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251020.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, October 20, 2025, Vol. 29, No. 292 Headlines 18 HOMECOMING: Seeks Chapter 7 Bankruptcy in New York 5 WHITE PINE: Seeks Chapter 7 Bankruptcy in New York 7201 31 AVE: Seeks Chapter 7 Bankruptcy in New York 775 NE 77TH: Seeks Chapter 11 Bankruptcy in Florida 96 WYTHE: Manager Must Turn Over ERTC Refunds to Trustee A.G. NEW YORK: Seeks Subchapter V Bankruptcy in Florida ACCRX INC: Confirmation Objection Set to be Resolved by Agreement AGORIANI INC: Seeks Chapter 11 Bankruptcy in New York ALL IN ONE: Taps Troy A. Washko, CPA as Accountant ALSALOUSSI HOLDINGS: Seeks Chapter 11 Bankruptcy in Florida ALUMAX INC: Objection to CEFI's Amended Proof of Claim Tossed AMERICA'S GARDENING: Seeks to Sell Miscellaneous Assets AMERICA-CV STATION: Court Rules on Caribevision Control Dispute ANCHOR GLASS: Moody's Ups CFR to 'B3' & Rates New Term Loan 'Caa1' ANCHOR GLASS: S&P Upgrades ICR to 'B-' on Recapitalization ANNA KATHRYN BOUCHER: Court Values Collateral at $2,000,000 ASHER HOMES: To Sell Broken Arrow Property to Paradigm Land BERRY CAPITAL: Rebecca Redwine Grow Named Subchapter V Trustee BERRY CAPITAL: Seeks Subchapter V Bankruptcy in North Carolina BHOWMICK LIQUOR: Seeks to Sell Liquor Inventory BLACK DIRT: Seeks to Hire Roop Law Office as Legal Counsel BOSQUE BREWING: Gets Interim OK to Use Cash Collateral BREAD FINANCIAL: Moody's Ups Issuer & Unsecured Debt Ratings to Ba2 BRONX CAR: Seeks Subchapter V Bankruptcy in New York BROOKLYN KEBAB: Court Extends Cash Collateral Access to Oct. 31 CALDWELL HOLDINGS: Gets OK to Use Cash Collateral Until Nov. 4 CANNON CONSTRUCTORS: Seeks to Sell Tools & Equipment at Auction CANO HEALTH: Moody's Cuts CFR to Caa3 & Alters Outlook to Stable CAPITAL WHOLESALE: Gets Final OK to Use Cash Collateral CBRM REALTY: Crown Capital and Affiliates' Cases Consolidated CBRM REALTY: Lenders Want to Dismiss Chapter 11 Bankruptcy Case CENTRAL JUNCTION: Seeks Chapter 11 Bankruptcy in Tennessee CGA CORP: Gets Final OK to Use Cash Collateral CHOBANI LLC: Moody's Rates New First Lien Bank Loans 'Ba3' CITY BREWING: Moody's Ups CFR to Caa2 & Alters Outlook to Stable CIVIL LLC: Pocahontas Land, et al. Win Bid to Seal Exhibits CLEAN AIR: Court Enters Pretrial Scheduling Order CLEAR GUIDE: Employs Tydings & Rosenberg as Legal Counsel COLLABORATIVE TECHNOLOGY: Kevin Neiman Named Subchapter V Trustee COLLABORATIVE TECHNOLOGY: Taps Wadsworth Garber Warner as Counsel COMPANION CARE: Seeks to Use Cash Collateral CONNER CREEK: RAD Wins Summary Judgment in Adversary Case CORVIAS CAMPUS: Unsecureds to Get Share of GUC Recovery COTTON HOUSE: Gets One-Month Extension to Use Cash Collateral COX OPERATING: Trustee Seeks to Keep 'Looting' Suit Alive CPG RESTAURANT: Seeks Chapter 11 Bankruptcy in New York CPI HOLDCO: $500MM Upsized Term Loan No Impact on Moody's Ba3 CFR CPW CORP: Court Extends Cash Collateral Access to Dec. 26 CURARE LABORATORY: Court Affirms Dismissal of Solar, et al. Suit CV SCIENCES: Issues $600K Secured Note With Institutional Investor D LASSEN LLC: Unsecureds Will Get 0.5% of Claims over 5 Years D&D ELECTRICAL: Ch.11 Case Dismissal Motion to Be Heard Nov. 5 DAOVENQUY88 LLC: Gets Interim OK to Use Cash Collateral DAVID RAMOS: Gets Interim OK to Use Cash Collateral DHUKAN GHAR: Seeks Chapter 11 Bankruptcy in New Jersey DIAMOND COMIC: Seeks to Extend Plan Exclusivity to Jan. 13, 2026 DIOCESE OF OGDENSBURG: Defends Mediator Choice Against Insurers DMO NORTH: Seeks Cash Collateral Access Until Nov. 3 DOOR COUNTY: Nacelle Files Competing Plan ECOM AUTHORITY: Seeks to Sell Consumer Goods Inventory at Auction EDGEWELL PERSONAL: Moody's Alters Outlook on 'Ba3' CFR to Negative ELANCO ANIMAL: Moody's Ups CFR to Ba2 & Alters Outlook to Stable ELETSON HOLDINGS: Court DQs Reed Smith from Chapter 11 Case ELETSON HOLDINGS: Provisional Holdings' Plan Appeals Tossed ENI DIST: Court Extends Cash Collateral Access ETROG PROPERTIES: Seeks Cash Collateral Access EXCELL COMMUNICATIONS: Taps Maltz Auctions to Liquidate Property FERRELLGAS LP: Moody's Hikes CFR to B2 & Alters Outlook to Stable FIRST BRANDS: Wants Speedy Appointment of Examiner in Chapter 11 FIRSTBASE.IO INC: Quinn Emanuel Seeks $800,000 in Fees FL SIMS FUNERAL: Section 341(a) Meeting of Creditors on Nov. 4 FLORIDA FOOD: Moody's Ups CFR to Caa3 & Alters Outlook to Stable FORT GORDON: Moody's Affirms 'Ba1' Rating on Class I Debt FRESH START: C. Jerome Teel Named Subchapter V Trustee FRESH START: Section 341(a) Meeting of Creditors on November 10 G & T 5206: U.S. Bank Seeks to Prohibit Cash Collateral Access GARMENT GEAR: Daniel Etlinger Named Subchapter V Trustee GENESIS PROJECT: Seeks Subchapter V Bankruptcy in North Carolina GEORGE E. ROBB: Court Says Sex Abuse Suit Can Proceed GLENWOOD GFB: Case Summary & Two Unsecured Creditors GRACE ROYALS: Case Summary & Six Unsecured Creditors GROFF TRACTOR: Voluntary Chapter 11 Case Summary H&T WHOLESALE: Dawn Maguire Named Subchapter V Trustee H&T WHOLESALE: Hires Allan NewDelman P.C. as Legal Counsel H&T WHOLESALE: Section 341(a) Meeting of Creditors on November 18 HARDING BELL: Gets Interim OK to Use Cash Collateral Until Nov. 20 HASSAKE ENTERPRISES: Taps Havkin & Shrago as Legal Counsel HC WIND: Seeks Chapter 7 Bankruptcy in Delaware HEARDMONT HEALTH: Case Summary & 19 Unsecured Creditors HERTZ GLOBAL: Court Tosses ACI's Proofs of Claim HILLENBRAND INC: Moody's Puts 'Ba1' CFR on Review for Downgrade HILLENBRAND INC: S&P Places 'BB' ICR on CreditWatch Negative HOYA MIDCO: Moody's Cuts CFR to 'Caa1', Outlook Negative HYPERSCALE DATA: Issues 11 Million Class A Shares in Conversions INDEPENDENT MEDEQUIP: Affiliate to Sell Medical EQ Biz for $1.89MM INTERNATIONAL LAND: Issues $436K Convertible Notes to Quick Capital IQSTEL INC: Adds True-Up Conversion to Series D Preferred Stock IQSTEL INC: Eliminates Convertible Debt, Becomes Debt-Free JGA DEVELOPMENT: Unsecureds Will Get 9.34% of Claims in Plan JKL DIGITAL: Chapter 15 Case Summary JTA4 REAL: Gets OK to Use Cash Collateral Until Nov. 3 KENNEDY CONSTRUCTION: Hires Ford & Semach as Legal Counsel KENNEDY CONSTRUCTION: Section 341(a) Meeting of Creditors on Nov. 5 KING ASSET MANAGEMENT: Seeks Chapter 11 Bankruptcy in New York KINGDOM AMBASSADOR: Case Summary & Six Unsecured Creditors KULA GRAIN: Retains Michael Best & Friedrich LLP as Counsel LANDMARK HOLDINGS: Savannah Asset Sale to Select Specialty OK'd LATITUDE 46: Employs Law Office of Bonnie Bell Bond as Counsel LATITUDE 46: Gets Interim OK to Use $50K in Cash Collateral LESLIE WESSINGER: Taps Moon Wright & Houston as Legal Counsel LML LOGISTICS: Amends Unsecured Claims Pay Details LUXURY TRANSPORTATION: Seeks Subchapter V Bankruptcy in Florida LYNDA TRANSPORTATION: Unsecureds to Get 5 Cents on Dollar in Plan MAIN STREET: Hires Shraiberg Page as Bankruptcy Counsel MARINER HEALTH: California's Appeals on Two Bankruptcy Orders Nixed MATTHEW BRIDWELL: Beverly Brister Named Subchapter V Trustee MEAT U ANYWHERE: Court Extends Cash Collateral Access to Nov. 16 MG510 LLC: Seeks Chapter 11 Bankruptcy in Florida MISTER M&K TRUCKING: Seeks Subchapter V Bankruptcy in Texas MONDAK PORTABLES: Case Summary & 18 Unsecured Creditors MORGUARD CORPORATION: DBRS Gives BB(high) Credit Rating MOUNTAIN SPORTS: Unsecureds Will Get 0.8% to 2.2% of Claims MOUNTAIN VIEW: Section 341(a) Meeting of Creditors on November 20 NAPA FORD: Gets Interim OK to Use Cash Collateral NEED SPACE TABB: Section 341(a) Meeting of Creditors on November 17 NEED SPACE: Lender Seeks to Prohibit Cash Collateral Access NELKIN & NELKIN: Two Rivers in Contempt of Confirmation Order NOISA INC: Gets Interim OK to Use Cash Collateral NORTHEAST INSURANCE: Seeks Chapter 15 Recognition in New York NU STYLE: Retains Michael Best & Friedrich as Legal Counsel NUMALE CORP: Court Confirms Joint Plan of Reorganization NXT ENERGY: CEO to Present at Planet MicroCap Showcase on Oct. 22 OSCAR A. LOPEZ: Seeks to Hire David Venable as Legal Counsel OUTPATIENT SERVICE: Andrew Layden Named Subchapter V Trustee OVG BUSINESS: Moody's Affirms 'B2' CFR, Outlook Remains Stable PACIFIC RADIO: Seeks Cash Collateral Access Until Dec. 31 PARAGON INDUSTRIES: CTAP Agrees to Defer Chapter 11 Trustee Bid PAVMED INC: Holds 28.3% Equity Stake in Lucid Diagnostics PERASO INC: Increases ATM Offering to $1.75M With Ladenburg PET RINSE: Court Extends Cash Collateral Access to Oct. 30 PIEDMONT REALTY: S&P Alters Outlook to Negative, Affirms 'BB+' ICR PUPEEZ INC: Ongoing Operations to Fund Plan Payments PUSHPA INTERNATIONAL: Voluntary Chapter 11 Case Summary PYRAMID CONCRETE: Lender Seeks to Prohibit Cash Collateral Access QUANTUM CORP: Dialectic Technology Holds 16.6% Equity Stake QXC COMMUNICATIONS: Court OKs Asset Sale to John Von Stein R&R TRANSPORT: Seeks Subchapter V Bankruptcy in Texas R.C. CONSTRUCTION: Court OKs Interim Use of Cash Collateral R.W. SIDLEY: Seeks to Extend Plan Exclusivity to January 28, 2026 RANCHO HOSPITALITY: Section 341(a) Meeting of Creditors on Nov. 18 RENHURST HOLDINGS: Gets Interim OK to Use Cash Collateral RIC LAVERNIA: Wins Bid to Impose Sanctions Against Milestone RICCA REAL ESTATE: Seeks Subchapter V Bankruptcy in Florida RICHARD N. BERKSHIRE: Court Tosses Counterclaim in Adversary Case RITE AID: Trustee Sues Walgreens Boots Over Opioid Costs RIVERVIEW LAND: Seeks Chapter 11 Bankruptcy in Pennsylvania SERENADE NEWPORT: Unsecureds' Recovery "TBD" in Trustee's Plan SHEPHERD BROTHERS: Section 341(a) Meeting of Creditors on Nov. 13 SMITH'S BARBEQUE: Kimberly Strong Named Subchapter V Trustee SOLLIO COOPERATIVE: DBRS Gives Prov. BB Credit Rating SOUTHERN GOURMET: Gets Interim OK to Use Cash Collateral ST. AUGUSTINE FOOT: Case Summary & 13 Unsecured Creditors STOKES & STOKES: To Sell Philadelphia Property to Yan Ling Zheng STONEPEAK BAYOU: S&P Places 'B+' ICR on CreditWatch Negative STYX LOGISTICS: Seeks Subchapter V Bankruptcy in Nevada SUNSET COVE: Involuntary Chapter 11 Case Summary SURGERY CENTER: Voluntary Chapter 11 Case Summary TAMARACK VALLEY: S&P Upgrades ICR to 'B+' on Debt Reduction TAMPA BRASS: Gets Extension to Access Cash Collateral TARAH THAI: Unsecureds Will Get 10% of Claims over 60 Months TASTY PEACH: Case Summary & 20 Largest Unsecured Creditors THERMOSTAT PURCHASER III: Moody's Alters Outlook on B3 CFR to Neg. THOUGHTWORKS HOLDING: Moody's Cuts CFR to 'B3', Outlook Stable TODD CREEK: Trustee Hires Madeline Lia Duncan as HOA Counsel TOPS HOLDING II: Status Report in Morgan Stanley Case Due Nov. 10 TORRID LLC: Moody's Affirms 'B3' CFR & Alters Outlook to Negative TOTAL COLLECTION: Gets Interim OK to Use Cash Collateral TRANSNETWORK LLC: S&P Alters Outlook to Negative, Affirms 'B' ICR TURQUOISE LLC: Robert Gainer Named Subchapter V Trustee UNITED CABINET: Gets Interim OK to Use Cash Collateral US ECO PRODUCTS: Oct. 29 Hearing Set in Adversary Case vs SBA VALYRIAN MACHINE: Gets Final OK to Use Cash Collateral VENETIAN NAIL: Gets Final OK to Use Cash Collateral VENTURE GLOBAL: Fitch Alters Outlook on 'B+' IDR to Negative VENTURE GLOBAL: S&P Alters Outlook to Negative, Affirms 'BB-' ICR VERIJET INC: Court Orders Appointment of Receiver VILLA CHARDONNAY: Case Summary & 18 Unsecured Creditors VISION CARE: Court Extends Cash Collateral Access to Oct. 31 WAHEGURU LLC: Case Summary & Two Unsecured Creditors WALKER EDISON: Nov. 6, 2025 Claims Filing Deadline Set WATER'S EDGE: Nov. 6 Hearing on Objection to DIV OA Claim WCR HOLDINGS: Seeks Chapter 11 Bankruptcy in Michigan WHISKEY RANCH: Chelan Property Sale to SIG Ventures OK'd WHITE VIOLET: Gets OK to Use Cash Collateral Until Nov. 13 WHITEHALL PHARMACY: Seeks Cash Collateral Access WILDEC LLC: Gets Interim OK to Use Cash Collateral WORLDWIDE MACHINERY: To Sell All Assets to Diversified Holdings WULF COMPUTE: Fitch Assigns 'BB(EXP)' LongTerm IDR, Outlook Stable XCEL BRANDS: Amends Loan Agreement, Reduces Covenant to $1 Million ZENITH PROPERTY: Nathaniel Wasserstein Named Subchapter V Trustee ZMETRA LAND: Section 341(a) Meeting of Creditors on November 10 ********* 18 HOMECOMING: Seeks Chapter 7 Bankruptcy in New York ----------------------------------------------------- On October 16, 2025, 18 Homecoming LLC voluntarily filed for Chapter 7 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of New York. Court documents show the company holds liabilities estimated between $1 million and $10 million. The filing also notes that 18 HOMECOMING, LLC has between 1 and 49 creditors. About 18 Homecoming LLC 18 Homecoming LLC is a single asset real estate company. 18 Homecoming LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73998) on October 16, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. 5 WHITE PINE: Seeks Chapter 7 Bankruptcy in New York ---------------------------------------------------- On October 15, 2025, 5 White Pine Lane LLC voluntarily filed for Chapter 7 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of New York. Court documents indicate that the company's liabilities fall between $100,001 and $1 million, with a total of 1 to 49 creditors. About 5 White Pine Lane LLC 5 White Pine Lane LLC is a single asset real estate company. 5 White Pine Lane LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-11194) on October 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. 7201 31 AVE: Seeks Chapter 7 Bankruptcy in New York --------------------------------------------------- On October 16, 2025, 7201 31 Ave Owners Corp. voluntarily sought Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of New York. The petition reveals that the company's liabilities estimated between $100,001 and $1 million, with 1 to 49 creditors identified in the filing. About 7201 31 Ave Owners Corp. 7201 31 Ave Owners Corp. is a single asset real estate company. 7201 31 Ave Owners Corp. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44979) on October 16, 2025. In its petition, the Debtor reports estimated estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. 775 NE 77TH: Seeks Chapter 11 Bankruptcy in Florida --------------------------------------------------- 775 NE 77th Terrace LLC has voluntarily filed for Chapter 11 bankruptcy protection in the Southern District of Florida on October 17, 2025. According to the filing, the company reported liabilities fall between $10 million and $50 million. The debtor also disclosed that it has between one and 49 creditors. About 775 NE 77th Terrace LLC 775 NE 77th Terrace LLC is a limited liability company. 775 NE 77th Terrace LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22261) on October 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. The Debtor is represented by Humberto E. Rivera, Esq. 96 WYTHE: Manager Must Turn Over ERTC Refunds to Trustee -------------------------------------------------------- Judge Sean H. Lane of the United States Bankruptcy Court for the Southern District of New York granted the motion for summary judgment filed by the liquidation trustee of 96 Wythe Acquisition, LLC, in the adversary proceeding captioned as STEPHEN S. GRAY, in his capacity as Liquidation Trustee of the Liquidation Trust, Plaintiff, vs. THE WILLIAMSBURG HOTEL BK, LLC, TOBY MOSKOVITS, and MICHAEL LICHTENSTEIN, Defendants, Adv. Pro. No. 22-07049 (SHL) (Bankr. S.D.N.Y.). The dispute concerns whether certain employee retention tax credits are property of the Debtor's estate and whether the related tax refunds, which were received by the Manager, should be turned over to the Debtor. The Trustee filed this adversary proceeding in December 2022, seeking entry of a judgment, among other things: (i) declaring that the proceeds of the ERTC Refund that were claimed by the Manager are property of the Debtor's estate; (ii) directing the Defendants to turn over to the Trustee the ERTC Refund; (iii) directing the Defendants to produce a written accounting regarding the disposition and transfer of any amount of the ERTC Refund; and (iv) awarding attorney's fees and costs. The Debtor -- a New York limited liability company -- owned the Williamsburg Hotel located at 96 Wythe Avenue, Brooklyn, New York 11249. Prior to the Trustee's appointment as Chapter 11 trustee, Defendant Manager -- another New York limited liability company -- performed various services for the Debtor relating to the Hotel. Specifically, the Manager managed the Hotel's operations for the Debtor, collected all revenue generated by the Hotel, and employed personnel who performed services at and for the Hotel, such as front desk, food and beverage, and cleaning services. The operating accounts from which Hotel-related expenses were paid consisted of the Hotel's revenue and were controlled by the Manager. Defendants Moskovits and Lichtenstein owned and controlled both the Debtor and the Manager. A plaintiff asserting a claim for unjust enrichment must establish: (1) that the defendant benefitted; (2) at the plaintiff's expense, and (3) that equity and good conscience requires restitution. As a threshold matter, the Defendants do not dispute, and indeed agreed in the December Agreement, that all Hotel revenue, whether earned pre- or post-petition, belonged to the Debtor. Thus, the revenue is property of the Debtor's estate. As the taxes paid for the employees -- which were returned in the form of the ERTC refunds -- were from hotel revenue, it would logically follow that the ERTC refunds are property of the Debtor's estate. Defendants attempt to distinguish "funds," "profits," "cash flow," and "revenue" to argue that Defendants are entitled to keep the ERTC refunds as profits (as distinguished from revenue belonging to the Debtor). According to Judge Lane, "But Defendants' argument is really one of semantics, rather than substance. Per the December Agreement, all Rents and revenue belonged to the Debtor. The Manager has not challenged this fact, and nothing in the record suggests a basis for a different result. The record also makes clear that the Manager's compensation is based solely on a percentage of gross rents, leaving unclear how these ERTC funds could ever qualify as part of the Manager's compensation. Defendants' own arguments indicate that the revenue belonged to the Debtor, no matter its name. The Defendants previously admitted that the Manager used the Debtor's "cash flow" to satisfy its payroll obligations. And in this litigation, the Defendants admitted to collecting 'revenue' and paying operating costs, including taxes, from the revenue. Regardless of the name, those monies were generated by the Hotel and belonged to the Debtor." Defendants argue that Plaintiff's unjust enrichment claim is barred by the existence of a contractual relationship between the Debtor and the Manager. But the Court disagrees. The Trustee brought this unjust enrichment action because the Manager's use of the Debtor's Hotel's revenues was not specifically governed by any contract. Defendants allude to the existence of a separate agreement governing management fees and Manager's use of Hotel revenues for operating costs. But Defendants neither provided a copy of any such separate agreement on the subject nor identified where one could be located. The Court finds Plaintiff has established the first element of its unjust enrichment claim because the Defendants were enriched by their retention of the ERTC Refund. The Hotel revenue is the Debtor's property. The Defendants used the revenue to pay the Manager's employment taxes. The Defendants were subsequently enriched when they received, retained, and disbursed the ERTC Refund -- which came from the Debtor's property -- rather than turning it over to the Debtor. According to the Court, the Plaintiff has established the second element of unjust enrichment because the Defendants were enriched at the estate's expense. These taxes were paid with the Debtor's revenue, and those taxes were then eventually refunded to the Manager. If the ERTC Refund was paid to the Debtor, the funds clearly would have become property of the estate. Those monies could then have been used to pay the Debtor's other debts, whether they be administrative expenses or the claims of prepetition creditors. Because those monies were retained and disbursed by the Defendants, the Defendants were enriched at the expense of the estate, the Court concludes. The Court finds Plaintiff also has satisfied the third element of its unjust enrichment claim that equity and good conscience require restitution in this case. The Defendants used the Debtor's property to pay the Manager's tax obligations and enriched themselves by keeping the ERTC Refund for their own use rather than returning those sums back to the Debtor. In doing so, the Defendants harmed the Debtor and its estate by exercising control over property of the estate that would have been distributed among creditors. The Court finds that the Plaintiff Trustee has satisfied its burden in proving that the Defendants were unjustly enriched by their retention of the ERTC Refund, a refund on account of the Manager's taxes which was paid with property of the estate. For these same reasons, the Court also finds that the Plaintiff Trustee has established its claim for turnover of the ERTC Refund by the Defendants and for its request of a written account regarding the disposition of the ERTC Refund to the extent that it is not still held by the Defendants. A copy of the Court's Memorandum of Decision dated October 10, 2025, is available at https://urlcurt.com/u?l=F6JWRR from PacerMonitor.com. About 96 Wythe Acquisition 96 Wythe Acquisition, LLC, operated the Williamsburg Hotel, a hotel located at 96 Wythe Ave., Brooklyn, N.Y. 96 Wythe Acquisition sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-22108) on Feb. 23, 2021, disclosing $79,990,206 in liabilities. CRO David Goldwasser signed the petition. Judge Sean H. Lane oversees the case. The Debtor tapped Backenroth Frankel & Krinsky, LLP and Mayer Brown, LLP as bankruptcy counsels; Fern Flomenhaft, PLLC as insurance counsel; and B. Riley Advisory Services as litigation support consultant. Getzler Henrich & Associates, LLC and Hilco Real Estate, LLC serve as the Debtor's financial advisors. Stephen Gray was appointed as Chapter 11 trustee. The Trustee tapped Togut, Segal & Segal, LLP; Fragomen Del Rey Bernsen & Loewy, LLP; and Bernstein Redo & Savitsky PC as bankruptcy counsel, special counsel, and special liquor license counsel, respectively. Verdolino & Lowey PC is the trustee's tax accountant. A.G. NEW YORK: Seeks Subchapter V Bankruptcy in Florida ------------------------------------------------------- On October 13, 2025, A.G. New York Transportation Inc. filed Chapter 11 protection in the Middle District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About A.G. New York Transportation Inc. A.G. New York Transportation Inc. offers luxury transportation services in Orlando, Florida, including airport transfers, wedding and corporate travel, and group charters. The Company holds authorization for both intrastate and interstate passenger transport. A.G. New York Transportation Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06549) on October 13, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Tiffany P. Geyer handles the case. The Debtor is represented by Daniel A. Velasquez, Esq. of LATHAM LUNA EDEN & BEAUDINE LLP. ACCRX INC: Confirmation Objection Set to be Resolved by Agreement ----------------------------------------------------------------- Judge Christopher J. Panos of the United States Bankruptcy Court for the District of Massachusetts entered an order following the status conference on the confirmation of ACCRX, Inc.'s Chapter 11 Plan of Reorganization. Debtor's counsel reported that the confirmation objection may be resolved by agreement. The parties will file any agreement with a request for approval or a motion requesting status conference. Kapitus Servicing Inc., as servicing agent for Kapitus LLC, has objected to confirmation of ACCRX's Plan of Reorganization, asserting that the Plan has not been proposed by the Debtor in good faith as required by 11 U.S.C. Sections 1129(a)(3) and 1191, as it does not treat Kapitus' secured claim appropriately. Kapitus asserted that its claim is fully or partially secured and should be paid in full to the extent it is a secured claim. Kapitus also asserted that the Debtor's proposed treatment of the secured claim under the Plan is based on a material undervaluation of Kapitus' Collateral. The Debtor purports to rely on an appraisal report by Paul E. Saperstein Co. to establish the forced liquidation value of the Debtor's machinery, equipment, furniture, and fixtures at only $20,000. Kapitus said the Debtor's valuation of its assets, as set forth in its Schedules, is likely the more reliable and appropriate valuation method for determining the value of Kapitus' Collateral. The Debtor's Plan liquidation analysis lists only three categories of assets: (a) A bank account with $160,000; (b) Accounts receivable of $107,122.98; and (c) Machinery, equipment, furniture and fixtures of $14,000. The Debtor's schedules list: -- inventory valued at $120,000, -- furniture, fixtures and equipment, valued at $73,350, in addition to cash and accounts receivable. Further, the Debtor's Balance Sheet filed with the Plan lists a loan due from stockholders of almost $86,000. Those assets, plus the Debtor's cash and accounts receivable, appear to have value of more than $546,000, Kapitus pointed out. Prior to the Petition Date, Kapitus and the Debtor entered into a Forward Purchase Agreement (Fixed ACH Delivery) dated October 30, 2024, where Kapitus purchased future receivables in the amount of $248,000 for a purchase price of $200,000. To secure the Debtor's repayment and other obligations under the Agreement, the Debtor granted and conveyed to Kapitus a security interest in substantially all of the Debtor's assets. As of the Petition Date, the Debtor was indebted to Kapitus under the Agreement in an amount not less than $221,658.67 including interest, default and ACH fees, reasonable attorneys' fees, and costs. Kapitus is represented by: Paul W. Carey, Esq. Shannah L. Colbert, Esq. Mirick, O'Connell, DeMallie & Lougee, LLP 100 Front Street Worcester, MA 01608 Tel: 508.860.1590 Fax: 508.983.6238 E-mail: pcarey@miricklaw.com scolbert@miricklaw.com A copy of the Court's Proceeding Memorandum and Order dated October 9, 2025, is available at https://urlcurt.com/u?l=ZqFf9A from PacerMonitor.com. About ACCRX, Inc. ACCRX, Inc. operates ACC Apothecary, a compounding pharmacy based in Newton, Mass., which specializes in customized medications for patients and providers, including treatments in pain management, hormone therapy, sports medicine, pediatrics, and veterinary care. ACCRX sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-10851) on April 28, 2025. In its petition, the Debtor reported assets between $100,000 and $500,000 and liabilities between $1 million and $10 million. Judge Christopher J. Panos handles the case. The Debtor tapped Marques Lipton, Esq., at Lipton Law Group, LLC as counsel and Paul S. Gerrish, CPA, at Richardson & Company, PC as accountant. AGORIANI INC: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------- On October 17, 2025, Agoriani Inc. commenced a voluntary Chapter 11 case in the U.S. Bankruptcy Court for the Southern District of New York. According to the petition, the company's liabilities are reported between $100,001 and $1 million. The filing further indicates that Agoriani Inc. has 1 to 49 creditors as part of the reorganization process. About Agoriani Inc. Agoriani Inc. operates in the food-service and restaurant business. Agoriani Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12287) on October 17, 2025. In its petition, the Debtor reports estimated aasets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Lisa G Beckerman handles the case. The Debtor is represented by Lawrence Morrison, Esq. ALL IN ONE: Taps Troy A. Washko, CPA as Accountant -------------------------------------------------- All In One Management and Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of Illinois to employ Janese Henson, CPA and the accounting firm of Troy A. Washko, CPA, to serve as accountants in its Chapter 11 case. Ms. Henson and the firm will complete the needed accounting tasks for the Debtor. Compensation for services will be at the hourly rate of $155 per hour for the work of Ms. Henson and $100 per hour for the work of other accounting staff, plus any expenses. According to the court filings, Troy A. Washko, CPA represents no interest adverse to the Debtor and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Troy A. Washko, CPA 1924 E. Sangamon Avenue Springfield, IL 62702 Telephone: (217) 522-3300 About All In One Management and Services All In One Management and Services, Inc. sought relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Ill. Case No. 24-70883) on Oct. 31, 2024. In the petition signed by Pamela L. Frazier, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Mary P. Gorman oversees the case. Jeana K. Reinbold, Esq., at Sgro, Hanrahan, Durr, Rabin & Reinbold LLP serves as the Debtor's counsel. ALSALOUSSI HOLDINGS: Seeks Chapter 11 Bankruptcy in Florida ----------------------------------------------------------- Alsaloussi Holdings LLC filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Florida on October 17, 2025. According to court filings, the company listed liabilities between $1 million and $10 million. The debtor estimates that the number of creditors is between 1 and 49. About Alsaloussi Holdings LLC Alsaloussi Holdings LLC is a limited liability company. Alsaloussi Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22256) on October 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million ad $10 million each. Honorable Bankruptcy Judge Corali Lopez-Castro handles the case. The Debtor is represented by Humberto E. Rivera, Esq. ALUMAX INC: Objection to CEFI's Amended Proof of Claim Tossed ------------------------------------------------------------- Judge Maria de los Angeles Gonzalez of the United States Bankruptcy Court for the District of Puerto Rico denied the objection of Alumax Inc. to Commercial Equipment Finance, Inc.'s Proof of Claim # 2-2. On December 6, 2024, Debtor filed the petition for relief under Chapter 11 of the Bankruptcy Code. On the same date, Debtor filed its Schedules and Statement of Affairs. Debtor included CEFI in Schedule D as a creditor secured with two units of 2021 Ford Transit Connect vehicles and four units of Isuzu 2021 NPR-XD vehicles. Debtor also included CEFI in Schedule E/F as a nonpriority unsecured creditor. On January 2, 2025, CEFI filed a secured Proof of Claim ("POC # 2-1") in the amount of $25,516.75, with pre-petition arrears in the amount of $5,920.15, for Loan #2901278-CL4 ("Loan CL4"). Such claim arises from a Master Lease Agreement signed by Debtor on September 1, 2020, pursuant to which CEFI and Debtor signed Schedule # 2901278-CL4, on April 30, 2021, that became part of and subject to the Master Lease Agreement. CEFI accompanied POC # 2-1 with a UCC Financing Statement filed electronically in the Puerto Rico State Department on March 10, 2021, and a Cross-Collateral and Cross-Default Agreement signed by Debtor and CEFI for Loan CL4, on April 30, 2021. On March 11, 2025, Debtor filed an Objection to Proof of Claim # 2. Debtor objected to Claim No. 2 to the extent that it asserted secured status because the collateral described in the UCC Financing Statement filed on March 10, 2021, does not match the equipment identified in Schedule # 2901278-CL4, on which Claim No. 2 is based. Debtor alleged that the discrepancy in the description of the collateral renders CEFI's security interest under Loan CL4 unenforceable against Debtor pursuant to Puerto Rico property law. Debtor also argued that CEFI's failure to amend the UCC Financing Statement filed on March 10, 2021, to add additional collateral or to file a UCC Financing Statement in connection to the Cross Collateral Agreement signed for Loan CL4, to give proper notice of any additional collateral, renders the Cross Collateral Agreement ineffective against Debtor or third parties. Lastly, Debtor alleged that the discrepancy between the description of the collateral undermines the prima facie validity of CEFI's Claim No. 2. Therefore, Debtor requested that Claim No. 2 be disallowed as secured or be allowed only as a general unsecured claim in the amount of $23,516.75. On April 21, 2025, CEFI filed an amended Proof of Claim # 2 ("POC # 2-2"). CEFI amended Claim No. 2 to file additional security agreements, UCC Financing Statements and Cross Collateral Agreements signed by the Parties under the Master Lease Agreement for Loans CL1, CL2, CL3, and for Loans L4 and L5. CEFI did not dispute that the description of the collateral in the UCC Financing Statement filed on March 10, 2021, does not match the equipment identified in Schedule # 2901278-CL4, eventually delivered to Debtor. However, CEFI argued that Claim No. 2 should remain a secured claim based on the terms and conditions of the six Cross Collateral Agreements signed by the Parties and the existence of other validly perfected security interest over other collateral whose value is greater than $23,516.75. The Court finds the undisputed discrepancy between the collaterals described in the Schedule for Loan CL4 and the UCC Financing Statement filed in the Puerto Rico State Department on March 10, 2020, renders the UCC Financing Statement inefficient and lacking in compliance with the dispositions of the Puerto Rico Commercial Transactions Act. Therefore, the equipment described in the UCC Financing Statement cannot serve as collateral for Loan CL4. . As per the Cross Collateral Agreement the collateral described in the UCC Financing Statements filed in connection with loans CL1 and CL2 serve as collateral for subsequent liabilities of Debtor to CEFI. According to the Court, the security interest was properly perfected with the filing of the UCC Financing Statement in the Puerto Rico State Department and the publicity requirement was met. The Court also finds that amended Claim No. 2 is secured by the equipment that secured Loan CL1 and Loan CL2. Judge Gonzalez explains, "CEFI did not file claims for Loans CL1 and CL2 because they were paid in full pre petition, but the Cross Collateral Agreements render all loans entered into under the Master Lease Agreement secured by their collateral until September 2, 2030 (for the collateral described for Loan CL1) and October 6, 2030 (for the collateral described for Loan CL2). The terms of the Cross Collateral Agreements signed for Loan CL1 and Loan CL2 (under which the Parties agreed that CEFI would retain security interest in all collateral covered by all loans as security for payment and performance of all accounts, notwithstanding the fact that one or more of such accounts was fully paid), along with the amendments to the UCC Financing Agreements that describe the collateral that secured Loan CL1 and Loan CL2, brings us to the inevitable conclusion that all loans subscribed under the Master Lease Agreement, including Loan CL4, are currently secured with the equipment that served as collateral for Loan CL1 and Loan CL2." A copy of the Court's Opinion and Order dated October 9, 2025, is available at https://urlcurt.com/u?l=RkZ264 from PacerMonitor.com. About Alumax Inc. Alumax Inc. manufactures aluminum doors and windows with its manufacturing infrastructure located in San Sebastian, Anasco, Ponce and San Domingo. Alumax Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 24-05312) on December 6, 2024. In the petition filed by Frank J. Jimenez, Cruz as president, the Debtor reports total assets of $416,851 and total liabilities of $2,954,034. The Debtor is represented by Javier Vilarino, Esq., at VILARINO AND ASSOCIATES, LLC. AMERICA'S GARDENING: Seeks to Sell Miscellaneous Assets ------------------------------------------------------- America's Gardening Resource, Inc. and its affiliates, seek permission from the U.S. Bankruptcy Court for the District of Delaware, to sell Miscellaneous Assets, free and clear of liens, claims, interests, and encumbrances. The Debtors have continued to discuss potential sales of the Debtors' remaining assets with their advisors and certain interested parties to maximize value for all stakeholders. To that end, the Debtors currently possess certain assets not sold pursuant to the Sale Transaction, including, but not limited to, outdated inventory, inventory with damaged packaging, equipment, furniture, supplies, fixtures, other miscellaneous tangible property (Miscellaneous Assets), which, given the ongoing wind down of the Debtors' business following the Sale Transaction, are obsolete, burdensome, or of little to no value to the Debtors' estates. The Debtors have determined that it is in the best interests of the Debtors' stakeholders to promptly sell or otherwise dispose of the Miscellaneous Assets without the need for further notice, motions, hearings and subsequent Court approval, subject to certain procedures set forth herein, in order to maximize the value of the Miscellaneous Assets and avoid the burdens and costs of disposing of such Miscellaneous Assets. The Debtors believe that the sale or other disposition, including abandonment, of the Miscellaneous Assets will eliminate unnecessary costs associated with maintaining these assets and maximize the value of their estates. Based on the de minimis value of the Miscellaneous Assets in relation to the Debtors' overall operations, the Debtors submit that the costs and other administrative expenses that would otherwise be incurred by selling or abandoning such assets by separate motions will be greatly reduced by the implementation of efficient procedures. The proposed procedures described herein will allow the Debtors to sell or otherwise dispose of the Miscellaneous Assets in an efficient and cost-effective manner, thereby allowing the Debtors to monetize the Miscellaneous Assets on a timeline consistent with the contemplated wind down and avoid unnecessary burdens and costs related to the Miscellaneous Assets. The Miscellaneous Asset Sale Procedures will apply only to the sale, transfer or abandonment of Miscellaneous Assets in any individual transaction or series of related transactions to a single buyer or group of related buyers with an aggregate selling price equal to or less than $100,000. The Debtors may sell a Miscellaneous Asset after providing written notice, including via electronic mail, to (i) counsel for the Debtors’ prepetition lenders, Bank of America. Good faith purchasers of the Miscellaneous Assets shall be entitled to the protections of section 363(m) of the Bankruptcy Code. In addition, subject to the Miscellaneous Asset Sale Procedures, when conducting sales of Miscellaneous Assets, the Debtors may utilize the services of certain third parties, including, but not limited to, agents, brokers, or auctioneers. Pursuant to the Miscellaneous Asset Sale Procedures, the Debtors seek authority to pay any necessary fees and expenses, net of any applicable sale proceeds, incurred in the sale or transfer of the Miscellaneous Assets, including without limitation, removal costs and commission fees without further notice or order of the Court. The Debtors desire to sell or dispose of the Miscellaneous Assets to, among other things, eliminate any costs associated with maintaining and disposing of unnecessary assets, including possible administrative expense payments relating to storage, and to preserve and maximize the value of their estates. The Debtors believe that the Miscellaneous Asset Sale Procedures will conserve the resources of the Court, the Debtors, and interested parties by avoiding the need for numerous motions to approve piecemeal sales or other dispositions and avoiding administrative claims from landlords related to property left on the leased premises. The Miscellaneous Assets may include unused property, obsolete materials and equipment, non-repairable equipment, and other assets with minimal or no value or may not be sellable at all. In these instances, it may be more economically sound for the Debtors to discard or otherwise dispose of such Miscellaneous Assets than it would be for the Debtors to incur the attendant costs relating to selling such assets. About America's Gardening Resource America's Gardening Resource, Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11180) on June 20, 2025, listing up to $10 million in assets and up to $50 million in liabilities. The case is jointly administered in Case No. 25-11180. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Robert K. Malone, Esq., at Gibbons PC as counsel and Dundon Advisers LLC as financial advisor. AMERICA-CV STATION: Court Rules on Caribevision Control Dispute --------------------------------------------------------------- Vice Chancellor Lori W. Will of the Delaware Chancery Court ruled on the control dispute regarding Caribevision TV Network, LLC captioned as RAMON DIEZ BARROSO, an individual, PEGASO TELEVISION CORP., a foreign corporation, and EMILIO BRAUN, an individual, Plaintiffs, v. VASALLO TV GROUP LLC, a Florida limited liability company, and CARIBEVISION TV NETWORK, LLC, a Delaware limited liability company, Defendants, C.A. No. 2025-0480-LWW (Del. Ch.). The plaintiffs hold a supermajority of Caribevision's membership interests. The defendant is a minority member. In April, the plaintiffs purported to appoint managers to Caribevision's management committee, who then removed the CEO. The plaintiffs assert that their actions were authorized under Caribevision's LLC agreement. The defendant insists that the actions are invalid. Resolving the dispute centers on three points: the operative version of the LLC agreement, the proper procedure to appoint managers, and the validity of acts taken at the April meeting. The first two issues are resolved in the plaintiffs' favor. The third, however, supports the defendant. Caribevision and Its LLC Agreement Caribevision TV Network LLC is a Delaware limited liability company headquartered in Florida. The Company historically operated a Spanish-language television network in South Florida and Puerto Rico. In 2008, plaintiff Pegaso Television Corp. and non-party Barba Television Co. executed an Amended and Restated Operating Agreement (the "2008 LLC Agreement") for the Company. At the time, Pegaso TV and Barba TV were the Company's only members. After the 2008 LLC Agreement was in place, Pegaso TV purportedly sidelined Barba TV and entered a joint venture with another media figure. Barba TV was succeeded by defendant Vasallo TV Group, LLC ("Vasallo TV") -- a Florida limited liability company owned by Carlos Vasallo. In 2010, Vasallo TV sued Pegaso TV, Emilio Braun, and Ramon Diez Barroso (the "Pegaso Equity Holders") in Florida. Braun is the nephew of Alejandro Burillo, the head of Pegaso TV. Barroso is also affiliated with Pegaso TV. The litigation was resolved in 2012 through a Universal Settlement Agreement. Under the 2012 Settlement Agreement, Vasallo would take over management of the Company as CEO. If Vasallo were terminated without "Just Cause," he gained a put option to sell his interest back to the Company. The 2019 LLC Agreement As of early 2019, the Company and its subsidiaries planned to reorganize through a Chapter 11 bankruptcy proceeding. Bankruptcy counsel requested copies of the Company's corporate governance documents to prepare. Marcell Felipe -- longtime counsel to the Company and Vasallo TV -- tracked down the documents, including the 2008 LLC Agreement. Felipe sought to update the 2008 LLC Agreement. The 2019 LLC Agreement is not only substantially different from the 2008 LLC Agreement but also riddled with basic errors. The 2019 LLC Agreement, for example, references a "sole member," though the Company had multiple members at the time. The 2019 LLC Agreement also mentions "shareholder" actions, though the Company had members -- not shareholders. Because Felipe's redline was run against a draft version of the 2008 LLC Agreement, other inconsistencies were not obvious from the markup. The 2019 LLC Agreement was never signed. The Pegaso Equity Holders never negotiated with Felipe on the draft's terms. And it was never adopted by the Company's members. Bankruptcy Proceedings In May 2019, the Company and certain subsidiaries filed voluntary petitions for Chapter 11 bankruptcy before the United States Bankruptcy Court for the Southern District of Florida to restructure their debt obligations while maintaining ongoing operations. Vasallo was authorized to make bankruptcy decisions for the debtors. Under the Company's reorganization plan, the Pegaso Equity Holders were to receive a combined 65.8% of the equity interests in the Company. The remaining 34.2% interests were to go to Vasallo. On May 26, 2020, two days before the confirmation hearing, the debtors filed an emergency motion to modify the plan to give Vasallo TV 100% of the Company's membership interests. The motion was granted by the bankruptcy court and Vasallo TV's proposed reorganization plan was confirmed on June 3. The Pegaso Equity Holders moved for reconsideration, which was denied. On August 26, 2020, Vasallo TV executed another revised Amended and Restated Operating Agreement of Caribevision TV Network, LLC. This version reflected that Vasallo TV was the Company's sole member. In January 2023, the United States Court of Appeals for the Eleventh Circuit held that the bankruptcy court erred in granting the Modification Order. In May 2024, on remand, the bankruptcy court entered a final order instructing the Company to issue equity interests to the Pegaso Equity Holders as contemplated by the bankruptcy plans before modification. The Company was also directed to amend its operative limited liability company agreement to conform to the Final Order. Written Consent and Meeting Notice Consistent with the Final Order, Vasallo TV again changed the Company's governing document. This document superseded the 2020 LLC Agreement and replaced it with the version "in effect prior to the Modification Order." It reflected that the Pegaso Equity Holders had 65.8% of the Company's membership interests: 50.1% to Barroso, 11.9% to Pegaso TV, and 3.8% to Braun. Vasallo TV held the remaining 34.2% interest. After their membership interests were restored on March 20, 2025, the Pegaso Equity Holders sought to regain control. They had been excluded from the Company's management for five years and lacked knowledge of its state of affairs. Unsure of which LLC agreement governed the Company, the Pegaso Equity Holders asked Felipe to confirm whether the 2019 LLC Agreement had been executed and to provide a copy if it had. Felipe could not produce a final or executed copy of the 2019 LLC Agreement. The Pegaso Equity Holders also requested Vasallo's cooperation in transferring control of the business to them. Vasallo declined to do so voluntarily. The Pegaso Equity Holders then set out to secure operational control through their members' rights. On April 11, 2025, the Pegaso Equity Holders executed an "Action by Written Consent of a Majority in Interest of the Members of Caribevision TV Network, LLC." The Written Consent purported to appoint Braun and Barroso as "Managers" serving on the Company's Management Committee, alongside Vasallo as the third Management Committee member. It also purported to appoint Fernando Calles and Leonardo Zepeda as "Alternate Managers." The Written Consent stated that it was subject to the 2019 LLC Agreement. On April 11, Braun and Barroso -- acting as Managers -- issued a notice of a regular Management Committee meeting. The notice stated that the meeting would take place 11 days later, on April 22, at 10:00 a.m. in Miami, Florida. Zoom information for remote participation was included. The meeting notice was emailed to three attorneys for Vasallo TV. The notice attached proposed resolutions to be voted on at the April 22 meeting. At a high level, the resolutions sought to remove Vasallo as the Company's Chairman, President, and CEO for "Just Cause." They also contemplated the appointment of new officers: Braun as the Chairman, President, and CEO, and Barroso as Secretary. They stated that Braun, as the newly appointed CEO, would have the authority to manage the Company. Litigation On May 1, the Pegaso Equity Holders filed litigation in Chancery Court under 6 Del. C. Secs. 18-110 and 18-111. The plaintiffs asked the court to issue declaratory judgments confirming their managerial control over the Company and Vasallo's removal as an officer. Vasallo TV insists that the 2019 LLC Agreement is operative because the parties relied on it. Alternatively, it asserts that the 2008 LLC Agreement governs. The Pegaso Equity Holders, for their part, reject both versions -- the 2019 LLC Agreement as lacking member assent, and the 2008 LLC Agreement as being too indefinite. They instead argue that the default provisions of the LLC Act apply. Both the LLC Act and the 2008 LLC Agreement require unanimous member assent to effect an amendment to or adoption of a limited liability company agreement. The 2019 LLC Agreement likewise considered a specific means of adoption: signature on the document. Yet the record lacks any evidence that the 2019 LLC Agreement was signed by a Company member -- or even that Pegaso TV supported it. Unlike the 2019 LLC Agreement, the parties agree that the 2008 LLC Agreement was adopted by the Company's members, which executed the agreement. Although certain provisions were modified by the 2012 Settlement Agreement, the 2008 LLC Agreement was never annulled, canceled, or otherwise terminated. Still, the Pegaso Equity Holders assert that the 2008 LLC Agreement cannot govern. In their view, the 2008 LLC Agreement is too "out of date" and "incoherent" to be enforced, requiring the application of the LLC Act's default provisions. The Court finds the 2008 LLC Agreement, as modified by the 2012 Settlement Agreement, is a sufficiently definite and enforceable contract that governs the matters at hand. None of the provisions of the 2008 LLC Agreement that apply to the disputed corporate acts are outdated or incoherent. The Pegaso Equity Holders are a "Majority in Interest" of the members with the authority to elect Managers. They chose to elect Managers by written consent, as permitted by the 2008 LLC Agreement and the LLC Act, rather than at an annual meeting. The Written Consent complies with the 2008 LLC Agreement. Thus, Braun and Barroso were validly elected as Managers, and Zepeda and Calles as Alternate Managers. According to the Court, although Barroso and Braun were entitled to call a Management Committee meeting, they failed to abide by the 2008 LLC Agreement's notice requirement after one meeting was adjourned and a second meeting commenced. Vice Chancellor Will holds, "Judgment is entered for the plaintiffs in part, and for the defendants in part. The 2019 LLC Agreement was never adopted as the Company's limited liability company agreement. The 2008 LLC Agreement, clarified by the 2012 Settlement Agreement, continues to govern the Company. Braun and Barroso were properly appointed to the Management Committee through the Written Consent. But the resolutions passed at the Subsequent Meeting are defective for lack of notice. Vasallo remains the President, CEO, and Chairman of the Company; Braun was not installed to those positions; and Barroso was not appointed Secretary." A copy of the Court's Memorandum Opinion dated October 10, 2025, is available at https://urlcurt.com/u?l=1YYKfI Attorneys for Plaintiffs Ramon Diez Barroso, Pegaso Television Corp., and Emilio Braun: William E. Gamgort, Esq. Carmella L. Cinaglia, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP 1000 North King Street Wilmington, DE 19801 E-mail: wgamgort@ycst.com ccinaglia@ycst.com Attorneys for Defendants Vasallo TV Group LLC and Caribevision TV Network, LLC: William E. Gamgort, Esq. Carmella L. Cinaglia, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP 1000 North King Street Wilmington, DE 19801 E-mail: wgamgort@ycst.com ccinaglia@ycst.com About America-CV Station Group America-CV Station Group, Inc. is a privately held company primarily in the television station ownership and program production business. It provides broadcasting services. America-CV and affiliate Caribevision Holdings, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case Nos. 19-16355 and 19-16359) on May 14, 2019. On May 28, 2019, America-CV Network, LLC and Caribevision TV Network, LLC also filed Chapter 11 petitions (Bankr. S.D. Fla. Case Nos. 19-16976 and 19-16977). The cases are jointly administered under Case No. 19-16355). At the time of the filing, each of the Debtors disclosed assets of $10 million to $50 million and liabilities of $1 million to $10 million. Judge Jay A. Cristol oversees the cases. The Debtors tapped Genovese Joblove & Battista, P.A., as their bankruptcy counsel, and Fletcher, Heald & Hildreth, P.L.C., as Genovese's co-counsel. ANCHOR GLASS: Moody's Ups CFR to 'B3' & Rates New Term Loan 'Caa1' ------------------------------------------------------------------ Moody's Ratings upgraded Anchor Glass Container LLC's (Anchor Glass) corporate family rating to B3 from Ca following the closing of a debt recapitalization transaction on October 8, 2025. Concurrently, Moody's upgraded the company's probability of default rating to B3-PD from C-PD and appended a limited default (LD) designation, changing it to B3-PD/LD. Moody's assigned Caa1 rating to the new $301.62 million senior secured first lien term loan (excluding $15.51 million of PIK fee) due October 2030, comprised of a senior facility exchange term loan, a new money term loan and a takeback term loan, all due October 2030. The Ca rating on the existing $682 million backed senior secured first lien term loan due June 2026 and the C rating on the existing $77 million backed senior secured second lien term loan due December 2026 were withdrawn as a result of the completed debt recapitalization. The outlook remains stable. The "/LD" designation reflects Moody's views that the debt recapitalization was a distressed exchange, which is a default under Moody's definitions, given Moody's views that the transaction was executed to avoid default and resulted in an economic loss to creditors. The "/LD" designation will be removed in approximately three business days. The upgrade of the CFR reflects the significant reduction of Anchor Glass' debt burden due to a conversion of the existing first and second lien term loans to new equity that resulted in a 58% reduction in total debt and extended the maturities to 2030. The new money term loan and the new $115 million asset-based revolver due October 2030 (unrated) also provide additional liquidity to the company. The upgrade further reflects Moody's expectations that Anchor Glass will have stronger free cash flow generation capability going forward given the lower debt load and Moody's expectations of adequate liquidity despite the capital intensive nature of its business. Governance considerations are relevant to the rating action, including a meaningful reduction in debt load that allows the management to operate with stronger balance sheet and lower leverage. RATINGS RATIONALE The B3 CFR reflects that, as a glass packaging manufacturer, Anchor Glass requires periodical spending to refurbish glass furnaces, which constrains its free cash flow relative to plastic or metal packaging manufacturers. As a result of the debt restructuring, leverage will improve significantly to 3.4x debt/EBITDA expected in 2025 from 7.9x for the 12 months that ended June 2025. The reduced debt load and interest burden will support the company's cash flow generation. But Moody's still expect free cash flow to be modest, around $5 million for the next 12-18 months under Moody's base case scenario, given high maintenance capital investments. The company expects to rebuild its glass furnaces in the next few years, which will likely lead to negative free cash flow from 2027. Nevertheless, capital spending needs can be adequately covered by operating cash flow generation and by the new asset-based revolver. The company's credit strengths include improving diversification of customers and end markets, which reduces business volatility, and the consolidated nature of the US glass packaging industry. Most of the business is under long-term contracts with cost pass-through provisions. Furthermore, the difficulty in shipping fragile glass packaging over a distance adds value to Anchor Glass' facilities and increases switching costs. The Caa1 rated new senior secured first lien term loan is rated one notch below the CFR. The lower rating reflects its subordinated position relative to the new asset-based revolver under the new debt capital structure. Moody's expects Anchor Glass to have adequate liquidity over the next 12-18 months, with $42 million of cash on hand, access to its $115 million asset-based revolver of which $25 million was drawn at closing, and around $5 million of free cash flow Moody's expects for the next 12-18 months. All assets are encumbered under the credit facilities, but the company could monetize some of its real estate for additional liquidity. The stable outlook reflects Moody's expectations that Anchor Glass will demonstrate modest but sustained growth despite restrained demand for food and beverage products under the challenging economic conditions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Anchor Glass' ratings if it sustains reasonable financial policy without substantial shareholder returns and aggressive capital spending. From a credit metrics standpoint, the ratings could be upgraded if free cash flow/debt is sustained above 3.0%, and EBITDA/interest expense improves to above 3.5x, while maintaining adequate liquidity. Moody's could downgrade Anchor Glass' ratings if the company generates negative free cash flow on a sustained basis or liquidity deteriorates. The ratings could also be downgraded if debt/EBITDA rises above 5.5x or EBITDA/interest expense is sustained below 2.5x. The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass and Plastic Containers published in April 2025. Anchor Glass' B3 CFR is two notches above the scorecard-indicated outcome of Caa2 for the 12 months that ended June 2025. The difference reflects the recently closed debt restructuring which resulted in a material debt reduction. Moody's expects the scorecard-indicated outcome to be consistent with the assigned B3 CFR on a going forward basis. Headquartered in Tampa, Florida, Anchor Glass Container LLC is a North American manufacturer of premium glass packaging products, serving the beer, liquor, food, soft drink, ready-to-drink (RTD) beverage and consumer end markets. The company recorded $619 million of revenue for the 12 months that ended June 2025. Anchor Glass is owned by a group of financial institutions led by Canyon Capital, Millstreet Capital management and UBS Asset Management. The company changed its name from Anchor Glass Container Corporation in October 2025. ANCHOR GLASS: S&P Upgrades ICR to 'B-' on Recapitalization ---------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on U.S.-based glass packaging manufacturer Anchor Glass Container LLC to 'B-' from 'SD' (selective default) and assigned its 'B-' issue-level rating and '3' recovery rating (rounded estimate: 60%) to its new $317 million first lien term loan. S&P said, "The stable outlook reflects our expectation that the company's new capital structure--along with stabilizing demand trends--will support leverage in the 4.0x range as of year-end 2025 and improved free operating cash flow (FOCF) generation, which we forecast will turn positive in 2026." The stable outlook also reflects Anchor's lack of near-term debt maturities. Anchor has completed a comprehensive recapitalization with all its lenders. The company's capital structure now comprises a new $115 million asset-based lending (ABL) facility due 2030 and a new $317 million first-lien term loan due 2030, which incorporates $100 million of new money from its existing lenders. The current first- and second-lien term loan lenders also received equity compensation and now own 97.5% of Anchor. The recapitalization will reduce the company's S&P Global Ratings-adjusted debt by roughly $425 million and alleviate its near-term refinancing risk by pushing out its nearest maturity to 2030. The recapitalization will significantly reduce the company's debt. Pro forma for the transaction, Anchor's capital structure will comprise a new $115 million ABL facility due 2030 ($25 million drawn at issuance) and a new $317 million term loan due 2030, which incorporate $100 million of new money from its existing lenders. The transaction also results in a new ownership structure, with the existing first- and second-lien term loan lenders holding 97.5% of the equity, with the current owners holding the remaining equity as well as warrants. The elimination of the existing 1st and 2nd lien term loans significantly reduced the company's overall gross debt. S&P said, "As a result, we expect Anchor will improve its S&P Global Ratings-adjusted leverage by roughly three turns to 4.0x in 2025, which is down from 7.0x in 2024. The transaction will also alleviate the company's near-term refinancing risk, given that its next nearest maturity will be the new ABL and term loan maturing in 2030. The B-/Stable rating on the company reflects our view of the sustainability of the new capital structure from the improved credit metrics, liquidity, and expected cash flow generation." However, the rating also reflects the risks for the company including its small size, high capital spending requirements, exposure to alcoholic and non-alcoholic beverages, which could cause further earnings volatility. Anchor's capital spending is expected to decline in 2026 but will increase to $90 million in 2027 due to planned furnace rebuilds. Anchor's first-half revenue remained muted. The company's performance has remained soft in 2025, with its first-half revenue falling by 3% mainly due to lower production volumes and sales stemming from the closure of its Jacksonville plant, which produced a low-margin product in the beer segment, that was partially offset by higher pricing. Because of the strategic closure of its Jacksonville plant, Anchor will no longer serve mass beer customers, which supports its ongoing strategic realignment toward high-end sprits, food and beverage, and ready to drink (RTD) options. S&P said, "We expect the company's 2025 EBITDA will be well below its 2024 results because it has an additional furnace rebuild planned at its Henryetta plant in the fourth quarter, which will further limit its capacity. We expect Anchor's EBITDA will rebound to about $130 million in 2026, given the additional capacity, leading to leverage of close to 3.0x by the end of the year. The company has also identified cost savings opportunities over the next several years, which we anticipate will support increasing EBITDA through fixed-cost savings and volume transfers across the network. We forecast Anchor will increase its revenue by the low single-digit percent area over the next several years before undertaking further furnace rebuild projects in 2027 and 2028, which will entail higher capital spending. We believe the company's new capital structure provides it with the headroom and cash savings to maintain leverage in the 3.0x-4.0x range and generate positive FOCF in 2026 and 2027." S&P said, "We expect Anchor's liquidity will remain adequate over our outlook period. The recapitalization includes the addition of $100 million of new capital from the company's existing lenders to improve its balance sheet. In addition, we expect Anchor will have $42 million of cash on hand, pro forma for the close of the transaction, and benefit from a reduction in its interest expense, given its reduced debt burden. We forecast the company will generate negative S&P Global Ratings-adjusted FOCF in 2025 due to its elevated capital spending and weaker earnings due to the furnace rebuilds at Henryetta and Lawrenceburg but anticipate its FOCF will turn positive in 2026 as it decreases its capital spending to about $30-$35 million. "The stable outlook reflects our expectation that Anchor's new capital structure and stabilizing demand trends will support leverage in the 4.0x range as of year-end 2025 and in the 3.0x area in 2026. We also anticipate the company will improve its FOCF generation in 2026. In addition, the stable outlook reflects Anchor's lack of near-term debt maturities. "We could lower our rating on Anchor Glass if a decline in its operating performance or a more-aggressive financial policy constrains its liquidity position or renders its capital structure unsustainable. This could occur if the company generates negative FOCF and interest coverage of less than 1.5x or its cash flows become insufficient to meet its debt obligations. "We could raise our rating on Anchor Glass if it consistently generates FOCF to debt of greater than 5% while maintaining S&P Global Ratings-adjusted debt to EBITDA well below 5x and stable operating performance." ANNA KATHRYN BOUCHER: Court Values Collateral at $2,000,000 ----------------------------------------------------------- Judge Hannah L. Blumenstiel of the United States Bankruptcy Court for the Northern District of California denied Anna Kathryn Boucher's motion to value collateral, bifurcate undersecured lien, and avoid junior liens in her bankruptcy case. The Motion drew opposition from secured creditor Wilmington Savings Fund Society FSB as Trustee of Imperial Fund Mortgage Trust 2022-NQM6. The Motion pertains to real property located at 1846 Indian Valley Road, Novato, CA. The Property is encumbered by the following liens, in the following order of priority: 1. Internal Revenue Service (statutory lien recorded November 27, 2019) -- $12,963.99; 2. Wilmington (deed of trust recorded June 24, 2022) -- $1,753,169.45; 3. Gregory D. Smith, Trustee of the Scott B. Martin Trust (deed of trust recorded May 10, 2023) -- $75,000.00; and 4. Dennis Morrow and Natasha Najafi (abstract of judgment recorded February 26, 2024) -- $7,185.00 (the "Morrow/ Najafi Claim"). Relying on evidence previously introduced by Wilmington in support of its motion for relief from stay, the Motion requests an order establishing the fair market value of the Property at $1,550,000.00. Based on that valuation, Ms. Boucher asks that the Court limit the secured component of Wilmington's claim to $1,537,036.01, and declare the remaining amount of Wilmington's claim ($216,133.64) wholly unsecured. Ms. Boucher also asks the Court to declare the Smith and Morrow/Najafi Claims wholly unsecured. Despite having previously argued in support of its motion for relief from stay that the Property was worth $1,550,000.00, Wilmington contends that, for purposes of the Motion, the Property is worth $2,000,000. If Wilmington is correct, its claim will be fully secured, as will the Smith and Morrow/Najafi Claims. At trial, the Court heard testimony from just one witness: Rhonda De Los Santos, who prepared the appraisal on which Wilmington relied for purposes of its motion for relief from stay and on which Ms. Boucher relies for purposes of the Motion, and who also prepared the appraisal on which Wilmington relies in opposition to the Motion. The Court finds and concludes that the August 2025 Appraisal provides the best evidence of the Property's value. According to Judge Blumenstiel, "The August 2025 Appraisal is the better, more reliable work product. It was prepared following a thorough interior and exterior inspection of the Property, during which Ms. De Los Santos became aware of many improvements and other unique features she was unable to observe in preparing the April 2025 Appraisal. She was also able to select more similar comparable properties, and to more accurately adjust the value of comparables she had previously used. The court finds and concludes that the August 2025 Appraisal provides the best evidence of the Property's value." Based on the August 2025 Appraisal, the Court finds and concludes that the fair market value of the Property as of August 12, 2025 is $2,000,000. Accordingly, the Motion is denied. A copy of the Court's Opinion and Order dated October 15, 2025, is available at https://urlcurt.com/u?l=kFgRKR from PacerMonitor.com. Anna Kathryn Boucher filed for Chapter 11 bankruptcy protection (Bankr. N.D. Cal. Case No. 24-30790) on October 23, 2024, listing under $1 million in both assets and liabilities. The Debtor is represented by Matthew Metzger, Esq. ASHER HOMES: To Sell Broken Arrow Property to Paradigm Land ----------------------------------------------------------- Asher Homes LLC seeks permission from the U.S. Bankruptcy Court for the Bankruptcy Court for the Northern District of Oklahoma, to sell Property in a private sale, free and clear of liens, claims, interests, and encumbrances. The properties to be sold are: -- 3804 S Hemlock, Broken Arrow, OK 74011 -- 3704 S Kalanchoe, Broken Arrow, OK 74011 -- 3712 S Hemlock, Broken Arrow, OK 74011 -- 3109 W Phoenix, Broken Arrow, OK 74011 -- 3109 S Hemlock, Broken Arrow, OK 74011 -- 3705 S Hemlock, Broken Arrow, OK 74011 -- 3701 S Hemlock, Broken Arrow, OK 74011 -- 4611 S Chestnut, Broken Arrow, OK 74011 -- 2413 S Chestnut, Broken Arrow, OK 74011 The Debtor wants to sell to sell the Property at private sale to Paradigm Land Corp. for $3,835,782. The Debtor seeks authority to pay at closing the allowed secured claims of the Spirit Bank, in full, a carve-out for administrative expenses and pro-rata payment of several mechanics and materialman liens. The Debtor has identified disputed liens that may encumber the Property. Thus, liens shall not be paid at closing, however, the disputed liens shall attach to the proceeds of the sale to be determined by further order of the Court. About Asher Homes LLC Asher Homes LLC specializes in owning and managing real estate properties, including subdivision lots in Broken Arrow, Tulsa, Jenks, Bixby, and Owasso, Oklahoma, with a total current value of $12.72 million. Asher Homes filed its voluntary petition for protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Okla. Case No. 24-10067) on January 20, 2025. In the petition signed by Daniel Ruhl, president, the Debtor disclosed $12,736,760 in total assets and $11,688,091 in total liabilities. Judge Terrence L. Michael oversees the case. Ron D. Brown, Esq., at Brown Law Firm, PC serves as the Debtor's counsel. BERRY CAPITAL: Rebecca Redwine Grow Named Subchapter V Trustee -------------------------------------------------------------- Brian Behr, the U.S. Bankruptcy Administrator for the Eastern District of North Carolina, appointed Rebecca Redwine Grow as Subchapter V trustee for Berry Capital Management, LLC. The Subchapter V trustee will receive an hourly fee of $375 and reimbursement for work-related expenses. Ms. Redwine disclosed in an affidavit that she is "disinterested" according to Section 101(14) of the Bankruptcy Code. About Berry Capital Management LLC Berry Capital Management, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04002) on October 10, 2025. Judge Joseph N. Callaway presides over the case. David J. Haidt, Esq. at Ayers & Haidt, P.A. represents the Debtor as legal counsel. BERRY CAPITAL: Seeks Subchapter V Bankruptcy in North Carolina -------------------------------------------------------------- On October 10, 2025, Berry Capital Management LLC filed Chapter 11 protection in the Eastern District of North Carolina. According to court filing, the Debtor reports up to $50,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Berry Capital Management LLC Berry Capital Management LLC, based in Brevard, North Carolina, is an agricultural investment company providing capital for a 400-acre organic blueberry farm. Its affiliated entity, Berry Capital Management II, LLC, supports the same investment projects. Berry Capital Management LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04002) on October 10, 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 Joseph N. Callaway handles the case. The Debtor is represented by David J. Haidt, Esq. of AYERS & HAIDT, PA. BHOWMICK LIQUOR: Seeks to Sell Liquor Inventory ----------------------------------------------- Bhowmick Liquor, Inc., seeks approval from the U.S. Bankruptcy Court for the District of Colorado, to sell certain personal property, free and clear of liens, claims, interests, and encumbrances. The Debtor operates a liquor store under the name Norman's Liquor in Lakewood, Colorado. The Debtor owns finished goods, including liquor, wine, beer, tobacco, vape, soda and soft drinks, and accessories (Inventory). The Debtor plans to sell the Inventory to customers in the ordinary course of business. The lienholder of the Inventory is Newtek Small Business in the total amount of $286,423.98. Following the sale of the Inventory, the Debtor will acquire additional Inventory for the liquor store for sale to customers in the ordinary course. The sale of the Inventory proposed is grounded in a sound business purpose and is in the best interest of the bankruptcy estate and its creditors. All buyers of the Inventory will be good faith purchasers and the purchase price of the Inventory will be fair and reasonable as the Debtor will be selling the Inventory to the general public during ordinary business hours at retail prices. The Debtor will be using the sale proceeds to, among other things, purchase replacement inventory for continued retail sales. About Bhowmick Liquor, Inc. Bhowmick Liquor Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-14811) on July 31, 2025, with $500,001 to $1 million in assets and liabilities. Judge Kimberley H. Tyson presides over the case. Wadsworth Garber Warner Conrardy, P.C. serves as the Debtor's bankruptcy counsel. BLACK DIRT: Seeks to Hire Roop Law Office as Legal Counsel ---------------------------------------------------------- Black Dirt Farm LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of West Virginia to hire Paul W. Roop II, Esq. at Roop Law Office LC to serve as legal counsel in its Chapter 11 case. Mr. Roop will provide these services: (a) represent the Debtor in post-petition litigation in Raleigh County Circuit Court, including a civil action against Complete Carrier Coverage, LLC dba Road Ready Insurance Agency for alleged violations of duty to evaluate risk and recommend appropriate coverage, specifically cargo and business interruption coverage; (b) pursue a first-party insurance bad faith action against Berkshire Hathaway Insurance Company concerning the adjustment of a claim reported in March 2025; and (c) perform other legal services necessary to represent the Debtor in insurance coverage and bad faith matters. Mr. Roop will be compensated under a blended fee arrangement that provides for: (a) hourly fees of $375 per hour for attorneys and $75 per hour for legal assistants; (b) a contingent fee of 33% of any moneys or property received in the event of settlement or trial; or (c) such statutory attorneys' fees as may be permitted. According to court filings, Mr. Roop represents no interest adverse to the Debtor or the estate in the matter upon which he is to be engaged as counsel for the Debtor-in-Possession. The firm can be reached at: Paul W. Roop II, Esq. Roop Law Office LC 115 Morning Star Lane Beckley, WV 25801 Telephone: (304) 255-7667 About Black Dirt Farm Black Dirt Farm, LLC, filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. W.Va. Case No. 21-50028) on April 11, 2021. At the time of the filing, the Debtor disclosed assets of up to $10 million and liabilities of up to $1 million. Judge B. Mckay Mignault oversees the case. The Debtor tapped Paul W. Roop, II, Esq., at Roop Law Office LC as legal counsel, Jonathan Bolen as manager, Kimberly Bolen as chief operating officer, and Paul M. Khoury as bookkeeper. BOSQUE BREWING: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Bosque Brewing Co., LLC received interim approval from the U.S. Bankruptcy Court for the District of New Mexico to use cash collateral to fund operations. The court's interim order authorized the Debtor to use cash collateral to pay the expenses set forth in its budget pending a final hearing. As adequate protection, the U.S. Small Business Administration and other creditors with interests in the cash collateral will be granted replacement liens on property acquired by the Debtor after its Chapter 11 filing that is similar to their pre-bankruptcy collateral. Such replacement liens will not improve the creditors' lien position as of the petition date. The interim order is available at https://is.gd/76zGKi from PacerMonitor.com. The court will hold a final hearing on November 5. The Debtor intends to use its cash collateral to pay employees, vendors and operational expenses, preserving employee morale and maintaining customer and supplier relationships. Without this relief, the Debtor would be forced to halt operations, which would harm creditors and eliminate any chance of a going-concern sale or a feasible reorganization plan. The creditors with claims to the cash collateral are: 1. Live Oak Bank (approximately $4 million); 2, Small Business Administration (SBA) ($1.82 million from an EIDL loan); 3. New Mexico Recovery Fund, L.P. ($3.8 million); 4. First Citizen’s Bank & Trust through two separate agents ($134,739.68 and $25,107.21); 5. Channel Partners Capital LLC ($172,367.52); and 6. WebBank ($1.28 million). Each of these creditors holds a security interest in the Debtor's accounts, receivables, and other business assets, evidenced by UCC-1 financing statements filed prior to bankruptcy. Additionally, the Debtor identifies four creditors which may assert an interest in the cash collateral but whose liens appear unperfected, including Ameris Bank, Hart Design & Construction, Inc., OnDeck, and PAC Western Financial, LLC, with debts ranging from $31,000 to $347,000. The Debtor asserts that these creditors do not hold perfected security interests in accordance with Article 9 of the Uniform Commercial Code. About Bosque Brewing Co. LLC Bosque Brewing Co., LLC doing business as Restoration Pizza and The Drinkery, operates as a craft brewery and hospitality company based in Albuquerque, New Mexico. The Company produces and sells a range of craft beers at its brewery and taproom while also offering dining experiences through Restoration Pizza and a 21+ beverage-focused environment at The Drinkery. It serves the Albuquerque area with a focus on local community engagement and multiple on-site operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.M. Case No. 25-11236 on October 6, 2025. In the petition signed by Gabriel Jensen, managing member and CEO, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. BREAD FINANCIAL: Moody's Ups Issuer & Unsecured Debt Ratings to Ba2 ------------------------------------------------------------------- Moody's Ratings has upgraded all of the long-term ratings and assessments of Bread Financial Holdings, Inc. (Bread Financial), and its bank subsidiaries Comenity Bank (Comenity) and Comenity Capital Bank (Comenity Capital). Bread Financial's long-term issuer, senior unsecured and subordinate debt ratings were upgraded to Ba2 from Ba3. For Comenity, the ba2 baseline credit assessment (BCA) and adjusted BCA are upgraded to ba1, the Ba3 long-term issuer rating is upgraded to Ba2, the Baa3/Prime-3 long- and short-term deposit ratings are upgraded to Baa2/Prime-2, the Ba2 local and foreign long-term counterparty risk ratings are upgraded to Ba1, and Ba1(cr)/Not Prime(cr) long- and short-term counterparty risk assessments are upgraded to Baa3(cr)/Prime-3(cr). The local and foreign short-term counterparty risk ratings were affirmed at Not Prime. For Comenity Capital, the ba2 BCA and adjusted BCA are upgraded to ba1, the Ba3 long-term issuer rating is upgraded to Ba2, the Baa3/Prime-3 long- and short-term deposit ratings are upgraded to Baa2/Prime-2, the Ba2 local and foreign long-term counterparty risk ratings are upgraded to Ba1, and Ba1(cr)/Not Prime(cr) long- and short-term counterparty risk assessments are upgraded to Baa3(cr)/Prime-3(cr). The local and foreign short-term counterparty risk ratings were affirmed at Not Prime. The outlooks for Bread Financial's Ba2 long-term issuer and senior unsecured ratings and Comenity's and Comenity Capital's Baa2 long-term deposit ratings and Ba2 long-term issuer ratings remain positive. RATINGS RATIONALE The rating upgrades reflect the strengthening over the past few years of the company's enterprise risk management framework and the expansion of its capital, funding and liquidity risk planning and stress testing beyond its two bank subsidiaries to the holding company level within its state-chartered industrial loan company (ILC) and credit card bank structures to be more consistent with those of bank holding companies despite its banks' exemptions. While the enhancements to its enterprise risk management framework have yet to be tested through market cycles, Moody's believes the firm's governance and ability to manage and mitigate risk has improved. Consequently, Moody's have changed Bread Financial's governance issuer profile score (IPS) to G-3 from G-4. Additionally, Moody's changed its ESG credit impact score (CIS) to CIS-3 from CIS-4, reflecting Moody's views that the governance component of its IPS scores no longer has a discernible impact on its ratings, but rather a more limited impact with the potential for a more negative impact over time should the risk management enhancements fail to effectively mitigate risk. The positive outlook reflects Moody's expectations for further improvements in asset quality, profitability, and a stronger funding profile that consists of a lower reliance on brokered deposits and rising proportion of online retail deposits over the next 12-18 months. The credit assessments and ratings also reflect Bread Financial's strong profitability, solid capital and loss reserve levels, and granular retail deposits. These credit strengths are countered by a highly concentrated business in US credit cards, a higher amount of nonprime consumer credit exposure than peers, retail partner concentrations, and higher levels of less stable brokered deposits. Bread Financial's business concentration in consumer credit cards remains a significant credit weakness. In addition to the asset concentration in credit cards, Bread Financial's business model relies on retail partnerships, where contract expirations create potential earnings uncertainty, although the company has a solid track record of retail partner retention. The company also faces higher asset risk than most rated US banks owing to its high exposure to unsecured consumer credit and nonprime borrowers, resulting in higher credit losses through economic cycles relative to other rated banks. Nonetheless, senior management has strengthened the financial profile of the company over the past several years by among other things meaningfully reducing debt at the parent, tightening underwriting standards, fine-tuning its strategy toward profitable growth, building capital, and reducing its reliance on brokered deposits. Still, despite the meaningful progress it has made in growing its direct-to-consumer (DTC) deposits and reducing its reliance on longer duration and more expensive brokered CDs, its deposit yields are meaningfully above peers, which could lead to less deposit stability through cycles. Likewise, despite reducing the unsecured debt at the parent in recent years, Bread Financial still has higher levels of market funding than rated bank peers. Helping to counterbalance higher asset risk and market funding are Bread Financial's strong profitability and capitalization. Although the company's profitability is more volatile than peers because of its higher exposure to nonprime borrowers and the impact of current expected credit losses (CECL) accounting on loan loss provisions, Moody's expects the company to produce return on tangible assets in the range of 2% - 2.5% through the cycle. Bread Financial has meaningfully improved its consolidated capitalization over the past few years. Moody's tangible common equity (Moody's Ratings TCE) as a percentage of risk weighted assets (RWA) was 13.2% as of June 30, 2025, up slightly from 13.0% a year ago. Management has projected Common Equity Tier 1 (CET1) to rise to be between 13% and 14% over the medium term before settling out between 12% and 13% longer term. Comenity and Comenity Capital's long-term issuer ratings are Ba2; one notch below the banks' BCAs and at the same level as Bread Financial's issuer rating. The volume of parent company (holdco) debt in Bread Financial's funding structure is above the threshold under Moody's Advanced Loss Given Failure framework that would support a one notch upgrade of the banks' issuer ratings to Ba1 from Ba2; based on the magnitude of such holdco debt that's subordinate to the banks' debt. However, because regulators have more limited enforcement powers in a potential bank resolution with respect to the parent companies of ILCs than they do with bank holding companies, Moody's do not presume bank-level debt would be senior to holdco debt and thus the banks' issuer ratings are aligned with those of the holdco at Ba2. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The BCAs of Bread Financial's bank subsidiaries (Comenity and Comenity Capital) could be upgraded upon further improvement in its net charge-off rate closer to its 6% long-term target, sustained return on tangible assets of greater than 2%, and continued reduction of brokered deposits as a percentage of total deposits. An upgrade would also be contingent upon the company maintaining common equity Tier 1 (CET1) ratio above 12.5%. Bread Financial's ratings would likely be upgraded if its bank subsidiaries' BCAs are upgraded barring any meaningful changes to its funding structure. The outlooks for Bread Financial's senior unsecured and long-term issuer ratings together with Comenity's and Comenity Capital's long-term issuer and deposit ratings could be revised to stable if asset quality and/or profitability do not improve from current levels over the outlook horizon or its CET1 ratio falls and is sustained below 12.5% for multiple quarters. Given the positive outlook, a downgrade is less likely in the near-term. Longer-term, the BCAs of Bread Financial's bank subsidiaries (Comenity and Comenity Capital) could be downgraded if there is a sustained decline in CET1 below 11% or a material decline in asset quality and profitability over a sustained period. Bread Financial's ratings would likely be downgraded if its bank subsidiaries' BCAs are downgraded barring any meaningful changes to its funding structure. The principal methodology used in these ratings was Banks published in November 2024. Bread Financial Holdings, Inc.'s "Assigned BCA" score of ba1 is set three notches below the "Financial Profile" initial score of baa1 to reflect its business concentration in credit cards, elevated nonprime credit exposure, and the omission of the deferred tax asset cap in its capital score. BRONX CAR: Seeks Subchapter V Bankruptcy in New York ---------------------------------------------------- On October 10, 2025, Bronx Car Park Systems Inc. filed Chapter 11 protection in the Southern District of New York. According to court filing, the Debtor reports $1,740,715 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Bronx Car Park Systems Inc. Bronx Car Park Systems Inc. operates a parking facility at 2425 Sedgwick Avenue in the Bronx, New York, providing vehicle storage and management services. Bronx Car Park Systems Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.: 25-12249) on October 10, 2025. In its petition, the Debtor reports total assets of $422,626 and total liabilities of $1,740,715 Honorable Bankruptcy Judge David S. Jones handles the case. The Debtor is represented by Douglas Pick, Esq. of PICK & ZABICKI LLP BROOKLYN KEBAB: Court Extends Cash Collateral Access to Oct. 31 --------------------------------------------------------------- Brooklyn Kebab House Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of New York to use the cash collateral of its secured creditor, Accompany Capital. The court's interim order authorized the Debtor to use up to $117,825 in cash collateral from October 10 to 31 according to its budget, subject to a 10% variance per line item. The Debtor's 13-week budget forecasts approximately $289,267 in expenses and $295,410 in income, supporting its ability to continue operations and reorganize. The court held that Accompany Capital, the creditor holding a lien on all of the Debtor's assets, would be adequately protected through replacement liens, monthly cash payments, and other protections equivalent to its pre-bankruptcy rights. These replacement liens are automatically valid and perfected without further filing and will survive conversion or dismissal of the Debtor's Chapter 11 case. Termination events under the interim order include dismissal of the Debtor's Chapter 11 case, conversion of the case to one under Chapter 7, and violation of the order. A final hearing is scheduled for October 28. Objections must be filed by October 21. Brooklyn Kebab House filed for Chapter 11 relief on September 22 and remains in control of its operations as a debtor in possession. A copy of the interim order is available at https://is.gd/vvxlqI from PacerMonitor.com. About Brooklyn Kebab House Inc. Brooklyn Kebab House, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 25-44535) on September 22, 2025, listing up to $1 million in both assets and liabilities. Adel Kassim, president of Brooklyn Kebab House, signed the petition. Judge Nancy Hershey Lord oversees the case. Alex E. Tsionis, Esq. and Nico G. Pizzo, Esq., at Rosen, Tsionis & Pizzo, PLLC represent the Debtor as legal counsel. CALDWELL HOLDINGS: Gets OK to Use Cash Collateral Until Nov. 4 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Rome Division, issued a second interim order authorizing Caldwell Holdings, LLC to use cash collateral. The second interim order authorized the Debtor to use cash collateral in accordance with its budget through the final hearing scheduled for November 4. The budget shows total projected operational expenses of $167,361.71 for the period from October 9 to November 9. The Debtor believes that First Internet Bank of Indiana and Itria Ventures, LLC may have security interests in certain business revenues that may constitute cash collateral. The First Internet Bank of Indiana (as successor to ApplePie Capital, Inc.) has a first position lien on the Debtor's cash collateral. To protect the lenders, the court granted them adequate protection liens on post-petition assets similar to their pre-bankruptcy collateral. The replacement liens do not apply to any Chapter 5 avoidance actions. Itria Ventures is represented by: Michael E. Hutchins, Esq. Robyn King Richards, Esq. Paul G. Williams, Esq. Kasowitz LLP 1230 Peachtree Street, NE, Suite 2445 Atlanta, GA 30309 Tel: (404) 260-6080 mhutchins@kasowitz.com rking@kasowitz.com pwilliams@kasowitz.com About Caldwell Holdings, LLC Caldwell Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41374) on September 10, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Hon. Paul W Bonapfel oversees the case. Will B. Geer, Esq., at Rountree Leitman Klein & Geer, LLC represents the Debtor as legal counsel. CANNON CONSTRUCTORS: Seeks to Sell Tools & Equipment at Auction --------------------------------------------------------------- Cannon Constructors North Inc. seeks permission from the U.S. Bankruptcy Court for the Northern District of California, San Francisco Division, to sell Property in an online public auction to be conducted by West Auctions, Inc., free and clear of liens, claims, interests, and encumbrances. Among the assets of the Debtor are construction tools and equipment, office furniture and equipment, and a Bobcat mini-loader that are itemized in Exhibit 1 and two Ford F-150 trucks, one each from model years 2004 and 2013, and two each from model years 2014 and 2016. the Debtor seeks authority to sell the Personal Property listed in Exhibit 1 in an online public auction conducted by West Auctions, Inc. at https://tinyurl.com/2tu2envp beginning at 10:00 a.m. on Friday, November 7, 2025, and closing on November 14, 2025, starting at 10:00 a.m. The Auctioneer will be charging a commission fee of fifteen percent (15%) of the gross auction proceeds (excluding sales tax, if any), subject to future Court approval. Given the Auctioneer's expertise and reputation, it is the Debtor’s business judgment that the proposed auction has a legitimate business justification as it will permit the estate to realize the maximum value for the Personal Property and is in the best interests of the estate. The Debtor, a California corporation, is a general contractor. In connection with the operation of its business, the Debtor acquired various items of personal property, including the Personal Property, itemized in Exhibit 1 hereto that the Debtor will seek to auction. Because the Debtor is ceasing operations, it no longer needs the Personal Property. All participants must register in advance through the Auctioneer"s website. The sale is "as is" and "where is," free and clear of any and all liens, encumbrances, claims, and interests, and without any representations or warranties, express or implied. All sales are final when awarded to the successful bidder. Payment is due at the close of the Auction. Buyers are responsible for all aspects of removal. Auction removal shall take place by appointment from November 18, 2025 to Friday, November 20, 2025, from 9:00 a.m. to 3:30 p.m. each day. All items remaining after this specified time are considered abandoned and forfeited, with no further rights by the Buyer. The Auctioneer, in consultation with the Debtor, may alter the terms of the Auction as necessary or desirable to realize the greatest value for the Personal Property. The Auctioneer shall be compensated by charging a commission fee of 15%, based on the gross sales price of each auction lot item sold. All applicable taxes will be assessed based on the sum of the gross sales price and collected by Auctioneer. Auctioneer shall also charge buyers a 4% convenience fee for credit card payments. The Auctioneer shall collect money from buyers, pay all applicable sales taxes, and coordinate removal of the purchased items. No later than 14 days after completion of the Auction, the Auctioneer shall turn over the gross proceeds from the Auction to the Debtor, less applicable sales tax. Any of the Personal Property not successfully sold at the Auction will be of inconsequential value and/or burdensome to the estate. The Debtor therefore requests authority to abandon or destroy any Personal Property that is not sold at auction. The only taxes arising from the sale of the Personal Property will be sales taxes, which will be paid by the buyers. About Cannon Constructors North An involuntary petition for relief under Chapter 7 of the Bankruptcy Code was filed against Cannon Constructors North, Inc. on June 13, 2024. Cannon Constructors North, Inc. filed a stipulation to convert case to a case under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 24-30447) on Aug. 8, 2024. On August 9, 2024, the Court entered the Order to convert case under Chapter 11 of Title 11 of the United States Code. Judge Hannah L. Blumenstiel oversees the case. Jeremy H. Rothstein, Esq., at G&B Law LLP represents the Debtor as bankruptcy counsel. CANO HEALTH: Moody's Cuts CFR to Caa3 & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings downgraded CANO HEALTH, LLC's (Cano Health) corporate family rating to Caa3 from Caa1 and probability of default rating to D-PD from Caa1-PD, which Moody's will upgrade to Caa3-PD after three business days. Moody's also downgraded the rating on the existing backed senior secured delayed draw term loan to Caa2 from Caa1 and the backed senior secured term loan to Ca from Caa1. At the same time, Moody's assigned ratings to Cano Health's new backed senior secured first lien debt instruments, including B3 ratings on the new senior secured first-out delayed draw term loan, second-out PIK delayed draw term loan, and initial exchange PIK term loan, a Caa2 rating on the senior secured second-out delayed draw term loan, and Ca rating on the senior secured initial exchange term loan. The outlook changed to stable from negative. The rating action follows the restructuring of Cano Health's debt, which Moody's considers a distressed exchange and default under Moody's definitions. The transaction consisted of an exchange of the company's existing debt, including the $161 million senior secured term loan and $50 million senior secured delayed-draw term loan, and the raise of an additional $60 million new money senior secured first-out delayed-draw term loan. The exchanged debt also introduces further PIK interest with the new instruments. The downgrade reflects Moody's expectations that Cano Health will continue to face significant execution risk related to its turnaround efforts over the next 12-18 months. Moody's forward view incorporates an increasing debt balance due to the introduction of more PIK interest and draws on available delayed-draw term commitments to support operations. The downgrade also reflects Moody's views of the recovery prospects in the event of subsequent transactions that Moody's considers a default. The stable outlook reflects Moody's views that Cano Health will benefit from no near-term maturities and low cash interest costs. Governance risk considerations, including financial strategy and risk management and management credibility and track record, are a key driver of this rating action. Cano Health's financial policies which include a high debt balance relative to earnings and track record of restructuring transactions as well as the company's failure to meet outlined guidance and business transformation plans highlight elevated governance risk. RATINGS RATIONALE Cano Health's Caa3 CFR reflects its moderate scale, negative earnings and execution risks in stabilizing the company's business since emergence from bankruptcy. Moody's anticipates that the company's debt/EBITDA will trend toward 10x and that the company will continue to burn cash in 2025 and 2026 due to limited earnings generation relative to cash needs. An inherent challenge within Cano Health's business model is that it requires the company to manage the cost of patient care and other expenses because it earns revenue on a capitated basis from Medicare Advantage plan providers. The ratings are also constrained by the company's geographic concentration in Florida, where it generates all of its revenue. The company's credit profile benefits from its strong presence in many of the largest Medicare Advantage markets in Florida with favorable industry demographics. Cano Health also will benefit from improved Medicare Advantage reimbursement rates in 2026 and steps to improve profitability including documentation accuracy, medical cost management, and initiatives around membership retention and growth. Moody's expects that Cano Health will operate with weak liquidity over the next 12-18 months. Moody's projects the company to generate negative free cash flow in 2025 and 2026. As of June 30, 2025 the company had about $82 million in cash on the balance sheet, of which $49 million was unrestricted. While the company does not have a revolving credit facility, external liquidity includes the new $60 million first-out delayed draw term loan, less a $15.7 million cash interest waiver, and $35 million of available capacity on the $50 million second-out delayed draw term loan. Moody's anticipates that Cano Health will substantially draw on these facilities over the next 12-18 months to support operations. The B3 ratings assigned to the first-out credit facilities reflect their priority in the capital structure with significant loss absorption from the second-out and third-out debt. The Caa2 rating assigned to the second-out delayed draw term loans reflect its subordination relative to the first-out bank credit facilities and some loss absorption from the third-out debt. The Ca rating assigned to the third-out term loans reflect its subordination relative to the first- and second-out credit facilities. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if the likelihood of another transaction Moody's would deem a distressed exchange or default increased or if Moody's have a more negative view of recovery rates. Moody's could also consider a downgrade of the ratings if the company does not improve its operating performance and free cash flow generation. The ratings could be upgraded if there is a reduction in the likelihood of default and demonstrated improvement in liquidity and operating performance. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Cano Health's Caa3 CFR is two notches below the scorecard-indicated outcome of Caa1 reflecting Moody's considerations of a high probability of default and weak expected recovery. CANO HEALTH, LLC provide primary care health services in Florida across its 68 medical centers and 250+ physician group affiliates. Cano Health generated about $2.1 billion in revenue for the last twelve months ended June 30, 2025. CAPITAL WHOLESALE: Gets Final OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, entered a final order granting Capital Wholesale Group, LLC and affiliates authority to use cash collateral in the ordinary course of business. The court's order authorized the Debtors' final use of cash collateral to fund operations in accordance with their budget. As adequate protection for the Debtors' use of their cash collateral, VeraBank and other secured creditors will be granted replacement liens on all assets acquired by the Debtors after their Chapter 11 filing, including proceeds. The replacement liens will have the same priority and extent as the secured creditors' pre-bankruptcy liens. VeraBank claims 16 separate loans secured by specific vehicles but filed a UCC-1 financing statement only within 90 days before the petition date, and there is no deposit account control agreement in place. The Debtors contest VeraBank's lien validity and perfection. The final order is available at https://is.gd/Vwqp3A from PacerMonitor.com. About Capital Wholesale Group LLC Capital Wholesale Group LLC is a used car dealership based in Longview, Texas, selling pre-owned vehicles and providing related automotive services. Capital Wholesale Group and its affiliates, P4 Executive Investments, LLC and TWS Service Corporation, filed Chapter 11 petitions (Bankr. N.D. Texas Lead Case No. 25-43395) on September 7, 2025. In its petition, Capital Wholesale Group reported between $1 million and $10 million in assets and liabilities. The Debtors are represented by Richard Grant, Esq., at CM Law,v PLLC. CBRM REALTY: Crown Capital and Affiliates' Cases Consolidated ------------------------------------------------------------- The Honorable Michael B. Kaplan of the United States Bankruptcy Court for the District of New Jersey entered an order directing joint administration of these Chapter 11 cases: In re: CROWN CAPITAL HOLDINGS LLC, Debtor. Chapter 11 Case No. 25-15351 (MBK) In re: HOMEWOOD HOUSE APTS INVESTOR LLC, Debtor. Chapter 11 Case No. 25-20488 (MBK) In re: HOMEWOOD HOUSE APTS INVESTOR MM LLC, Debtor. Chapter 11 Case No. 25—20489 (MBK) In re: HOMEWOOD HOUSE APTS LLC, Debtor. Chapter 11 Case No. 25—20487 (MBK) In re: ALTA SITA APTS LLC, Debtor. Chapter 11 Case No. 25—20491 (MBK) In re: ASHLAND MANOR APTS MM LLC, Debtor. Chapter 11 Case No. 25—20492 (MBK) In re: BELLEFIELD DWELLINGS APT LLC, Debtor. Chapter 11 Case No. 25—20493 (MBK) In re: BERGENFIELD INVESTORS LLC, Debtor. Chapter 11 Case No. 25—20494 (MBK) In re: CAMPUS HEIGHTS APTS LLC, Debtor. Chapter 11 Case No. 25—20495 (MBK) In re: CAMPUS HEIGHTS APTS MM LLC, Debtor. Chapter 11 Case No. 25—20496 (MBK) In re: CAMPUS HEIGHTS APTS OWNER LLC, Debtor. Chapter 11 Case No. 25—20497 (MBK) In re: CARRIAGE HOUSE APTS LLC, Debtor. Chapter 11 Case No. 25—20498 (MBK) In re: CREEKWOOD APARTMENTS LLC, Debtor. Chapter 11 Case No. 25—20499 (MBK) In re: CREEKWOOD APARTMENTS MM LLC, Debtor. Chapter 11 Case No. 25—20501 (MBK) In re: Debtor. CROWN CAPITAL HOLDINGS SPV LLC, Chapter 11 Case No. 25—20502 (MBK) In re: CROWN CAPITAL PARTNERS LLC, Debtor. Chapter 11 Case No. 25—20503 (MBK) In re: EVERGREEN APTS LLC, Debtor. Chapter 11 Case No. 25—20504 (MBK) In re: EVERGREEN APTS PARTNER LLC, Debtor. Chapter 11 Case No. 25—20505 (MBK) In re: EVERGREEN REGENCY TOWNHOMES, LTD, Debtor. Chapter 11 Case No. 25—20506 (MBK) In re: FORRESTER APARTMENTS LLC, Debtor. Chapter 11 Case No. 25—20507 (MBK) In re: FORRESTER APARTMENTS MM LLC, Debtor. Chapter 11 Case No. 25—20508 (MBK) In re: GALLATIN APTS LLC, Debtor. Chapter 11 Case No. 25—20509 (MBK) In re: GALLATIN APTS MM LLC, Debtor. Chapter 11 Case No. 25—20510 (MBK) In re: GENEVA HOUSE APTS LLC, Debtor. Chapter 11 Case No. 25—20511 (MBK) In re: GENEVA HOUSE APTS MM LLC, Debtor. Chapter 11 Case No. 25—20512 (MBK) In re: GREEN MEADOW APTS LLC, Debtor. Chapter 11 Case No. 25—20513 (MBK) In re: LUCAS URBAN HOLDINGS LLC, Debtor. Chapter 11 Case No. 25—20514 (MBK) In re: MON VIEW APTS LLC, Debtor. Chapter 11 Case No. 25—20515 (MBK) In re: MON VIEW APTS MM LLC, Debtor. Chapter 11 Case No. 25—20516 (MBK) In re: PALISADES APTS LLC, Debtor. Chapter 11 Case No. 25—20517 (MBK) In re: PALISADES APTS MM LLC, Debtor. Chapter 11 Case No. 25—20518 (MBK) In re: RAYLBNT LLC, Debtor. Chapter 11 Case No. 25—20519 (MBK) In re: RNBF HOLDINGS LLC, Debtor. Chapter 11 Case No. 25—20520 (MBK) In re: RSBRM APTS LLC, Debtor. Chapter 11 Case No. 25—20521 (MBK) In re: SLIDELL APARTMENTS LLC, Debtor. Chapter 11 Case No. 25—20522 (MBK) In re: STONEBRIDGE PARTNER LLC, Debtor. Chapter 11 Case No. 25—20523 (MBK) In re: SYCAMORE MEADOWS APARTMENTS, LTD, Debtor. Chapter 11 Case No. 25—20524 (MBK) In re: SYCAMORE MEADOWS APTS PARTNER LLC, Debtor. Chapter 11 Case No. 25—20525 (MBK) In re: VALLEY ROYAL COURT APTS LLC, Debtor. Chapter 11 Case No. 25—20526 (MBK) In re: VALLEY ROYAL COURT APTS MM LLC, Debtor. Chapter 11 Case No. 25—20527 (MBK) In re: WOODSIDE VILLAGE INVESTOR LLC, Debtor. Chapter 11 Case No. 25—20528 (MBK) In re: WOODSIDE VILLAGE OWNER LLC, Debtor. Chapter 11 Case No. 25—20529 (MBK) In re: COUNTRY CLUB MANOR APTS LLC, Debtor. Chapter 11 Case No. 25— 20570 (MBK) A copy of the Court's Order is available at https://urlcurt.com/u?l=EcM3R9 from PacerMonitor.com. Proposed Counsel to the Debtors and Debtors-Debtors-in-Possession: Gregory F. Pesce, Esq. WHITE & CASE LLP 111 South Wacker Drive Chicago, IL 60606 Telephone: (312) 881-5400 E-mail: gregory.pesce@whitecase.com - and - Barrett Lingle, Esq. WHITE & CASE LLP 1221 Avenue of the Americas New York, NY 10020 Telephone: (212) 819-8200 E-mail: barrett.lingle@whitecase.com Warren A. Usatine, Esq. Ryan T. Jareck, Esq. Justin R. Alberto, Esq. COLE SCHOTZ P.C. 25 Main Street Hackensack, New Jersey 07601 Telephone: (201) 489-3000 E-mail: wusatine@coleschotz.com ryareck@coleschotz.com jalberto@coleschotz.com About CBRM Realty CBRM Realty Inc. is a Somerset, New Jersey-based real estate investment firm. CBRM Realty Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-15343) on May 19, 2025. In its petition, the Debtor reports estimated assets and liabilities (on a consolidated basis) between $100 million to $500 million each. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtors tapped White & Case LLP and Ken Rosen Advisors PC as counsel, Islanddundon LLC as financial advisor, and Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims, noticing, and solicitation agent. CBRM REALTY: Lenders Want to Dismiss Chapter 11 Bankruptcy Case --------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that the affiliates of CBRM Realty Inc. are facing pushback from their prepetition lenders, who have urged a New Jersey bankruptcy judge to throw out the Chapter 11 cases. The lenders accuse the debtors of filing bankruptcy not to reorganize, but to advantage select insiders and investors by using the proceedings to divert value away from secured lenders through a questionable sale process, according to the report. The lenders' motion argues that the proposed sale framework would upend creditor priorities by allowing certain stakeholders to move ahead of prepetition lenders. They contend this approach distorts the intent of Chapter 11 protection, turning it into a mechanism for asset transfers rather than a fair and transparent reorganization, the report states. About CBRM Realty CBRM Realty Inc. is a Somerset, New Jersey-based real estate investment firm. CBRM Realty Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-15343) on May 19, 2025. In its petition, the Debtor reports estimated assets and liabilities (on a consolidated basis) between $100 million to $500 million each. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtors tapped White & Case LLP and Ken Rosen Advisors PC as counsel, Islanddundon LLC as financial advisor, and Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims, noticing, and solicitation agent. CENTRAL JUNCTION: Seeks Chapter 11 Bankruptcy in Tennessee ---------------------------------------------------------- On October 15, 2025, Central Junction LLC voluntarily filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Western District of Tennessee. Court documents show that the company has liabilities estimated between $1 million and $10 million, and it reports having between 1 and 49 creditors. About Central Junction LLC Central Junction LLC is a single asset real estate company. Central Junction LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-2522) on October 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Denise E Barnett handles the case. The Debtor is represented by Marcus D. Ward, Esq. of Marcus D Ward, Pllc. CGA CORP: Gets Final OK to Use Cash Collateral ---------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, entered a final order authorizing CGA Corporation to continue using cash collateral. The final order authorized CGA Corporation to use cash collateral to pay ordinary and necessary business expenses listed in its budget, subject to permitted variances. The authority to use such funds extends through the effective date of a confirmed Chapter 11 plan, allowing the Debtor to maintain operations and manage its business during reorganization. As adequate protection for the use of cash collateral, creditors with a security interest in the Debtor's cash collateral will be granted replacement liens, with the same validity, priority, and extent as their pre-bankruptcy liens and in an amount equal to the diminution in the value of their interest in the cash collateral from and after the petition date. The final order is available at https://is.gd/lR6tHD from PacerMonitor.com. About CGA Corporation CGA Corporation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-15352) on June 25, 2025. In the petition signed by Rosalina Acosta, chief executive officer, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Judge Deborah J. Saltzman oversees the case. Thomas B. Ure, Esq., at Ure Law Firm, represents the Debtor as bankruptcy counsel. CHOBANI LLC: Moody's Rates New First Lien Bank Loans 'Ba3' ---------------------------------------------------------- Moody's Ratings assigned Ba3 ratings to Chobani, LLC's proposed backed senior secured first lien bank credit facilities that will include a $250 million revolving credit facility and a $1,275 million term loan. All other ratings are unchanged, including Chobani Holdco II, LLC's ("Chobani") B2 Corporate Family Rating, B2-PD Probability of Default Rating, and Caa1 rating on its senior unsecured pay-in-kind (PIK) toggle notes. Chobani, LLC's instrument ratings are also unchanged, including the B3 rating on its backed senior unsecured notes, and the Ba3 ratings on its existing backed senior secured first lien debt, which includes a revolving credit facility, term loan, and secured notes. Moody's will withdraw the Ba3 ratings on Chobani, LLC's existing revolving credit facility and term loan once the financing transaction closes. The outlook is stable. The proposed financing includes an increase of the revolver commitment from $225 million to $250 million, with the maturity extended to 2030. Proceeds from the new $1,275 million term loan due in 2032 will be used to repay the existing $925 million term loan (represents balance as of June 28, 2025) due in 2027, redeem a portion of Healthcare of Ontario Pension Plan's (HOOPP) preferred equity investment, cover transaction fees and expenses, and for general corporate purposes. The transaction is modestly credit negative, as it increases Moody's-adjusted holdco debt-to-EBITDA leverage to 5.2x and opco debt-to-EBITDA leverage to 4.1x, compared to 4.6x and 3.5x, respectively, as of the 12 month period ended June 28, 2025. The term loan upsize is also expected to increase annual interest expense by an estimated $20–$30 million. Nonetheless, the refinancing improves Chobani's maturity profile and enhances liquidity. Additionally, the partial redemption of HOOPP's preferred equity reduces event risk associated with future debt-funded redemptions. Chobani remains strongly positioned within its rating category, supported by strong operating performance and good growth expectations. Chobani's holdco and opco leverage has declined by roughly 1x since year-end 2024 (prior to the effect of the financing transactions), driven by solid top-line growth and margin expansion. Volumes increased more than 20% in the first half of 2025, reflecting strong consumer demand for high-protein, low-sugar, and natural products, as well as broader health and wellness trends. The yogurt category continues to outperform the broader food sector, led by Greek yogurt, where Chobani maintains a significant market share. Innovation remains a key growth driver, including the recent launch of high-protein Greek yogurt cups and drinks. Growth in dairy creamers is also contributing meaningfully. To support rising demand, Chobani is investing heavily in capacity, including a $500 million expansion in Twin Falls, Idaho, and a $1.2 billion investment in a new facility in Rome, New York. These investments are expected to result in negative free cash flow in the near term. Moody's expects continued double-digit sales and EBITDA growth over the next 12–18 months, supported by strong category trends, ongoing innovation, and expanded production capacity. As a result, holdco debt-to-EBITDA leverage is projected to decline to below 4x and opco leverage to below 3x over the same period. Nonetheless, execution risk remains if demand falls short of projections, which could impact the pace of deleveraging and cash flow recovery. Chobani's liquidity is good, supported by $116 million in cash as of June 28, 2025, and full access to its $225 million revolver (with an estimated $198 million available, net of $27 million in letters of credit). The revolver was upsized from $175 million in July 2025, and a further upsizing to $250 million would also enhance liquidity. The company also has access to a $125 million receivables trade facility, undrawn as of June 28, 2025, and last renewed in December 2024. Moody's projects negative free cash flow (net of tax distributions) of $175–$225 million in 2025 factoring in elevated capital expenditures for capacity expansion. Free cash flow is expected to improve in 2026, supported by earnings growth, but will likely remain negative due to continued high capital spending and tax distributions. Some reliance on credit facilities is expected over the next year. Cash flow metrics could weaken if the company chooses to pay cash interest on holdco debt or refinance it with opco debt. However, Moody's expects such actions would only be taken if cash flows are sufficiently strong to support them. Chobani Moody's also announced a $650 million equity capital raise at FHU US Holdings, LLC, an indirect parent of Chobani Holdco II, LLC. The equity raised at the parent level could potentially support future capital investments and/or deleveraging, which would strengthen Chobani's credit profile. RATINGS RATIONALE Chobani's B2 CFR reflect its concentration in the competitive yogurt category, and execution risk associated with its high-paced innovation strategy, which includes both new product launches and the scaling of relatively new offerings within its portfolio. These growth initiatives are capital-intensive and carry some uncertainty around sustained commercial success, adding risk to the company's earnings trajectory while keeping free cash flow negative for at least the next year. Nonetheless, these investments reflect the company's commitment to growth and product diversification, and are supported by underlying demand fundamentals that align with evolving consumer preferences. The credit profile also reflects governance risks, including an aggressive financial policy and concentrated control by the founder, Hamdi Ulukaya, who also holds key senior executive roles including the CEO and chairman positions. While Moody's leverage calculation does not include Healthcare of Ontario Pension Plan's (HOOPP) preferred equity ownership interest as debt, Moody's believes the instrument creates event risk because the PIK dividend grows the preferred stock interest over time that is held by a third party and senior to the founder's common equity. This creates an incentive to redeem the preferred stock, potentially with debt. However, recent debt-funded redemptions along with the proposed redemption are reducing the outstanding preferred equity balance significantly. Chobani's credit profile is supported by its leading share in the US Greek yogurt category, strong brand equity that supports expansion into adjacent categories, and favorable health and wellness trends, particularly around rising protein consumption. Additionally, Chobani's improving financial metrics, strong growth profile, and margin expansion position it strongly within the rating category, and are expected to drive deleveraging. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that continued earnings growth will reduce debt-to-EBITDA leverage over the next 12–18 months. However, elevated capital spending is likely to result in negative free cash flow and some reliance on credit facilities, though these investments support long-term growth aligned with demand for Chobani's on-trend protein-based products. A rating downgrade could occur if operating performance weakens due to factors such as revenue declines or EBITDA margin deterioration. A downgrade could also occur if liquidity deteriorates, free cash flow is not maintained at a comfortably positive level, debt-to-EBITDA is sustained above 6.0x, or the financial policy becomes more aggressive. A rating upgrade could occur if Chobani enhances product diversification, sustainably grows earnings supported by consistent revenue and EBITDA margin expansion, generates consistent and solid free cash flow, and sustains debt-to-EBITDA below 4.5x. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. COMPANY PROFILE Chobani, based in New York, is a leading manufacturer of Greek yogurt, with a growing presence in the coffee creamer, ready-to-drink ("RTD") coffee, and oat milk categories. A majority of the company's products are sold under the "Chobani" brand. In December 2023, the company acquired La Colombe, an independent coffee roaster with retail locations and RTD offerings. Chobani generated revenue of approximately $3.4 billion in the LTM period ended June 28, 2025. The company is majority owned by CEO and founder Hamdi Ulukaya. The Healthcare of Ontario Pension Plan ("HOOPP") and Keurig Dr Pepper Inc. ("KDP") are also investors. Chobani, LLC's debt is guaranteed by certain domestic wholly-owned subsidiaries and its intermediate parent, Chobani Global Holdings, LLC. Chobani Holdco II, LLC is an indirect intermediate holding company of Chobani Global Holdings, LLC. CITY BREWING: Moody's Ups CFR to Caa2 & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings upgraded City Brewing Company, LLC's (City Brewing or the company) Corporate Family Rating to Caa2 from C and Probability of Default Rating to Caa2-PD from C-PD/LD following an out of court reorganization, whereby lenders agreed on August 27, 2025 to exchange or expunge certain of its existing debt. As part of this transaction, Moody's assigned a B3 rating to BrewCo Borrower, LLC's (BrewCo) new $42.1 million exit super-priority senior secured first lien term loan maturing in 2030 and Caa3 rating to BrewCo's new $141.2 million exit first lien term loan maturing in 2030. BrewCo is a subsidiary of City Brewing and the BrewCo loans are unconditionally guaranteed by City Brewing. City Brewing's and BrewCo's rating outlooks are changed to stable from negative. Concurrently, Moody's withdrew the Caa1 ratings for BrewCo's senior secured first lien term loan (super priority term loan) maturing in 2026, the Caa2 ratings on BrewCo's $120 million senior secured first lien revolving credit facility maturing in 2027, senior secured first lien term loan (first out new money term loan) maturing in 2028, and senior secured first lien term loan (first out term exchange loan) maturing in 2028, and the C rating on BrewCo's senior secured first lien term loan (second out exchange loan) maturing in 2028. Moody's also withdrew the C rating of City Brewing's senior secured first lien term loan due 2028 (collectively with the withdrawn BrewCo loans, the Pre-Transaction Debt). On August 27, 2025, City Brewing completed an out-of-court restructuring and recapitalization. Prior to this transaction, City Brewing faced financial pressures and was operating under a forbearance agreement with lenders. As part of the recapitalization, ownership of City Brewing transferred from the previous equity holders (Blue Ribbon Holdings, Charlesbank Capital Partners and Oaktree Capital Management) to a group of the company's previous lenders. The transaction significantly reduced City Brewing's debt and improved its liquidity through a new equity capital investment and discounted exchanges, allowing it time to improve its business and execute its turnaround strategies. As a result of the restructuring and recapitalization, Moody's consider all of the company's Pre-Transaction Debt as having defaulted. The upgrade of the CFR to Caa2 and stable outlooks reflect the improvement in City Brewing's liquidity and significant reduction in debt as a result of the restructuring that will provide the company with more time to execute its operational plans to turn around its business and increase earnings and cash flow. This includes more cash on hand of approximately $109 million to cover near term cash shortfalls, the ability to pay-in-kind (PIK) interest payments on its debt obligations for the next 24 months, and debt maturity extensions. The upgrade also reflects Moody's expectations that the company will also put in place an asset-based revolving credit facility, providing it with additional liquidity. The company plans to continue investing in its business to accelerate growth initiatives in both alcoholic and non-alcoholic beverage segments and make up for lost volume following an exit by its key customer, Pabst. In 2024, City Brewing and Pabst agreed to modify their contract to allow City Brewing to largely exit co-manufacturing of Pabst's beer product following onboarding issues. However, City Brewing's turnaround comes with high execution risk and will hinge on its ability to respond effectively to execute on new business wins, adjust product offerings to align with market dynamics, improve volume and profitability, and broaden its customer base. The new instrument ratings reflect the priority of claim within the new debt structure and factoring in an anticipated new asset based revolver. RATINGS RATIONALE City Brewing's Caa2 Corporate Family Rating (CFR) reflects the company's high leverage resulting from earnings declines and despite the recent restructuring, substantial investment needs and execution risks to drive an earnings turnaround and generate positive free cash. The rating also reflects industry headwinds in the beer category. Despite the significant debt reduction as part of the August 2025 restructuring, Moody's still expect debt-to-EBITDA leverage to exceed 10x at the end of 2025 (incorporating Moody's adjustments). Moody's expects earnings growth from new business wins to reduce leverage over the next two years though good execution is necessary to maintain leverage at a more sustainable level. The rating also incorporates ongoing operational risks, including the challenge of replacing lost volumes following the exit of Pabst, execution risk to profitably onboard and ramp up new business wins, the need to invest to adjust product offerings as consumer preferences change, and potential for further business losses if customers shift production in-house or to other co-packers. Additionally, the timing to restore operational efficiency remains uncertain and is partly reliant on factors outside City Brewing's control. Balancing these challenges, City Brewing benefits from its position as the largest non-brand owning alcoholic beverage co-packer in the US, supported by a long-standing and increasingly diversified customer and product base, four geographically spread production facilities—especially following the addition of Irwindale—and attractive positioning in fast-growing premium beverage categories. The company's business model is further strengthened by high barriers to entry, moderate commodity exposure, and improved liquidity following the recapitalization, which provides greater financial flexibility to pursue its turnaround strategy and growth initiatives. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlooks reflect that City Brewing's improved liquidity and reduced debt burden provide the company with a more stable financial foundation and the flexibility needed to implement its turnaround strategy. A rating upgrade could be considered if the company executes well on expansion initiatives, restores operating efficiencies and growth, improves the EBITDA margin, reduces leverage, and generates positive free cash flow. A downgrade could occur in the case of further operational difficulties, including any material delays in getting new capacity on-line to successfully ramp up production, failure to regain customers and fulfill their orders, failure to improve margins, or sustained loss of significant customer business that would leave capacity underutilized. Debt to EBITDA leverage remaining elevated, a deterioration in liquidity or a decline in estimated recovery values could also lead to a downgrade. The new credit facilities include the following: Incremental debt capacity up to $20 million, which, with respect to the priority in right of payment, will rank junior to the super priority term loans and equal to or junior to the first out term loans. There is no inside maturity. The credit agreement prohibits the designation of unrestricted subsidiaries, preventing collateral "leakage" to such subsidiaries. The Company, the Borrower and the Subsidiaries are not permitted to dispose of or release any brewing facility or IP rights to any non-guarantor subsidiary. La Crosse Brewing Facility cannot be held by a non-loan party at any time. Amendments authorizing the incurrence of additional debt for the purpose of influencing voting thresholds require affected lender consent. Any intercompany debt owed to non-guarantors must be subordinated. The credit agreement provides some limitations on up-tiering transactions, requiring affected lender consent for amendments that: (i) contractually subordinate or have the effect of subordinating the debt or liens, or (ii) permit the incurrence of any debt that is senior in right of payment or lien priority, including through an upsize of the existing tranches or by increasing the amount of loans or other obligations permitted to be incurred, unless such lenders can ratably participate in such priming debt. COMPANY PROFILE Headquartered in La Crosse, WI, City Brewing Company, LLC is engaged primarily in the contract production and packaging of beverages including beer and malt based alcoholic beverages, teas, and energy drinks. Customers include large branded, independent beverage makers and marketers, including companies engaged in both the alcoholic and non-alcoholic beverage segments. The company operates breweries in La Crosse, WI, Latrobe, PA and Memphis, TN. The purchase in 2021 of the Irwindale, CA equipment and leasehold added a fourth brewery on the west coast. Following the August 2025 recapitalization, the company is owned by a group of the company's previous lenders. City Brewing's net sales for last twelve months ended June 2025 were over $500 million. However, these revenues are predominately fees from co-packaging services provided and thus may not be comparable with revenues generated by other beverage manufacturers. The principal methodology used in these ratings was Alcoholic Beverages 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. CIVIL LLC: Pocahontas Land, et al. Win Bid to Seal Exhibits ----------------------------------------------------------- Judge David L. Bissett of the United States Bankruptcy Court for the Southern District of West Virginia granted Pocahontas Land LLC, Pocahontas Surface Interests LLC, Pocahontas Holdings LLC, Pocahontas Sales & Logistics LLC, and Western Pocahontas Properties Limited Partnership's motion for leave to file under seal certain exhibits in the adversary proceeding captioned as CIVIL, LLC, RESILIENT MINING, LLC, RESILIENT EAGLE LLC, and POCAHONTAS PROCESSING LLC, Plaintiffs, v. POCAHONTAS LAND LLC, POCAHONTAS SURFACE INTERESTS LLC, POCAHONTAS HOLDINGS LLC, POCAHONTAS SALES & LOGISTICS LLC, and WESTERN POCAHONTAS PROPERTIES LIMITED PARTNERSHIP, Defendants, Adv. Proc. No. 2:25-ap-02008 (Bankr. S.D. West Va.). Upon review of the Defendants' Motion for Leave to File Under Seal and Integrated Memorandum of Law in Support, the Court finds that good cause exists for the reasons stated in the Motion to seal Exhibits 6, 7, 8, 9, 10, 11, 12, 13, 19, and 20 to Defendants' Motion to Dismiss. Exhibits 6, 7, 8, 9, 10, 11, 12, and 13 consist of purchase orders between Plaintiffs and Defendants. These purchase orders contain exact information regarding payment amounts, payment structures, and the terms of such purchases. According to the Defendants, this information is confidential, sensitive business information that, if disclosed publicly, would be detrimental to Defendants' business operations. They contend competitors in the market could utilize this information to gain an unfair advantage against Defendants, knowing the pricing and payment structure utilized by Defendants' businesses, as well as gleaning private, confidential information regarding Defendants' business operations. They argue release of this information would not aid the public's understanding of an important historical event, and the public does not already have access to the information contained in the purchase orders. Redaction of these documents is impractical, as the purchase orders are not lengthy, with essential terms ubiquitous throughout, meaning redactions would consist of essentially the entire documents. Exhibit 19 is an amendment to the Deep Water lease, while Exhibit 20 consists of the entire coal lease relevant to the Delbarton coal processing plant. According to the Defendants, similar to the purchase orders, these documents contain exact payment structures, lease terms, and sensitive information regarding the exact structure and format of Defendants' business operations. They argue releasing this information to the public would be detrimental to Defendants' business operations, allowing competitors in the market to analyze the exact structure and nature of Defendants' operations, thereby providing competitors with an unfair advantage against Defendants. This information would not aid the public in its understanding of an important historical event. They argue while some of the information contained in the lease, such as the description of the leased property, is available to the public, the vast majority of the lease contains sensitive commercial information regarding the exact nature of Defendants' leasing terms and operational structure. Redaction of these documents is likewise impractical, given that the detailed terms and descriptions of the nature of Defendants' business are entirely throughout such documents, meaning redactions would consist of essentially the entirety of these documents. A copy of the Court's Proceeding Memorandum and Order dated October 9, 2025, is available at https://urlcurt.com/u?l=ZqFf9A from PacerMonitor.com. A copy of the Defendants' Motion to Seal dated October 9, 2025 is available at https://urlcurt.com/u?l=brNA6x from PacerMonitor.com. About Civil, LLC Civil, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. W.Va. Case No. 2:25-bk-20179) on August 20, 2025. In the petition signed by Barry W. Tackett, chief restructuring officer, the Debtor disclosed between $50 million and $100 million in assets and between $10 million and $50 million in liabilities. Judge B. Mckay Mignault oversees the case. J. Zachary Balasko, Esq., at Steptoe and Johnson PLLC, represents the Debtor as legal counsel. CLEAN AIR: Court Enters Pretrial Scheduling Order ------------------------------------------------- Judge Nancy Hershey Lord of the United States Bankruptcy Court for the Eastern District of New York entered a pretrial scheduling order in the following adversary proceedings: 1. Clean Air Car Service & Parking Branch Two, LLC, Plaintiff, -against- Clean Air Car Service & Parking Corp., Clean Air Car Service & Parking Branch Three, LLC, and Kevin S. Wang, Defendants, Adv. Pro. No. 24-01007 (NHL); 2. Operr Plaza, LLC, Plaintiff, -against- Operr Group, Inc. and Kevin S. Wang, Defendants, Adv. Pro. No. 24-01008 (NHL); 3. Clean Air Car Service & Parking Corp., Clean Air Car Service & Parking Branch Three, LLC, Plaintiffs, -against- Clean Air Car Service & Parking Branch Two, LLC, IV - CVCF NEB REO, LLC, LAZ Parking Ltd, LLC, Defendants, Adv. Pro. No. 24-01064 (NHL); and 4. Operr Group, Inc. Plaintiff, -against- IV-CVCF NEB REO, LLC, Operr Plaza, LLC Defendants, Adv. Pro. No. 24-01065 (NHL). The Court enters this Order in an effort to expedite the disposition of the matter, discourage wasteful pretrial activities, and improve the quality of the trial through thorough preparation. The parties are ordered to confer as soon as possible pursuant to Fed. R. Civ. P. 26, made applicable to this proceeding by Fed. R. Bankr. P. 7026, no later than October 30, 2025. The parties must file, within 14 days of the Rule 26(f) conference, a certification that the Rule 26(f) conference has taken place, as well as a written report outlining a proposed discovery plan including all topics covered by Rule 26(f). Discovery must be completed by December 29, 2025, unless the Court, upon appropriate motion and/or consideration of the discovery plan, alters the time and manner of discovery. By February 27, 2026, the parties must file the Joint Pretrial Memorandum, Failure to strictly comply with all of the provisions of this Order may result in the automatic entry of a dismissal or a default as the circumstances warrant in accordance with Fed. R. Civ. P. 16, made applicable to this proceeding by Fed. R. Bankr. P. 7016. A copy of the Court's Order is available at https://urlcurt.com/u?l=L4Vaj6 from PacerMonitor.com. About Clean Air Car Service and Operr Plaza Clean Air Car Service & Parking Branch Two, LLC, and Operr Plaza, LLC filed Chapter 11 bankruptcy petitions (Bankr. E.D.N.Y. Lead Case No. 23-41937) on May 31, 2023. At the time of filing, Clean Air Car Service reported $1 million to $10 million in assets and $10 million to $50 million in liabilities while Operr Plaza reported $10 million to $50 million in both assets and liabilities. Judge Nancy Hershey Lord oversees the cases. The Debtors tapped Westerman Ball Ederer Miller Zucker & Sharfstein, LLP, as bankruptcy counsel. CLEAR GUIDE: Employs Tydings & Rosenberg as Legal Counsel --------------------------------------------------------- Clear Guide Medical, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Tydings & Rosenberg LLP to serve as attorneys for the Debtor and Debtor-in-Possession in its Chapter 11 case. Tydings & Rosenberg LLP will provide these services: (a) provide the Debtor legal advice with respect to its powers and duties as a debtor-in-possession and in the operation of its business; (b) represent the Debtor in defense of any proceedings instituted to obtain relief from the automatic stay under Sec. 362(a) of the Bankruptcy Code; (c) prepare any necessary applications, answers, orders, operating reports and other legal papers, and appear on the Debtor's behalf in proceedings instituted by or against the Debtor; (d) assist the Debtor with any sale of its assets under Section 363 of the Bankruptcy Code; (e) assist the Debtor in the preparation of schedules, statement of financial affairs, and any amendments thereto which the Debtor may be required to file in this case; (f) assist the Debtor in the preparation of a plan; (g) prosecute affirmative claims on behalf of the Debtor seeking the recovery of any assets; (h) assist the Debtor with other legal matters, including, among others, securities, corporate, real estate, tax, intellectual property, employee relations, general litigation, and bankruptcy legal work; and (i) perform all other legal services for the Debtor which may be necessary or desirable in this bankruptcy case. According to court filings, Tydings & Rosenberg LLP received a prepetition retainer of $82,500. From this amount, the firm was paid prepetition fees of $28,529.50 and the filing fee of $1,738.00. The firm is presently holding a balance of $53,970.50 to be applied against post-petition fees and costs as approved by the Court. Tydings & Rosenberg LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Stephen B. Gerald, Esq. TYDINGS & ROSENBERG LLP 1 East Pratt Street, Suite 901 Baltimore, MD 21202 Telephone: (410) 752-9700 E-mail: sgerald@tydings.com About Clear Guide Medical Inc. Clear Guide Medical Inc., a privately held company headquartered in Baltimore, Maryland, develops next-generation navigation technology for minimally invasive medical procedures, including biopsies, ablations, pain injections, and peripheral nerve blocks. The Company's offerings, including the CLEAR GUIDE SCENERGY system and the SuperPROBE platform, integrate image fusion and instrument guidance using computer vision to enhance procedural efficiency and reduce healthcare costs. Clear Guide Medical is a spinout of Johns Hopkins Medical Institutions and Johns Hopkins University and provides solutions across multiple imaging modalities for interventional radiology and surgical applications. Clear Guide Medical Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-19171) on October 1, 2025. In its petition, the Debtor reports total assets as of December 31, 2024 amounting to $1,347,691 and total liabilities as of December 31, 2025 of $683,594. Honorable Bankruptcy Judge Michelle M. Harner handles the case. The Debtor is represented by Stephen B. Gerald, Esq. of TYDINGS & ROSENBERG LLP. COLLABORATIVE TECHNOLOGY: Kevin Neiman Named Subchapter V Trustee ----------------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Kevin Neiman as Subchapter V trustee for Collaborative Technology Solutions International, LLC. Mr. Neiman will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Neiman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kevin S. Neiman PO Box 100455 Denver, CO 80250 Tel: (303) 996-8637 Fax: (877) 611-6839 Email: trustee@ksnpc.com About Collaborative Technology Solutions International Collaborative Technology Solutions International, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-16557) on October 9, 2025, with $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Kimberley H. Tyson presides over the case. Aaron A. Garber, Esq. represents the Debtor as legal counsel. COLLABORATIVE TECHNOLOGY: Taps Wadsworth Garber Warner as Counsel ----------------------------------------------------------------- Collaborative Technology Solutions International, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Wadsworth Garber Warner Conrardy, P.C. to serve as bankruptcy counsel in its Chapter 11 case. WGWC will provide these services: (a) prepare on behalf of the Debtor all necessary reports, orders, and other legal papers required in this Chapter 11 proceeding; (b) perform all legal services for the Debtor as a Debtor-in-possession which may become necessary herein; and (c) represent the Debtor in any litigation which the Debtor determines is in the best interest of the estate whether in state or federal court(s). The firm is holding a retainer in the amount of $22,519.50 and seeks court approval for the same. The professionals' hourly rates are: David V. Wadsworth $500 Aaron A. Garber $500 David J. Warner $425 Aaron J. Conrardy $425 Hallie Cooper $225 and Paralegals $125 Wadsworth Garber Warner Conrardy, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Aaron A. Garber, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Telecopy: (303) 296-7600 E-mail: agarber@wgwc-law.com About Collaborative Technology Solutions International, Inc. Collaborative Technology Solutions International LLC provides technology consulting and cloud-based solutions to small and mid-market organizations worldwide, offering advisory services, project implementations, and ticket-based support for CRM and other cloud platforms. The Company customizes its services to meet individual business needs and integrates technologies from providers such as Microsoft, Amazon Web Services, Zapier, Opero, ZoomInfo, Formstack, HubSpot, ActiveCampaign, Conga, DocuSign, and QuickBooks. It partners with firms including Owls Head, Cloudstreet, and Insycle to enhance its service offerings. Collaborative Technology Solutions International LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-16557) on October 9, 2025. In its petition, the Debtor reports total assets of $380,763 and total liabilities of $1,092,702. Honorable Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtor is represented by Aaron A. Garber, Esq. of WADSWORTH GARBER WARNER CONRARDY, P.C. COMPANION CARE: Seeks to Use Cash Collateral -------------------------------------------- Companion Care Partners, LLC asks the U.S. Bankruptcy Court for the Eastern District of Pennsylvania for authority to use cash collateral and provide adequate protection. The funds are primarily secured by the U.S. Small Business Administration to maintain essential business operations. This includes paying employees, purchasing supplies, and covering other operational and administrative costs. The Debtor, which provides in-home care services to elderly and disabled individuals, was severely impacted by a cyberattack on Change Healthcare in early 2024. The attack caused long-term disruptions in payment processing, stretching the Debtor's usual billing cycle and leading to cash flow issues. The Debtor had to rely on personal funds and high-interest financing to continue operations. As of the bankruptcy filing, the Debtor carries $1.15 million in total debt, with $71,410 as secured debt. The Debtor argues that unless it is granted access to its post-petition cash collateral, it will face immediate and irreparable harm, including an inability to pay wages, maintain client services, or continue daily business functions. This could endanger the lives of vulnerable clients who rely on home care services to avoid institutionalization. The Debtor asserts that its secured creditors are adequately protected by an equity cushion, which bankruptcy courts have historically recognized as sufficient justification for allowing debtors to use cash collateral. A court hearing is scheduled for November 4. About Companion Care Partners Companion Care Partners, LLC provides in-home care services for elderly and disabled individuals and has operated since 2014. The Debtor filed a Chapter 11 petition (Bankr. E.D. Pa. Case No. 25-11859) on May 9, 2025, listing under $1 million in both assets and liabilities. Judge Derek J. Baker oversees the case. Demetrius J. Parrish Jr., Esq., is the Debtor's legal counsel. CONNER CREEK: RAD Wins Summary Judgment in Adversary Case --------------------------------------------------------- Judge Thomas J. Tucker of the United States Bankruptcy Court for the Eastern District of Michigan denied the motion for partial summary judgment filed by Stuart A. Gold, trustee for Conner Center LLC, against RAD Conversion Specialists, LLC in the adversary proceeding captioned as STUART A. GOLD, TRUSTEE, Plaintiff, vs. BENJAMIN O. DAVIS VETERANS VILLAGE LIMITED DIVIDEND HOUSING ASSOCIATION LIMITED PARTNERSHIP, et al., Defendants, Adv. No. 25-4076 (Bankr. E.D. Mich.). The Court granted summary judgment for RAD on Count II of the Trustee's complaint. In the Motion, the Plaintiff Trustee seeks summary judgment against RAD on Count II of the Trustee's five-count Complaint. In Count II, the Trustee seeks avoidance and recovery of a transfer of $209,646.56, made by means of a wire transfer to RAD on Sept. 22, 2023, a few minutes after the Debtor, Conner Creek Center LLC, filed its voluntary Chapter 11 bankruptcy petition. The Transfer was payment of part of the proceeds of the sale of certain real estate owned by the Debtor. The Debtor owned roughly 16 acres of real estate, located at 4777 East Outer Drive, Detroit, Michigan. Pre-petition, the Debtor made an agreement to sell a certain part of this real estate, consisting of 2.69 acres ("Parcel B"), to the Defendant Benjamin O. Davis Veterans Village Limited Partnership ("BOD"). The Debtor had agreed to sell Parcel B to BOD, free and clear of all liens, for $700,000.00, in an agreement entitled "Purchase Option Agreement" dated April 1, 2023. The closing of the Debtor's sale of Parcel B began shortly before the Debtor filed its bankruptcy petition. The Trustee alleges that the $209,646.56 Transfer to RAD, which was made a few minutes after the Debtor filed its bankruptcy petition, was an unauthorized post-petition transfer of property of the bankruptcy estate, avoidable under 11 U.S.C. Sec. 549(a). And the Trustee seeks recovery of the Transfer amount from RAD, under 11 U.S.C. Sec. 550(a)(1). When the $209,646.56 Transfer was made, the funds at issue, the right to receive such funds, and the right to receive all the proceeds from the sale of Parcel B, were not property of the bankruptcy estate. That is because pre-petition, the Debtor had transferred ownership of all of those rights to RAD and Premier Property Management, LLC. This pre-petition transfer was made by means of a document dated Sept. 15, 2023, entitled "Loan Agreement," that was signed by the Debtor. Paragraph 4 of that document -- Sept. 15, 2023 Assignment -- states the Debtor's assignment to RAD and Premier of the Debtor's right to proceeds of its sale of Parcel B, was "to the extent necessary to repay the Loans in full." The term "Loans" is defined in the Sept. 15, 2023 Loan Agreement to mean, collectively, three specific loans that RAD and Premier had made to the Debtor, in principal amounts totaling $680,928.57, plus interest. According to the Court, the Sept. 15, 2023 Assignment was a valid, effective assignment under Michigan law, by the Debtor to RAD and Premier, of all of the Debtor's contractual right to receive from BOD any of the $700,000.00 purchase price for the Debtor's sale of Parcel B, under the Purchase Agreement with BOD. As a result, beginning well before the Debtor filed its bankruptcy petition on Sept. 22, 2023, the Debtor no longer owned any right to receive sale proceeds from its sale of Parcel B. It follows that while the $209,646.56 Transfer was a post-petition transfer, it was not in any part a transfer of property of the bankruptcy estate. The Transfer therefore is not avoidable under 11 U.S.C. Sec. 549(a)(1), and Count II of the Trustee's Complaint fails, the Court finds. Applying Michigan law, the Court concludes from the language of the Sept. 15, 2023 Assignment that it unambiguously transferred the Debtor's ownership of its contractual right to payment of any proceeds under its Purchase Agreement with BOD. It was a transfer of ownership, not the granting of a security interest. A copy of the Court's Opinion and Order is available at https://urlcurt.com/u?l=DOBfZG from PacerMonitor.com. About Corner Creek Center LLC Corner Creek Center LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-48356) on September 22, 2023. In the petition signed by Andrew McLemore, managing member, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Thomas J. Tucker oversees the case. Scott M. Kwiatkowski, Esq., at Goldstein Bershad & Fried PC, represents the Debtor as legal counsel. CORVIAS CAMPUS: Unsecureds to Get Share of GUC Recovery ------------------------------------------------------- Corvias Campus Living - USG, LLC filed with the U.S. Bankruptcy Court for the District of Delaware a Combined Disclosure Statement and Plan of Liquidation dated October 8, 2025. The Debtor is a member-managed, single purpose entity that was formed in Delaware. CCL - USG's sole member is Corvias, LLC. The sole member of Corvias, LLC is Corvias Group, LLC. CCL – USG, under the Project Lease Documents, leases and manages approximately 10,000 student beds totaling over 3 million square feet of living space on the USG Campuses as a public-private partnership (the "P3") with the The Board of Regents for the University System of Georgia (the "BOR"), involving the lease, design, construction, management, operation, maintenance, repair and replacement of certain student housing resources on the USG Campuses. Following the successful outcome of the mediation and the execution of the Term Sheet, the Debtor continued to focus on operating the USG Student Housing Program in the ordinary course and maintaining relationships with trade creditors. Simultaneously, the Debtor began working hand in hand with the BOR on implementing the transactions contemplated by the Term Sheet, including drafting the Asset Purchase Agreement, Transition Services Agreement, and the Combined Disclosure Statement and Plan. Further, the Debtor worked closely with the Noteholder Group and other key stakeholders to negotiate the Effective Date Budget to fund the chapter 11 case through the Effective Date, consistent with the Term Sheet. After several weeks of negotiations, the Debtor, the BOR, the Consenting Noteholders and the Corvias Parties reached agreement on the material terms of this Plan, which include the Sale to the BOR of the Projects and related assets free and clear of liens, claims, encumbrances and other interests in January 2026, following completion of the Fall 2025 semester, with (i) the Sale Proceeds, less $3,000,000 for the Debtor's Estate, (ii) additional Available Cash on Hand being distributed to the Noteholders and (iii) mutual releases. Over the coming months, the Debtor, the BOR and campus representatives will work to ensure that operations remain unchanged through year-end, followed by a seamless management transition back to the BOR. In addition, the Combined Disclosure Statement and Plan provides for the treatment of Claims and Interests of the Debtor's creditors and stakeholders. The Debtor believes the Plan represents the best outcome for all creditors and parties in interest. Class 4 consists of General Unsecured Claims. Except to the extent that the Holder of an Allowed Claim in Class 4 agrees to less favorable treatment (or such other treatment which the Debtor or the Post Effective Date Debtor, as applicable, and the Holder of such Allowed Class 4 Claim have agreed upon in writing), each Holder of an Allowed Claim in Class 4 shall receive in full and final satisfaction, settlement, and release of and in exchange for its Allowed Class 4 Claim, its Pro Rata share of the GUC Recovery. For the avoidance of doubt, the Collateral Agent and Noteholders shall not receive any portion of the GUC Recovery. On the Effective Date, the Debtor shall consummate the sale and transfer of the Transferred Assets to the BOR, and, in exchange the BOR shall remit payment of the Sale Proceeds in accordance with the terms of the Asset Purchase Agreement and this Plan. To effectuate the transfer to the BOR of ownership and control of the Projects pursuant to this Plan the Project Lease Documents will be rejected and terminated as of the Effective Date. In addition, the BOR shall retain and be paid its BOR Administrative Claim and BOR Utility Payment, and waive and release all other claims, including default interest, late fees, attorneys' fees, rejection damages claims, and claims pursuant to 503(b)(3)(D) against the Debtor and its Estate. On the Effective Date, the BOR shall pay the Sale Proceeds as follows (1) $205,000,000 on behalf of the Debtor directly to the Collateral Agent, for itself and for the benefit of the Noteholders and (2) $3,500,000 to the Debtor as Additional Effective Date Cash less the BOR Utility Payment. On the Effective Date, $3,000,000 of the Additional Effective Date Cash, less the BOR Utility Payment, will be deposited into an unencumbered account to be held as Estate Funds and will be available to pay (a) Holders of Allowed Claims (not including the Noteholders, Collateral Agent, or Noteholder Claims) and (b) Post-Effective Date Debtor Expenses. A full-text copy of the Combined Disclosure Statement and Plan dated October 8, 2025 is available at https://urlcurt.com/u?l=oDBzH3 from PacerMonitor.com at no charge. The Debtor's Counsel: Derek C. Abbott, Esq. Matthew O. Talmo, Esq. Tamara K. Mann, Esq. Brenna A. Dolphin, Esq. Brianna N.V. Turner, Esq. MORRIS NICHOLS ARSHT & TUNNELL, LLP 1201 North Market Street #1600 Wilmington DE 19081 Tel: (302) 658-9200 Fax: (302) 658-3989 Email: dabbott@morrisnichols.com mtalmo@morrisnichols.com tmann@morrisnichols.com bdolphin@morrisnichols.com bturner@morrisnichols.com About Corvias Campus Living-USG Corvias Campus Living-USG, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11214 on June 25, 2025, listing between $10 million and $50 million in assets and between $500 million and $1 billion in liabilities. Thelma Edgell, president, signed the petition. Judge Laurie Selber Silverstein oversees the case. The Debtor tapped Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell, LLP as counsel; CohnReznick LLP as financial advisor; and Donlin, Recano & Company LLC as administrative advisor. COTTON HOUSE: Gets One-Month Extension to Use Cash Collateral ------------------------------------------------------------- Cotton House Craft Brewers, LLC received a one-month extension from The U.S. Bankruptcy Court for the Eastern District of North Carolina to use cash collateral. The court authorized the Debtor to use cash collateral from October 5 to November 5 to pay the operational expenses listed in its budget, subject to a 10% variance per budget line item. The Debtor projects total operational expenses of $47,879 for the interim period. The Debtor has identified several secured creditors, including First Bank, the U.S. Small Business Administration, Square Financial Services, Rapid Finance, and Headway Capital, whose collateral may include the Debtor's cash assets. The interim order granted these creditors replacement liens on post-petition assets as adequate protection for the use of their collateral, along with potential administrative expense claims under Section 507(b) if necessary. The order remains effective until modified, terminated, or replaced by a final order. A further hearing is scheduled for November 18. The Debtor operates a brewery and taproom in Cary, North Carolina, and relies primarily on funds from beverage and merchandise sales. Due to financial difficulties stemming from high operating costs and merchant cash advance obligations, the Debtor required use of cash collateral to cover essential expenses such as payroll, rent, utilities, taxes, insurance, and production supplies. The Court found that such use was critical for the Debtor's reorganization efforts and in the best interest of creditors. About Cotton House Craft Brewers Cotton House Craft Brewers LLC, also known as Triangle Beer Co., is a family-owned brewery in Cary, NC, committed to crafting unique and high-quality beers. With a focus on local ingredients, the Company collaborates with nearby farmers and artisans to deliver fresh, distinctive brews that reflect the community's spirit. In addition to beer, it offers food trucks and host private events. Cotton House Craft Brewers filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-01294) on April 8, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Joseph N. Callaway handles the case. The Debtor is represented by Joseph Z. Frost, Esq., at Buckmiller & Frost, PLLC. COX OPERATING: Trustee Seeks to Keep 'Looting' Suit Alive --------------------------------------------------------- Alex Wolf of Bloomberg Law reports that the trustee in charge of winding down Cox Operating LLC has asked a Louisiana court to deny former executives' bids to dismiss a lawsuit accusing them of looting the bankrupt oil company. Trustee Michael D. Warner said former chairman Brad Cox and other leaders orchestrated a pattern of self-enrichment that pushed the company into financial ruin, treating it as their "personal piggy bank," according to the report. According to Warner, the complaint provides enough specific detail about insider misconduct and fiduciary breaches to proceed to trial. He argued that dismissing the case would let those responsible for the company's collapse escape scrutiny for serious financial wrongdoing. About Cox Operating LLC Cox Operating LLC provides offshore drilling services. The Company extracts oil from wells from offshore Florida to Texas. On May 12, 2023, certain trade creditors filed an involuntary petition under chapter 7 of the Bankruptcy Code against debtor Cox Operating (Bankr. E.D. La. Case No. 23-10734). The petitioning creditors -- Keystone Chemical, LLC, et al. -- are represented by the Slyvester Law Firm. Cox Operating LLC along with affiliates M21K, LLC, EPL Oil & Gas, LLC, Cox Oil Offshore, L.L.C., Energy XXI Gulf Coast, LLC, and Energy XXI GOM, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90328) on May 14, 2023. The Debtors have sought joint administration of the cases under In re MLCJR LLC (Bankr. S.D. Tex. Lead Case No. 23-90324). The cases are overseen by Honorable Bankruptcy Judge Christopher M. Lopez. In its petition, Cox Operating estimated assets and liabilities between $100 million and $500 million each. The Debtors tapped the law firms of Latham & Watkins LLP and Jackson Walker LLP as counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Moelis & Company LLC, as investment banker. CPG RESTAURANT: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------- CPG Restaurant Corp. filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Eastern District of New York on October 15, 2025. The filing lists the company's liabilities ranging from $100,001 to $1 million. CPG Restaurant Corp. estimates having 1 to 49 creditors. About CPG Restaurant Corp. CPG Restaurant Corp. operates multiple casual dining locations including Cheesie’s Pub & Grub, Whiskey Business, and Lost Reef Lounge—and virtual concepts like Broke, High & Hungry, and Bob’s Bomb Burgers, specializing in comfort food and beverages available for both in-house dining and delivery. CPG Restaurant Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44958) on October 15, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and liabilities Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Lawrence Morrison, Esq. CPI HOLDCO: $500MM Upsized Term Loan No Impact on Moody's Ba3 CFR ----------------------------------------------------------------- Moody's Ratings says that the Ba3 long-term corporate family and debt ratings of CPI Holdco B, LLC (CPI), the borrowing entity for Creative Planning, LLC, are unaffected by the upsizing of its senior secured bank credit facility. The outlook remains stable. CPI intends to raise an additional $500 million through an add-on to its existing term loan. Together with cash on hand, the proceeds will be used to finance the acquisition of SageView Advisory Group, LLC, a retirement plan advisory firm, as well as other acquisitions currently under letters of intent. The company's revolving credit facility will also increase by $300 million. The key terms and conditions of the credit agreement are expected to remain unchanged. The transaction will modestly increase CPI's debt leverage; but its acquisition of SageView strengthens its retirement advisory business. Pro forma for the transaction, the adjusted debt-to-EBITDA ratio will rise to 4.7x from 4.4x for the twelve months ending June 30, 2025. Despite the higher leverage, the expanded capacity of the company's revolving credit facility enhances its liquidity profile. SageView will add over $250 billion in assets under management and advisement to Creative Planning, significantly expanding its national footprint and doubling the number of retirement plan participants who could potentially transition into private wealth clients. CPI's Ba3 corporate family rating reflects its strong organic asset growth, profitable business model, and stable network of advisors and financial professionals. These strengths are offset by the company's elevated leverage, concentrated ownership, and earnings sensitivity to broader financial market conditions. The stable outlook reflects Moody's expectations that CPI will continue to grow its scale while maintaining profitability and debt leverage at levels consistent with its current rating profile. CPW CORP: Court Extends Cash Collateral Access to Dec. 26 --------------------------------------------------------- CPW Corp. received another extension from the U.S. Bankruptcy Court for the District of Connecticut, Hartford Division, to use cash collateral to fund operations. The court issued a second preliminary order authorizing the Debtor to use cash collateral from October 10 to December 26 to pay operating expenses according to its budget. Several creditors including the Connecticut Department of Revenue Services and the U.S. Small Business Administration may hold secured claims against the Debtor's assets. As adequate protection, these creditors will be granted replacement liens on all real and personal property acquired or generated by the Debtor before and after its Chapter 11 filing, with the same validity, enforceability, priority and extent as their pre-bankruptcy liens. As additional protection, the Connecticut Department of Revenue Services will receive a monthly payment of $3,500 during the interim period. A final hearing is scheduled for December 18, with objections due by December 15. The Debtor filed for Chapter 11 relief to halt an ongoing eviction trial initiated by its landlord, George Dallas, Sr., who has allegedly attempted to take over the business. The landlord failed to complete required repairs per the lease and later attempted to claim a disputed $100,000 in back rent -- ignoring a prior accord that resolved mutual financial obligations. Subsequently, the landlord registered an LLC under the same name as the Debtor's long-standing brand and initiated eviction proceedings. The Debtor believes these actions constitute deceptive practices and seeks to assert defenses such as equitable nonforfeiture. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/ucqiX from PacerMonitor.com. About CPW Corp. CPW Corp. operates in the restaurants industry. CPW Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 25-20930) on September 4, 2025. In its petition, the Debtor reported up to $100,000 in assets and between $100,001 and $1 million in liabilities. The Debtor is represented by Jeffrey M. Sklarz, Esq., at Green & Sklarz, LLC. CURARE LABORATORY: Court Affirms Dismissal of Solar, et al. Suit ---------------------------------------------------------------- In the appeal styled CURARE LABORATORY, L.L.C., INDIVIDUALLY AND DERIVATIVELY ON BEHALF OF BLUEWATER TOXICOLOGY, L.L.C., APPELLANT v. SOLAR HOLDINGS GROUP, L.L.C.; JENNIFER BOLUS; AND PRAVEEN ARLA, APPELLEES, Judges Audra J. Eckerle, Jacqueline M. Caldwell and Susanne M. Cetrulo of the Kentucky Court of Appeals affirmed the order of the Fayette Circuit Court that dismissed both Curare Laboratory, L.L.C.'s direct and derivative claims on the grounds of res judicata. Prior to 2017, Solar Holdings Group, L.L.C. owned Bluewater, which operates as a scientific testing laboratory. Appellee Jennifer Bolus was the majority holder of Solar and the manager of Bluewater. Appellee Praveen Arla was the minority member of Solar. In 2017, Curare purchased an 80% interest in Bluewater for $4,000,000 from Solar. Curare paid $250,000 at closing, and it was to finance the remaining balance through monthly payments. However, Curare quickly defaulted, and Solar filed a lawsuit in Fayette Circuit Court, Case No. 17-CI-04443. The Circuit Court entered a temporary injunction divesting Curare of all rights in Bluewater. Curare petitioned for a writ of prohibition from this Court to prevent enforcement of the injunction, and this Court denied relief. While Solar's lawsuit was pending, Curare filed for Chapter 11 bankruptcy in the United States Bankruptcy Court of the Western District of Kentucky (Case No. 21-31588-CRM). While the bankruptcy was pending, Curare also filed an associated adversarial proceeding in the Bankruptcy Court (Case No. 21-03025-CRM) in which it challenged what it characterized as an illegal transfer of approximately $5,300,000 from Bluewater after the bankruptcy petition was filed. As part of its bankruptcy plan, Curare indicated that as 80% member of Bluewater, it intended to file civil and/or adversarial proceedings to enforce individual and derivative claims. Bluewater, Solar, Bolus, and Arla filed motions to dismiss the adversary proceeding, arguing that the Bankruptcy Court lacked jurisdiction because the assets Curare attempted to claim did not belong to Curare but rather to Bluewater. They also argued that Curare failed to state a claim upon which relief could be granted because Curare had been divested of its interest in Bluewater by the Circuit Court. The parties extensively briefed the Bankruptcy Court, which on October 25, 2022, issued an order dismissing the adversarial proceeding pursuant to Federal Rule of Civil Procedure ("FRCP") 12(b)(1) (lack of subject matter jurisdiction) and 12(b)(6) (failure to state a claim upon which relief can be granted). It also eventually dismissed the bankruptcy petition. In July 2023, Curare filed the underlying complaint in the instant action, raising numerous claims on behalf of itself and derivatively on behalf of Bluewater, including unjust enrichment, breach of fiduciary duty, and violation of the Kentucky Uniform Voidable Transactions Act. Motions to dismiss were filed by Solar, Bolus, and Arla, who argued that, because the Bankruptcy Court dismissed the adversary proceeding on the grounds of failure to state a claim, res judicata applied. Curare argued that the adversarial proceeding was dismissed for lack of subject matter jurisdiction and thus, that res judicata did not apply. The parties filed numerous briefs, and the Circuit Court held two lengthy hearings. Ultimately, the Circuit Court dismissed Curare's complaint, including the derivative claims, on the grounds of res judicata. This appeal followed. Curare's arguments on appeal are two-fold: (1) the order dismissing the adversary proceeding by the Bankruptcy Court was not a judgment on the merits; and (2) the doctrine of res judicata is inapplicable to the derivative claims on behalf of Bluewater because there is neither identity of parties nor claims. Curare argues that the Bankruptcy Court cannot simultaneously hold that it lacks subject matter jurisdiction and then rule on the merits by dismissing the action with prejudice due to failure of Curare to state a claim. Curare's argument is certainly logical. However, it suffers because Curare never raised it in federal court. Further, once the order was entered, Curare did not file a motion to alter, amend, or vacate pursuant to FRCP 59(e) for the purpose of additional findings and/or clarity in the allegedly conflicted reasoning. Curare also did not appeal the order. The panel holds, "We agree that, had the Bankruptcy Court dismissed the adversarial proceeding due only to a lack of subject matter jurisdiction, it would not constitute a judgment on the merits. The Circuit Court also spent a great deal of time and effort attempting to ascertain whether the derivative claims could have been brought in Bankruptcy Court. According to the panel, "We agree with the Circuit Court's reasoning that it is logically impossible to separate Curare's claims related to the alleged transfer of Bluewater's funds from the bankruptcy proceedings, whether as direct or derivative claims. In other words, it makes sense that the outcome of Curare's claims regarding transfer of funds from Bluewater would have impacted Curare's bankruptcy estate as 80% shareholder. Curare failed to explain convincingly any reason that the outcome could be otherwise." Res Judicata The more direct question before the Appeals Court is whether the Circuit Court correctly applied res judicata as related to claim or issue preclusion. The rule of res judicata is an affirmative defense which operates to bar repetitious suits involving the same cause of action. The doctrine of res judicata is formed by two subparts: 1) claim preclusion and 2) issue preclusion. The panel concludes, "As to the first prong of the analysis, the issues in the case sub judice are the same issues presented in the adversary proceeding: the alleged unauthorized transfer of funds from Bluewater to Solar and/or Bolus and/or Arla, and Curare's claims to those funds as 80% shareholder in Bluewater. Second, this issue was actually litigated before the Bankruptcy Court, which dismissed it for failure to state a claim. Unfortunately, we do not know the underlying reasoning behind the Bankruptcy Court's order. Nevertheless, Curare has failed to convince us that the issues were not the same. Here, the claims clearly arise from the same nucleus of facts surrounding alleged transfer of funds from Bluewater by Solar and/or Bolus. It is unclear why the claims were not brought as counterclaims by Curare in 17-CI-04443; nevertheless, Curare chose to pursue the claims in Bankruptcy Court where they were dismissed with prejudice due to failure to state a claim pursuant to FRCP 12(b)(6). This dismissal constitutes the third ground of the issue having been actually decided. Fourth, the ground of failure to state a claim on which relief may be granted was certainly subsumed within the Bankruptcy Court's order of dismissal. Accordingly, the doctrine of res judicata would apply to bar this suit. Thus, the Circuit Court did not err." A copy of the Court's Opinion is available at https://urlcurt.com/u?l=DNnrjd About Curare Laboratory Curare Laboratory LLC, a medical laboratory in Louisville, Ky., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ky. Case No. 21-31588) on July 29, 2021, with up to $50,000 in assets and up to $500,000 in liabilities. Tyler Burke, manager, signed the petition. Judge Charles R. Merrill oversees the case. Kaplan Johnson Abate & Bird, LLP and Stites & Harbison, PLLC serve as the Debtor's bankruptcy counsel and special counsel, respectively. CV SCIENCES: Issues $600K Secured Note With Institutional Investor ------------------------------------------------------------------ CV Sciences, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a Note Purchase Agreement with an institutional investor, pursuant to which the Company issued and sold to the Investor a secured promissory note in the original principal amount of $600,000. The transaction closed on October 7, 2025. The Note carries an original issuance discount of $150,000 which was deducted from the proceeds of the Note received by the Company. In addition, the Company paid the Investor $150,000 associated with the modification of the original note purchase agreement dated February 12, 2025, as modified on September 12, 2025. As a result, the Company received net proceeds of $300,000. In addition, the Company paid $13,125 to the Investor to cover its legal and other fees. The unpaid amount of the Note, any interest, fees, charges and late fees accrued shall be due and payable on April 6, 2027 (the "Maturity Date"). The Company is required to make monthly repayments to the investor starting on April 6, 2026 of $46,153.85. The Company can pay all or any portion of the outstanding balance earlier than it is due without penalty. In the event the Company repays the Note in full on or before the six-month anniversary of the Closing Date, the Company will receive a discount of 8% from the outstanding balance. The Note is secured by all of the Company's assets and assets of the Company's subsidiaries pursuant to a Security Agreement entered into with the Investor on October 6, 2025. In addition, the Company and its subsidiaries entered into an Intellectual Property Security Agreement with the Investor pursuant to which the Company and its subsidiaries granted to the Investor a security interest in the Company's intellectual property. No additional interest will accrue on the Note unless and until an occurrence of an event of default (as discussed below). The Note provides for customary events of default (each as defined in the Note, an "Event of Default"), including, among other things, the nonpayment when due of principal, interest, fees or other amounts, a representation or warranty proving to have been incorrect when made, failure to perform or observe covenants within a specified cure period, a cross-default to certain other indebtedness and material agreements of the Company, and the occurrence of a bankruptcy, insolvency or similar event affecting the Company. Upon the occurrence of certain significant Events of Default as specified in the Note, the Investor may increase the outstanding balance of the Note by 20%, and upon the occurrence of certain Events of Default, the Investor may increase the outstanding balance of the Note by 5%. Upon the occurrence of an Event of Default, the Investor may declare all amounts owed under the Note immediately due and payable. In addition, upon the occurrence of an Event of Default, interest shall begin accruing on the outstanding balance of the Note from the date of the Event of Default equal to the lesser of 18% per annum and the maximum rate allowable under law. The preceding descriptions of the Purchase Agreement, Note, Security Agreement, and Intellectual Property Security Agreement do not purport to be complete and are qualified in their entirety by the full text of the Purchase Agreement, Note, Security Agreement, and Intellectual Property Security Agreement of which are filed as exhibits to the 8-K report, available https://tinyurl.com/2s38hxhb About CV Sciences CV Sciences Inc., based in San Diego, California, develops and sells hemp extract and other natural ingredient products through business-to-business and direct-to-consumer channels in the United States. The Company markets its products under the +PlusCBD brand, which is distributed at retail locations nationwide. CV Sciences manufactures and tests its products in line with regulatory and internal standards, and its +PlusCBD brand has obtained self-affirmed GRAS status. In its audit report dated March 27, 2025, Haskell & White LLP included a "going concern" qualification citing that the Company has experienced recurring operating losses, negative cash flows from operations, and has limited liquid resources. These matters raise substantial doubt about the Company's ability to continue as a going concern. CV Sciences reported total assets of $7.95 million, total liabilities of $6.15 million, and total stockholders' equity of $1.80 million as of June 30, 2025. The Company said management has implemented and continues to execute strategic cost reductions, including cuts to employee headcount, vendor spending, and certain drug development expenses, and may take additional operational measures if deemed necessary to support the business and shareholder interests. D LASSEN LLC: Unsecureds Will Get 0.5% of Claims over 5 Years ------------------------------------------------------------- D Lassen LLC filed with the U.S. Bankruptcy Court for the Northern District of California a Disclosure Statement describing Plan of Reorganization dated October 8, 2025. The Debtor owns and operates a hotel branded under the "Super 8" franchise located at 4673 Lassen Road, Livermore, California (the "Property"). The evens leading to the filing of the present bankruptcy case were the default on the payments and a foreclosure sale of the Property. The Debtor filed the present case to save the Property from the foreclosure and reorganization its obligations to the creditors. Class 2 consists of General Unsecured Claims. In the present case, the Debtor estimates that there are approximately $109,235,846.66 in general unsecured debts. Holders of General Unsecured Claims will receive their pro-rata share of $8,934.00 per month for a total of $536,040.00 over the five-year period of the Plan. The payments will start on the first day of the first month following the month within which the effective date occurs. Based on the proposed payments, the unsecured class will receive approximately 0.5% of their claims. This Class is impaired. Class 3 consists of Interest Holders. The Debtor's interest holders are Jagmohan Dhillon and Amandeep Dhillon. They are both managing members of the Debtor and they each hold a 50% equity ownership interest in the Debtor. They do not hold any pre-petition or post-petition claims against the Debtor. Mr. and Mrs. Dhillon will retain their equity interest in the Debtor. The Debtor will fund the Plan from the continued operation of its Motel. The Debtor will have a reserve account or third-party funding in the event there are not sufficient funds in the estate to cover the deficits reflected in the budget. A full-text copy of the Disclosure Statement dated October 8, 2025 is available at https://urlcurt.com/u?l=9uYovo from PacerMonitor.com at no charge. D Lassen LLC is represented by: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Blvd, 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: Michael.Berger@bankruptcypower.com About D Lassen LLC D Lassen, LLC operates the Super 8 Livermore motel and owns the property at 4673 Lassen Road, Livermore, California. The property is estimated to be worth $5.5 million. D Lassen sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-40887) on May 21, 2025. In its petition, the Debtor reported total assets of $5,630,234 and total liabilities of $112,331,714. Judge William J. Lafferty oversees the case. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger is the Debtor's bankruptcy counsel. State Bank of Texas is represented by: Christopher J. Conant, Esq. Hatch Ray Olsen Conant, LLC 730 17TH Street, Suite 200 Denver, CO 80202 Telephone: (303) 298-1800 cconant@hatchlawyers.com D&D ELECTRICAL: Ch.11 Case Dismissal Motion to Be Heard Nov. 5 -------------------------------------------------------------- The Honorable Sean H. Lane of the United States Bankruptcy Court for the Southern District of New York adjourns all matters in the chapter 11 cases of D&D Electrical Construction Company Inc., including the adversary proceedings, until November 5, 2025 at 10:00 a.m. The Court directs the relevant parties to agree upon a supplemental briefing schedule to include the filing contemplated by the United States Attorney's Office and any response by the Debtor. The USAO represents the Internal Revenue Service in the Debtor's chapter 11 bankruptcy case. It seeks leave to file a brief joining the motion of the U.S. Trustee to dismiss or convert this case to one under chapter 7 and to set a briefing schedule for the Government's filing in light of the lapse in congressional funding for the Department of Justice. In addition, the Government requests that the hearing on the Motion, scheduled for October 9, 2025, be adjourned until after the Government submits its brief. On September 8, 2025, the Trustee filed its Motion pursuant to 11 U.S.C. Sec. 1112, seeking dismissal or conversion to chapter 7 because the debtor has failed to: (1) timely remit its employee trust-fund taxes; (2) produce a copy of its 2023 tax return; (3) file monthly operating reports; and (4) pay statutory quarterly fees. As many of the grounds for the Motion relate to the Debtor's federal taxes, the Government seeks an opportunity to join the Trustee's Motion and provide additional information about Debtor's tax filings and liabilities. With the consent of the Debtor and Trustee, and in light of the lapse in funding for the Department of Justice, the Government seeks leave of the Court to file a brief joining the Trustee's Motion and asks that the deadline for its submission be due two weeks after the restoration of funding. In addition, the Government respectfully proposes that the hearing on the Motion be adjourned until after the Government files its brief. A copy of the USAO's letter to the Court is available at https://urlcurt.com/u?l=5L155K from PacerMonitor.com. About D&D Electrical Construction D&D Electrical Construction Company Inc. is a full service electrical contracting firm. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-22694) on Aug. 6, 2024, with $10 million to $50 million in assets and liabilities. Stephen Buckley, president, signed the petition. Judge Sean H. Lane presides over the case. Julie Curley, Esq., at KIRBY AISNER & CURLEY LLP, is the Debtor's legal counsel. DAOVENQUY88 LLC: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- DaoVenQuy88, LLC and DaoVenQuy, LLC got the green light from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to use cash collateral. At the recent hearing, the court authorized the Debtors' interim use of cash collateral and set a final hearing for November 3. The Debtors are subject to multiple UCC-1 financing statements filed by various alleged secured creditors claiming liens on all assets of the businesses. For DaoVenQuy88, three filings were identified: two by Timberland Bank and one by Funding Metrics, LLC. For DaoVenQuy, five filings were found: one by Timberland Bank, one by Loot Financial Services Corp, two from unknown creditors, and another from Funding Metrics, LLC. All creditors claim security interests in all business assets. The Debtors have each submitted a 14-day and 30-day budget detailing projected revenue and necessary expenses. These expenses are to be funded by the Debtors' ongoing restaurant income, which will be deposited into debtor-in-possession accounts. The Debtors intend to use the cash collateral to cover these budgeted items. About DaoVenQuy88 LLC DaoVenQuy88, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52391-cag) on October 7, 2025. In the petition signed by Dao Tran, owner, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Craig A. Gargotta oversees the case. Robert C Lane, Esq., at The Lane Law Firm, represents the Debtor as legal counsel. DAVID RAMOS: Gets Interim OK to Use Cash Collateral --------------------------------------------------- David Ramos Roofing & Remodeling Co. received interim approval from the U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division, to use cash collateral. The court's interim order authorized the Debtor to use cash collateral to pay $213,750.89 in expenses. The Debtor was also authorized to provide the U.S. Small Business Administration and other lienholders with adequate protection in the form of re-granting post-petition liens to the lienholders in the same amount, priority and extent as their pre-bankruptcy security interests, if any, in the cash collateral. As additional protection, the SBA will receive a monthly payment of $1,671.81, beginning on October 30. Events of default under the interim order include the Debtor's failure to make payments to the SBA, dismissal or conversion of the Debtor's Chapter 11 case to one under Chapter 7; entry of an order removing David Ramos as debtor-in-possession; and the appointment of a trustee. The final hearing is set for November 10. The deadline for filing objections is on November 6. David Ramos' business provides roofing and related services to residential and commercial clients and has experienced significant revenue growth since its formation in 2019 by Robert Ramos. However, its financial condition deteriorated due to internal misconduct and competition formed by former executives. These setbacks, coupled with increased operational costs and debt from expansion, led the Debtor to seek bankruptcy relief. Ramos personally invested substantial time and resources in an attempt to stabilize the company but eventually determined that a Chapter 11 filing was necessary. The SBA holds a first-priority blanket lien over all the Debtor's assets, secured through UCC financing statements. Other potential subordinate lienholders include Equipment Leasing Group of America, Franklin Capital Management and Group, Global Merchant Cash Inc., Fundkite, Vivian Capital Group, and PIRS Capital. While some lien filings contain technical discrepancies such as incorrect debtor names or questions about the legitimacy of the underlying debt, the Debtor acknowledges these parties as potential secured creditors, albeit while reserving all rights to challenge their claims. A copy of the interim order is available at https://is.gd/41LkbM from PacerMonitor.com. About David Ramos Roofing & Remodeling Co. David Ramos Roofing & Remodeling Co. provides residential and commercial roofing, storm damage repairs, gutter installation, and siding services across Central Ohio, including Columbus, Bexley, Dublin, Gahanna, Hilliard, Westerville, and surrounding communities. It serves homeowners and businesses seeking exterior home improvement and roofing solutions. David Ramos Roofing & Remodeling Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-54299) on September 30, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mina Nami Khorrami handles the case. The Debtor is represented by David Whittaker, Esq., at Allen Stovall Neuman & Ashton, LLP. DHUKAN GHAR: Seeks Chapter 11 Bankruptcy in New Jersey ------------------------------------------------------ On October 16, 2025, Dhukan Ghar LLC voluntarily filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of New Jersey. The filing indicates that the company's liabilities estimated between $1 million and $10 million. The debtor further noted that it has 1 to 49 creditors. About Dhukan Ghar LLC Dhukan Ghar LLC is a single asset real estate company. Dhukan Ghar LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-20999) on October 16, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. The Debtor is represented by David L. Stevens, Esq. of Scura, Wigfield, Heyer & Stevens. DIAMOND COMIC: Seeks to Extend Plan Exclusivity to Jan. 13, 2026 ---------------------------------------------------------------- Diamond Comic Distributors, Inc. and its affiliates asked the U.S. Bankruptcy Court for the District of Maryland to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 13, 2026 and March 16, 2026, respectively. These chapter 11 cases involve four jointly-administered Debtors, which employed over four hundred people as of the Petition Date. As disclosed in the Debtors' schedules of assets and liabilities, the Debtors have over 1,000 creditors and had over $80 million in debt. The number of creditors and size of the debt mandated the Debtors to file the Notice of Application of Complex Chapter 11 Case Procedures as required by the Complex Chapter 11 Case Procedures of the Local Bankruptcy Rules. The Debtors explain that the extension request is reasonable and consistent with the prosecution of these chapter 11 cases because it will provide the Debtors with additional time to consider important issues, negotiate, draft and finalize a plan, and solicit acceptances. Allowing the Exclusive Periods to lapse now would defeat the purpose of section 1121 and deprive the Debtors and their creditors of the benefit of a meaningful and reasonable opportunity to negotiate the liquidation of certain assets and a consensual plan. The Debtors claim that since the Petition Date, the companies have paid, or are working to pay, their undisputed postpetition obligations in the ordinary course of business or as otherwise required by Court order. The Debtors assert that their progress in achieving their goals of obtaining Court approval of the Sale Orders, and the subsequent closing of the sales to Universal and Sparkle Pop demonstrate that the Debtors will be able to approach the plan formulation in an effective manner. An extension of the Exclusive Periods will allow the Debtors adequate time to monetize their remaining assets and then negotiate a chapter 11 plan with the key stakeholders, file the plan, and solicit votes on the plan. The Debtors further assert that they need additional time to focus on litigating or otherwise resolving their claims against their consignment vendors, the prosecution of the Debtors' claims against AENT, and to analyze claims in these cases. The requested extensions of the Exclusive Periods will provide the Debtors with the time needed to address these issues and allow the Debtors to focus on monetizing the estates' remaining assets in a manner that best serves the estates and the Debtors' creditors and establishing a framework for a chapter 11 plan, if appropriate. The Debtors state that they are not seeking an extension of the Exclusive Periods to pressure the Debtors' creditors or other parties in interest, and the Debtors believe that no party in interest will be prejudiced by the extension of the Exclusive Periods. The Debtors intend to use the extended Exclusive Periods to, among other things, continue to negotiate with their consignment vendors, analyze proof of claims, litigate claims against AENT, determine the best exit strategy for these cases, and negotiate with the Committee and other parties in interest. The Debtors cite that they require additional time to administer these cases and monetize their remaining assets in a manner that maximizes value for the Debtors' estates and creditors while formulating a plan, if appropriate, to distribute those assets. As such, the Debtors submit that creditors will not be prejudiced by an extension of the Exclusive Periods. The Debtors' Counsel: Jordan D. Rosenfeld, Esq. SAUL EWING LLP 1001 Fleet Street, 9th Floor Baltimore, MD 21202 Tel: (410) 332-8600 Email: jordan.rosenfeld@saul.com - and - Jeffrey C. Hampton, Esq. Adam H. Isenberg, Esq. Turner N. Falk, Esq. 1500 Market Street, 38th Floor Philadelphia, PA 19102 Tel: (215) 972-7777 Email: jeffrey.hampton@saul.com adam.isenberg@saul.com turner.falk@saul.com - and - Mark Minuti, Esq. Paige N. Topper, Esq. Nicholas Smargiassi, Esq. 1201 N. Market Street, Suite 2300 Wilmington, DE 19801 Tel: (302) 421-6800 Email: mark.minuti@saul.com paige.topper@saul.com nicholas.smargiassi@saul.com About Diamond Comic Distributors Founded in 1982, Diamond Comic Distributors Inc. offers a multi-channel platform of publishing, marketing and fulfillment services, coupled with an unparalleled global distribution Network for its retailers, publishers and vendors. Diamond Comic Distributors and its affiliates filed Chapter 11 petitions (Bankr. D. Md. Case No. 25-10308) on Jan. 14, 2025. At the time of the filing, Diamond Comic Distributors reported between $50 million and $100 million in both assets and liabilities. Judge David E. Rice handles the case. The Debtors tapped Saul Ewing, LLP as legal counsel; Getzler Henrich & Associates, LLC as financial advisor; Raymond James & Associates, Inc., as investment banker; and Stephenson Harwood, LLP as U.K. counsel. Omni Agent Solutions is the Debtors' claims and noticing agent and administrative agent. DIOCESE OF OGDENSBURG: Defends Mediator Choice Against Insurers --------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that the official committee of unsecured creditors in the Roman Catholic Diocese of Ogdensburg's bankruptcy case has opposed efforts by insurers -- including units of Allianz SE and Chubb Ltd. -- to exclude former bankruptcy judge Melanie Cyganowski from serving as a mediator. The case, filed in the Northern District of New York, seeks to resolve claims stemming from decades of alleged sexual abuse within the diocese. Creditors expressed confidence in Cyganowski's ability to manage insurer negotiations effectively, pointing to her "recent successes" in similar diocesan bankruptcy cases where she helped broker meaningful settlements. They argued that her experience and impartiality would strengthen mediation efforts. Both the diocese and the creditors' committee have urged the court to allow Cyganowski's appointment to move forward, contending that the insurers' attempt to bar her is counterproductive and would only delay resolution for survivors and other claimants, according to report. About Roman Catholic Diocese of Ogdensburg The Diocese of Ogdensburg is a Latin Church ecclesiastical territory, or diocese, of the Catholic Church in the North Country region of New York State in the United States. It is a suffragan diocese in the ecclesiastical province of the Archdiocese of New York. Its cathedral is St. Mary's in Ogdensburg. The Diocese of Ogdensburg was founded on February 16, 1872. It comprises the entirety of Clinton, Essex, Franklin, Jefferson, Lewis and St. Lawrence counties and the northern portions of Hamilton and Herkimer counties. The current bishop is Terry Ronald LaValley. On July 17, 2023, the Roman Catholic Diocese of Ogdensburg sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 23-60507), with $10 million and $50 million in both assets and liabilities. Mark Mashaw, diocesan fiscal officer, signed the petition. Judge Patrick G. Radel oversees the case. Bond, Schoeneck & King, PLLC is the Diocese's bankruptcy counsel. Stretto, Inc., is the claims agent and administrative advisor. DMO NORTH: Seeks Cash Collateral Access Until Nov. 3 ---------------------------------------------------- DMO North Hampton Realty, LLC asks the U.S. Bankruptcy Court for the District of New Hampshire for authority to use cash collateral and provide adequate protection. The Debtor owns real estate located at 137 Lafayette Road, North Hampton, New Hampshire, currently leased to a commercial tenant, McFarland Kia. The primary secured creditor is Primary Bank, which holds two loans: a $2.8 million "February Loan" secured by a mortgage on the property, and a $10.8 million "June Loan" associated with a related entity owned by the Debtor’s principal. Primary Bank claims the property secures both loans due to alleged cross-default and cross-collateralization clauses, a point the Debtor disputes. A foreclosure had been scheduled for August 20 but was preempted by the bankruptcy filing. The Debtor is willing to make monthly mortgage payments of $15,666 to Primary Bank as adequate protection but opposes any further payments beyond that. It asserted that Primary Bank has already received $30,000 in post-petition rent, likely satisfying the September obligation. The property is believed to be worth approximately $4.5 million, while the February Loan balance is just over $2.4 million. DMO requests that the court allow it to continue using the post-petition rent as cash collateral, while granting Primary Bank replacement liens with the same priority as pre-petition liens, without determining the validity or extent of those liens at this stage. The Debtor further certifies that it has no employees, unsecured creditors, or other operational expenses, as the tenant is responsible for all utilities and taxes under a triple-net lease. A court hearing is scheduled for October 29. About DMO North Hampton Realty DMO North Hampton Realty LLC is a single-asset real estate entity, as defined in 11 U.S.C. Section 101(51B), that leases commercial and residential properties. DMO North Hampton Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.H. Case No. 25-10578) on August 19, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Judge Kimberly Bacher oversees the case. The Debtor is represented by William J. Amann, Esq. at Amann Burnett, PLLC. DOOR COUNTY: Nacelle Files Competing Plan ----------------------------------------- Nacelle Logistics, LLC and Nacelle Biogas Equipment Funding 2019, LLC (collectively "Nacelle"), creditors of Door County Environmental Energy LLC, submitted a Combined Alternative Plan of Reorganization and Disclosure Statement for the Debtor dated October 7, 2025. The Debtor is a limited liability company whose members are Clean AG, LLC, which holds a 40% membership interest in the Debtor, and S&S JerseyLand Dairy, LLC, which holds a 60% membership interest in the Debtor. JerseyLand is a large-scale dairy business that consists of 5,370 milking cows with a total herd size of approximately 8,800. Nacelle performs its work for DCEE pursuant to a Master Services Agreement ("MSA") and a Statement of Work No. 1 ("SOW") (together, including amendments, the "Service Contract"). Nacelle provides the on-site biogas processing that produces the "conditioned" gas that meets certain agreed-to requirements and pipeline specifications. Nacelle provides all the gas processing equipment to convert the raw biogas produced by the digester into pipeline quality RNG. Nacelle proposes an alternative plan that ensures financial stability and future growth that will avoid the necessity of yet another bankruptcy proceeding or liquidation of the Debtor's assets. AOH has full-spectrum capabilities that include design, development, financing, construction, and operations of RNG facilities throughout the US, and it has the financial backing of Energy Capital Partners. Under its alternative Plan, Nacelle proposes an immediate repayment of at least 25% of unsecured debt, and 50% of GAB's secured debt, with full repayment of all creditors within five years. Because Nacelle's equipment will remain in place, as opposed to Debtor's plan, there will be no project downtime or major new investment required. Nacelle's plan also provides for amending the lease agreement with JerseyLand so that JerseyLand receives a royalty that increases as pricing increases, but in any event provides revenue to the dairy even during times when LCFS prices and RIN prices are very low. Under the Nacelle Plan, most creditors will receive distributions on account of their respective allowed claims and interests, including general unsecured creditors. Most general unsecured creditors will receive dividends comprising 100% of their allowed Claims. By contrast, were the Debtor to be liquidated, it is likely that the Debtor's senior secured creditors would receive all of the available net proceeds for distribution, and no proceeds would be available to make distributions to unsecured creditors or other interest holders. Nacelle therefore recommends that all claimants and interest holders vote to accept the Nacelle Plan. Class 3 consists of the general unsecured claims of Nacelle in the amount of approximately $1.6 million and Foxland, in the amount of approximately $500,000. These Claims shall be paid as follows: 25% of each claimant’s then outstanding claim amount paid upon the Effective Date of the Plan, and the balance of each claim to be paid upon AOH receiving 175% of its investment returned, at which time these classes will be paid out of the available cash flow at the following rates: 24.6% of Nacelle's remaining claim in full over 5 years; and 7.3% of Foxland's remaining claim in full over 5 years. Class 4 consists of General Unsecured Trade Debt. Class 4 consists of trade debt of approximately $100,000 which shall be paid in full on the Effective Date of the Plan. Class 5 consists of Equity Interest Holders of the Debtor. All existing equity interest holders of the Debtor shall receive zero distribution and no new equity interests in the reorganized Debtor. AOH shall be awarded 100% new equity interest in the reorganized debtor in exchange for its contribution of $3.25 million dollars in capital. To effectuate the proposed Nacelle Plan, the Digester shall continue operating. AOH will utilize profits, revenues, and income from its operations, and cash on hand on the Effective Date to fund the proposed Nacelle Plan. In addition, AOH will inject $3.25 million, which will be essential for solvency, business operations, and potential investments, ultimately aiming to improve the debtor's financial stability and its ability to repay its creditors. A full-text copy of the Combined Alternative Plan of Reorganization and Disclosure Statement dated October 7, 2025 is available at https://urlcurt.com/u?l=8Hyf5H from PacerMonitor.com at no charge. Counsel to Nacelle Logistics, LLC and Nacelle Biogas: MURPHY DESMOND S.C. Jane F. Zimmerman, Esq. Daniel J. McGarry, Esq. 33 E. Main Street, Suite 500 Madison, WI 53703 Tel (608) 257-7181 Fax (608) 257-2508 Email: jzimmerman@murphydesmond.com dmcgarry@murphydesmond.com About Door County Environmental Energy Door County Environmental Energy LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 24-26772) on Dec. 19, 2024. In the petition filed by Chris A. Lenzendorf, as authorized signatory of Door County Environmental Energy LLC, the Debtor estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Beth E. Hanan oversees the case. The Debtor is represented by Claire Ann Richman, Esq. at RICHMAN & RICHMAN LLC. German American State Bank, as lender, is represented by: Sara C. McNamara, Esq. REINHART BOERNER VAN DEUREN S.C. 1000 North Water Street, Suite 1700 Milwaukee, WI 53202 Tel: (414) 298-1000 Email: smcnamara@reinhartlaw.com ECOM AUTHORITY: Seeks to Sell Consumer Goods Inventory at Auction ----------------------------------------------------------------- ECom Authority, LLC, seeks permission from the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, to sell consumer goods inventory at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor seeks to sell approximately 1,325 pallets of consumer goods inventory that are stored at its warehouse in Medley, Florida at auction or bulk sale. On June 5, 2025, the Debtor executed and delivered an assignment for the benefit of creditors to Philip J. von Kahle pursuant to Chapter 727 of the Florida Statutes. That same day, the Assignee commenced an assignment for the benefit of creditors proceeding (ABC Case) in the Circuit Court of the Eleventh Judicial Circuit in and for Miami-Dade County, Florida. ` Court documents state that (a) approximately 96% of the inventory (approximately 1275 pallets) appears to be property of the estate, while (b) 4% of the inventory (approximately 50 pallets) appears to be separately identifiable property owned by third party store owners. Ecom proposes to sell (a) the 1275 pallets of Ecom's inventory, subject to receiving a carve-out from its secured creditor, and (b) the 50 pallets of third-party inventory, solely upon the agreement of the third parties to share the sale proceeds with the estate (60% to the third party and 40% to the estate). Prior to the ABC Case, the Debtor operated an e-commerce management company supporting Amazon and Walmart third-party sellers. The Debtor's operations included sourcing, purchasing, logistics, and fulfillment through a 68,000-square-foot warehouse in Medley, Florida and through overseas offices. Following the suspension or termination of various seller accounts by Amazon and Walmart in 2024 and 2025, the Debtor ceased operations and elected to liquidate through the ABC Case. At the commencement of the ABC Case, Ecom had a total of 1,325 pallets of inventory stored at the Medley Warehouse. The inventory consisted of consumer products including electronics, kitchen appliances, personal care products, health and wellness items, pet products, and home goods originally intended for sale on Amazon or Walmart. Additional returned inventory continues to arrive at the Medley Warehouse, and the Debtor understands that Walmart may still be holding further inventory pending delivery. Settle Funding, Inc. asserts a security interest in the Debtor. The Debtor's ABC schedules list SFI as a secured creditor with a claim of approximately $3,120,292. The Debtor seeks authority to sell all Debtor Inventory; and all Store Owner Inventory whose owners consent to participate in the sale. The proposed sale will occur in three phases: a timed online public auction of end-user returned goods and items nearing expiration; bulk sales of remaining inventory to interested purchasers; a subsequent timed online auction for any inventory not sold through bulk sales. For the auction sales, the Debtor intends to utilize his affiliated auction company, Moecker Auctions, Inc. Moecker Auctions is uniquely qualified to conduct the sale because it is already familiar with the Debtor, its operations, and the inventory located at the Medley Warehouse. During the ABC Case, Moecker Auctions assisted in securing, organizing, and handling the same inventory that will be subject to the proposed auction and bulk sales. The use of Moecker Auctions was contemplated in Debtor’s application to employ the CRO and will ensure continuity, efficiency, and the maximization of value for the estate. All sales will be free and clear of liens, claims, and encumbrances, with any such interests attaching to the sale proceeds to the same extent and priority as they existed pre-sale. For Store Owner Consent Sales, the Debtor proposes to remit 60% of the gross sale proceeds to the consenting owners, with the remaining 40% retained by the estate. The estate will not incur any commission expense in connection with the sale. Subject to Court approval of its retention, Moecker Auctions will receive a 15% buyer's premium, payable by purchasers in addition to their winning bids. Purchasers will also be charged a 3% service fee, which will cover the cost of the online auction platform and credit card fees. No buyer' s premium or service fee will be charged for bulk inventory sales. All sales will be "as-is, where-is", with no representations or warranties of any kind. ECom Authority, LLC Ecom Authority, LLC is a wholesaler doing business in Texas. Ecom sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17808-LMI) on June 5, 2025. Judge Laurel M. Isicoff presides over the case. The Plaintiff is represented by Alfonso Kennard, Jr., Esq., at KENNARD LAW PC, in Houston, Texas. EDGEWELL PERSONAL: Moody's Alters Outlook on 'Ba3' CFR to Negative ------------------------------------------------------------------ Moody's Ratings affirmed Edgewell Personal Care Company's Ba3 Corporate Family Rating and Ba3-PD Probability of Default Rating. At the same time, Moody's affirmed the Ba3 ratings on the company's senior unsecured notes due 2028 and 2029. Edgewell's SGL-2 speculative grade liquidity rating is unchanged. The outlook was changed to negative from stable. The change to a negative outlook reflects the deterioration in the company's profitability, high debt-to-EBITDA leverage and the risk that leverage will not improve to an acceptable level for a Ba3 rating category in a reasonable time period. The weak metrics and more limited financial flexibility are the result of weak volumes in the North American business and greater reliance on performance from the weather-sensitive Sun Care business, which has seen significant margin pressure. The negative outlook also incorporates headwinds as a result of tariffs which could put further pressure on the EBITDA margin if the company is unable to offset the impact through cost savings and pricing actions. An aggressive financial policy and continued share repurchases despite operating above the company's leverage target are also a factor in the outlook change. Moody's affirmed the ratings because the company's strong leadership position in relatively stable product categories, broad geographic footprint, and good relationships with leading retailers provides a platform to drive operational improvements and deleveraging. While the demand for Edgewell's Sun Care products are sensitive to weather conditions, the beauty and personal care categories are relatively stable otherwise and resilient to declines in economic conditions as consumer use these products on a daily basis. Moody's also expects that some of the recent decline in the EBITDA margin is transitory. Better weather conditions in the sun and skincare season next year is likely to promote stronger earnings in the segment. Cost savings from restructuring initiatives and continued growth in the international business and market share gains across men's grooming, and women's shaving should also support earnings improvement. Further, Edgewell is expecting to complete the consolidation of its manufacturing facilities in Mexico by the fiscal quarter ending March 2026 and will help reduce one-time costs currently pressuring the EBITDA margin. Edgewell is seeing good low-to-mid single digit year-over-year revenue growth in international markets and is gaining share in women's shaving and men's grooming products in the US, although the latter remains a relatively small part of the business. Liquidity is good and Moody's expects annual free cash flow generation north of $100 million over the next 12-18 months will position the company to reduce debt outstanding on its revolving credit facility. Nevertheless, the company is currently weakly positioned within the Ba3 category because leverage remains high and is expected to decline at a slow pace, keeping it above Moody's downgrade factor for the foreseeable future. The challenging economic backdrop including high interest rates is leading consumers to prioritize spending and is putting pressure on volumes. Lower pricing, higher promotional activity, and the adverse impact from foreign exchange rates has also pressured earnings. Moody's believes that high leverage is a risk to the company's ability to navigate further declines in consumer demand and economic headwinds and can also impact investment in brands and operations needed to maintain its market position in highly competitive end markets. Tariffs are also a concern, as the company will need to execute well on mitigation plans to ensure earnings do not further deteriorate. Edgewell competes against significantly larger and better capitalized consumer packaged goods peers which puts it at a disadvantage to aggressively pursue market share and the company has also seen market share declines in certain categories due to increased competition from new entrants and smaller CPG companies. Moody's anticipates debt-to-EBITDA leverage to remain above 5.0x for the fiscal year ending September 2026 compared to 6.2x for the twelve months ending June 2025 and 4.7x for the 12 months ending December 2024. The company's long-term net leverage sits at 3.7x which is above its target of 2-3x (company calculation) as of June 2025. Despite the more conservative leverage target Moody's views financial policy as aggressive due to frequent though moderately sized debt funded acquisitions, implementation of a dividend in 2021, and ongoing share repurchases that have contributed to leverage remaining above the company's target. RATINGS RATIONALE Edgewell Personal Care's Ba3 CFR reflects the company's modest scale in the face of material competitive pressure from significantly larger, more diversified, and better capitalized competitors. The competitive landscape along with Edgewell's concentration towards mature and highly promotional product categories across wet shave and feminine care creates challenging conditions for organic growth. Concentration in mature and competitive product categories is contributing to periodic debt funded acquisitions to lift organic growth potential. Leverage is high due to recent deterioration in the EBITDA margin because of weaker volumes, higher costs, promotional activity, and foreign exchange. Shareholder distributions are aggressive while the company is above its leverage target. For these reasons the company is currently weakly positioned at Ba3. Moody's expects Edgewell will continue to buyback shares but allocate enough free cash flow to fund revolver paydown. Moody's also expects continued focus on reducing leverage towards its stated leverage target. Positively, strong brand recognition across names like Schick, Playtex, and Banana Boat and solid market positions in multiple well-established, albeit somewhat specific, product categories helps the company maintain solid relationships with key retailers and promotes customer reach at the point of sale. Edgewell's personal care focused portfolio is resilient to weakening economic conditions and the company's global footprint helps mitigate the effects of regional downturns. Recent acquisitions like Cremo and Billie provide organic growth opportunities as the company uses its large distribution network and customer relationships to scale these offerings. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade would require continued organic growth and improvement to the EBITDA margin such that debt-to-EBITDA leverage is sustained below 3.0x. An upgrade would also require consistently stronger and stable free cash flow and good liquidity. The ratings could be downgraded if revenue and earnings do not improve and debt-to-EBITDA leverage appears likely to remain above 4.5x. Failure to demonstrate a path to stronger operating performance with material improvement in the credit metrics versus Moody's current expectations could result in a downgrade. Continued share repurchase in lieu of reducing revolver borrowings, a deterioration of liquidity, or acquisitions prior to reducing leverage could also lead to a downgrade. The ratings could also be downgraded if free cash flow after dividends declines such that RCF/Net Debt is sustained below 10%. 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. Edgewell Personal Care Company, based in Shelton, CT manufactures, markets and distributes branded personal care products in the wet shave, skin and sun care, and feminine care categories. The company has a portfolio of over 25 brands including Schick, Wilkinson Sword, Playtex, Stayfree, Carefree, o.b., Banana Boat, Hawaiian Tropic, Billie, Jack Black, Cremo and Wet Ones and a global footprint in over 50 countries. Edgewell is publicly traded and generated LTM June 2025 revenue of around $2.2 billion. ELANCO ANIMAL: Moody's Ups CFR to Ba2 & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings upgraded the ratings of Elanco Animal Health Incorporated (Elanco). The upgraded ratings include the corporate family rating to Ba2 from Ba3, the probability of default rating to Ba2-PD from Ba3-PD, the senior secured bank credit facility ratings to Ba1 from Ba2, and the senior unsecured notes rating to B1 from B2. The speculative grade liquidity rating is unchanged at SGL-1. At the same time, Moody's revised Elanco's outlook to stable from positive. "The ratings upgrade reflects prospects for continued uptake in Elanco's newer products, which combined with ongoing debt reduction will lead to steadily improving credit metric," stated Michael Levesque, Moody's Ratings Senior Vice President. Recent product approvals of note include Zenrelia (for allergic itch and inflammation) and Credelio Quattro (an antiparasitic). Governance considerations are a driver of the rating action, reflecting reduced exposure to negative management credibility and track record factors. While these are still a challenge given previously disappointing earnings and integration challenges, the company has delivered several quarters of solid results including improved top-line growth. RATINGS RATIONALE Elanco's Ba2 rating reflects its good position in the global animal health industry, with annual revenue above $4 billion. Revenue is diverse by product, species and geography. Moody's expects improving organic growth as Elanco's newest products, including Zenrelia and Credelio Quattro, grow over time. Cash flow will steadily expand with earnings growth and declining integration and restructuring expenses. The rating reflects favorable characteristics of the animal health market, which has lower business risk than other healthcare sectors and good long-term growth prospects. These strengths are tempered by moderately high financial leverage, notwithstanding ongoing debt reduction. On Moody's basis, gross debt/EBITDA was 5.1x as of June 30, 2025, but Moody's anticipates steady reduction in line with management's longer term target of 3.0x net leverage. Elanco's recent launches are gaining traction but as new products they face commercial execution risk. Finally, Elanco's top-line growth is solid, but investment in product launches and tariff costs will impede margin expansion. Elanco's CIS-3 (previously CIS-4) indicates that ESG considerations have a limited impact on the current credit rating with potential for greater negative impact over time. Social exposures (S-3) include regulatory efforts related to the use of Elanco's antibiotic products in animal protein production globally, and the potential for changing consumer habits related to meat consumption. Governance exposures (G-3, previously G-4) include inconsistent management credibility and track record. This relates to a historical penchant for debt-funded acquisitions, operational misses to budget, and an innovation portfolio that lagged industry peers. However, improvements are beginning to take hold include a series of new drug approvals and deleveraging from asset sale proceeds. The SGL-1 Speculative Grade Liquidity Rating reflects Moody's views that liquidity will remain very good over the next 12 months, based on positive free cash flow, limited debt amortization or maturities, and good cushion under the maintenance covenants in the $750 million revolving credit agreement expiring in 2029. These include a maximum net debt/EBITDA ratio of 7.71x and a minimum interest coverage ratio of 2.0x. The revolver was undrawn as of June 30, 2025. The outlook is stable, and prospectively includes Moody's expectations of continuing debt reduction and declining financial leverage over the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade include good uptake of new products, solid top-line growth and margin expansion, and continued focus debt reduction. Quantitively, debt/EBITDA sustained below 4.25x could lead to an upgrade. Factors that could lead to a downgrade include sustained below-market growth, significant margin deterioration, or debt-funded acquisitions. Quantitatively, debt/EBITDA sustained above 4.75x could lead to a downgrade. Headquartered in Indianapolis, Indiana, Elanco Animal Health Incorporated is a global manufacturer of animal health products. The company develops, manufactures, and markets pharmaceutical products including vaccines, medicinal feed additives, and preventive medicines for farm animals and pets. For the 12 months ended June 30, 2025 Elanco's revenues totaled approximately $4.5 billion. 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. ELETSON HOLDINGS: Court DQs Reed Smith from Chapter 11 Case ----------------------------------------------------------- Vince Sullivan of Law360 reports that on October 16, 2025, a New York bankruptcy judge has disqualified Reed Smith LLP from further representing clients in the Chapter 11 case of reorganized oil and gas shipping company Eletson Holdings. The court determined that the law firm's clients "no longer exist," effectively ending Reed Smith's participation in the matter. According to the judge's ruling, Reed Smith could not continue to act on behalf of entities that lack legal standing or existence following Eletson's reorganization. The firm's representation was therefore deemed improper under bankruptcy court rules, according to report. The decision highlights the importance of verifying client legitimacy in bankruptcy proceedings. Once a debtor's reorganization is complete, law firms must ensure that any continued representation aligns with the court's recognition of the parties involved, the report states. 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. ELETSON HOLDINGS: Provisional Holdings' Plan Appeals Tossed ----------------------------------------------------------- Judge Lewis J. Liman of the United States District Court for the Southern District of New York granted Eletson Holdings Inc.'s motions to dismiss the appeals filed by Provisional Holdings Inc. and former majority shareholders with respect to the confirmation of the Debtor's reorganization plan. Reed Smith LLP and an entity identifying itself as "Provisional Holdings Inc." appeal from the January 29, 2025, Order in Support of Confirmation and Consummation of the Court-Approved Plan of Reorganization of the United States Bankruptcy Court for the Southern District of New York and the Bankruptcy Court's January 24 Oral Decision incorporated therein. Lassia Investment Company, Glafkos Trust Company, and Family Unit Trust Company -- Former Majority Shareholders -- appeal from that same Order. Provisional Holdings appeals also each and every part of the March 13, 2025 Order of the United States Bankruptcy Court for the Southern District of New York and the court's March 12, 2025 Oral Decision incorporated therein. The Former Majority Shareholders appeal from the March 2025 Order as well. Appellee Eletson Holdings moved to dismiss the appeals filed by Provisional Holdings and the Former Majority Shareholders in three of the appeals. During the Chapter 11 proceedings, the board of directors of Eletson consisted of: Vassilis Hadjieleftheriadis, Konstantinos Hadjieleftheriadis, Ioannis Zilakos, Emmanuel Andreoulakis, Vassilis Kertsikoff, Eleni Giannakopoulou, Panagiotis Konstantaras, and Laskarina Karastamati. Three of those individuals and their families are particularly important to the present appeals, as they controlled the three majority shareholders of Holdings. The family of Laskarina Karastamati controlled Lassia Investment Company; the family of Vassilis Kertsikoff controlled Family Unity Trust Company; and the family of Vassilis Hadjieleftheriadis controlled Glafkos Trust Company. The Creditors and the Debtors submitted competing reorganization plans before the Bankruptcy Court. Under the plan proposed by the Debtors, the Greek families who held a majority interest in Holdings prior to bankruptcy committed to provide funds to the entity in exchange for their continued control of it. The Creditors, by contract, promised to contribute $53.5 million in cash to Holdings through an offering of equity rights to holders of unsecured claims, which would be backed up by a commitment amount by Pach Shemen of the same value. After lengthy hearings, the Bankruptcy Court found that the plan proposed by the Debtors was unconfirmable and infeasible. The Plan was unconfirmable because it did not contribute new value: (1) the supposed new value contribution was not "new" because it came from "inside the Debtors' capital structure," (2) the contribution was contingent upon a final award in the continuing arbitration proceeding, and (3) there was no adequate proof that the funds committed by the Majority Shareholders would "be available over such a long-time horizon." Even if the Debtor's plan had been confirmable, it would not have been feasible. The Bankruptcy Court found: (1) the $37 million in new shareholder value proposed, even if real, provides insufficient funding to make all required day 1 payments under the plan, and (2) the Shareholders did not substantiate that they had "sufficient funds" to actually do so. The Bankruptcy Court found the Petitioning Creditor's plan confirmable as it provides sufficient funding to meet all effective date obligations, and because the Petitioning Creditors have escrowed $43.5 million in cash to fund the Plan. Thus, on October 25, 2024, the Bankruptcy Court issued a decision overruling the objections of Debtors and the Former Majority Shareholders and confirming the plan of reorganization proposed by Petitioning Creditors. Several provisions of the Plan and Confirmation Order are critical to understanding these appeals. The Confirmation Plan vested control of Holdings in the Petitioning Creditors rather than in the three Greek families that had previously controlled the company. On the date the Plan was to become effective, all property in each estate vested in Reorganized Holdings, free and clear of all liens, claims, charges or other encumbrances. The Confirmation Plan became effective on November 19, 2024, 14 days after it was entered, when Holdings, now reorganized, waived all conditions precedent. No stay of the Confirmation Order was sought or obtained by any party. Thus, on the Effective Date, the board members of the former Debtors were deemed to have resigned, the new board of directors was deemed appointed, the equity interest in the former holders was extinguished, and the equity interest was vested in the new holders. Following the Confirmation Order, an entity composed of the Debtors and prior owners of Holdings began representing itself as "Provisional Holdings." So-called Provisional Holdings, as well as the Former Majority Shareholders, undertook a series of actions outside of the United States that the Bankruptcy Court found frustrated the ability of the new owners of Holdings to conduct business as contemplated by the Confirmation Plan. On November 25, 2024, Holdings filed the Emergency Motion of Reorganized Eletson Holdings Inc. for an "Order Imposing Sanctions on Eletson Holdings' (A) Existing Person of Record and (B) Former Shareholders, Officers, Directors, and Counsel, Including Reed Smith LLP." After a one-day trial on January 6, 2025, the Bankruptcy Court issued an Oral Decision on January 24, 2025 and a written order incorporating the Oral Decision, the Consummation Order, on January 29, 2025. In his Oral Decision, Judge Mastando ruled: (1) the confirmation order and Chapter 11 plan are binding on Reorganized Holdings Inc.'s former shareholders, officers, directors, counsel, nominees and others defined in section 1.124 of the plan pursuant to Section 1141 and 1142 of the Bankruptcy Code; and (2) pursuant to section 1142 of the Bankruptcy Code, Reorganized Holdings Inc.'s former shareholders, officers, directors, counsel, and others, as defined in section 1.124 of the plan, are directed to comply with the plan and the confirmation order to assist in effectuating the Chapter 11 plan" and they are ordered to take all steps reasonably necessary as requested by the board of Reorganized Eletson Holdings Inc. or its agent to assist in amending the AOR and updating the corporate governance documents, including the amended articles of incorporation with LISCR, within seven days of the date of the order to be issued following this ruling. On February 5, 2025, the compliance deadline for the Consummation Order passed, Holding's AOR was not updated, and its corporate documents were not amended. On February 6, 2025, Holdings filed the Emergency Motion of Eletson Holdings Inc. for Entry of a Further Order in Support of Confirmation and Consummation of the Court-Approved Plan of Reorganization. Holdings moved the Bankruptcy Court to compel the Ordered Parties to update the AOR and to impose sanctions on the Ordered Parties for their failure to do so. On February 20, 2025, the Bankruptcy Court granted that motion. The Bankruptcy Court found that there was "clear and convincing proof" that the Consummation Order had not been complied with. The March 2025 Order In light of continued noncompliance, on March 13, 2025, the Bankruptcy Court entered an order (incorporating a March 12 Oral Decision) : (1) finding the Former Majority Shareholders as well as others the "Violating Parties") in contempt for ongoing violations of the Confirmation Order and the Consummation Order; (2) authorizing, requiring, directing and ordering the Violating Parties to withdraw any and all filings that oppose or undermine in any way the judicial recognition of the Confirmation Order, including without limitation filings in the Liberian Proceedings and the Greek Proceedings; (3) enjoining the Violating Parties from making any filings in any court seeking to oppose or undermine in any way the judicial recognition of the Confirmation Order including, without limitation, by initiating or prosecuting any legal actions that seeks to oppose or undermine the Confirmation Order; and (4) imposing coercive monetary sanctions in the amount of $5,000 per part per day against each of the Former Majority Shareholders, each of the Former Minority Shareholders, Provisional Holdings, the Provisional Board, and Vasilis Hadjieleftheriadis. Holdings argues that the appeals in Nos. 25-cv-1312, 25-cv-1685, and 25-cv-2824 should be dismissed for several independent reasons: (1) appellant Provisional Holdings does not exist and it has no standing to appeal; (2) none of the appellants is an "aggrieved party," and (3) the Consummation Order is not a final order appealable in this Court. Provisional Holdings, Reed Smith, and the Former Majority Shareholders oppose both motions on all grounds. Provisional Holdings argues that the District Court should reverse the Bankruptcy Court's March 13 Order in appeal No. 25-cv-2824 because the order violated due process and impermissibly applied the Bankruptcy Code extraterritorially. It argues in the alternative that the District Court should abstain from the merits pending adjudication by the Court of Appeals. Holdings argues in response that Provisional Holdings does not exist and so cannot have had its due process rights violated and that the sanctions order does not violate principles of international comity. The Former Majority Shareholders argue in No. 25-cv-2897 that the March 13 Order should be reversed because the Bankruptcy Court failed to make the findings required before imposing a foreign anti-suit injunction and sanctioned the Former Majority Shareholders for the actions of third parties for whom they are not responsible, and because the remaining basis for sanctions has since been eliminated. Holdings responds that the Bankruptcy Court's orders were fully consistent with applicable law governing the imposition of sanctions. Provisional Holdings argues that regardless of its existence or not under Greek law, the Bankruptcy Court has itself recognized Provisional Holdings as a legal entity in the Confirmation Plan itself. But the Confirmation Plan contemplated no such organization -- it was clear that pre-reorganization Holdings ceased to exist upon Confirmation, and that there has always been but one Eletson Holdings, the District Court finds. Looking to the language of the Plan itself, it defined Reorganized Holdings as "reorganized Eletson Holdings from and after the Effective Date." Confirmation Plan Sec. 1.126. According to the District Court, the Plan is clear that it did not create a new entity upon the Effective Date -- instead, it changed who owned and controlled Eletson Holdings. According to Judge Liman, having determined that Provisional Holdings is not a legal entity with standing to sue in this Court, its appeals are dismissed. The appeal in case number No. 24-cv-2824 is therefore dismissed. Holdings has also moved to dismiss the appeals of the Former Majority Shareholders and Reed Smith, in its individual capacity, of the Consummation Order on different grounds. Holdings argues that because the Consummation Order was not a final order, this Court does not possess jurisdiction over the appeals. However, a distinct jurisdictional hurdle, standing, prevents this Court from reaching the question of finality. Judge Liman explains, "The parties before this Court had the opportunity to contest the Confirmation Order itself and could have raised their complaints in that posture. Under the Bankruptcy Code, a party in interest, including an equity security holder, may raise and may appear and be heard on any issue in any case under this chapter. The Former Majority Shareholders and their counsel Reed Smith were capable of such objection on a timely basis. The Former Majority Shareholders would have qualified as 'aggrieved' by the Confirmation Plan as they were the prior equity owners of the company. Even though they were both aggrieved and had notice, they did not file an appeal of the Confirmation Plan within the mandatory fourteen-day window. The Former Majority Shareholders are not now aggrieved by the Consummation Order in any manner distinct from the Confirmation Plan and Confirmation Order, and for that reason, they lack standing to appeal the Consummation Order." According to the District Court, because the Confirmation Order neither imposes pecuniary costs nor increases the parties' burdens, they cannot now claim to be "aggrieved" by the Consummation Order such that they have standing to appeal. Because neither Reed Smith nor the Former Majority Shareholders have standing to pursue their appeals in Nos. 25-cv-1312 and 25-cv-1685, the appeals are dismissed, the District Court holds. The Bankruptcy Court was clear that sanctions imposed on March 13 were in response to the Former Majority Shareholder's failure to comply with their obligations under Chapter 11, the Confirmation Plan, the Confirmation Order, and the Consummation Order. That includes the instruction that the Former Majority Shareholders cooperate in good faith, that they take reasonable steps to effectuate the Plan, and that they carry out the plan and comply with any orders of the court. It is thus not only the actions of the shareholders that serve as the basis for sanctions, but their inaction as well. Judge Liman notes that a core finding of the Bankruptcy Court in its imposition of sanctions was that the Former Majority Shareholders "have never taken any steps to cause Holdings or its subsidiaries to support foreign recognition of the confirmation order." The District Court finds the Bankruptcy Court did not abuse its discretion in finding that the Former Majority Shareholders have not diligently attempted to comply in a reasonable manner. In this case, not only did the parties not meet that burden; their own declarations demonstrate that they could have complied, or attempted compliance, but did not. The certifications from each of the three former shareholders as to their duty to instruct the AOR reveal their lack of compliance. Holdings' motions to dismiss the appeals in Nos. 25-cv-1312, 25-cv-1685, and 25-cv2824 are granted. The Former Majority Shareholders appeals in Nos. 25-cv-2897 and 25-cv-2811 are dismissed. A copy of the Court's Opinion and Order is available at https://urlcurt.com/u?l=OXKYlk from PacerMonitor.com. 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. The Bankruptcy Court on October 25, 2024, issued a decision confirming the plan of reorganization proposed by Petitioning Creditors. The Confirmation Plan became effective on November 19, 2024. ENI DIST: Court Extends Cash Collateral Access ---------------------------------------------- The U.S. Bankruptcy Court for the District of Maryland, Baltimore Division, issued on October 17 its third interim order, allowing ENI DIST, Inc. to continue using cash collateral. This authority will remain in effect until the court issues another interim or final order. The court previously entered a bridge order extending the Debtor's authority to use cash collateral from October 9 to October 17. As adequate protection to ARBA Credit Investors III, LP, the Debtor was ordered to pay its secured creditor $6,000 by November 20; $6,500 by December 22; $7,000 by January 20, 2026; $8,000 by February 20, 2026; $9,000 by March 20, 2026; $10,000 by April 20, 2026; $11,000 by May 20, 2026; and $12,000 by June 22, 2026, and on the 20th day (or the first business day after the 20th day) of each month thereafter until further order of the court. To the extent the cash collateral is used by the Debtor for any purpose other than making adequate protection payments, and such use results in a diminution in the value of cash collateral, creditors holding valid liens on the Debtor's assets will be entitled to replacement liens on all post-petition assets of the Debtor. These replacement liens will have the same priority and extent as the creditors' pre-bankruptcy liens. The third interim order directed the Debtor to consult with ARBA concerning the retention of a financial turnaround professional; file with the court an application to retain such financial turnaround professional by November 1; and hold $6,000 in reserve for payment of its fees. The third interim order is available at https://is.gd/ZjwAe1 from PacerMonitor.com. The court will hold a status conference on November 25. ARBA is represented by: David S. Musgrave, Esq. Gordon Feinblatt, LLC 1001 Fleet Street, Suite 700 Baltimore, MD 21202 Telephone/Fax: (410) 576-4194 dmusgrave@gfrlaw.com About ENI DIST Inc. ENI DIST Inc. imports and distributes Asian food products from South Korea and Southeast Asia. The Company supplies dry, refrigerated, and frozen goods to wholesale distributors, chain retailers, foodservice distributors, and independent supermarkets. It operates a warehouse for handling various product types and offers both local and container drop shipment services across the United States. ENI DIST sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17220) on August 6, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Judge Michelle M. Harner oversees the case. The Debtor is represented by: Weon G. Kim, Esq. Weon G. Kim Law Office Tel: 571-278-3728 Email: jkkchadol99@gmail.com ETROG PROPERTIES: Seeks Cash Collateral Access ---------------------------------------------- Etrog Properties LLC and affiliates ask the U.S. Bankruptcy Court for the Eastern District of New York for authority to use cash collateral and provide adequate protection, in accordance with its agreement with Valley National Bank. Each of the Debtors filed Chapter 11 petitions on July 17 to implement a restructuring support agreement previously reached with the lender. The Debtors collectively own three mixed-use apartment buildings in the Bronx: 938 Intervale Avenue, 916–918 Faile Street, and 2734 Sedgwick Avenue. The RSA provides for a structured auction and marketing process for the properties, anchored by a minimum "affiliated bid" of $8.35 million, along with assumption of administrative and priority claims, totaling an expected transaction value of $9.8 million. This process will be overseen by a broker and subject to higher competing bids. While the auction process is underway, the Debtors require the use of rental income, which constitute cash collateral, to maintain operations and ensure the properties are adequately preserved. Valley National Bank consents to the Debtors' interim and final use of cash collateral and has approved a budget through December 31. This budget allows for payment of essential operating costs such as property taxes, insurance, water bills, management fees, utilities, and repairs. Where feasible, the Debtors also plan to continue payments under prepetition installment agreements with New York City for water charges, arguing these agreements should be treated as executory contracts and maintained to avoid service disruption and penalty interest. Monthly payments under these water agreements total approximately $48,294 across the three properties. Any excess monthly cash flow, beyond operating expenses, is to be turned over to the lender as additional adequate protection for its secured claims. The Debtors further seek to grant the lender replacement liens on all post-petition assets (excluding avoidance actions), with priority over all other claims subject to a carveout for U.S. Trustee fees and limited burial expenses. Importantly, the Debtors' counsel is not receiving a carveout, as the affiliated purchaser has agreed to assume those professional fees as part of the sale. A court hearing is scheduled for October 23. About Etrog Properties LLC Etrog Properties LLC is a single asset real estate company that owns property located at 938 Intervale Avenue in the Bronx, New York. Etrog Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43396) on July 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. The Debtor tapped Kevin J. Nash, Esq., at Goldberg Weprin Finkel Goldstein LLP as counsel and FIA Capital Partners LLC as restructuring advisor. EXCELL COMMUNICATIONS: Taps Maltz Auctions to Liquidate Property ---------------------------------------------------------------- E-Fleet Services Corp., Excell Communications, Inc., and Telecable, Inc. seek approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Maltz Auctions, Inc. as auctioneer to liquidate the Debtors' vehicles, trailers, and other personal property pursuant to Section 327(a) of the Bankruptcy Code. Maltz Auctions, Inc. will provide these services: (a) conduct an auction sale of the Debtors' vehicles, trailers, and other personal property; (b) advertise, market, and promote the assets to be sold; and (c) perform all other necessary services to complete the liquidation in a commercially reasonable manner. Maltz Auctions, Inc. will be compensated pursuant to the terms and conditions of the Auction Agreement approved by the Court. Maltz Auctions, Inc. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. A hearing on the motion is scheduled for October 23, 2025, at 10:00 a.m. before the Honorable Louis A. Scarcella, United States Bankruptcy Judge, in Courtroom 970 of the Alfonse M. D'Amato U.S. Courthouse. The firm can be reached at: MALTZ AUCTIONS, INC. 39 Windsor Place Central Islip, NY 11722 Telephone: (516) 349-7022 Facsimile: (516) 349-0105 E-mail: info@MaltzAuctions.com About Excell Communications Excell Communications, Inc., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-71444) on April 14, 2025. Judge Louis A Scarcella presides over the case. Michael S Amato, at Ruskin Moscou Faltisckek PC, is the Debtor's counsel. FERRELLGAS LP: Moody's Hikes CFR to B2 & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings upgraded Ferrellgas, L.P.'s (Ferrellgas) Corporate Family Rating to B2 from B3 previously, Probability of Default Rating to B2-PD from B3-PD, senior unsecured notes rating to B3 from Caa1 previously. Moody's also assigned B3 rating to the senior unsecured notes due 2030. The Speculative Grade Liquidity Rating (SGL) was upgraded to SGL-3 from SGL-4 and the outlook was changed to stable from negative. "Ferrellgas's proposed revolver extension and senior unsecured notes refinancing transaction will meaningfully improve the company's maturity runway and provide it with more flexibility to continue its efforts to simplify its capital structure," said Jake Leiby, Moody's Ratings Senior Analyst. RATINGS RATIONALE The company refinancing its April 2026 senior notes with the proposed senior notes and concurrently extending the maturity of its revolving credit facility to December 2028 has eliminated is near term refinancing risk that was weighing on its ratings and driving the negative outlook. The ratings upgrades and stable outlook reflect the company's improved debt maturity profile, with the revolver extended three years and no senior notes maturities until 2029. Ferrellgas's B2 CFR is supported by the scale and geographic diversity of its footprint in the US propane distribution industry and the base level of revenue generation provided by its utility-like services offering. The company's credit profile is also supported by its propane tank exchange business, which provides cash flow during the summer and has significant brand value. Ferrellgas has a track record of consistent annual free cash flow generation inclusive of preferred dividends through challenging weather conditions. These positive features of Ferrellgas's credit profile are counterbalanced by its complex capital structure and reliance on volatile winter weather to drive cash flow generation. The company's complicated capital structure includes class A units, class B units, and preferred shares which require $~65 million of annual distributions. Ferrellgas may seek to simplify its equity capital structure in a manner that requires incremental debt and a deterioration of its credit metrics. A simplification of Ferrellgas's capital structure would provide it with more flexibility to pay distributions, however, the company's future distribution policies are yet to be determined. The stable outlook reflects Moody's expectations for Ferrellgas to maintain its credit profile as it endeavors to simplify its capital structure. The SGL-3 rating indicates Moody's expectations for the company to maintain adequate liquidity through at least mid 2027. Pro forma for the proposed refinancing transaction and revolver extension, Moody's expects the company to have $100 million of cash on hand and an undrawn $350 million revolving credit facility. The revolving credit facility is expected to mature in December 2028. Moody's expects Ferrellgas to generate sufficient cash flow to cover its capital spending, interest, preferred dividends, and remaining Eddystone settlement payment. The secured credit facility is expected to require Ferrellgas to adhere to covenants including a minimum interest coverage ratio of 2.5x, minimum total secured leverage ratio of 2.5x, and minimum total net leverage ratio of 5.2x. Moody's expects Ferrellgas to remain in compliance with its covenants. Ferrellgas's senior unsecured notes are rated B3, one notch below the company's B2 CFR, reflecting the notes' structural subordination to the company's secured revolving credit facility (unrated). The company's revolving credit facility has a total commitment of $350 million comprised of a fixed $250 million plus up to $100 million based on a proportion of receivables and inventories, as defined in the credit agreement. The revolver benefits from a first priority over the company's assets, subordinating the senior notes to the claims under the facility. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ferrellgas's ratings could be upgraded if the company addresses its complex capital structure including its preferred shares, clarifies its financial policies, and sustains leverage (Debt/EBITDA) under 4.5x. Ferrellgas's ratings could be downgraded if its liquidity deteriorates or if leverage (Debt/EBITDA) is sustained above 5.5x. The incurrence of significant debt as part of its efforts to simplify its capital structure could also lead to a downgrade. Ferrellgas, L.P. (Ferrellgas), is an operating subsidiary of Ferrellgas Partners L.P., a publicly traded company, that owns and operates propane distribution businesses based in Liberty, Missouri. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. 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. FIRST BRANDS: Wants Speedy Appointment of Examiner in Chapter 11 ---------------------------------------------------------------- Clara Geoghegan of Law360 reports that the U.S. Trustee's Office has joined creditor efforts to scrutinize First Brands' finances, urging the Texas bankruptcy court to appoint an examiner to investigate over $2 billion in unaccounted funds. The motion seeks an independent inquiry into the auto parts company's handling of assets and potential internal misconduct. The Trustee's filing argues that the scope and nature of the missing funds warrant outside oversight, citing possible evidence of fraud or mismanagement by senior leadership. It further contends that an examiner would provide a neutral and transparent assessment of First Brands' financial condition, free from company influence, according to report. If approved, the examiner would probe the company's accounting records, receivable transactions, and cash flow patterns to determine the cause of the discrepancies. Both the Trustee and creditors emphasized that immediate action is essential to protect estate assets and maintain confidence in the restructuring process, the report stataes. Steven Church of Bloomberg News reports that the federal watchdog for corporate bankruptcies has joined a creditor's push for an independent investigation into First Brands Group, which admits it cannot account for approximately $2.3 billion in off-balance-sheet financing arrangements. In court filings, the Office of the U.S. Trustee argued that the evidence of "serious allegations of fraud, dishonesty, incompetence, misconduct, or mismanagement" warrants the expedited appointment of a bankruptcy examiner to oversee the case. Lawyers for the U.S. Trustee, identified as Kevin Epstein, requested that the hearing on the examiner appointment be moved from November 17 to October 29, 2025, the report states. About First Brands Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group LLC listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. Weil, Gotshal and Manges LLP is serving as legal counsel, Lazard is serving as investment banker, Alvarez & Marsal is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to First Brands Group. Kroll serves as the Debtors' Claims Agent. Gibson, Dunn & Crutcher LLP is serving as legal counsel, and Evercore is serving as investment banker to the Ad Hoc Group. FIRSTBASE.IO INC: Quinn Emanuel Seeks $800,000 in Fees ------------------------------------------------------ The Honorable Lisa G. Beckerman of the United States Bankruptcy Court for the Southern District of New York denied Firstbase.io Inc.'s Motion to Estimate the Claim of Quinn Emanuel Urquhart & Sullivan, LLP and an ex parte Application for Hearing the Motion to Estimate on Shortened Notice. On October 8, 2025, the Debtor filed a Second Application for Professional Compensation and Reimbursement of Expenses for Quinn Emanuel. The Motion to Estimate and the Motion to Shorten Time are denied, as the relief requested therein is mooted by the subsequent filing of the QE Fee Application and the Court's decision to schedule a hearing on the QE Fee Application on shortened notice. Pursuant to Bankruptcy Procedure Rule 9006(c)(1), notice is shortened and the QE Fee Application will be heard on October 20, 2025 at 10:00 a.m. (EST), or as soon thereafter as counsel may be heard, in-person at Courtroom 623, 1 Bowling Green, New York, NY. In its fee application, Quinn Emanuel seeks interim approval of $801,700.74 in legal fees and expenses purportedly incurred for the Period May 1, 2025, through August 31, 2025. The Court previously preliminarily approved $843,233 in fees for the firm. A copy of the Court's Order dated October 9, 2025, is available at https://urlcurt.com/u?l=ggC8cm from PacerMonitor.com. About Firstbase.io Inc. Firstbase.io, Inc., is a technology company that provides business formation services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11647) on Sept. 25, 2024, with $1 million to $10 million in assets and $10 million to $50 million in liabilities. Judge Lisa G. Beckerman oversees the case. The Debtor is represented by Dawn Kirby, Esq., at Kirby Aisner & Curley, LLP. Harbor Business Compliance Corporation filed with the U.S. Bankruptcy Court for the Southern District of New York a Disclosure Statement with respect to Plan of Reorganization dated August 11, 2025. The Plan is predicated on Harbor Compliance's receipt, in satisfaction of the Harbor Compliance Claim, of up to 100% of the equity interests in the Reorganized Debtor. The Plan also provides that those creditors who hold Allowed Secured Claims, Allowed Priority Tax Claims and Allowed Non-Tax Priority Claims will receive, on the Effective Date or as otherwise agreed-to by and between such Holder and the Plan Proponent, Payment in Full in Cash on account of such Allowed Claims in accordance with the Bankruptcy Code. General Unsecured Creditors holding Allowed General Unsecured Claims against the Debtor, other than Harbor Compliance, will receive, at such Creditor's election, either of its Pro Rata share of the Debtor's available Cash, the New Equity Plan Trust Contribution of up to $300,000, and the other Trust Assets or its Pro Rata percentage of equity interests in the Reorganized Debtor. As provided in the Plan, in connection with the issuance of New Firstbase Equity Interests to the Class 4 member (Plan Proponent) and to those members of Class 3 that elect to receive New Firstbase Equity Interests in lieu of a cash distribution under the Plan, "Pro Rata" shall mean the proportion that an Allowed Claim in both of Class 3 or Class 4 bears to the aggregate amount of Allowed Claims in Classes 3 and 4. FL SIMS FUNERAL: Section 341(a) Meeting of Creditors on Nov. 4 -------------------------------------------------------------- On October 6, 2025, F.L. Sims Funeral Home East Point Inc. filed Chapter 11 protection in the Northern District of Georgia. According to court filing, the Debtor reports between in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 4, 2025 at 10:00 AM via Telephone conference. To attend, Dial 888-330-1716 and enter access code 6960876. About F.L. Sims Funeral Home East Point Inc. F.L. Sims Funeral Home East Point Inc. provides funeral and cremation services, pre-planning, and grief support from its facility at 2968 East Point Street in East Point, Georgia, serving families throughout the Metro Atlanta area. Originally founded in 1943 as Lige Sims Funeral Home, the family-owned business is led by Fernandor Sims and operates three locations across the region, offering services to clients nationwide and internationally. Its operations focus on traditional ceremonies and personalized memorial services. F.L. Sims Funeral Home East Point Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. Case No. 25-61553) on October 6, 2025. In its petition, the Debtor reports estimated The Debtor is represented by Paul Reece Marr, Esq. of PAUL REECE MARR, P.C. FLORIDA FOOD: Moody's Ups CFR to Caa3 & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings upgraded Florida Food Products, LLC's ("FFP") Corporate Family Rating to Caa3 from Ca. Concurrently, Moody's downgraded FFP's Probability of Default Rating to D-PD from Ca-PD to reflect Moody's views that the debt exchange is a distressed exchange, which is a default under Moody's definitions. Moody's will upgrade the PDR to Caa3-PD in a few business days. In addition, Moody's assigned B3 ratings to FFP's newly issued $50 million senior secured first lien first out superpriority revolving credit facility and senior secured first lien first out superpriority term loan issued in three tranches, Caa3 ratings to the senior secured first lien second out superpriority term loan issued initially in three tranches, and Ca ratings to the $105 million senior secured first lien third out superpriority term loan and the $6 million senior secured first lien fourth out superpriority term loan. The first lien first out superpriority term loan consists of a $96 million Tranche A, $69 million Tranche B and $24 million Tranche C while the first lien second out superpriority term loan consists of a $360 million Tranche A, $124 million Tranche B, and $20 million Tranche C. Concurrently, Moody's withdrew the Caa3 ratings on FFP's backed senior secured first lien revolving credit facility and backed senior secured first lien term loan, and the C rating on the company's backed senior secured second lien term loan since these instruments were fully exchanged as part of the restructuring. The outlook changed to stable from negative. The ratings actions follow FFP's October 06, 2025 closing of a new $92 million debt financing and exchange and maturity extension of FFP's previous term loans. The transaction resulted in FFP's issuance of various tranches of new super priority debt including the additional $92 million of additional debt raised from the existing term loan lenders. The new term loan improved FFP's liquidity and was incorporated into the new first lien first out term loan. FFP's prior senior secured first lien term loan lenders were offered participation in the new $92 million term loan on a pro-rata basis and exchanged their term loans into a combination of first out and second out term loans maturing in October 2030. FFP's prior senior secured second lien term loan lenders exchanged their term loan into a combination of second out and third out term loans maturing October 2030 and April 2031, respectively. Additionally, FFP exchanged its prior revolver into a superpriority first out revolver due July 2030. Moody's views the agreement with lenders to extend the revolver and term loan maturities and provide an option to PIK interest in lieu of cash payments as a default under Moody's definitions. The upgrade of the CFR to Caa3 reflects the improvement in liquidity due to the extension of FFP's debt maturities and the conversion of a significant portion of the company's debt to PIK interest for two years. These features provide the company with more leeway to execute its strategies to increase operating earnings including investments necessary to support new business wins. The instrument ratings reflect the priority of claim within the new debt structure. The credit facility has the same first lien superpriority collateral position but different payment priorities. RATINGS RATIONALE FFP's Caa3 CFR broadly reflects its very small scale as measured by revenue, macroeconomic pressures especially tariffs impacting raw materials costs, execution risk to turnaround operations and grow earnings through new business wins, negative free cash flow and weak liquidity. The increase in debt as part of the restructuring further increases the company's already highly leveraged balance sheet. Moody's projects FFP's debt-to-EBITDA leverage of 14.5x (incorporating Moody's adjustments) for the 12 month period ended June 30, 2025 (pro-forma for the debt restructuring) will decline to below 10x in the next 12 to 18 months due to the new business wins. Inflationary cost pressures, a slowdown in the protein sector, and lower food volumes create additional earnings turnaround risks. Moody's expects these factors along with the still sizable cash interest burden and investments necessary to support the new business will continue to lead to negative free cash flow and a reliance on the revolver over the next 12 months. The credit profile is supported by a robust product portfolio that includes coffee, tea, and beverage extracts, natural-based food protection products, and flavors for a variety of food and beverage applications. The rating benefits from FFP's strong margins, lack of customer concentration, and good growth prospects driven by growing consumer demand for natural ingredients and healthier food and new customer wins. FFP also benefits from its 2021-2022 acquisitions that meaningfully diversified the company's portfolio to include coffee extract, tea extract, flavors, and nutritional products. Such products provide growth opportunities. The debt restructuring increased debt by approximately $46 million, and the PIK interest and negative free cash flow will likely lead to further increases in debt over the next couple of years. Moody's considers FFP's liquidity profile as weak. The company had approximately $18 million in cash and full availability on its $50 million revolving credit facility as of October 06, 2025. Moody's expects that the company will incur a free cash flow deficit of approximately $15 million in fiscal 2026 assuming $30 million in capital expenditures and no dividends. In fiscal 2027, Moody's are projecting a free cash flow deficit of approximately $10 million based on $15 million in capital expenditures and no dividends. The timing of the capital investments to onboard new business will lead to reliance on the revolver. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that FFP will be able to de-lever to below 10x within the next 12 to 18 months through earnings growth. In addition, the stable outlook also reflects Moody's expectations that the company's improved though still weak liquidity provide some leeway to fund the investments necessary to support the new business wins. The ratings could be downgraded if the company's operating earnings do not improve, free cash flow remains negative or liquidity weakens. The ratings could be upgraded if the company significantly improves its operating earnings, generates consistent positive free cash flow on an annual basis, materially reduces leverage, and improves liquidity. The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. The Caa3 CFR is two notches below the Caa1 scorecard-indicated outcome and reflects the execution risks to implementing the company's strategies necessary to drive a material earnings turnaround, reduce leverage to a more sustainable level, and generate positive free cash flow. Headquartered in Lake Mary, Florida, Florida Food Products, LLC (d.b.a. Vibrant Ingredients) is a producer of vegetable and fruit based food and beverage ingredients. Florida Food Products, LLC generated revenue of approximately $255 million in the twelve month period ended June 2025. The company was acquired by Ardian and MidOcean Partners in October 2021. FORT GORDON: Moody's Affirms 'Ba1' Rating on Class I Debt --------------------------------------------------------- Moody's Ratings has revised the outlook of the Fort Gordon Housing LLC's Series 2006 Bonds (the project) to negative from stable. In addition Moody's have affirmed the Ba1 and Ba2 respective ratings on the Class I and Class II tranches. The rating actions affect a total of $69.93 million in outstanding debt. The negative outlook reflects the project's multiyear inability to generate a minimum 1.0x DSC ratio on the combined debt without the use of Military Housing Privatization Initiative (MHPI) supplemental funding (a non-recurring revenue source), coupled with a consistent low occupancy trend caused by the substandard condition at many properties. RATINGS RATIONALE The Class I and Class II rating affirmations reflect expectations that the project will begin to generate higher revenue growth starting in fiscal 2026 as off-line units, comprising over 10% of the pledged properties, are abated, upgraded or replaced. There is approximately $68 million in Fort Gordon's reinvestment account, including a $50 million contribution paid in February 2025 from the Department of the Army, that is available for (i) capital work that has already been approved and is underway and (ii) future work for construction of new units, repair/abatement of existing units, and other capital projects. Fort Gordon's position as a vital hub for US military cyber operations supports the base's long-term essentiality and bolsters overall personnel demand. The project has received favorable increases in the Basic Allowance for Housing (BAH), averaging 6.5% over the last four years. Throughout the next 15 months, revenue growth is anticipated as addition units are brought back on-line. Overall credit quality is weakened by the project's inability since fiscal 2022 to generate a minimum 1.0x DSC ratio on the combined debt without the use of MHPI funding and will continue into fiscal year ending 2025. For fiscal 2024 DSC of 0.99x and 0.94x was reported on the Class I and Class II respective tranches; however, the inclusion of MHPI funding raises DSC to 2.25x and 2.15x, respectively. While newly repaired and/or abated units have already been brought back on line during fiscal 2025, higher revenue growth is not expected to show material improvement until fiscal 2026 as more units are added back. An additional constraining factor on the rating is that the debt service reserve fund (DSR) is in the form of a surety provided by Ambac, an unrated provider. RATING OUTLOOK The outlook on the Class I and Class II bonds is negative due to the project's reliance upon a nonrecurring revenue source (MHPI funding) over a multiyear period in order to meet full and timely debt service, which is incorporated in Moody's projections for fiscal 2025. As newly rehabbed and/or constructed units planned for delivery during 2026 are added back on-line, occupancy levels will improve, barring the added risk of cost overruns, construction delays or unforeseen circumstances. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Consistently increasing DSC levels maintained above 1.29x and 1.10x for Class I and Class II, respectively, driven by stabilized occupancy levels -- Improved operating margins through increases in occupancy and rental revenues -- Cash funded debt service reserve (DSR) fund or replacement with a highly rated provider FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Persistent or material decline in occupancy, BAH rates, or other stresses on net operating income that results in DSC on both tranches dipping below 1.0x -- A delay in the completion of new units which would add continued pressure on both demand and the project's operating performance -- A tap on the DSR fund PROFILE Fort Gordon is located in Augusta, Georgia within Richmond County, approximately 150 miles east of Atlanta. It is located in the northeastern portion of the state of Georgia, and is adjacent to the Georgia-South Carolina state border. Fort Gordon is the biggest employer in the region, employing a workforce of approximately 15,700 military personnel and 7,100 civilians. The borrower is Fort Gordon Housing LLC which was formed as a Delaware limited liability company on April 26, 2006 for the purpose of developing and maintaining housing at Fort Gordon through the Military Housing Privatization Initiative pursuant to the National Defense Authorization Act of 1996. Operations for the base began on May 01, 2006. In July 2012, the Department of the Army declared the Initial Development Period complete. The current number of end state units is 1,072. METHODOLOGY The principal methodology used in this rating was Global Housing Projects published in August 2024. FRESH START: C. Jerome Teel Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 8 appointed C. Jerome Teel, Jr., Esq. at Teel & Gay, PLC as Subchapter V trustee for Fresh Start Facility Services, Inc. Mr. Teel 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. Teel declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: B. Jerome Teel, Jr. Teel & Gay, PLC 79 Stonebridge Blvd., Suite B Jackson, TN 38305 Phone: (731) 424-3315 Email: Jerome@tennesseefirm.com About Fresh Start Facility Services Inc. Fresh Start Facility Services, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-25165) on October 9, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Denise E. Barnett presides over the case. Jerome C. Payne, Esq. at Payne Law Firm represents the Debtor as bankruptcy counsel. FRESH START: Section 341(a) Meeting of Creditors on November 10 --------------------------------------------------------------- On October 9, 2025, Fresh Start Facility Services Inc. filed Chapter 11 protection in the Western District of Tennessee. According to court filing, the Debtor reports $3,223,099 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Sectio 341(a) to be held on November 10, 2025 at 01:30 PM via by telephone or videoconference. About Fresh Start Facility Services Inc. Fresh Start Facility Services Inc. provides janitorial, custodial, and facility management services to commercial, government, medical, educational, transportation, and residential clients. The Company's offerings include floor stripping and waxing, carpet cleaning, window and glass maintenance, restroom sanitation, recycling, pressure washing, event cleanup, and handyman work. It also provides landscaping, garage sweeping, and construction cleanup services, operating from Memphis, Tennessee, where it serves a range of properties including offices, schools, retail centers, and transit facilities. Fresh Start Facility Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-25165) on October 9, 2025. In its petition, the Debtor reports total assets of $302,450 and total liabilities of $3,223,099. Honorable Bankruptcy Judge Denise E. Barnett handles the case. The Debtor is represented by Jerome C. Payne, Esq. of PAYNE LAW FIRM. G & T 5206: U.S. Bank Seeks to Prohibit Cash Collateral Access -------------------------------------------------------------- U.S. Bank Trust Company, National Association, not in its individual capacity but solely as trustee of Saluda Grade Alternative Mortgage Trust 2022-INV1, asks the U.S. Bankruptcy Court for the Eastern District of Pennsylvania, Philadelphia Division, to prohibit G & T 5206 Investments from using cash collateral associated with real property located at 5206 West Berks Street, Philadelphia, PA. The Debtor, which filed for Chapter 11, Subchapter V relief on July 23, has listed the property in question with a zero value on its bankruptcy schedules while the creditor holds a valid, perfected first-priority mortgage on the property and asserts a secured claim of $240,000. The property's market value is estimated at approximately $249,100. U.S. Bank Trust Company also notes that the Debtor has disclosed a lease agreement on the property, which is generating $2,000 in monthly rental income, yet the Debtor has not sought court approval for the use of cash collateral as required by 11 U.S.C. section 363(c)(2). Because of this, the creditor has no assurance that its collateral is not being improperly used, and any unauthorized use of such cash collateral would, according to the creditor, result in immediate and irreparable harm to its secured interest. A court hearing is scheduled for November 19. About G & T 5206 Investments LLC G & T 5206 Investments is a specialized freight transportation company based on its NAICS classification (484122). G & T 5206 Investments sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-12940) on July 23, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Patricia M. Mayer handles the case. The Debtor is represented by Maggie Soboleski, Esq. U.S. Bank Trust Company, National Association, as trustee of Saluda Grade Alternative Mortgage Trust 2022-INV1, is represented by the law firm of McCalla Raymer Leibert Pierce, LLP. McCalla may be reached through: Mark A. Cronin, Esq. McCalla Raymer Leibert Pierce, LLP 325 Chestnut Street, Suite 725 Philadelphia, PA 19106 Phone: (215) 402-6989 mark.cronin@mccalla.com GARMENT GEAR: Daniel Etlinger Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Daniel Etlinger of Underwood Murray, P.A. as Subchapter V trustee for Garment Gear, Inc. Mr. Etlinger 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. Etlinger declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Daniel E. Etlinger Underwood Murray, P.A. 100 N. Tampa Street, Suite 2325 Tampa Florida 33602 (813) 540-8401 Email: detlinger@underwoodmurray.com About Garment Gear Inc. Garment Gear, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-50200) on October 7, 2025, with $500,001 to $1 million in assets and liabilities. Michael Austen Wynn, Esq., at Stichter Riedel Blain & Postler represents the Debtor as legal counsel. GENESIS PROJECT: Seeks Subchapter V Bankruptcy in North Carolina ---------------------------------------------------------------- On October 9, 2025, Genesis Project 1 Inc. filed Chapter 11 protection in the Western District of North Carolina. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Genesis Project 1 Inc. Genesis Project 1 Inc. provides behavioral health and substance use / addiction treatment services to individuals and families in North Carolina. Founded in 2007 and based in Charlotte, the organization offers individual and family counseling, intensive in-home care, peer support, crisis intervention, and tailored care management programs. It also operates a Substance Abuse Intensive Outpatient Program (SAIOP) and community support team services aimed at promoting recovery and stability. Genesis Project 1 Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-31074) on October 9, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Ashley Austin Edwards handles the case. The Debtor is represented by Rashad Blossom, Esq. of BLOSSOM LAW, PLLC. GEORGE E. ROBB: Court Says Sex Abuse Suit Can Proceed ----------------------------------------------------- Judge Robert A. Mark of the United States Bankruptcy Court for the Southern District of Alabama granted Kathryn Robb's motion for entry of an order confirming that the automatic stay imposed by 11 U.S.C. Sec. 362(a) does not apply to her sexual abuse lawsuit against George E. Robb, Jr., her older brother and a Chapter 11 debtor. Ms. Robb is an adult woman who alleges she was sexually abused as a child by her older brother from approximately 1964 and continuing until approximately 1974 -- beginning when she was 4 years old and continuing until she was approximately 14 years old. On August 14, 2019, Ms. Robb initiated a lawsuit against the Debtor in the Supreme Court of New York, New York County, under the Child Victims Act (CPLR 214-g) ("CVA") (Index No. 950000/2019). In deposition, the Debtor admitted to violating multiple sections of the New York Penal Law and confessed to sexually abusing Ms. Robb 50–60 times. On December 6, 2021, the court granted partial summary judgment in Ms. Robb's favor on liability under the CVA, leaving damages as the only remaining issue for trial. Before the trial on damages could proceed, Ms. Robb and the Debtor negotiated a settlement agreement effective July 5, 2023. The settlement agreement provided that if George Robb defaulted on either of the first two payments, Ms. Robb was to set a trial in the NY Action to further enforce her rights, in addition to the amounts under the Settlement Agreement, and would be entitled to recover her costs and expenses, including cost, interest and attorneys' fees if incurred, from the Debtor. Under the Settlement Agreement's terms, on August 22, 2023, as a result of the Debtor's default, the Supreme Court of New York County entered a final judgment in Ms. Robb's favor, awarding her $3,750,780. The Debtor wholly failed to comply with the Settlement Agreement and specifically breached the Settlement Agreement in a myriad of ways, including failing to make the first scheduled payment and by providing false financial disclosures. Between the Debtor's default and the Petition Date, Ms. Robb attempted to set the matter for trial under the plain terms of the Settlement Agreement. Ms. Robb alleges that the Debtor employed every machination to continue the trial despite the Settlement Agreement specifically precluding any objection thereto. On December 30, 2024, Ms. Robb timely filed Proof of Claim 10-1. Ms. Robb's attorneys, Merson Law, PLLC additionally filed a Proof of Claim 11-1 in accordance with the Debtor's breach of settlement agreement rendering him responsible for Ms. Robb's attorneys' fees. On April 25, 2025, the Court entered the Memorandum Opinion And Order Denying Debtor's Motion To Determine State Court Judgment Void In Violation Of The Automatic Stay finding, inter alia, that because creditor Dorothy Farrell's litigation against the Debtor, just as Ms. Robb's claims in the NY Action and enforcement of the Settlement Agreement therein, was "based entirely on allegations of prolonged sexual abuse by the Debtor," Section 362(b)(2)(A)(v) of the Bankruptcy Code permitted the continuation of such litigation as the term domestic violence applies to the actions under the CVA like both Dorothy Farrell's litigation and Ms. Robb's claims in the NY Action. Ms. Robb requests that the Court enter an Order confirming that, under the Opinion and pursuant to Section 362(b)(2)(A)(v) of the Bankruptcy Code, the automatic stay is not in place and the NY Action may proceed to trial to enter a judgment determining the total damages due to Ms. Robb and against the Debtor. In the alternative, Ms. Robb requests relief from the automatic stay to liquidate her claim against the Debtor. At this time, Ms. Robb solely seeks to liquidate her claims against the Debtor. The Court incorporates and adopts its Memorandum Opinion and Order Denying Debtor's Motion to Determine State Court Judgment Void in Violation of the Automatic Stay entered on April 25, 2025. According to the Court, Ms. Robb may proceed to trial against the Debtor to liquidate the amount of her claims against the Debtor arising from or in the NY Action including, without limitation, under partial summary judgment entered in the NY Action, the Settlement Agreement, or otherwise. Additionally, and alternatively, the Court finds cause to lift the automatic stay pursuant to 11 U.S.C. Sec. 362(d)(1). The Court grants relief from the automatic stay pursuant to 11 U.S.C. Sec. 362(d)(1) to permit Ms. Robb to continue the NY Action. The Court further grants stay relief pursuant to 11 U.S.C. Sec. 362(d)(1) permitting Ms. Robb's counsel(s) to liquidate its attorneys' fees and costs due under the Settlement Agreement. The Court retains jurisdiction over any matter or dispute arising from or relating to the implementation of this Order. A copy of the Court's Order is available at https://urlcurt.com/u?l=JJjjkT from PacerMonitor.com. George E. Robb, Jr. filed for Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No. 24-20951) on October 22, 2024, listing under $1 million in both assets and liabilities. The Debtor is represented by Alexandra Oriol-Bennett, Esq. The Debtor's case was converted from Chapter 11 to Chapter 7 on July 22, 2025. GLENWOOD GFB: Case Summary & Two Unsecured Creditors ---------------------------------------------------- Debtor: Glenwood GFB LLC d/b/a Glenwood Fast Break 1304 Grand Avenue Glenwood Springs, CO 81601 Business Description: Glenwood GFB LLC operates a fuel and convenience retail business in Glenwood Springs, Colorado, trading under the Glenwood Fast Break name. Chapter 11 Petition Date: October 15, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-16685 Debtor's Counsel: Gregory K. Stern, Esq. GREGORY K. STERN, P.C. 53 West Jackson Boulevard Suite 1442 Chicago, IL 60604 Tel: (312) 427-1558 Email: greg@gregstern.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Navkirat Singh as manager. A copy of the Debtor's list of two unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LDWIXUQ/Glenwood_GFB_LLC__cobke-25-16685__0004.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/K66Z52I/Glenwood_GFB_LLC__cobke-25-16685__0001.0.pdf?mcid=tGE4TAMA GRACE ROYALS: Case Summary & Six Unsecured Creditors ---------------------------------------------------- Debtor: Grace Royals, Inc. d/b/a Evans Fast Break d/b/a Kersey Supermarket 320 Hill Street Kersey, CO 80644 Business Description: Grace Royals, Inc., doing business as Evans Fast Break and Kersey Supermarket, runs retail convenience stores and a supermarket in Colorado. The Company offers groceries, convenience products, and fuel, and maintains the required business and tobacco retail licenses in the state. Chapter 11 Petition Date: October 15, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-16681 Debtor's Counsel: Gregory K. Stern, Esq. GREGORY K. STERN, P.C. 53 West Jackson Boulevard Suite 1442 Chicago, IL 60604 Tel: (312) 427-1558 Email: greg@gregstern.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Navkirat Singh as president. A copy of the Debtor's list of six unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CVMNTVY/Grace_Royals_Inc__cobke-25-16681__0004.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CAEAMKA/Grace_Royals_Inc__cobke-25-16681__0001.0.pdf?mcid=tGE4TAMA GROFF TRACTOR: Voluntary Chapter 11 Case Summary ------------------------------------------------ Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Groff Tractor Mid Atlantic, LLC 25-90010 f/k/a Groff Tractor New Jersey, LLC f/k/a Groff Tractor Maryland LLC 8404 Kelso Drive Essex, MD 21221 Dealer 2023 LLC 25-90011 f/k/a GTE Opco, LLC f/k/a Groff Tractor & Equipment, LLC 1460 Main Street, Suite 200 Southlake, TX 76092 Groff Tractor Holdings, LLC 25-90012 1460 Main Street, Suite 200 Southlake, TX 76092 Business Description: Groff Tractor Holdings, LLC, through its subsidiaries including Groff Tractor Mid Atlantic, LLC and related regional entities, operates a network of construction equipment dealerships serving the Mid-Atlantic region of the United States. The Company sells, rents, and services heavy and compact construction machinery, offering parts and attachments for brands such as Wirtgen, Hamm, Vogele, Transtech, Thunder Creek, John Deere Equipment, and TopCon. Chapter 11 Petition Date: October 14, 2025 Court: United States Bankruptcy Court Northern District of Texas Judge: Hon. Edward L Morris Debtors' Counsel: Joshua N. Eppich, Esq. BONDS ELLIS EPPICH SCHAFER JONES LLP 420 Throckmorton Street, Suite 1000 Fort Worth, TX 76102 Tel: 817-405-6900 Email: Joshua@bondsellis.com Groff Tractor Mid Atlantic's Estimated Assets: $100 million to $500 million Groff Tractor Mid Atlantic's Estimated Liabilities: $100 million to $500 million Dealer 2023 LLC's Estimated Assets: $0 to $50,000 Dealer 2023 LLC's Estimated Liabilities: $100 million to $500 million Groff Tractor Holdings' Estimated Assets: $100 million to $500 million Groff Tractor Holdings' Estimated Liabilities: $100 million to $500 million The petitions were signed by Charles Collie as authorized person and Ross Gatlin as manager. The Debtors failed to attach lists of their 20 largest unsecured creditors to the petitions. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/JX4PYYQ/Groff_Tractor_Mid_Atlantic_LLC__txnbke-25-90010__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/JTF5KHA/Dealer_2023_LLC__txnbke-25-90011__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/YJ2ANDI/Groff_Tractor_Holdings_LLC__txnbke-25-90012__0001.0.pdf?mcid=tGE4TAMA H&T WHOLESALE: Dawn Maguire Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 14 appointed Dawn Maguire, Esq., at Guttilla Murphy Anderson, as Subchapter V trustee for H&T Wholesale Flowers, Inc. Ms. Maguire will be paid an hourly fee of $380 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Maguire declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Dawn Maguire, Esq. 10115 E. Bell Rd., Ste. 107 #498 Scottsdale, AZ 85260 Phone: (480) 304-8302 Fax: (480) 304-8301 Email: Trustee@MaguireLawAZ.com About H&T Wholesale Flowers Inc. H&T Wholesale Flowers, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-09545) on October 8, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Paul Sala presides over the case. Allan Newdelman, Esq. at Allan D Newdelman PC represents the Debtor as legal counsel. H&T WHOLESALE: Hires Allan NewDelman P.C. as Legal Counsel ---------------------------------------------------------- H&T Wholesale Flowers, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Allan D. NewDelman, Esq. of Allan D. NewDelman, P.C. to serve as legal counsel in its Chapter 11 case. Mr. NewDelman will provide these services: (a) give the Debtor legal advice with respect to all matters related to this case; (b) prepare on behalf of the Debtor and Debtor-in-Possession the necessary applications, answers, orders, reports, and other legal papers; and (c) perform all other legal services for the Debtor which may be necessary herein and as referenced in the attached "Chapter 11 Fee Agreement and Contract for Representation." Mr. NewDelman will receive an hourly rate of $475, while other attorneys will receive $395 per hour, and paralegals will receive $150 to $200 per hour. Allan D. NewDelman, P.C. represents no interest adverse to the Debtor or its estate and is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Allan D. NewDelman, Esq. ALLAN D. NEWDELMAN, P.C. 80 East Columbus Avenue Phoenix, AZ 85012 Telephone: (602) 264-4550 Facsimile: (602) 277-0144 E-mail: anewdelman@adnlaw.net About H&T Wholesale Flowers Inc. H&T Wholesale Flowers Inc. is a floral distribution company specializing in the sourcing and supply of fresh-cut flowers and related products to florists, event planners, and retailers. H&T Wholesale Flowers Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-09545) on October 8, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Paul Sala handles the case. The Debtor is represented by Allan 2 Newdelman, Esq. of Allan D Newdelman PC. H&T WHOLESALE: Section 341(a) Meeting of Creditors on November 18 ----------------------------------------------------------------- On October 8, 2025, H&T Wholesale Flowers Inc. filed Chapter 11 protection in the District of Arizona. According to court filing, the Debtor reports $2,133,201 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 18, 2025 at 09:45 AM via Chapter 11 Teleconference Call in number: 1-888-330-1716, Passcode: 4038524. About H&T Wholesale Flowers Inc. H&T Wholesale Flowers Inc. supplies fresh-cut flowers and floral products to florists, event planners, and businesses in the floral industry. The Company sources flowers directly from growers and farms to ensure quality and freshness, offering a wide selection of varieties and colors in bulk quantities. It also provides floral supplies and accessories such as vases, containers, foam, and tools to support professional floral arrangements and designs. H&T Wholesale Flowers Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-09545) on October 8, 2025. In its petition, the Debtor reports total assets of $302,742 and total liabilities of $2,133,201 Honorable Bankruptcy Judge Paul Sala handles the case. The Debtor is represented by Allan D. NewDelman, Esq. of ALLAN D. NEWDELMAN, P.C. HARDING BELL: Gets Interim OK to Use Cash Collateral Until Nov. 20 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division granted Harding Bell International, Inc. interim authority to use cash collateral of Cogent Bank and SouthState Bank. The second interim order authorized the Debtor to use cash collateral through November 20 as per its budget, with a 10% variance allowed. The budget projects total operational expenses of $2,609,415 for the period from July to December. As adequate protection, Cogent and SouthState will be granted a replacement lien on assets acquired by the Debtor after its Chapter 11 filing similar to their pre-bankruptcy collateral. The replacement lien will have the same validity, priority and extent as the secured creditors' pre-bankruptcy lien. In addition, SouthState Bank and Cogent Bank will receive monthly payments of $14,367 and $35,131, respectively, starting August 10 and until further order or confirmation of the Debtor's Chapter 11 plan. The secured creditors may assert administrative claims under Section 507(b) if liens do not fully protect against diminution in collateral value. The next hearing is scheduled for November 20. About Harding Bell International Inc. Harding Bell International, Inc. is a certified public accounting firm based in Central Florida that provides tax preparation, business support, and FIRPTA services to U.S. and international clients. The firm serves over 9,000 clients across 22 U.S. states and more than 170 countries, with a focus on real estate investment and cross-border tax matters. Founded in 2000, it operates six offices in the region. Harding Bell International sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04912) on July 17, 2025. In its petition, the Debtor reported total assets of $3,826,150 and total liabilities of $6,221,386. Judge Roberta A. Colton handles the case. Aaron A. Wernick, Esq., at Wernick Law, PLLC is the Debtor's legal counsel. SouthState Bank, as secured creditor, is represented by: Christian P. George, Esq. Akerman LLP 50 North Laura Street, Suite 3100 Jacksonville, FL 32202 Phone: (904) 798-3700 Fax: (904) 798-3730 christian.george@akerman.com Cogent Bank, as secured creditor, is represented by: Bradley M. Saxton, Esq. Winderweedle, Haines, Ward & Woodman, P.A. 329 North Park Avenue, 2nd Floor P.O. Box 880 Winter Park, FL 32790-0880 Phone: (407) 423-4246 Fax: (407) 645-3728 Bsaxton@whww.com HASSAKE ENTERPRISES: Taps Havkin & Shrago as Legal Counsel ---------------------------------------------------------- Hassake Enterprises Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, to employ Stella Havkin, Esq. of Havkin & Shrago, Attorneys at Law, as general insolvency counsel in its Chapter 11 Subchapter V case. Ms. Havkin and her firm will provide these services: (a) represent the Debtor at its Initial Debtor Interview; (b) represent the Debtor at its meeting of creditors; (c) represent the Debtor at all hearings before the U.S. Bankruptcy Court involving the Debtor as a Chapter 11 debtor, debtor-in-possession, or reorganized debtor; (d) advise the Debtor regarding matters of bankruptcy law, including its rights and remedies with respect to its assets and creditors' claims; (e) prepare on behalf of the Debtor all necessary applications, motions, orders, and other legal papers; (f) represent the Debtor with regard to contested matters; (g) assist in the preparation, negotiation, and implementation of a plan of reorganization; (h) analyze and object to claims as may be appropriate; and (i) perform all other legal services necessary as a Chapter 11 debtor and debtor in possession. Havkin & Shrago received a pre-petition retainer of $25,000, exclusive of filing fees. Approximately $2,000 was applied to pre-petition services, with the balance held in trust as an advance for post-petition fees and costs. The professionals at the firm bill at these hourly rates: Stella Havkin, Partner $585 David Jacob, Associate $395 Laura Bach, Paralegal $175 According to court filings, Havkin & Shrago "does not hold or represent an interest adverse to the estate" and is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Stella Havkin, Esq. David Jacob, Esq. Havkin & Shrago Attorneys at Law 21650 Oxnard Street, Suite 1540 Woodland Hills, CA 91367 Telephone: (818) 999-1568 Facsimile: (818) 293-2414 E-mail: stella@havkinandshrago.com About Hassake Enterprises Inc. Hassake Enterprises Inc., a California corporation, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 1:25-bk-11697-VK) on September 12, 2025. At the time of the filing, the Debtor reported estimated assets of between $0 and $50,000 and liabilities of between $1 million and $10 million. Judge Victoria S. Kaufman oversees the case. Havkin & Shrago, Attorneys at Law, serves as the Debtor’s proposed general insolvency counsel. HC WIND: Seeks Chapter 7 Bankruptcy in Delaware ----------------------------------------------- Rich Johnston of Bleeding Cool reports that the U.S. branch of Les Humanoides Associes, known as Humanoids Corporation, has filed for Chapter 7 bankruptcy in Delaware, signaling its closure after renaming itself HC Wind Down Corporation. The filing shows the company has no assets available for creditor repayment, ending a prior Chapter 11 reorganization effort launched in January 2025. Chapter 7 filings differ from Chapter 11 in that they focus on liquidating remaining assets rather than restructuring the business for recovery. Ownership records show that Humanoids Holding Sarl of Luxembourg holds a 79.5% stake in the company, while the remaining 20.5% belongs to West Hollywood-based Primer Entertainment. The case will be overseen by Judge Thomas M. Horan. Founded in 1974, Humanoids became a cornerstone of European science fiction and fantasy comics and gained international recognition through the publication of Heavy Metal. The company expanded to Los Angeles in the 1990s and named veteran comics writer Mark Waid as publisher in 2020, who departed two years later. However, the recent financial distress of Diamond Comic Distributors, one of its key partners, exacerbated Humanoids' economic decline, the report states. In Europe, the publisher's French operations have also faced turmoil. Earlier this year, the French entity entered judicial liquidation, a process akin to bankruptcy, due to insolvency. Company owner Fabrice Giger told Livres Hebdo that the restructuring was necessary to realign the organization with current market realities and would involve workforce reductions. The initial meeting of creditors will take place on November 7 at 11 a.m. ET. The case trustee, George L. Miller, and attorney David M. Klauder will oversee the process. Notable creditors include City National Bank, the Delaware Department of Labor, the State of Delaware Division of Revenue, Primer Entertainment, and Humanoids Holding Sarl. About HC Wind Down Corporation HC Wind Down Corporation, previously known as Humanoids Corp., is a 51-year old comic book brand. HC Wind Down Corp. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11827) on October 13, 2025. The Debtor is represented by David M. Klauder, Esq. of Bielli & Klauder, LLC. HEARDMONT HEALTH: Case Summary & 19 Unsecured Creditors ------------------------------------------------------- Debtor: Heardmont Health Properties, LLC 8369 Rivoli Drive Bolingbroke, GA 31004 Business Description: Heardmont Health Properties LLC manages Heardmont Health and Rehabilitation, a nursing facility in Elberton, Georgia, offering long-term care, rehabilitation, and assisted living services. Chapter 11 Petition Date: October 15, 2025 Court: United States Bankruptcy Court Middle District of Georgia Case No.: 25-51641 Debtor's Counsel: Wesley J. Boyer, Esq. BOYER TERRY LLC 348 Cotton Avenue, Suite 200 Macon, GA 31201 Tel: (487) 742-6481 Fax: (770) 200-9230 Email: Wes@BoyerTerry.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million Michael E. Winget, Sr. signed the petition as manager. A full-text copy of the petition, which includes a list of the Debtor's 19 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/77CWPWA/Heardmont_Health_Properties_LLC__gambke-25-51641__0001.0.pdf?mcid=tGE4TAMA HERTZ GLOBAL: Court Tosses ACI's Proofs of Claim ------------------------------------------------ Judge Mary F. Walrath of the United States Bankruptcy Court for the District of Delaware grants the Reorganized Debtors' Substantive Omnibus Objection to Proofs of Claim Nos. 10492, 10732, 10824, 10891, and 12486, saying ACI has failed to prove the amount of its claims. ACI consists of five entities: 900 Atlantic Collision, Inc., 950 Atlantic Collision, Inc., 1050 Atlantic Collision, Inc., 1100 Atlantic Collision, Inc., and Virginia Collision Corp. The Hertz Corporation and its affiliates was a global rental car enterprise that filed voluntary chapter 11 petitions on May 22, 2020, because of the devastating effects that the COVID-19 pandemic had on their business. The Court confirmed the Debtors' Plan of Reorganization on June 10, 2021. The Plan provides for payment in full, plus interest, of all claims against the estate and the continued existence of the Hertz enterprise as the Reorganized Debtors. Prior to confirmation, the Debtors' cases had been jointly administered under case number 20-11218. Post-confirmation, all of the Debtors' cases were closed except for that of Rental Car Intermediate Holdings, LLC, No . 20-11247. After confirmation, all pleadings related to the Debtors or Reorganized Debtors have been filed in case number 20-11247. Prior to the bar date, ACI filed five proofs of claim against the Debtors based upon alleged pre-petition breaches of contract. Post-confirmation, the Reorganized Debtors objected to the Claims. ACI's claims are based on allegations that Hertz had breached three commercial lease and service contracts granting ACI an exclusive or semi-exclusive right to perform auto-body work for Hertz's fleets in New Jersey, Virginia, and Florida. The Proofs of Claim filed by ACI constitute prima facie evidence of those breach of contract claims. The parties do not dispute that the Agreements existed, but do dispute whether they were breached and the degree of damages, if any, ACI suffered. ACI contends that while it fully performed under the Agreements, Hertz breached them by failing to exclusively or semi-exclusively send its repair work to ACI and by wrongfully terminating the Agreements. The Reorganized Debtors contend that ACI's poor performance justified Hertz diverting work to non-ACI shops and terminating the Agreements. It further asserts that ACI waived Hertz's alleged breaches by failing to give Hertz formal, written notice of default while continuing to perform under (and receive the benefits of) the Agreements. The Reorganized Debtors argue that ACI failed to meet its burden of proving that Hertz's alleged breaches resulted in the damages asserted. ACI seeks damages consisting of lost profits of $12,615,362 , pre-petition pre-judgment interest of $7 , 198,761, and post-petition pre-judgment interest at the rate of $3,311 per day. The Court concludes that ACI has not met its burden of establishing that the damages it requests are reasonably certain consequences of the breach of the Agreements by Hertz. This conclusion is based on the numerous error's in ACI's damages calculations and, most importantly, on the fact that those calculations were based on unreasonable assumptions about ACI's capacity to handle all of Hertz's work. Because the Court concludes that ACI has not met its burden of proving damages that are reasonably certain and directly traceable to any breach of the Agreements by Hertz, the Court concludes that ACI is not entitled to any award of interest. The Reorganized Debtors seek an award of attorneys' fees and expenses under indemnification provisions in the 900 ACI Agreement and VCC Agreement. ACI contends that the Reorganized Debtors are not entitled to attorneys' fees and expenses because the relevant contractual provision is unclear and relates to litigation brought by a third party against Hertz, instead of disputes between ACI and Hertz. The Court agrees with ACI that the indemnification provisions are not applicable in this case. The Court will deny the Reorganized Debtors' request for attorneys' fees. A copy of the Court's Opinion is available at https://urlcurt.com/u?l=rT3YqC About Hertz Corp. Hertz Corp. and its subsidiaries -- http://www.hertz.com/-- operate a worldwide vehicle rental business under the Hertz, Dollar, and Thrifty brands, with car rental locations in North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East, and New Zealand. They also operate a vehicle leasing and fleet management solutions business. On May 22, 2020, The Hertz Corporation and certain of its U.S. and Canadian subsidiaries and affiliates filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware (Bankr. D. Del. Case No. 20-11218). Judge Mary F. Walrath oversees the cases. The Debtors have tapped White & Case LLP as their bankruptcy counsel, Richards, Layton & Finger, P.A., as local counsel, Moelis & Co. as investment banker, and FTI Consulting as financial advisor. The Debtors also retained the services of Boston Consulting Group to assist the Debtors in the development of their business plan. Prime Clerk LLC is the claims agent. The U.S. Trustee for Regions 3 and 9 appointed a Committee to represent unsecured creditors in Debtors' Chapter 11 cases. The Committee has tapped Kramer Levin Naftalis & Frankel LLP as its bankruptcy counsel, Benesch Friedlander Coplan & Aronoff LLP as Delaware counsel, UBS Securities LLC as investment banker, and Berkeley Research Group, LLC, as financial advisor. Ernst & Young LLP provides audit and tax services to the Committee. * * * Hertz Global and its subsidiaries emerged from Chapter 11 bankruptcy at the end of June 2021. Hertz won approval of a Plan of Reorganization that unimpaired all classes of creditors (who are legally deemed to have accepted it) and was approved by more than 97% of voting shareholders. The Plan provided for the existing shareholders to receive more than $1 billion of value. Recovery by shareholders of close to $8 a share was made possible after a fierce competition among bidders for control in the company. Initial offers from potential bidders for Hertz in its bankruptcy offered nothing for equity. Hertz in May 2021 selected investment firms Knighthead Capital Management LLC and Certares Management LLC, joined by other investors including Apollo Global Management Inc. and a group of existing shareholders, as the winning bidders for control of the bankrupt company. A rival group that included Centerbridge Partners LP, Warburg Pincus LLC and Dundon Capital Partners LLC was outbid at auction. Hertz's Plan eliminated over $5 billion of debt, including all of Hertz Europe's corporate debt, and will provide more than $2.2 billion of global liquidity to the reorganized Company. Hertz also emerged with (i) a new $2.8 billion exit credit facility consisting of at least $1.3 billion of term loans and a revolving loan facility, and (ii) an $7 billion of asset-backed vehicle financing facility, each on favorable terms. HILLENBRAND INC: Moody's Puts 'Ba1' CFR on Review for Downgrade --------------------------------------------------------------- Moody's Ratings placed the ratings of Hillenbrand, Inc. on review for downgrade, including the Ba1 corporate family rating, Ba1-PD probability of default rating and Ba1 senior unsecured notes ratings. Previously, the outlook was negative. Hillenbrand's speculative grade liquidity rating of SGL-2 remains unchanged. The review was prompted by Hillenbrand's October 15, 2025 announcement that Hillenbrand has entered into a definitive agreement to be acquired by an affiliate of Lone Star Funds in an all-cash transaction valued at an enterprise value of approximately $3.8 billion. The transaction, which has been unanimously approved by Hillenbrand's Board of Directors, is expected to close by the end of the first quarter of calendar year 2026, subject to customary closing conditions, including approval by Hillenbrand shareholders and receipt of required regulatory approvals. Details relating to the financing of this transaction have not yet been disclosed and Hillenbrand's future capital structure is uncertain. However, Moody's believes that the company's financial policies as a private company, a key governance consideration, could become more aggressive, including a significant increase in leverage. Moody's reviews will focus on Hillenbrand's pro forma capital structure, leverage level, liquidity and financial and operating strategies. Moody's will also continue to assess Hillenbrand's ongoing operating performance until the transaction is completed. There is a change of control provision in Hillenbrand's existing debt, hence Moody's expects it will be repaid in connection with the transaction. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Excluding the review for downgrade, Hillenbrand's Ba1 CFR reflects its solid position in niche markets as a leading provider of highly-engineered processing and material handling equipment and systems, good long-term growth trends and end market and geographic diversification. The CFR also reflects the benefit of a large installed base of equipment which provides a recurring revenue stream from higher margin aftermarket parts and services. However, the CFR is constrained by Hillenbrand's exposure to cyclical markets facing demand pressures and deferred customer spending, particularly for large capital equipment, during economic downturns. The company has modest scale in competitive industrial markets. Acquisitions will remain key to Hillenbrand's growth strategy to build scale and end market diversification, but also pose execution risks, including integration. Factors that could lead to an upgrade or downgrade of the ratings will be updated once the review is completed. Prior to the review, the ratings could be downgraded with weakening liquidity or if the company is unable to improve margins and leverage, including due to inability to achieve targeted cost savings from restructuring actions or acquisition synergies. Deviation from the expected plan to reduce debt would also be viewed unfavorably. Quantitatively, debt-to-EBITDA expected to remain above 4x or free cash flow to debt sustained below 8% could lead to a ratings downgrade. Prior to the review, the ratings could be upgraded with sustainable revenue growth and significant margin expansion. Additionally, debt-to-EBITDA expected to remain below 3.25x would support a ratings upgrade. An increase in recurring aftermarket revenue that sustainably lessens the company's vulnerability to volatile capital equipment spending cycles would also be viewed favorably. The principal methodology used in these ratings was Manufacturing published in September 2025. Hillenbrand's Ba1 CFR is two notches above the Ba3 scorecard indicated outcome. The difference reflects Moody's views that excluding the take private transaction, the company's leverage will decline over the next 12-18 months driven by free cash flow that can be used for debt repayment as Hillenbrand will prioritize deleveraging. Hillenbrand, Inc. is a diversified industrial company consisting of two segments: Advanced Process Solutions (APS) and Molding Technology Solutions (MTS). APS manufactures process and material handling equipment and systems used in industries, including plastics, recycling, chemicals, food and pharmaceutical. APS' product portfolio includes compounding, extrusion, material handling, conveying, mixing, ingredient automation, portion process and screening and separating equipment. MTS manufactures equipment and systems for the plastic technology processing industry. MTS' product portfolio includes hot runner systems, process control systems and mold bases and components. Revenue for the twelve months ended June 30, 2025 was approximately $2.86 billion. Hillenbrand, Inc. is a publicly traded company. HILLENBRAND INC: S&P Places 'BB' ICR on CreditWatch Negative ------------------------------------------------------------ S&P Global Ratings placed all ratings, including its 'BB' issuer credit rating on Hillenbrand Inc., 'BBB-' issue-level rating on Hillenbrand's revolver and term loan, and 'BB' issue-level rating on the company's senior unsecured notes, on CreditWatch with negative implications. The CreditWatch placement reflects a high likelihood S&P could lower ratings on Hillenbrand given its expectation for higher leverage under new financial sponsor ownership. On Oct. 15, 2025, Hillenbrand Inc. announced it agreed to be acquired by an affiliate of Lone Star Funds in an all-cash transaction valued at $3.8 billion. The CreditWatch placement with negative implications follows Hillenbrand's announcement that it entered into an agreement to be acquired by an affiliate of Lone Star Funds. It also reflects our view that this agreement likely result in Hillenbrand adopting a more aggressive financial policy. Lone Star's ownership could result in S&P Global Ratings-adjusted leverage being sustained at around 5x or higher, compared with S&P's prior forecast that Hillenbrand's S&P Global Ratings-adjusted leverage would improve to below 5x in fiscal 2026 (ending Sept. 30, 2026) and its belief that its financial policy would support continued deleveraging. An affiliate of Lone Star has agreed to purchase Hillenbrand in an all-cash transaction valued at $3.8 billion. The transaction is expected to close by the end of the first calendar quarter of 2026 subject to the approval of Hillenbrand's shareholders, regulatory approvals, and other customer closing conditions. S&P plans to resolve the CreditWatch once the capital structure and financial policy under the new ownership becomes clear and is finalized. HOYA MIDCO: Moody's Cuts CFR to 'Caa1', Outlook Negative -------------------------------------------------------- Moody's Ratings downgraded Hoya Midco, LLC's (Vivid Seats) corporate family rating to Caa1 from B2, the probability of default rating to Caa1-PD from B2-PD and the senior secured first lien bank credit facilities (term loan due 2029 and revolving credit facility due 2027) to Caa1 from B2. Vivid Seats' speculative grade liquidity (SGL) rating remains unchanged at SGL-3 and the rating outlook remains negative. The downgrade of the CFR to Caa1 follows Vivid Seats' weaker than expected Q2 performance and liquidity as sharp marketplace gross order value (GOV) declines drove large working capital cash outflows resulting in cash burn of approximately $66 million in the first half of 2025. In addition to the declines in cash flow and earnings, governance considerations played a key role in the rating actions. The company's debt/EBITDA (Moody's adjusted) increased to 6.2x as of LTM June 2025, up from 5.0x in the prior quarter. These results highlight the impact of intensifying competition in the secondary ticket marketplace, which Moody's do not expect to abate, leading to further deterioration in credit metrics over the next 12-18 months. While Moody's expects marketplace gross order value (GOV) to remain well below historical levels, Moody's forecasts calls for stabilization in GOV declines; however, the timing of that inflection point is uncertain. The negative outlook reflects Moody's expectations that competitive pressures will persist, leading to further deterioration in credit metrics though Moody's expects liquidity to remain adequate over the next four quarters. RATINGS RATIONALE Vivid Seats' Caa1 CFR reflects its modest operating scale, concentrated focus in the ticket resale market and the high and intensifying competition that has resulted in GOV decline and significant deterioration in credit metrics and liquidity year to date. The company's reliance on third party search engines to direct traffic towards its platforms constrains profitability and exposes the company to factors outside of its control, like its key competitors' marketing strategy or changes in search algorithms. Vivid Seats is publicly listed but private equity firm GTCR holds a 36% ownership stake in the company's shares through Hoya Topco, LLC and can influence the composition of the board of directors. Vivid Seats had a track record of operating with moderate debt and a significant cash balance since its SPAC merger in 2021. However, due to a sharp increase in competitive intensity, EBITDA declined significantly in recent quarters. This led Moody's adjusted debt/EBITDA (without adding back stock-based compensation) to spike to 6.2x as of LTM June 2025, up from 4.2x at the end of 2024 and 2.5x at the end of 2023. Excluding stock-based compensation, debt to EBITDA was 4x for LTM June 2025. Despite Moody's expectations for GOV stabilization, Moody's projects that Moody's-adjusted EBITDA will decline sharply on a lower revenue base for full year 2025 and 2026, resulting in leverage well above 10x on a Moody's-adjusted basis (or in the 7.5x - 8.5x range excluding stock-based compensation). The company's credit profile is supported by its entrenched position in the secondary ticket marketplace and the scalable nature of its platform which benefits from network effects. Demand for live entertainment and sporting events is strong but subject to variability based on timing of events. Performance marketing intensity is currently very high across the secondary ticket marketplace and this has pressured the financial performance of a number of large competitors. While unlikely, it is possible competitive intensity could subside at which time the sector could return to more normalized levels of profitability. The rating is further supported by the company's ownership of profitable, cash-generating businesses, including Vegas.com, acquired for $240 million in 2023, and Wavedash, acquired for $61 million in 2023. These assets provide the business with financial flexibility and support expected lender recovery. The SGL-3 speculative grade liquidity rating reflects Moody's expectations that Vivid Seats will maintain adequate liquidity over the next 12 months. As of Q2 2025, Vivid Seats had $153 million cash and Moody's expects 2025 free cash flow after capitalized software development costs to be negative, about -$70 million. Moody's expectations for positive $30 million of free cash flow in 2026 reflects quarter-over-quarter stabilization in GOV through Q3 2026 and growth in the seasonally strong Q4 2026. While EBITDA will remain depressed on a historically lower GOV, cash flow will turn positive as the payable decline stabilizes and working capital stops using up cash resources. These internal sources of cash provide adequate coverage of the company's minimal cash needs for debt service ($22 million in annual cash interest), around $16 million in capex (capitalized software development) and minimal cash taxes. During periods of growth, Vivid Seats liquidity benefits from working capital as a source of cash because it collects upfront cash receipts in advance of reimbursements to ticket sellers. Conversely, during periods of revenue declines this cash flow dynamic reverses and working capital becomes a use of cash. Moody's expects that revenue will stop declining and level out within the next 12 to 18 months, which should help balance out use of cash for working capital needs. Vivid Seats' cash balance at the end of Q2 2025 was lower than the $204 million seller payables balance. Moody's expects the company's $100 million revolver maturing in February 2027 to remain undrawn and fully available over the next 12-18 months, providing near-term liquidity support. The revolver is subject to a springing maximum first lien net leverage ratio of 7x at 35% utilization. Moody's do not expect the company to tap into the revolver over the next 12-18 months or the covenant to be tested. Moody's also expects that Vivid Seats will remain in compliance with the springing first lien net leverage covenant, should it be tested, through its maturity in February 2027 but with a significantly reduced cushion under the requirement. Continued weak EBITDA performance will reduce the headroom under the covenant leverage test. Vivid Seats' term loan is covenant lite. The Caa1 instrument ratings on the senior secured credit facility (term loan due February 2029 and revolver due 2027), reflects the Caa1-PD probability of default rating and an average expected family recovery rate of 50% in a default scenario given there is only one class of debt and the term loan does not have financial maintenance covenants. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Vivid Seats' ratings if the ticket marketplace operating environment stabilizes, Vivid Seats returns to revenue and GOV growth and demonstrates meaningful progress toward delevering to 6.5x (Moody's adjusted, without stock-based compensation add-back), with positive free cash flow and adequate liquidity. A downgrade of the ratings could occur if Moody's expectations for GOV stabilization, leading to positive free cash flow and EBITDA improvement, becomes more prolonged or does not materialize. The ratings may also face downgrade pressure if the company's liquidity weakens further. Headquartered in Chicago, Illinois, Hoya Midco, LLC is an indirect subsidiary of publicly traded Vivid Seats Inc., a provider of an online marketplace serving the secondary ticketing industry. The company's LTM June 2025 revenue was $694 million. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Vivid Seats' Caa1 CFR is two notches below the B2 scorecard-indicated outcome. The difference is attributable to weakened liquidity and Moody's expectations that competitive pressures will persist over the coming year, leading to further deterioration in credit metrics. HYPERSCALE DATA: Issues 11 Million Class A Shares in Conversions ---------------------------------------------------------------- Hyperscale Data, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that between September 29 and October 7, 2025, the Company issued an aggregate of 8,750,000 shares of its Class A common stock upon conversion of 3,500 shares of Series B Convertible Preferred Stock. Between September 29, and October 8, 2025, the Company issued an aggregate of 256 shares of Class A Common Stock upon conversion of an equal number of shares of Class B common stock. On October 7, 2025, the Company issued 2,264,155 shares of Class A Common Stock upon conversion of $905,662 of principal and accrued interest under a convertible note. The shares of Class A Common Stock were offered and sold in reliance upon an exemption from the registration requirements under Section 4(a)(2) under the Securities Act of 1933, as amended. As of October 9, 2025, the Company had 188,945,811 shares of Class A Common Stock outstanding. About Hyperscale Data Headquartered in Las Vegas, Nevada, Hyperscale Data, Inc., formerly known as Ault Alliance, Inc., is transitioning from a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact to becoming solely an owner and operator of data centers to support high performance computing services. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides, through its wholly owned subsidiary, Ault Capital Group, Inc., mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. New York, N.Y.-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $213.50 million in total assets, $205.60 million in total liabilities, and $7.90 million in total stockholders' equity. INDEPENDENT MEDEQUIP: Affiliate to Sell Medical EQ Biz for $1.89MM ------------------------------------------------------------------ Independent MedEquip LLC and its affiliated debtors, seek permission from the U.S. Bankruptcy Court for the Northern District of Alabama, Southern Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. Debtor Independet Offices LLC desires to sell and convey all its interest in the Property to City on 3rd LLC, an Alabama limited liability company. The purchase price of the Property is $1,899,000 and the net proceeds are to be paid to Debtor Independent Offices LLC once Court approval is granted. Entities including Cadence Bank and Jackson Investment Group LLC have expressed an interest in the Properties. Offices desires to sell the Property free and clear of any possible interest or claim that another party may have. The Debtor wants to sell the Property to City to liquidate estate assets to cash to assist in its reorganization efforts, while also maximizing recovery for unsecured creditors. The Debtor also seeks to transfer to City the protections afforded to a purchaser with regard to sale transactions, which provides that the reversal or modification on appeal of an authorization of a sale of property does not affect the validity of the sale under such authorization to an entity that purchased the property in good faith. The Offices submits that the sale of the Property, including the negotiation of the Purchase Agreement as well as the price to be paid for the Property, was reasonable and appropriate. About Independent MedEquip LLC Independent MedEquip, LLC, a company in Birmingham, Ala., provides durable medical equipment such as oxygen tanks, CPAP machines, mobility aids, and other home-use medical devices. Independent MedEquip and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Lead Case No. 25-02821) on September 18, 2025. At the time of the filing, Independent MedEquip disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Tamara O'Mitchell oversees the cases. Stuart Memory, Esq., at Memory Memory and Causby LLP, is the Debtor's legal counsel. Jackson Investment Group, LLC, the Debtors' DIP lender, may be reached through Richard L. Jackson, CEO. Cadence Bank, a pre-petition secured creditor, may be reached through C. Ellis Brazeal III, Esq., at Jones Walker, LLP, in Birmingham, Alabama. INTERNATIONAL LAND: Issues $436K Convertible Notes to Quick Capital ------------------------------------------------------------------- International Land Alliance, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on March 13, July 16 and August 18, 2025, the Company, issued to Quick Capital LLC, a Wyoming limited liability company, convertible promissory notes for the principal amounts of a $250,000, $155,555.56 and $31,111.11, respectively, for an aggregate principal amount of $436,666.67. Each Note was issued pursuant to a Note Purchase Agreement dated therewith. The Company received an aggregate of $347,100 gross proceeds from the sale of the Notes, after deductions for original issue discounts from 10% to 20%, and lender legal fees from $2,500 to $5,000. The principal amount of the Notes (together with accrued interest) mature nine months from issuance. The Notes bear a guaranteed interest at a rate of 12%. Upon an event of a default under a Note (as more fully described in the Notes), the Note shall accrue interest at annual rate of the lesser of 24% or maximum rate allowed by law. The Notes are convertible at the holder's option at any time after 180 days from issuance or upon event of default, into shares of the Company's Common Stock at a conversion price equal to $0.11 per share, or in the case of event of default, at a price equal to the lower of $0.11 or 65% of the lowest trading price for the proceeding 20 days prior to conversion. Full-text copies of the notes are available at: * Convertible Promissory Note dated March 13, 2025: https://tinyurl.com/2ev5vp6a * Convertible Promissory Note dated July 16, 2025: https://tinyurl.com/3ydv7xn5 * Convertible Promissory Note dated August 18, 2025: https://tinyurl.com/53w4jkn2 About International Land Alliance San Diego, Calif.-based International Land Alliance, Inc. was incorporated under the laws of the State of Wyoming on September 26, 2013. The Company is a residential land development company with target properties located in the Baja California, Northern region of Mexico and Southern California. The Company's principal activities are purchasing properties, obtaining zoning and other entitlements required to subdivide the properties into residential and commercial building plots, securing financing for the purchase of the plots, improving the properties' infrastructure and amenities, and selling the plots to homebuyers, retirees, investors, and commercial developers. Henderson, Nev.-based Bush & Associates CPA LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 21, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered substantial net losses and negative cash flows from operations in recent years and is dependent on debt and equity financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $30.6 million in total assets, $17.3 million in total liabilities, and $12.7 million in total equity. IQSTEL INC: Adds True-Up Conversion to Series D Preferred Stock --------------------------------------------------------------- iQSTEL Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on October 10, 2025, the Company filed a Second Amended and Restated Certificate of Designation for the Series D Preferred Stock with the Secretary of State of Nevada to amend and restate the terms of its Series D Preferred Stock, originally established on November 3, 2023, and first amended on July 7, 2025. The Second Amended and Restated Certificate of Designation maintains the number of authorized shares at 100,000 and revises the terms by introducing a True-Up Adjustment mechanism to the conversion rate. The amended terms include the following key provisions: * Dividend Rights: 12% cumulative dividend, payable as, when, and if declared by the Board of Directors, calculated on a 360-day year, accruing from the date of issuance and ceasing the day prior to conversion, with pro rata dividends for partial-year holdings. * Conversion Rights: Following three months from the issuance date, the Series D Preferred Stock is convertible into common stock at a rate of 12.5 shares of common stock per share, subject to adjustment for stock splits, dividends, or reorganizations. Additionally, a True-Up Adjustment mechanism applies, whereby the conversion may include additional shares based on a comparison of the original conversion price (based on the 10-day VWAP with a 20% discount at the time of issuance) to the lowest daily VWAP during the five trading days preceding the conversion date with a further 20% discount applied to such lowest daily VWAP, with a floor of $1.00 and a maximum True-Up Ratio of 2.5. * Redemption Provisions: Optional redemption by the Company at 105% of the price paid by the holder, upon not more than three trading days' notice. * Liquidation Preference: Senior to common stock, Series A Preferred Stock, and Series C Preferred Stock, and on parity with Series B Preferred Stock, in any liquidation, dissolution, or winding up of the Company. * Voting Rights: No voting rights, except as required by law or for amendments to the Certificate of Designation or Articles of Incorporation that would alter the Series D Preferred Stock's rights. * Leak-Out Restriction: After three months, conversions to common stock and sales are limited to 10% of the average daily trading volume of the Company's common stock per holder. The foregoing description of the Certificate of Designation is qualified in its entirety by reference to the full text of the Certificate of Designation, a copy of which is available at https://tinyurl.com/mr8ebaks About iQSTEL iQSTEL Inc. is a multinational technology company that provides services across telecom, fintech, blockchain, artificial intelligence, and cybersecurity. The Company operates in 21 countries and serves a global customer base. It projects $340 million in revenue for fiscal year 2025. In an auditor's report dated March 31, 2025, Urish Popeck & Co., LLC, issued a "going concern" qualification, citing that the Company has suffered recurring losses from operations, negative working capital, and does not have an established source of revenues sufficient to cover its operating costs, which raise substantial doubt about its ability to continue as a going concern. iQSTEL ended the year on Dec. 31, 2024 with a net loss of $5,180,036, significantly widening from the $219,436 loss reported for the year ended Dec. 31, 2023. The net results of the periods reported are highly impacted by the expenses in the holding entity (IQSTEL), which has a high component of interest and other financial expenses related to the funds borrowed for the acquisition of QXTEL Limited. IQSTEL INC: Eliminates Convertible Debt, Becomes Debt-Free ---------------------------------------------------------- IQSTEL Inc. proudly announced that it has eliminated all convertible notes from its balance sheet and fully paid for its most recent acquisitions, QXTEL and Globetopper. With this achievement, IQSTEL has officially become a debt-free company -- with no convertible notes and no warrants outstanding -- reinforcing its solid financial foundation and long-term commitment to creating shareholder value. "This is a defining moment for IQSTEL," said Leandro Iglesias, CEO of IQSTEL Inc. "We have completely eliminated convertible debt and finalized full payment for our latest acquisitions. IQSTEL is stronger, cleaner, and better positioned than ever to execute our growth strategy and deliver consistent value to shareholders." A Strong Balance Sheet and Strategic Flexibility: IQSTEL officially enters the select club of debt-free companies, standing out with $17.41 in assets per share and a clean capital structure with zero convertible debt and no warrants outstanding. This solid financial foundation gives IQSTEL the strength and flexibility to continue executing its growth strategy, supported by a robust balance sheet that reinforces investor confidence. Building Shareholder Value: $500,000 Dividend Planned: This milestone is a concrete demonstration of how IQSTEL creates shareholder value -- reducing liabilities, increasing tangible assets, and delivering real financial benefits. In conjunction with this financial progress, IQSTEL plans to distribute a $500,000 dividend in shares before the end of 2025, as part of its strategic partnership with Cycurion. This dividend underscores IQSTEL's commitment to rewarding shareholders while executing strategic initiatives that expand high-margin business lines and strengthen long-term value creation Accelerating Cycurion Partnership and AI-Driven Cybersecurity: IQSTEL is now accelerating its collaboration with Cycurion, developing and deploying AI-enhanced cybersecurity services for the global telecom and enterprise markets. Through this partnership, IQSTEL has entered the cybersecurity arena with a trusted U.S. government-certified technology provider, expanding its portfolio of Telecom, Fintech, AI, and Digital services. "Eliminating debt, paying off acquisitions, delivering dividends, and expanding into high-tech verticals like AI and cybersecurity -- this is how IQSTEL continues to build long-term shareholder value," added Iglesias. Financial Growth Objectives: IQSTEL's roadmap remains on track, with a goal to achieve a $15 million EBITDA run rate in 2025 and a $1 billion revenue run rate by 2027, reinforcing its evolution into a Global Connectivity, AI & Digital Corporation. IQSTEL Launches Investor Landing Page: To enhance transparency and provide easy access to corporate updates, IQSTEL has launched its official Investors Landing Page, a dedicated portal summarizing key financial metrics, strategic milestones, and news updates. Visit: www.landingpage.iqstel.com About iQSTEL iQSTEL Inc. is a multinational technology company that provides services across telecom, fintech, blockchain, artificial intelligence, and cybersecurity. The Company operates in 21 countries and serves a global customer base. It projects $340 million in revenue for fiscal year 2025. In an auditor's report dated March 31, 2025, Urish Popeck & Co., LLC, issued a "going concern" qualification, citing that the Company has suffered recurring losses from operations, negative working capital, and does not have an established source of revenues sufficient to cover its operating costs, which raise substantial doubt about its ability to continue as a going concern. iQSTEL ended the year on Dec. 31, 2024 with a net loss of $5,180,036, significantly widening from the $219,436 loss reported for the year ended Dec. 31, 2023. The net results of the periods reported are highly impacted by the expenses in the holding entity (IQSTEL), which has a high component of interest and other financial expenses related to the funds borrowed for the acquisition of QXTEL Limited. JGA DEVELOPMENT: Unsecureds Will Get 9.34% of Claims in Plan ------------------------------------------------------------ JGA Development, LLC, submitted a Second Disclosure Statement describing Chapter 11 Liquidating Plan dated October 8, 2025. This is a liquidating plan. In other words, the Proponent seeks to accomplish payment under the plan by selling its assets in an orderly manner and ceasing operations. The Debtor is in the business of purchasing distressed properties, rehabilitating them, and selling them for a profit. The Debtor currently owns four properties: 1. 5 Cherryville-Stanton Road, Flemington, NJ 08822 2. 289 Amherst Street, East Orange NJ 07018 3. 990 Route 523, Flemington, NJ 08822 4. 36 East Grand Avenue, Building D, Unit 22, Rahway, NJ 07065 The Debtor's liquidating plan envisions a refinance of the existing mortgages on properties #1 to #4, then rehabilitation of these properties, and then a sale of the properties. The Debtor has approximately $278,232 of cash-on-hand in the DIP account. Class 7 consists of General Unsecured Creditors, including but not limited to Capital Stack UT, LLC and remaining balances owed to Anchor Loans, LP following short sales. Within one year of confirmation, the Debtor will finish rehabilitation and sale of the four properties. Within sixty days of the final sale, the Debtor shall distribute all available funds on hand to general unsecured creditors on a pro rata basis. The remaining balance will be distributed pro rata to all general unsecured claim holders. The Debtor projects that there will be approximately $1,141,032 available for distribution, which will result in a distribution of approximately 109.34% to general unsecured claimants. The Plan will be funded by the Debtor's cash on hand at the time of confirmation and the sale of the four properties the Debtor will be rehabilitating. All rehab and sales to be completed within twelve months of confirmation. Cash on hand to be utilized in rehabilitation projects and to pay post-confirmation professionals and carrying costs. A full-text copy of the Second Disclosure Statement dated October 8, 2025 is available at https://urlcurt.com/u?l=Zhm7t6 from PacerMonitor.com at no charge. Counsel to the Debtor: Daniel Reinganum, Esq. Law Offices of Daniel Reinganum 615 White Horse Pike Haddon Heights, NJ 08035 856-548-5440 / Daniel@ReinganumLaw.com About JGA Development, LLC JGA Development, LLC, a real estate investment and development company in Vineland, N.J., filed Chapter 11 petition (Bankr. D.N.J. Case No. 24-16864) on July 9, 2024. At the time of the filing, the Debtor disclosed $10 million to $50 million in both assets and liabilities. Judge Andrew B. Altenburg, Jr. oversees the case. The Debtor tapped the Law Offices of Daniel Reinganum as bankruptcy counsel and Michele Zelina, Esq., as special counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. JKL DIGITAL: Chapter 15 Case Summary ------------------------------------ Chapter 15 Debtor: JKL Digital Capital Limited 80 Main Street P.O. Box 3200 Road Town, Tortola VG 1110 British Virgin Islands Business Description: The Company provides investment advisory and custodial services, managing client digital assets under custodial and investment agreements. It earns performance-based fees from deploying these assets across domestic and international cryptocurrency exchanges. The firm has operated in the digital asset management sector since at least 2021. Chapter 15 Petition Date: October 10, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-12250 Judge: Hon. Philip Bentley Foreign Representatives: Hadley Chilton, Stephen Cork, and Glenn Harrigan CCP Consultants Ellen L. Skelton Building P.O. Box 3274 Road Town, Tortola, VG 1110 British Virgin Islands Cork Gully (Guernsey) Limited 1st Floor Royal Chambers St. Julian's Avenue St Peter Port, Guernsey, GY13JX Foreign Proceeding: In the Matter of JKL Digital Capital Limited, The Eastern Caribbean Supreme Court in the High Court of Justice, Virgin Islands (Commercial Division), Claim No. BVIHC (COM)2024/0614 Foreign Representative's Counsel: Robert J. Gayda, Esq. SEWARD & KISSEL LLP One Battery Park Plaza New York NY 10004 Tel: (212) 574-1200 Email: gayda@sewkis.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/Q672F6Y/JKL_Digital_Capital_Limited_and__nysbke-25-12250__0001.0.pdf?mcid=tGE4TAMA JTA4 REAL: Gets OK to Use Cash Collateral Until Nov. 3 ------------------------------------------------------ JTA4 Real Properties LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. At the recent hearing, the court extended the Debtor's authority to use cash collateral from October 15 to November 3, the date of the next hearing. The Debtor's main asset is the real property located at 2617 W Evans Avenue, Denver, Colorado; 2647 W Evans Avenue, Denver, Colorado; and 2667 W Evans Avenue, Denver, Colorado. The Debtor values the property at approximately $13 million. The creditors that may assert an interest in cash collateral include the City and County of Denver, Stormfield Capital Fundng I, LLC, Worth Capital Holdings 124, LLC and JBT Properties, LLC. JBT may assert an interest in cash collateral based on a mortgage that secures indebtedness in the approximate amount of $2.16 million. About JTA4 Real Properties LLC JTA4 Real Properties LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03533) on September 30, 2025, with up to $50,000 in both assets and liabilities. The Debtor is represented by: Jeffrey Ainsworth, Esq. Bransonlaw PLLC Tel: 407-894-6834 Email: jeff@bransonlaw.com KENNEDY CONSTRUCTION: Hires Ford & Semach as Legal Counsel ---------------------------------------------------------- Kennedy Construction Groups LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Ford & Semach, P.A. to serve as bankruptcy counsel in its Chapter 11 case. Ford & Semach, P.A. will provide these services: (a) analyze the Debtor's financial situation and render advice and assistance in determining whether to file a petition under Title 11 of the United States Code; (b) advise the Debtor with respect to its powers and duties as Debtor and Debtor-in-Possession in the continued operation of its business and management of its property; (c) prepare and file the petition, schedules of assets and liabilities, statement of affairs, and other documents required by the Court; (d) represent the Debtor at the meeting of creditors; (e) advise the Debtor with respect to compliance with the U.S. Trustee's Operating Guidelines and Reporting Requirements; (f) prepare necessary motions, pleadings, applications, answers, orders, complaints, and other legal papers and appear at hearings thereon; (g) protect the interests of the Debtor in all matters pending before the Court; (h) represent the Debtor in negotiations with its creditors in the preparation of a Chapter 11 Plan; and (i) perform all other legal services for the Debtor as Debtor-in-Possession which may be necessary herein. Ford & Semach, P.A. will be compensated at these hourly rates: Buddy D. Ford $550 Jonathan A. Semach $500 Heather M. Reel $450 and paralegal services $150 The Debtor paid an advance fee of $20,000, consisting of a $3,000 pre-filing retainer, a $15,000 post-filing retainer, and a $2,000 cost retainer including the filing fee. Ford & Semach, P.A. represents no interest adverse to the Debtor or the estate and is considered a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. FORD & SEMACH, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 877-4669 E-mail: Buddy@tampaesq.com Jonathan@tampaesq.com Heather@tampaesq.com About Kennedy Construction Groups LLC Kennedy Construction Groups LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 8:25-bk-07452-RCT) on October 9, 2025. At the time of the filing, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $1,000,001 and $10 million. Judge Roberta A. Colton oversees the case. Ford & Semach, P.A. serves as the Debtor's legal counsel. KENNEDY CONSTRUCTION: Section 341(a) Meeting of Creditors on Nov. 5 ------------------------------------------------------------------- On October 9, 2025, Kennedy Construction Groups LLC filed Chapter 11 protection in the Middle District of Florida. According to court filing, the Debtor reports $6,640,541 in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 5, 2025 at 10:00 AM. U.S. Trustee (Dorr) will hold the meeting telephonically. Call in Number: 888-330-1716. Passcode: 3989722#. About Kennedy Construction Groups LLC Kennedy Construction Groups LLC, operating as Kennedy Roofing, provides residential and commercial roofing, gutter, window, and carpentry services in Florida. The Company offers repair and installation for flat, tile, clay, metal, asphalt shingle, and membrane roofs, along with rain gutter installation, impact-resistant window replacement, and general carpentry. It is a licensed and certified contractor, including Owens Corning Roofing Platinum Preferred status, serving West Central Florida with in-house crews and OSHA- and worker's comp-certified staff. Kennedy Construction Groups LLCsought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla.Case No. 25-07452) on October 9, 2025. In its petition, the Debtor reports estimated total assets of $582,203 and total liabilities of $6,640,541. The Debtor is represented by Buddy D. Ford, Esq. of FORD & SEMACH, P.A. KING ASSET MANAGEMENT: Seeks Chapter 11 Bankruptcy in New York -------------------------------------------------------------- On October 14, 2025, King Asset Management Corp. sought Chapter 11 bankruptcy protection in the Eastern District of New York Bankruptcy Court. The filing indicates the company holds liabilities between $1 million and $10 million, with 1 to 49 creditors named in the petition.. About King Asset Management Corp. King Asset Management Corp. offers management services to clients under contractual or fee-based arrangements. King Asset Management Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73957) on October 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. KINGDOM AMBASSADOR: Case Summary & Six Unsecured Creditors ---------------------------------------------------------- Debtor: Kingdom Ambassador Center & Ministry, Inc. d/b/a Kingdom Ambassador Center and Ministry Inc. 8802 Sudley Road Suite, 101 Manassas, VA 20110 Business Description: Kingdom Ambassador Center & Ministry operates as a Christian church and ministry engaged in preaching, teaching, and community outreach. The organization conducts worship services, discipleship programs, and evangelistic missions aimed at spreading Christian teachings and strengthening faith communities. It focuses on spiritual education, charitable activities, and the integration of individuals into the broader Christian fellowship. Chapter 11 Petition Date: October 14, 2025 Court: United States Bankruptcy Court Eastern District of Virginia Case No.: 25-12126 Debtor's Counsel: Jonathan B. Vivona, Esq. VIVONA PANDURANGI, PLC 211 Park Avenue Falls Church, VA 22046 Tel: 703-739-1353 Fax: 703-337-0490 Email: jvivona@vpbklaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Pastor Dauda M. Keita as president. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XT4CPOI/Kingdom_Ambassador_Center__Ministry__vaebke-25-12126__0001.0.pdf?mcid=tGE4TAMA KULA GRAIN: Retains Michael Best & Friedrich LLP as Counsel ----------------------------------------------------------- Kula Grain Co., Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to continue employing Michael Best & Friedrich LLP, successor to Allen Vellone Wolf Helfrich & Factor P.C., as its general bankruptcy counsel in its Chapter 11 case. The firm will provide these services: (a) represent the Debtor in connection with all matters concerning the administration of the estate; (b) prepare the Debtor's bankruptcy statements and schedules; (c) assist in the preparation of a plan of reorganization and disclosure statement; and (d) handle all contested and litigation matters that arise in this case. These professionals will represent the Debtor at their customary hourly rates: Jeffrey A. Weinman $650 Jordan Factor $675 Bailey C. Pompea $425 Partners $475 to $725 Associates $350 to $450 Paralegals $120 to $225 Michael Best & Friedrich LLP will not receive compensation or reimbursement of expenses except in accordance with the Bankruptcy Code and applicable court procedures. The firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Jeffrey A. Weinman, Esq. Jordan Factor, Esq. Bailey C. Pompea, Esq. MICHAEL BEST & FRIEDRICH LLP 675 15th Street, Suite 2000 Denver, CO 80202 Telephone: (720) 240-9515 E-mail: jeffrey.weinman@michaelbest.com jordan.factor@michaelbest.com bailey.pompea@michaelbest.com About Kula Grain Co. Inc. Kula Grain Co. Inc. is a Fort-Morgan, Colorad-based grain merchant and interstate freight carrier that hauls dry-bulk farm commodities. Kula Grain Co. Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-12338) on April 22, 2025. In its petition, the Debtor estimated assets and liabilities between $1 million and $10 million. Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Jeffrey A. Weinman, Esq. at ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C. LANDMARK HOLDINGS: Savannah Asset Sale to Select Specialty OK'd --------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, has granted Landmark Holdings of Florida, LLC and its affiliates, to sell Savannah Assets, free and clear of liens, claims, interests, and encumbrances. The Debtors own and operate five long-term acute care hospitals located in Missouri and Georgia. Debtor Landmark Management Services of Florida, LLC provides management services to each of the Debtors' hospitals. The Debtors' first hospital was opened in 2006. The Debtors' hospitals provide critical care to patients that require a higher level of care for a longer period of time than typical hospitals provide. The Court has authorized the Debtor to sell the Savannah Property to Select Specialty Hospital – Savannah, Inc. as the Successful Bidder Bid as the Successful Bid, with respect to the Savannah Assets. The Court determined that the Debtors hold good, sufficient, and marketable title to the Savannah Assets, subject to any and all claims, interests, liens, and encumbrances as may otherwise exist. The Debtors will receive $7,500,000 cash paid by Select on the Closing Date, which may be adjusted as follows: less up to $200,000 in Cure Amounts for Assumed Contracts, and less $342,423.25 on account of certain liabilities owed to the Georgia Department of Community Health. The Court held that the Cash Consideration is reasonable, fair, and constitutes adequate consideration for the Savannah Assets. The Savannah Sale is a fully negotiated arms’ length transaction. The Debtors have demonstrated good, sufficient, and sound business purposes and justifications for consummation of the Savannah Sale and all other agreements, instruments, certificates, and other documents to be entered into or delivered by any party in connection with the transactions. Select is a Delaware corporation. The Debtors have no affiliation or common ownership with Select. Select is not a continuation of any of the Debtors or their estates, and there is no continuity of enterprise between Select and the Debtors. Select is not a successor to the Debtors or their estates and the Savanah Sale does not amount to a consolidation, merger, or de facto merger of Select and any of the Debtors. Select will not have any successor or transferee liability or liabilities, whether known or unknown and whether asserted or unasserted as of the closing, of the Debtors or any affiliates of the Debtors as a result of the Savannah Sale. The Debtors are authorized to execute the Asset Purchase Agreement and any documents contemplated thereby and to effectuate the transactions and transfers contemplated. Select shall have no liability or responsibility for any liability or other obligation of the Debtors arising under or related to the Savannah Assets, and in no event shall Select have any liability or responsibility for any liabilities of the Debtors. Upon Closing, any and all Interests in the Savannah Assets existing immediately prior to the transfer, shall attach to the proceeds of the Sale with the same validity, extent, enforceability, priority, and force and effect as they had against the Savannah Assets or their proceeds as of the Petition Date, subject to any rights, claims and defenses Debtor or any other party in interests may possess with respect thereto. About Landmark Holdings of Florida LLC Landmark Holdings of Florida, LLC and seven affiliates filed Chapter 11 petitions (Bankr. M.D. Fla. Lead Case No. 25-00397) on March 9, 2025. The petitions were signed by Landmark CEO Bryan Day. At the time of the filing, Landmark reported between $50 million and $100 million in assets and between $50 million and $100 million in liabilities. Judge Caryl E. Delano oversees the cases. Jamie Zysk Isani, Esq., at Hunton Andrews Kurth, LLP is the Debtors' legal counsel. Joseph J. Tomaino is the patient care ombudsman appointed in the Debtor's case. Amerant Bank N.A., as secured creditor, is represented by Brian P. Yates, Esq. at Garbett, Allen, Roza & Yates, P.A. eCapital Healthcare Corp, as DIP lender, is represented by Mark J. Wolfson, Esq., at Foley & Lardner, LLP, in Tampa, Florida; Edward J. Green, Esq., at Foley & Lardner, LLP, in Chicago, Illinois; and Jake W. Gordon, Esq., at Foley & Lardner, LLP, in Detroit, Michigan. LATITUDE 46: Employs Law Office of Bonnie Bell Bond as Counsel -------------------------------------------------------------- Latitude 46 North, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ the Law Office of Bonnie Bell Bond, LLC to serve as counsel in its Chapter 11, Subchapter V case. The firm will provide these services: (a) provide the Debtor with legal advice with respect to its rights and duties under Chapter 11; (b) assist the Debtor in the development of a plan of reorganization or sale of its property under 11 U.S.C. Sec. 363; (c) prepare and file on behalf of the Debtor-in-Possession all necessary petitions, pleadings, reports, and actions which may become necessary herein; (d) represent the Debtor in any litigation which the Debtor determines is in the best interest of the estate; and (e) perform all legal services for the Debtor as Debtor-in-Possession which may become necessary herein. Legal services performed by Bonnie Bell Bond will be billed at the hourly rate of $350, while paralegal services will be billed at the rate of $195. The Law Office of Bonnie Bell Bond, LLC received a retainer of $13,262, of which $4,383 has been applied to prepetition fees and costs, leaving a balance of $8,889 for postpetition fees and costs, subject to court approval. The Law Office of Bonnie Bell Bond, LLC is a "disinterested person" within the meaning of Section 327(a) of the Bankruptcy Code and represents no interest adverse to the estate. The firm can be reached at: Bonnie Bell Bond, Esq. LAW OFFICE OF BONNIE BELL BOND, LLC 8400 E. Prentice Avenue, Suite 1040 Greenwood Village, CO 80111 Telephone: (303) 770-0926 Facsimile: (303) 770-0965 E-mail: bonnie@bellbondlaw.com About Latitude 46 North LLC Latitude 46 North LLC is a limited liability company. Latitude 46 North LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-16471) on October 6, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Thomas B. Mcnamara handles the case. The Debtor is represented by Bonnie Bell Bond, Esq. LATITUDE 46: Gets Interim OK to Use $50K in Cash Collateral ----------------------------------------------------------- Latitude 46 North, LLC received interim approval from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral to fund operations. The court's interim order authorized the Debtor to use up to $50,000 in cash collateral in accordance with the interim budget, subject to a 15% variance on line item expenses. As adequate protection, the Colorado Department of Revenue and potential secured creditors will be granted replacement liens on the Debtor's post-petition accounts, income and other assets, with the same priority as their pre-bankruptcy liens. As further protection, the Debtor was ordered to keep all collateral insured, provide monthly financial reports, and maintain compliance or risk termination of cash collateral use. A final hearing is scheduled for October 30, with objections due by October 21. As of the petition date, the Debtor had only $710.32 in its bank account and depends on ongoing revenues from daily operations. The Debtor has identified two potential secured creditors -- merchant cash advance companies Itriaventures and The Fundworks -- whose financing statements (UCC-1s) do not clearly identify properly perfected security interests. Additionally, the Debtor owes $24,178 in unpaid sales taxes to the Colorado Department of Revenue, which may assert a priority lien on its assets. These parties may have claims to the cash collateral. A copy of the order is available at https://is.gd/SsqmPy from PacerMonitor.com. About Latitude 46 North LLC Latitude 46 North, LLC owns and operates My Cellar Wine Bar, a wine bar located in North Colorado Springs. Latitude 46 North sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-16471) on October 6, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. The petition was signed by Sheryl Medeiros, member. Judge Thomas B. Mcnamara presides over the case. Bonnie Bell Bond, Esq., represents the Debtor as legal counsel. LESLIE WESSINGER: Taps Moon Wright & Houston as Legal Counsel ------------------------------------------------------------- Leslie Wessinger, D.D.S., P.A. seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina (Asheville Division) to hire Moon Wright & Houston, PLLC to serve as bankruptcy counsel in its Chapter 11 (Subchapter V) case. MWH will provide these services: (a) providing legal advice with respect to its powers and duties as debtor in possession in the continued operation of its business affairs and management of its properties; (b) negotiating, preparing, and pursuing confirmation of a Chapter 11 plan and approval of a disclosure statement (if applicable), and all related reorganization agreements and/or documents; (c) preparing necessary applications, motions, answers, orders, reports, and other legal papers on behalf of the Debtor; (d) representing the Debtor in litigation arising from or relating to the bankruptcy estate; (e) appearing in court to protect the interests of the Debtor; and (f) performing all other legal services for the Debtor that may be necessary and proper in the Chapter 11 proceeding. The firm's professionals will be compensated on an hourly basis, subject to court approval, at these rates: -- $575 per hour for Richard S. Wright; -- $550 per hour for Andrew T. Houston; -- $375 per hour for Caleb Brown; -- $185 per hour for paralegal Shannon L. Myers; and -- $150 per hour for assistant Jaime Schaedler. MWH received a $25,000 trust deposit, of which $10,113.76 remains on account for post-petition work. Moon Wright & Houston, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Richard S. Wright, Esq. MOON WRIGHT & HOUSTON, PLLC 212 N. McDowell Street, Suite 200 Charlotte, NC 28204 Telephone: (704) 944-6560 Facsimile: (704) 944-0380 About Leslie Wessinger, D.D.S. P.A. Leslie Wessinger, D.D.S. P.A., doing business as Leslie Wessinger, D.D.S., P.L.L.C., operates Biltmore Avenue Family Dentistry, a dental practice providing comprehensive family dental services. The practice offers preventive care, including cleanings, oral exams, x-rays, fluoride treatments, and periodontal assessments, as well as restorative and cosmetic procedures such as fillings, crowns, bridges, dental implants, and teeth whitening. It provides specialized pediatric preventive care, including sealants and fluoride varnish, and manages conditions such as bruxism through bite and night guards. Leslie Wessinger, D.D.S. P.A. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.C. Case No. 25-10178) on September 29, 2025. In its petition, the Debtor reports total assets of $1,663,808 and total liabilities of $3,319,659. Honorable Bankruptcy Judge George R. Hodges handles the case. The Debtor is represented by Richard S. Wright, Esq. of MOON WRIGHT & HOUSTON, PLLC. LML LOGISTICS: Amends Unsecured Claims Pay Details -------------------------------------------------- LML Logistics LLC submitted a First Amended Plan of Reorganization dated October 7, 2025. This Plan provides for: 5 classes of secured claims; 1 class of unsecured claims; and 1 class of equity security holders. The Debtor has filed a Motion to Sell, seeking Court approval to sell its most significant asset, the real property located at 25 Appy Acres, North Berwick, Maine (defined as the "Property"). In the event the Property is sold, Debtor estimates that the net sale proceeds (after payment of sale costs, secured creditors, administrative expenses, and priority claims) available for distribution to unsecured creditors will total approximately $200,000. In the event the Property does not sell, this Plan includes Debtor's alternative proposed treatment of Claims. To confirm the Plan, the Court must find that all creditors and equity interest holders who do not accept the Plan will receive at least as much under the Plan as such claim and equity interest holders would receive in a chapter 7 liquidation. A liquidation analysis is attached as Exhibit A, which reflects Debtor's estimated liquidation value of the Property of $450,000. Accordingly, based upon the Liquidation Analysis, in a hypothetical Chapter 7 case, non-priority unsecured creditors would receive a distribution valued at approximately $45,739.93. The Debtor's projected Disposable Income over the life of the Plan is $45,739.93. Class 6 consists of the Allowed Unsecured Claims against the Debtor. This Class is Impaired. * Treatment Under Property Sale: s set forth in the Motion to Sell, Debtor will sell the Property by private sale. In full satisfaction of the Allowed Class 6 Claims, holders of such claims shall receive a pro rata distribution of (i) the net proceeds (if any) of the Property sale after payment of all superior liens, and all costs and expenses (including Administrative Expenses); and (ii) any cash on deposit after payment of all Administrative Expenses and priority debt. * Treatment Without Property Sale: In the event the Property does not sell, the Allowed Class 6 Claims will be paid a pro rata portion of twelve quarterly payments as follows: -- Consensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is $45,739.93. Accordingly, the Debtor proposes to pay unsecured creditors a pro rata portion of $46,000.00. The Reorganized Debtor shall pay said amount in equal quarterly payments of $3,833.33 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 $45,739.93. Accordingly, the Debtor proposes to pay unsecured creditors a pro rata portion of its projected Disposable Income, $45,739.93. 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 Reorganized Debtor shall pay said amount in equal quarterly payments of $3811.66 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. The Plan contemplates that the Debtor will continue to operate the Debtor's business until the proposed sale of the Property is closed. The Debtor will be responsible for all disbursements on account of Class 6. In the event the Property does not sell, the Debtor will continue to operate the Debtor's business. The differential between the Reorganized Debtor's revenue generated from operations and the Reorganized Debtor's monthly plan payment obligations will be funded by Chris Calman, son of Dwight Littlefield, who has committed to provide the necessary supplemental funding to ensure timely payment of all plan obligations. This funding arrangement will remain in effect until the earlier of: (i) the completion of the Debtor's Plan, or (ii) such time as the Debtor has successfully resumed full operations and is generating sufficient revenue to independently satisfy all plan payment requirements without supplemental funding. A full-text copy of the First Amended Plan dated October 7, 2025 is available at https://urlcurt.com/u?l=DAAfpb from PacerMonitor.com at no charge. Counsel to the Debtor: Jeffrey S. Ainsworth, Esq. Jacob D. Flentke, Esq. Flentke Legal Consulting, PLLC, Of Counsel BransonLaw, PLLC 1501 E. Concord St. Orlando, FL 32803 Telephone: (407) 894-6834 Facsimile: (407) 894-8559 E-mail: jeff@bransonlaw.com jacob@bransonlaw.com jacob@flentkelegal.com About LML logistics LLC LML logistics LLC, also known as Littlefield Family Trucking, is a transportation and logistics company based in Ocala, Florida, specializing in freight management, offering warehousing, distribution, and freight forwarding services. LML logistics LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01314) on April 25, 2025. In its petition, the Debtor reports total assets of $477,655 and total liabilities of $1,104,342. Bankruptcy Judge Jacob A. Brown handles the case. The Debtor is represented by Jeffrey S. Ainsworth, Esq., at BRANSONLAW, PLLC. LUXURY TRANSPORTATION: Seeks Subchapter V Bankruptcy in Florida --------------------------------------------------------------- On October 13, 2025, Luxury Transportation Group Incorporated filed Chapter 11 protection in the Middle District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Luxury Transportation Group Incorporated Luxury Transportation Group Incorporated provides luxury chauffeur and limousine services in Florida, operating primarily in Orlando, Miami, and Tampa. The Company offers airport transfers, theme park shuttles, and event transportation. Luxury Transportation Group Incorporated sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06551) on October 13, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Daniel A. Velasquez, Esq. of LATHAM LUNA EDEN & BEAUDINE LLP LYNDA TRANSPORTATION: Unsecureds to Get 5 Cents on Dollar in Plan ----------------------------------------------------------------- Lynda Transportation Inc. filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Plan of Reorganization dated October 7, 2025. The Debtor is an Illinois Corporation. Since 2017, Debtor has been in the business of interstate trucking. In early 2023, the trucking industry experienced a downturn and Debtor used any cash reserves to cover a cash flow shortage but this eventually led to inability to remain current on payments on their equipment loans and potential repossession of the equipment by the secured lenders. The Chapter 11 filing has enabled Debtor to continue using their equipment and to return to focusing on their interstate trucking business. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $261.55. The final Plan payment is expected to be paid on December 1, 2030. The Debtor has assumed that its monthly income will increase slightly going forward as it has made certain changes to increase income, including but not limited to, streamlining dispatch operations and improving analysis of driver performance and returning to lenders some unprofitable units. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 5 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 10 consists of Non-priority unsecured creditors. Claims in this class will receive the projected disposable income of the Debtor pro rata within the class for a period of five years, estimated at $261.55 monthly remaining after any outstanding administrative claims are paid from the disposable income. Disposable income, as defined in Section 1191(d), shall be determined on a quarterly basis, based on the disposable income generated, if any, during the preceding quarter. The Debtor will begin to make monthly payments commencing on the fifteenth day of the fourth full month following the Effective Date and thereafter due on the fifteenth day of every fourth month. A minimum total amount of $15,693.17 will be paid to this class. Class 11 consists of Equity security holders of the Debtor. Equity security holders shall retain their interests in the Debtor as they existed on the Petition Date. The Debtor shall continue is business operations, which shall be the primary source of funds for payments required by this Plan that are to be made by the Debtor over time. After the Effective Date, the Debtor may operate the business and use, acquire, sell, transfer, convey, or dispose of property without supervision by the Bankruptcy Court and free of any restrictions of the Bankruptcy Code or Bankruptcy Rules, other than those restrictions expressly imposed by the Plan and the Confirmation Order. A full-text copy of the Plan of Reorganization dated October 7, 2025 is available at https://urlcurt.com/u?l=WhgXAN from PacerMonitor.com at no charge. Counsel to the Debtor: Saulius Modestas, Esq. Modestas Law Offices, PC 401 S. Frontage Road, Ste. C Burr Ridge, IL 60527 Telephone: (312) 251-4460 Email: smodestas@modestaslaw.com About Lynda Transportation Inc. Lynda Transportation Inc. is a transportation company based in Hoffman Estates, Illinois. Lynda Transportation Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10429) on July 9, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtors are represented by Modestas Law Offices, P.C. MAIN STREET: Hires Shraiberg Page as Bankruptcy Counsel ------------------------------------------------------- Main Street at Tuttle Royale, LLC and TLH-26 Giles, LLC seek approval from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to employ Bradley S. Shraiberg, Esq. and the law firm Shraiberg Page P.A. as general bankruptcy co-counsel effective as of the petition date. The firm will provide these services: (a) advise the Debtors generally regarding matters of bankruptcy law in connection with this case; (b) advise the Debtors of the requirements of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, applicable bankruptcy rules, including local rules, pertaining to the administration of the case and U.S. Trustee Guidelines related to the daily operation of its business and administration of the estate; (c) represent the Debtors in all proceedings before this Court; (d) prepare and review motions, pleadings, orders, applications, adversary proceedings, and other legal documents arising in this case; (e) negotiate with creditors, prepare and seek confirmation of a plan of reorganization and related documents, and assist the Debtors with implementation of any plan; and (f) perform all other legal services for the Debtors which may be necessary herein. The firm's attorneys will charge hourly rates of $400 to $700 for attorneys and $300 for legal assistants. The hourly rate of Mr. Shraiberg is $700. Prior to the petition date, the firm received a retainer of $79,000, of which $7,746 was applied to prepetition services and $3,476 to the Chapter 11 filing fee and other costs, leaving a balance of $67,778. According to the filings, Shraiberg Page P.A. does not hold or represent any interests adverse to the Debtors’ estates and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Bradley S. Shraiberg, Esq. Samuel W. Hess SHRAIBERG PAGE P.A. 2385 NW Executive Center Drive, #300 Boca Raton, FL 33431 Telephone: (561) 443-0800 Facsimile: (561) 998-0047 E-mail: bss@slp.law shess@slp.law About Main Street at Tuttle Royale LLC Main Street at Tuttle Royale LLC is a single asset real estate company. Main Street at Tuttle Royale LLC and affiliate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21129) on September 23, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq. at Shraiberg Page PA. MARINER HEALTH: California's Appeals on Two Bankruptcy Orders Nixed ------------------------------------------------------------------- Judge Araceli Martinez-Olguin of the United States District Court for the Northern District of California granted Mariner Health Central, Inc.'s motion to dismiss the following appeals: 1. THE PEOPLE OF THE STATE OF CALIFORNIA, Appellant, v. MARINER HEALTH CENTRAL, INC., et al., Appellees, Case No. 24-cv-05778-AMO (N.D. Cal.); and 2. THE PEOPLE OF THE STATE OF CALIFORNIA, Appellant, v. MARINER HEALTH CENTRAL, INC., et al., Appellees, Case No. 24-cv-5252-AMO (N.D. Cal.) The State of California appeals two orders issued by the bankruptcy court involving Appellees Mariner Health Central, Inc., and certain of its affiliates. In April 2021, the State filed suit in Alameda County Superior Court against the Debtors and other non-debtor affiliates alleging numerous deficiencies in the care and management of nursing facilities. In July 2022, certain of the non-debtor affiliates successfully quashed service of the summons for lack of personal jurisdiction, and in October of that year, the State appealed the trial court's order quashing service. On March 14, 2024, the parties to the Alameda Appeal stipulated to resolve all claims against all defendants and waived their right to appeal. The parties' stipulation also provided for payment to the State of $2.25 million in costs and $15.5 million in penalties that were stayed on the condition of the performance of the injunctive provisions therein. In September 2022, the Debtors commenced Chapter 11 petitions for relief and subsequently proposed a Joint Plan of Reorganization which the State voted to accept. In December 2023, the bankruptcy court confirmed the Plan. The Plan provided for several releases and injunctions. It also provided for the payment of costs and penalties to the State as described in the parties' stipulation, which were conditioned on performance of the Plan. On May 2, 2024, the Debtors filed a Motion for Order Enforcing Injunction and Release Provisions of the Plan and Confirmation Order with the bankruptcy court, as the State had not dismissed the Alameda Appeal, which the Debtors contended was required by the Plan and Confirmation Order. The Motion to Enforce requested the bankruptcy court enforce the terms of the Confirmation Order, enjoin the State from continuing the Alameda Appeal, and direct the State to dismiss the Alameda Appeal. On July 26, 2024, the bankruptcy court granted the motion and issued an Order Granting Debtors' Motion for Order Enforcing Injunction and Release Provision of Plan and Confirmation Order and Granting Related Relief. The First Order, among other things, provided that the State is therefore enjoined from pursuing the Alameda Appeal. The bankruptcy court also expressly retained jurisdiction related to the interpretation of the First Order. On Aug. 6, 2024, the State appealed the First Order, commencing the action designated as People of the State of California v. Mariner Health Central, Inc., et. al., No. 24-cv-5252-AMO ("First Appeal"). The Debtors then notified the California Court of Appeal that the bankruptcy court issued the First Order and requested that it dismiss the Alameda Appeal. The State objected. On Aug. 15, 2024, the bankruptcy court entered an Amended Order Granting Debtors' Motion for Order Enforcing Injunction and Release Provision of Plan and Confirmation Order. The State appealed the Amended Order, commencing another case, People of the State of California v. Mariner Health Central, Inc., et. al., No. 24-cv-5778 ("Second Appeal"), which was subsequently related to the First Appeal and reassigned to this Court on Sept. 25, 2024. The Debtors move to dismiss the Pending Appeals as moot in light of the State's dismissal of the Alameda Appeal, which the Debtors argue fully resolves the controversy currently before the Court. The First Appeal challenges the bankruptcy court's order prohibiting the State from pursuing the Alameda Appeal and the Second Appeal challenges the bankruptcy court's order directing the State to dismiss the Alameda Appeal. At bottom, the dispute at issue in the Pending Appeals is thus whether the Confirmation Order required dismissal of the Alameda Appeal. The District Court finds neither in its opposition nor at the hearing did the State argue that the Pending Appeals present a controversy other than whether the Plan required the State to dismiss the Alameda Appeal. Rather, the State contends that there remains relief the Court can grant, as the Alameda Appeal 'is not unsalvageable' because the California Court of Appeal can, upon the State's motion, withdraw the dismissal and recall the remittitur. Thus, if the District Court were to rule in the State's favor on the merits of the Pending Appeals, the State could then seek to withdraw its dismissal of the Alameda Appeal. However, the State points to no authority supporting its position that the possibility of the state court's action in an independent proceeding defeats mootness. According to the District Court, the State's contentions that it may yet be able to convince the Court of Appeal and withdraw its dismissal of the Alameda Appeal is too remote a consequence to forestall the mootness of this appeal. The District Court concludes the Debtors have established no live controversy exists since the Alameda Appeal has been dismissed and there is no effective relief the Court can craft for the State. Accordingly, the District Court grants the motions to dismiss the Pending Appeals. The Pending Appeals are dismissed as moot. The Court denies as moot the State's motion for summary disposition A copy of the Court's Order is available at https://urlcurt.com/u?l=1Scx0G from PacerMonitor.com. About Mariner Health Central Atlanta, Ga.-based Mariner Health Central, Inc., provides administrative, clinic and operational support services to skilled nursing facilities, including the 121-bed facility operated by Parkview Operating Company, LP. Mariner and its affiliates, Parkview Operating Company and Parkview Holding Company GP, LLC, sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 22-10877) on Sept. 19, 2022. The cases were transferred to the U.S. Bankruptcy Court for the Northern District of California (Case No. 22-41079) on Oct. 25, 2022. The Debtors estimated assets of $1 million to $10 million and liabilities of $10 million to $50 million as of the bankruptcy filing. Judge William J. Lafferty oversees the cases. The Debtors tapped Raines Feldman, LLP as general bankruptcy counsel; Pachulski Stang Ziehl & Jones, LLP as local Delaware counsel; and SierraConstellation Partners, LLC as restructuring advisor. Lawrence Perkins, chief executive officer of SierraConstellation, serves as the Debtors' chief restructuring officer. Kurtzman Carson Consultants, LLC, is the claims and noticing agent and administrative advisor. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Robinson & Cole, LLP. Blanca E. Castro is the patient care ombudsman appointed in the Debtors' bankruptcy case. The Debtors' joint plan of reorganization was confirmed Dec. 14, 2023. MATTHEW BRIDWELL: Beverly Brister Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 13 appointed Beverly Brister, Esq., a practicing attorney in Benton, Ark., as Subchapter V trustee for Matthew Bridwell DDS PA. Ms. Brister will be paid an hourly fee of $360 for her services as Subchapter V trustee. Should travel be required outside of Saline or Pulaski Counties, the Subchapter V trustee will seek a compensation rate of $100 per hour for actual travel time incurred. Ms. Brister declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Beverly I. Brister, Esq. Attorney at Law 212 W. Sevier Benton, AR 72015 Phone: 501-778-2100 Email: bibristerlaw@gmail.com About Matthew Bridwell DDS PA Matthew Bridwell DDS PA, doing business as Kanis Dental, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-13477) on October 9, 2025, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Phyllis M. Jones presides over the case. Vanessa Cash Adams, Esq. at the Law Office of Vanessa Cash Adams, Inc. represents the Debtor as legal counsel. MEAT U ANYWHERE: Court Extends Cash Collateral Access to Nov. 16 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, issued a second interim order authorizing Meat U Anywhere Grapevine, LLC and affiliates to use cash collateral to fund operations. The second interim order authorized the Debtors to use cash collateral through November 16 in accordance with the budget. 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. Liens exclude Chapter 5 avoidance action proceeds and are subject and subordinate to a carveout for professional fees and trustee compensation. A final hearing is scheduled for November 6. Objections are due by November 3. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/gKJb4 from PacerMonitor.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. MG510 LLC: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------- On October 15, 2025, MG510 LLC voluntarily filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Florida. The company disclosed liabilities estimated between $1 million and $10 million. The filing indicates MG510 LLC has 1 to 49 creditors. About MG510 LLC MG510 LLC is a single asset real estate company. MG510 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22128) on October 15, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtor is represented by Nathan G. Mancuso, Esq. MISTER M&K TRUCKING: Seeks Subchapter V Bankruptcy in Texas ----------------------------------------------------------- Mister M&K Trucking LLC filed a 11 chapter bankruptcy in the Western District of Texas bankruptcy court on October 17, 2025. The bankruptcy petition for Mister M&K Trucking LLC showed liabilities in the range of $1MM to $10MM and number of creditors is in the range of 1-49. About Mister M&K Trucking LLC Mister M&K Trucking LLC is a Texas-based interstate carrier headquartered at 8503 S County Road 1160, Midland, TX 79706. The company provides general freight transportation services, including van and flatbed hauling, according to its federal carrier registration. Mister M&K Trucking LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-70173) on October 17, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Shad Robinson handles the case. The Debtor is represented by Dean William Greer, Esq. MONDAK PORTABLES: Case Summary & 18 Unsecured Creditors ------------------------------------------------------- Debtor: MonDak Portables, LLC 13008 60th St. NW Epping ND 58843 Business Description: MonDak Portables, LLC provides portable sanitation and custom trailer manufacturing services across the northern and midwestern United States. The Company designs, fabricates, leases, and services air- conditioned restroom trailers, handwashing stations, and portable latrines for federal, commercial, residential, and oilfield clients. Established in 2008 and certified as a WOSB/EDWOSB, MonDak also offers septic construction and maintenance services and operates a CAD-based manufacturing division specializing in custom restroom and comfort trailers. Chapter 11 Petition Date: September 29, 2025 Court: United States Bankruptcy Court District of North Dakota Case No.: 25-30429 Judge: Hon. Shon Hastings Debtor's Counsel: Christianna A. Cathcart, Esq. THE DAKOTA BANKRUPTCY FIRM 1630 1st Avenue N, Suite B PMB24 Fargo ND 58102 Tel: 701-970-2770 Email: christianna@dakotabankruptcy.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Katherine Zent 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/QNDSSSI/MonDak_Portables_LLC__ndbke-25-30429__0001.0.pdf?mcid=tGE4TAMA MORGUARD CORPORATION: DBRS Gives BB(high) Credit Rating ------------------------------------------------------- DBRS Limited assigned a credit rating of BB (high) with a Positive trend to Morguard Corporation's (Morguard) CAD 250 million 5.00% Series I Senior Unsecured Debentures, Due October 14, 2028 (the Series I Debentures). The credit rating assigned to this newly issued debt instrument is based on the credit rating of an already-outstanding debt series of the above-mentioned debt instrument. The Series I Debentures will be direct senior unsecured obligations of Morguard and will rank equally and rateably with one another and with all other unsecured and unsubordinated non-consolidated indebtedness of Morguard, except to the extent prescribed by law. Notes: All figures are in Canadian dollars unless otherwise noted. MOUNTAIN SPORTS: Unsecureds Will Get 0.8% to 2.2% of Claims ----------------------------------------------------------- Mountain Sports, LLC and its affiliates, and the Official Committee of Unsecured Creditors submitted a Combined Disclosure Statement and Plan of Liquidation dated October 8, 2025. Prior to selling substantially all of their assets during the Chapter 11 Cases, the Debtors operated outdoor clothing, sporting goods, activewear and sports equipment retail locations in the northeastern United States under the brands "Eastern Mountain Sports" ("EMS") and "Bob's Stores" ("Bob's"). The Debtors' most valuable single asset class as of the Petition Date was their inventory. As of the Petition Date, the Debtors had approximately $37.27 million in gross inventory on a cost basis. The Debtors' operations were principally conducted from their corporate headquarters and distribution center in Meriden, Connecticut; however, as part of the restructuring process, the Debtors vacated the distribution center, and through the later of the Sale Closing Date (for locations sold to the Purchaser) or September 30, 3024 (the final date of the Inventory Sale), operated from their larger stores and remotely. The Debtors effectuated this dual-pronged approach by filing the Inventory Sale Motion on June 25, 2024 and the Sale Motion on July 15, 2024. Thereafter, the Debtors, the Committee and the Prepetition Lenders engaged in extensive negotiations regarding (i) the terms of bidding procedures to govern the sale and marketing process, and (ii) the terms of the Asset Purchase Agreement, which was to serve as the stalking horse bid for the Debtors' Assets. After extensive negotiations by and among the Debtors, the Committee, PNC, GoDigital Brand Services, Roberts 50, and Jason Peterson (collectively, the "Parties"), the Parties entered into that certain stipulation resolving the Title Objection and the Adversary Proceeding [Adv. Pro. No. 24-50095-MFW, D.I. 35] (the "Stipulation"). On August 8, 2024, the Bankruptcy Court entered an Order [Adv. Pro. No. 24-50095-MFW, D.I. 36] approving the Stipulation, which paved the way for the sale of the Debtors' assets, including the Disputed Property, and provided that the Defendants and Mr. Peterson must cooperate in good faith as needed to facilitate the transfer of the Debtors' Assets in connection with any such sale. Despite a fulsome marketing process, the Debtors did not receive any competing bids for the Debtors' Assets by the bid deadline set forth in the Bidding Procedures Order. Accordingly, on August 29, 2024, the Bankruptcy Court entered the Sale Order, thereby approving the Sale to the Purchaser pursuant to the terms of the Asset Purchase Agreement. The Sale subsequently closed on August 30, 2024. The Debtors ceased operations at the seven stores transferred to the Purchaser upon the closing of the Sale. Class 2 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to less favorable treatment, each Holder of an Allowed General Unsecured Claim against the Debtors shall receive on account of and in full and complete settlement, release and discharge of, and in exchange for, such Allowed General Unsecured Claim its Liquidating Trust Interests entitling each such Holder to receive its Pro Rata share of the Residual Cash. The allowed unsecured claims total $35 million to $40 million. This Class will receive a distribution of 0.8% to 2.2% of their allowed claims. On the Effective Date, all Interests shall be deemed canceled, extinguished and of no further force or effect, and the Holders of Interests shall not be entitled to receive or retain any property on account of such Interest. Inasmuch as the Debtors' Assets have principally been liquidated and the Plan provides for the distribution of all of the Cash proceeds of the Debtors' Assets to Holders of Claims that are Allowed as of the Effective Date in accordance with the Plan, for purposes of this test, the Plan Proponents have analyzed the ability of the Liquidating Trust to meet its obligations under the Plan. Based on the Plan Proponents' analysis, the Liquidating Trustee will have sufficient assets to accomplish its tasks under the Plan. A full-text copy of the Combined Disclosure Statement and Plan dated October 8, 2025 is available at https://urlcurt.com/u?l=XAlwiJ from PacerMonitor.com at no charge. Counsel for the Debtors: GOLDSTEIN & MCCLINTOCK LLLP Maria Aprile Sawczuk, Esq. 501 Silverside Road, Suite 65 Wilmington, DE 19809 Telephone: (302) 444-6710 Email: marias@goldmclaw.com - and - Matthew E. McClintock, Esq. William Thomas, Esq. 111 W. Washington Street, Suite 1221 Chicago, IL 60602 Telephone: (312) 337-7700 Email: mattm@goldmclaw.com willt@goldmclaw.com Counsel to the Official Committee of Unsecured Creditors: LOWENSTEIN SANDLER LLP Jeffrey L. Cohen, Esq. Brent I. Weisenberg, Esq. Erica G. Mannix, Esq. 1251 Avenue of the Americas New York, NY 10020 Telephone: (212) 262-6700 Email: jcohen@lowenstein.com bweisenberg@lowenstein.com emannix@lowenstein.com -and- MORRIS JAMES LLP Eric J. Monzo, Esq. Brya M. Keilson, Esq. 500 Delaware Avenue, Suite 1500 Wilmington, DE 19801 Telephone: (302) 888-6800 Email: emonzo@morrisjames.com bkeilson@morrisjames.com About Mountain Sports Mountain Sports LLC, doing business as Bob's Stores, Eastern Mountain Sports, EMS, and Sport Chalet, is a sporting goods, hobby and musical instrument retailer. Mountain Sports LLC and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11385) on June 18, 2024. In the petitions filed by David Barton, authorized representative, Mountain Sports disclosed between $10 million and $50 million in both assets and liabilities. Judge Mary F. Walrath oversees the cases. The Debtors tapped Goldstein & McClintock LLLP as counsel, and Silverman Consulting as financial advisor. The Office of the United States Trustee for the District of Delaware appointed an official committee of unsecured creditors. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel and Morris James LLP as Delaware counsel. MOUNTAIN VIEW: Section 341(a) Meeting of Creditors on November 20 ----------------------------------------------------------------- On October 15, 2025, Mountain View Health & Rehab LLC filed Chapter 11 protection in the Middle District of Georgia. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 20, 2025 at 10:00 AM at U.S. Trustee Teleconference 2. About Mountain View Health & Rehab LLC Mountain View Health & Rehab LLC operates a health and rehabilitation facility in Bolingbroke, Georgia, offering services that include long-term care, therapy, and patient rehabilitation. Mountain View Health & Rehab LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-51642) on October 15, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Wesley J. Boyer, Esq. of BOYER TERRY LLC. NAPA FORD: Gets Interim OK to Use Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California, Santa Rosa Division entered an order approving a stipulation between Napa Ford Lincoln Mercury, Inc. and its secured creditor, Ford Motor Credit Company LLC, for the limited use of cash collateral. The bankruptcy court authorized the Debtor to use cash collateral on an interim basis under the stipulated terms, effective until November 6 or until further court order. As adequate protection, Ford Credit will be granted replacement liens on all of the Debtor's property and proceeds, including post-petition assets such as accounts, inventory, and equipment. Additionally, the Debtor must make monthly payments of $35,000 to Ford Credit. Ford Motor Credit Company is represented by: Andrew B. Still, Esq. Snell & Wilmer L.L.P. 600 Anton Blvd, Suite 1400 Costa Mesa, CA 92626-7689 Telephone: 714.427.7000 Facsimile: 714.427.7799 astill@swlaw.com About Napa Valley Ford Lincoln Mercury Inc. Napa Valley Ford Lincoln Mercury, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-10450) on July 24, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Hon. Charles Novack oversees the case. The Debtor is represented by: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger Email: michael.berger@bankruptcypower.com NEED SPACE TABB: Section 341(a) Meeting of Creditors on November 17 ------------------------------------------------------------------- On October 10, 2025, Need Space Tabb LLC filed Chapter 11 protection in the Western District of Tennessee. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 17, 2025 at 10:00 AM at telephonically. About Need Space Tabb LLC Need Space Tabb LLC operates a self-storage facility at 101 Tabb Drive, Munford, Tennessee, providing various storage units and vehicle parking spaces. The Company is structured as a single-asset real estate entity (SARE) and is part of the broader Need Space self-storage network, which operates multiple locations across Tennessee and Mississippi. Need Space Tabb LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-25205) on October 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge M Ruthie Hagan handles the case. The Debtor is represented by Marcus D. Ward, Esq. of MARCUS D. WARD, PLLC NEED SPACE: Lender Seeks to Prohibit Cash Collateral Access ----------------------------------------------------------- Simmons Bank asks the U.S. Bankruptcy Court for the Northern District of Mississippi, Aberdeen to prohibit Need Space Westbranch, LLC from using rental income generated from a self-storage facility located at 7305 Westbranch Rd, Olive Branch, Mississippi. This rental income constitutes Simmons' cash collateral, as it is secured under a Collateral Assignment of Rents and Leases and a Deed of Trust, both recorded in Desoto County, MS. The creditor argues that the Debtor is not entitled to use this cash collateral under 11 U.S.C. Section 363(c)(2) because the Debtor has failed to provide adequate protection as required under the Bankruptcy Code. Specifically, Simmons asserts that the Debtor has defaulted on a commercial loan exceeding $4.3 million, originally executed in November 2022 and personally guaranteed by Marion Threatt. The defaults include failure to make loan payments, pay property taxes, maintain insurance, and permit inspection of the property—actions that violate the loan agreements and have necessitated creditor intervention, including forced placement of insurance and payment of delinquent taxes to prevent tax sale. Prior to the bankruptcy filing on September 25, 2025, Simmons had filed a lawsuit in federal court seeking appointment of a receiver and injunctive relief. However, the bankruptcy filing automatically stayed those proceedings. Simmons views the bankruptcy as a strategic attempt to frustrate its efforts to protect its collateral. Furthermore, the Creditor claims the Debtor is a single-asset entity with no other creditors and lacks the financial capability to adequately protect Simmons’ interest in the rents. Without proper financial reporting, insurance, or real property tax payments, Simmons argues that any use of rents would diminish the value of its collateral and essentially finance the Debtor's operation at Simmons’ expense. Simmons also objects to the rents being used for legal fees, citing case law that such use does not benefit the secured creditor and is not permitted absent demonstrable benefit to the collateral. As an alternative to prohibiting rent use, Simmons seeks either court-mandated adequate protection (e.g., cash payments or turnover of rents) or immediate relief from the automatic stay under 11 U.S.C. Section 362(d)(1), as well as abandonment of the property under 11 U.S.C. section 554. Simmons claims the property is of “inconsequential value or benefit” to the bankruptcy estate due to its inability to generate sufficient income to cover obligations and protect creditor interests. Therefore, Simmons seeks an order allowing it to enforce its rights, including proceeding in the District Court to appoint a receiver and take control of the property. It also requests the court waive the 14-day stay under Bankruptcy Rule 4001(a)(3), to allow for immediate relief. A court hearing is scheduled for November 5. About Need Space Westbranch LLC Need Space Westbranch, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-13181) on September 25, 2025. In the petition signed by Marion Threatt, member, the Debtor disclosed up to $10 million in both assets and liabilities. John Keith Perry, Jr., Esq., at Perry Griffin OC, represents the Debtor as legal counsel. Simons Bank, as lender, is represented by: R. Campbell Hillyer, Esq Butler Snow, LLP 6075 Poplar Avenue, Suite 500 Memphis, TN 38119 Tel: (901) 680-7326 Email: cam.hillyer@butlersnow.com NELKIN & NELKIN: Two Rivers in Contempt of Confirmation Order ------------------------------------------------------------- Chief Judge Eduardo V. Rodriguez of the United States Bankruptcy Court for the Southern District of Texas finds that Two Rivers Coffee, LLC and their counsel, Raphael Rosenblatt, are in civil contempt of the Court's confirmation order entered on Feb. 14, 2025 by violating the discharge injunction entered in the bankruptcy case of Nelkin & Nelkin, P.C. In this subchapter V post-confirmation proceeding, Nelkin & Nelkin, P.C has requested this Court to enforce its confirmation order and to hold Steven Schreiber (Individually and as purported representative of Eugene Schreiber's Estate), TRC and Mr. Rosenblatt in civil contempt because of their alleged intentional and deliberate attempt to circumvent the discharge and revesting provisions of the plan, confirmation order and applicable statutes of Title 11 of the United States Bankruptcy Code. On Dec. 2, 2015, Nelkin commenced Schreiber, et al. v. Friedman, et al., Cause No. 15-cv-06861, District Court, Eastern District of New York. A settlement agreement was signed by all parties in the EDNY Litigation Case including the Schreibers on August 10, 2018, and became binding on the parties on Aug. 13, 2018. On Aug. 15, 2018, Debtor filed a "Notice of Charging Lien" in the EDNY Litigation Case. The value of the Charging Lien is estimated by Nelkin to be approximately $12,750,000.00 plus prejudgment interest and fees and expenses. On March 7, 2019, the TRC Parties filed a motion through Mr. Rosenblatt, requesting Magistrate Judge James Orenstein of the United States District Court of the Eastern District of New York to find that Nelkin was discharged for cause, to vacate Debtor's Charging Lien and to forfeit Nelkin's entitlement to fees under the Fee Agreement (the "Fee Recovery Litigation"). The TRC Parties' and Mr. Rosenblatt's position that they did not violate the discharge provisions in the Confirmation Order is based on their belief that the Fee Recovery Litigation is a defensive claim and not subject to discharge because the Settlement Proceeds are solely property of the TRC Parties. The Plan specifically lists Nelkin's interest in the Settlement Proceeds as an asset, which vested in Nelkin upon confirmation of the Plan and entry of the Confirmation Order pursuant to Secs. 1141(c) and 1141(d).228 Thus, the Court finds that it was objectively unreasonable for the TRC Parties and Mr. Rosenblatt to rely on their assumption that the Settlement Proceeds were solely property of the TRC Parties. The Court finds that there was not an objectively reasonable basis for Mr. Rosenblatt and the TRC Parties to conclude that the Fee Recovery Litigation was not discharged pursuant to 11 U.S.C. Secs. 1191(a) and 1141(d) and that Mr. Rosenblatt and the TRC Parties were not enjoined from prosecuting the Fee Recovery Litigation after Plan confirmation by the plain language of the Plan and Confirmation Order pursuant to 11 U.S.C. Sec. 524(a)(2). Accordingly, the Court finds that the TRC Parties and Mr. Rosenblatt are in civil contempt because they violated the discharge injunction effectuated by the Plan and Confirmation Order pursuant to 11 U.S.C. Secs. 1191(a), 1141(d) and 524(a)(2) by continuing to prosecute the Fee Recovery Litigation after confirmation of the Plan. The Court finds it appropriate to award Nelkin compensation for its reasonable and necessary attorney fees and costs incurred in bringing and prosecuting the instant Motion to Enforce. Nelkin's request for recovery of losses caused by the TRC Parties' and Mr. Rosenblatt's violation of the discharge provisions of the Plan and Confirmation Order, other than compensation of attorney fees and costs, must be denied as Nelkin failed to provide any evidence that Nelkin suffered any loss other than incurrence of attorney fees and costs. On July 22, 2025, the Court held a hearing and finds that Steven Schreiber (Individually and as purported representative of Eugene Schreiber's Estate), TRC and Mr. Rosenblatt are in civil contempt of this Court's confirmation order entered on Feb. 14, 2025 by violating the discharge injunction entered in this case. The Court further finds that in order to purge themselves of the civil contempt, each of Steven Schreiber (Individually and as purported representative of Eugene Schreiber's Estate) TRC and Mr. Rosenblatt must, on or before Thursday, Oct. 16, 2025, seek dismissal of their causes of action against Nelkin & Nelkin, P.C. in the case styled as Scheiber, et al. v. Friedman, et al., Cause No. 15-cv-06861, pending in the Eastern District of New York with prejudice. Until such time as Steven Schreiber (Individually and as purported representative of Eugene Schreiber's Estate) TRC and Mr. Rosenblatt are not in compliance with the Court's accompanying Order, then effective Friday, Oct. 17, 2025 and every day thereafter, each of Steven Schreiber (Individually and as purported representative of Eugene Schreiber's Estate), TRC and Mr. Rosenblatt shall be jointly and severally liable for daily sanctions of $100 for each day they remain out of compliance. Finally, the Court finds that Steven Schreiber (Individually and as purported representative of Eugene Schreiber's Estate), TRC and Mr. Rosenblatt, jointly and severally, must pay the reasonable attorney fees and costs incurred by Nelkin & Nelkin, P.C in prosecuting this instant motion for contempt to Walker & Patterson, P.C., subject to objections as permitted in this Court's accompanying Order. A copy of the Court's Memorandum Opinion is available at https://urlcurt.com/u?l=RBYVzO from PacerMonitor.com. About Nelkin & Nelkin, P.C. Nelkin & Nelkin P.C. is a Houston, Texas based law firm that was founded in 1975. The Debtor filed Chapter 11 petition (Bankr. S.D. Texas Case No. 23-20245) on Aug. 25, 2023, with $10 million to $50 million in assets and $1 million to $10 million in liabilities. Carol Nelkin, president, signed the petition. Judge David R. Jones oversees the case. Miriam Goot, Esq., at Walker & Patterson, P.C., is the Debtor's legal counsel. Nelkin & Nelkin P.C. won confirmation of a Chapter 11 plan on Feb. 14, 2025. NOISA INC: Gets Interim OK to Use Cash Collateral ------------------------------------------------- Noisa, Inc. and affiliates received interim approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to use cash collateral to fund operations. The court's interim order authorized the Debtors to use the cash collateral of secured creditors in the ordinary course of business in accordance with their budget. Secured creditors, Itria Ventures, LLC and the U.S. Small Business Administration, hold a valid and perfected first priority security interest in the cash collateral. As adequate protection, the pre-bankruptcy liens of both creditors will continue post-petition as to assets acquired by the Debtors before and after their Chapter 11 filing, As additional protection, Noisa and its affiliate, Isano, Inc., were ordered to pay $207.81 and $71.67 to the SBA, respectively. Meanwhile, Isano 3, Inc. was ordered to pay $509.26 to Itria Ventures. Payments must be made within 30 days after October 10. The interim order is available at https://is.gd/k90bwE from PacerMonitor.com. The final hearing is set for October 28. As of the petition date, Noisa held $10,249 in cash collateral, Isano held $3,534, and Isano 3 held $25,116. The SBA and Itria Ventures hold perfected liens on the cash through UCC-1 financing statements filed with the Pennsylvania Department of State. About Noisa Inc Noisa, Inc., doing business as Las Velas Mexican Restaurant, operates a full-service Mexican dining establishment, offering a range of traditional dishes and catering services in Pennsylvania. Its affiliate, Isano Inc., runs a Mexican restaurant in Murrysville, featuring tacos, burritos, enchiladas, and other regional fare. Meanwhile, Isano 3, Inc., doing business as La Cantina by Madero, manages a restaurant concept that combines Mexican staples with American casual items such as wings and burgers, operating as part of the same broader restaurant group in the state. Noisa and its affiliates filed Chapter 11 petitions (Bankr. W.D. Pa. Lead Case No. 25-22682) on October 6, 2025. In the petition signed by David Montanez, company owner, Noisa disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Carlota M. Bohm oversees the cases. David Z. Valencik, Esq., at Calaiaro Valencik, represents the Debtors as legal counsel. NORTHEAST INSURANCE: Seeks Chapter 15 Recognition in New York ------------------------------------------------------------- Law360 and Insurance Journal report that Northeast Insurance Co., a captive insurer based in Bermuda, is seeking Chapter 15 recognition in New York bankruptcy court for its ongoing Bermuda liquidation. The insurer, which provides coverage to several hospitals and a Jewish nonprofit, said it became insolvent due to escalating claims filed under New York's Child Victims Act. The company told the court that it entered liquidation proceedings in Bermuda on October 7, 2025, after determining that its exposure to child sex abuse lawsuits had exhausted its available capital. Those liabilities, Northeast said, caused its losses to balloon and left the insurer unable to meet policyholder and creditor demands, according to report. Having ceased underwriting new policies in 2017, Northeast is now seeking cross-border cooperation to manage creditor recoveries. The Chapter 15 filing is intended to align its Bermuda winding-up process with U.S. courts, ensuring an efficient resolution of remaining claims, the report states. About Northeast Insurance Co. Northeast Insurance Co. is a captive insurer based in Bermuda. Northeast Insurance Co. sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12275) on October 15, 2025. The Debtor is represented by Glenn S. Walter, Esq. of Honigman LLP. NU STYLE: Retains Michael Best & Friedrich as Legal Counsel ----------------------------------------------------------- Nu Style Landscape & Development, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to continue employing Michael Best & Friedrich LLP, successor to Allen Vellone Wolf Helfrich & Factor P.C., as counsel for the Debtor-in-Possession in its Chapter 11 case. The firm will continue to provide these services: (a) represent the Debtor in all matters concerning the administration of the estate, including preparation of the Debtor's statements and schedules, plan of reorganization, and disclosure statement; (b) provide legal advice and representation in connection with the general administration of the estate; (c) handle all contested and adversary matters that arise in the case; (d) investigate and litigate any avoidance or other actions the Estate may have; and (e) perform all other legal services for the Debtor related to or arising out of contested matters in this bankruptcy case. As of the date of the application, the professionals' hourly rates are: Jeffrey A. Weinman $650 Bailey C. Pompea $425 Partners $475 to $725 Associates $350 to $450 Paralegals $120 to $225 Michael Best & Friedrich LLP will not receive compensation or reimbursement of expenses except as allowed under the Bankruptcy Code and Rules. The firm has not requested any additional retainer. According to the application, MBF is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code and does not hold or represent any interest adverse to the Debtor, the Estate, or its creditors. The firm can be reached at: Jeffrey A. Weinman, Esq. Bailey C. Pompea, Esq. MICHAEL BEST & FRIEDRICH LLP 675 15th Street, Suite 2000 Denver, CO 80202 Telephone: (720) 240-9515 E-mail: jeffrey.weinman@michaelbest.com bailey.pompea@michaelbest.com About NU Style Landscape & Development Nu Style Landscape & Development, LLC, a company in Denver, Colo., filed Chapter 11 petition (Bankr. D. Colo. Case No. 23-14475) on Oct. 2, 2023, with $1 million to $10 million in both assets and liabilities. Michael Moilanen, managing member, signed the petition. Judge Thomas B. McNamara oversees the case. Allen Vellone Wolf Helfrich & Factor, PC, serves as the Debtor's legal counsel. NUMALE CORP: Court Confirms Joint Plan of Reorganization -------------------------------------------------------- The Honorable Natalie M. Cox of the United States Bankruptcy Court for the District of Nevada approved in its entirety and confirmed NuMale Corporation's Joint Plan of Reorganization under Section 1129 of the Bankruptcy Code. The Disclosure Statement to accompany the Joint Plan of Reorganization is approved on a final basis under Section 1125 of the Bankruptcy Code. On April 2, 2025, the United States Trustee for Region 17 appointed Michael W. Carmel as the Chapter 11 Trustee for the bankruptcy estates of NuMale Corporation, Feliciano NuMale Nevada PLLC, NuMedical SC, NuMale Colorado SC, NuMale Florida TB PLLC, NuMale Nebraska LLC, and NuMale New Mexico SC. On April 7, 2025, the Court approved the appointment of Chapter 11 Trustee. On April 28, 2025, the Court entered its Final Order Approving Motion for Order Directing Joint Administration of Debtors' Chapter 11 Cases Under Federal Rule of Bankruptcy Procedure 1015(b). According to Judge Cox, the Trustee as the proponent of the Plan has met his burden of proving the applicable elements of Sections 1129(a) and 1129(b) of the Bankruptcy Code by a preponderance of the evidence, which is the applicable evidentiary standard for Confirmation in the Ninth Circuit. Under Section 1126(f) of the Bankruptcy Code, Holders of Claims in Class 1 (Newtek Secured Claim), Class 2 (Kalamata Claim), Class 3 (EBF Holdings Claim), Class 4 (Fox Funding Claim), Class 5 (Top Tier Claim), Class 6 (LCF Group Claim), Class 7 (Ford Motor Claim), and Class 8 (Priority Unsecured Claims), are Unimpaired and conclusively presumed to have accepted the Plan. Holders of Claims in Class 13 (Equity Interests in the Debtors) are deemed to reject the Plan. The Court also approved the Global Settlement Agreement, resulting in the $108.5 million Beazley Settlement Payment being made to the Estates, which funds shall be used to satisfy the payment obligations under the Plan. The Plan provides for the 363 Sale, which will produce additional value to facilitate payments on account of Allowed Claims in accordance with the Plan. The Plan also provides for the establishment of a Liquidation Trust to prosecute litigation claims, which recovery will further be utilized to satisfy the Allowed Claims in accordance with the terms of the Plan and the Liquidation Trust Agreement. Accordingly, the Court held that the Plan is feasible and confirmation of the Plan is not likely to be followed by the liquidation, or the need for further financial reorganization of the Debtors or any successor to the Debtors under the Plan, except as provided in the Plan. A copy of the Court's Findings of Fact and Conclusions of Law is available at https://urlcurt.com/u?l=Wllmo6 from PacerMonitor.com. Attorneys for Michael Carmel, Chapter 11 Trustee: Gregory Garman, Esq. Talitha Gray Kozlowski, Esq. Mary Langsner, Esq. GARMAN TURNER GORDON LLP 7251 Amigo Street, Suite 210 Las Vegas, NV 89119 Tel: (725) 777-3000 Email: ggarman@gtg.legal tgray@gtg.legal mlangsner@gtg.legal About Numale Corporation Numale Corporation and six affiliates filed Chapter 11 petitions (Bankr. D. Nev. Lead Case No. 25-10341) on January 22, 2025. At the time of the filing, Numale reported up to $50,000 in both assets and liabilities. Judge Natalie M. Cox oversees the cases. The Debtors are represented by David A. Riggi, Esq., at Riggi Law Firm. NXT ENERGY: CEO to Present at Planet MicroCap Showcase on Oct. 22 ----------------------------------------------------------------- NXT Energy Solutions Inc. announced on October 10, 2025, that it will be presenting at the Planet MicroCap Showcase: TORONTO 2025 in partnership with MicroCapClub ("Planet MicroCap") on Wednesday, October 22, 2025 at 9:30 AM (EDT). Bruce G. Wilcox, Chief Executive Officer of NXT Energy Solutions Inc., will be hosting the presentation and answering questions at the conclusion. "Having reported $14.12 million of revenue up to June 30, 2025, the best revenue in 9 years, we are excited to participate in Planet MicroCap to share NXT's compelling investment story," commented Bruce G. Wilcox, CEO of NXT. About Planet MicroCap Planet MicroCap is a global multimedia financial news, publishing and events company for the MicroCap investing community. We have cultivated an active and engaged audience of folks that are interested in learning about and to stay ahead of the curve in the Microcap space. About NXT Energy NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method. This system can be used both onshore and offshore to remotely identify areas with exploration potential for traps and reservoirs. The SFD survey system enables the Company's clients to focus their hydrocarbon exploration decisions concerning land commitments, data acquisition expenditures, and prospect prioritization on areas with the greatest potential. SFD is environmentally friendly and unaffected by ground security issues or difficult terrain and is the registered trademark of NXT Energy Solutions Inc. NXT Energy Solutions provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration. Calgary, Canada-based MNP LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 27, 2025, citing that the Company's current cash position is not expected to be sufficient to meet the Company's obligations and planned operations for a year beyond the date of auditor's report, unless additional financing is obtained or new revenue contracts are completed. This raises substantial doubt about the Company's ability to continue as a going concern. OSCAR A. LOPEZ: Seeks to Hire David Venable as Legal Counsel ------------------------------------------------------------ Oscar A. Lopez Trucking, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire David L. Venable, Attorney at Law, to serve as legal counsel in its Chapter 11 case. Mr. Venable will provide these services: (a) advise and assist in the schedules and statements required by the Bankruptcy Code and Rules; (b) give the Debtor advice with respect to its powers and duties as Debtor-in-Possession in the continued operation of its business and management of its property; (c) represent the Debtor as Debtor-in-Possession in connection with any adversary proceedings and contested matters which may be filed by or against it; (d) prepare and prosecute objections to proof of claims for disputed debts; (e) prepare on behalf of the Debtor as Debtor-in-Possession necessary applications, answers, orders, reports and other legal papers; (f) advise and assist in the formulation of the Debtor’s plan of reorganization, prepare and file such plan, and prepare and make the disclosure required by the Bankruptcy Code and Rules; and (g) perform all other legal services for the Debtor as Debtor-in-Possession which may be necessary. Mr. Venable has received a retainer of $8,000, of which $1,738 was applied to filing fees. His hourly rate is $350. He does not charge paralegal fees, and any compensation sought will be subject to court approval. According to court filings, Mr. Venable is a “disinterested person” within the meaning of Section 101(14) of the Bankruptcy Code and represents no interests adverse to the Debtor or its estate. The firm can be reached at: David L. Venable, Esq. 13201 Northwest Freeway, Suite 800 Houston, TX 77040 Telephone: (713) 956-1400 Facsimile: (713) 983-8285 E-mail: david@dlvenable.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. OUTPATIENT SERVICE: Andrew Layden Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 21 appointed Andrew Layden as Subchapter V trustee for Outpatient Service Providers, LLC. Mr. Layden will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Layden declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Andrew Layden 200 S. Orange Avenue, Suite 2300 Orlando, FL 32801 Telephone: 407-649-4000 Email: alayden@bakerlaw.com About Outpatient Service Providers Outpatient Service Providers, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03588) on October 6, 2025, with $1,000,001 to $10 million in liabilities. Judge Jacob A. Brown presides over the case. OVG BUSINESS: Moody's Affirms 'B2' CFR, Outlook Remains Stable -------------------------------------------------------------- Moody's Ratings affirmed the B2 corporate family rating and B2-PD probability of default rating of OVG Business Services Intermediate Holdings, LLC (OVG or "the company"), a provider of venue and hospitality management services mainly in the US with a growing international presence. Concurrently Moody's affirmed the B2 ratings on the senior secured credit facilities (1st lien term loan B and 1st lien revolving credit facility) that are issued by OVG Business Services, LLC. The outlook remains stable. The ratings action follows the issuance of an incremental $500 million of the company's term loan B. The proceeds of the incremental debt, in addition to new common equity, will be used to effectuate a fund to fund transfer of Silver Lake's ownership stake in OVG, repay the full amount of the preferred equity and repay debt under the revolver. The transaction increases debt/EBITDA to 5.5x but Moody's expects deleveraging as a result of earnings growth and Moody's assumes no additional debt issuance in the near term. RATINGS RATIONALE OVG's B2 CFR reflects the company's high financial leverage, with debt/EBITDA of 5.5x for the 12 months ended June 30, 2025, pro forma for the transaction. Moody's expects financial leverage will decline towards the 5.0x area over the next 12 to 18 months, supported by revenue growth and EBITDA margins of around 14%. The company has a good track record of winning new clients that has helped grow EBITDA. OVG benefits from its position as the one of the largest venue management and food and beverage service providers the US. Low customer concentration across diverse end markets, and recurring revenue base from multi-year customer contracts also support the credit. The company's revenue is highly concentrated in the segment of the hospitality industry focused on providing food services, catering, concessions, and merchandise management at stadiums, concert venues and convention centers, which accounts for the majority of revenue. The company is exposed to cyclical volatility since revenue is dependent on discretionary spending by consumers, which can decline when economic conditions are not favorable. There could also be margin pressure if the company is unable to pass through inflationary increases in food and beverage costs to customers. Revenue also depends on the ability of promoters to attract in-demand artists and sports teams to the venues that are serviced by OVG. As such, the venues compete with non-OVG venues for content. Revenue is also supported by the company's unique relationship with arenas that are partially owned by Oak View Group. These arenas are not included in the credit group but OVG has long-term contracts in place to provide services to the venues. All financial metrics cited reflect Moody's standard adjustments. OVG's liquidity profile is good. Liquidity is supported by $63 million in cash as of the end of September 30, 2025, which is expected to increase to $150 million pro forma for the proposed transaction. Moody's expects OVG to generate positive operating cash flow in FY 2026 as one-time cash costs decline. Liquidity is also supported by the $250 million revolver maturing in 2029 that had approximately $237 million drawn as of the end of September 2025 but will be undrawn as a result of the transaction. Moody's expects that the company may draw on the revolver to finance acquisitions. There is a springing financial covenant for the revolver that is tested when revolver drawings exceed 40% of the nominal amount. The covenant is a maximum first-lien net leverage ratio set at 9.0x. Moody's expects OVG will maintain a comfortable cushion against the covenant, should it be tested, however Moody's expectations is that the revolver will not need to be drawn in the next several quarters. The B2 rating on the senior secured credit facilities is the same the B2 CFR given the single class of first-lien secured debt and reflects an overall loss given default assumption of 50%. The company's capital structure includes a $250 million revolver due June 2029 and a $600 million term loan B due June 2031 (which will be approximately $1,100 million following the proposed incremental issuance). The credit facility has a first priority security interest in substantially all assets of the borrower. The stable outlook reflects Moody's expectations of at least mid single-digit revenue growth over the next 12 to 18 months, supported by new contract wins. Margins will remain stable assuming the company will be able to pass any increases in costs in food and beverage to customers. The outlook also assumes that there will be no large increases in costs, one time or recurring, and that the company will not incur additional debt-funded transactions until leverage moderates. Further, the outlook also assumes that spending on live entertainment will not decline materially as a result of weakening economic conditions over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if OVG expands its scale and further diversifies revenue sources to increase the proportion of revenue from venue services or partnerships, if Moody's expects debt/EBITDA to remain below 4x, and if free cash flow to debt is sustained above 8%. Demonstration of balanced financial strategies as it pertains to leverage and allocation of capital including acquisitions and distributions would also be required for a ratings upgrade. Good liquidity would also have to be maintained for a ratings upgrade. The ratings could be downgraded if the company's revenue and earnings decline, EBITDA margins decline and are not expected to improve, or if Moody's expects debt to EBITDA to remain above 6x. The ratings could also be downgraded if operating cash flow less maintenance and growth capex is negative. A downgrade could also occur If the company adopts more aggressive financial policies, including debt-funded acquisitions or dividend payments. Deteriorating liquidity and additional debt issuance could also result in a ratings downgrade. OVG Business Services, LLC ("OVG") provides venue and hospitality management services that include complete venue management solutions and execution of large-scale events for venues including convention centers, theaters, stadiums and arenas. The company's venues are located mainly in the US. Moody's expects OVG to generate around $1.5 billion in revenue for the fiscal year ending June 30, 2026. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. 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. PACIFIC RADIO: Seeks Cash Collateral Access Until Dec. 31 --------------------------------------------------------- Pacific Radio Exchange, Inc. asks the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, for authority to continue using cash collateral from November 1 through December 31. The Debtor previously obtained interim authorization to use cash collateral through October 31 but due to evolving circumstances including the likelihood of rejecting its commercial lease, it now seeks further interim relief. The Debtor operates an audio/visual distribution business in Burbank, California, with revenue generated from both online and in-store sales. While it initially believed it could cure post-petition rent arrears, the Debtor has now concluded it cannot cure the $68,570 owed and is, therefore, in the process of rejecting the lease and relocating its operations. The updated budget reflects these changed circumstances, including anticipated moving costs, new leasing expenses, and other essential operational needs. Despite its ongoing rent default, the Debtor asserts that it has significantly cut operating costs and is now cash flow positive, aided by new and pending sales orders totaling over $190,000. It projects a revenue rebound in November and claims to be returning to pre-petition productivity levels after resolving payment terms with key suppliers. To ensure the continued operation of the business—covering payroll, inventory procurement, shipping, insurance, repairs, merchant fees, and relocation, the Debtor requests court authority to use cash collateral in line with the budget and with flexibility to deviate up to 15% in total operating expenses (within approved categories) without further court order. The Debtor argues that without this relief, the business will fail, employees will lose their jobs, and the estate’s value will deteriorate rapidly. In terms of adequate protection, the Debtor offers replacement liens on post-petition assets equivalent to any cash collateral used and commits to segregating excess revenues in its DIP account. It asserts that secured creditors are further protected by a 5% equity cushion, as the value of the cash collateral is estimated at $758,069, while total liens are $720,623. The Debtor also confirms it will continue making its scheduled post-petition payments to the U.S. Small Business Administration whose claim it does not intend to modify through a Chapter 11 plan. A hearing on the matter is set for October 28. About Pacific Radio Exchange Inc. Pacific Radio Exchange Inc., doing business as PacRad, supplies professional audio, video, DJ, and broadcast equipment. The Company offers products such as bulk and custom cables, connectors, fiber optics, networking gear, and power management tools. It serves both individual consumers and industry professionals with AV solutions and custom services. Pacific Radio Exchange sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-16614) on August 1, 2025. In its petition, the Debtor reported total assets of $94,813 and total liabilities of $1,690,315. Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case. The Debtor is represented by Matthew D. Resnik, Esq., at RHM Law, LLP. PARAGON INDUSTRIES: CTAP Agrees to Defer Chapter 11 Trustee Bid --------------------------------------------------------------- Judge Paul R. Thomas of the United States Bankruptcy Court for the Eastern District of Oklahoma granted in part CTAP, LLC and Sooner Pipe, L.L.C.'s: (I) Emergency Motion to: (A) Enforce Agreed Orders, (B) Show Cause Why Derek Wachob and Whitney Wachob Should Not Be Held in Civil Contempt of Court, and (C) Grant Related Relief; and (II) Supplement to Motion to Appoint Chapter 11 Trustee. Specifically, the Court granted a stipulation between the Debtor and CTAP, pursuant to which: 1. CTAP agrees to defer seeking a ruling on its request for appointment of a Chapter 11 Trustee and Enforcement Motion, to the extent it seeks relief against the Debtor. The Debtor will not oppose CTAP's request for sanctions and for contempt against Derek Wachob, the former and now removed CEO and director of the Debtor, and Whitney Wachob, the Debtor's Shipping Manager. The Official Committee of Unsecured Creditors supports the resolutions. 2. The Debtor agrees to comply with the Agreed Orders, which remain in full effect. Nothing shall be read to alter or interfere with compliance with those orders. No shipments of undisputed Debtor inventory shall be made without written consent of CTAP, the Committee and the CRO. The Debtor shall not ship any disputed inventory other than moving it from the Miller Yard to the Sapulpa Yard, with prior approval of CTAP, which approval shall not be unreasonably withheld. For the avoidance of doubt, the Committee's consent is not required for ongoing shipments of undisputed CTAP property pursuant to the Agreed Orders. 3. David Payne agrees to, by 5:00 p.m. on Friday, October 10, 2025, terminate all the following Wachob Family Members from the company and bar their access to any of the Debtor's owned or leased premises, prior to the Debtor vacating the leased premises: a. Nora Wachob b. Abigail Wachob-Haris c. Whitney Wachob Hudgins d. Timothy Hudgins e. Deena Wachob 4. The Debtor will immediately bar Derek Wachob's access to any of its owned or leased premises prior to the Debtor vacating the leased premises. The Debtor will move its offices (including all of its records, equipment and office employees) from the current headquarters building to the HR building and reject the lease of the current headquarters building. For the avoidance of doubt, Derek Wachob will be barred from accessing the HR building or communicating with any Debtor employees or contractors without the CRO's prior approval. 5. Failure by Derek Wachob or any Wachob Family Member to refrain from entering the Debtor's owned or leased premises, prior to the Debtor vacating the leased premises, without the CRO's pre-approved authorization will result in appropriate action by the CRO, and may include, but not be limited to, a request for removal from the premises by law enforcement, including the U.S. Marshals and/or seeking a motion for contempt of court with imposition of monetary sanctions and potential imprisonment to ensure compliance with this Court’s order. The Committee and CTAP may seek to enforce compliance with this Court's order approving this agreement. The CRO shall provide 24-hour notice of any pre-approved authorization permitting any Wachob Family Member to enter the Debtor's owned or leased premises. 6. The Debtor will not oppose the following sanction requests that CTAP or the Committee may make to the Court to ensure Mr. Wachob's compliance with the Court's orders and the terms of this agreement: a. Derek Wachob will not be permitted to access the headquarters building. b. Derek Wachob is directed to submit his personal and work cell phones and any other electronic devices in his possession or control to a third-party security firm to be selected by CTAP so that they may be monitored to ensure compliance at the option of CTAP and the CRO. CTAP shall be entitled to submit an administrative expense claim for the cost of such monitoring and shall provide the CRO and Committee with full access to monitored information. c. The Wachob Family Members are directed not to contact Debtor employees during the pendency of this bankruptcy case. Failure to comply with this direction will result in the violating party being held in contempt of court with imposition of monetary sanctions and potential imprisonment to ensure compliance with this Court's order. d. Derek Wachob and Whitney Wachob are found to have willfully violated the Court's orders and are held in contempt of Court. In addition to the nonmonetary sanctions ordered, monetary sanctions against Derek Wachob and Whitney Wachob shall be awarded after submission of fees and costs to CTAP resulting from Derek Wachob and Whitney Wachob's violation of court orders, with notice and an opportunity for an evidentiary hearing on such fees and costs. The Court reserves the right to impose punitive monetary sanctions at that time. The Debtor and CTAP reserve all rights to seek further and additional sanctions. 7. Upon seven days' notice to the CRO, any creditor has a right to inspect its inventory on the Debtor's premises. 8. The Debtor agrees to conduct a weekly call between David Payne and the Committee Members without advisors or attorneys present. 9. The current security guards whose cost is shared between the Debtor and Wachob affiliates will be terminated by the Debtor and replaced initially with CTAP's security firm, subject to the CRO's ability to replace that firm with an independent third party security firm with no prior relationship to Derek Wachob or any affiliated entities. 10. The CRO shall take immediate action to investigate all estate claims against the Wachob Family Members for post-petition conduct, including but not limited to: a. the September lockout from the Debtor's premises; b. any interference with the Debtor's computer systems and records and/or destruction or removal thereof, both electronic and hard copy; c. any interference, removal or damage to Debtor property, including security systems, inventory, and equipment; d. any interference, removal or damage of third-party property in possession of the Debtor; e. the removal of files from the Debtor's premises on the evening of October 1, 2025 and the return of same; f. unauthorized sales of pipe, including investigation of reasonableness of the price, payments to the Debtor, any buyer and its potential misconduct, and any consideration provided for the pipe which was not received by the Debtor. The CRO is directed to preserve all estate claims against all parties, including landlords, buyers, employees, and contractors, related to such investigations. The CRO shall provide weekly updates of such investigation to the Committee and CTAP, with a final report being provided no later than the Effective Date of any chapter 11 plan. 11. The CRO's on-site presence will be structured in phases: a. From now through the termination of all Wachob family members (which must occur by Friday, October 10, 2025 at 5:00 p.m. pursuant to this agreement, the CRO must be on site during business hours; b. For the 30-day period immediately following October 10, 2025, the CRO will be on site at least one day per week and at least one additional team member from among the CRO's staff shall be on site during business hours each day; and c. From the end of such 30-day period until closing of the sale, the CRO will have at least one team member on the premises during normal business hours and the CRO will personally work from the Debtor's office as necessary in the CRO's reasonable judgment. 12. The CRO, his staff, and advisers shall be entitled to contact Derek Wachob and any Wachob family members as necessary to carry out his duties. Derek Wachob was removed as president and director of the Debtor early in September pursuant to agreements amongst the Debtor's creditors, the Committee, the Debtor, and the CRO. On Sept. 26, CTAP complained that Mr. Wachob was still exerting control over the Debtor, including through his daughter Whitney Wachob as the Debtor's Shipping Manager, and directing systematic and willful violations of the Court's orders. A copy of the Court's Order dated October 9, 2025, is available at https://urlcurt.com/u?l=NghETx from PacerMonitor.com. Counsel to CTAP, LLC and Sooner Pipe, L.L.C.: Eric M. English, Esq. Stephen H. Lee, Esq. Megan Young-John, Esq. Lakshmi N. Kumar, Esq. PORTER HEDGES LLP 1000 Main Street, 36th Floor Houston, TX 77002 Telephone: (713) 226-6000 Facsimile: (713) 226-6225 E-mail: eenglish@porterhedges.com slee@porterhedges.com myoung-john@porterhedges.com lkumar@porterhedges.com - and - Victor F. Albert, Esq. Heath T. Albert, Esq. PORTER HEDGES LLP 5520 N. Francis Avenue Oklahoma City, OK 73118 Telephone: (405) 254-5729 Facsimile: (405) 232-5553 E-mail: valbert@porterhedges.com halbert@porterhedges.com Attorneys to Debtor: Clayton D. Ketter, Esq. Jason A. Sansone, Esq. Hilary H. Clifton, Esq. PHILLIPS MURRAH, P.C. 424 N.W. 10th St., Suite 300 Oklahoma City, OK 73103 E-mail: cdketter@phillipsmurrah.com jasansone@phillipsmurrah.com hhclifton@phillipsmurrah.com About Paragon Industries Inc. Paragon Industries Inc. manufactures steel pipe products used in the oil and gas, construction, and fire protection industries. Based in Sapulpa, Oklahoma, the Company offers services such as heat treatment, threading, and fabrication. Its product range includes mechanical, sprinkler, line pipe, OCTG, and construction pipes, with a customer base extending across North and South America. Paragon Industries Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Okla. Case No. 25-80433) on May 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. The Debtor is represented by Clayton D. Ketter, Esq. at PHILLIPS MURRAH P.C. PAVMED INC: Holds 28.3% Equity Stake in Lucid Diagnostics --------------------------------------------------------- PAVmed Inc., disclosed in a Schedule 13D (Amendment No. 5) filed with the U.S. Securities and Exchange Commission that as of October 9, 2025, it beneficially owns 38,816,903 shares of Lucid Diagnostics Inc.'s common stock, $0.001 par value per share, representing approximately 28.3% of the 137,200,000 shares outstanding. The beneficial ownership includes sole voting power over 38,816,903 shares and sole dispositive power over 31,302,444 shares, with no shared voting or dispositive power reported. PAVmed Inc. serves as the parent company of Lucid Diagnostics Inc., giving it significant influence over the election of directors and other matters requiring shareholder approval. PAVmed's executive officers and directors -- including Dr. Lishan Aklog (Chairman and CEO), Dennis M. McGrath (President and CFO), Shaun O'Neil (COO), and Michael A. Gordon (General Counsel) -- also hold various equity interests in Lucid Diagnostics. Certain officers and directors have received restricted stock awards, and a trust controlled by Vice Chairman Michael J. Glennon recently purchased additional shares in open market transactions. PAVmed has also entered into several agreements relating to its ownership and voting power, including a Voting Agreement dated October 9, 2025, granting it proxy voting rights over shares representing more than 7 million votes, and other arrangements under its Debt Exchange Agreement, Security and Pledge Agreement, Management Services Agreement (MSA), and Payroll and Benefit Expense Reimbursement Agreement (PBERA). PAVmed Inc. may be reached through: Dr. Lishan Aklog, Chairman and Chief Executive Officer 360 Madison Avenue, 25th Floor New York, N.Y. 10017 Phone: 917-813-1828 A full-text copy of PAVmed Inc.'s SEC Report is available at: https://tinyurl.com/5y55vkrr About PAVmed Headquartered in New York, NY, PAVmed Inc. -- http://www.pavmed.com -- is a commercial-stage medical technology company operating across the medical device, diagnostics, and digital health sectors. Its subsidiaries include Lucid Diagnostics Inc., which offers tools for early detection of esophageal precancer, and Veris Health Inc., which focuses on remote cancer care monitoring using implantable sensors and connected health devices. In its report dated March 24, 2025, Marcum LLP, the Company's auditor since 2019, issued a "going concern" qualification, citing that the Company has a significant working capital deficiency, has incurred significant operating losses, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $43.89 million in total assets, $12.47 million in total liabilities, and total stockholders' equity of $28.16 million. PERASO INC: Increases ATM Offering to $1.75M With Ladenburg ----------------------------------------------------------- Peraso Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company filed a prospectus supplement to increase the maximum number of shares of the Company's common stock, par value $0.001 per share, issuable pursuant to the At the Market Offering Agreement between the Company and Ladenburg Thalmann & Co. Inc., dated August 30, 2024, to up to an aggregate of $1,750,000 of Shares, which does not include the Shares having an aggregate gross sales price of $2,686,953 that have been sold to date under the Sales Agreement. The issuance and sale of the Shares by the Company under the Sales Agreement will be made pursuant to the Company's registration statement on Form S-3 (File No. 333-280798) filed with the Securities and Exchange Commission on July 12, 2024 and declared effective on July 22, 2024 and a base prospectus dated as of July 22, 2024 included in the Registration Statement, as supplemented by the prospectus supplements dated as of August 30, 2024 and December 10, 2024 and the Current Prospectus Supplement. A copy of Mitchell Silberberg & Knupp LLP's Opinion is available at https://tinyurl.com/2ffume8d About Peraso Inc. Headquartered in San Jose, California, Peraso Inc. -- www.perasoinc.com -- is a pioneer in high-performance 60 GHz unlicensed and 5G mmWave wireless technology, offering chipsets, antenna modules, software and IP. Peraso supports a variety of applications, including fixed wireless access, immersive video and factory automation. In addition, Peraso's solutions for data and telecom networks focus on Accelerating Data Intelligence and Multi-Access Edge Computing, providing end-to-end solutions from the edge to the centralized core and into the cloud. In its report dated March 28, 2025, the Company's auditor, Weinberg & Company, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that during the year ended Dec. 31, 2024, the Company incurred a net loss and utilized cash in operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $5.53 million in total assets against $3.74 million in total liabilities. PET RINSE: Court Extends Cash Collateral Access to Oct. 30 ---------------------------------------------------------- Pet Rinse Repeat, LLC received a one-month extension from the U.S. Bankruptcy Court for the Western District of Missouri to use cash collateral. The court's fourth interim order authorized the Debtor to use cash collateral from September 30 to October 30 to pay its expenses in accordance with its budget. The budget projects total monthly operational expenses of $57,121.88. Arvest Equipment Finance, a secured creditor, will be provided with protection in the form of a replacement lien on property acquired by the Debtor after its Chapter 11 filing that is similar to its pre-bankruptcy collateral, and monthly payments totaling $6,167.88 for the three separate loans it obtained from the secured creditor. In addition, Arvest will be granted an administrative expense claim if collateral value diminishes beyond the protection of the replacement liens. The court also approved monthly salaries of $3,750 each for members Amy Ramatowski and Vernon Doku, prohibiting any additional draws without court approval. Arvest asserts a first priority security interest in and liens on the Debtor's assets, including, but not limited to, cash, bank accounts and accounts receivable, which constitute its cash collateral. As of the petition date, Arvest is owed $310,976.79 by the Debtor. The final hearing is scheduled for October 30. Objections due by October 24. About Pet Rinse Repeat LLC Pet Rinse Repeat, LLC operates a mobile and in-store dog grooming and boarding business in the Kansas City area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-40747-btf11) on May 19, 2025. In the petition signed by Amy Ramatowski, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Brian T. Fenimore oversees the case. Erlene W. Krigel, Esq., Krigel Nugent Moore, P.C. is the Debtor's legal counsel. Arvest Equipment Finance, as secured creditor, is represented by: Sharon L. Stolte, Esq. Pamela R. Putnam, Esq. Sandberg Phoenix & von Gontard P.C. 4600 Madison Avenue, Suite 1000 Kansas City, MO 64112 Tel: 816.627.5543 Fax: 816.627.5532 sstolte@sandbergphoenix.com pputnam@sandbergphoenix.com PIEDMONT REALTY: S&P Alters Outlook to Negative, Affirms 'BB+' ICR ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB+' issuer credit rating on Atlanta, GA-based Piedmont Realty Trust Inc., and it affirmed its 'BBB-' issue-level rating on the company's senior unsecured notes and '2' recovery rating (rounded estimate: 70%). S&P said, "We revised the outlook to negative from stable, which reflects our expectation that the company's shorter weighted average debt maturity could present elevated refinancing risk. It also reflects our view that sustained elevated rental abatements relative to peers could cause us to view the company's business or financial prospects less favorably over the next year." Piedmont has a shorter weighted-average debt maturity, which could fall below three years over the next 12 months. Piedmont also has materially more rental concessions and tenant and building improvement capital expenditures (capex) relative to peers, which reflects its asset competitiveness and has delayed improvement in key credit metrics on a cash basis. Piedmont's shorter weighted-average debt maturity presents elevated refinancing risk. S&P said, "We typically view companies with short debt maturity ladders (less than three years for real estate entities) as having greater refinancing risk relative to peers with longer weighted-average debt maturities. Our weighted average maturity calculation does not consider any extension options." As of June 30, 2025, Piedmont's weighted-average debt maturity is 3.8 years when excluding extension options. The company's next debt maturity is January 2027 when its recently amended $325 million term loan matures, excluding two six-month extension options available that could bring the final maturity to January 2028. In 2028, Piedmont faces a tougher debt maturity schedule when approximately $874 million (about 40%) of its debt matures, including $151 million outstanding under its revolving credit facility due in June, $532.7 million of senior unsecured notes due in July, and a $190 million mortgage due in October. S&P said, "We note its $600 million revolving credit facility (RCF) has two one-year extension options which could ease refinancing needs depending on revolver availability at that time and how it addresses other debt maturities. If Piedmont does not proactively address these upcoming maturities prior to their maturity dates, its weighted-average debt maturity could fall below three years over the next 12 months, causing us to view its capital structure negatively." S&P said, "Piedmont has substantially higher rental abatements relative to peers, which we expect to remain over the next year. In the second quarter of 2025, leased occupancy improved 140 basis points (bps) year over year to 88.7% with commenced leased occupancy (physical occupancy) at 85% due to sustained demand from small- to medium-sized tenants and an uptick in demand from full-floor users. However, economic leased occupancy remained flat at 78% and same-property cash net operating income (NOI) declined 2% relative to the prior year period from substantial abatements periods. As of June 30, 2025, signed leases that either haven't commenced or under rental abatements represent approximately $71 million in future annual cash rents. "While we view this embedded growth favorably, we note the amount of free rent offered to tenants and capital associated with this leasing activity has materially increased, and we forecast this could continue over the next 12 months. Piedmont suspended its dividend earlier this year (resulting in $60 million plus in retained cash flows) to help fund near term capital needs, including capital related to recent leasing activity. "We expect rent concessions and TIs will remain elevated as Piedmont addresses its 2026 lease expiration schedule when 11.1% of annualized base rents (ABR) expire, including larger blocks, which could cause additional delays in cash paying tenants and require additional capital to incentivize tenants to sign leases. As a result, there is some uncertainty when Piedmont's robust leasing activity will translate into higher economic occupancy and sustained EBITDA growth on a cash basis. "We expect credit metrics will show limited improvement over the next year. For the trailing 12 months ending June 30, 2025, Piedmont's S&P Global Ratings-adjusted debt to EBITDA increased to 7.7x from 6.8x the prior year, largely because of leases under rental abatement. Fixed charge coverage (FCC) declined to 2.0x from 2.4x due to higher interest expenses and lower EBITDA. (We note our metrics adjust for straight line revenues). "We anticipate S&P Global Ratings-adjusted leverage will remain in the high-7x area this year. We see potential for it to improve to the mid-7x area in 2026, as recently executed leases begin paying cash rents. However, this depends on the trajectory of rental abatements, leasing commissions, and tenant improvements offered for new and renewal leases as well as the level of transaction activity. We anticipate FCC will remain around 2x this year with improvement in 2026 dependent on EBITDA growth, the level of capital requirements, and interest rates. "The negative outlook reflects our expectations for elevated refinancing risk from Piedmont's shorter weighted-average debt maturity, which could cause us to view its capital structure negatively. It also reflects our expectation for leasing economics to remain under pressure from elevated rent concession and TIs, causing us to view Piedmont's business or financial prospects less favorably over the next year. We also note that the company's recovery rating is at a '2' at the lower end of the range (70%); hence, if there are unexpected declines to our NOI forecast, we may lower the debt ratings." S&P could lower its ratings if: -- Operating performance deteriorates, perhaps because of increased rent abatements and higher capital expenditures that causes economic occupancy to remain near current levels or deteriorate or same store cash NOI to turn negative for a prolonged period; or -- Piedmont's debt maturity profile declines below three years, leading to a negative view of the capital structure; or -- S&P Global Ratings-adjusted debt to EBITDA remains above 7.5x or FCC remains below 2.1x for a prolonged period with no pathway to improvement. S&P could revise its outlook to stable if: -- Piedmont successfully manages upcoming lease expirations and capital requirements such that economic occupancy improves, while maintaining leased occupancy near current levels, with flat to positive same store cash NOI growth; -- It lengthens its debt maturity profile comfortably above three years, excluding extension options; and -- Piedmont's credit metrics improve, with S&P Global Ratings-adjusted debt to EBITDA below 7.5x and FCC above 2.1x. PUPEEZ INC: Ongoing Operations to Fund Plan Payments ---------------------------------------------------- Pupeez Inc. filed with the U.S. Bankruptcy Court for the District of Nevada a Plan of Reorganization for Small Business. The Debtor is a Nevada corporation. Since 2021, the Debtor has been in the business of selling pets and pet supplies to the public. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $210,741.00. The final Plan payment is expected to be paid on December 1, 2028. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately $13,520.56 or .2 cents on the dollar. This Plan also provides for the payment of administrative and priority claims, although there are no such claims anticipated to be paid from the Debtor's disposable income. Class 3 consists of Non-priority unsecured creditors. All non-priority unsecured creditors will be paid on at least an annual basis their pro rata share of the Debtor's anticipated .2 cents on the dollar. This Class is impaired. Class 4 consists of Equity security holders of the Debtor. There are 2 equity security holders of the Debtor, Kenneth Kirkpatrick at 9500 shares and Adam Fausett at 500 shares. This class will receive no payment under the plan but will retain their interest in the Reorganized Debtor post confirmation. The Debtor's Plan will be funded by ongoing business operations. A full-text copy of the Plan of Reorganization dated October 7, 2025 is available at https://urlcurt.com/u?l=NajoDi from PacerMonitor.com at no charge. About Pupeez Inc. Pupeez Inc. is a Petland franchise pet store operating in Las Vegas, Nevada. Pupeez sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-13932) on July 10, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by: Marjorie A. Guymon, Esq. Goldsmith & Guymon, P.C. Tel: 702-873-9500 Email: bankruptcy@goldguylaw.com PUSHPA INTERNATIONAL: Voluntary Chapter 11 Case Summary ------------------------------------------------------- Debtor: Pushpa International Inc. d/b/a Glamour Couture 2810 Palisades Center Drive West Nyack, NY 10994 Business Description: Pushpa International Inc., doing business as Glamour Couture, is a Tri-state area retailer offering designer gowns, prom, formal, and Quinceanera dresses, along with accessories and shoes, providing in-store personalized assistance for special occasion apparel. Chapter 11 Petition Date: October 14, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-22969 Debtor's Counsel: Julie Cvek Curley, Esq. KIRBY AISNER & CURLEY LLP 700 Post Road Suite 237 Scarsdale, NY 10583 Tel: (914) 401-9500 Email: jcurley@kacllp.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Salil Mehrotra as president. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HIMX2XY/Pushpa_International_Inc__nysbke-25-22969__0001.0.pdf?mcid=tGE4TAMA PYRAMID CONCRETE: Lender Seeks to Prohibit Cash Collateral Access ----------------------------------------------------------------- Bank3 asks the U.S. Bankruptcy Court for the Western District of Tennessee, Western Division to prohibit Pyramid Concrete Pumping, LLC from using cash collateral, specifically the proceeds of its accounts receivable, in which the bank holds a perfected first-priority lien. Pyramid Concrete Pumping filed for Chapter 11 protection on September 12 and continues to operate as a debtor-in-possession. Bank3 asserts that the Debtor is actively using cash derived from accounts receivable, which constitutes the bank's collateral, without obtaining either the bank's consent or court authorization as required under 11 U.S.C. Section 363(c)(2). Bank3 argues that no adequate protection has been offered for the use of this collateral, and continued unauthorized use threatens its secured position. Its claim is based on a series of loan documents beginning with a $250,000 commercial revolving line of credit established on February 9, 2021, and secured by a security interest in all chattel paper, accounts, general intangibles, and initially a 2006 Mack Putzmeister pump truck (since removed from collateral). The LOC was increased multiple times through Change in Terms Agreements, eventually reaching $1,000,000 as of a December 2024 amendment, and later modified in March to include monthly principal payments. As of the bankruptcy filing date, the Debtor owed $918,326 to Bank3, exclusive of attorney’s fees and expenses, and was in payment default under the most recent modification agreement. Bank3 maintains its lien on all accounts receivable and their proceeds. Bank3 alleges that the Debtor is using proceeds from prepetition accounts receivable to fund ongoing operations but has not sought or obtained authority to use this cash collateral. As such, Bank3 requests immediate relief from the Court, including: an order prohibiting further use of its collateral; alternatively, limiting any use of cash collateral to terms approved by the Court and providing for replacement liens; and requiring the Debtor to segregate funds equal to any collateral already spent. Bank3 argues that continued use of its cash collateral without protection will cause it significant harm by diminishing its secured position. About Pyramid Concrete Pumping LLC Pyramid Concrete Pumping LLC provides concrete pumping services in Tennessee, offering line pumps, boom trucks and specialized trucks to handle residential, commercial and industrial projects. The Company has more than two decades of industry experience and focuses on reliability and customer service. It serves as a contractor for concrete placement, including projects that require equipment capable of meeting complex or large-scale construction demands. Pyramid Concrete Pumping LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-24656) on September 12, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Denise E. Barnett the case. The Debtor is represented by Bo Luxman, Esq. at LUXMAN LAW FIRM. Bank3, as lender, is represented by: Douglas M. Alrutz, Esq. Wyatt, Tarrant 8z. Combs, LLP 6070 Poplar Ave., Suite 300 Memphis, TN 38119 Phone (901) 537-1000 dalrutz@wyattfirm.com QUANTUM CORP: Dialectic Technology Holds 16.6% Equity Stake ----------------------------------------------------------- Dialectic Technology SPV LLC, Dialectic Technology Manager LLC, and John Fichthorn, disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of September 23, 2025, they beneficially own, in the aggregate, 2,653,308 shares of Quantum Corp's common stock, representing approximately 16.6% of the company's 13,333,207 shares of common stock outstanding as of September 22, 2025. The beneficial ownership includes 2,653,308 shares of common stock issuable upon the exercise of a Forbearance Warrant granted to Dialectic Technology SPV LLC as consideration for amendments and waivers under Quantum Corp's Fifteenth Amendment to Term Loan Credit and Security Agreement. The Forbearance Warrant entitles Dialectic to purchase shares at an exercise price of $8.81 per share, equal to 80% of the seven-day volume-weighted average price as of September 22, 2025, and is exercisable at any time until the seventh anniversary of issuance. Dialectic Technology Manager LLC, as the manager of Dialectic, and Mr. John Fichthorn, as the Managing Member of Dialectic Manager, may each be deemed to share voting and dispositive power over the shares beneficially owned by Dialectic. Mr. Fichthorn also directly holds 10,866 shares of common stock and 4,405 restricted stock units (RSUs) issued to him on May 1, 2025, in his capacity as a director of Quantum Corp, bringing his total beneficial ownership to 2,668,579 shares, or approximately 16.7% of the outstanding class. Dialectic Technology SPV LLC, may be reached through: John Fichthorn Dialectic Technology SPV LLC 119 Rowayton Avenue Rowayton, Conn. 6853 Tel: 212-230-3220 A full-text copy of the SEC Report is available at: https://tinyurl.com/4r6p4pmn About Quantum Corporation Quantum Corporation, together with its consolidated subsidiaries, stores and manages digital video and other forms of unstructured data, providing streaming performance for video and rich media applications, along with low-cost, long-term storage systems for data protection and archiving. The Company helps customers around the world capture, create and share digital data and preserve and protect it for decades. As of March 31, 2025, the Company had $155.40 million in total assets, $319.77 million in total liabilities, and total deficit of $164.37 million. Bellevue, Wash.-based Grant Thornton LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated August 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended March 31, 2025, citing that the Company believes it will be in violation of the net leverage coverage covenant for the quarter ended September 30, 2025. The Company's plan, contemplates the Company negotiating waivers to these covenants and is evaluating strategies to restructure or refinance the existing term debt. If the Company is unable to obtain additional waivers, the term debt will become immediately due, and additional liquidity will be required to satisfy the obligations. The Company's ability to achieve the foregoing elements of its business, which may be necessary to permit the realization of assets and satisfaction of liabilities in the ordinary course of business, is uncertain and raises substantial doubt about its ability to continue as a going concern. QXC COMMUNICATIONS: Court OKs Asset Sale to John Von Stein ---------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, has approved QXC Communications Inc. to sell Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor's Assets are excluded from the Debtor's previous sale of substantially all of its Assets to Hotwire Communications Ltd. The Assets are: -- 12 contracts between the Debtor and certain military bases/installations/operators listed on the attached Exhibit A in https://tinyurl.com/d53h5bhx -- the Exclusive Bulk Television, Internet, and Telephone Services Agreement Englewood Agreement) between the Debtor and Englewood Beach Condominium Association, Inc. listed on the attached Exhibit B in https://tinyurl.com/d53h5bhx; and -- the encumbered 2021 Cadillac XT5 bearing VIN 1GYKNAR43MZ156678 listed on the Debtor's Schedule A/B. The Court has authorized the Debtor to sell the Assets to : John Von Stein for $5,000. The Court held that the sale of the Assets and the Transactions contemplated by the Motion were negotiated and have been and are undertaken by the Debtor and Buyer at arm’s length, without collusion or fraud, and in good faith. The aggregate consideration provided by the Buyer for the Assets pursuant to the Motion is fair and reasonable, is the highest or best offer for the Assets, and will provide a greater recovery for the Debtor’s creditors than would be provided by any other practical, available alternative. The transfer of the Assets to the Buyer will be a legal, valid, and effective transfer of the Assets and, except as otherwise set forth in the Motion with respect to the Automobile, will vest the Buyer with all right, title, and interest of the Debtor in and to the Assets entirely free and clear of all liens, encumbrances, claims and interests of any kind or nature whatsoever. Except for the Automobile, the Buyer would not have entered into the Transactions and would not consummate the Transactions contemplated thereby, thus adversely affecting the Debtor, the estate, and the creditors, if the sale of the Assets to the Buyer and the assignment of the Assumed Contracts were not entirely free and clear of all Interests of any kind or nature whatsoever, or if the Buyer would, or in the future could, be liable for any of the Interests. Except for the Automobile, creditor Millennium QXC Holdings, LLC presently has a first-priority perfected lien on the Assets securing the claim filed by Millenium QXC Holdings, LLC. With respect to the Automobile, creditor Bank of America, N.A. presently has a first-priority perfected lien securing the claim filed by Bank of America, N.A. The Debtor has demonstrated that it is an exercise of its sound business judgment to allow the Debtor to assume and assign the Assumed Contracts pursuant to the terms set forth in the Motion, and the assumption, assignment, and sale of the Assumed Contracts pursuant to the Motion is in the best interest of the Debtor, the estate, and the creditors. About QXC Communications, Inc. QXC Communications, Inc. specializes in designing and deploying fiber-optic networks that offer high-speed internet, WiFi, HD TV, and VoIP voice services. It caters to a range of clients, residential communities, military bases, businesses, and outdoor venues. The company uses AON (Active Optical Network) technology to ensure the highest quality connectivity with minimal interruptions. QXC Communications sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-12256) on February 28, 2025, listing $11,677,760 in assets and $13,912,001 in liabilities. John Von Stein, chief executive officer, signed the petition. Judge Mindy A. Mora oversees the case. John E. Page, Esq., at Shraiberg Page PA, represents the Debtor as legal counsel. R&R TRANSPORT: Seeks Subchapter V Bankruptcy in Texas ----------------------------------------------------- On October 9, 2025, R&R Transport Inc. filed Chapter 11 protection in the Southern District of Texas. According to court filing, the Debtor reports $1,261,694 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About R&R Transport Inc R&R Transport Inc., doing business as Corporate Delivery Systems, provides freight, hot shot, and route delivery services, as well as warehousing solutions, primarily in Houston, Texas. The Company specializes in urgent and scheduled shipments, offering both local and long-haul transportation to support businesses with time-sensitive delivery needs. It has been operating in the logistics and courier industry since 1990. R&R Transport Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-36036) on October 9, 2025. In its petition, the Debtor reports estimated total assets of $930,384 and total debts of $1,261,694. The Debtor is represented by Richard L Fuqua, II, Esq. of FUQUA & ASSOCIATES, P.C. R.C. CONSTRUCTION: Court OKs Interim Use of Cash Collateral ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey entered an interim order authorizing R.C. Construction, LLC to use cash collateral. The interim order authorized the Debtor to use cash collateral to fund operations. The Debtor may also pay U.S. trustee fees and professional costs associated with the Chapter 11 case. These expenditures must remain within the limits of the interim monthly budget, subject to a 25% variance per line item or cumulatively. The U.S. Small Business Administration holds a pre-bankruptcy secured claim, with liens on substantially all of the Debtor's assets including receivables and inventory pursuant to a properly filed UCC-1 financing statement. As adequate protection for the SBA, the court granted replacement liens, effective nunc pro tunc to the petition date, on all post-petition collateral of the same priority and extent as the pre-bankruptcy liens. The Debtor must also make monthly payments of $750 beginning this month as further protection. The replacement liens are automatically perfected without further filing. If the Debtor defaults or violates the order, the SBA may request a hearing within 14 days (or within 48 hours in emergencies) to seek relief, including modification of stay protections. A final hearing on the cash collateral motion is scheduled for November 4. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/cfHUz from PacerMonitor.com. About R.C. Construction LLC R.C. Construction, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-19241) on September 3, 2025. In the petition signed by Rui Da Silva Costa, managing member, the Debtor disclosed up to $50,000 in both assets and liabilities. Melinda Middlebrooks, Esq., at Middlebrooks Shapiro, P.C., represents the Debtor as legal counsel. R.W. SIDLEY: Seeks to Extend Plan Exclusivity to January 28, 2026 ----------------------------------------------------------------- R.W. Sidley, Inc. asked the U.S. Bankruptcy Court for the Northern District of Ohio to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 28, 2026 and March 29, 2026, respectively. Since the Petition Date, the Debtor has been working toward proposing and confirming a plan of reorganization within the Exclusive Periods. The Debtor's professionals continue to work on these matters, however, the work will not be completed in time to allow the Debtor to file its plan within the Exclusivity Period. The Debtor explains that its case is complex insofar as there are numerous winddown tasks that needed to be accomplished before a plan could be proposed. The operating reports filed in this case show that the Debtor is able to pay its debts as they come due. The Debtor claims that the case has been pending only since July 2, 2025, the Debtor is progressing toward a liquidating plan and the extension requested is not for the purpose of pressuring creditors. R.W. Sidley Inc. is represented by: Anthony J. DeGirolamo, Esq. 3930 Fulton Dr., Ste. 100B Canton, Ohio 44718 Telephone: (330) 305-9700 Facsimile: (330) 305-9713 E-mail: tony@ajdlaw7-11.com About R.W. Sidley Inc. R.W. Sidley Inc. is a construction materials company based in Thompson, Ohio. R.W. Sidley sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-12797) on July 2, 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 Jessica E. Price Smith handles the case. The Debtor tapped Anthony J. DeGirolamo, Esq., as counsel and Root, Spitznas & Smiley, Inc. as accountant. RANCHO HOSPITALITY: Section 341(a) Meeting of Creditors on Nov. 18 ------------------------------------------------------------------ On October 17, 2025, Rancho Hospitality Group LLC voluntarily filed a Chapter 11 bankruptcy petition in the Northern District of California. The bankruptcy documents list the company's liabilities totaling between $100,001 and $1 million. The filing indicates that Rancho Hospitality Group LLC has 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on November 18, 2025 at 02:30 PM via UST Teleconference San Jose, Call in number: 1-888-330-1716 Passcode: 5397643. About Rancho Hospitality Group LLC Rancho Hospitality Group LLC is a limited liability company. Rancho Hospitality Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-51604) on October 17, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge M. Elaine Hammond handles the case. RENHURST HOLDINGS: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Renhurst Holdings, Inc., and its affiliates received interim approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral. The court's interim order authorized the Debtors to use cash collateral through October 25 to pay the expenses set forth in their budget, with deviations limited to 5% per line item or 10% in total. As adequate protection for any potential diminution in the value of its collateral, Golden Bank, N.A., a secured creditor, will be granted replacement liens on the Debtors' post-petition assets and proceeds therefrom. These liens do not apply to avoidance actions and certain restricted assets and are subject to a carveout for court fees and U.S. Trustee fees. Golden Bank is also entitled to a superpriority administrative expense claim under Section 503(b) and 507(b). The Debtors' authority to use cash collateral terminates upon the occurrence of so-called events of default, including the dismissal or conversion of their Chapter 11 cases; the appointment of a trustee or examiner; the occurrence of the effective date or consummation date of a plan of reorganization; and the entry of an order reversing, staying, vacating or otherwise modifying in any material respect the terms of the interim order. As of the petition date, the Debtors held approximately $24,229 in deposits and receivables, along with over $144,000 in inventory, which constitute the cash collateral in question. Golden Bank is the only known creditor with asserted liens on the Debtors' assets through three loans totaling over $3 million, secured by comprehensive UCC-1 filings. The Debtors currently owe around $160,000 to unsecured creditors and remain current on employee wages and tax obligations. Given the lack of other revenue, the Debtors intend to use their cash collateral to maintain business operations, cover employee wages, pay vendors, and preserve the estate's value. Without this relief, the Debtors risk business interruption and irreparable harm. Golden Bank is represented by: Morris D. Weiss, Esq. KANE RUSSELL COLEMAN & LOGAN PC 401 Congress Ave., Suite 2100 Austin, TX 78701 Telephone: (512) 487-6650 mweiss@krcl.com About Renhurst Holdings Inc. Renhurst Holdings, Inc. manages real estate for others and provides property appraisal services and is classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B). The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43905) on October 7, 2025. In the petition signed by Qasim Saeed, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Edward L Morris oversees the case. Joseph Fredrick Postnikoff, Esq., at Rochelle McCullough, LLP, represents the Debtor as legal counsel. RIC LAVERNIA: Wins Bid to Impose Sanctions Against Milestone ------------------------------------------------------------ Judge Michael M. Parker of the United States Bankruptcy Court for the Western District of Texas grants, in part, RIC (Lavernia) LLC's motion for sanctions against Milestone Capital CRE 1, LLC in the adversary proceeding captioned as RIC (LAVERNIA) LLC, PLAINTIFF V. MILESTONE CAPITAL CRE 1, LLC, DEFENDANT, ADVERSARY NO. 24-05043-MMP (Bankr. W.D. Tex.). RIC (Lavernia) LLC seeks a default judgment or lesser sanctions against Defendant Milestone Capital CRE 1, LLC, citing Milestone's failure to meaningfully participate in discovery and comply with discovery orders. Milestone doesn't oppose an appropriate monetary sanction but opposes the default judgment relief requested. This adversary proceeding concerns a title dispute following a foreclosure on undeveloped tracts of property in Wilson County, Texas. The Debtor claims to have acquired title to the Property as the successful bidder at a nonjudicial foreclosure sale in February 2024 after the Debtor's affiliate, TIG Romspen US Master Mortgage LP, foreclosed on a lien it had on the Property ("First Foreclosure Sale"). Before the sale, an entity named Otisco RDX, LLC owned the Property. According to Milestone, when Otisco granted a lien on the Property as additional collateral to TIG Romspen in connection with other real-estate deals between them, Milestone's lien encumbered Otisco's Property. Milestone never identified the loan or consideration underlying Otisco's alleged grant of a purportedly senior lien to Milestone. Despite the First Foreclosure Sale, Milestone pushed forward with its own foreclosure, based on its alleged senior lien in the Property, and sought appointment of a substitute trustee -- John and Lori Daves, previously parties to this adversary proceeding -- to auction the Property again. At the Second Foreclosure Sale, Milestone was the winning bidder. The Debtor disputed the validity of the Second Foreclosure Sale and questioned whether Milestone had ever funded its purported loan to Otisco, suspecting instead that Otisco and Milestone were both controlled by Ali M. Choudhri, and the Milestone senior lien/loan transaction with Otisco was concocted by Mr. Choudhri out of whole cloth to thwart the First Foreclosure Sale. The Debtor filed a quiet-title suit in Wilson County in April 2024 challenging Milestone's interest in the Property. The Debtor asked for a declaratory judgment that: (1) the Second Foreclosure Sale was defective and void because notice of sale was incorrect, (2) Milestone had no valid lien on the Property because it never funded its loan to Otisco (a debt which, if it existed, the Debtor could have paid to obtain clean title), and (3) Milestone's failure to produce information about the alleged loan to the Debtor is grounds for removing Milestone's lien. After the Debtor filed for bankruptcy in June 2024, it removed the Wilson County lawsuit to this Court. The Debtor filed this Motion on April 21, 2025, asking the Court to grant it a default judgment given Milestone's egregious discovery abuse. At the hearing on the Motion, Milestone agreed it violated the Court's Agreed Discovery Order and that sanctions are warranted. The parties disagreed on the severity of sanctions that should apply. Milestone does not offer any specific lesser sanction as appropriate but merely argues that default judgment is too severe a sanction for Milestone's infractions. Alternatively, if the Court is unwilling to enter default judgment, the Debtor asks instead that the Court strike Milestone's pleadings, render late-produced documents inadmissible, and "issue detailed findings of fact favorable to Plaintiff." Based on the evidence before the Court, the Court will sanction Milestone by: (1) preventing Milestone from using to its advantage any documentary evidence that it did not produce to the Debtor by April 21, 2025, unless the Debtor first introduces such evidence into the record at trial; (2) preventing clearly known, but undisclosed witnesses (in Milestone's January 26, 2025 Initial Disclosures) from testifying at trial; (3) finding certain facts in favor of the Debtor with respect to evidence not produced; and (4) rendering an adverse-interest ruling in favor of the Debtor related to Milestone's failures to disclose witnesses and produce documents. Unless and until Milestone pays the Sanctions Award, which the Court will assess, Milestone is prohibited from calling Moe Nasr or Alfred Kelly Williams as witnesses for any hearing in the adversary proceeding. Nothing in this order will prevent the Debtor from objecting to Milestone calling Mr. Nasr and Mr. Williams as witnesses on any available grounds. Milestone is prohibited from calling Ali Choudhri and Shahnaz Choudhri as witnesses for any trial of this adversary proceeding. Although these parties were eventually disclosed in the amended disclosures, those disclosures came over seven months into this adversary proceeding and came after the deadline set in the Agreed Discovery Order. The Court finds Milestone's failure to disclose these key parties as evidence of substantial bad faith and abuse of the court system. The Court orders Milestone to reimburse the Debtor for: (1) costs and reasonable attorney's fees caused by the delay resulting from the cancelled depositions of Mr. Nasr and Mr. Williams; and (2) all costs and reasonable attorneys' fees incurred by the Debtor in relation to this adversary proceeding after April 21, 2025, and through the hearing on the Motion that triggered the issuance of this Opinion and Order. The Court will determine the exact amount of fees and costs the Sanctions Award shall include at a hearing on November 3, 2025, at 2:00 p.m.. A copy of the Court's Opinion dated October 9, 2025, is available at https://urlcurt.com/u?l=uOtSfJ About Ric (Lavernia) LLC RIC (Lavernia) LLC is a Texas limited liability company that owns real property located in Wilson County, Texas (the "Property"). The Debtor filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Tex. Case No. 24-51195) on June 27, 2024, listing $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. Gianfriddo as authorized representative, signed the petition. Judge Michael M Parker oversees the case. BRYAN CAVE LEIGHTON PAISNER LLP serves as the Debtor's legal counsel. RICCA REAL ESTATE: Seeks Subchapter V Bankruptcy in Florida ----------------------------------------------------------- On October 17, 2025, Ricca Real Estate LLC voluntarily sought Chapter 11 bankruptcy protection in the Middle District of Florida. Court documents indicate that the company has liabilities totaling between $1 million and $10 million. The filing also shows that the number of creditors falls between 1 and 49. About Ricca Real Estate LLC Ricca Real Estate LLC is a limited liability company. Ricca Real Estate LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07672) on October 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The Debtor is represented by Marshall G. Reissman, Esq. of The Reissman Law Group. RICHARD N. BERKSHIRE: Court Tosses Counterclaim in Adversary Case ----------------------------------------------------------------- Judge Brian S. Kruse of the United States Bankruptcy Court for the District of Nebraska granted without prejudice the motions filed by third-party defendants to dismiss or strike the counterclaim and third-party claims filed by debtor Richard N. Berkshire in the adversary proceeding captioned as BP PARTNERSHIP, LP, Plaintiff, v. RICHARD N. BERKSHIRE, Defendant, v. LESLIE J. BERKSHIRE; LAURIE B. MEYERS; the ESTATE OF JOANNE N. BERKSHIRE; BANK OF AMERICA N.A.; and PAUL MEYERS, individually and as trustee of the RICHARD N. BERKSHIRE TRUST, Third-Party Defendants, Adv. P. 25-8007 (Bankr. D. Neb.). BP Partnership filed this adversary proceeding seeking to except from discharge a $2.865 million judgment it obtained against Mr. Berkshire. The partners of BP Partnership include Mr. Berkshire, his brother-in law, and his two sisters. The judgment is on account of the debtor's multiple breaches of multiple fiduciary duties to the partnership. The judgment is one piece of several ongoing disputes between the debtor and his family. In response to the adversary complaint, the debtor filed a permissive "counterclaim" and third-party complaint regarding a trust created by his mother, Joanne Berkshire. Upon Mrs. Berkshire's death, portions of the Joanne Berkshire Trust are to be used to fund residual trusts. The debtor is a beneficiary of one of the residual trusts. The debtor's residual trust appears to be a spendthrift trust. The debtor asserts Bank of America -- the trustee of his mother's trust, and his sisters, and his brother-in-law conspired not to fund his residual trust, forcing the debtor to seek bankruptcy protection, which in turn damaged his reputation. The debtor asserts he is entitled to funds from his residual trust and he may use them to pay the judgment of BP Partnership. In the third-party complaint, the debtor asserts causes of action for breach of fiduciary duty, tortious interference with a business expectancy, and conspiracy. The debtor's allegations are "on good faith and belief" and are at times contradictory. He alleges the conspirators: 1) failed to affirmatively instruct the trustee to fund the trust; 2) affirmatively instructed the trustee not to fund the trust; and 3) may have affirmatively instructed the trustee to fund the trust, which instruction the trustee ignored, which collectively appear to be the universe of potential options. According to the complaint, the foregoing rises to a breach of fiduciary duty, a duty all defendants allegedly owe the debtor. The debtor seeks a judgment for damage to his reputation, plus attorney's fees, and costs. Two of the third-party defendants filed motions to dismiss or strike. Collectively, they assert several grounds in support of their motions. They assert the Court has no jurisdiction over the claims under 28 U.S.C. Sec. 157. They assert impleader is not proper under Federal Rule of Civil Procedure 14. They assert the complaint fails to state a claim under Rule 12(b)(6). And they assert the debtor has no standing to bring the claims, which belong to the Chapter 11 trustee. The Court finds the debtor does not presently have standing to bring the counterclaim or third-party claims because a Chapter 11 trustee is appointed in this case and only the Chapter 11 trustee has standing. In addition, the claims are not properly joined. The counterclaim is not against the plaintiff BP Partnership, LP, making it improper. And because the third party complaint is predicated solely on claims stated in the improper counterclaim, the third-party complaint is also improper, the Court concludes. The defendant's counterclaim and third-party complaint are dismissed without prejudice, or in the alternative the Court abstains from hearing them. A copy of the Court's Order is available at https://urlcurt.com/u?l=RkZ264 from PacerMonitor.com. Richard N. Berkshire filed for Chapter 11 bankruptcy protection (Bankr. D. Neb. Case No. 25-80366) on April 18, 2025, listing under $1 million in both assets and liabilities. The Debtor is represented by James Bachman, Esq. RITE AID: Trustee Sues Walgreens Boots Over Opioid Costs -------------------------------------------------------- Jarek Rutz of Law360 reports that a trustee overseeing Rite Aid Corp.'s bankruptcy estate has filed a lawsuit against Walgreens Boots Alliance Inc. and its subsidiary, Walgreen Co., in Delaware Chancery Court. The complaint alleges that Walgreens failed to honor an agreement to cover tens of millions of dollars in opioid-related litigation costs. According to the filing, Walgreens had committed to pay these legal expenses as part of a prior contractual arrangement but did not fulfill its obligations. The trustee claims that this breach has left Rite Aid's bankruptcy estate responsible for significant financial burdens connected to ongoing opioid lawsuits, the report states. The case highlights growing disputes among major pharmacy chains over liability for the nationwide opioid crisis. It also raises questions about how financial commitments tied to litigation are treated when one of the parties enters bankruptcy protection, the report relays. About Rite Aid Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through the Company's wholly owned subsidiary Bartell Drugs. On the Web: http://www.riteaid.com/ Rite Aid and certain of its subsidiaries previously filed for chapter 11 bankruptcy in October 2023 and emerged from bankruptcy in August 2024. On May 5, 2025, New Rite Aid, LLC and its subsidiaries, including Rite Aid Corporation, commenced voluntary Chapter 11 proceedings (Bankr. D.N.J. Lead Case No. 25-14861). As of the 2025 bankruptcy filing date, Rite Aid operates 1,277 stores and 3 distribution centers in 15 states and employs approximately 24,500 people. Rite Aid is using the Chapter 11 process to pursue a sale of its prescriptions, pharmacy and front-end inventory, and other assets. The cases are being administered by the Honorable Michael B. Kaplan. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor, Guggenheim Securities, LLC is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to the Company. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the Company. Kroll is the claims agent and maintains the page https://restructuring.ra.kroll.com/RiteAid2025 Bank of America, N.A., as DIP Agent, is represented by lawyers at Greenberg Traurig, LLP; and Choate Hall & Stewart LLP. RIVERVIEW LAND: Seeks Chapter 11 Bankruptcy in Pennsylvania ----------------------------------------------------------- On October 15, 2025, Riverview Land Company LLC voluntarily filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Middle District of Pennsylvania. Court filings show the company's liabilities fall between $100,001 and $1 million. The debtor reports having 1 to 49 creditors. About Riverview Land Company LLC Riverview Land Company LLC is a single asset real estate company. Riverview Land Company LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-02962) on October 15, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Henry W. Van Eck handles the case. The Debtor is represented by Robert E. Chernicoff, Esq. of Cunningham and Chernicoff PC. SERENADE NEWPORT: Unsecureds' Recovery "TBD" in Trustee's Plan -------------------------------------------------------------- Thomas H. Casey, the Chapter 11 trustee, filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement describing Chapter 11 Plan for Serenade Newport LLC dated October 7, 2025. According to the Debtor, it is a limited liability corporation formed on June 13, 2025, to purchase the residential real property consisting of a single-family home located at 1501 Serenade Terrace, Corona del Mar, CA 92625-1753 (the "Property"). The Debtor asserts that the primary reason for Debtor's filing of the bankruptcy case is to protect the best interest of all creditors. The Debtor asserts that "the Property should be sold as it will net the Estate significant proceeds which can be used to distribute to allowed claims in order of their validity, extent and priority." The Trustee is informed and believes that the Debtor's bankruptcy proceeding was precipitated primarily by the efforts of Citizens to foreclose against the Property. The Trustee is further informed and believes that disputes between the Debtor's principals, various related entities, and disputed Creditor WCVR contributed to the Debtor's financial distress and resulting bankruptcy filing. Due to the appointment of a trustee, the Debtor at the September 9, 2025 hearing, orally withdrew its Sale Motion. The Debtor's proposed Buyers (subject to overbids) has subsequently withdrawn their offer to purchase. The Trustee intends to proceed with the engagement of a qualified real estate broker to market and sell the Property and will seek Court approval of such engagement. Upon receipt of an offer that the Trustee (or the Plan Agent, if post confirmation), in his business judgment, believes fair and reasonable, the Trustee (or the Plan Agent, if post confirmation) will file the necessary motion with the Court to obtain authorization to proceed with a sale in accordance with the provisions of Section 363 of the Bankruptcy Code. Class 5 consists of all Allowed General Unsecured Claims. Holders of Allowed Class 5 Claims will receive distributions on account of their Allowed Claims from the net proceeds of the sale of the Debtor's Property, after payment in full of all Allowed Secured Claims (Classes 1 through 3), all Allowed Administrative Claims asserted against the Estate, and all Allowed Class 4 Claims. In the event that the available funds are sufficient to pay in full the amount of Allowed Class 4 Claims, then Class 4 Claims shall be entitled to receive pro rata payments of interest on their claims from the Petition Date to the date of payment at the Federal Judgment Rate in effect on the Effective Date of the Plan. In the event the net proceeds from the sale of the Property are insufficient to pay the Class 5 Allowed Claims in full, holders of Allowed Class 5 Claims will receive Pro-Rata Distributions on account of their Allowed Claims. The estimated recovery for General Unsecured Claims is "to be determined", according to the Disclosure Statement. Class 6, Holders of Interest in the Debtor, consists of the Insiders holding membership interests in the Debtor LLC. The excess Net Sale Proceeds from a sale of the Property, if any, after satisfaction of all Allowed Claims asserted against the Estate in accordance with this Plan, will be distributed to the Class 6 Interest holders, pro rata. The proposed payments to Creditors and interest holders contemplated by the Plan shall be collectively referred to herein as the "Plan Obligations." The Plan will be funded from the Net Sale Proceeds from the sale of the Property. The Trustee intends to proceed with a sale of the Property for the highest possible sale price, distributing the Net Sale Proceeds on account of Allowed Claims according to the priorities established by the Bankruptcy Code. This is so because this plan anticipates a liquidation of the debtor's sole asset and payment of the net proceeds of sale to creditors in manner that is in accordance with the priorities set forth in section 726 of the Bankruptcy Code, which governs distributions to creditors in a Chapter 7 case. The Trustee in this case, Thomas H. Casey, is a highly experienced trustee who has served as trustee in thousands of Chapter 7 cases. Mr. Casey's intention in the plan to liquidate the assets and distribute those in a fashion consistent with Chapter 7 of the Code provide assurance to the creditors that they will receive distributions in this case no less than they would receive if the Debtor were liquidated under Chapter 7. A full-text copy of the Disclosure Statement dated October 7, 2025 is available at https://urlcurt.com/u?l=MZVWjl from PacerMonitor.com at no charge. Proposed Counsel for Thomas H. Casey, Chapter 11 Trustee: Todd C. Ringstad, Esq. RINGSTAD & SANDERS LLP 23101 Lake Center Drive, Suite 355 Lake Forest, CA 92630 Telephone: 949-851-7450 Facsimile: 949-851-6926 About Serenade Newport LLC Serenade Newport LLC is a single-asset real estate company with property located at 1501 Serenade Terrace in Corona Del Mar, California. Serenade Newport LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11898) on July 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtors are represented by Robert P. Goe, Esq. at Goe Forsythe & Hodges LLP. SHEPHERD BROTHERS: Section 341(a) Meeting of Creditors on Nov. 13 ----------------------------------------------------------------- On October 9, 2025, Shepherd Brothers Woodlands LLC filed Chapter 11 protection in the Middle District of Georgia. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 13, 2025 at 09:00 AM at U.S. Trustee Teleconference 2. About Shepherd Brothers Woodlands LLC Shepherd Brothers Woodlands LLC provides timber management and forestry services from its base in Irwinton, Georgia. Shepherd Brothers Woodlands LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-51620) on October 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Robert M. Matson handles the case. The Debtor is represented by Robert M. Matson, Esq. of BOYER TERRY LLC. SMITH'S BARBEQUE: Kimberly Strong Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 5 appointed Kimberly Strong, audit director at Harper, Rains, Knight & Company, P.A., as Subchapter V trustee for Smith's Barbeque and Cajun Cuisine, LLC. Ms. Strong will be paid an hourly fee of $250 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Strong declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kimberly Strong Harper, Rains, Knight & Company, P.A. 1052 Highland Colony Pwky, Suite 100 Ridgeland, MS 39157 Phone: (601) 605-0542 Email: kstrong@hrkcpa.com About Smith's Barbeque and Cajun Cuisine Smith's Barbeque and Cajun Cuisine, LLC, doing business as The Cajun Shotgun House & Barbeque, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-13340) on October 5, 2025, with up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Selene D. Maddox presides over the case. Susan C. Smith, Esq. represents the Debtor as legal counsel. SOLLIO COOPERATIVE: DBRS Gives Prov. BB Credit Rating ----------------------------------------------------- DBRS Limited assigns a provisional credit rating of (P) BB, Stable to Sollio Cooperative Group's (Sollio or the Cooperative, rated BB (high), Stable) proposed $250 million Senior Unsecured Notes (the Proposed Notes). The provisional Senior Unsecured Notes rating is based on a recovery rating of RR5. The credit rating assigned to the Proposed Notes is based on the credit ratings of other already-outstanding series of Senior Unsecured Notes. The proceeds of the Proposed Notes are expected to be used (i) to fund the repurchase or redemption of all its remaining outstanding investor-owned preferred shares (including accrued dividends, as applicable), (ii) for the repayment of a portion of the outstanding drawings under the Cooperative's Revolving Credit Facility and (iii) for the payment of transaction fees and expenses. The Proposed Notes will be senior unsecured obligations and will rank equally and pari passu with Sollio's other present and future unsecured obligations. The Proposed Notes will rank senior in right of payment to all of Sollio's existing and future subordinated obligations. The Proposed Notes and the guarantees will be effectively subordinated to all of Sollio's and the guarantors' respective future secured obligations, to the extent of the value of the assets securing such obligations. The Proposed Notes will be structurally subordinated to all existing and future obligations, including indebtedness and trade payables, of any of Sollio's subsidiaries that do not guarantee the Proposed Notes. The Proposed Notes will be initially fully and unconditionally guaranteed solidarily (jointly and severally), on a senior unsecured basis, by the Cooperative's Restricted Subsidiaries that, subject to specified exemptions, are borrowers under or provide guarantees with respect to the Credit Agreement, for so long as guarantees are in place thereunder. The credit rating assigned to this newly issued debt instrument is based on the credit rating of an already-outstanding debt series of the above-mentioned debt instrument. Please refer to https://dbrs.morningstar.com/research/456600 for more information, including all relevant disclosures. A provisional rating is not a final rating with respect to the above-mentioned security and may change, be different than the final rating assigned, or may be discontinued. The provisional rating listed above is/are based on the Preliminary Term Sheet, received October 7, 2025; the draft Trust Indenture, dated October 7, 2025 and information provided by Sollio to Morningstar DBRS as of October 14, 2025. The assignment of final ratings is subject to receipt by Morningstar DBRS of all information and final documentation that Morningstar DBRS deems necessary to finalize the rating. SOUTHERN GOURMET: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Southern Gourmet Kitchen, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, to use cash collateral to fund operations. The Debtor was authorized to use cash collateral according to the budget, with flexibility to exceed individual line items by up to 10% or by a greater amount so long as total expenditures do not exceed the overall budget by more than 10%. Creditors with valid, pre-bankruptcy security interests in the Debtor's cash or accounts will be granted replacement liens of equal priority and extent on post-petition cash and receivables. These liens exclude avoidance actions under Chapter 5 of the Bankruptcy Code and any amounts later surcharged under Section 506(c). The court also granted secured creditors a superpriority administrative claim under Section 503(b) and 507(b) for any decrease in the value of their collateral resulting from the Debtor's use of funds. These claims will take priority over other administrative expenses except fees and expenses of the Debtor's professionals and the Subchapter V trustee approved by the court. A final hearing is scheduled for November 18. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/rmQ1K from PacerMonitor.com. About Southern Gourmet Kitchen LLC Southern Gourmet Kitchen, LLC filed a Chapter 11 bankruptcy petition (Bankr. E.D. Tex. Case No. 25-41761) on June 19, 2025. In the petition signed by Sparkle A. Carter, managing member, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Brenda T. Rhoades oversees the case. Law Office of Robert K. Frisch represents the Debtor as legal counsel. ST. AUGUSTINE FOOT: Case Summary & 13 Unsecured Creditors --------------------------------------------------------- Debtor: St. Augustine Foot & Ankle, Inc. 1 St. Johns Medical Park Dr Saint Augustine, FL 32086 Business Description: St. Augustine Foot, Ankle & Vein, based in St. Augustine, Florida, is a multispecialty clinic offering podiatry, dermatology, vein procedures, physical therapy, and neuropathy treatment, including care for common foot conditions and wounds. The clinic is led by board-certified podiatric surgeon Dr. Thomas A. LeBeau and provides both conservative and minimally invasive outpatient treatments. Chapter 11 Petition Date: October 14, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-03696 Debtor's Counsel: Brian K. Mickler, Esq. LAW OFFICES OF MICKLER & MICKLER, LLP 5452 Arlington Expy. Jacksonville FL 32211 Phone: (904) 725-0822 Email: bkmickler@planlaw.com Total Assets: $333,404 Total Liabilities: $2,908,294 The petition was signed by Thomas Lebeau as president. A full-text copy of the petition, which includes a list of the Debtor's 13 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HWEJFCI/ST_AUGUSTINE_FOOT__ANKLE_INC__flmbke-25-03696__0001.0.pdf?mcid=tGE4TAMA STOKES & STOKES: To Sell Philadelphia Property to Yan Ling Zheng ---------------------------------------------------------------- Stokes & Stokes Properties, LLC, seeks permission from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is the owner of the real property located at 1617 Cecil B. Moore Avenue, Philadelphia, PA 19121. The Property is encumbered by a lien in the amount of $427,407.50. The Debtor has received an offer to purchase the Property for the sum of $500,000.00 from Yan Ling Zheng. The Debtor seeks to sell the Property free and clear of all liens, claims, and encumbrances. The net proceeds from the sale, after satisfaction of the lien and payment of closing costs, will be used to implement the Debtor's Chapter 11 plan. The proposed sale is in the best interest of the Debtor's estate and its creditors as it will generate funds necessary to implement the Debtor's Chapter 11 plan. About Stokes & Stokes Properties Stokes & Stokes Properties, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-12226) on June 3, 2025, with up to $50,000 in assets and liabilities. Judge Ashely M. Chan presides over the case. Demetrius J. Parrish, Esq., at The Law Offices of Demetrius J. Parrish represents the Debtor as bankruptcy counsel. Metropolitan Tower Life Insurance Company, as serviced by Fay Servicing, LLC, is represented by Mark A. Cronin, Esq., at McCalla Raymer Leibert Pierce, LLP, in Philadelphia, Pennsylvania. STONEPEAK BAYOU: S&P Places 'B+' ICR on CreditWatch Negative ------------------------------------------------------------ S&P Global Ratings placed on CreditWatch negative its 'B+' issuer credit rating on Stonepeak Bayou Holdings LP (SBH) and its 'B+' issue-level rating on the company's new senior secured term loans to reflect the chance of reduced or halted distributions, which would lead to a decay in financial metrics and the ability to service debt. The '3' recovery rating is unchanged. The negative CreditWatch placement reflects our expectation that the VGCP project is likely to face an uncertain but potentially material level of damage payments from the BP arbitration outcome. In addition, the remaining arbitration outcomes with four other offtakers are uncertain. The project could reduce, or halt, distributions to fund possible arbitration-related payments, and without control over distributions, we see SBH in a relatively vulnerable position to manage its interest coverage. SBH is a minority equity investor in the Venture Global Calcasieu Pass (VGCP) liquified natural gas (LNG) facility. It has a 23.4% interest in Calcasieu Pass Holdings LLC, an intermediate holding company that indirectly owns 100% of VGCP. SBH gets all revenue from its pro rata share of distributions from VGCP, and it recently issued $600 million of seven-year secured term loans to refinance existing debt and take a distribution. VGCP recently lost an arbitration hearing against offtaker BP and is liable for damages, which we expect to be determined in 2026. This could lead to a reduction in distributions from the project. The next distribution from VGCP is due in December 2025. A large penalty under the BP arbitration or a negative outcome in another arbitration could materially affect distributions to SBH and the company's resultant ability to manage EBITDA/interest coverage above our 3x, which is our downside trigger for the rating. Significant distribution cuts for a prolonged period could hamper SBH's ability to service its debt obligations and potentially result in a downgrade of one or more notches. SBH owns non-controlling equity interest in Calcasieu Pass Holdings LLC, which owns VGCP, a 10 million tons per annum (MTPA) nameplate LNG facility. The project is facing arbitration from multiple offtakers, mostly regarding the timing of the commercial operation declaration (COD). Shell and BP are the largest, each with 2-MTPA sales and purchase agreements (SPAs). An arbitration outcome has been determined for both at separate International Chamber of Commerce (ICC) tribunals. The Shell case was resolved in August 2025 in favor of VGCP, while the BP case was resolved last week in BP's favor; the next step is determining damages, which isn't yet scheduled but is expected in 2026. Arbitrations for the other offtakers are still pending, three of which are at the ICC and one in London. These are at different stages, and while S&P expects some outcomes within the next quarter, others might not be resolved until late 2026 or early 2027. The BP arbitration outcome is very different than Shell's despite the same form of SPA contract and arbitration forum. It has introduced a lot more uncertainty in the potential outcome of ongoing arbitration cases with four other offtakers. S&P's expectation previously was that the arbitrations would be in VGCPs favor. The damages that will be assessed under the BP case are unknown, and the liability cap under the BP SPA is not expected to apply. S&P considers the upper bound could be negotiated as the difference between SPA contract pricing and market pricing over the time of the extended COD delay for the volumes that the project was able to produce. All three factors are open to negotiation, with the project unable to produce to nameplate capacity of 10 MPTA until the repair to the power island was complete. The offtaker arbitration arose due to project completion delays. The project faced extended delays in the COD due to the inability to operate at the full 10-MTPA nameplate capacity. The initial target was early 2023, but the final declaration wasn't until April 2025. This was primarily due to defective heat recovery steam generators (HRSGs) in the power island system. However, required repairs were completed on all five HRSGs by equipment supplier General Electric, resolving the reliability issues with on-site power. In addition to these repairs, further work was needed on the pretreatment system and LNG tanks. All rectification work and associated performance tests were completed in March 2025, and the project then moved immediately into the lender's reliability test (LRT) and declared commercial operations in April 2025. However, VGCP began exporting cargoes in March 2022, albeit at volumes below nameplate capacity. Because COD hadn't been declared, the SPAs hadn't begun, and VGCP was able to sell these cargoes at market prices during a period of soaring LNG prices. S&P said, "Our 'B+' rating on SBH reflects its minority interest and subordination in the project. SBH owns 23.4% of CP Holdings, which indirectly owns 100% of VGCP. Our rating on SBH is driven by the credit strength of VGCP. The rating differential between VGCP and SBH reflects the structural subordination of SBH's debt to that of VGCP." SBH receives all revenues in the form of distributions from VGCP that are passed on to CP Holdings. As a minority non-controlling equity owner of CP Holdings, we analyze SBH based on four factors: -- Cash-flow stability; -- Corporate governance and financial policy; -- SBH's financial ratios; and -- SBH's ability to liquidate its interest in CP Holdings. S&P said, "We assess cash-flow stability as positive due to its largely contracted nature. Governance is considered neutral. We calculate financial ratios on a forward-looking basis between 2026 and 2028, as the project has recently entered operations. We expect interest coverage of 3x-3.3x and leverage of 5x-5.3x if there is no interruption or reduction in distributions. Because SBH is a privately held company, we consider its ability to liquidate to be negative. We also assign a positive holistic notch to recognize the strong covenant structure at CP Holdings. "The negative CreditWatch placement on SBH and its debt reflects our expectation that the VGCP project is likely to face an uncertain but material level of damage payments from the BP arbitration outcome. In addition, the remaining arbitration outcomes with another four offtakers are uncertain. The project could reduce or halt distributions to fund possible arbitration-related payments, and without control over distributions, we see SBH in a relatively vulnerable position to manage its interest coverage." The next distribution from VGCP is due in December 2025. A large penalty under the BP arbitration or a negative outcome in another arbitration could materially affect distributions to SBH and the company's resultant ability to manage EBITDA/interest coverage above our 3x, which is our downside trigger for the rating. Significant distribution cuts for a prolonged period could hamper SBH's ability to service its debt obligations and potentially result in a one or more notch rating downgrade. S&P intends to resolve the CreditWatch placement as it gains greater visibility on the outcome of the company's arbitration proceedings, claims stemming from the arbitrations, and impact, if any, on distributions from VGCP based on how it intends to address the claims. STYX LOGISTICS: Seeks Subchapter V Bankruptcy in Nevada ------------------------------------------------------- On October 9, 2025, STYX Logistics LLC sought Chapter 11 protection in the District of Nevada. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About STYX Logistics LLC STYX Logistics LLC, provides delivery services as an independent Delivery Service Partner for Amazon, supporting the fulfillment of Amazon Prime deliveries. Established in October 2020, the Company operates more than 30 routes in the Reno-Tahoe region with a workforce exceeding 70 employees. Its operations emphasize teamwork, reliability, and safety in ensuring timely package deliveries. STYX Logistics LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-50941) on October 9, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Hilary L. Barnes handles the case. The Debtor is represented by Kevin A. Darby, Esq. of Darby Law Practice, Ltd. SUNSET COVE: Involuntary Chapter 11 Case Summary ------------------------------------------------ Alleged Debtor: Sunset Cove Villas, LLC 520 Newport Center Drive Suite 480 Newport Beach CA 92660 Business Description: Sunset Cove Villas, LLC is classified as a single-asset real estate debtor in accordance with 11 U.S.C. Section 101(51B). Involuntary Chapter 11 Petition Date: October 15, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-12901 Judge: Hon. Scott C Clarkson Petitioners' Counsel: David Haberbush, Esq. HABERBUSH, LLP 444 West Ocean Blvd, Suite 1400 Long Beach CA 90802 Tel: 562-435-3456 Email: dhaberbush@lbinsolvency.com A full-text copy of the Involuntary Petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/RZXTXAQ/Sunset_Cove_Villas_LLC__cacbke-25-12901__0001.0.pdf?mcid=tGE4TAMA Alleged creditors who signed the petition: Petitioner Nature of Claim Claim Amount Specialty DIP LLC $1,500,100 5175 Princess Anne Rd La Canada CA 91011 Vierergruppe Management Inc. $155,000 1932 E. Deere Ave Suite 150 Santa Ana CA 92705 Coastline Santa Monica Investments LLC $30,017,726 520 Newport Center Drive Newport Beach CA 92660 SURGERY CENTER: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Surgery Center of Fort Wayne, LLC 1721 Magnavox Way Fort Wayne IN 46804 Business Description: Surgery Center of Fort Wayne, LLC, located in Fort Wayne, Indiana, operates as a Medicare-certified ambulatory surgical center providing outpatient surgical services. The center offers procedures including orthopedic surgery and pain management and is accredited by the Accreditation Association for Ambulatory Health Care. Chapter 11 Petition Date: October 12, 2025 Court: United States Bankruptcy Court Southern District of Indiana Case No.: 25-06217 Debtor's Counsel: KC Cohen, Esq. KC COHEN, LAWYER, PC 1915 Broad Ripple Ave. Indianapolis IN 46220 Tel: 317-715-1845 Email: kc@esoft-legal.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Zak Khan as CEO. The Debtor filed a list of its 20 largest unsecured creditors, but the list was empty. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YBBM76Q/Surgery_Center_of_Ft_Wayne_LLC__insbke-25-06217__0001.0.pdf?mcid=tGE4TAMA TAMARACK VALLEY: S&P Upgrades ICR to 'B+' on Debt Reduction ----------------------------------------------------------- S&P Global Ratings raised its issue-level rating on Calgary-based oil and gas exploration and production (E&P) company Tamarack Valley Energy Ltd.'s senior unsecured notes due 2027 and 2030 to 'BB-' from 'B+'. S&P's '2' recovery rating on the notes is unchanged. The stable outlook reflects S&P's expectation that Tamarack will maintain consistent operating performance and sustain strong cash flow and leverage metrics during its 12-month outlook period, with its average two-year funds from operations (FFO) to debt projected to be more than 100% and debt to EBITDA less than 1x. S&P expects Tamarack Valley Energy Ltd. to generate strong cash flow and leverage metrics even at softer oil prices. Strong operational performance is driving this cash flow resilience, largely due to the company's continued waterflood success at its Clearwater assets, resulting in capital efficiencies and moderate production growth. The company continues to direct a portion of free cash flow to debt repayment, supporting leverage metrics. The upgrade reflects Tamarack's debt-reduction efforts, which support consistently strong credit metrics even under lower oil prices. Tamarack has reduced its total debt balance over the last two years. S&P said, "We expect Tamarack's S&P Global Ratings-adjusted debt to be about C$765 million at year-end 2025, about C$335 million lower than its year-end 2023 S&P Global Ratings-adjusted debt of just under C$1.1 billion. We expect Tamarack will continue reducing debt toward its C$500 million target over our forecast. Our base-case scenario assumes the company directs about 40% of free cash flow to debt reduction until it meets this target. Accordingly, we expect an additional C$110 million of debt reduction in 2026 based on our current forecast. At our current oil and gas price assumptions, including our WTI oil price assumptions of US$55 per barrel (bbl) and US$60/bbl for the remainder of 2025 and for 2026, respectively, we anticipate Tamarack will meet its C$500 million debt target in 2027." Tamarack's strong operating performance, primarily from its waterflood success, also supports the upgrade. Tamarack's waterflood implementation in its Clearwater acreage has lowered capital intensity, increased ultimate recovery, and lowered corporate declines. This, as well as ongoing efficiencies from expanding multi-well-pad development, enabled Tamarack to increase its production guidance for 2025 by about 2,000 barrels of oil equivalent per day (boe/d) while reducing its capital spending budget by about C$30 million. S&P expects daily average production to average 67,000-69,000 boe/d in 2025 and 2026, up 4%-5% from 2024 levels. The lower capital intensity for Tamarack's production and high liquids component (85% of production is liquids; primarily conventional heavy oil) results in meaningful free operating cash flow (FOCF) generation even under weaker oil and gas prices. Specifically, S&P expects Tamarack will generate about C$360 million of FOCF this year and C$290 million next year, assuming about C$420 million of capital spending this year and C$460 million next. Tamarack's sustaining capital spending requirement at current production levels is about C$280 million annually; accordingly, S&P expects the company can reduce capital spending when oil prices are lower to maintain positive FOCF generation. S&P said, "We expect strong FOCF generation and that Tamarack will continue directing roughly 40% of free cash flow to debt reduction until it meets its C$500 million debt target. As such, we forecast credit measures will remain very strong over our forecast period. Specifically, we forecast S&P Global Ratings-adjusted FFO to debt over 100% and debt to EBITDA less than 1x through 2026." Tamarack's relatively low debt and strong cash flow generation will likely limit volatility in credit measures through the hydrocarbon price cycle. Tamarack's operating scale continues to lag higher-rated peers, limiting further rating upside. Relative to peers rated 'BB-', like Strathcona Resources Ltd. and Magnolia Oil & Gas Corp., Tamarack's operating scale--both from a daily average production and total proved reserves standpoint--is smaller. In our view, relatively small operating scale amplifies the company's exposure to adverse market or operational events. Accordingly, a higher rating is likely contingent on increasing scale of production and proved reserves to better align with higher rated peers, while maintaining stable operating performance and robust credit measures. S&P said, "We expect Tamarack will continue pursuing moderate production growth over our forecast period, both through primary drilling and increasing use of waterflood at its Clearwater assets. We also expect that as the company increases its production under waterflood, we will likely see further positive technical revisions on the company's total proved reserve base. We saw this in 2024, when the waterflood results drove a positive technical revision of 10.9 million barrels in the company's proved heavy oil reserves, representing a 17.5% increase to its heavy oil total proved reserves compared with year-end 2023. "The stable outlook reflects our expectation that Tamarack will maintain consistent operating performance and sustain strong cash flow and leverage metrics during our 12-month outlook period, with average two-year FFO to debt more than 100% and debt to EBITDA less than 1x. In addition, we expect the company will generate positive discretionary cash flow, supporting continued debt repayment, and maintain adequate liquidity. "We could lower the rating over the next 12 months if Tamarack's credit ratios weaken such that FFO to debt approaches 45% on a sustained basis, or if the company significantly outspends free cash flow. This could occur if commodity prices decline below our expectations and the company fails to reduce its spending levels accordingly, or if production falls short of our expectations. "We could also lower our rating if Tamarack pursues a large, debt-financed acquisition that does not add to its near-term cash flow or increases its distributions beyond its internally generated cash flow. "Although unlikely over the next 12 months, we could raise our rating on Tamarack if it improves its scale of proved reserves and production to be more in line with its peers rated 'BB-' while maintaining consistent operating performance, FFO to debt above 45%, and adequate liquidity." TAMPA BRASS: Gets Extension to Access Cash Collateral ----------------------------------------------------- Tampa Brass and Aluminum Corporation received another extension from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral to fund operations. The court's 12th interim order authorized the Debtor to access cash collateral until the earlier of the Chapter 11 plan's effective date or a further hearing on October 23. The Debtor intends to use its cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by First Florida Integrity Bank. As adequate protection, First Florida and other lenders with a security interest in the cash collateral will have a perfected post-petition lien on the cash collateral, with the same validity, priority and extent as their pre-bankruptcy lien. In addition, the Debtor was ordered to keep its property insured in accordance with its loan and security agreements with the lenders. First Florida, Breakout Capital, LLC and the U.S. Small Business Administration are the lenders identified by the Debtor that may assert an interest in the cash collateral. The Debtor owes First Florida approximately $5.625 million under an asset-based financing facility. First Florida asserts a first priority, blanket lien on substantially all of the Debtor's assets. Meanwhile, the Debtor has two loans with SBA in the total amount of $3.25 million, which are secured by junior liens, and a merchant cash advance loan with Breakout Capital, which asserts a lien on accounts receivable. A copy of the court's order and the Debtor's budget is available at https://is.gd/TriW2j from PacerMonitor.com. About Tampa Brass and Aluminum Corporation Tampa Brass and Aluminum Corporation -- https://tampabrass.com/about/ -- is a supplier of cast machined parts for the commercial and defense industries. The company is based in Tampa, Fla. Tampa Brass and Aluminum filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-00105) on January 9, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Roberta A. Colton oversees the case. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, P.A. is the Debtor's legal counsel. The U.S. Trustee for Region 21 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. TARAH THAI: Unsecureds Will Get 10% of Claims over 60 Months ------------------------------------------------------------ Tarah Thai, LLC filed with the U.S. Bankruptcy Court for the Northern District of California a Plan of Reorganization for Small Business. The Debtor is a California Limited Liability Company. Since 2018, the Debtor has been a Thai restaurant in downtown Willow Glen, San Jose, named "Tarah Thai". The primary reason for filing was a significant sales tax obligation arising from a recent audit conducted by state taxing authorities. Importantly, the resulting assessment was based on a misunderstanding of reported sales figures and was not the result of any willful or intentional misconduct. In addition to the tax debt, the Debtor is managing repayment of an SBA EIDL loan, along with other business-related liabilities. The Debtor's financial projections show that the Debtor will have projected disposable income of $1,080.24. The final Plan payment is expected to be paid on December 15, 2030, which is anticipated to be 60monthsafter the effective date. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 10 cents on the dollar, consistent with the liquidation analysis and projected disposable income. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of Non-priority unsecured creditors. Class 3 creditors include: a) Working Solutions CDFI for unsecured portion of claim ($2,339.78); b) Celtic Bank Loan # 4656 (POC 4-1) ($142,610.25); c) Wells Fargo Bank Mastercard # 6887 ($19,404.77); and) CA FTB (POC # 2) ($39.79). Total dollar amount of Class 3 is $164,394.59. Class 3 General Unsecured Creditors (Working Solutions CDFI – unsecured portion; Celtic Bank Loan #4656 (POC 4- 1); Wells Fargo Bank Mastercard #6887) shall receive a prorata share of a fixed fund equal to 10% of $164,394.59, i.e., $16,439.46, paid in 60 monthly installments of $273.99 in the aggregate. Distributions shall be made pro-rata based on each creditor’s allowed claim relative to the total of all allowed Class 3 claims excluding the California Franchise Tax Board ($39.79), which shall be paid in full in a single lump-sum on the Plan Effective Date. Class 4 consists of Equity security holders of the Debtor. Mr. Pawit Ninnabodee (sole owner) will retain 100%equity in the reorganized Debtor. Further, Mr. Ninnabodee does not have any pre or post petition claims against the Debtor and his interests will remain the same as of the Plan's Effective Date. Distributions to Creditors under this Plan will be funded primarily from: Debtor's cash on hand on the Plan's Effective Date; and net income from the continued operations of the business. A full-text copy of the Plan of Reorganization dated October 7, 2025 is available at https://urlcurt.com/u?l=NRDEd2 from PacerMonitor.com at no charge. Counsel to the Debtor: Arasto Farsad, Esq. Nancy Weng, Esq. Farsad Law Office, P.C. 1625 The Alameda, Suite 525 San Jose CA 95126 Tel: (408) 641-9966 Fax: (408) 866-7334 Email: farsadlaw1@gmail.com About Tarah Thai, LLC Tarah Thai, LLC is a California Limited Liability Company. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-50944) on June 23, 2025, listing $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Stephen L Johnson presides over the case. Arasto Farsad, Esq., at Farsad Law Office, P.C, is the Debtor's counsel. TASTY PEACH: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Tasty Peach Studios, Inc. 260 Margraf Court Dyer, IN 46311 Business Description: Tasty Peach Studios, Inc., based in Dyer, Indiana, designs and sells products featuring playful and whimsical character designs, including plush toys, apparel, accessories, and home goods, mainly through online channels and anime convention appearances. The Company offers branded lines like "Meowchi" and "Dino S'mores" and ships its merchandise internationally. It was founded in 2007 and incorporated in 2010. Chapter 11 Petition Date: October 13, 2025 Court: United States Bankruptcy Court Northern District of Indiana Case No.: 25-22086 Debtor's Counsel: Daniel L. Freeland, Esq. DANIEL L. FREELAND & ASSOCIATES, P.C. 9105 Indianapolis Blvd Highland IN 46322 Tel: (219) 922-0800 Email: dlf9601@aol.com Total Assets: $719,184 Total Liabilities: $1,448,012 The petition was signed by Carmelo Zanfei as CFO and treasurer. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/REMDKCA/Tasty_Peach_Studios_Inc__innbke-25-22086__0001.0.pdf?mcid=tGE4TAMA THERMOSTAT PURCHASER III: Moody's Alters Outlook on B3 CFR to Neg. ------------------------------------------------------------------ Moody's Ratings affirmed Thermostat Purchaser III, Inc.'s (PremiStar)'s B3 corporate family rating, B3-PD probability of default rating, B2 senior secured first lien term loan B1, B2 senior secured first lien delayed draw term loan and B2 senior secured first lien revolving credit facility. The outlook was revised to negative from stable. The outlook change to negative reflects PremiStar's persistently high leverage and low interest coverage as a result of its aggressive growth through debt-financed acquisitions strategy as well as sizable operational investments. "There is limited visibility that the company's credit metrics will improve to levels consistent with a B3 rating over the next 12-18 months," said Griselda Bisono, Moody's Ratings Vice President-Senior Credit Officer. Debt-to-EBITDA stood at 8.8x on a pro forma basis as of June 30, 2025 which includes the acquisitions closed after the second quarter close. A return to a stable outlook will hinge on the company's ability to improve leverage to below 7.0x debt-to-EBITDA through the successful integration of recent acquisitions and achievement of operating efficiencies through the rollout of a new ERP system. The affirmation of the CFR at B3 reflects Moody's expectations of continued stable demand drivers within the commercial HVAC sector, including the regular need for service maintenance and the eventual retrofit and replacement of equipment. These factors will support PremiStar's operating performance. It also recognizes positively the company's adequate liquidity profile. RATINGS RATIONALE PremiStar's B3 CFR reflects high debt leverage and low interest coverage, evidenced by EBITA-to-interest expense of 0.9x on a pro forma basis as of June 30, 2025, an aggressive growth strategy, and modest cash flow generation. Moody's expects debt-to-EBITDA to decline to 8.6x and EBITA-to-interest to remain at 0.9x by year-end 2026, which assumes modest organic growth. Management's own projections are more optimistic and assume a decline in leverage to levels consistent with its B3 rating already in 2026. The company's pro forma EBITA margin, inclusive of the most recently closed acquisitions is modest relative to other service providers. Future margin improvement will require the successful execution of ongoing initiatives, including increasing route optimization for technicians to enable servicing more customers in less time as well as decreasing corporate overhead costs. The company benefits from stable demand in the commercial HVAC sector, strong revenue retention, and no near-term debt maturities. Moody's expects PremiStar will maintain adequate liquidity over the next 12-18 months, supported by availability on the $65 million revolver due May 2028 and about $9 million of cash on hand as of June 30, 2025. The company generates most of its cash in the fourth quarter and Moody's expects the cash balance at year-end 2025 should support the company's capital investment needs over the next year. Moody's forecasts assumes the company will have negative free cash flow of about $10 million in 2025 and $7 million in 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of the ratings could result from the successful generation of organic revenue growth while increasing EBITA margins and maintaining strong free cash flow. In addition, PremiStar would need to sustain debt to EBITDA below 6.0x and maintain a good liquidity profile. A downgrade would likely result should the company experience revenue and EBITA margin declines, debt to EBITDA is sustained above 7.0x, EBITA-to-interest expense is sustained below 1.0x or if the company's liquidity deteriorates. Ratings could also be downgraded if the company accelerates its debt-funded acquisition activity or undertakes a significant shareholder return. PremiStar, headquartered in Deerfield, IL, is a provider of commercial HVAC, plumbing, and building controls and solutions serving US municipal and commercial buildings such as universities, hospitals, churches, banks and manufacturers. The company is owned by private equity sponsor, Partners Group. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. 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. THOUGHTWORKS HOLDING: Moody's Cuts CFR to 'B3', Outlook Stable -------------------------------------------------------------- Moody's Ratings downgraded ThoughtWorks Holding, Inc.'s (ThoughtWorks) corporate family rating to B3 from B2 and probability of default rating to B3-PD from B2-PD. Concurrently, Moody's have downgraded ThoughtWorks, Inc.'s senior secured first-lien revolving credit facility and $288 million senior secured first-lien term loan due 2028, to B3 from B2. The outlook for both entities was changed to stable from negative. Based in Chicago, IL, ThoughtWorks is an information technology services and consulting company. The ratings downgrade is driven by the company's continued weak operating performance, diminishing liquidity and very high leverage as of the quarter ended June 30, 2025. The assignment of a stable outlook resolves Moody's previous negative outlook assessment of the issuer. RATINGS RATIONALE The B3 CFR reflects the recent financial performance of the company which has deteriorated over the last several quarters as evidenced by continued thin EBITDA margins (around 1%), elevated debt levels with debt/EBITDA over 10.0x for the LTM period ended June 30, 2025 and limited to negative cash flow generation. However, Moody's anticipates some improved but muted performance for the company in 2026, in line with Moody's expectations for limited discretionary spend in the IT services industry, which could marginally improve growth and margins, but uncertainty regarding the scale of this improvement remains high given ThoughtWorks' highly cyclical revenue base. Other negative credit considerations include the extended wind down of an extensive restructuring program that weighs on cash flow and increases uncertainty around the long-term profitability profile of the company, as well as new senior leadership with a limited track record. All financial metrics cited reflect Moody's standard adjustments, unless otherwise noted. The company competes against both large, established global information services providers with significant resources, as well as small, niche-focused companies vying for market share in the outsourced software development market. AI and other evolving technologies that simplify software development could also result in increased competition from new entrants or reduce demand for the company's services. ThoughtWorks' long-standing relationships with a diversified customer base provide support to the credit profile despite the limited barriers to entry in the narrow market segment in which it competes, but demand for discretionary IT spend is cyclical and can result in credit deterioration, as evidenced by recent top line declines. Concentrated equity ownership also increases the potential for more aggressive financial strategies and weighs on the credit. Given the current operational pressure, the ratings would be pressured if the company pursues no debt-funded transactions until growth, profitability and cash flow generation improve. Moody's anticipates any acquisitions undertaken will be small tuck-ins that will be funded by internal cash. Moody's consider ThoughtWorks' liquidity profile to be still adequate but weakening. Internal sources of liquidity consist of a cash balance of approximately $35 million as of June 30, 2025 and Moody's anticipations of annual free cash flow of breakeven to around $5 million over the next 12 to 15 months, which Moody's expects to slowly improve over time as base rates decline and interest expenses diminish. These internal sources of cash provide diminishing but still adequate coverage of the company's annual term loan amortization of $7 million and Moody's anticipations for about $35 million of capital expenditures. The company's $250 million revolver (recently extended but downsized from $300 million), which Moody's expects to remain undrawn and fully available, provides additional external liquidity support. The B3 senior secured debt ratings are the same as the B3 CFR since the rated facility represents the preponderance of the debt capital structure. The rated debt is guaranteed by all US subsidiaries and secured by a first priority perfected lien on all property and assets of the issuer and the guarantors, although the liens are limited to two-thirds of the capital stock of first tier foreign subsidiaries and ranked behind a small amount of priority trade claims and ahead of other unsecured claims. The stable outlook reflects Moody's views that ThoughtWorks may be able to achieve lower financial leverage as the pace of revenue declines slows and the company executes on the ending phases of its turnaround strategy. The outlook could be revised to negative if Moody's anticipates ThoughtWorks will continue to experience revenue contraction, sustained EBITDA margins in a low single-digit range, debt/EBITDA above 8.0x and EBITA-to-interest approaching 1.0x. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS ThoughtWorks' ratings could be upgraded if the company restores its EBITDA margins in the low-teens percent range or above, restores strong revenue growth that is at least mid-single digit or above while increasing scale, and diversifies its revenue sources. An upgrade would also require Moody's expectations that debt/EBITDA will remain below 6.0x, free cash flow to debt in the mid-single digit range or better, as well as a commitment to maintain more conservative financial policies. ThoughtWorks' ratings could be downgraded if organic revenue growth continues to decline, signaling a weakening competitive position, or as a result of sustained weakness in demand volumes or loss of pricing power. The ratings could also be downgraded if Moody's expects debt/EBITDA will be sustained above 8.0x, negative free cash flow generation, profitability rates stay weak, with EBITDA margins remaining below 3%, or liquidity deteriorates materially. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. 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 Chicago, Illinois and controlled by affiliates of private equity sponsor Apax Partners, ThoughtWorks Holding, Inc. provides information technology services to enterprises worldwide and is focused on agile software development, consulting and related tools and information. The company has approximately 10,500 employees and operates in 18 countries around the world, with approximately 35.4% of revenue generated in North America, which is its largest region, followed closely by APAC (35.2% of revenue). TODD CREEK: Trustee Hires Madeline Lia Duncan as HOA Counsel ------------------------------------------------------------ Kevin S. Neiman, Subchapter V Trustee of Todd Creek Farms Homeowners' Association, Inc., seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Madeline Lia Duncan, Esq. of Madeline Lia Duncan, P.C. to serve as homeowners association counsel. The firm will provide these services: (a) assist the Trustee in investigating and reporting on the allegations contained in the lawsuit initiated by the Homeowners in the District Court for Adams County, Colorado, under Case Number 2023CV30537; (b) review payments or transfers that may result in potential avoidance actions for the estate, including attorney fees incurred on behalf of the Debtor or any other entity from 2020 through the petition date; (c) investigate any other accounts or bank accounts of the Debtor identified during discovery, existing as of January 1, 2020, through the petition date; (d) obtain access to any accounting systems of the Debtor or its agents as necessary; and (e) advise the Trustee on the Debtor's rights, duties, and obligations in relation to applicable and relevant HOA law and governing documents. Ms. Duncan will receive compensation at hourly rates of $300 per hour for attorney services and $95 per hour for staff, plus reimbursement for reasonable expenses incurred. According to court filings, Madeline Lia Duncan, P.C. holds no interest adverse to the estate and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Madeline Lia Duncan, Esq. Madeline Lia Duncan, P.C. Attorney and Counselor at Law 7100 West 44th Avenue, Suite 106 Wheat Ridge, CO 80033-4701 About Todd Creek Farms Home Owners Association Inc. Todd Creek Farms Home Owners Association Inc. is a residential community management organization that oversees common areas, enforces covenants, and provides services to homeowners in the Todd Creek Farms development. Todd Creek Farms Home Owners Association Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-14385) on July 1, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtors are represented by Jeffrey Weinman, Esq. at Allen Vellone Wolf Helfrich & Factor P.C. TOPS HOLDING II: Status Report in Morgan Stanley Case Due Nov. 10 ----------------------------------------------------------------- Judge David S. Jones of the United States Bankruptcy Court for the Southern District of New York orders the parties in the adversary proceeding captioned as In re Tops Holding II Corp. – Halperin v. MSIM, Inc., et al., Adv. Pro. No. 20-ap-08950-DSJ (Bankr. S.D.N.Y.), to file a status report or before November 10, 2025, if the anticipated dismissal stipulation is not filed by then. Defendants Morgan Stanley Investment Management, Inc., Morgan Stanley Capital Partners V U.S. Holdco LLC, Gary Matthews, Eric Kanter, and Eric Fry, and Defendants HSBC Equity Partners USA, L.P. and HSBC Private Equity Partners II USA LP provided an update on the status and timeline of the Settling Parties' settlement. The Settling Parties' written settlement agreement is completed and the Settling Parties are currently collecting signatures from their clients. Per the terms of the settlement agreement, the Trustee expects to file a stipulation of dismissal of this action signed by all parties on or before November 7, 2025. The Settling Parties request that the Court continue to hold in abeyance, and not issue any decisions concerning, the Settling Parties' pending summary judgment motions. On November 9, 2018, the Court confirmed Tops' joint chapter 11 plan -- which established the GUC Litigation Trust for the benefit of Tops' unsecured creditors (with Alan D. Halperin, as trustee) and the Trust assets, including the causes of action based on the payment of the dividends alleged in the Complaint. The Trust asserts claims against (A) Private Equity Investors, namely Morgan Stanley Investment Management Inc. d/b/a Morgan Stanley Private Equity and Morgan Stanley Capital Partners ("MSIM"), Morgan Stanley Capital Partners V U.S. Holdco LLC a/k/a North Haven Capital Partners V U.S. Holdco LLC ("MSCP V Holdco;" together with MSIM, "Morgan Stanley"); HSBC Equity Partners USA, L.P., HSBC Private Equity Partners II USA LP; Turbic Inc.; and Begain Company Limited; and (B) the Morgan Stanley Director Defendants, namely Gary Matthews, Eric Kanter, Eric Fry, Gregory Josefowicz and Stacey Rauch. Among other things, the Trust seeks to avoid under New York's Debtor and Creditor Law ("NY DCL") the four dividends issued to the Private Equity Investors in 2009, 2010, 2012, and 2013 as constructive and intentional fraudulent transfers and to recover them under section 550 of the Bankruptcy Code. The Trust also claims for damages against the Director Defendants under the NY DCL and New York common law for breach of fiduciary duty and against MSIM for aiding and abetting breach of fiduciary duty. The Trust contends that each dividend -- along with Tops' contingent pension plan liabilities, increased funded debt, and curtailed capital expenditures -- rendered Tops insolvent and insufficiently capitalized, and that Tops believed that after making each of the dividends, it would not be able to pay its debts, which included the contingent pension liabilities, as they came due. Attorneys for Defendants Morgan Stanley Investment Management, Inc., Morgan Stanley Capital Partners V U.S. Holdco LLC, Gary Matthews, Eric Kanter, and Eric Fry: Pamela Miller, Esq. O'MELVENY & MYERS LLP 1301 Avenue of the Americas, Suite 1700 New York, NY 10019 Tel: (212) 261-6827 Email: pmiller@omm.com Attorneys for Defendants HSBC Equity Partners USA, L.P. and HSBC Private Equity Partners II USA LP: Louis Smith, Esq. GREENBERG TRAURIG LLP 500 Campus Drive, Suite 400 Florham Park, NJ 07932 Tel: (973) 360-7900 Email: SmithLo@gtlaw.com A copy of the Court's Order is available at https://urlcurt.com/u?l=vjCkDo from PacerMonitor.com. About Tops Holding II Corporation Tops Markets, LLC -- http://www.topsmarkets.com/-- is headquartered in Williamsville, NY and operates 169 full-service supermarkets with five additional by franchisees under the Tops Markets banner. Tops employs over 14,000 associates and is a full-service grocery retailer in Upstate New York, Northern Pennsylvania, and Vermont. Tops Management, led by Frank Curci, its chairman and chief executive officer, acquired Tops in December 2013 through a leveraged buyout from Morgan Stanley's private equity arm. Morgan Stanley bought the company in 2007 from the Dutch retailer now known as Koninklijke Ahold Delhaize NV. In 2010, Tops acquired The Penn Traffic Company, a local chain with 64 stores. In 2012, it purchased 21 Grand Union Family Markets stores. Tops Holding II Corporation, and its subsidiaries, including Tops Markets, LLC, sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 18-22279) on Feb. 21, 2018, to pursue a financial restructuring that would eliminate a substantial portion of debt from the Company's balance sheet and position Tops for long-term success. The Company listed total assets of $977 million and total liabilities at $1.17 billion as of Dec. 30, 2017. The Debtors hired Weil, Gotshal & Manges LLP as their legal counsel; Hilco Real Estate, LLC as real estate advisor; Evercore Group L.L.C. as investment banker; FTI Consulting, Inc., and Michael Buenzow as chief restructuring officer; and Epiq Bankruptcy Solutions, LLC, as their claims and noticing agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors on March 6, 2018. The committee tapped Morrison & Foerster LLP as its legal counsel, and Zolfo Cooper, LLC, as its financial advisor and bankruptcy consultant. On Nov. 9, 2018, the Court confirmed Tops' joint chapter 11 plan, which established the GUC Litigation Trust for the benefit of Tops' unsecured creditors and the Trust assets. Alan D. Halperin was named as trustee. TORRID LLC: Moody's Affirms 'B3' CFR & Alters Outlook to Negative ----------------------------------------------------------------- Moody's Ratings changed the outlook for Torrid LLC (Torrid) to negative from stable and downgraded the company's senior secured term loan rating to Caa1 from B3. Concurrently, Moody's affirmed the B3 corporate family rating and B3-PD probability of default rating. The speculative grade liquidity rating (SGL) remains at SGL-3. The outlook change to negative reflects the risk of continued weak earnings performance as a result of more cautious discretionary consumer spending and cost pressures including tariffs. Year-to-date Q2 2025, comparable sales declined 5% and management adjusted EBITDA was down 33%, reflecting lower average transaction size, pausing of the shoe business, increased merchandising payroll costs, deleverage of store occupancy costs, and higher marketing expenses. While the company's planned store closures and increased use of style and occasion-focused sub brands such as LoveSick and Festi have the potential to mitigate cost pressures, they also increase customer loss and fashion risk. In addition, while Moody's still expect overall liquidity to be adequate, the company's recent $20 million share repurchase reduced the company's financial flexibility. The downgrade of the term loan rating to Caa1 from B3 reflects Moody's lower instrument recovery expectation given the company's weak operating performance. RATINGS RATIONALE Torrid's B3 CFR is constrained by the declines in the company's operating performance and its limited projected cash flow generation. Although leverage is moderate, the business remains well below its peak earnings. In addition, the credit profile incorporates the company's very high business risk as a relatively small company in the highly competitive and fashion sensitive women's apparel sector, with exposure to mall traffic in about two-thirds of its stores. While Torrid has made investments in its omnichannel and digital capabilities, further investment is needed to bring them in line with those of larger peers. Nevertheless, Torrid's credit profile benefits from the company's differentiated position in the niche plus-sized apparel category, with a focus on fit that drives high customer loyalty. Torrid has a balanced mix of store and digital sales, with e-commerce representing roughly 70% of revenue. Moody's projects overall liquidity to be adequate over the next 12-18 months, reflecting modest positive free cash flow after term loan amortization payments, good excess revolver availability, and a lack of near-term maturities. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if prospects for recovery in comparable sales and earnings deteriorate. More aggressive financial policies or weaker liquidity, including negative free cash flow generation or increased revolver reliance, could also result in a downgrade. Quantitatively, the ratings could be downgraded if Moody's-adjusted (EBITDA-Capex)/interest expense is below 1.25 times. The ratings could be upgraded if operating performance sustainably improves, including both revenue and earnings recovery as well as margin expansion. A ratings upgrade would require balanced financial strategies and at least good liquidity, including consistent solid cash flow generation that exceeds mandatory term loan amortization. Quantitatively, the ratings could be upgraded if (EBITDA-Capex)/interest expense is sustained above 2.0 times. Torrid LLC is a designer and retailer of apparel, intimates and accessories in North America, targeting women that wear sizes 10-30. The company's products are sold through its e-commerce operations and over 500 company-operated retail stores. Revenue for the twelve months ended August 02, 2025 was approximately $1.1 billion. The company is publicly traded but majority-owned by funds affiliated with Sycamore Partners. The principal methodology used in these ratings was Retail and Apparel published in September 2025. SThe 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. TOTAL COLLECTION: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Total Collection Services, Inc. got the green light from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral to fund operations. At the recent hearing, the court authorized the Debtor's interim use of cash collateral and set a further hearing for October 28. Total Collection Services intends to use its cash collateral to continue operations while pursuing reorganization under Chapter 11. The Debtor, a residential waste collection company servicing several New York municipalities and employing 40 workers, experienced severe financial distress beginning during the COVID-19 pandemic. In an attempt to manage cash flow, the Debtor took on numerous high-interest merchant cash advances, which ultimately worsened its financial position. Compounded by long-term contracts with fixed, outdated pricing, the company fell further behind on bills. It is now entering new contracts at higher rates, which should improve profitability. The Debtor believes it can reorganize and offer the best recovery to creditors by continuing operations during the bankruptcy process. It distinguishes between two categories of creditors: (1) conventional secured creditors with clearly perfected liens—TD Bank (owed approximately $100,000) and the Small Business Administration (SBA) (owed approximately $1.87 million), and (2) merchant cash advance lenders whose liens are disputed. The Debtor believes that these latter claims are likely unenforceable due to their structure as usurious, disguised loans taken out after the TD and SBA liens and that only the two creditors have valid claims to cash collateral. As adequate protection, the Debtor offers to make monthly payments to the SBA and TD Bank and to grant both creditors replacement liens on all pre-bankruptcy and post-petition assets, including cash collateral and its proceeds. These replacement liens would be subordinated to specific carveouts: U.S. Trustee fees, professional fees, a hypothetical Chapter 7 trustee's costs (up to $10,000), and proceeds from successful avoidance actions under Chapter 5 of the Bankruptcy Code. About Total Collection Services Inc. Total Collection Services Inc., based in Port Jefferson Station, New York, provides commercial garbage collection and recycling services in Suffolk County and operates as a sanitation company. Total Collection Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73838) on October 3, 2025. In its petition, the Debtor reports total assets of $3,018,785 and total liabilities of $5,842,117. Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. The Debtor is represented by Health S. Berger, Esq. of BFSNG LAW GROUP, LLP. TRANSNETWORK LLC: S&P Alters Outlook to Negative, Affirms 'B' ICR ----------------------------------------------------------------- S&P Global Ratings revised its outlook on Houston, Texas-based cross-border transaction processor TransNetwork LLC to negative from stable and affirmed all the ratings, including the 'B' issuer credit rating. The negative outlook reflects the risk that TransNetwork's leverage will remain elevated above 5.5x or FOCF to debt will remain below 3% as the company continues to operate in a challenging business environment. TransNetwork's financial performance has been strained by a portion of direct to account remittance volumes circumventing traditional regulated channels, causing leverage to spike to 6.2x as of June 30, 2025, with free operating cash flow (FOCF) to debt falling to 1.7%. S&P believes there is risk these operating trends could continue into 2026 and further strain earnings and cash flow. Declines in direct to account transactions pose risks to TransNetwork's credit metrics, which is reflected in our outlook revision. This trend is primarily driven by the increased use of SPEI, Mexico's interbank electronic payment system, by money transfer operators (MTOs) for cross-border remittances. S&P said, "We understand SPEI was designed for domestic payments, and we believe its unintended use for cross-border remittances may lack adequate Anti-Money Laundering and Know Your Customer controls provided by TransNetwork and other regulated channels. MTOs are increasingly utilizing SPEI for cross-border remittances, bypassing traditional payout channels to reduce processing costs. This shift resulted in a significant decrease in direct-to-account transactions and contributed to a 12% revenue decline in the second quarter of 2025. We anticipate similar headwinds will persist through the third quarter as TransNetwork takes actions to recover volumes. While we believe the company will be able to recoup lost volumes by the end of 2025, it may come with some margin compression." The company is actively engaging with U.S. and Mexican regulators to advocate for a regulated and compliant framework for cross-border use of SPEI. However, absent such a framework that prevents fintechs from circumventing established, regulatory-compliant channels, S&P anticipates the company may face continued pressure on transaction volumes. In addition to the company's direct to account volume declines, total remittance volume declines in the first half of 2025 were also driven by lost remittance volume from a payor who established direct connections with some MTOs. Beyond these immediate challenges, potential impacts from U.S. immigration policy changes, including stricter border controls and increased deportations, add to the uncertainty. While TransNetwork's business in other Latin American nations—representing 50% of total volume—also faces elevated deportation rates, these markets are currently experiencing strong volume growth, suggesting that the recent disruption in Mexico is primarily correlated with the increased adoption of SPEI rather than solely attributable to immigration trends. However potential impacts from U.S. immigration policy changes have been difficult to isolate due to the concurrent disruption caused by SPEI adoption. Furthermore, the implementation of a 1% remittance tax on all cash transactions sent from the U.S., effective January 2026, will likely add further pressure on cash transaction volume. Partially offsetting these pressures on volumes is the growth in the company's digital initiatives which contribute to around 9% of the revenue. These factors, coupled with the ongoing business disruption, lead S&P's to a negative outlook. The 12% revenue decline in the second quarter, partially attributable to the disruption of direct-to-account transactions (which represent 8% of the company's revenue), highlights the magnitude of the challenge. The shift toward fintech alternatives by MTOs underscores the competitive pressure. S&P said, "While we believe the company will regain lost volume, the lack of a clear regulatory framework create significant uncertainty. We expect modest EBITDA growth of about 3% in 2025 compared with our prior expectation for growth of roughly 10%, resulting in leverage remaining elevated at approximately 5.5x before declining to about 5.0x in 2026. The timeline for regulatory resolution in both Mexico and the U.S. remains uncertain, and we currently expect revenue to decline 3%-5% in 2025. "We expect TransNetwork will maintain adequate liquidity and generate FOCF consistent with a 'B' rating, despite the near-term challenges. We forecast FOCF of $10 million-$20 million, largely driven by about $10 million in interest income. Muted EBITDA growth and increased capital expenditures, primarily related to software development and investments stemming from recent acquisitions, will keep cash flow somewhat depressed in 2025. However, we anticipate a significant improvement in 2026 as the company benefits from a return to revenue growth and lower capital expenditures. This improvement will be crucial to supporting its financial profile as it navigates the ongoing disruption and macroeconomic uncertainties. "Further, we believe the company has a good liquidity position, providing it with operating flexibility to manage the SPEI disruption and broader macroeconomic headwinds. As of June 30, 2025, TransNetwork had no near-term debt maturities and approximately $68.7 million in total liquidity, comprising $31.2 million in cash on its balance sheet and $37.5 million available under its revolving credit facility." The negative outlook reflects the risk that TransNetwork's leverage will remain elevated above 5.5x or FOCF to debt will remain below 3% as the company continues to operate in a challenging business environment. S&P could lower its ratings on TransNetwork if leverage remains elevated above 5.5x or FOCF to debt falls below 3% on a sustained basis. This could occur if: -- Industry disruption, increased competition, or operation issues results in a loss of payors or sustained EBITDA declines; or -- The company adopts a more aggressive financial policy by pursuing large, debt-funded acquisitions or shareholder returns. S&P could revise the outlook on TransNetwork to stable if leverage improves below 5.5x and FOCF to debt rises above 3%. This could occur if the company: -- Successfully restores lost transaction volumes to pre-SPEI disruption levels; and -- Maintain EBITDA margins in the mid-20% area. TURQUOISE LLC: Robert Gainer Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 12 appointed Robert Gainer as Subchapter V trustee for Turquoise, LLC. Mr. Gainer will be paid an hourly fee of $325 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Gainer declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: CUTLER LAW FIRM, P.C. Robert C. Gainer 1307 50th Street West Des Moines, Iowa 50266 Telephone: 515-223-6600 Facsimile: 515-223-6787 rgainer@cutlerfirm.com About Turquoise LLC Turquoise, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-01112) on October 8, 2025, listing between $1 million and $10 million in assets and liabilities. Joseph A. Peiffer, Esq.. at Ag & Business Legal Strategies represents the Debtor as legal counsel. UNITED CABINET: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ United Cabinet Company, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Tennessee, Nashville Division, to use cash collateral. The court's interim order authorized the Debtor to use cash collateral to conduct a wind-down of its business in accordance with its budget, subject to permitted variances. As adequate protection, pre-bankruptcy lenders Oxer Mezzanine Fund II, L.P., a Delaware limited partnership, and Salem Investment Partners IV, LP, a North Carolina limited partnership, will be granted replacement liens on all the Debtor's assets, including those acquired after the petition date. These replacement liens will have the same scope and extent as the lenders' pre-bankruptcy liens, subject to the fee carveout. As additional protection, the lenders are entitled to an allowed superpriority administrative expense claim, subject to entry of the final order. The interim order is available at https://is.gd/u7Jq9a from PacerMonitor.com. The final hearing is set for November 4. Objections are due by October 31. United Cabinet Company said it needs to fund an orderly liquidation process that could preserve value for creditors, either through a piecemeal auction of equipment by McLemore Auction or a potential going-concern sale to a strategic buyer. To facilitate this, the Debtor needs to retain its remaining four employees and cover administrative expenses during the bankruptcy. About United Cabinet Company LLC United Cabinet Company LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 3:25-bk-04196) on October 6, 2025. In the petition signed by Adam Taylor, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Nancy B. King oversees the case. Michael G. Abelow, Esq., at Sherrard Roe Voigt & Harbison, PLC, represents the Debtor as legal counsel. US ECO PRODUCTS: Oct. 29 Hearing Set in Adversary Case vs SBA ------------------------------------------------------------- Judge Elizabeth D. Katz of the United States Bankruptcy Court for the District of Massachusetts scheduled a hearing for October 29, 2025 on US Eco Products Corporation's request for injunctive relief in the adversary proceeding captioned as US Eco Products Corporation, Plaintiff(s),v. U.S. Small Business Administration, Defendant(s), Adversary Proceeding No. 25-04028-EDK (Bankr. D. Mass.). The continued hearing will be conducted telephonically. Parties May participate by dialing 646-828-7666, and entering meeting Id 160 580 6834, and using passcode 767 325 when prompted. Adversary Complaint US Eco filed this adversary proceeding seeking sanctions and injunctive relief against U.S. Small Business Association, Department of the Treasury and Internal Revenue Service for violations of 11 U.S.C. Sec. 362(a) and for turnover under 11 U.S.C. Sec. 542(b). The lawsuit alleges the Defendants are in violation of the applicable provisions of the Bankruptcy Code for repeatedly offsetting payments owed to the Debtor from various government contractors. As the basis for the offset, the Defendants allege the Debtor has certain pre-petition obligations that must be satisfied in order to cease any offset procedures and to release the offset funds being held by Defendants. The SBA holds obligations due from the US Eco due to an Economic Injury Disaster Loan issued in the wake of the COVID 19 epidemic. These obligations are in the approximate amount of $45,000.00. These obligations are secured by a second priority security interest in all assets of the US Eco. Based upon the value of the US Eco's assets and the existence of senior priority security interests in the same assets, this court has already determined the SBA to be wholly undersecured. Accordingly, the security interests held by the SBA have been deemed to be avoided pursuant to 11 U.S.C. Sec. 506. US Eco filed the appropriate motion pursuant to Bankruptcy Rule 3012(c), and the deadline for the SBA to respond was June 12, 2025. No response was filed by the SBA, and therefore, the claim held by the SBA shall then be paid as a general unsecured claim as set forth in Class 8 of US Eco's confirmed Chapter 11 Plan. Presently, the Treasury is holding not less than $279.95, which amounts are due to US Eco for services and products performed. Other significant receivables are not confirmed as being held by the Treasury, but are overdue at this time. According to US Eco, the receivables being held by the SBA, Treasury and IRS have and will prevent US Eco from paying its current outstanding obligations. On September 25, 2025, the SBA was advised that each is in violation of the automatic stay provisions of Section 362(a), and a request for turnover of the funds being held under Section 542(b) was made. US Eco demands judgment against the Defendants as follows: i) Grant US Eco judgment against SBA, Treasury, and IRS for violations of 11 U.S.C. Sec. 362(a); ii) Requiring SBA, Treasury, and IRS to turnover all funds due to US Eco; iii) Grant US Eco emergency injunctive relief by ordering SBA, Treasury, and IRS to take all necessary and immediate steps to cease any offset procedures and to release the offset funds being held; iv) Award US Eco its reasonable attorneys' fees and costs of this adversary proceeding; and v) Grant the Debtor such other and further relief as this Court deems meet and just. A copy of the Court's Proceeding Memorandum and Order is available at https://urlcurt.com/u?l=JG2Vvk from PacerMonitor.com. A copy of the Adversary Complaint is available at https://urlcurt.com/u?l=9UzXDq from PacerMonitor.com. About US Eco Products Corporation US Eco Products Corporation filed Chapter 11 petition (Bank. D. Mass. Case No. 24-41263) on December 9, 2024, listing $320,830 in assets and $1,249,695 in liabilities. Doreen Blades, president of US Eco Products, signed the petition. Judge Elizabeth D. Katz oversees the case. The Debtor is represented by Michael B. Feinman, Esq., at Feinman Law Offices. Eastern Bank, as lender, is represented by: Joseph M. DiOrio, Esq. Pannone Lopes Devereaux & O'Gara LLC Northwoods Office Park 1301 Atwood Avenue, Suite 215N Johnston, RI 02919 Tel: (401) 824-5180 Fax: (401) 824-5123 fax E-mail: jdiorio@pldolaw.com VALYRIAN MACHINE: Gets Final OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, entered a final order authorizing Valyrian Machine, LLC to continue using cash collateral and provide adequate protection. The court noted that ChoiceOne Bank consented to the entry of this final order while Horizon Bank had filed an objection that was subsequently resolved. The terms and conditions of the consent interim order previously issued by the court are adopted as a final order. Under the final order, Horizon Bank retains its rights to assert a purchase money security interest in two specific pieces of equipment -- a 2018 Mazal QT250MSY CNC Lathe and a 2010 Brown & Sharpe Global Advantage CMM. The order does not determine the validity or priority of Horizon's secured claim, and ChoiceOne Bank reserves the right to dispute it in the future. The final order is available at https://is.gd/iki3q6 from PacerMonitor.com. About Valyrian Machine LLC Valyrian Machine, LLC manufactures high-tolerance parts and assemblies for industries such as automotive, aerospace, defense, and energy. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-49284) on September 16, 2025. In the petition signed by Kris J. Surcek , sole member, the Debtor disclosed up to $1 million in assets and $10 million in liabilities. Judge Paul R. Hage oversees the case. Julie Beth Teicher, Esq., at Maddin, Hauser, Roth & Heller, P.C., is the Debtor's legal counsel. ChoiceOne Bank, as secured lender, is represented by: Sandra S. Hamilton, Esq. Clark Hill, PLC 200 Ottawa Ave NW, Ste. 500 Grand Rapids, MI 49503 (616) 608-1141 bankruptcyfiling@clarkhill.com VENETIAN NAIL: Gets Final OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida issued a final order authorizing Venetian Nail Spa MMP, LLC, to use cash collateral. The Debtor was authorized to use cash collateral according to its budget, plus an amount not to exceed 10% for any line item per month. The budget term runs from September 1 to February 1, 2026, and may be extended with the consent of the Debtor's secured creditor and Subchapter V trustee. As adequate protection, the U.S. Small Business Administration, a secured creditor, will be granted replacement liens on the Debtor's post-petition assets, with the same priority, extent and nature as its pre-bankruptcy liens but junior to approved professional fees and Subchapter V trustee costs. The court retains jurisdiction to enforce the terms of the final order, which remains in full force and effect unless modified or vacated by a subsequent court order. The final order is available at https://is.gd/cuW02W from PacerMonitor.com. About Venetian Nail Spa MMP LLC Venetian Nail Spa MMP, LLC is a nail salon operating in Miami, Florida. It offers nail care services including manicures, pedicures, and related spa treatments to customers in the Miami area. Venetian sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19379) on August 13, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtor is represented by Aubrey Rudd, Esq., at Aubrey Rudd Law. VENTURE GLOBAL: Fitch Alters Outlook on 'B+' IDR to Negative ------------------------------------------------------------ Fitch Ratings has revised the Outlook on Venture Global LNG, Inc. (VGLNG) to Negative, from Stable. At the same time, Fitch has affirmed VGLNG's Long-Term Issuer Default Rating (IDR) at 'B+', senior secured notes at 'BB' with a Recovery Rating of 'RR2', and preferred stock at 'B-'/'RR6'. The Negative Outlook reflects risks associated with the ruling against VGLNG's indirect subsidiary, Venture Global Calcasieu Pass, LLC (VGCP), in its arbitration with BP Gas Marketing Limited (BP). Damages that may be owed by VGCP have not yet been determined and four other arbitrations are ongoing. Any significant damages are likely to further pressure the company's financial position in a period of elevated leverage related to liquefied natural gas (LNG) project construction. Fitch will resolve the Negative Outlook when there is greater certainty around the total amount of damages and how the company intends to fund the payments. Key Rating Drivers Adverse Ruling in Arbitration: The adverse ruling in the contract dispute with BP weakens VGLNG's financial and business profile. BP is seeking more than $1.0 billion in damages in addition to interest, costs and fees. Four other independent arbitration proceedings are ongoing. Before VGCP won the Shell arbitration and settled another case, total damages sought by the SPA customers were between $6.7 billion and $7.4 billion. Depending on the outcomes of further arbitration activity, including the next phase of the VGCP BP arbitration, Fitch believes VGLNG may potentially implement changes to the way its projects transition from construction-phase to commercialization-phase of the SPAs. Fitch will monitor such changes (if any) for potential reduction in cash flows from commissioning cargos, compared to Fitch's prior forecasts. Leverage Higher than Fitch Expected: On a consolidated basis, leverage (total consolidated debt to consolidated EBITDA) averages around 7.5x through 2029 but peaks at around 12.0x in the near term, as on the COD, higher-margin merchant cargoes decline, and lower-margin SPA contract cargoes commence. Under Fitch's assumptions, debt-funded damages awarded at the higher end of the range sought by the SPA customers could result in consolidated leverage approaching 8.0x through 2029, and lead to a rating downgrade. Fitch acknowledges that VGLNG can reserve funds by slowing its capex and partially monetizing its non-core assets. Under Fitch's assumptions, holding-company-only EBITDA leverage (total holding company [holdco] debt divided by holdco EBITDA) averages around 4.0x over the forecast period through 2029, but peaks at over 7.0x in 2027. The peak leverage underscores the commodity risk and the company's reliance on sustaining production higher than the nameplate capacity to keep leverage below the downgrade threshold. Fitch assumes basis differentials will decline during this period of high capex. Increasing scale and diversity partially offset higher volatility in the financial profile. High Commodity Exposure: Fitch believes VGLNG's approach of partially funding future LNG plants with commissioning cargoes and excess-capacity revenue exposes it to significant commodity risk. The risk stems from basis differentials across hubs rather than a single commodity at one delivery point. Construction delays would curtail early cargo sales. VGLNG's new de-bottlenecking program is promising, but excess capacity sales will be limited if the program does not prove sustainable. Management intends to deploy both types of sales with short-term contracting, which heightens vulnerability to compression of basis differentials. Under Fitch's rating case, together these commodity-linked revenue streams account for over three-fourths of total EBITDA at the holdco level in 2025-2029, with the remainder derived from contracted sales. Ongoing Construction Risk: VGLNG is constructing multiple highly complex LNG projects under its owner-led multi-contractor strategy, retaining primary responsibility for cost overruns and project completion. Additionally, the projects partially rely on selling commissioning cargoes to generate sufficient funds to complete the projects, but revenue from these sales can be volatile because LNG market prices fluctuate. Overall capex is expected to be around $40 billion over the next five years, including $29.5 billion for CP2, VGLNG's third project. Upward rating momentum depends on VGLNG managing completion risk and maintaining leverage within Fitch's sensitivity band. Favorable Global LNG Markets: Displacement of Russia's natural gas supply and delays in growth and the development of additional capacity in Asia have strengthened demand for U.S.-produced LNG. VGLNG's first project, Venture Global Calcasieu Pass, LLC (VGCP), which it commissioned in 2022, benefited from the historic high reached by the market basis differential between Henry Hub (HH) gas and Title Transfer Facility, the European LNG hub. Since then, however, realized margins have declined from around $8.8/MMbtu in 4Q2024 to around $5.6/MMbtu in 1H2026, highlighting market volatility and lower margins for contracted cargoes. This could impact the FCF available for VGLNG to finance future projects and meet debt obligations. Peer Analysis VGLNG is weaker than peer Cheniere Energy, Inc. (CEI; BBB/Stable). With approximately 60mtpa of manufacturing capacity, CEI is the largest LNG producer in the U.S., considerably larger than VGLNG, which is producing LNG from about 24mtpa of nameplate production capacity and has roughly another 30mtpa in various stages of development. CEI has greater scale, operating two seasoned projects, Sabine Pass Liquefaction, LLC (BBB+/Stable) and Cheniere Corpus Christi Holdings, LLC (BBB+/Stable). CEI's construction risk is low, with approximately 10mtpa of capacity under construction. Both VGLNG and CEI receive revenue from short-term market sales, but Fitch believes this revenue is less predictable and exposed to commodity price risk. This revenue is a much larger portion of total cash flow for VGLNG than for CEI. Both companies also have long-term SPAs with largely investment-grade counterparties, under which the cost of natural gas is passed through to customers. Additional revenue generated from excess capacity sales directly supports debt service at VGLNG, bypassing the project waterfall, a feature that CEI does not have. Debt obligations at both VGLNG and CEI are structurally subordinate project and intermediate holdco debt. Both are subject to distribution tests that could impede distributions to the parent companies. According to Fitch's forecast, VGLNG's leverage is considerably higher than that of CEI, on a consolidated basis, averaging over 7.5x during the forecast, compared to 4x at CEI over the near term. Differences in construction risk, seasoned operational performance, cash flow predictability, scale, and leverage account for the difference in their respective ratings. Key Assumptions - VGCP's nameplate capacity of 10mtpa is fully contracted and generates additional liquefaction fees on the excess capacity above nameplate, which is sold under short-term contracts; - Construction at VGPL stays on schedule, consistent with management's projected cost of about $24 billion. Nameplate capacity of 20mtpa is fully contracted and generates additional liquefaction fees from excess capacity above nameplate, which is sold under short-term contracts; - Construction of the third project, CP2, is in line with management expectations, at a cost of about $29.5 billion, and Phase I reaches COD at the end of 2029. The first phase of CP2 is assumed to be fully contracted during the operating period; - Additional projects are not funded during the forecast period; - No additional legal or regulatory impact from the arbitrations. Previously settled arbitrations are not challenged; - Projects produce 15%-30% higher volumes than nameplate capacity; - Fitch price deck informs revenue from the short-term contracts; - Only mandatory amortization per the provisions of the project debt; - No further expansions of any project; - No incremental debt issuance at the holdco level; - Operating costs were increased by approximately 10% from previous estimates; - Base interest rates reflect Fitch's Global Economic Outlook. Recovery Analysis Fitch evaluates the recovery profile from the holdco's perspective. Fitch estimates that the holdco's going-concern EBITDA is $3.5 billion, greater than the liquidation value, despite the high equity value retained by VGLNG in VGCP, VGPL and CP2. This is Fitch's view of the sustainable, post-reorganization EBITDA level that underpins its valuation of the company. Fitch calculates administrative claims at 10%, which is the standard assumption. Fitch assumes the default occurs in 2027 during a period of depressed LNG spot market pricing that lowers excess- capacity revenue. Fitch further assumes VGCP is operational as VGLNG reorganizes, and delays occur at VGPL and CP2. As per its criteria, the going-concern EBITDA reflects some residual portion of the distress that causes the default. Fitch uses a 4.0x going-concern EBITDA multiple, reflecting a default occurring during construction and the effect of the construction project's complexity and scale on the reorganization. The outcome is a 'BB'/'RR2' rating for the senior secured debt. The recovery reflects the lien status of the senior notes after the redeemable preferred units at VGCP. A limited number of bankruptcies have been filed within the midstream sector. Two recent gathering and processing company bankruptcies indicate an EBITDA multiple between 5.0x and 7.0x, by Fitch's best estimates. Fitch's recent bankruptcy case study report "Energy, Power and Commodities Bankruptcies Enterprise Values and Creditor Recoveries," published in October 2024, found that the median enterprise valuation exit multiple for the 51 energy cases with sufficient data to estimate was 5.3x, with a wide range of multiples observed. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Additional adverse rulings in the first stage of the arbitrations; - An adverse ruling by the arbitrator determining how much, if anything, BP is owed, or additional adverse rulings for further similar proceedings; - Management does not increase liquidity in advance of potential cash needs, including the possibility of a large payment to a customer under arbitration; - Holding-company-only EBITDA leverage is sustained above 5.0x or consolidated EBITDA leverage is sustained above 8.0x; - Significant weakness in global LNG prices, or a decline in spreads realized by the company, pressuring cash flow generation from early cargoes; - Any construction issues that significantly increase costs, cause delays, or result in deteriorating cash flow; - A material increase in holdco debt that weakens its recovery profile; - A multi-notch downgrade or financial distress of any significant SPA counterparty. Factors that Could, Individually or Collectively, Lead to Revision of Outlook to Stable: - Damages awarded in arbitration are materially below the amount sought, keeping leverage within Fitch's sensitivities. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Holding-company-only EBITDA leverage is expected to remain below 4.5x, supported by a policy to keep it below this level; - Consolidated leverage is expected to remain below 7.0x on a long-term basis; - A meaningful increase occurs in the share of holdco cash flow derived from long-term contracts. Liquidity and Debt Structure As of June 30, 2025, VGLNG's holdco held about $2.25 billion in unrestricted cash. Fitch expects the company to maintain at least $1.5 billion to meet liquidity needs. If BP receives full claimed damages, Venture Global could owe up to $1.0 billion, plus interest, costs, and legal fees, by late 2026 under Fitch's assumptions. Each project has a working capital facility to support its needs, primarily natural gas purchases. As of June 30, 2025, total availability under the project credit facilities was approximately $2.9 billion. Distributions to VGLNG from VGCP and VGPL are permitted only if DSCR exceeds 1.25x in the next and prior 12 months. For VGPL, distributions also require certain construction milestones. Prior to Aug. 19, 2027, Calcasieu Funding cannot distribute available cash to VGLNG until all accrued distributions on the CP Funding Redeemable Preferred Units are paid in cash. After that date, no distributions are permitted until the CP Funding Redeemable Preferred Units have been fully redeemed in cash. As of June 30, 2025, the CP Funding Redeemable Preferred Units had a $1.6 billion redemption value, including $706 million of accrued distributions. Near-term maturities include $2.25 billion of 8.125% notes due 2028 and $3.0 billion of 9.5% notes due 2029. Issuer Profile Venture Global LNG develops, builds, and operates LNG export projects under long-term SPAs. It runs a 10 mtpa liquefaction and export facility and is developing three additional plants, targeting a combined nameplate capacity of 70 mtpa across its portfolio. Summary of Financial Adjustments EBITDA Leverage is calculated as the ratio of VGLNG's total consolidated debt to consolidated EBITDA. Fitch also evaluates VGLNG with holding-company-only EBITDA Leverage. This metric is calculated as the ratio of holding-company-only debt to holding-company-only EBITDA. Holding-company-only EBITDA is the sum (i) aggregate distributions from the operating companies and (ii) EBITDA that is not part of any flow that produces operating company distributions (non-SPA EBITDA), e.g., excess capacity commercial activity. In 2024, consolidated EBITDA approximately equaled non-SPA EBITDA, as reported to Fitch by the company. As per Fitch's "Corporate Hybrids Treatment and Notching Criteria," Fitch gives 50% equity credit to the cumulative redeemable perpetual preferred stock issued by VGLNG. Fitch treats as 100% debt the redeemable stock of Calcasieu Pass Funding, LLC. Fitch removes from VGLNG EBITDA the net income attributable to non-controlling interests. Fitch looks at a variety of leverage calculations but features the foregoing calculations in its commentary. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor 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 ----------- ------ -------- ----- Venture Global LNG, Inc. LT IDR B+ Affirmed B+ senior secured LT BB Affirmed RR2 BB preferred LT B- Affirmed RR6 B- VENTURE GLOBAL: S&P Alters Outlook to Negative, Affirms 'BB-' ICR ----------------------------------------------------------------- S&P Global Ratings revised its outlook to negative from stable on Venture Global LNG Inc. (VGLNG). At the same time, S&P Global Ratings affirmed its 'BB-' issuer credit rating (ICR) on VGLNG, its 'BB' issue-level rating on the company's senior secured debt, and its 'B-' issue-level rating on the company's preferred shares. The negative outlook reflects the potential impact on VGLNG of this finding as well as the possible outcome of remaining arbitration proceedings. VGLNG continues to advance its projects, with commercial operations achieved at Venture Global Calcasieu Pass LNG LLC (VGCP) and an advanced stage of construction at Venture Global Plaquemines LNG LLC (VGPL). VGCP previously entered into arbitration proceedings with several of its offtakers. Recently it was announced that the International Chamber of Commerce International Court of Arbitration (ICC) found in favor of BP and concluded that VGCP breached its obligations to declare commercial operations had begun at the Calcasieu Pass plant. Recent arbitration ruling against VGCP creates uncertainty. The recent ruling by the ICC creates a measure of uncertainty for VGLNG. Although VGCP has some capacity for increased debt to fund the damages that will be assessed against it, at this time the ultimate amount of those damages is unknown. Moreover, four other arbitration proceedings are continuing, which might also result in a ruling against VGCP that could ultimately result in further damages being assessed against it. S&P estimates that in addition to the damages resulting from the BP arbitration, there could be up to an additional $5 billion in further damages although the ultimate amount at this point is not known. The obligor for payment of these damages is VGCP, which is a bankruptcy-remote entity that has issued non-recourse project debt and therefore VGLNG has no obligation to support VGCP. However, given the importance of VGCP to the strategy of VGLNG, we expect VGLNG will provide support to VGCP if necessary to avoid any disruption to its operations or cash flow. Given the uncertainty of the timing of any damages award and our current forecast of VGLNG's cash flow and capital expenditure (capex), it is possible that support of VGCP could lead to some deterioration in VGLNG's credit metrics. S&P understands that the determination of any damages for the BP arbitration could occur in late 2026 or 2027. Moreover, a determination in some of the other arbitrations could also occur in late 2025 or 2026. To the extent such judgments were against VGCP, a further award of damages could occur in 2026 but, in that circumstance, would be more likely in 2027. The amount of these damages, if any, are also unknown at this time. In addition to the cash flow it receives from VGCP, VGLNG has access to cash flow from the VGPL project, which began producing pre-operational cargos in late 2024. VGPL has produced 123 cargos as of the end of August. Such cash flow could be used to fund support for VGCP. In addition, although the company continues to maintain an ambitious capex profile, such expenditures could be moderated in order to fund any required support for VGCP. S&P has assumed that VGLNG provides $1 billion in support for VGCP in 2026 and an additional $1 billion in 2027 without any moderation in capex. This leads to an increase in credit metrics of 0.2x in both 2026 and 2027. Although the deterioration in credit metrics is somewhat modest, it does increase an already elevated leverage profile. Moreover, any further increase beyond the $2 billion modeled would only lead to further deterioration assuming the company did not moderate its leverage profile. Notwithstanding the ruling, the fundamental strategy remains on track. The company continues to benefit from the strength of the underlying projects (of which VGCP is only one) that will generate the cash flow on which it relies to service its debt. These projects benefit from strong revenue contracts that provide take-or-pay cash flow from predominantly investment-grade counterparties. The company's projects are in various stages of development. VGCP has reached commercial operations and construction of VGPL is almost complete, with commissioning having recently commenced and commercial operations of stage 1 expected next year. In addition, the company is developing its CP2 project, which is adjacent to the VGCP project and which adds 8 million tons per year (tpa) of capacity. If the company goes forward with stage 2, it will add a further 20 million tpa of capacity. The completion of the projects announced to date represents 67.6 million tpa of peak production capacity. In addition, the company has announced an expansion of the VGPL project, which will result in a further 24.8 million tpa. All projects are on the U.S. Gulf Coast. S&P said, "The negative outlook reflects our expectation that to the extent that damages are assessed against VGCP beyond what it can support, VGLNG will provide such support in order to preserve continued operations at VGCP. Moreover, in addition to the uncertainty regarding the amount of damages from the BP arbitration, it is unknown what the outcome of the remaining arbitrations will be and the possibility or quantum of further damages to be assessed. "We could lower the rating if the company provides support to VGCP that is not offset by increased cash flow, reduced spending, or increased equity such that the debt-to-EBITDA ratio remains above 7.0x. "We could revise the outlook to stable once there is more certainty about the outcome of the current assessment of damages from the BP arbitration process and the remaining arbitration processes. Moreover, if VGLNG's support, if any, of VGCP does not lead to deterioration in credit metrics, we could revise the outlook to stable." VERIJET INC: Court Orders Appointment of Receiver ------------------------------------------------- The Honorable Migna Sanchez-Lloren of the Eleventh Judicial Circuit of Florida adopted an examiner's recommendation that the Court appoint a receiver for Verijet, Inc. The Court had previously considered the evidence of record that had been presented as support for the Court's April 4, 2025 Order Appointing Examiner of Verijet, and the additional evidence of record that had been presented by the Court-appointed Examiner in support of his recommendation to appoint a receiver and to which the Court referred in its May 19, 2025 Order. The Court in its May 19, 2025 Order also made findings related to the question of whether sanctions should be imposed against Verijet; and its Chief Executive Officer, Richard Kane, including as to matters which had caused this Court to issue its March 21, 2025 Order To Show Cause. The Court-appointed Examiner through his report detailed lingering non-disclosure issues experienced during his investigations of Verijet. The Court has considered the further evidence presented through the testimony of Verijet's sole witness, Richard Kane, at the evidentiary hearing on June 13, 2025, and has assessed Mr. Kane's candor and credibility. The Court also received testimony from the Examiner as to the amount of fees and expenses he had incurred while accomplishing the tasks for which the Court had appointed him. According to Judge Sanchez-Lloren, the Examiner has sufficiently established grounds for the appointment of a Receiver, pursuant to the Court's equitable authority, to take control of and manage the affairs of Verijet. The Court finds that the appointment of a receiver in this case is necessary to prevent waste, self-dealing, and irreparable harm to the Receivership Entity, to prevent further efforts by Verijet, Inc. to delay and hinder its creditors, and to place potential claims held by Verijet in the hands of an independent fiduciary. Richard Kane's Civil Contempt The Court has considered the conduct of Mr. Kane following the entry of the Final Judgment in this action. The matters of record establish that Mr. Kane has exerted exclusive control and management of Verijet for some time. As a result, Mr. Kane is uniquely answerable to this Court with regard to Verijet's failures to comply with the Court's Orders and regarding his conduct only recently revealed by the Court-appointed Examiner. Mr. Kane failed without justification or excuse to furnish the fact information sheet and supporting documents as ordered in the Court's Final Judgment entered December 16, 2024. That misconduct resulted in the Court's issuance of an Order To Show Cause on March 21, 2025, and a hearing thereon scheduled for April 2, 2025. Verijet and Mr. Kane appeared through their latest attorneys at the April 2, 2025 hearing. The Court ordered Verijet and Mr. Kane to produce records to the Judgment Creditor within 48 hours, and scheduled a further hearing for April 4, 2025. The production of documents that followed was incomplete and contained stale records and information, which led the Court on April 4, 2025 to appoint its Examiner. The Examiner's Report filed May 6, 2025, as well as the Examiner's statements during hearings in this cause, made clear that despite the Court's prior Orders, Verijet and Mr. Kane knowingly or recklessly failed to provide complete and current information and records to which the Judgment Creditor was entitled. According to Judge Sanchez-Lloren, the latest revelations, that Mr. Kane is now acting as Chairman and CEO of an entity (Life Sciences Logistics) that appears poised to succeed to the assets, interests, business opportunities and business know-how that had been generated by or is available to Verijet, indicate to the Court that Mr. Kane has no qualms about disrespecting and/or ignoring the Court's Orders and directives, and disrespecting the rights of the Judgment Creditor. Nothing presented by Verijet and Kane during the evidentiary hearing held on June 13, 2025 or in prior hearings held before this Court excuse Mr. Kane's continuing lack of regard for the Court's Orders and directives, according to Judge Sanchez-Lloren. The Court therefore finds Mr. Kane in civil contempt of Court. A copy of the Court's Order dated October 9, 2025, is available at https://urlcurt.com/u?l=cMEfeX from PacerMonitor.com. The case is captioned as VISION LEASING 241, LLC, Plaintiff(s) vs. VERIJET INC, Defendant(s), CASE NO: 2021-017367-CA-01. About Verijet Inc. Verijet Inc. was established in Florida in 2020 by Richard Kane, a seasoned entrepreneur in aviation and telecommunications. Verijet specialized in on-demand charter operations featuring the Cirrus SF50 Vision Jet, a single-engine very light jet known for its efficiency and safety features. Verijet Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bank. S.D. Fla. Case No. 25-21901) on October 9, 2025. In its petition, the Debtor reports $2.5 million in asset and liabilities totaling $38.7 million. The Honorable Bankruptcy Judge Corali Lopez-Castro presides over the bankruptcy case. VILLA CHARDONNAY: Case Summary & 18 Unsecured Creditors ------------------------------------------------------- Debtor: Villa Chardonnay Horses With Wings, Inc. 4554 Boulder Creek Rd Julian, CA 92036 Business Description: Villa Chardonnay is a nonprofit animal sanctuary based in Hemet, California, that provides lifelong care and shelter for rescued, abandoned, and abused animals, including horses, cats, dogs, donkeys, goats, and other domestic and farm animals. Founded in 2003, the organization operates as a 501(c)(3) charity, focusing on animal welfare, rehabilitation, and sanctuary services rather than commercial activities. Chapter 11 Petition Date: October 14, 2025 Court: United States Bankruptcy Court Southern District of California Case No.: 25-04245 Judge: Hon. J Barrett Marum Debtor's Counsel: Michael R. Totaro, Esq. TOTARO & SHANAHAN, LLP PO Box 789 Pacific Palisades CA 90272 Tel: (310) 804-2157 E-mail: Ocbkatty@aol.com Total Assets: $3,625,885 Total Liabilities: $7,400,037 The petition was signed by Monika Kerber Perez 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/HSHVXSI/Villa_Chardonnay_Horses_With_Wings__casbke-25-04245__0001.0.pdf?mcid=tGE4TAMA VISION CARE: Court Extends Cash Collateral Access to Oct. 31 ------------------------------------------------------------ Tanya Sambatakos, the Chapter 11 trustee for Vision Care of Maine, LLC, received another extension from the U.S. Bankruptcy Court for the District of Maine to use cash collateral. The use of cash collateral is necessary to fund the Debtor's ongoing operations and to meet the deadline for filing a reorganization plan, according to the trustee. The order authorized the trustee to use cash collateral until October 31 to pay the expenses set forth in the budget, with a 10% variance allowed. The 13-week budget shows total projected expenses of $5,309,062 for the period from October 18 to January 10, 2026. The bankruptcy trustee must continue compliance with U.S. trustee obligations, including reporting and fee payments. The order specifies that its terms will remain binding and effective even if the case is converted, dismissed or transferred. About Vision Care of Maine Vision Care of Maine, LLC is a medical group practice located in Bangor, ME that specializes in Ophthalmology and Optometry offering vision care services including glasses, contacts, surgeries for cataracts, retina disease and cornea disease and glaucoma. Vision Care of Maine sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 24-10166) on August 5, 2024. In the petition signed by Curt Young, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Peter G. Cary oversees the case. The Debtor tapped George J. Marcus, Esq., at Marcus, Clegg, Bals & Rosenthal, PA as legal counsel and Opus Consulting Partners, LLC as financial consultant. Tanya Sambatakos is the Chapter 11 trustee appointed in the Debtor's case. WAHEGURU LLC: Case Summary & Two Unsecured Creditors ---------------------------------------------------- Debtor: Waheguru LLC DBA Wendover Travel Center 1 North Bonneville Speedway Road Wendover, UT 84083 Business Description: Waheguru LLC, doing business as Wendover Travel Center, provides truck stop amenities, a deli, and tire sales and services in Wendover, Utah. Chapter 11 Petition Date: October 15, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-16691 Debtor's Counsel: Gregory K. Stern, Esq. GREGORY K. STERN, P.C. 53 West Jackson Boulevard Suite 1442 Chicago, IL 60604 Tel: (312) 427-1558 Email: greg@gregstern.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Navkirat Singh as manager. A copy of the Debtor's list of two unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BIJQQLQ/Waheguru_LLC__cobke-25-16691__0004.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BFHZYYI/Waheguru_LLC__cobke-25-16691__0001.0.pdf?mcid=tGE4TAMA WALKER EDISON: Nov. 6, 2025 Claims Filing Deadline Set ------------------------------------------------------ The U.S. Bankruptcy Court for the District of Delaware set Nov. 6, 2025, 5:00 p.m. (prevailing Eastern Time) as last date and time for persons or entities to file proofs of claim against Walker Edison Holdco LLC and its debtor-affiliates. The Court also set Feb. 24, 2026, as deadline for all governmental units to file their claims against the Debtors. A proof of claim may be filed electronically at https://dm.epiq11.com/walkeredison using the interface available after clicking the link entitled "File a Claim". If filing by hardcopy, an original, signed copy of the proof of claim must be sent: a) if by first-class mail to: Walker Edison Holdco LLC Claims Processing Center c/o Epiq Corporate Restructuring LLC P.O. Box 4420 Beaverton OR 97076-4420 or b) if by hand delivery or overnight mail to: Walker Edison Holdco LLC Claims Processing Center c/o Epiq Corporate Restructuring LLC 10300, SW Allen Blvd. Beaverton, OR 97005 A claim must be submitted so as to be actually received on or before the applicable Bar Date. Proofs of claim sent by means other than as described above will not be accepted. If you have any questions relating to this notice, please contact the Debtors' notice and claims agent, Epiq at walkeredison@epiqglobal.com. 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. WATER'S EDGE: Nov. 6 Hearing on Objection to DIV OA Claim --------------------------------------------------------- Judge Christopher J. Panos of the United States Bankruptcy Court for the District of Massachusetts scheduled a hearing for November 6, 2025, on Water's Edge Limited Partnership's objection to Claim 16 of DIV OA Lender, LLC. The continued hearing will be held at 11:00 a.m. in Courtroom 1, 12th Floor, John W. MccCrmack Post Office and Court House, 5 Post Office Square, Boston, Massachusetts. Parties in interest shall email the courtroom deputy at cjp_ courtroom deputy@mab.uscourts.gov no later than November 5, 2025 at 4:30 p.m., providing the contact information for the party seeking to appear by zoom video. Water's Edge objects, pursuant to 11 U.S.C. Secs. 502(b)(1) and (b)(4), Federal Rule of Bankruptcy Procedure 3007, and Massachusetts Local Bankruptcy Rule 3007-1, to claim number 16-1 on the Court's Claims Register, filed by DIV OA Lender. The Debtor owns and operates the apartment buildings known as the Water's Edge Apartments located at 364 Ocean Avenue, 370 Ocean Avenue, and 388 Ocean Avenue with a total of approximately 306 apartment units situated on a 4.95-acre site in Revere, Massachusetts. The Debtor files this Objection in order to establish the amount of the DIV OA Claim to be paid from the proceeds of the Debtor's anticipated sale or other transaction with respect to the Property. DIV OA Lender was the Debtor's DIP Lender from February 7, 2025 through May 28, 2025. Under the terms of its DIP Loan with DIV OA Lender, the interest payments on DIV OA Lender's Prepetition Note were deferred. Following the replacement of DIV OA Lender as the DIP Lender, the Debtor commenced payment of non-default interest payments to DIV OA Lender. DIV OA Claim On February 12, 2025, DIV OA Lender filed the DIV OA Claim asserting a secured claim against the Debtor in the amount of $16,685,484.38. On September 2, 2025, DIV OA Lender filed an objection to the Debtor's motion seeking to obtain extended junior secured financing, which, among other things, appended a loan statement for July of 2025, asserting an additional $7,903,141.12 due from the Petition Date through July 31, 2025. DIV OA Lender's additional asserted charges include non default interest, default interest, escrows for taxes and insurance, late charges and expenses. Including the amounts set forth in the DIV OA Claim, the July 2025 Loan Statement asserts a total claim against the Debtor in the amount of $24,588,625.50 and consists of the following asserted amounts: Principal balance: $15,406,369.46 Non-Default Interest: $751,022.00 Default interest: $862,328.73 Late charges: $423,769.73 Escrow payments: $5,835,608.90 Expenses: $821,715.51 Objections to DIV OA Claim Water's Edge argues DIV OA Lender's asserted claims for late fees should be disallowed to the extent that they were assessed after the maturity date of the Prepetition Note on September 1, 2023. The Debtor contends DIV OA Lender's asserted charges for expenses should be disallowed because DIV OA Lender has failed to establish the reasonableness of those expenses pursuant to 11 U.S.C. Sec. 506(b). To the extent that DIV OA Lender's claim for expenses includes legal fees, those charges should also be disallowed in the absence of the filing of a fee application demonstrating their reasonableness. According to Water's Edge, DIV OA Lender's asserted charges for tax and insurance escrows should be disallowed because they are not due and payable to DIV OA Lender from the proceeds of any transaction with respect to the Property. The Debtor argues DIV OA Lender's asserted claim for non-default interest should be disallowed to the extent it does not account for the Debtor's payment of non-default interest. The Debtor requests that the Court enter an order: a. Sustaining this objection; b. Disallowing DIV OA Lender's claims for late fees charged after the maturity of the Prepetition Note; c. Disallowing DIV OA Lender's claims for expenses; d. Disallowing DIV OA Lender's claims for tax and insurance escrows; e. Disallowing DIV OA Lender's claims for non-default interest to the extent that it does not properly account for the Debtor's post-petition interest payments; f. To the extent that the DIV OA Claim is unsecured, disallowing any claims of the DIV OA Lender for Section 506(b) interest, fees, or costs; and g. Granting such other and further relief as is necessary and proper under the circumstances. A copy of the Debtor's Objection to Claim of DIV OA Lender, LLC dated September 23, 2025, is available at https://urlcurt.com/u?l=18D6gc from PacerMonitor.com. About Water's Edge Limited Partnership Water's Edge Limited Partnership is primarily engaged in renting and leasing real estate properties. Water's Edge Limited Partnership sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 24-12445) on December 5, 2024. In the petition filed by Evelyn M. Carabetta, authorized representative, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtor tapped David Frye, Esq., at Russo, Frye & Associates, LLP as counsel; Verdolino & Lowey, PC as financial advisor; and Bradford Carlson at Gray, Gray & Gray, LLP as accountant. Counsel to DIV OA Lender, LLC, the Debtor's previous DIP lender, are: John J. Monaghan, Esq. Lynne B. Xerras, Esq. Kathleen M. St. John, Esq. HOLLAND & KNIGHT 10 St. James Avenue, 11th Floor Boston, MA 02116 Tel.: (617) 523-2700 Facsimile: (617) 523-6850 E-mail: Bos-Bankruptcy@hklaw.com Lynne.Xerras@hklaw.com Kathleen.StJohn@hklaw.com Fairbridge Credit, LLC, as DIP lender, is represented by: Kate E. Nicholson, Esq. Nicholson Devine, LLC 21 Bishop Allen Dr. Cambridge, MA 02139 Tel: (857) 600-0508 E-mail: kate@nicholsondevine.com WCR HOLDINGS: Seeks Chapter 11 Bankruptcy in Michigan ----------------------------------------------------- On October 17, 2025, WCR Holdings LLC voluntarily filed a Chapter 11 bankruptcy petition in the Western District of Michigan. Court documents show that the company's liabilities totaling between $1 million and $10 million. The filing notes that WCR HOLDINGS, LLC has between 1 and 49 creditors. About WCR Holdings LLC WCR Holdings LLC is a single asset real estate company. WCR Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mich. Case No. 25-02968) on October 17, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Scott W. Dales handles the case. The Debtor is represented by Michael Patrick Hanrahan, Esq. of CBH Attorneys & Counselors, PLLC. WHISKEY RANCH: Chelan Property Sale to SIG Ventures OK'd -------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Washington has permitted Whiskey Ranch Estates LLC, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor was approved to conduct an auction bid procedures for the sale of the Debtor's interests in 39 vacant lots of unimproved real property commonly known as 130 SR 150, Chelan, Washington 98116. By agreement of the Debtor and SIG Ventures, LLC, the parties agreed to a hearing on June 30, 2025, to estimate the value of SIG's claim and to estimate the value of the Property. At the June 30, 2025 hearing, the Court preliminarily estimated that: SIG's claim is approximately $7,750,000; and the Property’s value is between $8.75 million and $9.75 million. Furthermore, the Debtor committed to proposing a marketing plan for the Property after the hearing. The Auction Order set forth detailed procedures for qualifying bids prior to the Auction Sale, including setting a minimum bid for the auction of $6.2 million, including through any credit bid of SIG, the holder of two 1st and 2nd priority deeds of trust and whose claim the Court estimated was approximately $7.750 million. SIG submitted its initial auction credit bid of $6.2 million on August 6, 2025 pursuant to the procedures outlined in the Auction Date. On October 16, 2025, one day before the scheduled auction, the attorney for the Debtor submitted a letter in which he informed the Court of another party's interest in purchasing the property for $8.4 million. However, the expression of interest is not a bid that conforms with the terms of the Auction Order. For example, it is not accompanied by a deposit, it has a feasibility condition, and a plat approval condition. Even though the "letter of intent" is not a conforming bid, the Debtor asks the Court to continue the auction sale until the first week of November. The Court's Auction Order was served on all parties signed up for e-service via CM/ECF on July 25, 2025. Approval of the Auction Sale and the consummation of the transactions contemplated, are in the best interests of the Debtor, its creditors, and its estate. The Property and all rights appurtenant thereto, as specified in SIG’s deeds of trust, may be transferred to SIG free and clear of all interests, liens, claims and encumbrances of any kind or nature. SIG's $6.2 million credit bid was proposed and entered into without collusion, in good faith, and from an arm's-length bargaining position, in compliance with the procedures articulated in the Court's Auction Order. The Auction Sale of the Property to SIG Ventures for its $6.2 million credit bid out of its estimated $7.75 million estimated claim is approved. The Property is transferred to SIG in exchange for a $6.2 million dollar credit and reduction of its estimated $7.75 million secured claim. The transfer of the Property is free of the interest secured by SIG's deeds of trust and free and clear of all interests junior to SIG's deeds of trust. The transfer is subject to all interests senior to SIG’s deeds of trust, including but not limited to real estate taxes. About Whiskey Ranch Estates Whiskey Ranch Estates, LLC, owns 39 lots of undeveloped property in Chelan, WA 98816, located at Northshore Division II Lots 2-40. On Jan. 17, 2025, a group of creditors including Mi Tierra Real Estate Investments, Inc., J&K Earthworks, Inc. and Triumph Asset Management, LLC, filed involuntary Chapter 11 petition against Whiskey Ranch Estates (Bankr. E.D. Wash. Case No. 25-00095) on January 17, 2025. The Debtor did not oppose the involuntary petition, saying that it now wishes to proceed with a Chapter 11 bankruptcy. As a result, an order for relief for the Chapter 11 case was entered on Jan. 22, 2025. Whiskey Ranch Estates is represented by Benjamin A. Ellison, Esq., at Salish Sea Legal, PLLC, in Seattle, Washington. WHITE VIOLET: Gets OK to Use Cash Collateral Until Nov. 13 ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts issued a proceeding memorandum and order authorizing White Violet Property, LLC to use cash collateral until November 13. The Debtor intends to use the cash collateral to pay essential operating expenses, particularly real estate taxes and insurance premiums, both of which are crucial for protecting the Debtor’s real estate assets. A budget has been submitted covering the period from the petition date through December 31, demonstrating the anticipated use of funds and asserting that cash collateral levels will actually increase during this period. In terms of adequate protection, the Debtor offers to grant replacement liens to Raymond C. Green Funding, LLC, a secured creditor, but only to the extent of any actual diminution in value of pre-petition collateral caused by the use of cash collateral. These replacement liens would mirror the type and priority of liens held prior to bankruptcy, without prejudice to the Debtor's ability to challenge the underlying claims or lien validity. The Debtor's principal assets include four contiguous parcels of real estate in Wakefield, New Hampshire, with two properties -- the gas station property and the post office property -- producing long-term lease income. The remaining two properties are vacant. Raymond C. Green Funding, LLC, a secured creditor, holds a first mortgage on all four parcels and claims a secured debt of over $1.15 million. However, the Debtor disputes the validity and extent of the lien and reserves its right to contest it. The Debtor has already deposited rental income into its DIP account and reports a current balance of approximately $9,702. It also asserts that the gas station property is highly marketable and has received a letter of intent to purchase for $2.288 million, an amount that exceeds the total claims in the case. The Debtor's strategy is to maintain operations and preserve rental income while preparing for an orderly sale of this asset. White Violet Property, currently operating as a debtor-in-possession under Chapter 11 Subchapter V, initially filed for bankruptcy on July 14 following the dismissal of a prior Chapter 11 case on May 9. The next hearing is set for November 13. About White Violet Property White Violet Property, LLC owns a portfolio of commercial real estate in Wakefield, New Hampshire. Its holdings include a filling station and convenience store at 393 Meadow Street, the Sanbornville Post Office at 378 Meadow Street, and adjacent parcels at 376 Meadow Street and along the east side of White Mountain Highway (Route 16). The properties total approximately 21 acres and are primarily leased or commercially zoned. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-30420) on July 14, 2025, with $2,635,000 in assets and $1,150,610 in liabilities. Paul D. Quinn, manager, signed the petition. Jesse Redlener, Esq., at Ascendant Law Group, LLC represents the Debtor as bankruptcy counsel. WHITEHALL PHARMACY: Seeks Cash Collateral Access ------------------------------------------------ Whitehall Pharmacy, LLC asks the U.S. Bankruptcy Court for the Eastern District of Arkansas for authority to use cash collateral and provide adequate protection in accordance with a previously agreed cash collateral order. The Debtor requests to update the original August 13 order by revising the monthly operating budget and providing enhanced protections for two secured creditors: Cardinal Health and Stone Bank. The amended agreement was reached by mutual consent of the Debtor and both creditors, who had made pre-petition loans secured by the Debtor's assets, including cash collateral. Under the amended agreed order, the Debtor is allowed to use cash collateral only in accordance with the revised budget and within specific variance limits. In exchange, the lenders receive several forms of adequate protection, including replacement liens on post-petition collateral, continued monthly and daily payments, monthly financial reporting, and access to financial records. Additionally, the order includes waivers of 11 U.S.C. Section 506(c) and 552(b), protecting the lenders from administrative costs and certain challenges to lien continuation. The agreement also outlines default provisions, allowing creditors to seek relief or termination of cash collateral use if the debtor fails to comply. 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. WILDEC LLC: Gets Interim OK to Use Cash Collateral -------------------------------------------------- Wildec, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Washington to use cash collateral to fund operations. The court's interim order authorized the Debtor to use cash collateral until November 18 to pay the operating expenses set forth in its budget. As adequate protection, Columbia Bank, a secured creditor, will be granted first-priority senior replacement security interests in and liens on its pre-bankruptcy collateral as well as the property acquired by the Debtor after the petition date similar to the pre-bankruptcy collateral. In addition, Columbia Bank will receive payment of $5,763.98 this month and $7,111.78 on November 15. The final hearing is set for November 18. Objections are due by November 10. The Debtor intends to use cash collateral, primarily rental income generated from its commercial property in Everett, Washington. The Debtor owns a one-story office building leased to Alpine Cleaning and Restoration, which pays $17,000 monthly rent. Columbia Bank holds a senior deed of trust and assignment of rents securing a loan with an unpaid balance of approximately $772,000, while a junior lienholder, Markel Insurance Company, asserts a $2.8 million claim but does not have rights to the cash collateral, as its deed of trust lacks an assignment of rents. A copy of the interim order is available at https://is.gd/MFraPd from PacerMonitor.com. About Wildec LLC Wildec, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wash. Case No. 25-01749) on October 2, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The Debtor is represented by Lesley D. Bohleber, Esq., at Bush Kornfeld, LLP. WORLDWIDE MACHINERY: To Sell All Assets to Diversified Holdings --------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas approved the bidding procedures for the sale of substantially all of the assets of Worldwide Machinery Group Inc. and its debtor-affiliates in accordance with the terms of the going-concern agreements or a modified asset purchase agreement, free and clear of all obligations, liens, claims, encumbrances, and interests of any kind or nature, including rights or claims based on any successor or transferee liability. The Court will hold a hearing to approve the sale on Oct, 22, 2025 at 10:00 a.m. (prevailing Central Time) before Judge Christopher M. Lopez at the United States Bankruptcy Court for the Southern District of Texas, 515 Rusk Street, Courtroom 401, Houston, Texas 77002. The Sale Hearing may be continued to a later date by the Debtors by sending notice prior to, or making an announcement at, the Sale Hearing. No further notice of any such continuance will be required to be provided to any party. Objections to the approval of the sale, if any, must be filed no later than 4:00 p.m. (prevailing Central Time). According to Court Documents, the Debtors are proposing to sell substantially all of their assets as part of a going-concern sale to Diversified Holding LLC ("Diversified") and Macquarie Equipment Capital, Inc. The Debtors and the Going-Concern Purchasers have prepared drafts of i) that certain Asset Purchase Agreement by and between the Debtors and Macquarie, and ii) that certain Asset Purchase Agreement by and between the Debtors and Diversified, under which the Going-Concern Purchasers have agreed to effectuate the Sale, which includes the purchase of the Purchased Assets and the assumption by Diversified of certain liabilities associated with the Debtors as set forth in the Diversified Agreement, subject to the terms and conditions set forth therein. The Debtors said it will file executed versions of the Going-Concern Agreements as soon as possible. The Going-Concern Transaction is subject to higher and better offers. In order to obtain the highest and otherwise best bid for the Assets, the Debtors will continue to consider any alternative bids that may be submitted prior to the Sale Hearing. If the Debtors determine that an alternative bid is higher and better than the Going-Concern Transaction, the Debtors will file a notice ahead of the Sale Hearing designating such alternative bidder as the purchaser of the Assets ("Alternative Purchaser") and the proposed asset purchase agreement to effectuate the Sale to an Alternative Purchaser ("Modified APA"). Any party interested in purchasing the Assets should contact the Debtors or their advisors. Interested parties can contact the Debtors' investment banker, Piper Sandler & Co., by reaching out to Terry Padden (terry.padden@psc.com) or Chris Koury (chris.khoury@psc.com). Copies of the Motion and the Going-Concern Agreements may be obtained from the Debtors' claims agent, Stretto, Inc., by (i) calling (855) 944-1768 (Toll Free) or (949) 617-1571 (International, or (ii) visiting the Debtors' restructuring website at https:// cases.stretto.com/WorldwideMachinery/. According to the Troubled Company Reporter on Oct. 1, 2025, the Debtors' transaction process was independent, comprehensive, and resulted in several bids. Two such bids were deemed competitive by the Restructuring Committee and the CRO: (a) a bid for a going-concern transaction (Going-Concern Transaction) under which the Debtors' tangible assets would be purchased by Macquarie Equipment Capital, Inc. (Macquarie), an entity unaffiliated with the Debtors, and leased to Diversified Holding, LLC or its designee (Diversified), an entity controlled by the Debtors' majority shareholders, for an aggregate purchase price of no less than $65.6 million, comprised of $52.5 million in cash and the assumption of certain trade and lease liabilities valued at approximately $13.1 million; and (b) a bid to liquidate the Debtors' assets by Hilco Commercial Industrial and Ritchie Brothers (respectively, "Hilco" and "Ritchie Brothers, and such bid, the "Hilco/Ritchie Brothers Bid"). The sale is the result of a lengthy marketing process, executed by a reputable investment bank and overseen by an independent restructuring committee of the board, and represents that highest and best value obtainable for the Debtors assets. The Debtors hired professionals, appointed a chief restructuring officer (CRO), and established an independent restructuring committee of the board to assist with, and oversee, a restructuring process. The Debtors retained Piper Sandler & Company to market the Debtors' assets on a going-concern basis. The Debtors received a significantly lower and uncompetitive liquidation bid from Nations Capital, LLC, an affiliate of Gordon Brothers. In August 2025, the Restructuring Committee determined that the Going-Concern Transaction was the highest and best bid. This determination was supported by an analysis prepared by the CRO and Paladin showing that the Going-Concern Transaction would provide higher recoveries to the ABL Lenders and the other stakeholders, including trade creditors and employees, than the Hilco/Ritchie Brothers Bid (and much higher recoveries than the uncompetitive Gordon Brothers Bid). In light of progress achieved, the Debtors sought an additional extension of their forbearance agreement with the ABL Lenders through October 5, 2025 to permit the Debtors to finalize the Going-Concern Transaction and simultaneously pursue other viable alternatives. Faced with the choice of capitulating to the ABL Lenders' demands or running out of cash, the Debtors filed these chapter 11 cases on an emergency basis to preserve their ability to operate while pursuing the Going-Concern Transaction, subject to higher or better bids. About Worldwide Machinery Group Worldwide Machinery Group Inc. is a construction equipment sales and rental company. Worldwide Machinery and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90379) on September 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtors are represented by Fan B. He, Esq., Samuel P. Hershey, Esq., Roberto J. Kampfner, Esq., David Michel Turetsky, Esq., Kristin Elyse Schultz, Esq., and Charles R. Koster, Esq. at White Case LLP. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Worldwide Machinery Group, Inc. and its affiliates. WULF COMPUTE: Fitch Assigns 'BB(EXP)' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has assigned a new expected Long-Term Issuer Default Rating (IDR) of 'BB(EXP)' to WULF Compute LLC. Fitch also assigned the proposed $3.2 billion senior secured notes an expected rating of 'BB(EXP)' with a Recovery Rating of 'RR3'. The Rating Outlook is Stable. RATING RATIONALE The 'BB(EXP)' rating reflects Fitch's assessment of completion risk for Akela, a 450MW data center project that the issuer WULF Compute LLC is constructing. The issuer also owns La Lupa, a 72.5MW facility, of which 22.5MW is operational, with the remaining capacity expected to commence by year end. While the construction scope is relatively straightforward for the 450MW data center, self-performed construction, the absence of a fixed-price, date-certain construction contract, and an aggressive schedule offset the benefits of lower complexity. This is partly mitigated by the technical advisor's (LTA) assessment that contingency levels are adequate, the budget is reasonable, and long-lead procurement is advanced, supporting achievability of the schedule despite the aggressive timeline. Fitch also acknowledges the sponsors' completion of a data center project on the same campus (La Lupa) and views this positively; however, their track record in the broader data center construction is still developing relative to more established developers. While the outside completion date allows for up to a six-month delay, any delay beyond that could result in lease termination without compensation and the loss of the primary revenue stream from the Fluidstack leases, together with support under the Google Support Agreement. There may also be rent credits for delays exceeding 30 days beyond the target completion date. However, reasonable contingencies are included in the construction budget, and a debt service reserve covering six months of interest and principal—fully funded at financial close along with pre-funded interest during construction—collectively provide liquidity to absorb delay costs and any late delivery credits applied against base rent once the leases commence. During the operating phase, the project benefits from Google's backstop, which is expected to cover Fluidstack's lease obligations or termination payments sufficient to repay outstanding debt in the event of a Fluidstack payment default or bankruptcy, materially reducing downside risk. Although the operator does not have extensive experience, the current operations of a data center on the same campus (La Lupa) provide a credible foundation. The IDR is equalized with the senior debt facilities' ratings due to absence of other subordinate liabilities. Fitch also assigns a recovery rating of RR3. KEY RATING DRIVERS Completion Risk - Weaker The assessment reflects a relatively straightforward data center construction but is offset by the project company's and sponsor's shorter track record relative to more established data center developers, the absence of a fixed-price construction contract, and a tight implementation schedule. In addition, the decision to self-perform construction activities removes the risk-transfer benefits typically available under a traditional contractor model. These risks are partly mitigated by LTA's positive view of the project's well-developed construction management, recent successful delivery of a data center building (CB-1 for La Lupa), and reasonable budget contingencies that help absorb unexpected costs arising from schedule slippage or cost overruns. The execution risks are also mitigated by the use of experienced subcontractors, and receipt of permits for one of the three data center buildings being constructed; the management expects to receive the remaining permits by end of October 2025. The construction costs are viewed within market benchmarks by the LTA but are on the lower end compared with similar projects. The outside completion date, set six months beyond scheduled completion, provides an above-average schedule cushion; however, a breach of this date could result in lease termination without compensation. A debt service reserve, available during construction and sized to cover 6 months interest and principal in case of potential delays, provides mitigation alongside the staggered completion of facilities, which will begin generating revenue as individual data centers come online. Operation Risk - Midrange The midrange operating risk assessment reflects a clear modified gross + electric (MG+E) cost framework, with electricity costs passed through to tenants and the landlord responsible for maintaining core building systems to high uptime and reliability standards calibrated for AI training. The redundancy is lighter without on-site generators but is offset by dual, independent transmission feeds (providing redundancy in power supply) and UPS-backed critical power with lithium-ion batteries. Operations also rely on LaLupa to fund operating costs, mitigated by meaningful headroom in Akela's projected cash flows to absorb any short falls in La Lupa cash flows. While the operator's track record is relatively short, this is expected to improve as the La Lupa platform scales. Supply Risk - Midrange The project faces electricity supply risk, given the scale and significant power needs across Akela (450MW), La Lupa (72.5MW), and the sponsor's existing bitcoin mining operations (250MW) on the same campus. The campus currently has a 500MW NYISO interconnect available, with a further 250MW expansion pending regulatory approval. There is also a requirement of constructing a new substation dedicated to Akela, undertaken by the project itself. The risks relating to regulatory approvals for incremental 250MW power expected in April 2026, are mitigated by the ability and sponsor's willingness to divert power from the bitcoin mining operations to Akela. Dual 345kV transmission feeds (A&B) in Western New York provide continuous utility redundancy. The reliability at this voltage level is strong and force-majeure-related power interruptions do not constitute service-level agreement (SLA) breaches, which offers reassurance on the project's ability to meet service requirements without presence of on-site generators for the data centers. The A feed is fully available to support near-term operations; the B feed upgrade is targeted for June 2026, with temporary generation budgeted ($169.5 million) to bridge unlikely interruptions before the upgrade. The LTA views the B-feed upgrade as a long-term reliability enhancement rather than a prerequisite for energizing CB-3 to CB-5. Revenue Risk - Composite - Stronger Located at the Lake Mariner campus in Western New York, the project benefits from low-latency connectivity to Toronto, New York City and Boston and dual 345kV transmission infrastructure, thereby supporting a strong competitive position for AI training and inference. However, dark fiber connectivity to New York is currently being implemented and is expected to be in place by project completion. Revenues are fully contracted across Akela's 366MW critical IT load (450MW gross capacity) under 10-year MG+E leases with two five-year extension options . While the primary lease is with unrated tenant Fluidstack, this is mitigated by Google's recognition agreement and financial support agreement, which together require Google to assume the leases or pay termination fees sized to cover outstanding debt under defined conditions. Mandatory amortization, excess cash flow offer and lockbox controls reinforce cash flow certainty and deleveraging within the initial lease term, while Google's investment in the sponsor company (TeraWulf) and strategic engagement reflect the strategic importance of the asset and strengthen revenue security. La Lupa, representing about 13% of revenue and leased to Core42, lacks similar credit enhancement but is a smaller portion of the portfolio, and replacement should be achievable because of the data center's favorable location and fiber connectivity. Infrastructure Dev. & Renewal - Stronger Once constructed, the project will comprise three newly built, Tier-3-equivalent data centers at the Lake Mariner campus with concurrently maintainable systems, N+1 UPS with lithium-ion batteries, and N+2 cooling, supporting high-density workloads and limiting near- to mid-term maintenance needs. La Lupa assets are newly built as well. Landlord obligations require diligent operation and upkeep of core infrastructure, reinforced by a structured preventative maintenance program. Maintenance exposure is moderated by efficient design, dual 345kV utility feeds in lieu of a permanent generator backup, and a lease framework that allocates computing hardware to the tenant while the landlord maintains the building and essential services. Most major mechanical and electrical components have useful lives of longer than 10 years. leaving major replacements to occur after debt repayment and thereby offsetting the absence of major maintenance reserve. Debt Structure - 1 - Midrange The proposed financing is $3.2 billion in senior secured notes issued by WULF Compute LLC with a first-priority lien over all assets, contracts, grid connections and cash flows across Akela and La Lupa, supported by Google's recognition agreements and financial support agreement for the Akela data centers. A $265 million debt service reserve account covering six months of debt service will be fully funded at financial close in addition to funding of capitalized interest during construction. Lease payments are deposited into agent-controlled lockbox accounts, mitigating exposure to clawback actions in a tenant insolvency or bankruptcy event. While payments from La Lupa prioritize operating expenses, payments from Akela are swept through a structured waterfall that prioritizes interest and principal, then any operating expense shortfall for the overall campus. The issuer is required to offer to purchase notes with up to 50% of available excess cash flow, which can accelerate amortization if holders accept the offer. While there is refinancing risk around at maturity in 2030, it is mitigated by a 10-year Google support agreement sufficient to fully amortize the debt within the support period. The structure features a fixed interest rate and distribution controls. Additional indebtedness is permitted but capped to amounts optionally redeemed or accepted for purchase via the excess cash flow offer, limiting releveraging to debt capacity created under the Google support agreement. Any debt beyond this must be unsecured or junior to the rated notes and is not supported by the Google backstop. There are clauses that allow the issuer to pursue M&A; however, any M&A activity will not result in additional senior debt supported by Google beyond what is permitted under the set limitation on additional debt. Under the recognition agreements, defined conditions obligate Google to assume the lease or pay a termination fee sized to cover outstanding debt. Financial Profile The operating-phase financial profile is strong, with an average DSCR of 1.26x over the initial debt term (2026-2036) and a PLCR at maturity (year 5) of 1.75x under Fitch's rating case, which incorporates stressed operating costs and escalation. Google's backstop, together with a fully funded six-month debt service reserve, provides additional credit enhancement. While these metrics are consistent with a higher rating, the rating remains constrained by completion risk and lack of a long operational track record. PEER GROUP Fitch currently does not have any publicly rated data centers in its project finance portfolio. A comparable publicly rated peer is Cheniere Corpus Christi Holdings, LLC (CCH; BBB+/Stable), a liquefied natural gas (LNG) project that earns revenue through the sale of LNG to primarily investment-grade-rated and unrated counterparties under long-term agreements. This is tempered by exposure to growing revenue from CCH's unrated marketing affiliate in later years and refinance risk due to the primarily bullet maturities of the debt. CCH has a much higher PLCR of 3.0x but also exposure to unrated marketing affiliate. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Construction delays that exceed allowable times as indicated in the lease terms, leading to potential tenant termination; - Degradation of the financial performance leading to sustained DSCR below 1.1x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Satisfactory commissioning of data centers CB-3, CB-4 and CB-5 in line with the requirements of their respective lease terms, coupled with sustained operational and financial performance with DSCR above 1.2x. TRANSACTION SUMMARY TeraWulf, through wholly owned WULF Compute LLC, seeks a $3.2 billion secured debt to fund three HPC data centers (Akela CB-3, CB-4, CB-5; 450MW gross/366MW Critical IT load) at Lake Mariner. The debt carries a first-priority lien on all WULF Compute assets, contracts, and cash flows across La Lupa (Wulf Den, CB-1, CB-2) and Akela (CB-3, CB-4, CB-5), a five-year tenor, a debt service reserve six months of interest and principal—fully funded at financial close (in addition to funded interest during construction), and a waterfall prioritizing opex and debt service, and an excess cash flow offer to redeem notes up to 50% of available excess cash flow. All of Critical IT at Lake Mariner is pre-leased under 10-year modified gross + electric agreements with lease renewal options: 72.5MW at La Lupa to Core42 (a G42 subsidiary) and 366MW at Akela to Fluidstack. Leases include tenant termination rights for late delivery, chronic outages of essential services, and restricted landlord change of control. Alphabet Inc. (Google) supports the project with up to $3.2 billion of backstop for Fluidstack (termination fee or lease assumption under recognition agreements) and a pledge of warrants representing approximately 14% of TeraWulf's equity as construction collateral. Amortization steps down with the Google backstop and combines fixed amortization with an excess cash flow offer, targeting full paydown within the initial 10-year lease term. Lease payments flow to an agent-controlled account and are swept to opex, mandatory amortization, interest, then excess cash. Total campus capitalization is $4.333 million with $3.200 million secured debt (74%) and $1.133 million in equity financing, $437 million equity for La Lupa (10%), and $696 million parent cash equity (16%). Uses include Akela capex, remaining La Lupa capex , interest during construction , OID/development/financing fees , and a DSRA . WULF Compute LLC will be special-purpose vehicle (SPV) with no business other than the project and ringfenced from its sponsor, TeraWulf. The contribution of any portion of the equity financing not yet contributed will be a condition to the closing of the offering of the notes, thereby insulating the project SPV from TeraWulf's credit quality. The credit is also supported by a parent completion guaranty from TeraWulf to fund and achieve lease commencements, comprehensive collateral over all HPC facilities and contracts, and a waterfall that sweeps Google-backed lease cash flows to debt service using a lockbox account mechanism. The documents restrict sale of material assets such as the building and real estate. For the purpose of expected ratings, Fitch has relied on the offering memorandum and description of notes (DON) and has not reviewed the transaction documents such as the indenture, subsidiary guarantees, collateral documents, and Fluidstack lockbox arrangements. The terms of these documents are presented in the DON and Fitch expects the documents to remain consistent with these terms. The lockbox agreement will not be provided before pricing and will be delivered within 60 days of issuance. The final ratings are contingent upon the receipt by Fitch of final documents conforming to information already received and reviewed as well as the final pricing of the bonds. FINANCIAL ANALYSIS Fitch Base Case The Fitch base case reflects the sponsor's view of revenue generation under normal conditions, applying a 5% stress to operating expenses during the debt term and a 3% annual opex escalation. The case assumes the project will demonstrate strong operating performance post completion. Under these assumptions, the average DSCR is 1.27x over 2026-2031, with a minimum of 1.09x in 2027. PLCR at year five (maturity) is 1.76x. Fitch Rating Case The Fitch rating case applies a 10% stress to operating expenses relative to the sponsor case while maintaining similar revenue projections and opex escalation as the base case. Under this scenario, the average DSCR is 1.26x over 2026-2031, with a minimum of 1.08x. PLCR at year five (maturity) is 1.75x. Fitch considers interest rate in line with the sponsor case at 8%. Despite exposure to refinance risk, Fitch has not applied any stresses to the interest rate during the refinance period because the risk profile of the project is expected to improve post completion. Sensitivity Scenario Fitch also assessed a sensitivity scenario under the base case that considers revenue from Akela only, excluding La Lupa. In this scenario, the average DSCR is 1.05x over 2026-2031, with a minimum of 0.84x in the first projection year and a PLCR of 1.52x at maturity (year five). The dip in 2026 reflects ramp-up conditions and is not a concern, given the fully funded six-month debt service reserve, which is expected to cover additional debt service during this period. Overall, the financial metrics are consistent with a higher rating; however, the rating is constrained by completion risk and relatively modest operating track record for the developer. SECURITY The debt is secured by claims on all assets, revenue, and cash flows from La Lupa and Akela, with Akela's revenue streams benefiting from the Google backstop arrangement that provides credit enhancement to the underlying cash flows. Date of Relevant Committee 07-Oct-2025 ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- WULF Compute LLC LT IDR BB(EXP) Expected Rating WULF Compute LLC/Senior Secured Debt/1 LT LT BB(EXP) Expected Rating RR3 XCEL BRANDS: Amends Loan Agreement, Reduces Covenant to $1 Million ------------------------------------------------------------------ Xcel Brands, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into the Third Amendment and Consent to Loan and Security Agreement, by and among Xcel, the other Credit Parties party thereto, each Lender party thereto under the Loan and Security Agreement dated as of June 30, 2025, and FEAC Agent, LLC, a Delaware limited liability company, as administrative agent and collateral agent for the Lenders (in such capacities, together with its successors and assigns in such capacities, the "Administrative Agent"). Pursuant to the Amendment: (i) the Agents (as defined in the Loan and Security Agreement) and the Lenders consented to the Transfer and the release of the termination of the pledge agreement and the release of the Agents' liens on the equity interests of IM Topco, LLC; (ii) the liquid asset covenant requirement was reduced to $1,000,000 and (iii) Xcel made a prepayment of $250,000, of which $140,000 was paid from the blocked account. A copy of the Third Amendment and Consent to Loan and Security Agreement is available at https://tinyurl.com/bz6rj5ha About Xcel Brands New York, N.Y.-based Xcel Brands, Inc. is a media and consumer products company engaged in the design, licensing, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded in 2011 with a vision to reimagine shopping, entertainment, and social media as social commerce. New York, N.Y.-based Marcum LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated May 27, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, the Company had $53.8 million in total assets, $25.4 million in total liabilities, and a total stockholders' equity of $28.4 million. ZENITH PROPERTY: Nathaniel Wasserstein Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Nathaniel Wasserstein, Esq., at Lindenwood Associates, LLC as Subchapter V trustee for Zenith Property Mgmt, Inc. Mr. Wasserstein will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work related expenses incurred. Mr. Wasserstein declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nat Wasserstein, Esq. Lindenwood Associates, LLC 328 North Broadway, 2nd Floor Upper Nyack, New York 10960 Telephone: (845) 398-9825 Facsimile: (212) 208-4436 Email: nat@lindenwoodassociates.com About Zenith Property Mgmt Inc. Zenith Property Mgmt Inc. is a single asset real estate company. Zenith Property Mgmt sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44820) on October 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. ZMETRA LAND: Section 341(a) Meeting of Creditors on November 10 --------------------------------------------------------------- On October 9, 2025, Zmetra Land Holdings LLC filed Chapter 11 protection in the District of Massachusetts. According to court filing, the Debtor reports $1,835,238 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 10, 2025 at 01:30 PM Meeting of Creditors: Dial-in Number: 888-330-1716 Participant Code: 1093908. For International Call Information Please Contact the Trustee. (202) 306-3815. About Zmetra Land Holdings LLC Zmetra Land Holdings LLC engages in property management and owns a property at 2 Old Worcester Road in Webster, Massachusetts, valued at about $2.5 million. Zmetra Land Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-41079) on October 9, 2025. In its petition, the Debtor reports total assets of $2,962,293 and total liabilities of $1,835,238. The Debtor is represented by James L. O'Connor, Jr., Esq. of SEDER & CHANDLER, LLP. ********* 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. 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