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250924.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, September 24, 2025, Vol. 29, No. 266 Headlines 535 12TH AVE: Kathleen DiSanto Named Subchapter V Trustee 5TH AVENUE: Gets Final OK to Use Cash Collateral 9250 BIG HORN: Trustee Files Liquidating Plan ADMIRABLE HAVENS: Court OKs Montre Square Property Sale to V. Frisk ADVENT TECHNOLOGIES: Fully Repays $418K Convertible Note to Hudson AGEAGLE AERIAL: Rebrands as EagleNXT to Reflect Strategic Evolution AIR INDUSTRIES: Places $3.93M ATM Proceeds in Webster Bank AIRX LLC: Seeks to Hire Barrett & Company as Accountant ALEXANDRIA MUSIC: Angela Shortall Named Subchapter V Trustee ALTA LOMA: Case Summary & 16 Unsecured Creditors AMERICAN TRASH: Gina Klump Named Subchapter V Trustee AMN HEALTHCARE: S&P Rates $400MM Senior Unsecured Notes 'BB-' ASSURE AFFORDABLE: To Sell Schaefer Property to Mohammad Jabaly BALTIMORE HOTEL: S&P Affirms 'B+' Bond Rating, Outlook Stable BERRY CORP: Inks $717M All-Stock Merger with California Resources BIOXCEL THERAPEUTICS: Raises $37.3M via ATM and Warrant Exercises BKV CORP: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable BOKQUA LLC: Seeks to Hire Holland & Hart LLP as Special Counsel BRIGHTLIFE ELECTRIC: Edward Burr Named Subchapter V Trustee CALIFORNIA RESOURCES: Fitch Alters Outlook on 'B+' IDR to Positive CARTER LEASING: Hires Beall & Burkhardt APC as Counsel CASUAL 21: Seeks to Hire Vernon Consulting as Financial Advisor CASUAL 21: Seeks to Hire Weinberg Zareh Malkin Price as Counsel CIBUS INC: Kimberly A. Box Joins Board of Directors CIS INTERNATIONAL: Case Summary & 20 Largest Unsecured Creditors CITIUS PHARMACEUTICALS: Holds 79.1% Equity Stake in Citius Oncology CIVIL LLC: Hires Raines Feldman Littrell LLP as Counsel CLB TRUCKING: Seeks to Hire Lodovico & Associates as Accountant COOPER-STANDARD: Extends Section 382 Rights Agreement for One Year CORBETT BUILDINGS: To Sell Montgomery Property to G. & S. Morrissey CORTO II LLC: Unsecureds Will Get 100% of Claims in Plan COVETRUS INC: S&P Cuts ICR to 'CCC+' Amid Operational Headwinds CROSS TOWN: Hires Buchholz & Garber LLC as Accountant D&G PROFESSIONAL: Hires Simen Figura & Parker Bankruptcy Counsel DB TRANSPORT: Seeks to Hire Rollins Law Firm PLLC as Attorney DOWNTOWN UTICA: Hires Gleichenhaus Marchese as General Counsel DURECT CORP: Becomes Wholly Owned Subsidiary of Bausch Health EL DORADO: To Sell Winkler Property to Ridge Runner for $250K ELITE EQUIPMENT: Hires Lesnick Prince Pappas as Bankruptcy Counsel ELITE EQUIPMENT: Hires Patten Peterman Bekkedahl as Attorney EMPIRE CORE: Voluntary Chapter 11 Case Summary ETC GROUP: Flat Rock Marks $1.9MM 1L Loan at 26% Off EVANGELINE HOSPITALITY: Hires Mark Comeaux as Accountant EVANGELINE HOSPITALITY: Taps Weinstein & St. Germain as Counsel FAIR ANDREEN: Seeks to Extend Plan Exclusivity to December 5 FAT BRANDS: Hires Advisers, In Restructuring Talks With Creditors FCI SAND: Seeks to Hire Lain Faulkner & Co as Accountant FIRST BRANDS: S&P Lowers ICR to 'CCC+', On CreditWatch Negative FTX TRADING: Trust Targets Genesis Digital With $1.15B Legal Claim GABHALTAIS TEAGHLAIGH: Lowell Property Sale to Veloz & Assoc. OK'd GALACTIC LITIGATION: Flat Rock Marks $7.2MM 1L Loan at 52% Off GASFUSION TEXAS: Hires Nima Taherian as Bankruptcy Counsel GENESIS HEALTHCARE: Comm. Taps Houlihan Lokey as Investment Banker GIRARDI & KEESE: Loses Attempt to Delay Prison Term During Appeal GLOBAL CONCESSIONS: Seeks to Sell Restaurant Biz at Auction GLOBAL DIGITAL: Hires Villa & White LLP as Bankruptcy Counsel GRANGE PUBLIC: Case Summary & Four Unsecured Creditors HAMMER FIBER: Changes Name to Hammer Technology Holdings HAMMOCK COMMUNITIES: Court Denies Bid to Use Cash Collateral HELIUS MEDICAL: Increases Authorized Common Shares to 800 Million HELIUS MEDICAL: May Offer Class A Common Shares Up to $92.8M HELIUS MEDICAL: Partners with Pantera, Summer on $500M SOL Treasury HERTZ GLOBAL: Secures $154MM Resolution in Antitrust Lawsuit HL PIT STOP: Gets Interim OK to Use Cash Collateral Until Oct. 31 HNO INTERNATIONAL: Delays 10-Q Due to Prior Filing Amendments HOLM HOUSE: Hires Argus Law Group as Bankruptcy Counsel HONOR STUDIOS: Hires DeMarco Mitchell PLLC as Counsel HZRN INC: Kevin Neiman Named Subchapter V Trustee INFINITE GLOW: Court OKs Deal to Use JPMorgan's Cash Collateral INTERNATIONAL PETROLEUM: S&P Affirms 'B' ICR, Outlook Stable ISAGENIX INTERNATIONAL : Flat Rock Marks $1.3MM 1L Loan at 59% Off JAMIE HOLDINGS: Section 341(a) Meeting of Creditors on October 29 JLM RESOURCES: Seeks to Hire Neeleman Law Group as Legal Counsel JSL COMPANIES: Case Summary & 20 Largest Unsecured Creditors KDC SOLAR: Section 341(a) Meeting of Creditors on October 29 KESKIN INC: Gets Interim Approval to Use Cash Collateral KIRKBRIDE LAND: Court Extends Cash Collateral Access to Oct. 31 LAMAR ADVERTISING: S&P Rates New $400MM Sr. Unsecured Notes 'BB' LAREDO OIL: Fiscal Year 2025 Net Loss Widens to $3.18 Million LEES EARNED: Section 341(a) Meeting of Creditors on October 21 LIGADO NETWORKS: $7.5-Bil. Ch.11 Plan Debt-for-Equity Swap Okayed LINQTO TEXAS: Hires Greenberg Traurig as Special Counsel LUMEN TECHNOLOGIES: Donald Holt Named Chief Accounting Officer LUNAURORA LLC: Voluntary Chapter 11 Case Summary MAMMOTH INC: Andrew Kight Named Subchapter V Trustee MARQUIE GROUP: Reports $959,492 Net Loss for FY2025 MAX US BIDCO: S&P Downgrades ICR to 'B-', Outlook Negative MCGLOTHLIN INVESTMENTS: Sec. 341(a) Meeting of Creditors on Oct. 22 METROPOLITAN LIGHTING: Hires Richard G. Hall, Esq. as Attorney MEYER BURGER: Court Approves Sale of Solar Biz for $18.5-Mil. MONTE MARTIN: Case Summary & Eight Unsecured Creditors MY SIZE: Closes $440K Acquisition of Swiss Company ShoeSize.Me AG NATIONAL BUILDERS: Taps Strassberger McKenna as Litigation Counsel NELSON DEVELOPMENTS: Hires Deschenes & Associates as Attorney NETCAPITAL INC: Delays 10-Q Filing to Complete Financial Review NETCAPITAL INC: Shareholders Re-Elect 5 Directors at Annual Meeting NINJA MOUNTAIN: Gets Final OK to Use Cash Collateral Until Jan. 31 NORTH AMERICAN: Hires Whitsell and Company as Accountant NORTHERN OIL: S&P Rates New $725MM Senior Unsecured Notes 'B+' NORTHPOLE US: Flat Rock Virtually Writes Off $1.8MM 1L Loan NV HOMESTEAD: S&P Affirms 'B+(sf)' Rating on 2018A Revenue Bonds OASIS INTERIORS: Hires Tang & Associates as Bankruptcy Counsel OCEAN POWER: Q1 Loss Widens to $7.4M on Higher Stock Compensation OMNICARE LLC: Case Summary & 30 Largest Unsecured Creditors ORGENESIS INC: Unit Inks $11M Financing Pact With Alpha Prosperity ORIGIN AGRITECH: Board Names Two Directors After Four Resignations OUTER AISLE: Seeks to Hire Braun International as Appraiser PANDORA MARKETING: Creditors to Get Proceeds From Liquidation PAVMED INC: Lucid Diagnostics Completes $28.75M Public Offering PHILLIPS ACRES: J.M. Cook Named Subchapter V Trustee PLAINS END: Fitch Affirms BB+ Rating on $117.7MM Sr. Secured Bonds PLATINUM HEIGHTS: Claims to be Paid from Cash & Plan Funding PM GENERAL: S&P Alters Outlook to Negative, Affirms 'B-' ICR PRA GROUP: S&P Rates New EUR300MM Senior Unsecured Notes 'BB' PREDICTIVE ONCOLOGY: Board Approves RSU Grants for Executives PREMIER DENTAL: S&P Withdraws 'CCC' Long-Term Issuer Credit Rating PRESENTATION MEDIA: Taps Fox Law as General Bankruptcy Counsel PRIMERO SPINE: Court Denies Bid to Use Cash Collateral PROFESSIONAL DIVERSITY: Streeterville Capital Holds 9.9% Stake PROPHASE DIAGNOSTICS: Sec. 341(a) Meeting of Creditors on Oct. 22 RECEPTION MEZZANINE: Fitch Lowers LongTerm IDR to 'CCC-' RUSS'S MULCH: William Wallo Named Subchapter V Trustee SCHAFER FISHERIES: Court Extends Cash Collateral Access to Sept. 30 SCIENCE APPLICATIONS: S&P Rates New $500MM Unsecured Notes 'BB-' SCIENTIFIC GAMES: Fitch Alters Outlook on 'B' IDR to Negative SEQUOIA GROVE: Tom Howley of Howley Law Named Subchapter V Trustee SLM SERVICES: Seeks to Hire Whitten Horton & Gibney as Accountant SMITH HEALTH: Hires Marcus & Millichap as Real Estate Broker SOLSTICE ADVANCED: Fitch Rates New Sr. Unsecured Notes 'BB+' SPEEDHAUS 405: Stephen Moriarty Named Subchapter V Trustee SPIRIT AIRLINES: To Layoff 1,800 Employees Amid Chapter 11 SPIRIT AVIATION: Esopus Creek Value Series Fund Holds 5% Stake SPIRIT AVIATION: NYSE Moves to Delist Stock Following Bankruptcy SYAGRUS SYSTEMS: Hires US Asset Appraisal as Appraiser TALPHERA INC: CorMedix Holds 19.95% Equity Stake TALPHERA INC: Rock Springs Entities Hold 7.88% Equity Stake THYNG VENTURES: Case Summary & Two Unsecured Creditors TOCO HOLDINGS: Tom Howley of Howley Law Named Subchapter V Trustee TOGETHER GOOD: Hires Driver Stephenson as Bankruptcy Counsel TPI COMPOSITES: Hires PwC US Tax LLP as Tax Service Provider TRB SUPPLY: Court OKs Interim Use of Cash Collateral TRICO MILLWORKS: Tanya Sambatakos Named Subchapter V Trustee TW MEDICAL: Hires Holland & Knight as Special Counsel VIEWBIX INC: L.I.A. Pure Capital Holds 9.99% Equity Stake WAHL TO WAHL AUTO: Case Summary & 20 Largest Unsecured Creditors WATER ENERGY: Seeks to Extend Plan Exclusivity to December 18 WATTERSON: Flat Rock Marks $4.2MM 1L Loan at 16% Off WEATHERFORD INTERNATIONAL: S&P Hikes ICR to 'BB' on Debt Repayment WEATHERMASTER ROOFING: Mark Schlant Named Subchapter V Trustee WILLIAMSON RENAISSANCE: Hires Pepper & Nason as Counsel X4 PHARMA: Bain Capital Entities Hold 9.99% Equity Stake ********* 535 12TH AVE: Kathleen DiSanto Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Kathleen DiSanto, Esq., at Bush Ross, P.A., as Subchapter V trustee for 535 12th Ave NE, LLC. Ms. DiSanto will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. DiSanto declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kathleen L. DiSanto, Esq. Bush Ross, P.A. P.O. Box 3913 Tampa, FL 33601-3913 Phone: (813) 224-9255 Fax: (813) 223-9620 disanto.trustee@bushross.com About 535 12th Ave NE 535 12th Ave NE, LLC is a single-asset real estate entity as defined under 11 U.S.C. Section 101(51B). It owns a property located at 535 12th Ave NE in St. Petersburg, Florida, which has an appraised value of $1.63 million. 535 12th Ave NE sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06747) on September 16, 2025, with $1,636,583 in assets and $1,058,802 in liabilities. CJ Favour, manager, signed the petition. Jake C. Blanchard, Esq., at Blanchard Law, P.A. represents the Debtor as bankruptcy counsel. 5TH AVENUE: Gets Final OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of New York entered a final order approving 5th Avenue Furniture Warehouse Inc.'s use of cash collateral. The final order authorized the Debtor to use the cash collateral of the New York State Department of Taxation and Finance through confirmation of its Chapter 11 plan in accordance with the latest budget. As adequate protection, the agency will receive a monthly payment of $1,000 and a replacement lien on the Debtor’s assets, with the same priority as before the bankruptcy filing. This lien excludes Chapter 5 avoidance actions and their proceeds and is subordinate to the fee carveout. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Qu1Q9 from PacerMonitor.com. About 5th Avenue Furniture Warehouse Inc. 5th Avenue Furniture Warehouse, Inc. is a family-owned furniture retailer located at 1644 5th Avenue, Bay Shore, New York, offering a range of home furnishings, mattresses, and accessories. 5th Avenue Furniture Warehouse sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-72216) on June 6, 2025. In its petition, the Debtor reported total assets of $283,034 and total liabilities of $2,736,974. Judge Louis A. Scarcella handles the case. The Debtor is represented by Heath S. Berger, Esq., at BFSNG Law Group, LLP. 9250 BIG HORN: Trustee Files Liquidating Plan --------------------------------------------- Walter R. Dahl, Chapter 11 Trustee, filed with the U.S. Bankruptcy Court for the Eastern District of California a Disclosure Statement describing Chapter 11 Plan for 9250 Big Horn Holdings, Inc. dated September 12, 2025. As of the commencement of Debtor's case, it was the owner of two parcels of non-residential real property in Sacramento County: * An approximately 1.13-acre parcel, improved with a single story Class A medical office building of approximately 12,695 square feet, located at 9250 Big Horn Blvd, Elk Grove, California ("the Big Horn Property"). * A vacant lot of approximately one-half acre located at 2201 Marconi Avenue, Sacramento, California ("the Marconi Property"). The Trustee believes Debtor filed the instant case because Column, N.A., dba Northern California National Bank, was seeking to foreclose on the Big Horn Property. The Trustee has determined the appropriate resolution for this case is an orderly liquidation of Debtor's assets. Since the commencement of this Chapter 11 case, Trustee has attempted to identify and value all of Debtor's assets. Trustee sold the Big Horn Property pursuant to an order entered following an in-court auction sale, and the sale for $5,450,000.00 closed on May 6, 2025. Trustee has continued to market for sale the Marconi Property, after a proposed sale which Debtor negotiated prior to Trustee's appointment was terminated by the proposed buyer. Trustee intends to continue to seek a buyer for and subsequently effect a sale of the Marconi Property after confirmation of Trustee's Plan, if possible. The Plan provides for the Trustee to continue to identify and recover assets of the estate. Trustee shall use, sell, lease or otherwise liquidate the assets of the estate, using his best business judgment for the benefit of creditors. Trustee shall seek court approval for the sale of the Marconi Property and of any other assets to be sold. The Plan is a liquidation plan, and Trustee shall retain control of the assets of the Estate until the case is closed or dismissed. Class 3.1 consists of unsecured claims which have not been subordinated by a stipulation or court order. The allowed unsecured claims total $555,590.00. Each holder of a Class 3.1 Allowed Claim shall be paid in full within ten days following the Effective Date. Class 3.2 consists of Unsecured Claim which has been subordinated to all other unsecured creditors by Order Approving Settlement with Boutin Jones, Inc. entered March 25, 2024. The allowed unsecured claims total $1,831,607.65. Within ten days following the later of: (a) payment in full of all Allowed administrative expense claims; and, (b) payment in full of all Class 3.1 Allowed Claims, Trustee shall estimate and retain sufficient monies in the Estate to fully satisfy: (i) Statutory fees referenced in Paragraph 7.c of this Plan; (ii) Prospective quarterly fees referenced in Paragraph 7.d of this Plan; and (iii) fees and costs relating to potential exercise of the avoiding powers to be retained by Trustee as provided by Paragraph 21 of this Plan (collectively, the "PostConfirmation Expense Fund"). Promptly thereafter, Trustee shall distribute all monies then on deposit in the Estate, save and except the Post-Confirmation Expense Fund, on account of the Class 3.2 claim and the then current amounts of the levies previously issued and served on Trustee. The levy amounts shall be paid first, and thereafter the available balance shall be disbursed to the holder of the Class 3.2 claim. After full satisfaction of the Conditions to Closing set forth in Paragraph 27 of this Plan and payment in full of all post-confirmation expenses, if monies then remain on deposit in the Estate, Trustee such disburse such monies to the holder of the Class 3.2 claim, up to the remaining unpaid balance of such claim. Class 5 consists of Equity Security Holders. The interests of Mahmoud Khattab, the owner of 100% of Debtor's equity security represented by stock, member interests, or partner interests. The Debtor's equity security holder, specifically Mahmoud Khattab, will retain his interest in Debtor. Any property or other assets remaining in the Estate after payment in full of all Allowed Claims and closing of the Case will be turned over to Debtor. The Plan is a liquidating plan in that it provides for the liquidation of all remaining claims and assets, and for the distribution of the proceeds to creditors pursuant to the Code’s priority scheme. As the Plan is a liquidating plan, there should be no issue with feasibility. In addition, Trustee continues to pursue a sale of the Marconi Property, and has recently lowered the list price to $395,000. While the final sale price for the Marconi Property will be significantly less than originally anticipated, the sale is projected to fully satisfy the claim of Socotra REIT I, LLC, the holder of a first priority deed of trust encumbering the Marconi Property, and should generate a minimum of $50,000 in additional unsecured monies to the Estate, further supporting the payment in full of allowed un-subordinated general unsecured claims and the payment of at least a significant portion of the $3,000,000 subordinated general unsecured claim. A full-text copy of the Disclosure Statement dated September 12, 2025 is available at https://urlcurt.com/u?l=u7GzdI from PacerMonitor.com at no charge. Counsel to the Chapter 11 Trustee: Walter R. Dahl, Esq. DAHL LAW 8757 Auburn Folsom Rd #2820 Granite Bay CA 95746-2820 O: (916) 764-8800 F: (916) 741-3346 E: wdahl@DahlLaw.net About 9250 Big Horn Holdings 9250 Big Horn Holdings, Inc. in Elk Grove, CA, filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Cal. Case No. 23-23996) on November 7, 2023, listing as much as $1 million to $10 million in both assets and liabilities. Mahmoud Khattab as president, signed the petition. Judge Fredrick E Clement presides over the case. LAW OFFICES OF GABRIEL LIBERMAN, APC serves as the Debtor's legal counsel. ADMIRABLE HAVENS: Court OKs Montre Square Property Sale to V. Frisk ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Newnan Division, has permitted Admirable Havens LLC to sell Property located at 64 Montre Square, Atlanta, Georgia 30327, free and clear of liens, claims, interests, and encumbrances. The Debtor is a real estate investment and management company that currently owns and manages two single-family rental properties in Atlanta, Georgia. The Court has authorized the Debtor to sell the Montre Square to Victoria R. Frisk for $245,000.00, free and clear of all liens, claims and encumbrances. Upon closing of the Sale, all liens, claims, and encumbrances on the Montre Square Property shall attach to the proceeds of the Sale to the same extent, validity, and priority as they existed on the Petition Date. The closing agent is authorized to pay all reasonable closing related expenses, including but not limited to, outstanding property taxes, utilities, brokerage fees or commissions, or other associated itemized closing expenses. The Debtor is authorized to take all actions necessary to close the Sale and to comply with the Purchase Agreement. About Admirable Havens, LLC Admirable Havens, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-10446) on April 1, 2024, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Paul Baisier oversees the case. William A. Rountree at Rountree Leitman Klein & Geer, LLC represents the Debtor as legal counsel. ADVENT TECHNOLOGIES: Fully Repays $418K Convertible Note to Hudson ------------------------------------------------------------------ As previously disclosed in a Current Report on Form 8-K filed with the Securities and Exchange Commission on September 4, 2025, Advent Technologies Holdings, Inc. entered into a Securities Purchase Agreement with Hudson Global Ventures LLC on August 28, 2025, pursuant to which Hudson made a loan to the Company, evidenced by a Convertible Promissory Note in the aggregate principal amount of $418,000.00, including an original issue discount of $42,000.00, with interest accruing at an annual rate of 12% to be computed on the basis of a 360-day year, in addition to a pre-funded warrant to purchase 130,000 shares of the Company's common stock, par value $0.0001 per share. As of September 11, 2025, the Company repaid all amounts owed pursuant to the Promissory Note with 0% interest and satisfied all conditions of the Promissory Note; as a result of such satisfaction, the Promissory Note is satisfied in full and terminated upon repayment and satisfaction. About Advent Technologies Headquartered in Livermore, Calif., Advent Technologies Holdings, Inc. is an advanced materials and technology development company operating in the fuel cell and hydrogen technology space. Advent develops, manufactures and assembles the critical components that determine the performance of hydrogen fuel cells and other energy systems. To date, Advent's principal operations have been to develop and manufacture Membrane Electrode Assembly (MEA), and fuel cell stacks and complete fuel cell systems for a range of customers in the stationary power, portable power, automotive, aviation, energy storage and sensor markets. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 6, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has yet to achieve profitable operations, has negative cash flows from operating activities, and is dependent upon future issuances of equity or other financings to fund ongoing operations all of which raises substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $6.7 million in total assets, against $36.1 million in total liabilities. AGEAGLE AERIAL: Rebrands as EagleNXT to Reflect Strategic Evolution ------------------------------------------------------------------- AgEagle Aerial Systems Inc. (NYSE: UAVS) announced that it has completed a comprehensive rebrand and will begin operating under the name EagleNXT. The new brand reflects the Company's evolution, its sharpened strategic focus, and its mission to deliver the intelligence that safeguards and empowers the world. EagleNXT CEO Bill Irby commented, "For years, we have built a reputation as a trusted leader in aerial intelligence-designing products our partners rely on – whether commercial, agricultural, or for defense -- forging relationships across critical industries, and assembling a team dedicated to creating what comes next. As EagleNXT, we honor our legacy while embracing our future. Our solutions will continue to evolve, our innovations will advance, and our reach will expand into new, high-growth markets. At our core, we remain committed to delivering intelligence that strengthens security, improves productivity, and drives sustainable value for our customers and shareholders." The rebrand to EagleNXT underscores the Company's commitment to advancing best-in-class drones, sensors, and software that serve both government and commercial markets. With over one million global flights, record-setting contracts, and industry-first regulatory approvals, EagleNXT is well positioned to expand its leadership in rapidly growing markets including defense, public safety, agriculture, and environmental monitoring and research. The Company's mission statement- EagleNXT protects what matters most: lives, land, and the pursuit of peace– serves as the foundation of the rebrand and communicates EagleNXT's focus on innovation, resilience, and long-term value creation. About EagleNXT AgEagle Aerial Systems Inc. (dba, EagleNXT) (NYSE: UAVS) is a leading developer of high-performance drones, advanced sensors, and intelligent software solutions that deliver critical aerial intelligence to customers around the world. With more than one million flights conducted globally, EagleNXT's platforms are trusted across defense, public safety, agriculture, infrastructure, and environmental monitoring applications. The Company's drone systems have achieved multiple industry firsts, including FAA approvals for Operations Over People (OOP) and Beyond Visual Line of Sight (BVLOS), as well as EASA C2 certification in Europe and inclusion on the U.S. Department of Defense's Blue UAS list. EagleNXT's sensors are integrated on more than 150 different drone models and are used in over 100 research publications worldwide, reinforcing its leadership in precision agriculture, surveying, and environmental sustainability initiatives. About AgEagle AgEagle Aerial Systems Inc. is headquartered in Wichita, Kansas, and operates through its wholly-owned subsidiaries, focusing on designing and delivering top-tier drones, sensors, and software to address critical customer needs. Founded in 2010, AgEagle initially pioneered proprietary, professional-grade, fixed-wing drones and aerial imagery-based data collection and analytics solutions for the agriculture sector. Today, the company is recognized as a globally respected market leader, offering customer-centric, advanced, autonomous unmanned aerial systems (UAS) that generate revenue at the intersection of flight hardware, sensors, and software across industries, including agriculture, military/defense, public safety, surveying/mapping, and utilities/engineering. AgEagle has achieved numerous regulatory milestones, including government approvals for its commercial and tactical drones to fly Beyond Visual Line of Sight (BVLOS) and/or Operations Over People (OOP) in the United States, Canada, Brazil, and the European Union. It has also received Blue UAS certification from the Defense Innovation Unit of the U.S. Department of Defense. More information can be found at www.ageagle.com. Orlando, Florida-based WithumSmith+Brown, PC, the company's auditor since 2020, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations, has experienced cash used from operations in excess of its current cash position, and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $20.6 million in total assets, $26.3 million in total liabilities, and a total stockholders' deficit of $5.7 million. AIR INDUSTRIES: Places $3.93M ATM Proceeds in Webster Bank ---------------------------------------------------------- Air Industries Group disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on September 10, 2025, it entered into the Ninth Amendment to Loan and Security Agreement with Webster Bank. In the Ninth Amendment, the Company agreed that $3,930,000 of the proceeds from the At-The-Market Offering would be maintained in an interest-bearing account at Webster Bank. The funds in this account serve as security for its obligations under the Loan and Security Agreement. A copy of the Ninth Amendment is available at https://tinyurl.com/mmmads7r About Air Industries Group Air Industries Group manufactures precision components and assemblies used in aerospace and defense applications. Based in Bay Shore, New York, the Company supplies landing gear, flight controls, engine mounts, and jet engine components to major contractors, with end-users including the U.S. government, foreign governments, and commercial airlines. Saddle Brook, New Jersey-based Marcum LLP, the Company's auditor since 2008, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's Current Credit Facility expires on December 30, 2025. In addition, the Company is required to maintain a collection account with its lender into which substantially all the Company's cash receipts are remitted. If the Company's lender were to cease lending and keep the funds remitted to the collection account, the Company would lack the funds to continue its operations. The Current Credit Facility expiration date and the rights granted to the lender, combined with the reasonable possibility that the Company might fail to meet covenants in the future, raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $51 million in total assets, $36.1 million in total liabilities, and a total stockholders' equity of $14.9 million. AIRX LLC: Seeks to Hire Barrett & Company as Accountant ------------------------------------------------------- AirX LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to hire Barrett & Company PLLC CPAs as accountants. The firm will assist the Debtor in completing and filing its 2024 tax returns. Given the Debtor's size and the complexity of the tax returns, the proposed compensation of $11,250 is reasonable. Barrett & Co. is a disinterested person within the meaning of 11 U.S.C. Sec. 101(14) and does not represent or hold any interest adverse to the interests of the bankruptcy estate or of any class of creditors or equity security holders, according to court filings. The firm can be reached through: Drew Barrett Barrett & Company PLLC CPAs 42 Weybosset Street, 2nd Floor Providence, RI 02903 Office: (401) 351-1000 Toll-Free: (800) 556-7078 Fax: (401) 351-1080 About AirX LLC AirX LLC, is a mechanical contractor specializing in HVAC systems and building equipment installation based in Vancouver, Washington. AirX LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-41640) on July 10, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Mary Jo Heston handles the case. The Debtor is represented by: Stephen A. Raher, Esq. Tabor Law Group Tel: (971) 634-0190 Email: sraher@pdx-law.com ALEXANDRIA MUSIC: Angela Shortall Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 4 appointed Angela Shortall of 3Cubed Advisory Services, LLC, as Subchapter V trustee for Alexandria Music Inc. Ms. Shortall will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Shortall declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Angela L. Shortall 3Cubed Advisory Services, LLC 111 S. Calvert St., Suite 1400 Baltimore, MD 21202 Phone: 410-783-6385 About Alexandria Music Inc. Alexandria Music, Inc., doing business as Alexandria Music Company, operates a music retail store in Alexandria, Virginia, offering pianos, guitars, keyboards, percussion, and other stringed and band instruments, along with accessories. The Company also provides instrument rentals, repair services, and music lessons, catering to musicians, students, and schools across Virginia, Maryland, and Washington, D.C. Alexandria Music sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-11896) on September 15, 2025, with $508,005 in assets and $1,121,046 in liabilities. Roger Kronstedt, president of Alexandria Music, signed the petition. Judge Klinette H. Kindred presides over the case. Richard G. Hall, Esq., represents the Debtor as legal counsel. ALTA LOMA: Case Summary & 16 Unsecured Creditors ------------------------------------------------ Debtor: Alta Loma Vivative LP 9456 Roberds Street Rancho Cucamonga, CA 91701-5820 Business Description: Alta Loma Vivative LP, doing business as Alta Loma Packing House, owns a commercial property at 9456 Roberds Street in Rancho Cucamonga, California, valued at $7.92 million. The building, originally constructed in 1926 as a citrus packing facility, is located in the Alta Loma community along the Pacific Electric Trail. The property is being repositioned for use as a brewery and taproom destination. Chapter 11 Petition Date: September 22, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-16799 Judge: Hon. Scott H Yun Debtor's Counsel: W. Derek May, Esq. LAW OFFICE OF W. DEREK MAY 400 N. Mountain Ave. Suite 236 Upland, CA 91786 Tel: 909-920-0443 Fax: 909-912-8114 E-mail: wdmlaw17@socalbankruptcy.net Total Assets: $7,925,000 Total Liabilities: $3,511,700 Guillermo A. Romero signed the petition as president of Vivative Ventures Inc., the general partner of the Debtor. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZNFMEDI/Alta_Loma_Vivative_LP__cacbke-25-16799__0001.0.pdf?mcid=tGE4TAMA AMERICAN TRASH: Gina Klump Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 17 appointed Gina Klump, Esq., at the Law Office of Gina R. Klump, as Subchapter V trustee for American Trash Management, Inc. Ms. Klump will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Klump declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gina Klump, Esq. Law Office of Gina R. Klump 11 5th Street, Suite 102 Petaluma, CA 94952 Phone: (707) 778-0111 Email: gklump@klumplaw.net About American Trash Management American Trash Management, Inc. doing business as SmartTrash, LLC and SmartTrash Systems, LLC provides trash management products and services to public and private sector clients across North America, offering waste system design, equipment supply, and operational consulting. The Company supports residential, commercial, retail, office, and industrial developments with services including trash compactors, balers, chutes, chute cleaning, equipment maintenance, and concierge trash collection. It also offers waste monitoring technology and compliance-focused consulting aimed at reducing costs, improving efficiency, and minimizing environmental impact. American Trash Management sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30743) on September 15, 2025, with $5,564,965 in total assets and $4,155,759 in total liabilities as of September 30, 2025. Scott Brown, chief executive officer of American Trash Management, signed the petition. Stephen Finestone, Esq., at Finestone Hayes, LLP represents the Debtor as legal counsel. AMN HEALTHCARE: S&P Rates $400MM Senior Unsecured Notes 'BB-' ------------------------------------------------------------- S&P Global Ratings said AMN Healthcare Inc., a subsidiary of U.S. health care staffing and workforce solutions provider AMN Healthcare Services Inc.'s (BB/Stable/--), is downsizing its revolving credit facility to $450 million (from $750 million). It's also issuing $400 million of unsecured notes, and drawing $100 million on the revolver, to refinance $500 million of unsecured notes maturing in 2027. The transaction is leverage neutral. S&P said, "We are assigning our 'BB-' issue-level rating and '5' recovery rating to the proposed $400 million senior unsecured notes. We are also raising our rating on its outstanding senior unsecured debt to 'BB-' from 'B+', and revising the recovery rating to '5' from '6'. The '5' recovery ratings indicate our expectation for modest (10%-30%; rounded: estimate: 20%) recovery in the event of default. "The 'BBB-' issue-level rating on the company's senior secured debt, and the '1' recovery rating is unchanged, reflecting our expectation for very high (90% -100%; rounded estimate: 95%) recovery in the event of default. S&P Global Ratings is also correcting a previous error relating to the issue-level rating on senior secured debt, which had been misstated on S&P websites as 'BB+'. "The improvement in recovery prospects on the unsecured debt reflects the reduction in the proportion of secured debt in the capital structure, on the heels of the downsize of the revolver. We believe this downsizing reflects the reduction in the company's scale over the last few years. We view the liquidity as adequate, as the company has only drawn more than $450 million on its revolver, once since January 2020, when it had $460 million drawn in the fourth quarter of 2023. "Our 'BB' corporate credit rating on AMN is unaffected by this leverage-neutral refinancing and reflects our view of the business as having a narrow focus in the highly fragmented, competitive, and cyclical market for health care staffing. We believe the company's varied business offerings should help mitigate some volatility. Additionally, we anticipate that the company will sustain adjusted leverage within the 3.0x-4.0x range, consistent with last-12-month leverage of 3.7x as of June 30, 2025." Issue Ratings--Recovery Analysis Key analytical factors -- The company's proposed capital structure consists of a $450 million revolving credit facility ($100 million to be drawn at close), $400 million of proposed new senior unsecured notes maturing 2031, and $350 million of senior unsecured notes maturing in 2029. -- S&P's simulated default scenario contemplates a default occurring in 2030. It assumes any debt maturing ahead of that would be refinanced on similar terms. -- S&P values the company on a going-concern basis using a 6.0x multiple of its projected emergence EBITDA. This is consistent with our treatment of its peers with similar business positioning and scale. -- S&P assumes the revolver will be 85% drawn at default. -- Given its market-leading position and the continued demand for its services, S&P believes it would remain a viable business and therefore be reorganized rather than liquidated following a payment default. Simulated default assumptions -- Simulated year of default: 2030 -- EBITDA at emergence: $102 million -- EBITDA multiple: 6.0x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $579 million -- Valuation split (obligors/nonobligors): 100%/0% -- Collateral value available to secured creditors: $579 million -- Secured first-lien debt: $397 million --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Total value available to unsecured debt: $182 million -- Senior unsecured debt: $770 million --Recovery expectations: 10%-30% (rounded estimate: 20%) Note: All debt amounts include six months of prepetition interest. ASSURE AFFORDABLE: To Sell Schaefer Property to Mohammad Jabaly --------------------------------------------------------------- Assure Affordable Homes Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division-Detroit, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 16619-16571 Schaefer Hwy., Detroit, MI 48235. The Debtor wants to sell the Property to Mohammad Jabaly, subject to higher and better offers. The Debtor is a real estate holding company that typically flips commercial and residential real estate. The Debtor is a property holding company, holding, and, managing, property at for 16619-16571 Schaefer Hwy., Detroit, MI 48235; 18401-18511 Joy Rd., Detroit, MI 48228; 2203 E. McNichols, Detroit, MI 48212; and, 14471 Livernois, Detroit, MI 48238. Debtor has been operating, more or less, profitably, but, is not optimized for holding so many properties, for so long. To-wit, Schaefer and Joy are multi-unit, multi-building, apartment complexes. They were purchased for, more or less, investment purposes, and are both "under contract," for sale (pre-petition). However, both Schaefer and Joy were purchased by Debtor, on land contract. Each land contract had a balloon, and each balloon came and went. The Debtor retains Berkshire Hathaway HomeServices as broker. Closing was said to occur on or before August 5, 2025, the parties agreed to keep this contract open and allow closing as long as it was before October 6, 2025. Jabaly is not an affiliate of the Debtor and neither it nor any of its owners are related to or currently hold claims against the Debtor. The Debtor requests authority to sell the Property free and clear of liens, claims, and encumbrances to Jabaly, or his successors and/or assigns. The purchase price of the Schaefer Property is $3,000,000. The lienholder of the Property are Schaefer Apartment Holdings, LLC, Alta Construction Equipment, LLC, Small Business Administration, and Housing and Urban Development. The Debtor proposes that any liens in the Property attach to the proceeds of the proposed sale. The Agreement with Jabaly constitutes an arms' length transaction that was negotiated between unrelated parties. 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. BALTIMORE HOTEL: S&P Affirms 'B+' Bond Rating, Outlook Stable ------------------------------------------------------------- S&P Global Ratings revised its outlook on Baltimore Hotel Corp. (BHC) to stable from positive. The 'B+' rating is supported by the project's unusually strong liquidity of $47.9 million as of July 31, 2025, which S&P believes would allow it to survive for over six years under a severe and persistent stress scenario consisting of a 50% cash flow available for debt service (CFADS) decline from the 2024 level. The stable outlook reflects BHC's liquidity cushion along with significant city support payments that together will allow it to withstand an extended period of weak performance. S&P now expects its DSCR to decline to 0.92x in 2025 and remain slightly above 1x in 2026 and 2027. BHC owns Hilton Baltimore, which is connected to the Baltimore Convention Center (BCC) and has been operated by Hilton Worldwide since August 2008. It's a 757-room convention center hotel in Downtown Baltimore's Inner Harbor area, overlooking the Camden Yards baseball park and connected to the BCC by a pedestrian bridge. The hotel has meeting rooms, a 37,000-sqare-foot ballroom, and a 567-space, four-story parking garage with two subterranean levels. Its net revenue and pledged city tax revenue secure the bonds. City revenue includes a $7 million annual guarantee funded through the citywide hotel occupancy tax revenue; a pledge of site-specific hotel occupancy tax revenue, which will vary based on the project's occupancy; and the tax increment payment, which is equal to the hotel's property tax payment. The outlook revision reflects the hotel's weaker-than-expected demand in second-quarter 2025. This was due to lower government and consumer spending and its higher labor costs and expense leverage which will result in LTM S&P Global Ratings-calculated DSCR temporarily declining below 1.0x. S&P said, "Under our updated base-case forecast, we expect the LTM S&P Global Ratings-calculated DSCR will decline to 0.92x in 2025 versus 1.37x in 2024. We had previously forecasted DSCR would decline to 1.08x under our prior forecast from April 2025. Whereas we had expected earnings to decline in 2025 due to a normalization in citywide events and an increase in unionized labor costs, performance has weakened more than we expected. Key reasons include greater-than-expected government-spending cuts, reduced market share, and a decline in citywide support payments. Combined with the fixed cost leverage inherent to hotels, these factors have resulted in significant operating-margin erosion. We now expect an operational revenue decline of 13% and an operating margin decrease of about 900 basis points (bps). As a result, we expect 2025 CFADS to fall by 32% year-on-year to $16 million, causing the LTM DSCR to temporarily decline beneath 1.0x given the $17.4 million debt service. This compares to our prior forecast for an 8% CFADS decline. The project will cover the debt-service shortfall by tapping the senior debt service reserve account." Competing hotels' RevPAR has also declined recently. However, BHC's has declined slightly more, and the magnitude of its underperformance versus competitors has increased. This indicates accelerating underperformance, which raises risks to S&P's base-case forecast expectation for a recovery. For example, in the trailing 12 months, BHC's RevPAR declined by 9.7% compared with 6.5% for competitors. But in the trailing three months, its RevPAR declined by 16.9% versus 10.6% for competitors. This is likely due to BHC's outsized exposure to government spending (about 8% of volumes in both the group and transient segments). Supporting the 'B+' rating is the project's significant liquidity cushion of over $40 million. This gives it the ability to comfortably withstand any extended period of underperformance. The hotel has a closed-loop indenture. S&P considers this a credit strength, as it helps the project build cash in strong periods and use it in weaker periods versus distributing the excess cash flows. Through a period of strong performance in 2023 and 2024, the project rebuilt its liquidity to prepandemic levels. As a result, it currently benefits from a fully funded senior debt service reserve ($18.9 million), a fully funded operating reserve ($5.0 million, of which amounts over $1 million can be used to pay debt service), and a $5.0 million furniture, fixtures, and equipment (FF&E) reserve that it can use to pay debt service to some extent. There are also amounts in the tax increment and subordinated FF&E accounts that can be used for debt service if needed. This should be more than adequate to meet the $1.4 million operating shortfall (CFADS of about $16 million versus debt service of $17.4 million) that S&P forecasts for 2025 underits base-case scenario. Given significant city support payments and the liquidity cushion, S&P believes the project would be able to survive for over six years in the event CFADS declines by 50% from the 2024 level and remains under persistent stress, as contemplated under our downside scenario. S&P said, "The 'B+' rating reflects our belief that the project's liquidity won't decrease through 2026 and 2027, even if occupancy rates remain depressed at around 50%. Under our base-case forecast, we expect performance will recover in 2026 and 2027, driving the DSCR toward 1.1x. The hotel's group bookings for 2026 and 2027 have grown this year. If this can drive occupancy rates back toward the 2024 level before year-end 2027, we think operating margins should steadily improve toward 27%-28% from 23.8% in 2025, causing the DSCR to return toward 1.1x." Nevertheless, the persistently uncertain macroeconomic environment will challenge BHC's turnaround. Indeed, the hotel has revised its full-year 2025 outlook downward each month since April due to the deteriorating operating conditions. This also highlights the limited visibility into demand inherent for a single-asset hotel. In addition, the Baltimore market has consistently been challenged to attract visitors. S&P said, "If occupancy rates remain around 50% (our full-year 2025 forecast) through 2026 and 2027, we estimate the DSCR would remain at 1.0x and the project would be able to maintain its liquidity position." This is a key factor underpinning the 'B+' rating. Successive downward revisions in management's fiscal-year 2025 forecast highlight tough conditions and low visibility. The hotel benefits from $15 million in net restricted cash from a recent legal settlement. This was from a contractor that allegedly installed incorrect piping. S&P said, "We forecast the settlement will adequately cover the cost of the piping replacement, a 12-month project expected to start in September 2025. Given the hotel's somewhat low occupancy rates of about 50%, we expect it will conduct the work with minimal business impact." The cost of the repairs shouldn't exceed the settlement proceeds, and if it costs less than $15 million, the hotel could use the remaining funds for other capital projects or for shareholder distributions. The stable outlook reflects the project's substantial liquidity cushion of over $40 million and significant city support payments. Together, these will allow it to comfortably withstand an extended period of weak performance as DSCR declines to 0.92x in 2025 and remains slightly above 1x in 2026 and 2027. S&P could lower the rating if BHC's DSCRs remain well below 1x persistently, causing the project's liquidity to deteriorate to beneath $30 million. This could occur if: -- Persistent economic weakness and depressed governmental travel spending result in occupancy rates sustained below 50%, with no offsetting increase in average daily rate (ADR); -- Group business fails to recover over time toward pre-pandemic levels and the hotel's efforts to offset this with in-house volumes were unsuccessful; or -- Labor and other cost pressures affect the hotel's operating margin more than expected, or the upcoming piping capital works and the next soft renovation interrupt occupancy significantly, and the hotel has insufficient funding for such work. Though unlikely, S&P could raise the rating over the next 12 months if the hotel performs ahead of its base-case such that S&P raises its forecast median DSCR expectation to above 1.35x from 1.21x. Under this scenario, the project would maintain ample liquidity, and S&P would expect: -- A more stable macroeconomic backdrop, supporting improved visibility into near-term occupancy rates and revenue growth; and -- Strong labor management and operational execution such that operating margins exceed S&P's base-case forecast. BERRY CORP: Inks $717M All-Stock Merger with California Resources ----------------------------------------------------------------- Berry Corporation (bry) disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into an Agreement and Plan of Merger by and among the Company, California Resources Corporation, a Delaware corporation, and Dornoch Merger Sub, LLC, a Delaware limited liability company and a direct, wholly-owned subsidiary of Parent. Upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into the Company, with the Company surviving the Merger as a direct, wholly-owned subsidiary of Parent. Additionally, the existing CRC shareholders are expected to own approximately 94% of the combined company upon closing. "The combination of CRC and Berry will create a stronger, more efficient California energy leader. This transaction is attractively valued and immediately accretive across key financial metrics, strengthening our ability to deliver sustainable value to shareholders," said CRC President and CEO Francisco Leon in a press release. "By realizing substantial corporate and operating synergies, we expect to significantly lower costs and generate higher free cash flow. Equally important, the combined company will maintain a strong balance sheet with low leverage, a robust hedge book and liquidity--providing the flexibility to pursue new development opportunities amid an improving permitting backdrop in Kern County. We are now well positioned to unlock our deep asset inventory and drive long-term cash flow per share growth." "This announcement presents a compelling value proposition for our shareholders," said Renée Hornbaker, Berry's Board Chair. "The industrial logic of this merger will allow Berry shareholders to benefit from the creation of a larger and more sustainable business, with an improved capital structure and significant operational synergies. Additionally, the strong tailwinds we are seeing on the regulatory front makes this the right time to consummate this merger. The combined company will ensure our communities have access to safe, reliable and affordable energy through responsible in-state production, all while delivering significant long-term value for shareholders." Highlights: * Compelling fit with CRC's low decline, conventional assets in California: The transaction will add high quality, oil-weighted, mostly conventional proved developed reserves and sustainable cash flow to CRC. On a pro forma2 basis, the combined company would have produced approximately 161 thousand barrels of oil equivalent per day (Mboe/d) (81% oil) in the second quarter of 2025 and would have held approximately 652 million barrels of oil equivalent (MMboe) proved reserves3 (87% proved developed) as of year-end 2024. As a result of this combination, CRC will also own C&J Well Services, a California-focused oilfield services subsidiary of Berry. This business will enhance CRC's ability to maintain active wells, strengthen its well abandonment capabilities, help support safe and responsible operations, mitigate future cost inflation and ensure long-term operational efficiency. * Accretive to key financial metrics: The combination is expected to be accretive to net cash provided by operating activities and free cash flow. It is priced at approximately 2.9x enterprise value / 2025E adjusted EBITDAX1,4 with projected second half 2025 per share accretion to both net cash provided by operating activities4,5 and free cash flow4,5 of more than 10% before estimated synergies. * Significant synergies identified, with upside potential: Within 12 months post closing, CRC expects to achieve annual synergies of $80 – 90 million, or approximately 12% of the transaction value1. Approximately 50% of the run-rate synergies are expected to be implemented within six months of closing and the remaining 50% of synergies are anticipated within 12 months. Synergies are expected to primarily come through corporate synergies, lower interest costs through debt refinancing, operating improvements and supply chain efficiencies. * Maintains financial strength and flexibility: Post closing, CRC will retain its strong balance sheet with estimated pro forma LTM leverage ratio4 of less than 1.0x and approximately 70% of its expected second half 2025 pro forma oil production hedged at $68/Bbl Brent floor price6. * Uinta Basin -- strategic optionality and development upside: Berry's large, contiguous Uinta Basin position (~100,000 net acres with significant identified inventory), provides additional operational and financial optionality. Second quarter 2025 production was 4.2 MBoe/d (~65% oil/liquids, 79% NRI) with a PV-103,4 of total proved reserves of approximately $110 million as of year-end 2024. Berry recently brought online four horizontal wells which together are producing approximately 3.8 MBoe/d gross (~93% oil)7 with peak production expected in late September to early October. Transaction Details: Berry shareholders will receive a fixed exchange ratio of 0.0718 shares of CRC common stock for each share of BRY common stock owned, representing a premium of 15% based on the closing prices of the stocks on Friday, September 12, 2025. Based on the closing stock prices for CRC and Berry on September 12, 2025, the exchange ratio implies an enterprise value for the combined entity of more than $6 billion. CRC plans to refinance Berry's outstanding debt with cash on hand and borrowings under its Credit Agreement and may also pursue a new debt issuance, subject to market conditions, to further optimize its balance sheet and support long-term capital allocation priorities. CRC's strong balance sheet and liquidity position provides flexibility regarding refinancing options and timing. The transaction, which is expected to close in the first quarter of 2026, has been unanimously approved by the board of directors of both companies. Closing is subject to customary closing conditions, including receipt of required regulatory approvals and receipt of Berry shareholder approval. CRC's executive management team will lead the combined company from its headquarters in Long Beach, California. Following the close of the transaction, CRC will provide additional financial and operating guidance for the combined company. Advisors RBC Capital Markets and Petrie Partners are serving as financial advisors and Sullivan & Cromwell LLP is serving as a legal advisor to CRC. Guggenheim Securities, LLC is serving as financial advisor and Vinson & Elkins LLP is serving as legal advisor to Berry. About California Resources Corporation California Resources Corporation (NYSE: CRC) is an independent energy and carbon management company committed to energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing carbon capture and storage (CCS) and other emissions reducing projects. For more information about CRC, please visit www.crc.com. About Berry Corporation Berry Corporation is a company primarily engaged in hydrocarbon exploration in California, the Uintah Basin, and the Piceance Basin. As of December 31, 2021, the company had 97 million barrels of oil equivalent of estimated proved reserves, of which 87% was petroleum and 13% was natural gas. As of June 30, 2025, the Company had $1.43 billion in total assets, $763.17 million in total liabilities, and a total stockholders' equity of $664.94 million. * * * In August 2025, S&P Global Ratings affirmed all ratings, including its 'CCC+' issuer credit rating and 'B' issue-level rating on its term loan on Dallas-based oil and gas exploration and production (E&P) company Berry Corp. Subsequently, S&P withdrew all ratings on Berry at the issuer's request. The outlook was stable. BIOXCEL THERAPEUTICS: Raises $37.3M via ATM and Warrant Exercises ----------------------------------------------------------------- BioXcel Therapeutics, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on April 3, 2025, the Company entered into an Equity Distribution Agreement with Canaccord Genuity LLC to sell shares of Common Stock through any method permitted that is deemed an "at the market offering" as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended, under which Canaccord Genuity LLC will act as sales agent. The Company filed a prospectus supplement with the Securities and Exchange Commission on April 3, 2025, in connection with the offer and sale of up to $8.1 million shares pursuant to the ATM Program. On August 6, 2025, the Company filed a further prospectus supplement with the Securities and Exchange Commission in connection with the offer and sale of an additional $3.5 million shares pursuant to the ATM Program. As of August 18, 2025, the Company filed a further prospectus supplement with the Securities and Exchange Commission in connection with the offer and sale of an additional $80.0 million shares pursuant to the ATM Program. Between July 1, 2025 and September 15, 2025, the Company raised an aggregate of $37.3 million, including: (i) aggregate gross proceeds of approximately $27.6 million pursuant to the sale of 9,312,892 shares under the ATM Program and (ii) aggregate gross proceeds of approximately $9.7 million pursuant to the exercise of outstanding warrants to purchase a total of 2,300,000 shares. As of September 12, 2025, the Company had a total of 19,646,801 shares outstanding. As a result of the receipt of these proceeds, the Company believes that their existing cash and cash equivalents will be sufficient to enable them to fund operating expenses and capital expenditure requirements into the first quarter of 2026. The Company has based this estimate on assumptions that may prove to be incorrect, and the Company could utilize available capital resources sooner than expected. The amounts and timing of actual expenditures will depend on numerous factors, including the progress of clinical and regulatory development efforts and other factors described under "Risk Factors" in the Company's SEC filing that are incorporated by reference herein, as well as the amount of cash used in its operations. About BioXcel Therapeutics Headquartered in New Haven, Conn., BioXcel Therapeutics, Inc., is a biopharmaceutical company utilizing artificial intelligence to develop transformative medicines in neuroscience and, through the Company's wholly owned subsidiary, OnkosXcel Therapeutics LLC, immuno-oncology. The Company is focused on utilizing cutting-edge technology and innovative research to develop high-value therapeutics aimed at transforming patients' lives. The Company employs various AI platforms to reduce therapeutic development costs and potentially accelerate development timelines. Stamford, Conn.-based Ernst & Young LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations, has used significant cash in operations and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $25.8 million in total assets, against $133.5 million in total liabilities. BKV CORP: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable -------------------------------------------------------------- S&P Global Ratings assigned its 'B' issuer credit rating to Denver-based private oil and gas exploration and production (E&P) company BKV Corp. S&P said, "In addition, we assigned our 'B-' issue-level and '5' recovery ratings to the proposed notes. The '5' recovery rating indicates our expectation of average (10%-30%; rounded estimate: 10%) recovery of principal to creditors in the event of a payment default. "The outlook is stable because we expect that BKV will maintain rating-appropriate credit measures for at least the next 12 months, including FFO to debt of about 40%-50%. This reflects the company's moderate drilling program as it integrates its Bedrock acquisition and modestly grows production." BKV Corp. subsidiary, BKV Upstream Midstream LLC, has launched a $500 million senior unsecured notes offering due 2030. It intends to use the proceeds to partially fund its Bedrock Production LLC acquisition and to repay borrowings under its reserve-based lending (RBL) credit facility. S&P said, "Our 'B' issuer credit rating reflects BKV's smaller scale of proved reserves and production, limited geographic diversification, and high weighting to natural gas. The company's assets are primarily in the Barnett Shale in Texas, which constituted about 90% of its year-end 2024 proved reserves and 85% of its first-half 2025 production. The remainder is in Northeast Pennsylvania in the Marcellus Shale. The company's proved reserves as of Dec. 31, 2024, totaled about 3.1 trillion cubic feet equivalent (tcfe), 71% of which were natural gas and 85% were proved developed. Production in the first half of 2025 averaged about 786 million cubic feet equivalent per day (mmcfe/d), though we expect-full-year volumes to average about 850 mmcfe/d (including half a year of production from the Bedrock assets), driven by both organic and acquisition-related production growth. "BKV has increased its capital expenditures (capex) and drilling activity in 2025 in response to more-supportive natural gas prices than in 2024. Under our current natural gas price assumptions, we expect the company will continue to grow volumes organically in the mid- to upper-single-digit percent area over the next two years. However, BKV's profitability is below the broader E&P peer group average. This is partly due to its high weighting toward lower-margin natural gas and natural gas liquids (NGLs), as the peer group includes gas- and oil-weighted companies. Its below-average profitability, relatively small asset base, and limited geographic and commodity-type diversification are the key reasons we assess its business risk profile as vulnerable." The Bedrock acquisition bolsters BKV's Barnett Shale position. In August, the company announced that it would acquire Bedrock's assets for $370 million, using a combination of $260 million cash and $110 million of equity to be issued directly to the seller. The deal adds about 100 mmcfe/d of production and 0.8 tcfe of proved reserves. It includes about 97,000 net acres in the Barnett Shale, close to the company's existing holdings. The deal is expected to close this year in the fourth quarter. S&P includes six months of contributions from Bedrock assuming a mid-2025 effective date. The Barnett Shale provides BKV with a deep drilling inventory and low-decline production. The company primarily acquired its existing assets in the Barnett Shale through two acquisitions: a $570 million (plus earnout) transaction with Devon Energy Corp. in 2019 and a $750 million (plus earnout) deal with Exxon Mobil Corp. in 2022. Including Bedrock, BKV now holds about 577,000 net acres in the Barnett Shale, of which more than substantially all is held by production. Due to the more mature stage of the play, the asset benefits from a low base production decline rate of about 10% per year. This compares favorably with earlier-stage unconventional plays, which typically have steeper production declines. Because of this, BKV can pull back on capital spending and drilling when commodity prices are weaker. The company estimates it has more than 2,100 refracs and 500 new wells, providing it with about 15 years of inventory if operating at a one-to-two rig pace. S&P said, "Our assessment of BKV's business risk also considers its interests in midstream, power, and carbon capture businesses. The company has midstream assets located primarily in the Barnett Shale. They support about 20%-25% of its gas production gathering needs in the region, with a small amount of third-party volumes. In addition, BKV has a 50% ownership interest in the BKV-BPP Power joint venture (JV) with BPPUS (not rated), a subsidiary of Banpu PCL (not rated). The JV owns the Temple I and II power plants in Temple, Tex. The facilities have a combined annual average power generation capacity of about 1,500 megawatts (MW). BKV also has a carbon capture, utilization, and sequestration (CCUS) business, the first project of which--Barnett Zero--became operational in November 2023. However, the project is relatively small, with forecasted annual sequestration volumes of 0.18 million tons per year of CO2 equivalent. BKV has several additional CCUS projects planned, including two that have reached final investment decision and are expected to become operational in 2026. In May 2025, the company announced it had formed a JV with Copenhagen Infrastructure Partners (CIP), which agreed to commit $500 million to be invested in the JV for a 49% ownership stake. BKV has contributed its Barnett Zero and upcoming Eagle Ford project, with additional projects expected to be added as they develop. "We expect BKV's credit measures to improve modestly and remain appropriate for the rating. We assume average natural gas prices of $3.50 per million British thermal units (mmBtu) for the remainder of 2025 and $4.00/mmBtu in 2026 and capex of about $270 million in 2025 and $370 million in 2026. Based on these assumptions, we expect BKV will generate only modest positive free operating cash flow (FOCF) in 2025 and 2026. We expect FOCF to increase meaningfully to over $100 million in 2027, benefiting from increased production volumes and our higher natural gas price assumptions ($4.25/mmBtu in 2027 and beyond). We expect FFO to debt will improve to 45%-50% in 2026 from 35%-40% in 2025, with average S&P Global Ratings adjusted debt to EBITDA improving to 1.8x from about 2.5x over the same period. Our assumptions factor in the proceeds from the company's proposed issuance of $500 million of senior unsecured notes, which we assume it will use to repay RBL credit facility borrowings (the company had $200 million of borrowings as of June 30, 2025) and to fund the cash component of its Bedrock acquisition. "We consider BKV to be moderately strategic to its parent. BKV is majority-owned by Banpu North America Corp. (BNAC), which is a wholly owned subsidiary of Thailand-based coal and energy provider Banpu PCL. BNAC owns about 71% of BKV (pro forma for the planned equity issuance to Bedrock) and holds six of the 11 board seats of BKV. Prior to BKV going public through its IPO in September 2024, BNAC owned about 93% of the company. Although the company's ownership by Banpu doesn't affect our current rating on BKV, it could limit potential ratings upside notwithstanding a reduced ownership percentage in the future, as we consider BKV to be a 'moderately strategic' entity to the parent under our group rating methodology. "The stable outlook reflects our expectation that BKV will maintain appropriate credit measures for the rating for at least the next 12 months, including FFO to debt of about 40%-50%. This is based on its moderate drilling program as it integrates its Bedrock acquisition and grows production. "We could lower the rating if BKV's credit measures weaken, such that its FFO to debt approaches 20% for a sustained period or its liquidity materially weakens. This would most likely occur if natural gas prices weakened materially below our current price assumptions for a sustained period and BKV didn't rein in capital spending. Alternatively, we could lower our ratings if we revised down our assessment of the group credit profile of the parent Banpu PCL. "We could raise our rating on BKV if the company increased its scale of proved reserves and production to levels that are more comparable with higher-rated peers, while maintaining FFO to debt comfortably above 30%. In addition, a higher rating would likely require an improved assessment of the group credit profile of the parent or reduced ownership/influence from Banpu PCL." BOKQUA LLC: Seeks to Hire Holland & Hart LLP as Special Counsel --------------------------------------------------------------- Bokqua LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Holland & Hart LLP as special counsel. The firm will provide certain post-petition transactional legal services; specifically, restructuring transactions in connection with this case, including assistance in transactional documents, additional background and support with matters related to Genesis, and facilitating the Debtor's restructuring process through continued assistance with Toorak. The firm's hourly rates are: Partners $600 to $1,505 Associates $395 to $1,310 Paralegals $130 to $835 Matthew J. Ochs (Partner) $965 Andrew A. Folkerth (Partner) $855 Anna Hemp (Associate) $435 Stephanie Holder (Paralegal) $435 Holland & Hart received a pre-petition retainer in the amount of $50,000. Matthew J. Ochs, Esq., a partner at Holland & Hart, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew J. Ochs, Esq. Holland & Hart LLP 555 17th Street, Suite 3200 Denver, CO 80202 Tel: (303) 295-8299 About Bokqua LLC Bokqua LLC is a real estate investment company that owns and manages residential properties in the Denver metropolitan area. The Company operates in association with BVRE, a property management firm based in Denver, Colorado. Bokqua LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-14846) on July 31, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by Jeffrey S. Brinen, Esq. at KUTNER BRINEN DICKEY RILEY. BRIGHTLIFE ELECTRIC: Edward Burr Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 17 appointed Edward Burr of Mac Restructuring Advisors, LLC as Subchapter V trustee for Brightlife Electric NV, LLC. Mr. Burr will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Burr declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Edward Burr Mac Restructuring Advisors, LLC 10191 E. Shangri La Road Scottsdale, AZ 85260 Phone: (602) 418-2906 Email: Ted@macrestructuring.com About Brightlife Electric NV Brightlife Electric NV, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nevada Case No. 25-50836) on September 12, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Hilary L. Barnes presides over the case. Kevin A. Darby, Esq. at Darby Law Practice, Ltd. represents the Debtor as legal counsel. CALIFORNIA RESOURCES: Fitch Alters Outlook on 'B+' IDR to Positive ------------------------------------------------------------------ Fitch Ratings has affirmed California Resources Corporation's (CRC) Long-Term Issuer Default Rating (IDR) at 'B+' following the announced agreement to combine with Berry Corporation. The Rating Outlook has been revised to Positive from Stable. Fitch has also affirmed the issue-level ratings for the company's secured reserve-based lending credit facility (RBL) at 'BB+' with a Recovery Rating of 'RR1' and senior unsecured notes at 'BB-'/'RR3'. The Positive Outlook reflects the shift toward more favorable regulatory policies in California and Fitch's expectation that this will reduce permitting risks for CRC in Kern County, as well as alleviate other regulatory and environmental risks in California over the medium and long term. The Outlook revision also reflects CRC's announced combination with Berry Corporation, which Fitch believes is accretive to CRC's FCF, supports material synergy potential, and is leverage neutral. The Outlook could be revised to Stable if the proposed environmental legislation does not pass. Key Rating Drivers Favorable Regulatory Developments: Fitch expects the recently announced regulatory developments and move toward more favorable energy policies to benefit CRC over the medium and long term. On Sept. 13, 2025, California legislators finalized Senate Bill 237 (along with SB 614 and AB 1207) which deems the Kern County Environmental Impact Report sufficient and eliminates certain California Environmental Quality Act (CEQA) reviews for permitting. This could accelerate environmental reviews for up to 2,000 new wells annually in Kern County, positioning CRC for a simpler permitting process and creating the potential for organic growth. While these bills await the governor's signature, Fitch expects these measures, together with the governor's efforts to address energy issues amid volatile fuel prices, to support the California regulatory environment and CRC's credit profile. Accretive Berry Combination: Fitch expects CRC's announced all-stock combination with Berry Corporation to support the credit profile over the medium term, alongside favorable regulatory developments. Under the terms of the agreement, CRC will combine with Berry in an all-stock transaction valued at approximately USD717 million, inclusive of Berry's debt. At close, existing CRC shareholders are expected to own approximately 94% of the combined company. The transaction is priced at a 2.9x enterprise value (EV)/EBITDAX multiple and will increase scale with approximately 24,000 barrels of oil equivalent per day (Mboepd) of oil-weighted, low-decline production in California. Management estimates pro forma 2Q25 production at approximately 161 Mboepd (81% oil) and proved reserves of approximately 652 million barrels of oil equivalent (MMboe; 87% proved developed) with exposure to five of the largest oil fields in the state. Strong FCF; Synergy Potential: Fitch believes the combination will be accretive to FCF and that FCF could be further enhanced by the company's expected deal synergies. Management has identified approximately USD80 million-USD90 million of annual deal synergies within 12 months post-close, primarily via corporate synergies, interest cost savings, operational cost savings and supply chain efficiencies. Fitch expects most of these synergies to be achievable in the first 12 months and notes that management delivered its expected synergies for the July 2024 Aera transaction ahead of schedule. Multiyear Hedging Protection: Fitch views the pro forma company's strong near-term hedges positively and believes they will help solidify FCF generation. Approximately 70% of the pro forma company's oil production will be hedged at attractive Brent prices at roughly $68/bbl, which will reduce downside price risks. CRC is also hedging around 50% of its standalone production in 2026 at approximately $65/bbl Brent. Fitch expects hedging will continue, albeit potentially at lower levels, because CRC's credit facility requires minimum hedging of 50% to 0% with leverage above 2.0x or below 1.5x, respectively. Sub-1.5x Midcycle Leverage: Fitch forecasts pro forma gross debt/EBITDA at 1.0x in 2026 and sub-1.5x through the remainder of the forecast given the company's conservative capital structure and M&A financing. Fitch believes management could look to refinance a portion of Berry's debt in the near term through the capital markets and extend the maturity profile. High-Cost, Low-Netback Producer: CRC's cost structure is higher than that of most Fitch-rated U.S. onshore exploration and production (E&P) peers. Fitch-calculated 2Q25 total cash operating costs, including operating costs, transportation expenses, G&A and production taxes, remain at the higher end of Fitch's aggregate E&P peer group and lead to lower unhedged cash netbacks and a higher breakeven oil price compared with that of its closest peers. Peer Analysis Pro forma the merger, CRC will produce approximately 161 Mboepd (81% oil). Using 2Q25 data, the company will be larger than Northern Oil & Gas (BB-/Stable; 134 Mboepd) and Canadian producer Baytex Energy Corp. (BB-/Stable; 148 Mboepd) but smaller than SM Energy Company (BB/Stable; 209 Mboepd) and Matador Resources Company (BB/Stable; 209 Mboepd). CRC's realized prices are typically higher than peers given exposure to premium Brent pricing, and the low-decline asset base leads to lower capital intensity than peers. This is partly offset by the company's higher cost structure which results in lower Fitch-calculated unhedged cash netbacks than Fitch's aggregate peer average. Key Assumptions - Brent oil prices of $70/bbl in 2025, $65/bbl in 2026 and 2027 and $60/bbl thereafter; - Henry Hub prices of $3.40/thousand cubic feet (mcf) in 2025, $3.50/mcf in 2026, $3.00/mcf in 2027 and $2.75/mcf thereafter; - Pro forma production of 160 Mboepd followed by flat growth thereafter; - Acquisition-related capex in 2026 with growth-linked spending thereafter; - Measured increases to shareholder returns; - Announced Berry combination closes in 1Q26. Recovery Analysis Key Recovery Rating Assumptions - The recovery analysis assumes CRC would be reorganized as a going concern (GC) in bankruptcy rather than liquidated; - Fitch assumed a 10% administrative claim. GC Approach Fitch's projections under a stressed case price desk assume Brent oil prices of $60/bbl in 2025, $35/bbl in 2026, $45/bbl in 2027 and $48/bbl in the long term. The GC EBITDA was increased to $725 million following the announced transaction and reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the EV, which reflects the decline from current pricing to stressed levels, and then a partial recovery coming out of a troughed pricing environment. Fitch believes a weakened pricing environment would lead to production declines, reduce the borrowing base availability and materially erode the liquidity profile. An EV multiple of 3.00x EBITDA is applied to the GC EBITDA to calculate a post-reorganization EV. The choice of this multiple considers that the historical bankruptcy case study exits multiples for peer companies ranged from 2.8x to 7.0x, with an average of 5.2x and a median of 5.4x, and reflects the expectation that the value of CRC's oil producing properties will decline given its high cost structure and reduction in capex to preserve liquidity. The multiple also considers the stringent California regulatory environment and highly concentrated market, which severely limits the number of potential buyers and valuation for the assets. Liquidation Approach The liquidation estimate reflects Fitch's view of the value of balance sheet assets that can be realized in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors. The revolver is assumed to be 90% drawn upon default with the expectation that commitments would be reduced during a redetermination. The allocation of value in the liability waterfall results in recovery corresponding to 'RR1' recovery for the first-lien RBL credit facility and a recovery corresponding to 'RR3' for the senior unsecured notes. The RBL is assumed to be fully drawn upon default. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Unfavorable regulatory actions that result in material production declines and/or weakened profitability; - Deteriorating liquidity profile, including material revolver borrowings and an inability to generate positive FCF; - Midcycle EBITDA leverage sustained above 2.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A more favorable regulatory environment that supports permitting and/or material E&P diversification outside California; - FCF generation that supports the liquidity profile and limited borrowings under the RBL; - Commitment to conservative financial policy resulting in midcycle EBITDA leverage sustained below 1.5x. Liquidity and Debt Structure Pro forma the combination, Fitch expects CRC to maintain solid liquidity, supported by availability under its RBL credit facility (USD983 million available at 2Q25), cash on hand and forecast FCF. Management intends to refinance Berry's outstanding debt with cash on hand and borrowings under the RBL and may also pursue a new debt issuance, subject to market conditions. Fitch believes the liquidity profile is further supported by the company's multiyear hedge program which helps protect against downside price risks. Issuer Profile CRC is an integrated public E&P company that operates solely in California. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations California Resources Corporation has an ESG Relevance Score of '4' for Exposure to Social Impacts due to the stringent oil and gas regulatory environment in California and its exposure to social resistance, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- California Resources Corporation LT IDR B+ Affirmed B+ senior unsecured LT BB- Affirmed RR3 BB- senior secured LT BB+ Affirmed RR1 BB+ CARTER LEASING: Hires Beall & Burkhardt APC as Counsel ------------------------------------------------------ Carter Leasing Company, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Beall & Burkhardt, APC as counsel. The firm will provide these services: (a) advise the Debtor generally concerning its rights, duties, and obligations; (b) meet with the Debtor concerning the initial filing requirements of a Chapter 11 case; (c) represent the Debtor in all hearings and meetings before the bankruptcy court; (d) prosecute and defense of appropriate adversary proceedings in the bankruptcy court; (e) prosecute any claim objections; (f) prepare and prosecute a Disclosure Statement and Plan of Reorganization; and (e) such other matters as shall normally arise in the conduct of the Chapter 11 case. The firm will be paid at these rates: William Beall, Attorney $650 per hour Eric Burkhardt, Attorney $525 per hour Carissa Horowitz, Attorney $450 per hour The firm received a pre-petition retainer of $40,000 from the Debtor. Mr. Beall disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: William C. Beall, Esq. Beall & Burkhardt, APC 1114 State Street La Arcada Building, Suite 200 Santa Barabra, CA 93101 Tel: (805) 966-6774 Fax: (805) 963-5988 About Carter Leasing Company, Inc. Carter Leasing Company, Inc., a company based in Oak View, California, provides heavy equipment leasing and rental services, primarily serving the Ojai Valley area. Carter Leasing Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11207) on September 10, 2025, with $1 million to $10 million in assets and liabilities. Greg Webster, president of Carter Leasing Company, signed the petition. Judge Ronald A. Clifford, III presides over the case. William C. Beall, Esq., at Beall & Burkhardt, APC represents the Debtor as legal counsel. CASUAL 21: Seeks to Hire Vernon Consulting as Financial Advisor --------------------------------------------------------------- Casual 21 USA Corp. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Vernon Consulting, Inc. as financial advisor and accountants. The firm will render these services: (a) provide accounting services required to accurately prepare the schedules and reports required by the Chapter 11 process; (b) assist with the preparation of monthly operating statements; (c) prepare forecasts, projections, and cash flow reports requested by lenders, creditors, prospective investors or in conjunction with a proposed plan of reorganization; (d) assist with developing support for and the preparation of motions; (e) assist in arranging Debtor in Possession financing, and presenting cash flows to potential lenders, as requested; (f) assist in the identification of executory contracts and unexpired leases, and performing cost/benefit evaluations with respect to the assumption or rejection of each, as needed; (g) assist with developing strategies for negotiating with vendors and creditors, including Federal, State, and Local Tax Authorities; (h) provide financial advisory services in connection with any contemplated sale of assets, reorganization, or liquidation under the Bankruptcy Code; and (i) provide other such necessary and proper services customarily provided in connection with these proceedings requested by the Debtor and agreed to by Vernon during the pendency of these Chapter 11 cases. The firm's hourly rates are: Managing Director $450 Director $400 Senior Managing Consultant $350 Analyst $200 Vernon obtained a pre-petition retainer of $5,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Laura W. Patt, a president and founder at Vernon Consulting, Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Laura W. Patt Vernon Consulting Inc. 344 East 65th Street New York, NY 10065 Tel: (917) 822-7578 About Casual 21 USA Corp. Casual 21 USA Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-35882) with $0 to $50,000 in assets and $1,000,001 to $10 million in liabilities. The petition was signed by Asher Horowitz as CFO. Judge Hon. Kyu Young Paek oversees the case. The Debtor is represented by Adrienne Woods, Esq. at Weinberg Zareh Malkin Price LLP. CASUAL 21: Seeks to Hire Weinberg Zareh Malkin Price as Counsel --------------------------------------------------------------- Casual 21 USA Corp. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Weinberg Zareh Malkin Price LLP as counsel. The firm's services include: (a) providing the Debtor with advice and preparing all necessary documents regarding debt restructuring, bankruptcy and asset disposition; (b) taking all necessary actions to protect and preserve the Debtor's estate during the pendency of the Chapter 11 case, including the prosecution of actions by the Debtor, the defense of actions commenced against the Debtor, negotiations concerning litigation in which the Debtor is involved and objecting to claims filed against the estate; (c) preparing on behalf of the Debtor, as debtor in possession, all necessary motions, applications, answers, orders, reports and papers in connection with the administration of the Chapter 11 case; (d) counseling the Debtor with regard to its rights and obligations as a debtors in possession; (e) appearing in Court to protect the interests of the Debtor before the Court; and (f) performing all other legal services for the Debtor which may be necessary and proper in this proceeding. The firm will be paid at these rates: Partners/Of Counsel $600-725 Of Counsel $450-550 Associate $365-450 Paralegals $175-200 The firm received a retainer in the amount of $1,000 from Asher Horowitz. In a court filing, Weinberg disclosed that it is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Adrienne Woods, Esq. WEINBERG ZAREH MALKIN PRICE LLP 45 Rockefeller Plaza, 20th Floor New York, NY 10111 Phone: (212) 899-5470 Email: awoods@wzmplaw.com About Casual 21 USA Corp. Casual 21 USA Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-35882) with $0 to $50,000 in assets and $1,000,001 to $10 million in liabilities. The petition was signed by Asher Horowitz as CFO. Judge Hon. Kyu Young Paek oversees the case. The Debtor is represented by Adrienne Woods, Esq. at Weinberg Zareh Malkin Price LLP. CIBUS INC: Kimberly A. Box Joins Board of Directors --------------------------------------------------- Cibus Inc.'s board of directors appointed Kimberly A. Box to the board, effective Sept. 11, 2025, according to an SEC filing. She will serve on the Compensation and Nominating and Corporate Governance committees, as well as a special committee reviewing strategic alternatives. Ms. Box, 65, previously served as President and CEO of Gatekeeper Innovation, Inc., a healthcare company acquired by RxGuardian, and spent 29 years at Hewlett Packard (NYSE: HPQ) in executive roles, most recently as Vice President, Global IT Services. She serves on the boards of McGrath RentCorp (NASDAQ: MGRC), where she chairs the Compensation Committee, and Applied Science, Inc., a private company. Ms. Box holds a B.S. in Business Administration from California State University, Chico, and has completed executive programs at Wharton and cybersecurity and directorship certifications. Ms. Box was named to the Board independently and has no arrangements or understandings with any other parties regarding her appointment. She does not have any direct or indirect material interest in transactions required to be disclosed under Item 404(a) of Regulation S-K. In connection with her election to the Board, Ms. Box entered into the Company's standard indemnification agreement for directors and executive officers. Under Cibus's Non-Employee Director Compensation Policy, she will receive annual compensation of $60,000 in cash, payable semi-annually, and $90,000 in equity awards under the 2017 Omnibus Incentive Plan, prorated for the remainder of fiscal 2025. About Cibus Inc. Cibus Inc., headquartered in San Diego, CA, is an agricultural biotechnology company that develops plant traits using proprietary gene editing technologies. The Company focuses on traits for major food crops that enhance productivity, sustainability, and adaptability, which are licensed to global seed companies in exchange for royalties. Its near-term pipeline prioritizes herbicide tolerance traits for rice. In its audit report dated March 20, 2025, BDO USA, P.C. included a "going concern" qualification noting that the Company has suffered recurring losses from operations and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. In its Quarterly Report for the period ended June 30, 2025, the Company said it needs additional capital within a year to continue as a going concern. Without sufficient funding on acceptable terms, it may implement stricter cost cuts and could significantly delay, reduce, or halt operations. Raising funds through debt or equity could dilute current stockholders, increase fixed obligations, and grant new securities rights senior to common stock. CIS INTERNATIONAL: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: CIS International Holdings (N.A.) Corporation d/b/a E Tropical Fish 1405 W. 178th Street Gardena, CA 90248 Business Description: CIS International Holdings (N.A.) Corp., doing business as DBA E Tropical Fish, imports, breeds, and distributes ornamental fish, aquatic plants, live rock, and aquarium accessories. The Company sources livestock and products from regions including Sri Lanka, Thailand, Maldives, Fiji, Australia, China, and the United Kingdom, and supplies customers across the United States as well as in Canada and Mexico. Founded in 1999, it is based in Gardena, California. Chapter 11 Petition Date: September 22, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-18374 Debtor's Counsel: Byron Z. Moldo, Esq. Chase A. Stone, Esq. ERVIN COHEN & JESSUP LLP 9401 Wilshire Boulevard Twelfth Floor Beverly Hills, CA 90212-2974 Tel: 310-273-6333 E-mail: cstone@ecjlaw.com / bmoldo@ecjlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million Charitha Samarasinghe 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/WVI3ALY/CIS_International_Holdings_NA__cacbke-25-18374__0001.0.pdf?mcid=tGE4TAMA CITIUS PHARMACEUTICALS: Holds 79.1% Equity Stake in Citius Oncology ------------------------------------------------------------------- Citius Pharmaceuticals, Inc. disclosed in a Schedule 13D (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of September 10, 2025, it beneficially owns 66,049,615 shares of Citius Oncology, Inc.'s Common Shares, $0.0001 par value per share, representing 79.1% of the 83,513,442 shares outstanding. The reporting person has sole voting and dispositive power over the shares beneficially owned. Citius Pharmaceuticals, Inc. may be reached through: Leonard L. Mazur, Chief Executive Officer 11 Commerce Drive, 1st Floor Cranford, N.J. 07016 Tel: (908) 967-6677 A full-text copy of the SEC Report is available at https://tinyurl.com/ypc5jn23 About Citius Pharmaceuticals Headquartered in Cranford, N.J., Citius Pharmaceuticals, Inc., is a biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products. The Company's goal generally is to achieve leading market positions by providing therapeutic products that address unmet medical needs yet have a lower development risk than usually is associated with new chemical entities. New formulations of previously approved drugs with substantial existing safety and efficacy data are a core focus. The Company seeks to reduce development and clinical risks associated with drug development yet still focus on innovative applications. Boston, Mass.-based Wolf & Company, P.C., the Company's auditor since 2014, issued a "going concern" qualification in its report dated Dec. 27, 2024, citing that the Company has suffered recurring losses and has a working capital deficit as of Sept. 30, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Sept. 30, 2024, the Company had $116.7 million in total assets, $42.5 million in total liabilities, and $74.1 million in total equity. As of Jun. 30, 2025, the Company had $127.7 million in total assets, $60.1 million in total liabilities, and $67.6 million in total stockholders' equity. CIVIL LLC: Hires Raines Feldman Littrell LLP as Counsel ------------------------------------------------------- The official committee of unsecured creditors of Civil, LLC and affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of West Virginia to employ Raines Feldman Littrell LLP as counsel. The firm will provide these services: a. advise the Committee regarding its rights, powers and duties as a committee elected pursuant to Bankruptcy Code Section 1103; b. advise and consult with the Committee on the conduct of these Chapter 11 Cases, including all legal and administrative requirements under chapter 11; c. attend meetings and negotiate with representatives of the Debtors, secured and unsecured creditors, lessors, governmental agencies, equity holders, employees and other parties in interest; d. advise the Committee regarding any contemplated sale of assets or business combinations including the negotiation of asset sales, stock purchases, mergers or joint ventures, formulation and implementation of bidding procedures, evaluation of competing offers, drafting of appropriate documents regarding proposed sales and counseling regarding the closing of such sales; e. advise the Committee regarding prepetition and post-petition financing and cash collateral arrangements and negotiate documents relating thereto; f. advise the Committee on matters relating to Debtors' assumption, assumption and assignment and rejection of executory contracts and unexpired leases; g. advise the Committee on matters relating to the ordinary course of business including employment, tax, environmental, banking, insurance, securities, corporate, business operation, contracts, joint ventures, real and personal property, press and public relations matters and regulatory matters; h. advise and counsel on actions to protect and preserve the Debtors' estate including actions and proceedings by the Debtors or other designated parties to recover assets, defense of actions and proceedings brought against the estates, negotiations regarding all litigation in which the Committee may be involved and objections to claims filed against the estates; i. prepare and file necessary motions, applications, answers, orders, reports and papers; j. review all pleadings, financial and other reports filed by the Debtors in these Chapter 11 Cases and advise the Committee about the implications thereof; k. review the nature and validity of any liens asserted against the Debtors' property and advise the Committee concerning the enforceability of such liens; l. investigate the acts, conduct, assets, liabilities, and financial condition of the Debtors, the operation of the Debtors' businesses and the desirability of the continuance of such businesses, and any other matter relevant to the cases or to the formulation of a plan; m. commence and conduct any and all ligation necessary or appropriate to assert rights held by the Committee and/or protect assets of the chapter 11 estates; n. negotiate and participate in the preparation of the Debtors' plan(s) of reorganization, related disclosure statement(s) and other related documents and agreements and advise and participate in the confirmation of such plan(s); o. attend meetings with third parties and participate in negotiations with respect to the above matters; p. appear before this Court, other courts, and the U.S. Trustee to protect and represent the interests of the Committee and the Committee's constituents; q. meet and coordinate with other counsel and other professionals representing the Debtors and other parties in interest; r. perform all other necessary legal services and provide all necessary legal advice to the Committee in connection with these Chapter 11 Cases; and s. handle such other matters as may be requested by the Committee and to which Raines agrees. The firm will be paid at these rates: Attorneys $425 to $875 per hour Paraprofessionals $315 to $375 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Roeschenthaler disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael J. Roeschenthaler, Esq. Daniel R. Schimizzi, Esq. Sarah E. Wenrich, Esq. Raines Feldman Littrell, LLP 11 Stanwix Street, Suite 1100 Pittsburgh, PA 15222 Tel: (412) 899-6472 Email: mroeschenthaler@raineslaw.com dschimizzi@raineslaw.com swenrich@raineslaw.com About Civil, LLC Civil, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. W.V. Case No. 2:25-bk-20179) on August 20, 2025. In the petition signed by Barry W. Tackett, chief restructuring officer, the Debtor disclosed between $50 million and $100 million in assets and between $10 million and $50 million in liabilities. Judge B. Mckay Mignault oversees the case. J. Zachary Balasko, Esq., at Steptoe and Johnson PLLC, represents the Debtor as legal counsel. CLB TRUCKING: Seeks to Hire Lodovico & Associates as Accountant --------------------------------------------------------------- CLB Trucking, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Lodovico & Associates, P.C. as accountant. The firm will prepare the Debtor's tax returns, review of coding, bank reconciliation, and, cash flow reports. The Debtor proposes to pay accountant fees based upon their quarterly fee of $950. Antonio Lodovico, a partner at Lodovico & Associates, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Antonio Lodovico Lodovico & Associates, P.C. 3723 William Penn Highway Murrysville, PA 15668 Telephone: (724) 325-9909 About CLB Trucking Inc. CLB Trucking, Inc., based in Greensburg, Pennsylvania, provides interstate trucking services specializing in the transport of metals, coal, asphalt, and dry bulk commodities. The Company operates a fleet of trucks and trailers to serve industrial clients in the region and beyond. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22144) on August 15, 2025. In the petition signed by Traci L. Peters, owner, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Brian C. Thompson, Esq., at Thompson Law Group, P.C., represents the Debtor as bankruptcy counsel. COOPER-STANDARD: Extends Section 382 Rights Agreement for One Year ------------------------------------------------------------------ Cooper-Standard Holdings Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into the First Amendment to the Section 382 Rights Agreement, which amends the Section 382 Rights Agreement, dated as of November 7, 2022, by and between the Company and Broadridge Corporate Issuer Solutions, LLC (as successor-in-interest to Broadridge Corporate Issuer Solutions, Inc.), as Rights Agent. Pursuant to the terms of the First Amendment, effective immediately as of September 12, 2025, the Company amended the Rights Agreement to extend the Final Expiration Date (as defined in the Rights Agreement) of the rights issued pursuant to the Rights Agreement from the close of business on November 6, 2025, to the close of business on November 5, 2026. Except for the extension of the Final Expiration Date, the Rights Agreement otherwise remains unmodified. The First Amendment has been adopted because the Company's board of directors believes that it is in the best interests of the Company and its stockholders to extend the Final Expiration Date as set forth in the First Amendment. The foregoing summary of the First Amendment does not purport to be complete and is qualified in its entirety by reference to the complete text of the First Amendment, a copy of which is available at https://tinyurl.com/2h8uyw6w About Cooper-Standard Cooper-Standard Holdings Inc. (www.cooperstandard.com), headquartered in Northville, Mich., with locations in 21 countries, is a global supplier of sealing and fluid handling systems and components. Utilizing the Company's materials science and manufacturing expertise, the Company creates innovative and sustainable engineered solutions for diverse transportation and industrial markets. As of March 31, 2025, Cooper-Standard Holdings had $1.8 billion in total assets, $1.9 billion in total liabilities, and total deficit of $122.3 million. * * * As reported by the Troubled Company Reporter on November 26, 2024, S&P Global Ratings revised its outlook on U.S.-based Cooper-Standard Holdings Inc. to positive from negative and affirmed its 'CCC+' Company credit rating. At the same time, S&P affirmed its 'CCC+' issue-level on the senior secured first-lien notes due in 2027; the recovery ratings are unchanged at '4' (30%-50%; rounded estimate: 45%). S&P affirmed its 'CCC-' issue-level rating on the senior secured third-lien notes due in 2027; the recovery ratings are unchanged at '6' (0%-10%; rounded estimate: 0%). S&P also affirmed its 'CCC-' issue-level rating on the company's senior unsecured notes; the recovery ratings are unchanged at '6' (0%-10%; rounded estimate: 0%). S&P said, "The positive outlook reflects the potential that we could raise our ratings within the next 12 months if we anticipate the company to further improve its earnings and free cash flow generation events we expect capex to increase in the longer term." CORBETT BUILDINGS: To Sell Montgomery Property to G. & S. Morrissey ------------------------------------------------------------------- Corbett Buildings and Holdings LLC seeks permission from the U.S. Bankruptcy Court for the Southern District of New York, Poughkeepsie Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 54 Union Street, Montgomery, New York. The Debtor owns the Property, which is residential real property zoned historical in Montgomery (Orange County), New York. Shortly after the Debtor secured a construction loan from Walden Savings Bank, in or about May, 2024, the contractor on the development project, Operation Green Construction, abandoned the project - after being paid substantially funds by the Debtor. On May 29, 2025, an Order was entered by this Court (I) Approving Bid Procedures for the Sale of the Debtor's Real Property Free and Clear of All Liens, Claims, Interests, and Encumbrances pursuant to Section 363 of the Bankruptcy Code, (II) Approving the Form and Manner of the Notice of the Sale, and (III) Scheduling an Auction and Sale Hearing On May 29, 2025, an Order was entered by this Court (I) Approving Bid Procedures for the Sale of the Debtor’s Real Property Free and Clear of All Liens, Claims, Interests, and Encumbrances pursuant to Section 363 of the Bankruptcy Code, (II) Approving the Form and Manner of the Notice of the Sale, and (III) Scheduling an Auction and Sale Hearing. The Bid Procedures Order approved Steven and Stephanie Koski as the Initial Bidder at the purchase price of $367,000.00 and set forth procedures to notice the sale of the Property. The Bid Procedures Order approved Steven and Stephanie Koski as the Initial Bidder at the purchase price of $367,000.00 and set forth procedures to notice the sale of the Property. Following the entry of the Bid Procedures Order, the Notice of Sale, along with the Bid Procedures, was published in the Times Herald Record. The deadline by which bids were to be submitted was June 18, 2025. Debtor’s counsel received a competing offer but it did not comply with the Bid Procedures and the Debtor intended to move forward with the Initial Bidder. Due to potential issues with the Property, as communicated by the building inspector, the Initial Bidder opted to withdraw its offer and the Debtor continued to actively market the Property. Subsequently, and directly due to the "rumors" of the potential issues, the Debtor received several lower offers to purchase the Property. The highest, and most serious, of the subsequent offers received by the Debtor came from Gilbert J. Morrissey and Sheryl Morrissey at $310,000.00. The sale contemplated is all cash, "as is" and contemplates a expeditious closing. As set forth in the Contract, Morrissey has tendered a deposit in the amount of $62,000.00, currently held in escrow by Debtor's special counsel, Alan Joseph. The proceeds of the sale of the Debtor's Property shall be paid pursuant to the United States Bankruptcy Code and in accordance with a Chapter 11 plan to be filed by the Debtor and shall include the payment of allowed and determined administrative expenses and payment to Walden Savings Bank, the Debtor’s senior secured creditor. The Debtor believes that the Contract is in the best interest of the Debtor and its creditors. Although the current sale price is less than the balance due to the Debtor's largest secured creditor, due to the current state of the Property, the Debtor believes the offer to be fair and reasonable. About Corbett Buildings and Holdings Corbett Buildings and Holdings LLC operates as a single-asset real estate company based in Montgomery, NY, focusing on a partially constructed single-family residence in a historic district. Corbett Buildings and Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-35073) on January 24, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. The Debtor tapped Michelle L. Trier, Esq., at Genova, Malin & Trier, LLP as bankruptcy counsel and The Law Offices of Alan L. Joseph as special counsel. CORTO II LLC: Unsecureds Will Get 100% of Claims in Plan -------------------------------------------------------- Corto II LLC filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement describing Chapter 11 Plan dated September 12, 2025. The debtor is a real estate development company with the business model of acquiring infill land near development, obtaining financing and investment, and then using some of those funds to pay off early investors and ongoing interest while contracting for engineering and other work. When the entitlements are obtained, the value of the property goes up substantially. This allows the company to obtain construction loans that can be used for grading and further development. As an alternative, the property can be sold if the market is good at that time. The debtor borrowed funds that now amount to about 1.223 million dollars with interest, from Smarter Capital, which is the first trust deed on the property. The debtor also received money from Jo Jo Springs, and entity that was eventually found to have no existence in this country. Wenqiang "Wayne" Bian is the purported owner. Essentially, Debtor proposes to clear the fraudulent recording from title, limit the payment of Mr. Bian's claim to 0 - $900,000, the principal without interest, then refinance the project and complete the entitlements and either sell or exit bankruptcy and develop the project. The Debtor anticipates and plans to pay the Smarter Capital first lien, which is fully covered by an equity cushion. Debtor anticipating paying all unsecured creditors from the refinance other than Mr. Bian as described, who would be paid the principal on his note of $900,000 in lots or houses as agreed in the "November Agreement". Under Debtor's plan, Mr. Bian or Jo Jo Springs would be limited to the principal in what should be an unsecured position, the property would be cleared of the forged trust deed, and this will allow all unsecured creditors to be fully paid. Thus, under the plan, the debtor will not be forced into liquidation with the exhaustion of assets, where feasibility under the plan is enhanced because if successful, forced liquidation will not be necessary. Class 4 consists of "general" unsecured claims (claims that are not entitled to "priority" under the Bankruptcy Code and that are not secured by Collateral), which will receive, over time, 100% of their claims other than the Wenqiang Bian. Exception: the Plan may designate a subclass of small "convenience class" claims which will be paid in full on the Effective Date, and in rare situations the Plan may designate additional unsecured subclasses. The holders of allowed general unsecured claims shall receive payment in full of its Allowed General Unsecured Claim, together with interest accruing at the Federal Judgment Rate from the Petition Date until paid. Payment shall be made from the net proceeds of the sale or refinancing of the Property, which shall occur within ninety days of the Effective Date. The Allowed General Unsecured Claims shall be satisfied in cash upon the closing of such sale or refinancing. Interest holders are the parties who hold an ownership interest (i.e., equity interest) in the Debtor. San Michelle Holdings owns a 100% interest in the Debtor. The Interest Holders shall retain their interests. The Plan will be funded by proceeds from the sale or refinance of the Property. A full-text copy of the Disclosure Statement dated September 12, 2025 is available at https://urlcurt.com/u?l=5SVCE8 from PacerMonitor.com at no charge. About Corto II LLC Corto II LLC owns the property located at APN: 149-160-32-00, 149-160-33-00 Corto St., Oceanside, CA 92054, with a current value of $2.7 million based on a broker's opinion. Corto II LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10597) on March 8, 2025. In its petition, the Debtor reports total assets of $2,700,000 and total liabilities of $2,006,400. Bankruptcy Judge Theodor Albert handles the case. The Debtor is represented by: James Mortensen, Esq. SOCAL LAW GROUP, PC 2855 Michelle Drive 120 Irvine CA 92606 Tel: 213-387-7414 E-mail: pimmsno1@aol.com COVETRUS INC: S&P Cuts ICR to 'CCC+' Amid Operational Headwinds --------------------------------------------------------------- S&P Global Ratings lowered its ratings on Portland, Maine-based animal health distributor Covetrus Inc. by one notch, including its issuer credit rating on the company to 'CCC+' from 'B-'. The negative outlook reflects the possibility of a lower rating in the next 12 months if liquidity weakens, which could occur if S&P believes the company will not address the revolver maturity before it becomes current or if its cash flow is weaker than it expected. S&P said, "Covetrus continues to face macroeconomic and competitive headwinds, which we anticipate will likely continue into 2026. "As a result, we now expect moderately softer operating performance in 2025, with the expectation that cash flow deficits will persist at least into 2026. "We believe the company's liquidity position is adequate, but refinancing risk is increasing, with its revolving credit facility (RCF) due in October 2027. "Our 'CCC+' rating reflects Covetrus' dependence on favorable economic and operating conditions to meet its obligations over the next few years. In particular, we think the company has to deliver on cost efficiencies while maintaining or growing market share in a period of end-market weakness, due to lower pet adoption rates and a weakening consumer environment. Over the next year or so, we also think the company will need to address the maturity of its revolving credit facility to maintain adequate liquidity, and refinancing is subject to the company's performance and market conditions. "We believe the capital structure will likely be unsustainable due to persistent cash flow deficits and very high leverage. We expect a reported free operating cash flow (FOCF) deficit in 2025 in the $70 million-$80 million range. This is down approximately $10 million from our prior forecast, and primarily reflects softness in the vet industry. The company is making significant effort to manage operating costs and grow market share in 2025, but prolonged softness in the end market largely offset any profit accretion up to this point. Also, competition to retain market share in a lower volume environment has driven down pricing in the vet distribution industry. We think this will continue in 2026 given a softening economy and low pet adoption rates. Additionally, end market recovery may not start until 2027 or later because we think the large number of aging pets adopted during the pandemic may not noticeably increase vet visits for another one to three years. "Despite our expectation for cash flow to improve significantly in 2026, we expect the company will continue utilizing its revolver, which matures in October 2027, to fund intra-year working capital requirements. This gives Covetrus a limited window to improve profitability and cash flow to improve its standing in the credit markets to address the revolver maturity at a reasonable rate before it turns current. While we believe its current liquidity position provides adequate availability for the company to fund its operations over the next year, longer term (a year or longer) revolver availability is likely necessary for us to maintain our view of Covetrus' liquidity as adequate. Thus, we see the successful extension of the revolver as key consideration for a sustainable capital structure. "Our expectations for 2026 incorporate cost saving initiatives and VetSuite account maturation, but we see risk to our forecast. In 2026, we expect Covetrus to generate a free cash flow deficit in the $10 million-$20 million range (an improvement of about $50-$60 million from 2025). We largely attribute this incremental improvement to the full-run rate of cost take-out initiatives, ramp up of its maturing VetSuite customer base, a favorable interest rate environment, and modest working capital benefits stemming from a focus on cash collections. In 2027, we expect cash flow will be flat. "While these assumptions make up our base case, we believe there are risks surrounding Covetrus' ability to execute on its stated plan. An environment of prolonged or longer-than-expected challenges in vet visit volumes could lead to lower distribution volume and further pricing pressure from customers or suppliers. Additionally, macroeconomic uncertainty may continue to push consumers to alternative products and retail channels such as Walmart, Costco, and Chewy in search for value and convenience. The company's extensive cost management plan is generally within management's control but could affect business execution given their size. Covetrus' working capital improvement efforts should improve near-term cash generation and liquidity but only provide a one-time boost to cash flow. We believe these potential headwinds could offset the expected growth in EBITDA from the Vetsuite expansion and cost efficiencies. "We anticipate the company's growing VetSuite offering will be a positive contributor to EBITDA growth and cash flow in 2026. However, we believe there remains some risks around Covetrus' ability to sustain this expansion. These risks include a competitive response from the other large vet distributors in response to shifting market share. Additionally, new VetSuite contracts may be increasingly difficult to achieve with its less engaged customers, and new customers also may be slow to adopt profitable practice management software and pharmacy services. Further, revenue growth may be increasingly difficult to sustain in a period of macroeconomic and competitive uncertainty in which market share gains may be offset by lower overall market volumes." The negative outlook reflects the potential for a lower rating in the next 12 months due to deteriorating liquidity and a revolver that will turn current in October 2026. S&P could lower its rating on Covetrus if it anticipates a default within the next 12 months. This could occur if: -- Cash flow does not materially improve such that S&P believes the company will have insufficient liquidity to meet its obligations; or -- S&P expects the company to pursue a distressed restructuring of its debt obligations. S&P could take a positive rating action revise its outlook to positive or consider a higher rating if Covetrus: -- Generates sustained positive free cash flow, driven by higher sales and gross profit and successful cost management; or -- Maintains adequate liquidity, including extending its revolver as needed. CROSS TOWN: Hires Buchholz & Garber LLC as Accountant ----------------------------------------------------- Cross Town Movers, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Oregon to employ Buchholz & Garber, LLC as accountant. The firm will assist the Debtor in the preparation of tax returns, and assistance with bookkeeping. The firm will be paid at these rates: Charles Buchholz $340 per hour Accountants $150 and $200 per hour Non-CPA staff $75 and $140 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Buchholz disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Charles Buchholz Buchholz & Garber, LLC 79 Centennial Loop Eugene, OR 97401 Tel: (541) 485-6500 About Cross Town Movers, Inc. Cross Town Movers Inc. provides residential and commercial moving and storage services across Oregon, including Eugene, Salem, Medford, and coastal areas. The Company offers local, long-distance, and interstate relocations, as well as packing, crating, and climate-controlled storage. It operates as an agent of Bekins Van Lines. Cross Town Movers Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-61950) on July 11, 2025. In its petition, the Debtor reports total assets of $2,088,644 and total liabilities of $3,185,751. Honorable Bankruptcy Judge Thomas M. Renn handles the case. The Debtors are represented by Loren S. Scott, Esq. at THE SCOTT LAW GROUP. D&G PROFESSIONAL: Hires Simen Figura & Parker Bankruptcy Counsel ---------------------------------------------------------------- D&G Professional Management, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to hire Simen, Figura & Parker, PLC to handle its Chapter 11 case. Peter Mooney, Esq., the primary attorney in this representation, will be paid at his hourly rate of $295, plus expenses. The firm also received a $10,000 retainer for pre-petition work. Mr. Mooney disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Peter T. Mooney, Esq. Simen, Figura & Parker, PLC 5206 Gateway Centre Ste. 200 Flint, MI 48507 Telephone: (810) 235-9000 Email: pmooney@sfplaw.com About D&G Professional Management D&G Professional Management, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-31763) on August 19, 2025, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Joel D. Applebaum presides over the case. Peter T. Mooney, Esq. at Simen, Figura & Parker represents the Debtor as legal counsel. DB TRANSPORT: Seeks to Hire Rollins Law Firm PLLC as Attorney ------------------------------------------------------------- DB Transport LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to hire The Rollins Law Firm, PLLC as attorney. The firm will advise the Debtor on all matters which are now anticipated to arise in the functioning of this proceeding. The firm's hourly rates are: Thomas Rollins $410 Jennifer Calvillo $375 Paralegals $155 Legal assistants $100 Thomas Carl Rollins, Jr., Esq., an attorney at The Rollins Law Firm, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Thomas Carl Rollins, Jr., Esq. The Rollins Law Firm, PLLC P.O. Box 13767 Jackson, MS 39236 Telephone: (601) 500-5533 Email: tc@therollinsfirm.com About DB Transport LLC DB Transport LLC provides vehicle transportation and freight services across the United States, specializing in the interstate shipment of automobiles and general cargo. The Company operates under federal registration with the U.S. Department of Transportation and maintains offices in D'Iberville, Mississippi, and Murfreesboro, Tennessee. It serves individual customers and businesses requiring open or enclosed transport solutions. DB Transport LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-51307) on September 4, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Katharine M. Samson handles the case. The Debtor is represented by Thomas C. Rollins, Jr., Esq. at THE ROLLINS LAW FIRM, PLLC. DOWNTOWN UTICA: Hires Gleichenhaus Marchese as General Counsel -------------------------------------------------------------- Downtown Utica Development LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to hire Gleichenhaus, Marchese & Weishaar, PC as general counsel. The firm's services include: a. advising the Debtors of their rights, powers, and duties as debtors and debtors-in-possession in the continued operation of their businesses and the management of their property; b. preparing on behalf of the Debtors any and all necessary motions, applications, answers, draft orders, other legal pleadings, notices, schedules and other documents, and reviewing financial and other reports to be filed in the Bankruptcy Cases; c. advising the Debtors concerning, and preparing responses to, applications, motions, other pleadings, notices and other papers that may be filed and served in this Bankruptcy Cases; d. advising the Debtors and assisting in the negotiation and documentation of financing agreements, debt and cash collateral orders and related transactions; e. advising and counseling the Debtors with respect to any sales of assets and negotiating and preparing the agreements, pleadings, and other documents related thereto; f. reviewing the nature and validity of any liens asserted against the Debtors' property and advising the Debtors concerning the enforceability of such liens; g. advising the Debtors regarding their ability to initiate actions to collect and recover property for the benefit of the estate; h. counseling the Debtors in connection with the formulation, negotiation and drafting of an anticipated plan of reorganization and related documents; i. advising the Debtors concerning executory contracts and unexpired lease assumptions, assignments, and rejections and lease restructurings; j. assisting the Debtors in reviewing, estimating, and resolving claims asserted against the Debtors' estates; k. commencing and conducting any and all litigation necessary or appropriate to assert rights held by the Debtors, protect assets of the Debtors' estates, or otherwise further the goals of completing the Debtors' successful reorganization; l. providing general litigation and other non-bankruptcy legal services as requested by the Debtors; m. appearing in Court on behalf of the Debtors, as needed, in connection with these Bankruptcy Cases; and n. providing such other services to the Debtors as may be necessary in these Bankruptcy Cases or any related proceeding(s). The hourly rates being charged by the firm are: Partners $375 to $480 Associates $250 to $350 Paralegals $175 to $225 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received payment of $20,205. From that amount, $14,991 was applied to prepetition fees and $5,214.00 was applied to Court filing fees. Scott Bogucki, Esq., a partner at Gleichenhaus, Marchese & Weishaar, PC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Scott J. Bogucki, Esq. Gleichenhaus, Marchese & Weishaar, PC 43 Court Street, Suite 930 Buffalo, NY 14202 Tel: (716) 846-6446 Email: sbogucki@gmwlawyers.com About Downtown Utica Development LLC Downtown Utica Development LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Downtown Utica Development LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-60539) on June 16, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtors are represented by Scott J. Bogucki, Esq. at GLEICHENHAUS, MARCHESE & WEISHAAR, P.C. DURECT CORP: Becomes Wholly Owned Subsidiary of Bausch Health ------------------------------------------------------------- As previously disclosed, on July 28, 2025, DURECT Corporation, a Delaware corporation, entered into an Agreement and Plan of Merger with Bausch Health Americas, Inc., a Delaware corporation, BHC Lyon Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent, and solely for purposes of Section 6.10 thereof, Bausch Health Companies Inc., a corporation continued under the laws of the Province of British Columbia, as amended by that Amendment No. 1 to the Agreement and Plan of Merger, dated as of August 8, 2025. Pursuant to the terms and conditions of the Merger Agreement, on August 12, 2025, Merger Sub commenced a tender offer as subsequently amended and supplemented on August 26, 2025, to acquire all of the Company's outstanding shares of common stock, par value $0.0001 per share, for: (i) $1.75 per Company Share, to the holder of such Company Shares in cash, without interest thereon and less any applicable withholding tax, plus (ii) one non-tradeable contingent value right per Company Share, representing the contractual right to receive the pro rata portion of two potential additional net sales milestone payments of up to $350 million in the aggregate (minus any amount assigned to option holders under the Retention Plan, if such net sales milestones are achieved before the earlier of the 10 year anniversary of the first commercial sale in the United States and December 31, 2045, in accordance with the terms and subject to the conditions of a contingent value rights agreement). The Offer and related withdrawal rights expired as scheduled at 5:00 p.m. New York City time, on September 10, 2025 (such date and time, the "Expiration Time"). Merger Sub was advised by Equiniti Trust Company, LLC, the depositary and paying agent for the Offer, that, as of the Expiration Time, a total of 19,984,767 Company Shares had been validly tendered and not validly withdrawn pursuant to the offer, representing approximately 62% of the outstanding Company Shares as of the Expiration Time. As of the Expiration Time, the number of Company Shares validly tendered and not validly withdrawn pursuant to the Offer satisfied the Minimum Condition (as defined in the Merger Agreement) and all other conditions to the Offer were satisfied. Promptly after the expiration of the Offer, Merger Sub accepted all Company Shares validly tendered and not validly withdrawn pursuant to the Offer and will promptly pay for all Company Shares accepted pursuant to the Offer. Parent completed the acquisition of the Company on September 11, 2025, by causing Merger Sub to merge with and into the Company without a vote of the Company's stockholders in accordance with Section 251(h) of the General Corporation Law of the State of Delaware. At the effective time of the Merger, Merger Sub was merged with and into the Company, the separate existence of Merger Sub ceased and the Company continued as an indirect wholly owned subsidiary of Parent. At the Effective Time, each Company Share issued and outstanding immediately prior to the Effective Time (other than Company Shares: (i) owned at the commencement of the Offer and immediately prior to the Effective Time by Parent, Merger Sub or their subsidiaries, or the Company (or held in the Company's treasury), (ii) irrevocably accepted for purchase pursuant to the Offer, or (iii) owned by any Company stockholder who is entitled to demand and has properly and validly demanded and perfected their statutory right of appraisal of such Company Shares in accordance with, and in compliance in all respects with, Section 262 of the DGCL) was automatically canceled and extinguished and converted into the right to receive the Offer Consideration, without interest thereon and less any applicable withholding tax. In addition, prior to the Closing Date each option to purchase shares outstanding under the Company's 2000 Stock Plan, as amended with a per share exercise price that was less than the Cash Amount was accelerated. With respect to the Company Shares received upon exercise of such accelerated Company stock options, all such Company Shares were treated identically with all other Company Shares in connection with the Offer. At the Effective Time, each Company Option that was not an In-the-Money Option, and that was unexercised immediately prior to the Effective Time, was canceled in connection with the Offer. Each award of restricted stock units outstanding under the Company Stock Plan, as amended, was accelerated (as applicable) and settled prior to the Effective Time and the resulting Company Shares were treated as all other Company Shares in the Offer. Outstanding and unexercised Company warrants were treated in accordance with their respective terms. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard: In connection with the consummation of the Offer and the Merger, the Company notified The Nasdaq Stock Market LLC of the consummation of the Merger and requested that Nasdaq file with the SEC a notification of removal from listing and/or registration on Form 25 to effect the delisting of all Company Shares from Nasdaq and the deregistration of such Company Shares under Section 12(b) of the Securities Exchange Act of 1934, as amended. Nasdaq is expected to file the Form 25 with the SEC on September 11, 2025, and trading of Company Shares was halted prior to the open of trading on September 11, 2025. The Company intends to file a certification and notice of termination of registration on Form 15 with the SEC requesting the termination of registration of the Company Shares under Section 12(g) of the Exchange Act and the suspension of reporting obligations under Section 13 and 15(d) of the Exchange Act with respect to the Company Shares. From and after the Effective Time, holders of Company Shares (other than Dissenting Company Shares) immediately prior to such time ceased to have any rights as stockholders of the Company (other than the right to receive the Offer Consideration for each Company Share held, pursuant to the Merger Agreement and CVR Agreement). Changes in Control of Registrant: As a result of the completion of the Merger, a change of control of the Company occurred and the Company became an indirect wholly owned subsidiary of Parent. The consummation of the Offer and Merger was not subject to any financing condition and Parent funded the acquisition using cash. Departure of Directors and Executive Officers: In connection with the consummation of the Merger, each of James E. Brown, Mohammad Azab, Gail M. Farfel, Peter S. Garcia, Gail J. Maderis, and Judith J. Robertson ceased to be members of the Board of Directors of the Company and ceased to be members of any committees of the Company Board on which such director previously served, effective as of the Effective Time. On September 11, 2025, in connection with the consummation of the Merger, the directors of Merger Sub became the directors of the Surviving Corporation in lieu of the Company's existing directors. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year: Pursuant to the terms of the Merger Agreement, on September 11, 2025, the Company's certificate of incorporation and bylaws were each amended and restated in their entirety and, as so amended and restated, became the certificate of incorporation and bylaws of the Surviving Corporation. About DURECT Corporation DURECT -- www.durect.com -- is a late-stage biopharmaceutical company pioneering the development of epigenetic therapies that target dysregulated DNA methylation to transform the treatment of serious and life-threatening conditions, including acute organ injury. In its report dated March 27, 2025, the Company's auditor, WithumSmith+Brown, PC, issued a "going concern" qualification, noting that the Company has experienced recurring operating losses and has an accumulated deficit, which raise significant doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Durect Corporation reported total assets of $18.3 million against total liabilities of $9.2 million. As of Jun. 30, 2025, the Company had $12.5 million in total assets against $9 million in total liabilities. EL DORADO: To Sell Winkler Property to Ridge Runner for $250K ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Mississippi has permitted Dawn M. Ragan, the duly appointed Chapter 11 Trustee for the bankruptcy estate of El Dorado Gas & Oil, Inc. and Hugoton Operating Company Inc., to sell Assets, free and clear of liens, claims, interests, and encumbrances. The Trustee has evaluated the Debtors' assets, including those certain oil and gas leases and lands located in Winkler County, TX, owned by Hugoton and/or Bluestone (Assets). The Court has authorized the Debtor to sell Assets to Ridge Runner Assetco II, LLC, or its designated assignee for $250,000. The Court held that the terms of the Assignment are approved in all respects, and the Trustee may take any actions necessary to effectuate the sale in accordance with the Assignment. Any objection to the Motion that has not been withdrawn, waived, or settled, and all reservations of rights included in such objection, is overruled. The Purchaser is afforded all of the protections afforded by section 363(m) of the Bankruptcy Code as good faith purchasers of the Assets. About El Dorado Gas & Oil Inc. Hugoton Operating Company, Inc. filed a voluntary Chapter 11 petition (Bankr. S.D. Miss. Case No. 23-51139) on Aug. 14, 2023. El Dorado Gas & Oil, Inc., a company in Gulfport, Miss., filed Chapter 11 petition (Bankr. S.D. Miss. Case No. 23-51715) on Dec. 22, 2023, with $500 million to $1 billion in assets and $50 million to $100 million in liabilities. Thomas L. Swarek, president, signed the petition. On Feb. 22, 2024, Bluestone Natural Resources II - South Texas, LLC and World Aircraft, Inc. filed separate Chapter 11 petitions(Bankr. S.D. Miss. Case Nos. 24-50223 and 24-50224). On Jan. 12, 2024, the Court entered an order directing the appointment of a Chapter 11 trustee for Hugoton. On Jan. 22, 2024, the Court approved Dawn Ragan as the Chapter 11 trustee for Hugoton. On Jan. 31, 2024, the Court ordered the appointment of a Chapter 11 trustee for El Dorado. On Feb. 2, 2024, the Court approved Ms. Ragan as Chapter 11 trustee for El Dorado. No official committee of unsecured creditors has been established in any of the Debtor cases. Hugoton and El Dorado are both Arkansas corporations engaged in the exploration, production, and development of crude oil and natural gas properties. El Dorado is a lease holder and operator of oil and gas wells covering about 4,000 net acres in South Texas. El Dorado also owns a substantial amount of oil field equipment and owns real estate in multiple locations and states. Hugoton also owns oil and gas interests and operates wells in South Texas. Hugoton is 100% owned by El Dorado and El Dorado is 100% owned by Thomas Swarek. Bluestone is 100% owned by Hugoton. Bluestone owns oil and gas interests operated by the EDGO Debtors. World Aircraft is 100% owned by EDGO. World Aircraft owns various aircraft and equipment assets. Judge Katharine M Samson oversees the cases. Patrick Sheehan, Esq., at Sheehan & Ramsey, PLLC, is Debtors Bluestone Natural Resources II-South Texas, LLC and World Aircraft, Inc. R. Michael Bolen, Esq., at Hood & Bolen, PLLC; and Nancy Ribaudo, Esq., Katherine Hopkins, Esq., and Joseph Austin, Esq., at Kelly Hart & Hallman LLP, serve as counsel to Dawn Ragan, Chapter 11 Trustee for El Dorado Gas & Oil, Inc. and Hugoton Operating Company, Inc. ELITE EQUIPMENT: Hires Lesnick Prince Pappas as Bankruptcy Counsel ------------------------------------------------------------------ Elite Equipment Leasing LLC seeks approval from the U.S. Bankruptcy Court for the District of Montana to hire Lesnick Prince Pappas & Alverson LLP to handle its Chapter 11 case. The firm will be paid at these rates: Matthew A. Lesnick $695 Christopher E. Prince $695 Lisa R. Patel $425 Kaitlyn Husar $500 Other Attorneys $425 to $695 Paralegals $255 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Lesnick disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew Lesnick, Esq. Lesnick Prince & Pappas LLP 315 W. Ninth Street, Suite 705 Los Angeles, CA 90015 Telephone: (213) 493-6496 Facsimile: (213) 493-6596 Email: matt@lesnickprince.com About Elite Equipment Leasing LLC Elite Equipment Leasing LLC is a Billings, Montana-based crane rental group. Elite Equipment Leasing LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mon. Case No. 25-10145) on September 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtors are represented by James A. Patten, Esq. at Patten, Peterman, Bekkedahl & Green, PLLC and Lesnick Prince Pappas & Alverson LLP. Garrett Stiepel Ryder LLP is the Debtors' Special Corporate and Transactional Counsel. Curt Kroll of SierraConstellationPartners LLC is the Debtors' Financial Advisor. Epiq Corporate Restructuring LLC is the Debtors' Claims Agent. ELITE EQUIPMENT: Hires Patten Peterman Bekkedahl as Attorney ------------------------------------------------------------ Elite Equipment Leasing LLC seeks approval from the U.S. Bankruptcy Court for the District of Montana to hire Patten, Peterman, Bekkedahl & Green PLLC as bankruptcy counsel. The professional services include general counseling and local representation before the Bankruptcy Court in connection with this case. The hourly rates of the firm's counsel and staff are: James A. Patten, Esq. $450 Molly S. Considine, Esq. $350 Other attorneys $250 - $450 Other Paralegals $90 - $195 In addition, the firm will seek reimbursement for expenses incurred. James Patten, Esq., a partner at Patten, Peterman, Bekkedahl & Green, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: James A. Patten, Esq. Molly S. Considine, Esq. PATTEN, PETERMAN, BEKKEDAHL & GREEN, PLLC 2817 2nd Avenue North, Ste. 300 P.O. Box 1239 Billings, MT 59103 Telephone: (406) 252-8500 Facsimile: (406) 294-9500 Email: apatten@ppbglaw.com mconsidine@ppbglaw.com About Elite Equipment Leasing LLC Elite Equipment Leasing LLC is a Billings, Montana-based crane rental group. Elite Equipment Leasing LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mon. Case No. 25-10145) on September 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtors are represented by James A. Patten, Esq. at Patten, Peterman, Bekkedahl & Green, PLLC and Lesnick Prince Pappas & Alverson LLP. Garrett Stiepel Ryder LLP is the Debtors' Special Corporate and Transactional Counsel. Curt Kroll of SierraConstellationPartners LLC is the Debtors' Financial Advisor. Epiq Corporate Restructuring LLC is the Debtors' Claims Agent. EMPIRE CORE: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Empire Core Group LLC 9 Disbrow Circle New Rochelle, NY 10804 Business Description: The Debtor, formed in September 2014, is a construction management and general contracting firm that specializes in redeveloping existing properties and building new projects across the New York metropolitan area. The Company has worked with major real estate owners and operators including Blackstone Group, Rockpoint, Compass Rock, Graystar, AIMCO, Brooksville Company, CW Capital, Fortress, and The Dermot Company. Chapter 11 Petition Date: September 22, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-22894 Judge: Hon. Sean H Lane Debtor's Counsel: Erica Aisner, Esq. KIRBY AISNER & CURLEY LLP 700 Post Road Suite 237 Scarsdale, NY 10583 Email: eaisner@kacllp.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Florim Lajqi as CEO and 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/WN77SZQ/Empire_Core_Group_LLC__nysbke-25-22894__0001.0.pdf?mcid=tGE4TAMA ETC GROUP: Flat Rock Marks $1.9MM 1L Loan at 26% Off ---------------------------------------------------- Flat Rock Core Income Fund has marked its $1,960,223 loan extended to ETC Group to market at $1,444,684 or 74% of the outstanding amount, according to Flat Rock's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. Flat Rock is a participant in a First Lien Senior Secured Term Loan to ETC Group. The loan accrues interest at a rate of 3M US SOFR + 600 bps per annum. The loan matures on October 8, 2029. Flat Rock Core Income Fund is registered under the Investment Company Act of 1940, as a diversified, closed-end management investment company. The shares of beneficial interest of the Fund are continuously offered under Rule 415 under the Securities Act of 1933, as amended. The Fund operates as an interval fund pursuant to Rule 23c-3 under the 1940 Act, and has adopted a fundamental policy to conduct quarterly repurchase offers at net asset value. The Fund's investment objective is the preservation of capital while generating current income from its debt investments and seeking to maximize the portfolio's total return. Flat Rock is led by Robert K. Grunewald as President and Chief Executive Officer and Ryan Ripp as Chief Financial Officer. The Fund can be reach through: Robert K. Grunewald Flat Rock Core Income Fund 1209 Orange Street Wilmington, DE 19801 Telephone: (307) 500-5200 About ETC Group ETC Group is an advocacy organization based around the conservation and sustainable advancement of cultural and ecological diversity and human rights. EVANGELINE HOSPITALITY: Hires Mark Comeaux as Accountant -------------------------------------------------------- Evangeline Hospitality, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to employ Mark Comeaux, a Certified Public Accountant, to provide accounting services. These accounting services include: a. assisting in projecting gross and net income in determining disposable income for purposes of the Chapter 11 Plan; b. preparing monthly reports; and c. performing accounting services for the Debtor as required in the Chapter 11 cases by the Court or the U.S. Trustee. Mr. Comeaux will be paid at the rate of $175 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Comeaux disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. About Evangeline Hospitality, LLC Evangeline Hospitality LLC owns and operates the Evangeline Downs Hotel in Opelousas, Louisiana, under a franchise agreement with Choice Hotels International's Ascend Hotel Collection. The Company provides lodging services and amenities at its property located at 2235 Creswell Lane Extension. Evangeline Hospitality LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-50805) on September 9, 2025. In its petition, the Debtor reports total assets of $3,318,119 and total liabilities of $7,103,959. Honorable Bankruptcy Judge John W. Kolwe handles the case. The Debtor is represented by Tom St. Germain, Esq. at WEINSTEIN & ST. GERMAIN. EVANGELINE HOSPITALITY: Taps Weinstein & St. Germain as Counsel --------------------------------------------------------------- Evangeline Hospitality LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to hire Weinstein & St. Germain, LLC as counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties in the continued operation of its business and management of its property; and (b) perform all legal services for the Debtor which may be necessary. The firm will be paid at these rates: Attorneys $400 per hour Paralegals $140 per hour In addition, the firm will seek reimbursement for expenses incurred. Tom St. Germain, Esq., an attorney at Weinstein & St. Germain, disclosed in a court filing that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Tom St. Germain, Esq. Weinstein & St. Germain, LLC 1103 W. University Ave Lafayette, LA 70506 Tel: (337) 235-4001 About Evangeline Hospitality LLC Evangeline Hospitality LLC owns and operates the Evangeline Downs Hotel in Opelousas, Louisiana, under a franchise agreement with Choice Hotels International's Ascend Hotel Collection. The Company provides lodging services and amenities at its property located at 2235 Creswell Lane Extension. Evangeline Hospitality LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-50805) on September 9, 2025. In its petition, the Debtor reports total assets of $3,318,119 and total liabilities of $7,103,959. Honorable Bankruptcy Judge John W. Kolwe handles the case. The Debtor is represented by Tom St. Germain, Esq. at WEINSTEIN & ST. GERMAIN. FAIR ANDREEN: Seeks to Extend Plan Exclusivity to December 5 ------------------------------------------------------------ Fair Andreen, Incorporated asked the U.S. Bankruptcy Court for the Eastern District of Wisconsin to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 5, 2025 and February 5, 2026, respectively. The Debtor explains that the Hoffinger factors that are applicable to this case support granting the Debtor's request to extend the exclusivity period. The Debtor is making good faith progress towards reorganization. It has rejected burdensome leases, obtained a bar date and is gathering information to determine how causes of action may factor in the Debtor's plan. The Debtor claims that the three causes of action are unresolved contingencies at this point for which the Debtor must obtain a better understanding on how to maximize their value for its estate. The Debtor is paying its bills as they become due. Since the Petition Date, the Debtor's bank account balance has materially increased. The extension sought is two months for each of the two periods. This will permit the Debtor to analyze the proofs of claim filed by the July 21 bar date, better understand the causes of action and obtain a better idea of its stabilized costs after rejection the leases, one of which was the Debtor's largest press. Fair Andreen Inc., is represented by: Jerome R. Kerkman, Esq. Kerkman & Dunn 839 N. Jefferson St., Suite 400 Milwaukee, WI 53202-3722 Tel: (414) 277-8200 Fax: (414) 277-0100 Email: jkerkman@kerkmandunn.com About Fair Andreen Incorporated Fair Andreen, Incorporated, doing business as CityPress, is a printing and graphic communications company specializing in commercial printing, book printing, prepress, direct mail, digital printing, and art printing services. With a strong focus on innovation and eco-friendly solutions, the company serves diverse industries by providing customized printing options. Fair Andreen filed a Chapter 11 petition (Bankr. E.D. Wisc. Case No. 25-21724) on April 2, 2025, listing up to $10 million in both assets and liabilities. Steven S. Bates, president of Fair Andreen, signed the petition. Judge G. Michael Halfenger oversees the case. Jerome R. Kerkman, Esq., at Kerkman & Dunn, represents the Debtor as legal counsel. Huntington Bank, as secured creditor, is represented by: Matthew L. Hendricksen, Esq. Plunkett Cooney PC 221 N. LaSalle Street, Suite 3500 Chicago, IL 60601 Tel: 312-970-3495 Email: mhendricksen@plunkettcooney.com FAT BRANDS: Hires Advisers, In Restructuring Talks With Creditors ----------------------------------------------------------------- Eliza Ronalds-Hannon of Bloomberg News reports that FAT Brands Inc., the restaurant chain owner, is in talks with creditors about restructuring roughly $1.2 billion in whole business securitization debt, according to people familiar with the matter. The company has retained GLC Advisors & Co., while creditors are working with Houlihan Lokey Inc. on potential options. Despite relatively stable operations at its chains, FAT Brands has struggled to service the debt, prompting negotiations over a possible reworking, the report states About FAT Brands Inc. FAT Brands Inc. is a multi-brand restaurant company that develops, markets, acquires and manages quick service, fast casual, casual dining and polished casual dining restaurant concepts around the world, operating primarily as a franchisor of restaurants. FCI SAND: Seeks to Hire Lain Faulkner & Co as Accountant -------------------------------------------------------- FCI Sand Operations, LLC and FCI South, LLC seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Lain, Faulkner & Co., P.C. as accountant and tax advisors. The firm's services include: a. bookkeeping and related QuickBooks consulting; b. serving as accountants and tax advisors to the Debtors; c. providing assistance to the Debtors and their counsel with matters related to the Bankruptcy Cases; d. assisting the Debtors with preparation of financial information pertaining to Estates assets and liabilities, cash flows, financial statements, and projections; e. assisting and/or preparing budgets, variance reports and forecasting; f. analyzing financial data and other information exchanged between the Debtors and their creditors, any regulatory agencies, consultants, prospective investors/purchasers or other third parties, as may be necessary or appropriate; g. assisting the Debtors with preparation of any bankruptcy required reporting; h. assisting in the analysis of tax and taxation issues and in the filing of any necessary information and compliance forms regarding taxes; and i. performing all other financial and accounting services and provide all other financial advice to the Debtors in connection with these cases as may be required or necessary. The firm will be paid at these rates: Directors $460 to $580 per hour Accounting Professionals $245 to $340 per hour IT Professionals $315 per hour Staff Accountants $205 to $285 per hour Clerical and Bookkeepers $95 to $140 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jason A. Rae, a partner at Lain, Faulkner & Co., P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jason A. Rae Lain, Faulkner & Co., P.C. 400 North St. Paul Street # 600 Dallas, TX 75201 Phone: (214) 720-1929 About FCI Sand Operations LLC FCI Sand Operations LLC is a sand mining and processing company based in Marble Falls, Texas. FCI Sand Operations LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80481) on July 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Judge Michelle V. Larson oversees the case. The Debtor is represented by Davor Rukavina, Esq. at Munsch Hardt Kopf & Harr, P.C. FIRST BRANDS: S&P Lowers ICR to 'CCC+', On CreditWatch Negative --------------------------------------------------------------- S&P Global Ratings lowered its long-term issuer credit rating on automotive parts manufacturer First Brands Group LLC to 'CCC+' from 'B+'. S&P also lowered its ratings on the company's existing first-lien debt due 2027 to 'CCC+' from 'B+' and second-lien term loan to 'CCC-' from 'B-'. At the same time, S&P placed all of its ratings on the company on CreditWatch with negative implications. S&P also withdrew ratings on the proposed first-lien debt due 2030 and second-lien debt due 2031 because the proposed deal has not closed. The CreditWatch placement reflects the heightened risk of default if the company is not able to successfully refinance its obligations. First Brands has $4.5 billion in first-lien debt maturities due in March 2027. There is limited time for the company to address its debt maturity before it becomes current. Following large cash flow deficits in its second quarter amid ongoing tariffs and the capital required to shift the rotor business to North America, S&P expects the company's cash flows to remain negative in the next few quarters. S&P believes weaker cash flows, distressed trading levels of First Brands' debt, and its engagement of Weil Gotshal & Manges and Lazard for restructuring indicate that a refinancing appears unlikely. The multi-notch downgrade and negative CreditWatch reflects increasing uncertainty around First Brands' ability to refinance its upcoming debt maturities. While S&P understands First Brands could initiate a refinancing process before March 2026, weak debt trading levels and unpredictable credit market conditions could challenge its refinancing efforts. First Brands' standing in the credit markets has weakened in the past week, increasing the risk of debt restructuring, as indicated by the significant discount at which its loans have been trading and the news that the company hired Weil Gotshal & Manges and Lazard to represent it in a restructuring. The risk of protracted cash flow deficits could weaken liquidity and increase the risk of debt restructuring. The company's cash flow turned negative in the second quarter with the ongoing risk of further cash outflows, which would reduce liquidity and create a greater challenge for a timely refinancing. S&P now forecasts negative free cash flow for 2025 and 2026, primarily based on much larger working capital outflows. The company had nearly $300 million of negative free cash flow in the second quarter of 2025, primarily due to an increase in working capital. First Brands' inventories increased $133 million due to pre-tariff purchasing and an increase in inventory values due to tariffs. In addition, accounts payables increased $116 million as certain suppliers in Asia exited the company's supplier finance program. While these working capital outflows may reverse, S&P expects there could be further outflows from working capital if other suppliers choose to exit the supplier finance program or demand faster payment given refinancing uncertainty. Tariffs remain in place and continue to be volatile, which increases the risk of elevated inventories and payables. Finally, the company is in the process of moving its rotors business to North America and away from Chinese sourcing, and S&P expects this will lead to an increase in working capital investment over the next year. Despite current availability under its revolver and significant cash balances, liquidity levels offer scant protection against unexpected adverse developments. S&P said, "We continue to think the company's base revenues and margins are fairly strong and liquidity should be sufficient to absorb near-term cash outflows. However, given the first-lien debt that goes current in March 2026, we now view liquidity as less than adequate." The company had $929 million in liquidity as of the end of the second quarter, including $805 million of debt. This should cover our forecast uses of cash over the next 12 months. However, S&P recognizes the uncertainty of the refinancing may cause temporary outsized cash outflows for both payables and receivables, particularly if the supply chain finance and some of the factoring programs unwind faster than expected. S&P said, "The CreditWatch placement reflects our concern that First Brands may be unable to address its near-term maturities. It also reflects the risk of a downgrade if we believe a debt restructuring that we would view as distressed is increasingly likely. We expect to resolve the CreditWatch listing within the next few months, or sooner, as we get more clarity on the company's plans to address these approaching maturities amid potential working capital-related cash outflows. "We could lower our ratings if the company is unable to address the maturities on the existing debt in the next few months or it pursues a distressed transaction we deem to be a selective default." FTX TRADING: Trust Targets Genesis Digital With $1.15B Legal Claim ------------------------------------------------------------------ James Nani of Bloomberg Law reports that the FTX Recovery Trust has sued Genesis Digital Assets Ltd., a Bitcoin mining firm, in an effort to claw back $1.15 billion allegedly funneled into the company by Sam Bankman-Fried before FTX's collapse. Filed in Delaware bankruptcy court, the complaint says Bankman-Fried misused customer deposits through Alameda Research to make investments in Genesis Digital at “outrageously inflated” prices while the exchange was already insolvent, according to the report. Trust officials allege that Genesis Digital and its co-founders, Rashit Makhat and Marco Krohn, benefited from the transactions despite signs of instability at the company, including Kazakhstan's energy shortages, unaudited records, and links to financial misconduct. The lawsuit also highlights that Genesis Digital’s valuation soared to as much as $12.2 billion in 2021, a figure one board member reportedly described as "insane and off-market." The founders allegedly sold more than $550 million of personal shares to Alameda as part of the deals. The suit is part of the ongoing recovery effort following FTX's 2022 bankruptcy, as the trust pursues funds to repay creditors. Bankman-Fried is serving a 25-year sentence after being convicted of fraud and conspiracy, while the trust describes his Genesis Digital investment as one of his most reckless. The mining company has not yet issued a public response to the claims, according to Bloomberg Law. 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. GABHALTAIS TEAGHLAIGH: Lowell Property Sale to Veloz & Assoc. OK'd ------------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Massachusetts, has approved Gabhaltais Teaghlaigh LLC, to sell Property in a private sale, free and clear of liens, claims, interests, and encumbrances. The Debtor is a single-member limited liability company, organized in Massachusetts on May 25, 2017. The sole member is Virginia Hung. The Debtor wants to sell by private sale its estate's right, title and interest in certain real property known and numbered as 145-147 Central Street, Lowell, Massachusetts. The Court has authorized the Debtor to sell the Property to Veloz and Associates, LLC, a Massachusetts limited liability company, for the purchase price of $800,000.00. The sale is to be AS IS and WHERE IS without any warranty by the Debtor. The Purchaser would not have entered into the Purchase and Sale (P&S) and would not consummate the Sale if 147-175 Central Street were not to be transferred to the Purchaser free and clear of all Encumbrances, or if the Purchaser would (or in the future could) be liable for any Encumbrance. The Purchaser shall have until the later of 5:00 p.m. on October 13, 2025, or the date that is 7 days following the date that this Order becomes a final order, to pay the Purchase Price to the Debtor. A failure by the Purchaser to timely pay the Purchase Price to the Debtor shall be a default by the Purchaser. About Gabhaltais Teaghlaigh LLC Gabhaltais Teaghlaigh, LLC is a real estate rental company that immediately prior to the petition date, owned six residential or commercial properties. Gabhaltais Teaghlaigh sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 22-10839) on June 15, 2022. In the petition filed by Virginia Hung, as member, Gabaltais Teaghlaigh listed under $50,000 in both assets and liabilities. Judge Elizabeth D. Katz oversees the case. David G. Baker, Esq., at Baker Law Offices is the Debtor's bankruptcy counsel. Synergy Funding is represented by Alex F. Mattera, Esq., at Pierce Atwood, LLP, in Boston, Massachusetts. GALACTIC LITIGATION: Flat Rock Marks $7.2MM 1L Loan at 52% Off -------------------------------------------------------------- Flat Rock Core Income Fund has marked its $7,274,854 loan extended to Galactic Litigation Partners to market at $3,499,205 or 48% of the outstanding amount, according to Flat Rock's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. Flat Rock is a participant in a First Lien Senior Secured Term Loan to Galactic Litigation Partnersp. The loan accrues interest at a rate of 3M US SOFR + 600 bps per annum. The loan matures on June 21, 2024. "The ratio of expenses to average net assets including fee waivers includes $189,344 in voluntary advisory fee waivers representing (0.07)%. This voluntary waiver is not subject to recoupment. Weighted averages are calculated based on fair value of investments." said the company. Flat Rock Core Income Fund is registered under the Investment Company Act of 1940, as a diversified, closed-end management investment company. The shares of beneficial interest of the Fund are continuously offered under Rule 415 under the Securities Act of 1933, as amended. The Fund operates as an interval fund pursuant to Rule 23c-3 under the 1940 Act, and has adopted a fundamental policy to conduct quarterly repurchase offers at net asset value. The Fund's investment objective is the preservation of capital while generating current income from its debt investments and seeking to maximize the portfolio's total return. Flat Rock is led by Robert K. Grunewald as President and Chief Executive Officer and Ryan Ripp as Chief Financial Officer. The Fund can be reach through: Robert K. Grunewald Flat Rock Core Income Fund 1209 Orange Street Wilmington, DE 19801 Telephone: (307) 500-5200 About Galactic Litigation Partners Galactic Litigation is a company that specializes in litigation financing. GASFUSION TEXAS: Hires Nima Taherian as Bankruptcy Counsel ---------------------------------------------------------- Gasfusion Texas LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire the Law Office of Nima Taherian as counsel. The firm's services include: i. analyzing the financial situation, and rendering advice and assistance to the Debtor; ii. advising the Debtor with respect to its rights, duties, and powers as a debtor in this case; iii. representing the Debtor at all hearings and other proceedings; iv. preparing and filing of all appropriate petitions, schedules of assets and liabilities, statements of affairs, answers, motions and other legal papers as necessary to further the Debtor's interests and objectives; v. representing the Debtor at any meeting of creditors and such other services as may be required during the course of the bankruptcy proceedings; vi. representing the Debtor in all proceedings before the Court and in any other judicial or administrative proceeding where the rights of the Debtor may be litigated or otherwise affected; vii. preparing and filing of a Disclosure Statement and Chapter 11 Plan of Reorganization; viii. assisting the Debtor in analyzing the claims of the creditors and in negotiating with such creditors; and ix. assisting the Debtor in any matters relating to or arising out of the captioned case. Nima Taherian, Esq., the firm's attorney who will be handling the case, will be paid at the hourly rate of $300 and will receive reimbursement for work-related expenses incurred. Ms. Taherian disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Nima Taherian can be reached at: Nima Taherian, Esq. Law Office of Nima Taherian 701 N. Post Oak Rd, Ste 216 Houston, TX 77024 Tel: (713) 540-3830 Fax: (713) 862-6405 Email: nima@ntaherian.com About Gasfusion Texas LLC Gasfusion Texas LLC is classified as a single-asset real estate entity under 11 U.S.C. Section 101(51B). Gasfusion Texas LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-35174) on September 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Nima Taherian, Esq. at LAW OFFICE OF NIMA TAHERIAN. GENESIS HEALTHCARE: Comm. Taps Houlihan Lokey as Investment Banker ------------------------------------------------------------------ The statutory unsecured claimholders' committee of Genesis Healthcare Inc. and affiliates seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Houlihan Lokey Capital, Inc. as its investment banker. The firm's services include: (a) analyzing business plans and forecasts of the Debtors; (b) evaluating the assets and liabilities of the Debtors; (c) assessing the financial issues and options concerning (i) the sale of the Debtors, either in whole or in part, and (ii) the Debtors' Chapter 11 plan(s) of reorganization or liquidation or any other Chapter 11 plan(s); (d) analyzing and reviewing the financial and operating statements of the Debtors; (e) providing such financial analyses as the Committee may require in connection with the Cases; (f) assisting with a review of the Debtors' employee benefit programs, including key employee retention, incentive, pension and other postretirement benefit plans; (g) analyzing strategic alternatives available to the Debtors; (h) evaluating the Debtors' debt capacity in light of its projected cash flows; (i) assisting the Committee in identifying potential alternative sources of liquidity in connection with any debtor-in-possession financing, any Chapter 11 plan(s) or otherwise; (j) representing the Committee in negotiations with the Debtors and third parties with respect to any of the foregoing; (k) providing testimony in court on behalf of the Committee with respect to any of the foregoing, if necessary; and (l) providing such other financial advisory and investment banking services as may be agreed upon by Houlihan Lokey and the Committee, subject to Bankruptcy Court approval and in coordination with FTI, Inc. to ensure that there is no duplication of such services provided to the Committee. The firm will be compensated as follows: (a) Monthly Fees: Houlihan Lokey shall be paid in advance a nonrefundable monthly cash fee of $150,000 ("Monthly Fee"). The first payment shall be made upon the approval of this Agreement by the Bankruptcy Court and shall be in respect of the period as from the Effective Date through September 6, 2025. Thereafter, payment of the Monthly Fee shall be made on the 7th day of each month commencing with September 7, 2025 during the term of this Agreement. Each Monthly Fee shall be earned upon Houlihan Lokey's receipt thereof in consideration of Houlihan Lokey accepting this engagement and performing services. After the payment of the fourth Monthly Fee, 50% of the Monthly Fees timely received by Houlihan Lokey and approved by the final order of the Bankruptcy Court shall be credited against the Deferred Fee to which Houlihan Lokey becomes entitled hereunder (it being understood and agreed that no Monthly Fee shall be credited more than once), except that, in no event, shall such Deferred Fee be reduced below zero; and (b) Deferred Fee: In addition to the other fees provided for, the Debtors shall pay Houlihan Lokey a fee (the "Deferred Fee"), in cash, equal to the sum of (i) $2,250,000, plus (ii) 2.5% of the first $50,000,000 of Incremental General Unsecured Claim Recoveries, plus (iii) 1.5% of Incremental General Unsecured Claim Recoveries above $50,000,000. Notwithstanding the immediately foregoing, in the event that Committee Counsel requests that Houlihan Lokey provide testimony to the court on behalf of the Committee regarding the valuation of the Debtors, Houlihan Lokey shall provide written notice to the Co-Chairs and Committee Counsel of such request and thereafter the Deferred Fee shall be fixed at $3,500,000. For the purposes hereof, "Incremental General Unsecured Recoveries" shall mean (a) any consideration or distribution of any kind or in any form whatsoever paid to, or received or retained by, or funded to any reserve or escrow, for the benefit of any allowed, disputed, or contingent general unsecured claims against any Debtor, excluding administrative and priority creditors, whether distributed pursuant to any plan of reorganization, plan of liquidation, as an interim or other distribution during these Cases or otherwise following the termination or conversion of all or any of these Cases to one or more cases under Chapter 7 of the Bankruptcy Code or otherwise, less (b) the greater of (i) $0 and (ii) $15,000,000 less the amount, if any, by which the Seller's cash on hand and Excluded Cash are insufficient to pay the Sellers' liabilities for accrued and unpaid expenses, including administrative and priority claims as contemplated by the provision in the Stalking Horse Term Sheet (filed at Docket No. 117-2). (c) Expenses: In addition to all of the other fees and expenses described in this Agreement, the Debtors shall, upon Houlihan Lokey's request, reimburse Houlihan Lokey for its reasonable out of-pocket expenses incurred from time to time. Houlihan Lokey bills its clients for its reasonable out-of-pocket expenses including, but not limited to (i) travel-related and certain other expenses, without regard to volume-based or similar credits or rebates Houlihan Lokey may receive from, or fixed-fee arrangements made with, travel agents, airlines or other vendors, and (ii) research, database and similar information charges paid to third party vendors, and reprographics expenses, to perform client-related services that are not capable of being identified with, or charged to, a particular client or engagement in a reasonably practicable manner, based upon a uniformly applied monthly assessment or percentage of the fees due to Houlihan Lokey. Houlihan Lokey shall, in addition, be reimbursed by the Debtors for the fees and expenses of Houlihan Lokey's legal counsel incurred in connection with (i) the negotiation and performance of this Agreement and the matters contemplated hereby, (ii) Houlihan Lokey's employment as a professional person in the Cases and (iii) the payment of all fees and expenses due to Houlihan Lokey. Andrew Turnbull, a managing director at Houlihan Lokey Capital, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Andrew Turnbull Houlihan Lokey Capital, Inc. 10250 Constellation Blvd., Ste. 500 Los Angeles, CA 90067 Telephone: (310) 553-8871 About Genesis Healthcare Inc. Genesis Healthcare Inc. is a Medical Group, based in Culver City, CA. The medical group, which has also operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare, provides physician services in Southern California. Genesis Healthcare Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case 25-80185) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Marcus Alan Helt, Esq. at Mcdermott Will & Emery LLP. GIRARDI & KEESE: Loses Attempt to Delay Prison Term During Appeal ----------------------------------------------------------------- Ryan Boysen of Law360 reports that a California judge on Monday, September 22, 2025, ordered that attorney Tom Girardi, convicted of defrauding his clients, serve his prison term while his wire fraud appeal is pending. About Girardi & Keese Girardi and Keese or Girardi & Keese was a Los Angeles-based law firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It served clients in California in a variety of legal areas. It wasknown for representing plaintiffs against major corporations. An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No. 20-21022) was filed in December 2020 against GIRARDI & KEESE by alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian, Erika Saldana, Virginia Antonio, and Kimberly Archie. The petitioners' attorneys is Andrew Goodman, at Goodman Law Offices, Apc. Elissa D. Miller, a member of the firm SulmeyerKupetz, has been appointed as Chapter 7 trustee for GIRARDI KEESE. GLOBAL CONCESSIONS: Seeks to Sell Restaurant Biz at Auction ----------------------------------------------------------- Global Concessions LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor was founded in 1991 and is a leading name in the hospitality industry. Global operates multiple dining experiences at Hartsfield-Jackson Atlanta International Airport. Global has over 300 employees in 16 different restaurants at the Airport, operating as either a franchisor or a licensee in its various restaurants. Global has a strong brand and is committed to excellence in the service industry. Global has been recognized for its excellence through industry accolades, and nominations for Airport Revenue News awards in recognition of its superior customer service and operational excellence. The Debtor has determined that the best course of action to maximize the value of its estate would be to pursue a sale of substantially all of its assets. To that end, the Debtor proposes to establish bid procedures concerning the sale process. The Debtor, in consultation with its advisors, has determined that conducting an auction for the sale of the Assets pursuant to bid procedures set out is the best method of achieving the highest sale price for the Assets. The Debtor proposes Bid Procedures, designed to generate the greatest level of interest and the highest or otherwise best offer(s) for the Assets in satisfaction of the Debtor's fiduciary obligations. The Debtor seeks to establish procedures to enter into an agreement with an initial bidder, subject to higher and better bids, which would contain certain protections if the initial bidder is ultimately outbid at the Auction. The Debtor, as it may reasonably determine to be in the best interest of its estate, may select a Stalking Horse Bidder for certain or all of the Assets for the purpose of establishing a minimum acceptable bid with which to begin the Auction with respect to such Assets and may, in its discretion, offer any such stalking Horse Bidder a break-up fee and expense reimbursement, which, in aggregate will not exceed 3% of the purchase price offered by the Stalking Horse Bidder The Debtor proposes the following timeline for the identification of a Stalking Horse Bidder. -- Bid Procedures: Hearing October 6, 2025 (or soonest Court availability thereafter) -- Cure Notice Deadline (defined below): October 10, 2025 -- Bid Protection Objection Deadline: October 23, 2025 -- Bid Deadline (defined below): October 28, 2025 -- Auction: November 4, 2025 -- Sale Hearing: November 10, 2025 (or soonest Court availability thereafter) To be eligible to participate in the Auction, Qualified Bidders must submit bids that meet the following criteria: (i) identify the Assets to be purchased; (ii) constitute a binding proposal regarding the assets sought to be acquired and the consideration to be paid; (iii) remain irrevocable until 48 hours after the Sale Hearing; (iv) other than as agreed by the Debtor in connection with seeking approval of protections for a Stalking Horse Bidder, is not subject to any breakup fee, transaction fee, termination fee, expense reimbursement or any similar type of payment or reimbursement; and (iv) be accompanied by a good faith deposit in the amount of 5% of the total purchase price for the Asset(s). The Debtor has requested that the deadline for filing an objection to the Sale shall be November 7, 2025, at 5:00 p.m. (ET). The Debtor also requests that the Sale Order include approval of certain procedures and designation rights of the Successful Bidder to the extent provided for in the Purchase Agreement. The Debtor believes that the Bid Procedures will increase the likelihood that the Debtor will receive the greatest possible consideration for the Assets because these procedures will ensure a competitive and fair bidding process. The Bid Procedures will allow any prospective bidders and other interested parties time before the Bid Deadline to conduct any due diligence required. About Global Concessions LLC Global Concessions Inc., established in 1990 and headquartered in Atlanta, Georgia, specializes in operating food and beverage concessions, primarily within major transportation hubs across the United States. The Company has expanded its portfolio to include a diverse range of dining experiences, from quick-service partnerships with renowned brands like IHOP Express, Ben & Jerry's, and Nathan's Famous, to unique, stand-alone restaurants such as Sweet Georgia's Juke Joint and One Flew South. Global Concessions Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-53640) on April 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. The Debtor tapped Benjamin Keck, Esq., at Keck Legal, LLC as counsel and GlassRatner Advisory & Capital Group, LLC, doing business as B. Riley Advisory Services, as restructuring advisor. GLOBAL DIGITAL: Hires Villa & White LLP as Bankruptcy Counsel ------------------------------------------------------------- Global Digital Marketing, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Villa & White LLP as counsel. The firm will render these services: (a) assist and advise the Debtor relative to its operations as a debtor-in-possession, and relative to the overall administration of this Chapter 11 case; (b) represent the Debtor at hearings to be held before this Court and communicate with its creditors regarding the matters heard and the issues raised, as well as the decisions and considerations of this Court; (c) prepare, review, and analyze pleadings, orders, operating reports, schedules, statements of affairs, and other documents filed and to be filed with this Court by the Debtor or other interested parties in this Chapter 11 case; advise the Debtor as to the necessity, propriety and impact of the foregoing upon this Chapter 11 case; and consent or object to pleadings or orders on behalf of the Debtor; (d) assist the Debtor in preparing such applications, motions, memoranda, adversary proceedings, proposed orders and other pleadings as may be required in support of positions taken by the Debtor, as well as preparing witnesses and reviewing documents relevant thereto; (e) coordinate the receipt and dissemination of information prepared by and received from the Debtor and the Debtor's accountants, and other retained professionals, as well as such information as may be received from accountants or other professionals engaged by any official committee; (f) confer with the professionals as may be selected and employed by any official committee; (g) assist and counsel the Debtor in its negotiations with creditors, or Court appointed representatives or interested third parties concerning the terms, conditions, and import of a plan of reorganization and disclosure statement to be proposed and filed by the Debtor; (h) assist the Debtor with such services as may contribute or are related to the confirmation of a plan of reorganization in this Chapter 11 case; (i) assist and advise the Debtor in its discussions and negotiations with others regarding the terms, conditions, and security for credit, if any, during this Chapter 11 case; (j) conduct such examination of witnesses as may be necessary in order to analyze and determine, among other things, the Debtor's assets and financial condition, whether the Debtor has made any avoidable transfers of its property, and whether causes of action exist on behalf of the Debtor's estate; and (k) assist the Debtor generally in performing such other services as may be desirable or required pursuant to Sec. 1107 of the Bankruptcy Code. Morris E. "Trey" White III, Esq., the primary attorney in this representation, will be paid at his hourly rate of $450 plus expenses incurred. Mr. White disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Morris E. "Trey" White III, Esq. Villa & White LLP 100 NE Loop 410, Ste. 615 San Antonio, TX 78216 Telephone: (210) 225-4500 Facsimile: (210) 212-4649 Email: treywhite@villawhite.com About Global Digital Marketing Group LLC Global Digital Marketing Group LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-51857) on August 13, 2025. In the petition signed by Dita Lawson, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Morris E. White, III, Esq., at Villa & White LLP, represents the Debtor as legal counsel. GRANGE PUBLIC: Case Summary & Four Unsecured Creditors ------------------------------------------------------ Debtor: The Grange Public House & Brewery, LLC 129 S. Jefferson Street Mount Pleasant, IA 52641 Business Description: The Grange Public House & Brewery, LLC operates a restaurant and brewery at 129 S. Jefferson Street in Mount Pleasant, Iowa, offering farm-to-table dining and craft beers brewed on-site. Its menu features a variety of dishes including appetizers like Kami Shrimp and Acadian Spinach Artichoke Dip, entrees such as ribeye steak, salmon, and poke bowls, and sandwiches and burgers like the Grange Burger and Fried Chicken Sandwich, with options for gluten-free and plant-based diets. Chapter 11 Petition Date: September 22, 2025 Court: United States Bankruptcy Court Southern District of Iowa Case No.: 25-01625 Judge: Hon. Lee M Jackwig Debtor's Counsel: Robert Gainer, Esq. CUTLER LAW FIRM PC 1307 50th Street West Des Moisnes IA 50266-1782 Email: rgainer@cutlerfirm.com Total Assets: $144,319 Total Liabilities: $1,674,841 The petition was signed by Suzanne Sorensen as manager. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LUQQV5Q/The_Grange_Public_House__Brewery__iasbke-25-01625__0001.0.pdf?mcid=tGE4TAMA HAMMER FIBER: Changes Name to Hammer Technology Holdings -------------------------------------------------------- Hammer Fiber Optics Holdings Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company amended its Articles of Incorporation, as amended, to effect a change of the Company's name from "Hammer Fiber Optics Holdings Corp." to "Hammer Technology Holdings Corp." The Name Change became effective on September 3, 2025, and does not affect the Company's ticker symbol (HMMR) or the CUSIP number for the Company's outstanding shares of common stock. Outstanding stock certificates for shares of the Company are not affected by the name change and continue to be valid and need not be exchanged. Other than the name change, there were no changes to the Company's articles of incorporation. About Hammer Fiber Optics Hammer Fiber Optics Holdings Corp. is now an alternative telecommunications carrier that is poised to position itself as a premier provider of diversified dark fiber networking solutions as well as high-capacity broadband wireless access networks in the United States and abroad. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated February 4, 2025, citing that the Company has consistently sustained losses since its inception. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of April 30, 2025, the Company had total assets of $2,305,563, $3,337,886 in total liabilities, and $1,033,323 in total shareholders' deficit. HAMMOCK COMMUNITIES: Court Denies Bid to Use Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, denied as moot Hammock Communities, Inc.'s expedited motion to use cash collateral. About Hammock Communities Hammock Communities Inc., doing business as HC Builds, specializes in creating unique residential communities, they offer a range of housing options for individuals and families looking to settle in the area. Hammock Communities Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-03101) on October 15, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Richard J. Smith, president, signed the petition. Judge Jason A. Burgess handles the case. The Debtor is represented by: Scott W. Spradley, Esq. Law Offices of Scott W. Spradley, P.A. Tel: 386-693-4935 Email: scott@flaglerbeachlaw.com HELIUS MEDICAL: Increases Authorized Common Shares to 800 Million ----------------------------------------------------------------- Helius Medical Technologies, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that at the special meeting of stockholders of the Company held on May 23, 2025, the Company's stockholders approved an increase in the number of authorized shares of Common Stock to up to 800,000,000 shares, among other things. The Company intends to file an amendment to the Company's certificate of incorporation with the Secretary of State of the State of Delaware to increase the number of shares of Common Stock authorized to 800,000,000 shares. About Helius Medical Headquartered in Newtown, Pennsylvania, Helius Medical Technologies, Inc. (www.heliusmedical.com) is a neurotechnology company dedicated to neurological wellness. The Company's mission is to develop, license, or acquire non-implantable technologies aimed at reducing the symptoms of neurological disease or trauma. Its flagship product, the Portable Neuromodulation Stimulator (PoNS), is an innovative, non-implantable medical device consisting of a controller and a mouthpiece that delivers mild electrical stimulation to the surface of the tongue, offering treatment for gait deficits and chronic balance deficits. In its report dated March 25, 2025, the Company's auditor since 2022, Baker Tilly US, LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has recurring losses from operations and an accumulated deficit, expects to incur losses for the foreseeable future, and requires additional working capital. These factors raise substantial doubt about their ability to continue as a going concern. As of March 31, 2025, Helius Medical Technologies had $3.5 million in total assets, $2.2 million in total liabilities, and total stockholders' equity of $1.3 million. HELIUS MEDICAL: May Offer Class A Common Shares Up to $92.8M ------------------------------------------------------------ Helius Medical Technologies, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a Sales Agreement with Clear Street LLC and Maxim Group LLC, as co-sales agents, pursuant to which the Company may offer and sell shares of the Company's Class A common stock, par value $0.001 per share from time to time having an aggregate sales price of up to $92.8 million. The Company filed a prospectus supplement with the Securities and Exchange Commission on September 15, 2025, in connection with the Offering under its existing shelf Registration Statement on Form S-3 (File No. 333-270433) initially filed with the SEC on March 9, 2023 and declared effective on May 26, 2023, and the base prospectus contained therein. Prior to the execution of the Sales Agreement, the Company terminated the sales agreement, dated as of June 23, 2023, between the Company and Roth Capital Partners, LLC, in accordance with its terms. Upon delivery of a placement notice, and subject to the terms and conditions of the Sales Agreement, the Agents may sell the Shares by any method that is deemed an "at the market offering" as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended, or any other method permitted by law, which may include negotiated transactions or block trades. The Company may sell the Shares through the Agents in amounts and at times to be determined by the Company from time to time subject to the terms and conditions of the Sales Agreement, but neither it nor the Agents have an obligation to sell any of the Shares in the Offering. No assurance can be given that the Company will sell any Shares under the Sales Agreement, or, if it does, as to the price or the amount of Shares that it sells or the dates when such sales will take place. The Company or the Agents may suspend or terminate the Offering upon notice to the other parties and subject to other conditions. The Agents will use commercially reasonable efforts basis to effect the Sales consistent with normal trading and sales practices. The Company has agreed to pay the Agents' commissions for their respective services in acting as agents in the sale of the Shares in the amount of up to 3.00% of the aggregate gross proceeds it receives from each sale of its Shares pursuant to the Sales Agreement. The Company has also agreed to provide the Agents with customary indemnification and contribution rights. In addition, the Company has agreed to reimburse certain legal expenses incurred by the Agent in connection with execution of the Sales Agreement in an amount up to $75,000, in addition to certain ongoing legal expenses. A copy of the Sales Agreement is available at https://tinyurl.com/4wdzbftt Honigman LLP, counsel to the Company, has issued an opinion relating to the validity of the Shares sold pursuant to the Offering. A copy of such legal opinion, including the consent included therein, is available at https://tinyurl.com/5zzun253 About Helius Medical Headquartered in Newtown, Pennsylvania, Helius Medical Technologies, Inc. (www.heliusmedical.com) is a neurotechnology company dedicated to neurological wellness. The Company's mission is to develop, license, or acquire non-implantable technologies aimed at reducing the symptoms of neurological disease or trauma. Its flagship product, the Portable Neuromodulation Stimulator (PoNS), is an innovative, non-implantable medical device consisting of a controller and a mouthpiece that delivers mild electrical stimulation to the surface of the tongue, offering treatment for gait deficits and chronic balance deficits. In its report dated March 25, 2025, the Company's auditor since 2022, Baker Tilly US, LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has recurring losses from operations and an accumulated deficit, expects to incur losses for the foreseeable future, and requires additional working capital. These factors raise substantial doubt about their ability to continue as a going concern. As of March 31, 2025, Helius Medical Technologies had $3.5 million in total assets, $2.2 million in total liabilities, and total stockholders' equity of $1.3 million. HELIUS MEDICAL: Partners with Pantera, Summer on $500M SOL Treasury ------------------------------------------------------------------- Helius Medical Technologies, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into Cash Securities Purchase Agreements with certain accredited investors pursuant to which the Company agreed to sell and issue to the Cash Purchasers in a private placement offering an aggregate offering of: (i) either shares of Class A common stock of the Company, par value $0.001 per share at an offering price of $6.881 per Cash Share; and/or pre-funded warrants to purchase shares of the Common Stock at an offering price of the Per Share Cash Purchase Price less $0.001 per Cash Pre-Funded Warrant, and (ii) stapled warrants to purchase shares of the Common Stock at an exercise price of $10.134 per Cash Stapled Warrant. In the Cash Offering, the Cash Purchasers will tender any of U.S. dollars, USDC or USDT (or a combination thereof) to the Company as consideration for the Cash Shares, Cash Stapled Warrants and Cash Pre-Funded Warrants. Each of the Cash Pre-Funded Warrants is exercisable for one share of Common Stock at the remaining exercise price of $0.001 per Cash Pre-Funded Warrant Share, immediately exercisable by the registered holder, and may be exercised at any time following registration until all of the Cash Pre-Funded Warrants issued in the Cash Offering are exercised in full. Each Purchaser's ability to exercise its Cash Pre-Funded Warrants in exchange for shares of Common Stock is subject to certain beneficial ownership limitations set forth therein. Each of the Cash Stapled Warrants is exercisable for one share of Common Stock at the exercise price of $10.134 per Cash Stapled Warrant Share, immediately exercisable upon registration, and may be exercised at any time following registration until the earlier of: (i) 36 months after the closing of the Cash Offering or (ii) all of the Cash Stapled Warrants issued in the Cash Offering are exercised in full. If the daily volume-weighted average price of the Common Stock is above 200% of the share offering price during any 20 trading days in a 30-trading day period and for each of the last five consecutive trading days during the Measurement Period, at the election of the Company, the Company can require the Cash Stapled Warrants be exercised. Additionally, on September 15, 2025, the Company entered into Cryptocurrency Securities Purchase Agreements with certain accredited investors pursuant to which the Company agreed to sell and issue to the Cryptocurrency Purchasers in a private placement: (i) pre-funded warrants to purchase shares of Common Stock at an offering price of $6.881 less $0.001 and (ii) stapled warrants to purchase shares of Common Stock at an exercise price of $10.134 per Cryptocurrency Stapled Warrant. In the Cryptocurrency Offering, the Cryptocurrency Purchasers will tender either Unlocked SOL tokens or Locked SOL tokens to the Company as consideration for the Cryptocurrency Pre-Funded Warrants and the Cryptocurrency Stapled Warrants. The exercise of the Cryptocurrency Pre-Funded Warrants and Cryptocurrency Stapled Warrants into Cryptocurrency Pre-Funded Warrant Shares and Cryptocurrency Stapled Warrant Shares, respectively, is subject to stockholder approval and such warrants will not be exercisable for Common Stock until such Shareholder Approval is received. Pursuant to the Cryptocurrency Securities Purchase Agreement, the Company will hold a special meeting of stockholders to obtain Stockholder Approval as soon as practicable after the closing date of the Offerings. Each of the Cryptocurrency Pre-Funded Warrants is exercisable for one share of Common Stock at the exercise price of $0.001 per Cryptocurrency Pre-Funded Warrant Share, immediately exercisable following Stockholder Approval, and may be exercised at any time on or after the Effective Date until all of the Cryptocurrency Pre-Funded Warrants issued in the Offerings are exercised in full. Each Cryptocurrency Purchaser's ability to exercise its Cryptocurrency Pre-Funded Warrants in exchange for shares of Common Stock is subject to certain beneficial ownership limitations set forth therein. Each of the Cryptocurrency Stapled Warrants is exercisable for one share of Common Stock at the exercise price of $10.134 per Cryptocurrency Stapled Warrant Share, immediately exercisable on or after the Effective Date, and may be exercised at any time on or after the Effective Date until the earlier of: (i) 36 months after the closing of the Cryptocurrency Offering or (ii) all of the Cryptocurrency Stapled Warrants issued in the Cryptocurrency Offering are exercised in full. If the daily volume-weighted average price of the Common Stock is above 200% of the share offering price during the Measurement Period and for each of the last five consecutive trading days during the Measurement Period, and subject to election and notice by the Company, the Company can require the Cryptocurrency Stapled Warrants be exercised. The Common Stock, the Pre-Funded Warrants, the Pre-Funded Warrant Shares, the Stapled Warrants, and the Stapled Warrant Shares are being offered in reliance upon the exemption from the registration requirement of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof and/or Rule 506(b) of Regulation D promulgated thereunder, and applicable state securities laws. The issuance of the Common Stock, the Pre-Funded Warrants, the Pre-Funded Warrant Shares, the Stapled Warrants, and the Stapled Warrant Shares have not been registered under the Securities Act and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act and any applicable state securities laws. The closing of the Offerings is expected to occur on or about September 18, 2025, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the Offerings to fund the acquisition of SOL, the native cryptocurrency of the Solana Foundation blockchain, through open market purchases only and the establishment of the Company's Solana treasury operations, as well as for working capital, general corporate purposes and to pay all transaction fees and expenses related thereto. The Company will not use the net proceeds from the Offerings: (a) for the redemption of any outstanding Common Stock or Common Stock equivalents of the Company, (b) for the settlement of any outstanding litigation or (c) in violation of the Foreign Corrupt Practices Act of 1977, as amended or the Office of Foreign Assets Control of the U.S. Treasury Department regulations. The Securities Purchase Agreements contain customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations of the Company, other obligations of the parties and termination provisions. Additionally, pursuant to the Purchase Agreements, the Company agreed to use commercially reasonable efforts to file a registration statement with the U.S. Securities and Exchange Commission, within 30 days of the closing of the Offering registering the resale of the Common Stock sold in the Offering, the Pre-Funded Warrants, the Pre-Funded Warrant Shares, the Stapled Warrants, the Stapled Warrant Shares, and certain securities to be issued to the Company's strategic advisor. Each of the Cash Purchasers have agreed to not to sell, transfer, pledge, hedge, or otherwise dispose of any Cash Securities until the resale registration statement is declared effective, and with respect to 50% of the Cash Securities, until 30 calendar days following the Effectiveness Date, except with the Company's prior written consent and subject to certain customary exceptions. Each of the Cryptocurrency Purchasers have agreed to not to sell, transfer, pledge, hedge, or otherwise dispose of any Cryptocurrency Securities during the PIPE Lock-Up Period, except with the Company's prior written consent and subject to certain customary exceptions. Advisory Agreements: On September 15, 2025, the Company entered into a Strategic Advisor Agreement with Pantera Capital Management LP, a Delaware limited partnership and Summer Wisdom Holdings Limited, pursuant to which the Company engaged each of Pantera and Summer to provide strategic advice and guidance relating to the Company's business, operations, growth initiatives and industry trends in the crypto technology sector for an initial term of two years, which term automatically renews for successive periods of one year each. Either the Company or the Advisors may terminate the Strategic Advisor Agreement upon written notice of a material breach by the other party that has not been cured within 30 days' of receipt of the written notice. Pursuant to the terms of the Strategic Advisor Agreement, the Company issued: (i) to Pantera, the Strategic Advisor warrants to purchase shares of the Company's Common Stock equal to 7% of the aggregate number of shares of Cash Shares and the Pre-Funded Warrant Shares and (ii) to Summer, Strategic Advisor Warrants to purchase shares of the Company's Common Stock equal to 3% of the aggregate number of shares of Cash Shares and the Pre-Funded Warrant Shares. Upon the exercise of each Stapled Warrant, each of Pantera and Summer shall receive an additional grant of Strategic Advisor Warrants to purchase an amount of shares of Common Stock equal to their respective portion of 5% of the Stapled Warrant Shares underlying such exercised Stapled Warrant (such shares of Common Stock underlying the Strategic Advisor Warrants, the "Strategic Advisor Performance Shares" and, together with the Strategic Advisor Base Warrant Shares, the "Strategic Advisor Warrant Shares"). The Performance Warrant shall: (i) have an exercise price equal to $0.001 per Strategic Advisor Performance Share, (ii) a term ending on the fifth anniversary of the issue date, and (iii) terminate automatically, without consideration, to the extent unvested upon the expiration of its term. The Performance Warrant will permit cashless exercise and will be settled solely in shares. Summer is controlled by Joeseph Chee, who is expected to be named Executive Chairman following the Closing of the Offerings. The exercise of the Strategic Advisor Warrants is subject to stockholder approval and such warrants will not be exercisable for Common Stock until such stockholder approval is received. The exercise price per share of the Strategic Advisor Warrants shall be equal to $0.001 per Strategic Advisor Warrant Share. The Strategic Advisor Warrants shall be exercisable, in whole or in part, at any time and from time to time following the receipt of stockholder approval, for a period of five years from the date of issuance. The Strategic Advisor Agreements also contain customary representations and warranties, confidentiality provisions and limitations on liability. The Strategic Advisor Warrants and the Strategic Advisor Warrant Shares are being offered in reliance upon the exemption from the registration requirements of the Securities Act, pursuant to Section 4(a)(2) thereof and/or Rule 506(b) of Regulation D promulgated thereunder, and applicable state securities laws. The issuance of the Strategic Advisor Warrants and the Strategic Advisor Warrant Shares have not been registered under the Securities Act and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act and any applicable state securities laws. Pursuant to the Strategic Advisory Agreement, Pantera agreed not to sell, transfer, pledge, hedge, or otherwise dispose of any shares underlying the Strategic Advisory Warrants for 180 days after the closing of the Offering, except: (i) transfers to affiliates that agree in writing to be bound by the remainder of the Advisor Lock-Up Period, or (ii) with the Company's prior written consent. Additionally, on September 15, 2025, the Company entered into a Trading Advisory Agreement with Pantera, pursuant to which the Company engaged Pantera to manage the investment of substantially all of Company's digital assets, digital asset derivatives, cash and other assets for an initial term of 10 years, which term automatically renews for successive periods of one year each, subject to the mutual agreement of the Company and Pantera. The management fees pursuant to the Trading Advisory Agreement shall be equal to: (a) 1.0%, if the Client's Assets Under Management is less than or equal to $1 billion, (b) 0.75% per annum of assets under management if AUM is more than $1 billion but less than or equal to $5 billion and (c) 0.50% per annum of AUM if AUM is more than $5 billion. Press Release on Announcing the Offering: On September 15, 2025, the Company issued a press release announcing the signing of the Purchase Agreements and pricing of the Offerings and estimated aggregate gross proceeds of approximately $500 million in cash, before deducting placement agent fees and other offering expenses, to implement a SOL treasury strategy. A copy of the press release is available at https://tinyurl.com/4dxt34wv About Helius Medical Headquartered in Newtown, Pennsylvania, Helius Medical Technologies, Inc. (www.heliusmedical.com) is a neurotechnology company dedicated to neurological wellness. The Company's mission is to develop, license, or acquire non-implantable technologies aimed at reducing the symptoms of neurological disease or trauma. Its flagship product, the Portable Neuromodulation Stimulator (PoNS), is an innovative, non-implantable medical device consisting of a controller and a mouthpiece that delivers mild electrical stimulation to the surface of the tongue, offering treatment for gait deficits and chronic balance deficits. In its report dated March 25, 2025, the Company's auditor since 2022, Baker Tilly US, LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has recurring losses from operations and an accumulated deficit, expects to incur losses for the foreseeable future, and requires additional working capital. These factors raise substantial doubt about their ability to continue as a going concern. As of March 31, 2025, Helius Medical Technologies had $3.5 million in total assets, $2.2 million in total liabilities, and total stockholders' equity of $1.3 million. HERTZ GLOBAL: Secures $154MM Resolution in Antitrust Lawsuit ------------------------------------------------------------ Andrew Mendez of Bloomberg Law reports that Hertz is set to receive a pro rata settlement distribution of approximately $154.05 million from the Automotive Parts Antitrust Litigation, with payment expected on Sept. 30. About Hertz Corp. Hertz Corp. and its subsidiaries -- http://www.hertz.com/-- operate a worldwide vehicle rental business under the Hertz, Dollar, and Thrifty brands, with car rental locations in North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East, and New Zealand. They also operate a vehicle leasing and fleet management solutions business. On May 22, 2020, The Hertz Corporation and certain of its U.S. and Canadian subsidiaries and affiliates filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware (Bankr. D. Del. Case No. 20-11218). Judge Mary F. Walrath oversees the cases. The Debtors have tapped White & Case LLP as their bankruptcy counsel, Richards, Layton & Finger, P.A., as local counsel, Moelis & Co. as investment banker, and FTI Consulting as financial advisor. The Debtors also retained the services of Boston Consulting Group to assist the Debtors in the development of their business plan. Prime Clerk LLC is the claims agent. The U.S. Trustee for Regions 3 and 9 appointed a Committee to represent unsecured creditors in Debtors' Chapter 11 cases. The Committee has tapped Kramer Levin Naftalis & Frankel LLP as its bankruptcy counsel, Benesch Friedlander Coplan & Aronoff LLP as Delaware counsel, UBS Securities LLC as investment banker, and Berkeley Research Group, LLC, as financial advisor. Ernst & Young LLP provides audit and tax services to the Committee. * * * Hertz Global and its subsidiaries emerged from Chapter 11 bankruptcy at the end of June 2021. Hertz won approval of a Plan of Reorganization that unimpaired all classes of creditors (who are legally deemed to have accepted it) and was approved by more than 97% of voting shareholders. The Plan provided for the existing shareholders to receive more than $1 billion of value. Recovery by shareholders of close to $8 a share was made possible after a fierce competition among bidders for control in the company. Initial offers from potential bidders for Hertz in its bankruptcy offered nothing for equity. Hertz in May 2021 selected investment firms Knighthead Capital Management LLC and Certares Management LLC, joined by other investors including Apollo Global Management Inc. and a group of existing shareholders, as the winning bidders for control of the bankrupt company. A rival group that included Centerbridge Partners LP, Warburg Pincus LLC and Dundon Capital Partners LLC was outbid at auction. Hertz's Plan eliminated over $5 billion of debt, including all of Hertz Europe's corporate debt, and will provide more than $2.2 billion of global liquidity to the reorganized Company. Hertz also emerged with (i) a new $2.8 billion exit credit facility consisting of at least $1.3 billion of term loans and a revolving loan facility, and (ii) an $7 billion of asset-backed vehicle financing facility, each on favorable terms. HL PIT STOP: Gets Interim OK to Use Cash Collateral Until Oct. 31 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Minnesota authorized HL PIT STOP, LLC to use the cash collateral of its secured creditors until October 31 in accordance with its budget. The court authorized the Debtor to grant adequate protection to Citizens State Bank and other secured creditors via replacement liens on its post-petition assets (excluding Chapter 5 claims) that are similar to their pre-bankruptcy collateral. The replacement liens will have the same priority as the secured creditors' pre-bankruptcy liens. To further protect Citizens State Bank, the Debtor was authorized to make weekly payments of $800 and an additional $5,000 lump-sum payment within 30 days of the court order. The Debtor was also authorized to keep the collateral insured and provide proof of insurance within five days upon request by Citizens State Bank or any other secured creditor. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/sZ9EQ from PacerMonitor.com. As of the petition date, the Debtor had liquid cash collateral in the form of $1,500 cash on hand in its tills and $657.03 in deposit accounts. Sales of the Debtor's store inventory, gas sales, restaurant sales, coffee shop sales and tenant rent are the source of all cash and deposit account funds. Through October 31, the cash and deposit funds could fluctuate between $5,000 and $30,000, depending when payroll and other large expenses are paid. About HL Pit Stop HL Pit Stop, LLC operates a convenience-based retail business that combines a gas station with food, beverages, and general merchandise. The Company offers drive-thru meals, deli items, specialty coffee, snacks, and convenience store staples, catering to customers seeking quick service and variety along commuter routes or travel stops. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Minn. Case No. 25-42571) on August 7, 2025, with $105,860 in assets and $2,819,521 in liabilities. David Rollins, authorized representative, signed the petition. Judge Katherine A. Constantine presides over the case. Mary Sieling, Esq., at Sieling Law, PLLC represents the Debtor as bankruptcy counsel. HNO INTERNATIONAL: Delays 10-Q Due to Prior Filing Amendments ------------------------------------------------------------- HNO International, Inc. filed a Notification of Late Filing on Form 12b-25 with the U.S. Securities and Exchange Commission, informing that it is unable to file, without unreasonable effort or expense, its Quarterly Report on Form 10-Q for the period ended July 31, 2025. The Company is in the process of completing amendments to its previously filed Form 10-K for the year ended October 31, 2024 and Form 10-Qs for the quarters ended January 31, 2025 and July 31, 2025. These amendments must be filed prior to the Form 10-Q for the quarter ended July 31, 2025 to ensure consistency of financial information. The Company expects to complete the amendments and file its Form 10-Q within the extension period provided by Rule 12b-25. About HNO International Headquartered in Murrieta, California, HNO International, Inc., a Nevada corporation, focuses on systems engineering design, integration, and product development to generate green hydrogen-based clean energy solutions to help businesses and communities decarbonize in the near term. Cypress, Texas-based Barton CPA PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 20, 2025, attached to the Company's Annual Report on Form 10-K for the year ended October 31, 2024, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. As of July 31, 2025, it had $1.64 million in total assets, $33.3 million in total liabilities, and $1.69 million in total shareholders' deficit. HOLM HOUSE: Hires Argus Law Group as Bankruptcy Counsel ------------------------------------------------------- Holm House LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to employ Argus Law Group, Inc. as general bankruptcy counsel. The firms' services include: a. preparing on behalf of the Debtor any necessary motions, applications, answers, orders, reports and papers as required by applicable bankruptcy or non-bankruptcy law, dictated by the demands of the case, or required by the Court, and to represent the Debtor in proceedings or hearings related thereto; b. assisting the Debtor in analyzing and pursuing possible reorganization possibilities; c. assisting the Debtor in analyzing and pursuing any proposed dispositions of assets of the Debtor's estate; d. reviewing, analyzing and advising the Debtor regarding claims or causes of action to be pursued on behalf of its estate; e. assisting the Debtor in providing information to creditors and parties-in-interest; f. reviewing, analyzing and advising the Debtor regarding any fee applications or other issues involving professional compensation in the Debtor's case; g. preparing and advising the Debtor regarding any Chapter 11 plan filed by the Debtor; h. assisting the Debtor in negotiations with various creditor constituencies regarding treatment, resolution and payment of the creditors' claims in this case, and negotiations and discussions with the small business trustee; i. reviewing and analyzing the validity of claims filed in this case and advising the Debtor as to the filing of objections to claims, if necessary; and j. performing all other necessary legal services as may be required by the needs of the Debtor in the above-captioned case. The firm will be paid at these rates: Senior Attorneys $250 to $450 per hour Junior Attorneys $180 to $225 per hour Paralegals $90 to $130 per hour The firm received an initial prepetition retainer of $48,262, in addition to $1,738 for the Debtor's filing fee. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Geoffrey L. Chesnut, Esq. Argus Law Group, Inc. 2107 W. Sunset Boulevard, 2nd Floor St. George, UT 84770 Cedar City, UT 84721 Tel: (435) 634-1600 Email: gchesnut@arguslawgroup.com About Holm House LLC Holm House LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Utah Case No. 25-25122) on August 29, 2025. The Debtor is represented by Argus Law Group, Inc. as counsel. HONOR STUDIOS: Hires DeMarco Mitchell PLLC as Counsel ----------------------------------------------------- Honor Studios LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ DeMarco Mitchell, PLLC as counsel. The firm will provide these services: a. take all necessary action to protect and preserve the Estate; b. prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate; c. formulate, negotiate, and propose a plan of reorganization; and d. perform all other necessary legal services in connection with these proceedings. The firm will be paid at these rates: Robert T. DeMarco $450 per hour Michael S. Mitchell $300 per hour Barbara Drake, Paralegal $125 per hour The firm was paid a retainer in the amount of $12,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert T. DeMarco, Esq., a partner at Demarco Mitchell, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. Demarco Mitchell, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (972) 991-5591 Email: robert@demarcomitchell.com mike@demarcomitchell.com About Honor Studios LLC Honor Studios, LLC, also operating as The House of Honor and House of Honor, is a limited liability company. Honor Studios sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-43139) on August 22, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $100,000 and $500,000 in liabilities. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC. HZRN INC: Kevin Neiman Named Subchapter V Trustee ------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Kevin Neiman as Subchapter V trustee for HRZN, Inc. Mr. Neiman will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Neiman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kevin S. Neiman 999 18th Street, Suite 1230 S Denver, CO 80202 Tel: (303) 996-8637 Fax: (877) 611-6839 Email: trustee@ksnpc.com About HRZN Inc. HRZN, Inc., doing business as Plant Escape, Inc., is a Colorado company founded in 1983 that provides commercial landscaping and grounds maintenance services including lawn care, irrigation, snow removal, and landscape enhancements. It also offers interior plantscaping through its Plant Escape brand, serving businesses, property managers, and commercial clients across the Denver metro area. HRZN sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-15925) on September 15, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Steven J. Brown, president, signed the petition. Judge Michael E. Romero presides over the case. K. Jamie Buechler, Esq., at Buechler Law Office, LLC represents the Debtor as bankruptcy counsel. INFINITE GLOW: Court OKs Deal to Use JPMorgan's Cash Collateral --------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California approved a stipulation authorizing Infinite Glow, LLC to use the cash collateral of JPMorgan Chase Bank, N.A. from August 25 to December 28. Under the stipulation, the Debtor may use funds according to its budget, with flexibility to deviate up to 20% in categories under $1,000 and 15% in categories where the projected spending is $1,000 or more. The Debtor may roll over any unused expense allowance from week to week by category. In case gross revenues exceed projected gross revenues, the Debtor may apply up to 75% of such excess (beyond the projected gross revenues) to costs of goods sold and to advertising or marketing. As adequate protection, JPMorgan will be granted replacement liens matching the scope, validity, and priority of its pre-bankruptcy liens; and will receive a monthly payment of $11,420.67, starting this month. JPMorgan Chase Bank is represented by: Mia S. Blackler, Esq. Lubin Olson & Niewiadomski, LLP The Transamerica Pyramid 600 Montgomery Street, 14th Floor San Francisco, CA 94111 Telephone: (415) 981-0550 Facsimile: (415) 981-4343 mblackler@lubinolson.com About Infinite Glow LLC Infinite Glow, LLC has an equitable interest in the property situated at 2912 14th Ave., Oakland, Calif., which is valued at $4.7 million. Infinite Glow filed Chapter 11 petition (Bankr. N.D. Calif. Case No. 25-50253) on February 27, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Stephen L. Johnson handles the case. The Debtor is represented by: Steven Robert Fox, Esq. Law Offices of Steven R. Fox Tel: 818-774-3545 Email: emails@foxlaw.com INTERNATIONAL PETROLEUM: S&P Affirms 'B' ICR, Outlook Stable ------------------------------------------------------------ S&P Global Ratings revised the outlook to stable from negative on Vancouver-based oil and natural gas exploration and production (E&P) company International Petroleum Corp. (IPC). S&P also affirmed its 'B' issuer credit rating. At the same time, S&P assigned its 'B+' issue-level rating and '2' recovery rating to the company's proposed notes. S&P said, "The stable outlook reflects our expectation that IPC's credit measures and liquidity will improve over our forecast period and that the company will use FOCF for debt reduction and shareholder rewards. "We believe the proposed transaction will address IPC's refinancing risk. The company's capital structure currently consists of US$450 million of senior unsecured notes due February 2027 and its C$250 million revolving credit facility (RCF; undrawn at June 30, 2025). IPC plans to use proceeds to refinance its existing debt and pay transaction fees and expenses. Following the transaction, IPC will not have any maturities until 2030 (we anticipate its RCF, currently due May 2027, will be extended annually as it has done historically), reducing near-term refinancing risk. "We forecast production will increase with meaningfully lower capital expenditures in 2026 and 2027 upon completion of Blackrod Phase 1. We expect spending on Blackrod Phase 1 will be about 95% complete by year-end 2025 (US$800 million of the US$850 million budget). The company will likely achieve first oil from the project in late 2026. As such, we expect IPC's 2026 capital expenditure (capex) will be only about US$140 million, lower than anticipated 2025 capex of US$320 million. "We expect the increase in production from Blackrod will more than offset the base declines in IPC's existing assets in 2026. Therefore, we forecast 2026 production of about 48,000 barrels of oil equivalent per day (boe/d), up about 10% than 2025 production of about 44,000 boe/d. "We expect Blackrod to ramp up to its full 30,000 boe/d capacity by the end of 2027 and, therefore, expect 2027 production to be higher than 2025 and 2026 at about 60,000 boe/d. We anticipate 2027 capex will be lower than 2026 as the company will no longer have to spend on Blackrod growth. "Accordingly, after two years of outspending cash flow, we have increased visibility on positive FOCF generation in 2026 and beyond. As we expect production growth through 2027 and significantly lower capex, IPC will likely generate positive FOCF in 2026 for the first time since 2023, the year the company approved Blackrod Phase 1. We expect IPC to generate about US$55 million of FOCF in 2026 and US$125 million in 2027 under our current forecast. "IPC will likely use future positive free cash flow for both debt reduction and shareholder rewards. We assume IPC will employ a balanced financial policy over our forecast period, directing free cash flow to both net debt reduction and shareholder rewards. Under our current hydrocarbon price assumptions, we assume the company will limit share repurchases under its Normal Course Issuer Bid (NCIB) next year. However, we assume that as production increases in 2027, the company will accelerate repurchases under its NCIB to about US$95 million, relatively in line with historical repurchases. "The company's forecast credit measures and liquidity support the current rating. While we expect credit measures for 2025 will remain weak with cash outflow for Blackrod, we expect them to improve through 2027. Specifically, we expect S&P Global Ratings' adjusted funds from operations (FFO) to debt to jump to 37% in 2027 from about 23% in 2025. We similarly expect S&P Global Ratings' adjusted debt to EBITDA to improve to 2.2x in 2027 from 3.6x in 2025 under our current forecast. We also expect the company's cash on hand (about US$80 million as of June 30, 2025) and undrawn C$250 million RCF to support its liquidity position. "The stable outlook reflects our view that the company's credit measures and liquidity will improve over our forecast period, with support from the impending completion of its Blackrod growth project and the proposed refinancing of its February 2027 senior unsecured notes. Specifically, we project adjusted FFO to debt to average about 30% and adjusted debt to EBITDA of 2.9x for 2025-2027. The outlook also reflects our expectation that the company will generate positive FOCF in 2026 and beyond and direct it primarily toward reducing net debt. "We could lower the rating over the next 12 months if IPC's cash flow generation deteriorates or leverage increases such that the average FFO to debt approaches 20% with no near-term improvement or if its liquidity weakens." This could occur if: -- Commodity prices decline below our expectations and the company doesn't implement a corresponding reduction in its capital spending; -- There are unanticipated cost increases or delays related to Blackrod; or -- The company pursues more-aggressive shareholder rewards or an acquisition strategy that increases debt without offsetting incremental cash flow. S&P could also lower the rating if the proposed refinancing transaction does not close in line with its current expectations. S&P views rating upside as limited over the next 12 months given the company's relatively limited scale of operations. Nevertheless, it could raise its rating on IPC if the company: -- Improves its operating scale and cash flow generation to more closely align with higher-rated peers; -- Sustains FFO to debt well above 45%; -- Maintains a moderate financial policy; and -- Spends within available cash flow. ISAGENIX INTERNATIONAL : Flat Rock Marks $1.3MM 1L Loan at 59% Off ------------------------------------------------------------------ Flat Rock Core Income Fund has marked its $1,395,525 loan extended to Isagenix International, LLC to market at $577,747 or 41% of the outstanding amount, according to Flat Rock's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. Flat Rock is a participant in a First Lien Senior Secured Term Loan to Isagenix International, LLC. The loan accrues interest at a rate of 3M US SOFR + 660 bps per annum. The loan matures on April 14, 2028. Flat Rock Core Income Fund is registered under the Investment Company Act of 1940, as a diversified, closed-end management investment company. The shares of beneficial interest of the Fund are continuously offered under Rule 415 under the Securities Act of 1933, as amended. The Fund operates as an interval fund pursuant to Rule 23c-3 under the 1940 Act, and has adopted a fundamental policy to conduct quarterly repurchase offers at net asset value. The Fund's investment objective is the preservation of capital while generating current income from its debt investments and seeking to maximize the portfolio's total return. Flat Rock is led by Robert K. Grunewald as President and Chief Executive Officer and Ryan Ripp as Chief Financial Officer. The Fund can be reach through: Robert K. Grunewald Flat Rock Core Income Fund 1209 Orange Street Wilmington, DE 19801 Telephone: (307) 500-5200 About Isagenix International, LLC Isagenix International LLC is a privately held network marketing company that sells dietary supplements and nutritional super food products. JAMIE HOLDINGS: Section 341(a) Meeting of Creditors on October 29 ----------------------------------------------------------------- On September 17, 2025, Jamie Holdings LLC filed Chapter 11 protection in the Eastern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on October 29, 2025 at 01:00 PM via Telephonic Dial-In Information. About Jamie Holdings LLC 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. Jamie Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-60598) on September 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Joshua P. Searcy handles the case. The Debtor is represented by Joyce Lindauer, Esq. at JOYCE W. LINDAUER ATTORNEY, PLLC. JLM RESOURCES: Seeks to Hire Neeleman Law Group as Legal Counsel ---------------------------------------------------------------- JLM Resources, Inc. and Sparc Enterprises, Inc. seek approval from the U.S. Bankruptcy Court for the Western District of Washington to hire Neeleman Law Group, P.C. as legal counsel. The firm will render these services: (a) assist the Debtor in the investigation of the financial affairs of the estate; (b) advise and assist the Debtor with respect to matters relating to this case and creditor distribution; (c) prepare all pleadings necessary for proceedings arising under this case; and (d) perform all necessary legal services for the estate in relation to this case. The firm will be paid at these hourly rates: Principals $600 Associate $475 Paralegal $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $30,738 from the Debtor. Jennifer Neeleman, Esq., an attorney at Neeleman Law Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jennifer L. Neeleman, Esq. Neeleman Law Group, PC 1403 8th Street Marysville, WA 98270 Telephone: (425) 212-4800 Email: jennifer@neelemanlaw.com About JLM Resources Inc. JLM Resources, Inc., doing business as Procraft Windows, provides window and door products and installation services in King and Snohomish counties, Washington. The Company, established in 1985, serves residential clients with a focus on replacement windows and doors, completing over 22,000 projects for more than 18,000 homes. It operates as a family-owned business with a team of experienced craftsmen and offers a lifetime installation warranty. JLM Resources sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12238) on August 13, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher M. Alston handles the case. The Debtor is represented by Jennifer L. Neeleman, Esq., at Neeleman Law Group, P.C. JSL COMPANIES: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: JSL Companies, LLC 400 Industry Drive Franklin, OH 45005 Business Description: JSL Companies, LLC, doing business as Boat & RV Accessories, is a retailer of marine and recreational vehicle parts and equipment in the United States. The Company offers a wide range of products including boat accessories, RV appliances, HVAC parts, solar power systems, and power generation equipment. It distributes components from brands such as Dometic, Atwood, Thetford, and Battery Tender to boat and RV owners nationwide. Chapter 11 Petition Date: September 23, 2025 Court: United States Bankruptcy Court Southern District of Ohio Case No.: 25-31919 Judge: Hon. Tyson A Crist Debtor's Counsel: Denis E. Blasius, Esq. THOMPSEN LAW GROUP, LLC 140 North Main Street, Suite A Springboro, OH 45066 Tel: 937-748-5001 Fax: 937-748-5003 Email: dblasius@ihtlaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million Joseph Medsker signed the petition as owner. 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/MQBBMWI/JSL_Companies_LLC__ohsbke-25-31919__0001.0.pdf?mcid=tGE4TAMA KDC SOLAR: Section 341(a) Meeting of Creditors on October 29 ------------------------------------------------------------ On September 19, 2025, KDC Solar Madera LLC filed Chapter 11 protection in the Southern District of California. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on October 29, 2025 at 09:30 AM To access telephonic 341 meeting, call 888-330-1716 and enter passcode 1657991#. About KDC Solar Madera LLC KDC Solar Madera LLC develops and operates solar power facilities in the United States focusing on commercial and industrial solar energy projects. KDC Solar Madera LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-03862) on September 19, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge J. Barrett Marum handles the case. The Debtor is represented by Leslie Cohen, Esq. of LESLIE COHEN LAW PC. KESKIN INC: Gets Interim Approval to Use Cash Collateral -------------------------------------------------------- Keskin, Inc. received interim approval from the U.S. Bankruptcy Court for the District of Maryland to use cash collateral to fund operations. The interim order signed by Judge Nancy Alquist authorized the Debtor to use cash collateral to pay operating expenses in accordance with its budget. The Debtor may exceed the aggregate "fixed disbursement amounts" set forth in the budget by up to 10%, provided it makes monthly payments of $2,000 to the U.S. Small Business Administration starting September 1 until February 1, 2026, or until plan confirmation, whichever occurs first. As adequate protection, secured creditors will be granted replacement liens on assets acquired by the Debtor after its Chapter 11 filing that are similar to their pre-bankruptcy collateral. The replacement liens will have the same validity, priority and extent as the secured creditors' pre-bankruptcy liens. In addition, the replacement liens are automatically perfected without the need for any additional filings or documentation. The interim order will remain in effect until a final hearing is held on the motion to use cash collateral, to be scheduled by the court. In October 2020, the Debtor obtained a $500,000 loan from the SBA. This SBA Loan is secured by a first-priority, properly perfected UCC-1 lien on the Debtor's cash and accounts receivable. As of the petition date, the SBA loan remains unpaid in full. After the SBA loan, the Debtor obtained additional loans from four other lenders: Web Bank, Radiance Funding, Forward Financing, and US Foods. These creditors also filed UCC-1 financing statements asserting security interests in the Debtor's cash and receivables. However, their filings came after the SBA's, and the SBA's lien fully absorbs any equity in the Debtor's assets, rendering these subsequent claims undersecured. About Keskin Inc. Keskin Inc., operating as RM Grill (https://www.rmgrill.com/), a restaurant business located in Columbia, Maryland. Keskin Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17696) on August 1, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $50,000 and $100,000. The Debtor is represented by Michael Patrick Coyle, Esq. at The Coyle Law Group, LLC. KIRKBRIDE LAND: Court Extends Cash Collateral Access to Oct. 31 --------------------------------------------------------------- Kirkbride Land and Snow Management, LLC received another extension from the U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division, to use cash collateral. The court issued an agreed order authorizing the Debtor to use cash collateral for the period from September 13 to October 31 to pay the expenses set forth in its budget. The Debtor may also use funds for adequate protection payments, lease obligations, and other court-approved purposes. Extensions may be agreed upon by the Debtor, Kemba Financial Credit Union, and the U.S. trustee but changes in terms would require proper notice and court approval. Secured creditors Kemba Financial Credit Union and the U.S. Small Business Administration will be provided with adequate protection in the form of security interests, with the same priority as their pre-bankruptcy security interests. In addition, Kemba Financial Credit Union will receive payment of $10,000 by October 15 while retaining its existing liens as further protection. Meanwhile, the SBA's lien rights are preserved but no further adequate protection payments will be made to the agency during the extended period due to its subordination agreement with Kemba Financial Credit Union. Events of default under the order include failure to make payments to Kemba Financial Credit Union; exceeding budget limits by more than 10%; unauthorized use of funds; dismissal or conversion of the Debtor's bankruptcy case; and appointment of a trustee. Some defaults allow three days to cure after notice; others like case conversion or dismissal end cash collateral use immediately. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/fwlLF from PacerMonitor.com. Kemba Financial Credit Union is represented by: Gregory Stout, Esq. Plunkett Cooney 220 Mill Street Milford, OH 45150 Phone: 614-629-3000 Fax: 248-901-4040 gstout@plunkettcooney.com 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. 2:25-bk-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. LAMAR ADVERTISING: S&P Rates New $400MM Sr. Unsecured Notes 'BB' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '3' recovery rating to the proposed $400 million senior unsecured notes due 2033, which will be issued by Lamar Advertising Co.'s subsidiary Lamar Media Corp. The '3' recovery rating indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 55%) recovery for lenders in the event of a payment default. The company plans to use proceeds from this transaction to repay the balance on its revolving credit facility, with remaining proceeds being used to reduce the balance of its accounts receivable facility. S&P's 'BB' issuer credit rating and stable outlook on Lamar are unchanged. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- Lamar's debt capitalization comprises a $250 million priority accounts-receivables (AR) securitization program due 2027, senior secured debt (comprising a $750 million revolving credit facility [RCF] due 2028 and a $700 million term loan B due 2032), and senior unsecured debt ($600 million of 3.75% senior notes due 2028, $400 million of 4.875% senior notes due 2029, $550 million of 4% senior notes due 2030, $550 million of 3.625% senior notes due 2031, and $400 million of senior notes due 2033). The AR securitization program and RCF are not rated. Lamar Media Corp. is the borrower of the debt. -- The senior secured credit facility is secured by a perfected first-priority security interest on all of the company's tangible and intangible assets (subject to 65% of the voting stock of first-tier foreign subsidiaries and other excluded assets). The secured facility also benefits from a priority claim on the collateral. Simulated default assumptions -- S&P's simulated default scenario contemplates a default in 2030 because of a significant decline in cash flow during a prolonged economic downturn that reduces advertising spending and increases competition from alternative media. -- Other default assumptions include an 85% draw on the RCF, a 100% draw on the AR securitization facility, the spreads on the revolving credit facility and term loan increase to 5% as covenant amendments are obtained, and all debt amounts include six months of prepetition interest. -- S&P expects Lamar would be reorganized in the event of a default, given the importance of outdoor advertising to advertisers' marketing mix and the company's desirable locations in small- to mid-size markets. Simplified waterfall -- EBITDA at emergence: About $415 million -- EBITDA multiple: 7.5x -- Gross enterprise value: About $3.1 billion -- Net enterprise value after administrative expenses (5%): About $2.95 billion -- Value available for senior secured debt (after priority claims): About $2.7 billion -- Estimated senior secured debt claims: About $1.3 billion --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Value available for senior unsecured debt: About $1.4 billion -- Estimated senior unsecured debt: About $2.55 billion --Recovery expectations: 50%-70% (rounded estimate: 55%) LAREDO OIL: Fiscal Year 2025 Net Loss Widens to $3.18 Million ------------------------------------------------------------- Laredo Oil Inc. filed its Annual Report on Form 10-K with the Securities and Exchange Commission, reporting a larger net loss of $3.18 million on revenue of $9,423 for the year ended May 31, 2025, compared to a $2.87 million net loss on revenue of $36,482 a year earlier. As of May 31, 2025, the Company had total assets of $1.45 million, total liabilities of $14.02 million, and a stockholders' deficit of $12.57 million. The Company financed its operations through stock sales and debt issuances, selling 2,894,490 common shares to accredited investors in fiscal 2025 at an average price of $0.437 per share for gross proceeds of $1,265,200, including $50,000 recorded as an unissued stock subscription, with no finder's fees incurred. According to Laredo Oil, management has taken steps to sustain operations over the next year, including efforts to raise debt financing to support well development and ongoing activities, while retaining experienced personnel and requiring staff to take on broader roles to limit headcount growth. However, the Company cautioned there is no assurance these measures will succeed, or that it will achieve profitability and secure additional financing on acceptable terms. In its audit report dated Sept. 15, 2025, M&K CPAS, PLLC issued a "going concern" qualification citing that the Company has yet to achieve profitable operations, has negative cash flows from operating activities, and is dependent upon future issuances of equity or other financing to fund ongoing operations, all of which raises substantial doubt about its ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1442492/000119983525000313/lrdc-10k.htm About Laredo Oil Laredo Oil, Inc., headquartered in Austin, Texas, is an oil exploration and production company that focuses on acquiring mature oil fields and recovering stranded reserves using its proprietary underground gravity drainage technology. The Company was incorporated in Delaware in 2008 and initially pursued mineral exploration before shifting to oil recovery operations in 2009. It operates primarily in the United States, with a business strategy centered on enhanced oil recovery from proven fields. LEES EARNED: Section 341(a) Meeting of Creditors on October 21 -------------------------------------------------------------- On September 18, 2025, Lees Earned Portfolio LLC filed Chapter 11 protection in the District of Utah. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on October 21, 2025 via Chapter 11 341 Mtg Teleconference Line. About Lees Earned Portfolio LLC Lees Earned Portfolio LLC owns and manages real estate properties, including residential and non-residential assets, and leases them to tenants, operating within the real estate rental and property management sector. Lees Earned Portfolio LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-25578) on September 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented by Geoffrey L. Chesnut, Esq. at RED ROCK LEGAL SERVICES, PLLC. LIGADO NETWORKS: $7.5-Bil. Ch.11 Plan Debt-for-Equity Swap Okayed ----------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that on Monday, September 22, 2025, a Delaware bankruptcy judge approved Ligado Networks' Chapter 11 debt-for-equity swap plan, rejecting a U.S. Trustee objection that raised concerns the plan might not take effect for up to three years. About Ligado Networks Ligado Networks, formerly LightSquared, provides mobile satellite services. The Debtor's satellite and terrestrial solutions, combined with powerful, lower mid-band spectrum, serve to supplement and broaden mobile coverage across the United States and Canada. On the Web: http://www.ligado.com/ On January 5, 2025, Ligado Networks LLC and certain of its affiliates each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10006). Perella Weinberg Partners LP is serving as investment banker to Ligado, FTI Consulting, Inc. is serving as financial advisor, Milbank LLP is serving as legal counsel, and Richards, Layton & Finger P.A. is serving as co-counsel. Omni Agent Solutions LLC is the claims agent. An ad hoc group of first lien creditors is being advised by Guggenheim Securities, LLC as financial advisor, and by Sidley Austin LLP as counsel. An ad hoc group of crossholding creditors is being advised by Kirkland & Ellis LLP. LINQTO TEXAS: Hires Greenberg Traurig as Special Counsel -------------------------------------------------------- Linqto Texas, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Greenberg Traurig, LLP as special counsel on behalf of and at the sole discretion of the general committee of the board of directors of Linqto. The firm will provide these services: -- advice and assistance with respect to general corporate governance matters; -- advice regarding fiduciary duties and the execution thereof; -- advice regarding shareholder efforts to influence and direct the governance of Linqto; and -- advice and assistance with respect to other matters as the members of the General Committee may request from time to time, in each case without duplication of the services of any other estate professional. The firm will be paid at these rates: Shareholders/Of Counsel $550 to $2,500 per hour Associates $350 to $1,500 per hour Legal Assistants/Paralegals $145 to $655 per hour The firm will be paid a retainer in the amount of $200,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Consistent with Part D(1) of the Guidelines, I state as follows: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the twelve (12) months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the twelve (12) months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and reasons for the difference. Answer: From Greenberg Traurig’s engagement by Linqto on behalf of and at the sole discretion of the Ad Hoc Committee of Independent Directors, as of March 25, 2025, to the Petition Date, Greenberg Traurig has followed the hourly billing rates set forth in this Declaration and set forth in the Engagement Letter, attached to the Application as Exhibit B. Question: Has your client approved your respective budget and staffing plan, and if so, for what budget period? Answer: No budget has been requested or approved as our work will be episodic. Mr. Placenti disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Frank M. Placenti, Esq. Greenberg Traurig, LLP 2375 East Camelback Road, Suite 800 Phoenix, AZ 85016 Tel: (602) 445-800 Fax: (602) 445-8100 Email: Frank.Placenti@gtlaw.com About Linqto Texas, LLC Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90187) on July 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500 million and $1 billion. The Debtor is represented by Gabrielle A. Hamm, Esq. at Schwartz, PLLC. Breakpoint Partners LLC is the Debtor's restructuring advisor. Epiq Corporate Restructuring, LLC is the Debtor's claims agent. ThroughCo Communications, LLC is the Debtor's public relations agent. LUMEN TECHNOLOGIES: Donald Holt Named Chief Accounting Officer -------------------------------------------------------------- Lumen Technologies, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Andrea Genschaw submitted her resignation as Chief Accounting Officer and Controller, effective September 23, 2025, in order to assume a Chief Financial Officer position at another publicly-traded company. Ms. Genschaw's departure is not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. Ms. Genschaw leaves the Company with a strong accounting organization in place and the Company thanks her for her many contributions. On September 12, 2025, consistent with the Company's long-term succession plan, the Company's Board of Directors appointed Donald Holt as the Company's Chief Accounting Officer and Controller, effective on September 23, 2025. Additionally, the Board of Directors of Qwest Corporation and Level 3 Parent, LLC each appointed Mr. Holt as their respective Chief Accounting Officer and Controller, effective September 23, 2025. Mr. Holt, age 49, has served as the Company's Vice President and Assistant Controller since September 2023. He served in several other roles of increasing responsibility within the Company's finance organization, including as Senior Director, Margin Accounting from June 2021 to September 2023 and as Senior Director, Accounting and Reporting from April 2016 to May 2021. Prior to that, he served as Assistant Controller at Intrepid Potash, a U.S. producer of potash, from January 2014 to March 2016, as Controller of Cummins Rocky Mountain LLC, an engine manufacturer, from August 2012 to December 2013, as Director of SEC Reporting at Qwest Communications International Inc. from November 2008 through and following its acquisition by the Company until July 2012 and as Director of Technical Accounting at Vail Resorts, Inc., a premier mountain resort company, from August 2004 to November 2008. Mr. Holt started his career as an Auditor at Deloitte. Mr. Holt received his B.S.B. in Accounting from the University of Minnesota and is an active CPA. In connection with Mr. Holt's appointment, the Board's Human Resources and Compensation Committee has approved the following changes to Mr. Holt's compensation: * Mr. Holt's salary will increase to $350,000, effective on September 23, 2025. * Mr. Holt's target short-term incentive annual bonus target will increase to 70% of annual base salary, effective on September 23, 2025. * The target value for Mr. Holt's long-term incentive award will be increased to $425,000 per year. * Mr. Holt will receive a one-time long-term incentive cash award opportunity of $150,000, with such award to be paid out ratably on the first through third anniversaries of the Effective Date, subject to continued employment. * Mr. Holt will receive a one-time restricted stock award comprised of that number of shares of restricted stock calculated by dividing $150,000 by the 15 trading day trailing volume weighted average price of the Company's common stock ending on the trading date immediately preceding the Effective Date, which will vest in equal installments on each of the first through third anniversaries of the Effective Date, subject to continued employment. About Lumen Technologies Headquartered in Monroe, Louisiana, Lumen Technologies, Inc. -- lumen.com -- is a facilities-based technology and communications company that provides a broad array of integrated products and services to its domestic and global business customers and its domestic mass markets customers. The Company's platform empowers its customers to swiftly adjust digital programs to meet immediate demands, create efficiencies, accelerate market access, and reduce costs, which allows its customers to rapidly evolve their IT programs to address dynamic changes. As of June 30, 2025, it had $32.98 billion in total assets, $33.57 billion in total liabilities, and $595 million in total stockholders' deficit. * * * In July 2025, Fitch Ratings has placed the Long-Term Issuer Default Ratings (IDRs) of Lumen Technologies Inc., Level 3 Parent LLC, Level 3 Financing Inc., Qwest Corporation and related subsidiaries on Rating Watch Positive (RWP). The current Long-Term IDR for each rated entity is 'CCC+'. LUNAURORA LLC: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Lunaurora, LLC 2220 Laskin Road Virginia Beach VA 23454 Business Description: Lunaurora, LLC is a single-asset real estate debtor (as defined in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: September 22, 2025 Court: United States Bankruptcy Court Eastern District of Virginia Case No.: 25-72241 Debtor's Counsel: Robert S. Westermann, Esq. SPOTTS FAIN PC 411 E. Franklin Street, Suite 600 Richmond VA 23219 Tel: (804) 697-2000 Email: rwestermann@spottsfain.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Edward Ore as owner. The Debtor filed a list of its 20 largest unsecured creditors but indicating N/A. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EROXPNQ/Lunaurora_LLC__vaebke-25-72241__0001.0.pdf?mcid=tGE4TAMA MAMMOTH INC: Andrew Kight Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Region 10 appointed Andrew Kight as Subchapter V trustee for Mammoth, Inc. The Subchapter V trustee can be reached at: Andrew T. Kight 108 E. 9th Street Indianapolis, IN 46202 317-608-1130 trusteekight@jhklegal.com About Mammoth Inc. Mammoth, Inc., doing business as Mammoth Construction, provides general contracting and construction management services from its base in Anderson, Indiana. The Company focuses on projects for the automotive industry, including car washes, dealerships, service centers, gas stations, and tire shops, while also undertaking commercial renovations and build-outs. Mammoth filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-05558) on September 15, 2025, with $7,427,011 in assets and $2,063,375 in liabilities. Jason L. Marlow, CEO, signed the petition. Judge Jeffrey J. Graham presides over the case. Sarah L. Fowler, Esq., at Blackwell, Burke, Fowler and Rossow, P.C. represents the Debtor as legal counsel. MARQUIE GROUP: Reports $959,492 Net Loss for FY2025 --------------------------------------------------- The Marquie Group, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended May 31, 2025, reporting net losses of $959,492 and $165,456 in fiscal 2025 and 2024, respectively. As of May 31, 2025, the Company's primary source of liquidity consisted of $1,071 in cash and cash equivalents. "We hold most of our cash reserves in local checking accounts with local financial institutions," the Company explained. "Since inception, we have financed our operations through a combination of short and long-term loans, and through the private placement of our common stock." "We have sustained significant net losses which have resulted in an accumulated deficit at May 31, 2025 of $15,822,978 and are currently experiencing a substantial shortfall in operating capital which raises doubt about our ability to continue as a going concern. We generated a net loss for the year ended May 31, 2025 of $959,492. Without additional revenues, working capital loans, or equity investment, there is substantial doubt as to our ability to continue operations." "We believe these conditions have resulted from the inherent risks associated with small public companies. Such risks include, but are not limited to, the ability to: (i) generate revenues and sales of our products and services at levels sufficient to cover our costs and provide a return for investors, (ii) attract additional capital in order to finance growth, (iii) successfully compete with other comparable companies having financial, production and marketing resources significantly greater than those of the Company, and (iv) increasing costs associated with maintaining public company reporting requirements. "We believe that our capital resources are insufficient for ongoing operations, with minimal current cash reserves, particularly given the resources necessary to expand our multi-media entertainment business. We will likely require considerable amounts of financing to make any significant advancement in our business strategy. There is presently no agreement in place that will guarantee financing for our Company, and we cannot assure you that we will be able to raise any additional funds, or that such funds will be available on acceptable terms. Funds raised through future equity financing will likely be substantially dilutive to current shareholders. Lack of additional funds will materially affect our Company and our business and may cause us to substantially curtail or even cease operations. Consequently, you could incur a loss of your entire investment in the Company." As of May 31, 2025, the Company had total assets of $6,247,926, $5,762,299 in total liabilities, and $485,627 in total shareholders' equity. Lagos, Nigeria-based Olayinka Oyebola & Co., the Company's auditor since 2022, issued a "going concern" qualification in its report dated Aug. 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2025, citing that the Company suffered an accumulated deficit of $(14,863,486), net loss of $(165,456). These matters raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/rwf6czhp About Marquie Group Inc. The Marquie Group, Inc. -- www.themarquiegroup.com -- is an emerging direct-to-consumer firm specializing in marketing, product development, and media, with a focus on a dynamic radio and digital network. The Company crafts and promotes top-tier health and beauty solutions that enrich lives, showcased through engaging radio content for its audience. MAX US BIDCO: S&P Downgrades ICR to 'B-', Outlook Negative ---------------------------------------------------------- S&P Global Ratings lowered its rating on U.S.-based Max US Bidco Inc. (dba Alphia) to 'B-' from 'B'. The outlook is negative. Concurrently, we lowered our rating on the company's first-lien credit facilities to 'B-' from 'B'. The recovery rating on this debt remains '3', reflecting our expectation for meaningful recovery (50%-70%; rounded estimate 55%) in the event of default. The negative outlook reflects the possibility we could lower our ratings on Alphia over the next 12 months if its profitability and credit metrics weaken and its capital structure becomes unsustainable. Alphia reported weaker-than-expected profitability and S&P Global Ratings-adjusted leverage of about 8x for the 12 months ended June 30, 2025, due to lower demand from its branded customers and operating inefficiencies in the ramp up of new business. S&P forecasts the company will sustain leverage above our 7x downgrade threshold for its 'B' rating over the next 12 months. The downgrade and negative outlook reflect Alphia's weaker-than-expected profitability and credit measures, which S&P expects will remain pressured over the coming year. The company reported roughly flat year-over-year sales in the second quarter of fiscal 2025 as a significant increase in volume from new value and private-label business was offset by lower demand from premium and super premium branded customers (which are more profitable for Alphia). Moreover, the company experienced operating inefficiencies as it ramped up new business volumes and incurred a large amount of one-time costs related to consulting, acquisitions, the discontinuation of certain customer operations, reorganization, and other nonrecurring actions. S&P expects continued cautious consumer spending on premium and super premium branded pet food over the near term because of macroeconomic uncertainty, the cumulative effect of inflation over the last few years that has tightened household budgets, and a softer labor market. Alphia has limited exposure to tariffs on its imported ingredients and its cost pass-through arrangements largely mitigate direct impacts. However, its customers' decisions to raise prices, reformulate products, or delay the timing of product launches could have an impact on its volumes. Further, stressed consumers may accelerate trade down from premium products if higher U.S. tariffs on imports accelerate broad inflationary pressures. S&P said, "While we forecast the company's profitability will gradually improve over the next year due to the integration of its recently acquired facility in Texas, manufacturing optimization and cost saving initiatives, we project its S&P Global Ratings-adjusted leverage and its EBITDA to cash interest coverage will remain weak through fiscal 2026 at about 7.1x and 1.5x, respectively." Furthermore, there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses—specifically with regard to tariffs—and the potential effect on economies, supply chains, and credit conditions. As a result, S&P's baseline forecasts carry a significant amount of uncertainty, magnified by ongoing regional geopolitical conflicts S&P said, "We forecast Alphia will generate positive free operating cash flow (FOCF) and maintain adequate liquidity over the next 12 months. While we expect Alphia's FOCF will decrease in 2025 compared with 2024 due to lower branded customer demand, capacity investments, and one-time costs, our base-case forecast assumes it will sustain positive FOCF generation. "Despite higher inventory levels to support new business, we expect Alphia's working capital use will decrease because of the company's efforts to improve its inventory management and cash conversion cycle. We anticipate cost saving initiatives and lower capital investments will drive higher FOCF generation in 2026. As of June 30, 2025, we believe Alphia has an adequate liquidity cushion, comprising cash on hand and revolver availability totaling about $77 million. Nonetheless, its liquidity position could deteriorate if demand for its customers' premium and super premium products weakens further, or new business ramp up requires significant incremental investments. "We expect Alphia to prioritize operational improvements to increase profitability and cash flow. Alphia announced a CEO transition process following David McLain's retirement as CEO. Board member Miguel Nistal will serve as interim CEO while the company explores a longer-term management solution. McLain will remain on the company's Board of Directors as an advisor, which we believe will facilitate a smooth transition. Additionally, Alphia appointed Will McDade as CFO. We believe Alphia will prioritize optimizing its manufacturing network and production efficiency, improving its working capital management, execution of its pipeline of new business, and building out capacity and integrating its recently acquired facility in Texas. "The negative outlook reflects the possibility we could lower our ratings on Alphia over the next 12 months if its profitability and credit metrics weaken such that we view its capital structure as unsustainable. "We could lower our ratings if we expect Alphia will sustain EBITDA to cash interest coverage below 1.5x or suppressed FOCF that is insufficient to meet its debt service requirements." This could occur if the company: -- Cannot improve profitability due to weak consumer demand or market share losses; -- Suffers operating disruptions, downtime, product recalls, or other issues that cause earnings and cash flow to deteriorate; or -- Adopts more aggressive financial policies, including funding large, debt-financed acquisitions or dividends. S&P could revise its outlook to stable if the company restores EBITDA to cash interest coverage above 1.5x and sustains positive FOCF. This could occur if Alphia: -- Successfully ramps up new business and volumes at its new Texas production facility, leading to sustained organic revenue and earnings growth; -- Realizes cost savings from its ongoing continuous improvement projects; and -- Does not require significant incremental investments for its network optimization initiatives, capacity expansion, or new business ramp up. MCGLOTHLIN INVESTMENTS: Sec. 341(a) Meeting of Creditors on Oct. 22 ------------------------------------------------------------------- On September 17, 2025, McGlothlin Investments LLC filed Chapter 11 protection in the Western District of Virginia. 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. Meeting of Creditors 341(a) meeting to be held on 10/22/2025 at 02:00 PM via crmtg Ch 11: By telephone. Dial 1-888-330-1716, Passcode 7310927. About McGlothlin Investments LLC McGlothlin Investments LLC is a Virginia-based company engaged in real estate ownership, development, and property management. McGlothlin Investments LLCsought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case No. 25-70840) on September 17, 2025. In its petition, the Debtor reports estimated estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Paul M. Black handles the case. The Debtor is represented by Richard D Scott, Esq. of LAW OFFICE OF RICHARD D SCOTT PC. METROPOLITAN LIGHTING: Hires Richard G. Hall, Esq. as Attorney -------------------------------------------------------------- Metropolitan Lighting Co., Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Richard G. Hall, Esq., a professional practicing law in Virginia, as attorney. Richard G. Hall, Esq. will provide these services: a. advise and consult with the debtor concerning questions arising in the conduct of the administration of the estate and concerning the debtor's rights and remedies with regard to the estate's assets and the claims of secured, preferred and unsecured creditors and other parties in interest; b. appear for, prosecute, defend and represent the debtor's interest in suits arising in or related to this case; c. investigate and prosecute preference and other actions arising under the debtor's avoiding powers; d. assist in the preparation of such pleadings, Motions, Notices and Orders as are required for the orderly administration of this estate; and to consult with and advise the debtor in connection with the operation of the business of the Debtor; and e. prepare and file a Plan and a Disclosure Statement, and to obtain the confirmation and completion of a Plan of reorganization, and to prepare a Final Report and a Final Accounting. Mr. Hall will be paid at these rates: Richard G. Hall $600 per hour Para-Professionals $250 per hour He will also be reimbursed for reasonable out-of-pocket expenses incurred. Richard G. Hall, Esq., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Richard G. Hall, Esq. RICHARD HALL 601 King Street Suite 301 Alexandria, VA 22314 Tel: (703) 256-7159 E-mail: richard.hall33@verizon.net About Metropolitan Lighting Co., Inc. Metropolitan Lighting Co. Inc. is a lighting design firm that provides planning, design, and custom fixture development for a range of environments. The Company works with owners, architects, and contractors to create lighting systems for offices, restaurants, hotels, retail spaces, residences, and churches, and also offers fixture preservation and restoration services. Its expertise spans from pre-construction budgeting to the rejuvenation of existing fixtures, with a portfolio that includes both commercial and residential projects. Metropolitan Lighting Co. Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-11857) on September 8, 2025. In its petition, the Debtor reports total assets of $319,919 and total liabilities of $1,099,100. The Debtor is represented by Richard G. Hall, Esq. at RICHARD HALL. MEYER BURGER: Court Approves Sale of Solar Biz for $18.5-Mil. ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware has permitted Meyer Burger (Holding) Corp. to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Meyer Burger brand has been at the forefront of solar technology for more than twenty-five years. Although the Meyer Burger brand has long been a household name for excellence in the solar industry, in the past few years, non-Debtor, Meyer Burger Technology AG, has faced a confluence of financial and operational setbacks due to, among other things, the inundation of the global market with low-priced Chinese products and debilitating trade restrictions. This product oversupply paired with trade restrictions led to market distortion within the global solar industry, and these pains were especially felt by Meyer Burger in Europe. In light of these macro-economic headwinds, MBT AG decided to expand the business outside of Europe and enter into the solar market in the U.S. The details of the Assets and the Asset Purchase Agreement between the Debtor and Buyer can be found at: https://urlcurt.com/u?l=v2MNJE The Court has authorized the Debtor to sell the Property to Meyer Burger (Americas) Ltd., a Delaware corporation, as the Successful Bidder for the purchase price of $18,500,000. The Court determined that the sales process engaged in by the Debtors was conducted in accordance with the Bidding Procedures and the Bidding Procedures Order, and the negotiation of the Purchase Agreement was at arm’s length, non-collusive, in good faith, and substantively and procedurally fair to all parties in interest. The Court held that the Successful Bidder is purchasing the Purchased Assets in good faith and is a good faith buyer for value within the meaning of 363(m) of the Bankruptcy Code. The Debtors and their professionals have, under the circumstances, adequately and appropriately marketed the Assets in compliance in all respects with the Bidding Procedures and the Bidding Procedures Order. The Debtors have full corporate power and authority to execute and deliver the Purchase Agreement and all other documents contemplated thereby, and no further consents or approvals are required for the Debtors to consummate the transactions contemplated by the Purchase Agreement, except as otherwise set forth in the Purchase Agreement. About Meyer Burger (Holding) Corp. Meyer Burger (Holding) Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-11217) on June 25, 2025. At the time of the filing, Debtor had estimated assets of between $100 million to $500 million and liabilities of between $500 million to $1 billion. Judge Craig T. Goldblatt oversees the case. Richards, Layton & Finger, P.A. is Debtor's legal counsel. MONTE MARTIN: Case Summary & Eight Unsecured Creditors ------------------------------------------------------ Debtor: Monte Martin, Inc. f/d/b/a Martin & Martin Design Services, LLC f/d/b/a Martin & Martin Design Electrical LLC f/d/b/a Martin & Martin Design Fine Art Services, LLC f/d/b/a Martin & Martin Design Exhibition Design LLC 2819 Anode Lane Dallas, TX 75220 Business Description: Monte Martin Inc., based in Dallas, Texas, provides fine art services, exhibit design and fabrication, lighting design, and electrical contracting through its headquarters at 2819 Anode Lane. The Company serves a diverse clientele including galleries, museums, institutions, restaurants, retail establishments, hotels, and private collectors, integrating art and lighting in its projects. Chapter 11 Petition Date: September 22, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-33677 Judge: Hon. Michelle V Larson Debtor's Counsel: David Shuster, Esq. SHUSTER LAW, PLLC 118 Lynn Avenue, Suite 204 Lewisville, TX 75057 Email: david@shusterlawfirm.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Tamera L. Wood-Martin as co-owner. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/T5PJVXQ/Monte_Martin_Inc__txnbke-25-33677__0001.0.pdf?mcid=tGE4TAMA MY SIZE: Closes $440K Acquisition of Swiss Company ShoeSize.Me AG ----------------------------------------------------------------- My Size, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a Share Sale and Purchase Agreement with certain sellers, who are the holders of 100% of the share capital of ShoeSize.Me AG, a Swiss company, pursuant to which the Sellers agreed to sell to the Company all of the issued and outstanding shares of ShoeSize.Me. The Transaction closed on September 8, 2025. In consideration for the purchase of the shares of ShoeSize.Me and in accordance with the Purchase Agreement, the Sellers received: (i) a cash payment of $150,000 and (ii) 241,093 shares of the Company's common stock having an aggregate value of $290,000, determined by dividing $290,000 by the average closing price of the Company's common stock during the seven trading days immediately preceding the Closing Date. In addition, pursuant to the Purchase Agreement, the Company issued to a key employee of ShoeSize.Me a warrant to purchase up to 28,000 Shares (such Shares underlying the Warrant, the "Warrant Shares"). The Warrant provides for a tiered exercise structure, with: (i) 10,000 Warrant Shares exercisable at $2.00 per Warrant Share, (ii) 6,000 Warrant Shares exercisable at $3.00 per Warrant Share, (iii) 5,000 Warrant Shares exercisable at $4.00 per Warrant Share, (iv) 4,000 Warrant Shares exercisable at $5.00 per Warrant Share, and (v) 3,000 Warrant Shares exercisable at $6.00 per Warrant Share. The Warrant is subject to vesting upon satisfaction of certain service-based, financial performance and integration milestones, as follows: * Continuing Service Milestone: 50% of the Warrant shall vest and become exercisable on the 12-month anniversary of the issuance date of the Warrant, provided that the Warrant holder shall have been continuously providing services to the Company through such 12-month anniversary. * Financial Result Milestone: The vesting of up to 25% of the Warrant is contingent on ShoeSize.Me's gross revenue for the 12-month period following the closing date (beginning September 1, 2025) compared to the 12-month period ended August 31, 2025 (the prior-year revenue) as follows: (i) the entire 25% of the Warrant shall vest and become exercisable if ShoeSize.Me's post-closing revenue is equal to or greater than 95% of the prior-year revenue, (ii) 12.5% of the Warrant (or 50% of the portion the Warrant subject to the vesting terms in connection with Financial Result Milestone) shall vest and become exercisable if ShoeSize.Me's post-closing revenue is equal to or greater than 80% but less than 95% of the prior-year revenue; and (iii) no portion of the Warrant subject to the vesting terms in connection with Financial Result Milestone shall vest if ShoeSize.Me's post-closing revenue is less than 80% of the prior-year revenue. * Integration Milestone: The vesting of 25% of the Warrant is contingent on the completion of the full integration (as determined by the Company at its reasonable discretion) of ShoeSize.Me into the Company's wholly-owned subsidiary, Naiz Bespoke Technologies, S.L., by March 31, 2026. In connection with the Purchase Agreement, certain Sellers (the "Major Shareholders") entered into: (i) a voting agreement with the Company, and (ii) customary six-month lock up agreements with the Company. The Voting Agreement provides that the voting of any Shares held by the Major Shareholders will be exercised exclusively by a proxy designated by the Company's board of directors from time to time (the "Proxy") and that each Major Shareholder will irrevocably designate and appoint the then-current Proxy as its sole and exclusive attorney-in-fact and proxy to vote and exercise all voting right with respect to the Shares held by each Major Shareholder. The Voting Agreement also provides that, if the voting power held by the Proxy, taking into account the proxies granted by the Major Shareholders and the Shares owned by the Proxy, represents 20% or more of the voting power of the Company's stockholders that will vote on an item (the "Voting Power"), then the Proxy shall vote such number of Shares in excess of 19.9% of the Voting Power in the same proportion as the Shares that are voted by the Company's other stockholders. The Voting Agreement will terminate on the earliest to occur of (i) such time that such Major Shareholder no longer owns any shares of the Company's common stock, (ii) the sale of all or substantially all of the assets of the Company or the consolidation or merger of the Company with or into any other business entity pursuant to which stockholders of the Company prior to such consolidation or merger hold less than 50% of the voting equity of the surviving or resulting entity, (iii) the liquidation, dissolution or winding up of the business operations of the Company, and (iv) the filing or consent to filing of any bankruptcy, insolvency or reorganization case or proceeding involving the Company or otherwise seeking any relief under any laws relating to relief from debts or protection of debtors. The Purchase Agreement and Voting Agreement contain customary representations, warranties, indemnification and other provisions customary for transactions of this nature. In addition, the Major Shareholders will be subject to non-competition and non-solicitation provisions pursuant to which they agree not to engage in competitive activities with respect to the Company's business. The Purchase Agreement, the Warrant, the Voting Agreement and the Lock-Up Agreement are referred to herein as the "Transaction Documents." The foregoing descriptions of the Transaction Documents do not purport to be complete and are qualified in their entirety by reference to the full text of such agreements, copies of which are filed as exhibits to the Current Report on Form 8-K available on https://tinyurl.com/4unxdwma About MySize, Inc. Airport City, Israel-based My Size, Inc. (NASDAQ: MYSZ) -- http://www.mysizeid.com/-- is an omnichannel e-commerce platform and provider of AI-driven measurement solutions that drive revenue growth and reduce costs for online retailers while generating big ata and machine learning analytics. Tel Aviv, Israel-based Somekh Chaikin, the Company's auditor since 2017, issued a "going concern" qualification in its report dated Mar. 27, 2025, citing that the Company has incurred significant losses and negative cash flows from operations and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $10.1 million in total assets, $3.2 million in total liabilities, and a total stockholders' equity of $6.9 million. NATIONAL BUILDERS: Taps Strassberger McKenna as Litigation Counsel ------------------------------------------------------------------ National Builders & Acceptance Corporation seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Strassberger McKenna Gutnick & Gefsky as special litigation counsel. The firm will represent the Debtor in the appeals filed against South Side Sin City, Inc., a commercial tenant of property owned by the Debtor at 219-223 Atwood Street, Pittsburgh, Pennsylvania 15213. The current rates charged by Strassberger McKenn are: Jordan L. Strassburger $450 per hour Other Attorneys $250 to $495 per hour Paralegals $190 to $250 per hour Jordan Strassburger, Esq., a shareholder at Strassberger McKenna Gutnick & Gefsky, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jordan L. Strassburger, Esq. Strassberger McKenna Gutnick & Gefsky Four Gateway Center, 444 Liberty Ave # 2200 Pittsburgh, PA 15222 Phone: (412) 281-5423 About National Builders & Acceptance Corporation National Builders & Acceptance Corporation filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Penn. Case No. 25-22277) on August 28, 2025, listing $1,000,001 to $10 million in both assets and liabilities. Ryan J Cooney, Esq. at Cooney Law Offices LLC represents the Debtor as counsel. NELSON DEVELOPMENTS: Hires Deschenes & Associates as Attorney ------------------------------------------------------------- Nelson Developments Inc. seeks approval from the U.S. Bankruptcy Court for the District of Montana to hire Deschenes & Associates Law Offices to handle its Chapter 11 case. The firm will be paid at these rates: Gary S. Deschenes $450 per hour Zach B. Duhon $250 per hour Lisa Peck, paralegals $175 per hour Bryanna J. Richards $155 per hour Harry Wright $155 per hour Grae Gould $155 per hour The firm received a general retainer of $16,934.50 from Hu Beaver Builder. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Gary S. Deschenes, Esq., a partner at Deschenes & Associates Law Offices, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Gary S. Deschenes, Esq. Zach B. Duhon, Esq. Deschenes & Associates Law Offices 309 First Avenue North P.O. Box 3466 Great Falls MT 59403-3466 Tel: (406) 761-6112 E-mail: gsd@dalawmt.com Da@dalawmt.com About Nelson Developments Inc. Nelson Developments Inc. develops and manages real estate projects in Montana, concentrating on property development and investment activities. Nelson Developments Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mon. Case No. 25-90164) on August 27, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. The Debtor is represented by Gary S. Deschenes, Esq. at DESCHENES & ASSOCIATES LAW OFFICES. NETCAPITAL INC: Delays 10-Q Filing to Complete Financial Review --------------------------------------------------------------- Netcapital Inc. filed a Notification of Late Filing on Form 12b-25 with the U.S. Securities and Exchange Commission, informing that it is unable to file its Quarterly Report on Form 10-Q for the quarter ended July 31, 2025 within the prescribed time period because the Company required additional time to prepare and complete the review of its quarterly financial statements for the quarter ended July 31, 2025 to be filed with the 2025 Form 10-Q. The Company expects to file the 2025 Form 10-Q within the 5-day extension period afforded by Rule 12b-25 under the Securities Exchange Act of 1934, as amended. About Netcapital Inc. Headquartered in Boston, Mass., Netcapital Inc. -- www.netcapital.com -- is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company's consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company's funding portal, Netcapital Funding Portal, Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities association. As of July 31, 2025, the Company had total assets of $21 million, $6 million in total liabilities, and $15 million in total shareholders' equity. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated August 12, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2025, citing that the Company has a negative working capital, operating losses, and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. NETCAPITAL INC: Shareholders Re-Elect 5 Directors at Annual Meeting ------------------------------------------------------------------- Netcapital Inc. held its annual meeting of shareholders for the purpose of holding a shareholder vote on six proposals. A total of 2,696,702 shares of the Company's common stock constituting a quorum, were represented in person or by valid proxies at the Annual Meeting, or approximately 88%, out of 3,040,380 shares of the Company's common stock outstanding as of the July 3, 2025 record date. At the Annual Meeting, the Company's shareholders: (i) re-elected by a plurality of the votes represented at the Annual Meeting, each of Martin Kay, Cecilia Lenk, Avi Liss, Steven Geary and Arnold Scott as members of the Company's board of directors to serve until the 2026 annual meeting of shareholders or until their respective successors have been duly elected and qualified, or until such director's earlier resignation, removal or death; (ii) did not ratify the appointment of Fruci & Associates II, PLLC as the Company's independent registered public accounting firm for the fiscal year ending April 30, 2026; The proposal to ratify Fruci as the Company's independent registered public accounting firm for the year ended April 30, 2026, shareholder ratification of the Company's independent registered public accounting firm is not required by law. (iii) did not approve the non-binding advisory vote on the resolution approving named executive officer compensation; (iv) did not approve the First Amendment and the Second Amendment to the Netcapital Inc. 2023 Omnibus Equity Incentive Plan; (v) did not authorize the reincorporation of the Company from the State of Utah to the State of Nevada; and (vi) did not authorize the adjournment of the Annual Meeting if necessary or appropriate, including to solicit additional proxies in the event that there are not sufficient votes at the time of the Annual Meeting or adjournment or postponement thereof to approve any of the foregoing proposals. The final results for each of the matters submitted to a vote of shareholders at the Annual Meeting, are set forth in the Company's Definitive Proxy Statement, filed with the Securities and Exchange Commission on August 14, 2025, and set forth in the 8-K Report available at https://tinyurl.com/yc4ju533 About Netcapital Inc. Headquartered in Boston, Mass., Netcapital Inc. -- www.netcapital.com -- is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company's consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company's funding portal, Netcapital Funding Portal, Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities association. As of April 30, 2025, the Company had total assets of $21 million, $6 million in total liabilities, and $15 million in total shareholders' equity. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated August 12, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2025, citing that the Company has a negative working capital, operating losses, and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. NINJA MOUNTAIN: Gets Final OK to Use Cash Collateral Until Jan. 31 ------------------------------------------------------------------ Ninja Mountain Bike Performance, LLC received final approval from the U.S. Bankruptcy Court for the District of Oregon to use cash collateral through January 31, 2026. The final order authorized the Debtor to use up to $1,486,030 in cash collateral ($271,470 for the period from July 13 to August 23, and $1,214,560 for the period from September 1 to January 31, 2026) in accordance with its five-month budget. Variances of up to 15% for small items under $2,000 and 12.5% for other line items are permitted. Several creditors hold potential liens on the Debtor's assets, including the U.S. Small Business Administration, First Interstate Bank, Stripe Capital (Celtic Bank), OnDeck, LG Funding, Oakwood Business Funding, PayPal (WebBank), Goldman Sachs Bank USA, and others through UCC-1 filings. As adequate protection, these lienholders will be granted a replacement lien on all property currently owned or to be acquired by the Debtor except avoidance or recovery actions under Chapter 5 of the Bankruptcy Code. In addition, the Debtor was ordered to make monthly payments of $1,119 to SBA starting this month and certain lease cure payments as further protection. The Debtor must also make monthly "trust deposits" with the Subchapter V trustee -- $1,000 in September and October, and $7,000 in November. The authority to use cash collateral runs through January 31, 2026, unless terminated earlier due to violations of the final order, case conversion or dismissal, or trustee appointment. The final order preserves all parties' rights to dispute lien validity and does not permit payment of pre-petition or Section 503(b)(9) claims without further court approval. About Ninja Mountain Bike Performance Ninja Mountain Bike Performance, LLC provides mountain bike skills clinics and camps across the United States. It offers training programs for riders of all levels, taught by certified instructors, and sells related products including portable jump ramps, protective gear, and apparel. It supports riders in building confidence and improving skills through progressive instruction and nationwide events. Ninja Mountain Bike Performance sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-61937) on July 10, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Thomas M. Renn handles the case. The Debtor is represented by Keith Y. Boyd, Esq., at Keith Y. Boyd, P.C. NORTH AMERICAN: Hires Whitsell and Company as Accountant -------------------------------------------------------- North American Sealing Solutions, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Whitsell and Company, P.C. as accountant. The firm will assist the Debtor with preparation of its federal and state income tax returns for the year ended December 31, 2024, and to review associated accounting entries and propose corrective entries as necessary. The firm will be paid at these rates: Partner $315 per hour Supervisors and Managers $110 to $215 per hour Staff and Senior Accountants $45 to $110 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, the firm will seek reimbursement for its out-of-pocket expenses. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Whitsell and Company, P.C. 1275 E. Road to Six Flags Suite 100 Arlington, TX 76011 Tel: (817) 461-0041 Fax: (817) 795-0025 About North American Sealing Solutions, LLC North American Sealing Solutions, LLC is a manufacturer based in Fort Worth, Texas, specializing in sealing products and machined components for industries like oil and gas. Founded in 2010 by Tom Oswald, the Company produces items such as O-rings, seals, rubber products, and rebuild kits. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41374) on April 18, 2025. In the petition signed by Thomas Oswald, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Edward L. Morris oversees the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, represents the Debtor as bankruptcy counsel. NORTHERN OIL: S&P Rates New $725MM Senior Unsecured Notes 'B+' -------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating and '4' recovery rating to Minnesota-based oil and gas exploration and production (E&P) company Northern Oil and Gas Inc.'s proposed $725 million senior unsecured notes due 2033. The '4' recovery rating indicates its expectation for average (30%-50%; rounded estimate: 45%) recovery of principal to creditors in the event of a payment default. The notes will rank pari passu with the company's existing 8.125% senior unsecured notes due 2028, 8.75% senior unsecured notes 2031, and 3.625% convertible senior notes due 2029. Northern intends to use the net proceeds from this offering to fund the tender offer for its outstanding $705.1 million 8.125% senior unsecured notes due 2028, as well as to pay related interest, premiums, fees, and expenses. The company plans to use any remaining cash for general corporate purposes, including to partially repay the outstanding borrowings under its reserve-based lending (RBL) credit facility. As of June 30, 2025, Northern had $480 million outstanding on its $1.6 billion revolving credit facility. The leverage-neutral transaction does not affect our view of the company's credit risk, though it will improve the weighted-average maturity of its capital structure. Therefore, all our existing ratings on Northern are unchanged. Issue Ratings--Recovery Analysis Key analytical factors -- S&P's simulated default scenario assumes a period of sustained low commodity prices consistent with the conditions of past defaults in this sector. -- S&P bases its valuation of Northern's reserves on a company-provided PV-10 report as of Dec. 31, 2024, using our recovery price deck assumptions of $50/barrel for West Texas Intermediate crude oil and $2.50 per million Btus for Henry Hub natural gas. -- S&P's recovery analysis incorporates the company's $1.6 billion RBL maturing in June 2027, which it assumes is fully drawn under its default scenario. Simulated default assumptions -- Simulated year of default: 2029 -- Jurisdiction (Rank A): The company is headquartered in the U.S. and all its revenue and assets are located domestically. -- S&P adjusted its gross enterprise value (EV) to account for restructuring administrative costs (estimated at about 5% of gross value). Simplified waterfall -- Net EV (after 5% administrative costs): $2.57 billion -- Total first-lien debt: $1.66 billion --Recovery expectations: Not applicable -- Total value available to unsecured claims: $909 million -- Total senior unsecured debt: $1.99 billion --Recovery expectations: 30%-50% (rounded estimate: 45%) Note: All debt amounts include six months of prepetition interest. NORTHPOLE US: Flat Rock Virtually Writes Off $1.8MM 1L Loan ----------------------------------------------------------- Flat Rock Core Income Fund has marked its $1,837,500 loan extended to NorthPole US, LLC to market at $91,875 or 5% of the outstanding amount, according to Flat Rock's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. Flat Rock is a participant in a First Lien Senior Secured Term Loan to NorthPole US, LLC. The loan accrues interest at a rate of 3M US SOFR + 660 bps per annum. The loan matures on March 3, 2025. "Interest expense relates to the Fund’s Credit Facility and includes amortization of debt issuance costs as well as dividends on mandatorily redeemable preferred stock," said the company. "The ratio of expenses to average net assets including fee waivers includes $189,344 in voluntary advisory fee waivers representing (0.07)%. This voluntary waiver is not subject to recoupment. Weighted averages are calculated based on fair value of investments," said the company. Flat Rock Core Income Fund is registered under the Investment Company Act of 1940, as a diversified, closed-end management investment company. The shares of beneficial interest of the Fund are continuously offered under Rule 415 under the Securities Act of 1933, as amended. The Fund operates as an interval fund pursuant to Rule 23c-3 under the 1940 Act, and has adopted a fundamental policy to conduct quarterly repurchase offers at net asset value. The Fund's investment objective is the preservation of capital while generating current income from its debt investments and seeking to maximize the portfolio's total return. Flat Rock is led by Robert K. Grunewald as President and Chief Executive Officer and Ryan Ripp as Chief Financial Officer. The Fund can be reach through: Robert K. Grunewald Flat Rock Core Income Fund 1209 Orange Street Wilmington, DE 19801 Telephone: (307) 500-5200 About NorthPole US, LLC North Pole US LLC was founded in 2003. The Company's line of business includes the wholesale distribution of sporting and recreation goods. NV HOMESTEAD: S&P Affirms 'B+(sf)' Rating on 2018A Revenue Bonds ---------------------------------------------------------------- S&P Global Ratings revised its outlook to stable from positive and affirmed its 'B+(sf)' rating on Capital Trust Agency, Fla.'s series 2018A multifamily housing revenue bonds (Coral Gardens Apartments project), issued on behalf of the borrower, NV Homestead Apartments LP. S&P said, "The outlook revision reflects a lower debt service coverage (DSC) ratio in the most recent fiscal year, and while we expect coverage to rebound somewhat in 2025, we believe other credit weaknesses will limit the rating to the 'b' category during the outlook horizon. "We have analyzed the project's environmental, social, and governance factors relative to coverage and liquidity, management and governance, and market position. We consider the obligor's risk management as a negative influence in our credit rating analysis for the project, given management's poor oversight, weak track record, and lack of policies and strategic plans leaving the project vulnerable to financial and operational volatility. Physical risk is also a negative influence in our analysis because of the property's vulnerability to severe weather events--including hurricanes, flooding, and extreme heat--given the property's location 40 miles south of Miami, and the subsequent influence on the project's financial performance. The property has insurance coverage, but even so, physical damage to the units could result in additional expenses and weaken financial results. Insurance costs have increased substantially during the last few years, reducing debt service coverage ratios. If the property loses its ability to access property and casualty insurance, we could take a negative rating action. Finally, we view social factors as neutral in our credit analysis. "The stable outlook reflects our expectation that DSC is likely to remain over 1.0x in the near term, with net cash flow fully supporting operations and debt service, based on strong occupancy rates. "We could lower the rating if the project's financial position is unable to sustain DSC above 1x. An unexpected drop in occupancy, severe damage from a weather event that weakens financial results, or missteps by management in the operations and budgeting of the property could cause debt service coverage to fall below our current expectations. "If net cash flows of the property can consistently support very strong coverage, along with sustained strong occupancy, a continuation of positive scores in future HUD property inspections, and strengthening of management and governance, we could raise the rating." OASIS INTERIORS: Hires Tang & Associates as Bankruptcy Counsel -------------------------------------------------------------- Oasis Interiors, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Tang & Associates as bankruptcy counsel. The firm will render these services: (a) advise the Debtor on matters relating to administration of the Estate, and on the Debtor's rights and remedies about the Estate's assets and the claims of secured and unsecured creditors; (b) appear for, prosecute, defend, and represent the Debtor's interest in suits arising in or related to this case, including any adversary proceedings against the Debtor; (c) assist in the preparation of such pleadings, applications, schedules, orders, and other documents as are required for the orderly administration of this Estate; and (d) represent the Debtor in any adversary proceeding to recover assets of the bankruptcy estate. The firm will be paid at these rates: Attorneys $500 per hour Paralegals $200 per hour Prior to the filing of the bankruptcy case, the Debtor incurred legal fees amounting to $15,810. As of the petition date, the balance of the pre-petition retainer is $9,190. The source of the Debtor's $25,000 pre-petition retainer was comprised of $10,000 paid from the Debtor's general checking account and $15,000.00 advanced on the Debtor's business credit card. Mr. Tang disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kevin Tang, Esq. Tang & Associates 17011 Beach Blvd., Suite 900 Huntington Beach, CA 92647 Tel: (714) 594-7022 Fax: (714) 421-4439 Email: kevin@tang-associates.com About Oasis Interiors, Inc. Oasis Interiors, Inc., doing business as North County Blinds, is a family-owned retailer and installer of window treatments and interior soft furnishings based in Encinitas, California, serving customers across San Diego County. The Company provides in-home design consultations and installs Hunter Douglas window treatments (including Silhouette, Pirouette, Duette and Vignette lines) and also offers commercial blinds and shades, custom window cornices and custom bedding. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12223) on August 11, 2025. In the petition signed by Cesar Ivan Jimenez, managing member, the Debtor disclosed $284,776 in total assets and $2,413,292 in total liabilities. Judge Mark D. Houle oversees the case. Kevin Tang, Esq., at Tang & Associates, represents the Debtor as legal counsel. OCEAN POWER: Q1 Loss Widens to $7.4M on Higher Stock Compensation ----------------------------------------------------------------- Ocean Power Technologies Inc. reported a wider quarterly loss of $7.39 million for the three months ended July 31, 2024, compared with a $4.45 million loss a year earlier, as higher non-cash stock compensation expenses weighed on results. Revenues totaled $1.18 million for the three months ended July 31, 2025, down from $1.30 million a year earlier, mainly due to the timing of deliveries on current-year WAM-V projects compared with prior-year contracts. The Company reported total assets of $36.62 million, total liabilities of $12.43 million, and total shareholders' equity of $24.19 million as of July 31, 2025. Combined cash, unrestricted cash, cash equivalents and short-term investments as of July 31, 2025, was $10.0 million, which compares to $3.3 million at the beginning of the fiscal year. The Company's cash needs are mainly tied to working capital to support operations and growth, including funding operating expenses. It has experienced, and continues to experience, negative operating cash flows and net losses. Since the Company's inception, the cash flows from customer revenues have not been sufficient to fund its operations and provide the capital resources for its business. As of July 31, 2025, the Company's year-to-date revenues were $1.2 million, its year-to-date net losses were $7.4 million, and its year-to-date net cash used in operating activities was $5.6 million. Dr. Philipp Stratmann, OPT's president and chief executive officer, commented, "Momentum across our markets continues to accelerate, as reflected in both our record backlog and the expansion of our pipeline. Customers are increasingly turning to OPT for solutions that combine maritime autonomy, renewable power, and advanced analytics to deliver critical ocean data as a service. With demand growing and our solutions gaining recognition globally as reliable, persistent, ready and primed, we believe OPT is exceptionally well positioned to capture new opportunities and expand our leadership in autonomous, persistent, and resident maritime systems." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1378140/000149315225013473/form10-q.htm About Ocean Power Ocean Power Technologies, Inc., headquartered in Monroe Township, New Jersey, develops and provides intelligent maritime solutions for defense and security, offshore energy, and scientific research markets. The Company's offerings include PowerBuoy platforms that deliver renewable power and real-time data communications for offshore and subsea applications, as well as WAM-V autonomous surface vessels and related marine robotics services. It also maintains an office in Richmond, California. In its audit report dated July 25, 2024, EisnerAmper LLP issued a "going concern" qualification citing that the Company has recurring net losses and net cash flow used in operations that raise substantial doubt about its ability to continue as a going concern. The Company reported a net loss of $27.48 million for the year ended April 30, 2024, compared to a net loss of $26.33 million for the year ended April 30, 2023. OMNICARE LLC: Case Summary & 30 Largest Unsecured Creditors ----------------------------------------------------------- Lead Debtor: Omnicare, LLC One CVS Drive Mail Code 1160 Woonsocket, RI 02895 Business Description: The Debtors operate a network of 101 pharmacies across 44 U.S. states, providing on-site medication and pharmaceutical services to patients in more than 4,000 long-term care facilities, including skilled nursing, assisted-living, independent- living, and institutional facilities. They dispense roughly 40 million prescriptions annually to over 800,000 patients and offer clinical consulting, infusion therapy, compounding services, automated prepackaging, and proprietary decision- support software. The Debtors work with health care facility clients to deliver tailored, cost-effective medication management and enhance patient safety and regulatory compliance. Chapter 11 Petition Date: September 22, 2025 Court: United States Bankruptcy Court Northern District of Texas One hundred eleven affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Omnicare, LLC 25-80486 AMC-Tennessee, LLC 25-80487 APS Acquisition LLC 25-80488 APS-Summit Care Pharmacy, L.L.P. 25-80489 ASCO Healthcare of New England Limited Partnership 25-80491 ASCO Healthcare, LLC 25-80493 Badger Acquisition LLC 25-80494 Badger Acquisition of Kentucky LLC 25-80496 Badger Acquisition of Minnesota LLC 25-80497 Badger Acquisition of Ohio LLC 25-80499 Best Care LTC Acquisition Company LLC 25-80500 Campo's Medical Pharmacy, LLC 25-80502 Care Pharmaceutical Services, LP 25-80503 Care4, L.P. 25-80505 CCRX Holdings, LLC 25-80507 CCRX of North Carolina Holdings, LLC 25-80508 CCRX of North Carolina, LLC 25-80510 CHP Acquisition, LLC 25-80512 Compass Health Services, LLC 25-80514 Compscript, LLC 25-80516 Continuing Care RX, LLC 25-80517 CP Acquisition, LLC 25-80518 D&R Pharmaceutical Services, LLC 25-82520 Enloe Drugs LLC 25-82521 Evergreen Pharmaceutical of California, LLC 25-80523 Evergreen Pharmaceutical, LLC 25-80525 Geneva Woods Health Services, LLC 25-80548 Geneva Woods LTC Pharmacy, LLC 25-80550 Geneva Woods Pharmacy Alaska, LLC 25-80551 Geneva Woods Pharmacy Washington, LLC 25-80530 Geneva Woods Pharmacy Wyoming, LLC 25-80532 Geneva Woods Pharmacy, LLC 25-80533 Geneva Woods Retail Pharmacy, LLC 25-80535 Grandview Healthcare, LLC 25-80537 Grandview Pharmacy, LLC 25-80553 Home Care Pharmacy, LLC 25-80539 Home Pharmacy Services, LLC 25-80540 Institutional Health Care Services, LLC 25-80542 Interlock Pharmacy Systems, LLC 25-80543 JHC Acquisition LLC 25-80546 Langsam Health Services, LLC 25-80555 LCPS Acquisition LLC 25-80557 Lobos Acquisition, LLC 25-80558 Lo-Med Prescription Services, LLC 25-80559 Main Street Pharmacy, L.L.C. 25-80560 Managed Healthcare, LLC 25-80561 Martin Health Services, LLC 25-80562 Med World Acquisition, LLC 25-80565 Medical Arts Health Care, LLC 25-80570 Merwin IV & Specialty Pharmacy, LLC 25-80572 Merwin Long Term Care, LLC 25-80574 Merwin Rx-Compounding Pharmacy, LLC 25-80576 MHHP Acquisition Company LLC 25-80578 NCS Healthcare of Illinois, LLC 25-80580 NCS Healthcare of Iowa, LLC 25-80581 NCS Healthcare of Kansas, LLC 25-80584 NCS Healthcare of Kentucky, LLC 25-80490 NCS Healthcare of Montana, LLC 25-80492 NCS Healthcare of New Mexico, LLC 25-80495 NCS Healthcare of Ohio, LLC 25-80498 NCS Healthcare of South Carolina, LLC 25-80501 NCS Healthcare of Tennessee, LLC 25-80504 NCS Healthcare of Wisconsin, LLC 25-80506 Neighborcare of Indiana, LLC 25-80509 Neighborcare of New Hampshire, L.L.C. 25-80511 Neighborcare of Virginia, LLC 25-80513 Neighborcare Pharmacies, LLC 25-80515 Neighborcare Pharmacy of Virginia, LLC 25-80519 Neighborcare Pharmacy Services, LLC 25-80522 NIV Acquisition, LLC 25-80524 North Shore Pharmacy Services LLC 25-80526 OCR Services, LLC 25-80527 Omnicare Indiana Partnership Holding Company LLC 25-80528 Omnicare of Nevada, LLC 25-80529 Omnicare of New York, LLC 25-80531 Omnicare Pharmacies of Pennsylvania West LLC 25-80534 Omnicare Pharmacies of The Great Plains Holding Company, LLC 25-80536 Omnicare Pharmacy and Supply Services LLC 25-80538 Omnicare Pharmacy of Florida, LLC 25-80556 Omnicare Pharmacy of Nebraska, LLC 25-80541 Omnicare Pharmacy of North Carolina, LLC 25-80544 Omnicare Pharmacy of Pueblo, LLC 25-80545 Omnicare Pharmacy of Tennessee, LLC 25-80547 Omnicare Pharmacy of Texas 1, LP 25-80484 Omnicare Pharmacy of Texas 2, LP 25-80485 Omnicare Pharmacy of The Midwest, LLC 25-80549 Omnicare Property Management, LLC 25-80552 Omnicare Resources, LLC 25-80554 Pharmacy Associates of Glens Falls, LLC 25-80563 Pharmacy Consultants, LLC 25-80564 Pharmacy Holding #1, LLC 25-80566 Pharmacy Holding #2, LLC 25-80567 Pharmed Holdings, LLC 25-80568 PP Acquisition Company, LLC 25-80569 PRN Pharmaceutical Services, LP 25-80571 Roeschen's Healthcare LLC 25-80573 Shore Pharmaceutical Providers, LLC 25-80575 Specialized Pharmacy Services, LLC 25-80577 Sterling Healthcare Services, LLC 25-80579 Suburban Medical Services, LLC 25-80582 Superior Care Pharmacy, LLC 25-80583 TCPI Acquisition, LLC 25-80585 Three Forks Apothecary, LLC 25-80586 UC Acquisition, LLC 25-80587 Uni-Care Health Services of Maine, LLC 25-80588 Value Health Care Services LLC 25-80589 VAPS Acquisition Company, LLC 25-80590 Weber Medical Systems LLC 25-80591 Westhaven Services Co., LLC 25-80592 Williamson Drug Company, LLC 25-80593 ZS Acquisition Company, LLC 25-80594 Judge: Hon. Scott W Everett Debtors' Local Bankruptcy Counsel: Ian T. Peck, Esq. Charles A. Beckham, Jr., Esq. Martha Wyrick, Esq. HAYNES AND BOONE, LLP 2801 N. Harwood Street, Ste. 2300 Dallas, Texas 75201 Tel: (214) 651-5155 Fax: (214) 651-5940 Email: ian.peck@haynesboone.com charles.beckham@haynesboone.com martha.wyrick@haynesboone.com Debtors' Bankruptcy Counsel: Vincent E. Lazar, Esq. Derek L. Wright, Esq. Angela M. Allen, Esq. JENNER & BLOCK LLP 353 N. Clark Street Chicago, Illinois 60654 Tel: (312) 923-2952 Fax: (312) 527-0484 Email: vlazar@jenner.com dwright@jenner.com aallen@jenner.com Debtors' Financial Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC Debtors' Investment Banker: HOULIHAN LOKEY CAPITAL, INC. Debtors' Claims, Noticing & Balloting Agent: STRETTO, INC. Estimated Assets (on a consolidated basis): $100 million to $500 million Estimated Liabilities (on a consolidated basis): $1 billion to $10 billion Matthew Frank signed the petitions as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/53C6UFY/Omnicare_LLC__txnbke-25-80486__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. US Attorney's Office for Civil Judgment $948,778,444 Southern District of New York Attn: Jay Clayton; Samuel Dolinger United States Attorney 86 Chambers Street 3rd Floor New York, NY 10007 United States Email: samuel.dolinger@usdoj.gov Phone: (212) 637-2800 2. Omnicell Inc Trade Payable $727,109 Attn: Randall Lipps Chairman, President, Chief Executive Officer, And Founder 4220 North Fwy Fort Worth, TX 76137 United States Email: randall.lipps@omnicell.com Tel: (650) 251-6100 Fax: +49 6151 8001655 3. Vaxserve Trade Payable $455,076 Attn: Stacy Kearney Bucha General Manager & Head 54 Glenmaura National Blvd Ste 301 Moosic, PA 18507 United States Email: sbucha@vaxserve.com Phone: (570) 496-6700 4. Name on File Severance $358,610 Address on File 5. Iron Mountain Trade Payable $215,052 Attn: William Meaney President & Chief Executive Officer 33 Arch St Boston, MA 02110 United States William Meaney Email: william.meaney@ironmountain.com Tel: (844) 462-7449 Fax: (617) 350-7881 6. High Cotton Trade Payable $208,508 Attn: Tommy McGahey Chief Executive Officer 2461 1st Ave South Birmingham, AL 35210 United States Email: tmcgahey@highcottonusa.com Phone: (205) 838-2345 7. CSG-NAM Trade Payable $186,476 Attn: Dan Boudreau Vice President c/o CSG Group of Companies 11 Court Street Ste 280 Exeter, NH 03833-2757 United States Email: dan@csgnam.com Phone: (603) 580-2999 8. PointClickCare Trade Payable $177,603 Attn: Dave Wessinger Chief Executive Officer 8 Spadina Ave Toronto, ON M5V 0S8 Canada Email: dave.w@pointclickcare.com Tel: (949) 459-3708 Fax: (905) 858-2248 9. Institute of Nursing Trade Payable $140,443 Excellence Heartworks IV Attn: Irene Bruno Founder & Chief Executive Officer 777 North Ashley Drive #3010 Tampa, FL 33602 United States Irene Bruno Tel: (844) 486-8773 Fax: (844) 777-1776 10. Peter Weisman / Expense $121,735 Kinney Hill Assoc LLC Payables Attn: Peter E Weisman Manager 100 Corporate Drive Suite L-2 Spartanburg, SC 29303 United States Email: pweisman@corpctri85.com Tel: (864) 599-9900 Fax: (864) 599-9300 11. Amcor Flexibles Trade Payable $104,750 Attn: Peter Konieczny Chief Executive Officer 34 Thurgauerstrasse Zurich, CH-8050 Switzerland Email: peter.konieczny@amcor.com Tel: +41 44 316 17 17 Fax: +41 71 844 35 38 12. Cloud Software Group Trade Payable $99,445 Attn: Tom Krause Chief Executive Officer 851 Cypress Creek Road Fort Lauderdale, FL 33315 United States Email: tom.krause@cloud.com Phone: (954) 267-3000 13. Alvin Calhoun Expense $96,867 DBA Park PLC Rntl Prprts Payables Attn: Alvin Calhoun Manager 625 Keith St NW Cleveland, TN 37320 United States Tel: (423) 472-7511 Fax: (423) 479-6677 14. Clean Harbors Trade Payable $94,499 Environmental Services Attn: Alan S. Mckim Founder, Executive Chairman And Chief Technology Officer 42 Longwater Drive Norwell, MA 02061 United States Email: mckim.alan@cleanharbors.com Phone: (800) 645-8265 15. Remmet Ave LLC Expense $93,948 Attn: Sofia Bahram Payables Manager 20660 Nordhoff St Chatsworth, CA 91311 United States Email: SofiaB@neutraderm.com Phone: (818) 534-3190 16. Matter Communications Trade Payable $87,639 Attn: Scott Signore Principal And Chief Executive Officer 50 Water Street Mill #3 Newburyport, MA 01950 United States Email: Scott@matternow.com Phone: (978) 499-9250 17. Rojo Properties Expense $82,623 Attn: Jenny Sykes Payables Manager 309 Patterson Pl E Chapel Hill, NC 27516 United States Email: jenny.sykes@romanocompany.com Tel: (217) 424-2426 Fax: (217) 425-4908 18. Dynamic Infusion Therapy Trade Payable $79,410 Attn: Peter Harris Chief Executive Officer And President 2600 N. Central Expressway Ste 280 Richardson, TX 75080 United States Email: pharris@dynamicinfusion.com Phone: (214) 617-8314 19. Change Healthcare Trade Payable $78,332 Attn: Neil de Crescenzo President & Chief Executive Officer 424 Church Street Suite 1400 Nashville, TN 37219 United States Email: ndecrescenzo@changehealthcare.com Phone: (615) 932-3000 20. General Data Trade Payable $78,246 Attn: Pete Wenzel President & Chief Executive Officer 4354 Ferguson Drive Cincinnati, OH 45245 United States Email: pwenzel@general-data.com Phone: (844) 643-1129 21. Name on File Severance $77,877 Address on File 22. Name on File Severance $70,821 Address on File 23. Rocket Software Trade Payable $68,289 Attn: Milan Shetti President & Chief Executive Officer 77 4th Avenue Waltham, MA 02451 United States Email: mshetti@rocketsoftware.com Tel: (781) 577-4323 Fax: (617) 630-7100 24. Mueller Industries Mueller Med Trade Payable $67,899 Attn: Gregory L. Christopher Chairman of The Board And Chief Executive Officer 150 Schilling Blvd Ste 100 Collierville, TN 38017 United States Email: gchristopher@muellerindustries.com Tel: (901) 753-3200 Fax: (901) 753-3250 25. T-Mobile Trade Payable $66,727 Attn: Mike Sievert President And Chief Executive Officer 12920 SE 38th Street Bellevue, WA 98006 United States Email: mike.sievert@t-mobile.com Phone: (425) 378-4000 26. Cheetah Software Systems Trade Payable $64,322 Attn: Mike Sandler Vice President, Finance 31280 Oak Crest Drive Suite 3 Westlake Village, CA 91361 United States Email: mike@cheetah.com Phone: (805) 373-7111 27. Health Care Logistics Trade Payable $63,103 Attn: Bethany Reid; Kyle Sharpe President 450 Town Street Circleville, OH 43113 United States Email: breid@gohcl.com; ksharpe@gohcl.com Tel: (800) 848-1633 Fax: (800) 447-2923 28. Name on File Severance $62,976 Address on File 29. Drake Management Services LLC Expense $56,944 Attn: Daniel Adler Payables Manager Prop Mgmt 11621 Cr 166 Tyler, TX 75703 United States Email: management@draketexas.com Phone: (903) 581-3737 30. Name on File Severance $53,555 Address on File ORGENESIS INC: Unit Inks $11M Financing Pact With Alpha Prosperity ------------------------------------------------------------------ Orgenesis Inc.'s unit Theracell Laboratories IKE has secured a commitment for a $1 million convertible loan and access to a $10 million credit facility from Alpha Prosperity Fund SPC (acting on behalf of and for the account of Segregated Portfolio P), according to a Sept. 16 SEC filing. Theracell has already drawn $7.1 million from the credit facility, leaving about $2.9 million available. Terms of the $1 Million Convertible Loan The loan carries a 10% annual simple interest rate and matures in 36 months. The borrower may prepay the loan within 30 days of the effective date without lender consent; afterward, repayment requires the lender's approval. After the first 30 days until maturity, the lender may choose to convert the outstanding loan into equity of either the Company or Theracell, allowing it to hold as much as 80% of the outstanding share capital of the applicable entity. The conversion of the loan into shares of the Company is subject to shareholder approval of the issuance of the required shares. In addition, the agreement provides that the lender will be issued a warrant to purchase 15% of the fully diluted share capital of either the Company or Theracell, at the lender's discretion, for an aggregate exercise price of $250,000 and exercisable for three years from issuance. The issuance of shares upon exercise of the warrant is likewise subject to shareholder approval. Additional warrants would be issued in connection with each cumulative drawdown of an additional $1,000,000 under the credit facility. $10 Million Credit Facility Drawdowns under the credit facility are subject to the same terms as the convertible loan, other than the conversion feature. Theracell has drawn $7,083,857 on the facility. The previously outstanding debt facilities from Newtech Investment Holdings, LLC and Ariel Malik totaling $6,083,857 have been repaid. The agreement also provides that, following the lapse of 30 days from the Effective Date and subject to the receipt of all necessary corporate and legal approvals, the lender may appoint three members to the Company's Board of Directors, which appointments will be subject to the disclosure and filing requirements of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission. The Agreement includes customary covenants and security provisions, including security interests over certain assets. Theracell is a subsidiary of Octomera LLC, which in turn is owned by Orgenesis Inc. About Orgenesis Orgenesis Inc., based in Germantown, Maryland, is a biotechnology company that develops and commercializes cell and gene therapies, with a focus on autologous treatments manufactured through automated, closed systems at the point of care. The Company operates a global network of research institutions and hospitals known as the POCare Network, which enables decentralized production of advanced therapies closer to patients. Orgenesis also builds a pipeline of advanced therapies and pursues out-licensing agreements for these products. In its audit report dated April 15, 2024, Kesselman & Kesselman included a "going concern" qualification noting that the Company has suffered recurring losses from operations and has incurred cash outflows from operating activities that raise substantial doubt about its ability to continue as a going concern. Through September 2024, the Company had an accumulated deficit of $204,411,000 and for the nine months ended Sept. 30, 2024 incurred negative operating cashflows of $14,978,000. The Company's activities have been funded by generating revenue, proceeds from loan agreements, and through offerings of its securities. The Company cannot guarantee that its operations will consistently produce sufficient cash flows to sustain the business. In its Quarterly Report for the period ended Sept. 30, 2024, Orgenesis stated that given its financial position, it must obtain additional financing, refinance or modify existing convertible loans, or delay non-committed expenses, and that it will need to raise further funds to continue operations until it can achieve sustainable positive cash flows. The Nasdaq Stock Market LLC delisted the securities of Orgenesis effective May 19, 2025. The Company has not yet filed its Annual Report for the year ended Dec. 31, 2024. ORIGIN AGRITECH: Board Names Two Directors After Four Resignations ------------------------------------------------------------------ Origin Agritech Limited disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Dr. Changqing Mao, 53, joined the Board of Directors as an independent board member, effective September 12, 2025. Dr. Changqing Mao has been the Co-Chairman of the Innovation and Entrepreneurship Research Center of China Agricultural University since 2023. Dr.Mao has served as the General Manager of CITIC AgriScience Co., LTD. From 2016 to 2023, the chairman of Yuan Longping Agricultural High-Tech Co., LTD., from 2019 to 2023, and the chairman of CITIC Agricultural Industry Fund Management Co., LTD. from 2016 to 2023, among others. He has successively worked in the Policy System Reform and Legal Affairs Department of the Ministry of Agriculture, Xiangcai Securities, Guosen Securities, CITIC Securities, and other units. Dr. Changqing Mao has a BA from China Agricultural University in Economics, an MBA from Guanghua School of Management, Peking University, and a Doctor of Law degree from Jilin University. Mr. Siu Laam Hau, 40, also joined the Board of Directors of Origin Agritech Limited as an independent board member, effective on the same day. Mr. Siu Laam Hau is currently an executive director of Asian Capital Limited, a corporation licensed to carry on Type 1 (dealing in securities), Type 4 (advising on securities), and Type 6 (advising on corporate finance) regulated activities under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). Mr. Hau has over 15 years of experience in corporate finance, corporate advisory services, and auditing. Mr. Hau obtained a degree of Bachelor of Arts with a major in Accountancy and a minor in Corporate Finance from The Hong Kong Polytechnic University in December 2006 and is a member of the Hong Kong Institute of Certified Public Accountants. Accordingly, Ms. Fei Wang, Dr. Michael Trimble, and Dr. Min Lin resigned, as of September 12, 2025, as independent directors of the Company to pursue other business and personal endeavors. Mr. Chi Kin Cheng has resigned his position as a director and will remain as Chief Financial Officer of the Company. About Origin Agritech Headquartered in Beijing, China, Origin Agritech Limited, along with its subsidiaries, is focused on agricultural biotechnology, operating in the PRC. The Company's seed research and development activities specialize in crop seed breeding and genetic improvement. Origin believes that it has built a solid capacity for seed breeding technologies, including marker-assisted breeding and doubled haploids technologies, which it believes, along with its rich germplasm resources, will allow it to become a significant seed technology company in China. Singapore-based Enrome LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated July 31, 2024, citing that the Company has negative operating cashflow of RMB15 million in the year ended September 30, 2024, has net current liabilities of RMB84.5 million as of September 30, 2024 and accumulated deficit of RMB580.86 million as of September 30, 2024 that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2024, the Company had RMB132 million (US$18.8 million) in total assets, RMB190 million (US$27 million) in total liabilities, and a total shareholders' deficit of RMB59 million (US$19 million). OUTER AISLE: Seeks to Hire Braun International as Appraiser ----------------------------------------------------------- Outer Aisle Gourmet, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Braun International as appraiser. The firm will appraise the Debtor's machinery & equipment located at 2879 Seaborg Ave. Suite 102 Ventura, CA 93003. The firm will be paid a fee of $5,700. Mr. Fitzgerald disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Anthony E. Fitzgerald Braun International 438 Pacific Coast Hwy Hermosa Beach, CA 90254 Tel: (866) 568-6638 About Outer Aisle Gourmet, LLC Outer Aisle Gourmet, LLC is a Ventura-based specialty food manufacturer. Outer Aisle Gourmet sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10915) on July 9, 2025. In its petition, the Debtor reported assets between $100,000 and $500,000 and liabilities between $10 million and $50 million. Judge Ronald A. Clifford, III oversees the case. The Debtor is represented by Garrick A. Hollander, Esq., at Winthrop Golubow Hollander, LLP. PANDORA MARKETING: Creditors to Get Proceeds From Liquidation ------------------------------------------------------------- Charles (Chip) Hoebeke, the Chapter 11 Trustee, filed with the U.S. Bankruptcy Court for the District of Wyoming a Disclosure Statement describing Plan of Liquidation for Pandora Marketing, LLC dated September 12, 2025. The Debtor is a limited liability company organized under the laws of the State of Wyoming. Prior to the Petition Date, the Debtor was in the business of marketing to and providing customer support to individuals seeking to exit timeshare contracts. Given the Debtor's limited ongoing revenue and slimmed down business operations, coupled with the entry of Bluegreen Injunctions and the adoption of the Recommended Injunction in the Wyndham District Court Litigation, the Debtor has not and will not continue operating. Instead, the Plan contemplates that the Trust Assets (which includes, but are not limited to, the Trade Receivables and Related Party Receivables, liquidating the Debtor's ownership interest in Investment Entities, and pursuing Causes of Action and Avoidance Actions) will transfer to the Liquidation Trust and the Liquidation Trustee will be charged with monetizing the Trust Assets and distributing proceeds to creditors in their order of priority. The Debtor is liquidating and not continuing to operate. Under the Plan, all of the Debtor's assets (defined in the Plan as the "Trust Assets") will be transferred to the Liquidation Trust on the Effective Date. Chip (Charles) Hoebeke, the current Chapter 11 Trustee is appointed as the Trustee of the Liquidation Trust and will be charged with pursuing and liquidating the Trust Assets and making disbursements under the Plan. This will allow for a smooth transition of information and familiarity from the Debtor to the Liquidation Trust, as Mr. Hoebeke will continue on as the fiduciary in charge of pursuing and liquidating the Trust Assets. Mr. Hoebeke, as Trustee of the Liquidation trust, will focus primarily on (i) investigating, pursuing, collecting, abandoning and/or settling the Trade Receivables and Related Entity Receivables, (ii) investigating, pursuing, liquidating, abandoning, or monetizing the Debtor's ownership interests in, or other rights against, the various Investment Entities, (iii) investigating, pursuing, collecting, abandoning and/or settling Preference Actions, fraudulent conveyance claims, or other Chapter 5 Causes of Action, (iv) investigating, pursuing, collecting, abandoning, and/or settling non-bankruptcy Causes of Action. Any proceeds received by the Trustee his liquidation of assets will be used by the Trustee to first pay the post-confirmation costs and fees associated with administration of the Liquidation Trust, including professional fees to pursue Causes of Action and other wind down expenses, and then to creditors in their order of priority. Under the Plan, all equity interests in the Debtor will be cancelled as of the Effective Date. The Trustee estimates that Holders of Allowed Class VI Claims that are not Excluded Claims will receive a distribution of approximately 35% of their Allowed Claims to be distributed pro rata over the three years life of the plan, without interest. Class VI consist of the Allowed Claims of Unsecured Creditors. The Trustee estimates that the total of all Allowed Unsecured Claims will equal approximately $45,060,557.86 (the "Estimated Claim Pool"). Each holder of an Allowed Class VI General Unsecured Claim shall be paid from the Liquidation Trust its Pro Rata Share of the Distributable Cash remaining, if any, after all Groups and Classes with Allowed Claims of a higher priority under Section 507 of the Bankruptcy Code have been paid in full. Notwithstanding the foregoing, Distributable Cash subject to redistribution pursuant to the terms of the Carve Outs will be distributed from the Liquidation Trust on a Pro Rata basis to Holders of Allowed Unsecured Claims which are not the Excluded Claims. The Litigation Trustee shall distribute any available Distributable Cash on the date that is six months after the Effective Date and every six months thereafter until fully distributed. This Class is Impaired. Any proceeds received by the Trustee from the liquidation of Trust Assets will be used by the Trustee to first pay the post confirmation costs and fees associated with administration of the Liquidation Trust, including professional fees to pursue Causes of Action and other wind down expenses, and then to creditors in their order of priority. A full-text copy of the Disclosure Statement dated September 12, 2025 is available at https://urlcurt.com/u?l=jF22QN from PacerMonitor.com at no charge. Attorneys for the Chapter 11 Trustee: SCHAFER AND WEINER, PLLC Joseph K. Grekin, Esq. Kim K. Hillary, Esq. Jeffrey J. Sattler, Esq. 40950 Woodward Ave., Ste. 100 Bloomfield Hills, MI 48304 (248) 540-3340 Email: jgrekin@schaferandweiner.com khillary@schaferandweiner.com jsattler@schaferandweiner.com and Cohen and Cohen, P.C. Robertson B. Cohen, Esq. 1720 S. Bellaire St., Ste. 205 Denver, CO 80222 Phone: (303) 933-4529 Fax: (866) 230-8268 Email: rcohen@cohenlawyers.com About Pandora Marketing, LLC Pandora Marketing, LLC is a marketing agency in Aliso Viejo, Calif. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Wyo. Case No. 24-20022) on Jan. 31, 2024, with $7,341,452 in assets and $7,977,506 in liabilities. William Wilson, chairman of the board of directors, signed the petition. Judge Cathleen D. Parker oversees the case. Seth Shumaker, Esq., at Seth Shumaker, Attorney at Law, is the Debtor's bankruptcy counsel. PAVMED INC: Lucid Diagnostics Completes $28.75M Public Offering --------------------------------------------------------------- PAVmed Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Lucid Diagnostics Inc., a subsidiary of the Company, closed on the sale of 28,750,000 shares of Lucid Diagnostics' common stock, at a price of $1.00 per share, in its previously announced underwritten offering to the public. The Shares include 3,750,000 shares of Lucid Diagnostics' common stock subject to the underwriters' option, which was exercised in full at the closing. The net proceeds from the Offering, after deducting the underwriting discount and other estimated expenses of the Offering, are expected to be approximately $26.9 million. Lucid Diagnostics intends to use the net proceeds for working capital and general corporate purposes. The Offering was made pursuant to Lucid Diagnostics' existing shelf registration statement on Form S-3 (Registration No. 333-268560) and a prospectus supplement thereto dated September 10, 2025. The Offering, including the related agreements, are described in more detail in the Current Reports on Form 8-K filed with the SEC by Lucid Diagnostics on September 10, 2025 and September 11, 2025. About PAVmed Headquartered in New York, NY, PAVmed Inc. -- http://www.pavmed.com -- is a commercial-stage medical technology company operating across the medical device, diagnostics, and digital health sectors. Its subsidiaries include Lucid Diagnostics Inc., which offers tools for early detection of esophageal precancer, and Veris Health Inc., which focuses on remote cancer care monitoring using implantable sensors and connected health devices. In its report dated March 24, 2025, Marcum LLP, the Company's auditor since 2019, issued a "going concern" qualification, citing that the Company has a significant working capital deficiency, has incurred significant operating losses, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. PHILLIPS ACRES: J.M. Cook Named Subchapter V Trustee ---------------------------------------------------- Brian Behr, the U.S. Bankruptcy Administrator for the Eastern District of North Carolina, appointed J.M. Cook as Subchapter V trustee for Phillips Acres, Inc. Mr. Cook is the president and sole stockholder of J.M. Cook, P.A., doing business as J.M. Cook, Attorney at Law. About Phillips Acres Phillips Acres, Inc. owns and manages agricultural real estate in Farmville, North Carolina, comprising three parcels totaling 108.1 acres at 499 Albritton Road. The property includes four turkey houses, a waste lagoon, and surrounding fields and forests. Phillips Acres filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-03601) on September 16, 2025, with $715,000 in assets and $2,107,758 in liabilities. David N. Phillips, president of Phillips Acres, signed the petition. Judge Pamela W. McAfee presides over the case. C. Scott Kirk, Esq., at Scott Kirk represents the Debtor as legal counsel. PLAINS END: Fitch Affirms BB+ Rating on $117.7MM Sr. Secured Bonds ------------------------------------------------------------------ Fitch Ratings has affirmed Plains End Financing, LLC's $117.7 million senior secured bonds due April 2028 ($27.2 million outstanding) at 'BB+'. The Rating Outlook is Stable. RATING RATIONALE The rating reflects Fitch's expectations of continued stable operational and cost profiles. Plains End benefits from fixed-price, tolling-style power purchase agreements (PPAs) with an investment-grade counterparty. However, the cash flow profile is susceptible to fluctuations in project dispatch and operating costs. The average rating case debt service coverage ratio (DSCR) is 1.25x with a minimum of 1.21x in 2027, which is consistent with the current rating level. The project's actual performance has tracked closely with base-case expectations, supported by a history of property tax settlements and expectations of future stable dispatch and major maintenance costs over the remaining debt term. KEY RATING DRIVERS Operation Risk - Midrange Some Cost Volatility The project consists of two peaking facilities (PEI and PEII) designed to provide back-up generation for nearby wind projects due to the intermittency of wind resources. Recent cost volatility has been driven primarily by increases in fixed operating expenses, notably property taxes and insurance. Both items were revised upward in Fitch's base case during prior reviews. Additional operating cost stresses have been maintained to mitigate the impact of unforeseen increases. Exposure to major maintenance costs remains moderate, reflecting historically low and expected low dispatch. Supply Risk - Stronger Low Supply Risk The tolling-style PPAs are with Public Service Company of Colorado (PSCo; A-/Stable). Under the contracts, all variable fuel expenses are passed through to PSCo, subject to heat rate adjustments. The contracts represent a stronger attribute that limits the fuel supply risk to the project Revenue Risk - Stronger Stable Contracted Revenues The project benefits from stable and predictable cash flows under two 25-year fixed-price PPAs with a strong utility counterparty, PSCo. The PPAs were extended by five years to April 2033 from the original April 2028 expiry. Under the contracts, PEI and PEII receive substantial capacity payments that account for nearly 90% of consolidated revenues. Although energy margins may not sufficiently cover accelerated overhaul expenses from increased dispatch, Fitch views this risk as minimal given the expected low dispatch profile over the remaining debt term. Debt Structure - 1 - Midrange Typical Structural Features Plains End's senior debt has standard structural features, including a forward- and backward-looking dividend lock-up at 1.20x consolidated DSCR, a six-month debt service reserve, and is both fully amortizing and fixed rate. Financial Profile Historical average coverage ratios are broadly in line with Fitch's base case metrics. The rating case assumes lower availability and a 5% increase in operating costs versus the base case. As part of the 2025 review, Fitch recognized the project's major maintenance account (MMA) deposits, PPA extension, and the reduced fees negotiated on the letters of credit (LC) for the PPAs and senior bonds' DSRA, while maintaining prior cost stresses aligned with future expectations. The average senior DSCR in the rating case is 1.25x, with a minimum of 1.21x in 2027. The 2028 DSCR of 1.87x is excluded from the average as an outlier due to limited remaining debt inflating the metric. The coverage profile for 2025 to 2027 is consistent with the current rating level. PEER GROUP Tierra Mojada Luxembourg II S.a r.l. (senior secured notes rated BBB-/Stable) is a mostly contracted cogeneration plant located in Mexico. Tierra Mojada's operating profile is more variable than Plains End's, as it is a baseload plant with some merchant exposure over the medium term. Its higher rating is explained by more robust coverage levels under the rating case, averaging 1.54x with a minimum of 1.23x, which compensate for its additional risks. Other privately rated projects with lower ratings typically exhibit higher sensitivity to operational stresses and have lower rating case coverages. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Continued increases in operating costs (including property taxes and insurance) above Fitch's expectations that result in DSCRs below about 1.25x on average in the rating case; - A loss of the property tax assessment appeal and/or continued property tax litigation without retention of sufficient cash at the project level to offset expected future expense increases. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Stable operating and financial performance and other material improvements to cash flow resulting in coverage exceeding 1.30x on average in the rating case. SECURITY Plains End's obligations are jointly and severally guaranteed by PEI and PEII. The obligations of the issuer and guarantors are secured by a first-priority perfected security interest in favor of the collateral agent. The collateral includes all real and personal property, project documents and material agreements, cash and accounts, and ownership interests in the issuer and guarantors. The collateral will be applied in the following order: - First, for the benefit of the lenders under the senior bonds and senior credit facilities until full discharge of any payments and obligations; - Second, any excess shall be returned to the issuer, guarantor or sponsor. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Plains End Financing, LLC Plains End Financing, LLC/Project Revenues & Assets - First Lien/1 LT LT BB+ Affirmed BB+ PLATINUM HEIGHTS: Claims to be Paid from Cash & Plan Funding ------------------------------------------------------------ Platinum Heights, LP filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement for Plan of Reorganization dated September 15, 2025. The Debtor is a limited partnership managed by its general partner, Nexus Capital Partners Real Estate Investments LLC. Nexus is managed by Dr. Mirza N. Baig. Dr. Baig is also the Debtor’s primary equity holder. The Debtor's sole business is the management and operation of Height's Hospital (the "Hospital") a six story hospital that is leased to a variety of healthcare providers who serve as tenants. The Hospital is located at 1917 Ashland Street, Houston, TX, 77008 (the "Real Property"). The Debtor is the owner if the Hospital and Real Property, and purchased the Hospital and Real Property in a court approved section 363 sale in the bankruptcy case of 1917 Heights Hospital, LLC. Prior to this Chapter 11 Case the Hospital was occupied by two primary tenants: North Houston Surgical Hospital, LLC which is an affiliate of the Debtor, and Curahealth Houston Heights, LLC. Following the departure of North Houston, the Debtor struggled to stay cash flow positive. The Debtor's operations continued to struggle while the Debtor searched for additional tenants. The Debtor located a new tenant, Ashland Healthcare LLC; however, Ashland was not required to pay rent under the lease while it was transitioning into the Hospital, and the Debtor's cash flow position and operational expenditures could not support this delay. Ultimately, the Debtor was forced to seek bankruptcy relief to address its outstanding obligations and to prevent a destructive run on the Debtor's assets. The Debtor has been in discussions with the Plan Sponsor since May, 2025. The Debtor and Plan Sponsor executed a Mutual Nondisclosure Agreement on or around May 23, 2025. The Debtor was set to mediate with CLS around May 30, 2025. However, prior to the mediation, the Plan Sponsor, with the Debtor's permission, met with CLS. Following that meeting, the Plan Sponsor and CLS reached a non-binding agreement in principle with CLS that would resolve disputes between the Debtor and CLS. In the Debtor's view, the Plan Sponsor's constructive dialogue with CLS permitted the Debtor to shift its focus away from litigation with CLS. The Plan Sponsor also engaged in discussions with REILS, the Debtor's largest unsecured creditor. The Debtor understands that REILS is generally supportive of the Plan Sponsor and the transactions contemplated by the Plan. Class 4 consists of General Unsecured Claims. On the Effective Date or as soon as reasonably practicable thereafter, except to the extent that a Holder of an Allowed Other General Unsecured Claim agrees to less favorable treatment of such Claim, each Holder of an Allowed General Unsecured Claim shall receive, in full and final satisfaction, compromise, settlement, release and discharge of and in exchange for such Allowed Other General Unsecured Claim, the greater of (i) 20% of the Allowed Other General Unsecured Claim or (ii) its Pro Rata Share of the GUC Payment. The allowed unsecured claims total $1,734,527.65. Class 5 consists of Other General Unsecured Claims. On the Effective Date or as soon as reasonably practicable thereafter, except to the extent that a Holder of an Allowed Other General Unsecured Claim agrees to less favorable treatment of such Claim, each Holder of an Allowed General Unsecured Claim shall receive, in full and final satisfaction, compromise, settlement, release and discharge of and in exchange for such Allowed Other General Unsecured Claim, a Cash payment of 20% of the amount of such Allowed Other General Unsecured Claim. The allowed unsecured claims total $13,790,78.80, if the Secured Lender rejects the Plan and does not timely file a Secured Lender Election. On the Effective Date, each Allowed Existing Equity Interest shall be discharged, cancelled, released, and extinguished, without any distributions to Holders. All Cash necessary for the Disbursing Agent to make payments required by this Plan and for post-Confirmation operations shall be obtained from (a) existing Cash held by the Debtor on the Effective Date and (b) the Plan Funding. The Plan Funding shall be used to satisfy the Debtor's obligations in the following priority in accordance with the terms of the Bankruptcy Code: (i) satisfaction of the DIP Facility Obligation, (ii) satisfaction of Allowed Administrative Expenses, (iii) satisfaction of Allowed Priority Claims, and (iv) other payments in accordance with the terms of this Plan. A full-text copy of the Disclosure Statement dated September 15, 2025 is available at https://urlcurt.com/u?l=j0BO5T from PacerMonitor.com at no charge. Platinum Heights, LP is represented by: REED SMITH LLP Omar J. Alaniz, Esq. 2850 n. Harwood Street, Suite 1500 Dallas, Texas 75201 Telephone: (469) 680-4200 Facsimile: (469) 680-4299 E-mail: oalaniz@reedsmith.com About Platinum Heights LP Platinum Heights, LP is a limited partnership managed by its general partner, Nexus Capital Partners Real Estate Investments LLC. The Debtor filed a Chapter 11 petition (Bankr. S.D. Texas Case No. 25-90012) on Feb. 20, 2025, listing between $50 million and $100 million in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Omar Jesus Alaniz, Esq., at Reed Smith, LLP is the Debtor's legal counsel. B1 Bank, as secured lender, is represented by Michael P. Menton, Esq. and Danika L. Lopez, Esq. at SettlePou. PM GENERAL: S&P Alters Outlook to Negative, Affirms 'B-' ICR ------------------------------------------------------------ S&P Global Ratings affirmed its 'B-' issuer credit rating and revised the outlook to negative from positive on PM General Purchaser LLC (d/b/a AM General). S&P said, "At the same time, we affirmed our 'B-' issue-level rating on the company's senior secured notes. The '4' recovery rating remains unchanged. The recovery rating of '4', indicates our expectation for average recovery (30%-50%; rounded estimate: 40%) in the event of a default. "The negative outlook reflects the potential that we could lower the ratings if we view the capital structure as unsustainable or if liquidity becomes constrained, which could occur if demand for AM General's product offering winds down before it has an opportunity to develop another product aligned with U.S. military interest. "We expect PM General Purchaser LLC's (d/b/a AM General) leverage will be elevated above 10x in 2025 before improving to 7.5x in 2026 as joint light tactical vehicle (JLTV) deliveries ramp up. However, there is longer term uncertainty in demand for AM General's product offering following the Army Transformation Initiative announcement earlier in the year. "We also expect the company will generate positive free operating cash flow (FOCF) in 2025 largely supported by milestone related performance-based payments (PBP) on the JLTV program. We therefore affirmed our 'B-' issuer credit rating and revised the outlook to negative from positive." The Army Transformation Initiative has created significant uncertainty in demand for AM General's products. U.S. military leadership has emphasized its intention to reallocate defense spending to align with force readiness in the Indo-Pacific region. This could result in greater defense spending for Navy and Air Force related procurement (and away from the Army). As such, the joint light tactical vehicle A2 (JLTV) program, which was initially valued at over $8.7 billion over five years (with up to 20,682 vehicles and 9,883 trailers) could potentially be at risk of being cancelled, scaled down, or defunded. S&P said, "As a result of lower customer demand, we revised our revenue and EBITDA margin forecast downwards. We expect revenue growth of 8%-13% in 2025 (previous: 80%-90%) reflecting low-rate initial production on the JLTV beginning and demand for the company's legacy vehicles is relatively flat year-over-year. We forecast revenue growth of 18%-23% in 2026 as JLTV production ramps up while Humvee deliveries wind down somewhat. As of mid-2025, the company had roughly 5,000 orders for the JLTV, which provides some level of visibility into demand for the program through 2028. However, it is unclear if customers can cancel or defer previously submitted orders, or what remuneration the company would receive in that scenario. Further, foreign military sales will likely remain in place, though total Humvee program revenues and EBITDA could be below historical levels. Accordingly, we expect S&P Global Ratings-adjusted EBITDA margins of 7.5% in 2025 (compared to our previous expectations of 14.5%-15.5%) expanding about 330 basis points (bps) to 10.8% in 2026." AM General's FOCF is supported by performance-based payments on the JLTV, which could continue over the next few years at a reduced level. S&P said, "We expect the company will generate full-year reported FOCF of about $95 million-$105 million in 2025 (after generating about $5 million through the first half of the year) and end the year with over $125 million of cash on the balance sheet, largely due to program based payments (PBP) related to specific milestone achievements on the JLTV program. We forecast negative reported FOCF of $75 million-$85 million in 2026, which reflects our expectation that working capital inflows from 2025 will largely reverse as JLTV deliveries are made and deferred revenue is reduced. "Given uncertainty in demand, AM General's credit measures could deteriorate beyond our current expectations. This could cause our view of the sustainability of the capital structure to change. We expect S&P Global Ratings-adjusted debt to EBITDA of 13.2x in 2025 (previous: 4.1x-4.5x) improving to 7.5x in 2026. AM General is seeking additional sources of congressional funding, partnering with international allies (for foreign military sales); and working on developing capabilities to fit within the future demand profile of the Army and other customers. It is unclear if AM General will be able to replace JLTV revenue with other product offerings, which includes the Humvee 2-CT Hawkeye, that are more closely aligned with U.S. defense priorities including autonomy. The company's liquidity, which supports the current rating, could deteriorate if it needs to invest significantly to develop new products. Accordingly, we continue to monitor ongoing demand as well as AM General's ability to deliver vehicles on schedule and profitably and could revise the rating if either becomes challenged over the next few years. "The negative outlook reflects our view that demand for AM General's product offering is uncertain in the intermediate to long term and could result in its capital structure becoming unsustainable over time. We expect S&P Global Ratings-adjusted debt to EBITDA to be above 10x in 2025 before returning to 7.5x in 2026." S&P could downgrade the company over the next 12 months if it expects demand for JLTVs or Humvees to decline materially or if expected deliveries are delayed for a protracted period of time. This could occur if: -- U.S. defense spending deprioritizes related procurement of military programs AM General supports in favor of allocating spend toward other programs; or -- Timing or amount of program payments diverges from our expectations; or -- Deliveries to domestic or international customers are delayed due to operational execution challenges, which could include labor shortages if AM General is unable to negotiate a new collective bargaining agreement with its employees in UAW, or supply chain disruption prevents the company from meeting available demand. While unlikely over the next 12 months, S&P could revise the outlook to stable if the company is able to improve leverage toward 7x while FOCF remains at least breakeven. This could occur if: -- There is greater certainty around defense spending and related demand from U.S. and international customers; -- AM General is able to win new awards that are aligned with shifts in U.S. defense strategy. PRA GROUP: S&P Rates New EUR300MM Senior Unsecured Notes 'BB' ------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue rating to PRA Group Inc.'s proposed euro-denominated senior unsecured notes due 2032. The company plans to issue the EUR300 million notes through its PRA Group Europe Holding II S.a.r.l. Luxembourg subsidiary. The '4' recovery rating on the new issuance indicates its expectation for average recovery (30%-50%; rounded estimate: 40%) in the event of default. The company plans to use net proceeds from the issuance to pay down a portion of its North American and European credit facilities, making this transaction leverage neutral. S&P said, "As of June 30, 2025, PRA Group's leverage, measured as debt to EBITDA, was 5.3x, relatively flat from 5.4x at year-end 2024. We think the company has capitalized on the elevated supply of nonperforming loans, resulting in leverage remaining above 5.0x. That said, we expect the investments the company has made in reducing cash collection time in its legal channel, as well as a focus on expense management, will lead to a gradual increase in EBITDA and, as a result, a steady decline in leverage. "The negative outlook reflects our expectation that PRA's leverage will remain elevated, with S&P Global Ratings-adjusted debt to EBITDA above 5.0x. Offsetting factors include the company's leading market position, geographical diversification, adequate liquidity, and lack of near-term refinancing risk. "We could revise the outlook to stable if PRA operates with leverage consistently below 5.0x and maintains sufficient liquidity to meet its short-term obligations." PREDICTIVE ONCOLOGY: Board Approves RSU Grants for Executives ------------------------------------------------------------- Predictive Oncology Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors, upon the recommendation of the Compensation Committee of the Board, determined that it was appropriate to award restricted stock units as a form of compensation for employees, consultants and directors, to be granted under the Company's 2024 Equity Incentive Plan. In connection therewith, the Board approved a form of Restricted Stock Unit Award Agreement. Consistent with the above determination, on September 9, 2025, upon the recommendation of the Compensation Committee, the Board approved the grant of 124,959 RSUs to Raymond F. Vennare, the Company's Chief Executive Officer and 97,000 RSUs to Josh Blacher, the Company's Interim Chief Financial Officer. Each RSU represents the right to receive one share of the Company's common stock upon vesting. The RSUs will vest in full on October 31, 2025, subject to continued service through the vesting date. The form of Restricted Stock Unit Award Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K. The foregoing description of the RSU grants to Messrs. Vennare and Blacher is qualified in its entirety by reference to the complete terms and conditions of the form of Restricted Stock Unit Award Agreement, a copy of which is available at https://tinyurl.com/bdcpa8yn About Predictive Oncology Predictive Oncology Inc., headquartered in Pittsburgh, Pennsylvania, is a science- and knowledge-driven company that leverages artificial intelligence (AI) to advance the discovery and development of optimal cancer therapies. By combining AI with a proprietary biobank of over 150,000 tumor samples, categorized by tumor type, the Company delivers actionable insights into drug compounds, enhancing the drug discovery process and increasing the likelihood of clinical success. Predictive Oncology offers a comprehensive suite of solutions that support oncology drug development from early discovery through to clinical trials, ultimately aiming to improve treatment effectiveness and patient outcomes. In its report dated March 31, 2025, the Company's auditor, KPMG LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring losses from operations and has an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. As of June 30, 2025, Predictive Oncology had $3.44 million in total assets, $5.09 million in total liabilities, and a total stockholders' deficit of $1.65 million. PREMIER DENTAL: S&P Withdraws 'CCC' Long-Term Issuer Credit Rating ------------------------------------------------------------------ S&P Global Ratings withdrew its 'CCC' long-term issuer credit rating on Premier Dental Services Inc., as well as its 'B-' issue-level rating and '1' recovery rating on the company's senior secured debt, at the issuer's request. At the time of the withdrawal, our outlook on Premier Dental was negative. PRESENTATION MEDIA: Taps Fox Law as General Bankruptcy Counsel -------------------------------------------------------------- Presentation Media, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire The Fox Law Corporation, Inc. as general bankruptcy counsel. The firm will render these services: a. advise the Debtor with respect to its powers and duties as a debtor-in-possession and the management of estate property and to assist the Debtor in performing the duties required of it as a debtor-in-possession; b. draft, and confirm a plan and to attend hearings in connection with any disclosure statement and plan, to conduct, if necessary, examinations of interested parties and to advise the Debtor in connection with any proposed plan or any proposal made in connection with a plan; c. examine all claims filed in this case to determine their nature, extent, validity and priority; d. advise and assist the Debtor with the collection of assets, the sale of assets, or the refinancing of same in order to implement a plan; e. take such actions as may be necessary to protect estate assets from seizure or other proceedings, pending confirmation of a plan in this case; f. advise the Debtor as to rejection or assumption of executory contracts; g. assist the Debtor to fulfill its obligations as fiduciaries of the estate; h. prepare pleadings pertaining to matters of before the Court; i. advise the Debtor on a limited basis with respect to tax obligations, and their payment; j. prepare applications and reports as are necessary and for which the services of an attorney are required; and k. render other legal services for the Debtor for which the services of a bankruptcy attorney may be necessary during the pendency of this case including any necessary litigation. The firm will be paid at these hourly rates: Principal $700 Associates $650 Paralegal $200 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $70,000. Steven R. Fox, Esq., and attorney at Fox Law, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Steven R. Fox, Esq. The Fox Law Corporation Inc. 17835 Ventura Blvd., Ste. 306 Encino, CA 91316 Telephone. (818) 774-3545 Facsimile: (818) 774-3707 Email: Srfox@Foxlaw.com About Presentation Media Inc. Presentation Media, Inc. provides visual presentation solutions and manufacturing services primarily for the aerospace and defense sectors, including clients such as Hughes (now Raytheon), Boeing, Northrop Grumman, and NASA, and has since expanded to newer clients like SpaceX, Tesla, Honda, and Lyft. Operating from its Los Angeles facility, the Company produces large-format graphics, dimensional letters, signs, 3D printing, sculptural art, and trade show or museum exhibits, while offering services including 3D modeling, graphic and interior design, exhibit design, engineering, digital media, and onsite consultation. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-17723) on September 2, 2025. In the petition signed by Nathan Nielson, president and CEO, the Debtor disclosed $5,990,852 in assets and $12,204,312 in liabilities. Steven R. Fox, Esq., at The Fox Law Corporation, represents the Debtor as bankruptcy counsel. PRIMERO SPINE: Court Denies Bid to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, entered a final order denying Primero Spine and Joint, LLC's motion to use cash collateral as moot. On September 15, the Debtor obtained an order from the bankruptcy court confirming its Chapter 11 plan. On September 17, the court issued a notice of effective date of the plan. About Primero Spine and Joint Primero Spine and Joint, LLC filed Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 25-01017) on April 1, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Jerrett McConnell, Esq., at McConnell Law Group, P.A. serves as Subchapter V trustee. Judge Jacob A. Brown oversees the case. The Debtor tapped Donald M. DuFresne, Esq., at Parker & DuFresne, P.A. as legal counsel and William G. Haeberle, CPA, LLC as accountant. PROFESSIONAL DIVERSITY: Streeterville Capital Holds 9.9% Stake -------------------------------------------------------------- Streeterville Capital LLC, Streeterville Management, LLC, and John M. Fife, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of September 5, 2025, they beneficially own 247,468 shares of Professional Diversity Network, Inc.'s Common Stock, $0.01 par value per share, representing 9.9% of the 2,499,683 shares outstanding as of August 14, 2025 (as reported in the company's Form 10-Q filed on that date). The holdings are subject to a contractual cap limiting Streeterville's beneficial ownership to 9.9%, even though rights under a Pre-Paid Purchase Agreement could otherwise result in ownership exceeding that threshold. Streeterville may be reached through: John M. Fife / President 300 East Randolph St, Suite 40.150 Chicago, Ill. 60601 Tel: 312-297-7000 A full-text copy of Streeterville's SEC report is available at: About Professional Diversity Headquartered in Chicago, Illinois, Professional Diversity Network, Inc. -- https://www.prodivnet.com/ -- is a global developer and operator of online and in-person networks that provides access to networking, training, educational, and employment opportunities for diverse professionals. The Company operates subsidiaries in the United States, including National Association of Professional Women (NAPW) and its brand, International Association of Women (IAW), which is one of the largest, most recognized networking organizations of professional women in the country, spanning more than 200 industries and professions. Through an online platform and its relationship recruitment affinity groups, the Company provides its employer clients a means to identify and acquire diverse talent and assist them with their efforts to comply with the Equal Employment Opportunity Office of Federal Contract Compliance Program. The Company's mission is to utilize the collective strength of its affiliate companies, members, partners, and unique proprietary platform to be the standard in business diversity recruiting, networking, and professional development for women, minorities, veterans, LGBTQ+, and disabled persons globally. Oak Brook, Illinois-based Sassetti LLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring operating losses, has a significant accumulated deficit, and will need to raise additional funds to meet its obligations and the costs of its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Professional Diversity Network had $7,981,801 in total assets, $3,140,897 in total liabilities, and a total stockholders' equity of $4,840,904. PROPHASE DIAGNOSTICS: Sec. 341(a) Meeting of Creditors on Oct. 22 ----------------------------------------------------------------- On September 22, 2025, ProPhase Diagnostics NJ Inc. filed Chapter 11 protection in the District of New Jersey. According to court filing, the Debtor reports between $465,161 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on October 22, 2025 at 09:00 AM at Telephonic. About ProPhase Diagnostics NJ Inc. ProPhase Diagnostics NJ Inc. 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. ProPhase Diagnostics NJ Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-19833) on September 22, 2025. In its petition, the Debtor reports estimated assets of $32,287,616 and estimated liabilities of $465,161. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor is represented by Thaddeus R. Maciag, Esq. at MACIAG LAW, LLC. RECEPTION MEZZANINE: Fitch Lowers LongTerm IDR to 'CCC-' -------------------------------------------------------- Fitch Ratings has downgraded STG Distribution, LLC (STG), Reception Mezzanine Holdings, LLC and Reception Purchaser, LLC's Long-Term Issuer Default Ratings (IDR) to 'CCC-' from 'CCC+'. Fitch has also downgraded the companies' debt ratings. The downgrade reflects Fitch-forecasted sub-1.0x EBITDA coverage, tightening financial flexibility, and lengthening recovery in freight market conditions. Fitch projects liquidity will decline to around $60 million by YE 2025 and deteriorate further in 2026, leaving limited time to benefit from a cyclical upswing. Fitch projects liquidity will approach challengingly low levels near the end of 2026, without significant market improvement or outside financing, despite substantial profit improvement actions. Key Rating Drivers One-to-Two Year Liquidity Buffer: Fitch expects STG's liquidity position to deteriorate further, reaching challenging low levels near the end of 2026, potentially limiting the opportunity to realize any meaningful end-market improvements in the 2027 bid season. Fitch projects a cash burn of about $100 million in 2025 before significantly easing to nearly $40 million in 2026, supporting a liquidity balance of roughly $25 million at YE 2026. However, end- market improvement and execution of profitability initiatives exceeding its current expectations could increase and extend the liquidity profile further into 2027. The payment in kind (PIK) period on the term loans will end in October 2027, adding around $55 million of annual debt service costs. STG will also need to address the December 2027 springing covenant on its term loans and revolver if the legacy (pre-debt restructuring) $57 million term loan remains outstanding. 'CCC-' Credit Metrics: Fitch expects STG's credit metrics to remain very weak over the next few years. Fitch expects EBITDA interest coverage will remain under 1.0x through 2027 despite benefiting from PIK interest post-exchange. Fitch calculates EBITDA must exceed $100 million in order for coverage to achieve 1.0x on a full cash-pay basis, which it is unlikely to reach in 2026 or 2027 without a considerable upswing in the freight market. Market Recovery Extends Further: A strengthened freight market is a key factor to a sustainable turnaround in STG's performance. However, the intermodal freight environment remains persistently weak in 2025, lacking a clear upswing trajectory going into the 2026 bid season (primarily first half of each year), placing greater reliance on the 2027 bid season. While Fitch believes the conditions will remain below mid-cycle levels, there is a risk of extended weakness due to sensitivity to U.S. trade policies, given heavy linkages to import/export activity. Initiatives Moderate Cash Burn: Fitch expects solid execution on self-help profitability initiatives in 2025 with a large portion of the programs aimed at matching capacity to demand. Continued progress will also be important to moderating cash flow burn over the next two years. In 2025 STG is executing on savings programs that it expects to yield about $43 million of savings in the year, and nearly $80 million on an annualized basis, under current market conditions. Business Model Considerations: Fitch believes STG's business model aligns more with the 'B' rating category. The company occupies a top-four market position as an intermodal and drayage service provider with coverage at 8 of 10 major U.S. ports and numerous inland distribution hubs, supported by end-to-end shipping solutions. Offsetting factors consider the limited pricing power due to its reliance on third party transporters, modest differentiation in intermodal and availability of substitutive trucking options. The industry is also cyclical due to exposure to consumer and industrial markets, plus susceptibility to supply and demand imbalances within intermodal and truckload markets. Peer Analysis STG's rating reflects its very weak credit metrics and deteriorating financial flexibility, driven by persistently negative FCF generation during an extended period freight market weakness and while executing on cost improvement actions. STG's financial flexibility and credit metrics are notably weaker than Forward Air Corp's (B/Negative), which has EBITDA interest coverage in the high-1.0x to low 2.0x, forecasted positive cash flow, and adequate liquidity profile. Key Assumptions - No significant near-term inflection in end market conditions through the 2026 bid season; - Revenue declines in 2025 to $1.40 billion, subsequently Fitch assumes low-single digit growth in 2026; - Fitch calculated EBITDA modestly improves but is around negative $30 million in 2025, before reaching about breakeven in 2026 primarily from profitability improvement; - Cash interest remains paid in kind to the extent allowable; - Cash burn rate of nearly $55 million in 2H25 and $40 million in 2026; - No external liquidity support in the near term. Recovery Analysis The recovery analysis assumes that STG would be reorganized as a going concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Due to the separation of assets between STG Distribution (NewCo) and Reception (RemainCo) and difference in claims by securities that Fitch rates, its reorganization scenario considers the value of each group on a standalone basis. In this scenario, Fitch assumes the two groups would have equivalent enterprise values (EV). However, structural changes in the value of either group would impact its recovery estimates. On a combined basis Fitch estimates STG's GC EBITDA at $80 million. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the consolidated EV. This scenario reflects an extended downturn in the freight cycle and competitive pricing pressures leading to multi-year cash flow pressures. It also reflects a transition to a prospective industry recovery, coupled with disciplined cost measures supporting improving profitability. Fitch assumes STG would receive a company average GC recovery multiple of 4.0x. The multiple is applied to its GC estimate to calculate a post-reorganization EV. Ultimately STG's 4.0x multiple is driven by the company's size and scale and by comparable EV multiples among logistics providers. It also considers comparable trading and transaction multiples, such as STG's acquisition of the XPO intermodal business in 2022. The debt at NewCo benefits from structural seniority on the previously transferred assets, pari passu status with Reception stub debt on RemainCo assets, and a "double-dip" claim via a pari passu intercompany loan secured by RemainCo assets. Whereas the remaining stub debt at Reception benefits solely from the security on RemainCo's assets. Relative to the third-out term loan and stub debt at Reception, the second-out term loan gets an incremental, albeit relatively modest, recovery benefit from its second priority claim on the value captured by the intercompany loan. The Recovery Rating analysis results in 'B-'/'RR1' for the FLFO loan and 'CC'/'RR5' for the FLSO loan and remaining first-lien debt at Reception Purchaser, and 'C'/'RR6' for the FLTO loan RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Initiation of restructuring or other transaction that qualifies as a distressed debt exchange; - Payment default occurs. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A stabilization in STG's liquidity profile that extends turnaround runway; - STG is able to address its springing maturities, reducing refinancing risks; - EBITDA interest coverage with interest calculated on a full cash-pay basis sustained above 1.0x. Liquidity and Debt Structure As of June 30, 2025, STG's liquidity consisted of $115 million of cash and no liquidity access to its $40 million revolving credit facility. There are no near-term maturities. STG's legacy debt matures first in 2027 and 2028; however, the STG distribution LLC term loans have springing maturities to December 2027. Issuer Profile STG is a provider of integrated, port-to-door containerized logistic services including drayage, transloading, warehousing, fulfilment, rail brokerage and final-mile solutions. It serves the continental U.S. including major ports. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Reception Mezzanine Holdings, LLC LT IDR CCC- Downgrade CCC+ Reception Purchaser, LLC LT IDR CCC- Downgrade CCC+ senior secured LT CC Downgrade RR5 CCC STG Distribution, LLC LT IDR CCC- Downgrade CCC+ senior secured LT B- Downgrade RR1 B+ senior secured LT CC Downgrade RR5 CCC senior secured LT C Downgrade RR6 CCC RUSS'S MULCH: William Wallo Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 11 appointed William Wallo as Subchapter V trustee for Russ's Mulch & Trucking, LLC. Mr. Wallo will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ann Clarkson, his legal assistant, charge $185 per hour. Mr. Wallo declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: William E. Wallo Bakke Norman, S.C. 7 South Dewey, Suite 220 | Eau Claire WI 54701 Direct: 715.231.4730 Main: 715.514.4258 Fax: 815.927.0411 Email: wwallo@bakkenorman.com About Russ's Mulch & Trucking LLC Russ's Mulch & Trucking, LLC provides general freight trucking services in Wisconsin, focusing on the intrastate transport of bulk and general freight materials. Russ's Mulch & Trucking sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-25134) on September 12, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Rachel M. Blise handles the case. The Debtor is represented by Kevin Benjamin, Esq., at Benjamin Legal Services, PLC. SCHAFER FISHERIES: Court Extends Cash Collateral Access to Sept. 30 ------------------------------------------------------------------- Schafer Fisheries, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Western Division, to use the cash collateral of Newtek Small Business Finance, LLC. The court's order authorized the Debtor's interim use of cash collateral through September 30 to pay the expenses listed in its latest budget under the same terms and conditions as previously authorized. As of the petition date, Newtek held a blanket lien on substantially all of the Debtor's assets, including accounts receivable constituting cash collateral. A status hearing is set for September 25. About Schafer Fisheries Schafer Fisheries Inc. is a seafood processor and distributor in Fulton, Ill. Schafer Fisheries filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-80824) on June 20, 2024, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Jennifer Schank of Fuhrman & Dodge, S.C. serves as Subchapter V trustee. Judge Thomas M. Lynch oversees the case. Schafer Fisheries tapped The Golding Law Offices PC and Leibowitz, Hiltz & Zanzig, LLC as bankruptcy counsel, and Philip Firrek as consultant. Newtek Small Business Finance, LLC, as secured creditor, is represented by: Paulina Garga-Chmiel, Esq. Dykema Gossett, PLLC 10 South Wacker Drive, Suite 2300 Chicago, IL 60606 Tel: 312-876-1700 pgarga@dykema.com SCIENCE APPLICATIONS: S&P Rates New $500MM Unsecured Notes 'BB-' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level and '6' recovery ratings to Science Applications International Corp.'s proposed $500 million senior unsecured notes due 2033, in line with the company's existing senior unsecured notes and two notches below the company's first-lien debt. The '6' recovery rating indicates S&P's expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of default. S&P expects SAIC will use the proceeds from the additional debt to pay down borrowings on its revolving credit facility and for general corporate purposes, which it believes could include funding potential future acquisitions. S&P's 'BB+' issuer credit rating on SAIC is unchanged. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors: -- SAIC's proposed capital structure will consist of a $1.1 billion term loan A and a $1 billion revolver (undrawn at close) due June 2027, a $504 million term loan B due February 2031, $400 million senior unsecured notes due April 2028, and $500 million senior unsecured notes due September 2033. -- S&P values the company on a going-concern basis using a 5x multiple of its projected emergence EBITDA and assume SOFR of 2.5% at default. Simulated default assumptions: -- Simulated year of default: 2030 -- EBITDA at emergence: $327 million -- EBITDA multiple: 5x Simplified waterfall: -- Net enterprise value (after 5% administrative costs): $1.55 billion -- Valuation split (obligors/nonobligors): 100%/0% -- Value available for first-lien claims: $1.25 billion -- Secured first-lien debt claims: $2.33 billion --Recovery expectations: 50%-70% (rounded estimate: 50%) -- Value available for unsecured claims: $0 -- Senior unsecured note claims: $922 million --Recovery expectations: 0%-10% (rounded estimate: 0%) SCIENTIFIC GAMES: Fitch Alters Outlook on 'B' IDR to Negative ------------------------------------------------------------- Fitch Ratings has affirmed Scientific Games Holdings LP's (SG) Long-Term Issuer Default Rating (IDR) at 'B'. Fitch has also affirmed SG's senior secured debt ratings at 'B+' with a Recovery Rating of 'RR3' and affirmed its senior unsecured debt at 'B'/'RR4'. The Rating Outlook has been revised to Negative from Stable. The Outlook revision reflects SG's EBITDA leverage remaining above Fitch's negative rating sensitivity of 7.5x over the next 12-18 months — keeping leverage higher for longer — due to some non-recurring sales and neutral to marginally negative FCF over the near term, albeit improved from 2024. The affirmation of SG's IDR reflects its strong business profile in the instant games sub-segment, with an approximately 70% market share, established customer relationships with strong renewal rates, a defensible market position, diversification across customers and jurisdictions, and growth prospects supported by customer takeaways, expansions and iLottery's proliferation. Key Rating Drivers Deleveraging Delayed: At 2Q25, Fitch-defined EBITDA leverage of about 8.5x was up from about 8.0x in 2024 due to non-repeating systems and technology terminal sales in the U.K., one-time terminal retail solutions sales in Pennsylvania, and lower jackpot levels in games. Fitch expects leverage to moderate sequentially to around 8.0x in 2025, mostly due to new systems and solutions deals expected to come online in 2H25, and 7.6x in 2026. Subsequently, leverage should trend lower over the rating horizon to between 6.5x and 7.0x, largely from SG's New Zealand and Ohio contract contributions in 2026 and 2027, respectively, supported by additional expansions. Fitch also anticipates EBITDA margins will grow modestly due to the full effects of incremental improvement in labor productivity and renegotiated pricing of commodities put into place recently, along with slow, yet steady, conversions of its price per unit (PPU) and percentage of sales (POS) contracts to the higher value Scientific Games Enhanced Partnership (SGEP) full category management agreements. Debt is tied to the revolver, term loans B (USD and EUR) and unsecured notes, and Fitch does not foresee any material voluntary debt reductions over the medium term, especially due to the lack of a formal financial policy. High but Manageable Capital Intensity: The lottery business is capital intensive as license or concession payments can require considerable periodic upfront capex for systems and equipment installation. Some jurisdictions mandate material, one-time payments for long-term contracts which reduce FCF. However, capex for the instant tickets segment tends to be relatively low. SG's annual historical capex requirements have been in the vicinity of $100 million, which Fitch expects will increase to around $150 million due to certain scheduled implementations. Capex intensity will likely remain elevated as the company continues to pursue new opportunities and maintain existing contracts, part of which can be funded by draws on the $440 million revolver, under which SG has sufficient capacity. Solid Operating Profile: SG is a diversified lottery service provider - across customers (about 150) and jurisdictions (over 50) - of instant and draw-based products, lottery systems and technology, retail solutions, and iLottery. It is a market leader in instant games, with a company-estimated global market share of about 70%. SG's sticky, long-term contracts with recurring revenue and robust renewal rates, along with longstanding customer relationships, primarily with governments, and stable performance across economic cycles provide substantial competitive advantages when bidding on new concessions. Lottery Exposure a Credit Strength: The lottery business is resilient and less prone to recessionary headwinds and economic shocks, considering it exhibits favorable characteristics such as stable low- to mid-single-digit growth rates and higher profit margins. It is also less exposed to competitive threats, benefitting from significant barriers to entry due to high regulatory oversight and capital intensity. It enjoys strong tailwinds from iLottery adoption, and the industry has exhibited positive spend-per-capita trends even during periods of dislocation, despite meaningful casino development over the last 20 years Reasonable Concession Payment Risk: SG is a part of seven joint ventures (JVs), in none of which SG has an ownership stake more than 50%, helping keep the one-time upfront concession payments manageable. It utilizes the JV structure to operate various lotteries in places such as Italy, Greece, China, Brazil, and New Jersey in the U.S. Fitch includes distributions, which tend to be material, received by SG in its leverage calculation as the concession or supplier agreement tenures are generally multi-decades long. Flexibility to Distributions and Leverage: SG's debt agreements provide the company and its sponsor since 2022, Brookfield Business Partners L.P., with significant flexibility in managing leverage and distributing cash flows. This also provides SG with a breadth of leniency for restricted payments and the pace of its deleveraging trajectory. Sustaining EBITDA leverage below 6.5x, a possibility over the long term, in conjunction with the other rating sensitivities could be more consistent with a higher rating, all else being equal. Experienced Management: SG has an experienced senior leadership team with solid business expertise, which helps offset Brookfield's limited experience in the lottery industry. However, SG's private equity ownership with a lack of a formally defined financial policy and a transparent capital allocation program could have a negative impact on its credit profile. Peer Analysis SG's IDR reflects a high leverage profile, strong discretionary FCF generation, and favorable exposure to global lottery. Its credit profile is weaker than that of Brightstar Lottery PLC's (BRSL, BB+/Stable) which has strong market penetration (about 90% market share in Italy and 75% in the U.S.), scale, EBITDA leverage in the 4.0x-4.5x range, about 95% of revenue recurring in nature, longstanding customer relationships primarily with governments, and robust renewal rates. Allwyn International AG (BB-/Positive), the largest European private lottery operator with a presence in the U.S. through its acquisition of Camelot LS Group, also has a stronger business profile with a ramp in its business and product diversification following the start of its U.K. National Lottery contract in 2024. Its rating also incorporates an expected net proportional EBITDAR leverage between 4.5x and 4.9x over the medium term due to a large cash outlay for the Italian lottery tender, alongside the planned acquisition of Novibet. Intralot S.A. (CCC+/Rating Watch Positive), a supplier of integrated gaming systems and services to state and state-licensed lottery and gaming organizations, is rated two notches below SG. The RWP follows Intralot's announced acquisition of Bally International Interactive, a segment of Bally's Corporation (B-/Rating Watch Negative), reflecting Fitch's expectations that the company will have an improved business profile and significantly lower financial risk after the transaction, with more sustainable medium- to long-term capital structure. Key Assumptions - Total revenue declines marginally in 2025. Subsequently, revenue increases in the low to mid-single digits over the forecast horizon; - Segmentally, Instant Games grows in the low to high single digits as POS and PPU contracts are steadily converted to the higher-yielding SGEP program, supported by an improvement in retail sales volume as jackpot levels improve; - The Systems and Solutions business declines in the low teens in 2025, mostly due to nonrecurring systems and technology terminal sales in the U.K. and retail solutions sales in Pennsylvania. The segment reverts to mid- to high single digits growth thereafter, supported by greenfield expansions and customer takeaways; - Fitch-defined EBITDA margin reaches 32% over the rating period due to improved sales, benefits from costs passed through to customers, cost reductions in commodities, and other productivity measures; - Capex as a percentage of sales is in the 10%-12% range as SG continues to execute on its growth plans; - FCF margin improves through the rating period and becomes positive in the low single digits over the medium term. Fitch expects some shareholder distributions during the outer years; - Distributions from JVs are consistent with the historical range; - Gross debt improves slightly over the medium term due to draws under the revolver to accommodate growth capex requirements and working capital. Deleveraging is primarily from EBITDA growth and Fitch does not expect any voluntary prepayments; - No material M&A. Excess cash flow is reinvested in the business or distributed to shareholders to the extent permissible under debt covenants; - Base interest rate assumptions reflect the current SOFR curve. Recovery Analysis The recovery analysis assumes that SG would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim and the $440 million revolver to be fully drawn at the time of recovery. The current recovery ratings contemplate nearly $3 billion of secured debt claims. Fitch forecasts a post-reorganization EV before administrative claims of roughly $2.5 billion. GC EBITDA of about $330 million, unchanged from its previous review and before distributions from minority investments (e.g., Lotterie Nazionali S.r.l.), assumes the loss of at least two major lottery contracts and marginal cyclical pressures on consumer discretionary spending. It also assumes a forward assumption from the time of distress of mid-single-digit growth for the underlying business given lottery's historically healthy secular growth rates and SG's customer diversification. The collateral package consists of only the U.S.-based subsidiaries, which represent about 70% of total cash flows and assets. The secured lenders and unsecured noteholders will benefit from the same guarantors, which are only the U.S.-based subsidiaries. All value estimated for the foreign subsidiaries is shared on a pro rata basis between any deficiency claims of secured lenders and the unsecured notes. Fitch uses an EV/EBITDA multiple of 7.0x for SG's U.S.-based cash flows, in line with historical bankruptcy proceedings in the gaming sector. The multiple also considers SG's strong market position and operating track record, as well as the industry's favorable characteristics such as high, regulated barriers to entry, low customer churn, less cyclical cash flows, and high margins. This is in line with the recovery multiples used for other gaming operators with similar high barriers to entry and exclusivity. For SG's foreign cash flows, Fitch uses an EV/EBITDA multiple of 6.0x. The lower multiple, despite similar business characteristics, reflects lower transparency of insolvency valuation outside of the U.S. and historical public market trading multiple differentials. Fitch also includes $300 million of value for SG's minority and JV investments that pay recurring distributions to SG, which have historically been about $50 million annually. Fitch uses a 6.0x multiple, given that substantially all of it is generated outside of the U.S. Fitch's waterfall recovery results in a 'B+'/'RR3' recovery for the senior secured credit facilities and a recovery of 'B'/'RR4' for the unsecured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage above 7.5x on a sustained basis; - FCF margin below neutral levels (0%) and/or becoming more volatile on a sustained basis; - EBITDA interest coverage ratio sustained below 2.0x; - A more aggressive financial policy demonstrated by shareholder returns or debt-funded JV investments; - Loss of a material lottery contract(s). Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Track record of sustained EBITDA leverage below 6.5x; - FCF margin at or above low to mid-single digits on a sustained basis. Liquidity and Debt Structure As of June 30, 2025, SG had $20 million in cash and $277 million available under its senior secured revolving facility, which matures in 2027. In comparison, scheduled debt repayment is modest with 1% (or $21 million) per annum required under its USD2.1 billion senior secured term loan B maturing in 2029. The EUR437 million term loan B, which matures concurrently, does not amortize. The company has a long-dated and well-staggered capital structure, with its senior unsecured notes maturing further out in 2030. SG generates cash flow from operations margin in the double digits and benefits from about $60 million in annual JV distributions. This also compares with immaterial upfront concession payments or investments, until its JV's Italian Scratch and Win contract expires in 2028. SG contributed $180 million in 2018 to the JV - Lotterie Nazionali S.r.l. - in which it owns a 20% stake, and Fitch believes its liquidity sources are sufficient for potential upfront payments. Issuer Profile SG is a global lottery operator. The company provides solutions for instant ticket and draw lotteries that include instant ticket manufacturing and management, lottery systems, retail solutions, and iLottery platforms. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Scientific Games Holdings LP LT IDR B Affirmed B senior unsecured LT B Affirmed RR4 B senior secured LT B+ Affirmed RR3 B+ SEQUOIA GROVE: Tom Howley of Howley Law Named Subchapter V Trustee ------------------------------------------------------------------ The U.S. Trustee for Region 7 appointed Tom Howley, Esq., at Howley Law, PLLC as Subchapter V trustee for Sequoia Grove, Inc. Mr. Howley will be paid an hourly fee of $575 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Howley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tom Howley, Esq. Howley Law, PLLC 711 Louisiana Street, Suite 1850 Houston, TX 77002 Telephone: (713) 333-9120 Email: tom@howley-law.com About Sequoia Grove Inc. Sequoia Grove, Inc., doing business as, GM Outdoor Living, Pool & Spa, designs, builds, renovates, and maintains custom swimming pools, outdoor living spaces, and kitchens for residential clients in the Greater Houston area from its base in Humble, Texas. The Company also partners with third-party financial institutions to provide customer financing for pool construction and outdoor living projects. Sequoia Grove filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-35441) on September 16, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Martin Rafter, president and chief executive officer of Sequoia Grove, signed the petition. Judge Jeffrey P. Norman presides over the case. Leonard Simon, Esq., at Pendergraft & Simon, LLP represents the Debtor as legal counsel. SLM SERVICES: Seeks to Hire Whitten Horton & Gibney as Accountant ----------------------------------------------------------------- SLM Services LLC 2025 seeks approval from the U.S. Bankruptcy Court for the District of Connecticut to employ the Whitten, Horton & Gibney, LLP as accountant. The firm will perform accounting services, preparation of tax returns, bank reconciliations and other related accounting work. It may also participate in preparing operating reports and in the plan process. The firm will be paid at $285 per hour to be capped at $7,500, plus any out-of-pocket expenses. Matthew Reinecke, CPA, an accountant at Whitten, Horton & Gibney, does not have any pre-petition claim with the Debtor and does not hold any interest adverse to the estate and is a disinterested party within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Matthew Reinecke, CPA Whitten, Horton & Gibney, LLP 445 Boston Post Rd B, Orange, CT 06477 Phone: (203) 795-6777 About SLM Services LLC SLM Services LLC, DBA Northeast Horticultural Services, provides tree care and organic landscaping services in Fairfield County, Connecticut, including Fairfield, Weston, and Westport. The Company offers plant health care, tree removal, landscape design, and organic lawn care, with a focus on environmentally friendly practices. It serves both residential and commercial clients. SLM Services LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 25-50514) on June 24, 2025. In its petition, the Debtor reports total assets of $2,855,436 and total liabilities of $1,054,34. The Debtors are represented by Jeffrey Hellman, Esq. at LAW OFFICES OF JEFFREY HELLMAN, LLC. SMITH HEALTH: Hires Marcus & Millichap as Real Estate Broker ------------------------------------------------------------ Smith Health Care, Ltd seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Marcus & Millichap as real estate broker. The firm will market and sell the Debtor's real property located at and known as 453 S Main Road, Mountain Top, Luzerne County, Pennsylvania. The firm will be paid a commission of 4 percent of the sale price. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joseph Knapp Marcus & Millichap 2 Towne Square, Suite 425 Southfield, MI 48076 Tel: (248) 450-5367 Fax: (602) 434-9409 Email: Joseph.Knapp@MarcusMillichap.com About Smith Health Care, Ltd Smith Health Care Ltd., formerly known as Smith Nursing and Convalescent Home of Mountain Top, Inc., provides inpatient nursing and rehabilitative services to patients who require continuous health care. It is based in Mountain Top, Pa. Smith Health Care filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 24-02892) on November 7, 2024, with $1 million to $10 million in both assets and liabilities. Donna Strittmatter, president of Smith Health Care, signed the petition. Judge Mark J. Conway handles the case. The Debtor is represented by Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky, PC. Margaret Barajas is the patient care ombudsman appointed in the Debtor's case. SOLSTICE ADVANCED: Fitch Rates New Sr. Unsecured Notes 'BB+' ------------------------------------------------------------ Fitch Ratings has published a rating of 'BB+' with a Recovery Rating of 'RR4' to Solstice Advanced Materials, LLC's (Solstice) proposed senior unsecured notes. The rating reflects Solstice's competitive position, strong margin and cash flow profile, and low leverage relative to the 'BB+' rating category. The rating also considers Solstice's somewhat narrow scope and limited operating history as an independent company. The Positive Outlook for the Issuer Default Rating reflects the company's capacity to achieve an investment-grade profile if it maintains a commitment to conservative financial and operating policies. Key Rating Drivers Strong Competitive Position: Solstice is a leading global producer of low-global-warming potential (LGWP) refrigerants and blowing agents, with a strong presence in stationary and automotive markets, and in specialty chemicals for the semiconductor sector. In healthcare, Solstice leads in specialty molecular solutions, supplying medical barrier packaging and emission-reducing propellants for metered dose inhalers. Its proprietary products benefit from a broad intellectual property portfolio of almost 6,000 patents and a deep bench of technical staff, creating a competitive innovation advantage that helps the company maintain its strong position. Solid Margin Profile, Cash Flow: Solstice's post-spinoff pro forma financial profile benefits from EBITDA margins consistently in the mid-20% range and post-dividend FCF margins in the mid-single digits. Solstice's current growth and expansion projects drive a high relative capex burden that will moderate over time and lead to capex closer to 5%-7% of revenue. Solstice should benefit from some margin expansion as the refrigerant shift to hydrofluoroolefins (HFOs) matures and its revenue mix moves toward higher margin replacement sales. Fitch anticipates that Solstice will use its FCF for discretionary share repurchases with limited debt reduction over the forecast period. Moderate Leverage: Solstice's pro forma Fitch-calculated EBITDA leverage of around 2.0x is low for the 'BB+' rating category, providing material headroom within the current rating. Fitch expects the company to maintain this conservative leverage profile and exhibit prudent financial management and flexibility after its spinoff from Honeywell International Inc. Sustained EBITDA leverage at or below this level would be consistent with higher-rated peers and could support positive rating momentum over time should other credit factors remain stable. Narrow Scope Limits Diversification Benefits: Solstice has a somewhat limited business scope as it focuses primarily on refrigerants for heating, ventilation, air conditioning and refrigeration (HVAC/R), and automotive applications. This results in significant exposure to the construction and automotive sectors. In addition, its specialty chemicals segment is concentrated in products with narrow applications such as semiconductors and certain healthcare products. This limited scope reduces the diversification benefit typically associated with broader chemical peers. Limited Standalone History: Solstice lacks operating history as an independent entity following its planned separation from Honeywell. The company must build standalone corporate infrastructure, including information technology, finance, legal, human resources and tax functions. The transition will increase corporate costs, and actual expenses may exceed management's estimates due to the complexity of the transition. Solstice will also lose access to Honeywell's resources and support, increasing operational and financial risk, particularly during periods of market stress. Peer Analysis Solstice has a narrower operating scope and smaller scale than DuPont de Nemours, Inc. (BBB+/Stable), Celanese Corporation (BB+/Negative) and Orbia Advance Corporation, S.A.B. de C.V. (BBB/Stable). However, it is less exposed to cyclical end markets such as automotive and construction than Celanese and Orbia. It is more diversified than Entegris, Inc. (BB/Stable), which is more concentrated in semiconductors. Fitch-calculated EBITDA margins in the mid-20% range are broadly in line with DuPont and Celanese, reflecting product specialization and, for Celanese, a favorable cost position. Solstice's margins are materially above Orbia's, given Orbia's greater exposure to building/infrastructure and PVC piping and more limited aftermarket/replacement dynamics, while below Entegris' due to business-mix differences. Leverage is toward the low end of the peer set, except for DuPont, whose leverage is more consistent with its higher rating. Higher leverage at Celanese and Entegris reflects structural targets and past M&A, while cyclicality contributes to variability at Orbia. Despite lower leverage, Solstice's FCF margins are modestly weaker than those of Entegris, DuPont and Celanese, driven by relatively higher capex and dividend outlays. Key Assumptions - Solstice's revenues decline in the low single digits in 2025, driven by the absence of one-time sales in 2024 that do not repeat as well as a mix-shift from hydrofluorocarbons (HFCs) to HFOs that leads to less replacement revenue, with revenue growth in the low- to mid-single digits thereafter as the shift to HFOs concludes and key construction end-markets start to recover toward the end of the decade. Solstice also benefits from steady growth in its Energy and Specialty Materials (ESM) segment from continued data center growth; - EBITDA margins remain in the 25% range as the company incurs higher corporate SG&A as a result of its spinoff; - Capex remains elevated over the next two to three years from growth projects, tapering to about 7.5% of revenue by 2028; - Dividends grow in line with cash flows; - Fitch assumes no acquisitions and about $100 million in share repurchases annually. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage durably above 3.0x; - EBITDA margins consistently below 20%, indicating a loss of competitive position; - FCF margins (after dividends) below 2%, potentially due to persistently high capex and/or an aggressive dividend policy; - The Outlook could be revised to Stable if management's capital allocation and financial policies do not align with an investment-grade profile. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstrated commitment to an investment-grade profile; - Improved financial flexibility, evidenced by a less-encumbered capital structure; - Maintained EBITDA leverage durably below 2.3x; - Increased scale and diversification. Liquidity and Debt Structure Solstice exhibits solid liquidity. Pro forma for the transactions, Fitch expects Solstice will have around $450 million in cash and full access to an undrawn five-year, $1 billion RCF. Solstice's liquidity is further bolstered by $750 million of bilateral letter of credit facilities that backstop certain asset retirement obligations. With no upcoming debt maturities, annual debt amortization will be minimal and very manageable with Solstice's existing liquidity and cash flow. Issuer Profile Solstice Advanced Materials is leading global provider of refrigerants, semiconductor materials, protective fibers and healthcare packaging. Date of Relevant Committee 03-Sep-2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Solstice Advanced Materials, LLC senior unsecured LT BB+ Publish RR4 SPEEDHAUS 405: Stephen Moriarty Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 14 appointed Stephen Moriarty, Esq., at Fellers, Snider, Blankenship, Bailey & Tippens, P.C., as Subchapter V trustee for Speedhaus 405, LLC. Mr. Moriarty will be paid an hourly fee of $575 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Moriarty declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Stephen J. Moriarty, Esq. Fellers, Snider, Blankenship, Bailey & Tippens, P.C. 100 N. Broadway, Suite 1700 Oklahoma City, OK 73102 Telephone: (405) 232-0621 Facsimile: (405) 232-9659 Email: smoriarty@fellerssnider.com About Speedhaus 405 Speedhaus 405, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-12852) on September 15, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Amanda R. Blackwood, Esq. at Blackwood Law Firm, PLLC represents the Debtor as bankruptcy counsel. SPIRIT AIRLINES: To Layoff 1,800 Employees Amid Chapter 11 ---------------------------------------------------------- Emily Lever of Law360 reports that on September 22, 2025, Spirit Airlines announced that about one-third of its flight attendants will be furloughed in the months ahead, a move the bankrupt budget carrier says is necessary to reduce expenses. About Spirit Airlines Spirit Airlines, LLC (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. 2nd Attempt Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 25-11896) on August 29, 2025. In its petition, the Debtors reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Marshall Scott Huebner, Esq. and Darren S. Klein, Esq. at Davis Polk & Wardwell LLP. SPIRIT AVIATION: Esopus Creek Value Series Fund Holds 5% Stake -------------------------------------------------------------- Esopus Creek Value Series Fund LP – Series A, Esopus Creek Advisors LLC, and Andrew L. Sole disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of September 10, 2025, they beneficially own 1,300,000 shares of Spirit Aviation Holdings, Inc.’s Common Stock, par value $0.0001 per share, representing 5.0% of the 25,882,259 shares outstanding. The reporting persons share voting and dispositive power over the securities, which are directly held by Esopus Creek Fund. Esopus Creek Value Series Fund may be reached through Martin Sklar Kleinberg, Kaplan, Wolff & Cohen P.C. 500 Fifth Avenue New York, N.Y. 10110 Tel: (212) 986-6000 A full-text copy of Esopus Creek's SEC report is available at: https://tinyurl.com/3x4cab5x About Spirit Aviation Holdings, Inc. About Spirit Aviation Holdings Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. They employ approximately 25,000 direct employees and independent contractors. Spirit Aviation Holdings and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 25-11897) on August 29, 2025. In the petition signed by Frederick Cromer, authorized signatory, Spirit Aviation Holdings disclosed up to $8.5 billion in assets and $8.1 billion in liabilities. Judge Sean H. Lane oversees the cases. Jeffrey M. Orenstein, Esq., at Wolff & Orenstein, LLC, represents the Debtors as legal counsel. The Debtors tapped FTI Consulting, Inc. as restructuring, fleet and communications advisor; PJT Partners, LP as investment banker; Debevoise & Plimpton, LLP as fleet counsel; Morris, Nichols, Arsht & Tunnell, LLP as conflicts counsel, and Epiq Corporate Restructuring, LLC as claims, noticing, solicitation and administrative agent. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. SPIRIT AVIATION: NYSE Moves to Delist Stock Following Bankruptcy ---------------------------------------------------------------- The New York Stock Exchange American filed a 25-NSE Report notifying the Securities and Exchange Commission of its intention to remove the Common Stock of Spirit Aviation Holdings, Inc. from listing and registration on the Exchange, pursuant to the provisions of Rule 12d2-2(b) because, in the opinion of the Exchange, the Common Stock is no longer suitable for continued listing and trading on the Exchange. The Exchange reached its decision that the Company is no longer suitable for listing and will commence delisting proceedings pursuant to Section 1003(c)(iii) of the NYSE American Company Guide in light of the Company's disclosure on August 29, 2025. The Company has filed voluntary petitions for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York (the "Court"). The shares are expected to be cancelled and have no value as part of the Company's restructuring. On September 2, 2025, the Exchange determined that the Company's Common Stock should be suspended from trading and directed the preparation and filing with the Commission of this application for the removal of the Common Stock from listing and registration on NYSE American. The Company was notified on September 2, 2025. The Company had a right to appeal to a Committee of the Board of Directors of the Exchange the determination to delist the Common Stock, provided it filed a written request for such a review with the Secretary of the Exchange within seven calendar days of receiving notice of the delisting determination. The Company did not exercise that right. Consequently, all conditions precedent under SEC Rule 12d2-2(b) to the filing of this application have been satisfied. About Spirit Aviation Holdings, Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. Spirit Aviation Holdings, Inc. and its affiliates filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11897) on August 29, 2025. Marshall Scott Huebner, Esq. at Davis Polk & Wardwell LLP represents the Debtors as counsel. SYAGRUS SYSTEMS: Hires US Asset Appraisal as Appraiser ------------------------------------------------------ Syagrus Systems, LLC seeks approval from the U.S. Bankruptcy Court for the District of Minnesota to employ US Asset Appraisal as appraiser. The firm will provide appraisal report of the Debtor's machinery and equipment which are collateral for Star Bank's loan. The firm will be paid a flat fee of $1,500 for the appraisal services. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Frank Aiello US Asset Appraisal 3725 Stinson Boulevard NE, Suite 211 Minneapolis, MN 55421 Telephone: (763) 226-9318 About Syagrus Systems, LLC Syagrus Systems, LLC provides silicon wafer backend processing services and die-sorting equipment manufacturing. Based in the Twin Cities of Minneapolis and St. Paul, Minnesota, the company offers capabilities such as ultra-thin wafer backgrinding, dicing, wafer bonding, and die sorting, as well as support for engineering runs and multi-die wafers. Syagrus Systems sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.Â D. Minn. Case No. 25-31901) on June 19, 2025. In its petition, the Debtor reportedÂ total assets of $476,000 and total liabilities of $4,502,535. Judge William J. Fisher handles the case. Joseph Dicker, Esq., at Joseph W. Dicker, PA is the Debtor's legal counsel. North Star Bank, as secured creditor, is represented by: Jacob B. Sellers, Esq. Greenstein Sellers, PLLC 121 South 8th Street, Suite 1450 Minneapolis, MN 55402 Telephone: (612) 345-7492 E-mail: jacob@greensteinsellers.com TALPHERA INC: CorMedix Holds 19.95% Equity Stake ------------------------------------------------ CorMedix Inc. disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of September 7, 2025, it beneficially owns 9,090,909 shares of Talphera, Inc.'s Common Stock, $0.001 par value per share, representing 19.95% of the 45,559,015 shares outstanding (including 20,522,655 shares reported outstanding as of August 7, 2025, plus 25,036,360 shares issued in a private placement on September 10, 2025). The shares were acquired for investment purposes pursuant to a Securities Purchase Agreement with Talphera, Inc. in which CorMedix purchased the shares in a private placement for an aggregate consideration of approximately $5.0 million. CorMedix has the right to designate one board member, subject to ownership thresholds, and entered into both a Purchase Agreement and a Registration Rights Agreement with Talphera. CorMedix also secured certain exclusivity and negotiation rights with respect to a potential acquisition of Talphera following the announcement of clinical trial results. CorMedix Inc. may be reached through: Joseph Todisco / Chief Executive Officer 300 Connell Drive, Suite 4200 Berkeley Heights, N.J. 07922 Tel: (908)-517-9500 A full-text copy of the SEC Report is available at: https://tinyurl.com/36m8c8a9 About Talphera Headquartered in San Mateo, California, Talphera, Inc. -- www.talphera.com -- is a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for use in medically supervised settings. Talphera's lead product candidate, Niyad, is a lyophilized formulation of nafamostat and is currently being studied under an investigational device exemption (IDE) as an anticoagulant for the extracorporeal circuit, and has received Breakthrough Device Designation status from the U.S. Food and Drug Administration (FDA). Walnut Creek, Calif.-based BPM LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring operating losses and negative cash flows from operating activities since inception and expects to continue to incur operating losses and negative cash flows in the future. These matters raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, Predictive Oncology had $16.52 million in total assets, $9.89 million in total liabilities, and a total stockholders' equity of $6.63 million. TALPHERA INC: Rock Springs Entities Hold 7.88% Equity Stake ----------------------------------------------------------- Rock Springs Capital Management LP, Rock Springs Capital LLC, Rock Springs Capital Master Fund LP, Mark Bussard, and Kris Jenner, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of September 10, 2025, they beneficially own 3,589,186 shares of Talphera, Inc.'s Common Stock, $0.001 par value per share, representing 7.88% of the outstanding class. The shares are held with shared voting and dispositive power. Of the reported holdings, 2,841,954 shares are held directly by Rock Springs Capital Master Fund LP, with the remainder held through related investment funds. Rock Springs Capital Management LP serves as investment manager to the funds, and Rock Springs Capital LLC is the general partner of Rock Springs Capital Management LP. Rock Springs may be reached through: Mark Bussard - Member 650 South Exeter, Suite 1070 Baltimore, Md. 21202 Tel: 410-220-0129 A full-text copy of Rock Springs' SEC report is available at: https://tinyurl.com/mr3ee5uz About Talphera Headquartered in San Mateo, California, Talphera, Inc. -- www.talphera.com -- is a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for use in medically supervised settings. Talphera's lead product candidate, Niyad, is a lyophilized formulation of nafamostat and is currently being studied under an investigational device exemption (IDE) as an anticoagulant for the extracorporeal circuit, and has received Breakthrough Device Designation status from the U.S. Food and Drug Administration (FDA). Walnut Creek, Calif.-based BPM LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring operating losses and negative cash flows from operating activities since inception and expects to continue to incur operating losses and negative cash flows in the future. These matters raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, Predictive Oncology had $16.52 million in total assets, $9.89 million in total liabilities, and a total stockholders' equity of $6.63 million. THYNG VENTURES: Case Summary & Two Unsecured Creditors ------------------------------------------------------ Debtor: Thyng Ventures, LLC 129 S. Jefferson Street Mount Pleasant, IA 52641 Business Description: Thyng Ventures owns a property at 129 S. Jefferson, Mt. Pleasant, Iowa, 52641, with an estimated value of $265,000 based on comparable market analysis. Chapter 11 Petition Date: September 22, 2025 Court: United States Bankruptcy Court Southern District of Iowa Case No.: 25-01627 Judge: Hon. Lee M Jackwig Debtor's Counsel: Robert Gainer, Esq. CUTLER LAW FIRM PC 1307 50th Street West Des Moines IA 50266-1782 Email: rgainer@cutlerfirm.com Total Assets: $292,000 Total Liabilities: $1,016,853 The petition was signed by Suzanne Sorensen as manager. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IPWKGXQ/Thyng_Ventures_LLC__iasbke-25-01627__0001.0.pdf?mcid=tGE4TAMA TOCO HOLDINGS: Tom Howley of Howley Law Named Subchapter V Trustee ------------------------------------------------------------------ The U.S. Trustee for Region 7 appointed Tom Howley, Esq., at Howley Law, PLLC as Subchapter V trustee for Toco Holdings, LLC. Mr. Howley will be paid an hourly fee of $575 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Howley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tom Howley, Esq. Howley Law, PLLC 711 Louisiana Street, Suite 1850 Houston, TX 77002 Telephone: (713) 333-9120 Email: tom@howley-law.com About Toco Holdings LLC Toco Holdings, LLC, a company based in Houston, Texas, operates in the investment management sector, focusing on stock holdings. Toco Holdings LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-35378) on September 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by T. Josh Judd, Esq., at Andrews Myers, P.C. TOGETHER GOOD: Hires Driver Stephenson as Bankruptcy Counsel ------------------------------------------------------------ Together Good Deeds IV, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Driver Stephenson, PLLC as bankruptcy counsel. The firm will render these services: a. provide legal advice with respect to the Debtor's powers and duties as debtor-in-possession in the operation of its business and the management of estate property; b. take all necessary steps to protect and preserve the Debtor's bankruptcy estate; c. serve as counsel of record for Debtor in all aspects of this Chapter 11 case, including, without limitation, the prosecution of actions on behalf of the Debtor, and objections to claims filed against the Debtor's estate; d. prepare on behalf of Debtor all necessary motions, orders, reports, and other legal papers in connection with the administration of the Debtor's estate; e. advise the Debtor with respect to corporate and real estate matters; f. consult with the Office of the United States Trustee for the Northern District of Texas, any committee appointed in this Chapter 11 case, and all other creditors and parties-in-interest concerning the administration of this Chapter 11 case, if applicable; and g. provide representation and all other bankruptcy-related legal services required by Debtor in discharging its duties as debtor-in-possession or otherwise in connection with this Chapter 11 case. The firm will be paid at these rates: Vickie Driver $895 per hour Cristina Stephenson $845 per hour Paraprofessionals $295 per hour The firm received from the Debtor a retainer of $115,000. Ms. Driver assured the court that Driver Stephenson is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, and neither represents nor holds an interest materially adverse to the interests of the Debtor, or its estate. The firm can be reached through: Vickie L. Driver, Esq. Driver Stephenson, PLLC 13155 Noel Road, Ste. 900 Dallas, TX 75240 Telephone: (214) 910-9558 Email: vickie@driversteplaw.com About Together Good Deeds IV, LLC Together Good Deeds IV LLC, based in Texas, provides professional. architectural, engineering, and related consulting services under NAICS code 5413. Together Good Deeds IV sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-33215) on August 22, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor is represented by Vickie L. Driver, Esq., at Driver Stephenson, PLLC. TPI COMPOSITES: Hires PwC US Tax LLP as Tax Service Provider ------------------------------------------------------------ TPI Composites, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ PwC US Tax LLP as tax compliance and tax restructuring services provider. The firm's services include: a. Recurring Tax Letter: i. Recurring Tax Services - PwC US Tax may perform tax compliance and tax consulting services as mutually agreed to with the TPI Group when one or more statements of work are issued under the Recurring Tax Letter. From time to time, the TPI Group may also request that PwC US Tax provide tax services that may not be significant enough to require a separate agreement or SOW, subject to PwC US Tax's acceptance and any independence permissibility requirements. b. Recurring Tax SOWs: i. Tax Compliance SOW – 1. PwC US Tax will prepare and sign as preparer the U.S. federal and state tax returns and extensions for TPI Group for the tax year(s) beginning January 1, 2024 through December 31, 2024 (the "tax period"), as requested by TPI Group for the entities listed in Exhibit I to the Tax Compliance SOW. 2. Unless otherwise agreed with PwC US Tax, TPI Group will be responsible for preparation and filing of all other required tax or information returns, including, for example, city and county income or gross receipts filings, payroll tax filings, sales and use tax filings, and information reporting filings. TPI Group is required to maintain and retain adequate documentation to support the tax returns as filed, as penalties can be imposed by taxing authorities for the failure to produce adequate documentation supporting items included in a tax return. 3. TPI Group is responsible for understanding and agreeing with the amounts, computations, and statements made in all of the tax returns before they are filed with the taxing authorities. Most of the tax returns that PwC US Tax will prepare require the taxpayer to sign, under the penalties of perjury, affirming that the tax returns and the accompanying schedules and statements are true, correct, and complete to the best of his or her knowledge. TPI Group agrees to provide PwC US Tax all requested information, including Schedules K-1, with sufficient time for PwC US Tax to prepare and complete TPI Group's filings and other Services under the Tax Compliance SOW. 4. PwC US Tax will complete the preparation of the tax returns so they can be timely filed by the applicable due date for such tax returns. PwC US Tax will provide TPI Group with draft tax returns for TPI Group's review. If TPI Group does not provide PwC US Tax with information or assistance within the agreed timeframe, the completion date for PwC US Tax's Services may be adjusted, including after the applicable due date. 5. Certain circumstances may arise that require the performance of additional work ("Additional Services") outside the scope of PwC US Tax's base tax compliance services. In the event such circumstances arise, PwC US Tax and TPI Group will mutually agree to the Additional Services to be performed and the associated fees for such Additional Services (a) pursuant to a separate agreement or Statement of Work or (b) pursuant to the Recurring Tax Services Letter. Additional Services may include: i. PwC US Tax and TPI Group may mutually agree in writing for PwC US Tax to provide Additional Services related to subsequent year tax compliance, such as the preparation of year end estimates, estimated tax payments, allocations, compliance coordination and related tax consulting. ii. When certain taxpayers' specified foreign financial assets exceed a specific threshold during the year, federal law requires them to include in their income tax returns a report (on IRS Form 8938) of all specified foreign financial assets held by them during that year. Preparation of IRS Form 8938, including related data gathering and valuation services, constitute Additional Services. iii. Additional Services may be required to the extent TPI Group has participated in virtual currency transactions. Certain taxing authorities, including the Internal Revenue Service ("IRS"), treat virtual currencies, including cryptocurrencies and non-crypto virtual currencies, as property for tax purposes. Generally, U.S. taxpayers must report all sales, exchanges, and other dispositions of any virtual currency, regardless of whether the account is held in the U.S. or abroad. An exchange of a virtual currency includes the use of the virtual currency to pay for or purchase goods, services, or other property, including another virtual currency. TPI Group must report virtual currency transactions on Client's return, regardless of whether or not TPI Group received a payee statement for the transaction (e.g., Form W-2 or Form 1099). iv. The potential implications of newly proposed or recently enacted tax rules are often complex, and interpretative guidance from taxing authorities may not be available. Analysis of such rules, including related reporting requirements, constitute Additional Services. v. As part of PwC US Tax's Services, PwC US Tax will complete Schedule UTP for certain entities, if applicable, based on information TPI Group provides to us. To facilitate TPI Group's providing PwC US Tax with this information, PwC US Tax may provide TPI Group with a checklist or information request. To the extent TPI Group requires assistance in gathering or analyzing the information requested for Schedule UTP reporting purposes, such assistance will constitute Additional Services. vi. The rules for cross-border transfers of assets and stock under Internal Revenue Code § 367 and associated regulations are complex. Certain transactions require gain recognition agreements ("GRAs") and disclosures to qualify for an exception from gain recognition. Review of transactions involving cross-border transfers, and preparation and review of GRAs and related disclosures, constitute Additional Services not included in the base tax compliance services. vii. IRS regulations require annual country-by-country ("CbC") reporting for certain US-parented multinational enterprise groups. Services related to CbC reporting requirements constitute Additional Services. c. International Tax SOW: 1. PwC US Tax will review TPI Group's U.S. federal income tax impact associated with the international tax provisions enacted by the Tax Cuts and Jobs Act of 2017 and historical international tax considerations. i. Our review will focus on the following tax calculations for each quarter of tax year 2025: A. Tested Income, Tested Taxes, QBAI, Specified Interest; B. GILTI High-Tax Exclusion; C. U.S. Shareholder Global Intangible Low Tax Income; and D. Base Eroding and Anti-Abuse Tax including the review of base erosion payments. ii. Other mutually agreed upon tax advice to be provided by PwC US Tax related to tax legislation including assistance with evaluating the company's existing entity structure and transaction flows to identify opportunities for tax efficiencies. d. Amended Return SOW: 1. PwC US Tax will prepare and sign as preparer the amended U.S. federal and state tax returns for TPI Group for the tax years 2021, 2022 and 2023 (the "tax period"), as requested by TPI Group for the entities listed in Exhibit I to the Amended Return SOW. TPI Group and PwC US Tax may mutually agree in writing (including e-mail) to revise the listing of entities and tax returns included in Exhibit I to the Amended Return SOW and make a related adjustment to PwC US Tax's fees. 2. Unless otherwise agreed with PwC US Tax, TPI Group will be responsible for preparation and filing of all other required tax or information returns, including city and county income or gross receipts filings, payroll tax filings, sales and use tax filings, and information reporting filings. TPI Group is required to maintain and retain adequate documentation to support the tax returns as filed, as penalties can be imposed by taxing authorities for the failure to produce adequate documentation supporting items included in a tax return. 3. TPI Group is responsible for understanding and agreeing with the amounts, computations, and statements made in all of the tax returns before they are filed with the taxing authorities. Most of the tax returns that PwC US Tax will prepare require the taxpayer to sign, under the penalties of perjury, affirming that the tax returns and the accompanying schedules and statements are true, correct, and complete to the best of his or her knowledge. 4. TPI Group agrees to provide PwC US Tax all requested information, including Schedules K-1, with sufficient time for PwC US Tax to prepare and complete TPI Group's filings and other Services hereunder. 5. Additional Services as may be requested by TPI Group. e. Restructuring SOWs: Services will include tax assistance and tax advice in connection with the contemplated debt and/or legal entity restructuring of TPI Group (the "Restructuring Plan"). As requested, PwC US Tax's Services with respect to the Restructuring Plan may include the following, which will be based on inputs and assumptions provided by TPI Group: i. Advise TPI Group regarding the anticipated U.S. federal and certain state income tax (states to be agreed to with TPI Group) implications associated with the Restructuring Plan of TPI Group's indebtedness pursuant to its anticipated Chapter 11 filing. ii. Based upon information and assumptions provided by TPI Group, prepare an estimate of the U.S. federal and agreed upon state income tax basis of the TPI Group's assets and subsidiaries. iii. Based upon information and assumptions provided by the TPI Group, develop estimates of the amount of net operating loss, capital loss and tax credit carryforwards as of December 31, 2024, and current year estimates through the bankruptcy filing date. iv. Utilizing the Advisory Process (as described in the Restructuring SOW), prepare a tax analysis estimating the U.S. federal and certain state income tax effects of the proposed debt restructuring scenarios identified and provided by TPI Group's financial and legal advisors. Such analysis will be based upon data inputs (such as entity and asset valuations, current debt and accrued interest balances, tax basis information for the stock of affiliates, as well as tax basis balance sheet of applicable entities, etc.) provided by TPI Group and will estimate the amount of cancelation of indebtedness ("COD") income recognized, if any, in connection with the debt restructuring as well as estimating the U.S. federal and certain state income tax effects under IRC section 108(b) and Treas. Reg. sec. 1.1502-28. v. To the extent that TPI Group and its creditors decide to use a "Bruno's" style transaction in connection with the Restructuring Plan, prepare a memorandum addressing whether the "Bruno's" transaction is anticipated to qualify as a taxable transaction for federal income tax purposes under IRC section 1001. vi. Prepare a proposed step plan depicting the debt restructuring steps selected by TPI Group and describing the anticipated U.S. federal and agreed upon state income tax implications associated with such steps. vii. Participate in discussions with TPI Group's advisors, identified by TPI Group, to discuss debt restructuring steps and background facts relevant to the debt restructuring for purposes of our income tax analysis. viii. Read legal documents prepared by TPI Group's legal counsel and provide comments to legal counsel, as requested with respect to income tax matters. TPI Group and its counsel are responsible for ensuring TPI Group's intended tax structure is appropriately reflected in any agreements. ix. Provide advice, answers to questions on federal, state and local, and international direct and indirect tax matters, (e.g., sales & use tax, property tax, VAT, excise tax, payroll tax, credits) including research, discussions, preparation of memoranda, and attendance at meetings relating to such matters, as mutually agreed to in writing. x. Prepare ownership change analysis under Internal Revenue Code (IRC) Section 382, Section 382 limitation calculations, and net unrealized built-in gain or loss analysis based upon inputs and assumptions provided by TPI Group, as requested. The firm will be paid as follows: a. Recurring Tax Letter: i. Tax Compliance SOW: The Tax Compliance SOW is a fixed fee arrangement, exclusive of expenses, whereby PwC US Tax has agreed to be paid $231,994, with fees for additional state and local tax returns not included in Exhibit I to the Tax Compliance SOW will be $1,550 for separate returns and $1,850 for combined/consolidated returns. ii. International Tax SOW: The primary tax calculations performed under the International Tax SOW is pursuant to a fixed fee arrangement, exclusive of expenses, whereby PwC US Tax has agreed to be paid a total of $70,000 –$15,000 per quarter for 2025'Q1, 2025'Q2, and 2025'Q3; and $25,000 for 2025'Q4. Any additional calculations performed under the International Tax SOW are pursuant to an hourly fee arrangement and the hourly rates set forth below, with such hourly fees not to exceed $25,000, exclusive of expenses: Partner/Principal $768 per hour Director $593 per hour Senior Manager $576 per hour Manager $526 per hour Senior Associate $443 per hour Associate $355 per hour b. Tax Restructuring SOW: The Tax Restructuring SOW is pursuant to an hourly fee arrangement, and the hourly rates set forth below, exclusive of expenses: Partner/Principal $1,396 per hour Managing Director $1,269 per hour Director $1,254 per hour Senior Manager $1,197 per hour Manager $1,162 per hour Senior Associate $999 per hour Associate $780 per hour c. Retainer: Pre-petition, the Debtors remitted retainer payments totaling $448,143, including $145,643 for Tax Compliance Services; $15,000 for International Tax Services; $37,500 for Amended Return Services; and $250,000 for Tax Restructuring Services. As of the Petition Date, $304,084 of the retainer remains on hand to be applied to Court-approved post-petition services as follows: $75,741 for Tax Compliance Services; $15,000 for International Tax Services; $21,825 for Amended Return Services; and $191,518 for Tax Restructuring Services. Mr. Thurston disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Chad Thurston, PwC US Tax LLP 4300 E. Camelback Road, Suite 475 Phoenix, AZ 85018 Tel: (602) 364-8000 About TPI Composites, Inc. TPI Composites -- https://tpicomposites.com/ -- is a leading wind-blade manufacturer and the only independent wind blade manufacturer with a global footprint. TPI Composites Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34655) on August 11, 2025. The company listed $500 million to $1 billion in estimated assets, along with $1 billion to $10 billion in estimated liabilities. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Gabriel Adam Morgan, Esq. at Weil, Gotshal & Manges LLP. Oaktree Capital Management L.P., as DIP agent, is represented by William A. (Trey) Wood III, Esq. at Bracewell, LLP. TRB SUPPLY: Court OKs Interim Use of Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Alabama granted TTRB Supply Inc. interim authority to use cash collateral to fund operations. The court's interim order authorized the Debtor to use cash collateral to maintain ongoing operations through October 2 in accordance with its budget. The Debtor may remit $900 per month to its legal counsel to cover future Subchapter V trustee fees. The funds will be held in trust pending the filing of a fee application by the Subchapter V trustee or further orders from the court. The U.S. Small Business Administration, which holds a $350,000 secured Economic Disaster Recovery Loan, will be granted replacement liens on post-petition cash and assets in case of any diminution in value of its collateral. These liens are subordinate only to a carveout for approved professional fees. If the protection proves inadequate, the SBA may seek an administrative expense claim, subordinate to the fee carveout. The order survives dismissal or conversion of the Debtor's Chapter 11 case to Chapter 7. A final hearing on cash collateral is set for October 2. The Debtor previously obtained an SBA EIDL loan with a balance of approximately $350,000, secured by a lien on the Debtor's tangible and intangible personal property, including accounts receivable and deposit accounts. While other creditors may assert liens, the Debtor argues the SBA holds the priority position and that some other lien claims are invalid or inferior. About TRB Supply Inc. TRB Supply Inc. based in Collinsville, Alabama, provides structural steel fabrication and produces various steel products in the metal fabrication and manufacturing industry. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-41170) on September 3, 2025. In the petition signed by Thomas A. Banks, the Debtor disclosed $795,624 in assets and $3,218,089 in liabilities. Judge James J. Robinson oversees the case. Kevin D. Heard, Esq., at Heard, Ary & Dauro, LLC, represents the Debtor as legal counsel. TRICO MILLWORKS: Tanya Sambatakos Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 1 appointed Tanya Sambatakos, Esq., at Molleur Law Office as Subchapter V trustee for Trico Millworks Inc. Ms. Sambatakos will be paid an hourly fee of $375 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Sambatakos declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tanya Sambatakos, Esq. Molleur Law Office 190 Main Street, 3rd Floor Saco, ME 04072 (207) 283-3777 Email: tanya@molleurlaw.com About Trico Millworks Inc. Trico Millworks, Inc. designs, fabricates, and installs custom architectural millwork for commercial construction projects across Maine and New Hampshire. Founded in 2000, the company serves schools, medical facilities, and office buildings, providing cabinetry, doors, stair components, reception and display fixtures, and other interior woodwork, and holds QCP Certification from the Architectural Woodwork Institute. Trico Millwork collaborates with contractors on projects ranging from small fit-ups to large-scale millwork packages. Trico Millworks sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 25-20222) on September 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Michael A. Fagone handles the case. The Debtor is represented by Adam Prescott, Esq., at Bernstein, Shur, Sawyer & Nelson, P.A. BCM ADVISORY GROUP is the Debtor's Financial Advisor. TW MEDICAL: Hires Holland & Knight as Special Counsel ----------------------------------------------------- TW Medical Group, LLC and affiliate seek approval from the U.S. Bankruptcy Court for the District of Utah to employ Holland & Knight LLP as special healthcare counsel. The firm will provide legal representation during the term of the Chapter 11 proceeding in the area of healthcare reimbursement litigation, strategy, and compliance, which includes: a. defending payor contractor audits; b. assessing reimbursement risks; c. litigating payor disputes; d. assisting with regulatory compliance; and e. providing all other legal services for Debtor which may be necessary in the healthcare realm. Juliet McBride of the firm will bill at the rate of $1,420 an hour, and her associates will bill at a range of $655 to $900 an hour. Holland & Knight has received a retainer from the Debtor in the amount of $20,000. Ms. McBride disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Juliet McBride, Esq. Holland & Knight LLP 800 17th Street N.W., Suite 1100 Washington, DC 20006 Tel: (202) 955-3000 Fax: (202) 955-2264 About TW Medical Group, LLC TW Medical Group, LLC is a podiatry practice offering state-of-the-art care across many locations in the United States. The Company provides care for patients of all ages, from infants to older adults. Its podiatry team specializes in diagnosing and treating many foot and ankle conditions, including plantar fasciitis, tendonitis, ingrown toenail, toenail fungus, bunions, and flat feet. TW Medical Group and Taylor G. Wright, P.C. filed Chapter 11 petitions (Bankr. D. Utah Lead Case No. 24-25495) on October 23, 2024. Zachary Paul, chief financial officer, signed the petitions. At the time of the filing, TW Medical Group reported $10 million to $50 million in both assets and liabilities while Taylor G. Wright reported $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Joel T. Marker oversees the cases. George B. Hofmann, Esq., at Cohne Kinghorn, P.C., represents TW Medical Group while Ted F. Stokes, Esq., at Stokes Law, PLLC represents Taylor G. Wright. VIEWBIX INC: L.I.A. Pure Capital Holds 9.99% Equity Stake --------------------------------------------------------- L.I.A. Pure Capital Ltd. disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of August 22, 2025, it beneficially owns 1,075,385 shares of Common Stock, $0.0001 par value per share, of Viewbix Inc., representing 9.99% of the outstanding shares. This total consists of 962,385 shares held directly and 113,000 shares issuable upon the exercise of warrants that the Reporting Person has the right to acquire within 60 days. The percentage ownership is based on 10,649,816 shares issued and outstanding, as reported by the Company in its Form 10-Q filed on August 19, 2025. L.I.A. Pure Capital Ltd. may be reached through: Kfir Silberman / Chief Executive Officer 20 Raoul Wallenberg Street Tel Aviv, Israel 6971916 Phone: 972-3-7175777 A full-text copy of L.I.A.'s SEC report is available at: https://tinyurl.com/3kzwukcy About Viewbix Headquartered in Ramat Gan, Israel, Viewbix and its subsidiaries, Gix Media and Cortex Media Group Ltd., operate in the field of digital advertising. The Group has two main activities that are reported as separate operating segments: the search segment and the digital content segment. The search segment develops a variety of technological software solutions, which perform automation, optimization, and monetization of internet campaigns, for the purposes of obtaining and routing internet user traffic to its customers. The search segment activity is conducted by Gix Media. The digital content segment is engaged in the creation and editing of content, in different languages, for different target audiences, for the purposes of generating revenues from leading advertising platforms, including Google, Facebook, Yahoo and Apple, by utilizing such content to obtain and route internet user traffic for its customers. The digital content segment activity is conducted by Cortex. Tel Aviv, Israel-based Brightman Almagor Zohar & Co., the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 21, 2025, citing that the decrease in revenues and cash flows from operations may result in the Company's inability to repay its debt obligations during the 12-month period following the issuance date of these financial statements. These conditions raise a substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, Viewbix had $22.1 million in total assets against $14.8 million in total liabilities. WAHL TO WAHL AUTO: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Wahl to Wahl Auto LLC 568 State Highway 166 Cooperstown, NY 13326 Business Description: Wahl to Wahl Auto LLC, doing business as Wahl To Wahl Car Sales, operates a 34-acre auto recycling facility and used car dealership in Otsego County, New York. Founded in 1991 by Andrew Wahl and currently led by Anthony Wahl, the Company offers vehicle sales, on-site repairs, auto body services, and a wide range of used auto parts, including online inventory access. The dealership provides inspected vehicles with warranties, lifetime discounts on parts and labor, and specializes in independent financing for customers with poor or no credit. Chapter 11 Petition Date: September 22, 2025 Court: United States Bankruptcy Court Northern District of New York Case No.: 25-60846 Debtor's Counsel: Peter A. Orville, Esq. ORVILLE & MCDONALD LAW, P.C. 30 Riverside Drive Binghamton, NY 13905 Tel: 607-770-1007 Fax: 607-770-1110 Total Assets: $1,096,667 Total Liabilities: $1,925,266 The petition was signed by Anthony S Wahl as sole member. 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/CE4VZSA/Wahl_to_Wahl_Auto_LLC__nynbke-25-60846__0001.0.pdf?mcid=tGE4TAMA WATER ENERGY: Seeks to Extend Plan Exclusivity to December 18 ------------------------------------------------------------- Water Energy Services, LLC asked the U.S. Bankruptcy Court for the Western District of Texas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 18, 2025 and February 16, 2026, respectively. The Debtor believes the relevant factors weigh in favor of extending exclusivity: * First, the instant case is relatively complex, primarily owing to the numerosity and complexity of the Debtor's prepetition arrangements with various creditors a contract counterparties. * Second, the Debtor has been progressing towards a reorganization in good faith. The Debtor has been communicating with its creditors and has begun internally discussing plan strategies. * Third, the Debtor is generally paying its debts as they come due. * Fourth, the Debtor believes it has a reasonable prospect for confirming a viable plan. * Fifth, this is the Debtor's second request and the case has only been pending for 182 days. * Sixth, the Debtor is not filing the instant Motion as a means of pressuring any creditors. * Seventh, and most importantly, extraneous factors beyond the Debtors direct control will significantly impact the plan to be filed and the Debtor believes the exclusivity period should be extended. Water Energy Services, LLC is represented by: Charlie Shelton, Esq. Hayward PLLC 7600 Burnet Road, Suite 530 Austin, TX 78757 Telephone: (737) 881-7100 Email: cshelton@haywardfirm.com About Water Energy Services Water Energy Services, LLC, is a San Antonio-based company operating in the oil and gas extraction industry. Water Energy Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-50539) on March 21, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Michael M. Parker handles the case. The Debtor is represented by Herbert C Shelton, II, Esq., at Hayward, PLLC. WATTERSON: Flat Rock Marks $4.2MM 1L Loan at 16% Off ---------------------------------------------------- Flat Rock Core Income Fund has marked its $4,224,607 loan extended to Watterson to market at $3,549,092 or 84% of the outstanding amount, according to Flat Rock's Form N-CSR for the fiscal year ending June 30, 2025, filed with the U.S. Securities and Exchange Commission. Flat Rock is a participant in a First Lien Senior Secured Term Loan to Watterson. The loan accrues interest at a rate of 3M US SOFR + 660 bps per annum. The loan matures on December 17, 2026. "The ratio of expenses to average net assets including fee waivers includes $189,344 in voluntary advisory fee waivers representing (0.07)%. This voluntary waiver is not subject to recoupment. Weighted averages are calculated based on fair value of investments," said the company. Flat Rock Core Income Fund is registered under the Investment Company Act of 1940, as a diversified, closed-end management investment company. The shares of beneficial interest of the Fund are continuously offered under Rule 415 under the Securities Act of 1933, as amended. The Fund operates as an interval fund pursuant to Rule 23c-3 under the 1940 Act, and has adopted a fundamental policy to conduct quarterly repurchase offers at net asset value. The Fund's investment objective is the preservation of capital while generating current income from its debt investments and seeking to maximize the portfolio's total return. Flat Rock is led by Robert K. Grunewald as President and Chief Executive Officer and Ryan Ripp as Chief Financial Officer. The Fund can be reach through: Robert K. Grunewald Flat Rock Core Income Fund 1209 Orange Street Wilmington, DE 19801 Telephone: (307) 500-5200 About Watterson Watterson provides property management services. The Company specializes in surplus property redevelopment, disaster response, and environmental solutions. WEATHERFORD INTERNATIONAL: S&P Hikes ICR to 'BB' on Debt Repayment ------------------------------------------------------------------ S&P Global Ratings raised its issuer credit rating on oilfield services and equipment provider Weatherford International PLC (Weatherford) to 'BB' from 'BB-'. S&P said, "At the same time, we raised our issue-level rating on the company's existing unsecured debt to 'BB'. The '3' recovery rating is unchanged. We also assigned a 'BB' issue-level rating and '3' recovery rating (rounded estimate: 65%) to the proposed notes. "The stable outlook reflects our expectation that the company's credit metrics will support the rating over the next 12 months despite lower oil and gas exploration and production (E&P) activity." Weatherford plans to issue $600 million in senior unsecured notes to refinance a portion of its existing unsecured notes due 2030. The company also plans to redeem $100 million of the 2030 notes with cash on hand. S&P said, "Despite the weaker demand environment for oilfield services, we believe the transaction will support the company's credit measures and extend its maturity profile. "We believe the proposed transaction will further reduce Weatherford's total debt. Weatherford plans to use proceeds from its proposed issuance of $600 million senior unsecured notes due 2033 to refinance a portion of its existing notes due 2030 ($1.526 billion outstanding as of June 30, 2025, net of $10 million of unamortized deferred issuance costs). As part of the transaction, the company also plans to use cash on hand to redeem $100 million of debt. "This follows about $60 million of open market repurchases the company completed through June 30, 2025, and the repayment of the remaining amount under its $500 million senior secured notes last year. In our view, the transaction is consistent with the capital allocation policy Weatherford outlined last year. We anticipate total S&P Global Ratings-adjusted debt (net of accessible cash) will decline to about $975 million at year-end 2025, down from about $1.1 billion as of the end of 2024. "Credit metrics will remain strong despite the weaker macroeconomic environment. We believe E&P companies will reduce capital expenditure (capex) this year based on our assumption for lower commodity prices, improved operating efficiencies, and ongoing industry consolidation. We believe lower E&P capex will weigh on demand for Weatherford's services, especially given its exposure to drilling and evaluation (about 30% of total revenue and reported EBITDA for the 12 months ended June 30, 2025). "We expect total revenue will decline about 15% this year and remain mostly flat in 2026. We also expect S&P Global Ratings-adjusted EBITDA margins will fall to about 22% in 2025 from about 25% in 2024 on weaker pricing and restructuring expenses before improving slightly to about 23%-24% in 2026. Nonetheless, we expect lower total debt will support credit measures, with funds from operations (FFO) to debt of 75%-80% in 2025 and 85%-90% in 2026, while debt to EBITDA remains slightly below 1x over the same period." Onshore North America will likely experience the largest activity decline given operators' ability to reduce spending more quickly. The company also faces significantly lower demand in Mexico, where it expects activity to fall 60% this year, along with lower revenue from Argentina following the divestiture of its pressure pumping and wireline businesses there. S&P anticipates Weatherford's shareholder returns will remain disciplined. Weatherford introduced a shareholder return program last year, targeting 50% of company-adjusted free cash flow returned to shareholders through a $1.00 per share dividend and a three-year $500 million share repurchase authorization. S&P said, "Our base-case scenario assumes the company returns a slightly higher portion (65%-70%) of S&P Global Ratings-adjusted free operating cash flow (FOCF), with dividends (including distributions to noncontrolling interests) of about $115 million and share repurchases of $150 million annually through 2026. As a result, we forecast discretionary cash flow (DCF; FOCF less dividends and share repurchases) will remain commensurate with the rating at 13%-14% through 2026, providing it with flexibility to fund potential growth projects, acquisitions, or additional debt repayment. "The stable outlook reflects our expectation that Weatherford's credit measures will remain appropriate for the rating over the next 12 months despite a weaker demand environment for oilfield services. We believe its metrics will benefit from debt repayment and a supportive financial policy. We forecast FFO to debt of 75%-80% in 2025 and 85%-90% in 2026, while debt to EBITDA remains just under 1.0x over the same period. We also forecast DCF to debt will remain at 13%-14% through 2026." S&P could lower its ratings over the next 12 months if it expects FFO to debt to decline below 45% or DCF to debt to fall below 5% on a sustained basis. This could occur if: -- Weatherford's financial policy is more aggressive than S&P currently anticipate, with larger-than-expected shareholder returns; or -- Demand for oilfield services declines more than S&P currently expect, resulting in weaker operating performance. Although unlikely over the next 12 months, S&P could raise its rating if: -- The company increases its scale and market share to levels more comparable with higher-rated peers; and -- FFO to debt remains well above 60%. WEATHERMASTER ROOFING: Mark Schlant Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Mark Schlant, Esq., at Zdarsky, Sawicki & Agostinelli, LLP as Subchapter V trustee for Weathermaster Roofing Co., Inc. Mr. Schlant will be paid an hourly fee of $320 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Schlant declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark J. Schlant, Esq. Zdarsky, Sawicki & Agostinelli, LLP 1600 Main Place Tower 350 Main St. Buffalo, NY 14202 Phone: (716) 855-3200 Email: mschlant@zsalawfirm.com About Weathermaster Roofing Co. Inc. Established in 1984, Weathermaster Roofing Co. Inc. provides commercial and institutional roofing installation and architectural sheet metal services, operating in the Southern Tier region of New York. The Company specializes in single ply systems, modified bitumen systems, and specialty roofing systems. It is licensed, bonded, and carries full liability and workers' compensation insurance. Weathermaster sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-60824) on September 12, 2025. In its petition, the Debtor reported total assets of $1,704,705 and total liabilities of $2,597,003. Honorable Bankruptcy Judge Wendy A. Kinsella handles the case. The Debtor is represented by Peter A. Orville, Esq., at Orville & McDonald Law, P.C. WILLIAMSON RENAISSANCE: Hires Pepper & Nason as Counsel ------------------------------------------------------- Williamson Renaissance Development Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of West Virginia to employ Pepper & Nason as Pepper & Nason as counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties in the continued operation of its business and management of its property; (b) prepare on behalf of the Debtor necessary legal papers; and (c) perform all other legal services which may be necessary herein. The firm will be paid at these hourly rates: William Pepper, Attorney $475 Andrew Nason, Attorney $475 Emmett Pepper, Attorney $390 The firm received a retainer of $20,000 from the Debtor. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: William W. Pepper, Esq. Andrew S. Nason, Esq. Emmett Pepper, Esq. Pepper & Nason 8 Hale Street Charleston, WV 25301 Telephone: (304) 346-0361 About Williamson Renaissance Development Inc. Williamson Renaissance Development Inc. engages in real estate activities, including leasing residential and nonresidential properties. Williamson Renaissance Development Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.W. Va. Case No. 25-20207) on September 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Emmett Pepper, Esq. at PEPPER AND NASON. X4 PHARMA: Bain Capital Entities Hold 9.99% Equity Stake -------------------------------------------------------- Bain Capital Life Sciences Fund, L.P., Bain Capital Life Sciences Fund II, L.P., BCIP Life Sciences Associates, LP, BCLS II Investco, LP, BCLS I Investco, LP, and BCLS II Equity Opportunities, LP (collectively, the "Reporting Persons"), disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of September 9, 2025, they beneficially own 2,436,588 shares of X4 Pharmaceuticals, Inc.'s Common Stock, par value $0.001 per share, representing 9.99% of the 22,449,689 shares outstanding. The beneficial ownership includes shares issuable upon the exercise of certain warrants and pre-funded warrants, subject to contractual beneficial ownership blockers, and the Reporting Persons share voting and dispositive power over the securities. Bain Capital Life Sciences Fund, L.P may be reached through: Andrew Hack, Partner Bain Capital Life Sciences Investors, LLC 200 Clarendon Street Boston, Mass. 02116 Tel: 617-516-2000 A full-text copy of Bain Capital Life Sciences' SEC report is available at: https://tinyurl.com/4tudbm69 About X4 Pharmaceuticals Boston, Mass.-based X4 Pharmaceuticals, Inc. is a biopharmaceutical company focused on discovering, developing, and commercializing novel therapeutics for the treatment of rare diseases and those with limited treatment options, particularly conditions resulting from immune system dysfunction. Boston, Mass.-based PricewaterhouseCoopers LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 25, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred operating losses and negative cash flows from operations since inception that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2024, X4 Pharmaceuticals had $146.45 million in total assets, $124.23 million in total liabilities, and $22.15 million in total shareholders' equity. As of June 30, 2025, it had $105.17 million in total assets, $101.2 million in total liabilities, and $3.97 million in total shareholders' equity. ********* 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. 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