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250925.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, September 25, 2025, Vol. 29, No. 267 Headlines 1411 W. NORTH: Seeks to Hire Rodney D. Shepherd as Legal Counsel 1650 ARCH: Secured Party Sets Oct. 2, 2025 Auction 33 MAKO: Seeks to Hire Northgate Real Estate as Broker 40 SOUTH PORTLAND: Hires Michael L. Previto as Legal Counsel 44 LAUREL: Hires Van Horn Law Group P.A. as Bankruptcy Counsel 524 UNION STREET: Hires Meyer Law Group as Bankruptcy Counsel ACRON 2 PORSCHE: Kimpton Hotel Up For Sale on Oct. 2, 2025 ADC AND T: Gets Interim OK to Use Cash Collateral Until Oct. 2 ADVANCION HOLDINGS: Fitch Alters Outlook on 'B-' IDR to Negative ADVANTACLEAN OF METRO: Taps Wall Cook & Lewis as Special Counsel ALEON METALS: Hires Norton Rose Fulbright US LLP as Co-Counsel ALEON METALS: Seeks to Hire Jefferies LLC as Investment Banker ALEON METALS: Seeks to Hire Morrison & Foerster LLP as Counsel ALEON METALS: Taps Roy Gallagher of Ankura Consulting Group as CRO ALEXANDRIA MUSIC: Seeks to Hire Richard G. Hall as Attorney ALLIED DEVCORP: Section 341(a) Meeting of Creditors on October 28 ANDERSON HOOP: Unsecured Creditors to Split $20,500 over 3 Years ARC PROPERTY: Seeks to Hire DeMarco Mitchell as Legal Counsel ARCHDIOCESE OF NEW YORK: Scores Another Win Against London Insurers ARTICON HOTEL: Gets Interim OK to Use SBA's Cash Collateral ASSET DISCOVERY: Hires DeMarco Mitchell as Bankruptcy Counsel AVEANNA HEALTHCARE: Fitch Rates 1st Lien Term Loan & Revolver 'B-' B & B SMITH: Seeks to Hire Russo White & Keller P.C. as Counsel BARTRAM LOGISTICS: Hires Bradley Arant Boult as Bankruptcy Counsel BAXSTO LLC: Tap Angelo DeCaro of Quadrus Consulting as CRO BENSON HILL: Gets Court OK to Convert Chapter 11 to Chapter 7 BRIGHTLIFE ELECTRIC: Hires Darby Law Practice as Legal Counsel BUDA MEZZ: Secured Party Sets Oct. 17, 2025 Auction BUILT TO LAST: Unsecureds Will Get 10.41% of Claims in Plan BURKE MOUNTAIN: Plans Payout for EB-5 Investors from Sale, Deal BYRD'S NEST: Stephen Moriarty Named Subchapter V Trustee CAPE FEAR: Case Summary & 18 Unsecured Creditors CAROLINA'S CONTRACTING: Seeks to Hire Jeff Martin as Auctioneer CENTER FOR SPECIAL: Affiliate to Sell Clearwater Property to Quirk CFMS TEXAS: Seeks to Hire Monument Realty - Cheney Group as Broker CHABAD OF GRAMERCY: Taps Ariel Property as Real Estate Broker CHICAGO EDUCATION BOARD: Fitch Alters Outlook on 'BB+' IDR to Neg. CIBUS INC: Kimberly Box Joins Board, Key Strategic Committees CITY MASSAGE: Aleida Martinez Molina Named Subchapter V Trustee CLAIRE'S STORES: Ames Watson Buys North America Operations CLESMA INC: Seeks Cash Collateral Access CLINE'S CORNER: Hires Paulus Law Firm as Bankruptcy Counsel CLNG HOMES: To Sell Orange Park Property to Bradford Paul Beers CME FITNESS: Court Extends Cash Collateral Access to Oct. 7 COMMERCIAL METALS: Concrete Deal No Impact on Moody's 'Ba1' Rating CONCEPT CONNECTIONS: Hires Spector & Cox PLLC as Legal Counsel CONGRUEX GROUP: S&P Downgrades ICR to 'CCC' on Covenant Tightness CRANE NXT: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable CRUZ TEC: Seeks Subchapter V Bankruptcy in Texas DATABASED SOLUTIONS: Seeks DIP Loan, Cash Collateral DATABASED SOLUTIONS: Taps Gillman Capone LLC as Legal Counsel DI ANTAR: Unsecured Creditors to Split $10K in Plan DIOCESE OF ALBANY: Hires Castner Estate Service as Appraiser ECS BRANDS: Committee Taps Allen Vellone Wolf Helfrich as Counsel EEHF 18 INC: Unsecureds Will Get 9.5% Dividend over 3 Years ELETSON HOLDINGS: Court Throws Out Ex-Shareholders Appeals ELITE ENDEAVORS: Hires Morris Laing Law Firm as Special Counsel ELIZABETH RENY: Salvatore LaMonica Named Subchapter V Trustee EMPIRE CORE: Seeks Subchapter V Bankruptcy in New York FINANCE OF AMERICA: Bloom Retirement Holds 9.49% of Class A Shares FIRST STEP: Hires Weinberg Zareh Malkin Price LLP as Counsel FOUR PALMS: Voluntary Chapter 11 Case Summary FTX TRADING: $1.6B Third Creditor Distribution Set for Sept. 30 FU BANG GROUP: Seeks to Hire Sares Regis as Property Manager GAROFALO REAL ESTATE: Unsecured Creditors to Split $119K in Plan GENTLE HAND: Claims to be Paid from Continued Operation GREENE AVENUE: Hires Tarter Krinsky & Drogin as Bankruptcy Counsel GWA LLC: Court Approves $7.9M 401(k) Class Action Settlement HADLOCK ENTERPRISES: Unsecureds Will Get 74.41% over 60 Months HECLA MINING: S&P Alters Outlook to Positive, Affirms 'B+' ICR HILLCREST VENTURES: Seeks to Hire Raymond H. Aver as Legal Counsel HO WAN KWOK: MSJ Order Affirmed in Greenwich Land, et al. Lawsuit HOOK ROAD: Hires Bronson Law Offices P.C. as Bankruptcy Counsel HUDSON PACIFIC: Moody's Alters Outlook on 'B2' CFR to Stable I V SUPPORT: Gets Final OK to Use Cash Collateral ICORECONNECT INC: Seeks to Hire Berger Singerman LLP as Counsel IMMACULATE WINKS: Ruediger Mueller Named Subchapter V Trustee INNOVATIVE DESIGNS: Posts Net Income of $62,436 in Fiscal Q3 IRON HORSE: Taps Christopher Quinn of Quinn & Associates as CRO JM GROVE: Seeks to Hire Vogel & Associates as Accountant JMC UNIT 1: Unsecured Creditors to Split $8K in Plan JMKA LLC: Court Extends Cash Collateral Access to Oct. 17 JMS CAPITAL: To Sell 300 E. Lombard Tower in Receivership KARBONX CORP: Reports FY2025 Net Loss of $7.05M on $3.16M Revenue KP HOME: Seeks to Hire Gary S. Poretsky as Bankruptcy Counsel KRONOS ACQUISITION: Moody's Cuts CFR to 'Caa1', Outlook Stable KRT INC: Amends Caterpillar Financial Secured Claim Pay KULANA HALE: Seeks Cash Collateral Access LAFLEUR NURSERIES: Court Extends Cash Collateral Access to Nov. 4 LAFLEUR NURSERIES: Unsecureds Will Get $76,500 over 3 Years LAREDO OIL: Reports FY2025 Net Loss of $3.18M on $9,423 Revenue LAZYDAYS HOLDINGS: To Sell Assets to Campers Inn in $30M Deal LEFEVER MATTSON: Claims Filing Deadline Set for Oct. 3, 2025 LEFEVER MATTSON: Seeks to Hire CBRE Inc. as Real Estate Broker LINQTO INC: Brown Rudnick Reaches Settlement in Chapter 11 M + D PROPERTIES: Case Summary & 15 Unsecured Creditors MAF GROUP: Seeks to Hire Homel Mercado Justiniano as Legal Counsel MEAT U ANYWHERE: Frances Smith Named Subchapter V Trustee MEAT U ANYWHERE: Gets Interim OK to Use Cash Collateral MERCURITY FINTECH: Approves Name Change to Chaince Digital MERIT STREET: Claims to be Paid from Litigation & Sale Proceeds MERIT STREET: Three-Party Resolution Reached in Bankruptcy Case MG LOGISTICS: Gets Interim OK to Use Cash Collateral Until Oct. 31 MOSAIC COMPANIES: Gets OK to Solicit Ch. 11 Liquidation Plan Votes MUNDO EDITORIAL: Seeks to Hire Batista Law Group as Legal Counsel NEW EARTH: Court Extends Cash Collateral Access to Nov. 4 NEWFOLD DIGITAL: Moody's Cuts CFR to Caa3, Alters Outlook to Stable OBJECT & SUBJECT: Hires Cohne Kinghorn as Bankruptcy Counsel OCUGEN INC: Licenses OCU400 to Kwangdong With $1M Upfront Fees OFFICE PROPERTIES: Appoints AlixPartners' Managing Director as CRO OLD SCHOOL: Unsecureds Will Get 100% in Liquidating Plan OMNICARE LLC: Files Voluntary Chapter 11, Inks $110M DIP Financing OPA! SIGNATURE: Seeks Chapter 7 Bankruptcy in California OPENLANE INC: S&P Affirms 'B' Issuer Credit Rating, Outlook Pos. OSCAR A. LOPEZ: Jarrod Martin Named Subchapter V Trustee OWL VENICE: Gets OK to Use Cash Collateral Until Nov. 1 PACER PRINT: Seeks to Hire Lucove Say & Co. as Accountant PARK RIVER: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable PARK RIVER: Moody's Affirms 'B3' CFR, Outlook Remains Stable PC LEARNING: Gets Interim OK to Use Cash Collateral PHILLIPS ACRES: Seeks to Hire C. Scott Kirk as Bankruptcy Counsel PINSEEKERS DEFOREST: Taps Capitol Tax & Accounting as Accountant PINSTRIPES HOLDINGS: Taps Epiq Corporate as Administrative Advisor PINSTRIPES HOLDINGS: Taps James Katchadurian of CR3 Partners as CRO PINSTRIPES HOLDINGS: Taps Young Conaway Stargatt as Counsel PRO QUIP: Hires Van Horn Law Group P.A. as Bankruptcy Counsel PROPHASE LABS: COVID Testing Subsidiaries Enter Chapter 11 QUALITY FIRST: Seeks to Hire Mark D Bohnet CPA LLC as Accountant QUALITY PROPERTIES: Hires Wembley's Inc. as Real Estate Broker RELIANT LIFE: Seeks to Hire Melville Capital as Insurance Broker RENAISSANCE ACADEMY: Moody's Upgrades Revenue Rating to Ba1 REYNA HOSPITALITY: Samuel Dawidowicz Named Subchapter V Trustee RGN INVESTMENTS: Linda Leali Named Subchapter V Trustee RHEUMATOLOGY WELLNESS: Gets Interim OK to Use Cash Collateral RIZO-LOPEZ FOODS: Taps Donlin Recano as Claims and Noticing Agent ROYAL OAKS: Fitch Lowers IDR to 'BB', Outlook Negative SAN MATEO IG: Court OKs Interim Use of Cash Collateral SCARLET KITCHEN: Claims to be Paid From Available Cash and Income SEQUOIA GROVE: Gets Interim OK to Use Cash Collateral SF OAKLAND: Seeks to Use Cash Collateral SHARPLINK GAMING: Continues Stock Buyback; ETH Treasury Hits $3.86B SHERWOOD HOSPITALITY: Seeks Cash Collateral Access SIERRA NEVADA: Hires Harris Law Practice as Bankruptcy Attorney SIMBA IL HOLDINGS: John-Patrick Fritz Named Subchapter V Trustee SINOBEC GROUP: To Sell Aluminum Assets to Acquisition Canalum SKYWISE LOUNGE: Hires Wisdom Professional Services as Accountant SO-BEN REALTY: Section 341(a) Meeting of Creditors on October 20 SOLAR MOSAIC: Loan Servicing Business Transferred After Ch. 11 Plan SOLUNA HOLDINGS: Signs $35.5M Credit Facility With Generate Lending SOUTH TEXAS: Unsecureds Will Get 31.96% of Claims over 5 Years SOYUZ MEDIA: Seeks Approval to Hire Estelle Miller as Accountant SPECTACLE BIDCO: S&P Downgrades ICR to 'B', Outlook Negative SPIRIT AIRLINES: Asks Court OK for Ch. 11 Global Deal with AerCap SPIRIT AVIATION: Seeks to Hire Ordinary Course Professionals TALPHERA INC: L. Lytton, Lytton-Kambara Foundation Hold 8% Stake THYNG VENTURES: Seeks Subchapter V Bankruptcy in Iowa TIN CUP: Seeks Approval to Hire DeMarco Mitchell as Legal Counsel TITAN CNG: Taps Mark E. Palmer of Theseus Strategy Group as CRO TLC MEDICAL: To Sell Saint Lucie Property to Tanjaynk Tracey TOMS RIVER REGIONAL: Downgraded After Possible Bankruptcy Warning TPI COMPOSITES: Comm. Taps Berkeley Research as Financial Advisor TPI COMPOSITES: Committee Hires Munsch Hardt Kopf as Co-Counsel TPI COMPOSITES: Committee Taps Lowenstein Sandler LLP as Counsel TRAC CONSTRUCTION: Seeks to Hire Michael L. Walker as Counsel TRAVEL + LEISURE: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable TRI-BOROUGH HOME: Hires JLD Tax Resolution as Accountant TRI-BOROUGH HOME: Taps JLD Tax Resolution Group as Accountant TRICO MILLWORKS: Hires Bernstein Shur Sawyer as Bankruptcy Counsel TRICOLOR AUTO: Vervent Takes Over Loan Servicing After Ch. 7 TRUCK & TRAILER: Hires Modestas Law Offices as Bankruptcy Counsel VILLA CHARDONNAY: Seeks to Hire Totaro & Shanahan LLP as Counsel VIVA LIBRE: Seeks to Hire Red Hot Properties as Consultant VMR CONTRACTORS: Court Extends Cash Collateral Access to Oct. 24 WALKER EDISON: Moves Closer to Settlement of $13M DIP, Sale WATERBRIDGE MIDSTREAM: Moody's Ups CFR to Ba3, Outlook Stable WEABER INC: Committee Taps Dentons as Bankruptcy Counsel WELLMADE FLOOR: Seeks to Hire Ordinary Course Professionals WELLPATH HOLDINGS: Chapter 11 Protects Co. from Inmate Stroke Suit WHITEHALL PHARMACY: Hires Sykes & Company P.A. as Accountant WINDSTREAM SERVICES: Fitch Rates New 7-Yr. Secured Term Loan 'BB-' WRIGHT HOUSES: Taps Edwin M. Shorty Jr. as Bankruptcy Counsel XPO INC: Moody's Affirms 'Ba2' CFR & Alters Outlook to Positive [] 2025 Distressed Investing Conference: Registration Ongoing! [] Choate Adds Luke Barrett to Finance & Restructuring Team [] Mega Bankruptcies Jump 33%, Exceeding Historical Average [] Mega Bankruptcies Surge in 1H 2025 Amid Inflation, Policy Shift [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 1411 W. NORTH: Seeks to Hire Rodney D. Shepherd as Legal Counsel ---------------------------------------------------------------- 1411 W. North Ave PA, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Rodney Shepherd, Esq., an attorney practicing in Pittsburgh, Pa., to handle its Chapter 11 case. Mr. Shepherd also received a front retainer of $3,000 from the Debtor. Mr. Shepherd disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Rodney D. Shepherd, Esq. 2403 Sidney Street Pittsburgh, PA 15203 Telephone: (412) 471-9670 About 1411 W. North Ave PA LLC 1411 W. North Ave PA LLC is a single asset real estate company that owns property at 1411 W. North Avenue in Pittsburgh, Pennsylvania. 1411 W. North Ave PA LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-21864) on July 17, 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 is represented by Rodney D. Shepherd, Esq. 1650 ARCH: Secured Party Sets Oct. 2, 2025 Auction -------------------------------------------------- Acore Capital Mortgage LP, as administrative agent for and on behalf of the mezzanine lender ("secured party") will offer for sale at public auction to held on Oct. 2, 2025, at 3:00 p.m., in front of the New York Supreme Court, New York County Courthouse located at 60 Centre Street, New York, New York 10007, all the right, title and interest of 1650 Arch Investor LLP to (i) 99.5% of the partnership interest in 1650 Arch Partners LLP ("mortgage borrower"), (ii) of the shares of common stock in a650 Arch Inc. ("mortgage borrower GP") and (iii) all other collateral pledged by the Debtor under that mezzanine pledge and security agreement dated as of June 14, 2018, and made by the Debtor in favor of the Secured Party ("pledged agreement"). In order for a prospective bidding to be a qualified bidder and eligible at the public auction, each prospective bidder must, unless otherwise agreed in writing by the Secured Party: (a) register with Colliers and execute and deliver to the broker a bidding certificate, an internal revenue service Form W-9 and a KYC Letter (i) by email to carl.neilson@colliers.com provided receipt in confirmed by response email from Carl. L. Neilson or (ii) by hand, certified mail, or overnight delivery by a nationally recognized courier service, with a courtesy copy sent by email to carl.neilson@colliers.com; so a to be actually received on or prior to 5:00 p.m. (prevailing Easter Time) on Sept. 25, 2025; (b) demonstrate to the secured party's satisfaction in advance of bidding its financial ability to tender payment for the collateral (c) demonstrate, to the secured party's satisfaction, that the certifications set forth in its bidding certificate are true and correct, including without limitation, with respect to the prospective bidder's ability to qualify as a qualified transferee; and (d) at least two business days prior to the start of the auction, provide an initial deposit to the title company or other agent designated by the secured party, by wire transfer of immediately available funds from a U.S. Commercial bank that is a member of the federal reserve system, in an amount equal to $50,000. Prospective bidders are encourage to perform such due diligence as they deem necessary. The full terms and conditions of sale, copies of the relevant agreements, information for attending the auction, and other information may be obtained by contacting Colliers, Attention: Carl. L. Neilson, 2005 Market Street, Suite 4010, Philadelphia, Pennsylvania 19103, Tel: (610) 684-1856, Email: carl.neilson@colliers.com. In the event of any conflict between the terms herein and the full terms of public sale, the full terms of public sale will govern. For further information please visit: https://www.bit.ly/1650Arch. 33 MAKO: Seeks to Hire Northgate Real Estate as Broker ------------------------------------------------------ 33 Mako LLC seeks approval from the U.S. Bankruptcy Court for the U.S. Bankruptcy Court for the Southern District of New York to hire Northgate Real Estate Group as real estate advisor. The firm will assist the Debtor in marketing, sale, refinancing, or other disposition of the Debtor's property located at 54 Sandcastle Lane, Amagansett, New York 11930. The firm will be paid a 4.5 percent commission of the gross sales price. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Greg Corbin, President at Northgate Real Estate 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 at: Greg Corbin, President Northgate Real Estate Group 1633 Broadway 46th Floor New York, NY 10019 Telephone: (212) 419-8101 Email: Greg@northgatereg.com About 33 Mako LLC 33 Mako LLC is a real estate company doing business as 54 Sandcastle, which owns a residential property at 54 Sandcastle Lane in Amagansett, New York. The Company focuses on single-asset real estate development and management in the Hamptons area. 33 Mako LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11256) on June 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Philip Bentley handles the case. The Debtors are represented by Joel M. Shafferman, Esq. at KUCKER MARINO WINIARSKY & BITTENS, LLP. 40 SOUTH PORTLAND: Hires Michael L. Previto as Legal Counsel ------------------------------------------------------------ 40 South Portland LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Michael L. Previto, a professional practicing law in New York, to serve as legal counsel in its Chapter 11 case. Mr. Previto will provide these services: (a) advise the Debtor with respect to its powers and duties as Debtor-in-Possession in the operation and management of the financial reorganization of the estate; (b) attend meetings and negotiate with creditors, the Trustee, and others; (c) take all actions to protect the Debtor's estate, including litigation and negotiation on the Debtor's behalf; (d) prepare all motions, applications, answers, orders, reports, and other legal papers necessary for the administration of the estate; (e) assist and represent the Debtor in obtaining financing, if applicable; (f) prepare a Chapter 11 plan and disclosure statement and take actions to obtain confirmation of that plan; (g) represent the Debtor's interest in any sale of property or assets; (h) appear in Court to protect the Debtor's interests; and (i) perform all other legal services and provide such advice as necessary to assist the Debtor. Mr. Previto's hourly rate is $250, and he received a $6,000 retainer, which included the filing fee. His compensation will not increase during the proceeding. Michael L. Previto is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. He can be reached at: Michael L. Previto, Esq. 150 Motor Parkway, Suite 401 Hauppauge, NY 11788 Telephone: (631) 379-0837 About 40 South Portland LLC 40 South Portland LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44251) on Sept. 4, 2025. Michael L. Previto is Debtor's legal counsel. 44 LAUREL: Hires Van Horn Law Group P.A. as Bankruptcy Counsel -------------------------------------------------------------- 44 Laurel LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Van Horn Law Group, P.A. as counsel. The firm will provide these services: a. give advice to the debtor with respect to its powers and duties as a debtor in possession and the continued management of its business operations; b. advice the debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and reporting Requirements and with the rules of the court; c. prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; d. protect the interest of the debtor in all matters pending before the court; and e. represent the debtor in negotiation with its creditors in the preparation of a plan. The firm will be paid at these rates: Chad Van Horn $500 per hour Law clerks/Paralegals/Associates $175 to $350 per hour Prior to the filing of this case, the firm was paid a retainer in the amount of $8,262 plus $1,738 for the filing fee and costs for a total amount of $10,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Chad T. Van Horn, Esq., a partner at Van Horn Law Group, P.A., 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 T. Van Horn, Esq. Van Horn Law Group, PA 500 NE 4th Street, Suite 200 Fort Lauderdale, FL 33301 Tel: (561) 621-1360 Email: info@cvhlawgroup.com About 44 Laurel LLC 44 Laurel LLC owns a single townhouse-style condominium, Unit TH3, at 701 N Fort Lauderdale Beach Blvd in Fort Lauderdale, Florida, within the Paramount Fort Lauderdale complex. 44 Laurel LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20251) on September 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtor is represented by Chad Van Horn, Esq. at VAN HORN LAW GROUP, P.A. 524 UNION STREET: Hires Meyer Law Group as Bankruptcy Counsel ------------------------------------------------------------- 524 Union Street seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire Meyer Law Group LLP as general bankruptcy counsel. The firm will assist with plan formulation, prepare the schedules and the statement of financial affairs, review monthly operating reports, respond to creditor inquiries, evaluate claims and all services usually performed by such counsel. The firm will be paid at these rates: Partner (Brent D. Meyer) $475 per hour Paralegals $125 per hour The firm received a retainer in the amount of $9,985. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Brent Meyer, a partner at Meyer Law Group LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Brent D. Meyer, Esq. Meyer Law Group LLP 268 Bush Street #3639 San Francisco, CA 94104 Tel: (415) 765-1588 Fax: (415) 762-5277 Email: brent@meyerllp.com About 524 Union Street 524 Union Street, a general partnership, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30645) on August 14, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Hannah L. Blumenstiel represents the Debtor as legal counsel. ACRON 2 PORSCHE: Kimpton Hotel Up For Sale on Oct. 2, 2025 ---------------------------------------------------------- The 100% of the limited liability interests in Acron 2 Porsche Drive Atlanta LLC will be offered for sale at a public auction and sold to the highest bidder on Oct. 2, 2025, at 2:30 p.m. (prevailing Central Time), via Zoom meeting. The zoom meeting credentials will be shared in the terms of sale, which will be made available to qualified bidders who, among other requirements, execute a confidentiality and non-disclosure agreement. The principal asset of the Company is the leased fee interest in that certain real property and the improvements thereon commonly known as the Kimpton Overland Hotel - Atlanta Airport located at 2 Porsche Drive, Haperville, Georgia 30354. Interested parties who desire additional information regarding the Company, the collateral, the property or the terms of the public sale will execute and NDA, which can be accessed at https://tinyurl.com/UCCSaleKimptonATL. For questions and inquiries, contact Joanne Au of CBRE Capital Markets at CBREuccsales.com. ADC AND T: Gets Interim OK to Use Cash Collateral Until Oct. 2 -------------------------------------------------------------- ADC and T, LLC received second interim approval from the U.S. Bankruptcy Court for the Northern District of Texas to use cash collateral pending a final hearing on October 2. The Debtor was authorized to use cash collateral strictly in accordance with its budget, subject to a 15% variance per line item and overall. Any expense exceeding this threshold requires prior written approval from the secured creditors. The Debtor projects total monthly operational expenses of $1,108,902.91. The secured lenders that may have pre-bankruptcy liens on substantially all of the Debtor's assets including cash and accounts are the U.S. Small Business Administration, Hancock Whitney Bank, Lease Finance Partners, Inc., First Citizens Bank & Trust Company, and Canon Financial Services, Inc. As adequate protection for the diminution in value of their interests, the secured lenders will be granted replacement liens and security interests co-extensive with their pre-bankruptcy liens. These replacement liens are automatically perfected. In addition, the Debtor was ordered to keep the secured lenders' collateral insured, pay taxes, and report monthly income to lenders as further protection. First Citizens Bank, as secured lender, is represented by: Evan A. Moeller, Esq. Emory C. Powers, Esq. 1221 McKinney, Suite 4400 Houston, TX 77010 Phone: 713-652-5151 Fax: 713-652-5152 evan.moeller@arlaw.com emory.powers@arlaw.com About ADC and T LLC ADC and T LLC, doing business as BIG Game, provides transportation and logistics services, including hauling operations involving trucks, trailers, and heavy equipment. The Company operates in Texas and serves sectors such as construction, aggregates, or oilfield services. ADC and T LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-32569) on July 9, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million each. The Debtors are represented by: Joyce W. Lindauer Joyce W. Lindauer Attorney, PLLC Tel: 972-503-4033 Email: joyce@joycelindauer.com ADVANCION HOLDINGS: Fitch Alters Outlook on 'B-' IDR to Negative ---------------------------------------------------------------- Fitch Ratings has affirmed Advancion Holdings, LLC's (Advancion, OpCo) Long-Term (LT) Issuer Default Rating (IDR) at 'B-'. The Rating Outlook has been revised to Negative from Stable. Fitch has also affirmed Advancion's first lien senior secured LT issue ratings at 'B+' with a Recovery Rating of 'RR2', and its second lien LT issue rating at 'CCC'/'RR6'. Fitch has also affirmed Advancion Sciences, Inc.'s (HoldCo) LT IDR at 'CCC+', and the LT issue rating of its HoldCo PIK Toggle Notes at 'CCC-'/'RR6'. The Rating Outlook at HoldCo is removed. The ratings reflect Advancion's strong EBITDA margins, entrenched market position in nitroalkanes, differentiated product portfolio, and adequate liquidity. The rating is constrained by Advancion's elevated leverage profile, weak coverage metrics in recent periods, and small size. The Negative Outlook reflects Advancion's recent and projected weakness in EBITDA interest coverage and FCF, coupled with the need to address upcoming maturities. Key Rating Drivers Looming Maturities and Refinancing Risk: Advancion faces material maturity walls across its capital structure over the next three years, including the $125 million first lien revolver due September 2026 ($82 million drawn as of 2Q25), approximately $243 million in HoldCo PIK toggle notes due November 2026, $1.0 billion of first lien term loans due November 2027, and $345 million of second lien term loans due November 2028. High leverage, weak interest coverage, and reliance on supportive credit markets increase refinancing risk. However, Fitch believes the company's stable operating performance and gradually improving coverage metrics mitigate this risk. Fitch's forecast assumes timely refinancing of upcoming maturities on terms broadly in line with existing debt. Fitch expects the refinancing to be moderately leveraging, with interest coverage remaining weak at around or below 1.5x, but gradually improve. Fitch would consider negative rating actions at both the OpCo and HoldCo if there is no extension or substantial progress toward an extension of the first lien revolver or first lien term loan B at least nine months before their respective maturities. Failure to redeem the HoldCo notes on a timely basis could trigger a negative rating action at the HoldCo. HoldCo PIK Toggle Note Considerations: The subordinated HoldCo PIK toggle notes maturing in November 2026 sit outside Advancion Holdings' (OpCo) balance sheet and lack a guarantee. Internal OpCo liquidity appears insufficient to redeem the HoldCo notes. Fitch has limited visibility into whether the HoldCo will remain independent in managing external funding and liquidity. Common shareholder control across OpCo and HoldCo provides some incentive for redemption before maturity. However, a refinancing that shifts material debt or interest to the OpCo, pushing leverage or coverage beyond sensitivities, could trigger a negative rating action. FCF Forecast Drives Financial Flexibility: Fitch forecasts neutral-to-positive FCF and gradually lower revolver use, supporting liquidity and financial flexibility. The FCF outlook is supported by a declining interest burden under current forward curves and reduced capex, while EBITDA is expected to remain roughly flat near 2024 levels through 2026. The EBITDA forecast is constrained by soft demand in consumer- and industrial-oriented markets, partially offset by a post-destocking recovery in life sciences. Sustained FCF deterioration that lifts revolver usage could pressure the $48 million liquidity position as of 2Q25 and lead to a negative rating action. Elevated Leverage: Advancion's leverage remains high but sustainable relative to average EBITDA, reflecting the 2020 recapitalization, the 2021 dividend recapitalization, and the 2022 incremental term loan used to acquire Expression Systems, LLC. Fitch forecasts Fitch-calculated EBITDA leverage to improve gradually on modest EBITDA growth but remain above 8.0x over the medium term. Fitch expects any excess FCF over this period to be applied toward reducing revolver balances rather than discretionary capex or M&A. Excessive leverage from structurally weaker EBITDA or a leveraging transaction would increase risk of a negative rating action. Entrenched Market Position in Nitroalkanes: Advancion holds a defensible niche in additives, combining scale with technical expertise that raises barriers to entry. It is the only global commercial producer of nitroalkanes and the sole manufacturer employing propane nitration technology, enabling a specialized portfolio of nitroalkane derivatives. Roughly 60% of revenue comes from products where Advancion is the exclusive supplier. Most offerings carry high switching costs. Although they represent a small share of customers' end-product costs, they are often critical to formulations and processes. These dynamics support durable customer relationships. Limited Input Price Risk: Advancion sources 100+ raw materials, with key inputs including propane, ammonia, formaldehyde, hydrogen, and natural gas. Many of these are directly or indirectly tied to natural gas pricing—ammonia production relies on natural gas, propane is often a co-product of gas processing, and formaldehyde is indexed to methanol, which is also linked to natural gas. The Sterlington, LA site benefits from reliable feedstock access given abundant U.S. shale production. While the company is exposed to increases in raw materials, packaging, and freight, this risk is tempered by its value-based pricing strategy and a history of passing through price increases. Parent Subsidiary Linkage Considerations: Advancion Sciences, Inc.'s 'CCC+' LT IDR is notched down by one notch from Advancion Holdings, LLC's 'B-' LT IDR to reflect Fitch's assessment of porous legal ring-fencing and open access & control between the two entities, per Fitch's "Parent and Subsidiary Linkage Criteria." Peer Analysis In the 'B' rating category, Advancion compares favorably against rated peer Kymera International LLC (B-/Stable) in terms of EBITDA margin, interest coverage and FCF generation in normal operating environments. Its profitability also ranks similarly to W.R. Grace Holdings LLC (B/Stable) and Fortis 333, Inc. (B+/Stable). However, it is toward the lower end of the peer group in terms of size, based on revenue, and holds the most elevated leverage profile. Advancion's scale is significantly smaller than those of peers. However, Advancion's EBITDA margins typically in the mid-40% range far exceed the peer group. Advancion's high EBITDA margins reflect its products' barriers to entry and customers' high switching costs. Key Assumptions - Muted sales growth of about 1% per annum through 2026, are partially offset by weak industrials and consumer demand for the Performance Ingredients and Personal Care and Consumer segments. Sales growth accelerates in 2027 and thereafter upon improved cyclical demand; - EBITDA margins are resilient at 40% or higher throughout the forecast horizon, supported by improving fixed cost absorption, continued strong pricing, lower raw material costs, and some realized cost savings; - Capex spending slowly ramps up after being held at around $25 million in 2025; - Advancion's capital structure is refinanced by early 2026 in a moderately leveraging transaction with interest coverage metrics remaining close to 1.5x and with similar terms to existing. Recovery Analysis - The recovery analysis assumes Advancion would be reorganized as a going-concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. - The revolving credit facility is assumed to be fully drawn. Going-Concern Approach Fitch's recovery analysis uses a going concern approach and a $150 million going concern EBITDA. This going concern approximates a bottom-cycle EBITDA in the stress case and reflects the resilience Advancion has demonstrated through prior adverse operating environments. An enterprise value (EV) multiple of 7.0x is applied in Fitch's recovery analysis. The 7.0x multiple is at the upper end within Fitch's chemicals portfolio and is warranted to reflect its relatively lower cash flow risk as demonstrated by its performance during periods of poor operating conditions, strong EBITDA and FCF margins and the inherent growth of its life sciences segment. The 7.0x multiple is also within the range of historical bankruptcy case study exit multiples for peer companies, which ranged from 5x to 8x, but above the median of 6x. Fitch's recovery assumptions result in a recovery rating of 'RR2' for the first lien facilities and results in a 'B+' rating. The assumptions also result in a recovery rating of 'CCC'/'RR6' for the second lien term loan, and a 'CCC-'/'RR6' for the HoldCo notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to successfully refinance upcoming maturities in a timely manner; - Material incremental leverage and/or capital costs, potentially stemming from a refinancing; - EBITDA interest coverage sustained below 1.5x; - Sustained negative FCF generation and/or high utilization under the revolver, signaling limited liquidity. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstrated prioritization of debt reduction over shareholder distributions, leading to EBITDA leverage approaching 6.5x; - EBITDA interest coverage durably above 2.0x; - Consistently positive FCF generation. Liquidity and Debt Structure Advancion's liquidity is adequate for near-term needs but has declined to about $48 million as of June 30, 2025. Its liquidity comprises roughly $11 million of cash and $37 million of availability under the senior secured revolver. Fitch forecasts slightly positive FCF and gradually lower revolver utilization, supporting liquidity and financial flexibility. However, a sustained deterioration in FCF that increases revolver usage could pressure the company's liquidity position. The HoldCo notes, which are structurally outside of the OpCo's perimeter and lack a guarantee, mature in November 2026. Fitch believes consistent shareholder control over transactions at both the OpCo and HoldCo provides some incentive for redemption prior to maturity. Advancion's first lien revolver matures in 2026, followed by the secured term loans (approximately $1.0 billion currently outstanding) in 2027, before the $345 million second lien secured term loan matures in 2028. Fitch would consider a negative rating action absent an extension, or substantial progress toward an extension, of the first lien revolver or first lien term loan B at least nine months ahead of their respective maturities. Issuer Profile Advancion Holdings, LLC (d/b/a Advancion) is a global specialty chemicals producer with a 70+ year track record, operating in life sciences, personal care and industrial specialties. Advancion is privately owned by Ardian and Golden Gate Capital. 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 ----------- ------ -------- ----- Advancion Sciences, Inc. LT IDR CCC+ Affirmed CCC+ senior unsecured LT CCC- Affirmed RR6 CCC- Advancion Holdings, LLC LT IDR B- Affirmed B- senior secured LT B+ Affirmed RR2 B+ Senior Secured 2nd Lien LT CCC Affirmed RR6 CCC ADVANTACLEAN OF METRO: Taps Wall Cook & Lewis as Special Counsel ---------------------------------------------------------------- AdvantaClean of Metro New Orleans, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire Wall, Cook & Lewis, LLC as special litigation counsel. The firm will render these services: a. prosecute the appropriate legal proceedings to collect the accounts receivable owed for work performed by the Debtor on the Property, including, without limitation, the Lawsuit, a mediation or an arbitration, and to prepare fully for any such proceedings; b. prepare for and appear at any hearing, arbitration, mediation, trial, deposition, and/or any other proceedings deemed necessary or useful in connection with the above. The firm will undertake this representation for a contingency fee of 20 percent and will be reimbursed for reasonable and necessary expenses, As disclosed in the court filings, Wall, Cook & Lewis, LLC is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Sara Lewis, Esq. WALL, COOK & LEWIS, LLC 540 Elmwood Park Blvd. New Orleans, LA 70123 Tel.: (504) 736-0347 Fax.: (504) 734-8574 Email: slewis@WCLLawfirm.com About AdvantaClean of Metro New Orleans AdvantaClean of Metro New Orleans LLC is a provider of mold remediation, water damage restoration, air duct cleaning, and moisture management services for both homes and businesses. With an emphasis on fostering healthier living spaces, the Company offers solutions for problems such as flooding, mold issues, and crawl space sealing. As a locally owned and managed business, AdvantaClean is dedicated to offering professional, dependable, and top-quality services to the New Orleans area. AdvantaClean of Metro New Orleans LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No.: 25-10439) on March 13, 2025. In its petition, the Debtor reports estimated assets up to $50,000 ad estimated liabilities between $1 million to $10 million. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. Ryan J. Richmond, Esq., at Sternberg, Naccari & White, LLC serves as the Debtor's counsel. Hancock Whitney Bank, as lender, is represented by: Peter J. Segrist, Esq. David J. Scotton, Esq. Carver, Darden, Koretzky, Tessier Finn, Blossman & Areaux, L.L.C. 1100 Poydras Street, Suite 3100 New Orleans, Louisiana 70163 Telephone: (504) 585-3800 Fax: (504) 585-3801 Email: segrist@carverdarden.com scotton@carverdarden.com ALEON METALS: Hires Norton Rose Fulbright US LLP as Co-Counsel -------------------------------------------------------------- Aleon Metals, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Norton Rose Fulbright US LLP as co-counsel. The firm's services include: a. performing legal services for and on behalf of the Debtors that may be necessary or appropriate in the administration of these cases and the Debtors' businesses, including, without limitation, preparing agendas, hearing notices, witness and exhibit lists, and hearing binders of documents and pleadings; b. advising and consulting the Debtors on the legal and administrative requirements of operating in chapter 11 and in the Southern District of Texas; c. reviewing and commenting on behalf of the Debtors on all necessary and appropriate applications, motions, pleadings, draft orders, notices, and other documents and reviewing all financial and other reports to be filed in these cases; d. reviewing and commenting on responses to applications, motions, complaints, pleadings, notices, and other papers that may be filed and served in these cases; e. reviewing and commenting on any chapter 11 plan, disclosure statement, and related documents to the extent requested; f. working with and coordinating efforts among other professionals to attempt to preclude any duplication of effort among those professionals and to guide their efforts in the overall framework of Debtors' reorganization and sale; g. at the Debtors' request, appearing in Court and at any meetings with the U.S. Trustee and at any meeting of creditors at any given time on behalf of the Debtors as their local and bankruptcy co-counsel; h. providing legal advice and services regarding local rules, practices, and procedures, including Fifth Circuit case law; and i. performing such additional legal services as may be requested by the Debtors or MoFo. The firm's currently hourly rates are: Partners $820 to $2,310 Senior Associates $715 to $1,160 Senior Counsel $660 to $1,610 Counsel $345 to $1,225 Associates $570 to $1,140 Of Counsel $595 to $1,650 Paralegals $185 to $615 Practice Support $90 to $475 Norton received a retainer in the amount of $50,000. The following is provided in response to the request for additional information set forth in Section D.1 of the UST Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: Norton has not agreed to any variations from, or alternatives to, Norton's standard and customary billing arrangements. Norton's rate structure is appropriate and is not significantly different from (a) the rates that Norton charges for other non-bankruptcy representations or (b) the rates of other comparably skilled professionals. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. The hourly rates used by Norton in representing the Debtors are consistent with the rates that Norton charges other comparable chapter 11 clients, regardless of the location of the chapter 11 case. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: Norton was retained by the Debtors on August 5, 2025, two weeks prior to the Petition Date, and Norton's billing rates have not changed post-petition. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: Norton's expected fees and expenses are included in the Debtors' Budget. Jason Boland, Esq., co-head of restructuring at Norton, 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 at: Jason L. Boland, Esq. Norton Rose Fulbright US, LLP 1301 Avenue of the Americas New York, NY 10019-6022 Tel: (212) 318-3000 Fax: (212) 318-3400 Email: jason.boland@nortonrosefulbright.com About Aleon Metals, LLC Aleon Metals, LLC own and operate a multipurpose solid waste disposal facility in Freeport, Texas, specializing in the extraction and refinement of metals used in the energy industry. They focus on processing spent catalysts from petroleum refining to recover vanadium and molybdenum, which have a range of chemical and industrial applications. The Debtors are also developing a hydrometallurgical recycling process for lithium-ion batteries that would convert aluminum waste from its catalyst recycling operations into battery-grade materials for cathode production. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-90305) on August 17, 2025. In the petition signed by Roy Gallagher, chief restructuring officer, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. The Debtors tapped Morrison & Foerster, LLP as bankruptcy counsel; Norton Rose Fulbright US, LLP as local counsel; Ankura Consulting Group, LLC as restructuring and financial advisor; Jefferies, LLC as investment banker; and Stretto, Inc. as claims and noticing agent. UMB Bank, National Association, as DIP agent, is represented by: Christopher M. Odell, Esq. Arnold & Porter Kaye Scholer, LLP 700 Louisiana Street, Suite 4000 Houston, TX 77002-2755 Telephone: (713) 576-2400 Facsimile: (713) 576-2499 Email: christopher.odell@arnoldporter.com - and - Michael D. Messersmith, Esq. Sarah Gryll, Esq. Owen Haney, Esq. Marjorie Carter, Esq. Arnold & Porter Kaye Scholer, LLP 70 West Madison Street, Suite 4200 Chicago, IL 60602-4231 Telephone: (312) 583-2300 Facsimile: (312) 583-2360 michael.messersmith@arnoldporter.com E-mail: sarah.gryll@arnoldporter.com owen.haney@arnoldporter.com marjorie.carter@arnoldporter.com ALEON METALS: Seeks to Hire Jefferies LLC as Investment Banker -------------------------------------------------------------- Aleon Metals, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Jefferies LLC as investment banker. The firm will render these services: (a) provide the Debtors with financial advice and assistance in connection with a possible sale, disposition or other business transaction or series of transactions involving all or a majority of the equity of either Business or a material portion of the assets of the Businesses, whether directly or indirectly (including through the sale of a majority of the equity of the Debtors) and through any form of transaction, including, without limitation, merger, reverse merger, liquidation, tender or exchange offer, stock sale, asset sale, asset swap, recapitalization, reorganization, consolidation, amalgamation, spin-off, split-off, joint venture, strategic partnership, license, and a sale under section 363 of the Bankruptcy Code) (including any "credit bid" pursuant to section 363(k) of the Bankruptcy Code) (any of the foregoing, an "M&A Transaction"); (b) provide advice and assistance to the Debtors in connection with analyzing, structuring, negotiating and effecting, and acting as exclusive investment banker to the Debtors in connection with, any restructuring, reorganization, recapitalization, repayment or material amendment or modification of the Debtors' outstanding indebtedness or obligations (including, without limitation, any preferred equity), however achieved, including, without limitation, through any offer by the Debtors with respect to any Debtor's outstanding indebtedness or obligations, a solicitation of votes, approvals, or consents giving effect thereto (including with respect to a prepackaged or prenegotiated plan of reorganization or other plan pursuant to the Bankruptcy Code), the execution of any agreement giving effect to the same, an offer by any third party to convert, exchange or acquire any Debtor's outstanding indebtedness or obligations, or any similar balance sheet restructuring involving the Debtors (any of the foregoing, a "Restructuring"); and (c) advise and assist the Debtors in connection with any of the following (each, a "Financing", and a Financing, a Restructuring and an M&A Transaction, each and together, a "Transaction"): (i) the sale and/or placement, whether in one or more public or private transactions, of (A) common equity, preferred equity, and/or equity-linked securities of the Debtors (regardless of whether sold by the Debtors or their securityholders), including, without limitation, convertible debt securities (individually and collectively, "Equity Securities"), and/or (B) notes, bonds, debentures and/or other debt securities of the Debtors, including, without limitation, mezzanine and asset-backed securities (individually and collectively, "Debt Securities"), and/or (ii) the arrangement and/or placement of any bank debt and/or other credit facility of the Debtors including debtor-in-possession financing (individually and collectively, "Bank Debt," and any or a combination of Bank Debt, Equity Securities and/or Debt Securities, "Instruments"). For the avoidance of doubt, if a Financing is executed in more than one issuance or tranche, each shall be deemed to be a Financing for the purposes of the Engagement Letter. The firm will receive compensation as follows: (a) Monthly Fee. A monthly fee (the "Monthly Fee") equal to $100,000 per month until the termination of the Engagement Letter. The first Monthly Fee shall be payable as of the date of the Engagement Letter and each subsequent Monthly Fee shall be payable on each monthly anniversary thereafter. Following the receipt by Jefferies of four full Monthly Fees under the Engagement Letter, an amount equal to 50 percent of the Monthly Fees actually paid to Jefferies thereafter shall be credited once, without duplication, against any M&A Transaction Fee, Restructuring Fee or Financing Fee that subsequently becomes payable to Jefferies under the Engagement Letter. (b) Restructuring Fee. Promptly upon the consummation of a Restructuring, a fee (a "Restructuring Fee") in an amount equal to $2,500,000. (c) M&A Transaction Fee. Upon the consummation of an M&A Transaction, a fee (an "M&A Transaction Fee") equal to $2,500,000; provided, to the extent a binding agreement with respect to an M&A Transaction is executed by July 31, 2025 or an M&A Transaction is consummated by August 31, 2025, then the M&A Transaction Fee payable on account of such M&A Transaction shall equal $1,500,000. (d) Financing Fee. Promptly upon consummation of a Financing, a fee (a "Financing Fee") equal to an amount to be determined according to the following schedule: i. 2.0 percent of the maximum principal amount of commitments under any senior secured Bank Debt or senior secured Debt Securities of any Financing; ii. 4.0 percent of the maximum principal amount of commitments under any Bank Debt or Debt Securities of any Financing not covered by subsection (d)(i) of the Engagement Letter; and iii. 6.0 percent of the aggregate gross proceeds received or to be received from the sale of Equity Securities, including, without limitation, aggregate amounts committed by investors to purchase Equity Securities in connection with any Financing. Notwithstanding anything to the contrary in the Engagement Letter, no Financing Fee shall be payable to Jefferies with respect to that portion of any commitments or gross proceeds provided in any Financing by bondholders of the Debtors as of the date of the Engagement Letter ("Existing Bondholders," and any such Financing involving solely Existing Bondholders, "Existing Bondholder Financing"); provided, further, however, if Existing Bondholders provide "debtor-in-possession" financing consummated during one or more cases under the Bankruptcy Code (a "DIP Financing"), Jefferies shall be entitled to a fee in the amount of $250,000. Additionally, notwithstanding anything to the contrary in the Engagement Letter, the minimum Financing Fee paid at the first closing of a Financing (other than a DIP Financing or an Existing Bondholder Financing) shall be $2,500,000 (the "Minimum Financing Fee") (and shall only be payable once) and in the event of multiple Financings (not including any DIP Financing or Existing Bondholder Financing), the Financing Fee payable at closing of each Financing subsequent to the initial Financing shall equal the aggregate Financing Fees calculated for all Financings less the Financing Fees actually paid to Jefferies; provided, further, to the extent a binding agreement with respect to a Financing is executed by July 31, 2025 or a Financing is consummated by August 31, 2025, then the Minimum Financing Fee amount shall equal $1,500,000. In the event a single Transaction qualifies as both an M&A Transaction and a Restructuring, Jefferies shall be paid only one fee in connection with such Transaction, which shall be the higher of the M&A Transaction Fee and the Restructuring Fee (and not both such fees). (e) Expense Reimbursement. In addition to any fees that may be paid to Jefferies under the Engagement Letter, whether or not any Transaction occurs, the Debtors will reimburse Jefferies, promptly upon receipt of an invoice therefor, for all reasonable out-of-pocket expenses (including reasonable and reasonably documented ancillary expenses and fees and expenses of its counsel and, with the Debtors' consent, not to be unreasonably withheld, any other independent experts retained by Jefferies) incurred by Jefferies and its designated affiliates in connection with the engagement contemplated under the Engagement Letter. Richard Morgner, a managing director at Jefferies, 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: Richard W. Morgner Jefferies LLC 520 Madison Avenue New York, NY 10022 Telephone: (212) 284-2300 About Aleon Metals, LLC Aleon Metals, LLC own and operate a multipurpose solid waste disposal facility in Freeport, Texas, specializing in the extraction and refinement of metals used in the energy industry. They focus on processing spent catalysts from petroleum refining to recover vanadium and molybdenum, which have a range of chemical and industrial applications. The Debtors are also developing a hydrometallurgical recycling process for lithium-ion batteries that would convert aluminum waste from its catalyst recycling operations into battery-grade materials for cathode production. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-90305) on August 17, 2025. In the petition signed by Roy Gallagher, chief restructuring officer, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. The Debtors tapped Morrison & Foerster, LLP as bankruptcy counsel; Norton Rose Fulbright US, LLP as local counsel; Ankura Consulting Group, LLC as restructuring and financial advisor; Jefferies, LLC as investment banker; and Stretto, Inc. as claims and noticing agent. UMB Bank, National Association, as DIP agent, is represented by: Christopher M. Odell, Esq. Arnold & Porter Kaye Scholer, LLP 700 Louisiana Street, Suite 4000 Houston, TX 77002-2755 Telephone: (713) 576-2400 Facsimile: (713) 576-2499 Email: christopher.odell@arnoldporter.com - and - Michael D. Messersmith, Esq. Sarah Gryll, Esq. Owen Haney, Esq. Marjorie Carter, Esq. Arnold & Porter Kaye Scholer, LLP 70 West Madison Street, Suite 4200 Chicago, IL 60602-4231 Telephone: (312) 583-2300 Facsimile: (312) 583-2360 E-mail: michael.messersmith@arnoldporter.com sarah.gryll@arnoldporter.com owen.haney@arnoldporter.com marjorie.carter@arnoldporter.com ALEON METALS: Seeks to Hire Morrison & Foerster LLP as Counsel -------------------------------------------------------------- Aleon Metals, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Morrison & Foerster LLP as counsel. The firm's services include: (a) advising the Debtors with respect to their powers and duties as debtors-in-possession in the continued management and operation of their business and property; (b) attending meetings and negotiating with creditors and parties in interest; (c) advising and assisting the Debtors in connection with any potential sale transactions, including any sale of substantially all of the Debtors' assets; (d) advising the Debtors with respect to, and assisting in the negotiation and documentation of, financing agreements and related transactions; (e) taking all necessary action to protect and preserve the interests of the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any actions commenced against the Debtors, and representing Debtors' interests in negotiations concerning all significant litigation in which the Debtors are involved, including, but not limited to, objections to claims filed against the Debtors or their estates; (f) preparing all motions, applications, answers, orders, reports, and papers necessary to the administration of the chapter 11 cases; (g) taking any necessary action on behalf of the Debtors to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a chapter 11 plan and all documents related thereto; (h) appearing, as appropriate, before this Court, any appellate courts, and the U.S. Trustee, and protecting the interests of the Debtors before those courts and before the U.S. Trustee; (i) performing all other necessary legal services in connection with the chapter 11 cases, including (i) analyzing the Debtors' leases and executory contracts and the assumption or assignment thereof, and (ii) advising on corporate, litigation, and other legal matters; (j) taking necessary and appropriate steps to bring the chapter 11 cases to a conclusion; and (k) performing such additional legal services as may be requested by the Debtors. Morrison & Foerster's standard hourly rates are: Partners and Senior Of Counsel $1,500 to $2,475 Of Counsel $1,250 to $2,100 Associates $795 to $1,330 Paraprofessionals $390 to $645 Morrison & Foerster received an advanced payment deposit of $250,000. The following is provided in response to the request for additional information set forth in Section D.1 of the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: Morrison & Foerster has not agreed to any variations from, or alternatives to, Morrison & Foerster's standard and customary billing arrangements. Morrison & Foerster's rate structure is appropriate and is not significantly different from (a) the rates that Morrison & Foerster charges for other non bankruptcy representations or (b) the rates of other comparably skilled professionals. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. The hourly rates used by Morrison & Foerster in representing the Debtors are consistent with the rates that Morrison & Foerster charges other comparable chapter 11 clients, regardless of the location of the chapter 11 case. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: Morrison & Foerster was initially retained by the Debtors in April 2025, approximately four months prior to the Petition Date, and Morrison & Foerster's prepetition billing rates were the same as Morrison & Foerster's post-petition billing rates. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: Morrison & Foerster's expected fees and expenses are included in the Debtors' Budget. As disclosed in the court filing, Morrison & Foerster is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached through: Jennifer L. Marines, Esq. Morrison & Foerster LLP 250 West 55th Street New York, NY 10019-9601 Phone:(212) 336-4491 Fax: (212) 468-7900 Email: jmarines@mofo.com About Aleon Metals, LLC Aleon Metals, LLC own and operate a multipurpose solid waste disposal facility in Freeport, Texas, specializing in the extraction and refinement of metals used in the energy industry. They focus on processing spent catalysts from petroleum refining to recover vanadium and molybdenum, which have a range of chemical and industrial applications. The Debtors are also developing a hydrometallurgical recycling process for lithium-ion batteries that would convert aluminum waste from its catalyst recycling operations into battery-grade materials for cathode production. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-90305) on August 17, 2025. In the petition signed by Roy Gallagher, chief restructuring officer, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. The Debtors tapped Morrison & Foerster, LLP as bankruptcy counsel; Norton Rose Fulbright US, LLP as local counsel; Ankura Consulting Group, LLC as restructuring and financial advisor; Jefferies, LLC as investment banker; and Stretto, Inc. as claims and noticing agent. UMB Bank, National Association, as DIP agent, is represented by: Christopher M. Odell, Esq. Arnold & Porter Kaye Scholer, LLP 700 Louisiana Street, Suite 4000 Houston, TX 77002-2755 Telephone: (713) 576-2400 Facsimile: (713) 576-2499 Email: christopher.odell@arnoldporter.com - and - Michael D. Messersmith, Esq. Sarah Gryll, Esq. Owen Haney, Esq. Marjorie Carter, Esq. Arnold & Porter Kaye Scholer, LLP 70 West Madison Street, Suite 4200 Chicago, IL 60602-4231 Telephone: (312) 583-2300 Facsimile: (312) 583-2360 E-mail: michael.messersmith@arnoldporter.com sarah.gryll@arnoldporter.com owen.haney@arnoldporter.com marjorie.carter@arnoldporter.com ALEON METALS: Taps Roy Gallagher of Ankura Consulting Group as CRO ------------------------------------------------------------------ Aleon Metals, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Ankura Consulting Group, LLC as restructuring advisor and designate Roy Gallagher as chief restructuring officer. The firm will render these services: a. provide Roy Gallagher to serve as CRO of the Debtors; b. provide the Additional Personnel as required and approved by the Debtors; c. assess and analyze liquidity, including the development and/or review of the Debtors' 13-week cash flow forecast, quantification of new money financing needs and evaluation of opportunities to enhance liquidity; d. assist in the review of strategic alternatives, including any new money financing, forbearance, refinancing, repayment and/or restructuring proposals; e. assist in communications with key stakeholders, including but not limited to the Debtors' bondholders; f. develop the Debtors' 2025 budget and long-term projections and assess the underlying assumptions and related risks; and g. perform such other professional services. Ankura's current standard U.S. hourly rates are: Senior Managing Director $1,300 to $1,455 Managing Director $1,075 to $1,205 Director/Senior Director $740 to $1,020 Associate/Senior Associate $495 to $680 Paraprofessionals $380 to $440 Ankura received an initial advance retainer from the Debtors in the amount of $250,000. Mr. Gallagher, a senior managing director of Ankura, assured the court that his firm is a "disinterested person" as defined by Bankruptcy Code section 101(14). The firm can be reached through: Roy Gallagher Ankura Consulting Group, LLC 150 N. Riverside Plaza, Suite 2400 Chicago, IL 60606 Phone: (773) 213-1942 Email: roy.gallagher@ankura.com About Aleon Metals, LLC Aleon Metals, LLC own and operate a multipurpose solid waste disposal facility in Freeport, Texas, specializing in the extraction and refinement of metals used in the energy industry. They focus on processing spent catalysts from petroleum refining to recover vanadium and molybdenum, which have a range of chemical and industrial applications. The Debtors are also developing a hydrometallurgical recycling process for lithium-ion batteries that would convert aluminum waste from its catalyst recycling operations into battery-grade materials for cathode production. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-90305) on August 17, 2025. In the petition signed by Roy Gallagher, chief restructuring officer, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. The Debtors tapped Morrison & Foerster, LLP as bankruptcy counsel; Norton Rose Fulbright US, LLP as local counsel; Ankura Consulting Group, LLC as restructuring and financial advisor; Jefferies, LLC as investment banker; and Stretto, Inc. as claims and noticing agent. UMB Bank, National Association, as DIP agent, is represented by: Christopher M. Odell, Esq. Arnold & Porter Kaye Scholer, LLP 700 Louisiana Street, Suite 4000 Houston, TX 77002-2755 Telephone: (713) 576-2400 Facsimile: (713) 576-2499 Email: christopher.odell@arnoldporter.com - and - Michael D. Messersmith, Esq. Sarah Gryll, Esq. Owen Haney, Esq. Marjorie Carter, Esq. Arnold & Porter Kaye Scholer, LLP 70 West Madison Street, Suite 4200 Chicago, IL 60602-4231 Telephone: (312) 583-2300 Facsimile: (312) 583-2360 E-mail: michael.messersmith@arnoldporter.com sarah.gryll@arnoldporter.com owen.haney@arnoldporter.com marjorie.carter@arnoldporter.com ALEXANDRIA MUSIC: Seeks to Hire Richard G. Hall as Attorney ----------------------------------------------------------- Alexandria Music Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire 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 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 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-11896) on September 15, 2025. In its petition, the Debtor reports total assets of $508,005 and total liabilities of $1,121,046. Honorable Bankruptcy Judge Klinette H. Kindred handles the case. The Debtor is represented by Richard G. Hall, Esq. ALLIED DEVCORP: Section 341(a) Meeting of Creditors on October 28 ----------------------------------------------------------------- On September 18, 2025, Allied DevCorp LLC filed Chapter 11 protection in the Eastern District of North Carolina. According to court filing, the Debtor reports $4,655,943 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 28, 2025 at 10:00 AM at Zoom 341 Meeting Raleigh. About Allied DevCorp LLC Allied DevCorp LLC, based in Raleigh, North Carolina, owns the property at 153 W King St, Hillsborough, NC 27278, along with significant operational and furnishing assets used in the hotel business. The Company also holds 100% ownership of Colonial Inn Hillsborough, Inc., which leases the premises and operates The Colonial Inn as a boutique hotel with guest rooms, dining, and event spaces. Allied DevCorp LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-03652) on September 18, 2025. In its petition, the Debtor reports total assets of $3,700,032 and total liabilities of $4,655,943. Honorable Bankruptcy Judge Joseph N. Callaway handles the case. The Debtor is represented by Joseph Z. Frost, Esq. of BUCKMILLER & FROST, PLLC. ANDERSON HOOP: Unsecured Creditors to Split $20,500 over 3 Years ---------------------------------------------------------------- Anderson Hoop Dreams, Inc. filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated September 15, 2025. The Debtor is a Florida for Profit Corporation created by Articles of Incorporation filed with the Florida Secretary of State on or around March 20, 2020. The Debtor operates specialized fitness facilities offering structured, athletic-style training programs to a broad client base. The Debtor is located in Orlando, Florida, and operates as a franchisee of D1 Training. The Debtor's principal place of business is located at 2771 E. Livingston Street, Orlando, Florida, 32803 ("Premises"), which the Debtor leases from 400 N PRIMROSE, LLC (a noninsider). The Debtor's projected disposable income is $20,469.00. This Plan provides for 1 class of secured claims, 1 class of unsecured claims; and 1 class of equity security holders. Class 2 consists of the Allowed Unsecured Claims against the Debtor. This Class is Impaired. * Consensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Accordingly, the Debtor proposes to pay unsecured creditors a pro rata portion of $20,500.00. The Reorganized Debtor shall pay said amount in equal quarterly payments of $1,708.33 and shall be disbursed pro rata to the holders of Allowed General Unsecured Claims. Payments shall commence on the fifteenth day of the month, on the first month that begins more than fourteen days after the Effective Date and shall continue quarterly for eleven additional quarters. Pursuant to Section 1191 of the Bankruptcy Code, the value to be distributed to unsecured creditors is greater than the Debtor's projected disposable income to be received in the 3-year period beginning on the date that the first payment is due under the plan. * Nonconsensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Accordingly, Debtor proposes to pay unsecured creditors a pro rata portion of its projected Disposable Income, $20,469.00. If the Debtor remains in possession, plan payments shall include the Subchapter V Trustee's administrative fee which will be billed hourly at the Subchapter V Trustee's then current allowable blended rate. Plan Payments shall commence on the first month following the Effective Date, and shall continue quarterly for eleven additional quarters. The quarterly payment for the first four quarters shall be $2,782.25. The quarterly payments for the second four quarters shall be $2,139.75.00. The quarterly payments for the final four quarters shall be $195.25. The Plan contemplates that the Reorganized Debtor will continue to operate the Debtor’s business. Except as explicitly set forth in this Plan, all cash in excess of operating expenses generated from operation until the Effective Date will be used for Plan Payments or Plan implementation, cash on hand as of Confirmation shall be available for Administrative Expenses. A full-text copy of the Plan of Reorganization dated September 15, 2025 is available at https://urlcurt.com/u?l=NpHQNJ from PacerMonitor.com at no charge. Counsel to the Debtor: Jeffrey S. Ainsworth, Esq. BransonLaw, PLLC 1501 E. Concord Street Orlando, Florida 32803 Telephone (407) 894-6834 E-mail: jeff@bransonlaw.com About Anderson Hoop Dreams Anderson Hoop Dreams, Inc. operates specialized fitness facilities offering structured, athletic-style training programs to a broad client base. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-05772) on Sept. 12, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Jeffrey Ainsworth, Esq., at Bransonlaw PLLC, is the Debtor's legal counsel. ARC PROPERTY: Seeks to Hire DeMarco Mitchell as Legal Counsel ------------------------------------------------------------- ARC Property Management Group LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire 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 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 ARC Property Management Group LLC ARC Property Management Group LLC is a limited liability company. ARC Property Management Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43265) on August 29, 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 Robert T. DeMarco, Esq. at DEMARCO MITCHELL, PLLC. ARCHDIOCESE OF NEW YORK: Scores Another Win Against London Insurers ------------------------------------------------------------------- Olivia Alafriz of Bloomberg Law reports that the Archdiocese of New York won another ruling in its coverage dispute with London market insurers, who had sought to defer payment of defense costs for sexual abuse claims until after adjudication or settlement. The New York Supreme Court, New York County, held that the insurers' obligations are triggered once the archdiocese pays its $100,000 retention per claim, according to the report. The court further determined that insurers remain liable for the full $200,000 policy limits without reduction for the retention, the report states. About New York Archdiocese The Archdiocese of New York is an ecclesiastical district encompassing 296 parishes in the boroughs of Manhattan, the Bronx, and Staten Island in New York City and the counties of Dutchess, Orange, Putnam, Rockland, Sullivan, Ulster, and Westchester. Sixth of New York's eight dioceses have filed for Chapter 11 bankruptcy after dealing with lawsuits dating to when New York temporarily suspended the statute of limitations to give victims of childhood abuse the ability to pursue even decades-old allegations against clergy members, teachers, Boy Scout leaders and others. New York dioceses that have sought bankruptcy are Ogdensburg, Syracuse, Buffalo, Rochester, Albany and Rockville Centre on Long Island. ARTICON HOTEL: Gets Interim OK to Use SBA's Cash Collateral ----------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, entered an interim order authorizing Articon Hotel Services, LLC to use cash collateral. The Debtor was authorized to use the cash collateral of the U.S. Small Business Administration from September 2 through October 3, strictly in accordance with a budget, subject to a 10% variance on each expense category. This use is deemed necessary to prevent immediate and irreparable harm to the Debtor's estate. The Debtor projects total operational expenses of $1,203,085.10 for September. As conditions of use, the Debtor must permit the SBA and the Subchapter V trustee to inspect its books and records upon reasonable notice, maintain and pay insurance premiums protecting the SBA's collateral, provide evidence of collateral upon request, and properly maintain and manage the collateral. These measures are designed to safeguard the SBA's interests while cash collateral is being used. As adequate protection, the SBA will be granted valid and perfected replacement liens on the Debtor's property, whether acquired before or after its Chapter 11 filing. These replacement liens will have the same priority and extent as the SBA's pre-bankruptcy lien. A further interim hearing is set for September 29. About Articon Hotel Services LLC Articon Hotel Services, LLC manufactures and supplies furniture, fixtures and equipment as well as construction materials for the hospitality industry in the United States. The Company provides case goods, soft seating, millwork, lobby furniture, artwork, mirrors and lighting, alongside shower surrounds, flooring, and wall coverings, serving hotel projects through design, fabrication, installation and compliance support. Articon works with major hotel brands including Holiday Inn, Hilton, Embassy Suites, Courtyard and Fairfield Inn & Suites. Articon Hotel Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-13601) on September 2, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman. ASSET DISCOVERY: Hires DeMarco Mitchell as Bankruptcy Counsel ------------------------------------------------------------- Asset Discovery, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire 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 $9,238. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert 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 Asset Discovery Asset Discovery, LLC, doing business as VW Builders, provides residential construction and real estate asset recovery services from Duncanville, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-33361) on August 29, 2025, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Vincent Walker, managing member, signed the petition. Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC represents the Debtor as legal counsel. AVEANNA HEALTHCARE: Fitch Rates 1st Lien Term Loan & Revolver 'B-' ------------------------------------------------------------------ Fitch Ratings has assigned final ratings of 'B-' with Recovery Ratings of 'RR4' to Aveanna Healthcare, LLC's $1.325 billion first lien term loan and its $250 million first lien revolver following the close of the refinancing transaction. Fitch estimates gross debt increased by $24 million following the transaction, as proceeds from $439 million of incremental first lien term loan debt were used to fully redeem $415 million of second lien notes and for general corporate purposes. Aveanna's 'B-' Long-Term Issuer Default Ratings (IDRs) reflect high EBITDA leverage, limited business diversity, and overall small scale. The Positive Rating Outlooks are supported by improved EBITDA margins, which Fitch expects to drive sustained positive FCF and leverage near or below 5.5x. Key Rating Drivers Rapid EBITDA-Driven Deleveraging: Aveanna reduced leverage to 5.8x at 2Q25 from 8.3x at YE 2024, mainly through EBITDA growth. Fitch forecasts leverage to reach and remain at or below 5.5x throughout the rating horizon. The rating case assumes EBITDA margins of 10.0%-10.5% in 2026 and beyond, down from the forecast of 11.6% FY 2025. Fitch considers Aveanna's improved leverage profile sustainable. This is supported by its durably higher EBITDA margins, driven by a focus on higher gross margin contracts in its Home Health and Hospice (HHH) and Medical Solutions (MS) segments and the improvement in Medicaid MCO reimbursement in its Private Duty Services (PDS) segment. A shift to preferred payor agreements has helped drive profitable growth while catching up to significant nursing wage inflation, which damaged EBITDA margins from 2022-2024. Improving cost leverage and cost-saving initiatives have also supported higher margins than prior years. Medicaid Reimbursement Headwinds: Aveanna's business is highly exposed to changes in federal Medicaid funding. The Congressional Budget Office (CBO) expects the recent U.S. tax and spending bill to lower federal Medicaid funding by over $1 trillion over the next 10 years. About 58% of company revenues are from Medicaid Managed Care Organization (MCO) payors and 23% are directly from Medicaid. Fitch expects Medicaid funding changes to pressure PDS gross margins, where most Medicaid-related revenue is generated, over the next few years. However, Aveanna's focus on disabled pediatric patients should insulate revenue and margins from major impacts, as the group is less affected by enrollment changes such as work requirements. Additionally, home health demand is high since it is a lower-cost alternative to hospital care, and labor availability is limited. This incentivizes MCOs to continue to place patients in home health settings when appropriate, which may provide Aveanna with some ability to maintain modest revenue rate growth. Sustainable EBITDA Margin Improvement: Fitch expects adjusted EBITDA margins to rise to 11.6% in 2025, from 8.8% in 2024 and 7.2% in 2023. Fitch expects margins to contract to 10.0%-10.5% in 2026-2028 as PDS cost increases catch up to revenue rate gains in 1H25 and Medicaid reimbursement growth slows. Fitch views the improved run-rate margin profile versus prior years as sustainable, driven by cost-saving initiatives and an intentional shift toward higher gross margin contracts. Fitch expects the incremental EBITDA generation to support positive FCF generation, enabling the company to complete bolt-on M&A activity with cash on hand rather than incremental borrowings. Financial Flexibility and Policy: Aveanna's liquidity profile is adequate and supportive of its 'B-' Long-Term IDR, with $101 million cash and $227 million revolver availability at end 2Q25 (pro forma for the revolver upsizing to $250 million). Fitch expects EBITDA interest coverage to sustain at or above 2x both before and after hedges expire. Fitch expects the company to have deleveraging capacity through FCF generation, but Fitch does not forecast meaningful debt reduction. The company has demonstrated high leverage tolerance under partial ownership under Bain and J.H. Whitney, which Fitch expects to continue over the rating horizon. Leader in Fragmented Industry: Aveanna's credit profile benefits from its leading position in the fragmented home health industry, with a strong market presence across several regions in the U.S. The company's local market positions provide it with advantages in accessing labor and arranging preferred payor agreements with MCOs within its PDS business. Since barriers to entry in the industry are low, fixed cost leverage and labor access are critical to achieve profitable growth. Low Business Diversification: A significant portion of company revenues (81%) are generated from pediatric home health, with the remaining (19%) coming from home health and hospice and medical solutions. This exposes the company to business concentration risk associated with payor concentration and changes in external factors that drive market demand. These risks are partially mitigated by Aveanna's MCO payor diversity and its position as a low-cost provider, supporting long-term organic industry growth. Entity Rating Linkage: Aveanna Healthcare Holdings Inc. (parent and financial filer) and Aveanna Healthcare, LLC (subsidiary and borrower of first lien debt) have the same IDR because the parent has no material assets or liabilities other than Aveanna Healthcare, LLC, and there are no material impediments to the parent accessing the assets of subsidiary. Peer Analysis Aveanna's closest peers among Fitch's U.S. healthcare provider coverage with comparable ratings include Team Health Holdings, Inc. (B-/Stable), Community Health Systems (CCC+), Prime Healthcare Services, Inc. (B/Stable), Tenet Healthcare Corporation (BB-/Stable), and AMN Healthcare Services, Inc. (BB/Stable). These peers broadly have greater scale than Aveanna, with EBITDA ranging from $300 million to $4 billion. Fitch expects peers in the 'B' and 'BB' categories to generate positive FCF during the rating horizons and produce comparable EBITDA margins to Aveanna, except for Tenet, which generates stronger EBITDA margins in the mid-teen percentages. Fitch expects Aveanna to maintain lower leverage and higher coverage metrics than lower-rated peers like Team Health and Community Health Systems over the rating horizon, supporting Aveanna's IDR and outlook. Aveanna has higher leverage than comparably rated Prime Healthcare Services, Inc. but has a stronger market position and overall business diversification than Prime Healthcare, supporting the IDR. Key Assumptions - Revenue increases 16% in 2025, and Fitch-adjusted EBITDA margins expand +280bps to 11.6%, driven primarily by the PDS segment as the company realizes benefits from its preferred payor agreement strategy. - Organic revenues increase low- to mid-single digit percentages in 2026 through 2028 and EBITDA margins contract from 2025 levels to the 10.0%-10.5% range. Margin contraction is driven by normalizing PDS spread rate and a tighter reimbursement environment for Medicaid and MCO payors following the passing of the U.S. tax and spending bill. - FCF as a percentage of revenue at positive levels, primarily driven by significant EBITDA improvement anticipated in the forecast versus 2024 levels. - Bolt-on acquisition activity of $50 million annually completed through the rating horizon with available cash on hand, driving low-single digit percentage incremental revenue growth. - Liquidity remains sufficient, supported by the undrawn revolver due 2030 and positive FCF generation during the rating horizon. - Fitch EBITDA leverage of 5.5x at YE 2025 and sustaining around 5.5x in 2026 and 2027. - EBITDA interest coverage (not accounting for interest rate caps and swaps in place) of 2.0x at YE 2025 and remains above 2.0x in 2026 and 2027. Recovery Analysis - The recovery analysis assumes that Aveanna Healthcare Holdings Inc. would be reorganized as a going-concern (GC) in bankruptcy rather than liquidated. - Fitch applies a $150 million GC EBITDA assumption and 6.0x enterprise value (EV) multiple for a total EV of $900 million. Recoverable value is reduced to $810 million after assuming 10% administrative claims in bankruptcy. - Fitch then deducts expected claims on the A/R securitization facility of $169 million from the total EV, translating to $641 million in recoverable value for first lien creditors. - Fitch assumes that the $250 million first lien secured RCF is fully drawn at the time of default. GC EBITDA rationale Fitch applies a $150 million GC EBITDA assumption to the recovery analysis, which reflects Fitch's view of a sustainable post-reorganization EBITDA level upon which Fitch bases the EV. The GC EBITDA assumption is below LTM 2Q25 Fitch EBITDA of $253 million and FY 2025 forecast EBITDA of $271 million, which reflects depletion of the current operating position that could cause a level of distress to provoke a default plus a level of corrective action assumed to occur during restructuring. Fitch identifies heightened payment pressure from Medicaid funding cuts and/or renewed nursing labor inflation as the most likely sources of operational stress. These factors in combination could result in meaningful EBITDA margin declines to levels below Fitch's $150 million GC EBITDA estimate, translating to under 7% EBITDA margins based on LTM revenue. Fitch's GC EBITDA estimate assumes that corrective actions occur during bankruptcy, such as exiting underperforming states where the company has limited scale or right sizing corporate SG&A. Fitch estimates that this would improve EBITDA margins from trough levels but remain below the long-term Rating Case forecast levels of 10.0%-10.5%. This leads to Fitch's GC EBITDA estimate of $150 million. EV Multiple rationale The GC multiple of 6.0x reflects the company's overall moderate scale but leading position in a fragmented market and its capacity to generate average EBITDA margins compared to healthcare provider peers. The strong industry demand for home healthcare supports the distressed multiple, but this is offset by the relatively little intangible value of the business plus low barriers to entry. The 6.0x GC EBITDA multiple compares to the historical bankruptcy case study exit multiples for peer companies in the healthcare industry of 6.3x and publicly traded EV of 12.3x as of Aug. 29, 2025. Recovery Waterfall The company has a $275 million A/R securitization facility that matures in 2028 with the full borrowing base available. Fitch assumes the securitization borrowing capacity would decrease proportionately to the GC EBITDA decline versus LTM EBITDA (-41%). To estimate the amount of these priority claims, Fitch assumes the greater of current amount outstanding ($169 million) and the proportional decline in borrowing capacity (-41% based on expected GC EBITDA decline, or $162 million). This leads to a $169 million claim ahead of first lien creditors deducted from recoverable value. The first lien revolver and first lien term loan receive all remaining recoverable value of $641 million. In the analysis, Fitch assumes $1.325 billion of term loan debt is outstanding and the $250 million revolver are fully drawn, corresponding to an 'RR4' rating for both instruments RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch's expectation that EBITDA leverage will be sustained above 6.5x; - Fitch's expectation that EBITDA interest coverage will be sustained below 1.5x; - A revised expectation that the U.S. tax and spending bill of 2025 will materially impact EBITDA and lead to consistently negative FCF. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch's expectation that EBITDA leverage will stay below 5.5x. This expectation would be supported by clear indications from a combination of states, industry participants, and/or management that Medicaid funding changes will not significantly affect EBITDA generation, or by operating outperformance that provides the company enough cushion to weather reimbursement headwinds while maintaining leverage below 5.5x. - Fitch's expectation that EBITDA interest coverage will be sustained above 2.0x. Liquidity and Debt Structure Aveanna has adequate liquidity, with $101 million of cash on hand and $227 million of borrowing capacity under its RCF, pro forma for the upsizing to $250 million. The company's cash needs are also supported by $106 million of borrowing capacity under its AR securitization agreement. Fitch does not include A/R securitization availability in the calculation of available liquidity but considers its role in managing working capital and liquidity in the rating analysis. Fitch expects liquidity to remain sufficient, as forecasted positive FCF during the rating horizon will continue to improve the company's liquidity profile. The company's new $1.325 billion first lien term loan will mature in September 2032. Maturities until then are limited to $13 million in mandatory annual term loan amortization. The company's A/R securitization facility, which had $169 million outstanding at end 2Q25, is set to expire in 2028. Fitch expects the company will extend the facility prior to maturity. Issuer Profile Aveanna Healthcare Holdings Inc. (AVAH) is a home care platform focused on providing care to medically complex, high-cost patient populations. The company's services primarily consist of pediatric nursing and home health and hospice care for elderly patients. Summary of Financial Adjustments Adjustments were made to EBITDA. Fitch added back non-recurring and non-operational expenses including stock-based compensation, acquisition-related costs, impairment charges, and other legal costs to Fitch-adjusted EBITDA. Date of Relevant Committee 27-Aug-2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Aveanna Healthcare, LLC senior secured LT B- New Rating RR4 B-(EXP) B & B SMITH: Seeks to Hire Russo White & Keller P.C. as Counsel --------------------------------------------------------------- B & B Smith Construction Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to hire Russo White & Keller, P.C. as counsel. The firm will provide these services: a. provide the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued management of its financial affairs and property; b. prepare on behalf of the Debtor necessary schedules, lists, applications, motions, answers, orders, and reorganization paperwork as is or may become necessary; c. review all leases and other corporate papers and other documents and prepare any necessary motions to assume unexpired leases or executor contracts and assist in preparation of corporate authorizations and resolutions regarding the Chapter 11 cases; and d. perform any and all other legal services for the Debtor as Debtor-in-Possession as may be necessary to achieve confirmation of a Chapter 11 plan. The firm will be paid at the rate of $350 per hour. The firm received a retainer in the amount of $17,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert Keller, Esq., a partner at Russo White & Keller, 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: Robert C. Keller, Esq. Russo White & Keller, P.C. 315 Gadsden Highway, Suite D Birmingham, AL 35235 Tel: (205) 833-2589 Email: rjlawoff@bellsouth.net About B & B Smith Construction Inc. B & B Smith Construction Inc. serves a diverse client base across Alabama by delivering residential and commercial construction services. Its portfolio covers general contracting, site development, project management, and remodeling projects. B & B Smith Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-41227) on September 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge James J. Robinson handles the case. The Debtor is represented by Robert C. Keller, Esq. at Russo, White & Keller. BARTRAM LOGISTICS: Hires Bradley Arant Boult as Bankruptcy Counsel ------------------------------------------------------------------ Bartram Logistics LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to hire Bradley Arant Boult Cummings LLP as bankruptcy counsel The firm's services include: a. preparing pleadings and applications for filing and conducting examinations incidental to any related proceedings or to the administration of this case; b. advising the Debtor of its rights, duties, and obligations as Debtor operating under Chapter 11 of the Bankruptcy Code in this District; c. taking any and all other necessary action incident to the proper preservation of the estate and administration of this Chapter 11 case; d. investigating and, if necessary, instituting legal action on behalf of the Debtor to collect and recover assets of the estate of the Debtor; and e. advising and assisting the Debtor in the formation and confirmation of a plan pursuant to Chapter 11 of the Bankruptcy Code, the disclosure statement, and any and all matters related thereto. The current rate for the services of Erin Malone-Smolla is $515 per hour and $745 per hour for Austin McMullen. Bradley requires a post-petition retainer of $30,000 per month. Erin Malone-Smolla, Esq., a partner at Bradley Arant Boult Cummings LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm's services include: Erin Malone-Smolla, Esq. Austin McMullen, Esq. BRADLEY ARANT BOULT CUMMINGS LLP 1221 Broadway, Suite 2400 Nashville, TN 37203 Phone: (615) 244-2582 Email: esmolla@bradley.com amcmullen@bradley.com About Bartram Logistics LLC Bartram Logistics LLC, doing business as Bartram Electric, operates as an electrical subcontractor providing installation and related services for construction projects in the Southeastern United States. The Company focuses on multifamily, hotel, and restaurant developments and undertakes electrical scopes of work under general contractors. It has completed more than 70 projects in the region and continues to work on dozens of active and contracted assignments. Bartram Logistics LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-03788) on September 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Randal S. Mashburn handles the case. The Debtor is represented by Erin Malone-Smolla, Esq. at BRADLEY ARANT BOULT CUMMINGS LLP. BAXSTO LLC: Tap Angelo DeCaro of Quadrus Consulting as CRO ---------------------------------------------------------- Baxsto LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Quadrus Consulting, Inc. and designate Angelo DeCaro as chief restructuring officer. The firm will render these services: a. in cooperation with the Debtor and its staff, perform a financial review of the Debtor, its historical financial results, on-going business operations and prospects, and historical transactions and corporate governance changes; b. ensure that all funds of the estate are deposited into one or more Debtor in Possession accounts; c. review and approve all expenditures to be made by Debtor to ensure that such expenditures are the subject of an approved cash collateral order: d. assist the Debtor with preparation of any bankruptcy required reporting, including Monthly Operating Reports; e. assist the Debtor to develop and maintain thirteen-week cash forecasts and budget-to-actual reporting or other reporting as may be required by potential debtor-in-possession financing; f. assist the Debtor and its counsel to develop a plan of reorganization, including financial projections, liquidation analysis, claims analysis and reconciliation, and other analysis, as needed; g. assist the Debtor and counsel, as requested to complete Initial Debtor Interview questionnaire and related information, complete and file the required Schedules of Assets and Liabilities and Statement of Financial Affairs, and prepare for 341 meeting of creditors; and h. assist the Debtor and its counsel with general matters related to the Chapter 11 case. The firm's rates: a. Hourly and Daily Fees of CRO (Mr. DeCaro). i. $125 per hour up to a maximum of $1,000 per day. Time will be recorded and included on all invoices. b. Expenses: Quadrus will be reimbursed for the reasonable out-of-pocket expenses of its professionals incurred in connection with its services, such as travel, lodging, mileage, rental cars, and photocopies, including: i. Airfare limited to coach seating on United or American Airlines ii. Hotel Expense limited to $200 per day unless preapproved the company. iii. Rental Car, Gas and Tolls Expense as required iv. Meal Expense at $50 per day when on site and $25 per day on c. Retainer: The Debtor shall provide Quadrus with a retainer in the amount of $2,500 (Retainer) which shall be applied to final billing activity when the CRO assignment is complete. This Retainer will be credited against any amounts due to Quadrus at the termination of the Engagement Letter or as otherwise authorized by the Court. Any overage will be returned to the Debtor. d. Additional Fees/Fee Increases: Any additional fees, fee increases, or fees associated with other firms will be preapproved by an executive of the Debtor and subject to the approval of the Court. Mr. DeCaro is a "disinterested person" within the meaning of Bankruptcy Code section 101(14) and does not hold or represent an interest adverse to the Debtor's estate. The firm can be reached through: Angelo DeCaro Quadrus Consulting, Inc. 13401 Country Trails Ln Austin, TX, 78732 Tel: (512) 423-0063 Email: decaro@quadrusconsulting.com About Baxsto LLC Baxsto LLC, based in Austin, Texas, manages and owns undivided mineral interests in Howard and Borden Counties. Formed in 2014, the Company leases these mineral rights to oil and gas operators for the extraction of oil, gas, limestone, gravel, coal, sulfur, and other minerals. Baxsto LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-11291) on August 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Shad Robinson handles the case. The Debtor is represented by Stephen W. Sather, Esq. at BARRON & NEWBURGER, P.C. BENSON HILL: Gets Court OK to Convert Chapter 11 to Chapter 7 ------------------------------------------------------------- Yun Park of Law360 Bankruptcy Authority reports that on Tuesday, September 23, 2025, a Delaware bankruptcy judge approved the conversion of Benson Hill Inc.'s Chapter 11 case into a Chapter 7 liquidation, following the sale of the high-protein soybean developer's business earlier in May 2025. About Benson Hill Benson Hill, Inc. is an ag-tech company focused on innovating soy protein through advanced genetics. Using its CropOS technology platform, Benson Hill creates food and feed that are more nutritious, functional, and produced efficiently, offering sustainability benefits to the food and feed sectors. Benson Hill and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Lead Del. Case No. 25-10539) on March 20, 2025. The petitions were signed by Daniel Cosgrove as interim chief executive officer. In their petitions, the Debtors reported total assets of $137,542,000 and total debts of $110,701,000. Judge Thomas M. Horan handles the cases. The Debtors tapped Faegre Drinker Biddle & Reath, LLP as bankruptcy counsel; Piper Sandler as investment banker; Meru, LLC as financial advisor; and Stretto, Inc. as claims and noticing agent. BRIGHTLIFE ELECTRIC: Hires Darby Law Practice as Legal Counsel -------------------------------------------------------------- BrightLife Electric NV seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire Darby Law Practice, Ltd as The firm will render these services: (a) advise the Debtor of its rights, powers and duties in the continued operation of business and management of its properties; (b) take all necessary action to protect and preserve the Debtor's estate; (c) prepare on behalf of the Debtor all necessary legal papers in connection with the administration of its estate; (d) attend meetings and negotiations with the Subchapter 5 trustee, representatives of creditors, equity holders or prospective investors or acquirers and other parties in interest; (e) appear before the court, any appellate courts and the Office of the United States Trustee to protect the interests of the Debtor; (f) pursue approval of confirmation of a plan of reorganization and approval of the corresponding solicitation procedures and disclosure statement; and (g) perform all other necessary legal services in connection with the Chapter 11 case. Kevin Darby, Esq., the primary attorney in this representation, will be billed at his hourly rate of $550. The firm received from the Debtor a retainer of $15,000. Mr. Darby 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 A. Darby, Esq. Darby Law Practice, Ltd. 499 W. Plumb Lane, Suite 202 Reno, NV 89509 Tel: (775) 322-1237 Fax: (775) 996-7290 Email: kevin@darbylawpractice.com About BrightLife Electric NV BrightLife Electric NV filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-50836) on September 12, 2025, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Hilary L Barnes presides over the case. The Debtors are represented by Kevin A. Darby, Esq. at Darby Law Practice, Ltd. BUDA MEZZ: Secured Party Sets Oct. 17, 2025 Auction --------------------------------------------------- AN Emerson Mezz Lender, LLC ("Secured Party"), as successor-in- interest to Natixis, New York Branch ("Original Secured Party"), will appear at the offices of King & Spalding LLP, legal counsel to Secured Party, at 1290 Avenue of the Americas, New York, New York 10104, and virtually via Microsoft Teams, and shall then and there offer for sale at a public auction on Oct. 17, 2025, at 10:30 a.m. prevailing Eastern time ("Sale Date”), ("Sale"), pursuant to the Uniform Commercial Code, the personal property of BUDA MEZZ LLC, a Delaware limited liability company ("Debtor"), on account of unpaid indebtedness owed by Debtor to Secured Party. The property offered for sale ("Collateral") will consist of any and all right, title and interest of Debtor in, to, or under that certain property identified in (a) Uniform Commercial Code Financing Statement, Filing No. 2022 2918191, that was filed by Original Secured Party against Debtor with the Delaware Department of State on April 6, 2022, and (b) Uniform Commercial Code Financing Statement Amendment, Filing No. 2025 5545741, that was filed by Secured Party against Debtor with the Delaware Department of State on July 30, 2025, with respect to certain personal property of Debtor (including, without limitation, among other things, Debtor's 100% limited liability company interest in Buda Acquisition LLC, a Delaware limited liability company ("Owner"), together with the certificate evidencing the same, and all rights of Debtor to receive the profits and the losses of and receive distributions from Owner, all rights of Debtor to receive distributions of Owner’s assets, and all of Debtor's economic rights, voting rights, consent rights, management rights, control rights, rights to status as a member, rights to inspect the books and records of Owner and rights to receive information under the organizational documents of Owner, and all other rights of Debtor with respect to Owner and under the organizational documents of Owner ("Pledged Interests"). Further information regarding the Sale, obtaining virtual credentials for the Sale, the Collateral, and the requirements to be considered as a "Qualified Transferee" may be obtained by contacting (i) Matthew D. Mannion at Mannion Auctions, LLC, 299 Broadway, Suite 1601, New York, New York 10007, Email: mdmannion@jpandr.com; and (ii) Brock Cannon at Newmark, 125 Park Avenue, New York, New York 10017, Email: brock.cannon@nmrk.com. BUILT TO LAST: Unsecureds Will Get 10.41% of Claims in Plan ----------------------------------------------------------- Built to Last Construction LLC filed with the U.S. Bankruptcy Court for the Southern District of Indiana a Small Business Plan of Reorganization dated September 15, 2025. The Debtor, an Indiana limited liability company, provides services ranging from roofing jobs, bathroom and kitchen remodels, to constructing decks, updating and replacing windows, remodeling basements and completing general service calls. Bradley William Form is the sole member and manager, and is also an employee of the Debtor. He completes a variety of work on the projects and jobs, while also overseeing job sites and completion as foreman and performing the administrative responsibilities as the owner and managing member. The Debtor serves individual and commercial customers throughout Indiana. Upon the filing of the bankruptcy case, the Debtor sought and obtained Court authority to maintain existing bank accounts and pay prepetition wages, compensation, and taxes in order to ensure that the Debtor could maintain its daily operations. With the same goal in mind, the Debtor also obtained Court authority to use cash collateral and to continue paying the monthly loan payments to Ford Motor Credit Company LLC and Deere & Company as adequate protection, which the Court granted on an interim basis on June 23, 2025, and on a final basis on July 30, 2025. Since the Petition Date, the Debtor has focused on servicing existing and new projects to provide excellent construction services while it worked to formulate the Plan. In order to lay a foundation for fair and equal treatment of creditors, the Debtor informally resolved a preferential transfer in connection with a financing statement filed by National Funding, Inc. during the preference period. The goal of this resolution was to make sure National Funding would have an unsecured Class 6 claim against the Debtor that will be entitled to treatment in accordance with this Plan. This goal was met with National Funding terminating the financing statement it filed during the preference period and amending its proof of claim (Claim No. 1) to assert an unsecured claim in the amount of $36,162.36. Further, the Debtor has been readily available for any questions from the creditors, and promptly amend the schedules to reflect any changes. The Debtor's financial projections show that for the 3-year period, as described in section 1191(c)(2) of the Bankruptcy Code, the Debtor anticipates an average yearly gross income of approximately $1.25 million, with average yearly operating expenses of approximately $1,180,002. Accordingly, on average, the yearly projected disposable income is approximately $69,998. The Plan proposes to pay creditors of the Debtor from cash flow from operations. The Plan provides that creditors holding allowed unsecured claims will receive distributions over time, which the Debtor has projected at approximately 10.41% of total allowed unsecured claims. Class 6 consists of Unsecured Claims. The Debtor estimates that the aggregate unsecured claims are $649,499.17. Creditors holding allowed Class 6 claims shall receive their pro rata share of annual payments of the Debtor's actual net disposable income after payment of administrative expenses, the Class 1 claim held by the SBA, the Class 2 claim held by Ford, the Class 3 claim held by Deere, the Class 4 claim held by Huntington, and the Class 5 held by priority claimants, if any. The Debtor will provide all claimants holding an allowed Class 6 claim with an annual true-up accounting within one month of the end of each calendar year of the Plan, which may include a reserve not to exceed $10,000.00, so distributions, if any, to holders of allowed Class 6 claims for the respective year may be determined. The Debtor shall pay holders of allowed Class 6 claims their pro rata share of the annual payment by no later than June 1st of the following year. The source of funds used in the Plan for payment to creditors shall be the Debtor's net disposable income resulting from continued, normal business operations of the Debtor's business. The Debtor shall contribute all net disposable income toward Plan payments over a 3-year period. A full-text copy of the Plan of Reorganization dated September 15, 2025 is available at https://urlcurt.com/u?l=b2iY15 from PacerMonitor.com at no charge. Counsel to the Debtor: Meredith R. Theisen, Esq. Morgan A. Decker, Esq. RUBIN & LEVIN, P.C 135 N. Pennsylvania Street, Suite 1400 Indianapolis, IN 46204 Telephone: (317) 634-0300 Facsimile: (317) 453-8602 Email: mtheisen@rubin-levin.net mdecker@rubin-levin.net About Built to Last Construction Built to Last Construction, LLC provides services ranging from roofing jobs, bathroom and kitchen remodels, to constructing decks, updating and replacing windows and remodeling basements. Built to Last Construction sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-03452) on June 16, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Bradley Ford, managing member, signed the petition. Judge Andrea K. McCord oversees the case. Morgan A. Decker, Esq., at Rubin and Levin, PC, represents the Debtor as legal counsel. BURKE MOUNTAIN: Plans Payout for EB-5 Investors from Sale, Deal --------------------------------------------------------------- Alan J. Keays of vtdigger reports that more than 120 EB-5 investors tied to the Burke Mountain ski resort are set to receive partial repayment nearly a decade after a fraud scandal upended the Northeast Kingdom development projects. According to the report, a Miami federal judge has approved a plan authorizing court-appointed receiver Michael Goldberg to distribute $183,322 to each of the 121 investors -- about one-third of the $500,000 they originally contributed. The funds come from the $11.5 million sale of Burke Mountain to Bear Den Partners LLC and a separate $10 million settlement with Raymond James. The EB-5 program was designed to offer foreign investors a pathway to U.S. residency if their capital helped create jobs. Instead, developers Ariel Quiros and Bill Stenger, along with attorney William Kelly, diverted millions from Burke Mountain and Jay Peak projects, as well as a failed Newport biomedical facility. All three men were indicted in 2019 and later sentenced to prison, marking one of Vermont's largest fraud cases, according to vtdigger. Goldberg, who has managed the receivership since 2016, has already overseen the $76 million sale of Jay Peak, which generated payouts for investors tied to that resort. With this latest distribution, he emphasized that all Burke Mountain investors will be treated fairly based on their original commitments. Regulators first uncovered the scheme nearly a decade ago, and Friday's, September 19, 2025, ruling by Judge Darrin P. Gayles marks a major step in winding down the long-running case, the report said. About Burke Mountain Ski Resort Burke Mountain Ski Resort is a medium-size ski resort in northeast Vermont that is open to snowboarding and skiing. BYRD'S NEST: 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 Byrd's Nest B & B, 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 Byrd's Nest B & B Byrd's Nest B & B, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-12867) on September 16, 2025, listing between $100,001 and $500,000 in assets and liabilities. CAPE FEAR: Case Summary & 18 Unsecured Creditors ------------------------------------------------ Debtor: Cape Fear Discount Drug, LLC 2800 Raeford Road, Suite 18 Fayetteville, NC 28303 Business Description: Cape Fear Discount Drug, LLC operates a community-focused pharmacy providing prescription dispensing, immunizations, medication therapy management, and over-the- counter products. The pharmacy is part of the Good Neighbor Pharmacy network and serves local residents with programs including family vitamins and child safety initiatives. Chapter 11 Petition Date: September 23, 2025 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 25-03693 Judge: Hon. David M Warren Debtor's Counsel: Laurie B. Biggs, Esq. BIGGS LAW FIRM PLLC 9208 Falls of Neuse Road Suite 120 Raleigh, NC 27615 Tel: (919) 375-8040 Fax: (919) 341-9942 Email: lbiggs@biggslawnc.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Dustin Cody Gay as president. A full-text copy of the petition, which includes a list of the Debtor's 18 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/U7HDEYA/Cape_Fear_Discount_Drug_LLC__ncebke-25-03693__0001.0.pdf?mcid=tGE4TAMA CAROLINA'S CONTRACTING: Seeks to Hire Jeff Martin as Auctioneer --------------------------------------------------------------- Carolina's Contracting, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of North Carolina to employ Jeff Martin Auctioneers to provide appraisal services. It is anticipated that Lee M. Danhaure will oversee the appraisals and manage all employees of Jeff Martin that work on the project. The professional services to be rendered include inspecting all of the Debtor's equipment and providing written opinions of Fair Market Value and Liquidation Value of the equipment. Jeff Martin will charge $22,650 as a fee for the appraisal plus out of pocket expenses. As disclosed in the court filings, Jeff Martin Auctioneers is a disinterested person as defined in 11 U.S.C. Section 101(14). The firm can be reached through: Lee M. Danhaure Jeff Martin Auctioneers P.O. Box 16809 Hattiesburg, MS 39404 Phone: (601) 450-6200 Toll Free No: 1-844-450-6200 Fax: (601) 450-4980 Email: info@jeffmartinauctioneers.com About Carolina's Contracting, LLC Carolina's Contracting LLC is a licensed general contractor based in Davidson, North Carolina, specializing in land development and grading services. Established in 2013, Company offers a range of services including grading, storm drainage, sanitary sewer, waterline installation, culverts, and stone base work. Carolina's Contracting sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. N.C. Case No. 25-50284) on April 28, 2025. In its petition, the Debtor reported total assets of $31,405,291 and total liabilities of $25,942,522. Judge Lena M. James oversees the case. The Debtor is represented by: Dirk W. Siegmund, Esq. Ivey, McClellan, Siegmund, Brumbaugh & McDonough, LLP Tel: (336) 274-4658 Email: dws@iveymcclellan.com CENTER FOR SPECIAL: Affiliate to Sell Clearwater Property to Quirk ------------------------------------------------------------------ Michael Goldberg, the Chapter 11 Trustee of the case of The Center for Special Needs Trust Administration Inc., seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to sell Property owned by Broadleaf Warner LLC, free and clear of liens, claims, and encumbrances. The Debtor is a 501(c)(3) non-profit Florida corporation that administers pooled trusts and special needs trusts. The Debtor is the trustee or co-trustee of numerous special needs trusts, including both stand-alone trusts and pooled trusts for approximately 2,000 beneficiaries who suffer from various levels of disability. The Debtor's primary service as trustee of the Trusts is to manage the Trusts, maintain records for assets managed by third party investment managers, respond to request for distributions from Beneficiaries, and make distributions in a manner that still ensures that the applicable beneficiary meets the income and asset thresholds to qualify for certain public assistance benefits, such as Medicaid, Social Security, or Supplemental Security Income. The Debtor's services help to ensure that Beneficiaries maintain their qualification for these critical public assistance benefits. The Debtor was initially established by Leo Govoni, who served on the Debtor's Board of Directors until he resigned in 2008 or early to mid-2009. However, following his resignation, Govoni allegedly continued to control and exert his influence over the Debtor's operation and finances through a web of corporate entities. The Chapter 11 Trustee, through its Final Judgment against Boston Finance Group, LLC (BFG), has established that BFG received numerous transfers of funds from the Debtor totaling well over $100 million between 2009 and 2020. The funds utilized to make these transfers were allegedly taken from over 1,000 Trusts managed by the Debtor and the transfers were documented as a purported loan from the Debtor to BFG. BFG's Property is located at 4912 Creekside Drive, Clearwater, Florida 33760. Until June 3, 2025, Govoni owned interests in many other companies that also allegedly received transfers from the Debtor over the years, including but not limited to Broadleaf. Broadleaf is a New Hampshire limited liability company formed in 2012. Broadleaf is a Debtor/Govoni related entity to which the Trustee holds title to on behalf of the Debtor's estate. The Trustee appointed Nperspective Advisory Services, LLC and William A. Long, Jr. as Restructuring Advisor and Chief Restructuring Officer of Global Litigation Consultants, LLC, Boston Settlement Group, LLC, and Boston Asset Management, Inc in the adversary filed against Govoni and Boston Finance Group LLC. On June 3, 2025, upon the consent of Govoni, the Court entered the Agreed Order Transferring Defendants' Stock and Limited Liability Company Membership Interests to Chapter 11 Trustee through which Govoni agreed to the transfer all of his interests in Broadleaf directly to the Chapter 11 Trustee. The Trustee, through Mr. Long, has received an offer to purchase the Real Property for a total purchase price of $675,000.00 from Dawn R. Quirk and Justin J. Bull, which includes a $20,000 deposit with no financing contingencies. The Purchaser has no ownership or other interest in the Real Property or connections with Govoni or any entity owned or controlled by him which information was verified by the Trustee. The Chapter 11 Trustee believes that the acquisition of the Real Property was funded, in whole or in part, using funds that were held and/or owned by the Debtor. Mr. Goldberg is authorized to sell the Real Property, as he is now the majority owner of Broadleaf. Thus, the Chapter 11 Trustee requests that the Court enter an order approving the sale of the Real Property. The Trustee, through his ownership of all the stock/equity in Broadleaf is treating the Real Property as property of the estate. After the Trustee accepted the Purchaser's Offer, however, the Trustee received an offer from the original offeror (the one who had offered $620,000). This time, he was offering $750,000, but it did not come until the Real Property was already under contract at $675,000. The contract for the sale of the Real Property is subject to Court approval and the original interested buyer who made the $750,000 offer will be notified of the sale hearing emanating from the Motion. About The Center for Special Needs Trust Administration The Center for Special Needs Trust Administration, Inc. filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 24-00676) on Feb. 9, 2024, with $100 million to $500 million in both assets and liabilities. Judge Roberta A. Colton oversees the case. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, PA is the Debtor's legal counsel. On March 4, 2024, the U.S. Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Underwood Murray, PA as bankruptcy counsel and Gilbert Garcia Group, PA as special counsel. CFMS TEXAS: Seeks to Hire Monument Realty - Cheney Group as Broker ------------------------------------------------------------------ CFMS Texas Properties LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Monument Realty - Cheney Group as broker. The firm's services include: a. marketing and selling property of the Debtor's bankruptcy estate; b. assisting the Debtor with any other needs related to Debtor's efforts to sell property of the estate. The Debtor proposes to pay Broker a 6 percent commission, calculated as a percentage of the sales price obtained for the property. The broker is a disinterested person as that term is defined in section 104(14) of the Bankruptcy Code and does not represent or hold an interest adverse to the Debtor or its estate, according to court filings. The broker can be reached through: Jeff Cheney Monument Realty - Cheney Group One Cowboys Way Ste. 160 Frisco, TX, 75034 Tel: (214) 550-8200 Email: jeff@cheneygroup.com About CFMS Texas Properties LLC CFMS Texas Properties LLC is a single-asset real estate company whose principal asset is located at 6001 Tension Drive, Fort Worth, TX 76112. CFMS Texas Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42027) on June 2, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated assets between $100,000 and $500,000. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtors are represented by Joyce W. Lindauer, Esq. at JOYCE W. LINDAUER ATTORNEY, PLLC. CHABAD OF GRAMERCY: Taps Ariel Property as Real Estate Broker ------------------------------------------------------------- Chabad of Gramercy Park seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Ariel Property Advisors LLC as real estate broker. The broker will list, market and sell the Debtor's property located at: a. 116 West 14th Street #1, New York NY Block 609 Lot 1001; b. 40 West 22nd Street #Comm New York NY Block 823 Lot 65; and c. 12 East 13th Street #Com New York NY Block 570 Lot 101. The firm will receive commission as follows: 1. 12 East 13th Street: -- 3 percent of the first $2.4 million of gross proceeds -- 4 percent of gross proceeds in excess of $2.4 million up to $2.7 million -- 5 percent of gross proceeds in excess of $2.7 million 2. 116 West 14th Street: -- 3 percent of the first $3.4 million of gross proceeds -- 4 percent of gross proceeds in excess of $3.4 million up to $3.7 million -- 5 percent of gross proceeds in excess of $3.7 million 3. 40 West 22nd Street: -- 3 percent of the first $3.3 million of gross proceeds -- 4 percent of gross proceeds in excess of $3.3 million up to $3.7 million -- 5 percent of gross proceeds in excess of $3.7 million As disclosed in a court filing that the Broker is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Shimon Shkury Ariel Property Advisors LLC 122 East 42nd Street, Suite 2405 New York, NY 10168 Tel: (212) 544-9500 Fax: (212) 544-9501 About Chabad of Gramercy Park Chabad of Gramercy Park owns a portfolio of five properties situated across various locations in New York, with a combined estimated value of $13.77 million. Chabad of Gramercy Park sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No.: 25-40105) on January 8, 2025. In its petition, the Debtor reports total assets of $13,770,000 and total liabilities of 24,715,943. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. Alla Kachan, Esq., at Law Offices of Alla Kachan P.C., represents the Debtor as counsel. CHICAGO EDUCATION BOARD: Fitch Alters Outlook on 'BB+' IDR to Neg. ------------------------------------------------------------------ Fitch Ratings has affirmed the Chicago Board of Education, IL's (CBOE) Issuer Default Rating (IDR) and unlimited tax general obligation (ULTGO) bond rating at 'BB+'. Fitch has also affirmed CBOE's dedicated capital improvement tax (CIT) bonds at 'A'. The Rating Outlook has been revised to Negative from Stable. Entity/Debt Rating Prior ----------- ------ ----- Chicago Board of Education (IL) LT IDR BB+ Affirmed BB+ Chicago Board of Education (IL) /General Obligation - Unlimited Tax/1 LT LT BB+ Affirmed BB+ Chicago Board of Education (IL) /Limited Ad Valorem Tax Revenues/1 LT LT A Affirmed A The Chicago Board of Education's IDR and ULTGO bonds Outlook revision to Negative reflects the challenge of maintaining structural balance amid revenue pressures. Key pressures included the exhaustion of federal pandemic aid and uncertainty over ongoing federal funds, declining personal property replacement tax revenues, and under-adequacy in state funding—about $985 million below the Evidence-Based Funding (EBF) target. These pressures are compounded by CBOE's growing expenditure base, partly due to the recently settled collective bargaining agreement with the Chicago Teachers Union (CTU) and legacy debt and pension costs. CBOE recently closed a $734 million gap for fiscal 2026 (the fiscal year that began July 1) through a combination of recurring and temporary solutions such as cuts to department budgets ($291 million), increased tax increment financing revenue assumptions ($79 million), use of reserves from the debt service stabilization fund ($65 million), and withholding the $175 million reimbursement to the city of Chicago for the Municipal Employees Annuity and Benefit Fund (MEABF) contingent on receipt of state and local revenue above budgeted expectations. Including these actions, CBOE projects structural deficits of about $520 million in fiscal 2027 and $582 million in fiscal 2028. Fitch believes future gap-closing actions will require some level of external support from the state and/or city, the outcome of which is highly uncertain, and further departmental cuts. Because labor drives most costs, additional cuts could prove difficult given student service needs and historically contentious CBOE-CTU relationship. Rating stability is predicated on the district's ability to achieve consensus on these difficult decisions and demonstrate considerable progress towards reducing the structural budget imbalance while preserving an adequate level of reserves and liquidity. Failure to do so would result in a rating downgrade of at least one notch within the next one to two years. The affirmations of CBOE's IDR and ULTGO reflect CBOE's 'bb' financial resilience assessment given its 'minimal' level of budgetary flexibility. The ratings also consider CBOE's elevated long-term liability burden and mixed demographic and economic strength profile. The rating also reflects negative Additional Analytical Factors for Pension Funding Assumptions, Pension Contributions and Capital Demands and Affordability. The affirmation of the CIT rating at 'A' reflects Fitch's dedicated tax analysis. The bond structure's resilience is assessed at 'a' backed by the stability of pledged revenues derived from an ad valorem tax levy equivalent to 1.10x annual debt service. The 'a' resilience assessment factors in risk to cyclical stresses and tax collection delinquencies. CIT structural elements and security interests are sufficiently strong to warrant a maximum five-notch rating distinction between the CIT rating and the district's IDR using Fitch's "U.S. Public Finance Local Government Rating Criteria". The Negative Outlook on the CIT bonds reflects Fitch's capping of the CIT rating by the CBOE's IDR. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to right size district costs in the absence of additional revenue, resulting in an ongoing reliance on nonrecurring fiscal measures, including short-term borrowing for operations, including pension payments, and actual or expected weakening of available reserves and liquidity. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - For the CIT bonds, a downgrade of the district's IDR and/or decline in property tax collection rates below historical levels. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstrated commitment to addressing budget gaps through structural measures and maintaining reserves at least equal to 10% of spending over time, which would raise the district's financial resilience to 'bbb' or higher; - An approximate 50% reduction in long-term liability burden metrics, assuming current personal income and governmental resources; - An improved revenue outlook stemming from the combination of enrolment growth and/or additional increases in state funding. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - For the CIT bonds, an upgrade is not anticipated based on expected coverage levels from the statutory property tax levy. SECURITY The CBOE's ULTGO bonds are payable from dedicated CBOE revenues in the first instance and also payable from unlimited ad valorem taxes levied against all taxable property within the district, which is coterminous with the city of Chicago. Fitch’s Local Government Rating Model The Local Government Rating Model generates Model Implied Ratings, which communicate the issuer's credit quality relative to Fitch's local government rating portfolio. (The Model Implied Rating will be the Issuer Default Rating except in certain circumstances explained in the applicable criteria.) The Model Implied Rating is expressed via a numerical value calibrated to Fitch's long-term rating scale that ranges from 10.0 or higher (AAA), 9.0 (AA+), 8.0 (AA), and so forth down to 1.0 (BBB- and below). Model Implied Ratings reflect the combination of issuer-specific metrics and assessments to generate a Metric Profile and a structured framework to account for Additional Analytical Factors not captured in the Metric Profile that can either mitigate or exacerbate credit risks. Additional Analytical Factors are reflected in notching from the Metric Profile and are capped at +/-3 notches. Ratings Headroom & Positioning Chicago Board of Education Model Implied Rating: BBB- (Numerical Value: 0.00) - Metric Profile: BBB+ (Numerical Value: 3.00) - Net Additional Analytical Factor Notching: -3.0 Individual Additional Analytical Notching Factors: - Non-Recurring Support or Spending Deferrals: -1.0 - Pension Funding Assumptions: -1.0 - Pension Contributions: -1.0 - Capital Demands and Affordability: -1.0 Chicago Board of Education's Model Implied Rating is BBB-. The associated numerical value of 0.00 is at the lower end of the 0.0 to 1.0 range for a BBB- rating. Key Rating Drivers Financial Profile Financial Resilience - bb Chicago Board of Education's financial resilience is driven by the combination of its Low revenue control assessment and Low expenditure control assessment, culminating in a Minimal budgetary flexibility assessment. - Revenue control assessment: Low - Expenditure control assessment: Low - Budgetary flexibility assessment: Minimal - Minimum fund balance for current financial resilience assessment: 10.0% - Current year fund balance to expenditure ratio: 15.3% (2024) - Lowest fund balance to expenditure ratio for the fiscal-year period 2020-2024: 7.9% (2020) Revenue Volatility - Midrange Chicago Board of Education's weakest historic three-year revenue performance has a modest negative impact on the Model Implied Rating. The revenue volatility metric is an estimate of potential revenue volatility based on the issuer's historical experience relative to the median for the Fitch-rated local government portfolio. The metric helps to differentiate issuers by the scale of revenue loss that would have to be addressed through revenue raising, cost controls or utilization of reserves through economic cycles. - Lowest three-year revenue performance (based on revenues dating back to 2005): 5.9% decrease for the three-year period ending fiscal 2015 - Median issuer decline: -4.3% (2024) Financial Profile Additional Analytical Factors and Notching: -1.0 notch (for Non-Recurring Support or Spending Deferrals) Fitch will continue to assess the district's financial performance in relation to its ability to align spending with recurring revenue. Recent years' positive financial results reflect significant support from federal pandemic aid. In fiscal 2023 the district generated an operating surplus after transfers of $198.6 million or 2.6% of spending, driven in large part by the inclusion of approximately $586 million in federal stimulus spending, approximately 6.6% of the operating budget. The fiscal 2024 budget appropriated an additional $670 million in stimulus (7.9% of the operating budget), with the remaining $233 million allocated in the fiscal 2025 budget. The district anticipates that the 2025 revenues and expenditures will be alignment with budget. However, the district is showing a negative net cash flow position of negative $339 million, driven partially by $220 million in pay-go capital spending that will be reimbursed to the general fund with the upcoming 2025 bond issuance. CBOE adopted an $8.7 billion operating budget for fiscal 2026, an increase of approximately 1% yoy, which closed a $734 million budget gap (approximately 8.4% of the operating budget) that resulted from the exhaustion of federal relief funding, and cost pressures in the newly adopted CTU contract, healthcare and required special education resources. The largest source of savings was from efficiencies and other cost savings in central and departmental budgets ($291 million). The budget depends on one-time monies from expectations for a large TIF surplus of $379 million and defines a $175 million reimbursement to city for MEABF as contingent upon additional revenue. CBOE's fiscal challenges are accentuated by a shortfall in its adequacy funding target per the EBF framework, which the district estimates at approximately $985 million by fiscal 2027. Additional recurring resources driven by improved enrollment trends or state funding that support a more stable fiscal outlook could trigger removal of this negative Additional Analytical Factor and positive rating action. Demographic and Economic Strength Population Trend - 'Weakest' Based on the median of 10-year annual percentage change in population, Chicago Board of Education's population trend is assessed as 'Weakest' Population trend: -0.5% 2023 median of 10-year annual percentage change in population (2nd percentile) Unemployment, Educational Attainment and MHI Level - Midrange The overall strength of Chicago Board of Education's demographic and economic level indicators (unemployment rate, educational attainment, median household income [MHI]) in 2024 are assessed as Midrange on a composite basis, performing at the 41st percentile of Fitch's local government rating portfolio. This is due to high education attainment levels offsetting low median-issuer indexed adjusted MHI and high unemployment rate. - Unemployment rate as a percentage of national rate: 177.8% Analyst Input (6th percentile) (versus 2024), relative to the national rate of 4.0% - Percent of population with a bachelor's degree or higher: 43.3% (2023) (80th percentile) - MHI as a percent of the portfolio median: 92.1% (2023) (38th percentile) Economic Concentration and Population Size - Strongest Chicago Board of Education's population in 2023 was of sufficient size and the economy was sufficiently diversified to qualify for Fitch's highest overall size/diversification category. The composite metric acts asymmetrically, with most issuers (above the 15th percentile for each metric) sufficiently diversified to minimize risks associated with small population and economic concentration. Downward effects of the metric on the Metric Profile are most pronounced for the least economically diverse issuers (in the 5th percentile for the metric or lower). The economic concentration percentage shown below is defined as the sum of the absolute deviation of the percentage of personal income by major economic sectors relative to the U.S. distribution. - Population size: 2,648,266 (2023) (above the 15th percentile) - Economic concentration: 16.4% Analyst Input (above the 15th percentile) (vs. 14.6% 2024 Actual) Long-Term Liability Burden Long-Term Liability Burden - Weakest Chicago Board of Education's long-term liability metrics remain broadly weak across each of the three dimensions: liabilities to personal income, liabilities to governmental revenue, and carrying costs to governmental expenditures. The long-term liability composite metric in 2024 is at the 9th percentile, indicating an elevated liability burden relative to the Fitch's local government rating portfolio. - Liabilities to personal income: 13.2% Analyst Input (10th percentile) (vs. 13.0% 2024 Actual) - Liabilities to governmental revenue: 293.7% Analyst Input (11th percentile) (vs. 290.2% 2024 Actual) - Carrying costs to governmental expenditures: 24.5% (2024) (6th percentile) Long-Term Liability Burden Additional Analytical Factors and Notching: -2.0 notch (for Capital Demands and Affordability, Pension Funding Assumptions, and Pension Contributions) The negative Additional Analytical Factors reflect a combination of credit pressures within the context of a highly burdened resource base given the magnitude of the CBOE's pension liabilities and capital needs along with those related to the city of Chicago, with whom the district continues to have varying degrees of governance, fiscal and tax base overlap. Under GASB 67 reporting, the Chicago Teachers' Pension Fund (CTPF) reported a 43.4% asset to liability ratio as of June 30, 2023 based on a blended discount rate of 6.33% (reflecting the actuary's forecast of eventual asset depletion in 2079). Fitch estimates a modestly lower ratio incorporating its standard 6.0% return assumption. The negative Additional Analytical Factor's reflect an expectation for the NPL to trend higher over time, as pension contributions reflect state law requiring payments sufficient to reach a 90% actuarial funding level, rather than 100%, by 2059. Pension contributions to the CTPF are expected to steadily increase from the $1.02 billion budgeted in fiscal 2025 (equivalent to roughly 12% of the operating budget). CBOE receives state contributions for the normal cost for pensions ($338.7 million in fiscal 2025) and revenue from a rate-capped local dedicated property tax levy established pursuant to state law ($558.7 million) to cover its pension contributions but these sources have not been sufficient to cover the full amount, requiring use of other operating resources (approximately $103 million in fiscal 2025) to make up the difference. Future contribution levels are sensitive to volatility inherent in the performance of investment returns and other actuarial assumptions, which could stress CBOE's ability to meet higher operating costs and address future budget deficits. The negative AAF's also incorporate capital funding pressures stemming from the district's aging facilities (522 campuses and 803 buildings with an average age of more than 84 years) and more than $3 billion in immediate critical facility needs. The capital budget is primarily funded by GO bonds, which are principally repaid from general state aid received under the EBF mechanism. A broader look at building expenses includes $14 billion for backlogged repairs, and more engineers and maintenance, adding $100 million in new costs since 2019. Direct debt was adjusted to deduct outstanding principal scheduled to amortize through fiscal 2025 and to add $650 million of new money GO bonds to be issued in fiscal 2025. Dedicated Tax Security The CIT bonds are secured by a first priority lien on CIT revenues, which constitute a property tax levied by the CBOE on all taxable property within the district. The CIT bonds are also backed by a debt service reserve fund equal to 14% of maximum annual debt service. Dedicated Tax Key Rating Drivers Growth Prospects for Revenues - a Levy Subject to Inflationary Adjustment: CBOE is authorized to levy the CIT subject to a statutory cap for each levy year established based on the amount of the CIT for the preceding tax levy year increased by annual growth in the CPI, which supports an a growth prospect assessment. No policy action is required to adjust the tax rate to offset changes in assessed value. Sensitivity and Resilience - a Resilience Supported by Statutory Levy: Debt service was structured to provide a minimum of 1.1x coverage of annual debt service, without assuming inflationary increases. This leaves only the risk of diminishing collection rates, which historically have been stable and well within the norm for U.S. municipalities, supporting an a assessment for resilience of the security structure. Exposure To Related Government Fitch has identified a number of structural elements considered sufficient to reduce the incentive to challenge the special revenue status given the definitions outlined in the bankruptcy code, which allows for the CIT bonds to be rated up to a maximum of five notches above the district's IDR according to the criteria. PROFILE The CBOE provides pre-K through 12 education through the operation of 522 individual campuses and 803 school facilities. The district's taxing jurisdiction is coterminous with the city of Chicago. The district ranks amongst the largest school districts in the U.S. with an enrollment of 323,251 for the 2023-2024 school year, a modest increase of approximately 0.4% yoy reversing a more than decade long period of consecutive years of enrollment decline. The district serves a high proportion of English learners, students of color and low-income students. Sources of Information In addition to sources of information identified in Fitch's applicable criteria specified below, this action was informed by data from DIVER by Solve. ESG Considerations Chicago Board of Education (IL) has an ESG Relevance Score of 4 for Labor Relations & Practices, which reflect a history of labor related spending pressures and, in Fitch's opinion, a contentious relationship with its teaching professionals. The CTU's history of labor stoppages include a 19-day strike in 1987, a 9-day strike in 2012 and an 11-day strike in 2019. 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. CIBUS INC: Kimberly Box Joins Board, Key Strategic Committees ------------------------------------------------------------- Cibus Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors appointed Kimberly A. Box to serve as member of the Board, effective as of September 11, 2025. Ms. Box will serve as a member of the Board's standing Compensation Committee and standing Nominating and Corporate Governance Committee as well as a member of the special committee of the Board that is evaluating strategic alternatives to maximize shareholder value, in each case, effective as of such date. Ms. Box, 65, Ms. Box previously served as the President and Chief Executive Officer of Gatekeeper Innovation, Inc. (acquired by RxGuardian), a healthcare company that creates products to keep medications safe, which she joined in 2016. Prior to joining Gatekeeper Innovation, Ms. Box enjoyed a successful 29-year career with Hewlett Packard (NYSE: HPQ), holding various executive positions, the most recent being Vice President, Global IT Services, a position she held until 2009 when she left Hewlett Packard. Ms. Box also serves on the Boards of Directors of McGrath RentCorp (NASDAQ: MGRC), where she serves as Chair of the Compensation Committee and is a member of the Audit Committee and Corporate Governance and Nominating Committee, and Applied Science, Inc., a private company. Ms. Box formerly served on the Board of Directors of American River Bank (NASDAQ: AMRB) until it was acquired in 2021. Ms. Box holds a Bachelor of Science in Business Administration with a concentration in Management and a minor in Computer Science from California State University, Chico. She also completed the Executive Development Program at The Wharton School of the University of Pennsylvania and has a NACD Directorship Certification(TM) (2021) and a CERT in Cybersecurity Oversight from the Software Engineering Institute at Carnegie Mellon University (2022). Ms. Box was formerly on the NACD Northern California Chapter board and served as the Chair, and was named to the NACD Directorship 100(TM), an annual recognition of the leading corporate directors who significantly impact boardroom practices and performance. There are no arrangements or understandings between Ms. Box and any other persons pursuant to which Ms. Box was named as a director of the Board. Ms. Box has no direct or indirect material interest in any transaction or proposed transaction required to be reported under Item 404(a) of Regulation S-K. In accordance with the Company's customary practice, the Company entered into its standard form of indemnification agreement for directors and executive officers with Ms. Box in connection with her election to the Board. Pursuant to the Company's Non-Employee Director Compensation Policy, the Board agreed to provide Ms. Box with annual compensation comprising: (i) a cash retainer equal to $60,000, payable semi-annually, and (ii) subject to board approval and granting pursuant to the terms and provisions of the Cibus, Inc. 2017 Omnibus Incentive Plan, as amended, equity compensation with a grant date value equal to $90,000. Such annual compensation will be prorated for Ms. Box's service for the remainder of the 2025 fiscal year. About Cibus Cibus Inc. is an agricultural biotechnology company based in San Diego, California. It develops genetic traits for major food crops using its proprietary gene-editing platform, the Rapid Trait Development System. The Company's technology aims to improve crop productivity and resilience by addressing challenges such as pests, diseases, and environmental stressors. San Diego, Calif.-based BDO USA, P.C., the Company's auditor since 2023, 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 December 31,2024. The report highlights 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. As of June 30, 2025, the Company had $346.20 million in total assets, $271.72 million in total liabilities, and a total stockholders' equity of $74.48 million. CITY MASSAGE: Aleida Martinez Molina Named Subchapter V Trustee --------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Aleida Martinez Molina, Esq., as Subchapter V trustee for City Massage, LLC. Ms. Molina will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Molina declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aleida Martinez Molina, Esq. 2121 NW 2nd Avenue, Suite 201 Miami, FL 33127 Telephone: (305) 297-1878 Email: Martinez@subv-trustee.com About City Massage City Massage, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20791) on September 16, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Corali Lopez-Castro presides over the case. Tamara D. McKeown, Esq., represents the Debtor as legal counsel. CLAIRE'S STORES: Ames Watson Buys North America Operations ---------------------------------------------------------- Retail Insight Network reports that U.S.-based private investment firm Ames Watson has purchased Claire's North American business for $140 million following the retailer's Chapter 11 bankruptcy filing in August 2025. Claire's, founded in 1974 and recognized for its youth-focused fashion accessories, jewelry, and cosmetics, has faced mounting financial challenges on both sides of the Atlantic, according to the report. The acquisition is aimed at modernizing and revitalizing the brand, which has been a staple for young shoppers for decades. Ames Watson co-founder Lawrence Berger described Claire's as a brand that "defines a stage of life," noting the strong emotional connection customers have with it. To support the turnaround, the firm brought in RCS Real Estate Advisors to negotiate with landlords across North America, securing preliminary agreements with hundreds of property owners. The agreements cover more than 800 Claire's stores, with the potential to extend to as many as 950 locations. Ames Watson, which previously acquired headwear retailer Lids in 2019, plans to focus Claire's strategy on exclusivity, customization, and cultural relevance, the report states. Partner and co-founder Tom Ripley emphasized that the company’s approach to revivals begins with people, pointing to Claire's long-tenured field team as the foundation for the restructuring effort. Meanwhile, in the UK and Ireland, Claire's entered administration in August 2025, with Interpath Advisory's Will Wright and Chris Pole appointed as joint administrators. The restructuring in both regions underscores the brand's effort to stabilize operations and reposition itself in a competitive retail market, the report relays. About Claire's Stores Claire's Stores, Inc. -- http://www.clairestores.com/-- is a specialty retailer of jewelry, accessories, and beauty products for young women, teens, "tweens," and kids. Through the Claire's brand, the Claire's Group has a presence in 45 nations worldwide, through a total combination of over 7,500 Company-owned stores, concessions locations, and franchised stores. Headquartered in Hoffman Estates, Illinois, the Company began as a wig retailer by the name of "Fashion Tress Industries" founded by Rowland Schaefer in 1961. In 1973, Fashion Tress Industries acquired the Chicago-based Claire's Boutiques, a 25-store jewelry chain that catered to women and teenage girls. Following that acquisition, Fashion Tress Industries changed its name to "Claire's Stores, Inc." and shifted its focus to a full line of fashion jewelry and accessories. In 2007, the Company was taken private and acquired by investment funds affiliated with, and co-investment vehicles managed by, Apollo Management VI, L.P. Claire's Group employs approximately 17,000 people globally. Claire's Stores, Inc., and 7 affiliates sought Chapter 11 protection (Bankr. D. Del. Case No. 18-10584) on March 19, 2018, after reaching terms of a balance sheet restructuring with their first lien lenders and sponsor Apollo Global Management, LLC. As of Oct. 28, 2017, Claire's Stores reported $1.98 billion in total assets against $2.53 billion in total liabilities. The Hon. Brendan Linehan Shannon is the case judge. The Debtors tapped Weil, Gotshal & Manges LLP as their bankruptcy counsel; Richards, Layton & Finger, P.A. as local counsel; FTI Consulting as restructuring advisor; Lazard Freres & Co. LLC as investment banker; Hilco Real Estate, LLC as real estate advisor; and Prime Clerk as claims agent and administrative advisor. Andrew R. Vara, Acting U.S. Trustee for Region 3, appointed seven creditors to serve on an official committee of unsecured creditors. The Committee retained Cooley LLP, as counsel, and Bayard, P.A., as co-counsel. 2nd Chapter 11 Attempt Claire' Stores sought relief under Chapter 11 of the U.S. Bankruptcy Code {Bankr. 25-11462) on August 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Zachary I. Shapiro, Esq. at Richards, Layton & Finger, P.A. CLESMA INC: Seeks Cash Collateral Access ---------------------------------------- Clesma Inc. asks the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, for authority to use cash collateral and provide adequate protection. The Debtor asserts that access to cash collateral is essential to maintain daily operations, including payroll, purchasing supplies, and covering necessary business expenses. To support its request, the Debtor has submitted a four-week operating budget outlining anticipated income and expenses. The Debtor seeks permission to use up to 110% of each budgeted line item, provided that the total monthly expenditures do not exceed the projected monthly total by more than 5%. The Debtor also anticipates unforeseeable expenses that may arise and requests authority to address those within the stated limits. According to public records, The Huntington National Bank holds two UCC-1 financing statements that appear to be blanket liens on the Debtor's assets, including accounts receivable, inventory, and equipment. The underlying loan is SBA-backed. In exchange for using the cash collateral, the Debtor proposes granting Huntington replacement liens of equal extent and priority as of the petition date. A copy of the motion is available at https://urlcurt.com/u?l=oJFtjR from PacerMonitor.com. About Clesma Inc. Clesma Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Texas Case No. 25-42744) on September 18, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Carlos Arce, president of Clesma, signed the petition. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. CLINE'S CORNER: Hires Paulus Law Firm as Bankruptcy Counsel ----------------------------------------------------------- Cline's Corner LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to employ Paulus Law Firm, LLC as its counsel. The firm will render these services: a. assist and advise the debtor relative to the administration of these proceedings; b. advise the Debtor with respect to its powers and duties in the continued management and operation of its business and property; c. represent the Debtor before the Bankruptcy Court and advise the Debtor on pending litigation, hearings, motions, and decisions of the Bankruptcy Court; d. review and advise the Debtor regarding applications, orders, and motions filed with the Bankruptcy Court by third parties in this proceeding; e. attend meetings conducted pursuant to section 341(a) of the Bankruptcy Code and represent the Debtor at all examinations; f. communicate with creditors and other parties in interest; g. assist the Debtor in preparing all motions, applications, answers, orders, reports, and papers necessary to the administration of the estate; h. confer with other professionals retained by the Debtor and other parties in interest; i. negotiate and prepare the Debtor's chapter 11 plan, related disclosure statement, and all related agreements and take any necessary action on the Debtor's behalf to obtain confirmation of the plan; and j. perform all other necessary legal services. The firm will be paid at these rates: Attorneys $300 per hour Paralegals $100 per hour As disclosed in court filings, Paulus Law Firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Steven A. Levy, Esq. Paulus Law Firm, LLC 606 W. Washington Street Cuba, MO 65453 Tel: (573) 885-1400 Fax: (573) 885-1420 Email: salevy@att.net About Cline's Corner LLC Cline's Corner LLC is a truck repair shop in Missouri. Cline's Corner LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Miss. Case No. 24-20062) on April 25, 2024. In the petition filed by Virgil Cline, as member and manager, the Debtor reported assets and liabilities between $1 million and $10 million. CLNG HOMES: To Sell Orange Park Property to Bradford Paul Beers --------------------------------------------------------------- CLNG Homes LLC seeks permission from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 2576 Huntington Way, Orange Park, Florida 32073. On September 10, 2025 Jerrett M. McConnell was appointed as the Subchapter V Trustee in the case. The Debtor is a Florida limited liability company, wholly owned and managed by Christopher Lam. Mr. Lam formed the Debtor on March 7, 2023. Mr. Lam planned for the Debtor to operate a residential construction and sale business. The Debtor has operated the business since 2023 and accumulated several parcels of real property in Duval, Nassau and Clay Counties, FL, including the 2576 Huntington Way Property. The Debtor obtained several secured loans, as well as other unsecured debt over the course of the business operations for the past three years. The Debtor entered into a Purchase and Sale Agreement with Bradford Paul Beers to sell the 2576 Huntington Way Property. The purchase price of the Property is $535,000.00 and is scheduled to close on September 30, 2025. Upon information and belief, the current lien balances on the real property total approximately $470,791 as estimated by the Debtor. Additionally, the Debtor will incur $24,000 in realtor fees to close the transaction. The Debtor has determined that a sale of the assets of the company assets would result in an efficient and cost-effective manner of disposing of the estate’s interest in the assets, while simultaneously creating a benefit to the bankruptcy estate and customers of the Debtor. The Purchaser is an uninterested third-party and does not have any relationship with the Debtor or any estate professionals. About CLNG Homes LLC The Debtor is a Florida limited liability company. CLNG Homes, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03106) on September 5, 2025, listing up to $50,000 in assets and liabilities. Bryan K. Mickler, Esq., at Mickler & Mickler, represents the Debtor as legal counsel. CME FITNESS: Court Extends Cash Collateral Access to Oct. 7 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division issued a second preliminary order allowing CME Fitness, LLC to use cash collateral through October 7. The second preliminary order signed by Judge Grace Robson authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by Navitas Credit Corp. The budget shows total operational expenses of $25,453 for September; $26,040 for October; and $26,346 for November. As adequate protection, Navitas will be granted a perfected post-petition lien on cash collateral, with the same priority and validity as its pre-bankruptcy lien. The next hearing is scheduled for October 7. About CME Fitness LLC CME Fitness, LLC is a fitness company based in Winter Springs, Florida. CME Fitness sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04821) on July 2, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $100,000 and $500,000 in liabilities. Judge Grace E. Robson handles the case. The Debtor is represented by: Jeffrey Ainsworth Bransonlaw PLLC Tel: 407-894-6834 Email: jeff@bransonlaw.com COMMERCIAL METALS: Concrete Deal No Impact on Moody's 'Ba1' Rating ------------------------------------------------------------------ Moody's Ratings said that Commercial Metals Company's (CMC, Ba1 stable) definitive agreement to acquire Concrete Pipe & Precast, LLC (CP&P) for $675 million will not affect CMC's ratings or outlook. This transaction is credit positive as it will enhance CMC's scale and product diversity, moderately raise its adjusted EBITDA, free cash flow and profit margins and create a platform for future growth. The $675 million purchase price represents a multiple of 9.5x CP&P's forecasted 2025 EBITDA, with the effective multiple declining to about 8.5x when anticipated cash tax benefits are included. CMC anticipates annual run-rate synergies of $5 million to $10 million by its third year of ownership. CP&P is a supplier of precast concrete solutions to the Mid-Atlantic and South Atlantic regions of the US. It offers a complete line of standard and highly engineered precast and reinforced concrete pipe solutions to the infrastructure, non-residential, and residential construction markets. This transaction will enhance CMC's early-stage construction product offerings in its Emerging Businesses Group segment which includes its Tensar product line. It will also add to the company's adjusted EBITDA and free cash flow as it is a lower capital intensity business. In addition, it will raise CMC's profit margins as CP&P's profitability is higher and less volatile than the company's other businesses, including its North America and Europe Steel Group segments. It also establishes a new growth platform for CMC as the company estimates the top 10 precast suppliers comprise less than 25% of the domestic market. CMC plans to fund this acquisition with cash on hand at closing which will result in strengthened pro forma credit metrics. Even if CMC chooses to fund this deal with debt, it will still result in credit metrics that support its ratings. The company's leverage ratio (Debt/EBITDA) was only 2.0x and its interest coverage (EBIT/Interest) was 7.6x for the LTM period ended May 2025. The leverage ratio on a pro forma basis assuming a fully debt funded deal would rise to only about 2.6x and the interest coverage would decline to around 5.5x. These metrics are well above Moody's downgrade guidance of a leverage ratio sustained above 4.0x and interest coverage below 2.5x. This acquisition will increase the company's reliance on the domestic construction sector and will substantially reduce its liquidity position in the near term. Nevertheless, the company should maintain a strong liquidity profile as it this deal enhances its cash generating potential and it had $893 million of cash and $834 million of borrowing availability on its credit facilities in the US and Poland as of May 2025. Headquartered in Irving, Texas, Commercial Metals Company (CMC) manufactures finished long steel products including rebar, merchant bar, light structural and other special sections and wire rod. Its North America Steel Group has six electric arc furnace mini mills, three micro mills, and one rerolling mill with total rolling capacity of about 6.1 million tons, and operates steel fabrication facilities and ferrous and nonferrous scrap metal recycling facilities. The Europe Steel Group has a vertically integrated network of recycling facilities, an EAF mini mill with about 1.6 million tons of rolling capacity and fabrication operations in Poland. Its Emerging Business Group includes its Tensar(R) geogrids and Geopier(R) foundation systems and its CMC Anchoring Systems business which provides anchoring solutions for the electrical transmission market. Revenues for the twelve months ended May 25, 2025, were $7.7 billion. CONCEPT CONNECTIONS: Hires Spector & Cox PLLC as Legal Counsel -------------------------------------------------------------- Concept Connections, Ltd seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Spector & Cox, PLLC as its counsel. The firm's services include: (a) providing legal advice with respect to their powers and duties as Debtor-in-possession; (b) preparing and pursuing confirmation of a plan and approval of a disclosure statement to the extent required; (c) preparing on behalf of the Debtor necessary applications, motions, answers, orders, reports and other legal papers; (d) appearing in Court and protecting the interests of the Debtor before the Court; and (e) performing all other legal services for the Debtor which may be necessary and proper in these proceedings. The firm will be paid at these rates: Howard Marc Spector $435 per hour Other member $395 per hour Paralegals $150 per hour The firm tendered a retainer in the amount of $25,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Howard Marc Spector, Esq., a partner at Spector & Cox, 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: Howard Marc Spector, Esq. Spector & Cox, PLLC Banner Place 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (214) 365-5377 Fax: (214) 237-3380 Email: hspector@spectorcox.com About Concept Connections Ltd. Concept Connections Ltd., a company based in Plano, Texas, provides behavioral health services with a focus on Applied Behavior Analysis (ABA) therapy for individuals with autism and other developmental disabilities. It collaborates with families, therapists, and schools to deliver tailored therapeutic programs. The company operates at multiple locations in Plano and accepts most major insurance plans. Concept Connections sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Texas Case No. 25-42455) on August 22, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. The Debtor is represented by: Sarah M. Cox, Esq. Spector & Cox, PLLC Tel: (214) 310-1321 Email: sarah@spectorcox.com CONGRUEX GROUP: S&P Downgrades ICR to 'CCC' on Covenant Tightness ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Congruex Group LLC to 'CCC' from 'CCC+'. The outlook is negative. At the same time, S&P lowered its issue-level rating on the company's first-lien term loan and revolver credit facility to 'CCC' from 'CCC+'. The '4' recovery rating is unchanged (rounded estimate: 45%). The negative outlook reflects the increased likelihood of a downgrade within the next 12 months. Congruex's liquidity remains constrained, which S&P expects to intensify. Absent additional financial support from its sponsor or a significant, unforeseen positive development, Congruex is unlikely to meet its financial commitments, heightening the risk of a default within the next 12 months. While Crestview Partners' $20 million preferred equity contribution in the third quarter provides near-term support, S&P believes additional financial assistance may be necessary to ensure covenant compliance and stabilize liquidity. Heightened risk of liquidity distress and default loom within the next 12 months. Liquidity is increasingly strained from a rapidly deteriorating financial profile, and S&P anticipates significant covenant pressure, a return to cash interest payments, and continued weak earnings will lead to a shortfall. Expiration of temporary covenant relief secured during the November 2024 debt restructuring, which reset the maximum leverage ratio to 10x through the second quarter of 2025, is a key risk to its financial position. The leverage ratio is scheduled to step back down to 6.5x beginning in the third quarter. With a ratio of 7.01x as of the end of the second quarter, Congruex faces a substantial compliance challenge. Failure to reduce leverage below the covenant threshold could curtail its revolving credit facility, which has $25 million in availability, leaving Congruex reliant on only $15 million cash on hand. Crestview Partners, its financial sponsor, provided a $20 million preferred equity infusion in the third quarter, which provides some short-term relief, but we believe the risk of a third-quarter covenant breach remains. Also, the ongoing accumulation of debt through the payment-in-kind (PIK) interest provision (which ends after the first quarter of 2026) suggest that the return to cash interest payments will further erode Congruex's liquidity, significantly increasing the probability of a default within our 12-month outlook. S&P said, "We expect further pressure on financial performance through 2026. Congruex reported flat revenue on a year-over-year basis, primarily due to weather-related project delays and the adoption of indefeasible right of use (IRU) accounting on a large broadband project. While Congruex's exposure to IRU-based projects is limited, we anticipate the company will increasingly pursue these agreements with hyperscaler customers. IRUs can foster longer-term customer relationships and provide a steady revenue stream that can potentially increase maintenance revenue. However, this strategic shift will likely constrain near-term revenue and margins by deferring income recognition. Consequently, we expect Congruex's revenue to remain stagnant, as in 2024, for the remainder of 2025 and throughout 2026. "Congruex's S&P Global Ratings-adjusted EBITDA margin declined to 5.6% through the first half of 2025, approximately 300 basis points (bps) from the first half of 2024. Both the transition to IRU accounting and outsize upfront costs associated with ramping up several new, large projects are factors. While we anticipate some improvement in the second half as some large projects move beyond their initial phases, we still forecast full-year margins will be below the 10% of 2024, likely falling 8.5%-9.5%. We expect similar margins in 2026, as broader adoption of lower-margins IRU-based agreements with hyperscalers constrain profitability. "We project free cash flow deficits in 2025 and 2026. This follows the return to cash interest payments, significantly constraining cash generation. We anticipate depressed operating performance in 2025 will result in reported free cash flow deficits in the $5 million-$15 million range, further straining Congruex's liquidity. In 2026, we expect free cash flow of negative $25 million-$35 million as cash interest payments resume in the second quarter. We estimate that cash interest expense will increase by approximately $15 million-$20 million in 2026. The timing and magnitude for Congruex's increasingly large projects can vary considerably, potentially leading to material fluctuations in working capital and actual free cash flow. We maintain our expectation of continued negative free cash flow. "The negative outlook reflects the increased likelihood of a downgrade within the next 12 months. Congruex's liquidity remains constrained, which we expect to intensify in the near term. Limited covenant headroom will significantly restrict access to its revolving credit facility after the current quarter, and the transition from PIK interest payments to full cash beginning in the second quarter of 2026 will further deplete available liquidity." S&P could lower its rating: -- To 'CCC-' if S&P believes a default or distressed exchange is inevitable within the next six months; or -- To 'D' or 'SD' (selective default) if Congruex announces it will miss an interest or principal payment or undertake a distressed exchange or debt restructuring. S&P could raise the rating on Congruex if: -- It improves liquidity by expanding S&P Global Ratings-adjusted EBITDA margins, leading to improved covenant leverage and increased free cash flow; or -- A material equity infusion from the sponsor demonstrably reduces the likelihood of a default or distressed exchange over the next 12 months. CRANE NXT: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable ------------------------------------------------------------ Moody's Ratings affirmed Crane NXT, Co.'s (Crane NXT) Ba1 corporate family rating and Ba1-PD probability of default rating. Concurrently, Moody's affirmed the Baa3 ratings on Crane NXT's $700 million senior secured revolving credit facility due March 2028 and its GBP300 million senior secured delayed draw term loan due March 2028. Moody's also affirmed the Baa3 rating on the $200 million senior secured notes due November 2036 and the Ba2 rating on the $350 million senior unsecured notes due March 2048. The ratings outlook remains stable. On September 12, 2025, Crane NXT announced that it had signed definitive agreements to acquire Antares Vision S.p.A. ("Antares"). Crane NXT will acquire approximately 30% stake in Antares for EUR120 million during Q4 2025 and the remaining stake through a tender offer during the first half of 2026. Total enterprise value for the equity and net debt of Antares is about EUR445 million. The rating action reflects Moody's expectations that Crane NXT will be able to sustain its leverage at around 3.5x debt/EBITDA for the next two years, incorporating the proposed acquisition. For the 12 months that ended June 2025, the company's leverage stood at 3.5x debt/EBITDA. Moody's expects the company to use its future free cash flow for debt reduction and focus on deleveraging after the acquisition of Antares. Moody's expects gross leverage including Moody's standard adjustments will trend around 3.5x debt/EBITDA for 2025 and 2026, incorporating acquisition debt and profit from Antares and De La Rue Authentication Solutions, acquired in May 2025. In 2027, Moody's expects leverage trending to below 3.0x. RATINGS RATIONALE Crane NXT's Ba1 CFR reflects the company's solid market position as the sole supplier of currency paper for US bank notes, and the growing demand for payment authentication and automation systems that supports its business. Crane NXT benefits from a high EBITA margin close to 20%, strong retained cash flow/net debt and moderate leverage, which position the company strongly among similarly sized peers. These credit strengths are counterbalanced by the company's small scale in a competitive industry and limited business diversification. The credit profile is also constrained by integration risk and the uncertainties surrounding leverage given Moody's expectations of additional debt to fund the company's aggressive growth strategy. If Crane NXT continues to pursue acquisitions to reach its goal of $3 billion sales by 2028, but is unable to successfully integrate and generate significant synergies from the acquired businesses, the company could surpass the 3.5x debt/EBITDA guidance for its rating. The Baa3 bank credit facility ratings for the senior secured debt reflects the priority position of senior secured instruments in the capital structure and the loss absorption provided by the senior unsecured notes. The Baa3 facility ratings also reflect Moody's expectations that Crane NXT will pay down the revolver and term loans leveraging its future free cash flow, which will limit the proportion of secured debt in the company's debt capital structure. The Ba2 rating on the senior unsecured notes reflects their contractual subordination to the senior secured credit facilities. Furthermore, the unsecured notes do not benefit from guarantees from its subsidiaries. Crane NXT's SGL-1 speculative grade liquidity rating reflects Moody's expectations of very good liquidity over the next 12 to 15 months, supported by its solid free cash flow generation, $152 million of cash on hand as of June 30, 2025, the $700 million revolver expiring in 2028, which had around $216 million outstanding as of June 30, 2025, and good room under the financial covenants for net leverage. The stable outlook reflects Moody's expectations that Crane NXT will maintain high margins, generate strong free cash flow and operate with financial discipline to keep moderate leverage, while growing organically and through acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if the company attains an unsecured capital structure, brings down debt/EBITDA to less than 2.5x, improves EBITA margin above 20%, and continues to generate positive free cash flow. Moody's could downgrade the ratings if the company's operating performance weakens or the company raises additional debt for acquisitions or shareholder returns. Specifically, rating could be downgraded if debt/EBITDA leverage exceeds 3.5x, EBITA margin falls less than 15%, or free cash flow turns negative on a sustained basis. The principal methodology used in these ratings was Manufacturing published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Waltham, Massachusetts, Crane NXT, Co. (NYSE: CXT) manufactures bank notes for various central banks, and payment acceptance products, such as card readers, currency scanners, money counters and vending machines. The company generated revenue of about $1.5 billion for the 12 months that ended June 2025. CRUZ TEC: Seeks Subchapter V Bankruptcy in Texas ------------------------------------------------ On September 19, 2025, Cruz Tec Inc. filed Chapter 11 protection in the Southern District of Texas. According to court filing, the Debtor reports $3,174,040 in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About Cruz Tec Inc. Cruz Tec Inc., founded in 2001 and headquartered in Houston, Texas, is a trenchless utility contractor that provides engineering solutions including cured-in-place pipe (CIPP), pipe bursting, manhole rehabilitation, and protective coatings. The Company operates as a self-performing turnkey firm serving municipalities and utilities across Texas and the United States, with projects ranging in scale from small contracts to multimillion-dollar upgrades. Its work includes compliance-driven infrastructure rehabilitation, such as projects for the San Antonio Water System under a federal consent decree to repair and modernize sewer systems. Cruz Tec Inc.sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-35537) on September 19, 2025. In its petition, the Debtor reports total assets of $2,392,423 and total debts of $3,174,040. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtor is represented by Robert C Lane, Esq. of THE LANE LAW FIRM. DATABASED SOLUTIONS: Seeks DIP Loan, Cash Collateral ---------------------------------------------------- Databased Solutions Inc. asks the U.S. Bankruptcy Court for the District of New Jersey to incur secured debt under a new post-petition factoring agreement with Gulf Coast Bank and Trust Company, to use cash collateral, and to provide adequate protection to the secured lender. Founded in 1995, the Debtor specializes in staffing and direct placement services for industries such as automotive, medical devices, aerospace, semiconductors, healthcare, and manufacturing. It provides both in-house and vendor-supplied personnel to clients. Prior to filing, the Debtor operated under an existing factoring agreement with Gulf Coast, whereby Gulf Coast purchased certain accounts receivable from the Debtor and advanced 90% of their face value, with all receivables flowing through a lockbox account under Gulf Coast's control. Gulf Coast also holds a first-priority security interest in the pre-petition receivables not previously factored and reserve account balances. To fund ongoing operations and maintain services, the Debtor seeks authority to continue factoring both pre-petition non-factored receivables and new post-petition receivables under a new factoring agreement with Gulf Coast. This agreement must be approved by the court, and Gulf Coast has conditioned further funding on such approval. The Debtor has submitted a cash flow budget for the period of September through November, projecting a temporary loss in September due to restructuring costs but showing a positive net operating surplus for the subsequent months as operations stabilize. The Debtor also requests interim use of cash collateral and proposes to grant Gulf Coast adequate protection in the form of replacement liens on post-petition receivables. These liens would be junior to administrative expenses, such as Subchapter V trustee fees and fees for the Debtor's professionals. Any stipulation related to the validity or priority of Gulf Coast's pre-petition liens will only be binding on the Debtor and subject to challenge by the trustee or other parties within 60 days of the final order. The Debtor argues that this relief is necessary to maintain business continuity, preserve asset value, and support the company's efforts to restructure successfully under Chapter 11. About Databased Solutions Inc. Databased Solutions Inc., doing business as DBSI Services, provides engineering and technical staffing solutions across multiple industries in the US. Headquartered in New Jersey, the Company offers direct hires, contract hires, and temp-to-hire services for sectors including automotive, aerospace, semiconductors, medical devices, transportation, and health technology. Founded in 1995 as a privately owned corporation, DBSI Services conducts technical and behavioral screening, background checks, and recruitment processes to meet the staffing needs of its clients. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-19625) on September 15, 2025. In the petition signed by Ila Choudhary, president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Justin M. Gillman, Esq., at Gillman Capone, LLC, represents the Debtor as legal counsel. DATABASED SOLUTIONS: Taps Gillman Capone LLC as Legal Counsel ------------------------------------------------------------- Databased Solutions Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Gillman Capone LLC as counsel. The firm will render these services: a. advising the Debtor with respect to the power, duties and responsibilities in the continued management of the financial affairs as debtors, including the rights and remedies of the debtors-in-possession with respect to its assets and with respect to the claims of creditors; b. advising the Debtor with respect to preparing and obtaining approval of a Plan of Reorganization/Liquidation; c. preparing on behalf of the Debtor, as necessary applications, motions, complaints, answers, orders, reports and other pleadings and documents; d. appearing before this Court and other officials and tribunals, if necessary, and protecting the interests of the Debtors in federal, state and foreign jurisdictions and administrative proceedings; e. negotiating and preparing documents relating to the use, liquidation, and disposition of assets, as requested by the Debtor; f. negotiating and formulating a Plan; g. advising the Debtor concerning the day-to-day operations of its business and the administration of its estate as debtors-in-possession; h. performing such other legal services for the Debtor, as may be necessary and appropriate. The individuals presently designated to represent the Debtor and their rates are: Justin M. Gillman, Esq. $525 per hour Paralegals $235 per hour Support Staff $125 per hour The firm received a retainer in the amount of $26,738. As disclosed in the court filings, Gillman Capone does not represent an adverse interest to the estate, and is a disinterested person under 11 U.S.C. Sec. 101(14). The firm can be reached through: Justin M. Gillman, Esq. GILLMAN CAPONE LLC 770 Amboy Avenue Edison, NJ 08837 Tel: (732) 661-1664 Fax: (732) 661-1707 Email: ecf@gillmancapone.com About Databased Solutions Inc. Databased Solutions Inc., doing business as DBSI Services, provides engineering and technical staffing solutions across multiple industries in the United States. Databased Solutions Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-19625) on September 15, 2025. At the time of filing, the Debtor estimated $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The petition was signed by Ila Choudhary as president. Justin M Gillman, Esq. at GILLMAN CAPONE LLC represents the Debtor as counsel. DI ANTAR: Unsecured Creditors to Split $10K in Plan --------------------------------------------------- Di Antar Group, LLC filed with the U.S. Bankruptcy Court for the Western District of Washington a Plan of Reorganization dated September 15, 2025. The business is a shabu-shabu buffet restaurant in located in Redmond, Washington and began operating in October, 2019 supported by a single partner investor. Within just four months after starting operations, the business was affected by the COVID-19 pandemic and experienced significant operational disruptions, and the business lost its partner investor. At this time the business obtained a Merchant Cash Advance (MCA) loan in order to acquire the ownership interest of the partner investor and continue with operations. After taking out the MCA loan, payments soon became unstainable and, in an attempt to remain current on obligations of the initial MCA loan, the business took out additional MCA loans believing it would see a turnaround in income. In an effort to stabilize the finances, the Debtor applied for a SBA loan with the intent of using the proceeds to consolidate outstanding debt and give the Debtor more manageable repayment terms. The loan was approved, but rather than being able to use the proceeds to consolidate the MCA liabilities the loan was conditioned upon satisfying an outstanding loan to release an active UCC-1 filing. The business continued to fall further behind on its obligations, including rent and tax payments, due to the aggressive repayment structure of the MCA loans. The Debtor attempted to negotiate settlements on the MCA loans through a third-party debt relief agency. The Debtor made consistent payments to the third-party agency, but they were unable to negotiate settlement terms. Facing mounting collection pressure including a possible eviction, an emergency petition was filed under Chapter 11, Subchapter V on June 16, 2025 in an effort to reorganize the outstanding debt owed and allow the Debtor to continue operating. Class 2 consists of General Unsecured claims. Allowed Class 2 claims will be paid a prorata share of $10,000.00 with monthly payments of $250.00 beginning March, 2027 and distributed pursuant to Exhibit B. To maximize efficiency for Class 2 claims and the Debtor, the Debtor may pay the total amount to be received under the plan to each creditor as a lump sum payment if the total amount to be received by individual creditors is $150.00 or less over the plan term. The Plan will be funded with revenue from the Debtor's operation. It is anticipated the Debtor's fixed expenses will remain relatively constant moving forward with variable expenses increasing proportionately with revenue. Debtor expects the income and expenses to remain consistent through the life of the Plan. The Reorganized Debtor shall continue to own, maintain, operate and manage the Business without further notice or order of the Bankruptcy Court. Creditors may not take any actions against the Debtor/Reorganized Debtor (including, without limitation, lawsuits or other legal actions, levies, attachments, or garnishments) to enforce or collect either pre-confirmation obligations or obligations due under the Plan, so long as the Debtor is not in material default under the Plan. A full-text copy of the Plan of Reorganization dated September 15, 2025 is available at https://urlcurt.com/u?l=1Z6Jvm from PacerMonitor.com at no charge. Counsel to the Debtor: Jennifer L. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. 1403 8th Street Marysville, WA 98270 Telephone: (425) 212-4800 Email: jennifer@neelemanlaw.com About Di Antar Group LLC Di Antar Group, LLC, doing business as Shaburina Shabu-Shabu Hot Pot and Shaburina, operates restaurant ventures in the United States, including "Shaburina," a Korean/Japanese-style hot pot restaurant offering Shabu Shabu in Redmond, Washington. The restaurant features a self-serve, all-inclusive buffet concept that allows customers to customize their meals. The company also sources and imports restaurant supplies and equipment. Di Antar Group sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11655) on June 16, 2025. In its petition, the Debtor reported total assets of $78,100 and total liabilities of $1,267,198. Judge Christopher M. Alston handles the case. The Debtor is represented by Thomas D. Neeleman, Esq., at NeelemanLaw Group, P.C. DIOCESE OF ALBANY: Hires Castner Estate Service as Appraiser ------------------------------------------------------------ Roman Catholic Diocese of Albany, New York seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to employ Castner Estate Service, Inc. to provide appraisal services. The firm will examine items maintained in the Debtor's archives to assist the Debtor in evaluating and valuing those items for estate and reorganization plan purposes. The firm received a retainer in the amount of $5,000 against which the firm will bill n its hourly rates: a. $275 per hour for appraiser inspection, analysis and preparation of report; b. $100 per hour for secretarial time; and c. $70 per hour for travel, plus expenses. Castner Estate Service is a "disinterested person" within the meaning of 11 U.S.C. 101(14), according to court filings. The firm can be reached through: Leon Castner Castner Estate Service, Inc. 4301 Wendy Way Schwenksville, PA 19473 Phone: (910) 232-3950 About Roman Catholic Diocese of Albany, New York The Roman Catholic Diocese of Albany is a religious organization in Albany, N.Y. It covers 13 counties in Eastern New York, including a portion of the 14th county. Its Mother Church is the Cathedral of the Immaculate Conception in the city of Albany. New York's Child Victims Act, which took effect in August 2019, temporarily sets aside the usual statute of limitations for lawsuits to give victims of childhood sexual abuse a year to pursue even decades-old claims. Hundreds of new lawsuits have been filed against churches and other institutions since the law took effect on Aug. 14, 2019. Facing the financial weight of new sexual misconduct lawsuits, at least four of the eight Roman Catholic dioceses in the state, has already sought Chapter 11 protection. The dioceses that have declared bankruptcy include the Diocese of Rochester and the Diocese of Rockville Centre on Long Island. The Catholic Diocese of Albany sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 23-10244) on March 15, 2023. In the petition filed by Fr. Robert P. Longobucco, the Debtor estimated assets between $10 million and $50 million and liabilities between $50 million and $100 million. Judge Robert E. Littlefield, Jr. oversees the case. The Debtor tapped Nolan Heller Kauffman, LLP as bankruptcy counsel; Tobin and Dempf, LLP as special litigation counsel; Keegan Linscott & Associates, PC as financial advisor; and Bonadio & Co., LLP as accountant. Donlin, Recano & Company, Inc. is the claims and noticing agent. On April 17, 2023, the U.S. Trustee for Region 2 appointed two separate committees to represent unsecured creditors and tort claimants in the Debtor's Chapter 11 case. The unsecured creditors' committee tapped Lemery Greisler, LLC as legal counsel; Dundon Advisors, LLC as financial advisor; and OneDigital Investment Advisors, LLC as special investment consultant. Stinson, LLP and OneDigital Investment Advisors serve as the tort committee's legal counsel and special investment consultant, respectively. ECS BRANDS: Committee Taps Allen Vellone Wolf Helfrich as Counsel ----------------------------------------------------------------- The official committee of unsecured creditors of ECS Brands, Ltd. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Allen Vellone Wolf Helfrich & Factor, P.C. as his counsel. The firm's services include: a. consulting with the Debtor and the Office of the United States Trustee regarding administration of the case; b. advising the Committee with respect to its rights, powers, and duties as they relate to the case; c. investigating the acts, conduct, assets, liabilities, and financial condition of the Debtor; d. assisting the Committee in analyzing the Debtor's pre-petition and post petition relationships with its creditors, equity interest holders, employees, and other parties in interest; e. assisting and negotiating on the Committee's behalf in matters relating to the claims of the Debtor's other creditors; f. assisting the Committee in preparing pleadings and applications as may be necessary to further the Committee's interests and objectives; g. researching, analyzing, investigating, filing and prosecuting litigation on behalf of the Committee; h. representing the Committee at hearings and other proceedings; i. reviewing and analyzing applications, orders, statements of operations, and schedules filed with the Court and advising the Committee regarding all such materials; j. aiding and enhancing the Committee's participation in formulating a plan; k. assisting the Committee in advising its constituents of the Committee's decisions, including the collection and filing of acceptances and rejections to any proposed plan; l. negotiating and mediating issues related to the value and payment of claims held by the Committee's constituency; and m. performing such other legal services as may be required and are deemed to be in the interest of the Committee. The firm's hourly rates are: Partners $475 to $725 Associates $350 to $450 Paralegal $195 to $250 The firm requires a retainer in the amount of $10,000. Allen Vellone Wolf Helfrich & Factor P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm's services include: Jeffrey A. Weinman, Esq. Bailey C. Pompea, Esq. Allen Vellone Wolf Helfrich & Factor P.C. 1600 Stout Street, Suite 1900 Denver, CO 80202 Phone: (303) 534-4499 Email: JWeinman@allen-vellone.com BPompea@allen-vellone.com About ECS Brands ECS Brands Ltd. is a privately held company specializing in hemp-derived products. Founded in 2018, ECS Brands focuses on manufacturing and supplying bulk hemp extracts, white-label products, and innovative formulations such as water-soluble nano emulsions. ECS Brands Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-12101) on April 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Thomas B. Mcnamara handles the case. The Debtor is represented by Jenny M.F. Fujii, Esq., at Kutner Brinen Dickey Riley PC. EEHF 18 INC: Unsecureds Will Get 9.5% Dividend over 3 Years ----------------------------------------------------------- EEHF 18 Inc. filed with the U.S. Bankruptcy Court for the District of Massachusetts a Small Business Plan of Reorganization under Subchapter V dated September 15, 2025. The Debtor is a Massachusetts business corporation formed in 2023 and does business as Sunrise Bakery and Coffee Shop at two locations: 506 Bolton Street, New Bedford, Ma. and at 571 Dartmouth Street, Dartmouth, MA. Mr. Richard Freeman is President and holds a 100% shareholder interest in the corporation. The Debtor currently has approximately 20 employees. Its main business consists of operating bakeries and serving sandwiches, breads and Portuguese pastries at each location. Mr. Freeman supervises the employees at each location. Prior to the Petition Date, the Debtor operated its New Bedford location after purchasing it as an ongoing entity from J&M Bakeries, LLC in October 2023. Soon after purchasing the new Bedford location in 2023, the Debtor entered into a lease for the Dartmouth location. An unexpected six-month delay in opening the Dartmouth location resulted in the Debtor choosing to seek financing from several merchant cash advance entities in 2024 and 2025. These companies had access to the point of sales systems of the Debtor and while it was hoped that the cash flow would improve, the exact opposite occurred and each of merchant cash advance lenders became more aggressive while other vendor accounts began to fall in arrears. Additionally, the Debtor believes that Mr. Freeman's Jamaican descent also contributed to a downturn in the sales of from the New Bedford location. Customers were initially reticent to buy Portuguese baked goods from a non-Portuguese owner. Class 1 consists of General Unsecured Claims. In full and complete satisfaction, settlement, release and discharge of the Class 1 Claims, each holder of the Allowed Class 1 Claim shall receive a pro rata share of the net disposable income as set forth in the Debtor's projections. Pursuant to Section 1191 of the Code, the plan provides that all of the projected disposable income of the Debtor to be received in the 3-year period, beginning on the date that the first payment is due under the plan will be applied to make payments under the plan. The members of this Class have claims totaling approximately $1,680,000.00. Based on the attached Budget, the Debtor will pay this class a minimum of $111,539.00, representing a nine and one-half percent (9.5%) dividend of the allowed amount of such claim. Notwithstanding the monthly projections noted for Class 1 general unsecured creditors, the Debtor shall make quarterly disbursements within ten days of the beginning of each quarter. Payments on account of Allowed Class 1 Claims shall be made quarterly, within the first ten days of each quarter, beginning in the fourth quarter of 2025. Class 1 is impaired under the Plan. Each holder of a Class 1 Claim shall be entitled to vote to accept or reject the Plan. The holders of Class 4 Interests will retain such Interests in the Debtor. Class 4 is unimpaired under the Plan. Holders of Class 4 Interests shall be presumed to have accepted this Plan pursuant to section 1126(f) of the Bankruptcy Code, and, therefore, shall not be entitled to vote to accept or reject this Plan. This Plan will be funded with available cash or working capital, and cash flow from ongoing business operation. The Debtor will continue to operate in the ordinary course of business. Pursuant to section 1190(2) of the Bankruptcy Code, the Plan provides for the submission of all or such portion of the future earnings of the Debtor as is necessary for the execution of the Plan. A full-text copy of the Plan of Reorganization dated September 15, 2025 is available at https://urlcurt.com/u?l=bHENKx from PacerMonitor.com at no charge. Counsel to the Debtor: John F. Sommerstein, Esq. Law Offices of John F. Sommerstein 1091 Washington Street Gloucester, MA 01930 Telephone: (617) 523-7474 About EEHF 18 Inc. EEHF 18, Inc., doing business as A Sunrise Bakery and Coffee Shop, operates a bakery and coffee shop under the name Sunrise Bakery & Coffee Shop in New Bedford, Massachusetts. It offers Portuguese-style pastries, breads, and other baked goods through its retail locations. EEHF 18 sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11218) on June 15, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Christopher J. Panos handles the case. The Debtor is represented by John Sommerstein, Esq. ELETSON HOLDINGS: Court Throws Out Ex-Shareholders Appeals ---------------------------------------------------------- Rick Archer of Law360 reports that the former shareholders of Eletson Holdings were barred by a New York federal judge from appealing the shipping firm's Chapter 11 plan, with the court further finding they had no grounds to contest sanctions tied to their failure to comply with the order. About Eletson Holdings Eletson Holdings Inc. is a family-owned international shipping company, which touts itself as having a global presence with headquarters in Piraeus, Greece as well as offices in Stamford, Connecticut, and London. At one time, Eletson claimed to own and operate one of the world's largest fleets of medium and long-range product tankers and boasted a fleet consisting of 17 double hull tankers with a combined capacity of 1,366,497 dwt, 5 LPG/NH3 carriers with a combined capacity of 174,730 cbm and 9 LEG carriers with capacity of 108,000 cbm. Eletson Holdings, a Liberian company, is Eletson's ultimate parent company and is the direct parent and owner of 100% of the equity interests in the two other debtors, Eletson Finance (US) LLC, and Agathonissos Finance LLC. Eletson and its two affiliates were subject to involuntary Chapter 7 bankruptcy petitions (Bankr. S.D.N.Y. Case No. 23-10322) filed on March 7, 2023 by creditors Pach Shemen LLC, VR Global Partners,L.P. and Alpine Partners (BVI), L.P. The petitioning creditors are represented by Kyle J. Ortiz, Esq., at Togut, Segal & Segal, LLP. On Sept. 25, 2023, the Chapter 7 cases were converted to Chapter 11 cases. The Honorable John P. Mastando, III is the case judge. Lawyers at Reed Smith represent the Debtors as bankruptcy counsel. Riveron RTS served as the Debtors' Domestic Financial Advisor; Harold Furchtgott-Roth as Economic Expert; and Kurtzman Carson as Voting Agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors. The committee tapped Dechert, LLP as its legal counsel and FTI Consulting as the Committee's financial advisors. ELITE ENDEAVORS: Hires Morris Laing Law Firm as Special Counsel --------------------------------------------------------------- Elite Endeavors, LLC seeks approval from the U.S. Bankruptcy Court for the District of Kansas to hire Morris Laing Law Firm, as special counsel. The firm will represent Debtor in its claims against 1502 East Walnut NB, LLC, 1502 East Walnut CB, LLC and Nathan Broders, and potentially others, for restitution and unjust enrichment, tortious interference with relationship or expectancy and for declaratory judgment. The firm will be paid at these rates: Will B. Wohlford $375/hour Other Members/Staff $250 to $400/hour Will B. Wohlford, Esq., a partner at Morris Laing Law Firm, 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: Will B. Wohlford, Esq. Morris Laing Law Firm 800 Southwest Jackson, Suite 1310 Topeka, KS 66612-1216 Phone: (785) 232-2662 Fax: (785) 232-9983 About Elite Endeavors Elite Endeavors, LLC, a company in Edmond, Okla., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 24-20222) on March 6, 2024, with up to $50,000 in assets and up to $50 million in liabilities. Judge Robert D. Berger oversees the case. Erlene W. Krigel, Esq., at Krigel & Krigel, PC, is the Debtor's legal counsel. ELIZABETH RENY: Salvatore LaMonica Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Salvatore LaMonica, Esq., at LaMonica Herbst & Maniscalco, LLP, as Subchapter V trustee for Elizabeth Reny, Inc. Mr. LaMonica will be paid an hourly fee of $725 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. LaMonica declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Salvatore LaMonica, Esq. LaMonica Herbst & Maniscalco, LLP 3305 Jerusalem Avenue, Suite 201 Wantagh, NY 11793 Phone: (516) 826-6500 Email: sl@lhmlawfirm.com About Elizabeth Reny Inc. Elizabeth Reny Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44350) on September 11, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Jil Mazer-Marino presides over the case. EMPIRE CORE: Seeks Subchapter V Bankruptcy in New York ------------------------------------------------------ On September 22, 2025, Empire Core Group LLC filed Chapter 11 protection in the Southern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 100 and 199 creditors. The petition states funds will be available to unsecured creditors. About Empire Core Group LLC Empire Core Group LLC, 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. Empire Core Group LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22894) on September 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Erica Aisner, Esq. of KIRBY AISNER & CURLEY LLP. FINANCE OF AMERICA: Bloom Retirement Holds 9.49% of Class A Shares ------------------------------------------------------------------ Bloom Retirement Holdings Inc. and Reza Jahangiri disclosed in a Schedule 13D (Amendment No. 11) filed with the U.S. Securities and Exchange Commission that as of September 12, 2025, they beneficially own 2,266,113 shares of Finance of America Companies Inc.'s Class A Common Stock, which includes 466,506 shares held directly by Bloom Retirement Holdings Inc. and 1,799,607 FOAEC Units issuable under the Asset Purchase Agreement, representing 9.49% of the 11,079,270 shares of Class A Common Stock outstanding as of August 6, 2025. The beneficial ownership gives effect to certain control and conversion conditions described in the filing, and both Reporting Persons share voting and dispositive power over these securities. Bloom Retirement Holdings Inc. may be reached through Reza Jahangiri, Majority Shareholder 895 Dove Street, Suite 300 Newport Beach, Calif. 92660 Tel: (866) 948-0003 A full-text copy of Bloom Retirement's SEC report is available at: https://tinyurl.com/ywe83vu4 About Finance of America Plano, Texas-based Finance of America Companies Inc. is a financial services holding company. Through its operating subsidiaries, it operates as a modern retirement solutions platform, providing customers with access to an innovative range of retirement offerings centered on the home. In addition, Finance of America offers capital markets and portfolio management capabilities to optimize distribution to investors. As of June 30, 2025, Wynn Resorts had $30.15 billion in total assets, $29.67 billion in total liabilities, and a total stockholders' equity of $473.43 million. * * * As reported by the Troubled Company Reporter in November 2024, Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of Finance of America Companies Inc. and its subsidiaries,Finance of America Equity Capital LLC and Finance of America Funding LLC (together, FOA) to 'RD' (Restricted Default) from 'C'. The action follows the completion of the company's debt restructuring on Oct. 31, 2024, which Fitch views as a distressed debt exchange (DDE). Fitch has also upgraded FOAs IDRs to 'CCC' from 'RD' subsequent to the DDE. Fitch has assigned a rating of 'CCC-' with a Recovery Rating of 'RR5' to Finance of America Funding, LLC's new $196 million senior secured notes due in 2026 and $147 million convertible senior secured notes due in 2029 issued as part of the exchange. Concurrently, Fitch has also downgraded Finance of America Funding LLC's unsecured debt rating to 'RD' from 'C'/'RR6' and withdrawn the rating as 98% of the notes were exchanged into the new secured notes. FIRST STEP: Hires Weinberg Zareh Malkin Price LLP as Counsel ------------------------------------------------------------ First Step Trademarks, LLC 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 Reorganized Debtor with advice and preparing all necessary documents regarding a request to modify and amend the Confirmed Plan; (b) responding to, litigating, and/or negotiating resolutions of, any objections to the Reorganized Debtor’s request to modify and amend the Confirmed Plan; (c) rendering such legal services as the Reorganized Debtor may request with respect to compliance with and implementation of any modified and amended plan that the Court may approve; (d) preparing on behalf of the Reorganized Debtor all necessary motions, applications, answers, orders, reports and papers in connection with the administration of any modified and amended plan the Court may approve; (e) counseling the Reorganized Debtor with regard to its post-confirmation rights and obligations; (f) appearing in Court to protect the interests of the Reorganized Debtor; and (g) performing all other legal services for the Reorganized Debtor which may be necessary and proper in this post-confirmation proceeding. The firm will be paid at these rates: Partners $600 to $725 per hour Of Counsel $450 to $550 per hour Associate $365 to $450 per hour Paralegal $175 to $200 per hour The firm received a retainer in the amount of $10,000. 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. Todd Duffy, Esq. WEINBERG ZAREH MALKIN PRICE LLP 45 Rockefeller Plaza, 20th Floor New York, NY 10111 Phone: (212) 899-5470 Email: awoods@wzmplaw.com Email: tduffy@wzmplaw.com About First Step Trademarks New York-based First Step Trademarks, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-12147) on Dec. 31, 2021, listing up to $500,000 in assets and up to $10 million in liabilities. Alexander Dulac, managing member, signed the petition. Judge James L. Garrity, Jr. oversees the case. Ilana Volkov, Esq., at McGrail & Bensinger, LLP serves as the Debtor's legal counsel. FOUR PALMS: Voluntary Chapter 11 Case Summary --------------------------------------------- Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Four Palms Investments, Inc. 25-06972 6790 US Highway 19 N Pinellas Park, FL 33781 Platinum Automotive Styling, LLC 25-06974 6790 US Highway 19 N Pinellas Park, FL 33781 NC Automotive Styling Inc. 25-06975 6790 US Highway 19 N Pinellas Park, FL 33781 Business Description: Four Palms Investments, Inc., Platinum Automotive Styling, LLC, and NC Automotive Styling, Inc. are related Florida businesses linked to entrepreneur Todd C. Simms, operating in investment management and automotive customization. Four Palms Investments, incorporated in 2018 and based in the Tampa Bay area, manages business holdings as the group's investment arm. Platinum Automotive Styling and NC Automotive Styling both provide vehicle customization and enhancement services. Chapter 11 Petition Date: September 23, 2025 Court: United States Bankruptcy Court Middle District of Florida Judge: TBD Debtors' Counsel: Amy Denton Mayer, Esq. BERGER SINGERMAN LLP 101 E. Kennedy Blvd. Suite 1165 Tampa, FL 33602 Tel: (813) 498-3400 E-mail: amayer@bergersingerman.com Four Palms Investments' Estimated Assets: $0 to $50,000 Four Palms Investments's Estimated Liabilities: $1 million to $10 million Platinum Automotive's Estimated Assets: $0 to $50,000 Platinum Automotive's Estimated Liabilities: $500,000 to $1 million NC Automotive's Estimated Assets: $0 to $50,000 NC Automotive's Estimated Liabilities: $0 to $50,000 The petitions were signed by Todd C. Simms as president. The petitions were filed without the Debtors' list of their 20 largest unsecured creditors. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/MD3E6GQ/Four_Palms_Investments_Inc__flmbke-25-06972__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/MK5HJQQ/Platinum_Automotive_Styling_LLC__flmbke-25-06974__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/NB4UUUI/NC_Automotive_Styling_Inc__flmbke-25-06975__0001.0.pdf?mcid=tGE4TAMA FTX TRADING: $1.6B Third Creditor Distribution Set for Sept. 30 --------------------------------------------------------------- FTX Trading Ltd. (d/b/a. FTX.com) and the FTX Recovery Trust announced on Sept. 19, 2025, that, consistent with FTX's Chapter 11 Plan of Reorganization, FTX will commence distributions to holders of allowed claims in the Plan's Convenience and Non-Convenience Classes that have completed the pre-distribution requirements on September 30, 2025. Eligible creditors should expect to receive funds from their selected distribution service provider, either Bitgo, Kraken or Payoneer, within 1 to 3 business days from September 30, 2025. Subsequent record and payment dates will be announced in due course. In the Third Distribution, in accordance with the waterfall priorities set forth in the Plan:(1) -- Allowed Class 5A Dotcom Customer Entitlement Claims will receive an incremental 6% distribution (78% cumulative distribution to date); -- Allowed Class 5B U.S. Customer Entitlement Claims will receive a 40% distribution (95% cumulative distribution to date); -- Allowed Classes 6A General Unsecured Claims and 6B Digital Asset Loan Claims will each receive a 24% distribution (85% cumulative distribution to date); and -- Allowed Class 7 Convenience Claims will receive a 120% distribution. By onboarding with a Distribution Service Provider, you have irrevocably elected to forego your right to receive cash distributions from FTX and have instead directed FTX to pay, directly to such Distribution Service Provider, any distributions to which you otherwise would be entitled under the Plan. If you have any questions related to the availability of your funds in your account with your selected Distribution Service Provider, please contact customer support at your Distribution Service Provider directly. To be eligible to receive a distribution on subsequent distribution dates, customers and other creditors must complete the following prior to their distribution record date: -- Login to the FTX Customer Portal (https://claims.ftx.com) (applicable to customers). -- Complete required Know Your Customer verification. -- Submit the required tax forms. -- Onboard with either BitGo, Kraken or Payoneer, FTX's Distribution Service Providers. FTX will provide instructions for onboarding with each of the Distribution Service Providers on the existing FTX Customer Portal. For transferred claims, distributions will only be made to the transferee holder of an allowed claim that is processed and reflected on the official register of claims maintained by the Notice and Claims Agent as of future record dates, where the 21-day notice period has lapsed without objection. For more information, please visit: https://support.ftx.com/hc/en-us/sections/33189504164628-Distributions. Phishing Advisory Please remain aware of phishing emails that may look like they are from FTX and scam sites from channels that may appear to look like the FTX Customer Portal (https://claims.ftx.com). This is another reminder that FTX will never ask you to connect your wallets. Additional Information U.S. Bankruptcy Court filings, including the Plan and other documents related to the Court proceedings, are available at https://cases.ra.kroll.com/FTX/. FTX Digital Markets Ltd. will be separately communicating distribution information for customers who have elected to have their claims administered by FTX DM. Advisors The FTX Recovery Trust is represented by Sullivan & Cromwell LLP as legal counsel and are assisted by Alvarez & Marsal North America, LLC as financial advisor, Perella Weinberg Partners LP as investment banker, Quinn Emanuel Urquhart & Sullivan, LLP as special counsel and Landis Rath & Cobb LLP as Delaware counsel. (1) Actual distribution percentages may differ slightly due to rounding of the figures referenced above. Additional details regarding the amounts distributed by Class will be filed on the docket on or about September 30, 2025. 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. FU BANG GROUP: Seeks to Hire Sares Regis as Property Manager ------------------------------------------------------------ Fu Bang Group Corp USA seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Sares Regis Management Company L.P. to provide property management services. The firm's services include: (a) Leasing -- To use all reasonable efforts to let the apartment units comprising the Fu Bang Property to desirable tenants and, in connection therewith, to place advertisements, rental signs, prepare circulars and engage in other forms of advertising. Manager may also negotiate, sign, renew, modify and cancel rental agreements and leases with tenants of the Fu Bang Property for such rentals and on such terms as Manager deems appropriate; (b) Collection of Income -- To bill tenants for rent and use its reasonable efforts to collect the rents and all other income derived from the operation, maintenance and management of the Fu Bang Property promptly when such amounts become due; (c) Maintenance and Operation -- To oversee the day-to-day management of the Fu Bang Property, use its diligent skill and efforts to serve tenants of the Fu Bang Property and, subject to the terms hereof, including, without limitation, the Approved Budget, purchase necessary furniture, fixtures, equipment, tools, appliances, materials, fuel and supplies, make contracts for or otherwise furnish electricity, gas water, telephone, window cleaning, refuse disposal, pest control and any other utilities or services required for the operation of the Fu Bang Property and make or cause to be made and supervised, necessary repairs, cleaning, painting, alterations, decorations, replacements and improvements; (d) Contractors -- To engage, discharge, supervise and pay on behalf of Fu Bang all contractors, agents or such other persons necessary or convenient for the efficient operation and maintenance of the Fu Bang Property and, subject to the Approved Budget; (e) Termination of Tenancies -- To sign and serve such notices on delinquent tenants as Manager or Fu Bang may deem necessary or proper, to engage counsel (subject to approval by the Bankruptcy Court for so long as the Bankruptcy Case is pending) and, in Fu Bang's name, to (i) sue for and recover any rents which are past due; (ii) attach, garnish and levy upon the property of any delinquent tenant and recover possession of any part of the Fu Bang Property there from; and (iii) settle, compromise and adjust any such actions, suits or proceedings and the matters involved therein; (f) Books and Records -- To keep full, detailed and adequate accounts and records of all receipts, expenses and disbursements relating to the Fu Bang Property, and to permit Fu Bang and its representatives to examine the same at any time during Manager's regular business hours after providing written notice to Manager. All original reports, documents and leases are to be retained by Manager, but shall remain and be the property of Fu Bang. Copies will be delivered promptly to Fu Bang upon Fu Bang's written request; (g) Budgets -- Prepare annual budgets for operation of the Fu Bang Property on or before November 1 of each year; (h) Monthly Reports -- To prepare and submit a detailed statement of all receipts, expenses and disbursements relating to the Fu Bang Property for the preceding calendar month, or portion thereof, to be delivered to Fu Bang within fifteen (15) days after the end of each calendar month. For so long as the Bankruptcy Case is pending, the Monthly Repot shall be delivered to Fu Bang within twelve (12) days after the end of each calendar month; (i) Employees –- Manager shall provide employees and staff sufficient for Manager to properly, adequately, safely and economically manage, operate and maintain the Fu Bang Property in accordance with the requirements of the Management Agreement. Sares Regis will be compensated as follows: a. Monthly Fee -- Equal to 5% of gross revenue, not less than $9,000 per month; b. Construction Management Fee -- For material improvements or renovations in excess of $10,000 project cost equal to 5% of the total hard and soft costs of such project; c. Disposition Fee -- If the Fu Bang Property is sold to a third party that does not retain Sare Regis as property manager, Fu Bang may terminate the Management Agreement and Sares Regis shall be due a $30,000 disposition fee; d. Termination Fee -- If Fu Bang terminates Sares Regis without cause (with notice), Sares Regis shall be due a termination fee equal to three times the prior months' management fee; e. Reimbursement -- Sares Regis shall be reimbursed for the cost of the employees and staff provided to Fu Bang and for the operating expenses of the Fu Bang Property. Nicholas Rubin, a partner with Force Ten Partners, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Nicholas Rubin Sares Regis Management Company L.P. 5271 California Avenue, Suite 270 Irvine, CA 92617 About Fu Bang Group Corp USA Fu Bang Group Corp USA is a real estate company that owns and manages a single property. Fu Bang Group Corp USA sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-13004) on May 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtors are represented by Derrick Talerico, Esq. at WEINTRAUB, ZOLKIN TALERICO & SELTH LLP. GAROFALO REAL ESTATE: Unsecured Creditors to Split $119K in Plan ---------------------------------------------------------------- Garofalo Real Estate Holdings LLC filed with the U.S. Bankruptcy Court for the Southern District of New York a Combined Plan and Disclosure Statement dated September 15, 2025. The Debtor's business consists of owning and operating a lovely residential apartment building consisting of 10 apartment units located at 330 W. 86th St., New York, NY. The Debtor purchased the building in December 2014 for $6,988,959. Such purchase was partially financed by the Debtor assuming the existing Mortgage Lien and entering into a five-year note. The principal amount of the Mortgage was $4,300,000, the Mortgage bore interest at 3.3%, and the Mortgagee was Signature Bank. The Debtor is filing this plan based on an informal settlement agreement with its principal secured creditor, BD Notes LLC. BD Notes holds a mortgage on the real property which is the only significant asset of the Debtor. Prior to the bankruptcy, BD Notes had moved to foreclose on the Property and had gotten a judgment of foreclosure against the Debtor and other parties in the amount of $5,542,012.52, plus statutory interest and costs. They had also put a receiver in place, such that, the Debtor was not operating the Property nor receiving income. At the commencement of the case, it was the Debtor's intention to either refinance the Property or sell the air rights, in order to pay the secured claim of BD Notes. BD Notes filed a Secured Claim in the amount of $6,448,342.90, which BD Notes asserts accurately reflects the foreclosure judgment amount inclusive of accrued interest as of the Petition Date; however, such secured claim would be limited by the value of the collateral as a matter of law. The Debtor's appraisal came in at $5 million, divided $4 million for the building and $1 million for the air rights, leaving BD Notes significantly undersecured. The Debtor believes that without this settlement, a plan would not be feasible, and any liquid assets would be completely used up in litigation, and would have a very uncertain outcome. As a result of the settlement, however, the Plan is able to propose that Creditors will be paid as follows: Administrative Claims, other than for Professional Fees, will be paid in the ordinary course as they become due unless the Holder of such Claim agrees to a different treatment. Class 1 consists of the Allowed Priority Non-tax Claims. The Debtor believes that there are no Claimants in this Class. Should there be an Allowed Class 1 Claim, it will be paid in full within five business days of the Effective Date, unless the Holder of the Claim agrees to a different treatment. Class 2 consists of both the Secured and Unsecured Claims of BD Notes which will be treated as discussed. Class 3 consists of Allowed General Unsecured Claims which will receive their Pro Rata share of all of the remaining Cash of the Debtor after all of the payments are made, and a small reserve is set aside for expenses of administration of the estate. The Debtor estimates, but does not guarantee, that such Distribution will be approximately $0.38 on the dollar. The Holders of Equity Interests, Class 4, will retain their equity interest in the Debtor; however, it is anticipated that the Debtor will have no business and no assets after all Distributions are made pursuant to the Plan. It is expected that the Debtor will only continue in business long enough to administer the Plan. The only remaining Assets of the Debtor after the Distributions contemplated by the Plan will be Causes of Action. The Debtor does not believe that there are any viable Avoidance Actions, nor does it have accurate records from the receiver which would allow it to assess transfers made in the 20 months preceding the Petition Date. The Debtor may have civil causes of action against third parties, such as Signature Bank, but it does not have the ability financially to pursue same. Should the Class 4 Interest Holder decide to pursue any litigation after Confirmation, such Interest Holder would have to recapitalize the Reorganized Debtor to do so, which may or may not be feasible, and therefore is not contemplated by the Plan. Class 3 consists of General Unsecured Creditors. The Debtor estimates that there will be approximately $310,053 of Allowed Unsecured Claims, and that after payment of the Allowed Non-Classified Claims, including Professional Fees, and payment of the Allowed Class 1 and Class 2 Claims, and the establishment of a reserve for administrative expenses, there will be approximately $119,000 left for distribution to General Unsecured Creditors. This would amount to a Distribution of approximately $0.38 on the dollar. There can be no guarantee, however, that this will be the exact amount available. The actual Distribution to General Unsecured Creditors could vary upward or downward. Class 3 is Impaired. Class 4 consists of Equity Interest Holders. Equity Interest Holders are parties who hold an ownership interest (i.e., equity interest) in the Debtor. In a limited liability company like the Debtor, the ownership interests are expressed in membership units. The sole Holder of membership units in the Debtor is Laura Garofalo. Equity Interest Holders shall maintain existing Equity Interest. The Plan is premised upon a transfer of substantially all of the Assets of the Debtor other than Cash to BD Notes or its designated assignee. The documents to effectuate such transfer will be filed as part of the Plan Supplement no less than fourteen days prior to the Confirmation Hearing. The Property is being transferred as is, where is, by a Bargain & sale Deed with Covenants. At the Closing, upon transfer of the Property to BD Notes, or its designated assignee, BD Notes will mark the Mortgage loan and Note fully satisfied and return them to the Debtor. A full-text copy of the Combined Plan and Disclosure Statement dated September 15, 2025 is available at https://urlcurt.com/u?l=RP6qcg from PacerMonitor.com at no charge. About Garofalo Real Estate Holdings Garofalo Real Estate Holdings LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Garofalo Real Estate Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11915) on Nov. 6, 2024. In the petition filed by Laura Garofalo, sa sole and managing member, the Debtor estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Bankruptcy Judge Martin Glenn handles the case. The Debtor is represented by: David H. Hartheimer, Esq. MAYERSON & HARTHEIMER, PLLC 845 3rd Ave FL 11 11th Floor New York NY 10022-6601 Tel: (646) 778-4381 Email: david@mhlaw-ny.com GENTLE HAND: Claims to be Paid from Continued Operation ------------------------------------------------------- Gentle Hand, LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated September 15, 2025. The Debtor is a Delaware limited liability company, formed on or about July 16, 2021. The Debtor owns two parcels of real property located in Brevard County, Florida, from which assisted living facilities are operated. The Debtor operates the assisted living facility ("ALF") known as Gentle Hand of Palm Bay ALF, located at 826 Hunan Street NE Palm Bay, Florida 32907 (the "Gentle Hand ALF"). The Gentle Hand ALF primarily serves residents in hospice care. Diamond Lifestyle ALF, LLC2 operates the ALF known as Diamond Lifestyle ALF, LLC, located at 2273 Merlin Drive, Melbourne, Florida 32904 (the "Diamond ALF"). In 2023, the Debtor had $248,216.54 in gross revenues. In 2024, the Debtor had $168,605.00 in gross revenues; and year-to-petition date in 2025, the Debtor has had approximately $83,000.00 in gross revenues. Class 9 consists of any and all equity interests and warrants currently issued or authorized in the Debtor. This Class is Unimpaired. Holders of Class 9 interests shall retain their full equity interest in the same amounts, percentages, manner and structure as existed on the Petition Date. The Plan contemplates that the Reorganized Debtor will continue to operate the Debtor's business. Except as explicitly set forth in this Plan, all cash in excess of operating expenses generated from operation until the Effective Date will be used for Plan Payments or Plan implementation, cash on hand as of Confirmation shall be available for Administrative Expenses. To the extent Debtor's available funds are insufficient to make Plan payment to Secured Creditors, M&A, LLC and/or Marlene Hart will contribute funds to cure any such shortfall and fund payment to Secured Creditors. A full-text copy of the Plan of Reorganization dated September 15, 2025 is available at https://urlcurt.com/u?l=CsAVp2 from PacerMonitor.com at no charge. Counsel to the Debtor: Jeffrey S. Ainsworth, Esq. Jennifer L. Morando, Esq. BransonLaw, PLLC 1501 East Concord Street Orlando, Florida 32803 Telephone: (407) 894-6834 Facsimile: (407) 894-8559 E-mail: jeff@bransonlaw.com E-mail: jennifer@bransonlaw.com About Gentle Hand LLC Gentle Hand LLC, doing business as Gentle Hand of Palm Bay ALF, LLC, operates an assisted living facility in Palm Bay, Florida. It provides residential care services in a licensed setting with a six-bed capacity. Gentle Hand sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03727) on June 17, 2025. In its petition, the Debtor reported total assets of $2,060,651 and total liabilities of $1,015,547. Judge Lori V. Vaughan handles the case. The Debtor is represented by Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC. GREENE AVENUE: Hires Tarter Krinsky & Drogin as Bankruptcy Counsel ------------------------------------------------------------------ Greene Avenue Freedom LLC seeks approval the U.S. Bankruptcy Court for the Eastern District of New York to employ Tarter Krinsky & Drogin LLP as its general bankruptcy counsel. The firm will render these services: (a) give advice to the Debtor with respect to its powers and duties as a debtor-in-possession in the continued operation of its business and management of its property; (b) negotiate with the Debtor's creditors in working out a plan of reorganization, and to take necessary legal steps in order to confirm said plan of reorganization, including, if need be, negotiations in financing a plan of reorganization; (c) prepare on behalf of Applicant, as debtor-in-possession, necessary applications, answers, orders, reports and other legal papers; (d) appear before the bankruptcy judge and to protect the interests of the debtor-in-possession before the bankruptcy judge, and to represent the Debtor in all matters pending in the chapter 11 proceeding; and (e) perform all other legal services for the Debtor, as debtor-in-possession, which may be necessary. The firm will be paid at these rates: Partners $600 to $875 per hour Counsel $550 to $795 per hour Associates $425 to $575 per hour Paralegals $300 to $410 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $20,000. Scott Markowitz, Esq., a partner at Tarter Krinsky & Drogin, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Scott S. Markowitz, Esq. Tarter Krinsky & Drogin LLP 1350 Broadway, 11th Floor New York, NY 10018 Tel: (212) 216-8000 Email: smarkowitz@tarterkrinsky.com About Greene Avenue Freedom LLC Greene Avenue Freedom LLC owns and manages a multi-family residential property located at 1172 Greene Avenue in Brooklyn, New York. Greene Avenue Freedom LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43472) on July 23, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Scott S. Markowitz, Esq. at TARTER KRINSKY & DROGIN LLP. GWA LLC: Court Approves $7.9M 401(k) Class Action Settlement ------------------------------------------------------------ A federal judge granted final approval of a $7.9 million settlement to resolve a class action against hedge fund GWA LLC and its founder George A. Weiss on September 19, 2025. Employees and participants in the GWA LLC 401(k) Profit Sharing Plan alleged that GWA and Weiss breached their fiduciary duties and misused employee retirement plan assets to further their own pecuniary interests in violation of the Employee Retirement Income Security Act (ERISA). The settlement recovery averages about $26,000 per class member. "This is an exceptional recovery for a novel, first of its kind 401(k) ERISA class action," said Michelle C. Yau, chair of Cohen Milstein's ERISA & Employee practice. "GWA's 401(k) strategy was extremely risky and egregious, compounded by the fact that the plan was 100% invested in its own hedge fund strategies. This settlement is a significant victory for the former employees and provides them meaningful relief, despite the fact that both defendants are now insolvent." Specifically, the plaintiffs alleged that 100% of GWA LLC 401(k) Profit Sharing Plan investments (all of which were 401(k) assets) were and continued to be invested in The Weiss Funds, which included the company's flagship hedge fund, Weiss Multi-Strategy Partners (Cayman) Ltd. and the company's mutual fund, Weiss Alternative Multi-Strategy Fund, which generally replicated the hedge fund's strategy. This strategy is highly unprecedented for a retirement plan. Prevailing practice for retirement portfolio allocation should reflect a mix of asset classes to produce the long-term capital appreciation necessary for participants to save adequately for retirement. The Plaintiffs further claimed that the Weiss Mutual Fund lacked the performance history, market acceptance, and cost structure to be a substantial investment for the 401(k) plan. As a result, 401(k) plan participant accounts were allegedly worth at least 30% less than what they would have been had the plan been managed prudently in accordance with ERISA. GWA LLC declared bankruptcy in April 2024 and closed all its funds. A few months ago, in June of 2025, the other defendant in this action, George Weiss, also declared bankruptcy. The case, Andrew-Berry, et al. v. Weiss, was filed on July 24, 2023 in the United States District Court for the District of Connecticut. It was brought on behalf of employees and other participants in the GWA LLC 401(k) Profit Sharing Plan. Cohen Milstein is actively monitoring alternative investment entities, such as hedge funds and private equity firms, offering traditional 401(k) retirement plans to employees. Such entities are not beholden to IRS and SEC regulations like traditional business and could present greater risk for 401(k) participants. In 2022, Cohen Milstein settled a class action against Wells Fargo 401(k) plan administrators for $32.5 million, based on similar allegations. About Cohen Milstein Sellers & Toll, PLLC Cohen Milstein Sellers & Toll PLLC, a premier U.S. plaintiffs' law firm, with over 100 attorneys across eight offices, champions the causes of real people - workers, consumers, small business owners, investors, and whistleblowers - working to deliver corporate reforms and fair markets for the common good. For more information visit https://www.cohenmilstein.com About Weiss Multi-Strategy Advisers LLC Weiss Multi-Strategy Advisers LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-10743) on Apr. 29, 2024. In the petition signed by George Weiss, manager, the Debtor disclosed $10 million to $50 million in assets and $100 million to $500 million in liabilities. Judge Martin Glenn oversees the case. The Debtor tapped Tracy L. Klestadt, Esq., at Klestadt Winters Jureller Southard & Stevens, LLP as counsel and Omni Agent Solutions, Inc. as claims and noticing agent. HADLOCK ENTERPRISES: Unsecureds Will Get 74.41% over 60 Months -------------------------------------------------------------- Hadlock Enterprises LLC filed with the U.S. Bankruptcy Court for the Western District of Washington a Plan of Reorganization dated September 15, 2025. The Debtor is an automative glass and radio repair company under a DBA called "The AutoGlass Clinic & Mobile Radio", (the "Business"). The Business began as a mobile radio shop in 1982, and about a decade later it acquired an auto glass clinic. Russ Hadlock acquired the Business in November of 2022, and currently there two locations in Washington, Poulsbo, and Bremerton. After acquiring the Business at the end of 2022, there was a significant decrease in revenue the following year in 2023. While the Debtor worked to reduce costs and increase revenue, it was too late. In order to maintain operations, the Debtor entered into a secured loan with Rapid Finance, but that action was insufficient to fix the Business' solvency issues. Hadlock Enterprises, LLC filed a petition under Chapter 11, Subchapter V on June 16, 2025, to prevent Debtor's assets from being liquidated, and to preserve and maintain the value of Debtor as an operating entity for the benefit of all creditors, and to continue operating the Business. The Debtor is now operating the Business and managing its affairs as a debtor-in-possession under Sections 1107 and 1108 of the Bankruptcy Code. This Plan provides for treatment of unclassified administrative claims, priority tax claims, three classes of secured claims, one class of unsecured claims and one class of equity security holders. The Debtor will pay as designated in Article XI in the amount of between $2,400.00 and $7,500.00 per month beginning on the first day of the month following the Effective Date of the plan. The differences in monthly disbursement amounts are based on differing levels of anticipated income and expenses throughout the year. The Debtor will make further payments thereafter monthly on the first day of the month for 59 additional months (60 months total). The 60-month budget provides for payments of between $2,400 and $15,000 to general unsecured creditors. Because the Debtor's income can vary widely from month to month, the Debtor's monthly payments are capped to ensure liquidity. On a quarterly basis beginning the first full quarter following the Effective date, the Debtor will make quarterly true up payments to bring actual payments in line with expected payments under the monthly budget. The anticipated payout to unsecured creditors is $524,800.00 which represents 74.41% of filed and scheduled undisputed claims. The Debtor will act as its own Disbursing Agent. Class 5 consists of General Unsecured Creditors. Each holder of an allowed general unsecured claim will be paid a pro rata share with the remaining funds available after payment of administrative, secured, and priority claims. This Class is impaired. Class 6 consists of Equity Security Holders. Russell Hadlock holds a 100%-member interest in the Debtor which shall be retained. The Plan will be funded with revenue from the Debtor's operation. A full-text copy of the Plan of Reorganization dated September 15, 2025 is available at https://urlcurt.com/u?l=XMv0bO from PacerMonitor.com at no charge. Counsel to the Debtor: Steven M. Palmer, Esq. Ryan R. Cole, Esq. CAIRNCROSS & HEMPELMANN, P.S 524 Second Avenue, Suite 500 Seattle, WA 98104-2323 Tel: (206) 587-0700 Fax: (206) 587-2308 E-mail: spalmer@cairncross.com rcole@cairncross.com About Hadlock Enterprises LLC Hadlock Enterprises, LLC doing business as Autoglass Clinic and Mobile Radio, provides auto glass repair and replacement, car audio installation, and window tinting services. The company serves individual and commercial clients across automotive, residential, and marine sectors. Its offerings include RV and boat glass services as well as home and commercial glass solutions. Hadlock Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11654) on June 16, 2025. In the petition signed by Russell F. Hadlock, managing member, the Debtor disclosed $275,750 in total assets and $2,170,473 in total liabilities. Steven M. Palmer, Esq., at Cairncross & Hempelmann, P.S., is the Debtor's legal counsel. Pinnacle Bank, as secured creditor, is represented by: Darren R. Krattli, Esq. Eisenhower Carlson, PLLC 909 A St. Suite 600 Tacoma, WA 98402 Phone: 253-319-0955 dkrattli@eisenhowerlaw.com HECLA MINING: S&P Alters Outlook to Positive, Affirms 'B+' ICR -------------------------------------------------------------- S&P Global Ratings revised its outlook on Idaho-based gold and silver producer Hecla Mining Inc. to positive from stable and affirmed its 'B+' issuer credit rating. S&P said, "We also affirmed our 'BB-' issue-level rating on the company's senior unsecured notes; the '2' recovery rating is unchanged. "The positive outlook reflects our expectation that Hecla could likely maintain leverage below 1.5x and generate significant free cash flows over the next 12 months." Hecla has increased its credit cushion through significant debt reduction. As of Aug. 31, 2025, the company used free cash flow and proceeds from an at-the-market equity program to repay about $285 million of debt. This is in addition to about $118 million of debt repayment in 2024. As a result, Hecla has reduced its S&P Global Ratings-adjusted debt by about 50% over the past 24 months. This significant debt reduction creates a strong credit cushion that could help the company navigate periods of declining earnings due to unfavorable movements in gold and silver prices, which are currently at peak levels. Hecla's rolling-12-month debt to EBITDA was 1.6x as of June 30, 2025 (this excludes the significant debt reduction in August 2025) compared with 3.7x at the same time in 2024. Its EBITDA more than doubled over the same period, spurred by favorable gold and silver prices. S&P believes leverage could likely remain below 1.5x over the next 12–24 months, even if precious metal prices dropped by about 20%-30%, all others equal. The elimination of the silver-linked dividend policy in 2025 could increase discretionary cash flow. Prior to 2025, Hecla's dividend payout was linked to the price of silver, which--under the current peak prices--would have resulted in a relatively high payout to shareholders. However, the company eliminated the silver-linked policy in favor of minimum fixed dividends, which has helped it conserve liquidity and cash. Hence, S&P expects about a 60% reduction in shareholder returns in 2025, which could result in higher discretionary cash flows available for further debt reduction or reinvestments into the business. Management has also suggested it could deploy any proceeds from an asset sale toward further debt reduction. The company's capital-allocation priorities continue to favor organic investments such as the continuous development of Keno Hill and the likely transition to surface mining at Casa Berardi. Higher-than-expected gold prices are helping extend underground operations at Casa Berardi. Prior to 2025, Hecla had planned to shut down underground mining at Casa Berardi by mid-2025 as it transitions to surface-only mining until 2027 given the declining ore grade and high production costs. However, record gold prices have more than offset the impact of the high costs, leading to positive free cash flow generation at the mine as of June 30, 2025. At the same time, the strip ratio has decreased, leading to some improvement in production costs. As a result, Hecla has decided to continue underground mining at Casa Berardi while it continues its strategic review of the mine. This review will consider various options, which include a potential sale of the mine and further development activities. While a potential sale could shrink the company's portfolio of assets, it could use the proceeds for further debt reduction, which could strengthen its balance sheet and improve its financial flexibility. S&P said, "Overall, our assessment of Hecla's credit profile incorporates its relatively small-scale operations with four operating mines, ongoing permitting challenges at Keno Hill, and a lack of a track record of maintaining such low leverage. As a result, our rating on Hecla is one notch lower than that indicated by its business and financial risk profiles. "The positive outlook reflects our expectation that higher-than-expected precious metal prices will continue to drive significant profits and cash-flow generation for Hecla over the next 12 months. We expect Hecla could maintain leverage below 1.5x. "We could revise the outlook back to stable if leverage approaches 2x. This could happen if gold and silver production declines materially due to an operational disruption at any of Hecla's mine or precious metal prices decline more sharply than anticipated. "We could raise our rating on Hecla if it sustains its current robust profits and free cash flow generation over the next 12 months, with a cushion to absorb adverse movements in gold and silver prices." In such a scenario S&P would expect: -- Leverage sustained below 1.5x; and -- FOCF to debt above 25%. HILLCREST VENTURES: Seeks to Hire Raymond H. Aver as Legal Counsel ------------------------------------------------------------------ Hillcrest Ventures LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire The Law Offices of Raymond H. Aver, A Professional Corporation as its counsel. The firm will render these services: (a) represent the Debtor at its Initial Debtor Interview; (b) represent the Debtor at its meeting of creditors pursuant to Bankruptcy Code Section 341(a), or any continuance thereof; (c) represent the Debtor at all hearings before the U.S. Bankruptcy Court; (d) prepare necessary legal papers; (e) advise the Debtor regarding matters of bankruptcy law; (f) represent the Debtor with regards to all contested matters; (g) represent the Debtor with regards to the preparation of a disclosure statement and the negotiation, preparation, and implementation of a plan of reorganization; (h) analyze any secured, priority, or general unsecured claims that have been filed in the Debtor's bankruptcy case; (i) negotiate with the Debtor's secured and unsecured creditors regarding the amount and payment of their claims; (j) object to claims as may be appropriate; and (k) perform all other legal services for the Debtor as may be necessary, other than adversary proceedings which would require a further written agreement. The firm received a prepetition retainer payment of $45,000 from the Debtor. Raymond Aver, a shareholder at the firm, will be paid at his hourly rate of $695. Mr. Aver 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: Raymond H. Aver, Esq. The Law Offices of Raymond H. Aver A Professional Corporation 10801 National Blvd., Ste. 100 Los Angeles, CA 90064 Telephone: (310) 571-3511 Email: ray@averlaw.com About Hillcrest Ventures LLC Hillcrest Ventures LLC, a Calabasas, California-based real estate developer, undertakes large-scale property projects that include multifamily housing, mixed-use complexes and commercial developments. Hillcrest Ventures LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11472) on August 13, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Martin R. Barash handles the case. The Debtor is represented by Raymond H. Aver, Esq. at LAW OFFICES OF RAYMOND H. AVER, A PROFESSIONAL. HO WAN KWOK: MSJ Order Affirmed in Greenwich Land, et al. Lawsuit ----------------------------------------------------------------- In the appeal styled GREENWICH LAND, LLC and HING CHI NGOK, Appellants, v. LUC A. DESPINS, CHAPTER 11 TRUSTEE, Trustee-Appellee, Case No. 3:24-cv-01185-KAD (D. Conn.), Judge Kari A. Dooley of the United States District Court for the District of Connecticut affirmed the order of the United States Bankruptcy Court for the District of Connecticut granting Chapter 11 Trustee Luc A. Despins' motion for summary judgment, in which the Bankruptcy Court determined that: (a) Greenwich Land is the alter ego of the Individual Debtor Ho Wan Kwok; (b) the Debtor equitably owns Greenwich Land; and (c) Greenwich Land's assets, as well as Ms. Hing Chi Ngok's membership interest in Greenwich Land, are property of the Debtor's bankruptcy estate Greenwich Land is a Delaware LLC which owned, inter alia, property at 373 Taconic Road in Greenwich, Connecticut, which it purchased in February 2020. Greenwich Land has maintained an address at 162 East 64th Street, New York, New York, which has also been used by: the Debtor; the Debtor's attorney, Aaron Mitchell; the Debtor's adjudged alter egos, Golden Spring and HK USA; Hudson Diamond NY LLC, and numerous other entities associated with the Debtor. Ms. Ngok is the Debtor's wife, and previously resided at the Taconic Road Property. Though Yanping "Yvette" Wang, Max Krasner, and Daniel Podhaskie have each, at times, served as officers of Greenwich Land, Ms. Ngok is presently the sole member of Greenwich Land. Ms. Ngok has admitted that she did not participate directly in any banking or other financial transactions of Greenwich Land, and indeed, does not know at which banks Greenwich Land has or had bank accounts, or the source(s) of the funds in those accounts. Nevertheless, Ms. Ngok, as well as Mr. Krasner, Mr. Podkaskie, Ms. Ngok's daughter ("Ms. Guo"), and even the Kwok family chef, used debit cards in their names under Greenwich Land's Bento for Business bank account. Additionally, though Mr. Krasner resigned from his position as Vice President of Greenwich Land in November 2022, he continued to use his Bento Account debit card for several months thereafter. On appeal of the MSJ Order, Appellants argue that: (1) the Bankruptcy Court erred in its threshold evidentiary rulings, to include its determinations regarding law of the case and the Debtor and Ms. Guo's invocations of the Fifth Amendment; (2) without the evidence and other considerations upon which the Bankruptcy Court wrongly relied, the Trustee cannot meet his burden on summary judgment; and (3) regardless, the evidentiary record fails to establish that Greenwich Land is the Debtor's alter ego, or that the Debtor equitably owns Greenwich Land. In response, the Trustee argues that: (a) the Bankruptcy Court did not abuse its discretion in ruling on the parties' threshold evidentiary objections; and (b) the Bankruptcy Court did not err in concluding, on the basis of the undisputed facts, that Greenwich Land is the Debtor's alter ego and that the Debtor equitably owns Greenwich Land. The District Court agrees with the Trustee. On appeal, Appellants do not contest the Bankruptcy Court's reliance on applicable Delaware law or the general framework it sets out regarding alter ego determinations. Rather, they broadly challenge the sufficiency of the evidence adduced on summary judgment. In response, the Trustee argues that the record evidence supports the Bankruptcy Court's alter ego determination, and that Appellants have otherwise "proffered no evidence that might come close to establishing a genuine dispute of material fact preventing summary judgment on the Trustee's claims." The District Court agrees with the Trustee. Applying Delaware's alter ego framework, the District Court concludes that there is no genuine issue of material fact that Greenwich Land is the alter ego of the Debtor, and that reverse veil piercing is appropriate under the circumstances. The District Court also finds that the Bankruptcy Court properly concluded as a matter of law that the Debtor is the beneficial owner of Greenwich Land. Appellants principally argue that the Bankruptcy Court erred in its reliance on, and application of, the Dordevic factors. The court in Dordevic explained that "courts consider several factors in determining whether a titleholder is actually serving as a nominee for the benefit of another, including whether: (1) there is a close personal relationship between the nominee and the transferor; (2) the nominee paid little or no consideration for the property; (3) the parties placed the property in the name of the nominee in anticipation of collection activity; (4) the parties did not record the conveyance; and (5) the transferor continues to exercise dominion and control over the property. Regarding the first factor, the Bankruptcy Court observed that the Debtor's close relationship with the nominee (i.e., his wife) is uncontested. Then, as to the second, third, and fifth factors, the Bankruptcy Court incorporated by reference its extensive prior discussion regarding the alter ego analysis, specifically as to: (a) Ms. Ngok's complete lack of knowledge and responsibility for the funding of Greenwich Land and its real estate transactions; (b) the Debtor's dominion and control over Greenwich Land; and (c) Greenwich Land's corporate form being used to shield assets from the Debtor's creditors, thereby frustrating collection efforts. According to the District Court, the Bankruptcy Court thoroughly examined the record evidence and the undisputed facts and accurately concluded that four of the five Dordevic factors support the Debtor's equitable ownership of Greenwich Land. The District Court affirms in its entirety the Bankruptcy Court order granting summary judgment in favor of the Trustee. A copy of the Court's Memorandum of Decision dated September 11, 2025, is available at https://urlcurt.com/u?l=BmbAe6 from PacerMonitor.com. About Ho Wan Kwok Ho Wan Kwok sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case No. 22-50073) on Feb. 15, 2022. Judge Julie A. Manning oversees the case. Dylan Kletter, Esq., is the Debtor's legal counsel. Ho Wan Kwok aka Guo Wengui is an exiled Chinese businessman. According to Reuters, Guo was a former real estate magnate who fled China for the U.S. in 2014 ahead of corruption charges. Guo filed for bankruptcy after a New York court ordered him to pay lender Pacific Alliance Asia Opportunity Fund $254 million stemming from a contract dispute. PAX had initially loaned two of Guo's companies $100 million in 2008 for a construction project in Beijing and sued Guo when he failed to pay off the loan. An Official Committee of Unsecured Creditors has been appointed in the case and is represented by Pullman & Comley, LLC. Luc A. Despins was appointed Chapter 11 Trustee in the case. HOOK ROAD: Hires Bronson Law Offices P.C. as Bankruptcy Counsel --------------------------------------------------------------- Hook Road LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Bronson Law Offices, P.C. as its bankruptcy counsel. The firm will render these services: (i) assist in the administration of this Chapter 11 proceeding; (ii) prepare or review operating reports; (iii) set a bar date; (iv) file a motion for financing; (v) review claims and resolve claims which should be disallowed; (vi) defend lift stay motions (vii) assist in drafting a plan of reorganization including all exhibits and schedules thereto, and confirming a Chapter 11 plan; and (viii) all other services necessary to confirm a plan in bankruptcy or defend the bankruptcy. The firm's hourly rates are: Attorney $475 to $550 Paralegal $250 In addition, the firm will seek reimbursement for expenses incurred. The firm also received a retainer of $15,000. H. Bruce Bronson, Esq., a partner at Bronson Law Offices 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 through: H. Bruce Bronson, Esq. Bronson Law Offices, PC 480 Mamaroneck Ave. Harrison, NY 10528 Telephone: (914) 269-2530 Facsimile: (888) 908-6906 Email: hbbronson@bronsonlaw.net About Hook Road LLC Hook Road LLC is a real estate lessor, owns the property at 20 Hook Road in Bedford, New York, which the Debtor estimates to be worth $1.31 million, based on a broker's price opinion. Hook Road LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22460) on May 27, 2025. In its petition, the Debtor reports total assets of $1,313,000 and estimated Liabilities: $601,000. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtors are represented by H Bruce Bronson, Esq. at BRONSON LAW OFFICES PC. HUDSON PACIFIC: Moody's Alters Outlook on 'B2' CFR to Stable ------------------------------------------------------------ Moody's Ratings affirmed Hudson Pacific Properties, Inc.'s B2 Corporate Family Rating. In the same rating action, Moody's affirmed Hudson Pacific Properties, L.P.'s (the primary operating subsidiary of Hudson Pacific Properties, Inc., collectively referred to as "Hudson Pacific' or 'the REIT') B2 backed senior unsecured debt rating and (P)B2 backed senior unsecured shelf rating. Moody's also affirmed Hudson Pacific Properties, Inc.'s Caa1 preferred stock rating and its (P)Caa1 preferred stock shelf rating. The outlook for both Hudson Pacific Properties, Inc.'s and Hudson Pacific was changed to stable from negative. The affirmations reflect Moody's expectations that Hudson Pacific's office portfolio occupancy will increase meaningfully over the next 12-18 months because of higher leasing volume. Another important consideration is the REIT's improved liquidity position following the repayment and refinancing of 2025 maturities and the extension of its revolver expiration to 2029, albeit with lower capacity after year-end 2026. The stable outlook reflects Moody's expectations that Hudson Pacific will continue to report strong office leasing volumes, with low single digit declines in cash rents or better. The outlook also incorporates Moody's views that growth in income will lead to improvement in the REIT's leverage and EBITDA/Interest Expense ratios over the next 4-6 quarters. RATINGS RATIONALE Hudson Pacific's B2 CFR reflects several credit challenges including its weak office operating metrics, uncertain demand for its studio assets, elevated net debt to EBITDA, weak EBITDA/interest expense and significant geographic and tenant sector concentrations. The rating also considers the improved leasing conditions in San Francisco, the REIT's largest market, and long track record in the studio segment. In the last four quarters, the REIT's cash same-store net operating income from the office segment declined by 13% because of the lower portfolio occupancy and a 2.4% reduction in weighted average rent per square foot. Despite leasing 2.2 million square feet in the same period, about 15.5% of its aggregate portfolio, Hudson Pacific's portfolio occupancy declined by 360 bps because of elevated lease expirations and the time lag between lease signing and tenant occupancy in the office segment. To the extent, the REIT can maintain leasing volumes at 80% of its last 4-quarter average or better, its portfolio lease rate will improve to the low 80% level by the middle of 2026 because of lower expirations. Hudson Pacific owns four studio properties that were 63.6% leased at the end of the second quarter of 2025. Slow recovery in production volume following the multiple strikes and the union negotiations in 2023 and 2024, process efficiencies and production shifting to new locations have been significant operating challenges for the REIT's Los Angeles centered media portfolio. Moody's expects modest growth in income contribution from this segment over the next few quarters. Moody's expects that Hudson Pacific's net debt to EBITDA ratio will improve to 12.0x over the next 4-6 quarters from 12.6x at the end of the second quarter 2025. Simultaneously, its fixed charge coverage will increase by 15-30 bps from the current level of 1.3x. Hudson Pacific's SGL-3 rating reflects Moody's assessments that it has adequate liquidity to meet its near-term capital needs that would be primarily related to its leasing activity. The recently announced amendment and extension of its unsecured revolving credit facility provides stability to the REIT's liquidity position, however the size of the line declines by 40% after year-end 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade would require improvement in the REIT's liquidity, portfolio occupancy in the low 80% range and same-store NOI growth. Maintaining net debt to EBITDA below 11x and fixed charge coverage above 1.6x on a consistent basis would also be necessary for a ratings upgrade. Hudson Pacific's ratings could be downgraded if its liquidity position weakens or if operating metrics such as portfolio occupancy and same-store NOI growth continue to deteriorate. Increased leverage or fixed charge coverage remaining below 1.4x could also result in a downgrade. The principal methodology used in these ratings was REITs and Other Commercial Real Estate Firms published in May 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Hudson Pacific Properties, Inc. is a publicly traded real estate investment trust (REIT) that owns 42 in-service office properties and 4 studio assets in select West Coast markets and Western Canada. The REIT reported total assets of $8.1 billion, on a GAAP basis, at the end of the second quarter of 2025. I V SUPPORT: Gets Final OK to Use Cash Collateral ------------------------------------------------- I V Support Systems, Inc. received final approval from the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to use cash collateral of the U.S. Small Business Administration. The final order authorized the Debtor to use all cash collateral through November 7, pursuant to its supplemental budget. As adequate protection for the Debtor's use of its cash collateral, SBA will receive cash payments and a replacement lien (matching its pre-bankruptcy lien's extent, validity and priority) on assets of the Debtor. The replacement lien does not apply to avoidance claims and their proceeds. The court also waived the 14-day stay under Rule 6004(h), allowing the Debtor to immediately proceed with the use of cash collateral. About I V Support Systems, Inc. I V Support Systems, Inc. specializes in the repair, maintenance, and sale of biomedical equipment. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 8:25-bk-12139-MH) on July 31, 2025. In the petition signed by George Davis, CEO, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Aaron E. de Leest, Esq., at Marshack Hays Wood LLP, represents the Debtor as legal counsel. ICORECONNECT INC: Seeks to Hire Berger Singerman LLP as Counsel --------------------------------------------------------------- Icoreconnect Inc. and iCore Midco Inc. seek approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Berger Singerman LLP as counsel. The firm will render these services: (a) give advice to the Debtor with respect to its powers and duties as a debtor-in-possession and the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) prepare motions, pleadings, draft orders, applications, adversary proceedings, and other legal documents necessary for the efficient administration of this case; (d) protect the interests of the Debtor in all matters pending before the Court; and (e) represent the Debtor in negotiations with its creditors and in the preparation of a plan. The firm will be paid at these rates: Attorneys $450 to $925 per hour Of Counsel & Associate Attorneys $450 to $675 per hour Legal Assistants/Paralegals $125 to $425 per hour In addition, the firm will seek reimbursement for expenses incurred. Amy Denton Mayer, Esq., a partner at Berger Singerman, 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: Amy Denton Mayer, Esq. BERGER SINGERMAN LLP 101 E Kennedy Blvd Suite 1165 Tampa, FL 33602 Phone: (813) 498-3400 Fax: (813) 527-37052 Email: amayer@bergersingerman.com About iCoreConnect Inc. iCoreConnect Inc. provides cloud-based software solutions for the healthcare sector across the United States. Its SaaS offerings support functions such as ePrescribing, insurance verification, claims management, analytics, and HIPAA-compliant communication and backup. The company is headquartered in Ocoee, Florida. iCoreConnect and iCore Midco Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 25-03390) on June 2, 2025. In its petition, iCoreConnect reported between $1 million and $10 million in both assets and liabilities. Judge Grace E. Robson handles the cases. The Debtors tapped Amy Denton Mayer, Esq., at Stichter, Riedel, Blain & Postler, PA as bankruptcy counsel and Bhavsar Law Group, PA as special immigration counsel. IMMACULATE WINKS: Ruediger Mueller Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Ruediger Mueller of TCMI, Inc. as Subchapter V trustee for Immaculate Winks, LLC. Mr. Mueller 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. Mueller declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Ruediger Mueller TCMI, Inc. 1112 Watson Court Reunion, FL 34747 Telephone: (678) 863-0473 Facsimile: (407) 540-9306 Email: truste@tcmius.com About Immaculate Winks Immaculate Winks, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06837) on September 18, 2025, with $500,001 to $1 million in assets and liabilities. Judge Catherine Peek Mcewen presides over the case. Andrew J. Wit, Esq., represents the Debtor as legal counsel. INNOVATIVE DESIGNS: Posts Net Income of $62,436 in Fiscal Q3 ------------------------------------------------------------ Innovative Designs, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $62,436 for the three months ended July 31, 2025, compared to a net loss of $59,083 for the three months ended July 31, 2024. Total revenue for the three months ended July 31, 2025, was $612,636, compared to a revenue of $278,279 for the same period in 2024. For the nine months ended July 31, 2025, the Company reported a net income of $302,853, compared to a net loss of $100,247 for the same period in 2024. Total revenue for the six months ended July 31, 2025, was $1.95 million, compared to a revenue of $644,497 for the same period in 2024. As of July 31, 2025, the Company had $2.10 million in total assets, $236,763 in total liabilities, and $1.87 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yw2x86jk About Innovative Designs Headquartered in Pittsburgh, Pennsylvania, Innovative Designs, Inc., operates in two separate business segments: a house wrap for the building construction industry and cold weather clothing. Both of the Company's segment lines use products made from Insultex, which is a low-density polyethylene semi-crystalline, closed cell foam in which the cells are totally evacuated, with buoyancy, scent block, and thermal resistant properties. The Company also offers a product that helps restore the waterproof character of the outer side of its Arctic Armor clothing. In addition, the Company offers cold weather headgear and base insulation clothing product. Asesoria Global, S.A., the Company's auditor based in Guatemala City, Guatemala, issued a 'going concern' qualification in its report dated Feb. 19, 2025, attached in the Company's Form 10-K Report for the year ended Oct. 31, 2024. The report cited that, due to accumulated losses and the risks tied with the Company's heavy reliance on two customers for sales, the Company is evaluating its ability to continue as a going concern. IRON HORSE: Taps Christopher Quinn of Quinn & Associates as CRO --------------------------------------------------------------- Iron Horse Chemicals LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Quinn & Associates LLC as financial advisor and designate Christopher Quinn as chief restructuring officer. The CRO's services include: a) providing advisory services to assist Debtor with evaluation of restructuring alternatives, including asset and enterprise sales; and b) providing advisory services to support implementation of decisions by the Debtor with regard to the selected restructuring approach; c) investigating and preparing the Debtor's go-forward business and restructuring strategies; d) directing and conferring with all retained estate professionals, including Q&A as financial advisor and the Debtor's legal counsel; e) retaining additional estate professionals, as the CRO deems advisable in furtherance of the Debtor's objectives in the Chapter 11 Case, subject to the requirements of the Bankruptcy Code and Bankruptcy Rules; f) preparing the statement of financial affairs, schedules, first day motions and other regular motions and reports required by the Court or which Debtor is otherwise obligated to prepare and provide; g) negotiating the terms of any debtor-in-possession financing or agreement regarding the use of cash collateral on behalf of the Debtor; h) communicating with parties in interest or creditors of the Debtor and meeting with representatives of such constituencies; i) reviewing payments or transfers by or for the benefit of the Debtor to ensure compliance with the Bankruptcy Code and applicable orders of the Court; j) formulating and prosecuting of any plan of reorganization or liquidation for the Debtor or, if necessary, negotiating bidding procedures and advising the Debtor on the terms of any proposed sale of the Debtor's assets; k) providing expert advice and testimony regarding financial matters related to, including, among other things, the feasibility of any proposed plan of reorganization; l) taking any and all other actions that are necessary or appropriate to manage and operate the Debtor pursuant to the Engagement Agreement, the Bankruptcy Code, and applicable orders of the Court. The firm's services include: a) assisting the Debtor and CRO in the preparation and review of reports or filings as required by the Court or the U.S. Trustee, including, but not limited to, schedules of assets and liabilities, statement of financial affairs, and monthly operating reports; b) reviewing the Debtor's financial information, including, but not limited to, analyses of cash receipts and disbursements, financial statement items and proposed transactions for which Court approval is sought; c) reviewing and analyzing the Debtor's proposed business plans and the business and financial condition of the Debtor generally; d) assisting the Debtor and CRO in the preparation and review of necessary budgets and reports regarding cash collateral and any debtor-in-possession financing arrangements; e) reviewing and consulting with the Debtor and CRO regarding any maintenance proposals or capital expenditure opportunities proposed by the Debtor; f) reviewing and analyzing assumption and rejection issues regarding executory contracts and leases; g) assisting in evaluating reorganization strategy and alternatives available, including any asset sale transaction; h) assisting the Debtor and CRO in the preparation and review of enterprise, asset, and liquidation valuations; i) assisting the Debtor and CRO in the preparation and review of documents necessary for confirmation of any plan, proposed asset sales, and proposed use of cash and/or financing; j) assisting and advising the Debtor in negotiations and meetings with creditors and other parties-in-interest; k) assisting with the claims resolution procedures including, but not limited to, analyses of creditors' claims by type and entity; l) providing expert witness testimony regarding confirmation and/or transactional issues, avoidance actions or other matters; and m) other such functions as requested by the Debtor to assist in the Chapter 11 Case. Christopher Quinn, the primary consultant in this representation and the president of Quinn & Associates, will be compensated on a reduced hourly rate of $450. The firm received an initial retainer from the Debtor on July 28, 2025 in the amount of $20,000 and a second retainer on August 11, 2025 in the amount of $7,515. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Quinn 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: Christopher Quinn Quinn & Associates, LLC 26414 Cottage Cypress Ln. Cypress, TX 77433 About Iron Horse Chemicals LLC Iron Horse Chemicals, LLC manufactures and supplies industrial and specialty chemicals primarily for the oil and gas industry, offering products such as corrosion inhibitors, scale inhibitors, demulsifiers, surfactants, and enhanced oil recovery agents. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90304) on August 12, 2025. In the petition signed by Darryl Wiebe, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Christopher Adams, Esq., at OKIN ADAMS BARTLETT CURRY LLP, represents the Debtor as legal counsel. JM GROVE: Seeks to Hire Vogel & Associates as Accountant -------------------------------------------------------- JM Grove, LLC filed an amended application seeking approval from the U.S. Bankruptcy Court for the District of Kansas to employ Vogel & Associates as accountant. The firm will prepare its federal and state corporate income tax returns, for preparation and compilation of financial and accounting, bookkeeping, and consulting services as requested. Vogel & Associates charges an hourly rate of $250. Dale Vogel, president at Vogel & Associates, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Dale Vogel Vogel & Associates, Inc. PO Box 652 Clinton, MO 64735 About JM Grove, LLC JM Grove, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-20111) on February 4, 2025, listing between $50,001 and $100,000 in assets and between $100,001 and $500,000 in liabilities. Jordan Grove, a member of JM Grove, signed the petition. Judge Dale L. Somers oversees the case. Colin Gotham, Esq., at Evans & Mullinix, P.A., represents the Debtor as legal counsel. JMC UNIT 1: Unsecured Creditors to Split $8K in Plan ---------------------------------------------------- JMC Unit 1, LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Plan of Reorganization dated September 15, 2025. The Debtor owns and operates a "WaveMax Coin Laundry" franchise (the "Coin Laundry") in the Hialeah area. The Plan Proponent's financial projections show that the Debtor will have sufficient projected disposable income to make all payments under the Plan. The final Plan payment is expected to be paid on or before the expiration of 36 months from the Effective Date and will be funded primarily from the Mortgage Refi. This Plan proposes to pay Allowed Claims no less than the value of JMC's projected Net Disposable Income for a period of no less than 36 months. The Plan provides for 4 Classes of creditor claims (including priority, secured, and unsecured) and one Class of Equity interests. Class 3 consists of Allowed General Unsecured Claims. The Reorganized Debtor will make pro rata distributions in the amount of $2,000 every six months beginning om month 13 of the Plan through the term of the Plan for a total payout to Class 3 in the amount of $8,000. Class 3 is Impaired and entitled to vote. Class 4 consists of interest of JMC Family Holdings, Inc. in JMC Unit 1, LLC. On the Effective Date, the Equity Interests will be retained in the same amounts and character as they were held prior to the Petition Date. Class 4 is deemed to accept and not entitled to vote. The Plan proposes to pay Allowed Claims to be paid under the Plan via a plan fund consisting of: (i) no less than its projected net disposable income for a period of 36 months after payment of all ordinary expenses (the "Projected Net Disposable Income") and (ii) the proceeds of the Mortgage Refi. In this case, the Debtor does not anticipate any Net Projected Disposable Income, such that the Mortgage Refi is material to the Reorganized Debtor's ability to fund the Plan and make a distribution to Class 3. A full-text copy of the Plan of Reorganization dated September 15, 2025 is available at https://urlcurt.com/u?l=tvMr6m from PacerMonitor.com at no charge. Counsel to the Debtor: Jacqueline Calderin, Esq. Agentis PLLC 45 Almeria Avenue Coral Gables, FL 33134 Tel: (305) 722-2002 E-mail: jc@agentislaw.com About JMC Unit 1 LLC JMC Unit 1, LLC, doing business as WaveMAX Hialeah, operates a full-service laundromat in Hialeah, Florida, providing self service laundry, wash-dry-fold, dry cleaning, and scheduled pickup and delivery services. The Company also offers commercial laundry solutions to businesses including colleges, health clubs, medical offices, country clubs, Airbnb rentals, and salons. Its operations emphasize modern equipment, customer convenience, and rapid turnaround. JMC Unit 1 sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19413) on August 14, 2025, listing up to $1 million in assets and up to $10 million in liabilities. John Cooper, president and authorized representative of JMC Unit 1, signed the petition. Jacqueline Calderin, Esq., at Agentis PLLC, represents the Debtor as legal counsel. JMKA LLC: Court Extends Cash Collateral Access to Oct. 17 --------------------------------------------------------- JMKA, LLC received ninth interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use the cash collateral of its secured lenders through October 17. The ninth interim order, signed by Judge David Cleary, authorized the use of cash collateral to pay the expenses set forth in the Debtor's budget. The lenders include the U.S. Small Business Administration, BayFirst National Bank, Funding Circle, Transportation Alliance Bank, Ameris Bank, Cashfloit LLC, and Funders App, LLC. These lenders assert security interests in all assets of the Debtor, including cash, bank deposits and accounts receivable, which constitute their cash collateral. The Debtor was ordered to provide the secured lenders with protection in the form of replacement liens on its assets to the same extent and with the same priority and validity as their pre-bankruptcy liens. The next hearing is set for October 15. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/dvw7y from PacerMonitor.com. About JMKA LLC JMKA, LLC is a boutique childcare center in downtown Elmhurst, Ill. It operates as Elmhurst Premier Childcare. JMKA filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-00036) on January 3, 2025, with up to $50,000 in assets and up to $10 million in liabilities. Judge David D. Cleary oversees the case. Ben L. Schneider, Esq., at The Law Offices of Schneider & Stone is the Debtor's bankruptcy counsel. Ameris Bank, as secured lender, is represented by: Jillian S. Cole, Esq. Taft Stettinius & Hollister, LLP 111 E. Wacker Drive, Suite 2600 Chicago, IL 60601 (312) 836-4019 jcole@taftlaw.com Cashfloit LLC, as secured lender, is represented by: Fred S. Kantrow, Esq. The Kantrow Law Group, PLLC 732 Smithtown Bypass, Suite 101 Smithtown, NY 11787 (516)703-3672 fkantrow@thekantrowlawgroup.com JMS CAPITAL: To Sell 300 E. Lombard Tower in Receivership --------------------------------------------------------- Melody Simmons of Baltimore Business Journal reports that the 19-story office tower at 300 E. Lombard Street in downtown Baltimore is headed for a receivership sale at just $6.5 million, a fraction of the $38.3 million it sold for a decade ago. The property slipped into receivership after falling behind on loan obligations and suffering from persistently high vacancy rates, according to the report. Court filings show the sale will proceed through the U.S. Bankruptcy Court, with the tower encumbered by a troubled CMBS loan of nearly $23 million. The building’s sharply reduced valuation highlights both its own financial struggles and the wider downturn affecting urban office markets. Market observers point to the Lombard Street sale as part of a nationwide pattern of distressed transactions in the office sector. With many downtown towers facing weak leasing demand and declining fundamentals, properties once considered prime assets are now being sold at deep discounts, the report states. About JMS Capital Group JMS operates a real estate division focused on acquiring, leasing, and managing commercial properties across the United States. KARBONX CORP: Reports FY2025 Net Loss of $7.05M on $3.16M Revenue ----------------------------------------------------------------- Karbon-X Corp. 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 $7.05 million and $2.74 million in fiscal 2025 and 2024, respectively. Total revenue for the year ended May 31, 2025, was $3.16 million, as compared with $412,057 for the year prior. As of May 31, 2025, the Company had total assets of $6.78 million, $8.15 million in total liabilities, and $1.37 million in total shareholders' deficit. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated September 15, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2025, citing that the Company has generated minimal revenues from its business operations and has incurred operating losses since inception. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on raising capital to fund its initial business plan and ultimately to attain profitable operations. Accordingly, Company intends to continue to fund its business by way of private placements and advances from related parties as may be required. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/yhwfsndn About Karbon-X Calgary, Canada-based Karbon-X Corp. provides customized transactional options, tailored insights, and scalable access to the Verified Emissions Reduction markets. KP HOME: Seeks to Hire Gary S. Poretsky as Bankruptcy Counsel ------------------------------------------------------------- KP Home Flippers LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire The Law Offices of Gary S. Poretsky, LLC as bankruptcy counsel. The firm will provide these services: (a) advise the Debtor of its rights, powers and duties; (b) advise the Debtor regarding matters of bankruptcy law; (c) represent the Debtor in proceedings and hearings in this court; (d) review the nature and validity of liens asserted against the property of the Debtor and advise it of enforceability of such liens; (e) prepare on behalf of Debtor all necessary and appropriate applications, motions, pleadings, drafter orders, notices, and other documents, and review all financial and other reports to be filed in the its chapter 11 case; (f) advise the Debtor concerning, and prepare responses to, legal papers that may be filed and served in the Debtor's Chapter 11 case; and (g) perform all other legal services for and on behalf of the Debtor that may be necessary or appropriate in the administration of the its Chapter 11 case. The firm's attorneys will be billed at $475 per hour plus expenses. Gary Poretsky, Esq., an attorney at the firm, 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: Gary S. Poretsky, Esq. The Law Offices of Gary S. Poretsky, LLC 6 Church Lane Pikesville, MD 21208 Telephone: (443) 738-5432 Email: gary@plgmd.com About KP Home Flippers LLC KP Home Flippers LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 25-17650) on August 21, 2025, listing up to $50,000 in both assets and liabilities. The petition was signed by Kelvin Peterson, owner. Gary S Poretsky, Esq. of The Law Offices of Gary S Poretsky, LLC represents the Debtor as counsel. KRONOS ACQUISITION: Moody's Cuts CFR to 'Caa1', Outlook Stable -------------------------------------------------------------- Moody's Ratings has downgraded Kronos Acquisition Holdings Inc.'s ("Kronos") corporate family rating to Caa1 from B3 and its probability of default rating to Caa1-PD from B3-PD. Moody's also downgraded Kronos' senior secured first lien notes and backed senior secured first lien term loan to B3 from B2 and downgraded its senior unsecured notes to Caa3 from Caa2. The outlook is changed to stable from negative. "The downgrade reflects the 12 month delay and increased capital investment to complete the relocation of its pool product facility in Conyers, Georgia which will result in negative free cash flow, leading to elevated financial leverage and tight liquidity until mid-2027." said Moody's Ratings analyst Dion Bate. RATINGS RATIONALE The downgrade of the Caa1 CFR reflects the higher operating costs that will extend until Q1 2027 (beyond Moody's initial expectation of Q1 2026) and increased capital investment related to the relocation of its Conyers facility in Georgia. Combined with expectations of a higher asset-based lending (ABL) drawdowns, debt/EBITDA is expected to remain around 9.5x in 2026 and only start improving in 2027. Liquidity will be tight over the next 12 months, despite insurance proceeds, and will likely require financing to cover increased capex of the new facility, which rose from $50 million to an estimated $80 to $100 million. In addition, cash flows over the next 18 months are further at risk to wet and cooler weather conditions impacting demand, litigation costs and regulatory penalties. Governance is a key driver for this rating action reflecting the delayed relocation of its Conyers facility resulting in elevated financial leverage and weaker liquidity. Kronos is constrained by: (1) the longer time to relocate its Conyers facility leading to higher operating costs that will extend until Q1 2027 (beyond Moody's initial expectations of Q1 2026) and higher capital investment resulting in negative free cash flow, higher debt burden and elevated financial leverage, (2) low organic growth in mature markets and product categories, (3) limited product diversity across two product categories, and (4) Kronos' controlled ownership by affiliates of Centerbridge Partners, L.P., which has a history of aggressive financial policies that are more favorable to shareholders. Kronos benefits from: (1) its moderate scale with revenue of $1.5 billion, (2) good brand recognition with a sizable share of the US private label bleach market and good market positions in swimming pool additives, and (3) relatively high normalized (excluding Conyers facility impact) EBITDA margins of around 20%. The stable outlook reflects Moody's expectations that Kronos will be able to complete the relocation of the Conyers facility by Q1 2027, and ensure it is able to maintain sufficient liquidity to fund its seasonal working capital needs and the higher capital investment. Kronos has weak liquidity over the next four quarters to September 2026 with sources approximating $144 million while the company has uses of $129 million. Sources of liquidity include cash of around $71 million at July 05, 2025 and the $72.5 million availability ($218 million borrowing base less $28 million letters of credit, $95 million drawn and $22.5 million minimum to avoid the covenant test) under its $325 million of asset-based lending (ABL) revolver expiring November 2027. Moody's have not assumed additional debt to help fund the higher capital investment, primarily related to its new site. Uses reflect $9.25 million term loan amortization and Moody's free cash flow consumption estimate of around $120 million through September 2026. Kronos does not have to comply with any financial covenants unless ABL availability falls below the greater of $22.5 million or 10% of the borrowing base, which mandates compliance with a minimum fixed charge coverage ratio of 1x. While Moody's do not expect this covenant to be applicable in the next four quarters, the covenant is in breach if tested. Kronos has limited ability to generate liquidity from asset sales because its assets are encumbered. Kronos' debt structure has three classes of debt: (1) an unrated $325 million asset backed lending (ABL) revolver, which benefits from a first priority lien on accounts receivable and inventory and a second priority lien on PP&E, (2) B3 rated $925 million senior secured first lien term loan due 2031 and B3 rated $550 million senior secured first lien notes, which rank below the revolver as they have second priority liens on accounts receivable and inventory and first priority liens on PP&E, and benefit from loss absorption cushion provided by the senior unsecured notes, and (3) Caa3 rated $450 million senior unsecured notes, which are subordinated to the first lien facilities. All three classes of debt are guaranteed by all material US operating subsidiaries. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if management successfully executes on the relocation of its Conyers facility such that EBITDA margins revert back to historical levels, adjusted Debt/EBITDA trends below 7x, and liquidity improves with positive free cash flow. The ratings could be downgraded if the relocation of the Conyers facility is delayed further or operating performance does not improve such that adjusted Debt/EBITDA remains elevated, or liquidity deteriorates due to sustained negative free cash flow or inability to extend its ABL well ahead of its expiry. The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Kronos (doing business as KIK Consumer Products) is headquartered in Concord, Ontario, Canada and operates in two separate businesses segments — (1) Household — a manufacturer of US private label bleach and cleaning products; and (2) Pool — a manufacturer of pool and spa water treatment products. Kronos is owned by affiliates of Centerbridge Partners, L.P., a private equity firm, and minority investors. KRT INC: Amends Caterpillar Financial Secured Claim Pay ------------------------------------------------------- KRT, Inc. submitted a First Amended Disclosure Statement describing First Amended Plan dated September 16, 2025. General unsecured non-priority creditors are classified in Classes 7 and 8 and will receive a distribution of 100% of their allowed claims. Class 7 (administrative convenience claims) will be paid within 30 days of the Effective Date and Class 8 claims will be paid in monthly installments over a period of five years) at the federal judgment rate of interest. Class 2 consists of the Secured claim of Caterpillar Financial Services Corporation. This Class shall receive a monthly payment of $28,541.91 (est.- may be adjusted to account for both post petition fees and interest and credit for adequate protection payments). Payments will begin within 30 days of the Effective Date and will end after 60 months. The allowed secured amount total $1,441,767.68. The Amended Disclosure Statement does not alter the proposed treatment for unsecured creditors and the equity holder: * Class # 7 consists of Unsecured non-priority claims with a face amount of less than $1,000.00. These total $1,330.26. This Class shall be paid in full in cash within 30 days of the effective date of the Plan. This Class is impaired. * Class # 8 consists of General Unsecured Non-priority Claims. These claims nominally total $603,287.26. KRT reserves the right to dispute one or more of these unsecured nonpriority claims and the monthly payment, calculated on the entire face value, is a maximum estimate only. This Class shall receive a monthly payment of $11,118.62 with 4.03% federal judgment rate for 60 months. This Class will receive a distribution of 100% of their allowed claims. This Class is impaired. * Class #9 consists of Equity interest holders Kevin and Laurie Ringdahl, holding 100% of the shares of KRT, Inc. as husband and wife. Existing equity owners' shares will be canceled. New shares in the reorganized entity will be issued to KRT Construction, LLC for new value contributed. Payments under the Plan will be made from revenue from operations and from a capital contribution from KRT Construction, LLC in the amount of $25,000.00. A full-text copy of the First Amended Disclosure Statement dated September 16, 2025 is available at https://urlcurt.com/u?l=rTLGYW from PacerMonitor.com at no charge. Counsel to the Debtor: Clark Stith, Esq. 505 Broadway Rock Springs, WY 82901 Tel: (307) 382-5565 Fax: (307) 382-5552 Email: clarkstith@wyolawyers.com About KRT Inc. KRT Inc. operates within the specialized freight trucking industry. KRT Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Wyo. Case No. 25-20036) on February 7, 2025. In its petition, the Debtor reports total assets of $6,382,948 and total liabilities of $7,272,774. Honorable Bankruptcy Judge Cathleen D. Parker handles the case. The Debtor is represented by Clark D. Stith, Esq. at CLARK D. STITH. KULANA HALE: Seeks Cash Collateral Access ----------------------------------------- Kulana Hale, LLC asks the U.S. Bankruptcy Court for the Southern District of New York for authority to use cash collateral. The cash collateral in question belongs to two pre-petition secured creditors: Bank of Hawaii, the first lienholder, and the Mahoney Group, which holds a subordinate lien. The Debtor requests authority to use the cash collateral in accordance with an attached budget (covering September through November) to fund operating expenses and continue managing its apartment building, and also seeks to schedule a final hearing to approve continued use of the cash collateral. As proposed, the Debtor would provide adequate protection to both secured creditors through replacement liens on all post-petition assets (excluding Chapter 5 recoveries and subject to a carveout) and by making monthly payments. The replacement liens granted as adequate protection are subject to a limited carveout for allowed professional fees, certain Chapter 5 recoveries, and trustee fees, with caps of $50,000 where applicable. Bank of Hawaii would receive monthly payments at the non-default contract rate that was in effect pre-petition. The Mahoney Group would receive monthly interest payments at 3.56% on $10 million (due 2029), and 5% on a $1.5 million obligation that came due on September 1. The use of cash collateral would terminate upon the earliest of: 91 days from the petition date; entry of a final or further interim order; or the occurrence of a termination event, including dismissal or conversion of the case, appointment of a trustee or examiner with expanded powers, invalidation of the interim order, material default by Debtor, budget variances above 15% without business justification, or the filing of a lien or claim challenge. If a termination event occurs and is not cured within 10 business days of written notice, any secured creditor may seek court approval on seven days' notice to lift the automatic stay and pursue remedies, including foreclosure or setoff. The proposed interim order expressly does not constitute an acknowledgment by Debtor as to the validity or amount of the secured creditors' claims or liens. The Debtor filed for Chapter 11 protection on September 12 to avoid a potential receivership that could negatively impact the tenants and operations of its 176-unit affordable housing building, which primarily serves low-income seniors, many of whom use Section 8 vouchers, receive SNAP benefits, or are formerly homeless veterans. The property, originally developed in 1997 using Low Income Housing Tax Credits, is managed by Hawaii Affordable Properties Inc. and currently generates positive cash flow. The Debtor intends to preserve the building's affordable housing purpose and does not wish to convert it into market-rate condominiums, despite such a conversion potentially raising its value from $40–45 million to as much as $70 million. Bank of Hawaii holds a first mortgage with a balance of approximately $18.156 million, and all payments are current. The Mahoney Group became a secured creditor through a $15 million settlement agreement in 2022 related to a dispute among the property's former partners. That settlement included a series of payments and promissory notes, all of which were secured by a second mortgage. Payments have been made timely through August 2025, but the Debtor lacks the liquidity to make a $1.5 million payment due in September 2025. The Mahoney Group refused to consent to subordinate financing, prompting the Chapter 11 filing to prevent default-related action such as receivership. The Debtor believes the property has $10–$15 million in equity, providing more than sufficient value to protect the interests of both secured creditors. It intends to continue making adequate protection payments during the case and may explore a sale to a developer familiar with LIHTC to maintain the building's affordability. The Debtor currently holds approximately $250,000 in cash and needs access to cash collateral to cover payroll, insurance, utilities, and other post-petition operating expenses. Bank of Hawaii is represented by: Johnathan C. Bolton, Esq. Goodsill Anderson Quinn & Stifel LLP 999 Bishop Street, Suite 1600 First Hawaiian Tower Honolulu, HI 96813 Telephone: (808) 547-5854 Facsimile: (808) 547-5650 jbolton@goodsill.com About Kulana Hale LLC Kulana Hale, LLC classified itself as a single-asset real estate debtor, under the definition set forth in 11 U.S.C. Section 101(51B). Kulana Hale sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11990) on September 12, 2025. In its petition, the Debtor reported total assets of $45,256,000 and total liabilities of $36,558,368. Honorable Bankruptcy Judge Philip Bentley handles the case. The Debtor is represented by Lewis W. Siegel, Esq. LAFLEUR NURSERIES: Court Extends Cash Collateral Access to Nov. 4 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, issued a third preliminary order authorizing Lafleur Nurseries and Garden Center, LLC's use of cash collateral through November 4. The third preliminary order signed by Judge Lori Vaughan authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by BankUnited, N.A., a senior creditor. The Debtor projects total operational expenses of $483,300 for the period from September to November. As adequate protection, BankUnited and other creditors with a lien or security interest in the cash collateral will be granted a perfected post-petition replacement lien on the cash collateral to the same extent and with the same priority and validity as their pre-bankruptcy liens. In addition, the Debtor was ordered to keep its property insured in accordance with its loan agreements with secured creditors. The next hearing is scheduled for November 4. About Lafleur Nurseries and Garden Center LLC Lafleur Nurseries and Garden Center, LLC operates a retail garden center in Sanford, Florida. It offers a wide selection of plants, trees, and landscaping materials, and provides related services such as landscape design, installation, and irrigation system support. Lafleur sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03734) on June 17, 2025. In its petition, the Debtor reported total assets of $568,637 and total liabilities of $3,283,410. Judge Lori V. Vaughan handles the case. The Debtor is represented by Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC. LAFLEUR NURSERIES: Unsecureds Will Get $76,500 over 3 Years ----------------------------------------------------------- Lafleur Nurseries and Garden Center, LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated September 15, 2025. The Debtor provides design, installation, and maintenance landscaping services in the Central Florida area specializing in residential, commercial and government projects. Installation contracts vary in length but are typically for periods of less than one year. The Debtor also is a wholesale and retail garden center that sells landscape and lawn supplies and ornamentals. In 2023, the Debtor had $8,515,822.00 in gross revenues; in 2024, the Debtor had $6,875,131.00 in gross revenues; and year-to-date in 2025, the Debtor has had $1,949,685.00 in gross revenues. The Debtor's projected disposable income is $76,087.00. The Plan provides for: 7 classes of secured claims; 1 class of unsecured claims; and 1 class of equity security (i.e., membership interest) holders. Class 8 consists of the Allowed Unsecured Claims against the Debtor. This Class is Impaired. * Consensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Accordingly, the Debtor proposes to pay unsecured creditors a pro rata portion of $76,500.00. The Reorganized Debtor shall pay said amount in equal quarterly payments of $6,375.00 and shall be disbursed pro rata to the holders of Allowed General Unsecured Claims. Payments shall commence on the fifteenth day of the month, on the first month that begins more than fourteen days after the Effective Date and shall continue quarterly for eleven additional quarters. Pursuant to Section 1191 of the Bankruptcy Code, the value to be distributed to unsecured creditors is greater than the Debtor's projected disposable income to be received in the 3-year period beginning on the date that the first payment is due under the plan. * Nonconsensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Accordingly, Debtor proposes to pay unsecured creditors a pro rata portion of its projected Disposable Income, $76,087.00. If the Debtor remains in possession, plan payments shall include the Subchapter V Trustee's administrative fee which will be billed hourly at the Subchapter V Trustee's then current allowable blended rate. Plan Payments shall commence on the first month following the Effective Date, and shall continue quarterly for eleven additional quarters. The quarterly payment shall be $6,340.58. The Plan contemplates that the Reorganized Debtor will continue to operate the Debtor's business. Except as explicitly set forth in this Plan, all cash in excess of operating expenses generated from operation until the Effective Date will be used for Plan Payments or Plan implementation, cash on hand as of Confirmation shall be available for Administrative Expenses. A full-text copy of the Plan of Reorganization dated September 15, 2025 is available at https://urlcurt.com/u?l=LsmAI2 from PacerMonitor.com at no charge. The Debtor's Counsel: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 E-mail: jeff@bransonlaw.com About Lafleur Nurseries and Garden Center LLC Lafleur Nurseries and Garden Center, LLC operates a retail garden center in Sanford, Florida. It offers a wide selection of plants, trees, and landscaping materials, and provides related services such as landscape design, installation, and irrigation system support. Lafleur sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03734) on June 17, 2025. In its petition, the Debtor reported total assets of $568,637 and total liabilities of $3,283,410. Judge Lori V. Vaughan handles the case. The Debtor is represented by Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC. LAREDO OIL: Reports FY2025 Net Loss of $3.18M on $9,423 Revenue --------------------------------------------------------------- Laredo Oil, 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 $3.18 million and $2.87 million in fiscal 2025 and 2024, respectively. Total revenue for the year ended May 31, 2025, was $9,423, as compared with $36,482 for the year prior. As of May 31, 2025, the Company had total assets of $1.45 million, $14.02 million in total liabilities, and $12.57 million in total shareholders' deficit. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated September 15, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2025, 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. The Company's management has undertaken steps as part of a plan to improve operations with the goal of sustaining operations for the next twelve months and beyond. These steps include an ongoing effort to: (a) controlling overhead and expenses; (b) raising funds connected with specific well development; and (c) raising funds through notes payable and convertible debt to expand and fund property acquisitions exploration and development as well as maintaining operations. The Company has worked to attract and retain key personnel with significant experience in the industry. At the same time, to control costs, the Company has required several of its personnel to multi-task and cover a wider range of responsibilities to manage the Company's headcount. There can be no assurance that the Company can successfully accomplish these steps and it is uncertain that the Company will achieve a profitable level of operations and obtain additional financing. There can be no assurance that any additional financing will be available to the Company on satisfactory terms and conditions, if at all. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/32s6zt6v About Laredo Oil Inc. Austin, Texas-based Laredo Oil, Inc. is an oil exploration and production company that focuses on acquiring and exploring mineral properties to identify and develop oil reserves. Since 2009, it has specialized in acquiring mature oil fields and recovering stranded oil reserves through enhanced oil recovery techniques. From 2011 to 2020, the company provided management services to Stranded Oil Resources Corporation, overseeing the acquisition and operation of mature oil fields in exchange for management fees and reimbursements. LAZYDAYS HOLDINGS: To Sell Assets to Campers Inn in $30M Deal ------------------------------------------------------------- Lazydays Holdings, Inc. announced Sept. 16, 2025, that it has signed a letter of intent with Campers Inn Holding Corp., a family-owned RV dealership group, for the potential sale of substantially all of Lazydays' assets to Campers Inn RV or its affiliate. The transaction consideration consists of $30 million for furniture, fixtures, equipment, parts, goodwill, and other personal property excluding RV inventory, a price for RV inventory determined according to the LOI's pricing methods, and a price for owned real estate based on a percentage of its appraised value as outlined in the LOI. Ron Fleming, CEO of Lazydays, said: "Throughout our 49-year history, Lazydays has played a leading role in the RV industry, recognized for giving our customers a great sales and service experience, and being pivotal to their RV adventures. It has been a transformative few years as an industry, and within Lazydays, while navigating a rapidly evolving industry and an increasingly complex retail landscape. Lazydays was built on the core values of Customer First, Teamwork, Professionalism, Accountability, Family, and Fun, and we have no doubt Campers Inn RV will continue to uphold these values for many years to come with our customers, our employees, and our OEM partners." After the closing, Campers Inn RV plans to continue the operation of Lazydays' dealerships in Tucson, AZ; Johnstown, CO; Seffner, FL; Knoxville, TN; and St. George, UT. Campers Inn RV is assessing whether to continue to operate Lazydays' other dealerships after the closing of the transaction. The LOI states that the transaction may close in a series of site-by-site closings if mutually agreed by the parties, and that Campers Inn RV's target final closing date is before Thanksgiving and no later than Dec. 1, 2025. The transaction would expand Campers Inn RV's nationwide presence to 48 dealership locations across 22 states. If consummated, the acquisition would provide Campers Inn RV with its first entry into Tennessee, Colorado, and Utah. After the closing of the transaction, Lazydays' Tampa-area dealership in Seffner, FL is expected to operate under the name "Lazydays by Campers Inn RV." In addition, Campers Inn RV plans to grow the Tampa facility through numerous customer rallies, enhanced service, and a unique experience. Lazydays and Campers Inn RV customers alike will benefit from a larger coast-to-coast service network, a broader selection of new and pre-owned RVs, and the support of a dealership group that has been family-owned and operated since 1966. Jeff Hirsch, CEO of Campers Inn RV, said: "The potential acquisition of Lazydays is more than a business decision; it's a reflection of our shared values and a continuation of the traditions that have guided Campers Inn RV since our founding nearly 60 years ago. Both companies have always believed in treating customers and employees with dignity, respect, and care. Together, we are creating a future that would not only expand our national presence but strengthen the culture of service and integrity that defines who we are. "By uniting two legacies under one family of dealerships, Campers Inn RV aims to position itself for long-term success while remaining true to its roots. Customers will be able to expect the same dedication, care, and support they have always known, while employees will find new opportunities to grow in a company that values people first. This acquisition would ensure that the Campers Inn RV and Lazydays traditions will not only endure but thrive for generations to come." Ben Hirsch, COO of Campers Inn RV, added: "The Lazydays story is truly a great one in our industry, and one that we are excited for the chance to continue for decades to come. The Tampa location, located on 129 acres, is the largest single-point RV dealership in the world and has a unique offering for customers -- offerings that we are excited to enhance for customers' benefit. In addition, adding the locations in Tennessee, Colorado, Arizona, and Utah would enhance our national footprint and allow us to continue to be the largest family-operated RV dealership group. We are in the process of assessing Lazydays' other locations and will make further determinations as we progress through the process." About Lazydays Holdings Lazydays Holdings, Inc., headquartered in Tampa, Florida, operates recreational vehicle (RV) dealerships across the U.S., offering new and pre-owned RVs, parts, accessories, and related financing and extended service contracts. The Company, which became publicly traded in March 2018 through a business combination with Andina Acquisition Corp. II, manages 22 dealership locations with over 400 service bays and approximately 1,100 employees. Lazydays represents more than 30 OEMs and maintains one of the largest RV inventories in the U.S., including a 126-acre site near Tampa, Florida. In its audit report dated March 31, 2025, RSM US LLP included a "going concern" qualification stating that the Company has suffered recurring losses from operations and its current liabilities exceed its current assets. The Company no longer has borrowing capacity on its existing credit agreement and ability to meet future obligations is dependent on generating positive cash flows from operations and securing outside capital. This raises substantial doubt about the Company's ability to continue as a going concern. The Company incurred a net loss of $34.1 million during the six months ended June 30, 2025 and had an accumulated deficit of $148.9 million. As of June 30, 2025, the Company had cash and cash equivalents of $24.7 million, debt obligations of $43.5 million relating to mortgages, term loans and the Revolving Credit Facility, floor plan notes payable of $185.5 million and operating and finance lease obligations of $97.8 million. As of June 30, 2025, the Company had $429.06 million in total assets, $373.12 million in total liabilities, and $55.95 million in total stockholders' equity. While the Company expects to generate enough cash inflows or obtain external financing, there is no guarantee its plans will succeed, and many factors affecting its ability to continue as a going concern are beyond its control, including the willingness of third parties to provide funding. Consequently, the Company cautioned that it may not be able to operate as a going concern over the next year. LEFEVER MATTSON: Claims Filing Deadline Set for Oct. 3, 2025 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of California set Oct. 3, 2025, at 11:59 p.m. (Pacific Time) as the last date and time for persons or entities to file proofs of claim against LeFever Mattson and KS Mattson Partners LP. The Court also set Dec. 8, 2025, at 11:59 p.m. (Pacific Time) as the deadline for all governmental units to file their claim against the Debtors. Persons or entities must complete and sign the enclosed Proof of Claim Form, attach any supporting documents, and make sure the Claims Agent actually receives it by Oct. 3, 2025. Submit all proofs of claim to: 1) Online: Upload your form through Verita's Website at: https://veritaglobal.net, or 2) By mail, courier or hand delivery: KS Mattson Partners, LP Claims Processing Center c/o KCC dba Verita 222 N. Pacific Coast Highway Suite 300 El Segundo, CA 90245 In the meantime, if you need help understanding the Proof of Claim, or the submission process, please contact the Debtors' counsel on KSMP@hoganlovells.com. About LeFever Mattson LeFever Mattson, a California corporation, manages a large real estate portfolio. Timothy LeFever and Kenneth W. Mattson each owns 50% of the equity in the company. Based in Citrus Heights, Calif., LeFever Mattson manages a portfolio of more than 200 properties, comprised of commercial, residential, office, and mixed-use real estate, as well as vacant land, located throughout Northern California, primarily in Sonoma, Sacramento, and Solano Counties. It generates income from the properties through rents and use the proceeds to fund its operations. LeFever Mattson and its affiliates filed voluntary Chapter 11 petitions (Bankr. N.D. Cal. Lead Case No. 24-10545) on Sept. 12, 2024. At the time of the filing, LeFever Mattson listed $100 million to $500 million in assets and $10 million to $50 million in liabilities. Judge Charles Novack oversees the cases. Keller Benvenutti Kim LLP, led by Thomas B. Rupp, is the Debtors' counsel. Kurtzman Carson Consultants, LLC, is the Debtors' claims and noticing agent. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of LeFever Mattson a California corporation, and its affiliates. The Committee retained Pachulski Stang Ziehl & Jones LLP as its counsel, and Law Office of Donald S. Davidson, P.C. as special investigations counsel. LEFEVER MATTSON: Seeks to Hire CBRE Inc. as Real Estate Broker -------------------------------------------------------------- Lefever Mattson filed an amended application seeking approval from the U.S. Bankruptcy Court for the Northern District of California expanding the scope of CBRE Inc.'s employment as real estate broker. The firm will market and sell these real properties of the Debtor: a. Cornerstone Sonoma, Barn at Harrow Cellars Heacock Park Apartments, LP located at 23570 Arnold Dr 72, 100, 150 Wagner Road, Sonoma CA; b. Seven Branches Venue and Inn located at Firetree II, 450 West Spain, Sonoma CA; c. Cottage Inn Sienna Pointe, LLC located at 302 304 310 1st Street East, Sonoma CA; d. An Inn to Remember Sienna Pointe, LLC located at 171 W. Spain Street, Sonoma CA; e. The Post (Fly Fishing Venue) Windscape Apartments, LLC located at 24120 Arnold Dr, Sonoma CA; f. Generals Daughter Windscape Apartments, LLC located at 400 West Spain, Sonoma CA; g. Sonoma Chalet B&B Windscape Apartments, located at 5th St W, Sonoma CA; h. 241 1st Street West / The Depot Sienna Pointe, LLC 1st Street West, Sonoma CA; and i. Generals Daughter - Barn and Lot located at Sienna Pointe, LLC 430 W. Spain Street, Sonoma CA. The firm will be paid at these rates: a. Two point 2.50 percent of the gross sales price. b. If there is a Cooperating Broker, 4 percent of the gross sales price, which would be divided 50/50 between CBRE and the Cooperating Broker. The term of the Agreement is extended until Dec. 31, 2025. Henry E. Bose, Jr., a partner at CBRE, 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: Henry E. Bose, Jr., CBRE, Inc. 415 Mission Street, 46th Floor San Francisco, CA 94105 Tel: (415) 772-0123 About Lefever Mattson LeFever Mattson, a California corporation, manages a large real estate portfolio. Timothy LeFever and Kenneth W. Mattson each owns 50% of the equity in the company. Based in Citrus Heights, Calif., LeFever Mattson manages a portfolio of more than 200 properties, comprised of commercial, residential, office, and mixed-use real estate, as well as vacant land, located throughout Northern California, primarily in Sonoma, Sacramento, and Solano Counties. It generates income from the properties through rents and use the proceeds to fund its operations. LeFever Mattson and its affiliates filed voluntary Chapter 11 petitions (Bankr. N.D. Calif. Lead Case No. 24-10545) on September 12, 2024. At the time of the filing, LeFever Mattson listed $100 million to $500 million in assets and $10 million to $50 million in liabilities. Judge Charles Novack oversees the cases. Thomas B. Rupp, Esq., at Keller Benvenutti Kim LLP represents the Debtors as counsel. Kurtzman Carson Consultants, LLC is the Debtors' claims and noticing agent. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. LINQTO INC: Brown Rudnick Reaches Settlement in Chapter 11 ---------------------------------------------------------- Brown Rudnick, representing the Official Committee of Unsecured Creditors, has brokered a sweeping settlement in the Chapter 11 bankruptcy of Linqto, a platform that allows investors to buy into private companies and pre-IPO startups. Announced on September 16, 2025, the deal resolves disputes tied to debtor-in-possession financing and Ripple-related proceeds and involves both creditors and a group of 3,600 customers. The agreement creates a mechanism for customers to reclaim rights to their securities rather than being grouped with unsecured creditors, according to the report. Participants will be able to select between two recovery options: a liquidating trust or a listed closed-end fund, depending on their investment goals and liquidity needs. Brown Rudnick partner Kenneth Aulet emphasized in court that customers "deserve to get their securities back" and to retain control over their financial outcomes. Linqto sought Chapter 11 protection in the Southern District of Texas on July 7, 2025, after new leadership uncovered compliance failures, including mishandled customer assets and potential regulatory breaches. The settlement offers a clearer path forward for both customers and creditors as the restructuring progresses. About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90187) on July 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500 million and $1 billion. The Debtor is represented by Gabrielle A. Hamm, Esq. at Schwartz, PLLC. Breakpoint Partners LLC is the Debtor's restructuring advisor. Epiq Corporate Restructuring, LLC is the Debtor's claims agent. ThroughCo Communications, LLC is the Debtor's public relations agent. M + D PROPERTIES: Case Summary & 15 Unsecured Creditors ------------------------------------------------------- Debtor: M + D Properties 6940 Beach Blvd. #D-501 Buena Park CA 90621 Business Description: M+D Properties, a privately owned real estate development company based in Southern California, develops and operates large- scale retail, mixed-use, office, hotel, and residential projects, with a focus on urban renewal and income-producing assets. The firm has developed approximately 1.4 million square feet of property, with around 1 million square feet currently under development, and owns affiliated companies including Greenland Property Management, MD Properties, Greenland Construction Service, LLC, and Innoatti Technologies. Notable projects include Plaza Mexico in Lynwood and One West Green in Pasadena, and its developments have received recognition from organizations such as the Urban Land Institute and the State of California. Chapter 11 Petition Date: September 23, 2025 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 25-03693 Judge: Hon. David M Warren Debtor's Counsel: Roye Zur, Esq. ELKINS KALT WEINTRAUB REUBEN GARTSIDE LLP 10345 W. Olympic Blvd. Los Angeles CA 90064 Tel: 310-746-4495 E-mail: rzur@elkinskalt.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Howard B. Grobstein as chief restructuring officer. A full-text copy of the petition, which includes a list of the Debtor's 15 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Z2B36UY/M__D_Properties__cacbke-25-12674__0001.0.pdf?mcid=tGE4TAMA MAF GROUP: Seeks to Hire Homel Mercado Justiniano as Legal Counsel ------------------------------------------------------------------ MAF Group LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Homel Mercado Justiniano as its counsel. The firm will render these services: a. examine documents and other necessary information to submit schedules and statement of financial affairs; b. prepare the disclosure statement, plan of reorganization, records and reports as required by the Bankruptcy Code and the Federal Rules of Bankruptcy Procedures; c. prepare applications and proposed orders; d. identify and prosecute claims and causes of action assertable by the Debtor; e. examine proof of claims filed and to be filed in the case; f. advise the Debtor and prepare documents in connection with the ongoing of Debtor's business; g. advise the Debtor and prepare documents in connection with the liquidation of the assets of the estate; and h. provide other legal services. The firm will be paid at these hourly rates: Attorneys $250 Associates $125 Paralegal $50 Homel Mercado Justiniano received a retainer in the amount of $7,000, plus $1,738 filing fee. As disclosed in court filings, Homel Mercado Justiniano is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Homel A. Mercado-Justiniano, Esq. Homel Mercado Justiniano Calle Ramirez Silva #8 Ensanche Martinez Mayaguez, PR 00680-4714 Tel: (787) (831) 2577 (787) (808) 2945 Email: hmjlaw2@gmail.com About MAF Group LLC MAF Group LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 25-04147) on September 16, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Homel A. Mercado-Justiniano, Esq. represents the Debtor. MEAT U ANYWHERE: Frances Smith Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 6 appointed Frances Smith, Esq., at Ross, Smith & Binford, PC, as Subchapter V trustee for Meat U Anywhere Grapevine, LLC and affiliates. Ms. Smith will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Smith declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Frances A. Smith, Esq. Ross, Smith & Binford, PC 700 N. Pearl Street, Ste. 1610 Dallas, TX 75201 Phone: 214-593-4976 Fax: 214-377-9409 Email: frances.smith@rsbfirm.com About Meat U Anywhere Grapevine Meat U Anywhere Grapevine, LLC; Meat U Anywhere Trophy Club, LLC; Meat U Anywhere Management, LLC; and MUA GV Properties, LLC are part of the Meat U Anywhere business, founded by Andres Sedino, and operate under a unified brand focused on barbecue and catering services. The Grapevine and Trophy Club LLC run the two restaurant locations in Texas, serving slow-smoked meats, exclusive sides, special offerings, and breakfast tacos, while Meat U Anywhere Management, LLC oversees operational and administrative functions and MUA GV Properties, LLC manages properties. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-43503) on September 15, 2025, with $1,875,756 in combined total assets as of June 30, 2025, and $2,551,985 in combined total liabilities as of June 30, 2025. Andres Sedino, manager, signed the petitions. Judge Edward L. Morris presides over the case. Bryan C. Assink, Esq., at Bonds Ellis Eppich Schafer Jones, LLP represents the Debtors as legal counsel. MEAT U ANYWHERE: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Meat U Anywhere Grapevine, LLC got the green light from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral to fund operations. At the hearing held on September 19, the court authorized the Debtor's interim use of cash collateral and set a final hearing on October 9. The Debtor, which operates a BBQ restaurant in Grapevine, Texas, initiated bankruptcy proceedings on September 15 due to liquidity issues and increased creditor pressure, particularly following the underperformance and closure of its second location in Trophy Club, Texas. The Debtor's primary secured creditor is the U.S. Small Business Administration, which holds a first-priority lien on nearly all of its personal property including accounts receivable, equipment, and inventory, based on a loan issued in May 2022. The SBA is owed approximately $140,000. Other creditors may also hold junior liens but their claims are likely undersecured or unsecured due to the SBA's superior position. As of the bankruptcy filing date, the Debtor's assets included approximately $8,000 in cash, $350,000 in vehicles, $160,000 in equipment (book value), and various other current and intangible assets. As adequate protection, the Debtor offers to grant the SBA and other secured creditors replacement liens on post-petition assets generated from the original collateral. These liens would retain the same priority and extent as those held before the bankruptcy and are subject to a carve-out for professional fees and trustee compensation. About Meat U Anywhere Grapevine Meat U Anywhere Grapevine, LLC; Meat U Anywhere Trophy Club, LLC; Meat U Anywhere Management, LLC; and MUA GV Properties, LLC are part of the Meat U Anywhere business, founded by Andres Sedino, and operate under a unified brand focused on barbecue and catering services. The Grapevine and Trophy Club LLC run the two restaurant locations in Texas, serving slow-smoked meats, exclusive sides, special offerings, and breakfast tacos, while Meat U Anywhere Management, LLC oversees operational and administrative functions and MUA GV Properties, LLC manages properties. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-43503) on September 15, 2025, with $1,875,756 in combined total assets as of June 30, 2025, and $2,551,985 in combined total liabilities as of June 30, 2025. Andres Sedino, manager, signed the petitions. Judge Edward L. Morris presides over the case. Bryan C. Assink, Esq., at Bonds Ellis Eppich Schafer Jones, LLP represents the Debtors as legal counsel. MERCURITY FINTECH: Approves Name Change to Chaince Digital ---------------------------------------------------------- At the Annual Meeting of Shareholders of Mercurity Fintech Holding Inc., shareholders voted on four proposals. Shareholders of 38,032,878 ordinary shares of the Company were present in person or by proxy at the Annual Meeting, representing approximately 55.06% of the total 69,077,039 outstanding ordinary shares and therefore the Company has met the quorum requirement for its Annual Meeting, which is more than one-third of the shares outstanding and entitled to vote at the Annual Meeting as of the record date of August 15, 2025. 1. The Company's shareholders elected the following six (6) directors to the board of directors of the Company: a. Dr. Alan Curtis b. Mr. Peter Nobel, c. Mr. Hui Cheng d. Mr. Shi Qiu, e. Mr. Wilfred Daye and f. Ms. Qian Sun They are to hold office until the next annual shareholders general meeting and shall be eligible for re-election thereat or until their successors are duly elected, appointed and qualified in accordance with the Company's memorandum and articles of association. 2. The Company's shareholders approved the ratification of the appointment of Onestop Assurance PAC as the Company's independent registered public accountants for the current fiscal year ending December 31, 2025. 3. The Company's shareholders approved by way of a special resolution changing the name of the Company from Mercurity Fintech Holding Inc. to Chaince Digital Holdings Inc. 4. The Company's shareholders approved the MFH 2025 Equity Incentive Plan. About Mercurity Fintech Holding Mercurity Fintech Holding Inc. is a digital fintech company with subsidiaries engaged in distributed computing and financial brokerage. Beyond its core fintech operations, the Company contributes to the advancement of AI hardware technology by delivering secure and innovative solutions in intelligent manufacturing and advanced liquid cooling systems. Its focus on compliance, innovation, and operational efficiency supports its position as a trusted player in both the evolving digital finance space and the AI technology sector. For more information, please visit the Company's website at https://mercurityfintech.com. In an audit report dated April 30, 2025, the Company's auditor, Onestop Assurance PAC, issued a "going concern" qualification, citing that at Dec. 31, 2024, the Company has incurred recurring net losses of $4.5 million and negative cash flows from operating activities of $3.6 million and has an accumulated deficit of $680 million, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Mercurity Fintech Holding had $35.69 million in total assets, $11.60 million in total liabilities, and $24.09 million in total shareholders' equity. MERIT STREET: Claims to be Paid from Litigation & Sale Proceeds --------------------------------------------------------------- Merit Street Media, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas a Disclosure Statement for the Chapter 11 Plan dated September 15, 2025. As of January 10, 2023, Merit Street and TBN, a Christian media outlet, entered into an agreement, pursuant to that certain Binding Letter of Intent (the "Joint Venture Agreement") through which Dr. Phil McGraw's production company, Peteski Productions, Inc., and TBN would launch a new television network in 2024. Among other things, the Joint Venture Agreement obligated TBN to provide Merit Street— at no cost—with all of the distribution and production services necessary to launch and operate the new television network, which included (a) studio production staff members, (b) production facilities and all other infrastructure needed to deliver the network, (c) a license to all of TBN's content, and (d) most importantly, a distribution network of local broadcast TV stations, national networks, cable, satellite, and FAST distribution footprint. Merit Street's operational challenges, along with its ongoing litigation disputes with TBN and PBR, required it to engage advisors to explore strategic alternatives, negotiate DIP Financing, and ultimately, to file this Chapter 11 Case, all in an effort to maximize the value of its assets for the benefit of its creditors and all parties in interest. Additionally, the Debtor is seeking to use the forum of Bankruptcy Court to resolve its pending litigation through one central forum and to avoid a proverbial "race to the courthouse" given the myriad asserted liabilities asserted against the Debtor. The Plan provides for (i) the consummation of the Media Sale pursuant to the Bid Procedures Order and (ii) a toggle between (A) consummation of the Litigation Sale or (B) if the Debtor decides in its business judgment (after consultation with the Creditors' Committee) that consummating the Litigation Sale is not in the best interest of creditors and the estate, a contribution of the Litigation Trust Causes of Action to the Litigation Trust. Following the Petition Date, on July 5, 2025, the Debtor filed the Debtor's Motion for Entry of an Order (I) (A) Approving Bidding Procedures and the Form and Manner of Notice Thereof, (B) Authorizing the Selection of a Stalking Horse Bidder, (C) Establishing Bid Deadlines and Scheduling Auction and Sale Hearing, and (D) Establishing Certain Assumption and Assignment Procedures and Approving the Manner of Notice Thereof; (II) (A) Authorizing the Sale of the Assets Free and Clear of All Encumbrances, and (B) Approving the Assumption and Assignment of the Assumed Contracts; and (III) Granting Related Relief (the "Bidding Procedures Motion"). Pursuant to the Bidding Procedures Motion, the Debtor sought approval of an auction and sale process in regard to the Debtor's Assets, including key deadlines and bid protections. On September 14, 2025, the Debtor filed the Notice of Further Revised Proposed Order with Respect to the Bidding Procedures Motion, which provided that the Debtor would pursue the sale of the Debtor's Assets. Class 7 consists of General Unsecured Claims, including Lender Deficiency Claims. The allowed unsecured claims total $91,746,689. On the Effective Date, except to the extent that a Holder of an Allowed General Unsecured Claim agrees to less favorable treatment, in full and final satisfaction, settlement, release, and discharge of, and in exchange for such General Unsecured Claim, each such Holder shall receive such Holder's Pro Rata share of: * In the event the Debtor consummates the Litigation Sale Transaction: (i) the GUC Recovery Pool; and (ii) Available Cash, if any. * In the event the Debtor consummates the Litigation Trust Transaction: (i) the GUC Recovery Pool; (ii) Available Cash, if any; and (iii) Litigation Trust Interests. By agreement with the Debtor, Holders of Lender Deficiency Claims will receive no recovery on account of such Claims, whether from the GUC Recovery Pool, Available Cash, or Litigation Trust Interests. Except as otherwise provided in the Plan or the Confirmation Order, and subject to the provisions of the Plan concerning the Professional Claim Reserve Account and the Wind-Down Budget, the Debtor or Litigation Trustee, as applicable, shall fund Plan Distributions with (i) Available Cash; (ii) the GUC Recovery Pool; and (iii) if the Debtor pursues the Litigation Trust Transaction, the Litigation Trust Proceeds. Class 8 consists of Convenience Claims. Except to the extent that a Holder of an Allowed Convenience Claim agrees to less favorable treatment, in full and final satisfaction, settlement, release, and discharge of, and in exchange for such Allowed Convenience Claim, each such Holder shall receive on the later of (i) the Effective Date, or as soon as practicably thereafter, and (ii) the date that is ten business days after such Convenience Claim becomes an Allowed Claim, in full and final satisfaction of such Claim, receive payment in Cash equal to the lesser of (x) their Pro Rata share of $750,000 on account of the Allowed Convenience Claim and (y) 50% of the Allowed amount of such Convenience Claim, in each case from the GUC Recovery Pool, on account of the Holder's Allowed Convenience Claim. Class 10 consists of Existing Equity Interests. On the Effective Date, each Holder of each Existing Equity Interest in the Debtor shall have such Interest cancelled, released, and extinguished and without any distribution or compensation. Class 10 is Impaired under the Plan. The Debtor engaged in a marketing and sale process for the sale of the Media Assets pursuant to the Bid Procedures Order. Consistent with the Bid Procedures Order, the Debtor shall seek approval at the Confirmation Hearing of the Media Sale to the highest or otherwise best bidder (as determined pursuant to the terms of the Bid Procedures Order) (the "Media Sale Transaction"). The Confirmation Order shall include as Schedule 1 thereto findings of fact and conclusions of law that will be incorporated to the Confirmation Order by reference in their entirety and shall approve and govern the Media Sale. A full-text copy of the Disclosure Statement dated September 15, 2025 is available at https://urlcurt.com/u?l=wv9qU2 from Epiq Corporate Restructuring, LLC, claims agent. Counsel to the Debtor: SIDLEY AUSTIN LLP Thomas R. Califano, Esq. Jeri Leigh Miller, Esq. 2021 McKinney Avenue, Suite 2000 Dallas, Texas 75201 Telephone: (214) 981-3300 Facsimile: (214) 981-3400 Email: tom.califano@sidley.com jeri.miller@sidley.com SIDLEY AUSTIN LLP Stephen E. Hessler, Esq. Patrick Venter, Esq. 787 Seventh Avenue New York, New York 10019 Telephone: (212) 839-5300 Facsimile: (212) 839-5599 Email: shessler@sidley.com pventer@sidley.com About Merit Street Media Merit Street Media is a television and media content production and distribution company based in Fort Worth, Texas. It appears to focus on creating, producing, and distributing television content, maintaining business relationships with major cable providers including DIRECTV and DISH Network, as well as numerous television stations and production companies. Merit Street Media sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80156) on July 2, 2025, before the Hon. Scott W. Everett. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. The Debtor is represented by Sidley Austin LLP as bankruptcy counsel. Epiq Corporate Restructuring, LLC serves as Claims, Noticing, and Solicitation Agent, effective as of the Petition Date. MERIT STREET: Three-Party Resolution Reached in Bankruptcy Case --------------------------------------------------------------- WestLaw Today reports that Fort Worth–based Merit Street Media Inc. has secured a three-party settlement in its Chapter 11 bankruptcy case, resolving several contentious disputes. The pact brings together the company, its debtor-in-possession lender Peteski Productions Inc., and the Official Committee of Unsecured Creditors. The agreement establishes a recovery pool estimated between $10 million and $17 million for general unsecured creditors. It also accelerates the bankruptcy timeline by setting an October 2025 auction for Merit Street's assets, according to report. By settling these issues, the parties have put an end to prolonged litigation over the bankruptcy filing and related challenges. The resolution paves the way for Merit Street Media to advance its reorganization plan with fewer obstacles, the report states. About Merit Street Media Merit Street Media is a television and media content production and distribution company based in Fort Worth, Texas. It appears to focus on creating, producing, and distributing television content, maintaining business relationships with major cable providers including DIRECTV and DISH Network, as well as numerous television stations and production companies. Merit Street Media sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80156) on July 2, 2025, before the Hon. Scott W. Everett. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. The Debtor is represented by Sidley Austin LLP as bankruptcy counsel. Epiq Corporate Restructuring, LLC serves as Claims, Noticing, and Solicitation Agent, effective as of the Petition Date. MG LOGISTICS: Gets Interim OK to Use Cash Collateral Until Oct. 31 ------------------------------------------------------------------ MG Logistics Incorporated received second interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The interim order authorized the Debtor to use the cash collateral of its secured lenders through October 31 for the disbursements set forth in the budget. The lenders are Bank Midwest, Daimler Truck Financial Services USA, LLC, M&T Equipment Finance Corporation, Old Second Bank, PNC Bank N.A., Stoughton Trailer Acceptance Corporation, and Volvo Financial Services. As adequate protection for the Debtor's use of their cash collateral, lenders will be granted a security interest in and lien on all assets of the Debtor, including assets acquired by the Debtor after its Chapter 11 filing, with the same priority as the lenders' pre-bankruptcy lien. These replacement liens do not apply to any causes of action under the Bankruptcy Code and are subject only to (i) any lien on the Debtor's assets that the court may approve in the future as being senior to a lender's lien; (ii) valid, perfected, and enforceable pre-bankruptcy liens, which are senior to the lenders' respective liens or security interests as of the petition date; (iii) the payment of the U.S. trustee's fees; and (iv) the amount of the Debtor's professionals' fees and disbursements accrued as of the date of the termination of the Debtor's use of cash collateral. As further protection, the Debtor will make the following payments to lenders: (i) A monthly payment of $18,000 to Bank Midwest for each of August, September and October. (ii) A monthly payment of $100,000 to Daimler Truck Financial Services for September and October with further adequate protection payments, if any, to be set in the next order. (iii) A monthly payment of $21,000 to Volvo Financial Services for each of August, September and October. (iv) $37,500 in adequate protection payments to Stoughton Trailer Acceptance Corporation by August 20 and 30, September 15 and October 15. The next hearing is set for October 28. The deadline for filing objections is on October 21. A copy of the interim order is available at https://shorturl.at/t8C98 from PacerMonitor.com. Bank Midwest is represented by: Benjamin J. Court, Esq. Stinson LLP 50 South Sixth Street, Suite 2600 Minneapolis, MN 55402 Phone: 612-335-1500 Fax: 612-335-1657 benjamin.court@stinson.com Daimler is represented by: Elisabeth M. Von Eitzen, Esq. Warner Norcross + Judd, LLP 180 Water Street, Suite 7000 Kalamazoo, MI 49007 Phone: (269) 276-8118 evoneitzen@wnj.com M&T is represented by: Kenneth D. Peters, Esq. Dressler Peters, LLC 101 W. Grand Ave., Suite 404 Chicago, IL 60654 Phone: 312-602-7360 Fax: 312-637-9378 kpeters@dresslerpeters.com PNC Bank is represented by: C. Randall Woolley, Esq. Darcy & Devassy PC 444 N. Michigan Ave, Suite 3270 Chicago, IL 60611 Phone: (312) 784-2400 rwoolley@darcydevassy.com Stoughton is represented by: Justin M. Mertz, Esq. Michael Best & Friedrich LLP 790 N. Water Street, Suite 2500 Milwaukee, WI 53202 414.271.6560 (general) 414.225.4972 (direct) jmmertz@michaelbest.com Volvo Financial Services is represented by: W. Kent Carter, Esq. Gordon Rees Scully Mansukhani, LLP One North Wacker, Suite 1600 Chicago, IL 60606 Phone: 312.619.4900 kentcarter@grsm.com About MG Logistics Incorporated MG Logistics Incorporated provides freight transportation services across the U.S. The Company operates from Huntley, Illinois, and is authorized for interstate trucking. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10269) on July 4, 2025. In the petition signed by Vassil Bayraktarov, authorized representative of the Debtor, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Donald R. Cassling oversees the case. Jeffrey C. Dan, Esq., at Goldstein & McClintock, LLLP, represents the Debtor as legal counsel. MOSAIC COMPANIES: Gets OK to Solicit Ch. 11 Liquidation Plan Votes ------------------------------------------------------------------ Emily Lever of Law360 Bankruptcy Authority reports that on Monday, September 22, 2025, a Delaware bankruptcy judge authorized bankrupt luxury tile supplier Mosaic Cos. to distribute its Chapter 11 plan for creditor voting, moving the company closer to a lender settlement and eventual liquidation. About Mosaic Cos. LLC Mosaic Companies, LLC is a specialty surfaces distributor operating multiple brands in the high-end tile, stone, and ceramic products sector. Mosaic Companies sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11296) on July 8, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Craig T. Goldblatt handles the case. The Debtor is represented by Sophie Rogers Churchill, Esq. and Matthew B. Harvey, Esq. at Morris Nichols Arsht & Tunnell, LLP. MUNDO EDITORIAL: Seeks to Hire Batista Law Group as Legal Counsel ----------------------------------------------------------------- Mundo Editorial Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ The Batista Law Group, PSC to handle its Chapter 11 case. The hourly rates of the firm's counsel and staff are: Jesus Batista Sanchez, Attorney $350 Associates $275 Paralegals $110 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $6,000. Mr. Batista Sanchez, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jesus E. Batista Sanchez, Esq. The Batista Law Group, PSC Capital Center I 239 Ave Arterial de Hostos Suite 206 San Juan PR 00918 Telephone: (787) 620-2856 Facsimile: (787) 777-1589 Email: jeb@batistasanchez.com About Mundo Editorial Inc Mundo Editorial Inc filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 25-03916) on August 29, 2025, listing $100,001 to $500,000 in both assets and liabilities. Jesus E. Batista Sanchez, Esq., at The Batista Law Group, PSC represents the Debtor as bankruptcy counsel. NEW EARTH: Court Extends Cash Collateral Access to Nov. 4 --------------------------------------------------------- New Earth Yoga, LLC received third interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral through November 4. The third interim order signed by Judge Lori Vaughan authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including monthly payments to the Subchapter V trustee; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditor, Five Star Bank. As adequate protection for the Debtor's use of its cash collateral, Five Star Bank will be granted a perfected post-petition lien on the cash collateral, with the same validity, priority and extent as its pre-bankruptcy lien. The next hearing is scheduled for November 4. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/sTivz from PacerMonitor.com. About New Earth Yoga LLC New Earth Yoga, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03782) on June 18, 2025, listing up to $50,000 in assets and up to $1 million in liabilities. Andrew Layden as Subchapter V trustee. Judge Lori V. Vaughan oversees the case. L. Todd Budgen, Esq., at Budgen Law, is the Debtor's bankruptcy counsel. Five Star Bank, as secured creditor, is represented by: George L. Zinkler, III, Esq. Lorium Law 101 Northeast Third Avenue, Suite 1800 Fort Lauderdale, FL 33301 Telephone: (954) 462-8000 Facsimile: (954) 462-4300 gzinkler@loriumlaw.com NEWFOLD DIGITAL: Moody's Cuts CFR to Caa3, Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings downgraded Newfold Digital Holdings Group, Inc.'s Corporate Family Rating to Caa3 from Caa1 and its Probability of Default Rating to Caa3-PD from Caa1-PD. Instrument ratings were also downgraded with the senior secured first-lien notes and backed senior secured first-lien bank credit facility rating now rated Caa3 from B3 and the senior unsecured rating now Ca from Caa3. The outlook has been revised to stable from negative. Newfold provides internet domain name registrations, web hosting and website building tools to small and mid-sized businesses. The downgrade of the CFR to Caa3 reflects Moody's views that the likelihood of a debt restructuring has increased given the February 2026 upcoming maturity of the senior secured revolver and negative operating trends that include declining revenue and insufficient liquidity to repay the revolver. The downgrade of the PDR to Caa3-PD from Caa1-PD incorporates Moody's views of a high likelihood of a distressed exchange. Governance factors are a consideration in the ratings action. The company's financial policies are characterized by a tolerance for high leverage, refinancing risk and prioritization of shareholder returns, which has increased credit risk. RATINGS RATIONALE Newfold's Caa3 CFR reflects the elevated risk of a distressed exchange due to the near term maturity of the $380 million revolver due February 2026 that currently has $223 million outstanding. Further, operating trends have been weak with revenue declining consistently each quarter for the past 18 months and leverage increasing to 7.7x as of the end of June 2025. Moody's treats capitalized software development costs as an expense in the calculation of leverage. The ratings also reflect cyclicality due to exposure to the small and medium business ("SMB") market where businesses tend to be less resilient to economic cycles and risks from operating in a highly competitive market that has low barriers to entry and relatively commoditized solutions. Moody's considers the company's financial policies to be aggressive under its concentrated private ownership, including debt-funded shareholder returns. Newfold benefits from its position as one of the largest global providers of web presence solutions, a highly diversified revenue base with more than 7 million paid-subscribers, the mission-critical nature of the company's offerings that service small and medium sized businesses, a largely recurring and predictable revenue base underpinned by annual contracts with auto-renew options, and good customer retention rates. Newfold's weak liquidity profile is driven by Moody's expectations for moderate cash flow generation and a revolver that is largely drawn and due in February 2026. The company's $380 million revolver had $223 million drawn as of June 30, 2025. The debt capital structure comprises the senior secured first-lien credit facilities, which include the $380 million revolver due February 2026 and $2.3 billion term loan due February 2028, the $515 million 11.75% senior secured first-lien notes due October 2028, and $500 million 6% senior unsecured notes due February 2029. Newfold's senior secured first-lien credit facility (revolver and term loan) is rated Caa3, which is the same as the company's Caa3 CFR, reflecting the moderate amount of junior support in the capital structure, in the form of unsecured debt and other non-debt obligations. The $515 million senior secured first-lien notes are also rated Caa3, reflecting the pari passu nature of the notes with respect to the credit facilities. The Ca senior unsecured notes rating is one notch lower than the company's Caa3 CFR, reflecting the notes' effective subordination to the revolver, term loan and secured notes. The unsecured notes are guaranteed on a senior unsecured basis by the holdings and the borrower's direct and indirect, existing and future, wholly-owned domestic subsidiaries. The instrument ratings reflect the PDR of Caa3-PD. The stable outlook reflects Moody's views that the company's probability of default, including the potential for a debt restructuring, will remain at current levels as it executes its plan to address upcoming debt maturities. The stable outlook also reflects Moody's current views of recovery upon default. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company addresses its debt maturity and reduces its debt burden. The ratings could be downgraded if the company's liquidity were to erode faster than Moody's expects such that the likelihood of default became more imminent or if the company were to undertake a distressed exchange of its debt. The ratings could also be downgraded if Moody's recovery expectations in the event of default diminish. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Newfold's Caa3 rating is several notches below the scorecard-indicated outcome. The difference is explained by the high likelihood of a distressed exchange due to a high debt burden and near term maturity of its revolver that has yet to be addressed. Newfold Digital Holdings Group, Inc. is a provider of internet domain name registrations, web hosting and website building tools to small businesses. The company has a portfolio of web services brands, which include Bluehost, Network Solutions, and Web.com as well as other regional and complementary brands. The company is majority owned by affiliates of private equity sponsors Clearlake and Siris. Moody's projects annual revenue of around $1.4 billion in 2025. OBJECT & SUBJECT: Hires Cohne Kinghorn as Bankruptcy Counsel ------------------------------------------------------------ Object & Subject LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to hire Cohne Kinghorn, P.C. as its general bankruptcy counsel. The firm's 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 shareholders; f. reviewing, analyzing and advising the Debtor regarding retention of professionals and 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 and advise the Debtor regarding Chapter 11 plans that may be filed by other constituents in the Debtor's case; h. assisting the Debtor in negotiations with various creditor constituencies regarding treatment, resolution and payment of the creditors' claims in this case; 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's customary hourly rates are: Shareholders $250 to $500 Associates $180 to $250 Paralegals $150 to $200 Cohne Kinghorn will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm presently holds a retainer of $63,293.60 George Hofmann, Esq., a partner at Cohne Kinghorn, 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: George Hofmann, Esq. Cohne Kinghorn, P.C., 111 East Broadway, 11th Floor Salt Lake City, UT 84111 Tel: (801) 363-4300 About Object & Subject LLC Object & Subject LLC, doing business as Ascendant Brands, manages consumer product businesses across the U.S., focusing on brand development, product design, packaging, and supply chain operations. The Company specializes in online marketing, particularly on the Amazon marketplace, and works with brand partners and brick-and-mortar retailers to distribute their products. Ascendant Brands partners with businesses generating $500,000 to $5 million in annual revenue, offering acquisition, operational management, or investment collaboration opportunities. Object & Subject LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Case No. 25-25418) on September 12, 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 George B. Hofmann, Esq. at COHNE KINGHORN, P.C. OCUGEN INC: Licenses OCU400 to Kwangdong With $1M Upfront Fees -------------------------------------------------------------- Ocugen, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into an Exclusive License Agreement with Kwangdong Pharmaceutical Co., Ltd., pursuant to which Kwangdong was granted an exclusive, non-sublicensable, royalty-bearing license to; (i) import, export, distribute, use, have used, keep, sell, have sold, or offer for sale, including to research, develop, commercialize, register, modify, enhance, improve, or otherwise exploit OCU400 -- Ocugen's novel modifier gene therapy for retinitis pigmentosa in the Republic of Korea; and (ii) to use the trademark selected by Ocugen in the Territory solely in connection with OCU400 in gene therapy for the treatment of RP in humans. Kwangdong will have sole control over preparing, filing and maintaining regulatory submissions and communicating with regulatory authorities in the Territory. Kwangdong has agreed to use commercially reasonable efforts to develop, seek, register and obtain regulatory approval for the licensed product in the Territory. The Company will own the global safety database with respect to the licensed product. Under the Agreement, the Company will receive: (i) $1 million in upfront license fees; (ii) up to $6.5 million upon the achievement of certain regulatory and development milestones; and (iii) payments upon achievement of certain sales milestones of $1.5 million for every $15 million of sales in the Territory. Additionally, Ocugen will receive a royalty of 25% on net sales of the licensed product generated by Kwangdong. Ocugen will manufacture the commercial supply of the licensed product under the terms of a supply agreement. The Agreement and the licenses granted thereunder, shall continue in force until the last to occur of: (a) the 20 year anniversary of the date of the first commercial sale of the licensed product in the Territory; (b) the expiration of the last valid claim of a patent right within the licensor patent rights in the Territory; and (c) the expiration of the all exclusive marketing rights or data exclusivity rights conferred by any regulatory authority for the licensed product in the Territory, and on such date the Agreement and the licenses granted thereunder shall terminate automatically. In addition, the agreement contains customary termination provisions in the event of an uncured material breach or upon certain corporate actions, including bankruptcy, receivership, or liquidation. The foregoing summary of the material terms of the Agreement is qualified in its entirety by the terms of the Agreement, a copy of which will be filed as an exhibit in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 to be filed under the Securities Exchange Act of 1934, as amended. About Ocugen Inc. Malvern, Pa.-based Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. The Company's technology pipeline includes: Modifier Gene Therapy Platform, Novel Biologic Therapy for Retinal Diseases, Regenerative Medicine Cell Therapy Platform, and Inhaled Mucosal Vaccine Platform. Philadelphia, Pennsylvania-based PricewaterhouseCoopers LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 5, 2025. The report highlighted that the Company has incurred recurring net losses since inception that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $53.59 million in total assets, $50.54 million in total liabilities, and a total stockholders' equity of $3.05 million. OFFICE PROPERTIES: Appoints AlixPartners' Managing Director as CRO ------------------------------------------------------------------ Office Properties Income Trust disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Trustees appointed John Castellano, a partner and managing director of AlixPartners, LLP, as chief restructuring officer of the Company. AlixPartners was previously engaged to support the Company's restructuring efforts. About Office Properties Office Properties Income Trust is a REIT organized under Maryland law. As of Dec. 31, 2023, its wholly owned properties were comprised of 152 properties, and it had noncontrolling ownership interests of 51% and 50% in two unconsolidated joint ventures that owned three properties containing approximately 468,000 rentable square feet. As of Dec. 31, 2023, the Company's properties are in 30 states and the District of Columbia and contain approximately 20,541,000 rentable square feet. As of Dec. 31, 2023, its properties were leased to 258 different tenants, with a weighted average remaining lease term (based on annualized rental income) of approximately 6.4 years. The U.S. government is its largest tenant, representing approximately 19.5% of its annualized rental income as of Dec. 31, 2023. * * * In May 2025, S&P Global Ratings raised its issuer credit rating on Office Properties Income Trust (OPI) to 'CCC-' from 'SD' (selective default) and its issue-level ratings on the senior unsecured notes that were part of the exchange to 'CC' from 'D'. S&P lowered its issue-level rating on the company's 2050 senior unsecured notes, which were not part of the debt exchange, to 'CC' from 'CCC-'. The recovery rating on all the unsecured notes without guarantees remains '5'. S&P said, "We also lowered our issue-level rating on the company's March 2027 and March 2029 senior secured notes to 'CCC+' from 'B-', with the recovery rating remaining '1'. We also lowered our issue-level rating on the company's September 2029 senior secured notes to 'CCC-' from 'CCC', with the recovery rating remaining '3'. "We also assigned our 'CCC+' and '1' recovery rating to the company's new senior priority guaranteed unsecured notes due 2030. The negative outlook on OPI reflects our view that an event of default (perhaps via another distressed debt exchange or a debt restructuring) is likely over the near term." S&P Global Ratings completed its review of OPI following its debt exchange. Significant near-term debt commitments remain and the company's liquidity is constrained. As such, specific events of default are envisioned, including another debt exchange, over the next six months. OLD SCHOOL: Unsecureds Will Get 100% in Liquidating Plan -------------------------------------------------------- Old School, Inc., filed with the U.S. Bankruptcy Court for the District of Delaware a Combined Disclosure Statement and Chapter 11 Plan of Liquidation dated September 16, 2025. The Debtor was founded in 2006, and over the course of its 19-year history, the Debtor has provided financing to approximately 1,000 of the approximately 8,000 charter schools in the United States, supporting more than 2 million kids' education, and deploying over $3 billion in capital. The Debtor operated three primary lines of business: (i) Money To Buy Your School; (ii) Money To Run Your School; and (iii) Kids To Fill Your School. In April 2025, as a result of Debtor's efforts, the Debtor received a proposal from a potential strategic acquirer for 100% of the stock and all related securities of the Debtor. This party would eventually become the Purchaser. The eventual Purchaser's initial proposal would have provided meaningful value to the Debtor's enterprise, including to Orthogon. In late May 2025, following additional diligence, the Purchaser provided a revised proposal that contemplated a section 363 bankruptcy sale. On June 3, 2025, the Debtor engaged Rock Creek to lead the sale process and provide financial advisory support during the Chapter 11 Case. On July 2, 2025, the Debtor filed a notice of designation11 naming the Purchaser as the Stalking Horse Bidder in accordance with the Bidding Procedures Order and designating the Purchaser's bid as the stalking horse bid (the "Stalking Horse Bid"). The Debtor received no objections, informal or otherwise, to the designation of the Purchaser as the Stalking Horse Bidder, and the Court entered the Stalking Horse Order permitting the Debtor to enter into a purchase agreement with the Stalking Horse Bidder (the "Stalking Horse Agreement") and designating the Stalking Horse Bid as a Qualified Bid. The Bankruptcy Court held a contested hearing and approved the Sale on July 25, 2025, and entered the Sale Order approving the Sale on July 26, 2025, overruling the Orthogon Sale Objection. The Sale closed on July 29, 2025. Since the Closing of the Sale, the Debtor has focused on efficiently winding down its business, preserving Cash, and monetizing its remaining Assets. The Debtor's remaining Assets (which, upon the Effective Date, shall constitute the Plan Administration Assets) currently consist of (i) Remaining Cash, (ii) after payment of Allowed Professional Fees Claims, Cash in the Professional Fee Reserve (if any), (iii) after payment of Allowed Professional Fee Claims, any retainers, deposits, or similar instruments or agreements held by the Debtor's Professionals, (iv) the Excluded Assets, (v) the Retained Causes of Action, (vi) any outstanding New Purchased Receivables (if any), and (vii) any and all other Assets of the Debtor other than Purchased Assets. This Combined Disclosure Statement and Plan provides for the Plan Administration Assets, to the extent not already liquidated, to be liquidated over time and the proceeds thereof to be distributed to holders of Allowed Claims and Allowed Preferred Equity Interests in accordance with the terms of the Combined Disclosure Statement and Plan and the treatment of Allowed Claims and Allowed Interests. The Plan Administrator will effect such liquidation and distributions. Class 3 consists of General Unsecured Claims against the Debtor. Each Holder of an Allowed General Unsecured Claim shall receive, from the Plan Administration Assets, in full and final satisfaction, settlement, and release of and in exchange for such Allowed General Unsecured Claim: (i) Cash equal to the amount of such Allowed General Unsecured Claim plus post-petition interest accrued from the Petition Date through the Effective Date at the applicable contract rate, or, if there is no such rate, at the federal judgment rate in effect as of the Petition Date; or (ii) such other treatment which the Debtor or the Plan Administrator, as applicable, and the Holder of such Allowed General Unsecured Claim have agreed upon in writing. The allowed unsecured claims total $3,698,506.43. This Class will receive a distribution of 100% of their allowed claims. Class 3 is Unimpaired. Class 4 consists of Preferred Equity Interests in the Debtor. Preferred Equity Interests shall be cancelled, released, and extinguished as of the Effective Date, and will be of no further force or effect. Each Holder of an Allowed Preferred Equity Interest shall receive, from the Plan Administration Assets, in full and final satisfaction, settlement, and release of and in exchange for such Allowed Preferred Equity Interest: (i) a pro rata Distribution of Cash on account of such Allowed Preferred Equity Interest; or (ii) such other treatment which the Debtor or the Plan Administrator, as applicable, and the Holder of such Allowed Preferred Equity Interest have agreed upon in writing. The Combined Disclosure Statement and Plan will be implemented by, among other things, (i) the appointment of the Plan Administrator as the sole officer and director of the Post-Effective Date Debtor as of the Effective Date and (ii) the making of Distributions to Holders of Allowed Claims and Allowed Preferred Equity Interests from the Plan Administration Assets. All consideration necessary to make all monetary payments in accordance with the Combined Disclosure Statement and Plan shall, as applicable, be obtained from the Plan Administration Assets to be monetized by the Plan Administrator. A full-text copy of the Combined Disclosure Statement and Plan dated September 16, 2025 is available at https://urlcurt.com/u?l=K23A5l from PacerMonitor.com at no charge. Counsel for the Debtor: POTTER ANDERSON & CORROON LLP Aaron H. Stulman, Esq. Brett M. Haywood, Esq. James R. Risener III, Esq. Ethan H. Sulik, Esq. 1313 North Market Street, 6th Floor Wilmington, Delaware 19801 Tel: (302) 984-6000 Facsimile: (302) 658-1192 Email: astulman@potteranderson.com bhaywood@potteranderson.com jrisener@potteranderson.com esulik@potteranderson.com GOODWIN PROCTER LLP Howard S. Steel, Esq. Stacy Dasaro, Esq. Kizzy L. Jarashow, Esq. James Lathrop, Esq. The New York Times Building 620 Eighth Avenue New York, New York 10018-1405 Tel: (212) 813-8800 Facsimile: (212) 355-3333 Email: hsteel@goodwinlaw.com sdasaro@goodwinlaw.com kjarashow@goodwinlaw.com jlathrop@goodwinlaw.com About Old School Inc. Old School, Inc., is a non-public corporation incorporated in Delaware. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11016) on June 8, 2025, with $10,000,001 to $50 million in assets and liabilities. Judge Craig T. Goldblatt presides over the case. James R. Risener, III, Esq. at Potter Anderson & Corroon LLP represents the Debtor as legal counsel. OMNICARE LLC: Files Voluntary Chapter 11, Inks $110M DIP Financing ------------------------------------------------------------------ Omnicare, LLC, a subsidiary of CVS Health (NYSE: CVS), announced on Sept. 22, 2025, that it has initiated a voluntary court-supervised Chapter 11 process to resolve issues related to its recent litigation in the U.S. District Court for the Southern District of New York. The Company also intends to use this process to address other financial challenges facing the broader long-term care pharmacy industry and to evaluate its restructuring options, including the implementation of a standalone restructuring or sale strategy. Omnicare remains fully focused on meeting the pharmacy needs of its customers and long-term care residents. During the court-supervised process, Omnicare is continuing to provide safe and reliable pharmacy services to long-term care facilities. Omnicare customers and patients can expect to continue to access pharmacy and clinical services without disruption. David Azzolina, President of Omnicare said, "Omnicare has a proud history of providing industry-leading, pharmacy and clinical care solutions to long-term care providers and their residents. Omnicare has been engaged in a civil lawsuit alleging technical violations of pharmacy law based on practices the government knew about and approved. There were no allegations of harm to any Omnicare patients nor did the government allege that any patient got anything other than the medicine they needed when they needed it. The District Court nevertheless imposed an extreme and, we believe, unconstitutional penalty. Given that ruling and a number of other issues facing our business, we now are taking necessary steps to move forward and ensure the continued delivery of safe and reliable pharmacy service to our customers." Mr. Azzolina continued, "Supporting our customers and residents is our top priority. As we move through this process, we remain fully committed to providing optimal care for the residents and customers we serve. We are grateful to our facility and senior living community partners for their continued support. I want to thank the entire Omnicare team for their unwavering dedication and passion they bring to delivering the high level of service and clinical expertise that sets Omnicare apart." Additional Information About the Court-Supervised Process Omnicare has commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Northern District of Texas. In connection with this process, Omnicare has entered into an agreement for $110 million in debtor-in-possession financing. Upon court approval, Omnicare expects this financing, along with cash generated from operations, will provide sufficient liquidity for Omnicare to meet its ongoing business obligations during the court-supervised process. Omnicare is filing a number of customary motions seeking court authorization to continue to support its ongoing operations during the court-supervised process. Subject to approval of these motions, Omnicare expects to uphold its go-forward commitments to its stakeholders, including continued payment of employee wages and benefits without interruption. Omnicare fully expects to pay vendors and suppliers in full under normal terms for goods and services provided after the filing date. Additional information regarding Omnicare's court-supervised process is available at www.OmnicareRestructuring.com. Court filings and other information related to the proceedings, including instructions on how to file a proof of claim, are available on a separate website administered by Omnicare's claims agent, Stretto, at https://cases.stretto.com/Omnicare, by calling Stretto representatives toll-free at (833) 570-5323 or (949) 276-9547 for calls originating outside of the U.S. or Canada, or by sending an email to TeamOmnicare@stretto.com. Advisors Jenner & Block LLP and Haynes Boone are serving as legal counsel, Houlihan Lokey is serving as investment banker and Alvarez & Marsal is serving as restructuring advisor to Omnicare. About CVS Health CVS Health is a leading health solutions company building a world of health around every consumer, wherever they are. As of June 30, 2025, CVS Health had approximately 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics, a leading pharmacy benefits manager with approximately 87 million plan members, and a dedicated senior pharmacy care business serving more than 800,000 patients per year. CVS Health also serves an estimated more than 37 million people through traditional, voluntary and consumer-directed health insurance products and related services, including highly rated Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan. CVS Health's integrated model uses personalized, technology driven services to connect people to simply better health, increasing access to quality care, delivering better outcomes, and lowering overall costs. About Omnicare Omnicare is a national leading provider of pharmacy services to the long-term care market, which includes skilled nursing facilities and independent and assisted living communities, addressing the needs of an aging population across the continuum of senior care. OPA! SIGNATURE: Seeks Chapter 7 Bankruptcy in California -------------------------------------------------------- Matthew Gonzalez of Silicon Valley Business Journal reports that Opa Signature Foods, LP, the parent company of Opa! Restaurant Group, entered Chapter 7 bankruptcy in San Jose on September 19, 2025, beginning formal liquidation proceedings. According to court filings, the company's Santa Clara address is listed as the debtor’s location. The decision follows widespread closures at several South Bay restaurants, including Campbell, Morgan Hill, and Santa Clara. Coverage of the filing suggests the bankruptcy is a final wind-down of the Greek dining chain's business, with no plans for reorganization and the likely permanent closure of all remaining outlets, the report states. About Opa! Signature Foods LP Opa! Signature Foods LP is a full-service caterer delivering personalized dining experiences for business events and special occasions. Opa! Signature Foods LP sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-51451) on September 19, 2025. The Debtor is represented by Bennett G. Young, Esq. of Jeffer Mangels Butler And Mitchell LLP. OPENLANE INC: S&P Affirms 'B' Issuer Credit Rating, Outlook Pos. ---------------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on OPENLANE Inc. and assigned its 'B' issue-level rating and '3' recovery rating to the proposed term loan B. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default. S&P said, "The positive outlook reflects the improving profitability of OPENLANE's Marketplace segment and its strong aggregate FOCF generation, which we believe will support deleveraging over the next 12 months. We also believe the potential conversion of the company's remaining preferred shares to common equity would lead to a significant improvement in its credit metrics that would support a higher rating. "Our revised analytical approach reflects our separate assessments of OPENLANE's distinct Marketplace and Finance segments. We continue to assess the company's Marketplace segment under our existing Corporate and Infrastructure Finance rating methodology. However, in assessing OPENLANE's finance segment, we now apply our Financial Institutions rating methodology, which we believe is better suited. We then combine our assessments of the two segments to arrive at our overall view of the company's creditworthiness. "The affirmation and positive outlook reflect our expectation that OPENLANE will continue to increase its revenue, generate solid FOCF, and reduce the leverage of its Marketplace segment comfortably below 6x, despite the slight increase in its debt from the proposed term loan. We believe the company's continued strong execution in its Marketplace segment positions it to expand its market share while realizing an improvement in its operational performance, an increase in its cash flow generation, and a reduction in its leverage. Following the 2022 divestiture of its physical auction business, OPENLANE strategically transitioned to a fully digital model. Since then, the company has prioritized operational discipline, as reflected by its targeted investments in technology enhancements and a streamlined user interface aimed at increasing its platform adoption and expanding its active customer base. This focus has helped OPENLANE consistently outperform its broader industry, which is also undergoing a structural shift to digital from physical that has generated strong momentum for providers of digital solutions. "More recently, OPENLANE has significantly improved the performance of its Marketplace segment, including by expanding its S&P Global Ratings-adjusted EBITDA by over 50% year over year during the first six months of fiscal year 2025. This expansion primarily stemmed from the modest price increases management implemented in both its U.S. and Canadian operations during the early part of the year while its volumes remained largely flat. Although OPENLANE increased its dealer-to-dealer volumes by approximately 18% year over year during this period, these gains were almost fully offset by the nearly 11% decline (on a slightly larger base) in its commercial segment volumes, which account for a significant proportion of off-lease vehicles. These off-lease volumes, which declined due to lower new vehicle lease originations in the past, reduced the number of vehicles available for remarketing; however, we expect its pipeline will recover strongly by mid-2026 as subsequent increase in lease originations lead to an increase in the number of vehicles entering the remarketing channel. While we forecast OPENLANE's strong ongoing dealer-to-dealer volume growth will normalize somewhat, we anticipate a low-to mid-single-digit percent increase in its combined volumes, coupled with the benefits from modest price increases, will likely support an approximately 9%-11% expansion in its profitability in fiscal year 2026. "We estimate that the company's increased EBITDA and the consequent rise in its FOCF generation--part of which it could use to fund debt prepayments--will likely facilitate about a half turn reduction in its Marketplace segment leverage (which we estimate at 6.1x for fiscal 2024 on a pro-forma basis after adjusting for the proposed debt), enabling it to sustain leverage approaching the mid-5x area in fiscal year 2026. "We believe leverage could fall much faster if the remaining preferred shares are converted to common equity in 2026. Subsequent to its proposed debt issuance to redeem 53% of its outstanding series A preferred stock, OPENLANE's capital structure will comprise the remaining 47% of its preferred stock, which we will continue to recognize as debt (reported at its book value of about $288 million). However, based on prevailing stock prices, we believe there is a high probability the holders of these shares will convert them to common stock before June 10, 2026, because--after that date--the company will be able to redeem them at 105% of liquidation preference. If this planned conversion is completed as proposed, we will stop adjusting the Marketplace segment's debt for this amount, leading to a reduction in the segment's adjusted debt and an improvement in OPENLANE's overall credit metrics. Nonetheless, we remain cautious should the company decide to redeem more preferred shares with debt or pursue a more accelerated share buyback of its common shares in the public markets upon their conversion. "We expect the Finance segment will sustain a consistent operational performance and generate steady FOCF. OPENLANE's finance segment, through which its offers floorplan financing to independent vehicle dealers, operates at a smaller scale relative to the broader floorplan financing space. This segment had reported assets of about $2.7 billion and operated with adequate leverage (adjusted debt to equity) of about 3.5x as of June 30, 2025. Although the company competes with other specialty lenders, banks, and financial institutions, such as NextGear, in this segment, its customer base comprises dealers with relatively weaker credit quality who would find it difficult to access funding from more-established financial institutions. Despite the weakness of its customer base, this segment has averaged a healthy net yield of about 13.5% while maintaining average credit provisions and loss rates of close to 2% over the past few quarters, supported by its robust credit underwriting standards. We believe that OPENLANE can sustain these rates on a long-term basis and expect this segment will continue to generate reported FOCF of about $150 million on an annual basis. We think the company could potentially use this FOCF for further debt repayment, which would support a higher-than-anticipated level of deleveraging. "The positive outlook reflects the improving profitability of OPENLANE's Marketplace segment and its strong aggregate FOCF generation, which we believe will support deleveraging over the next 12 months. We also believe the potential conversion of the company's remaining preferred shares to common equity would lead to a significant improvement in its credit metrics that would support a higher rating." S&P could revise its outlook on OPENLANE to stable if: -- Its Marketplace segment volumes decline significantly or its margins tighten sharply, leading to weaker FOCF and segment leverage remaining above 6x. This could occur if its softer off-lease volumes do not recover and its dealer-to-dealer volumes decline; or -- Management pursues an aggressive financial policy and raises additional debt to redeem its remaining preferred shares, weakening its credit metrics; or -- Its Finance segment leverage (as measured by debt to adjusted total equity) increases above 4.5x, its credit loss rates rise materially, or its liquidity deteriorates. S&P could raise its rating on OPENLANE if: -- It further expands its Marketplace business while sustaining EBITDA margins of greater than 10% such that its leverage declines comfortably below 6x and it maintains FOCF to debt of comfortably above 5% or the conversion of its preferred shares to common equity significantly reduces the leverage of its Marketplace segment leverage; and -- Its Financing segments continues to generate steady FOCF. S&P could also raise its rating on OPENLANE if it reduces the leverage in its Financing business (as measured by debt to adjusted total equity) below 2.75x while maintaining a steady operating performance. OSCAR A. LOPEZ: Jarrod Martin Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 7 appointed Jarrod Martin, Esq., a practicing attorney in Houston, as Subchapter V trustee for Oscar A. Lopez Trucking, LLC. Mr. Martin will be paid an hourly fee of $650 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Martin declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jarrod B. Martin, Esq. 1200 Smith Street, Suite 1400 Houston, TX 77002 Phone: 713-356-1280 Email: JBM.Trustee@chamberlainlaw.com About Oscar A. Lopez Trucking LLC Oscar A. Lopez Trucking, LLC provides freight transportation services from its headquarters in Houston, Texas, operating primarily in interstate general freight. The company owns a fleet of trucks and flatbed trailers, including Kenworth and Peterbilt tractors. It employs drivers to manage its operations. Oscar A. Lopez Trucking filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-35337) on September 10, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by David L. Venable, Esq. OWL VENICE: Gets OK to Use Cash Collateral Until Nov. 1 ------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California granted OWL Venice, LLC's motion to use cash collateral effective as of the petition date. The court authorized the Debtor to continue using cash collateral under the same terms as the earlier interim order, with the added ability to roll over unused funds from one week to another in line with its budget filed on September 9. This authorization extends through November 1. A final hearing on the motion is scheduled for October 29. Additionally, the Debtor must file an updated projected budget by October 15, and a variance report by October 22. Any objections to the motion are due by October 22. The Debtor estimates approximately $244,000 in secured debt and $1.23 million in unsecured debt, with the business valued around $40,000. It intends to repay secured debt over three to five years while proposing reasonable payments to unsecured creditors after priority and administrative claims are addressed. The business' cyclical sales pattern, with increases expected during holiday seasons, supports the Debtor's projection of successful reorganization through continued operations. About OWL Venice LLC OWL Venice LLC, doing business as OWL Venice, offers handcrafted broth elixirs, organic skincare products, and multi-day gut health cleanse programs across Los Angeles County. It also provides health coaching as an additional wellness service. OWL Venice sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-16451) on July 29, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtor is represented by Giovanni Orantes, Esq., at The Orantes Law Firm, A.P.C. PACER PRINT: Seeks to Hire Lucove Say & Co. as Accountant --------------------------------------------------------- Pacer Print seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Lucove, Say & Co. as accountant. The firm will render these services: a. review the Debtor's financial status and to work to implement further accounting and financial changes; b. review the Debtor's financial records and assist counsel in determining what avoidance actions, if any, should be brought against insiders and others for the benefit of the estate; c. prepare tax returns, to handle audits and to take steps necessary to reduce the estate's liabilities; and d. render other accountancy services for the Debtor for which services of an accountant may be necessary during the pendency of this case. The firm will be paid at these rates: Richard Say, CPA $300 per hour Cameron Say, CPA $200 per hour The firm received a retainer in the amount of $3,000. Richard Say, CPA, a principal of CPAs, assured the court the firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Richard Say, CPA Lucove Say & Co. 23901 Calabasas Road #2085 Calabasas, CA 91302 Phone: (818) 224-4411 Fax: (818) 225-7054 About Pacer Print Pacer Print, a company in Simi Valley, Calif., provides custom packaging and commercial printing services. Pacer Print filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 25-10187) on February 18, 2025, with up to $10 million in both assets and liabilities. Peter Varady, managing agent, signed the petition. Judge Ronald A. Clifford III oversees the case. Steven R. Fox, Esq., at the Fox Law Corporation, Inc., represents the Debtor as bankruptcy counsel. PARK RIVER: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has assigned a 'B' rating with a Recovery Rating of 'RR3' to Park River Holdings, Inc.'s (Park River) proposed offering of first lien senior secured term loan B (TL B) and senior secured notes due 2031. Proceeds will refinance the existing TL B due 2027, repay ABL borrowings and a portion of its unsecured notes, and pay related fees. Fitch has also assigned a 'CCC'/'RR6' rating to Park River's proposed second lien secured notes. The second lien notes will be exchanged for the company's existing unsecured notes due 2029. Fitch has also affirmed Park River's Long-Term Issuer Default Rating (IDR) at 'B-' and its ABL facility at 'BB-'/'RR1'. The Rating Outlook is Stable. Park River's 'B-' IDR reflects its modest competitive position, weak credit metrics, moderate profitability, potential to generate positive FCF, ample liquidity position, and well-laddered debt maturities. The cyclicality of residential construction markets and the sponsor's aggressive capital allocation strategy are also incorporated in the 'B-' IDR. The Stable Outlook reflects Fitch's view that Park River's metrics will remain within Fitch's sensitivities despite subdued demand environment. Key Rating Drivers Weak Credit Metrics: Park River's EBITDA leverage was 7.3x for the LTM ended June 30, 2025, down from 7.8x at YE 2024, primarily due to higher EBITDA, partially driven by recent acquisitions. Fitch projects EBITDA leverage to settle around 7.5x by YE 2025 due to a weak operating environment, and to fall below 7.5x in 2026 through a combination of debt reduction and EBITDA expansion. Fitch forecasts EBITDA interest coverage to remain above 1.5x in 2025 and 2026. Moderate Profitability and FCF: Park River's Fitch-adjusted EBITDA margin was 12% in 2024, driven by lower raw material cost and reduced transportation expense from its in-house logistics model. Fitch forecasts EBITDA margins between 12% and 13% for 2025 and 2026, despite a subdued demand environment, as the company continues to benefit from recent operational initiatives and accretive margins from recent acquisitions. The company had a negative FCF margin of 3.3% in 2024. Fitch projects a positive low single-digit FCF margin in 2025, driven by working capital optimization. Aggressive Capital Allocation Strategy: Fitch expects the management to continue to grow Park River through debt-financed M&A. After refraining from large acquisitions since 2021, Park River completed five debt-financed bolt-on acquisitions totaling approximately $300 million during 2024 and YTD July 2025. Fitch anticipates the company will further pursue inorganic growth through additional bolt-on acquisitions, likely at a slower pace. Fitch believes ownership has a high leverage tolerance, as evidenced by the high leverage at the close of the acquisition of PrimeSource and combination with Dimora Brands in December 2020, and during the $855 million of net acquisitions in 2021. Subdued Demand Environment: Fitch expects new residential construction and residential remodeling activity to remain challenged amid uncertain tariff policies and higher interest rates. Residential construction is projected to decrease slightly in 2025 and improve marginally in 2026.Fitch forecasts repair and remodel spending to stay negative to flat in 2025, with modest growth in following years. Fitch's rating case assumes flat to low-single digit revenue growth in 2025, supported by completed acquisitions. Revenue is expected to increase 2%-4% in 2026 as construction activity improves. Modest Competitive Position: Park River's competitive position is weaker than higher-rated building product manufacturer peers due to the highly fragmented nature of the distribution industry and its exposure to commoditized product offerings. However, Fitch believes the company's scale, broad product offering, and brand equity associated with its proprietary brands provide competitive advantages relative to other building products distributors, as evidenced by its higher profitability margins. Fitch estimates that approximately 70% of sales come from Park River's proprietary branded product offerings. Cyclical End Markets: Fitch views Park River's end-market exposure as relatively favorable compared to issuers with greater exposure to new construction activity. Fitch estimates that about 70% of Park River's revenues come from the more stable residential repair and remodel markets, while the remaining 30% from the highly cyclical new residential construction. However, some of this benefit is tempered by the lack of exposure to non-residential end-markets, which have different construction cycles and can moderate the impact of declines in residential activity. Peer Analysis Park River's end-market exposure is a credit strength relative to other 'B' category building products distributor and manufacturer peers, such as LBM Acquisition, LLC (LBM; B/Negative), Doman Building Materials Group Ltd. (Doman; B+/Stable), and Chariot Buyer LLC (doing business as [dba] Chamberlain Group; B-/Stable). Park River has similar credit metrics compared to Chamberlain Group, but significantly lower profitability metrics. Park River has higher margin than LBM but operates at a smaller scale with similar leverage. Doman has lower margins than Park River but stronger credit metrics. Park River generates majority of its revenue from the less-cyclical repair and remodel end markets relative to these peers, with considerably less exposure to volatile lumber prices. Overall financial flexibility among these peers is comparable, with no material debt maturities in the near- to intermediate-term. Key Assumptions - Revenue to remain flat to slightly higher in 2025 and grows by 2%-4% in 2026; - EBITDA margins between 12% and 13% in 2025 and 2026; - Capex of around 1.0% of revenues; - FCF margin in the low single digits in 2025 and 2026, driven by working capital optimization; - Acquisitions total $140 million in 2025, with none assumed for 2026; - No shareholder distributions during the forecast period. - EBITDA leverage between 7.3x to 7.8x in 2025 and 7.0x to 7.5x in 2026; - Average SOFR at 4.25% in 2025 and 3.75% in 2026. Recovery Analysis The recovery analysis assumes that Park River would be reorganized as a going-concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Fitch's GC EBITDA estimate of $270 million estimates a post-restructuring sustainable level of EBITDA. The GC EBITDA is based on Fitch's assumption that a default would occur from further declines in the residential new construction and repair and remodel end markets, combined with losses of certain key customers. Fitch had previously used a $255 million GC EBITDA. The $15 million increase in GC EBITDA reflects the impact of acquisitions. Fitch estimates annual revenues to be about 15% below June 30, 2025, LTM pro forma levels and Fitch-calculated EBITDA margin around 11.5% (roughly 140bps below EBITDA margin for LTM ended June 30, 2025) would capture the lower revenue base of the company after emerging from a housing downturn, plus a sustainable margin profile after right sizing. This results in Fitch's $270 million GC EBITDA assumption. Fitch assumes a 6.0x GC EBITDA multiple to calculate the enterprise value (EV) in a recovery scenario. The 6.0x multiple is below the purchase multiples of 9.2x for PrimeSource, 10.5x for Dimora, 11.2x for Nationwide, and 9.5x for Wolf. The 6.0x multiple is comparable to the multiple used for LBM Acquisition, LLC, a pure distributor with slightly lower margins but which is considerably larger than Park River. The 6.0x multiple is higher than the 5.5x multiple utilized for New AMI I (B/Stable) and Doman Building Materials (B+/Stable). These peers are smaller in scale, have lower margins and have narrower product offering than Park River. Park River's GC EBITDA multiple is lower than Chamberlain Group's at 6.5x due to Chamberlain's leading market position and meaningfully stronger profitability metrics through the cycle. Fitch assumes that in a recovery scenario, the borrowing base under the company's $790 million billion ABL revolver would shrink as inventory and receivable balances decline with lower revenue and EBITDA. Fitch assumes the ABL revolver would have $500 million outstanding at recovery (75% of the LTM borrowing base), considering potential reductions in the borrowing base due to contracting sales and volumes. Fitch had previously assumed $550 million drawn on the ABL facility. The lower revolver outstanding assumption reflects the company's borrowing availability under its borrowing base over the past four quarters. In the recovery analysis, the ABL would have prior-ranking claims over the senior secured term loan. The analysis results in a recovery corresponding to an 'RR1' for the $790 million ABL and 'RR3' for $1.8 billion of first lien debt, which includes the proposed term loan B and senior secured notes. The second lien debt receives recoveries corresponding to an 'RR6'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA interest coverage sustained below 1.5x; - (CFO-capex)/debt consistently negative; - Fitch's expectation that FCF generation will approach neutral or consistently turn negative, resulting in a diminished liquidity position. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch's expectation that EBITDA leverage will be sustained below 6.5x; - (CFO-capex)/debt sustained above 2.5%; - The company maintains a strong liquidity position with no material short-term debt obligations; - EBITDA interest coverage sustained above 2.0x. Liquidity and Debt Structure As of June 30, 2025, Park River has ample liquidity with $8.1 million in unrestricted cash on the balance sheet and $316.8 million in borrowing availability under its $790 million ABL facility, which matures in October 2029. The company's near-term debt maturities are limited to 1% annual amortization of the proposed term loan B until due in April 2031. The company's senior unsecured notes mature in February 2029 and August 2029. The proposed senior secured notes will mature in 2031, along with the proposed term loan B and second lien notes. Issuer Profile Park River Holdings, Inc. is a leading national provider of specialty branded interior and exterior residential building products. The company's product offerings include construction fasteners, cabinet knobs and pulls, decking, fence, gate and functional hardware, railing systems, and perimeter security. Summary of Financial Adjustments Fitch adds back nonrecurring transaction expenses, stock-based compensation and inventory step-up charges to the Fitch-adjusted EBITDA. 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 ----------- ------ -------- ----- Park River Holdings, Inc. LT IDR B- Affirmed B- senior secured LT B New Rating RR3 senior secured LT BB- Affirmed RR1 BB- Senior Secured 2nd Lien LT CCC New Rating RR6 PARK RIVER: Moody's Affirms 'B3' CFR, Outlook Remains Stable ------------------------------------------------------------ Moody's Ratings affirmed Park River Holdings, Inc.'s (dba PrimeSource) corporate family rating at B3 and probability of default rating at B3-PD. At the same time, Moody's affirmed the B3 rating on the existing senior secured 1st lien term loan due December 2027 and Caa2 rating on the senior unsecured notes due 2029. Moody's assigned B3 ratings to the company's proposed $910 million senior secured 1st lien term loan B and $910 million senior secured notes, both due April 2031, and assigned a Caa2 rating to the proposed $538 million 2nd lien exchange senior secured notes due 2030. The B3 rating on the existing 1st lien term loan and the Caa2 ratings on the existing senior unsecured notes will be withdrawn at close. The outlook remains stable. Proceeds from the proposed $910 million term loan B, $910 million senior secured notes and $538 million 2nd lien notes will be used to repay the company's existing $1.5 billion 1st lien term loan B due December 2027, $192 million in outstanding borrowings on its unrated ABL credit facility due October 2029, $100 million of the outstanding senior unsecured notes due 2029, and a $20 million seller note from its July 2025 acquisition of Fortress Railing Products. Additionally, the remaining $538 million of senior unsecured notes will be exchanged at par for the new 2nd lien notes due 2030. Proceeds will also be used to pay fees and expenses. The ratings affirmation with a stable outlook reflects Moody's expectations that PrimeSource's recent acquisitions and operational initiatives should continue to benefit credit metrics, despite persistent demand softness across both residential repair & remodeling and new construction. Moody's expects leverage to decline to near 7.0x debt/EBITDA by 2026 and interest coverage to improve to above 1.7x EBITDA/interest over the same period. The affirmation is also supported by PrimeSource's revenue scale of over $2.5 billion, solid EBITDA margin, expanding market position, and end market diversity. RATINGS RATIONALE PrimeSource's B3 CFR reflects the company's leveraged capital structure and high fixed charges. Organic year-over-year revenue declines across several product categories have been offset by the benefit of recent acquisitions, contributing to some leverage improvement to 7.4x debt/EBITDA as of the last twelve months ended June 30, 2025. Moody's forward view includes limited organic growth due to continued weakness in new residential construction and repair & remodeling. Fixed charges including cash interest, term loan amortization and operating and finance lease payments are over $200 million per year, significantly constraining excess cash flow. Intense competition among distributors also constrains credit quality. Despite maintaining a branded product portfolio, some of PrimeSource's products are available from other distributors, making it difficult to increase pricing significantly and maintain profitability on those products. Providing an offset to PrimeSource's leveraged capital structure and other credit challenges is the company's good and improving profitability. Moody's expects adjusted EBITDA margin of approximately 14% through 2026, which is a key credit strength. Margins have expanded consistently since 2023, benefiting from PrimeSource's operational initiatives aimed at reducing overall inventory and increasing efficiency via a hub-and-spoke distribution center model. PrimeSource has also made progress in reducing its revolver borrowings using free cash flow generation, which has been supported by a decrease in inventory levels. Moody's views PrimeSource's liquidity as good, supported by expected free cash flow generation and revolver availability. Moody's expects PrimeSource to generate positive free cash flow throughout Moody's projected period after considering earnings growth and margin expansion counterbalanced by a high interest burden and modest working capital investment. The company's cash balance was $8 million as of June 30, 2025. Further, liquidity is supported by the company's $790 million asset-based revolving credit facility with $667 million of borrowing base availability, of which approximately $200 million will be drawn post-transaction. Moody's expects the company to continue to repay borrowings using cash flow generation. The Caa2 ratings on the second lien exchange notes reflects the subordination to the company's first lien secured debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if PrimeSource exhibits solid organic growth, and the company deleverages such that adjusted debt-to-EBITDA approaches 6.0x and adjusted EBITA-to-interest expense is maintained near 2.0x. Preservation of good liquidity and more conservative financial policies would support upwards rating movement. The ratings could be downgraded if PrimeSource's adjusted debt-to-EBITDA remains above 7.0x and EBITA-to-interest expense is sustained near 1.0x. A deterioration in liquidity, an aggressive acquisition with additional debt or significant shareholder return activity could result in downward rating pressure as well. The principal methodology used in these ratings was Distribution and Supply Chain Services published in December 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Park River Holdings, Inc., headquartered in Irving, Texas, is a specialty branded building products distributor. Clearlake Capital Group, L.P., through its affiliates, is the owner of PrimeSource. PC LEARNING: Gets Interim OK to Use Cash Collateral --------------------------------------------------- PC Learning Centers, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of New York to use the cash collateral of its secured creditors. The court's interim order authorized the Debtor to use the cash collateral of Citibank N.A. and the U.S. Small Business Administration for the limited purpose of funding its September 15 gross payroll and related taxes amounting to $13,659.73. As adequate protection for the Debtor's use of their cash collateral, both creditors will be granted perfected security interests, with the same priority that the creditors held in their pre-bankruptcy collateral. The final hearing is set for October 9. The deadline for filing objections is on October 6. The cash collateral at issue is claimed by two secured creditors: Citibank, which holds a lien based on a 1999 UCC-1 financing statement and is owed $329,647.91, and the SBA, which filed its own UCC-1 statement in 2020 and is owed about $467,477. As of the bankruptcy filing on September 9, the Debtor had approximately $25,718 in its operating account, $5,649 in accounts receivable, and a $150,000 security deposit held by its landlord. The Debtor's six-month post-petition budget outlines anticipated revenues and operating expenses through March 2026. The projections show that the business expects monthly losses, totaling a net negative income of $118,313 over the six-month period. Despite these projected losses, the Debtor maintains that use of the cash collateral will prevent the value of the creditors' collateral from diminishing, as the funds will be used solely to support ongoing business operations and maintain the enterprise as a going concern. About PC Learning Centers PC Learning Centers, Inc., doing business as NYC Seminar and Conference Center (NYCSCC), operates a 9,300-square-foot event and conference facility in New York City's Flatiron District, Chelsea neighborhood. The center provides flexible seminar and meeting spaces accommodating 6 to 200 participants, supporting hybrid events with integrated audiovisual and technology infrastructure, including internet connectivity, video conferencing, and on-site tech support. NYCSCC offers event planning services, catering options, customizable room configurations and online booking, targeting corporate meetings, training sessions, and professional seminars. PC Learning Centers filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-11964) on September 9, 2025, with up to $50,000 in assets and $1 million to $10 million in liabilities. Tod Shapiro, vice president of PC Learning Centers, signed the petition. Judge Michael E. Wiles presides over the case. Kenneth L. Baum, Esq., at the Law Offices of Kenneth L. Baum, LLC represents the Debtor as the bankruptcy counsel. PHILLIPS ACRES: Seeks to Hire C. Scott Kirk as Bankruptcy Counsel ----------------------------------------------------------------- Phillips Acres, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire C. Scott Kirk, Attorney At Law, PLLC as counsel. The firm will render these services: (a) prepare on behalf of the Debtor all necessary legal documents necessary for its reorganization; (b) perform all necessary legal services in connection with the Debtor's reorganization; and (c) perform all other legal services for the Debtor which may be necessary for a Chapter 11 case. The firm will be paid at these hourly rates: C. Scott Kirk, Attorney $350 Paralegal $100 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $15,500 from Debtor. Mr. Kirk 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: C. Scott Kirk, Esq. C. Scott Kirk, Attorney at Law, PLLC 1025C Director Court Greenville, NC 27858 Telephone: (252) 689-6249 Email: scott@csklawoffice.com About Phillips Acres, Inc. Phillips Acres, Inc. owns and manages agricultural real estate in Farmville, North Carolina, comprising three parcels totaling 108.1 acres at 499 Albritton Road. The property includes four turkey houses, a waste lagoon, and surrounding fields and forests. Phillips Acres, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-03601) on September 16, 2025, listing $500,001 to $1 million in assets and $1,000,001 to $10 million in liabilities. Judge Pamela W Mcafee presides over the case. Christopher Scott Kirk, Esq. at C. Scott Kirk, Attorney At Law, PLLC represents the Debtor as counsel. PINSEEKERS DEFOREST: Taps Capitol Tax & Accounting as Accountant ---------------------------------------------------------------- PinSeekers DeForest Operations LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Wisconsin to employ Capitol Tax & Accounting Group LLC as accountant. The firm will prepare the Debtor's 2024 federal and state tax return. The firm will receive $3,750 for its services. Patrick Paulus, CPA, owner and founder of Capitol Tax, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Patrick Paulus, CPA Capitol Tax & Accounting Group LLC 740 Regent Street, Suite 106 Madison, WI 53715 Telephone: (608) 630-8917 Facsimile: (608) 630-8918 Email: clientinfo@cap-tag.com About PinSeekers DeForest Operations LLC PinSeekers DeForest Operations LLC operates a hybrid golf entertainment facility located in DeForest, Wisconsin, just outside of Madison. The facility's year-round offerings include Toptracer golf suites, which are equipped with all-weather luxury suites suitable for golfers of all skill levels. The facility also features mini bowling, with a scaled-down version of traditional bowling called duckpin bowling, a custom-built putting course that caters to all levels of skill and age, and high-definition multi sports simulators. PinSeekers provides a spacious event space for corporate gatherings, networking events, meetings, or parties. The venue also includes a restaurant and bar, offering a diverse menu for casual dining. PinSeekers DeForest Operations LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-10326) on Feb. 18, 2025. In its petition, the Debtor estimated assets between $1 million and $10 million and liabilities between $10 million and $50 million. The Debtor is represented by Rebecca R. DeMarb, Esq. at SWANSON SWEET LLP. PINSTRIPES HOLDINGS: Taps Epiq Corporate as Administrative Advisor ------------------------------------------------------------------ Pinstripes Holdings, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Epiq Corporate Restructuring, LLC as administrative advisor. The firm will provide these services: (a) assist with, among other things, solicitation, balloting and tabulation of votes, and prepare any related reports, as required in support of confirmation of a Chapter 11 plan, and in connection with such services, process requests for documents from parties in interest; (b) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; (c) assist with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; (d) manage and coordinate any distributions pursuant to a Chapter 11 plan; and (e) provide such other processing, solicitation, balloting and other administrative services described in the Engagement Agreement. The hourly rates of Epiq's professionals are as follows: IT/Programming $65 - $80 Case Managers $85 - $170 Project Managers/Consultants/Directors $175 - $185 Solicitation Consultant $185 Executive Vice President, Solicitation $190 Before the petition date, the Debtors provided Epiq a retainer in the amount of $25,000. In addition, Epiq will seek reimbursement for expenses incurred. Kathryn Tran, a consulting director at Epiq, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kathryn Tran Epiq Corporate Restructuring, LLC 777 Third Avenue, 11th Floor New York, NY 10017 About Pinstripes Holdings Pinstripes Holdings, Inc. operates a dining and entertainment concept restaurants. The company provides Italian-American cuisine with bowling, bocce, and private event services. It also offers off-site events catering services. The company was incorporated in 2006 and is based in Northbrook, Illinois. Pinstripes Holdings and four of its affiliates sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 25- 11677) on September 8, 2025. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as counsel; CR3 Partners LLC as restructuring advisor; and Hilco Corporate Finance LLC as investment banker. The Debtors' notice and claims agent is Epiq Corporate Restructuring LLC. PINSTRIPES HOLDINGS: Taps James Katchadurian of CR3 Partners as CRO ------------------------------------------------------------------- Pinstripes Holdings, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ CR3 Partners, LLC to provide the Debtors with James Katchadurian, as chief restructuring officer and additional assistance from CR3 Partners personnel. CR3's scope of services include: a) provide oversight and support to the Debtor and the Debtors' other professionals in connection with execution of the Debtors' business plan, reorganization plan, any sales process, and the overall administration of activities within the chapter 11 proceeding; b) provide oversight and assistance in connection with the preparation of financial reporting and related disclosures required by the Court, including the Schedules of Assets and Liabilities, the Statement of Financial Affairs and Monthly Operating Reports, and any other disclosures required by the Debtor in connection with the bankruptcy process, or in keeping with CR3 Partners’ professional and ethical responsibilities; c) provide oversight and assistance in connection with the preparation of financial information for distribution to creditors and others, including, but not limited to, cash flow projections and budgets, cash receipts and disbursements, analysis of various asset and liability accounts, and analysis of proposed transactions for which Court approval is sought; d) participate in meetings and provide assistance to any official committee(s) appointed in the case, the Office of the United States Trustee for the District of Delaware (the "U.S. Trustee"), other parties in interest, including contractual counterparties, and professionals hired by the same; e) evaluate and make recommendations as needed to maximize the value of the Debtors' assets; f) provide oversight and assistance in connection with the preparation of analysis of creditor claims; g) provide oversight and assistance in connection with the evaluation and analysis of avoidance actions, including, fraudulent conveyances and preferential transfers, and in the defense and prosecution of other litigation, if necessary; h) provide testimony in litigation/bankruptcy matters as required; i) evaluate the cash flow generation capabilities of the Debtor for valuation maximization opportunities; j) provide oversight and assistance in connection with communications and negotiations with constituents including investors and other critical constituents to the successful restructuring of the Debtor, as well as to directly communicate with stakeholders where appropriate, and to establish communication protocols; k) manage professionals engaged by the Debtor, or committees or other stakeholders involved in a chapter 11 or restructuring of the Debtor, and directly communicate with such stakeholders as appropriate; l) assist in development of a plan of reorganization and in the preparation of information and analysis necessary for the development of a plan and disclosure statement, and confirmation of a plan in the chapter 11 proceeding; and m) perform other tasks as directed by the Board of Directors and agreed to by CR3 Partners, including all tasks necessary to facilitate the Debtors' restructuring, or in keeping with CR3 Partners' ethical responsibilities, in CR3 Partners' sole discretion. The firm's hourly rates: James Katchadurian (Senior Managing Director / Partner) $1,195 Michael Juniper (Managing Director / Partner) $895 Director, Manager and/or Senior Associate $350 - $795 CR3 Partners does not hold any interest adverse to the Debtors' estates, and is a "disinterested person" as defined by section 101 (14) of the Bankruptcy Code. The firm can be reached through: James Katchadurian CR3 Partners, LLC 13355 Noel Road, Suite 2005 Dallas, TX 75240 Phone: (914) 646-9451 Email: james.katchadurian@cr3partners.com About Pinstripes Holdings Pinstripes Holdings, Inc. operates a dining and entertainment concept restaurants. The Debtor provides Italian-American cuisine with bowling, bocce, and private event services. It also offers off-site events catering services. The Debtor was incorporated in 2006 and is based in Northbrook, Illinois. Pinstripes Holdings and four of its affiliates sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 25- 11677) on September 8, 2025. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as counsel; CR3 Partners LLC as restructuring advisor; and Hilco Corporate Finance LLC as investment banker. The Debtors' notice and claims agent is Epiq Corporate Restructuring LLC. PINSTRIPES HOLDINGS: Taps Young Conaway Stargatt as Counsel ----------------------------------------------------------- Pinstripes Holdings, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Young Conaway Stargatt & Taylor, LLP as counsel. The firm's services include: a. providing legal advice with respect to the Debtors' powers and duties as debtors in possession in the continued operation of their business, management of their properties, and the potential sale of their assets; b. preparing documents in connection with and pursuing approval of a disclosure statement and confirmation of a plan; c. preparing, on behalf of the Debtors, necessary applications, motions, answers, orders, reports, and other legal papers; d. appearing in Court and protecting the interests of the Debtors before the Court; and e. performing all other legal services for the Debtors that may be necessary and proper in these Chapter 11 Cases. Compensation will be payable to Young Conaway on an hourly basis, plus reimbursement of actual and necessary expenses incurred by Young Conaway. The firm's hourly rates are: Michael R. Nestor, Partner $1,425 Sean M. Beach, Partner $1,235 Elizabeth S. Justison, Partner $930 Shella Borovinskaya, Associate $615 Mariam Khoudari, Associate $615 Troy Bollman, Paralegal $385 The firm received retainer payment in the amounts of $100,000. Young Conaway received additional retainer payments of $75,000 on June 3, 2025, $50,000 on August 20, 2025, and $220,000 on August 29, 2025. Consistent with the United States Trustees' Appendix B - Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed Under 11 U.S.C. Sec. 330 by Attorneys in Larger Chapter 11 Cases (the U.S. Trustee Guidelines), which became effective on November 1, 2013, the firm state as follows: a. Young Conaway has not agreed to a variation of its standard or customary billing arrangements for this engagement. b. None of the Firm's professionals included in this engagement have varied their rate based on the geographic location of the chapter 11 cases. c. Young Conaway was retained by the Debtors pursuant to the Engagement Agreement, dated as of May 5, 2025. The billing rates and material terms of the prepetition engagement are the same as the rates and terms described in the application. d. The Debtors have approved or will be approving a prospective budget and staffing plan for Young Conaway's engagement for the post-petition period. In accordance with the U.S. Trustee Guidelines, the budget may be amended as necessary to reflect changed or unanticipated developments. Michael Nestor, a partner at Young Conaway Stargatt & Taylor, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael R. Nestor, Esq. Sean M. Beach, Esq. Elizabeth S. Justison, Esq. Shella Borovinskaya, Esq. Mariam Khoudari, Esq. Young Conaway Stargatt & Taylor, LLP Rodney Square 1000 N. King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Emails: mnestor@ycst.com sbeach@ycst.com ejustison@ycst.com sborovinskaya@ycst.com mkhoudari@ycst.com About Pinstripes Holdings Pinstripes Holdings, Inc. operates a dining and entertainment concept restaurants. The company provides Italian-American cuisine with bowling, bocce, and private event services. It also offers off-site events catering services. The company was incorporated in 2006 and is based in Northbrook, Illinois. Pinstripes Holdings and four of its affiliates sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 25- 11677) on September 8, 2025. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as counsel; CR3 Partners LLC as restructuring advisor; and Hilco Corporate Finance LLC as investment banker. The Debtors' notice and claims agent is Epiq Corporate Restructuring LLC. PRO QUIP: Hires Van Horn Law Group P.A. as Bankruptcy Counsel ------------------------------------------------------------- Pro Quip, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Van Horn Law Group, P.A. as counsel. The firm will provide these services: a. give advice to the debtor with respect to its powers and duties as a debtor in possession and the continued management of its business operations; b. advice the debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and reporting Requirements and with the rules of the court; c. prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; d. protect the interest of the debtor in all matters pending before the court; and e. represent the debtor in negotiation with its creditors in the preparation of a plan. The firm will be paid at these rates: Chad Van Horn $500 per hour Law clerks/Paralegals/Associates $175 to $350 per hour Prior to the filing of this case, the firm was paid a retainer in the amount of $15,000 plus $2,500 for the filing fee and costs for a total amount of $17,500. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Chad T. Van Horn, Esq., a partner at Van Horn Law Group, P.A., 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 T. Van Horn, Esq. Van Horn Law Group, PA 500 NE 4th Street, Suite 200 Fort Lauderdale, FL 33301 Tel: (561) 621-1360 Email: info@cvhlawgroup.com About Pro Quip Pro Quip, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20194) on August 29, 2025, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Peter D. Russin presides over the case. Chad T. Van Horn, Esq., represents the Debtor as legal counsel. PROPHASE LABS: COVID Testing Subsidiaries Enter Chapter 11 ---------------------------------------------------------- ProPhase Labs, Inc. a next generation biotech, genomics and consumer products company, announced that its three COVID-19 testing laboratory companies filed for reorganization under Chapter 11 in United States Bankruptcy Court for the District of New Jersey, advancing the Crown Medical Collections initiative to the key next step. This bankruptcy action is strictly limited to the Company's COVID-19 lab testing units, which are collectively owed tens of millions of dollars by insurance companies. Successful collections have the potential to be multiples of the Company's current market capitalization. As a reorganization, the Company is taking the necessary steps to restore financial stability and position the laboratories for long-term viability and growth. One objective of the bankruptcy filing is to streamline and accelerate recovery of funds that the Company believes were lawfully owed for approved and completed testing services. In many instances, the insurance companies had previously approved claims but underpaid the amounts required by law. The Company is confident in the merits of these claims and intends to pursue all available avenues in bankruptcy court to collect these funds efficiently. "Filing the lab subsidiaries in bankruptcy court was the critically important next step that we have all been waiting for, said Ted Karkus, CEO and Chairman of ProPhase Labs, Inc. "The Crown Medical Collections group of attorneys will now directly approach these insurance companies with litigation and the potential for early settlements." Mr. Karkus continued, "Crown Medical continues to estimate $50 million or more cash collections for the company net of all legal and contingency fees. Crown Medical's $50 million net estimate also includes Crown Medical's estimate for negotiations with the insurance companies for expedited settlements instead of protracted litigations. We may potentially enjoy significant collections during Q4 of this year, that could be multiples of the entire current market capitalization of the company." Importantly, this process does not involve or impact ProPhase Labs, Inc., the parent company, or its other initiatives. The Company continues to advance significant projects, including the development of a groundbreaking esophageal cancer test, the BE-Smart(TM) esophageal test, that holds the promise of saving thousands of lives and may reduce healthcare costs by billions of dollars annually. The Company looks forward to positive updates on next steps in the commercialization of this vital test shortly. In addition, the company's Nebula Genomics and DNA Complete subsidiaries continue to make strong progress with innovative genomic and DNA-based testing. Finally, the parent company's exploration of a crypto treasury strategy is entirely unrelated to the bankruptcy proceeding involving the lab subsidiaries. The Company remains focused on innovation and growth in key areas of health technology, and this legal action is a necessary step to ensure that funds lawfully owed are collected and can be invested in our continuing mission. About ProPhase Labs Inc. ProPhase Labs Inc. (Nasdaq: PRPH) is a next-generation biotech, genomics and consumer products company. Its mission is to build a healthier world through bold innovation and actionable insight. It is revolutionizing healthcare with industry-leading Whole Genome Sequencing solutions, groundbreaking diagnostic development, such as our potentially life-saving test for the early detection of esophageal cancer, and a world class direct-to-consumer marketing platform for cutting edge OTC dietary supplements. ProPhase develops, manufacture, and commercialize health and wellness solutions to enable people to live their best lives. It is committed to executional excellence, smart diversification, and a synergistic, omni-channel approach. ProPhase Labs' valuable subsidiaries, their synergies, and significant growth underscore its potential for long-term value. www.ProPhaseLabs.com 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. QUALITY FIRST: Seeks to Hire Mark D Bohnet CPA LLC as Accountant ---------------------------------------------------------------- Quality First Construction LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire Mark D Bohnet CPA LLC as accountant. The firm's hourly rates are: Amy Bodet (accounting) $180 Sherri Underwood (accounting) $180 Ellen Binnings (accounting) $180 Mark Bohnet (all services) $320 Larissa Lieser (tax related) $180 Mark Bohnet, a certified public accountant and principal at Mark D Bohnet CPA LLC, disclosed in a court filing that his firm is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark Bohnet, CPA Mark D Bohnet CPA, LLC 1433 W. Causeway Approach Mandeville, LA 70471 Phone: (985) 231-5715 About Quality First Construction LLC Quality First Construction LLC provides marine transportation, construction, and logistics services along the Gulf Coast. Its operations include coastal restoration, dredging, oil and gas support, emergency response and salvage, vessel repairs and maintenance, and environmental services. Founded in 2005, the Company operates a fleet of vessels and continues to invest in infrastructure and workforce development. Quality First Construction LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-11157) on June 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtors are represented by Ryan J. Richmond, Esq. at STERNBERG, NACCARI & WHITE, LLC. QUALITY PROPERTIES: Hires Wembley's Inc. as Real Estate Broker -------------------------------------------------------------- Quality Properties USA, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Kamyar Rezaie of Wembley's Inc. as real estate broker. The firm's services include: a. ordering, analyzing and preparing documentation necessary to market the Debtor's property commonly known as 22128 Burton Street, Canoga Park, CA 91304 for sale; b. listing the Subject Property for sale on appropriate listing services based on the nature of the property, responding to purchase inquiries, and soliciting reasonable offers for the Subject Property; c. conveying all reasonable purchase offers to the Debtor, advising the Debtor concerning the offers, and subject to the Debtor's approval, confirming acceptance of offers; d. on behalf of the Debtor, preparing any and all documents require to consummate the sale of the subject property. The broker will receive a total compensation of 1.5 percent of the listing price or if purchase agreement. Mr. Rezaie disclosed in the court filings that he is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The broker can be reached through: Kamyar Rezaie Wembley's Inc. 5000 North Parkway Calabasas, Suite 114 Calabasas, CA 91302 Phone: (818) 703-9337 Email: krezaie@wembleysinc.com About Quality Properties USA Quality Properties USA, LLC filed voluntary Chapter 7 petition (Bankr. C.D. Cal. Case No. 25-10021) on January 6, 2025. The case was converted to one under Chapter 11 on April 4, 2025. In its petition, the Debtor disclosed up to $1 million in both assets and liabilities. Judge Martin R. Barash oversees the case. Anthony O. Egbase, Esq., and Shana Y. Stark, Esq., at A.O.E. Law and Associates, APC represents the Debtor as counsel. Velocity Commercial Capital, LLC, as lender, is represented by Joshua M. Nyman, Esq., at Ramsaur Law Office. RELIANT LIFE: Seeks to Hire Melville Capital as Insurance Broker ---------------------------------------------------------------- Reliant Life Shares, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Melville Capital to market and sell certain life insurance policies. The firm will provide advisory and brokerage services relating to the Debtor's right, title and interest in certain policies as both the grantor of the trust that owns the policies and as a beneficiary of the subtrust or trust that owns each of the policies. The firm's services include: (i) advising the Debtor with respect to issues concerning the valuation, marketing, sales or potential sales of the policies in a manner designed to maximize the value of the policies, including, without limitation, with respect to any conversion feature contained in Policy; (ii) if needed, and in accordance with the Health Insurance Portability and Accountability Act of 1996 ("HIPAA"), collecting health information on the Insured and various premium illustration scenarios from the applicable carrier(s) under the policies (each, a "Carrier"); (iii) soliciting and marketing the policies to potential Purchasers; (iv) educating potential Purchasers on the existence of the Case; (v) assisting the Debtor in recommending bidding procedures, if necessary, with respect to the policies; (vi) assisting the Debtor with negotiating and coordinating the sale(s) of the policies; (vii) assisting the Debtor with obtaining approval of the Bankruptcy Court for any use of the grantor interest in the trust to cause a sale of the policies; (viii) assisting the Debtor with transferring the policies (in whole and/or in part) to the successful Purchaser(s); and (ix) providing such other related services which the Debtor deems necessary or prudent to best maximize its interests as a beneficiary of the policies, other than any services which, in Melville's sole determination, contravene any of Melville's professional standards or internal policies. Melville will receive a cash fee equal to 5 percent of the purchase price for each Policy. As disclosed in the court filings, Melville is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Doug Himmel MELVILLE CAPITAL 42 Deer Park Avenue, 2nd Floor Babylon, NY, 11702 Tel: (866) 511-5990 Email: INFO@MELVILLECAPITAL.COM About Reliant Life Shares Reliant Life Shares LLC is an investment service in Los Angeles, California. Reliant Life Shares LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code {Bankr. C.D. Cal. Case No. 24-11695) on Oct. 7, 2024. In the petition filed by Nicholas Rubin, chief restructuring officer, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Honorable Bankruptcy Judge Martin R. Barash oversees the case. The Debtor tapped Raines Feldman Littrell LLP as counsel and Force Ten Partners LLC as restructuring advisor. Stretto is the claims agent. RENAISSANCE ACADEMY: Moody's Upgrades Revenue Rating to Ba1 ----------------------------------------------------------- Moody's Ratings has upgraded Renaissance Academy, UT's revenue rating to Ba1 from Ba2. The outlook is stable. The charter school academy currently has $11.8 million in outstanding revenue debt. The upgrade is driven by the academy's consistent enrollment demand, steady operations, healthy spendable liquidity, and low risk of charter nonrenewal by its state level authorizer. RATINGS RATIONALE The Ba1 rating reflects Renaissance Academy's solid competitive profile as a provider of a unique dual language curriculum to students in grades K-9. The academy's consistent student enrollment and operational stability will continue to result in healthy spendable liquidity and satisfactory annual debt service coverage on outstanding revenue debt. The risk of charter non-renewal is low, supported by the academy's competitive academic performance and perpetual charter contract with the state authorizer. Overall leverage is moderate, and annual fixed costs will remain manageable. RATING OUTLOOK The stable outlook reflects the likelihood that the academy will maintain near full enrollment for the foreseeable future, which will contribute to steady operations and overall financial health. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Material strengthening of competitive profile including sustained full enrollment, bolstered student waitlist and improved academic performance -- Increased scale of operations while maintaining strong days cash on hand, healthy EBIDA margins and increased annual debt service coverage -- Significant decrease to the academy's long-term leverage FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Deterioration to the school's competitive profile including a softening of enrollment or weakening of academic performance -- Material narrowing of operating margins, annual debt service coverage to below 1.1x, or decreases to days cash on hand - Material increase in leverage PROFILE Renaissance Academy is a K-9 charter school located in Lehi, UT (Aa1). The school offers a world language curriculum, with offerings in Spanish, Arabic, and a dual-immersion Chinese program. The school has operated since 2006 and currently enrolls approximately 760 students. The school is authorized by the Utah State Charter School Board and benefits from a perpetual charter. METHODOLOGY The principal methodology used in these ratings was US Charter Schools published in April 2024. REYNA HOSPITALITY: Samuel Dawidowicz Named Subchapter V Trustee --------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Samuel Dawidowicz as Subchapter V trustee for Reyna Hospitality Group, Inc. Mr. Dawidowicz will be paid an hourly fee of $565 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dawidowicz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Samuel Dawidowicz 215 East 68th Street New York, NY 10065 Phone: (917) 679-0382 About Reyna Hospitality Group Reyna Hospitality Group, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12020) on September 16, 2025, listing between $500,001 and $1 million in assets and liabilities. Judge Lisa G. Beckerman presides over the case. Robert Leslie Rattet, Esq., at Davidoff Hutcher & Citron, LLP represents the Debtor as legal counsel. RGN INVESTMENTS: Linda Leali Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Linda Leali, Esq., as Subchapter V trustee for RGN Investments, LLC. Ms. Leali will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Leali declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Linda M. Leali Linda M. Leali, P.A. 2525 Ponce De Leon Blvd., Suite 300 Coral Gables, FL 33134 Telephone: (305) 341-0671, ext. 1 Facsimile: (786) 294-6671 Email: leali@lealilaw.com About RGN Investments LLC RGN Investments, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20830) on September 17, 2025, with $100,001 to $500,000 in assets and up to $50,000 in liabilities. Judge Scott M. Grossman presides over the case. The Debtor is represented by: Joshua Liszt, Esq. Liszt Law, P.A. 3200 N. Military Trail, Suite 110 Suite 100 Boca Raton, FL 33431 Phone: (561) 400-9053 josh@lisztlawpa.com RHEUMATOLOGY WELLNESS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------- Rheumatology Wellness Care of WNY, PLLC received interim approval from the U.S. Bankruptcy Court for the Western District of New York to use cash collateral to fund operations. The court's interim order authorized the Debtor to use cash collateral in accordance with its budget pending the final hearing on October 6. As adequate protection, M&T Bank and other creditors holding pre-bankruptcy liens will be granted roll-over or replacement liens on the same assets that served as their pre-bankruptcy collateral. As additional protection, M&T Bank will receive a monthly cash payment of $3,561.78 from the Debtor. The Debtor is a New York professional limited liability company formed in 2015, wholly owned and managed by Dr. Mary Margaret O’Neil. As of the petition date, the Debtor reported secured debt to M&T Bank in the approximate amount of $145,000, secured by a first lien on all of its personal property; and to Kapitus LLC in the approximate amount of $308,048, secured by a second lien. However, the Debtor estimates that the total liquidation value of its assets is only around $116,000, and it believes that the Kapitus lien is wholly unsecured due to insufficient collateral value. About Rheumatology Wellness Care of WNY Rheumatology Wellness Care of WNY, PLLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.Y. Case No. 25-11089) on September 15, 2025. In the petition signed by Mary Margaret O'Neil, MD, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Carl L. Bucki oversees the case. Arthur G. Baumeister, Jr., Esq., at Baumeister Denz LLP, represents the Debtor as legal counsel. RIZO-LOPEZ FOODS: Taps Donlin Recano as Claims and Noticing Agent ----------------------------------------------------------------- Rizo-Lopez Foods, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Donlin, Recano & Company, LLC as the claims and noticing agent. The firm will oversee the distribution of notices and will assist in the maintenance, processing and docketing of proofs of claim filed in the Debtor's Chapter 11 case. The firm will bill these hourly fees: Senior Bankruptcy Consultant $167 - $203 Case Manager $153 - $167 Consultant $126 - $149 Technology Programming $86 - $122 Clerical $40 - $50 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received a retainer in the amount of $15,000. Lisa Terry, a senior legal director at Donlin, Recano & Company, 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 through: Lisa Terry Donlin, Recano & Company, Inc. 48 Wall Street New York, NY 10016 Telephone: (619) 346-1628 About Rizo-Lopez Foods, Inc. Rizo-Lopez Foods, Inc. produces Mexican-style dairy products including cheeses, sour creams, and desserts under the Tio Francisco and Don Francisco brands. Rizo-Lopez Foods, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ca. Case No. 25-25004) on September 15, 2025. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities. The petition was signed by Edwin Rizo as chief executive officer. Judge Christopher M Klein presides over the case. Hagop T. Bedoyan, Esq. at MCCORMICK, BARSTOW, SHEPPARD, WAYTE & CARRUTH represents the Debtor as counsel. ROYAL OAKS: Fitch Lowers IDR to 'BB', Outlook Negative ------------------------------------------------------ Fitch Ratings has downgraded the rating on the following bonds issued on behalf of Royal Oaks Life Care Community, AZ (Royal Oaks) to 'BB' from 'BB+': - $95,100,000 The Industrial Development Authority of the City of Glendale, AZ Senior Living revenue bonds (Royal Oaks - Inspirata Pointe Project), series 2020A; - $32,500,000 The Industrial Development Authority of the City of Glendale, AZ Senior Living revenue bonds, series 2016. Fitch has also downgraded Royal Oaks' Issuer Default Rating (IDR) to 'BB' from 'BB+'. The Rating Outlook is Negative. Entity/Debt Rating Prior ----------- ------ ----- Royal Oaks Life Care Community (AZ) LT IDR BB Downgrade BB+ Royal Oaks Life Care Community (AZ) /General Revenues/1 LT LT BB Downgrade BB+ Royal Oaks' downgrade to 'BB' from 'BB+' reflects Inspirata Pointe's expansion underperformance versus plan, prolonged cash burn and weakening operating performance. Construction delays and slower-than-expected fill have kept operating ratios above 120% in FY 2024-FY 2025, with Fitch expecting them to remain above 110% for the next several years. Demand softened on the legacy campus, with independent living unit (ILU) occupancy declining to 82% in FY 2025 from preconstruction levels above 93%, while Inspirata Pointe is filling slowly at 89% as of April 2025. The lag in occupancy has depressed revenue versus projections and, alongside elevated expenses, reflects critically weak cost containment. Although cash-to-adjusted debt remains adequate at about 50% as of FYE 2025, continued operating pressure is likely to erode headroom. Furthermore, the Royal Oaks Board of Trustees has designated $5 million of unrestricted cash for transfer to Aventur, Royal Oaks' parent formed in October 2024. Fitch views any transfers outside the obligated group (OG) as detrimental to Royal Oaks' financial stability until operating performance stabilizes, reinforcing the downgrade. Aventur acquired The Glen, a non-performing rental life plan community (LPC) in Shreveport, LA, on May 1, 2025. While The Glen sits outside the OG, Fitch remains concerned that Aventur could transfer additional funds from Royal Oaks to support The Glen. The Negative Outlook reflects Fitch's concern that cash burn will persist as the current expansion continues to fill slowly, keeping occupancy weak in existing ILUs and limiting revenue generation. With muted top-line contribution, operating ratios are expected to remain elevated, indicating continued operating pressure. Royal Oaks is also considering a reconfiguration of its ALU which would weaken liquidity. Taken together, these trends point to ongoing strain on liquidity and leverage metrics, and are likely to drive further deterioration of the balance sheet over the outlook horizon. SECURITY The bonds are secured by a gross revenue pledge and mortgage pledge of the OG. There is no debt service reserve fund (DSRF) associated with the series 2016 bonds. A fully funded DSRF supports the series 2020A bonds. KEY RATING DRIVERS Revenue Defensibility - 'bbb' Soft Occupancy Royal Oaks is a single-site LPOC in Sun City, AZ (about 20 miles northwest of Phoenix) with moderate local competition from three other Type A/Type B communities within eight miles. While management originally expected Inspirata Pointe to reach a stabilized 95% ILU occupancy by May 2022, construction delays postponed openings and the project has yet to achieve even 90% occupancy, with 89% occupancy at end-April 2025. Presales for the expansion were soft throughout construction — rising only from 30% in March 2020 to 82% by July 2023 — while occupancy in existing ILUs has trailed the 94% forecast for several years, slipping from consistently above 93% pre-expansion to 90% in 2023 and averaging 83% in FY 2025 (YE Feb. 28). Management reports ongoing difficulty selling the south-facing Flagstaff and Jerome units, citing buyer hesitancy due to heat and glare exposure. To address this sales impediment and improve marketability, Royal Oaks is installing motorized shades in these units among other incentives. Although Arizona issuers can face seasonal effects, multiple seasons have passed without recovery, suggesting the newer units may be siphoning demand from legacy ILUs and that weak sales velocity in the expansion reflects broader softening in overall demand. Assisted living (ALU) and memory care occupancy have averaged about 75% over several years — below forecast assumptions of 98% in ALUs and 91%-97% in memory care — though weaker results are partly due to fewer direct admits, and Royal Oaks does not rely heavily on external admissions and does not offer skilled nursing. If occupancy in Inspirata Pointe does not improve and existing ILU occupancy further deteriorates, overall revenue defensibility could be more consistent with a weak assessment; however, Fitch currently expects the revenue defensibility profile to remain within the midrange assessment given midrange pricing flexibility and sound market characteristics. Operating Risk - 'bb' Weaker Operating Results Contributing to Cash Burn Royal Oaks' operating metrics have deteriorated considerably since the launch of Inspirata Pointe. Fitch expects Royal Oaks' operating performance to improve after Inspirata Pointe fills but remain consistent with the weak assessment. Royal Oaks' operating ratio (OR) was above 120% in FY 2024 and FY 2025 reflecting operational stress from lower-than-expected revenues due to the lagging occupancy combined with high expenses. The net operating margin (NOM) was also very weak at -10% in FY 2025, while NOM-adjusted was comparatively better but still modest at 11%. These measures improved somewhat for the first quarter ending May 2025 at 118.5% OR and 12.8% NOM-adjusted, but both continue to indicate cash burn. Fitch expects cost management metrics to improve incrementally as the expansion fills with operating ratios decreasing to 110% by FY 2030. Failure to sustain improved operating results will likely pressure Royal Oaks' cash position further. Royal Oaks' feasibility study projected an OR of approximately 105% for FY 2025, but actual performance was over 120%, indicating materially weaker operating leverage and mounting cost containment pressure. The variance is driven by a combination of higher-than-expected expenses and revenues falling short of projections, the latter tied to lagging occupancy in both the Inspirata Pointe expansion and legacy community. As fixed and semi-fixed operating costs have not scaled down in line with softer census and slower move-ins, the unfavorable mix of expense overruns and revenue underperformance has pushed the operating ratio well above feasibility expectations, underscoring the need for tighter expense management and improved sales velocity to restore operating metrics toward plan. Capital related metrics are similarly expected to improve but remain weak after stabilization. On average over the past four years, revenue-only maximum annual debt service (MADS) coverage averaged 0x, debt to net available has averaged 23.9 times and MADS has averaged 21.3% of revenue. Fitch expects debt to net available to approach 10x in FY 2030. Capital Spending Management actively invests in maintaining and expanding the campus with capital expenditures averaging over 400% of depreciation over the past five years. The average age of plant is favorably low at approximately eight years reflecting the newly constructed Inspirata Pointe. Management is evaluating a campus reconfiguration that would close the outdated care center located in the middle of the campus and consolidate all health services on the east side. The proposed plan is intended to reduce operating expenses by concentrating personnel and clinical resources in a single area, improving staffing efficiency, coverage, and workflow. To replace the current care center, management is considering constructing a smaller, approximately 16-unit healthcare building on the east side that better aligns with current demand and care delivery models. Management anticipates funding the project from excess cash flow. The proposed healthcare center project remains preliminary and has not entered the design phase; therefore, reliable cost estimates and timelines are not yet available. As a result, Fitch did not include this project — or any other discretionary capital initiatives — in its capital expenditure projections for Royal Oaks. Current capex expectations reflect routine maintenance and lifecycle replacements only, consistent with sustaining the existing plant rather than expanding or reconfiguring facilities. Financial Profile - 'bb' Weakened Financial Profile Unrestricted cash and investments totaled approximately $61 million at audited FYE25, equating to about 565 days cash on hand and roughly 48% cash-to-adjusted debt, providing a moderate but diminishing liquidity buffer as Inspirata Pointe continues to fill. Continued operating pressure from elevated expenses and lagging revenues is slowly eroding balance sheet flexibility, with unrestricted cash and investments declining to about $58 million as of May 31, 2025 from roughly $65 million at FYE24. Given Royal Oaks' midrange revenue defensibility and elevated ongoing operating risk from the expansion, Fitch expects the financial profile to remain at the low end of the 'bb' assessment through the stress case. MADS coverage has aligned with a weak assessment, averaging about .8x over the past four years. FY 2025 MADS coverage was 2.1x, driven primarily by $2.6 million of donations and $8.4 million of investment gains; excluding these nonrecurring items, FY 2025 MADS coverage was approximately 0.6x and revenue-only MADS coverage was negative .3x, underscoring limited underlying cash flow relative to debt service. Management indicates it expects to meet the 1.2x DSCR covenant on FY 2026 results. Absent improved cost-containment measures and a sustained increase in occupancy, the balance sheet cushion is likely to contract further. Asymmetric Additional Risk Considerations Fitch views governance and management as an asymmetric risk for Royal Oaks given the lack of clear independence from Aventur, the parent organization. Management reports there is sufficient separation between the two entities; however, the CEO and CFO of Aventur are the former COO and CFO of Royal Oaks. Decision authority and controls appear insufficiently segregated between the OG and the parent, elevating the risk that Royal Oaks' resources could be redirected to broader system objectives that do not align with its near-term credit stabilization. Transfers from Royal Oaks to Aventur have already occurred, and current governance controls do not provide robust guardrails to prevent additional outflows despite Royal Oaks' weakened operating profile. The MTI prohibits transfers exceeding 10% of total operating revenues for the OG and transfers that would result in a DSCR of less than 1.2x. Royal Oaks is also expected to pay management fees to Aventur in the future, with stipulations that such fees will not cause a covenant violation; while this constraint is positive, it does not fully mitigate the potential for cash leakage before operating performance stabilizes. Fitch believes that the timing and direction of cash movements are misaligned with Royal Oaks' former 'BB+' credit position. The Inspirata Pointe expansion has not fully stabilized, with occupancy well behind forecasts, sales velocity lagging in Royal Oaks' existing ILU product, and operating ratios elevated. Cash burn remains higher than projections and has not moderated sufficiently to support discretionary transfers without compromising liquidity and balance sheet headroom. Risk is further exacerbated by the fact that the retirement community acquired by Aventur is in a separate geographic location (Shreveport, LA) and was unable to meet both its days cash on hand and coverage covenants as of FYE 2024. According to the latest disclosure on EMMA, The Glen is currently working to stabilize its own expansion project and had only 84 days cash on hand and 1.2x coverage. In Fitch's view, any transfers outside the OG prior to operating stabilization are credit negative and heighten downside risk. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Royal Oaks' liquidity position offers limited financial cushion. Failure to reach cash-to-adjusted above 30% even in a stress case would pressure the rating further; - Operating ratios sustained above 115%, NOM-adjusted sustained below 11% and revenue-only MADS coverage sustained below 0.25x; - Deterioration in ILU occupancy below 86% in the existing community, deterioration in occupancy in Inspirata Pointe below 80% would further pressure the rating. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Positive rating action is not likely in the near term and would require sustained operating improvement and stabilized occupancy; - The Outlook could be revised to Stable if cost containment leads to operating ratios expected to remain approximately 105% or lower. PROFILE People of Faith, Inc., d/b/a Royal Oaks (the corporation), is a Type A life plan community with 502 ILUs, 119 ALUs, and 56 memory care private suites located in Sun City, AZ. The OG includes the corporation only. There is a limitation on asset transfers outside the OG under the indenture; they are limited to 10% of total assets. The consolidated financials include two non-OG members, Cactus Sky Holdings, LLC and People of Faith Foundation Inc. (the foundation). Cactus Sky Holdings' purpose is to purchase and hold land for future development. The foundation's primary purpose is to support the corporation. The foundation had cash and investments of $28.5 million at FYE25. In October 2024, Royal Oaks established a parent company, Aventur, Inc., and modified its articles of incorporation and bylaws to state the Aventur, Inc. is the sole member of Royal Oaks. Aventur, Inc. manages the Glen, a rental LPC in Shreveport, LA. Former Royal Oaks CFO Carter Smitherman is the CFO of Aventur. Carter continues to represent Royal Oaks on public disclosure calls. The corporation had a development fund which maintained funds for capital projects and program enhancements. The corporation's board approved a decision to consolidate philanthropic efforts that resulted in the transfer of the assets and liabilities of the development fund to the foundation in FY 2020. Fitch uses the corporation only (OG) column in its analysis. Total operating revenue in FY 2025 for the corporation was $30 million. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by data from DIVER by Solve. ESG Considerations Royal Oaks Life Care Community (AZ) has an ESG Relevance Score of '4' for Management Strategy due to governance practices that have negatively affected credit quality, including cash transfers outside the obligated group at a time when Royal Oaks should be preserving liquidity. which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. Royal Oaks Life Care Community (AZ) has an ESG Relevance Score of '4' for Group Structure due to the parent's acquisition of a non-performing asset in a distant geographic region. These factors elevate asymmetric risk and are relevant to the ratings in conjunction with other considerations., which has a negative impact on the credit profile, and is relevant to the rating[s] 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. SAN MATEO IG: Court OKs Interim Use of Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Texas, McAllen Division, granted San Mateo IG, LLC interim approval to use cash collateral to fund operations. The interim order authorized the Debtor to utilize cash collateral for the expenditures outlined in its budget. Additionally, the Debtor was authorized to pay monthly payments of $1,000 to the Subchapter V trustee from cash collateral. A final hearing is scheduled for October 15. ABL RPC Residential Credit Acquisition, LLC, the Debtor's secured creditor, holds a senior lien on virtually all of the Debtor's assets, including real estate, accounts, and intangible property, pursuant to a loan and security agreement dated April 22, 2024, and documented by a UCC-1 filing with the Texas Secretary of State. Despite negotiations, ABL has not consented to the use of cash collateral, requiring the Debtor to seek court approval. The Debtor owns 12 leased residential townhomes in McAllen, Texas, which generate rental income used to pay for insurance, taxes, and bankruptcy-related services. Formed in 2024, San Mateo continues to operate as a debtor-in-possession following its Chapter 11 filing on August 4. A copy of the Debtor's budget is available at https://shorturl.at/uBLr9 from PacerMonitor.com. About San Mateo IG San Mateo IG, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-70219) on August 4, 2025, with $1,000,001 to $10 million in assets and liabilities. Judge Eduardo V. Rodriguez presides over the case. Michael G. Colvard, Esq. at Martin & Drought, P.C. represents the Debtor as legal counsel. ABL RPC Residential Credit Acquisition, LLC, as secured creditor is represented by: Travis H Gray, Esq. Jack O'Boyle & Associates P.O. Box 815369 Dallas, TX 75381 Phone: 972.247.0653 Fax: 972.247.0642 ecf@jackoboyle.com SCARLET KITCHEN: Claims to be Paid From Available Cash and Income ----------------------------------------------------------------- Scarlet Kitchen & Lounge, LLC filed with the U.S. Bankruptcy Court for the Central District of California a Plan of Reorganization for Small Business dated September 15, 2025. The Debtor is a California limited liability company formed in 2018. Its principal place of business is located at 30865 Gateway Pl, Mission Viejo, CA 9269. Paige Riordan is the Debtor's Managing Member and Executive Chef. Ms. Riordan holds a 76% interest in the Debtor. Her separated spouse, Matthew Riordan, holds a 24% interest in the Debtor. On the Petition Date, the property of Debtor's estate consisted of (i) cash of $305, (ii) accounts receivable of $3,325, (iii) food and alcohol inventory worth $22,000, (iv) dining furniture and kitchen equipment worth approximately $170,965, and (v) an Alcohol Beverage Control (ABC) license worth approximately $80,000. The claims against the Debtor's bankruptcy estate total $780,310.60. This Plan has a 60-month term which ends on December 31, 2030. Over this term, the Debtor will have $300,000.00 in projected disposable income. Under the Plan, the Debtor proposes to pay $311,784.49 to creditors. Plan payments will be paid on a quarterly basis with each quarterly payment due not later than the last day of each calendar quarter (i.e., March 31, June 30, September 30, and December 31). This Plan of Reorganization proposes to pay creditors of the Debtor from disposable operating income from normal business operations. Overall, the Plan projects to pay a 20.9% distribution to general unsecured creditors. With respect to each class of creditors, the Plan provides as follows: * The Plan provides for the payment of administrative expense claims ($42,483.12 est.) in full by 3Q'26, and payment of priority tax claim in full (and with 7% interest) by 1Q'29. * The Plan provides for the payment of $120,000.00 total to general unsecured claims from 1Q'29 to 4Q'30, which shall be distributed pro rata to holders of allowed general unsecured claims. Class 3(a) consists of General Unsecured Claims. Each allowed Class 3(a) claim shall receive a pro rata distribution of equal quarterly payments in the amount of $15,000.00 beginning in 1Q'29 and ending in 4Q'30. The allowed unsecured claims total $615,787.25. This Class is impaired. The Class 3(b) claim constitute past-due rent payments and related charges for the months of April, May, and June 2025. Debtor has been informed that the underlying lease was assigned from Sendero Retail LLC to Regency Centers in or around August 2025. Under this Plan, Debtor will assume the lease and cure the past-due arrears pursuant to Section 365 of the Bankruptcy Code. The Class 3(b) claim will be in paid in full with equal quarterly payments in the amount of $10,638.84 beginning in 1Q'26 and ending in 4Q'26. The amount of claim in this Class total $42,555.37. Each holder of a Class 4 Interest will retain their rights and interests without impairment and will not receive any payments on account for their Class 4 Interests during the life of the Plan. The Plan will be funded with the following: (i) cash on hand, (ii) Debtor's protected disposable income over a period of sixty months, and (iii) pursuit of other estate claims and causes of action, if any. A full-text copy of the Plan of Reorganization dated September 15, 2025 is available at https://urlcurt.com/u?l=RttJwl from PacerMonitor.com at no charge. Counsel to the Debtor: Donald W. Reid, Esq. LAW OFFICE OF DONALD W. REID PO Box 2227 Fallbrook, CA 92088 Telephone: (951) 777-2460 E-mail: don@donreidlaw.com About Scarlet Kitchen & Lounge Scarlet Kitchen & Lounge, LLC is a California limited liability company formed in 2018. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11641) on June 17, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Paige Riordan, owner and executive chef, signed the petition. Judge Scott C. Clarkson oversees the case. Donald Reid, Esq., at the Law Office of Donald W. Reid, represents the Debtor as legal counsel. SEQUOIA GROVE: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Sequoia Grove, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use the cash collateral of Wells Fargo Bank, N.A. to fund operations. The interim order authorized the Debtor to use the bank's cash collateral in accordance with its budget through October 14 or until occurrence of so-called termination events that are not cured by the Debtor or waived by the bank. Termination events include violation of the interim order; failure to provide required financial disclosures; failure to file a Chapter 11 plan by December 15; failure to confirm a plan by February 13, 2026; and dismissal or conversion of the Debtor's Chapter 11 case. To protect Wells Fargo's interests, the court granted the bank superpriority claims and replacement liens on the Debtor's assets, subordinate only to the fee carveout. These liens do not apply to any Chapter 5 avoidance actions. In addition, the Debtor must make monthly payments of $4,438.31 to cover principal and interest due under the promissory note. The next hearing is set for October 15. The Debtor said it needs to use cash collateral, including cash, accounts receivable, and proceeds from inventory, to pay employees and maintain regular business operations. The collateral is subject to a secured loan from Wells Fargo, which has a perfected security interest in all of the Debtor's business assets, including real property and certain vehicles. The outstanding loan balance is approximately $1.55 million and monthly payments of $16,161 are due under the loan terms. The Debtor filed for Chapter 11 on September 16 under Subchapter V, and no trustee has been appointed. The business employs seven salaried workers and operates in pool and outdoor construction services. As of the filing, the Debtor had only $14,203 in cash and no accounts receivable. A copy of the interim order is available at https://is.gd/O3SRBG from PacerMonitor.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 sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-35441) on September 16, 2025. In the petition signed by Martin Rafter, president and CEO, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Jeffrey P. Norman oversees the case. Leonard Simon, Esq., at Pendergraft & Simon, LLP, represents the Debtor as legal counsel. SF OAKLAND: Seeks to Use Cash Collateral ---------------------------------------- SF Oakland Bay LLC asks the U.S. Bankruptcy Court for the Northern District of California for authority to use cash collateral and provide adequate protection. The Debtor operates a parking garage located at 401 Main Street/38 Bryant Street in San Francisco, which serves nearby residential and commercial buildings. The Debtor's entire revenue stream consists of monthly parking fees, which are vital for meeting ordinary business expenses and administrative costs during the bankruptcy. Due to financial distress caused by restrictive long-term license agreements that limit rate increases while operating costs continue to rise, the Debtor seeks court permission to use existing and future revenues -- classified as cash collateral -- to fund ongoing operations, including loan payments, HOA dues, insurance, property taxes, and professional fees. The Debtor identifies four creditors with potential interests in the cash collateral, in order of lien priority. First, the Bank of Hawaii holds a first deed of trust on the garage, which includes a security interest in rents and personal property, and has stipulated to allow the use of cash collateral under certain terms, including maintaining current payments and receiving replacement liens. Second, the U.S. Small Business Administration holds a perfected second lien, and the Debtor proposes granting it a replacement lien and maintaining current loan payments as adequate protection. Third, 21st Century Corporation, an insider, holds a third-priority deed of trust and has also consented to the Debtor's proposed use of funds. Fourth, Continental Casualty Insurance claims a fourth priority interest through a personal property judgment lien filed just 68 days before the bankruptcy filing. The Debtor argues that this lien is preferential and subject to avoidance under 11 U.S.C. Section 547, and thus no adequate protection is proposed for CCI. The Debtor relies on 11 U.S.C. 552(b)(1) to assert that the first three liens continue to attach to post-petition revenues, since each lender has a valid security interest in rents, profits, or account proceeds. However, the Debtor also proposes, as an alternative, granting replacement liens to the secured creditors to preserve their rights. CCI, lacking a consensual security agreement, does not qualify for continued lien rights on post-petition assets under 11 U.S.C. either sections 552(b)(1) or 552(b)(2). Because its lien was created shortly before the petition date to enforce a pre-existing judgment, the Debtor considers it preferential and believes it should ultimately be avoided. The Debtor emphasizes that operations cannot continue without access to these funds and that no known objections have been raised by non-consenting lienholders. With consents already secured from the Bank of Hawaii and 21st Century, and given the preferential nature of CCI's lien, the Debtor believes the interests of all creditors are adequately protected and asks the court to approve the motion. A hearing on the matter is set for October 16, 2025. About SF Oakland Bay LLC SF Oakland Bay, LLC operates a parking garage located at 401 Main Street/38 Bryant Street in San Francisco, which serves nearby condominiums, offices, and residences. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30699) on September 3, 2025, listing up to $10 million in assets and liabilities. Judge Hannah L. Blumenstiel oversees the case. Peter Hadiaris, Esq., at the Law Office of Peter N. Hadiaris, represents the Debtor as bankruptcy counsel. SHARPLINK GAMING: Continues Stock Buyback; ETH Treasury Hits $3.86B ------------------------------------------------------------------- SharpLink Gaming, Inc. announced the purchase of 1,000,000 shares of its common stock at an average purchase price of $16.67 per share as part of the Company's ongoing stock buyback program, which was initially announced in late August 2025. Key Highlights for the Week Ending September 14, 2025 * No capital was raised through the ATM facility. * Total staking rewards rose to 3,240 ETH since launching SharpLink's treasury strategy on June 2, 2025. * Total ETH holdings increased to 838,152, currently valued at $3.86 billion. * ETH Concentration is 3.97, up over 98% since June 2, 2025. A total of 1,938,450 shares of common stock have been repurchased by the Company since initiating its stock buyback program earlier this month, inclusive of the 1,000,000 share buyback which occurred on Monday, September 15, 2025. The Company continues to believe its common stock is significantly undervalued in the market, and that stock repurchases represent the best method to maximize stockholder value under current market conditions. As of September 14, 2025, SharpLink had a NAV of $3.86 billion, representing a NAV per fully diluted share of approximately $18.55*, and no outstanding debt obligations. Moreover, nearly 100% of its ETH is staked, generating material revenue for the Company. SharpLink expects to continue repurchasing additional shares based on market conditions using cash on hand, cash available from operating activities like staking, or alternative forms of financing. Joseph Chalom, Co-CEO of SharpLink, stated "Ethereum is rapidly emerging as the cornerstone of the digital asset economy, with momentum accelerating as institutions announce tokenization across stocks and funds, regulators provide greater clarity across global markets, and central banks prepare for easing monetary policy. We are excited about the historic opportunity and believe SharpLink is uniquely positioned to participate in, and help demonstrate, the transformative potential of Ethereum." "We continue to be focused on stockholder value. By expanding our ETH concentration, we are reinforcing our commitment to align the long-term interests of SharpLink, Ethereum and our shareholders, while showcasing how digital assets can be responsibly and strategically deployed to drive meaningful value creation," concluded Chalom. * The sum of the current market cap of SBET using assumed diluted shares outstanding plus our total debt, less our most recently reported cash balance. Does not factor in cash proceeds from warrant exercises. Assumed diluted shares outstanding represents the sum of: (i) the Company's actual shares of common stock issued and outstanding as of the end of each reporting period, inclusive of any disclosed ATM sales, plus (ii) the additional shares that would be issued upon the assumed exercise or settlement of all outstanding warrants, pre-funded warrants, stock option awards, and restricted stock units. About SharpLink Gaming SharpLink Gaming, Inc., operates as a marketing partner to sportsbooks and online casino gaming operators globally. SharpLink Gaming operates as a marketing partner to sportsbooks and online casino gaming operators globally. Based in Minneapolis, Minnesota, the Company operates PAS.net, an affiliate marketing network that facilitates player acquisition and engagement for regulated iGaming operators. It also manages a portfolio of state-specific affiliate websites targeting local sports betting and online casino audiences. It also manages a portfolio of state-specific affiliate websites targeting local sports betting and online casino audiences. Cherry Bekaert LLP, the Company's auditor since 2022, included a "going concern" qualification in its audit report dated March 14, 2025, for the fiscal year ended December 31, 2024. The firm cited recurring losses and negative operating cash flows as factors that raise substantial doubt about the Company's ability to continue operating. As of Dec. 31, 2024, the Company had $2.57 million in total assets against $488,300 in total liabilities. As of June 30, 2025, the Company had $453.92 million in total assets, including $382.4 million in digital tangible assets, against $1.393 million in total liabilities. SHERWOOD HOSPITALITY: Seeks Cash Collateral Access -------------------------------------------------- Sherwood Hospitality Group, LLC and DVKOCR Tigard, LLC ask the U.S. Bankruptcy Court for the District of Oregon for approval of a fifth modification to a previously entered order, which governs the use of cash collateral that are subject to secured creditors' liens. Specifically, the Debtors seek to extend their authority to use cash collateral from September 18 to a new proposed outside date of October 20. This extension would allow them to continue operating under the same terms and conditions already established in the existing cash collateral agreements, subject to one new modification. Both Debtors own and manage single asset real estate properties, which fall under a special category defined by the Bankruptcy Code. The cash collateral in question is primarily tied to liens held by secured creditors L-O Sherwood Finance, LLC and L-O Tigard Finance, LLC. In addition to the date extension, the Debtors are seeking to modify Paragraph 9d of the cash collateral order by adding a new condition under which the authority to use cash collateral would terminate. The added clause stipulates that if the court grants relief from the automatic stay in favor of the lien creditors concerning either of the real estate properties, the Debtors' access to cash collateral will terminate, following any temporary stay that may be ordered. The Debtors further note that all other provisions of the original cash collateral order, as well as the four previously modified versions, will remain in full force and effect unless specifically modified by a court order. The Debtors emphasize that this fifth stipulated modification is consistent with the Bankruptcy Code, particularly with 11 U.S.C. Section 363(c)(2)(A), which allows the use of cash collateral with creditor consent. The Debtors previously obtained court approval to use the cash collateral of L-O Sherwood Finance, LLC and L-O Tigard Finance, LLC. The court's order extended the original expiration date of August 18 to September 18. About Sherwood Hospitality Group Sherwood Hospitality Group LLC, doing business as Hampton Inn Sherwood Portland, operating as Hampton Inn Sherwood Portland, is a hospitality company based in Sherwood, Oregon. The Company manages a hotel offering amenities like free breakfast, free Wi-Fi, a heated indoor pool, and a fitness center. Sherwood Hospitality Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Or. Case No. 25-30484) on February 17, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Peter C. Mckittrick handles the case. The Debtor is represented by Douglas R. Ricks, Esq., at Sussman Shank, LLP. Secured creditors L-O Sherwood Finance, LLC and L-O Tigard Finance, LLC are represented by Ballard Spahr, LLP. Ballard Spahr may be reached through: David W. Criswell, Esq. Andrew J. Geppert, Esq. Alena Ivanov, Esq. Ballard Spahr LLP 601 SW Second Ave., Suite 2100 Portland, OR 97204 Telephone: 503.778.2100 criswelld@ballardspahr.com gepperta@ballardspahr.com ivanova@ballardspahr.com SIERRA NEVADA: Hires Harris Law Practice as Bankruptcy Attorney --------------------------------------------------------------- Sierra Nevada Builders, L.L.C. seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire Harris Law Practice LLC as bankruptcy attorneys. The firm will render these services: a) examine and prepare records and reports as required by the Bankruptcy Code, Federal Rules of Bankruptcy Procedure and Local Bankruptcy Rules; b) prepare applications and proposed orders to be submitted to the Court; c) identify and prosecute claims and causes of action assertable by Debtor on behalf of the estate; d) examine proofs of claim anticipated to be filed and the possible prosecution of objections to certain claims; e) advise the Debtor and prepare documents in connection with the contemplated ongoing operation of the Debtor’s business; f) assist and advise the Debtor in performing other official functions as set forth in Section 521, et seq., of the Bankruptcy Code; and g) advise and prepare a plan of reorganization, and related documents, and confirmation of said plan, as provided in Section 1121, et seq., of the Bankruptcy Code. The firm will be paid at these hourly rates: Stephen R. Harris, Esq. $635 Norma Guariglia, Esq. $525 Paraprofessional services $175 On August 8, 2025, the Debtor paid Harris Law an advance retainer of $7,500. Stephen R. Harris, Esq., a partner at Harris Law Practice, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The counsel can be reached through: Stephen R. Harris, Esq. Harris Law Practice LLC 850 E. Patriot Blvd., Suite F Reno, NE 89511 Tel: (775) 786-7600 Fax: (775) 786-7764 Cell: (775) 690-9120 Email: steve@harrislawreno.com About Sierra Nevada Builders Sierra Nevada Builders, L.L.C. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-50741) on August 13, 2025, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Hilary L. Barnes presides over the case. Stephen R. Harris, Esq., at Harris Law Practice, LLC represents the Debtor as bankruptcy counsel. SIMBA IL HOLDINGS: John-Patrick Fritz Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 16 appointed John-Patrick Fritz as Subchapter V trustee for Simba IL Holdings, LLC. Mr. Fritz will be paid an hourly fee of $725 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. The compensation for his trustee administrators (Jason Klassi, Linda Riess and Connie Ray) is $300 per hour. Mr. Fritz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: John-Patrick M. Fritz Levene, Neale, Bender, Yoo & Golubchik, L.L.P. 2818 La Cienega Avenue Los Angeles, CA 90034 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 About Simba IL Holdings Simba IL Holdings, LLC operates as a nonbank holding company that manages equity interests in subsidiary businesses. Simba IL Holdings filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12616) on September 16, 2025, with $10 million to $50 million in assets and $100 million to $500 million in liabilities. Mordechai H. Ferder, manager, signed the petition. Leonard M. Shulman, Esq., at Shulman Bastian Friedman Bui & O'Dea, LLP represents the Debtor as legal counsel. SINOBEC GROUP: To Sell Aluminum Assets to Acquisition Canalum ------------------------------------------------------------- PricewaterhouseCoopers Inc., in its capacity as the duly-appointed foreign representative of Sinobec Group Inc. and its affiliates, seeks permission from the U.S. Bankruptcy Court for the Northern District of Illinois, Western Division, to sell Assets, free and clear of liens, claims, interests, and encumbrances. On May 23, 2025, the Debtors commenced the Canadian Proceeding under the CCAA to initiate a restructuring under the supervision of the Canadian Court. On May 26, 2025, the Canadian Court entered: (a) the First Day Initial Order, which, among other things, ordered a broad stay of proceeding against the Debtors and their properties, appointed the Foreign Representative as the Monitor in the Canadian Proceeding (Monitor), and declared the Province of Quebec as the "centre of main interest" of the Debtors. The Debtors want to sell Assets to Acquisition Canalum Inc., and to assign certain of the Debtors' contracts to Purchaser. The purchase price payable for the Purchased Assets, exclusive of all applicable sales and transfer Taxes, shall be the amount of $20,175,000 payable in cash. On September 16, 2025, the Monitor filed an Application for the Issuance of an Approval and Vesting Order in the Canadian Proceeding. In light of the Debtors’ current circumstances and after careful consideration of all alternatives, the Monitor determined Acquisition Canalum's offer was the most advantageous to the Debtors and their stakeholders. The principal shareholder of the Purchaser is AA Metals Inc., a Florida-based company. The Foreign Representative understands that AA Metals is well-known within the aluminum industry and that, post-closing, it intends to leverage its strategic position with respect to the Purchased Assets. The purchased assets are all of the Seller Group Members right, title and interest, in, to and under, or relating to, the following properties, assets and rights owned or used or held for use by the Seller Group Members' in connection with the Business. The Foreign Representative believes that the terms of the Purchase Agreement and Vesting Order are reasonable and fair under the circumstances, and that the Sale Transaction provides the highest and best return for the Debtors' assets. The Foreign Representative submits that consummating the Sale Transaction on an expedited basis is critical to preserving the value of the Purchased Assets. The Foreign Representative understands that the Lenders are supportive of the Sale Transaction. The Foreign Representative seeks entry of the Order, recognizing and enforcing the Vesting Order; approving the Sale Transaction, including the assumption and assignment of the Assigned Agreements; and granting related relief. The Foreign Representative submits that the sale of the Purchased Assets free and clear of all liens, claims, and interests, as provided in the Vesting Order and the Proposed Order, satisfies the statutory prerequisites of section 363(f) of the Bankruptcy Code. The Foreign Representative submits that a sale to Acquisition Canalum of the Purchased Assets free and clear of all liens, claims, encumbrances, and other interests is consistent with the best interests of the Debtors' estates and creditors. The relief sought by the Foreign Representative herein is time sensitive and is necessary for the Debtors to implement the Sale Transaction in compliance with the timing requirements set forth in the Purchase Agreement. About Sinobec Group Inc. Sinobec Group Inc.is a privately held North American suppliers of niche aluminum and related products, operating from their headquarters in St-Laurent, Quebec, with assets across Canada and the United States. They source and distribute aluminum sheets, coils, billets, ingots, extrusions, stainless steel, and other industrial components to over 600 customers in sectors such as aerospace, transportation, construction, and renewable energy. A small share of revenue comes from B2B retail distribution of sanitary ware and aluminum-based building products. Sinobec Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Il.) on May 26, 2025. The Debtors disclose unknown estimated assets and liabilities. The other debtor affiliates are Sinobec Resources LLC, Sinometal Resources Inc., 9184872 Canada Inc., Canadian Metal Service Center Inc., Marquis Metal Material Inc., Icon Best Shower and Railings USA, Inc., Sinobec Trading Inc., Icon Best Shower Enclosures and Railings Inc., and Icon Best Product Solutions USA Inc. The Foreign Representative is PricewaterhouseCoopers Inc. The Foreign Representative's counsel is David A. Agay, Esq., at MCDONALD HOPKINS LLC, in Chicago Illinois. SKYWISE LOUNGE: Hires Wisdom Professional Services as Accountant ---------------------------------------------------------------- Skywise Lounge LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Wisdom Professional Services Inc as accountant. The firm will provide these services: a. gather and verify all pertinent information required to compile and prepare monthly operating reports; and b. prepare monthly operating reports for the Debtor in Bankruptcy Case. The firm will be paid at $300 per report The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael Shtarkman, a Certified Public Accountant at Wisdom Professional, Services, 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: Michael Shtarkman, CPA Wisdom Professional, Services, Inc. 626 Sheepshead Bay Road Suite 640 Brooklyn, New York 11224 626 Sheepshead Bay Road Suite 640 Brooklyn, NY 11224 Tel: (718) 554-6672 Email: mshtarkmancpa@gmail.com About Skywise Lounge LLC Skywise Lounge LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-45066) on Dec. 2, 2024, listing $500,001 to $1 million in both assets and liabilities. Judge Jil Mazer-Marino presides over the case. Alla Kachan, Esq. at Law Offices Of Alla Kachan P.C. represents the Debtor as counsel. SO-BEN REALTY: Section 341(a) Meeting of Creditors on October 20 ---------------------------------------------------------------- On September 18, 2025, So-Ben Realty LLC filed Chapter 11 protection in the District of Massachusetts. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on October 20, 2025 at 01:30 PM as Telephonic Meeting. Dial-in Number: 888-330-1716 Participant Code: 1093908. About So-Ben Realty LLC So-Ben Realty LLC holds principal real estate assets at 164-170 Hampshire Street and 262 Oak Street, both in Holyoke, Massachusetts. So-Ben Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-40985) on September 18, 2025. In its petition, the Debtor reports estimated estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. The Debtor is represented by James P. Ehrhard, Esq. of 27 Mechanic Street. SOLAR MOSAIC: Loan Servicing Business Transferred After Ch. 11 Plan ------------------------------------------------------------------- Solar Servicing LLC, a wholly owned subsidiary of Forbright Bank, announced on September 22, 2025, that it has completed its transaction to acquire the loan servicing operations of Solar Mosaic LLC, following the completion of Mosaic's court-approved Chapter 11 Plan of Reorganization. Through the transaction, Mosaic's loan servicing operations have successfully transitioned to Solar Servicing, and the Company plans to continue Mosaic's loan servicing operations as usual, ensuring borrowers can continue to pay their loans as planned and that collections will be remitted to loan owners. "Forbright's deep bench of management talent and the hard work of the new team members from Mosaic enabled this complicated transaction to be executed to a high standard for the benefit of all servicing clients," said John Delaney, Executive Chairman and Founder of Forbright Bank. "We are thrilled to welcome new team members from Mosaic, and we look forward to building Solar Servicing into a powerful driver of innovation and customer success," said Don Cole, Chief Executive Officer of Forbright Bank. "By combining our deep expertise with new capabilities, we are confident the business will deliver exceptional service and meaningful value to our customers and stakeholders." Under the terms of the transaction, borrowers' payment terms and schedules remain unchanged and there are plans in place to avoid disruptions in service. Mosaic's various payment methods are active, and borrowers can continue to make payments as they have done prior to this announcement. For loans that were partially funded as of the bankruptcy filing, a dedicated pipeline team has been hired to support system installers and loan owners as they work towards a resolution. Mosaic will complete the wind down of its remaining assets. Advisors Paul Hastings LLP served as legal counsel, BRG served as chief restructuring officer, Jefferies served as the investment banker, and C Street Advisory Group served as strategic communications advisor to Mosaic. Blank Rome LLP served as legal counsel and Huron Consulting Group served as financial advisor to Forbright Bank. About Forbright Bank Forbright is an FDIC-insured bank and commercial lender focused on helping to build a brighter future. Forbright is committed to exceptional client service by providing seamless, innovative personal banking services to depositors and creative financing solutions to middle market businesses and investors in healthcare, technology, financial services, real estate, and other industries. Solar Servicing LLC is a wholly owned subsidiary of Forbright Bank. About Solar Mosaic Mosaic is an industry-leading fintech platform for sustainable home improvements. Founded in 2010, Mosaic is a pioneer in clean energy lending providing innovative solutions for financing solar, battery storage, and more. Mosaic has funded $15 billion in loans to date, helping more than 500,000 households make their homes more sustainable and efficient. On June 6, 2025, Mosaic Sustainable Finance Corporation and four affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90156). The cases are pending before the Honorable Christopher M. Lopez. The Company tapped Paul Hastings LLP as legal counsel, BRG for managing director Mark A. Renzi as chief restructuring officer, and C Street Advisory Group as strategic communications advisor. Kroll, formerly Prime Clerk LLC, is the claims agent. Blank Rome LLP is serving as legal counsel and Huron Consulting Group is serving as financial advisor to Forbright Bank. SOLUNA HOLDINGS: Signs $35.5M Credit Facility With Generate Lending ------------------------------------------------------------------- Soluna Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company caused its subsidiaries Soluna DVSL ComputeCo, LLC, Soluna DVSL II ComputeCo, LLC, and Soluna KK I ComputeCo, LLC to enter into a Credit and Guaranty Agreement with Generate Lending, LLC, as administrative agent and collateral agent, and Generate Strategic Credit Master Fund I-A, L.P. The Credit Agreement provides for senior secured term loan commitments in an aggregate principal amount of up to $35.5 million, comprised of: (i) Tranche A-1 ($5.5 million), (ii) Tranche A-3 ($11.5 million), and (iii) Tranche B ($18.5 million). In addition, the Credit Agreement permits the Borrowers to request one or more Additional Tranche Loan Commitments (as defined in the Credit Agreement), in the aggregate amount of up to $64.5 million, subject to the approval of the Lender and the Agent, for project-level financing of eligible projects. On September 12, 2025, the Borrowers borrowed $12,623,591 under the Credit Agreement, comprised of Tranche A-1 loans and Tranche A-3 loans. The Company can draw upon Tranche B from September 12, 2025 until October 31, 2026, subject to the conditions set forth in the Credit Agreement. The maturity date for the Tranche A and Tranche B loans is the earlier of: (i) payment of outstanding principal, interest, and fees and (ii) September 12, 2030. Additional Tranche Loan Commitments will have maturity dates as set forth in their respective amendments to the Credit Agreement. Use of Proceeds and Security: Proceeds from the Credit Agreement will be used to finance, refinance, develop and construct the Company's Dorothy 1A, Dorothy 2 and Kati data center projects, fund a debt service reserve account, and pay fees and expenses. Loans bear interest at a variable rate based on either ABR or Term SOFR, as set forth in the Credit Agreement. The applicable interest rate for SOFR loans is equal to Term SOFR plus a margin of 10.0% per annum, and for ABR loans is equal to the ABR plus a margin of 9.0% per annum. The Credit Agreement provides for a SOFR rate floor of 3.50% per annum. The Borrowers are required to pay a commitment fee of 1.00% per annum on undrawn amounts of the Tranche B Loan Commitments and any Additional Tranche Loan Commitments. During the continuance of an event of default, a default rate applies equal to the otherwise applicable rate plus 2.0% per annum. Loans are subject to scheduled amortization, fees and prepayment premiums. The obligations are guaranteed by certain Company subsidiaries and secured by first-priority liens on substantially all assets of the Borrowers and guarantors, including pledges of equity interests, security interests in deposit and other collateral accounts (subject to control agreements), and mortgages/deeds of trust on the relevant project sites. Key Terms and Covenants: The Credit Agreement contains customary representations and warranties, affirmative and negative covenants, and events of default for financings of this type. Events of default under the Credit Agreement include, among other things, non-payment of principal, interest or fees, inaccuracy of representations and warranties, breach of covenants, cross-default to certain material indebtedness, bankruptcy and insolvency, and change of control. Upon the occurrence and during the continuance of an event of default, the lenders may declare all outstanding principal and accrued but unpaid interest under the Credit Agreement immediately due and payable and may exercise the other rights and remedies provided under the Credit Agreement and related loan documents. Negative covenants in the Credit Agreement include, among other things, restrictions on the Borrowers and guarantors with respect to incurring additional indebtedness, creating liens on assets, selling assets or making fundamental changes, making restricted payments, entering into affiliate transactions, and using loan proceeds for unauthorized purposes. The Credit Agreement also restricts investments, capital expenditures, and speculative transactions, and requires that all deposit and securities accounts be subject to control agreements. Financial covenants require: (i) a minimum trailing Debt Service Coverage Ratio of 1.60:1.00 and (ii) a minimum Forward Contracted Debt Service Coverage Ratio of 1.20:1.00, in each case as further described in the Credit Agreement. The facility also includes customary mandatory prepayment provisions. Private Placement: Pursuant to the Credit Agreement, the Company issued to Generate Strategic Credit Master Fund I-B, L.P., an affiliate of the Lender and the Agent, in a private placement: (i) a pre-funded warrant to purchase up to 2,000,000 shares of common stock of the Company, par value $0.001 per share; and (ii) a common warrant to purchase up to 2,000,000 shares of Common Stock. The Warrants issued to the Holder in the Private Placement were issued and sold without registration under the Securities Act of 1933, as amended, or state securities laws in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act promulgated thereunder and in reliance on similar exemptions under applicable state laws. Pre-Funded Warrant: The Pre-Funded Warrant is exercisable immediately and expires on the five-year anniversary of the date of issuance. The Pre-Funded Warrant is exercisable at an exercise price of $0.0001 per share of Common Stock. The Pre-Funded Warrant is exercisable in whole or in part by delivering to the Company a duly executed exercise notice and by payment in full in immediately available funds for the number of shares of Common Stock purchased upon such exercise or, at the option of each holder, by means of a cashless exercise, in which case the holder would receive upon such exercise the net number of shares of Common Stock determined according to the formula set forth in the Pre-Funded Warrant. The Holder does not have the right to exercise any portion of the Pre-Funded Warrant if the Holder, together with its affiliates, would beneficially own in excess of 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to such exercise. The Holder may increase or decrease the beneficial ownership limitation up to 9.99%, provided, however, that any increase in the beneficial ownership limitation shall not be effective until 61 days following notice of such change to the Company. Common Warrant: The Common Warrant has an exercise price of $1.18 per share of Common Stock. The Common Warrant is exercisable upon issuance and expires on the five-year anniversary of the date of issuance. The Common Warrant is exercisable, at the option of the Holder, in whole or in part by delivering to the Company a duly executed exercise notice and, at any time a registration statement registering the resale or other disposition of the shares of Common Stock underlying the Common Warrants under the Securities Act is effective and available for such shares, or an exemption from registration under the Securities Act is available for such shares, by payment in full in immediately available funds for the number of shares of Common Stock purchased upon such exercise. If at the time of exercise more than six months after the issuance date there is no effective registration statement registering, or the prospectus contained therein is not available for the resale or other disposition of the shares of Common Stock underlying the Common Warrant, then the Common Warrant may also be exercised, in whole or in part, at such time by means of a cashless exercise, in which case the holder would receive upon such exercise the net number of shares of Common Stock determined according to the formula set forth in the Common Warrant. The Holder does not have the right to exercise any portion of the Common Warrant if the Holder, together with its affiliates, would beneficially own in excess of 9.99% of the number of shares of our Common Stock outstanding immediately after giving effect to such exercise. The Holder may increase or decrease the beneficial ownership limitation up to 9.99%, provided, however, that any increase in the beneficial ownership limitation shall not be effective until 61 days following notice of such change to the Company. Registration Rights Agreement: In connection with the Credit Agreement, the Company has entered into a registration rights agreement with the Holder, pursuant to which the Company has agreed to file one or more registration statements on Form S-3 covering the resale or other disposition of the Warrants and the shares of Common Stock issuable upon the exercise of the Warrants. Pursuant to the Registration Rights Agreement, the Company has, among other things, agreed to: (i) file a registration statement covering the Registrable Securities no later than 15 days after the date the Company entered into the Registration Rights Agreement, (ii) cause such registration statement to be declared effective under the Securities Act as soon as reasonably practicable but, in any event, no later than 75 days after the Filing Date (or 30 days if the Securities and Exchange Commission does not review such registration statement), and (iii) use its best efforts to keep any such registration statement continuously effective until: (a) the date that all of the Registrable Securities have been publicly sold by the Holder, (b) the date that all of the Registrable Securities have been previously sold in accordance with Rule 144, (c) such time as both: (x) all of such Registrable Securities may be sold by the Holder without any restriction pursuant to Rule 144, including holding period, volume or manner-of-sale restrictions pursuant to Rule 144 and without the requirement for the Company to be in compliance with the current public information requirement under Rule 144, and (y) the Holder, together with its affiliates, holds less than 3.0% of the Company's then outstanding shares of Common Stock, or (d) five years from the effective date of the first registration statement filed with the SEC registering for resale the Registrable Securities. Board Observer Letter Agreement: Also in connection with the Credit Agreement, pursuant to a letter agreement between the Company and Generate Strategic Credit Master Fund I-A, L.P., dated as of September 12, 2025, so long as any Commitments are outstanding and until all Obligations (each as defined in the Credit Agreement) shall have been paid in full, Generate Strategic Credit Master Fund I-A, L.P. shall have the right to designate one representative to serve as a non-voting observer of the meetings of the Company's Board of Directors and committees, subject to certain exceptions. Press Release: On September 16, 2025, the Company issued a press release announcing its entrance into the Credit Agreement. A copy of the press release is available at https://tinyurl.com/yc7t7uv8 About Soluna Holdings Headquartered in Albany, N.Y., Soluna Holdings, Inc. designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. The Company's modular data centers can be co-located with wind, solar, or hydroelectric power plants and support compute-intensive applications, including Bitcoin mining, generative AI, and scientific computing. This approach aids in energizing a greener grid while providing cost-effective and sustainable computing solutions. Albany, N.Y.-based UHY LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 31, 2025, attached in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company was in a net loss, has negative working capital, and has significant outstanding debt that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2024, Soluna Holdings had $98.68 million in total assets, $48.74 million in total liabilities, and $49.93 million in total equity. SOUTH TEXAS: Unsecureds Will Get 31.96% of Claims over 5 Years -------------------------------------------------------------- South Texas Corral LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization dated September 15, 2025. The Debtor started operations in August 2014. The Debtor's operations are a Golden Corral franchise restaurant. The Debtor is currently owned 100% by Gaspar Hernandez. Ownership interests will remain unchanged following confirmation. The Debtor filed this case on June 17, 2025. Debtor proposes to pay allowed unsecured based on the liquidation analysis and cash available. Debtor anticipates having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. The Debtor will continue operating its business. The Debtor's Plan will break the existing claims into six classes of Claimants. These claimants will receive cash repayments over a period of time beginning on or after the Effective Date. Class 5 consists of Allowed Impaired Unsecured Claims. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next five years according to the projections. Creditors shall receive monthly disbursements based on the projection distributions of each 12-month period with the first monthly payment due 30 days after the Effective Date. Debtor will distribute $523,500.00 to the general allowed unsecured creditor pool over the 5-year term of the plan, including the under-secured claim portions. The Debtor's General Allowed Unsecured Claimants will receive 31.96% of their allowed claims under this plan. Any potential rejection damage claims from executory contracts that are rejected in this Plan will be added to the Class 5 unsecured creditor pool and will be paid on a pro-rata basis. The allowed unsecured claims total $1,637,598.11. Class 6 consists of Equity Interest Holders (Current Owners). The current owners will receive no payments under the Plan; however, they will be allowed to retain ownership in the Debtor. Class 6 Claimants are not impaired under the Plan. The Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the Plan of Reorganization dated September 15, 2025 is available at https://urlcurt.com/u?l=nrHYJt from PacerMonitor.com at no charge. Counsel to the Debtor: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Tel: (713) 595-8200 Fax: (713) 595-8201 Email: notifications@lanelaw.com About South Texas Corral LLC South Texas Corral LLC established in 2014, operates a Golden Corral buffet restaurant franchise in Brownsville, Texas. The Company offers dine-in and takeout services featuring a wide variety of food options including breakfast, lunch, and dinner buffets. South Texas Corral LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-10113) on June 17, 2025. In its petition, the Debtor reports total assets of $149,674 and total liabilities of $1,636,260. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtors are represented by Robert C. Lane, Esq. and Kyle K. Garza, Esq. at THE LANE LAW FIRM, PLLC. SOYUZ MEDIA: Seeks Approval to Hire Estelle Miller as Accountant ---------------------------------------------------------------- Soyuz Media Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Estelle Miller, a certified public accountant practicing in Bellmore, New York. The accountant will provide these services: (a) gather and verify all pertinent information required to compile and prepare monthly operating reports; and (b) prepare monthly operating reports for the Debtor. The accountant will be paid at the rate of $300 per report, plus reimbursement for expenses incurred. Ms. Miller received an initial retainer of $3,000 from the Debtor. Ms. Miller disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The accountant can be reached at: Estelle Miller, CPA Bellmore, NY 11710 Telephone: (347) 570-7002 Email: estellemillercpa@gmail.com About Soyuz Media Inc. Soyuz Media Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40074) on January 7, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Nancy Hershey Lord presides over the case. Alla Kachan, Esq. at Law Offices Of Alla Kachan P.C. represents the Debtor as counsel. SPECTACLE BIDCO: S&P Downgrades ICR to 'B', Outlook Negative ------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Spectacle Bidco Holdings Inc. (dba as Cirque du Soleil) to 'B' from 'B+' and its issue-level rating on the company's senior secured credit facility to 'B' from 'B+'. The recovery rating on the facilities remains '3'. S&P said, "The negative outlook reflects our expectation that Cirque will end 2025 with high leverage of about 6.5x. While we have a base-case assumption that the company could reduce S&P Global Ratings-adjusted leverage to 5.5x-6.0x in 2026 and improve its S&P Global Ratings-adjusted EBITDA margin primarily due to cost cutting initiatives and the nonrecurrence of show closing costs, we believe operating trends could remain challenged and there are execution risks returning to organic revenue growth and sustainable profitability. "Cirque has underperformed our base-case expectations throughout 2025 because of weak demand across its portfolio of resident and touring shows and we now expect Cirque's S&P Global Ratings-adjusted leverage to increase to about 6.5x at year end 2025. "The downgrade to 'B' reflects our forecast for leverage to increase to 6.25x-6.75x at the end of 2025, which is up from 5.1x in 2024. Cirque has underperformed our expectations through the first half of 2025 due to continued soft demand for both its resident and touring shows. We expect the company will continue to underperform our previous forecast and its budget through the end of 2025 and finish the year with S&P Global Ratings-adjusted leverage of approximately 6.5x, which is high for the 'B' rating. "Through the first six months of the year, revenue within Cirque's resident segment declined 6%, while its touring revenue declined 18%. These have been driven primarily by weak demand, especially for the company's touring shows, as well as fewer shows in self-promote in 2025 compared with 2024. In the second half of 2024, Cirque closed its Songblazers touring show and Blue Man Group residency in Shanghai. Additionally, in the first quarter of 2025, it closed its Bazzar touring show and stopped its Blue Man Group operations in New York and Chicago. Additionally, the company decided to pull back on the creation of a new Arena 2025 touring show. Spectacle has also opened or announced new resident shows in the second half of 2025 including Alizé in Berlin, Blue Man Group in Orlando, and Ludo in Nuevo Vallarta. While we believe Cirque could offset some the revenue loss with new attractions and additional shows, in the interim the revenue decline and restructuring costs will cause a decline in its EBITDA margin to about 9% in 2025. "We expect Cirque's leverage will begin to improve in 2026 following the completion of its cost mitigation programs. We believe the company will manage its cost base such that it reduces leverage below our 6x downgrade threshold in 2026. Its S&P Global Ratings-adjusted leverage stood at 6.5x as of June 30, 2025. Beginning in late 2024, Cirque implemented cost cuts, primarily through significant headcount reductions, which it expects will generate $45 million-$50 million of run rate savings. "The company also intends to reduce its capital expenditure (capex) in 2025 in order to preserve liquidity. We expect fewer restructuring and closing costs in 2026 compared with 2025 that will result in S&P Global Ratings-adjusted EBITDA margin expansion of 75-100 basis points, and S&P Global Ratings-adjusted leverage could decline to 5.5x-6.0x. Notably, our forecast assumes Cirque is able to improve demand for its shows, it does not close any additional shows in 2026, and additional restructuring costs do not recur next year. As a result, and assuming modest revenue growth, we think its plausible that the company grows S&P Global Ratings-adjusted EBITDA about 10% in 2026. Nonetheless, we believe there remains a high degree of uncertainty around the intermediate-term demand for Cirque's programming, and we could lower the rating if the company underperforms our current base case." Cirque's cash on hand, long-dated maturities, and access to $85 million under its $100 million revolver as of June 30, 2025, provide it with sufficient flexibility to weather industry softness. The company had approximately $25 million cash as of June 30, 2025, a $550 million term loan B due in March 2030, and a $100 million revolver maturing in March 2028. The concentration of Cirque's EBITDA generation in Las Vegas poses a risk to its profitability and cash flow. The company benefits from strong brand recognition but has limited business diversity. Most of its resident shows are in Las Vegas, which accounts for nearly half of its total EBITDA. In S&P's view, this indicates a high risk for earnings volatility. Although Cirque has launched international touring to help diversify its geographic exposure, it believes the relatively stronger performance of its Las Vegas-based resident shows over time will lead to continued concentration risk. Cirque benefits from its solid brand recognition. This has historically enabled it to form strategic partnerships with venue providers that help cover the costs of developing new shows. Although the past two years have presented demand and programming challenges, the typical contract terms and historical longevity of its shows can last for upward of 20 years, which provide it with some revenue and cash flow predictability during periods of programming stability. Cirque's primary partnership is with MGM in the Las Vegas market, which accounted for a large proportion of its revenue prior to the COVID-19 pandemic. This guarantees Cirque's operating costs, an additional premium, and royalties from box office sales. Competitive pressures from other entertainment and leisure providers partially offset these factors. Additionally, S&P believes the company has a moderate counterparty concentration with MGM, which owns the venues for five of its resident shows. S&P said, "The negative outlook reflects our view that Cirque's operating trends will remain challenged for the rest of 2025, as well as the execution risks involved with returning to organic revenue growth and sustainable profitability to improve credit metrics next year. However, we currently assume in our base case that Cirque could reduce its S&P Global Ratings-adjusted leverage to 5.5x-6.0x in 2026 if the company can stabilize its show offering and attendance demand, benefit from its cost cutting initiatives, and improve its S&P Global Ratings-adjusted EBITDA margin. "We could lower our rating on Cirque if the company sustains S&P Global Ratings-adjusted leverage above 6x, which would likely be the result of continued softness in either the company's touring or resident segments in such a manner that leads Cirque to lower average ticket prices, resulting in reduced EBITDA margin and minimal free operating cash flow. "We could revise the outlook to stable if Cirque can successfully increase demand for its shows, reduce its cost basis, and avoid the costs of additional show closures in a manner that improves its S&P Global Ratings-adjusted EBITDA margin and sustains our measure of leverage below 6x. We could raise our rating on Cirque if it sustains S&P Global Ratings-adjusted leverage below 5x with a sufficient cushion to weather potentially softer economic conditions in 2026. We would also expect Cirque to generate healthy levels of free operating cash flow in order to consider an upgrade." SPIRIT AIRLINES: Asks Court OK for Ch. 11 Global Deal with AerCap ----------------------------------------------------------------- Emily Lever of Law360 reports that on September 23, 2025, Spirit Airlines urged a New York bankruptcy court to approve a comprehensive deal with AerCap, its largest lessor, framing the resolution as a significant move in stabilizing the company's latest Chapter 11 restructuring. 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: Seeks to Hire Ordinary Course Professionals ------------------------------------------------------------ Spirit Aviation Holdings, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to retain non-bankruptcy professionals in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to these Chapter 11 cases. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the OCPs have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCPs include: -- Abogados Sierra, S.C. -- Casillas, Santiago & Torres Law LLC -- Chico & Nunes, P.C. -- Clark Hill PLC -- Cohen Ziffer -- Condon & Forsyth LLP -- Cravath Swaine & Moore LLP -- Daugherty Fowler -- Estudio Spingarn & Marks S.A. -- Ford & Harrison LLP -- Fox Rothschild -- Franco Law Firm -- Frank, Weinberg & Black PLC -- Greenberg Traurig, LLP -- Greenspoon Marder LLP -- Haystack -- Jones Day -- Jose Lloreda Camacho & Co S.A.S. -- Kirstein & Young, PLLC -- Littler Mendelson, P.C. -- Mcafee & Taft A Professional Corporation -- Miller & Chevalier Chartered -- Morell Cartegena Dapena -- Morris James LLP -- Myers, Fletcher & Gordon -- Nason Yeager -- Nassar Abogados -- O'Melveny & Myers LLP -- Paul, Weiss, Rifkind, Wharton & Garrison LLP -- Philippi Prirtocarrizosa Ferrero -- Potter Anderson & Corroon LLP -- Smith, Gambrell & Russell, LLP -- Studio Legal Sonia Cabrera -- Taft Stettinius & Hollister LLP -- The Foont Law Firm, LLC -- Victor Rane Group Inc -- Walkers 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. TALPHERA INC: L. Lytton, Lytton-Kambara Foundation Hold 8% Stake ---------------------------------------------------------------- Laurence W. Lytton and Lytton-Kambara Foundation disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of September 10, 2025, they beneficially own 3,636,364 shares of Talphera, Inc.'s Common Stock, representing 8% of the outstanding shares. This calculation reflects 20,522,655 shares outstanding as of August 7, 2025, and an additional 25,036,360 shares issued in a private placement on September 10, 2025. Both Reporting Persons share voting and dispositive power over these shares. Lytton-Kambara Foundation may be reached through: Laurence W. Lytton, Reporting Person / President 467 Central Park West New York, N.Y. 10025 A full-text copy of Laurence W. Lytton's Schedule 13G SEC report is available at: https://tinyurl.com/47j4bd69 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 September 30, 2024, Talphera had $21 million in total assets, $11.4 million in total liabilities, and $9.6 million in total stockholders' equity. THYNG VENTURES: Seeks Subchapter V Bankruptcy in Iowa ----------------------------------------------------- On September 22, 2025, Thyng Ventures LLC filed Chapter 11 protection in the Southern District of Iowa. According to court filing, the Debtor reports $1,016,853 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Thyng Ventures LLC Thyng Ventures LLC owns a property at 129 S. Jefferson, Mt. Pleasant, Iowa, 52641, with an estimated value of $265,000 based on comparable market analysis. Thyng Ventures LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-01627) on September 22, 2025. In its petition, the Debtor reports total assets of $292,000 and total liabilities of $1,016,853. Honorable Bankruptcy Judge Lee M. Jackwig handles the case. The Debtor is represented by Robert Gainer, Esq. of CUTLER LAW FIRM PC. TIN CUP: Seeks Approval to Hire DeMarco Mitchell as Legal Counsel ----------------------------------------------------------------- The Tin Cup Tavern LLC seeks approval from U.S. Bankruptcy Court for the Northern District of Texas to hire 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 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 The Tin Cup Tavern LLC The Tin Cup Tavern LLC operates a casual dining and entertainment venue in Campbell, Texas, offering pub-style food, alcoholic beverages, and live music events. The establishment provides patrons with indoor and outdoor seating along with recreational amenities such as pool tables, dartboards, and cornhole. It serves customers primarily in the Hunt County area through dine-in services and community-oriented promotions. The Tin Cup Tavern LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33337) on August 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Robert T. DeMarco, Esq. at DEMARCO MITCHELL, PLLC. TITAN CNG: Taps Mark E. Palmer of Theseus Strategy Group as CRO --------------------------------------------------------------- Titan CNG LLC and its affiliated debtors seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Mark E. Palmer, managing director of Theseus Strategy Group LLC, as their chief Restructuring officer. Mr. Palmer's duties as CRO to the Debtors include: (a) approving all cash disbursements, in coordination with the Debtors' obligations under the Shared Services and Funding Agreement, to maximize, protect, and preserve the assets of the Debtors; (b) approving sales of assets and authorizing motions and/or applications for the sale of assets outside the ordinary course of business; (c) overseeing the restructuring of the Debtors' lease and finance agreements for their Equipment; (d) assisting the Debtors and their advisors with obtaining Court approval for the sale and/or assumption and assignment of any Equipment lease or finance agreements; (e) managing the claims reconciliation process, including, without limitation, initiating and pursuing any necessary litigation involving claims filed against the Debtors, and approving or seeking approval, as applicable, of any settlements to be executed by the Debtors in connection therewith; (f) to the extent required, attending hearings, meetings, and other events related to the Chapter 11 Cases as the Debtors' representative; (g) directing the preparation of information, including any reports and the schedules needed for the Chapter 11 Cases, and having access to all of the Debtors' materials necessary for such preparation; (h) participating in meetings with lessors, lenders and third parties and their respective representatives on all material matters related to the Debtors and the administration of the Chapter 11 Cases; (i) assisting with leadership of the Chapter 11 Cases, including, but not limited to, developing and confirming a chapter 11 plan to the extent practicable; and (j) taking any and all actions necessary to fulfill the responsibilities, including executing all necessary documentation on behalf of the Debtors to effectuate the same. EVO Parent agreed to pay Mr. Palmer a monthly flat fee of $12,500, and a one-time flat fee of $150,000 upon the successful consummation of a "material liability restructuring". Pursuant to CRO Agreement, and as a result of the increase in services required as CRO, the Monthly Fee was increased to $22,500 per month and the Restructuring Success Fee was increased to $200,000, each of which remain obligations of, and shall be paid by, EVO Parent. Mr. Palmer can be reached at: Mark E. Palmer 22 Ardmion Park Asheville NC 28801 Telephone: (646) 768-8790 Cell: (646) 696-9029 Email: mark@theseusstrategy.com About Titan CNG LLC Titan CNG LLC is an Arizona-based company specializing in compressed natural gas (CNG) equipment leasing and services. Titan CNG LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11525) on August 14, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $10 million and $50 million. The Debtor is represented by Natasha M. Songonuga, Esq. at Archer & Greiner, P.C. TLC MEDICAL: To Sell Saint Lucie Property to Tanjaynk Tracey ------------------------------------------------------------ TLC Medical Group Inc. seeks permission from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to sell Property free and clear of liens, claims, interests, and encumbrances. The Debtor provides medical services related to cardiology and primary care. The Debtor owns vacant lot consisting of 1.4 acres, zoned as General Commercial, located on a corner, next to a large amount of development. The Vacant Lot is legally described as follows: Lot 48, St. Lucie West Plat No. 184 St. Lucie Center - Rep lat, according to the map or plat thereof as recorded in Plat Book 57, Page 33, Public Records of Saint Lucie County, Florida. On or about September 17, 2025 , the Debtor executed a Contract to Sell of the Property to Tanjaynk Tracey (Buyer) which is an unrelated third party for the sum of $1,150,050.00. The Debtor and the Buyer have negotiated the Contract and the transaction contemplated therein at arm’s length and in good faith and the closing date is September 30, 2025. The Debtor believes the sale price is fair and reflects the market value of the Vacant Lot. Debtor believes the Vacant Lot has been properly marketed, and a cash buyer is in the estates best interest. The current deposit is $50,000.00. The Vacant Lot is subject to a First Mortgage lien in favor of Barry Schnittman. The Debtor respectfully requests the net proceeds after the amounts detailed to be held in trust by Debtor's counsel and not disbursed without further order of the Court. About TLC Medical Group Inc. TLC Medical Group Inc. provides medical services related to cardiology and primary care. TLC Medical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fl. CASE NO.: 24–21588-MAM) on November 4, 2024. Judge Mindy A. Mora presides over the case. Susan D. Lasky, Esq, represents the Debtor as legal counsel. TOMS RIVER REGIONAL: Downgraded After Possible Bankruptcy Warning ----------------------------------------------------------------- Aashna Shah of Bloomberg Law reports that the Toms River Regional School District's bond rating was cut to A- from A by S&P Global Ratings after officials threatened to pursue bankruptcy. While the downgrade lifted the credit from negative CreditWatch, S&P kept a negative outlook, pointing to state budget intervention and the district's dependence on extraordinary tax increases and land sales. About Toms River Regional School District Toms River Regional School District is a full-service regional public school district serving the rapidly growing coastal community of Toms River. TPI COMPOSITES: Comm. Taps Berkeley Research as Financial Advisor ----------------------------------------------------------------- The official committee of unsecured creditors of TPI Composites, Inc. and its subsidiaries seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Berkeley Research Group, LLC as its financial advisor. The firm will render these services: a) develop strategies to maximize recoveries from the Debtors' assets and advise and assist the Committee with such strategies; b) monitor liquidity and cash flows throughout the Cases and scrutinize cash disbursements and capital requirements; c) develop and issue periodic monitoring reports to enable the Committee to effectively evaluate the Debtors' performance relative to projections and any relevant operational issues; d) advise and assist the Committee in its analysis and monitoring of the historical, current and projected financial affairs of the Debtors; e) advise and assist the Committee with respect to any debtor-in-possession financing arrangements and/or use of cash collateral including evaluation of asserted liens thereon; f) analyze both historical and ongoing intercompany and/or related party transactions and/or material unusual transactions of the Debtors and non-debtor affiliates; g) advise and assist the Committee in its assessment of the Debtors' employee needs and related costs, including any recent (including prepetition) employee bonuses or retention payments and any proposed employee bonuses such as any proposed Key Employee Incentive Plan or Key Employee Retention Plan for the Debtors' insiders and employees, and providing expert testimony related thereto; h) evaluate the Debtors' and non-debtors' business plan/operational restructuring, including the impact of industry trends, customer programs, and their impact to actual and forecasted financial results as well as monitoring the implementation of related strategic initiatives; i) prepare valuations of the Debtors' assets, including the value of equity of any consolidated and/or publicly traded subsidiary; j) identify and develop strategies related to the Debtors' intellectual property; k) advise and assist the Committee in reviewing and evaluating any court motions (including any assumption or rejection motions or objections thereto), applications, or other forms of relief filed or to be filed by the Debtors, or any other parties-in-interest; l) advise and assist the Committee and Counsel in their review of any potential prepetition liens of secured parties; m) advise the Committee with respect to any potential preference payments, fraudulent conveyances, and other potential causes of action that the Debtors' estates may hold against insiders and/or third parties and assist with any investigations related to such matters as required; n) identify and assess the value of unencumbered assets; o) as appropriate and in concert with the Committee's other professionals, analyze and monitor any sale processes and transactions and assess the reasonableness of the process and the consideration received; p) assist with the development and review of a cost/benefit analysis with respect to the assumption or rejection of various executory contracts and leases; q) monitor the Debtors' claims management process, including analyzing guarantees and claims by entity, including preparing related summaries; r) review and provide analysis of any bankruptcy plan and disclosure statement relating to the Debtors including, if applicable, the development and analysis of any bankruptcy plans proposed by the Committee to assess their achievability; s) attend Committee meetings, court hearings, and auctions as may be required; t) work with the Debtors' tax advisors to ensure that any restructuring or sale transaction is structured to minimize tax liabilities to the estate as well as assist with the review of any tax issues associated with, for example, claims/stock trading, preservation of net operating losses, and refunds from any plan of reorganization and/or asset sales; u) Work with the Debtors' bankruptcy professionals; and v) provide other services as may be requested from time to time by the Committee and its counsel, consistent with the role of a financial advisor including rendering expert testimony, issuing expert reports and/or preparing for litigation, valuation and/or forensic analyses that have not yet been identified but as may be requested from time to time by the Committee and its Counsel. The current standard hourly rates for BRG personnel are: Managing Directors $1,140 to $1,395 Associate Directors & Directors $900 to $1,100 Professional Staff $445 to $885 Support Staff $185 to $395 Following negotiations between BRG and the Committee, BRG has agreed to discount its "Managing Director" rates by 10 percent. David Galfus, a managing director at Berkeley Research Group, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David Galfus Berkeley Research Group, LLC 250 Pehle Avenue, Suite 301 Saddle Brook, NJ 07663 Tel: (201) 587-7117 Cell: (201) 888-6733 Email: dgalfus@thinkbrg.com 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. Bracewell, LLP 711 Louisiana Street, Suite 2300 Houston, TX 77002 Telephone: (713) 221-1166 Facsimile: (713) 221-1212 E-mail: trey.wood@bracewell.com TPI COMPOSITES: Committee Hires Munsch Hardt Kopf as Co-Counsel --------------------------------------------------------------- The official committee of unsecured creditors of TPI Composites, Inc. and its subsidiaries seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Munsch Hardt Kopf & Harr, P.C. as co-counsel. The firm will render these services: a. assist Lowenstein in advising and representing the Committee with respect to the administration of these Chapter 11 Cases and the exercise of oversight with respect to the Debtors' affairs; b. serve as conflicts counsel, as necessary; c. assist the Committee in maximizing the value of the Debtors' assets for the benefit of all creditors; d. advising Lowenstein and the Committee on practice and procedure before the United States Bankruptcy Court for the Southern District of Texas and regarding the Local Rules and local practice; e. appear before this Court and protect the interests of the Committee; and f. perform all other legal services for the Committee which may be appropriate, necessary and proper in these Chapter 11 Cases. Munsch Hardt's current hourly rates are: John D. Cornwell - Shareholder $750 Brenda L. Funk - Shareholder $680 Heather Valentine - Paralegal $235 Shareholders $580 to $825 Associates $400 to $475 Paraprofessionals $235 The following is provided in response to the request for additional information contained in paragraph D.1. of the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition period. If your billing rates and material financial terms have changed post petition, explain the difference and the reasons for the difference. Response: Munsch Hardt did not represent the Committee prior to its selection as Committee co-counsel of August 26, 2025. Question: Has your client approved your prospective budget and staffing plan and, if so, for what budget period? Response: Munsch Hardt expects to develop a budget and staffing plan to reasonably comply with the U.S. Trustee's request for information and additional disclosures, as to which Munsch Hardt reserves all rights. The Committee has approved Munsch Hardt's proposed hourly billing rates. John Cornwell, Esq., managing shareholder of Munsch Hardt Kopf & Harr 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: John D. Cornwell, Esq. Munsch Hardt Kopf & Harr, P.C. 700 Milam St., Ste. 800 Houston, TX 77002 Telephone: (713) 222-1470 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. Bracewell, LLP 711 Louisiana Street, Suite 2300 Houston, TX 77002 Telephone: (713) 221-1166 Facsimile: (713) 221-1212 E-mail: trey.wood@bracewell.com TPI COMPOSITES: Committee Taps Lowenstein Sandler LLP as Counsel ---------------------------------------------------------------- The official committee of unsecured creditors of TPI Composites, Inc. and its subsidiaries seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Lowenstein Sandler LLP as counsel. The firm's services include: (a) advising the Committee with respect to its rights, duties, and powers in the Chapter 11 Cases; (b) assisting and advising the Committee in its consultations with the Debtors relative to the administration of the Chapter 11 Cases; (c) assisting the Committee in analyzing the claims of the Debtors' creditors and the Debtors' capital structure and in negotiating with holders of claims and equity interests; (d) assisting the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors and of the operation of the Debtors' business; (e) assisting the Committee in analyzing (i) the Debtors' prepetition financing, (ii) proposed use of cash collateral, and (iii) the Debtors' proposed debtor-in-possession financing ("DIP Financing"), the terms and conditions of the proposed DIP Financing and the adequacy of the proposed DIP Financing budget; (f) assisting the Committee in its investigation of the liens and claims of the holders of the Debtors' prepetition debt and the prosecution of any claims or causes of action revealed by such investigation; (g) assisting the Committee in its analysis of, and negotiations with, the Debtors or any third party concerning matters related to, among other things, the assumption or rejection of certain leases of nonresidential real property and executory contracts, asset dispositions, sale of assets, financing of other transactions and the terms of one or more plans of reorganization or liquidation for the Debtors and accompanying disclosure statements and related plan documents; (h) assisting the Committee in its investigation into the prepetition activity of and potential causes of action against applicable third parties; (i) assisting and advising the Committee as to its communications to unsecured creditors regarding significant matters in the Chapter 11 Cases; (j) representing the Committee at hearings and other proceedings; (k) reviewing and analyzing applications, orders, statements of operations, and schedules filed with the Court and advising the Committee as to their propriety; (l) assisting the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives in the Chapter 11 Cases, including without limitation, the preparation of retention papers and fee applications for the Committee's professionals, including Lowenstein Sandler; (m) assisting the Committee and providing advice concerning any proposed sale of the Debtors' assets, including issues concerning any potential competing bidders and the auction process; (n) assisting the Committee with respect to issues that may arise concerning the Debtors' employees; (o) preparing, on behalf of the Committee, any pleadings, including without limitation, motions, memoranda, complaints, adversary complaints, objections, or comments in connection with any of the foregoing; and (p) performing such other legal services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. The firm's hourly rates are: Partners of the Firm $775 – $2,175 Of Counsel $890 – $1,575 Senior Counsel and Counsel $675 – $1,595 Associates $550 – $1,150 Paralegals, Practice Support and Assistants $225 – $505 The following is provided in response to the request for additional information contained in paragraph D.1. of the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition period. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: Lowenstein Sandler did not represent the Committee prior to the Petition Date. Question: Has your client approved your prospective budget and staffing plan and, if so, for what budget period? Response: Lowenstein Sandler expects to develop a budget and staffing plan to reasonably comply with the U.S. Trustee's request for information and additional disclosures, as to which Lowenstein Sandler reserves all rights. The Committee has approved Lowenstein Sandler's proposed hourly billing rates. Jeffrey Cohen, Esq., a partner at Lowenstein Sandler, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey L. Cohen, Esq. Lowenstein Sandler LLP 1 Lowenstein Dr. Roseland, NJ 07068 Telephone: (973) 597-2500 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. Bracewell, LLP 711 Louisiana Street, Suite 2300 Houston, TX 77002 Telephone: (713) 221-1166 Facsimile: (713) 221-1212 E-mail: trey.wood@bracewell.com TRAC CONSTRUCTION: Seeks to Hire Michael L. Walker as Counsel ------------------------------------------------------------- TRAC Construction Group Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire The Law Offices of Michael L. Walker, Esq., PLLC as its counsel. The firm will render these services: (a) advise the Debtor of its rights, powers, and duties in the management of its business and property under Chapter 11; (b) prepare on behalf of the Debtor all necessary and appropriate legal documents and review financial and other reports to be filed in this Chapter 11 case; (c) advise the Debtor concerning, and prepare responses to, legal papers that may be filed by other parties in this bankruptcy case; (d) advise the Debtor with respect to, and assist in the negotiation, and documentation of, financing agreements and related transactions; (e) review the nature and validity of any liens asserted against the Debtor's property and advise concerning the enforceability of such liens; (f) advise the Debtor regarding its ability to initiate actions to collect and property for the benefit of its estate; (g) advise and assist the Debtor in connection with any potential asset sales and property dispositions; (h) advise the Debtor concerning executory contract and unexpired lease assumptions, assignments, and rejections as well as lease restructuring and re-characterizations; (i) advise the Debtor in connection with the formulation, negotiation, and promulgation of a plan or plans of reorganization, and related transactional documents; (j) assist the Debtor in reviewing, estimating, and resolving claims asserted against its estate; (k) commence and conduct litigation necessary and appropriate to assert rights held by the Debtor, protect the assets of its Chapter 11 estate, or otherwise further the goal of completing its successful reorganizations; and (l) provide non-bankruptcy services for the Debtor. Michael Walker, Esq., will be paid at his hourly rate of $400, plus reimbursement for expenses incurred. Mr. Walker 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: Michael L. Walker, Esq. The Law Offices of Michael L. Walker, Esq., PLLC 9052 Fort Hamilton Parkway, 2nd Floor Suite Brooklyn, NY 11209 Telephone: (718) 680-9700 Email: mwalker@michaelwalkerlaw.com About TRAC Construction Group Inc. TRAC Construction Group Inc. is a commercial construction company focusing on infrastructure projects in New York City. TRAC Construction Group Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43105) on June 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. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtors are represented by Michael L. Walker, Esq. at The Law Office Of Michael Walker. TRAVEL + LEISURE: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed Travel + Leisure Co.'s (TNL) Long-Term Issuer Default Rating (IDR) at 'BB-'. Fitch has also affirmed the senior secured loans and notes at 'BB+' with a Recovery Rating of 'RR2'. The Rating Outlook is Stable. The rating reflects TNL's top three position in the timeshare industry, and strong FCF and leverage profile. The recurring nature of the timeshare operating model consistently generates positive FCF, with flexible inventory investment. This is offset by a recent increase in loan loss provision, exchange business declines, and general exposure to the discretionary travel industry. Key Rating Drivers Stable Leverage Profile: TNL ended 2024 with EBITDA leverage of 3.9x, down from 4.1x the prior year. Fitch's leverage calculation includes the company's net interest margin from timeshare financing, marking a variation from its criteria. Fitch excludes related nonrecourse debt and applies an adjustment to ensure proper capitalization of the company's captive finance operations. TNL targets a net debt/adjusted EBITDA ratio of 2.25x-3.00x, which includes financing income, nets gross recourse debt with cash, and excludes nonrecourse debt. Solid Operating Model: TNL generates a substantial portion of revenue from recurring sources, at roughly 75% of 2024 revenue. These mainly consist of vacation ownership interests (VOI) upgrade sales, property management fees, consumer financing, exchange transactions and subscription revenue. The operating model is also prepaid by nature, as roughly 80% of the 809,000 owners as of Dec. 31, 2024, have no loans outstanding. Fitch views these factors as a credit positive, as they provide greater visibility into future revenue and offer a buffer against inflationary pressures or economic downturns, given the lock-in rate component. Mixed Performance: Recent performance demonstrates TNL's ability to attract new owners and improve margins to counter declines in exchange members and increases in loan losses. The company expects the loan loss provision to be 21% in 2025, which is a slightly higher than the 2024 level. In the travel and membership segment, the number of exchange members and transactions continues to steadily decline. The increasingly consolidated industry poses challenges for the exchange business, as a single dominant timeshare company can fulfil an array of existing options. Well-Positioned in a Competitive Industry: With 270+ resorts in destination cities, TNL is the largest timeshare operator based on owner families, which provides economies of scale and facilitates third-party marketing relationships. TNL is well positioned within the timeshare industry and has a diversified portfolio of vacation ownership brands operating under the vacation ownership business line, including Club Wyndham, WorldMark by Wyndham, Margaritaville Vacation Club, Sports Illustrated Resorts, and Accor Vacations Club. Industry Cyclicality: The domestic timeshare market is mature, with above-average economic cyclical sensitivity due to the consumer discretionary nature of the product. The industry has a variety of competitive alternatives, including hotels and alternative lodging accommodation businesses such as Airbnb, Inc., Vrbo and FlipKey. The consolidation of the industry into fewer, well-capitalized companies has allowed the industry to sustain and recover more quickly from economic downturns. Variation from Published Criteria: Fitch's Corporate Rating Criteria calls for deconsolidation of the company's financial services operations and assumes a hypothetical capital injection to achieve the target standalone capital structure. A variation from Fitch's Corporate Rating Criteria was made as Fitch-adjusted EBITDA incorporates income earned from the company's financial services operations, which considers the cash generated by Wyndham Consumer Finance, Inc., the wholly owned consumer financing subsidiary that flows up directly to TNL, to be stable and sustainable. Peer Analysis TNL is the largest timeshare operator, with close to 809,000 owner families in its system. Comparable peers by size include Marriott Vacations, with 700,000 owner families, followed by HGV, with 725,000 members. TNL's and Marriott Vacations' revenues are diversified relative to HGV due to the inclusion of their respective timeshare exchange networks, RCI and Interval International. Additionally, Marriott Vacations has greater brand diversification relative to HGV and TNL through its relationship with Marriott International, Inc. and ILG's exclusive licenses to use the Starwood and Hyatt timeshare brands. Key Assumptions - Total revenues grow by low single digits in 2025 through 2027; - EBITDA margins at approximately 24% through 2027; - Financing income and expense included within EBITDA; - Base interest rates applicable to the company's outstanding variable rate debt obligations reflect current SOFR forward curve; - Capital return through share repurchases and dividends totalling roughly $430 million in 2025 through 2027; - All debt maturities through 2027 addressed by refinancing. Recovery Analysis Fitch assigns a 'RR2' Recovery Rating on the secured debt given the existence of securitized loans in a captive finance subsidiary. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Severe disruption in the asset-backed securities (ABS) markets such that TNL needs to provide material support to its captive finance subsidiary; - Consistently negative FCF and a material decline in liquidity; - EBITDA leverage sustained above 4.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 3.5x; - Greater cash flow diversification by brand or business line; - Evidence of through-the-cycle sustainability in the company's capital light inventory sources, such that it does not materially affect TNL's financial flexibility and operational strategy. Liquidity and Debt Structure At 2Q25, TNL had $212 million in cash and cash equivalents and $596 million of available capacity under its $1.0 billion RCF. Because TNL is reliant on the ABS market to help fund its timeshare customer lending activities, a significant economic downturn resulting in tightened credit markets could pressure TNL's securitization market access and potentially require the company to provide support to its finance subsidiary. This risk is mitigated by the company's annual extension of its two-year $600 million receivable securitization warehouse facility. As of 2Q25, the combined availability of TNL's U.S. dollar and Australian dollar/New Zealand dollar conduit facilities totaled $364 million, with capacity of $747 million. Issuer Profile TNL, a timeshare company, operates in two segments. Vacation Ownership develops, markets, sells and manages VOIs, and provides consumer financing for VOI sales. Travel and Membership runs Resorts Condominium International, the world's largest vacation exchange network, expanding member travel options and partnerships. Criteria Variation Fitch incorporated income from consumer financing operations to EBITDA 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 ----------- ------ -------- ----- Travel + Leisure Co. LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR2 BB+ TRI-BOROUGH HOME: Hires JLD Tax Resolution as Accountant -------------------------------------------------------- Tri-Borough Home Care Ltd. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire JLD Tax Resolution Group as his accountant. The professional services that JLD will render include: a. reconstruction of accounting records; b. preparation and/or amendment of required federal and state tax returns; c. preparation and review of monthly operating reports; d. assistance with quantifying and/or negotiating claims of the Internal Revenue Service and other governmental units; and e. forensic accounting services to support the Debtor's reorganization effort. JLD proposes to be compensated at a flat fee structure, consisting of a $25,000 retainer deposit and a monthly payment of $4,500, inclusive of filing fees. Carmela G. Walrond, Esq, a partner of JLD, assured the court that the firm is a "disinterested person" under sections 101(14) and 327(a) of the Bankruptcy Code. The firm can be reached through: Carmela G. Walrond, Esq. JLD Tax Resolution Group 512 2nd Street Union City, NJ 07087 Phone: (201) 604-2432 About Tri-Borough Home Care Ltd. Tri-Borough Home Care Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41887) on April 17, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Julio E. Portilla, Esq. at Law Office Julio E. Portilla, P.C. TRI-BOROUGH HOME: Taps JLD Tax Resolution Group as Accountant ------------------------------------------------------------- Tri-Borough Home Care Ltd. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire JLD Tax Resolution Group as accountant. The professional services that JLD will render include: a. reconstruction of accounting records; b. preparation and/or amendment of required federal and state tax returns; c. preparation and review of monthly operating reports; and d. assistance with quantifying and/or negotiating claims of the Internal Revenue Service and other governmental units. The Debtor proposes to compensate JLD at its $25,000 down payment retainer deposit, and $4,500 per month, applicable filing fees until the bankruptcy case has concluded. Carmela G. Walrond, Esq, a partner of JLD, assured the court that the firm is a "disinterested person" under sections 101(14) and 327(a) of the Bankruptcy Code, according to court filings. The firm can be reached through: Carmela G. Walrond, Esq. JLD Tax Resolution Group 5 Montgomery St, Ste 202 Jersey City, NJ 07302 Phone: (201) 479-2572 About Tri-Borough Home Care Ltd. Tri-Borough Home Care Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41887) on April 17, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Julio E. Portilla, Esq. at Law Office Julio E. Portilla, P.C. TRICO MILLWORKS: Hires Bernstein Shur Sawyer as Bankruptcy Counsel ------------------------------------------------------------------ Trico Millworks Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maine to hire Bernstein, Shur, Sawyer & Nelson, P.A. as general bankruptcy counsel. The firm's services include: (a) advising the Debtors with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules, Local Rules, and the Office of the United States Trustee, as they pertain to the Debtors; (b) advising the Debtors with regard to certain rights and remedies of the bankruptcy estate and rights, claims, and interests of creditors and bringing such claims as the Debtors, in their business judgment, decide to pursue; (c) representing the Debtors in any proceeding or hearing in the Bankruptcy Court involving the estates; (d) conducting examinations of witnesses, claimants, or adverse parties, and representing the Debtors in any adversary proceeding (except to the extent that any such adversary proceeding is in an area outside of BSSN's expertise); (e) reviewing and analyzing various claims of the Debtors' creditors and treatment of such claims and preparing, filing, or prosecuting any objections thereto or initiating appropriate proceedings regarding leases or contracts to be rejected or assumed; (f) preparing and assisting the Debtors with the preparation of reports, applications, pleadings, motions, and orders, including, but not limited to, applications to employ professionals, interim statements and operating reports, initial filing requirements, schedules and statements of financial affairs, cash collateral motion papers, and motions with respect to the Debtors' use of estate property (to the extent necessary); (g) assisting the Debtors in the analysis, formulation, negotiation, and preparation of all necessary documentation relating to the sale of the Debtors' assets, as appropriate; (h) assisting the Debtors in the negotiation, formulation, preparation, and confirmation of a plan; and (i) performing any other services that may be appropriate in BSSN's representation of the Debtors as general bankruptcy counsel in the cases. The firm will be paid at these rates: Adam R. Prescott, Attorney (Shareholder) $495 per hour Kathrine Flynn, Paraprofessional $175 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Prescott 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: Adam R. Prescott, Esq. Bernstein, Shur, Sawyer & Nelson, P.A. 100 Middle Street PO Box 9729 Portland, Maine 04104 Tel: (207) 774-1200 Fax: (207) 774-1127 Email: aprescott@bernsteinshur.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 Inc. 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. TRICOLOR AUTO: Vervent Takes Over Loan Servicing After Ch. 7 ------------------------------------------------------------ In response to the Tricolor Holdings Chapter 7 bankruptcy filing, Vervent Inc. has been authorized to step in as a successor servicer. Previously designated as backup servicer, Vervent has been given authority to assume servicing for the majority of Tricolor Holdings approximate 100,000 subprime auto loans, ensuring continued support for impacted borrowers. Before the Tricolor Holdings collapse, Vervent was designated as backup servicer, a role designed to protect consumers in the event of servicer or loan originator failure. Vervent was not involved in Tricolor Holdings originating practices or servicing operations prior to the collapse. On September 19, a bankruptcy trustee court ruling authorized Vervent to assume servicing duties to ensure continuity of service and borrower support. Vervent is working closely with Wilmington Trust (Indenture Trustee) and JPMorgan Chase Bank (Administrator) to facilitate the court-supervised transfer of servicing. The company has already begun the process of onboarding borrower data, converting accounts into its servicing systems, and preparing its customer service teams to handle increased volume. "Our top priority is making sure borrowers are treated in a fair and transparent manner," said David Johnson, CEO of Vervent. "We know how disruptive it can be when access to vehicle information and loan servicing is suddenly lost. Our team is working quickly and carefully to restore normal operations and provide clear communication throughout the transition." As successor servicer, Vervent's responsibilities include: -- Managing loan payments and account servicing -- Securing and transferring funds -- Handling vehicle inventory such as titles and keys -- Assisting customers with loan payoffs, payment plans and insurance claims -- Working with regulatory agencies to ensure compliance with all laws, rules, and regulations Loan terms and payment obligations remain unchanged. Borrowers will receive updates as the bankruptcy process continues. Support for Impacted Tricolor Borrowers Borrowers are still responsible for making payments. Please continue to manage your account and make payments as you normally would. Tricolor Customer Service: 1-888-44TRICO (1-888-448-7426) Email: Tricolor@acct-admin.com Prefer to Manage Your Account Online? All payment portals are active. You can continue making payments and manage your account online. The Importance of Reliable Backup Servicing Safeguards Now more than ever, Capital Markets Services such as Backup Servicing, secure eVaults, Collateral and Liquidation Agent capabilities play a critical role in structured finance. These safeguards offer investors assurance that portfolios can be converted and serviced with minimal to no disruption, and it provides issuers and trustees with a reliable partner committed to support borrowers and maintain portfolio performance. "This situation highlights why having an experienced and capable backup servicer is so critical," added Johnson. "This critical safeguard is built into financial systems to protect consumers when things go wrong. Our job now is to step in, stabilize the situation, and make sure borrowers are taken care of." Vervent has activated emergency protocols to address urgent borrower needs. With over 35 years of experience, the company has successfully managed multiple high-pressure servicing transfers, including converting distressed auto portfolios in compressed time frames and handling high volumes of consumer communications -- all while maintaining service quality. About Vervent: As a fintech leader in the industry, Vervent sets the global standard for outperformance by delivering superior expertise, future-built technology, and meaningful services. We support our partners with primary strategic services including Primary Loan & Lease Servicing, Backup Servicing/Capital Markets Services, eVault Solutions, Managed Services, and Credit Card Servicing. Vervent empowers companies to accelerate business, drive compliance, and maximize service. About Tricolor Auto Acceptance Tricolor Auto Acceptance is an Irving, Texas-based subprime auto lender. Tricolor Auto Acceptance, together with its parent Tricolor Auto Group and other affilites sought relief under Chapter 7 of the U.S. Bankruptcy Code(Bankr. N.D. Tex. Case No. 25-33497) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. TRUCK & TRAILER: Hires Modestas Law Offices as Bankruptcy Counsel ----------------------------------------------------------------- Truck & Trailer Leasing Avenue seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Modestas Law Offices, P.C. as its bankruptcy counsel. The firm's services include: (a) negotiating with creditors; (b) preparing a plan and financial statements; (c) examining and resolving claims filed against the estate; (d) preparing pleadings filed in the case; (e) interacting with the trustee in this case; (f) attending court hearings; and (g) representing the Debtor in matters before the Court. Saulius Modestas, Esq., founder of Modestas Law, will charge $530 per hour for his services. Mr. Modestas assured the court that he does not hold or represent an interest adverse to the Estate, and that he is a disinterested person within the meaning of Sec. 327(a). The firm can be reached through: Saulius Modestas, Esq. Modestas Law Offices, P.C. 401 S. Frontage Rd. Burr Ridge, IL 60527-7115 Telephone: (312) 251-4460 Facsimile: (312) 277-2586 Email: smodestas@modestaslaw.com About Truck & Trailer Leasing Avenue LLC Truck & Trailer Leasing Avenue LLC specializes in long-distance freight transportation services, operating in Illinois. Truck & Trailer Leasing Avenue LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-05906) on April 16, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Jacqueline P. Cox handles the case. The Debtor is represented by Saulius Modestas, Esq. at MODESTAS LAW OFFICES, P.C. VILLA CHARDONNAY: Seeks to Hire Totaro & Shanahan LLP as Counsel ---------------------------------------------------------------- Villa Chardonnay Horses With Wings Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of California to hire Totaro & Shanahan, LLP as counsel. The firm's services include: a. counseling of Debtor through meetings and phone calls, discussions concerning the requirements of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Local Bankruptcy Rules, and the United States Trustee Guidelines; b. documenting preparation or amendments concerning the petition and schedules, status reports, review and consultation concerning Monthly Operating Reports, and personal attendance at all hearings; c. consulting with Debtor's representative concerning documents needed and reports to be prepared and consultation with real estate counsel re title and other issues; d. assisting Debtor in preparation of documents for compliance with the requirements of the Office of the United States Trustee; e. negotiating with secured and unsecured creditors regarding the amount and payment of their claims; f. discussing with Debtor's representative concerning the Disclosure Statement and plan of reorganization; g. preparing of the Disclosure Statement and Chapter 11 Plan of Reorganization and any amendments/changes to the same unless filed as a Sub-V case which does not require a disclosure statement; h. submitting of ballots to creditors, tally of ballots and submission to the Court; i. responding to any objections to disclosure statement and/or plan; j. negotiating with creditors as to values, etc., and the plan of reorganization; and k. responding to any motions for relief from stay, motions to dismiss or any other motions or contested matters. The firm will be paid at these rates: Attorney $550 per hour Paralegal $150 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael R. Totaro, Esq., a partner at employ Totaro & Shanahan, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael R. Totaro, Esq. Totaro & Shanahan, LLP P.O. Box 789 Pacific Palisades, CA 90272 Telephone: (310) 804 2157 Email: Ocbatty@aol.com About Villa Chardonnay Horses With Wings Inc. Villa Chardonnay Horses With Wings Inc., based in Julian, California, operates as a nonprofit animal sanctuary providing care for rescued horses, cats, dogs, goats, and other animals, with a focus on senior and special-needs animals. The organization maintains a large, peaceful environment for these animals and relies on donations and volunteer support to sustain its operations. It is classified within the animal welfare and rescue sector. Villa Chardonnay Horses With Wings Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-03692) on September 1, 2025. In its petition, the Debtor reports total assets of $3,978,280 and total liabilities of $7,073,342. The Debtor is represented by Michael R. Totaro, Esq. at TOTARO & SHANAHAN, LLP. VIVA LIBRE: Seeks to Hire Red Hot Properties as Consultant ---------------------------------------------------------- Viva Libre Restaurant Concepts, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Red Hot Properties to serve as consultant. The firm will provide the Debtor with a valuation analysis of its business interest to support values provided for in the Debtor's Chapter 11, Subchapter V Plan of Reorganization. The firm will receive a lump sum immediate payment of $1,000 for the detailed valuation and an interim monthly payment on an hourly basis at a rate of $300 per hour for other work that may arise in the court of the bankruptcy proceeding at a maximum amount of $2,400 per month. As disclosed in the court filings, Red Hot Properties is a "disinterested person" as defined by 11 U.S.C. Section 101(14). The firm can be reached through: Siavosh "Sam" Ardalan Red Hot Properties 4790 Irvine Blvd., Suite 105-594 Irvine, CA 92620 Phone: (714) 858-0507 About Viva Libre Restaurant Concepts Viva Libre Restaurant Concepts Inc. operates Blue Agave Southwest Grill, a Mexican and Southwestern fusion restaurant based in Yorba Linda, California. The restaurant offers dishes like Mahi Mahi, Mazatlan Mango Wrap and Montego Bay Coconut Shrimp. Viva Libre filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11186) on May 1, 2025. In its petition, the Debtor reported between $500,000 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Theodor Albert handles the case. The Debtor is represented by Christopher James Langley, Esq., at Shioda Langley & Chang, LLP. VMR CONTRACTORS: Court Extends Cash Collateral Access to Oct. 24 ---------------------------------------------------------------- VMR Contractors Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division to use cash collateral. The order authorized the Debtor to use cash collateral through October 24 in accordance with its budget and the terms of the order entered on March 1, 2023. The budget shows total expenses of $488,000 for the period ending October 24. These expenses include payroll, payroll taxes, steel purchases, office supplies, union benefits, and other expenses. The next hearing is scheduled for October 20. As previously reported, several entities may claim an interest in the Debtor's cash collateral. Those potential claimants are: 1. State of Illinois, which recorded state tax liens on April 28 and June 14, 2022, in the total amount of $32,346. 2. Internal Revenue Service, which recorded federal tax liens with the Illinois Secretary of State, including a lien November 16, 2016, in the amount of $424,956. Other tax liens also have been recorded; the IRS has asserted it is owed $819,234. The Debtor disputes a large portion of this amount, including an obligation from 2015 of $560,027, which appears to be clearly erroneous because it is wholly disproportionate to the Debtor's operations. 3. Old National Bank, whose predecessor, Bridgeview Bank Group, filed on August 1, 2018, a financing statement with the Illinois Secretary of State as document number 023614561. The amount owed to Old National is approximately $160,633. About VMR Contractors VMR Contractors, Inc. is in the business of supplying and installing rebar for road construction projects. VMR Contractors sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 22-14211) on Dec. 8, 2022, with $500,001 to $1 million in assets and $1 million to $10 million in liabilities. Vincent Roberson, president of VMR Contractors, signed the petition. Judge Benjamin Goldgar oversees the case. The Debtor is represented by William J. Factor, Esq., at The Law Office of William J. Factor, Ltd. WALKER EDISON: Moves Closer to Settlement of $13M DIP, Sale ----------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that on Tuesday, Sept. 23, 2025, Walker Edison informed a Delaware bankruptcy judge that it is close to finalizing an agreement with lenders, unsecured creditors, and additional parties to share proceeds from its planned asset sale. The court raised concerns about whether adequate notice of the arrangement had been provided. About Walker Edison Holdco Walker Edison, a Delaware corporation headquartered in West Jordan, Utah, designs and distributes affordable, ready-to-assemble home furnishings, operating primarily through e-commerce channels rather than traditional retail stores. Its business is managed by Walker Edison Intermediate, LLC and Walker Edison Holdco, LLC, and it owns EW Furniture, LLC, a Utah-based subsidiary. The company sources most products from suppliers in Asia and Brazil, distributing them through its Ohio and California centers or directly via major e-commerce platforms including Wayfair, Amazon, Walmart, Target, and Home Depot, with gross sales of roughly $124.6 million in 2024. Walker Edison Holdco, LLC and three affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11602) on August 28, 2025. At the time of the filing, Walker Edison Holdco listed up to $50,000 in assets and between $100 million and $500 million in liabilities. Judge Thomas M. Horan oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as legal counsel; Lincoln International, LLC as investment banker; MACCO Restructuring Group, LLC as transformation advisor. Epiq Corporate Restructuring, LLC is the Debtors' notice, claims and administrative agent. WATERBRIDGE MIDSTREAM: Moody's Ups CFR to Ba3, Outlook Stable ------------------------------------------------------------- Moody's Ratings upgraded WaterBridge Midstream Operating LLC's (WaterBridge Midstream) Corporate Family Rating to Ba3 from B2, Probability of Default Rating to Ba3-PD from B2-PD, and backed senior secured term loan rating to Ba3 from B2, while revising the outlook to stable from negative. Moody's also assigned a Speculative Grade Liquidity (SGL) rating of SGL-2 to WaterBridge Midstream. Concurrently, Moody's upgraded WaterBridge NDB Operating LLC's (WaterBridge NDB) CFR to Ba3 from B2, PDR to Ba3-PD from B2-PD, and senior secured term loan rating to Ba3 from B2, while the outlook on WaterBridge NDB's ratings remains stable. WaterBridge NDB is merging with WaterBridge Midstream, with WaterBridge Midstream as the surviving entity, after which Moody's will withdrew WaterBridge NDB's CFR and PDR. WaterBridge Midstream is assuming WaterBridge NDB's term loan. "The upgrades of WaterBridge ratings reflect expected merger benefits, including greater operational scale, a more diversified customer base, and expanded geographic presence, particularly in the highly economic Permian Basin," commented Jonathan Teitel, a Moody's Vice President. RATINGS RATIONALE WaterBridge Midstream's and WaterBridge NDB's Ba3 CFRs reflect sizable scale and moderate leverage post-merger. Proceeds from the initial public offering (IPO) of stock in the parent company WaterBridge Infrastructure LLC (WaterBridge Infrastructure), are allocated for redeeming preferred equity, debt reduction, and boosting cash reserves of the combined entity, thereby enhancing liquidity and financial flexibility to support growth capital spending and further growth in revenue and earnings. The combined business operates crucial midstream infrastructure for managing produced water in oil production, capitalizing on improved economies of scale to deliver disposal services more competitively. It derives the majority of revenue under long-term, fixed-fee contracts, which mitigates commodity price risk, although produced water volumes rely on capital spending by oil producers. The business benefits from significant customer-dedicated acreage. While revenue concentration in the Delaware Basin introduces event risks such as shifts in drilling and completion activities, transportation constraints, and weather disruptions, the merger diversifies customer exposure within the highly economic oil-producing region. There is some revenue concentration among top customers, but these include counterparties with strong credit profiles. Governance considerations were one of the key drivers in this rating action, including Moody's positive assessments of the new financial policies, as well as the elimination of the preferred equity, the simplification of the organizational and capital structures, and benefits from the expected debt refinancing transaction. Following the merger and the refinancing, the management targets to maintain its debt/EBITDA below 3.0x. WaterBridge Midstream's SGL-2 rating reflects Moody's expectations for the company to maintain good liquidity post-merger. WaterBridge Midstream will continue to have its $100 million revolver due 2028 while WaterBridge NDB's $100 million revolver due 2027 is also being retained. As of August 31, 2025, WaterBridge Midstream had $25 million in outstanding borrowings on its revolver and WaterBridge NDB had $80 million outstanding (it expects to borrow $10 million more prior to completion of the IPO). However, revolver borrowings will be entirely repaid with proceeds from the IPO and proceeds added to the balance sheet will boost cash to roughly $350 million. Capital expenditures associated with growth projects are likely to result in negative free cash flow in the first half of 2026. As a result, the cash that is added to the balance sheet is important to support liquidity. The business plans to establish a new $500 million revolver as part of its planned refinancing transaction, increasing revolver capacity by $300 million, alleviating the need for a high cash balance. The existing revolvers' financial covenants are expected to be amended such that both facilities include a minimum debt service coverage ratio of 1.1x and a maximum net leverage ratio of 5.0x. The term loans have minimum debt service coverage ratios of 1.1x. Moody's expects compliance with these financial covenants. WaterBridge Infrastructure, through its subsidiary WBI Operating LLC (WBI), the indirect parent company of WaterBridge Midstream and WaterBridge NDB, plans to establish the new 5-year senior secured revolver to replace WaterBridge Midstream's and WaterBridge NDB's revolvers. WBI's new revolver is expected to require that it issue at least $750 million in senior unsecured notes, using these proceeds to repay term loan borrowings. The new revolver's maturity would spring three months ahead of any debt that matures prior to the revolver. In conjunction with the merger, Desert Environmental, LLC (Desert Environmental) is being contributed to the combined business. Desert Environmental is repaying and terminating its credit facilities as part of this transaction, including its $14 million term loan and $2 million revolver. After the merger and the IPO, there will be no preferred equity outstanding. WaterBridge Midstream's and WaterBridge NDB's senior secured term loans, due 2029, are rated Ba3, the same as the CFRs, due to all the debt ranking pari passu. Post-merger, WaterBridge Operating LLC (WaterBridge Midstream's parent company) and WaterBridge Infrastructure will guarantee both term loans and both revolvers. As of August 31, 2025, existing term loan balances were $1.141 billion for WaterBridge Midstream and $571 million for WaterBridge NDB. The stable outlooks anticipate increasing produced water volumes driving EBITDA growth, as well as maintenance of the pro forma leverage profile and good liquidity while pursuing growth opportunities. The stable outlook also assumes that the company successful completion of the merger and execution of refinancing plans in a timely manner. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade include building a successful track record operating as a public company and further growing scale while maintaining a solid leverage profile with debt/EBITDA sustained below 3.0x; consistent positive free cash flow generation; significantly reduced volume risks; and maintaining conservative financial policies and strong liquidity. Factors that could lead to a downgrade include an increase in leverage, with debt/EBITDA above 4.0x; debt-funded growth or dividends that lead to higher leverage; increased counterparty risks; or deteriorating liquidity. Prior to the merger WaterBridge Midstream, headquartered in Houston, Texas, operated water midstream infrastructure in the Southern Delaware and Arkoma Basins. It was majority owned by investment funds of Five Point Energy LLC (Five Point). WaterBridge NDB, also headquartered in Houston, operated water midstream infrastructure in the Northern Delaware and Eagle Ford Basins. It was also majority owned by investment funds of Five Point, while other shareholders included Devon Energy Corporation (Baa2 stable) and GIC. Post-merger, the combined business is set to operate through subsidiaries of WaterBridge Infrastructure. The principal methodology used in these ratings was Midstream Energy published in February 2022. WaterBridge Midstream's Ba3 rating is three notches above the scorecard-indicated outcome of B3. The difference reflects, among other factors, the greater scale, improved business and financial profiles, and stronger credit metrics post-merger with WaterBridge NDB. For WaterBridge NDB, the net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. WEABER INC: Committee Taps Dentons as Bankruptcy Counsel -------------------------------------------------------- The official committee of unsecured creditors of Weaber, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Dentons as its counsel. The firm will render these services: a. advise the Committee with respect to its rights, duties and powers in this case; b. assist and advise the Committee in its consultations with the Debtors relating to the administration of the Chapter 11 Cases; c. assist the Committee in analyzing the claims of the Debtors' creditors and the Debtors' capital structures and in negotiating with the holders of claims and, if appropriate, equity interests; d. assist the Committee's investigation of the acts, conducts, assets, liabilities and financial condition of the Debtors and other parties involved with the Debtors, and of the operation of the Debtors' businesses; e. assist the Committee in its analysis of, and negotiations with the Debtors or any other third party concerning matters related to, among other things, the assumption or rejection of certain leases of non-residential real property and/or executory contracts, asset dispositions, financing transactions and the terms of a plan of reorganization or liquidation for the Debtors; f. assist and advise the Committee as to its communications, if any, to the general creditor body regarding significant matters in this case; g. represent the Committee at all hearings and other proceedings; h. review and analyze, as well as advise the Committee with respect to, applications, orders, statements of operations and schedules filed with the Court; i. assist the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives; and j. perform such other services as may be required and are deemed to be the in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code. Dentons' customary hourly rates are: James R. Irving, Partner (Louisville) $975 Thomas D. Maxson, Partner (Pittsburgh) $920 Troy A. Lawrence, Associate (Portland) $530 David K. Boydstun, Associate (Louisville) $480 Campbell Flaherty, Associate (Pittsburgh) $410 Samantha Hayes, Paralegal (Portland) $410 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. James R. Irving, Esq., a partner at Dentons, 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: James R. Irving, Esq. David K. Boydstun, Jr., Esq. DENTONS UNITED STATES, LLP 3500 PNC Tower 101 South Fifth Street Louisville, KY 40202 Phone: (502) 587 3606 Email: james.irving@dentons.com david.boydstun@dentons.com About Weaber Inc. Weaber Inc. manufactures and distributes hardwood lumber products across the United States. Combining advanced production technology with strict quality standards, it supplies flooring, trim, paneling and other specialty hardwood components in both full-truckload and small-lot deliveries. Weaber Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-02167) on August 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Henry W. Van Eck handles the case. The Debtor is represented by Albert A. Ciardi, III, Esq. at Ciardi Ciardi and Astin. WELLMADE FLOOR: Seeks to Hire Ordinary Course Professionals ----------------------------------------------------------- Wellmade Floor Coverings International, Inc. and Wellmade Industries MFR NA LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to retain non-bankruptcy professionals in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to these Chapter 11 cases. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the OCPs have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCPs include: CliftonLarsonAllen c/o Adam Matheson, Esq. 220 South Sixth Street, Suite 300 Minneapolis, MN 55402-1436 -- Tax, Accounting, Advisory, Assurance Venable c/o Stephen Gallagher, Esq. 1850 Towers Crescent Plaza, Suite 400, Tysons, VA 22182 -- Intellectual Property Law About Wellmade Floor Coverings International Wellmade Floor Coverings International Inc. manufactures and distributes hard-surface flooring products, including bamboo, hardwood, and vinyl. The privately owned Company is based in the United States, with a manufacturing facility in Cartersville, Georgia, and sales offices and warehousing in Portland, Oregon. A non-debtor affiliate operates in China. Wellmade Floor Coverings International Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 25-58764) on August 4, 2025. In its petition, Wellmade Floor reports estimated assets between $50 million and $100 millio million and $50 million. Honorable Bankruptcy Judge Sage M. Sigler handles the cases. The Debtors are represented by Greenberg Traurig, LLP. Kurtzman Carson Consultants, LLC d/b/a Verita Global is the Debtors' claims, noticing, solicitation and administrative agent. WELLPATH HOLDINGS: Chapter 11 Protects Co. from Inmate Stroke Suit ------------------------------------------------------------------ Parker Quinlan of Law360 reports that a federal judge in North Carolina has ruled that Wellpath LLC, the healthcare provider for the Mecklenburg County Jail, cannot be held liable in a lawsuit tied to the death of Jamil Stafford, an incarcerated man who suffered a fatal stroke. Judge Kenneth D. Bell said Monday, September 22, 2025, that bankruptcy protections shield Wellpath from the claims, but he allowed the case to continue against Sheriff Garry L. McFadden and several Wellpath employees accused of violating Stafford's constitutional rights, according to the report. The judge dismissed arguments that Wellpath's insurance could provide coverage, finding no evidence such a policy exists. Still, six employees will remain defendants in the case after Bell determined there was enough evidence to support allegations of "deliberate indifference" to Stafford's medical needs. Civil rights claims against Sheriff McFadden also survived, though negligence claims related to his hiring of Wellpath were rejected on immunity grounds, according to Law360. The lawsuit was filed in 2024 by Stafford's mother, Lessie Thomas, who contends that jail staff ignored clear warning signs of her son's stroke. Bell noted that while the family faces a "steep uphill climb" in proving its claims, the case will move forward against those individuals most directly involved. The litigation, Thomas v. McFadden et al., continues in the U.S. District Court for the Western District of North Carolina, the report states. About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. WHITEHALL PHARMACY: Hires Sykes & Company P.A. as Accountant ------------------------------------------------------------ Whitehall Pharmacy LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to employ Sykes & Company, P.A. as accountant. The firm will provide cash flow management and analysis and month-end general ledger reporting and processing. The firm will be paid at these rates: Controllership $3,741.67 per month Rx Onboarding $15,000 flat rate Sykes & Company, P.A. does not hold or represent any interest adverse to the Debtor or its estate, according to court filings. The firm can be reached through: Ollin B. Sykes, CPA Terri S. Harrell Sykes & Company, P.A. 401 E Church St 3rd Floor Edenton, NC 27932 Phone: (252) 482-7644 Email: terri@sykes-cpa.com About Whitehall Pharmacy Whitehall Pharmacy LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-12406) on July 21, 2025, listing up to $10 million in both assets and liabilities. Judge Phyllis M. Jones oversees the case. Charles Darwin Davidson, Sr., Esq., at Davidson Law Firm serves as the Debtor's counsel. WINDSTREAM SERVICES: Fitch Rates New 7-Yr. Secured Term Loan 'BB-' ------------------------------------------------------------------ Fitch Ratings has assigned a 'BB-' rating and Recovery Rating of 'RR1' to Uniti's subsidiary Windstream Services LLC's proposed seven- year senior secured term loan. The net proceeds will be used to refinance the 10.5% senior secured notes due 2028 maturity in part. Fitch expects the combination of Uniti and Windstream to generate significant operating synergies from the recombination. Fitch expects the continued decline in legacy services and the negative impact of elevated capex over the next four years to result in higher leverage, negative FCF, and reduced interest coverage. Key Rating Drivers Windstream Acquisition: On May 3, 2024, Uniti announced its acquisition of Windstream. The merger closed on Aug. 1, 2025. The merger positions the combined company in Tier II and Tier III markets with significant opportunities to increase its fiber build to drive attractive fiber broadband sub growth. Management projects up to $100 million in operating expense and $20 million-$30 million in capex synergies. Fitch expects the merger will provide operating efficiencies as the company brings more combined traffic on net and targets incremental opportunities within the combined network. The combined company aims to reach two million subscribers by the end of 2025 (up from the prior target of about 1.9 million by 2027). Uniti targets an additional 1.5 million homes passed by YE 2029. The company's fiber plant passed 37% of its footprint at YE 2024 and plans to pass approximately 43% by YE 2025. Revenue Pressures Continue: Fitch expects the combined company to experience revenue pressure in the near term, particularly in the Uniti Solutions segment due to declining legacy products-related revenue and effects of competition. This pressure should be offset over time with growth in the consumer fiber business as the company continues to pass additional households with fiber and increases penetration levels as well as emerging opportunities related to AI-driven growth. Elevated Leverage: Fitch expects the PF leverage of the combined company as of YE 2025 to be in the low-6x range. Leverage is expected to remain elevated over the next several years due to revenue and EBITDA pressures from Windstream's legacy revenue and high capex for planned Fiber to the Home deployments. Fitch expects EBITDA/Interest coverage to be weak for the rating over the next several years. Negative FCF: Fitch expects capex needs to result in material cash flow deficits for the next three-plus years due to the elevated capex to fund the FTTH build. Uniti is expected to access the capital markets, including potential ABS funding, to fund expected cash flow shortfalls. However, Fitch expects FCF should start to improve after 2028 as these expenditures decrease and EBITDA shows improvement. Limited Liquidity: Liquidity at June 30, 2025 for standalone Uniti was approximately $740 million, consisting of about $240 million in cash and revolver availability of about $500 million. The $500 million revolving facility matures in September 2027. Liquidity at June 30, 2025 for standalone Windstream was approximately $491 million, consisting of about $163 million in cash and revolver availability of about $328 million. The combined company has limited maturities until 2028 when roughly $2.85 billion of secured debt matures. Fitch expects the company will need to raise additional capital to fund the cash flow shortfalls. Parent-Subsidiary Linkage: Windstream Services LLC, Uniti Group LLC, Uniti Fiber Holdings Inc and Uniti Group Inc. have the same IDR because of comprehensive cross-guarantee provisions in long-dated bonds. Peer Analysis Uniti is a hybrid company with characteristics of an incumbent operator through its Kinetic business unit (ILEC business) which operates in smaller urban or rural areas of 18 states. They also provide business services through their Uniti Solutions (CLEC). The Fiber Infrastructure businesses provides infrastructure to other communication providers, hyperscalers and wireless towers. Legacy Uniti's network is one of the largest independent fiber providers in the U.S., along with Zayo Group Holdings, Inc. The business models of Uniti and Zayo are unlike the wireline business of communications services providers, including AT&T Inc. (BBB+/RWN), Verizon Communications Inc. (A-/Stable) and Lumen Technologies (CCC+/Rating Watch Positive). Uniti and Zayo are infrastructure providers, which may be used by communications service providers to offer retail services including wireless, voice, data and internet. The Windstream acquisition provides access to Windstream's 4.3 million Kinetic households. The combined company will own 237,000 national wholesale fiber route miles, with first mover advantage in Tier II and Tier III markets. In addition, it brings an Enterprise business similar to AT&T, Verizon and Lumen, although significantly smaller Uniti has a similar business profile to both Frontier Communications Parent, Inc. (B+/Rating Watch Positive) and Cincinnati Bell Inc. (B/Stable). Uniti has less exposure to the residential market than Frontier. Consumers account for about one-third of Uniti's revenue but over half of Frontier's. Frontier will have a larger scale than the combined company and operates at slightly lower leverage compared with the combined company's expected leverage of about 6x in 2025. Cincinnati Bell is further along in their fiber transition, having largely completed their Cincinnati build and are 60+% complete with their Hawaii build and have lower leverage. Key Assumptions For the Combined Company - $3.76 billion of pro forma 2025 revenue for the combined Uniti and Windstream; - Pro forma 2025 EBITDA of $1.5 billion; - Revenue expected to decline low single digits in 2026, flat in 2027 before turning to low single digit growth thereafter; - EBITDA margins show general improvement over time as higher margin fiber business becomes a larger portion of the whole; - Combined pro forma capex expected to be $1.25 billion in 2025 and $1.33 billion in 2026; - Preferred equity dividends paid in kind. Recovery Analysis The recovery analysis assumes that Uniti would be considered a going concern in a bankruptcy and that the company would be reorganized rather than liquidated. Fitch has assumed a 10% administrative claim. The recovery analysis reflects new Uniti's standalone credit silo waterfall. The revolvers are assumed to be fully drawn. The going-concern EBITDA estimate reflects Fitch's view of sustainable, post-reorganization EBITDA, upon which Fitch bases the valuation of the company. This leads to a post-reorganization EBITDA estimate of $1335 million. EBITDA pressures could result from increased competitive pressures from cable and fixed wireless access companies as well as slower than expected demand from hyperscalers and other wholesale customers. Post-reorganization valuation uses a 6.0x enterprise value multiple. The multiple reflects the higher asset value of the fiber networks as Uniti continues to build out its network. The multiple is in line with the range for telecom companies published in Fitch's "Telecom, Media and Technology Bankruptcy Enterprise Values and Creditor Recoveries" report. The most recent report indicates a median of 5.4x. Other wireline companies, with significant investments in fiber, have traded at enterprise multiples of between 8.5x-14x EBITDA over the last two years. The recovery analysis produces a Recovery Rating of 'RR1' for the secured debt, reflecting strong recovery prospects, and 'RR5' for the senior unsecured debt, reflecting the lower recovery prospects of unsecured debt, given its position in the capital structure. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Larger than expected FCF deficits; combined with reduced access to capital to fund the company's growth; - EBITDA leverage exceeding 7.5x on a sustained basis; - Deterioration in operating profile and market position due to competitive forces; - EBITDA interest coverage sustained below 1.5x Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Consistent gains in revenue and EBITDA that provide a clear path towards positive FCF; - EBITDA leverage sustained below 5.5x; - Successful fiber deployment execution, including continued improvement in consumer fiber customer penetration Liquidity and Debt Structure Standalone Uniti had approximately $740 million of liquidity on June 30, 2025, consisting of unrestricted cash of approximately $240 million and revolver availability of $500 million. The $500 million revolving facility matures in September 2027. Subsequent to 2Q25 end, Uniti funded a $371 million payment to Windstream shareholders as part of their merger using cash and revolver availability. Standalone Windstream had approximately $491 million of liquidity on June 30, 2025, consisting of about $163 million in cash and revolver availability of about $328 million. The next maturities for Uniti Group Inc are the revolving credit facilities and 7.5% convertible senior notes due in 2027. Issuer Profile Uniti offers bundled broadband and voice services to consumers primarily in rural areas in 18 states as well as services to Enterprise customers and Wholesale offerings. On Aug. 1, 2025, Uniti completed its re-merger with Windstream. Date of Relevant Committee 24-Aug-2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Windstream Services, LLC senior secured LT BB- New Rating RR1 WRIGHT HOUSES: Taps Edwin M. Shorty Jr. as Bankruptcy Counsel ------------------------------------------------------------- Wright Houses NOLA LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire Edwin M. Shorty, Jr. & Associates, A.P.L.C. as its legal 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 continued management and operation of its businesses and properties; (b) attend meetings with representatives of the Debtor's creditors and other parties in interest; (c) take all necessary action to protect and preserve the estate of the Debtor; (d) prepare on behalf of the Debtor motions, applications, answers, orders, reports, and papers necessary to the administration of the Debtor's estates; (e) take any necessary action on behalf of the Debtor to obtain confirmation of its plan; (f) appear before this Court to protect the interests of the Debtor before this Court; (g) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with this chapter 11 case; (h) represent the Debtor in connection with obtaining post-petition financing, if any; (i) advise the Debtor concerning and assist in the negotiation and documentation of financing agreements, cash collateral orders and related transactions; (j) investigate the nature and validity of liens asserted against the property of the Debtor, and advise the Debtor concerning the enforceability of said liens; (k) investigate and advise the Debtor concerning, and take such action as may be necessary to collect, income and assets in accordance with applicable law, and the recovery of property for the benefit of the estates of the Debtor; (l) advise and assist the Debtor in connection with any potential property dispositions; (m) advise the Debtor concerning executory contract and unexpired lease assumptions, assignments and rejections and lease restructuring and recharacterizations; (n) assist the Debtor in reviewing, estimating and resolving claims asserted against the estate; (o) commence and conduct litigation necessary and appropriate to assert rights held by the Debtor, protect assets of the chapter 11 estate or otherwise further the goal of completing the successful reorganization of the Debtor; and (p) perform all other legal services for the Debtor which may be necessary and proper in these proceedings. Edwin M. Shorty, Jr., will be paid at these hourly rates: Attorneys $350 Paralegals $85 Edwin M. Shorty, Jr., will also be reimbursed for reasonable out-of-pocket expenses incurred. Edwin M. Shorty, Jr., a partner at Edwin M. Shorty, Jr. & Associates, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Edwin M. Shorty, Jr. can be reached at: Edwin M. Shorty, Jr., Esq. EDWIN M. SHORTY, JR. & ASSOCIATES, A.P.L.C. 650 Poydras Street, Suite 2515 New Orleans, LA 70130 Tel: (504) 207-1370 About Wright Houses NOLA LLC Wright Houses NOLA LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. 25-11964) on Sep. 3, 2025, listing $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Edwin M. Shorty, Jr., Esq., at Edwin M. Shorty, Jr. & Associates represents the Debtor as legal counsel. XPO INC: Moody's Affirms 'Ba2' CFR & Alters Outlook to Positive --------------------------------------------------------------- Moody's Ratings has affirmed the ratings of XPO, Inc. (XPO), including the Ba2 corporate family rating and Ba2-PD probability of default rating. Moody's also affirmed XPO's Ba1 senior secured bank credit facilities rating and senior secured notes rating, along with the Ba3 rating on the company's senior unsecured notes. The outlook was changed to positive from stable. The SGL-2 speculative grade liquidity rating remains unchanged. The affirmation of the ratings with a positive outlook reflects Moody's expectations that XPO's operating performance will continue to improve into 2026, driven by cost reduction initiatives and profitable growth from its network expansion following the acquisition of certain terminals previously owned by Yellow Corporation. In addition, Moody's expects a slow recovery in key transport areas such as freight volumes and spot pricing over the next year. Moody's anticipates that XPO will maintain a prudent approach to capital allocation while achieving profitable growth and stronger credit metrics, even in the face of end-market headwinds. Moody's projects that XPO will sustain solid profit margins and strong interest coverage, with debt-to-EBITDA stabilizing under 3.0x in 2026. RATINGS RATIONALE XPO's ratings reflect the company's significant position in the North American market as a key player among less-than-truckload (LTL) transportation operators. The company faces exposure to the cyclical and competitive freight trucking industry. The industry remains in an extended downturn because of the soft economic environment and lower freight prices. While freight market conditions will continue to be volatile because of higher labor costs and excess truck capacity, conditions have moderated over the past few quarters. In the short term, Moody's anticipates XPO will sustain organic revenue growth through improved service quality and a more disciplined pricing environment among larger LTL carriers. In addition, Moody's anticipates that XPO will benefit from ongoing operational initiatives to enhance network efficiency and support the expansion of its less-than-truckload operations. The positive outlook reflects expectations that XPO will improve profitability and maintain credit metrics despite current industry challenges. XPO is expected to maintain good liquidity, reflected in the SGL-2 speculative grade liquidity rating. Liquidity is supported by a fully available $600 million revolving credit facility, a $200 million letters of credit facility with $67 million available and a cash balance of $225 million as of June 30, 2025. Nonetheless, Moody's expects free cash flow will remain positive in 2025, primarily due to decreased capital expenditures for truck fleet upgrades and lower cash taxes. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if XPO maintains prudent financial practices, such as utilizing proceeds from a potential sale of its European business to reduce debt. Additionally, an improvement in margins, a sustained debt-to-EBITDA ratio approaching 3.0x and EBITDA-to-interest coverage of approximately 5 times could further support a ratings upgrade. The ratings could be downgraded should end market softness leads to declines in revenue and operating margin, or if the company pursues a more aggressive financial strategy, such as significant debt financed acquisitions or increased shareholder payouts. Specifically, a downgrade could occur if adjusted debt-to-EBITDA approaches 4.0x or if the company fails to improve EBIT margin from the current level of 8.5%. The methodologies used in these ratings were Surface Transportation and Logistics published in April 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. XPO, Inc., headquartered in Greenwich, CT, is a leading less-than-truckload carrier serving a broad set of customers across multiple industries, including industrial/manufacturing, retail and e-commerce, consumer goods and food & beverage. [] 2025 Distressed Investing Conference: Registration Ongoing! -------------------------------------------------------------- Registration is now open for the 32nd Annual Distressed Investing Conference, presented by Beard Group, Inc. This two-day affair kicks off with the Opening Night Cocktail Reception on Dec. 2nd from 5:00-7:00 PM and followed by the Full Day Conference on Dec. 3rd. Venue is the Harmonie Club in New York City. Visit https://www.distressedinvestingconference.com/ for more information. Contact Will Etchison, Conference Producer, at Tel: 305-707-7493 or will@beardgroup.com for sponsorship opportunities. Thank you to last year's conference sponsors: The 2024 Conference Co-Chairs: * Kirkland & Ellis, LLP, as conference co-chair; and * Foley & Lardner LLP, as conference co-chair The 2024 Major Sponsors: * Davis Polk & Wardwell LLP; * Hilco Global; * Locke Lord LLP; * Morrison & Foerster LLP; * Proskauer Rose LLP; * Skadden, Arps, Slate, Meagher & Flom LLP; * Wachtell, Lipton, Rosen & Katz; and * Weil, Gotshal & Manges LLP The 2024 Patron Sponsors were: * Katten Muchin Rosenman LLP; * Kobre & Kim; and * Resolution Financial Advisors The 2024 Supporting Sponsors were: * C Street Advisory Group; * Development Specialists, Inc.; * Gilbert + Tobin; * Paul Hastings; * RJReuter; * Sherwood Partners, Inc.; * SSG Capital Advisors; and * Stein Advisors LLC The 2024 Media Partners were: * BankruptcyData; * CreditSights; * Debtwire; * The National Law Review; * PacerMonitor; * Pari Passu Newsletter; * Reorg; and * WSJ Pro Bankruptcy The 2024 Knowledge Partner was: * Creditor Rights Coalition The 2024 Conference Replays are available for Purchase at https://www.distressedinvestingconference.com/2024-video-replays--photos.html [] Choate Adds Luke Barrett to Finance & Restructuring Team ----------------------------------------------------------- Luke Barrett has joined Choate as a Principal in the Firm's nationally recognized Finance and Restructuring Group. Barrett will advise clients on a wide range of restructuring, bankruptcy and insolvency matters, including large Chapter 11 cases and complex out-of-court restructurings. Barrett has extensive experience representing lenders, debtors, secured and unsecured creditors, agents, trustees and equity holders in Chapter 11 proceedings involving multinational, publicly traded companies across a wide range of industries. He has participated in transactions valued more than $340 million, including representing lenders in debtor-in-possession financings, senior secured term and first lien term loans, and revolving credit facilities. In addition, Barrett has represented clients through various stages of insolvency proceedings, from out of court strategy development and implementation to courtroom advocacy. "Our restructuring and bankruptcy practice continues to see strong demand and Luke's experience handling high-profile, complex restructuring and bankruptcy proceedings will be an immediate asset to our clients," said John Ventola, Department Chair of Choate's Finance and Restructuring Group. "He brings the strategic insight and practical judgment needed to guide our clients through complex insolvency challenges." Prior to joining Choate, Barrett practiced at McDermott Will & Schulte and Arnold & Porter. He is admitted in Massachusetts and New York. Barrett earned his J.D., cum laude, from Boston College Law School and a B.A. in History and Philosophy from the College of the Holy Cross. About Choate Choate Hall & Stewart LLP, one of the nation's leading law firms, represents national and international clients with a focus on a core group of legal areas, including private equity, complex investigations and litigation, intellectual property, business and financial litigation, life sciences and technology, middle market M&A, finance and restructuring, and wealth management services. Choate partners and practice areas are consistently recognized by Chambers USA, The Legal 500, Best Lawyers and Benchmark Litigation. For more information, please visit choate.com. Media Contact: Sonia Mangino Managing Director of Marketing & Business Development Choate Hall & Stewart LLP (617) 248-5000 [] Mega Bankruptcies Jump 33%, Exceeding Historical Average ----------------------------------------------------------- Randi Love of Bloomberg Law reports that corporate bankruptcies involving more than $1 billion in assets surged in the first half of 2025, marking the busiest six-month stretch since the start of the Covid-19 pandemic, according to a new report. Some distressed companies cited weakened consumer demand and inflation as contributing factors. Cornerstone Research reported Wednesday that 32 mega bankruptcies were filed in the past 12 months, including 17 in the first half of 2025, according to the report. The total represents a 33% increase from the prior 12-month period, when 24 such cases were filed. Historically, mega bankruptcies are defined as filings involving more than $1 billion in assets. [] Mega Bankruptcies Surge in 1H 2025 Amid Inflation, Policy Shift ------------------------------------------------------------------ The elevated pace of large corporate bankruptcy filings that began in early 2023 continued through the latter half of 2024 and into the first half of 2025, according to a new report from Cornerstone Research. The report, Trends in Large Corporate Bankruptcy and Financial Distress-Midyear 2025 Update, found a 4% increase in Chapter 7 and Chapter 11 filings among public and private companies with assets exceeding $100 million. Over the last 12 months (2H 2024–1H 2025), 117 large companies filed for bankruptcy, up from 113 in the previous 12 months (2H 2023–1H 2024). This figure is 44% above the 2005–2024 annual average of 81 bankruptcies. The report also found that the use of liability management transactions (LMTs) reached a record level with 46 completed transactions in 2024 and 27 in 1H 2025. Over the past 12 months, there were 32 mega bankruptcies (those filed by companies with over $1 billion in reported assets), up from 24 in the prior 12 months and well above the 2005–2024 historical average of 23. In the first half of 2025, there were 17 mega bankruptcies, the highest number of any half-year period since the COVID-19 outbreak in 2020. "Consistent with prior years, companies filing mega bankruptcies over the last year have continued to fault high inflation and interest rates, which have impacted consumer demand and raised the costs of operating and raising capital," said Matt Osborn, a principal at Cornerstone Research and coauthor of the report. "This past year, large corporate bankruptcy filers have increasingly pointed to shifts in the regulatory, legal, and policy landscape as another key driver of financial distress, in particular policies relating to renewable energy or international trade." The manufacturing industry had the highest share of bankruptcy filings across all industries, where 67% of manufacturing mega bankruptcies cited the regulatory, legal, and policy landscape as a key financial distress driver. Bankruptcy filings in the services industry also remained elevated, where mega bankruptcies most often cited shifts in consumer preferences, market competition, or other industry factors. The report further identified that LMTs have become more complex as their use increases, with multiple deals in 2025 incorporating two or more common elements, such as uptiering, drop-down, or "double-dip." In 1H 2025, at least 22 LMTs that launched or closed involved elements of uptiering, four involved drop-down LMTs, and at least five transactions utilized the "double-dip" feature. The most common venues for bankruptcies continued to be Delaware and the Southern District of Texas, accounting for 40% and 24%, respectively, over the past 12 months. The Northern District of Texas topped the District of New Jersey and the Southern District of New York for the first time during 2005–1H 2025 and became the third most common venue for the first time since 2012. Copy of the report: https://www.cornerstone.com/wp-content/uploads/2025/09/Trends-in-Large-Corporate-Bankruptcy-and-Financial-Distress-Midyear-2025.pdf About Cornerstone Research Cornerstone Research provides economic and financial consulting and expert testimony in all phases of complex disputes and regulatory investigations. The firm works with an extensive network of prominent academics and industry practitioners to identify the best-qualified expert for each assignment. With a reputation for high quality and effectiveness, Cornerstone Research has consistently delivered rigorous, state-of-the-art analysis since 1989. The firm has more than 1,000 professionals in nine offices across the United States, UK, and EU. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Avalon Apartments LLC Bankr. W.D. Wash. Case No. 25-12391 Chapter 11 Petition filed August 28, 2025 In re Islandman Investments LLC Bankr. N.D. Ga. Case No. 25-59874 Chapter 11 Petition filed August 29, 2025 Filed Pro Se In re Midwood Dental Services PC Bankr. E.D.N.Y. Case No. 25-44344 Chapter 11 Petition filed September 10, 2025 See https://www.pacermonitor.com/view/3F6MXEY/Midwood_Dental_Services_PC__nyebke-25-44344__0001.0.pdf?mcid=tGE4TAMA represented by: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. E-mail: alla@kachanlaw.com In re RMS Carriers, LLC Bankr. D.S.C. Case No. 25-03590 Chapter 11 Petition filed September 12, 2025 See https://www.pacermonitor.com/view/UAYO3VQ/RMS_Carriers_LLC__scbke-25-03590__0001.0.pdf?mcid=tGE4TAMA represented by: W. Harrison Penn, Esq. PENN LAW FIRM LLC E-mail: hpenn@pennlawsc.com In re Williams Properties 15206, LLC Bankr. 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Case No. 25-40070 Chapter 11 Petition filed September 17, 2025 See https://www.pacermonitor.com/view/T3WR5GY/PASTIME_LOUNGE_LLC__mtbke-25-40070__0001.0.pdf?mcid=tGE4TAMA represented by: Gary S. Deschenes, Esq. DESCHENES & ASSOCIATES LAW OFFICES E-mail: gsd@dalawmt.com In re Sarr's Wholesale Furniture Bankr. E.D.N.Y. Case No. 25-44438 Chapter 11 Petition filed September 17, 2025 See https://www.pacermonitor.com/view/JDGUFSQ/Sarrs_Wholesale_Furniture__nyebke-25-44438__0001.0.pdf?mcid=tGE4TAMA represented by: Julio E. Portilla, Esq. JULIO E. PORTILLA E-mail: jp@julioportillalaw.com In re Lenore Tull Bankr. E.D.N.Y. Case No. 25-44444 Chapter 11 Petition filed September 17, 2025 In re Gershon Mayer Soifer Bankr. S.D.N.Y. Case No. 25-22872 Chapter 11 Petition filed September 17, 2025 represented by: Michael Koplen, Esq. In re Red Energy Inc. Bankr. C.D. Cal. Case No. 25-11733 Chapter 11 Petition filed September 18, 2025 See https://www.pacermonitor.com/view/AWVTN4A/Red_Energy_Inc__cacbke-25-11733__0001.0.pdf?mcid=tGE4TAMA represented by: Michael Kwasigroch, Esq. LAW OFFICES OF MICHAEL D. KWASIGROGH E-mail: attorneyforlife@aol.com In re Immaculate Winks LLC Bankr. M.D. Fla. Case No. 25-06837 Chapter 11 Petition filed September 18, 2025 See https://www.pacermonitor.com/view/BAI4VSQ/Immaculate_Winks_LLC__flmbke-25-06837__0001.0.pdf?mcid=tGE4TAMA represented by: Andrew Wit, Esq. JENNIS MORSE E-mail: awit@jennislaw.com In re Lawrence T. Restieri and Amy A. Restieri Bankr. N.D. Fla. Case No. 25-30901 Chapter 11 Petition filed September 18, 2025 represented by: Jodi Dubose, Esq. In re Richard M. Blosser Bankr. D. Mont. Case No. 25-20172 Chapter 11 Petition filed September 18, 2025 represented by: James Patten, Esq. PATTEN PETERMAN BEKKEDAHL & GREEN Email: APATTEN@PPBGLAW.COM In re 268 Dean LLC Bankr. E.D.N.Y. Case No. 25-44494 Chapter 11 Petition filed September 18, 2025 See https://www.pacermonitor.com/view/QUO4Z5Q/268_Dean_LLC__nyebke-25-44494__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 293 A Cooper Corp. Bankr. E.D.N.Y. Case No. 25-44490 Chapter 11 Petition filed September 18, 2025 See https://www.pacermonitor.com/view/TBDUI2Q/293_A_Cooper_Corp__nyebke-25-44490__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Nechama Bernstein Bankr. E.D.N.Y. Case No. 25-44471 Chapter 11 Petition filed September 18, 2025 represented by: Vivian Sobers, Esq. In re Christina Ottinger Fox Bankr. E.D. Pa. Case No. 25-13800 Chapter 11 Petition filed September 18, 2025 represented by: Edmond George, Esq. OBERMAYER REBMANN MAXWELL & HIPPEL LLP In re CLESMA Inc. Bankr. E.D. Tex. Case No. 25-42744 Chapter 11 Petition filed September 18, 2025 See https://www.pacermonitor.com/view/A3SHBLQ/CLESMA_Inc__txebke-25-42744__0001.0.pdf?mcid=tGE4TAMA represented by: Robert C Lane, Esq. THE LANE LAW FIRM E-mail: notifications@lanelaw.com In re Paul Edwards Clampitt Bankr. E.D. Tex. Case No. 25-42752 Chapter 11 Petition filed September 18, 2025 represented by: Sarah Cox, Esq. In re Glen L. Hanson and Teresa A. Hanson Bankr. W.D. Wisc. Case No. 25-12079 Chapter 11 Petition filed September 18, 2025 represented by: Joshua Christianson, Esq. In re Fremont316, LLC Bankr. C.D. Cal. Case No. 25-30758 Chapter 11 Petition filed September 19, 2025 See https://www.pacermonitor.com/view/2UHN5CY/Fremont316_LLC__canbke-25-30758__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Sunset Fitness, LLC dba Hype Fitness Bankr. C.D. Cal. Case No. 25-18336 Chapter 11 Petition filed September 19, 2025 See https://www.pacermonitor.com/view/WZOA53Q/Sunset_Fitness_LLC_dba_Hype_Fitness__cacbke-25-18336__0001.0.pdf?mcid=tGE4TAMA represented by: Michael Jay Berger, Esq. LAW OFFICES OF MICHAEL JAY BERGER E-mail: michael.berger@bankruptcypower.com In re South Hayward Ventures LLC Bankr. N.D. Cal. Case No. 25-41728 Chapter 11 Petition filed September 19, 2025 See https://www.pacermonitor.com/view/D455EUQ/South_Hayward_Ventures_LLC__canbke-25-41728__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Luxury Rides, LLC Bankr. E.D. La. Case No. 25-12104 Chapter 11 Petition filed September 19, 2025 See https://www.pacermonitor.com/view/EI6B4QA/Luxury_Rides_LLC__laebke-25-12104__0001.0.pdf?mcid=tGE4TAMA represented by: Patrick Garrity, Esq. THE DERBES LAW FIRM, LLC E-mail: pgarrity@derbeslaw.com In re 4 Winoka Drive, LLC Bankr. S.D.N.Y. Case No. 25-12045 Chapter 11 Petition filed September 19, 2025 See https://www.pacermonitor.com/view/UBGZWSY/4_Winoka_Drive_LLC__nysbke-25-12045__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re RWE Services, LLC Bankr. N.D. Tex. Case No. 25-43579 Chapter 11 Petition filed September 19, 2025 See https://www.pacermonitor.com/view/WXTGTFQ/RWE_Services_LLC__txnbke-25-43579__0001.0.pdf?mcid=tGE4TAMA represented by: Clayton L. Everett, Esq. NORRED LAW, PLLC E-mail: clayton@norredlaw.com ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. 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