tGE4TAMA Joint Administration Sought The Debtors request that their chapter 11 cases be jointly administered with the lead case of Prospect Medical Holdings, Inc., et al. (Bankr. N.D. Tex. Lead Case No. 25-80002). CHARLES & COLVARD: Liquidity Concerns Raise Going Concern Doubt --------------------------------------------------------------- Charles & Colvard, Ltd. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended March 31, 2025, that there is substantial doubt about its ability to continue as a going concern within the next 12 months. The Company concluded that its existing cash and cash equivalents and availability of other resources combined will not be sufficient to meet working capital and capital expenditure needs over the next 12 months, and therefore, there is substantial doubt about the Company's ability to continue as a going concern within one year from the issuance of our condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. Operating Activities and Cash Flows: "We require cash to fund our operating expenses and working capital requirements, including outlays for capital expenditures. As of March 31, 2025, our principal sources of liquidity were cash and cash equivalents totaling $1.26 million, trade accounts receivable of $707,000, and net current inventory of $5.95 million, as compared to cash and cash equivalents totaling $4.14 million, trade accounts receivable of $845,000, and net current inventory of $7.51 million as of June 30, 2024," the Company explained. "During the nine months ended March 31, 2025, our working capital decreased by approximately $5.13 million to $(440,000) from $4.69 million at June 30, 2024. As described more fully below, the decrease in working capital at March 31, 2025 is primarily attributable to: a net decrease in our cash, cash equivalents, and restricted cash; a decrease in our prepaid expenses and other assets; an increase in our accounts payable; and an increase in the current portion of our operating lease liabilities. These factors were offset partially by: an increase in our allocation of inventory from long-term to short-term due to a higher expected sell through of inventory on hand in the upcoming period; an increase in our accounts receivables; and a decrease in our accrued expenses and other liabilities. Our cash used for investing activities were principally used for the purchase of property and equipment." "During the nine months ended March 31, 2025, approximately $5.23 million of cash was used in our operations. The primary drivers of our use of cash were: a net loss in the amount of approximately $6.64 million; a $2.21 million decrease in accounts payables; and a decrease in accrued expenses and other liabilities of approximately $808,000. These factors were offset partially by: a decrease in inventory of approximately $2.97 million; a decrease in accounts receivable of approximately $52,000; non-cash expenditures of approximately $819,000; and a $594,000 decrease in prepaid expense and other assets." "From time to time, we have offered extended Traditional segment customer payment terms beyond 90 days to certain credit-worthy customers, the extension of which may not immediately increase liquidity as a result of ongoing current-period sales. In addition, we believe our competitors and other vendors in the wholesale jewelry industry have expanded their use of extended payment terms and, in aggregate, we believe that, through our use of extended payment terms, we provide a competitive response in our market during the current global economic environment. We believe that we are unable to estimate the impact of these actions on our net sales, but we believe that if we ceased providing extended payment terms, we would be at a competitive disadvantage for some Traditional segment customers in the marketplace during this economic period and our net sales and profits would likely be adversely impacted." "We manufactured approximately $578,000 and $1.09 million in loose jewels and $924,000 and $7.96 million in finished jewelry, which includes the cost of the loose jewels and the purchase of precious metals and labor in connection with jewelry production, during the nine months ended March 31, 2025 and 2024, respectively. We expect our purchases of precious metals and labor to fluctuate in conjunction with the levels of our finished jewelry business. In addition, the price of gold has fluctuated significantly over the past decade, resulting in higher retail price points for gold jewelry. Because the market prices of gold and other precious metals are beyond our control, upward price trends could have a negative impact on our operating cash flow as we manufacture finished jewelry." "Historically, our raw material inventories of SiC crystals had been purchased under exclusive supply agreements with a limited number of suppliers. Because the supply agreements restricted the sale of these crystals exclusively to us, the suppliers negotiated minimum purchase commitments with us that, when combined with reduced sales levels during prior periods in which the purchase commitments were in effect, have resulted in levels of inventories that are higher than we might otherwise maintain. As of March 31, 2025 and June 30, 2024, $16.01 million and $17.42 million of our inventories were classified as long-term assets, respectively." For the nine months ended March 31, 2025, the Company had losses of $6.64 million and cash flow used in operations of $5.23 million. These factors and the recent Wolfspeed arbitration award and related settlement agreement of $4.77 million raise substantial doubt about the Company's ability to continue as a going concern within one year from the date the financial statements are issued. The Company's management is continuing to work on plans to fund operations to alleviate the conditions that raise substantial doubt by evaluating its financing arrangements, implementing cost savings actions to reduce cash outflow, and evaluating the liquidation of certain inventories, if needed. However, there can be no assurance that these plans will be successful or that additional financing will be available on terms acceptable to the Company. In view of these matters, continuation as a going concern is dependent upon continued operations of the Company, which in turn is dependent upon the Company's ability to meet its financial requirements and the success of its future operations. The financial statements do not include any adjustments to the amount or the classification of assets and liabilities that may be necessary should the Company not continue as a going concern. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/5923fkvu About Charles & Colvard Ltd. Charles & Colvard, Ltd., a North Carolina corporation, was founded in 1995. The Company manufactures, markets, and distributes Charles & Colvard Created Moissanite and finished jewelry featuring moissanite, including Forever One, the Company's premium moissanite gemstone brand, for sale in the worldwide fine jewelry market. The Company also markets and distributes Caydia lab-grown diamonds and finished jewelry featuring lab grown diamonds and created color gems for sale in the worldwide fine jewelry market. As of March 31, 2025, the Company had $29.11 million in total assets, $10.02 million in total liabilities, and total stockholders' equity of $19.09 million. CHICAGO RIVET & MACHINE: Financial Woes Raise Going Concern Doubt ----------------------------------------------------------------- Chicago Rivet & Machine Co. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended June 30, 2025, that there is substantial doubt about its ability to continue as a going concern within the next 12 months. The Company evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date on which this Quarterly Report on Form 10-Q is filed. During 2024, the Company incurred significant recurring operating losses, primarily driven by continuous decline in revenues, recurring negative cash flows from operations and continued reduction in liquidity. The Company reported operating losses of $417,431 and operating income of $107,559 for the three months ended June 30, 2025 and 2024, respectively. The Company reported operating losses of $347,257 and $795,744 for the six months ended June 30, 2025 and 2024, respectively. The Company's liquid assets at June 30, 2025 consisted of cash and cash equivalents totaling $1,213,830. The Company's declining revenues, recurring operating losses and negative cash flows, and continued reduction in liquidity, raise substantial doubt about the Company's ability to continue as a going concern within one year after the issuance date of these financial statements. In response to these challenges, the Company has developed and begun implementing a series of strategic actions aimed at improving liquidity and ensuring business continuity. These actions include: (a) execution of the sale of Albia real estate in February 2025, which generated net cash proceeds of approximately $678,000, and the October 2024 consolidation of the Albia operations into the Tyrone manufacturing facility, enhancing economies of scale and contributing towards improved margins from cost reductions, (b) leveraging recently-added resources to the Company's sales team, and adding additional resources to the Company's sales team, to identify and execute on new sales opportunities and increase revenue. In addition, on May 1, 2025 the Company announced that Mr. James T. Tanner has joined the Company as its new Senior Vice President of Sales and Marketing, effective immediately. Mr. Tanner brings over 30 years of sales and leadership experience in manufacturing and spent over 10 years in the fastener industry, (c) entering into the new March 2025 Credit Agreement on March 6, 2025, consisting of a $2,500,000 revolving line of credit and a $500,000 non-revolving line of credit to finance operations. Subsequent to March 31, 2025, the Company borrowed $500,000 under its revolving line of credit to support working capital and general corporate purposes, and (d) evaluating other financing sources in addition to the March 2025 Credit Agreement, including exploring the potential for a real estate sale leaseback or similar transaction, or seeking to potentially raise additional capital. The Company will continue to seek to enhance its sales efforts to further improve revenue, improve operating efficiency and enhance liquidity. The Company believes that if it successfully implements the foregoing strategic actions, it will mitigate the factors giving rise to substantial doubt, however, there is no guarantee that the Company will successfully implement these strategic actions. As a result, there remains substantial doubt regarding the Company's ability to continue as a going concern. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/2s3m4ws7 About Chicago Rivet & Machine Co. Warrenville, Ill.-based Chicago Rivet & Machine Co. operates in the fastener industry in North America. It operates through Fasteners and Assembly Equipment. The Fastener segment manufactures and sells rivets, cold-formed fasteners and parts, and screw machine products.The Assembly Equipment segment engages in the manufacture and sale of automatic rivet setting machines, as well as parts and tools for related machines. It sells its products to automotive industry through independent sales representatives. As of June 30, 2025, the Company had $23.64 million in total assets, $3.66 million in total liabilities, and $19.98 million in total stockholders' equity. CHUNGA-JINGA LLC: Plan Exclusivity Period Extended to October 28 ---------------------------------------------------------------- Judge Nancy Hershey Lord of the U.S. Bankruptcy Court for the Eastern District of New York extended Chunga-Jinga LLC's exclusive period to file a plan of liquidation to October 28, 2025. As shared by Troubled Company Reporter, the Debtor is a New York Corporation engaged in business as the owner of a rental property located at 3042 Brighton Sixth St, Brooklyn, NY 11235 (the "Property"). The Debtor's ability to fund a Chapter 11 Plan is dependent upon the sale of the property. By order of the court dated July 17 2025, the debtor retained a real estate broker to market and sell the Property. The Property is currently listed for sale at $1.1 million. The debtor seeks the additional time to locate a buyer in order to effectuate a plan of liquidation. The debtor submits that no parties are prejudice by the additional time sought hereunder. To the contrary, the debtor believes that the estate will benefit from the additional time in order to maximize the value of the Property for the benefit of all creditors. Finally, to terminate the exclusive periods prematurely would be to deny the Debtor a meaningful opportunity to negotiate with creditors and propose a confirmable plan. This would be contrary to the overall purpose of the Chapter 11 process. Premature termination of the exclusive periods might force the Debtor to waste valuable time and efforts combating competing plans and result in increasing administrative expenses, all to the detriment of the estate, the creditors and other parties-in-interest. Chunga-Jinga LLC is represented by: Robert J. Spence, Esq. Spence Law Office, P.C. 55 Lumber Road, Suite 5 Roslyn, NY 11576 Tel: (516) 336-2060 Fax: (516) 605-2084 Email: rspence@spencelawpc.com About Chunga-Jinga LLC Chunga-Jinga LLC is a real estate management company based in Brooklyn, New York, primarily focused on owning and managing residential properties. Chunga-Jinga LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41417) on March 26, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Robert J. Spence, Esq. at SPENCE LAW OFFICE, P.C. CITGO PETROLEUM: Del. Court Denies Gold Reserve's Motion to Strike ------------------------------------------------------------------ Gold Reserve Ltd. announced that on September 18, 2025, Judge Leonard Stark of the U.S. District Court for the District of Delaware issued a decision denying Gold Reserve's Motion to Strike the Special Master's Notice of Superior Proposal and granting the Special Master's Request to Terminate Gold Reserve's Dalinar Energy SPA and Sign Elliott's Amber Energy SPA. Judge Stark stated that he viewed his ruling on the Request to Terminate as "entirely ministerial" and intended only to bring "the paperwork" of the SPA in-line with the current status of the Special Master's recommendation. Judge Stark confirmed that he was not reaching a decision on the merits of the ultimate question of what bid he would approve. The decision was delivered orally from the bench. Gold Reserve expects a written opinion and order to be issued shortly. As reported in the Troubled Company Reporter-Latin America on Sept. 3, 2025, Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of CITGO Petroleum Corp. (CITGO, or Opco) at 'B' with a Stable Outlook and CITGO Holding, Inc. (Holdco) at 'CCC+'. Fitch also affirmed Opco's existing senior secured notes and industrial revenue bonds at 'BB' with a Recovery Rating of 'RR1'. CLEARSIDE BIOMEDICAL: Financial Strain Raises Going Concern Doubt ----------------------------------------------------------------- Clearside Biomedical, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended June 30, 2025, that there is substantial doubt about its ability to continue as a going concern within the next 12 months. Clearside Biomedical, Inc. stated, "We have incurred net losses since our inception. In recent years, our operations have consisted primarily of conducting preclinical studies and clinical trials, raising capital and undertaking other research and development initiatives. To date, we have primarily generated revenue through upfront payments and milestone payments related to license agreements and from collaboration agreements, and we have primarily financed our operations through public offerings and private placements of our equity securities, issuance of warrants, issuances of convertible promissory notes and loan agreements. As of June 30, 2025, we had an accumulated deficit of $368.0 million. We recorded net losses of $4.5 million and $7.6 million for the three months ended June 30, 2025 and 2024, respectively, and net losses of $12.7 million and $19.4 million for the six months ended June 30, 2025 and 2024, respectively." "In July 2025, we announced plans to explore a full range of strategic alternatives to advance our SCS platform and drug development pipeline to maximize stockholder value. We have retained Piper Sandler, a leading investment bank with substantial experience in the biotechnology industry, to support us with the strategic evaluation process. Strategic alternatives under consideration include the sale, license, monetization and/or divestiture of one or more of our assets and technologies, collaboration, partnership, merger, acquisition, joint ventures or other strategic transactions. If a strategic alternative is not available, we will be required to take additional actions to fund our operations, or we may be forced to file for bankruptcy or wind down our operations." "Based on our current plans and forecasted expenses and our cash and cash equivalents, we do not believe we will be able to fund our operations for the next 12 months from the date of this filing. These factors raise substantial doubt regarding our ability to continue as a going concern. Our consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result should we be unable to continue as a going concern." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yc7w7vc7 About Clearside Biomedical, Inc. Clearside Biomedical, Inc. is a biopharmaceutical company focused on revolutionizing the delivery of therapies to the back of the eye through the suprachoroidal space. Incorporated in the State of Delaware on May 26, 2011, the Company has its corporate headquarters in Alpharetta, Georgia. As of June 30, 2025, the Company had $15.33 million in total assets, $64.07 million in total liabilities, and $48.73 million in total stockholders' deficit. CRUZ TEC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------- Debtor: Cruz Tec, Inc. 12210 Ann Ln Houston, TX 77064-1202 Business Description: Cruz Tec, Inc., founded in 2001 and headquartered in Houston, Texas, is a trenchless utility contractor that provides engineering solutions including cured-in- place pipe (CIPP), pipe bursting, manhole rehabilitation, and protective coatings. The Company operates as a self-performing turnkey firm serving municipalities and utilities across Texas and the United States, with projects ranging in scale from small contracts to multimillion-dollar upgrades. Its work includes compliance- driven infrastructure rehabilitation, such as projects for the San Antonio Water System under a federal consent decree to repair and modernize sewer systems. Chapter 11 Petition Date: September 19, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-35537 Judge: Hon. Jeffrey P Norman Debtor's Counsel: Robert C Lane, Esq. THE LANE LAW FIRM 6200 Savoy Dr Ste 1150 Houston TX 77036-3369 Tel: (713) 595-8200 E-mail: notifications@lanelaw.com Total Assets: $2,392,423 Total Debts: $3,174,040 Andres Cruz signed the petition as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Y6F2WHA/CRUZ_TEC_INC__txsbke-25-35537__0001.0.pdf?mcid=tGE4TAMA CV SCIENCES: Extends $1.6 Million Promissory Note to Feb. 2027 -------------------------------------------------------------- CV Sciences, Inc. said in an SEC filing it agreed with an institutional investor to extend the maturity of a $1.6 million secured promissory note to Feb. 12, 2027, under an amended agreement. The Note, issued under the original Feb. 12, 2025, agreement, carried a $400,000 issuance discount, providing the Company with net proceeds of $1.2 million. CV Sciences also paid the investor $10,000 to cover legal fees. The revised monthly redemption schedule provides for payments of $106,666.67 of principal on each of the first three redemption dates, no principal redemption on the following six dates, and $106,666.67 of principal on each of the subsequent 12 redemption dates, in each case together with any accrued but unpaid interest. About CV Sciences CV Sciences Inc., based in San Diego, California, develops and sells hemp extract and other natural ingredient products through business-to-business and direct-to-consumer channels in the United States. The Company markets its products under the +PlusCBD brand, which is distributed at retail locations nationwide. CV Sciences manufactures and tests its products in line with regulatory and internal standards, and its +PlusCBD brand has obtained self-affirmed GRAS status. In its audit report dated March 27, 2025, Haskell & White LLP included a "going concern" qualification citing that the Company has experienced recurring operating losses, negative cash flows from operations, and has limited liquid resources. These matters raise substantial doubt about the Company's ability to continue as a going concern. CV Sciences reported total assets of $7.95 million, total liabilities of $6.15 million, and total stockholders' equity of $1.80 million as of June 30, 2025. The Company said management has implemented and continues to execute strategic cost reductions, including cuts to employee headcount, vendor spending, and certain drug development expenses, and may take additional operational measures if deemed necessary to support the business and shareholder interests. CYCLERION THERAPEUTICS: Narrows Net Loss to $324,000 in Fiscal Q2 ----------------------------------------------------------------- Cyclerion Therapeutics, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $324,000 for the three months ended June 30, 2025, compared to a net loss of $1.32 million for the three months ended June 30, 2024. Total revenue for the three months ended June 30, 2025, was $93,000, compared to no revenue for the same period in 2024. For the six months ended June 30, 2025, the Company reported a net loss of $1.75 million, compared to a net loss of $2.86 million for the same period in 2024. Total revenue for the six months ended June 30, 2025, was $174,000, compared to no revenue for the same period in 2024. As of June 30, 2025, the Company had $9.37 million in total assets, $800,000 in total liabilities, and $8.57 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4zphss9u About Cyclerion Therapeutics, Inc. Cyclerion Therapeutics, Inc. is a biopharmaceutical company focused on identifying, developing, and delivering promising therapies for central nervous system (CNS) diseases. Boston, Massachusetts-based Ernst & Young LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 4, 2025, citing that the Company has suffered recurring losses from operations, has limited financial resources, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. D LASSEN LLC: Seeks to Extend Plan Exclusivity to October 23 ------------------------------------------------------------ D Lassen LLC asked the U.S. Bankruptcy Court for the Northern District of California to extend its exclusivity periods to file a plan of reorganization October 23, 2025. The Debtor explains that its largest secured creditor is the State Bank of Texas (hereinafter "SBT"), who holds the senior lien against the Debtor's real property. The request for the extension will allow the Debtor to obtain an order valuing the real property in order to determine the nature and amount of SBT's secured claim, and also determine how numerous junior lienholders will be treated in a plan. The Debtor asserts that it is not seeking an exclusivity period to pressure any of its creditors to submit to Debtor's reorganization demands. State Bank of Texas has also filed a motion for relief in the case. The hearing on the motion for relief is scheduled for October 22, 2025. If the Debtor's motion to value the real property is granted and the real property is worth only $4,800,000, the Debtor will be more likely to propose a feasible plan, and may even be able to negotiate plan treatment with creditors. On the contrary, if the Debtor's motion to value is not successful, and SBT obtains relief from the automatic stay, the Debtor's case would likely get dismissed. An extension of the exclusivity period will permit Debtor to obtain finality with respect to the value of the real property, the amount which needs to be paid to SBT, and the treatment of lienholders who are junior to SBT. D Lassen LLC is represented by: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Blvd, 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: Michael.Berger@bankruptcypower.com About D Lassen LLC D Lassen, LLC operates the Super 8 Livermore motel and owns the property at 4673 Lassen Road, Livermore, California. The property is estimated to be worth $5.5 million. D Lassen sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-40887) on May 21, 2025. In its petition, the Debtor reported total assets of $5,630,234 and total liabilities of $112,331,714. Judge William J. Lafferty oversees the case. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger is the Debtor's bankruptcy counsel. State Bank of Texas is represented by: Christopher J. Conant, Esq. Hatch Ray Olsen Conant, LLC 730 17TH Street, Suite 200 Denver, CO 80202 Telephone: (303) 298-1800 cconant@hatchlawyers.com DIOCESE OF OAKLAND: Needs to Reach Settlement to Avoid Dismissal ---------------------------------------------------------------- Randi Love of Bloomberg Law reports that the judge and mediators overseeing the Oakland diocese bankruptcy warned attorneys that the case could be dismissed without resolving hundreds of sex abuse claims unless a settlement is reached. Mediation involving the diocese, its insurers, and a committee representing abuse survivors is scheduled for two days in early October. A prior restructuring plan from the diocese failed to gain support from claimants and insurers, the report states. About Roman Catholic Bishop Of Oakland The Roman Catholic Bishop of Oakland, a tax-exempt religious organization, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8, 2023. In the petition signed by Bishop Michael Charles Barber, the Debtor disclosed $100 million to $500 million in both assets and liabilities. Judge William J. Lafferty oversees the case. The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez & Marsal North America, LLC as restructuring advisor. Kurtzman Carson Consultants LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel; Burns Bair LLP as special insurance counsel; and Berkeley Research Group, LLC as financial advisor. DIXIE GROUP: Credit Facility Risks Raise Going Concern Doubt ------------------------------------------------------------ The Dixie Group, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended June 28, 2025, that there is substantial doubt about its ability to continue as a going concern within the next 12 months. The Company recorded net income of $1.16 million and $603 thousand for the three months ended June 28, 2025 and June 29, 2024, respectively. For the six months ended June 28, 2025 and June 29, 2024, the Company reported net losses of $537 thousand and $1.89 million, respectively. The Company has sustained net losses for the six month periods ended June 28, 2025 and June 29, 2024. Also, the Company's revolving credit facility requires a lockbox arrangement, which provides for all cash receipts to be swept daily to reduce the balance outstanding. This arrangement, combined with the existence of a "subjective acceleration clause" (as defined by U.S. GAAP) in the revolving credit facility, requires the balance on the revolving credit facility to be classified as a current liability. The "subjective acceleration clause" allows the lender to declare an event of default if there is a material adverse change in the Company's business or financial condition. Upon the occurrence of an event of default, the lender may, among other things, declare all obligations payable in full. The Company has $54,262 of outstanding indebtedness under its senior credit facility that is classified as current as of June 28, 2025. As of the date of these financial statements, the Company's existing cash and cash equivalents would not be sufficient to satisfy this debt in whole and meet the Company's operating needs for at least one year after the issuance of these financial statements. In the current period, the Company was in compliance with or has received waivers for all the applicable financial covenants. The Company's current forecast projects the Company may not be able to maintain compliance with certain of its financial covenants under its credit agreements in the next twelve months. Management's plans to stay in compliance with the defined covenants include implementing cost reductions to improve gross margins and the results of operations, pursuing potentially additional financing for certain assets, and obtaining waivers from lenders. While the Company has been able to obtain waivers in the past for such violations, it cannot be assured that such waivers will be obtained in the future. These conditions raise substantial doubt about the ability of the Company to continue as a going concern within one year after the date that the financial statements are issued. The Company's consolidated condensed financial statements do not include adjustments, if any, that may arise from the outcome of this uncertainty. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/39bhrv49 About Dixie Group The Dixie Group, Inc. manufactures, markets, and sells floorcovering products to residential customers in North America and internationally. The company offers residential carpets, custom rugs, and engineered wood products under the Fabrica brand for interior decorators and designers, selected retailers and furniture stores, luxury home builders, and manufacturers of luxury motor coaches and yachts; and specialty carpets and rugs for the high-end residential marketplace, as well as luxury vinyl flooring products and broadloom carpet products under the Masland Residential brand name through the interior design community and specialty floorcovering retailers. It provides residential tufted broadloom carpets and rugs to selected retailers and home centers under the DH floors and private label brands, as well as luxury vinyl flooring products to the marketplace it serves. The company was founded in 1920 and is based in Dalton, Georgia. As of June 28, 2025, the Company had $188.38 million in total assets, $172.58 million in total liabilities, and $15.81 million in total stockholders' equity. DORMIFY INC: Seeks to Extend Plan Exclusivity to November 18 ------------------------------------------------------------ Dormify, Inc., asked the U.S. Bankruptcy Court for the District of Delaware to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to November 18, 2025 and January 19, 2026, respectively. The Debtor explains that it is currently undertaking activities that will return funds to the estate, such as investigating and pursuing preferential or fraudulent transfer issues, which are expected to augment estate funds, as well as continuing to investigate a sale of certain assets. However, proposing a chapter 11 plan before these activities can be completed would be premature and would not allow sufficient time to successfully secure these funds for the estate, which is necessary to determine the amount of recovery to creditors under a chapter 11 plan. The Debtor claims that the extension of the Exclusive Periods will afford the Debtor time to augment the estate via the activities. For that reason, the extension of the Exclusive Periods will not harm parties in interest but rather will benefit parties in interest as the Debtor coordinates with those parties to propose a feasible chapter 11 plan, fully developing the grounds upon which such plan can be based. Accordingly, the Debtor should be afforded a full and fair opportunity to propose, negotiate, and seek acceptance of a chapter 11 plan. The Debtor believes that the requested extension of the Exclusive Periods is warranted and appropriate under the circumstances. The Debtor submits that the requested extension is realistic and necessary, will not prejudice the legitimate interests of creditors and other parties in interest, and will afford the Debtor a meaningful opportunity to pursue a consensual plan, all as contemplated by chapter 11 of the Bankruptcy Code. Dormify, Inc., is represented by: GOLDSTEIN & MCCLINTOCK LLLP Maria Aprile Sawczuk, Esq. 501 Silverside Road, Suite 65 Wilmington, DE 19809 Telephone: (302) 444-6710 Email: marias@goldmclaw.com - and - Harley J. Goldstein, Esq. Ainsley G. Moloney, Esq. Joshua M. Grenard, Esq. William H. Thomas, Esq. 111 W. Washington Street, Suite 1221 Chicago, IL 60602 Telephone: (312) 337-7700 Email: harleyg@goldmclaw.com ainsleyg@goldmclaw.com joshuag@goldmclaw.com willt@goldmcl About Dormify Inc. Dormify, Inc., filed a Chapter 11 petition (Bankr. D. Del. Case No. 24-12634) on Nov. 18, 2024, with $1 million to $10 million in assets and $10 million to $50 million in liabilities. Judge Thomas M. Horan oversees the case. The Debtor tapped Goldstein & McClintock, LLLP, as counsel and B. Riley Advisory Services as financial advisor. Reliable Companies is the Debtor's claims and noticing agent. EAST HARLEM: S&P Affirms 'BB' LT Rating on 2022 Revenue Bonds ------------------------------------------------------------- S&P Global Ratings revised the outlook to negative from stable and affirmed its 'BB' long-term rating on Build NYC Resource Corp.'s series 2022 revenue bonds, issued for East Harlem Scholars HS LLC and East Harlem Center LLC (East Harlem HS LLC) on behalf of East Harlem Tutorial Program Inc. (EHTP). S&P said, "The outlook revision reflects our view of the school's weakened financial profile (including full-accrual operating deficits and lease-adjusted maximum annual debt service [MADS], coverage of less than 1x with expectations for similar results in fiscal 2025, primarily as a result of lower-than-expected enrollment growth targets), which if not improved or pressures our view of liquidity, could result in a lower rating. While management expects to remain in compliance with its debt and financial covenants, operating projections are slim through at least the near term, in our view. "We analyzed EHSA's environmental, social, and governance factors relative to the school's market position, financial performance, and liquidity. Data from S&P Global Sustainable1 demonstrates that EHSA, located in the New York City region, faces elevated physical risks due to coastal flooding and storm exposures compared with the rest of the U.S. given the school's proximity to service areas near the Atlantic Coast. We believe these severe storms and coastal flooding could be a material influence on our view of the school's creditworthiness. We expect coastal flooding exposure will rise over the next few years, which could introduce new challenges to existing infrastructure. Partially offsetting these risks are the primary student base and the location of facilities in more inland areas of the city, its newly built facility designed to withstand severe weather events, and flood insurance. Consequently, we consider the physical risk exposure neutral in our credit rating analysis. We also consider social and governance factors neutral in our credit rating analysis. "The negative outlook reflects our view that there is at least a one-in-three chance that we could lower the rating in the one-year outlook if EHSA misses its enrollment targets, if full-accrual margins do not improve closer to breakeven in fiscal 2026, resulting in lease adjusted MADS coverage that does not improve closer to 1x, or the liquidity position weakens. "We could lower the rating if EHSA does not meet enrollment projections such that the school experiences additional financial pressure resulting in lack of growth in lease-adjusted MADS coverage closer to 1x or a significant decline in liquidity. "We could revise the outlook to stable if the school meets expansion targets such that it demonstrates a trend of financial metrics commensurate with those of similarly rated peers, including 1x lease-adjusted MADS coverage, and debt continues to moderate, while maintaining balance-sheet metrics." ENCINAS LOGISTICS: Seeks Chapter 7 Bankruptcy in Arizona -------------------------------------------------------- On September 9, 2025, Encinas Logistics LLC sought Chapter 7 bankruptcy protection in the U.S. Bankruptcy Court for the District of Arizona. In its petition, the company disclosed debts between $100,001 and $1 million, and identified 1 to 49 creditors. About Encinas Logistics LLC Encinas Logistics LLC is a limited liability company. Encinas Logistics LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-08478) on September 9, 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 Scott H. Gan handles the case. The Debtor is represented by Thomas H. Allen, Esq. at Allen, Jones & Giles, PLC. ENDURE DIGITAL: PIMCO Dynamic Marks $2.3MM Loan at 23% Off ---------------------------------------------------------- PIMCO Dynamic Income Strategy Fund (PDX) has marked its $2,388,000 loan extended to Endure Digital, Inc. to market at$1,838,000 or 77% of the outstanding amount, according to PDX's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. PDX is a participant in a Loan to Endure Digital, Inc. The loan accrues interest at a rate of 7.927% 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. PDX 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 PPIMCO Dynamic Income Strategy 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. ENDURE DIGITAL: PIMCO Dynamic Marks $5.9MM Loan at 23% Off ---------------------------------------------------------- PIMCO Dynamic Income Opportunities Fund (PDO) has marked its $5,969,000 loan extended to Endure Digital, Inc. to market at $4,596,000 or 77% of the outstanding amount, according to PDO's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. PDO is a participant in a Loan to Endure Digital, Inc. The loan accrues interest at a rate of 7.927% 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. 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 Opportunities 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. ENDURE DIGITAL: Pimco Dynamic Marks $68.1MM Loan at 23% Off ----------------------------------------------------------- PIMCO Dynamic Income Fund has marked its $68,106,000 loan extended to Endure Digital, Inc. to market at $52,441,000 or 77% 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 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. 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 Endure Digital, Inc. Endurance International Group, Inc., previously named BizLand, now part of Newfold Digital, was an IT services company specializing in web hosting. FENDER MUSICAL: S&P Affirms 'B-' ICR, Outlook Negative ------------------------------------------------------ S&P Global Ratings affirmed its 'B-' issuer credit rating on U.S.-based Fender Musical Instrument's Corp. S&P also affirmed its issue-level rating on the company's $400 million senior secured first-lien term loan. The recovery rating on this debt is '3', indicating its expectations for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default. The negative outlook reflects potentially weaker consumer discretionary spending and some lingering uncertainty around tariffs, which may cause Fender's operating performance and liquidity over the next 12 months to deteriorate more than S&P expects. Fender's liquidity improved after it extended its asset-based lending (ABL) maturity, added a new $25 million first-in, last out (FILO) facility, and increased borrowing base capacity by $10 million-$15 million. However, S&P continues to forecast weak credit metrics and cash flow including leverage of 7.8x, EBITDA interest coverage of 1.8x and a free operating cash flow (FOCF) use of $4 million in 2025. Fender's operating performance was modestly below S&P's expectations for the first half of 2025. Through the first half of the year, S&P Global Ratings-adjusted EBITDA declined around 24% due to tariffs and higher labor costs, leading to a 360 basis point (bps) gross margin contraction (excluding depreciation and amortization). This was partially offset by reduced marketing, incentive compensation, and other operating costs in the second quarter to preserve profitability after a weak first quarter. Fender's underperformance was most evident in the first quarter. S&P said, "However, sell-in and sell-through trends were better than our expectations as sales were roughly flat through the first half of the year, compared to our expectation for low-single-digit sales declines. We believe this is due to higher pricing, reduced availability of competitor products, and Fender's overall solid brand equity. Throughout the first half of the year, Fender increased prices to offset higher costs from tariffs, especially from China, which makes up 40% of purchases (half of which enter the U.S.). Additionally, we believe Fender is gaining market share in entry-level (low-end) guitars since its main competitor reduced imports of low-end guitars from China due to tariff headwinds. Furthermore, sell-in has exceeded our expectations for retail partners like Guitar Center, SweetWater, and Amazon, as higher-income consumers continue to value the Fender brand. Nonetheless, volumes continue to decline due to lower consumer discretionary spending, which we expect will continue throughout the remainder of the year. For example, smaller locally owned U.S. dealers continue to tightly manage inventory amid a weaker macroeconomic environment as consumers trade down to the second-hand market or defer discretionary spending. "We continue to forecast weak credit metrics in 2025 and 2026. We now project leverage of 7.8x in 2025 and 7.4x in 2026, down from 8x, following improved sell-in and sell-through trends as well as lower operating spending. In July, Fender implemented a 5% price increase across its entire portfolio. We expect this will lead to flat net revenues in 2025 as higher pricing offsets volume declines. Further, Fender's tariff mitigation strategy is proving more effective than competitors that have avoided price hikes and paused imports from China. In 2026, we expect improving volume trends from new innovations, though we continue to expect subdued consumer sentiment resulting in minimal revenue growth. We expect dealers will remain cautious on increasing inventory levels because of a weak macroeconomic backdrop with lower discretionary spending on big-ticket items like guitars. We forecast gross margin will contract around 200 bps in 2025 due to tariff and inflation headwinds and expand modestly in 2026 on better operating leverage as the company has proactively reduced costs. We expect management will continue to exercise prudent cost management and limit marketing spending and compensation costs to offset its lower gross profit given a weaker macroeconomic environment. "There is risk that profitability and cash flow could weaken more than our base-case forecast. Ultimately, we believe middle-to-lower income consumers will continue to prioritize essentials like food and housing, which could lead to greater-than-expected volume declines given the discretionary nature of guitars and music equipment. Moreover, since Fender depends on favorable holiday performance, it is a risk volume declines are greater than expected potentially due to weakening consumer sentiment or greater competition from the secondhand market. Other risks include additional restructuring that could increase costs, or large working capital outflows, potentially from inventory overhang at year-end if volumes in the fourth quarter are weak. Furthermore, although our base case assumes relatively stable tariff rates, trade policy remains a risk due to Fender's global supply chain. Any further underperformance could suggest an unsustainable capital structure, given already weak credit metrics and cash flow. "We revised our liquidity assessment to adequate from less than adequate, following Fender's extension of its ABL maturity, addition of a new FILO facility and expansion of its borrowing base. In August, Fender reduced aggregate revolving commitments under its ABL facility to $165 million (from $183.8 million), increased its borrowing base by around $10 million-$15 million (seasonally adjusted) by including in-transit inventory from Asia, and extended the maturity of its ABL to the earlier of 91 days prior to the term loan or FILO facility's expiration or August 2030. Additionally, Fender issued a new $25 million FILO facility to provide additional liquidity flexibility. We believe these actions increase net available liquidity by around $35 million. Pro forma, Fender has $96 million of availability liquidity considering its June ABL availability, cash on hand, plus $20 million available on the FILO facility after it borrowed $5 million for transaction fees and expenses. "We expect Fender will continue to fund seasonal working capital requirements with the ABL facility; however, if performance deteriorates more than we forecast, FILO facility borrowings could increase which carry a higher interest margin. Our base case assumes ABL borrowings of approximately $43 million, no FILO borrowings, and $24 million cash at year end. We expect liquidity sources will be sufficient to cover forecast FOCF deficits in 2025; we anticipate an FOCF use of about $4 million in 2025 and FOCF of $2 million in 2026. Ultimately, these actions have reduced near-term liquidity risk. "The negative outlook reflects potentially weaker consumer discretionary spending and some lingering uncertainty around tariffs, which may cause Fender's operating performance and liquidity over the next 12 months to deteriorate more than we expect." S&P could lower the rating if Fender's capital structure becomes unsustainable, including EBITDA interest coverage declining below 1.5x. This could occur if: -- Fender is unable to offset the impact of higher tariffs through higher pricing; and -- The macroeconomic environment softens, leading to greater-than-expected volume declines from its customers due to lower consumer spending on discretionary products. S&P said, "We could also lower the rating over the next few quarters if borrowings on the credit facilities increase by more than we expect, potentially indicating greater need for liquidity and likelihood of the covenant springing. "We could revise the outlook to stable if Fender can sustain EBITDA interest coverage of more than 1.5x." This could occur if: -- The company is able to offset higher costs from tariffs through higher pricing; -- The demand for guitars, electronic equipment and accessories strengthens; and -- Foreign exchange headwinds improve. FRANKLIN SQUARE: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable ------------------------------------------------------------------ Moody's Ratings has affirmed Franklin Square Holdings, L.P.'s (FSH) Ba1 corporate family rating and Ba1-PD probability of default rating. Concurrently, Moody's affirmed the Ba1 ratings on the $800 million senior secured term loan B due 2031 and the $150 million senior secured revolving credit facility due 2029. The affirmation follows Franklin Square Holdings, L.P.' announcement that it will add-on $100 million to its existing term loan B due 2031. The outlook remains stable. The net proceeds of the proposed loan issuance will be used to help fund Franklin Square Holdings, L.P.'s acquisition of a US-based digital infrastructure asset manager. RATINGS RATIONALE The affirmation of Franklin Square Holdings, L.P.'s Ba1 CFR reflects Moody's views that the incremental add-on will not materially change the company's leverage metrics. The proposed acquisition will help to diversify the Franklin Square Holdings, L.P.'s investment platform while the company's core businesses continue to grow organically. Franklin Square Holdings, L.P. continues to make progress after the acquisition of Portfolio Advisors (PA) and has evolved from a largely private credit distributor to retail investors to a firm that covers both private equity and credit as well as retail and institutional distribution. While the recently announced acquisition will result in an increase to the company's leverage, the increase is modest, and Moody's expects the company will be able to manage down its leverage over the near-to-medium term. The company has been making investments to diversify out its product range and distribution with notable fundraising progress in both its core private credit and recently acquired private equity franchises. The new digital infrastructure acquisition will further broaden the firm's product line. FSH's Ba1 rating is supported by the company's strong recurring revenue base, high levels of permanent capital AUM and unique position as a leader distributor of alternative products for the retail wealth market, now complemented by capabilities in Institutional distribution from their acquisition of PA and the possibility of further expansion in the Digital infrastructure space with the upcoming acquisition. These credit strengths are balanced by the firm's relatively modest scale, high financial leverage, and AUM concentration in private credit, largely exposed to a single fund, FS KKR Capital Corp (FSK). OUTLOOK The stable outlook reflects the company's improving product diversity and the differentiated position of the firm's retail private asset distribution. Furthermore, recent fee changes have improved performance fee stability and upcoming fee waiver expirations will provide additional stability to revenues. Meanwhile, the firm's efforts to broaden its product line has led to revenue diversification and the firm continues to grow less reliant on fees from FSK. The firm's AUM resilience remains high, and fundraising remains consistent in a challenging environment as its retail-oriented distribution force continues to generate net inflows. Additionally, the firm has broadened its product and geographic footprint in recent years. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The following factors would put upward pressure on Franklin Square Holdings, L.P.: Debt/EBITDA sustained below 3x. Strengthening of the core franchise through greater geographic, product and distribution diversification. Scale as measured by revenue net of distribution and sub-advisory expense beyond $750 million. Conversely, the following factors would put downward pressure on the ratings: Debt/EBITDA sustained over 4x, Pretax income margins sustained below 20% on a consistent basis, Introduction of regulations that could curtail retail demand for alternatives and private investments, Incidents of reputational risk or material deficiencies in the valuations of private investment assets, A significant increase in FSK's unrealized/realized credit losses. The principal methodology used in these ratings was Asset Managers published in May 2024. Franklin Square Holdings, L.P.' 'Standalone Credit Profile' adjusted score of Ba1 is set two notches below the 'Standalone Credit Profile Before Qualitative Notching Factors' initial score of Baa2 to reflect the revenue concentration from FS KKR Capital Corp. Any material asset quality challenges at FSK would have a significant impact on FSH's fee revenues. Additionally, the notching reflects the product range being concentrated solely in private investments which are generally opaque, illiquid and complex. This poses a heightened reputational risks, particularly when dealing with a retail client base. FREIGHT TECHNOLOGIES: Capital Needs Raise Going Concern Doubt ------------------------------------------------------------- Freight Technologies, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended June 30, 2025, that there is substantial doubt about its ability to continue as a going concern within the next 12 months. Since inception, the Company has met its cash needs through proceeds from issuing convertible notes, loans, and issuance of shares. As shown in the Company's accompanying consolidated financial statements as of and for the three months ended June 30, 2025, the Company has an accumulated deficit of $(45,869,587), a shareholders' equity of $8,783,380, net working capital of $(179,851), short-term debt (including borrowings and financing payable) of $4,961,684 and $586,658 of unrestricted cash on hand. For the six months ended June 30, 2025 the company has reported operating loss of $(2,935,072) and negative cash flows from operations of $(5,039,217), whereas for the same six months ended in 2024 the company reported operating losses of $(3,788,697) and negative cash flows from operations of $(4,857,126). The Company has historically met its cash needs through a combination of term loans, promissory notes, convertible notes, private placement offerings and sales of equity. The Company's cash requirements are generally for operating activities. The Company currently projects that it will need to draw additional funds on its existing facilities and need additional capital to fund its current operations and capital investment requirements until the Company scales to a revenue level that permits cash self-sufficiency. As a result, the Company may need to raise additional capital or secure debt funding to support on-going operations until such time. This projection is based on the Company's current expectations regarding revenues, expenditures, cash burn rate and other operating assumptions. The sources of this capital are anticipated to be from drawing on existing facilities, and/or the sale of equity, any of which may not be achievable on favorable terms, or at all. Additionally, any debt or equity transactions may cause significant dilution to existing stockholders. If the Company is unable to raise additional capital moving forward, its ability to operate in the normal course and continue to invest in its product portfolio may be materially and adversely impacted and the Company may be forced to scale back operations or divest some or all of its assets. As a result, in connection with the Company's assessment of going concern considerations in accordance with Financial Accounting Standard Board's Accounting Standards Update 2014-15, "Disclosures of Uncertainties about an Entity's Ability to Continue as a Going Concern," management has determined that the Company's liquidity condition raises substantial doubt about the Company's ability to continue as a going concern through the next twelve months. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yca5pvzb About Freight Technologies, Inc. Freight Technologies (Nasdaq: FRGT) is a logistics management innovation company, offering a diverse portfolio of technology-driven solutions that address distinct challenges within the supply chain ecosystem. As of June 30, 2025, the Company had $17.06 million in total assets, $8.28 million in total liabilities, and $8.78 million in total stockholders' equity. FTX TRADING: Creditors to Receive $1.6B in 3rd Distribution Round ----------------------------------------------------------------- Crowdfund Insider reports that the FTX Recovery Trust is preparing a third round of distributions that will return roughly $1.6 billion to creditors starting September 30, 2025. With this latest payout, total recoveries have now exceeded $8 billion, offering long-awaited relief to thousands of users impacted by one of the largest failures in the history of digital finance. FTX, once hailed as a leader in the crypto trading space under founder Sam Bankman-Fried, collapsed in November 2022 after revelations of customer funds being misused to support affiliated ventures like Alameda Research. The swift bankruptcy filing in Delaware left billions in client assets unaccounted for and sent shockwaves across the cryptocurrency industry, according to Crowdfund Insider. Since then, administrators of the FTX Recovery Trust have pursued an aggressive recovery strategy, clawing back funds through lawsuits, asset disposals, and settlements. Earlier distributions included $1.2 billion in February 2025 and $5 billion in May, and the newest tranche will raise recovery levels to 95% for U.S. customers, 78% for international users, and in some cases more than 100% for certain government claims, the report states. Even with these gains, debate persists among creditors over repayment terms. Because claims are tied to November 2022 valuations, when crypto prices were at their lowest, many argue the payouts fall short of reflecting today's market conditions. Still, with $16.5 billion in assets under trust control and projections pointing to full repayment by 2026, the FTX case is emerging as both a lesson in risk and one of the most significant turnaround efforts in bankruptcy history, the report relays. 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. FUNKO INC: Liquidity and Covenant Risks Raise Going Concern Doubt ----------------------------------------------------------------- Funko, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended June 30, 2025, that there is substantial doubt about its ability to continue as a going concern within the next 12 months. The Company recorded a net loss of $41 million and net income of $5.42 million for the three months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and 2024, the Company reported net losses of $69.06 million and $18.25 million, respectively. Going Concern: The accompanying unaudited interim condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent on, among other things, the Company's ability to operate profitably, to generate cash flows from operations, and to pursue appropriate financing arrangements to support its working capital requirements. The Company sources, procures and assembles inventory, primarily out of Vietnam, China and Mexico. The effects of recently implemented tariffs, and the potential imposition of modified or additional tariffs or export controls by other countries, continue to have an adverse effect on future net sales, margins and profitability. The Company anticipates continued supply chain challenges, cost volatility, and consumer and economic uncertainty due to these rapid changes in global trade policies. The Company has implemented a plan, designed to mitigate these challenges and improve its financial position. The Company previously disclosed in its Quarterly Report on Form 10-Q for the period ended March 31, 2025, that it was in compliance with the financial and other covenants under its Credit Agreement, dated September 17, 2021 with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto. On July 16, 2025, the Company entered into Credit Agreement Amendment No. 4, that among other things, amends the Credit Agreement by waiving compliance with (x) the maximum Net Leverage Ratio and (y) the minimum Fixed Charge Coverage Ratio financial covenants, in each case, for the fiscal quarters ended June 30, 2025 and ending September 30, 2025. The Credit Agreement matures in September 2026, however, the Company is not forecasted to have sufficient cash reserves to fully repay the loans outstanding under the Credit Agreement at that time, and as such, the Credit Agreement will need to be refinanced. In connection with preparing the unaudited consolidated financial statements for the three months ended June 30, 2025, management evaluated the Company's future liquidity, forecasted operating results and ability to comply with the covenants under its Credit Agreement, for the twelve months from the date of issuance of these financial statements and determined that, principally based on the Company's forecast of the expected effects of the announced tariffs and other facts and conditions, the Company is forecasting that it will not be in compliance with the maximum Net Leverage Ratio and minimum Fixed Charge Coverage Ratio (each as defined in the Credit Agreement) covenants as of the end of the quarter ending December 31, 2025 and future quarters. Failure to satisfy the covenants under the Credit Agreement, without a timely cure, waiver or amendment, would be considered an event of default. If an event of default occurs and is not cured or waived, the Required Lenders (as defined in the Credit Agreement) could elect to declare all amounts outstanding under the Credit Agreement immediately due and payable and exercise other remedies as set forth in the Credit Agreement. In addition, the Required Lenders would have the right to proceed against the collateral pledged to them, which includes substantially all of the Company's assets. In addition, based on the Company's forecast of the expected effects of the announced tariffs and other facts and conditions, the Company anticipates that its cash flows may be insufficient to support working capital needs within the next twelve months and, relatedly, the Company may not be able to comply with its minimum Qualified Cash (as defined in the Credit Agreement) covenant in future periods. Management has developed a plan, as summarized below, that, if executed successfully, it believes will provide sufficient liquidity to meet the Company's obligations as they become due for a reasonable period of time, including to meet the Company's obligations under the Credit Agreement. The plan includes: * Continuing to monitor the Company's commercial pricing strategy, working with current and potential sourcing partners to mitigate the effects of increasing costs, including shifting certain manufacturing out of China, and, if necessary and consistent with its existing contractual commitments, decreasing its activity level and capital expenditures further. This plan reflects its strategy of controlling capital costs and maintaining financial flexibility. * Gaining positive cash-inflow from operating activities through continuous overhead cost reductions, increased sales of higher margin products and working capital management, including timing of accounts receivable collections. The Company has a significant presence in international markets, which are not impacted by tariffs, and will continue to pursue strategies to grow those markets. * Raising additional cash through the issuance of equity or debt or assessing potential amendments, including additional covenant relief, and/or refinancing of the Company's existing debt arrangements as considered necessary. In addition, the Company intends to opportunistically consider other potential business opportunities or strategic transactions, including a potential sale of the Company. The Company will need to raise additional cash or refinance its Credit Agreement in the near term. While management believes that the measures described in the plan will be adequate to satisfy its liquidity requirements, there can be no assurance that management's liquidity plan will be successfully implemented, the Company's lenders will agree to waive, modify and/or amend the maximum Net Leverage Ratio and minimum Fixed Charge Coverage Ratio covenants for the periods of forecasted covenant noncompliance, or that the Credit Agreement can be refinanced before its maturity date, which all raise substantial doubt about the Company's ability to continue as a going concern for the next 12 months. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/23j2v3um About Funko, Inc. Funko, Inc. is a leading global pop culture lifestyle brand, with a diverse collection of brands, including Funko, Loungefly, and Mondo, and an industry-leading portfolio of licenses. Funko delivers industry-defining products that span vinyl figures, micro-collectibles, fashion accessories, apparel, plush, action toys, high-end art, and music collectibles, many of which are at the forefront of the growing Kidult economy. Through these products, which include the iconic original Pop! line, Bitty Pop!, and Pop! Yourself, Funko inspires fans across the globe to express their passions, build community, and have fun. Founded in 1998 and headquartered in Washington state, Funko has offices, retail locations, operations, and licensed partnerships in major consumer geographies across the globe. Learn more at Funko.com, Loungefly.com, MondoShop.com, and follow us on TikTok, X, and Instagram. As of June 30, 2025, the Company had $694.91 million in total assets, $512.83 million in total liabilities, and $182.08 million in total stockholders' equity. GIP PILOT: S&P Upgrades ICR to 'BB', Outlook Stable --------------------------------------------------- S&P Global Ratings upgraded GIP Pilot Acquisition Partners L.P.'s (GIP Pilot) issuer credit and issue-level ratings to 'BB' from 'BB-'. The recovery rating on its senior secured term loan remains unchanged at '3'. The stable outlook reflects S&P's expectation that GIP Pilot will receive distributions from CPHC consistent with its governance framework and financial policy. GIP Pilot's credit metrics in 2024 were largely in line with our previous expectation due to a higher dividend received from Columbia Pipelines Holding Company LLC (CPHC). This was partially offset by GIP Pilot's slower-than-expected pace of term loan prepayment. S&P expects GIP Pilot will continue its improving credit metrics over the longer term. S&P said, "We have also seen a proven track record of CPHC distributing a stable quarterly dividend to GIP Pilot after GIP Pilot became CPHC's noncontrolling equity investor in 2023, which indicates GIP Pilot's meaningful governance rights over CPHC. "We expect GIP Pilot's financial metrics will be largely consistent with our previous forecast. We evaluate GIP Pilot's financial metrics on a stand-alone basis, where we define the debt as the senior secured term loan B (TLB) and the revolving credit facility (RCF), if any, at the GIP Pilot level and the EBITDA as the net distribution received from CPHC. GIP Pilot's actual financial metrics in 2024 were consistent with our previous forecast, although debt balance and EBITDA in 2024 were both higher than expected. The higher-than-expected debt balance as of year-end 2024 was because of low lender acceptance rate of GIP Pilot's prepayment offer. We expect debt balance will be meaningfully reduced in 2025 and 2026 as the company prepays against the TLB via excess cash flow (ECF) sweep. "We expect GIP Pilot's stand-alone leverage will be below 2x in 2025 and 2026, although in the longer term there will be periods when CPHC conducts various growth projects that could pressure its distribution to GIP Pilot, leading to GIP Pilot's leverage temporarily above 3x. Nonetheless, we expect GIP Pilot's overall trend of deleveraging will remain unchanged in the long term. In addition, GIP Pilot repriced its TLB in January 2025, lowering the TLB pricing to SOFR +200 basis points (bps), which, coupled with its ECF sweep over the next two years, will significantly strengthen its credit metrics in the long term. "Our rating on GIP Pilot continues to reflect the difference in credit quality between it and CPHC. GIP Pilot's only asset is its 40% noncontrolling equity interest in CPHC and GIP Pilot relies solely on distributions from CPHC to service its senior secured TLB due 2030. Therefore, among other factors, we rate GIP Pilot under our noncontrolling equity interest (NCEI) criteria. Our view of GIP Pilot's credit profile incorporates the company's stand-alone financial ratios, CPHC's cash flow stability, GIP Pilot's ability to influence CPHC's financial policy, and ability to liquidate its investment in CPHC. "GIP Pilot's track record of receiving quarterly dividends from CPHC strengthens our view on its governance rights over CPHC. CPHC is required to distribute all its distributable cash flow to its owners--TC Energy Corporation and GIP Pilot--quarterly. GIP Pilot holds the voting power on key decisions, including growth projects, capital structure, leverage, and financial policy. Any key decisions and budget changes need GIP Pilot's approval, and any adjustments to distributions from CPHC require a unanimous decision. We have seen a proven track record of constant dividends received from CPHC since the inception of the joint venture (JV); therefore, we change our assessment on corporate governance and financial policy from neutral to positive. "Our assessments on other NCEI characteristics are unchanged. We expect the company will continue to receive stable distributions from CPHC over the life of the loan. Asset-level cash flows are supported by the significant scale of the CPHC pipeline system, its access to the Appalachian basin, and its robust credit profile underpinned by 95% of its revenue subject to take-or-pay contracts with a diverse and creditworthy customer base. The weighted-average contract life is about seven years, with a strong track record of contract renewals. CPHC's pipeline system stretches over 15,000 miles and supports 15.6 billion cubic feet per day (Bcf/d) of throughput capacity. It also has one of the largest underground natural gas storage systems, with 273 billion cubic feet (Bcf) of integrated working gas capacity. These characteristics support our positive cash flow stability assessment. Our positive assessment on NCEI financial ratios is based on our view that the NCEI's interest coverage will be more than 5x and leverage will be less than 2x. Lastly, our view of GIP Pilot's ability to liquidate its investment in CPHC remains negative because CPHC is not publicly traded. "The stable outlook reflects our expectation that GIP Pilot will receive distributions from CPHC consistent with its governance framework and financial policy. We expect GIP Pilot's stand-alone leverage will be below 2x over the next two years. "We could take a negative rating action if GIP Pilot's leverage is sustained above 2x or interest coverage sustained below 5x. "Although unlikely in the next 12 months, we would take a positive rating action if we view the underlying asset's credit profile has materially improved." GIZMO MEDICAL: St. Cloud Capital to Sell Assets on October 2 ------------------------------------------------------------ In accordance with applicable provisions of the Uniform Commercial Code, as enacted in Illinois and all other applicable jurisdictions ("UCC"), St. Cloud Capital Partners III SBIC, LP, as agent ("Secured Party"), intends to offer for sale, at public auction, all right, title, and interest of Gizmo Medical, LLC, a Delaware limited liability company ("Debtor") in, under, and to all assets owned by Debtor, including Accounts, Chattel Paper, Documents, General Intangibles, Instruments, Goods, Insurance, Intellectual Property, Investment Related Property, Letter-of- Credit Rights, Supporting Obligations, Proceeds of the foregoing property, and all other Collateral, in each case, capable of being sold by Secured Party ("Collateral"). The public auction will be conducted on Oct. 2, 2025, at 10:00 a.m. (PT), at the offices of Secured Party, 10866 Wilshire Boulevard, Suite 1450, Los Angeles, CA 90024, and by remote auction via telephonic and/or web-based video conferencing. Qualified bidders may attend and participate at the auction. Secured Party reserves the right to cancel the sale or adjourn the sale to a future date at any time at or prior to the sale. Secured Party further reserves the right, at its election, to designate one or more stalking horse bidders. Parties interested in entering a bid must contact Cordell Gee, at 310 475 2700, Ext 108, to receive terms of sale, bidding procedures, and other information, which will be available after execution of a confidentiality agreement. Interested parties who do not contact Cordell Gee and qualify prior to the sale will not be permitted to participate in the auction. Gizmo Medical LLC -- https://www.gizmomed.com/ -- designs and makes orthopedic hand instruments, retractors, implants, and sterilization trays. GUARDIAN DEVELOPMENT: Ellwood City Struggles in 2nd Ch. 11 ---------------------------------------------------------- A.J. Rao of Beaver County Times reports that the Ellwood City Medical Center has fallen into bankruptcy once again, marking its second filing in just five years and leaving the community uncertain about the future of the long-idle facility. Guardian Development Group LLC, the California firm that acquired the property from Americore Holdings for $2.5 million in 2021, filed for Chapter 7 bankruptcy this past April 2025, according to the report. The hospital has been closed since January 2020, when Americore's financial collapse forced the state to revoke its license and filed for Chapter 11 bankruptcy on December 31, 2019. Ellwood City Mayor Anthony Court described the latest bankruptcy as "devastating," noting that residents, especially seniors, now face lengthy drives to reach the nearest emergency care facility. He recalled that city leaders had hoped an urgent care center could be established after the first bankruptcy but admitted those plans now seem unlikely. "Now, it doesn't look like that's going to come to fruition," he said, adding that officials continue working to attract another healthcare provider. The hospital's closure struck a heavy blow to the borough and surrounding communities in southern Lawrence and northern Beaver counties. Once one of the area’s largest employers, the medical center's shutdown left hundreds jobless and deprived local families of a critical trauma facility just as the COVID-19 pandemic began. Court stressed that the loss continues to reverberate and emphasized the need for the borough to "rebound and move forward," according to Beaver County Times. The bankruptcy case is being managed by court-appointed trustee Charles Zebley Jr., who has begun the process of liquidating Guardian's holdings. According to filings, he is seeking court approval to sell three Pershing Street properties for $210,000 to D4 Investment Properties LLC and JH4Homes LLC. A hearing is scheduled for Sept. 23 in Pittsburgh federal bankruptcy court. Meanwhile, the hospital's eight-acre campus at 724 Pershing Street remains vacant, its fate still unresolved, the report states. About Guardian Development Group LLC Guardian Development Group LLC the California-based company that purchased the Ellwood City Medical Center from Americore Holdings in 2021 for $2.5 million. Guardian Development Group LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-20943) on April 14, 2025. Honorable Bankruptcy Judge Jeffery A. Deller handles the case. The Debtor is represented by Paul J. Cordaro, Esq. at Campbell & Levine LLC. H5 TRANSPORT: Section 341(a) Meeting of Creditors on October 16 --------------------------------------------------------------- On September 15, 2025, H5 Transport LLC filed Chapter 11 protection in the District of North Dakota. According to court filing, the Debtor reports $2,029,269 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 16, 2025 at 01:30 PM by Telephone conference ONLY. Toll free: 866-821-5980, Participant # 9065076. About H5 Transport LLC H5 Transport LLC, founded in 2018 and based in Oakes, North Dakota with a satellite office in Bradenton, Florida, provides transportation and logistics services specializing in dry van and refrigerated freight. The veteran-led Company offers full truckload and less-than-truckload shipping, regional and long-haul coverage, and custom logistics support including dispatch, driver management, and billing solutions. H5 Transport serves shippers, small fleets, and independent owner-operators across the United States, with core lanes in the Midwest and expanding routes nationwide. H5 Transport LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.D. Case No. 25-30409) on September 15, 2025. In its petition, the Debtor reports total assets of $270,951 and total liabilities of $2,029,269. Honorable Bankruptcy Judge Shon Hastings handles the case. The Debtor is represented by Christianna A. Cathcart, Esq. at THE DAKOTA BANKRUPTCY FIRM. HOT CHICKEN: Closes All Locations Without Bankruptcy Filing ----------------------------------------------------------- Daniel Kline of The Street reports that Hot Chicken Takeover has officially closed all of its restaurants, including its long-standing North Market location in Columbus. North Market CEO Rick Harrison Wolfe confirmed the news to The Columbus Dispatch, adding that the chain has fallen behind on a significant amount of rent. Wolfe expressed disappointment over the closure, noting the brand's deep ties to the market. "North Market was proud to be the very first brick-and-mortar home for Hot Chicken Takeover, and we celebrated their growth as a brand that started here," he said. Craveworthy, the parent company of Hot Chicken Takeover, declined to provide comment to the newspaper. However, in a May 2024 interview with 614Now, CEO Gregg Majewski acknowledged that changes were necessary for the business to endure, admitting that "there's the potential that hot chicken is a fad, in the long term. We want it to stand the test of time." About Hot Chicken Takeover Hot Chicken Takeover is a private fast-casual restaurant chain known for its Nashville-style hot chicken and classic Southern sides. HUB INTERNATIONAL: Moody's Affirms 'B2' CFR, Outlook Stable ----------------------------------------------------------- Moody's Ratings has affirmed Hub International Limited's (Hub) corporate family rating at B2 and its probability of default rating at B2-PD. Moody's also affirmed Hub's senior secured first-lien bank credit facilities and senior secured notes ratings at B1, and its senior unsecured note rating at Caa1. In addition, Moody's affirmed the senior secured revolving credit facility of Hub International Canada West ULC at B1. The rating outlook for both entities is stable. RATINGS RATIONALE Hub's ratings affirmation reflects its solid market position in North American insurance brokerage, good diversification across products and geographic areas in the US and Canada, and consistently strong EBITDA margins. Hub has generated organic growth in the mid-single digits over time supported by strong retention and new business generation. The company ranks as the world's sixth-largest insurance broker based on 2024 revenue, according to Business Insurance. It has a strong presence in the middle market and offers a diversified mix of property and casualty (P&C) insurance, employee benefits and risk management products to clients in many industries. Hub also ranks among the 10 largest wholesale brokers and managing general agents focused primarily on specialty liability products. These strengths are tempered by the company's relatively high debt burden and modest fixed charge coverage. The company also faces potential liabilities from errors and omissions, a risk inherent in professional services. Hub will continue to pursue acquisitions, which carry execution risk, although the company has a good track record of integrating small and midsize brokers through common operating platforms and information systems. Moody's estimatess that Hub has a pro forma debt-to-EBITDA ratio above 6x (per Moody's calculations), with (EBITDA - capex) interest coverage of about 2x, and a free-cash-flow-to-debt ratio in the mid-single digits. Moody's expects the company will reduce its financial leverage in the year ahead through EBITDA growth and modest debt repayment. These metrics incorporate Moody's accounting adjustments for operating leases, deferred earnout obligations and run-rate earnings from completed acquisitions. Hub reported solid organic growth of 5.8% through the first six months of 2025, including 7.0% in the US supported by new business wins and rate increases in some P&C lines, offset by 1.2% growth in Canada due to a weaker rate environment in commercial lines. The firm generated EBITDA margins in the low 30s (per Moody's calculations). Moody's expects organic growth to continue in the mid-single digits based on Hub's good business diversification, client retention and new business generation, supplemented by acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The following factors could lead to a rating upgrade for Hub: (i) debt-to-EBITDA ratio below 6x, (ii) (EBITDA - capex) coverage of interest above 2.5x, and (iii) free-cash-flow-to-debt ratio above 6%. The following factors could lead to a rating downgrade for Hub: (i) debt-to-EBITDA ratio above 7x, (ii) (EBITDA - capex) coverage of interest below 1.5x, or (iii) free-cash-flow-to-debt ratio below 3%. The principal methodology used in these ratings was Insurance Brokers and Service Companies published in February 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Based in Chicago, Hub ranks among the world's six largest insurance brokers, providing P&C, life and health, employee benefits, and risk management products and services through retail and wholesale brokers. The company generated total revenue of $5.1 billion in the 12 months through June 2025. I V SUPPORT: Hires Marshack Hays Wood LLP as Legal Counsel ---------------------------------------------------------- I V Support Systems, Inc. dba Siella Medical seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Aaron E. de Leest of Marshack Hays Wood LLP to serve as its legal counsel. The firm will provide these services: (a) developing and drafting a Chapter 11 Subchapter V plan; (b) negotiating with creditors to gain support for the plan; (c) filing motions, adversary proceedings, and applications to protect the Debtor's interests as necessary; (d) ensuring compliance with the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, and the Local Bankruptcy Rules, including preparation and filing of periodic reporting; (e) representing the Debtor in any proceeding or hearing in the Bankruptcy Court and in any action where the rights of the Debtor or the Estate may be litigated or affected; and (f) performing any and all other legal services incident and necessary for the smooth administration of this bankruptcy case. Mr. de Leest will receive an hourly rate of $670, while other attorneys at the firm bill between $400 and $770 per hour, and paralegals bill between $350 and $380 per hour. Marshack Hays Wood LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Aaron E. de Leest, Esq. MARSHACK HAYS WOOD LLP 870 Roosevelt Irvine, CA 92620 Telephone: (949) 333-7777 E-mail: adeleest@marshackhays.com About I V Support Systems, Inc. I V Support Systems, Inc. specializes in the repair, maintenance, and sale of biomedical equipment. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 8:25-bk-12139-MH) on July 31, 2025. In the petition signed by George Davis, CEO, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Aaron E. de Leest, Esq., at Marshack Hays Wood LLP, represents the Debtor as legal counsel. IHEARTCOMMUNICATIONS INC: PIMCO Dynamic Marks $15MM Loan at 18% Off ------------------------------------------------------------------- PIMCO Dynamic Income Fund has marked its $15,085,000 loan extended to iHeartCommunications, Inc. to market at $12,338,000 or 82% 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 iHeartCommunications, Inc. The loan accrues interest at a rate of 10.21% 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. 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 iHeartCommunications, Inc. iHeartCommunications, Inc. operates as a media company. IHEARTCOMMUNICATIONS INC: PIMCO Marks $6.6MM Loan at 18% Off ------------------------------------------------------------ PIMCO Dynamic Income Opportunities Fund (PDO) has marked its $6,661,000 loan extended to iHeartCommunications, Inc. to market at $5,448,000 or 82% of the outstanding amount, according to PDO's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. PDO 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. 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 Opportunities Fund 1633 Broadway, New York, NY 10019 Telephone: (844) 337-4626 About iHeartCommunications, Inc. iHeartCommunications, Inc. operates as a media company. IMMUNIC INC: Limited Liquidity Raises Going Concern Doubt --------------------------------------------------------- Immunic, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended June 30, 2025, that there is substantial doubt about its ability to continue as a going concern within the next 12 months. The Company recorded net losses of $26.82 million and $21.38 million for the three months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and 2024, the Company reported net losses of $52.29 million and $50.96 million, respectively. Financial Condition, Liquidity and Going Concern: Immunic has no products approved for commercial sale and has not generated any revenue from product sales. It has never been profitable and has incurred operating losses in each year since inception in 2016. The Company has an accumulated deficit of approximately $563.7 million as of June 30, 2025 and $511.4 million as of December 31, 2024. Substantially all Immunic's operating losses resulted from expenses incurred in connection with its research and development programs and from general and administrative costs associated with its operations. Immunic expects to incur significant expenses and increasing operating losses for the foreseeable future as it initiates and continues the development of its product candidates and adds personnel necessary to advance its pipeline of product candidates. Immunic expects that its operating losses will fluctuate significantly from quarter-to-quarter and year-to-year due to timing of development programs. From inception through June 30, 2025, Immunic has raised net cash of approximately $496.3 million from private and public offerings of preferred stock, common stock, pre-funded warrants and tranche rights. As of June 30, 2025, the Company had cash and cash equivalents of approximately $55.3 million. With these funds, the Company does not have adequate liquidity to fund its operations for at least 12 months from the issuance of these condensed consolidated financial statements included in this quarterly report without raising additional capital and such actions are not solely within the control of the Company. If the Company is unable to obtain additional capital, it would have a material adverse effect on the operations of the Company, its clinical development program, and the Company may have to cease operations altogether. These factors raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yf6fk6fr About Immunic, Inc. Immunic, Inc. is a biotechnology company developing a clinical pipeline of selective oral immunology therapies focused on treating chronic inflammatory and autoimmune diseases. The Company is headquartered in New York City with its main operations in Grafelfing near Munich, Germany. As of June 30, 2025, the Company had $61.43 million in total assets, $27.52 million in total liabilities, and $33.91 million in total stockholders' equity. IMPERIAL MANUFACTURING: Taps Gregory K. Stern as Legal Counsel -------------------------------------------------------------- Imperial Manufacturing LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire attorneys Gregory K. Stern, Dennis E. Quaid, Monica C. O'Brien, and Rachel S. Sandler to serve as legal counsel in its Chapter 11 case. The attorneys will provide these services: (a) reviewing assets, liabilities, loan documentation, account statements, executory contracts and other relevant documentation; (b) preparing a list of creditors, list of twenty largest unsecured creditors, schedules and statement of financial affairs; (c) giving the Debtor and Debtor in Possession legal advice with respect to its powers and duties in the operation and management of its financial affairs; (d) assisting the Debtor in the preparation of schedules, statement of affairs and other necessary documents; (e) preparing applications to employ attorneys, accountants or other professional persons, motions for turnover, motion for use of cash collateral, motions for use, sale or lease of property, motion to assume or reject executory contracts, plan, applications, motions, complaints, answers, orders, reports, objections to claims, legal documents and any other necessary pleading in furtherance of reorganizational goals; (f) negotiating with creditors and other parties in interest, attending court hearings, meetings of creditors and meetings with other parties in interest; (g) reviewing proofs of claim and solicitation of creditors' acceptances of plan; and (h) performing all other legal services for the Debtor, as Debtor in Possession, which may be necessary or in furtherance of its reorganizational goals. The attorneys agreed to receive a special purpose retainer of $13,262 prior to filing and shall be compensated at their hourly rates: $650 for Gregory K. Stern $550 for Dennis E. Quaid and Monica C. O'Brien $450 for Rachel S. Sandler The attorneys are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. They can be reached at: Gregory K. Stern, Esq. Dennis E. Quaid, Esq. Monica C. O'Brien, Esq. Rachel S. Sandler, Esq. 53 West Jackson Boulevard, Suite 1442 Chicago, IL 60604 Telephone: (312) 427-1558 About Imperial Manufacturing LLC Imperial Manufacturing LLC is a single-asset real estate debtor, as defined under 11 U.S.C. Section 101(51B), with its principal operations and assets concentrated in its real estate holdings. Imperial Manufacturing LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-13070) on August 25, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by Gregory K. Stern, Esq. at GREGORY K. STERN, P.C. IOVATE HEALTH: Oct. 28, 2025 Foreign Recognition Hearing Set ------------------------------------------------------------ The U.S. Bankruptcy Court Southern District of New York scheduled an evidentiary hearing to consider the relief requested by Iovate Health Sciences International Inc. in the recognition motion for 10:00 a.m. (Eastern Time) on Oct. 28, 2025, before the Honorable Martin Glenn of the United States Bankruptcy Court for the Southern District of New York. On Sept. 10, 2025, the Court entered an order granting provisional relief in aid of Canadian Proceedings pursuant to Section 1519 of the Bankruptcy Code, granting provisional, injunctive and related relief to the Debtor. On Sept. 9, 2025, the Debtor, in its capacity as the authorized foreign representative ("Foreign Representative") in respect of that certain insolvency proceeding commenced pursuant to section 50.4 of Canada's Bankruptcy and Insolvency Act ("BIA"), pending before the Ontario Superior Court of Justice (Commercial List). Responses or objections to recognition of the Canadian Proceedings as a foreign main proceeding, or the Motion for Recognition and the relief requested therein must: (i) be in writing; (ii) detail the factual and legal basis for the response or objection; (iii) comply with the Bankruptcy Code, the Bankruptcy Rules, and the Local Bankruptcy Rules for the Southern District of New York; and (iv) be filed with the Office of the Clerk of the Court, One Bowling Green, New York, New York 10004, and served upon the following counsel to the Foreign Representative, so as to be received at least seven (7) days prior to the Recognition Hearing: Pachulski Stang Ziehl & Jones LLP, 1700 Broadway, 36th Floor, New York, New York 10019, Attn: Steven Golden (sgolden@pszjlaw.com), Jeffrey Dine (jdine@pszjlaw.com), Mary Caloway (mcaloway@pszjlaw.com), and Victoria Newmark (vnewmark@pszjlaw.com). Copies of the Motion for Recognition, the Provisional Relief Motion, the Provisional Relief Order, the proposed order granting final recognition of the Canadian Proceeding, and other documents filed by the Foreign Representative may be obtained by visiting the Court's website at https://www.nysb.uscourts.gov or upon written request to the Foreign Representative's United States counsel, Pachulski Stang Ziehl & Jones 1700 Broadway, 36th Floor, New York, New York 10019, by email to Brooke Wilson (bwilson@pszjlaw.com). Iovate Health Sciences International Inc. is a Canadian nutrition company headquartered in Oakville, Ontario, that develops and markets active nutrition and weight management products. Iovate Health Sciences International Inc., Iovate Health Sciences U.S.A. Inc., and Northern Innovations Holding Corp. filed for Chapter 15 bankruptcy (Bankr. S.D.N.Y. Lease Case No. 25-11958) in New York on on Sept. 9, 2025. The Hon. Martin Glenn presides over the Debtors' Chapter 15 cases. Steven W. Golden, Jeffrey M. Dine, Mary F. Caloway, and Victoria A. Newmark, of Pachulski Stang Ziehl & Jones LLP, represent the Debtors in their Chapter 15 cases. IVANTI SOFTWARE: PIMCO Dynamic Marks $11.3MM Loan at 17% Off ------------------------------------------------------------ PIMCO Dynamic Income Opportunities Fund (PDO) has marked its $11,358,000 loan extended to Ivanti Software, Inc. to market at $9,473,000 or 83% of the outstanding amount, according to PDO's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. PDO 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 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 Opportunities 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 Dynamic Marks $89.3MM Loan at 17% Off ------------------------------------------------------------ PIMCO Dynamic Income Fund has marked its $89,364,000 loan extended to Ivanti Software, Inc. to market at $74,535,000 or 83% 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 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. 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 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." JAMIE HOLDINGS: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Jamie Holdings LLC 1750 FM 423, Apt. 631 Frisco, TX 75033 Business Description: Jamie Holdings LLC, classified under NAICS code 5313 for activities related to real estate, identifies its principal assets as located in the Lake Towns at Lake Palestine Subdivision, recorded in Cabinet H, Slide 348 of the Plat Records in Henderson County, Texas. Chapter 11 Petition Date: September 19, 2025 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 25-60598 Judge: Hon. Joshua P Searcy Debtor's Counsel: Joyce Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 117. S. Dallas St. Ennis TX 75119 Tel: (972) 503-4033 E-mail: joyce@joycelindauer.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Dipika Patel as sole 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/J3YFNXI/Jamie_Holdings_LLC__txebke-25-60598__0001.0.pdf?mcid=tGE4TAMA K&D INDUSTRIES: Section 341(a) Meeting of Creditors on October 30 ----------------------------------------------------------------- On September 18, 2025, K&D Industries of NY 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 10/30/2025 at 01:00 PM at Zoom.us - USTrustee 9: Meeting ID 161 0469 2469, Passcode 8871819819, Phone 1 (202) 796-0141. About K&D Industries of NY LLC 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. K&D Industries of NY LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22886) on September 18, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Lawrence Morrison, Esq. at MORRISON TENENBAUM PLLC. KDC SOLAR: Case Summary & Five Unsecured Creditors -------------------------------------------------- Debtor: KDC Solar Madera LLC c/o TRITEC Americas LLC 888 Prospect St., Ste 200 La Jolla CA 92037 Business Description: KDC Solar Madera LLC develops and operates solar power facilities in the United States focusing on commercial and industrial solar energy projects. Chapter 11 Petition Date: September 19, 2025 Court: United States Bankruptcy Court Southern District of California Case No.: 25-03862 Judge: Hon. J. Barrett Marum Debtor's Counsel: Leslie Cohen, Esq. LESLIE COHEN LAW PC 1615-A Montana Avenue Santa Monica CA 90403 Tel: 310-394-5900 E-mail: leslie@lesliecohenlaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by David Trepeck as managing director. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3VXQGBQ/KDC_Solar_Madera_LLC__casbke-25-03862__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Five Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Stoel Rives Services $115,290 Attn: Laura Brickey 501 West Broadway, Ste 2000 San Diego, CA, 92101 Phone: 503-294-9184 Email: laura.brickey@stoel.com 2. Pacific Gas and Utility Services $0 Electric Company 77 Beale Street P. O. Box 770000 San Francisco, CA, 94177 Phone: (415) 973-7000 3. Franchise Tax Board Taxes & Other $0 Bankruptcy Section, MS A345 Government Units P.O. Box 2952 Sacramento, CA, 95812-2952 Phone: (916) 845-4750 4. County of Madera Taxes & Other $0 Treasurer/Tax Collector Government Units 200 W. Fourth St., 2nd Fl Madera, CA, 93637 Phone: 559-675-7713 5. Internal Revenue Service Taxes & Other $0 P.O. Box 7346 Government Units Philadelphia, PA, 19101-7346 Phone: 800-973-0424 KIRKBRIDE LAND: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 9 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Kirkbride Land and Snow Management, LLC. About Kirkbride Land and Snow Management Kirkbride Land and Snow Management LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-53599) on August 18, 2025. In the petition signed by Angelia Kirkbride, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Mina Nami Khorrami oversees the case. David Whittaker, Esq., at Allen Stovall Neuman & Ashton LLP, represents the Debtor as legal counsel. KODIAK GAS: Unsecured Notes Add-on No Impact on Moody's 'Ba3' CFR ----------------------------------------------------------------- Moody's Ratings announced that Kodiak Gas Services, Inc.'s proposed add-on to its existing senior unsecured notes due 2033 does not affect ratings, including its Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating, and SGL-3 Speculative Grade Liquidity Rating (SGL). The proposed add-on also does not affect the B1 rating assigned to the unsecured note issued by Kodiak Gas's subsidiary, Kodiak Gas Services, LLC. The outlook for both Kodiak Gas and Kodiak Gas Services, LLC is stable. The $200 million add-on is fungible with the existing senior unsecured notes due 2033 and will be treated as a single class of debt having terms and provisions identical to those as Kodiak Gas's existing senior unsecured notes due 2033. Kodiak Gas will use the proceeds from the add-on senior notes offering to further reduce borrowings under its revolving credit facility, improving its liquidity and further improving the mix of secured and unsecured debt in the capital structure. Kodiak Gas's Ba3 CFR reflects the scale and quality of its contract compression fleet, the stability of its margins, and expectations for ongoing growth in US natural gas demand to continue driving demand for the company's compression services. The Compressco acquisition which closed in 2024 brought an increase in scale and Kodiak Gas has successfully integrated the acquired assets. Kodiak Gas is the second-largest compression services provider in the US and nearly 80% of its total fleet horsepower consists of large horsepower units. The company's credit profile is also supported by the 3-5 year contracts with fixed monthly revenue and annual inflation adjustments that underpin its business, the quality of its customer base, and its outsized exposure to the Permian which provides some insulation from natural gas market dynamics. These positive attributes are counterbalanced by the company's debt leverage and exposure to natural gas production volumes. Additionally, global infrastructure investment fund EQT Partners remains a meaningful owner of the company although it has significantly reduced its ownership stake over the past couple of years. EQT Partners has a term loan that is secured by its interest in Kodiak Gas, and the need for cash flow from Kodiak Gas to service this loan is taken into account in the company's ratings. Kodiak Gas is neither an obligor nor a guarantor of EQT Partners' term loan, and EQT Partners' term loan is non-recourse to Kodiak Gas. Kodiak Gas's ratings could be upgraded if it improves its fleet quality, generates free cash flow, establishes a track record of adhering to conservative financial policies and reduces leverage below 3.5x on a sustained basis. A reduction in EQT's ownership in Kodiak Gas and the size of EQT's term loan secured by its equity ownership would also be supportive of an upgrade. A downgrade of Kodiak Gas's rating could be considered if leverage is sustained above 4.5x, the company generates negative free cash flow or suffers a deterioration in liquidity. A leveraging acquisition or debt funded share repurchases could also result in a ratings downgrade. Kodiak Gas Services, Inc. is an operator of contract compression in the US which operates under fixed-revenue contracts with upstream and midstream customers. The company's primary operating regions are the Permian Basin and Eagle Ford, but it also maintains operations in the Powder River Basin, DJ Basin, Appalachian Basin, Barnett Shale/East Texas Region, and Black Warrior Basin. Kodiak Gas is publicly traded, however, global infrastructure investment fund EQT Partners owns around 23% of the company. Kodiak Gas Services, LLC is a wholly owned subsidiary of Kodiak Gas and the issuer of Kodiak Gas's senior notes. LEALAND FINANCE: PIMCO Dynamic Marks $385,000 Loan at 35% Off ------------------------------------------------------------- PIMCO Dynamic Income Fund has marked its $385,000 loan extended to Lealand Finance Co. BV to market at $252,000 or 65% 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 Lealand Finance Co. BV. The loan accrues interest at a rate of 7.4% per annum. The loan matures on June 30, 2027. 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 Lealand Finance Co. BV Lealand Finance Company B.V. provides equipment in onshore applications and oilfield services. The Company serves customers in the Netherlands. LEALAND FINANCE: PIMCO Dynamic Marks $6.5MM Loan at 48% Off ----------------------------------------------------------- PIMCO Dynamic Income Fund has marked its $6,509,000 loan extended to Lealand Finance Co. BV to market at $3,417,000 or 52% 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 Lealand Finance Co. BV. The loan accrues interest at a rate of 8.441% per annum. The loan matures on December 31, 2027. 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 Lealand Finance Co. BV Lealand Finance Company B.V. provides equipment in onshore applications and oilfield services. The Company serves customers in the Netherlands. LIFESCAN GLOBAL: Hires GA Advisory as Financial Advisor ------------------------------------------------------- LifeScan Global Corporation seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire GA Advisory & Valuation Services, LLC dba GA Group as its financial advisor in its Chapter 11 case. The firm will render these services: (a) provide financial advisory and valuation services to the Debtor and Debtor-in-Possession; (b) assist the Debtor in evaluating strategic alternatives and restructuring initiatives; (c) support the Debtor in preparing financial analyses, presentations, and reports for the Court and other stakeholders; and (d) provide such other financial advisory services as may be necessary to support the Debtor's Chapter 11 case. GA Group will receive a flat fee of $225,000 plus reasonable out-of-pocket expenses incurred in connection with the engagement with Debtor. The firm is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: GA Advisory & Valuation Services, LLC 2829 Townsgate Road, Suite 103 Westlake Village, CA 91361 Email: legal@gagroup.com About LifeScan Global Corporation LifeScan delivers personalized health, wellness, and digital solutions to individuals living with diabetes. Since 1981, LifeScan has advanced glucose care and diabetes management with pioneering technologies and new products, and is actively engaged in designing, developing, manufacturing, and marketing devices, software, and applications. Its comprehensive portfolio of diabetes-related products and services includes blood glucose monitoring devices, blood glucose test strips, lancing devices, and digital applications. LifeScan Global Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90259) on July 15, 2025. As of the Petition Date, the Debtors have approximately $786 million assets and approximately $1.7 billion in liabilities. Judge Alfredo R Perez presides over the case. Porter Hedges LLP is the Debtor's legal counsel, Milbank LLP is co-counsel, and PJT Partners LP is the investment banker. LION RIBBON: Design Group Wins Court OK for Business Segment Sales ------------------------------------------------------------------ Design Group Americas, Inc. and its domestic subsidiaries announced that the U.S. Bankruptcy Court for the Southern District of Texas has approved the sales of certain of the Company's assets, across the Company's Stationery, Gift, Sewing, and Play segments. Specifically, the Court approved the following Transactions: -- The sale to WIPHA Holdings, LLC of certain assets in both DGA's 'Gift' and 'Stationery' business segments including Berwick poly ribbon and bows, Paper Magic Group, and Blumenthal, ensuring ongoing operations at the Company's Berwick facility; -- The sale to the existing management of the Company's 'Patterns' business, in partnership with Rubelmann Capital, of certain assets related to the Patterns business within the 'Sewing' business segment; -- The sale to Advantus Corp. of certain assets in the 'Play' and 'Sewing' business segments, including Anker Play Products, Perler, Eureka, Stickerfitti, Dudley's, Boye, Dimensions, and Paintworks; -- The sale to Carousel Worldwide of certain assets in the 'Stationery' business segment including the Lang dated products and calendar business; -- The sale to CBC Group, Inc. of certain assets in the 'Stationery' business segment, including the C.R. Gibson and The Gift Wrap Company brands; and -- The sale to American Greetings Corporation of certain machinery, equipment, and other assets used to manufacture and distribute gift wrap located at the Company's Byhalia, MS facility. "We are pleased with the results of the marketing and sale process as we reached value-maximizing transaction agreements that will allow certain areas of our business to continue operating under new ownership," said Sue Buchta, Chief Executive Officer. "These agreements demonstrate the importance of our various business segments and create an opportunity for these brands to thrive going forward. I am deeply grateful for the support of our employees and partners throughout this process." "Following a comprehensive, court-supervised marketing and sale process, we have determined that this outcome represents the best path forward to maximize value for DGA's assets and minimize disruption for the Company's valued customers and partners," said Brett Anderson, Chief Strategy Officer. "The Court's approval of these transactions affirms months of careful planning and constructive engagement with interested parties and sets the stage for a smooth transition." The Company will work with the buyers to transition ownership of the businesses and/or related assets in connection with the closing of the Transactions, all of which are expected to occur by year end, subject to customary closing conditions. DGA remains focused on serving its customers during these transitions. Additional information on DGA's ongoing Chapter 11 process is available at https://cases.ra.kroll.com/DGA. Stakeholders with questions may call the Company's claims agent Kroll, toll-free at (877) 307-2977 (U.S. and Canada) or (646) 290-6127 (International), or email at dgateam@ra.kroll.com. Advisors Latham & Watkins LLP is serving as legal counsel, Huron Consulting Group LLC is serving as financial advisor, Huron Transaction Advisory LLC is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to DGA. Design Group Americas (DGA) is a diverse group of companies operating across multiple regions, categories, seasons, and brands. DGA products are found in retail outlets internationally, with products reaching millions of consumers of all ages. Design Group Americas creates, designs, and manufactures products that help the world celebrate life's special occasions. They are proud to serve the best retailers around the globe with a complete end-to-end service from design to distribution. About Lion Ribbon Texas Corp. Lion Ribbon Texas Corp. and affiliates design, manufacture, and distribute consumer crafting, gifting, and stationery products for celebrations, hobbies and creative play. They operate globally, with facilities across North America and supporting operations in India, Hong Kong, China, the United Kingdom, and Australia. They supply both branded and private-label products to consumers and major corporate clients. The Debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90164) on July 3, 2025. In their petitions, the Debtors reported $100 million to $500 million in assets and liabilities on a consolidated basis. Judge Christopher M. Lopez handles the cases. The Debtors are represented by Caroline A. Reckler, Esq., Ray C. Schrock, Esq., Adam S. Ravin, Esq., Randall Carl Weber-Levine, Esq., and Meghana Vunnamadala, Esq., at Latham & Watkins, LLP. The Debtors tapped Huron Consulting Services, LLC as investment banker and financial advisor; Deloitte Tax, LLP as tax services provider; Liskow & Lewis, APLC as conflicts counsel; C Street Advisory Group, LLC as communications advisor; and Kroll Restructuring Administration, LLC as claims, noticing and solicitation agent. On July 22, 2025, the Office of the U.S. Trustee appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Lowenstein Sandler LLP and Orrick, Herrington & Sutcliffe LLP as counsel. LSF12 CROWN: Moody's Alters Outlook on 'B1' CFR to Negative ----------------------------------------------------------- Moody's Ratings affirmed LSF12 Crown Intermediate LP's (dba "Kiddie Global Solutions","KGS") ratings, including its Corporate Family Rating at B1 and its Probability of Default Rating at B1-PD. Concurrently, Moody's affirmed the B1 rating on the company's backed senior secured bank credit facilities issued by its subsidiaries, LSF12 Crown US Commercial Bidco LLC ("Commercial Bidco") and co-borrower, Kidde Home Safety, LLC, including the proposed incremental $250 million senior secured fungible add-on term loan B1. The outlook was changed to negative from stable. Proceeds from the proposed senior secured term loan combined with $50 million of balance sheet cash, will be used to fund a $300 million dividend distribution to shareholders. Pro forma for the transaction, debt/EBITDA is expected to increase to 5.8x from 5.2x based on the last twelve month ended June 30, 2025. The change in outlook to negative is based on the increase in financial leverage as a result of the proposed debt-funded dividend. This will reverse the company's deleveraging trajectory and maintain debt/EBITDA above 5.5x through the end of 2025 and part of 2026. Moreover, in Moody's views, corporate governance considerations were a driver in the change in outlook to negative. Moody's believes that the issuance of a largely debt-financed dividend within less than a year of the Carrier Global Corporation (Carrier) separation reflects a relatively aggressive financial policy. The ratings affirmation reflects Moody's expectations that the company will improve debt/EBITDA to below 5.5x over the next 12 to 18 months primarily through earnings growth and to a lesser extent mandatory debt amortization. Moody's also recognizes the company's strong operating performance and EBITDA margin improvement post its separation from Carrier as well as strong cash generation that are ahead of Moody's initial expectations. RATINGS RATIONALE The B1 CFR reflects the company's high financial leverage with pro forma adjusted debt/EBITDA of approximately 5.8x as of June 30, 2025 and moderate scale with revenue of $1.9 billion. KGS has exposure to global macroeconomic cycles, including slowing global growth and tariff and inflationary cost pressures. However, Moody's expects the company to continue to offset these headwinds through pricing and productivity actions. These risks are balanced against the company's strong market positions in the commercial and residential fire & safety businesses. Its leading market positions provide the company with pricing leverage that enables it to generate a healthy EBITDA margin. The company's diverse end markets in its commercial business serve to partially mitigate some of the more cyclical end markets that the company is exposed to. Moody's expects KGS to generate strong annual free cash flow, particularly following the transaction-related costs to be incurred in 2025. KGS' very good liquidity is supported by Moody's expectations that the company will continue to generate strong annual free cash flow, particularly once it has paid transaction and stand-alone costs as well as those incurred to support a higher prospective EBITDA margin. The company has an undrawn $250 million revolving credit facility with ample financial maintenance covenant headroom. There are no sizable debt maturities until 2029 and 2031, when the revolver expires and the term loan matures, respectively. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company is able to demonstrate a more conservative financial policy including debt/EBITDA sustained below 4.5x. Organic revenue growth while maintaining a healthy EBITDA margin could also exert upward ratings pressure. Maintenance of very good liquidity would be also be supportive of a ratings upgrade. Conversely, factors that could pressure ratings downward include if the company undertakes another leveraging transaction including a sizable debt-financed acquisition or another debt-financed dividend that sustains high financial leverage. Quantitatively, if debt/EBITDA is sustained above 5.5x, EBITA/interest falls below 2.0x or if free cash flow/debt is in the low single digits beyond 2026, ratings could be pressured downward. Ratings could also be downgraded if the company encounters operating challenges separating from Carrier, or if operating performance weakens. The principal methodology used in these ratings was Manufacturing published in September 2025. LSF12 Crown Intermediate LP's B1 rating is two notches below the scorecard-indicated outcome of Ba2. The difference reflects among other factors, the company's stand-alone debt structure post its acquisition by Lone Star Funds versus the absence of debt when it was part of Carrier Global Corporation. Headquartered in Palm Beach Gardens, Florida, the company is a leading global provider of commercial and residential fire and safety products and solutions. The company's brands include Kidde, Edwards, GST, Badger, Aritech, and EMS. Revenue for the twelve months ended June 30, 2025 was approximately $1.9 billion. M&K ACTIVE: Hires Jones & Walden LLC as Legal Counsel ----------------------------------------------------- M&K Active Transport LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Thomas T. McClendon of Jones & Walden LLC to serve as legal counsel. The firm will provide these services: (a) preparing pleadings and applications; (b) conducting examination; (c) advising the Debtor of its rights, duties and obligations as a debtor-in-possession; (d) consulting with the Debtor and representing the Debtor with respect to a Chapter 11 plan; (e) performing those legal services incidental and necessary to the day-to-day operations of the Debtor's business, including, but not limited to, institution and prosecution of necessary legal proceedings, and general business legal advice and assistance; and (f) taking any and all other action incident to the proper preservation and administration of the Debtor's estate and business. Mr. McClendon will receive an hourly rate of $300 to $500 for attorneys, and $150 to $250 for paralegals and law clerks. Jones & Walden LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Thomas T. McClendon, Esq. JONES & WALDEN LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Telephone: (404) 564-9300 E-mail: tmcclendon@joneswalden.com About M&K Active Transport M&K Active Transport, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-60477) on September 11, 2025, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Barbara Ellis-Monro presides over the case. Thomas T. McClendon, Esq., at Jones & Walden, LLC represents the Debtor as legal counsel. MAY INTERNATIONAL: Seeks Subchapter V Bankruptcy in Washington -------------------------------------------------------------- On September 18, 2025, May International Inc. filed Chapter 11 protection in the Western District of Washington. According to court filing, the Debtor reports $2,223,415 in debt owed to 100 and 199 creditors. The petition states funds will be available to unsecured creditors. About May International Inc. 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. May International Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12615) on September 18, 2025. In its petition, the Debtor reports total assets of $1,761,895 and total liabilities of $2,223,415. The Debtor is represented by Steven M. Palmer, Esq. at CAIRNCROSS & HEMPELMANN, P.S. MCGLOTHLIN INVESTMENTS: Case Summary & 12 Unsecured Creditors ------------------------------------------------------------- Debtor: McGlothlin Investments, LLC 1635 Morewood Road Hardy, VA 24101 Business Description: McGlothlin Investments, LLC is a Virginia- based company engaged in real estate ownership, development, and property management. Chapter 11 Petition Date: September 17, 2025 Court: United States Bankruptcy Court Western District of Virginia Case No.: 25-70840 Judge: Hon. Paul M Black Debtor's Counsel: Richard D Scott, Esq. LAW OFFICE OF RICHARD D SCOTT PC 2727 Electric Road, Suite 204 Roanoke, VA 24018 Tel: (540) 400-7997 Fax: (540) 491-9465 E-mail: richard@rscottlawoffice.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Terry McGlothlin as member and manager. A full-text copy of the petition, which includes a list of the Debtor's 12 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JTZ7NFQ/McGlothlin_Investments_LLC__vawbke-25-70840__0001.0.pdf?mcid=tGE4TAMA MERCURY AGGREGATOR: PIMCO Dynamic Marks $10.6MM Loan at 32% Off --------------------------------------------------------------- PIMCO Dynamic Income Fund has marked its $10,608,000 loan extended to Mercury Aggregator LP to market at $7,235,000 or 68% 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 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. 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 Mercury Aggregator LP Mercury Aggregator LP operates as an investment management firm. MERCURY AGGREGATOR: PIMCO Dynamic Marks $5.8MM Loan at 32% Off -------------------------------------------------------------- PIMCO Dynamic Income Fund has marked its $5,823,000 loan extended to Mercury Aggregator LP to market at $3,972,000 or 68% 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 Mercury Aggregator LP. The loan accrues interest at a rate of 3.5% 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. 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 Mercury Aggregator LP Mercury Aggregator LP operates as an investment management firm. MICROMOBILITY.COM INC: Posts $1.73 Million Net Loss in Fiscal Q2 ---------------------------------------------------------------- Micromobility.com, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1.73 million for the three months ended June 30, 2025, compared to a net loss of $1.55 million for the three months ended June 30, 2024. Revenue – Related Party for the three months ended June 30, 2025, was $476 thousand, compared to $398 thousand for the same period in 2024. For the six months ended June 30, 2025, the Company reported a net loss of $1.96 million, compared to a net loss of $6.07 million for the same period in 2024. Revenue – Related Party for the six months ended June 30, 2025, was $953 thousand, compared to $535 thousand for the same period in 2024. As of June 30, 2025, the Company had $1.40 million in total assets, $39.32 million in total liabilities, and $37.92 million in total stockholders' deficit. The Company has experienced recurring operating losses and negative cash flows from operating activities since its inception. To date, these operating losses have been funded primarily from outside sources of invested capital. The Company had, and expects to continue to have, an ongoing need to raise additional cash from outside sources to fund its operations. Successful transition to attaining profitable operations depends upon achieving a level of revenues adequate to support the Company's cost structure. These conditions raise substantial doubt about the Company's ability to continue as a going concern within the next 12 months. The Company plans to continue to fund its operations through debt and equity financing. Debt or equity financing may not be available on a timely basis on terms acceptable to the Company, or at all. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/57zh6mcr About micromobility.com Inc. New York, N.Y.-based micromobility.com, Inc. was an intra-urban transportation and media company, offering affordable, accessible, and sustainable forms of personal transportation, and providing live and non-live media content. During 2024, the Company decided to exit the mobility and media operations, both in Italy and the United States of America, due to the high costs and related cash burn. During the year ended December 31, 2024, the Company shifted its core business from micromobility and media services to IT software services. In detail, during 2024 the Company entered into a Service agreement with Everli S.p.A., a related party (an entity controlled by the Company's major shareholder), for providing software development services, which became its core business. MOD JEWELRY: Court OKs Interim Use of Cash Collateral ----------------------------------------------------- Mod Jewelry Group, Inc. and Steel Horse Jewelry, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral to fund operations. The interim order authorized the Debtors to use cash collateral from September 4 to October 16 to pay the expenses set forth in their budget, subject to a 10% variance per line item and overall. As adequate protection, the U.S. Small Business Administration will be granted replacement liens on personal property acquired by the Debtors after their Chapter 11 filing, with the same priority and extent as their pre-bankruptcy liens. The replacement liens do not apply to avoidance actions and assets not subject to SBA's pre-bankruptcy rights and are subordinate to statutory fees owed to the Clerk of Court and the U.S. Trustee. The next hearing is scheduled for October 16. About Mod Jewelry Group Inc. Mod Jewelry Group, Inc. operates a branded jewelry business, specifically focused on motorcycle-themed products. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20333-PDR) on September 4, 2025. In the petition signed by Len D. Weiss, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Peter D. Russin oversees the case. Jordan L. Rappaport, Esq., at Rappaport Osborne & Rappaport, PLLC, represents the Debtor as legal counsel. NEEDSPACE VENTURE: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: Needspace Venture, LLC 8888 Midsouth Drive Suite 116 Olive Branch MS 38654 Business Description: NeedSpace Venture LLC provides self- storage solutions in Southaven, Mississippi, offering climate-controlled and standard storage units. Its services include unit rentals, security features, and customer amenities such as moving supplies and truck rentals. Chapter 11 Petition Date: September 18, 2025 Court: United States Bankruptcy Court Northern District of Mississippi Case No.: 25-13086 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 Email: jkp@perrygriffin.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Marion Threatt as member. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3V3PH4I/Needspace_Venture_LLC__msnbke-25-13086__0001.0.pdf?mcid=tGE4TAMA NEXTTRIP INC: Converts $153,000 Debt Into Series Q Preferred Shares ------------------------------------------------------------------- NextTrip, Inc., disclosed in an SEC filing that on Sept. 15, 2025, it entered into debt conversion agreements with independent directors Carmen Diges and Stephen Kircher, under which $152,970 in outstanding unsecured promissory notes, including principal and accrued interest, was converted into 47,803 restricted shares of Series Q Preferred Stock at $3.20 per share. The conversion was made retroactive to Sept. 3, 2025. The Series Q Preferred shares issued by the Company were not registered under the Securities Act of 1933, as amended, or applicable state securities laws, and were issued in reliance on exemptions from registration provided by Section 4(a)(2) of the Securities Act and/or Regulation D. As a result, the securities, along with the underlying common shares issuable upon conversion, are deemed "restricted securities" under Rule 144 of the Securities Act. About NextTrip NextTrip, Inc., headquartered in Santa Fe, New Mexico, is a technology-driven travel company developing an integrated booking and media platform aimed at leisure, group, and business travelers. The Company's proprietary NXT2.0 booking engine supports personalized trip planning and booking across brands such as NextTrip Vacations, Five Star Alliance, and NextTrip Business, and includes specialized tools for groups, travel agents, and delayed payment options. NextTrip also operates media properties including Journy.tv, Compass.tv, and Travel Magazine, which provide travel-related content and are intended to complement its booking platform and support future advertising revenue. In its audit report dated May 29, 2025, Haynie & Company included a "going concern" qualification citing that the Company has suffered recurring losses from operations and has an accumulated deficit of ($34,349,823). The losses in conjunction with uncertainty around the success of management's future plans, raise substantial doubt about its ability to continue as a going concern. As of May 31, 2025, and Feb. 28, 2025, the Company had an accumulated deficit of $38,871,518 and $34,349,823, respectively, and working capital deficit of $1,142,891 and $105,577, respectively, and has incurred losses since incorporation. The Company reported total assets of $10.96 million, total liabilities of $4.29 million, and $6.67 million in total stockholders' equity as of May 31, 2025. The Company said it will need to raise additional capital through equity or debt financing to support operations, expand product market penetration, advance the marketing and development of its travel and technology offerings, fund capital expenditures for equipment and development costs, meet payment obligations, and cover business management systems and other operating expenses until anticipated revenue streams are sufficient to offset costs. In the event adequate funding is not obtained, the Company may need to scale back its business plan, sell assets, or pursue bankruptcy protection. NORTH JAX CONCRETE: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, issued an interim order allowing North Jax Concrete and Construction LLC to use cash collateral. The interim order signed by Judge Jacob Brown authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the Subchapter V trustee; and the expenses set forth in its budget. This authorization will continue until further hearing on the Debtor's bid to use cash collateral. The Debtor projects total operational expenses of $16,335 for the period from September 4 to October 3. As adequate protection, lenders will be granted a replacement lien on the Debtor's cash collateral, with the same validity, priority and extent as their pre-bankruptcy liens. The next hearing is scheduled for October 6. North Jax has financed its operations on a cash basis and via business credit cards. The Debtor has three pre-bankruptcy merchant cash advance lenders that have a lien on its cash and receivables. Those lenders are Forward Financing, LLC, Fora Financial, and the U.S. Small Business Administration. The Debtor relies on current revenues to fund its operations. The Debtor primarily generates income from engaging in the concrete and construction industry. At the time of filing, the Debtor had a total balance of approximately $22,000 in its business checking account. The business generates approximate gross receipts of $22,840.46 per month. About North Jax Concrete and Construction LLC North Jax Concrete and Construction LLC a concrete contractor based in Jacksonville, Florida. It provides concrete construction services in the Jacksonville area, working with various concrete suppliers and equipment rental companies. North Jax Concrete and Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02841) on August 18, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jacob A. Brown handles the case. The Debtor is represented by Thomas C. Adam, Esq., at Adam Law Group, P.A. OMNICARE LLC: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------- Omnicare, LLC, a subsidiary of CVS Health, announced on September 22, 2025, that it has filed for voluntary Chapter 11 protection to resolve issues related to its recent litigation in the U.S. District Court for the Southern District of New York. Omnicare plans to evaluate a range of options, including a standalone restructuring or potential sale. During the court-supervised process, Omnicare emphasized that operations will continue without disruption. The company will maintain pharmacy and clinical services for long-term care facilities, ensuring customers and residents continue to receive medications and care without interruption. President David Azzolina stressed that supporting patients and partners remains the company’s top priority throughout the restructuring. Azzolina also addressed the civil lawsuit that contributed to the filing, which alleged technical violations of pharmacy law based on long-standing practices known to regulators. He noted that no patients were harmed and described the court-imposed penalty as extreme and unconstitutional. Despite these challenges, he reaffirmed Omnicare's commitment to delivering safe, reliable pharmacy services and praised employees and community partners for their continued dedication and support. About Omnicare LLC Omnicare LLC is a subsidiary of CVS Health that provides comprehensive pharmacy services. Omnicare LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80486). In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. Jenner & Block LLP and Haynes Boone are serving as legal counsel, Houlihan Lokey is serving as investment banker and Alvarez & Marsal is serving as restructuring advisor to Omnicare. Stretto, Inc. serves as claims agent. OSTENDO TECHNOLOGIES: Seeks to Extend Exclusivity to Jan. 20, 2026 ------------------------------------------------------------------ Ostendo Technologies, Inc., asked the U.S. Bankruptcy Court for the Central District of California to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 20, 2026 and March 20, 2026, respectively. The Debtor explains that this is a complex case, involving numerous secured and unsecured creditors, more than $17 million of general unsecured debt, and complex intellectual property assets. At this time, there is a major case contingency pending that will impact the ultimate disposition of this case, involving the Debtor's pending marketing and sale process, which will not conclude earlier than November 7, 2025, and potentially months after November 7, 2025. The Debtor submits that this case contingency warrants an extension of the Debtor's plan exclusivity periods. The Debtor believes that the ultimate conclusion/result of the sale process will significantly affect the manner in which this case should proceed. The Debtor submits that these contingencies warrant an extension of the exclusivity periods. The Debtor claims that it is requesting an extension in good faith for the purpose of designating an appropriate exit strategy once the sale process is completed and the Debtor has had an opportunity to evaluate the case after the conclusion of a sale and discuss with primary constituencies potential exit options and plan terms. The Debtor asserts that it has undertaken to comply with a variety of its administrative obligations, including, preparing and providing to the United States Trustee the Debtor's compliance materials, and supplements thereto, preparing and filing its Schedules of Assets and Liabilities and related documents, attending an initial debtor interview and a section 341(a) meeting of creditors, and preparing and filing a case status report. The Debtor's sale process is pending and will not be completed until after the expiration of the current exclusive period for the Debtor to file a plan. The Debtor submits this factor weighs in favor of extending the Debtor's plan exclusivity periods. The Debtor further asserts that its request is being made in good faith and not for the purpose of pressuring creditors into acceding to certain plan terms. To the contrary, the Debtor is seeking to complete its sale process in order for a meaningful discussion and negotiation process to occur in connection with a plan. The Debtor submits that it would be premature to file a plan prior to the conclusion of the sale process and the closing of a sale of assets. Ostendo Technologies Inc. is represented by: Ron Bender, Esq. Levene, Neale, Bender, Yoo & Golubchik LLP 2818 La Cienega Avenue Los Angeles, California 90034 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 Email: rb@lnbyg.com About Ostendo Technologies Inc. Ostendo Technologies, Inc. develops advanced display and imaging technologies, including micro-LED and quantum photonic imagers. It operates in the semiconductor sector and maintains facilities in California. Ostendo Technologies sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11111) on June 24, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Victoria S. Kaufman handles the case. The Debtor tapped Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik, LLP as legal counsel and Sherwood Partners, Inc. as restructuring advisor. PHILLIPS ACRES: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Phillips Acres, Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Greenville Division, to use cash collateral to fund operations. The interim order authorized the Debtor to use cash collateral in accordance with its budget until the earlier of (i) September 30; (ii) the Debtor ceases operations; (iii) the Debtor expends any funds or monies for any purpose or amount other than what is set forth in the budget, (iv) any material or intentional misrepresentation by the Debtor in the reporting to the court; (v) non-compliance or default of the Debtor with any terms and provisions of the interim order; or (vi) another order concerning cash collateral is entered. As adequate protection for any post-petition diminution in value of their interests in their collateral, creditors will be granted post-petition continuing replacement liens on the collateral, with the same validity, perfection, extent and priority as their pre-bankruptcy liens. The next hearing will be held on September 30. The Debtor, a North Carolina corporation, operates a flock production facility for turkeys located on a 108.1-acre property in Greene County, North Carolina. In prior years, the Debtor also engaged in row crop farming but ceased those operations in 2025 due to economic infeasibility and liquidated related equipment through an auction to reduce debt. This bankruptcy was initiated to restructure remaining liabilities and preserve the viable turkey farming business. The Debtor's sole income is derived from a growing contract with Butterball, LLC, under which the Debtor raises flocks of turkeys and is compensated based on the condition and weight of the flock after Butterball collects it. A new flock is provided approximately every 19 weeks. The Debtor asserts the contract is in good standing and vital to the business's survival. However, to continue operations and fulfill its obligations under the contract, the Debtor requires access to funds to pay ongoing expenses including labor, maintenance, utilities, and feed, which are estimated to be approximately $11,300 per month. There are several secured debts encumbering the Debtor's cash, receivables, equipment, and real property, including a $135,000 loan from the U.S. Small Business Administration, believed to have a first-priority lien on cash and receivables. Three loans from The First Bank and Trust Company (formerly Select Bank & Trust), including a $500,000 loan secured by various personal property (approximately $511,000 balance), a $945,000 loan secured by real estate, equipment, and fixtures (approximately $822,000 balance), and a $40,000 loan secured by previously encumbered assets (approximately $3,575 balance). A line of credit with Southern States Cooperative, Inc., with an estimated balance of $140,000, secured by livestock, equipment, and government payments. About Phillips Acres Inc. Phillips Acres, Inc operates a flock production facility for turkeys located on a 108.1-acre property in Greene County, North Carolina. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03601-5-PWM) on September 16,2025. In the petition signed by David N. Phillips, president, the Debtor disclosed up to $1million in assets and up to $10 million in liabilities. Judge Pamela W. McAfee oversees the case. C. Scott Kirk, Esq. represents the Debtor as legal counsel. POSEIDON BIDCO: PIMCO Dynamic Marks $3.9MM Loan at 19% Off ---------------------------------------------------------- PIMCO Dynamic Income Opportunities Fund (PDO) has marked its $3,900,000 loan extended to Poseidon Bidco SASU to market at $3,147,000 or 81% of the outstanding amount, according to PDO's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. PDO is a participant in a Loan to Poseidon Bidco SASU. The loan accrues interest at a rate of 6.980% per annum. The loan matures on March 13 1, 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 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 Opportunities 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 Dynamic Marks $4.7MM Loan at 19% Off ---------------------------------------------------------- PIMCO Dynamic Income Strategy Fund (PDX) has marked its $4,700,000 loan extended to Poseidon Bidco SASU to market at$3,792,000 or 81% of the outstanding amount, according to PDX's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. PDX is a participant in a Loan to Poseidon Bidco SASU. The loan accrues interest at a rate of 6.980% 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. PDX 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 PPIMCO Dynamic Income Strategy 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 Dynamic Marks $77.4MM Loan at 19% Off ----------------------------------------------------------- PIMCO Dynamic Income Fund has marked its $77,460,000 loan extended to Poseidon Bidco SASU to market at $62,502,000 or 81% 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 Poseidon Bidco SASU. The loan accrues interest at a rate of 6.980% 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 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 Poseidon Bidco SASU Poseidon Bidco SASU provides financial transaction services. PROPHASE DIAGNOSTICS: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- ProPhase Diagnostics NJ, Inc. 25-19833 42 Throckmorton Lane Old Bridge, NJ 08857 ProPhase Diagnostics NY, Inc. 25-19834 626 RXR Plaza, 6th Floor Uniondale, NY 11556 ProPhase Diagnostics, Inc. 25-19836 626 RXR Plaza, 6th Floor Uniondale, NY 11556 Business Description: ProPhase Diagnostics, Inc., ProPhase Diagnostics NJ, Inc., and ProPhase Diagnostics NY, Inc. are wholly owned subsidiaries of ProPhase Labs, Inc., which develops genomic testing solutions, potential cancer diagnostics and therapeutics, and manufactures and markets consumer health and wellness products. The subsidiaries operate within the diagnostics segment, providing laboratory testing services that were primarily focused on COVID-19 during the pandemic and are now engaged in efforts to recover large insurance receivables tied to those operations. Chapter 11 Petition Date: Sept. 22, 2025 Court: United States Bankruptcy Court District of New Jersey Judge: Hon. Christine M Gravelle Debtors General Bankruptcy Counsel: Thaddeus R. Maciag, Esq. MACIAG LAW, LLC 475 Wall Street Princeton, NJ 08540-1509 Tel: 908-704-8800 Email: MaciagLaw1@aol.com ProPhase Diagnostics NJ's Total Assets: $32,287,616 ProPhase Diagnostics NJ's Total Liabilities: $465,161 ProPhase Diagnostics NY's Total Assets: $2,922,439 ProPhase Diagnostics NY's Total Liabilities: $11,173,823 ProPhase Diagnostics, Inc.'s Total Assets: $18,000,500 ProPhase Diagnostics, Inc.'s Total Liabilities: $2,293,000 The petitions were signed by Derek DeStefano as director. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/FAXCIUA/ProPhase_Diagnostics_NJ_Inc__njbke-25-19833__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/CRICC6Y/ProPhase_Diagnostics_NY_Inc__njbke-25-19834__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/DKLERFA/ProPhase_Diagnostics_Inc__njbke-25-19836__0001.0.pdf?mcid=tGE4TAMA A. List of ProPhase Diagnostics NJ's Six Unsecured Creditors: Entity Nature of Claim Claim Amount 1. United Corporate Services $397,200 10 Bank Street, Suite 560 White Plains, NY 10606 2. Throckmorton Lane Realty $35,700 26 Throckmorton Ln, Fl 2 Old Bridge, NJ 08857 3. Life Technologies Corporation $17,207 12088 Collection Center Dr, Chicago, IL 60693 4. Twp. of Old Bridge $13,669 Bureau Fire Prev 3098 Highway 516 Old Bridge, NJ 08857 5. Fisher Healthcare $935 P.O. Box 3648 Boston, MA 02241-3648 6. Operations Control $450 for Laboratories LLC PO Box 550 Minooka, IL 60447 B. List of ProPhase Diagnostics NY's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. ProPhase Labs, Inc. $9,998,503 626 RXR Plaza, 6th Floor Uniondale, NY 11556 2. BRG Office LLC - $619,097 Unit 2 Assoc LLC 711 Stewart Ave. Garden City, NY 11530 3. FrontrunnerHC, Inc $148,536 36 Cordage Park Plymouth, MA 02360 4. Leaf Capital $94,769 Funding, LLC 110 S Poplar St Ste 101 Wilmington, DE 19801 5. Darktrace Holdings Ltd. $68,811 Dept LA 25444 Pasadena, CA 91185-5444 6. Waystar $42,722 1311 Solutions Center Chicago, IL 60677 7. NY State Dept. of Health $33,391 Clinical Laboratory Eval. Program Wadsworth Center Empire State Plaza Albany, NY 12237 8. First Financial Holdings $30,312 PO Box 63122 Cincinnati, OH 45263 9. Vitalaxis, Inc. $20,625 800 Virginia Manor Rd Beltsville, MD 20705 10. Amazon Capital Services $19,704 PO Box 035184 Seattle, WA 98124 11. Sysmex America, Inc. $15,722 28241 Network Pl Chicago, IL 60673 12. Crown Castle Fiber LLC $11,963 PO Box 28730 New York, NY 10087-8730 13. Torreyana Corp $11,223 2196 Ocean View Blvd San Diego, CA 92113 14. SFK Global Inc. $10,000 63 Bolan Dr. West West Orange, NJ 07052 15. Orchard Software Corporation $9,735 701 Congressional Blvd. Carmel, IN 46032 16. Delinea Inc. (Thycotic) $9,235 215 19th Street Suite 1220 Des Moisnes, IA 50309 17. Zoom Video Communications Inc. $7,298 PO Box 888843 Los Angeles, CA 90088 18. LabSender, LLC $6,627 9216 N Dawn Ave. Kansas City, MO 64154 19. EZ Connect Inc $5,415 3249 SE Quay Street Port Saint Lucie, FL 34984 20. Siemens Healthcare $3,558 Diagnostics Inc. 27511 Cary, NC 27511 C. List of ProPhase Diagnostics's Two Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Drexel Distrib. dba $1,650,000 EZ Test NY 223 W 14th St New York, NY 10111 2. ATC Testing and $643,000 Screening Services LLC 4532 W Napoleon Ave Ste 202 Metairie, LA 70001-2486 QUANTUM CORP: Grant Thornton LLP Raises Going Concern Doubt ----------------------------------------------------------- Quantum Corporation disclosed in a Form 10-K Report filed with the U.S. Securities and Exchange Commission for the fiscal year ended March 31, 2025, that its auditor has expressed substantial doubt about the Company's ability to continue as a going concern. The Company recorded net losses of $115.09 million and $41.29 million for the fiscal year ended March 31, 2025 and 2024, respectively. Bellevue, Wash.-based Grant Thornton LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated August 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended March 31, 2025, citing that the Company believes it will be in violation of the net leverage coverage covenant for the quarter ended September 30, 2025. The Company's plan, which is also described in Note 1, contemplates the Company negotiating waivers to these covenants and is evaluating strategies to restructure or refinance the existing term debt. If the Company is unable to obtain additional waivers, the term debt will become immediately due, and additional liquidity will be required to satisfy the obligations. The Company's ability to achieve the foregoing elements of its business, which may be necessary to permit the realization of assets and satisfaction of liabilities in the ordinary course of business, is uncertain and raises substantial doubt about its ability to continue as a going concern. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/2s6cv3f4 About Quantum Corporation Quantum Corporation, together with its consolidated subsidiaries, stores and manages digital video and other forms of unstructured data, providing streaming performance for video and rich media applications, along with low-cost, long-term storage systems for data protection and archiving. The Company helps customers around the world capture, create and share digital data and preserve and protect it for decades. As of March 31, 2025, the Company had $155.40 million in total assets, $319.77 million in total liabilities, and total deficit of $164.37 million. RAYMOND DETENTION: Court Appoints Receiver to Oversee Operations ---------------------------------------------------------------- Daniel Tyson of Magnolia Tribune reports that a federal receivership will take effect October 1, 2025 at the Raymond Detention Center in Hinds County, a move that comes despite county officials' insistence that they have complied with earlier court requirements. U.S. District Judge Carlton Reeves appointed Wendell France Jr., a veteran law enforcement and corrections administrator, to assume operational control of the facility, according to the report. Court filings state that France will oversee executive, management, and leadership functions in an effort to address ongoing constitutional violations at the jail. The detention center, built to hold 600 inmates, has long faced issues tied to overcrowding, inadequate staffing, and insufficient supervision. Those problems, federal monitors noted, contributed to seven inmate deaths in 2021. Although a report earlier this year pointed to some improvements since 2022, it also found persistent deficiencies, especially in staffing. The jail requires nearly 250 personnel to operate safely, yet only about 72 positions are currently filled, leaving patrol officers to supplement detention staff on a temporary basis, according to Magnolia Tribune. Hinds County has pushed back against federal intervention, arguing that the receivership strips accountability from locally elected officials and exceeds judicial authority. The county appealed Judge Reeves' initial receivership order, and while the Fifth Circuit Court of Appeals upheld the decision, it curtailed the receiver’s budgetary powers, ruling that Reeves had granted overly broad authority in that area. In April 2025, county attorneys argued again that the facility had made enough progress to avoid federal control, citing pay raises, flexible shifts, and other recruitment efforts, the report states. Despite those arguments, monitors reported that serious problems remain. They highlighted deteriorating conditions in two of the jail's three housing pods, even after the violent A-Pod was shut down. Reeves concluded that a receivership is necessary to stabilize operations and protect inmates' constitutional rights. Under the federal Prison Litigation Reform Act, France's role will be limited to addressing those violations, but the court made clear that staffing, safety, and oversight are at the core of his mandate. About Raymond Detention Center Raymond Detention Center intended to house as many as 600 detainees in Hinds County, Mississippi. RITHM CAPITAL: Moody's Affirms 'B1' CFR, Outlook Remains Stable --------------------------------------------------------------- Moody's Ratings has affirmed the B1 long-term corporate family rating and B3 long-term senior unsecured rating of Rithm Capital Corp. (Rithm). The rating outlook remains stable. The rating action follows Rithm's announcement on September 17 that it plans to acquire Paramount Group, Inc. (Paramount), a commercial real estate (CRE) office equity real estate investment trust (REIT). Rithm will pay $1.6 billion for Paramount and plans to fund the acquisition with cash and third-party capital raised through partners prior to the close of the acquisition. RATINGS RATIONALE The ratings affirmation reflect Moody's unchanged view of Rithm's b1 standalone assessment, supported by the company's solid capitalization and strong earnings. The ratings also consider the modest potential benefits from the added diversification to earnings from Paramount's CRE office assets, which are being purchased at a steep discount to book value. The Paramount acquisition follows Rithm's September 4, 2025 announcement that it was acquiring Crestline Management, L.P., an alternative investment manager with approximately $17 billion in assets under management, for an undisclosed purchase price. Credit challenges include the company's shifting strategic direction, the asset risk associated with its investments, and the key person risk associated with its CEO, Michael Nierenberg. While Rithm's acquisitive history has resulted in a more diverse earnings profile, acquisitions also carry operational risks, particularly during the integration process. Rithm's management has so far adeptly navigated these risks and successfully integrated acquisitions into the company's organizational framework. Rithm's existing investments have little overlap with Paramount's CRE office assets, and Rithm's ability to effectively manage these new risks is unknown. Paramount owns and manages 11 office properties in Manhattan, five office properties in downtown San Francisco and one office property in Washington D.C. Paramount's earnings have been under pressure due to reduced demand for office space driven by the shift to remote work during the COVID-19 pandemic, economic uncertainty, and increased competition in urban centers. Additionally, rising operating costs and interest rates have further strained financial performance. Rithm's B3 long-term senior unsecured debt rating reflects the debt's effective subordination and lower priority of claim on Rithm's earning assets compared to secured lenders. The stable outlook reflects Moody's expectations that Rithm will maintain solid capitalization and profitability, and adequate liquidity over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company successfully integrates its acquisitions while achieving solid profitability and capitalization; for example, with net income to average managed assets and tangible common equity to tangible managed assets (TCE/TMA, Moody's Ratings adjusted) consistently remaining above 2.5% and 17.5%, respectively. In addition, increasing its reliance on unsecured funding would be positive for the ratings. The ratings could be downgraded if the integration of the companies' origination and servicing platforms were to materially weaken Rithm's financial performance. The ratings could also be downgraded if Moody's expects capitalization as expressed by TCE/TMA (Moody's Ratings adjusted) to fall and remain below 15%, if profitability deteriorates such as net income to average manage assets falling below 1%, or if the company's liquidity position deteriorates materially. The principal methodology used in these ratings was Finance Companies published in July 2024. Rithm Capital Corp.'s "Assigned Standalone Assessment" adjusted score of b1 is set four notches below the "Financial Profile Score" score of Baa3 to reflect the company's acquisitive strategy, refinancing risk from short-term funding reliance, and operational and regulatory risk. ROBESON HOLDING: Mayor Pushes for Receivership for School Bldg. --------------------------------------------------------------- Betsy Webster of KCTV5 reports that a former Kansas City school building that has sat vacant for nearly two decades is now the focus of Mayor Quinton Lucas, who wants the courts to step in after years of stalled redevelopment. The property, located at 8201 Holmes Road, has deteriorated badly, with overgrown weeds, broken windows, graffiti, and even trees sprouting from its structure. Neighbors say it has become a magnet for trespassing and crime, making the site a growing concern for the community, according to the report. The building, most recently home to Robeson Middle School before closing in 2006, has a long history that includes serving as Kansas City Middle School of the Arts and, earlier, the Jewish Community Center. In 2018, it was sold to Robeson Holding Co. LLC, registered to attorney Sean Pickett, with plans to redevelop it into a recreation center and senior housing. Those plans never moved forward, and by 2021 the property owner began falling behind on taxes. Records show more than $130,000 in delinquent taxes remain unpaid, with only small payments made to avoid a tax sale, according to KCTV5. Mayor Lucas, frustrated with what he calls years of "broken promises," introduced an ordinance this week to place the property into receivership. He argued that the site has become a persistent blight and vowed to resolve the issue before his term ends. "It's seven years of weeds, of trash, of squatters," Lucas said. The ordinance has been referred to a city council committee and is scheduled to return for a full council vote by the end of September 2025, the report states. About Robeson Holding Co. LLC Robeson Holding Co. LLC is the owner of Robeson Middle School, Kansas City Middle School of Arts, and Jewish Community Center. ROYALE ENERGY: Raises Pradera Fuego Working Interest to 7.5% ------------------------------------------------------------ Royale Energy Inc. said in a press release it completed a farm-out agreement giving it drilling rights to an additional 2.5% working interest in the 17,000-acre Pradera Fuego project operated by Ares Energy in Ector County, Texas. With this transaction, Royale and its direct interest owner investors now hold a 7.5% non-operated working interest across both producing and non-producing acreage. The Farm-out agreement was consummated with an entity controlled by Johnny Jordan, Royale's chief executive officer. The Pradera Fuego asset provides a robust development pipeline for Royale, including 39 future Barnett drilling locations and 44 future Woodford locations, supporting long-term growth for the company and its investor drilling programs. Royale anticipates drilling four new wells over the next 12 months. Royale currently maintains interest in all eight producing Barnett wells within the Pradera Fuego project. Collectively, these wells are producing approximately 3,583 gross BOEPD, with 201 net BOEPD attributable to Royale and its direct working interest investors. The most recent well, the Irma 1H, was recently drilled, completed, and is currently flowing at 1,196 BOEPD on a 50/64" choke. Early results from the Irma 1H are consistent with the strong performance of the project's other producing wells. "The Pradera Fuego project continues to deliver exceptional results and represents a valuable source of long-term growth for Royale and our shareholders," said Johnny Jordan, CEO of Royale Energy. About Royale Energy, Inc. Royale Energy, Inc. (OTCQB: ROYL) is an independent exploration and production company headquartered in San Diego, California. The Company focuses on the acquisition, development, and marketing of oil and natural gas, with primary operations in Texas's Permian Basin. In its April 8, 2025 audit report, Horne LLP issued a "going concern" qualification, noting that the Company's recurring operating losses and liabilities exceeding its assets raise substantial doubt about its ability to continue operations. At June 30, 2025, the Company's consolidated financial statements reflect a working capital deficiency of $12,030,955, and an accumulated deficit of $94,605,190. The Company had a net loss of $1,100,721 for the six months ended June 30, 2025. The Company reported $14.44 million in total assets, $27.87 million in total liabilities, and a total stockholders' deficit of $13.43 million as of June 30, 2025. The Company warned that without sufficient new capital, it would need to extend payables, seek note repayment extensions, and cut overhead to continue operations, with no assurance such measures would succeed. RUNITONETIME LLC: Co-Founder Wins Auction for Bankrupt Card Rooms ----------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Eric Persson, a co-founder of bankrupt Maverick Gaming and a professional poker player, has won an auction to acquire a portion of the company's casino and card room assets with a $28 million bid. Court filings in the Southern District of Texas show Persson's entity secured three Washington state properties, while TIL Gaming was named backup bidder with a $27 million offer, the report relates. 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. RUNITONETIME LLC: Gets Court Approval for Bid Process ----------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas approved the bidding procedures for the sale of certain or substantially all of the assets of RunItOneTime LLC and its debtor-affiliates, free and clear of any and all claims, interests, and encumbrances. A sale hearing to approve the sale of the Debtors' assets and related sale transactions will commence on or before Sept. 24, 2025, at 3:00 p.m. Any party interested in submitting a bid for any of the Assets should contact the Debtors' investment banker, GLC Advisors & Co., 600 Lexington Avenue, New York, New York 10022, Attn: Mack Rossoff (mack.rossoff@glca.com), Michael Sellinger (michael.sellinger@glca.com), Tim Hagamen (tim.hagamen@glca.com), and Daniel Grundei (daniel.grundei@glca.com). The Debtors are initiating a marketing and sale process their Assets, which comprise three principal segments: a) "PokerCo" to be composed of Aces Poker Lakewood, Aces Poker Mountlake Terrace, Caribbean Casino, Caribbean Cardroom, including working capital required to operate the businesses (to the extent available); b) "LeaseCo" to be composed of the Debtors' properties subject to the Blue Owl Master Lease, and, subject to and in accordance with notice issued on the LeaseCo Marketing Determination Date, non-PokerCo Washington properties subject to leases with other landlords; and c) "MainCo" to be composed of the remainder of the Debtors' existing businesses, interests, and tangible and intangible assets. Bids on individual assets within these segments are acceptable to the debtors, in consultation with the consultation parties; provided that with respect to partial bids, if the debtors do not receive qualified bids for all of the assets within a particular segment, the debtors reserve the right, in consultation with the consultation parties, not to consider or otherwise proceed to an auction (as defined below) for such partial bids. The Debtors said they are in current discussions with the landlord for certain of the LeaseCo Assets and have not yet initiated a marketing process for the LeaseCo Assets. The Debtors, in consultation with the Consultation Parties, shall make a determination as to the marketing of the LeaseCo Assets no later than Aug. 20, 2025. If the Debtors decide to commence a marketing process for the LeaseCo Assets on or before theaqqq LeaseCo Marketing Determination Date, the Debtors will promptly file a notice indicating such determination and provide no less than 25 days for such marketing, and notwithstanding anything in these Bidding Procedures to the contrary, any interested party that submits a Bid for the LeaseCo Assets will be eligible for consideration as a Qualified Bidder for the LeaseCo Assets. a) LeaseCo Marketing Determination Date: Wednesday, Aug. 20, 2025 b) Indication of Interest Deadline: Wednesday, Aug. 20, 2025, at 4:00 p.m. (prevailing Central Time) c) Stalking Horse Designation Deadline: Tuesday, Sept. 2, 2025, at 4:00 p.m. (prevailing Central Time) d) Stalking Horse Objection Deadline: Monday, Sept. 8, 2025, at 4:00 p.m. (prevailing Central Time) e) Cure Notice Deadline: Monday, Sept.r 8, 2025 f) Bid Deadline: Wednesday, Sept. 17, 2025, at 4:00 p.m. (prevailing Central Time) g) Auction(s) (if necessary): Friday, Sept. 19, 2025, at 10:00 a.m. (prevailing Central Time) h) Sale Objection Deadline: The later of the date that is three days after the filing of the Notice of Successful Bidder or Tuesday, Sept. 23, 2025, at 4:00 p.m. (prevailing Central Time) i) Sale Hearing (subject to Court availability): No later than Friday, Sept. 26, 2025 Copies of the Bidding Procedures Motion, the Bidding Procedures, the Bidding Procedures Order, and all other documents filed with the Court, are available free of charge on the Debtors' case information website, located at https://restructuring.ra.kroll.com/RunItOneTime/, or can be requested by calling the Debtors' claims and noticing agent, Kroll Restructuring Administration LLC, at 1 (877) 814- 0967 (Domestic) or 1 (646) 440-4367 (International). 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 11of 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. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors. The Committee retained Morrison & Foerster LLP as its counsel. SAKS GLOBAL: Negotiates Sale of 49% Stake in Bergdorf Goodman ------------------------------------------------------------- The Wall Street Journal reports that Saks Fifth Avenue's owner is pursuing a potential sale of 49% of Bergdorf Goodman that could fetch about $1 billion. The paper, citing unnamed sources, said no fewer than four parties are in talks, including Middle Eastern sovereign wealth funds. Richard Baker, executive chairman of Saks Global, confirmed the company has launched a "strategic process" to evaluate a minority stake sale. The move comes as Saks Global undertakes broader financial restructuring efforts, including revisions to its capital structure. About Saks Global Enterprises Saks Global Enterprises operates as an investment and wealth management company. The Company invests in a set of stocks that are associated with historically high dividend payments to their shareholders. Saks Global Enterprises serves clients worldwide. SCENIC CITY: Plan Exclusivity Period Extended to January 29, 2026 ----------------------------------------------------------------- Judge Nicholas W. Whittenburg of the U.S. Bankruptcy Court for the Eastern District of Tennessee extended Scenic City Boot Camp, LLC, and Kevin and Kristen Harvey's exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 29, 2026 and March 16, 2026, respectively. As shared by Troubled Company Reporter, for cause, the Debtors would show unto the Court that the Proof of Claim deadline is August 4, 2025, and they will need additional time to review the filed claims and propose a feasible plan of reorganization. Additionally, as membership enrollment of typically wanes during the summer months and surges during the fall and after the first of the year, having the benefit of additional operating reports will demonstrate to all interested parties the feasibility of Chapter 11 reorganization. The Debtors assert that they have demonstrated reasonable prospects for presenting a viable plan. The Debtor's operating reports filed thus far show total receipts of no less than $16,703.00. The Debtors request pursuant that the Court extend the exclusivity period for filing a Chapter 11 Plan of Reorganization to 300 days after the date of the order for relief, or January 29, 2026, which will avoid the need to file (and cost of filing) subsequent motions to extend the exclusivity period. Debtors anticipate that it will propose a Plan of reorganization within approximately 30 days after the filing of this Motion, however. Counsel to the Debtor: W. Thomas Bible, Jr., Esq. LAW OFFICE OF W. THOMAS BIBLE, JR. D/B/A TOM BIBLE LAW 6918 Shallowford Road, Suite 100 Chattanooga, TN 37421 Phone: (423) 424-3116 Fax: (423) 553-0639 Email: tom@tombiblelaw.com About Scenic City Boot Camp LLC Scenic City Boot Camp, LLC filed a Chapter 11 petition (Bankr. E.D. Tenn. Case No. 25-10863) on April 4, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Kevin Harvey, president of Scenic City Boot Camp, signed the petition. Judge Nicholas W. Whittenburg oversees the case. W. Thomas Bible, Jr., Esq., at Tom Bible Law, represents the Debtor as bankruptcy counsel. SCORPIUS HOLDINGS: Sells $471,000 Note Carrying 5% Interest ----------------------------------------------------------- Scorpius Holdings said in a regulatory filing with the Securities and Exchange Commission it issued a $471,000 non-convertible promissory note to an institutional investor. The Note carries a 5% annual interest rate and will mature on Oct. 31, 2025, or earlier upon a corporate event or default, the filing showed. The Company is required to pay a 5% premium on the principal at maturity, redemption or prepayment, in addition to principal and interest. The Note specifies customary default provisions, including failure by the Company or its subsidiaries to pay more than $150,000 in debt owed to third parties, subject to certain exceptions, or a default under any other company promissory note. If the Company completes another financing while the Note is outstanding, the holder may require full redemption of the balance, including accrued interest, using up to all proceeds from that financing. About Scorpius Holdings, Inc. Scorpius Holdings, Inc., headquartered in San Antonio, Texas, is a contract development and manufacturing organization that provides biologics manufacturing services ranging from process development to cGMP clinical and commercial production for the biotechnology and biopharmaceutical industries. It offers capabilities in immunoassays, molecular assays, and bioanalytical methods to support cell- and gene-based therapies as well as large molecule biologics, with services including drug substance manufacturing, stability testing, and process and cell line development. The Company operates a facility in San Antonio, Texas, opened in 2022, and through its subsidiary Skunkworx Bio Inc., engages in discovery research while focusing resources on biomanufacturing following the divestment of clinical-stage oncology assets. In its audit report dated April 30, 2025, BDO USA, P.C. issued a "going concern" qualification citing that the Company has suffered recurring losses from operations and has not generated significant revenue or positive cash flows from operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2025, the Company had approximately $0.2 million in cash and cash equivalents and short-term investments. As of Aug. 22, 2025, its cash and cash equivalents and short-term investments were approximately $0.3 million. Scorpius Holdings reported total assets of $23.59 million, total liabilities of $30.15 million, and a total stockholders' deficit of $6.56 million as of March 31, 2025. Scorpius Holdings has incurred an accumulated deficit of $297.9 million through March 31, 2025. The Company has incurred negative operating cash flows since the start of its business. It has spent, and expects to continue to spend, substantial amounts in connection with implementing its business strategy, including the planned product development efforts, clinical trials, and research and discovery efforts. SHORENSTEIN PROPERTIES: Office Tower Enters Receivership -------------------------------------------------------- Bisnow reports that the value of Shorenstein Properties' 1818 Market Street office tower has plunged by more than a third, pushing the asset into receivership after loan obligations went unresolved. A September appraisal set the property's worth at $181 million, down 36% from its 2021 valuation when the $222.9M adjustable-rate loan was originated, Morningstar Credit said, according to the report. The 37-story, nearly 1M SF tower -- 69% occupied earlier this 2025 -- was transferred to special servicing in September 2023 ahead of an imminent default. Its loan matured in March 2024, and with no repayment proposal accepted, a receiver was appointed this September 2025, according to Bisnow. Morningstar's David Putro said the servicer would give the receiver several months before determining a path forward. Shorenstein representatives did not respond to inquiries. The receivership adds to a string of distressed office properties on Market Street. Shorenstein's 1700 Market Street is also under receivership, while 1500 and 1515 Market Street await resolution amid tenant moves and potential redevelopment, the report states. About Shorenstein Properties Shorenstein Properties operates as a private enterprise focused on investing in, developing, owning, and managing real estate. SHOWERS HACKING: Section 341(a) Meeting of Creditors on October 20 ------------------------------------------------------------------ On September 17, 2025, Showers Hacking Corp. filed Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports $1,096,582 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors filed by the Office of the United States Trustee under Section 341(a) 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 Showers Hacking Corp. Showers Hacking Corp. holds and manages taxi medallions 7K89 and 7K90, operating a transportation business in New York City. Showers Hacking Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44465) on September 17, 2025. In its petition, the Debtor reports total assets of $340,000 and total liabilities of $1,096,582. The Debtor is represented by Alla Kachan, Esq. at LAW OFFICES OF ALLA KACHAN, P.C. SOBE THERMAL: PUCO Seeks Appointment of Receiver ------------------------------------------------ The Business Journal reports that the Public Utilities Commission of Ohio ruled Thursday that SOBE Thermal Energy Systems LLC is no longer capable of delivering reliable utility services to downtown Youngstown customers. As a result, the commission directed the state attorney general to pursue the appointment of a receiver to oversee the company's operations and ensure continuity of service, the report states, according to the report. About SOBE Thermal Energy Systems LLC SOBE Thermal Energy Systems LLC operates as a public utility regulated by the Public Utilities Commission of Ohio. It provides steam heating and cooling services to buildings downtown Youngstown. SOUTHWEST PUBLIC: S&P Assigns 'BB' ICR, Outlook Negative -------------------------------------------------------- S&P Global Ratings affirmed its 'BB' issuer credit rating (ICR) on Southwest Public Power Agency Inc. (SPPA, or the agency), Ariz. The outlook remains negative. The negative outlook reflects ongoing state regulatory and litigation challenges that could erode SPPA's revenue streams by curtailing groundwater withdrawals by some retail customers of participating municipalities and districts. S&P said, "SPPA, in our opinion, faces significant physical risks from a large portion of its customer base being affected by surface water curtailments beginning in 2022, which remain indefinite to alleviate chronic drought conditions. While we anticipate that Arizona will experience further water curtailments, this will not hit most of SPPA's customer base, which has already been operating without surface water since 2022. Continued extreme drought and heat could increase energy demand and prices, presenting affordability challenges to rate-sensitive customers. "Social risk factors also underpin our opinion of SPPA's weakening credit quality. We understand that most of SPPA's members are in rural areas that may have limited ability to absorb potential step-up obligations. Weak income levels in many member territories could challenge future revenue recovery. However, we are monitoring the strength and stability of electric utilities' revenue streams given inflationary pressures on electricity prices (which have outpaced the broader consumer price index inflation rate), reflecting higher operating and debt costs due to investments in emission reductions, load growth, and climate resilience. We anticipate that substantial and sweeping tariffs could also pressure electricity prices as utilities source costlier materials and components critical to the sector's build cycle. Coupled with the high degree of unpredictability around federal policy, the economy's stressors and the associated financial pressures consumers are facing, including diminished consumer confidence and expectations of rising inflation and unemployment, might make it more difficult for rate-setting bodies to harmonize the interests of utilities, their customers, and their investors, which could negatively affect utilities' financial metrics. "SPPA's governance factors are negative to our assessment, stemming largely from external regulatory pressures regarding groundwater pumping. Internally, SPPA has adequate governance practices such as passing on all energy costs to members monthly, and has maintained consistent, albeit weak fixed cost coverage (FCC; 1x on average) and unrestricted liquidity (62 days' cash of operating expense on average) through unusual market conditions in fiscal years 2022 and 2023, with slightly improved FCC in audited fiscal 2024. We view favorably SPPA securing a PPA for fixed-price energy and producing a hedging program for Mesquite to reduce, but not eliminate, gas price-spike exposures. The outcome of the lawsuit pertaining to Fondomonte's groundwater use remains highly uncertain, as does rural groundwater management more broadly, given recent unsuccessful legislative efforts to regulate pumping and use. Given the persistent supply and demand imbalance, ongoing subsidence, and uncertainty as to the future operating guidelines in the Colorado River basin, we believe future water stress risks are elevated. "The negative outlook reflects our opinion that the agency's revenue stream remains vulnerable to declines if the state succeeds on its claims that water withdrawals by some SPPA customers are excessive. We view customers like McMullen and Harquahala as most vulnerable to the state's regulatory and litigation initiatives. "We could lower the rating in the next two years if member credit quality erodes materially, including if we see evidence of increased delinquencies, thinning margins, reduced liquidity, customer losses (without commensurate replacement of demand), or reduced rate competitiveness and affordability. We could also lower the rating if SPPA's credit metrics deteriorate, including if cost recovery is inadequate and available liquidity declines to levels not rating commensurate. A further downgrade could follow if SPPA or its members experience material contingent demands on liquidity. "Over the next two years, we could revise the outlook to stable if there is greater predictability surrounding SPPA's revenue streams as the state works through regulatory actions and litigation regarding withdrawal curtailment and redirection of groundwater to other areas of Arizona." SPEEDHAUS 405: Files Emergency Bid to Use Cash Collateral --------------------------------------------------------- Speedhaus 405, LLC asks the U.S. Bankruptcy Court for the Western District of Oklahoma for authority to use cash collateral and provide adequate protection. Speedhaus filed for bankruptcy urgently to prevent First Pryority Bank from executing a judgment against it. Since filing, Speedhaus has operated as a debtor-in-possession, with no trustee appointed. The Debtor argues that immediate use of cash collateral is critical to avoid irreparable harm, continue business operations, and proceed toward a reorganization plan. It lacks unencumbered cash to meet operational expenses and requires court permission to use funds that are subject to potential secured creditor claims. Three entities -- First Pryority Bank, Channel Partners, and 360 Capital/Parrafin, Inc. -- claim secured interests in the Debtor's accounts. However, the Debtor challenges the validity of these liens. It disputes Channel Partners' claim based on the nature of its merchant cash advance, which it says is not a loan, and contends that 360 Capital/Parrafin, Inc. failed to perfect its security interest via UCC filing, rendering its lien invalid or junior to First Pryority Bank. The Debtor proposes to provide adequate protection to First Pryority Bank, the only creditor it acknowledges may hold a valid lien, through several mechanisms: 1. Granting post-petition liens equal in priority to its pre-petition interests. 2. Super-priority administrative claims, subordinate only to a $40,000 carve-out for the Debtor's legal fees and Subchapter V Trustee expenses. 3. Monthly adequate protection payments to be agreed upon or set by the court. 4. Collateral inspections, access to records, and insurance protections for the bank. 5. A 30-day notice-and-cure period for any defaults before seeking relief from the automatic stay. Speedhaus further requests that the court immediately approve temporary use of cash collateral to fund operations per a submitted budget, and to set a final hearing date as soon as possible. If no objections are filed, the Debtor requests that its terms be approved on a final basis, binding all parties. A copy of the motion is available at https://urlcurt.com/u?l=2Gb6Wp from PacerMonitor.com. First Pryority Bank is represented by: Brandon C. Bickle, Esq. GableGotwals 110 N. Elgin Ave., Ste. 200 Tulsa, OK 74120 Tel: 918.595.4800 Fax: 918.595.4990 bbickle@gablelaw.com About Speedhaus 405 LLC Speedhaus 405, LLC operates an auto repair shop in Edmond, Oklahoma. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-12852) on September 15, 2025. In the petition signed by Matt Mickley, owner/member, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Amanda R. Blackwood, Esq., at Blackwood Law Firm, PLLC, represents the Debtor as bankruptcy counsel. SPIRIT AEROSYSTEMS: Liquidity Concerns Raise Going Concern Doubt ---------------------------------------------------------------- Spirit AeroSystems Holdings, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended July 3, 2025, that there is substantial doubt about its ability to continue as a going concern within the next 12 months. Liquidity: The condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) on a going concern basis, which assumes the Company will be able to continue as a going concern and contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company's ability to continue as a going concern exists. The Company has incurred net losses of $1,243.9 billion, $2,139.8 billion, $616.2 million, and $545.7 million, for the six months ended July 3, 2025, and the years ended December 31, 2024, 2023, and 2022, respectively, and cash used in operating activities of $563.2 million, $1,120.9 billion, $225.8 million, and $394.6 million, respectively for the same periods. As of July 3, 2025, the Company's debt balance was $4,343.9, including $690.5 of debt classified as short-term. The Company's cash and cash equivalents were $369.6 and $537.0 as of July 3, 2025, and December 31, 2024, respectively. The Company will require additional liquidity to continue its operations over the next 12 months. Further, certain changes made to the production and delivery process implemented by Boeing have had an immediate impact to the Company's results of operations and cash flows. On March 2, 2024, Boeing announced they would no longer accept deliveries of product that required out of sequence assembly or incremental quality re-work. As a result, the Company has experienced higher levels of inventory and contract assets and lower operational cash flows due to the inability to physically ship and invoice end items to Boeing in a timeframe aligned with production activities. Although the Company's physical delivery rates have steadily increased since late 2024 such that the Company is increasingly able to reduce contract assets, the Company is still mitigating the lingering effects of such a significant change in production and delivery processes. Boeing's ability to increase production rates is governed by the Federal Aviation Administration (the "FAA"), and the Company cannot predict when or whether forecasted production rates will be achieved. On April 18, 2024, the Company entered into a memorandum of agreement with Boeing, under which Boeing advanced $425.0 to the Company to support the Company's liquidity. The MOA was amended on June 20, 2024, to increase the advance by an additional $40.0 and to revise certain repayment amounts and extend near-term repayment dates. As of the date of this filing, we have repaid $40.0 of the MOA advances. The MOA was amended again on January 22, 2025 to, among other things, reschedule the repayment dates to occur from April 2026 to September 2026. Additionally, the amendment added a provision whereby in the event the Merger Agreement is terminated, any advances then outstanding under the MOA would become due and payable on April 1, 2026. The Company's ability to align costs, including both internal and supply chain related spending, to react to unexpected changes in customer-determined production rates has had and will likely continue to have a material impact on the Company's results of operations and cash flows. Our liquidity has been impacted by higher levels of inventory and contract assets, lower operational cash flows due to a decrease in expected deliveries to Boeing, higher factory costs to maintain rate readiness (attributed to product quality verification process enhancements, including moving such processes from Renton, Washington, to Wichita, Kansas), Boeing no longer allowing for traveled work on the B737 fuselage to its factories, the strike by Boeing employees in 2024, and limitations on Boeing increasing production rates. Additionally, the Company was in negotiations with Airbus related to pricing adjustments on the A220 and A350 programs during 2023 and continuing into 2024 with a goal of completing those negotiations in early 2024. As a result of the announcement on March 1, 2024, that the Company was engaged in discussions with Boeing about a possible acquisition of the Company by Boeing, followed by the signing of the Merger Agreement and the Airbus Term Sheet on June 30, 2024, there was a shift in the strategic discussions with Airbus relevant to pricing adjustments on the A220 and A350 programs, most recently with a focus toward customer advances and other accommodations. These developments in 2024 resulted in a significant reduction in projected revenue and operating cash flows over the next twelve months. Additionally, although the advances received in 2024 have provided essential operational liquidity, there can be no assurance that we will be able to obtain additional advances from our customers, repay current advances on the specified due dates, renegotiate the due date or otherwise obtain additional liquidity as needed under acceptable terms or at all. We will need to obtain additional funding to sustain operations, as we expect to continue generating operating losses for the foreseeable future. As of August 5, 2025, Management has developed a plan designed to improve liquidity in response to the developments highlighted above. These plans are dependent upon many factors, including, among other things, the outcomes of discussions related to the timing or amounts of repayment for certain customer advances, the timing and expected proceeds received from certain divestitures, the expected timing and outcome of the transactions contemplated by the Merger Agreement and the Purchase Agreement, and achieving anticipated B737 deliveries. Management is also evaluating additional strategies intended to improve liquidity to support operations, including, but not limited to, additional customer advances and restructuring of operations in an effort to increase efficiency and decrease expenses, which may include layoffs or additional furloughs. However, there can be no assurance that these plans or strategies will sufficiently improve our liquidity needs or that we will otherwise realize the anticipated benefits. Accordingly, substantial doubt about the Company's ability to continue as a going concern exists. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3fre66s9 About Spirit AeroSystems Holdings Spirit AeroSystems Holdings, Inc. provides manufacturing and design expertise in a wide range of fuselage, propulsion, and wing products and services for aircraft original equipment manufacturers and operators through Holdings' subsidiaries including Spirit. The Company's headquarters are in Wichita, Kansas, with manufacturing and assembly facilities in Tulsa, Oklahoma; Prestwick, Scotland; Wichita, Kansas; Kinston, North Carolina; Subang, Malaysia; Saint-Nazaire, France; Belfast, Northern Ireland; Casablanca, Morocco; and Dallas, Texas. As of July 3, 2025, the Company had $6,238.1 billion in total assets, $10,027.8 billion in total liabilities, and 3,789.7 billion in total deficit. SPRUCE BIDCO: PIMCO Dynamic Marks CAD$1.8MM Loan at 28% Off ----------------------------------------------------------- PIMCO Dynamic Income Fund has marked its CAD$1,804,000 loan extended to Spruce Bidco, Inc. to market at CAD$1,300,000 or 72% 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 Spruce Bidco, Inc. The loan accrues interest at a rate of 7.6% 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 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 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 Dynamic Marks CAD$368,000 Loan at 28% Off ------------------------------------------------------------- PIMCO Dynamic Income Strategy Fund (PDX) has marked its CAD$368,000 loan extended to Spruce Bidco, Inc. to market at CAD$265,000 or 72% of the outstanding amount, according to PDX's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. PDX is a participant in a Loan to Spruce Bidco, Inc. The loan accrues interest at a rate of TBD% - 0.500% 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. PDX 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 PPIMCO Dynamic Income Strategy 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 Dynamic Marks CAD$479,000 Loan at 28% Off ------------------------------------------------------------- PIMCO Dynamic Income Opportunities Fund (PDO) has marked its CAD$479,000 loan extended to Spruce Bidco, Inc. to market at CAD$345,000 or 72% of the outstanding amount, according to PDO's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. PDO is a participant in a Loan to Spruce Bidco, Inc. The loan accrues interest at a rate of 7.67% 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 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 Opportunities 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 Dynamic Virtually Writes Off JPY$192.8MM Loan ----------------------------------------------------------------- PIMCO Dynamic Income Fund has marked its JPY$192,883,000 loan extended to Spruce Bidco, Inc. to market at JPY$1,314,000 or 1% 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 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 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 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 Dynamic Virtually Writes Off JPY$39.3MM Loan ---------------------------------------------------------------- PIMCO Dynamic Income Strategy Fund (PDX) has marked its JPY$39,364,000 loan extended to Spruce Bidco, Inc. to market at JPY$268,000 or 1% of the outstanding amount, according to PDX's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. PDX is a participant in a Loan to Spruce Bidco, Inc. The loan accrues interest at a rate of TBD% - 0.500% 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. PDX 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 PPIMCO Dynamic Income Strategy 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 Dynamic Virtually Writes Off JPY$51.1 Loan -------------------------------------------------------------- PIMCO Dynamic Income Opportunities Fund (PDO) has marked its JPY$51,173,000 loan extended to Spruce Bidco, Inc. to market at JPY$349,000 or 1% of the outstanding amount, according to PDO's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. PDO 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 March 13 1, 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 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 Opportunities 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. STEENBOK LUX: PIMCO Dynamic Marks EUR$10MM Loan at 57% Off ---------------------------------------------------------- PIMCO Dynamic Income Strategy Fund (PDX) has marked its EUR$10,084,000 loan extended to Steenbok Lux Finco 2 SARL to market at EUR$4,295,000 or 43% of the outstanding amount, according to PDX's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. PDX 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. PDX 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 Strategy 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 Dynamic Marks EUR$276.1MM Loan at 62% Off ------------------------------------------------------------- PIMCO Dynamic Income Fund has marked its EUR$276,139,000 loan extended to Steenbok Lux Finco 2 SARL to market at EUR$103,666,000 or 38% 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 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 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 Steenbok Lux Finco 2 SARL Steenbok Lux Finco 2 Sarl (SEAG) is a Luxembourg-incorporated subsidiary of the Dutch-registered Steinhoff International Holdings N.V. group, serving as an operating subsidiary within the larger Steinhoff Group that retails household goods and furniture globally. STEENBOK LUX: PIMCO Dynamic Marks EUR$73.1 Loan at 63% Off ---------------------------------------------------------- PIMCO Dynamic Income Opportunities Fund (PDO) has marked its EUR$73,196,000 loan extended to Steenbok Lux Finco 2 SARL to market at EUR$27,401,000 or 37% of the outstanding amount, according to PDO's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. PDO 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 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 Opportunities 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. TECHPRECISION CORP: Sets Oct. 28 for Virtual Annual Meeting ----------------------------------------------------------- TechPrecision Corporation said in a regulatory filing with the Securities and Exchange Commission its Board of Directors set Oct. 28, 2025, as the date for the Company's 2025 Annual Meeting of Stockholders, which will be conducted virtually, with Oct. 1 as the record date for voting. The time and meeting website information for the Annual Meeting will be set forth in the Company's proxy statement for the Annual Meeting, which will be filed with the SEC prior to the Annual Meeting. Because the 2024 Annual Meeting of Shareholders was held on Dec. 19, 2024, which is more than 30 days before the first anniversary of the prior meeting, the deadline for stockholder nominations or proposals described in the previous meeting's proxy statement no longer applies. The Company is therefore notifying shareholders of this change under Rule 14a-5(f) of the Securities Exchange Act of 1934, as amended, and is providing the updated dates for submitting shareholder proposals and other matters for consideration at the Annual Meeting. A stockholder intending to submit a proposal to be included in the proxy statement for the Annual Meeting under Rule 14a-8 must deliver such proposal in writing to the Company's principal executive offices no later than Oct. 1, 2025, which the Company believes to be a reasonable deadline under the applicable rules of the Exchange Act. Proposals should be addressed to: TechPrecision Corporation, 1 Bella Drive, Westminster, MA 01473, Attention: Corporate Secretary. Proposals of stockholders must also comply with the SEC's rules regarding the inclusion of stockholder proposals in proxy materials and the Company's Second Amended and Restated By-laws, and the Company may omit any proposal from its proxy materials that does not comply with Rule 14a-8 or the By-laws. Submissions under the By-laws of proposals intended to be presented at, but not included in the proxy materials for, the Annual Meeting, including director nominations for election to the Board of Directors, must be addressed to the Company's Corporate Secretary and received at its principal executive offices on or before Sept. 28, 2025, which is the tenth day following public disclosure of the Meeting Date. A stockholder's notice to the Corporate Secretary must set forth as to each matter the stockholder proposes to bring before the annual meeting the information described in the By-laws. In addition, to comply with the universal proxy rules, stockholders who intend to solicit proxies in support of director nominees other than the Board's nominees must provide notice that sets forth the information required by SEC Rule 14a-19 no later than Oct. 1, 2025. About TechPrecision TechPrecision Corporation, headquartered in Westminster, Massachusetts, through its wholly owned subsidiaries, manufactures large-scale metal fabricated and machined precision components and equipment for the defense, aerospace, and precision industrial markets in the United States. Its Ranor subsidiary operates a 145,000-square-foot facility on a 65-acre site in North Central Massachusetts, providing high-precision heavy fabrication, machining, materials management, and quality inspection for components up to 100 tons. Its Stadco subsidiary operates a 183,000-square-foot multi-building complex in Los Angeles, California, producing mission-critical components, tooling, molds, fixtures, jigs, and dies for military aircraft, helicopters, and space programs, serving major OEMs and prime contractors in the defense and aerospace industries. In its audit report dated July 30, 2025, CBIZ CPAs P.C. included a "going concern" qualification, noting that the Company has experienced substantial losses, is in default on its debt obligations due to noncompliance with its debt covenants and is expected to remain noncompliant, and its revolving line of credit matures within the year, requiring renewal or additional financing. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $32.14 million in total assets, $23.93 million in total liabiliities, and $8.21 million in total stockholders' equity. As of June 30, 2025, the Company had $1,856,000 in total available liquidity, consisting of $1,949,000 in undrawn capacity under its revolver loan, $143,000 in cash and cash equivalents, and $236,000 of book overdrafts. The Company acknowledged that a certain event of default has occurred and is continuing under the Loan Agreement as a result of the Company's failure to satisfy certain debt covenants as of June 30, 2025 and March 31, 2025. The lender reserves any and all rights and remedies available to it under the Loan Agreement, including, without limitation, its right to choose to accelerate and demand the outstanding indebtedness evidenced by the loan documents, and to seek immediate repayment in full. The lender could also stop honoring drawdowns under the revolver loan. The Company maintained it is exploring various means of strengthening its liquidity position and ensuring compliance with its debt financing covenants by making Stadco operations profitable, renewing its revolver loan, or entering into alternative debt facilities. TEZCAT LLC: Gets Extension to Access Cash Collateral ---------------------------------------------------- Tezcat, LLC received fourth interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use the cash collateral of its secured creditors. The fourth interim order signed by Judge Jason Burgess authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in its budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditors. IncredibleBank, Honeycomb Collateral and Webbank are the secured creditors with interest in the cash collateral. As protection, these secured creditors will be granted replacement liens on post-petition cash collateral, with the same priority and validity as their pre-bankruptcy liens. As additional protection, IncredibleBank will continue to receive a monthly payment of $1,868.25. The fourth interim order authorized the Debtor's monthly payment of $1,000 to the Subchapter V trustee. The next hearing is set for November 20. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/PE1PT from PacerMonitor.com. About Tezcat LLC Tezcat LLC, operating as Tepeyolot Cervecerias, is a family-owned brewery and restaurant in Jacksonville, Fla., offering fresh Mexican cuisine paired with craft lagers brewed on-site. In addition to its dine-in and takeout options, the business provides catering services for events like birthdays, weddings, and corporate functions. It also offers online ordering and party booking services. Tezcat filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-00803) on March 17, 2025, listing total assets of $22,708 and total liabilities of $1,001,540. Judge Jason A. Burgess handles the case. Buddy D. Ford, Esq., at Buddy D. Ford, P.A. is the Debtor's legal counsel. IncredibleBank, as secured creditor, is represented by: Daniel A. Miller, Esq. Daniel A. Miller, P.A. 11987 Southern Blvd., No. 1 Royal Palm Beach, FL 33411 Telephone: (561) 463-5929 daniel@damillerlaw.com service@damillerlaw.com TITAN CNG: Hires Archer & Greiner as Legal Counsel -------------------------------------------------- Titan CNG, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Archer & Greiner, P.C. to serve as its legal counsel. The firm will provide these services: (a) provide legal advice to the Debtors relating to their powers and duties as debtors in possession in the continued operation of the Debtors' businesses; (b) take all necessary action to protect and preserve the Debtors' estates; and (c) prepare on behalf of the Debtors, as debtors in possession, all necessary motions, applications, answers, orders, reports, and other court filings and papers in connection with the administration of the Debtors' estates. Archer & Greiner's professionals will receive these hourly rates: $845 for partners (Gerard DiConza), $655 for partners (Natasha Songonuga), $450 for associates (Paris Gyparakis), and $230 for paralegals (Amy Huber). Archer received prepetition retainer payments totaling $150,000, of which $65,663 was applied to prepetition fees and expenses, leaving $84,337 as a general security retainer for postpetition services and expenses. Archer & Greiner is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Gerard DiConza, Esq. Paris Gyparakis, Esq. ARCHER & GREINER, P.C. 1211 Avenue of the Americas, Suite 2750 New York, NY 10036 Telephone: (212) 682-4940 E-mail: gdiconza@archerlaw.com pgyparakis@archerlaw.com - and - Natasha M. Songonuga, Esq. ARCHER & GREINER, P.C. 300 Delaware Avenue, Suite 1100 Wilmington, DE 19801 Telephone: (302) 777-4350 E-mail: nsongonuga@archerlaw.com About Titan CNG LLC Titan CNG, LLC is an Arizona-based company specializing in compressed natural gas (CNG) equipment leasing and services. Titan CNG, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-11525) on August 14, 2025. At the time of the filing, Debtors had estimated assets of between $100,001 to $500,000 and liabilities of between $10,000,001 to $50 million. Judge Mary F. Walrath oversees the case. The Debtor is represented by Natasha M. Songonuga, Esq., at Archer & Greiner, P.C. TNR TRANSIT: Seeks Chapter 7 Bankruptcy in Colorado --------------------------------------------------- On September 9, 2025, TNR Transit Inc. entered Chapter 7 bankruptcy in the District of Colorado, submitting a voluntary filing. The company's petition disclosed debts are estimated between $100,001 and $1 million. The filing further noted between 1 and 49 creditors. About TNR Transit Inc. TNR Transit Inc. is a trucking company. TNR Transit Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-15793) on September 9, 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 Joseph G. Rosania Jr. handles the case. The Debtor is represented by Robertson B. Cohen, Esq. TOG HOTELS: Seeks to Extend Plan Exclusivity to November 17 ----------------------------------------------------------- TOG Hotels Downtown Dallas LLC asked the U.S. Bankruptcy Court for the Northern District of Texas to extend its exclusivity period to file a plan of reorganization to November 17, 2025. The Debtor and Wilmington Trust, National Association, as Trustee for the Registered Holders of Wells Fargo Commercial Mortgage Trust 2017-C39, Commercial Mortgage Pass-Through Certificates, Series 2017-C39 (the "Lender") attended mediation on September 3, 2025. Although the Parties did not settle their disputes at mediation, negotiations are ongoing and the Parties are diligently working to resolve the matter. The current exclusive period expires on September 18, 2025. The Debtor and Lender will not resolve their differences before exclusivity expires. Accordingly, extending the exclusive period would allow the Debtor and Lender additional time to continue substantive plan discussions before the confirmation hearing currently scheduled for October 23, 2025. Based on a weighing of the relevant factors, there is more than sufficient cause to approve the extension of the Exclusive Filing Period requested by the Debtor: * The Debtor and Lender require additional time to negotiate and resolve any disputes in order to create a consensual plan of reorganization before the October 23, 2025 confirmation hearing. * The Lender agrees to extend the exclusive period. * The Debtor is not seeking an extension of the Exclusive Filing Period to pressure or prejudice any of its stakeholders. Rather, the Debtor is seeking an extension of the Exclusive Filing Period to preserve and build upon the progress made to date by securing adequate time to develop a plan of reorganization. TOG Hotels Downtown, LLC is represented by: M. Jermaine Watson, Esq. Tiereney Bowman, Esq. Emily M. Campbell, Esq. Cantey Hanger LLP 600 West 6th Street, Suite 300 Tel: (817) 877-2800 Fax: (817) 333-2961 Email: jwatson@canteyhanger.com Email: tbowman@canteyhanger.com Email: ecampbell@canteyhanger.com About TOG Hotels Downtown Dallas LLC TOG Hotels Downtown, LLC, operates the Crowne Plaza Dallas Downtown hotel, located at 1015 Elm Street in Dallas, Texas. TOG Hotels Downtown filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 25-30600) on Feb. 20, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Scott W. Everett handles the case. The Debtor is represented by M. Jermaine Watson, Esq. at Cantey Hanger LLP. TRANSNET SOC: PIMCO Dynamic Marks ZAR$176.6MM Loan at 94% Off ------------------------------------------------------------- PIMCO Dynamic Income Fund has marked its ZAR$176,657,000 loan extended to Transnet SOC Ltd. to market at ZAR$9,898,000 or 6% 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 Transnet SOC Ltd. The loan accrues interest at a rate of 11.5% 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. 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 Transnet SOC Ltd. Transnet SOC Ltd is a large South African rail, port and pipeline company, headquartered in the Carlton Centre in Johannesburg. TRANSNET SOC: PIMCO Dynamic Marks ZAR$89.6MM Loan at 94% Off ------------------------------------------------------------ PIMCO Dynamic Income Opportunities Fund (PDO) has marked its ZAR$89,627,000 loan extended to Transnet SOC Ltd. to market at ZAR$5,022,000 or 6% of the outstanding amount, according to PDO's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. PDO is a participant in a Loan to Transnet SOC Ltd. The loan accrues interest at a rate of 11.558% 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. 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 Opportunities 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: Ex-Worker Files Pre-Bankruptcy Layoffs Class Action ------------------------------------------------------------------ James Nani of Bloomberg Law reports that Tricolor Holdings LLC faces a proposed class action from ex-employee Jose Campos, who alleges the company improperly laid off about 150 workers at its Bakersfield, California, location without sufficient notice ahead of its Chapter 7 bankruptcy. Filed September 19, 2025 in the Northern District of Texas bankruptcy court, the complaint claims Tricolor violated California's WARN Act when it terminated staff two days before its Sept. 10 bankruptcy petition. Campos is seeking to represent the terminated employees as a class, the report states. 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. TRUTANKLESS INC: Victor Mokuolu Raises Going Concern Doubt ---------------------------------------------------------- Trutankless, Inc. disclosed in a Form 10-K Report filed with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2024, that its auditor has expressed substantial doubt about the Company's ability to continue as a going concern. Houston, Texas-based Victor Mokuolu, CPA PLLC, the Company's auditor since 2004, issued a "going concern" qualification in its report dated August 27, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that as of December 31, 2024, and December 31, 2023 (restated), the Company had an accumulated deficit of $77,101,969, and $66,915,867 respectively. The Company has not established sufficient revenue to cover its operating costs for the next 12 months. These factors raise substantial doubt about its ability to continue as a going concern. The Company's ability to continue as a going concern is dependent on the Company's ability to generate revenues and raise capital. The Company has not generated sufficient revenues from product sales to provide sufficient cash flows to enable the Company to finance its operations internally. As of December 31, 2024 and 2023, the Company had $1,004,190 and $21,452 cash on hand, respectively. For the years ended December 31, 2024 and 2023, the Company had a net loss of $10,186,102 and $2,150,474, and cash used in operations of $2,315,411 and $1,990,470, respectively. Over the next 12 months management plans to raise additional capital and to invest its working capital resources in sales and marketing in order to increase the distribution and demand for its products. However, there is no guarantee the Company will generate sufficient revenues or raise capital to continue operations. If the Company fails to generate sufficient revenue and obtain additional capital to continue at its expected level of operations, the Company may be forced to scale back or discontinue its sales and marketing efforts. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/53ea7u84 About Trutankless, Inc. Trutankless, Inc. is involved in sales, marketing, research and development of a high quality, whole-house, smart electric tankless water heater that is more energy efficient than conventional products. Management anticipates the Company's trutankless water heater, with Wi-Fi capability and Trutankless' proprietary apps offered in the iOS and Android store, will augment existing products in the home automation space. As of December 31, 2024, the Company had $3,397,110 in total assets, $9,743,750 in total liabilities, and total deficit of $6,346,640. UNICORN BAY: PIMCO Dynamic Marks HKD$26.3 Loan at 87% Off --------------------------------------------------------- PIMCO Dynamic Income Strategy Fund (PDX) has marked its HKD$26,372,000 loan extended to Unicorn Bay to market at HK$3,401,000 or 13% of the outstanding amount, according to PDX's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. PDX is a participant in a Loan to Unicorn Bay. The loan accrues interest at a rate of 10% 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. PDX 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 Strategy 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 Dynamic Marks HKD$332.1MM Loan at 87% Off ------------------------------------------------------------ PIMCO Dynamic Income Fund has marked its HKD$332,115,000 loan extended to Unicorn Bay to market at HKD$42,837,000 or 13% 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 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 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 Unicorn Bay Unicorn Bay is a financial technology company that provides a personalized, automated online service and a professional toolset for individual investors. UNICORN BAY: PIMCO Dynamic Marks HKD$99.5MM Loan at 87% Off ----------------------------------------------------------- PIMCO Dynamic Income Opportunities Fund (PDO) has marked its HKD$99,590,000 loan extended to Unicorn Bay to market at HKD$12,845,000 or 6% of the outstanding amount, according to PDO's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. PDO 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 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 Opportunities 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. UNIVERSAL DESIGN: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, issued a second interim order allowing Universal Design Solutions, LLC to continue to use cash collateral. The second interim order signed by Judge Jason Burgess authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; and the expenses set forth in its budget. This authorization will continue until further hearing on the Debtor's bid to use cash collateral. The Debtor projects total operational expenses of $36,745 for the period from September 4 to October 5. As protection for the Debtor's use of its cash collateral, TD Bank, N.A. will have a perfected post-petition lien on such collateral, with the same validity, priority and extent as its pre-bankruptcy lien. The next hearing is scheduled for October 1. About Universal Design Solutions Universal Design Solutions, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01970) with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Hon. Jason A Burgess oversees the case. Thomas C. Adam, Esq., at Adam Law Group, P.A. is the Debtor's bankruptcy counsel. TD Bank, N.A., as lender, is represented by: Amanda Klopp, Esq. Akerman LLP 777 South Flagler Drive Suite 1100, West Tower West Palm Beach, FL 33401 Telephone (561) 653-5000 Facsimile (561) 659-6313 amanda.klopp@akerman.com VALYRIAN MACHINE: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Valyrian Machine, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, to use cash collateral. The interim order authorized the Debtor to use up to $175,810.81 in cash collateral for the period from September 16 to October 15 to pay post-petition operating expenses in accordance with its budget. As adequate protection, ChoiceOne Bank will be granted a valid and automatically perfected replacement lien on the cash collateral and all other assets of the Debtor, with the same validity and priority as its pre-bankruptcy lien. In case such protection proves insufficient, the secured lender will be granted a superpriority administrative expense claim and all other benefits and protections allowable under Sections 503(b) and 507(b) of the Bankruptcy Code, subject and subordinate to the fee carveout. The final hearing is scheduled for October 14. The Debtor operates out of a 7,500-square-foot facility, with 10 full-time and three part-time employees, utilizing seven CNC machines to produce high-tolerance parts and assemblies for industries such as automotive, aerospace, defense, and energy. The Debtor's primary secured lender, ChoiceOne Bank, is owed approximately $1.78 million across six loans, all secured by first-priority liens on the Debtor's assets, including cash, equipment, inventory, and receivables. These loans are further secured by collateral such as commercial real estate and a life insurance policy on Kris J. Surcek, the Debtor's principal. Other parties asserting security interests include Byzfunder NY LLC, On Deck Capital (unperfected), and Horizon Finance. About Valyrian Machine LLC Valyrian Machine, LLC manufactures high-tolerance parts and assemblies for industries such as automotive, aerospace, defense, and energy. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-49284) on September 16, 2025. In the petition signed by Kris J. Surcek , sole member, the Debtor disclosed up to $1 million in assets and $10 million in liabilities. Judge Paul R. Hage oversees the case. Julie Beth Teicher, Esq., at Maddin, Hauser, Roth & Heller, P.C., is the Debtor's legal counsel. ChoiceOne Bank, as secured lender, is represented by: Sandra S. Hamilton, Esq. Clark Hill, PLC 200 Ottawa Ave NW, Ste. 500 Grand Rapids, MI 49503 (616) 608-1141 bankruptcyfiling@clarkhill.com VERASTEM INC: Losses and Cash Needs Raise Going Concern Doubt ------------------------------------------------------------- Verastem, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended June 30, 2025, that there is substantial doubt about its ability to continue as a going concern within the next 12 months. The Company recorded net losses of $25.93 million and $8.26 million for the three months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and 2024, the Company reported net losses of $78.04 million and $42.12 million, respectively. As of June 30, 2025, the Company had cash, cash equivalents, and investments of $164.3 million. In accordance with applicable accounting standards, the Company evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within 12 months after the date of the issuance of these condensed consolidated financial statements. The Company anticipates operating losses may continue for the foreseeable future and the Company continues to incur operating costs to execute its strategic plan, including costs related to research and development of its product candidates and commercial activities. As a result of the assessment in accordance with the applicable accounting standards, these conditions raise substantial doubt about the Company's ability to continue as a going concern for 12 months after the date the condensed consolidated financial statements are issued. The Company expects to finance its operations with its existing cash, cash equivalents and investments, through future net product revenues, through potential future milestones and royalties received pursuant to the Company's Asset Purchase Agreement with Secura, pursuant to the Company's Note Purchase Agreement, or through other strategic financing opportunities that could include, but are not limited to collaboration agreements, offerings of its equity, or the incurrence of debt. However, given the risks associated with these potential strategic or financing opportunities, they are not deemed probable for purposes of the going concern assessment. If the Company fails to obtain additional capital or generate sufficient revenue from its commercialization activities in the future, it may be unable to complete its planned preclinical studies and clinical trials and obtain approval of certain investigational product candidates from the FDA or foreign regulatory authorities. Therefore, there is substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/2s855jra About Verastem, Inc. Verastem, Inc. is a biopharmaceutical company committed to the development and commercialization of new medicines to improve the lives of patients diagnosed with ras sarcoma / mitogen activated pathway kinase pathway-driven cancers. The Company's pipeline is focused on novel small molecule drugs that inhibit critical signaling pathways in cancer that promote cancer cell survival and tumor growth, including RAF/MEK inhibition, FAK inhibition and KRAS G12D inhibition. As of June 30, 2025, the Company had $196.26 million in total assets, $160.21 million in total liabilities, and $36.06 million in total stockholders' equity. VERITONE INC: Debt and Liquidity Strains Raise Going Concern Doubt ------------------------------------------------------------------ Veritone, Inc. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended June 30, 2025, that there is substantial doubt about its ability to continue as a going concern within the next 12 months. The Company recorded net losses of $26.80 million and $22.23 million for the three months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and 2024, the Company reported net losses of $46.67 million and $47.43 million, respectively. Liquidity and Capital Resources: "We have historically generated negative cash flows from operations and have primarily financed our operations through the sale of equity securities and debt," stated the Company. "In January 2025, we issued and sold an aggregate of 4,414,878 shares of common stock at a price of $2.53 per share and pre-funded warrants to purchase up to 3,608,838 shares of common stock at a price of $2.52 per pre-funded warrant, with an exercise price of $0.01, in a registered direct offering. The aggregate gross proceeds were approximately $20.3 million, before deducting estimated offering expenses." "On June 30, 2025, we agreed to issue and sell an aggregate of 6,452,293 shares of our common stock at a price of $1.09 per share and pre-funded warrants to purchase up to 1,804,587 shares of our common stock, priced at $1.08 per pre-funded warrant, with an exercise price of $0.01 per share, to certain institutional and accredited investors in a registered direct offering. The sale and issuance of shares and warrants were completed on July 1, 2025. Additionally, in a concurrent private placement transaction, we and Ryan Steelberg, our President, Chief Executive Officer and Chairman of our Board of Directors, as trustee of the RSS Trust, entered into the Steelberg Purchase Agreement, pursuant to which the RSS Trust agreed to purchase from us, and we agreed to issue and sell to the RSS Trust, up to 709,220 shares of common stock for a gross aggregate offering price of $1.0 million, at a price per share equal to the greater of (i) $1.41 (representing the consolidated closing bid price of our common stock on June 27, 2025), and (ii) the consolidated closing bid price of our common stock on the date that is the second full trading day after the date on which our Q2 Form 10-Q is filed. The aggregate gross proceeds were approximately $10.0 million, before deducting estimated offering expenses." "We also have the ability to offer and sell shares of our common stock having an aggregate offering price of up to $35.0 million from time to time pursuant to a sales agreement we entered into with Needham & Company, LLC and H.C. Wainwright & Co., LLC (the "Sales Agents", and the program, the "ATM Program"). As of June 30, 2025, we have received $7.8 million in gross proceeds for sales of 3,716,873 shares of our common stock under the ATM Program. As of June 30, 2025, we had cash and cash equivalents of $13.6 million. We also may receive additional proceeds in connection with the Divestiture, including any earn-out payments and releases of previously escrowed amounts, all of which proceeds, if received, must be used to repay our Term Loan." "As of June 30, 2025, we had $37.3 million aggregate principal amount outstanding under our Term Loan and $91.3 million aggregate principal amount outstanding under our Convertible Notes. The Term Loan matures on December 13, 2027 and requires prepayment in full if $30.0 million or more of aggregate principal amount of the Convertible Notes are outstanding on August 14, 2026. The Convertible Notes mature on November 15, 2026. See Note 4, Debt, included elsewhere in this Quarterly Report on Form 10-Q for more information regarding the Term Loan and the Convertible Notes" "Based on our liquidity position as of June 30, 2025 and our current forecast of operating results and cash flows, absent any other action, management determined that there is substantial doubt about our ability to continue as a going concern over the twelve months following the filing of this Quarterly Report on Form 10-Q, principally driven by our current debt service obligations, historical negative cash flows and recurring losses. As a result, we will require additional liquidity to continue our operations over the next 12 months." "We are exploring potential financing structures, including discussions with our current debt holders, which we believe could improve our current liquidity position and balance sheet. There can be no assurance that any refinancing will be completed. We also continue to evaluate additional strategies to obtain funding for future operations, including, but not limited to, obtaining equity financing and/or further restructuring of operations to grow revenues and decrease operating expenses, which include capturing past cost reductions and potential future cost synergies from our past acquisitions." "The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business, including having sufficient liquidity in the future to meet, among other things, our covenants under the Credit Agreement. We may not be able to access additional equity under acceptable terms, refinance our outstanding debt prior to its scheduled maturity, complete our operational restructurings with our expected cost savings, earn any deferred purchase consideration, meet the minimum liquidity threshold under our Credit Agreement or grow our revenue base. If some of these items do not occur, our ability to execute on our operating plans may be materially adversely impacted. If we become unable to continue as a going concern, we may have to dispose of other or additional assets and might realize significantly less value than the values at which they are carried on our condensed consolidated financial statements. These actions may cause our stockholders to lose all or part of their investment in our common stock. The condensed consolidated financial statements do not include any adjustments that might result from us being unable to continue as a going concern. If we cannot continue as a going concern, adjustments to the carrying values and classification of our assets and liabilities and the reported amounts of income and expenses could be required and could be material." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3vrm7ry2 About Veritone Veritone, Inc. is a provider of artificial intelligence computing solutions. The Company's proprietary AI operating system, aiWARETM, uses machine learning algorithms, or AI models, together with a suite of powerful applications, to reveal valuable insights from vast amounts of structured and unstructured data. As of June 30, 2025, the Company had $186.81 million in total assets, $185.59 million in total liabilities, and $1.22 million in total stockholders' equity. WATERBRIDGE OPERATING: S&P Upgrades ICR to 'BB-', Outlook Stable ---------------------------------------------------------------- S&P Global Ratings upgraded the issuer credit rating for both WaterBridge Operating LLC (WBR) and WaterBridge NDB Operating LLC (NDB) to 'BB-' from 'B-' and 'B', respectively. S&P also removed them from CreditWatch, where it placed them with positive implications on Aug. 25, 2025. S&P said, "We also upgraded the issue level ratings on both WBR and NDB's term loan Bs (TLBs) as well as the now pari passu WBR senior secured revolving line of credit (RCF) to 'BB-' with a recovery rating of '3', indicating our expectations for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default. "The stable outlook reflects our view of consolidated leverage within 4.0x-4.5x over the next 12-24 months." The creation of WBI and merger of NDB and WBR creates the largest pure-play water infrastructure company in the U.S. The combined asset base of 2,600 miles of pipelines, 190 water handling facilities, 4.5 million barrels per day (bbl/d) of produced water handling capacity, and two energy waste management facilities provides an increased operating scale that is the largest in the U.S. S&P expects combined pro forma 2025 S&P Global Ratings-adjusted EBITDA to be $370 million-$380 million. The consolidated entity also includes assets of Desert Environmental Holdings LLC, a provider of energy waste management solutions in the Delaware Basin. S&P said, "We expect consolidated leverage to be 4.0x-4.5x in 2025. WBR and NDB's TLBs and each of their $100 million RCF are now pari passu as part of the merger, and we forecast the consolidated entity's S&P Global Ratings-adjusted debt to EBITDA will be about 4.5x in 2025 (on a pro forma basis). Our leverage forecast also incorporates the expectation that it will use proceeds from the IPO to redeem part of WBR's preferred equity that we treat as 100% debt, while the remaining $75 million will be converted to common shares. "The stable outlook for NDB and WBR reflects our consolidated expectation for S&P Global Ratings-adjusted leverage of 4.0x-4.5x in 2025 and 2026. "We could lower the ratings if consolidated leverage increases to above 4.5x on a sustained basis." This could occur if: -- A sharp decline in crude oil prices leads to sustained reduced drilling activity; or -- The company pursues a more aggressive financial policy. Although unlikely, S&P could take a positive rating action if the company increases scale, as well as geographic and customer diversification, while maintaining leveraging under 3.5x. WESTMORELAND COAL: PIMCO Dynamic Marks $7.2MM Loan at 61% Off ------------------------------------------------------------- PIMCO Dynamic Income Fund has marked its $7,231,000 loan extended to Westmoreland Coal Co. to market at $2,856,000 or 39% 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 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 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 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. WINDSTREAM SERVICES: Moody's Rates New $1.5BB First Lien Loan 'B2' ------------------------------------------------------------------ Moody's Ratings assigned a B2 rating to the new $1.5 billion backed senior secured first lien term loan B of Windstream Services, LLC (Windstream), a subsidiary of Uniti Group Inc. (Uniti). Proceeds from the term loan will be used to refinance Uniti Group LP's 10.5% backed senior secured notes due 2028 and pay related fees and expenses. The outlook remains unchanged at stable. The assigned rating is subject to review of final documentation and no material change to the size, terms and conditions of the transaction as advised to us. RATINGS RATIONALE The B3 CFR of Windstream's parent company, Uniti, is constrained by its high financial leverage, Windstream's declining legacy revenue and subscriber trends, and execution risks associated with the company's accelerated capex program to expand its Kinetic FTTH footprint and upgrade its legacy copper network, which Moody's expects will contribute to negative free cash flow for at least the next 3 years. Moody's believes this undertaking will limit the company's financial flexibility by keeping financial leverage at elevated levels and constrain financial resources by allocating most of the company's operating cash flows to fund this project. Uniti's B3 CFR benefits from its moderate operating scale, valuable fiber network, and adequate liquidity to fund its accelerated capex program. Moody's believes its strategy to connect around 3.5 million homes, or 75% of its Kinetic footprint, with fiber by year-end 2029 is necessary to reverse Windstream's declining legacy revenue trends, fend off competitors, and improve long term value. Moody's projects EBITDA margins to improve in 2025 and 2026 as the company exits low margin contracts within Windstream's Enterprise segment and realizes synergies over time from the merger. Increasing bandwidth needs from data centers, hyperscalers, carriers, and other enterprises primarily driven by AI, accelerating adoption of cloud services, and wireless network densification support the company's business model. The company also benefits from better diversified capital access following the Florida and Gulf Coast region fiber securitization transaction. Moody's expects the company will pursue additional fiber securitization transactions which may include portions of the Kinetic fiber network. Uniti's stable outlook reflects Moody's expectations that over the next 12 to 18 months, the combined company's revenue will decline in the low-to-mid single digit percentages primarily driven by Windstream's declining legacy revenue trends, EBITDA margins will improve, and the company will maintain at least adequate liquidity while funding its accelerated FTTH build plan. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Uniti's ratings could be upgraded if the company grows revenue on a sustainable basis, maintains at least good liquidity, and sustains financial leverage below 5x. The ratings of Uniti could be downgraded if the company's operating performance and liquidity deteriorates, the company's growth strategy materially stalls, or financial leverage is sustained above 7x. Headquartered in Little Rock, AR, Uniti Group Inc. (NASDAQ: UNIT), is a national provider of wireline services and bandwidth infrastructure formed after the August 2025 merger of Uniti Group LLC and Windstream. The company offers managed communications and high-capacity bandwidth and transport services to businesses across the US, and provides premium broadband, entertainment and security services through an enhanced fiber network to consumers and small and midsize businesses primarily in rural areas in 18 states. As of June 30, 2025, Uniti's footprint consisted of 1.7 million fiber home passings. Pro forma for the acquisition, Moody's expects Uniti to generate $3.7 billion revenue for year-end 2025. The principal methodology used in this rating was Telecommunications Service Providers published in November 2023. WOOLSEY ROAD: Seeks Chapter 11 Bankruptcy in Mississippi -------------------------------------------------------- On September 18, 2025, Woolsey Road Group LLC filed Chapter 11 protection in the Northern District of Mississippi. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Woolsey Road Group LLC Woolsey Road Group LLC is a real estate developer based in Olive Branch, Mississippi. Woolsey Road Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-13087) on September 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Jason D. Woodard handles the case. The Debtor is represented by John Keith Perry, Jr., Esq. at Perry Griffin, PC. WORLDWIDE MACHINERY: Seeks to Tap Stretto Inc. as Claims Agent -------------------------------------------------------------- Worldwide Machinery Group, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Stretto, Inc. to serve as claims, noticing, and solicitation agent in its Chapter 11 case. Stretto will provide these services: (a) provide claims, noticing, and solicitation services; and (b) perform all related services necessary to assist the Debtors in the administration of these Chapter 11 cases. Stretto's fees and expenses will be paid as administrative expenses in the ordinary course of the Debtors' business without further application or order of the Court. The Debtors paid Stretto an advance in the amount of $20,000 to be applied to prepetition fees, and Stretto seeks to replenish and continue to hold the $20,000 retainer during the Chapter 11 cases as security for payment of fees and reimbursement of expenses incurred. Stretto is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Stretto, Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 Telephone: (714) 716-1872 E-mail: sheryl.betance@stretto.com About Worldwide Machinery Group Inc. Worldwide Machinery Group Inc. is a construction equipment sales and rental company. Worldwide Machinery and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90379) on September 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtors are represented by Fan B. He, Esq., Samuel P. Hershey, Esq., Roberto J. Kampfner, Esq., David Michel Turetsky, Esq., Kristin Elyse Schultz, Esq., and Charles R. Koster, Esq. at White Case LLP. ZOOZ POWER: Shareholders Approve $180M PIPE, Bitcoin Treasury Plan ------------------------------------------------------------------ ZOOZ Power Ltd. said in a press release shareholders approved its $180 million private placement (PIPE) and Bitcoin Treasury Reserve Strategy at the Extraordinary General Meeting held on Sept. 19, 2025. Following this approval, ZOOZ expects to close the PIPE during the week of Sept. 22, 2025, subject to customary closing conditions and final documentation. Key Proposals Approved * Issuance of Ordinary Shares and Warrants in connection with the $180 million PIPE, including $5 million sold in the initial private placement * Amendment to the Company's Articles of Association to increase the authorized share capital * Election of Alberto Franco and Jonas Grossman to the Company's Board of Directors upon the Closing Date * Nasdaq Approval necessary to implement the transaction and ensure continued compliance with Nasdaq and TASE listing requirements Bitcoin Treasury Reserve Strategy Proceeds from the PIPE will primarily be used to launch ZOOZ's Bitcoin Treasury Reserve Strategy. The Company intends to allocate approximately 95% of the net proceeds (after repayment of outstanding promissory notes) to purchase and hold Bitcoin on its balance sheet, becoming the first dual-listed Nasdaq and TASE company to formally adopt a Bitcoin treasury reserve strategy. "As ZOOZ solidifies its position as a dual-listed Bitcoin treasury pioneer, U.S. and Israeli investors will now have seamless access to our model," said Jordan Fried, chief executive officer of ZOOZ. "With shareholder approval secured, we are poised to leverage every resource available to a dual-listed entity to scale our Bitcoin holdings.| Our treasury is evolving into a strategic asset, one that will drive growth, stability, and differentiation while signaling to crypto-native and innovation-focused stakeholders that ZOOZ is at the forefront." Advisors Chardan is acting as sole placement agent to ZOOZ Cooley LLP is acting as U.S. legal advisor to ZOOZ Shibolet & Co. is acting as Israeli legal advisor to ZOOZ Goodwin Procter LLP is acting as U.S. legal advisor to Chardan Sullivan & Worcester LLP is acting as Israeli legal advisor to Chardan MS-IR LLC is acting as U.S. investor relations advisor PwC Israel are the independent auditors of ZOOZ About ZOOZ Power Headquartered in Lod, Israel, ZOOZ Power Ltd., formerly Chakratec, develops, produces, and markets energy storage and management systems for electric vehicle charging infrastructure. The Company's solutions use flywheel-based kinetic energy storage and advanced software to optimize power delivery to clusters of ultra-fast EV chargers, providing additional energy when grid capacity is limited and enabling off-peak energy storage. ZOOZ operates internationally, focusing on supporting the deployment and efficiency of robust, cost-effective EV charging networks. In its audit report dated March 7, 2025, Kesselman & Kesselman issued a "going concern" qualification citing that the Company has net losses and has generated negative cash flows from operating activities for the years ended Dec. 31, 2024, 2023 and 2022. Such circumstances raise substantial doubt about the Company's ability to continue as a going concern. The Company noted in its Quarterly Report for the period ended June 30, 2025, that since commercial sales of its products have only recently begun and in light of anticipated cash requirements, its cash balance as of June 30, 2025, and at the time the financial statements were approved, is insufficient to fund operations for at least 12 months from the approval date. In order to continue the Company's operations, including research and development and sales and marketing, the Company is looking to secure financing from various sources, including additional investment funding. There is no assurance that the Company will be successful in obtaining the level of financing necessary to finance its operations. As of June 30, 2025, ZOOZ Power had $6.55 million in total assets, $6.70 million in total liabilities, and a total deficit of $146,000. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***