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251022.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, October 22, 2025, Vol. 29, No. 294 Headlines 1115 STALLION: Case Summary & Five Unsecured Creditors 148 BAY: Seeks to Hire Penachio Malara as Bankruptcy Counsel 1600 WESTERN: Seeks to Hire Special Counsel Chancery Attorney 18222 YORBA: Seeks to Tap Michael Jay Berger as Bankruptcy Counsel 4504 15 AND 1476 45: Trustee Taps Klestadt Winters as Counsel 775 NE 77TH: Case Summary & Two Unsecured Creditors 99A SOMERS: Hires Vivia L. Joseph Esq. as Bankruptcy Counsel ABC CHILDREN'S: Seeks to Hire Ordinary Course Professionals AETIUS COMPANIES: Gets OK to Hire Plave Koch as Franchise Counsel ALBERT WHITMAN: Court Extends Cash Collateral Access to Nov. 22 ALEON METALS: Gray Reed Represents Creditor's Committee ALLIED DEVCORP: Seeks to Hire Oxendine Barnes as Special Counsel ALSALOUSSI ESTATE: Case Summary & One Unsecured Creditor ALSALOUSSI HOLDINGS: Case Summary & Two Unsecured Creditors AMERICA'S GARDENING: Seeks to Extend Exclusivity to Jan. 16, 2026 ANTHOLOGY INC: Seeks to Hire Ordinary Course Professionals ASCEND PERFORMANCE: Court Sends Chapter 11 Plan for Voting ASPIRA WOMEN'S: Upgrades Listing to OTCQX Market Under "AWHL" AURA SYSTEMS: Needs More Time to Finalize Aug. 31 10-Q Financials B'S HOSPITALITY: Hires Krekeler Law S.C. as Bankruptcy Counsel B. RILEY FINANCIAL: Director Sheldon Opts Out of Re-election B. RILEY FINANCIAL: Extends Earliest Loan Maturity to March 2027 BALAJIO LLC: To Sell Daytona Beach Property to Atlantic Ocean BEACON LIGHT: Case Summary & Three Unsecured Creditors BEXAR CANYON: Seeks Chapter 7 Bankruptcy in Texas BEYOND MEAT: Lock-Up Ends on Shares from Exchange Offer BIOMERICA INC: Reports $2,000 Net Income in Q1 2025 BOAT ENERGY: Seeks to Hire Bilu Law PA as Bankruptcy Counsel BOXLIGHT CORP: Names Ryan Zeek as Chief Financial Officer BOXLIGHT CORP: Regains Compliance With Nasdaq Listing Rules CANO HEALTH: Former CEO Settles $70MM Dental Dispute CEDAR VALLEY: Disclosure Statement Filing Deadline on Feb. 10 CHERISHED LAND: U.S. Trustee Unable to Appoint Committee CLINE'S CORNER: Seeks to Hire Levy Law LLC as Bankruptcy Counsel COLD SPRING: Unsecureds Will Get 2% in Liquidating Plan CORPORATE AIR: U.S. Trustee Appoints Creditors' Committee DATAVAULT AI: Regains Compliance With Nasdaq's Bid Price Rule DCA OUTDOOR: Seeks to Hire Root Realty LLC as Real Estate Broker DIESEL DEVELOPMENT: Case Summary & Three Unsecured Creditors DORMIFY INC: Plan Exclusivity Period Extended to Nov. 18 DOTHAN BUILDING: Seeks Chapter 7 Bankruptcy in Texas DUOMO GSP: Seeks to Tap Middlebrooks Shapiro as Bankruptcy Counsel EDGE DOCUMENT: Case Summary & 20 Largest Unsecured Creditors ELANCO ANIMAL: Fitch Gives BB+ Rating on $1.1BB Secured Term Loan B ELANCO ANIMAL: S&P Rates New $1.1BB First-Lien Sec Term Loan 'BB+' ENVELOPE MART: Unsecureds Will Get 10% of Claims over 3 Years FAMILY SOLUTIONS: Trustee Taps Lincolnwood Properties as Broker FELT & FAT: Seeks Ch. 11 Bankruptcy in Pennsylvania, Pursues Sale FERRELLGAS PARTNERS: Plans $650M Senior Notes Offering Due 2031 FIRST BRANDS: Seeks to Hire Hilco Global as Appraiser FIRSTBASE.IO INC: Taps Bennett Thrasher as Valuation Expert FOSSIL GROUP: Further Extends Exchange Offer to October 22 FRASER CHILD: $725,000 Settlement Final OK Hearing Set Nov. 20 FREE SPEECH: Hook Families Object to Restoring Alex Jones' Equity FRUGALITY INC: Gets Extension to Access Cash Collateral GEM GALLERY: Hires Middlebrooks Shapiro as Bankruptcy Counsel GENESIS HEALTHCARE: Clark Hill Represents Arch and Waste Mgmt GENEURO SA: Postpones Half-Year Report Amid Debt Moratorium GLOBAL WOUND: Seeks to Extend Plan Exclusivity to February 13, 2026 GLORY DIVINE: Seeks to Hire Wilson Law Firm as Legal Counsel GRADY'S HARDWARE: Gets Final OK to Use Cash Collateral GROFF TRACTOR: Deadline for Panel Questionnaires Set for Oct. 27 HERITAGE COAL: Court Rejects Ch. 11 Liquidation Plan Over Releases HIGH WIRE: Reports $1.9 Million Net Loss in Fiscal Q2 HIGH ZZEAZZZ: Case Summary & 20 Largest Unsecured Creditors HIGH ZZEAZZZ: Seeks to Hire C. Scott Kirk as Bankruptcy Counsel HILCO GLOBAL: Receives TMA Award for WeWork Lease Restructuring HILLSDALE PALLETS: Case Summary & Five Unsecured Creditors HURON ACADEMY: Moody's Affirms 'Ba1' Revenue Rating, Outlook Stable IDEANOMICS INC: Plan Exclusivity Period Extended to October 30 IF YOU PLEASE: Seeks to Hire Panda Accounting LLC as Accountant IMMERSIVE ART: Taps Joseph S. Reisman & Associates as Tax Advisor INDEPENDENT MEDEQUIP: Hires Richard L. DeShazo CPA as Accountant INDEPENDENT MEDEQUIP: Hires Samek & Flynn LLC as General Counsel INDEPENDENT MEDEQUIP: Hires Warren Averett CPAs as Accountant INDEPENDENT MEDEQUIP: Taps Memory & Memory as Bankruptcy Counsel INTREX INC: Seeks to Hire EAG Triangle LLC as Accountant JEREMY KIDO: Voluntary Chapter 11 Case Summary JKMD MEDICAL: Seeks Chapter 7 Bankruptcy in Texas JMC UNIT 1: Gets Final OK to Use Cash Collateral KARYOPHARM THERAPEUTICS: Completes $131M Convertible Note Financing KC 117: Hires Law Offices of Shai Oved as Bankruptcy Counsel KC 117: Seeks to Hire Coldwell Banker Realty as Broker KENNISON STRATEGIC: Seeks to Hire Keller Williams Realty as Broker KITCHEN MAN: Gets Extension to Access Cash Collateral KPOWER GLOBAL: Funding Deal OK'd, Hearing Thurs on Case Dismissal LEGACY DRAYAGE: Hires 4 Points Consultants as Financial Advisor LIFESCAN GLOBAL: Court Confirms Joint Chapter 11 Plan MACVA SABAC: Seeks to Hire Bach Law Offices as Bankruptcy Counsel MARQUIE GROUP: Reports Net Loss of $2.31 Million in Q1 2025 MAY INTERNATIONAL: Hires Cairncross & Hempelmann as Legal Counsel MEAT U ANYWHERE: Seeks to Hire OLD Inc as Business Broker MIDNIGHT VENTURES: Case Summary & Eight Unsecured Creditors MISTER M&K: Case Summary & 18 Unsecured Creditors MOUSEROAR LLC: Seeks to Extend Plan Exclusivity to March 10, 2026 MUELLER WATER: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable NIGHTFOOD HOLDINGS: Net Loss Widens to $8.12 Million in FY2025 NORDICUS PARTNERS: ABCHill Holding ApS Holds 5.97% Equity Stake NORDICUS PARTNERS: GK Partners ApS Holds 17.71% Equity Stake NORTH BROWARD: Seeks to Hire Adam I. Skolnik PA as Legal Counsel NOVA LIFESTYLE: Appoints COO Steven Zhao to Board of Directors NOVA LIFESTYLE: Prices $14M Registered Direct Offering of Stock ODYSSEY MARINE: Investors Convert $5.15M Notes to Common Stock OMNICARE LLC: U.S. Trustee Appoints Creditors' Committee PC LEARNING: Final Hearing to Use Cash Collateral Set for Oct. 23 PCP GROUP: Taps Hernan Serrano of YIP Associates as CRO PEBBLE BEACH: Seeks Chapter 7 Bankruptcy in Texas PEEK LLC: Amends Clear Sky Secured Claims Pay PLANET GREEN: Bin Zhou Holds 27.65% Equity Stake as of October 14 PLURI INC: Shayna LP, 3 Others Hold 4.99% Stake POWER BROKER: Seeks Chapter 7 Bankruptcy in Texas POWER SOLUTIONS: Two Weichai Execs Join Board PRECISION AGGREGATES: Section 341(a) Meeting of Creditors on Nov. 5 PRESTON CONSULTING: Hires RK Pruitt Law Firm LLC as Attorney PRESTON CYCLES: Seeks to Hire RK Pruitt Law Firm LLC as Attorney PROFESSIONAL DIVERSITY: Forms Japan Subsidiary to Drive Asia Growth RAISING CANE'S: Fitch Gives BB+ Rating on Incremental Loan Term B RE4 GEORGIA: To Sell Conley Property to Reboot Properties REKOR SYSTEMS: Expects Record Q3 Revenue Up to $14.3 Million RICCA REAL ESTATE: Voluntary Chapter 11 Case Summary RITE AID: CVS Completes Court-Approved Asset Purchase RIZO-LOPEZ FOODS: Hires Juarez and Company CPA as Accountant ROCKY MOUNTAIN: Reports $662,000 Net Loss in Fiscal Q2 SAGA FORMATIONS: Fine-Tunes Plan Documents SANCTUARYSPA INC: Gets Final OK to Use Cash Collateral SCCY INDUSTRIES: Seeks to Hire James Moore & Co. as Accountant SCILEX HOLDING: Holds 82.07% Stake in Semnur Pharmaceuticals SHEBO LLC: Seeks to Tap Middlebrooks Shapiro as Bankruptcy Counsel SHIVSANYA CORP: Hires Magee Goldstein Lasky & Sayers as Attorney SINO GREEN: Net Loss Widens to $1.81 Million in FY2025 SK INDUSTRIES: Gets Extension to Access Cash Collateral SPECIAL ENFORCEMENT: Hires Oaktree Law as Bankruptcy Counsel SPIRIT AVIATION: Court OKs $475M DIP Loan, AerCap Settlement SPIRIT AVIATION: Esopus Creek Entities Hold 4.97% Equity Stake ST. AUGUSTINE: Seeks to Hire Mickler & Mickler LLP as Attorney STAGGEMEYER STAVE: Case Summary & 20 Largest Unsecured Creditors STONE BRIDGE: Unsecureds to Recover 5% via Quarterly Payments STONEPEAK BAYOU: Moody's Alters Outlook on 'B1' CFR to Stable TAPS RANCH II: Taps O'Connor & Associates as Real Estate Appraiser TASTY PEACH: Hires Daniel L. Freeland & Associates as Attorney TRICOLOR AUTO: Vervent Manages Loan Portfolio After Bankruptcy TRUTH GRAPHICS: Hires Middlebrooks Shapiro as Bankruptcy Counsel UNITED CABINET: U.S. Trustee Appoints Creditors' Committee UNITED NATURAL: S&P Affirms 'B' ICR, Outlook Stable USA STAFFING: Affiliate Gets Extension to Access Cash Collateral VENTURE GLOBAL: Moody's Alters Outlook on 'B1' CFR to Stable VERDE RESOURCES: Subsidiary Signs 10-Year Licensing Deal With Ergon VERSANT MEDIA: Fitch Rates $1BB Secured Notes Due 2031 'BB+' VERSANT MEDIA: S&P Rates New $1BB Senior Secured Bond Issue 'BB' VETCOR LLC: Case Summary & 20 Largest Unsecured Creditors VISA INC: Agrees to Settle Antitrust Suit for $199.5 Million VISTAGE INTERNATIONAL: Moody's Affirms 'B2' CFR, Outlook Stable VIVAKOR INC: Issues Third Convertible Note of $1.62M to J.J. Astor VSM PROPERTIES: Seeks to Hire Tom Bible Law as Bankruptcy Counsel WATER'S EDGE: To Sell Water's Edge Apartments to Helge Capital WCR HOLDINGS: Case Summary & Two Unsecured Creditors WELCOME GROUP: Seeks to Extend Plan Exclusivity to April 17, 2026 [] Bankruptcy Auction Set Oct. 22 for 5 Paterson Properties ********* 1115 STALLION: Case Summary & Five Unsecured Creditors ------------------------------------------------------ Debtor: 1115 Stallion LLC 2101 Vista Parkway Suite 284 West Palm Beach, FL 33411 Business Description: 1115 Stallion LLC owns and manages residential properties in Florida, including locations in Haverhill, West Palm Beach, and Northwest Wolverine Road, with an estimated combined value of about $2.85 million. It operates as a property investment and holding company. Chapter 11 Petition Date: October 18, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-22289 Judge: Hon. Mindy A Mora Debtor's Counsel: Inger Garcia, Esq. FLORIDA LITIGATION GROUP 7040 Seminole Pratt Whitney Road, #25, Box 43 Loxahatchee, FL 33470 Tel: (954) 394-7461 Email: Serviceimglaw@yahoo.com Total Assets: $2,850,000 Total Liabilities: $2,248,306 The petition was signed by Garfield Stephenson as managing member. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AVBUG5A/Garfield_1115_Stallion_LLC__flsbke-25-22289__0001.0.pdf?mcid=tGE4TAMA 148 BAY: Seeks to Hire Penachio Malara as Bankruptcy Counsel ------------------------------------------------------------ 148 Bay 43rd LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Penachio Malara LLP as counsel. The firm will render these services: (a) assist in the administration of their Chapter 11 proceeding, the preparation of operating reports and complying with applicable law and rules; (b) review claims and resolve claims which should be disallowed; and (c) assist in reorganizing and confirming a Chapter 11 plan or implementing an alternative exit strategy. The firm's counsel will be paid at these hourly rates: Anne Penachio, Attorney $525 Francis Malara, Attorney $425 Paralegal $225 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $7,500 from the Debtor. Ms. Penachio disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Anne Penachio, Esq. Penachio Malara LLP 245 Main Street, Suite 450 White Plains, NY 10601 Telephone: (914) 946-2889 About 148 Bay 43rd LLC 148 Bay 43rd LLC, a New York-based limited liability company, owns and manages multi-family residential properties, including 2831 Roberts Avenue in the Bronx, and operates in the real estate sector. 148 Bay 43rd LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12093) on September 25, 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 Lisa G. Beckerman handles the case. The Debtor is represented by Anne Penachio, Esq. of PENACHIO MALARA LLP. 1600 WESTERN: Seeks to Hire Special Counsel Chancery Attorney ------------------------------------------------------------- 1600 Western Venture LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Robert Habib and Robert Orman as additional special counsel chancery attorneys. The firm will represent the Debtor in the matter of RM 1534 S. WESTERN, LLC v. RM 1534 S. WESTERN, LLC, as Assignee of Lakeside SPE, LLC Peterson Cicero; THE MUSIC ONE REHEARSAL STUDIOS, LLC, case number 2018CH13550 currently pending in the Circuit Court of Cook County, Chancery Division. Mr. Orman shall be paid $250 per hour and Mr. Habib $400 per hour. Mr. Orman and Mr. Habib do not hold or represent any interest and/or connections adverse to the Debtor or its estate, creditors or equity security holders or represent any other entity in connection with this case having an interest adverse to the Debtor, according to court filings. The counsels can be reached through: Robert Habib, Esq. Robert Habib Law Offices 77 W Washington St Suite 1506 Chicago, IL 60602 Phone: (312) 201-1421 - and - Robert Orman, Esq. 1 N La Salle St Chicago, IL 60602 Phone: (312) 372-0520 About 1600 Western Venture LLC 1600 Western Venture LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08821) on June 10, 2025. In the petition signed by Dorothy Flisk, managing member, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Jacqueline P. Cox oversees the case. Paul M. Bach, Esq., and Penelope Bach, Esq., at Bach Law Offices, Inc. represent the Debtor as legal counsel. 18222 YORBA: Seeks to Tap Michael Jay Berger as Bankruptcy Counsel ------------------------------------------------------------------ 18222 Yorba Linda Owner, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire the Law Offices of Michael Jay Berger as counsel. The firm's services include: (a) communicate with creditors of the Debtor; (b) review the Debtor's Chapter 11 bankruptcy petition and all supporting schedules; (c) advise the Debtor of its legal rights and obligations in a bankruptcy proceeding; (d) work to bring the Debtor into full compliance with reporting requirements of the Office of the United States Trustee; (e) prepare status reports as required by the court; and (f) respond to any motions filed in the Debtor's bankruptcy proceeding. The firm's counsel and staff will be paid at these hourly rates: Michael Berger, Attorney $695 Sofya Davtyan, Attorney $645 Angela Gill, Senior Associate Attorney $595 Robert Poteete, Mid-Level Associate Attorney $475 Senior Paralegals and Law Clerks $275 Bankruptcy Paralegals $200 The firm received a total retainer of $25,000 plus a filing fee of $1,738 from the Debtor. Mr. Berger disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael 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 18222 Yorba Linda Owner, LLC 18222 Yorba Linda Owner, LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). 18222 Yorba Linda Owner, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18421) on September 23, 2025. At the time of filing, the Debtor estimated $10 million to $50 million in both assets and liabilities. The petition was signed by Afshin Etebar as managing member. Michael Jay Berger, Esq. at LAW OFFICES OF MICHAEL JAY BERGER represents the Debtor as counsel. 4504 15 AND 1476 45: Trustee Taps Klestadt Winters as Counsel ------------------------------------------------------------- Gregory M. Messer, chapter 11 trustee of 4504 15 and 1476 45 Equity Partners LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Klestadt Winters Jureller Southard & Stevens, LLP as his general counsel. The firm will render these services: a) investigate the Debtor's assets and financial affairs to determine whether there are assets and/or claims against third parties that can be administered for the benefit of the estate and its creditors; b) assist with the Trustee's liquidation of any assets of the estate; c) provide legal advice with respect to the Trustee's statutory powers and duties; d) prepare, file and prosecute motions objecting to claims, as directed by the Trustee, that may be necessary to complete the administration of the Debtor's estate; e) meet with parties in the case to determine the most optimal and expedient exit strategy for the Debtor and assist in the approval thereof; f) review, analyze and respond, as necessary, to all applications, motions, orders, and statements, and schedules filed with the Court in this case; g) represent the Trustee at all hearings and other proceedings before this Court or any other court; and h) perform such legal services as may be required and/or deemed to be in the interest of the Trustee in accordance with its powers and duties as set forth in the Bankruptcy Code. The firm will be paid at these hourly rates: Fred Stevens, Esq. $875 Partners $750 - $995 Associates $495 - $595 Paralegals $275 In addition, the firm will seek reimbursement for expenses incurred. Fred Stevens, Esq., an attorney at Klestadt Winters Jureller Southard & Stevens, in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Fred Stevens, Esq. Klestadt Winters Jureller Southard & Stevens, LLP 200 West 41st Street, 17th Floor New York, NY 10036 Telephone: (212) 972-3000 Facsimile: (212) 972-2245 Email: fstevens@klestadt.com About 4504 15 and 1476 45 Equity Partners LLC 4504 15 and 1476 45 Equity Partners LLC is involved in activities related to real estate. 4504 15 and 1476 45 Equity Partners LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41415) on March 26, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million to $10 million. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Joshua R. Bronstein, Esq. at JOSHUA R. BRONSTEIN & ASSOCIATES, PLLC. 775 NE 77TH: Case Summary & Two Unsecured Creditors --------------------------------------------------- Debtor: 775 NE 77th Terrace LLC 775 NE 77th Terrace Miami, FL 33138 Case No.: 25-22261 Chapter 11 Petition Date: October 17, 2025 Court: United States Bankruptcy Court Southern District of Florida Judge: TBD Debtor's General Bankruptcy Counsel: Humberto Rivera, Esq. RIVERA LAW FIRM, P.A. PO Box 211746 Royal Palm Beach, FL 33421 Tel: (786) 529-6060 Email: humberto@hriveralaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million Mohammad Alsaloussi signed the petition as manager. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GVXGUXI/775_NE_77TH_TERRACE_LLC__flsbke-25-22261__0001.0.pdf?mcid=tGE4TAMA 99A SOMERS: Hires Vivia L. Joseph Esq. as Bankruptcy Counsel ------------------------------------------------------------ 99A Somers LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Vivia L. Joseph, Esq. as counsel. The firm's services include: a. analysis of the financial condition, and rendering advice and assistance to the Debtor in determining whether to file a petition for relief under chapter 11 of the Bankruptcy Code; b. preparation of and filing the petition, schedules, statement of affairs and other necessary documents; c. representation of the Debtor as the meeting of creditors; d. preparation of motions, documents and application in connection with the administration of the case; and e. rendering legal advice to the Debtor in connection with all matters pending before the Court. The firm will be paid at these rates: Attorneys $450 per hour Paralegals $150 per hour The Debtor paid the firm a retainer of $5,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Vivia L. Joseph, Esq. 229-22 Linden Boulevard Cambria Heights NY 11411 Tel: (718) 977-4132 Email: vjoseph@att.net About 99A Somers LLC 99A Somers LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43276) on July 9, 2025. Vivia L. Joseph, Esq. represents the Debtor as counsel. ABC CHILDREN'S: Seeks to Hire Ordinary Course Professionals ----------------------------------------------------------- ABC Children's Eye Specialists, PC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to retain non-bankruptcy professionals in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to these Chapter 11 cases. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the OCPs have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. About ABC Children's Eye Specialists PC ABC Children's Eye Specialists, PC is a healthcare business and professional corporation formed in 2002 in Arizona. ABC Children's Eye Specialists sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-08546) on September 10, 2025, listing up to $10 million in both assets and liabilities. Brendan Cassidy, owner of ABC Children's Eye Specialists, signed the petition. Judge Scott H. Gan oversees the case. Grant L. Cartwright, Esq., at May Potenza Baran & Gillespie, P.C., is the Debtor's legal counsel. Sunflower Bank, N.A., as secured creditor, is represented by: Wade M. Burgeson, Esq. Engelman Berger, P.C. 2800 North Central Avenue, Suite 1200 Phoenix, AZ 85004 Phone: (602) 222-4989 Email: Wmb@eblawyers.com AETIUS COMPANIES: Gets OK to Hire Plave Koch as Franchise Counsel ----------------------------------------------------------------- Aetius Companies, LLC and its affiliates received approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ Plave Koch PLC as special franchise counsel. The professional services that Plave Koch may render to the Debtors include, but shall not be limited to, drafting certain license and franchise agreements in relation to Debtors' Chapter 11 Plan, assisting and advising the Debtors in relation to matters concerning the Debtors' agreements and business dealings with the Debtors' franchisees, and handling trademark prosecution matters. The firm will be paid at these rates: Marisa Faunce $450 Benjamin Reed $450 Valerie Brennan $450 Owen Gibson $225 Marisa Faunce, Esq., a partner at Plave Koch PLC, assured the court that his firm is a "disinterested person" as that phrase is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Marisa Faunce, Esq. Plave Koch PLC 3120 Fairview Park Drive, Suite 420 Falls Church, VA 22042 Tel: (703) 774-1214 Fax: (703) 774-1201 Email: mfaunce@plavekoch.com About Aetius Companies, LLC Aetius Companies, LLC and affiliates operate a restaurant chain. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.C. Lead Case No. 23-30470) on July 19, 2023. In the petition signed by Mark Cote, president, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Craig Whitley oversees the case. Robert A. Cox, Jr., Esq., at Hamilton Stephens Steele + Martin, PLLC, represents the Debtor as legal counsel. Judge Craig Whitley, upon recommendation of the U.S. Bankruptcy Administrator for the Western District of North Carolina, issued an order appointing an official committee to represent unsecured creditors in the Chapter 11 cases of Aetius Companies, LLC and its affiliates. Brinkman Law Group, P.C. as counsel, and Cole Hayes, Esq. as local counsel. ALBERT WHITMAN: Court Extends Cash Collateral Access to Nov. 22 --------------------------------------------------------------- Albert Whitman & Company received sixth interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The order penned by Judge Jacqueline Cox authorized the Debtor's interim use of cash collateral until November 22 to pay the expenses set forth in its budget and additional amounts that Republic Business Credit, LLC approves in advance. RBC holds an interest in the Debtor's cash, which constitutes cash collateral. As of the petition date, the Debtor owed RBC at least $208,800.96 under a 2023 purchase agreement, which allows the Debtor to obtain cash to operate its business from the sale of its accounts receivable to RBC. As adequate protection, the sixth interim order authorized the Debtor to grant RBC perfected replacement liens on its pre-bankruptcy collateral and any assets acquired by the Debtor after the petition date. These replacement liens will have the same priority and extent as RBC's pre-bankruptcy lien. In case the protection granted proves to be insufficient, RBC will have an allowed claim pursuant to Section 507(b) under the Bankruptcy Code, with priority over all other claims. The next hearing is scheduled for November 18. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/FVkHk from PacerMonitor.com. About Albert Whitman & Company Albert Whitman & Company is a 106-year-old children's book publisher based in Park Ridge, Ill. Albert Whitman & Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-06161) on April 22, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Jacqueline P. Cox handles the case. William J. Factor, Esq., is the Debtors legal counsel. Republic Business Credit, LLC, as secured creditor, is represented by: Michael A. Brandess, Esq. Husch Blackwell, LLP 120 South Riverside Plaza, Suite 2200 Chicago, IL 60606 Phone: 312-526-1542 michael.brandess@huschblackwell.com ALEON METALS: Gray Reed Represents Creditor's Committee ------------------------------------------------------- The law firm of Gray Reed disclosed in a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019 that it represents the Official Committee of Unsecured Creditors appointed in the Chapter 11 bankruptcy cases of Aleon Metals LLC and its debtor-affiliates pending before the United States Bankruptcy Court for the Southern District of Texas, Houston Division. The Committee members and their claims are: 1. Catalyst & Chemical Containers, LLC d/b/a Hoover d/b/a Hoover Circular Solutions 4935 Timber Creek Drive Houston, TX 77017 Unsecured claim of at least $2,142,366.00 2. CCKX, LLC d/b/a Flo-Bin Rentals 9116 Lambright Road, Houston, TX 77075 Unsecured claim of at least $1,608,595.87 3. Cenovus Energy Inc. c/o Cenovus U.S. Corporation 5550 Blazer Pkwy, Ste. 200 Dublin, OH 43017 Unsecured claim estimated to be between $750,000.00 and $1,400,000.00 4. Reagent Chemical and Research LLC 115 U.S. Highway 202 Ringoes, NJ 08551 Unsecured claim of at least $775,723.00; and 5. Dacon Corporation 1300 Underwood Rd. Deer Park, TX 77536 Unsecured claim of at least $112,731.36 The firm may be reached at: Jason S. Brookner, Esq. Lydia R. Webb, Esq. Emily F. Shanks, Esq. GRAY REED 1300 Post Oak Blvd., Suite 2000 Houston, TX 77056 Telephone: (713) 986-7000 Facsimile: (713) 986-7100 Email: jbrookner@grayreed.com lwebb@grayreed.com eshanks@grayreed.com About Aleon Metals LLC Aleon Metals, LLC own and operate a multipurpose solid waste disposal facility in Freeport, Texas, specializing in the extraction and refinement of metals used in the energy industry. They focus on processing spent catalysts from petroleum refining to recover vanadium and molybdenum, which have a range of chemical and industrial applications. The Debtors are also developing a hydrometallurgical recycling process for lithium-ion batteries that would convert aluminum waste from its catalyst recycling operations into battery-grade materials for cathode production. Aleon Metals sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90305) on August 17, 2025. In the petition signed by Roy Gallagher, chief restructuring officer, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. The Debtors tapped Morrison & Foerster, LLP as bankruptcy counsel; Norton Rose Fulbright US, LLP as local counsel; Ankura Consulting Group, LLC as restructuring and financial advisor; Jefferies, LLC as investment banker; and Stretto, Inc. as claims and noticing agent. The Official Committee of Unsecured Creditors has retained Gray Reed as counsel. ALLIED DEVCORP: Seeks to Hire Oxendine Barnes as Special Counsel ---------------------------------------------------------------- Allied DevCorp, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Oxendine Barnes & Associates PLLC as special counsel. All Weather Heating And Cooling, Inc. commenced a civil action against the Debtor and its wholly-owned subsidiary, Colonial Inn Hillsborough, Inc., with the Orange County Superior Court, File No. 25CV001498-670, for breach of contract or, in the alternative, quantum meruit and unjust enrichment, and enforcement of the previously-filed Claim of Lien on Funds and Claim of Lien on Real Property. The firm will investigate and prosecute the necessary actions associated with the lawsuit and obtain the relief sought in the counterclaim. Oxendine Barnes would receive a contingency fee of between 35 percent and 40 percent of the gross amount recovered on behalf of the Debtor, plus any costs, charges, and expenses incurred in the lawsuit. Oxendine Barnes does not hold any interest adverse to the bankruptcy estate of the Debtor, according to court filings. The firm can be reached through: Ryan D. Oxendine, Esq. Oxendine Barnes & Associates PLLC 6500 Creedmoor Rd #100 Raleigh, NC 27613 Phone: (919) 848-4333 About Allied DevCorp LLC Allied DevCorp LLC, based in Raleigh, North Carolina, owns the property at 153 W King St., Hillsborough, NC 27278, along with significant operational and furnishing assets used in the hotel business. The Company also holds 100% ownership of Colonial Inn Hillsborough, Inc., which leases the premises and operates The Colonial Inn as a boutique hotel with guest rooms, dining, and event spaces. Allied DevCorp LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-03652) on September 18, 2025. In its petition, the Debtor reports total assets of $3,700,032 and total liabilities of $4,655,943. Honorable Bankruptcy Judge Joseph N. Callaway handles the case. The Debtor is represented by Joseph Z. Frost, Esq. of Buckmiller & Frost, PLLC. ALSALOUSSI ESTATE: Case Summary & One Unsecured Creditor -------------------------------------------------------- Debtor: Alsaloussi Estate LLC 2040 Alton Rd Miami Beach, FL 33140 Chapter 11 Petition Date: October 17, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-22259 Debtor's Counsel: Humberto Rivera, Esq. RIVERA LAW FIRM, P.A. PO Box 211746 Royal Palm Beach, FL 33421 Tel: (786) 529-6060 E-mail: humberto@hriveralaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mohammad Alsaloussi as manager of Alsaloussi Holdings LLC. The filing identifies Christopher Drummond, through attorney Jesse Panuccio at 401 East Las Olas Blvd., Suite 1200, Fort Lauderdale, Florida, as the Debtor's only unsecured creditor. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YONEUPA/ALSALOUSSI_ESTATE_LLC__flsbke-25-22259__0001.0.pdf?mcid=tGE4TAMA ALSALOUSSI HOLDINGS: Case Summary & Two Unsecured Creditors ----------------------------------------------------------- Debtor: Alsaloussi Holdings LLC 2040 Alton Rd Miami Beach, FL 33140 Business Description: Alsaloussi Holdings LLC, based in Miami Beach, Florida, operates in the real estate sector, focusing on property ownership and management. The Company is affiliated with several related entities and engages in residential property transactions in the Miami area. Chapter 11 Petition Date: October 17, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-22256 Debtor's Counsel: Humberto Rivera Esq. RIVERA LAW FIRM, P.A. PO Box 211746 Royal Palm Beach, FL 33421 Tel: (786) 529-6060 Email: humberto@hriveralaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mohammed Alsaloussi as manager. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/P7TQ5LI/ALSALOUSSI_HOLDINGS_LLC__flsbke-25-22256__0001.0.pdf?mcid=tGE4TAMA AMERICA'S GARDENING: Seeks to Extend Exclusivity to Jan. 16, 2026 ----------------------------------------------------------------- America's Gardening Resource, Inc. and affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 16, 2026 and March 17, 2026, respectively. The Debtors claim that they have made enormous strides toward resolving these Chapter 11 Cases. The Plan has been drafted. The Debtors are negotiating with the Committee about their comments to the Plan and hoping to join the Committee as a joint Plan Proponent or at least obtain its support. The Debtors explain that their conduct in these Chapter 11 Cases, particularly in connection with the Plan, demonstrates that the Debtors are acting in a fair and transparent manner. They are not seeking an extension of the Exclusive Periods to delay the administration of these Chapter 11 Cases or to pressure their creditors unfairly. Indeed, the Debtors' goal, and reason for this extension request, is to cooperate with the Committee on the terms of the Plan and solicitation procedures. The Debtors assert that their request for an extension of the Exclusivity Periods is the Debtors' first request and comes less than four months after the Petition Date. As discussed, during this short time, the Debtors have accomplished a great deal and are working diligently toward a timely resolution of these chapter 11 cases. The Debtors further assert that the requested extension is intended to allow the Debtors to confirm the proposed Plan in the most cost-efficient possible manner. Accordingly, the Debtors believe that the requested extension aligns with the intent and purpose of section 1121 of the Bankruptcy Code and should be granted. Counsel for the Debtors: Patrick J. Reilley, Esq. Jack M. Dougherty, Esq. COLE SCHOTZ P.C. 500 Delaware Avenue Suite 600 Wilmington, DE 19801 Tel: 302-652-3131 Fax: 302-574-2103 Email: preilley@coleschotz.com jdougherty@coleschotz.com - and - Gary H. Leibowitz, Esq. H.C. Jones III, Esq. J. Michael Pardoe, Esq. 1201 Wills Street, Suite 320 Baltimore, Maryland 21231 Tel: (410) 230-0660 Fax: (410) 230-0667 Email: gleibowitz@coleschotz.com hjones@coleschotz.com mpardoe@coleschotz.com 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. ANTHOLOGY INC: Seeks to Hire Ordinary Course Professionals ---------------------------------------------------------- Anthology Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to retain non-bankruptcy professionals in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to these Chapter 11 cases. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the OCPs have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCPs include: Tier 1 OCPs CROWE LLP -- Accounting HOLWELL SHUSTER & GOLDBERG LLP -- Legal ORRICK, HERRINGTON & SUTCLIFFE -- Legal Tier 2 OCPs PWC US TAX LLP -- Accounting / Consulting CAHILL GORDON & REINDEL LLP -- Legal KATTEN MUCHIN ROSENMAN LLP -- Legal Tier 3 OCPs THOMPSON COBURN LLP -- Legal PRICEWATERHOUSECOOPERS LLP (Canada) -- Accounting / Consulting ROGERS JOSEPH O'DONNELL, APC -- Legal COMPUTER PACKAGES INC. -- Consulting DUCHARME, MCMILLEN & ASSOCIATES, INC. -- Accounting / Consulting CORPORATE CREATIONS INTL INC -- Consulting MORGAN LEWIS & BOCKIUS LLP -- Legal SAUL EWING ARNSTEIN & LEHR LLP -- Legal MAYER BROWN LLP -- Legal HOGAN LOVELLS US LLP -- Legal LATHAM & WATKINS LLP -- Legal OGLETREE, DEAKINS, NASH, SMOAK & STEWART, P.C -- Legal BERGER SINGERMAN LLP -- Legal LITTLER MENDELSON PC -- Legal LYNN PINKER HURST & SCHWEGMANN LLP -- Legal PRICE WATERHOUSE COOPERS LLP (US) -- Accounting / Consulting NNOVATION LLP -- Legal TROW & RAHAL, P.C. -- Legal PALIARE ROLAND ROSENBERG ROTHSTEIN LLP -- Legal About Anthology Inc. Headquartered in Boca Raton, Florida, Anthology Inc. provides education technology software and cloud-based services to higher-education institutions, governments, and businesses in more than 80 countries. Formed through the consolidation of Campus Management Corp., Campus Labs Inc., and iModules Software Inc., the Company offers platforms for teaching and learning, student information and enterprise planning, customer relationship management, and student success, along with tools for admissions, enrollment management, alumni engagement, and institutional effectiveness. Anthology and 26 affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-90498) on September 29, 2025. At the time of the filing, the Debtors had $1 billion to $10 billion in assets and liabilities on a consolidated basis. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Haynes and Boone, LLP as local bankruptcy and conflicts counsel, Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsel, PJT Partners, LP as investments banker, FTI Consulting, Inc. as restructuring advisor, and Stretto, Inc. as claims and noticing agent. ASCEND PERFORMANCE: Court Sends Chapter 11 Plan for Voting ---------------------------------------------------------- Judge Christopher M. Lopez of the United States Bankruptcy Court Southern District of Texas granted the motion of Ascend Performance Materials Holdings Inc. and its debtor affiliates for entry of an order: (a) approving the adequacy of the Disclosure Statement for the Second Amended Joint Chapter 11 Plan of Reorganization of Ascend Performance Materials Holdings Inc. and its Debtor Affiliates; (b) approving certain dates and deadlines related to confirmation of the Plan; (c) approving the Ballots; (d) approving the Solicitation Packages and the manner of service thereof; (e) approving the Confirmation Hearing Notice; (f) approving the Plan Supplement Notice; (g) approving the Non-Voting Status Notices; (h) approving the Assumption Notice; (i) approving the Solicitation Procedures with respect to confirmation of the Debtors' proposed Chapter 11 Plan; and (j) granting related relief. The Court finds that the relief requested in the Motion is in the best interests of the Debtors' estates, their creditors, and other parties in interest. The Disclosure Statement is approved as providing holders of Claims or Interests entitled to vote on the Plan with adequate information to make an informed decision as to whether to vote to accept or reject the Plan in accordance with section 1125(a)(1) of the Bankruptcy Code. The Debtors are authorized to solicit, receive, and tabulate votes to accept or reject the Plan in accordance with the Solicitation Procedures. The following dates are established (subject to modification as necessary by the Debtors) and approved with respect to the solicitation of votes to accept or reject the Plan, voting on the Plan, filing objections to confirmation the Plan, and confirming the Plan: Voting Record Date - September 22, 2025 Voting Deadline - November 18, 2025, at 4:00 p.m., prevailing Central Time Opt-Out Deadline - November 18, 2025, at 4:00 p.m., prevailing Central Time Confirmation Objection Deadline - November 18, 2025, at 4:00 p.m., prevailing Central Time Deadline to File Voting Report - November 23, 2025 Confirmation Brief Deadline - November 23, 2025 Confirmation Hearing Date - November 24, 2025, at 3:00 p.m., prevailing Central Time The Ballots are approved and comply with the requirements of the Bankruptcy Code, the Bankruptcy Rules, and the Bankruptcy Local Rules. The Solicitation Packages provide Holders of Claims and Interests entitled to vote on the Plan with adequate information to make informed decisions with respect to voting on the Plan in accordance with Bankruptcy Rules 2002(b) and 3017(d), the Bankruptcy Code, and the Bankruptcy Local Rules. The Confirmation Hearing Notice is approved and constitutes adequate and sufficient notice of the hearing to consider confirmation of the Plan, the manner in which a copy of the Plan and the Disclosure Statement can be obtained, and the time fixed for filing objections to confirmation of the Plan, in satisfaction of the requirements of the applicable provisions of the Bankruptcy Code, the Bankruptcy Rules, and the Bankruptcy Local Rules. The Confirmation Hearing Notice provides Holders of Claims, Holders of Interests, and other parties in interest with sufficient notice of the release provisions contained in Article VIII of the Plan and the effect thereof. A copy of the Court's Order dated October 20, 2025, is available at https://urlcurt.com/u?l=Pxp2vV from PacerMonitor.com. As reported by Troubled Company Reporter, under the version of the Plan filed in August, Holders of Allowed Claims shall receive the following treatment in full and final satisfaction, settlement, release, and discharge of their Claims and Interests: * Each Holder of an Allowed DIP ABL Claim shall (a) receive payment in full in Cash of such Claim or (b) at such Holder's election, roll such Claim into the Exit ABL Facility in a cashless dollar-for-dollar exchange, and (c) receive payment in full in Cash of accrued interest and fees due under the DIP ABL Facility prior to the effectiveness and conversion of any such Claim into the Exit ABL Facility pursuant to the foregoing clause (b). * Each Holder of an Allowed DIP Term Loan Claim shall receive its Pro Rata share of: (a) the DIP Equity Recovery; and (b) at the election of each Holder of an Allowed DIP Term Loan Claim, the right to participate up to their Pro Rata share of either or both of the following: (i) the Equity Subscription Rights; and/or (ii) the Debt Subscription Rights. * Each Holder of an Allowed Other Secured Claim shall receive, at the Debtors' or the Reorganized Debtors' option, with the [reasonable consent] of the Required DIP Term Loan Lenders, either (i) in full and final satisfaction of such Allowed Other Secured Claim, payment in full in Cash of its Allowed Other Secured Claim, (ii) in full and final satisfaction of such Allowed Other Secured Claim, the collateral securing its Allowed Other Secured Claim, (iii) Reinstatement of its Allowed Other Secured Claim, or (iv) such other treatment rendering its Allowed Other Secured Claim Unimpaired in accordance with section 1124 of the Bankruptcy Code. * Each Holder of an Allowed Other Priority Claim shall receive such treatment consistent with section 1129(a)(9) of the Bankruptcy Code. * Each Holder of an Allowed Term Loan Claim shall receive its Pro Rata share of the Term Loan Equity Distribution. * Each Holder of an Allowed Asset Financing Agreement Claim shall receive its Pro Rata share of the applicable Asset Financing Takeback Debt. * All Allowed General Unsecured Claims shall be canceled, released, and extinguished and will be of no further force or effect, and Holders of Allowed General Unsecured Claims shall not receive any distribution, property, or other value under the Plan on account of such Allowed General Unsecured Claims. * Each Interest in Ascend Parent and APM Disc shall be canceled, released, discharged, and extinguished without any distribution and will be of no further force or effect, and each Holder of an Interest in Ascend Parent and/or APM Disc shall not receive or retain any distribution, property, or other value on account of its Interest in Ascend Parent and/or APM Disc. The Plan provides for a $[100] million Equity Rights Offering and a $[100] million Debt Rights Offering, which will recapitalize the Company on the Effective Date and position the Company to meet its financial and operational obligations as they come due. The Plan addresses the Asset Financing Agreement Claims and all of the Asset Financing Takeback Debt. The Plan contemplates a recapitalization of the Debtors, through which the Debtors will issue the New Interests to the Holders of Term Loan Claims, implement both an Equity Rights Offering and a Debt Rights Offering, enter into the Exit ABL Facility and the Exit Holdco Loan Facility, and adopt a Management Incentive Plan. New Interests will also be issued in satisfaction of DIP Term Loan Claims, while DIP ABL Claims will be paid down in full in Cash or, solely at the election of each DIP ABL Lender, rolled into the Exit ABL Facility. Class 5 consists of General Unsecured Claims. All Allowed General Unsecured Claims shall be canceled, released, and extinguished and will be of no further force or effect, and Holders of Allowed General Unsecured Claims shall not receive any distribution, property, or other value under the Plan on account of such Allowed General Unsecured Claims. The Debtors and the Reorganized Debtors, as applicable, shall fund distributions under the Plan with: (1) Cash on hand, including Cash from operations, the DIP Facilities, and the proceeds of the Equity Rights Offering and the Debt Rights Offering; (2) the Equity Subscription Rights; (3) the Debt Subscription Rights; (4) the New Interests; (5) the Exit ABL Facility; (6) the Exit Holdco Loan Facility, as applicable; and (7) the Asset Financing Takeback Debt. A full-text copy of the Disclosure Statement dated August 12, 2025 is available at https://urlcurt.com/u?l=Sxu7dk from Epiq Corporate Restructuring, LLC, claims agent. About Ascend Performance Materials Holdings The Debtors, together with their non-Debtor affiliates, are one of the largest, fully-integrated producers of nylon, a plastic that is used in everyday essentials, like apparel, carpets, and tires, as well as new technologies, like electric vehicles and solar energy systems. Ascend's business primarily revolves around the production and sale of nylon 6,6 (PA66), along with the chemical intermediates and downstream products derived from it. Common applications of PA66 include heating and cooling systems, air bags, batteries, and athletic apparel. Headquartered in Houston, Texas, Ascend has a global workforce of approximately 2,200 employees and operates eleven manufacturing facilities that span the United States, Mexico, Europe, and Asia. Ascend Performance Materials Holdings Inc. and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90127) on April 21, 2025. In the petitions signed by Robert Del Genio, chief restructuring officer, the Debtors disclosed $1 billion to $10 billion in both estimated assets and liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Bracewell LLP and Kirkland & Ellis LLP as counsel; PJT Partners, Inc. as investment banker; FTI Consulting, Inc. as restructuring advisor; and Deloitte LLP as tax advisor. Epiq Corporate Restructuring LLC is the Debtors' claims, noticing, and solicitation agent. GA Group Advisory & Valuation Services, LLC serves as valuation advisor. The official committee of unsecured creditors retained Brown Rudnick LLP as co-counsel; Parkins & Rubio LLP as Texas co-counsel; AlixPartners, LLP as financial advisor; and Ducera Partners LLC and Ducera Securities LLC as investment banker. Gibson, Dunn & Crutcher LLP represents an Ad Hoc Group of Term Loan Lenders. ASPIRA WOMEN'S: Upgrades Listing to OTCQX Market Under "AWHL" ------------------------------------------------------------- Aspira Women's Health Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on October 14, 2025, it upgraded to OTCQX from the OTCQB(R) Venture Market. Aspira Women's Health Inc. trades on OTCQX under the symbol "AWHL." About Aspira Women's Health Formerly known as Vermillion, Inc., Aspira Women's Health Inc. -- http://www.aspirawh.com-- is dedicated to the discovery, development, and commercialization of noninvasive, AI-powered tests to aid in the diagnosis of gynecologic diseases. OvaWatch and Ova1Plus are offered to clinicians as OvaSuiteSM. Together, they provide a comprehensive portfolio of blood tests to aid in the detection of ovarian cancer for the 1.2+ million American women diagnosed with an adnexal mass each year. OvaWatch provides a negative predictive value of 99% and is used to assess ovarian cancer risk for women where initial clinical assessment indicates the mass is indeterminate or benign, and thus surgery may be premature or unnecessary. Ova1Plus is a reflex process of two FDA-cleared tests, Ova1 and Overa, to assess the risk of ovarian malignancy in women planned for surgery. Boston, Massachusetts-based BDO USA, P.C., the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Company's Form 10-K Report for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and expects to continue to incur substantial losses in the future, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Aspira Women's Health had $5.49 million in total assets, $8.05 million in total liabilities, and a total stockholders' deficit of $2.56 million. The Company's working capital deficit was $1,285,000 at Dec. 31, 2024. AURA SYSTEMS: Needs More Time to Finalize Aug. 31 10-Q Financials ----------------------------------------------------------------- Aura Systems, Inc. filed a Notification of Late Filing on Form 12b-25 with the U.S. Securities and Exchange Commission, informing that it will be unable to file its Quarterly Report on Form 10-Q for the three months ended August 31, 2025 by the prescribed due date because the Company requires additional time to finalize its financial statements. The delay is primarily due to unforeseen challenges encountered during the year-end closing process, including complications in the integration of recently acquired business units and the reconciliation of certain accounting records. As a result, the Company needs additional time to ensure the accuracy and completeness of its financial reporting. The Company currently expects to file the Form 10-Q within the five-day extension period provided under Rule 12b-25 of the Securities Exchange Act of 1934, as amended. About Aura Systems Headquartered in Lake Forest, California, Aura Systems, Inc., develops and manufactures electric motors and generators using proprietary axial flux induction technology. The Company offers solutions for commercial, industrial, and military applications under the AuraGen and VIPER brands. It focuses on designing high-efficiency, compact, and magnet-free machines, with ongoing development in electric vehicle systems, mobile power generation, and renewable energy integration. Aura operates primarily in North America with plans for global expansion through partnerships, licensing, and joint ventures. As of Feb. 28, 2025, Aura Systems had $1.48 million in total assets, $39.07 million in total liabilities, and a total shareholders' deficit of $37.59 million. In an audit report dated June 13, 2025, Weinberg & Company, P.A. issued a "going concern" qualification citing that during the year ended Feb. 28, 2025, the Company incurred a net loss of $21 million, used cash in operations of $3 million, and at Feb. 28, 2025, had a stockholders' deficit of $37 million. In addition, at Feb. 28, 2025, notes payable and related accrued interest with an aggregate balance of $5 million have reached maturity and are past due. These matters raise substantial doubt about the Company's ability to continue as a going concern. B'S HOSPITALITY: Hires Krekeler Law S.C. as Bankruptcy Counsel -------------------------------------------------------------- B's Hospitality, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Wisconsin to hire Krekeler Law, S.C. as counsel. The firm will render these services: (a) prepare bankruptcy schedules and statements; (b) consult with the Debtor's professionals or representatives concerning the administration case; (c) prepare and review all appropriate pleadings, motions and correspondence regarding the case; (d) represent and appear at and being involved in proceedings before this court; (e) provide legal counsel to the Debtor in its investigation of the acts, conduct, assets, liabilities, and financial condition, the operation of its business, and any other matters relevant to the case; (f) analyze the Debtor's proposed use of cash collateral and financing; (g) advise the Debtor its rights, powers and duties; (h) advise the Debtor concerning, and assist in the negotiation and documentation, as applicable, of financing agreements, debt restructuring, cash collateral arrangements, its financing and related transactions; (i) review the nature and validity of liens asserted against the property of the Debtor and advise it concerning the enforceability of such liens; (j) advise and assist the Debtor concerning the actions that it might take to collect and recover property for the benefit of its estate; (k) prepare on behalf of the Debtor all necessary and appropriate legal documents, and review all financial and other reports to be filed in this case; (l) advise the Debtor concerning and prepare responses to, legal papers that may filed and served in this case; (m) counsel the Debtor in connection with any proposed sales, leases or use of any assets of the Debtor's bankruptcy estates; (n) assist in preparation of the disclosure statement and plan of reorganization and attend negotiations and hearings; (o) attend meetings and negotiate with representatives of creditors and other parties in interest; and (p) perform all other legal services for and behalf of the Debtor that may be necessary or appropriate in the administration of this case and the reorganization of its business. The firm will be paid at these rates: J. David Krekeler, Shareholder $480 per hour Kristin Sederholm, Shareholder $378 per hour Associate Attorneys $250 to $420 per hour Paralegals $120 to $150 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received from the Debtor an advance fee of $23,000. Kristin Sederholm, Esq., an attorney of Krekeler Law, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kristin Sederholm, Esq. Krekeler Law, S.C. 26 Schroeder Ct. Suite 300 Madison, WI 53711 Tel: (608) 258-8555 Email: ksederho@ks-lawfirm.com About B's Hospitality, LLC B's Hospitality, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-12274) on October 16, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Catherine J Furay presides over the case. Kristin J. Sederholm, Esq. at Krekeler Law, S.C. represents the Debtor as counsel. B. RILEY FINANCIAL: Director Sheldon Opts Out of Re-election ------------------------------------------------------------ B. Riley Financial, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Michael Sheldon, a member of the Company's Board of Directors, informed the Company of his decision not to seek re-election at the Company's next annual meeting of stockholders. Mr. Sheldon has no disagreements with the Company on any matters related to the Company's operations, policies or practices. About B. Riley Financial B. Riley Financial, Inc. -- http://www.brileyfin.com/-- is a diversified financial services company that delivers tailored solutions to meet the strategic, operational, and capital needs of its clients and partners. B. Riley leverages cross-platform expertise to provide clients with full service, collaborative solutions at every stage of the business life cycle. Through its affiliated subsidiaries, B. Riley provides end-to-end financial services across investment banking, institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, operations management, risk and Compliance, due diligence, forensic accounting, litigation support, appraisal and valuation, auction, and liquidation services. B. Riley opportunistically invests to benefit its shareholders, and certain affiliates originate and underwrite senior secured loans for asset-rich companies. As of June 30, 2024, B. Riley Financial had $3.2 billion in total assets, $3.4 billion in total liabilities, and $143.1 million in total deficit. B. RILEY FINANCIAL: Extends Earliest Loan Maturity to March 2027 ---------------------------------------------------------------- B. Riley Financial, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on October 8, 2025, the Company and its wholly owned subsidiary BR Financial Holdings, LLC (the "Borrower") entered into an amendment to that certain Credit Agreement, dated as of February 26, 2025, by and among the Company, Borrower, each of the lenders party thereto, and Oaktree Fund Administration, LLC, as administrative agent and as collateral agent (as amended by the Amendment No. 1 to Credit Agreement, dated as of February 26, 2025 and the Amendment No. 2 to Credit Agreement, dated as of July 8, 2025). Pursuant to the Credit Agreement, the maturity date for the Initial Term Loans (as defined in the Credit Agreement) matures on the earlier of: (i) February 26, 2028, and (ii) a springing maturity date 91 days prior to the maturity of any series of bonds, notes or bank indebtedness of the Company or the Borrower (other than the Company's 6.375% Senior Notes due February 28, 2025 and the Company's 5.50% Senior Notes due March 31, 2026) outstanding on such date with an aggregate outstanding amount exceeding $10,000,000. The Credit Agreement Amendment provides that this springing maturity date shall in no event occur prior to March 31, 2027, thereby extending the earliest possible maturity date of the Initial Term Loans from July 1, 2026. The full text of the Credit Agreement Amendment is available at https://tinyurl.com/2ukd8rxb About B. Riley Financial B. Riley Financial, Inc. -- http://www.brileyfin.com/-- is a diversified financial services company that delivers tailored solutions to meet the strategic, operational, and capital needs of its clients and partners. B. Riley leverages cross-platform expertise to provide clients with full service, collaborative solutions at every stage of the business life cycle. Through its affiliated subsidiaries, B. Riley provides end-to-end financial services across investment banking, institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, operations management, risk and Compliance, due diligence, forensic accounting, litigation support, appraisal and valuation, auction, and liquidation services. B. Riley opportunistically invests to benefit its shareholders, and certain affiliates originate and underwrite senior secured loans for asset-rich companies. As of June 30, 2024, B. Riley Financial had $3.2 billion in total assets, $3.4 billion in total liabilities, and $143.1 million in total deficit. BALAJIO LLC: To Sell Daytona Beach Property to Atlantic Ocean ------------------------------------------------------------- Balajio LLC seeks permission from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns real and personal property located at 90 and 136 Professional Boulevard, Daytona Beach, Florida 32114, which consists of a non-flagged hotel along with its furniture, fixtures and equipment necessary to operate the hotel. The Real Property is encumbered by a first position lien in favor of Daytona 90, LLC as successor to American National Bank on the Property to the extent of over $9,000,000.00 and a second position lien by the United States Small Business Administration on the Personal Property to the extent of over $2,000,000.00. The Debtor seeks to sell the Property for $7,823,000.00 with the terms set forth in the Purchase Agreement with the Purchaser, Atlantic Ocean Inn of Daytona Beach, LLC, owned by Manilal Patel, the principal of the Debtor's father. The deposit will be $100,000 and the closing date will be on November 20, 2025. The Purchase Agreement required a significant discount off of the outstanding amount owed to Lender by close to $2,500,000.00. The Debtor believes that the purchase price for this Property is at market value under the extreme duress raised by the first mortgage holder’s foreclosure action and the loss of the flag for the hotel, and that in order to benefit further consideration, there is no such market above the Lender and SBA allowed claim amount that benefit any other party in interest. The proposed sale is an integral component of the Debtor’s plan and will maximize value of the estate for the benefit of all creditors and avoid even more liquidation costs. Debtor believes that the purchase price to be paid by Purchaser for the Real Property is fair and reasonable, and represents the best value for the sale of the Real Property. The Debtor believes that the proposed sale contemplated will not only provide the Debtor with much needed cash to facilitate the plan of reorganization but will also maximize the value of the Debtor's assets in a timely manner while interest in the Real Property still exists. About Balajio LLC Balajio, LLC operates a hotel in Daytona Beach, Florida. Balajio sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03556) on June 10, 2025, listing up to $10 million in both assets and liabilities. Sameer M. Patel, managing member of Balajio, signed the petition. Judge Tiffany P. Geyer oversees the case. Justin M. Luna, Esq., at Latham Luna Eden & Beaudine, LLP, represents the Debtor as legal counsel. BEACON LIGHT: Case Summary & Three Unsecured Creditors ------------------------------------------------------ Debtor: Beacon Light Baptist Church of Houma, LA 4325 West Park Ave Gray, LA 70359 Business Description: Beacon Light Baptist Church of Houma, located in Gray, Louisiana, operates as a nonprofit religious organization providing Christian worship services, educational programs, and community outreach activities. The church offers Sunday services, Bible study, and virtual worship through online platforms. It serves the Houma–Terrebonne Parish community as part of the broader Beacon Light ministry network. Chapter 11 Petition Date: October 17, 2025 Court: United States Bankruptcy Court Eastern District of Louisiana Case No.: 25-12347 Debtor's Counsel: Douglas S. Draper, Esq. HELLER, DRAPER & HORN, LLC 650 Poydras Street Suite 2500 New Orleans, LA 70130 Tel: 504-299-3300 Email: ddraper@hellerdraper.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Bishop Herbert Andrew as officer. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5EUZ6UA/Beacon_Light_Baptist_Church_of__laebke-25-12347__0001.0.pdf?mcid=tGE4TAMA BEXAR CANYON: Seeks Chapter 7 Bankruptcy in Texas ------------------------------------------------- On October 10, 2025, Bexar Canyon Management Inc. voluntarily filed for Chapter 7 bankruptcy protection in the Western District of Texas. Court documents indicate that the company has debts range from $0 to $100,000. The petition also notes that the business has approximately 50 to 99 creditors. About Bexar Canyon Management Inc. Bexar Canyon Management Inc. is a Texas construction company engaged mainly in large-scale infrastructure projects, including highway, street, and bridge construction. Bexar Canyon Management Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52420) on October 10, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities up to $100,000. Honorable Bankruptcy Judge Craig A. Gargotta handles the case. The Debtor is represented by William B. Kingman, Esq. BEYOND MEAT: Lock-Up Ends on Shares from Exchange Offer ------------------------------------------------------- Beyond Meat, Inc., a leader in plant-based meat, announced on October 16, that the lock-up restrictions that applied to certain of the 316,150,176 shares of its common stock (the "New Shares") that were issued on October 15, in connection with the Company's exchange offer for its 0% Convertible Senior Notes due 2027 expired on the date hereof. By tendering Existing Convertible Notes in the Exchange Offer, each participating holder of Existing Convertible Notes was deemed to have agreed with the Company that from and after the Early Settlement Date and until 5:00 p.m., New York City time, on October 16, 2025, it would not transfer, sell, exchange, assign or convey any legal or beneficial ownership interest in, or any right, title or interest therein (including any right or power to vote), or otherwise dispose of (whether by sale, liquidation, dissolution, dividend, distribution or otherwise) any New Shares, or enter into any contract, option, or other agreement with respect to any of the foregoing; provided that an exchanging holder of Existing Convertible Notes was permitted to sell up to approximately 37.45% of the New Shares received by such holder in the Exchange Offer. The foregoing lock-up restrictions expired and, thereafter, holders of New Shares will be permitted to sell any and all of the New Shares received in the Exchange Offer without the contractual restrictions imposed by the lock-up provisions described above. With the exception of the Freely Tradeable Shares, the New Shares were issued into a Contra CUSIP (CUSIP NO. 088ESCAA6) intended to restrict the trading of such security for the duration of the lock-up period. New Shares subject to the Contra CUSIP are allocated into the unrestricted CUSIP for the Company's shares of common stock (CUSIP NO. 08862E109) over the course on October 17, subject to the procedures of the Depository Trust Company and of DTC participants. The New Shares and other securities offered in the Exchange Offer are offered only to holders of Existing Convertible Notes that are: (i) "qualified institutional buyers" as defined in Rule 144A under the Securities Act or (ii) "accredited investors" (within the meaning of Rule 501(a) under the Securities Act) that beneficially own a minimum of $200,000 in aggregate principal amount of Existing Convertible Notes. The New Shares and other securities offered in the Exchange Offer have not been, and will not be, registered under the Securities Act of 1933, as amended, or any other securities laws. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, the New Shares, the Existing Convertible Notes or any other securities offered in the Exchange Offer, nor will there be any sale of such securities or any other securities, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful. About Beyond Meat Beyond Meat, Inc. (NASDAQ: BYND) is a leading plant-based meat company offering a portfolio of revolutionary plant-based meats made from simple ingredients without GMOs, no added hormones or antibiotics, and 0mg of cholesterol per serving. Founded in 2009, Beyond Meat products are designed to have the same taste and texture as animal-based meat while being better for people and the planet. Beyond Meat's brand promise, Eat What You Love(R), represents a strong belief that there is a better way to feed the future and that the positive choices we all make, no matter how small, can have a great impact on our personal health and the health of our planet. By shifting from animal-based meat to plant-based protein, we can positively impact four growing global issues: human health, climate change, constraints on natural resources and animal welfare. BIOMERICA INC: Reports $2,000 Net Income in Q1 2025 --------------------------------------------------- Biomerica, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $2,000 for the three months ended August 31, 2025, compared to a net loss of $1.32 million in the same period of 2024. Net sales for the three months ended August 31, 2025, were $1.38 million, compared to a revenue of $1.81 million for the same period in 2024. As of August 31, 2025, the Company had $6.85 million in total assets, $1.70 million in total liabilities, and a total stockholders' equity of $5.16 million. LIQUIDITY AND GOING CONCERN: The Company stated, "We have incurred recurring operating losses and negative cash flows from operations and have an accumulated deficit of approximately $53,200,000 as of August 31, 2025. As of August 31, 2025, we had cash and cash equivalents of approximately $3,053,000 and working capital of approximately $4,206,000. "On September 28, 2023, we filed a new "shelf" registration statement on Form S-3 with the SEC, to replace the expiring "shelf" registration statement on Form S-3 that was filed in July 21, 2020, as amended on September 20, 2020 (the "Shelf Registration Statement"), which was declared effective on September 29, 2023, allowing the Company to issue up to $20,000,000 in shares of our common stock. Under this registration statement, shares of our common stock may be sold from time to time for up to three years from the filing date . On May 10, 2024, we filed a prospectus supplement to the Shelf Registration Statement with the SEC to facilitate the sale of up to $5,500,000 in common stock through ATM offerings, as defined in Rule 415 under the Securities Act (the "2024 ATM Offering"). As part of this transaction, we incurred $81,000 in deferred offering costs during the year ended May 31, 2025. "During the three months ended August 31, 2025, we sold 258,569 shares of our common stock at prices ranging from $3.34 to $3.69 pursuant to the 2024 ATM Offering, which resulted in gross proceeds of approximately $939,000 and net proceeds to us of $912,000 after deducting commissions for each sale and legal, accounting, and other fees related to offering in the amount of $27,000. "We intend to use the net proceeds from any funds raised through the 2024 ATM Offering for general corporate purposes, including, but not limited to, sales and marketing activities, clinical studies and product development, acquisitions of assets, businesses, companies, or securities, capital expenditures, and working capital needs. "Management assesses whether we have sufficient liquidity to fund its costs for the next twelve months from each financial statement issuance date to determine if there is a substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concern over the next twelve months is influenced by several factors, including: * Our need and ability to generate additional revenue from international opportunities and sales within the United States of existing products, and from our new product launches; * Our need to access the capital and debt markets to meet current obligations and fund operations; * Our capacity to manage operating expenses and maintain or increase gross margins as we grow; * Our ability to retain key employees and maintain critical operations with a substantially reduced workforce; and * Certain SEC regulations that limit the amount of capital we can raise through issuance of its equity. "Management has analyzed our cash flow requirements through November 2026 and beyond. Based on this analysis, we believe our current cash and cash equivalents are insufficient to meet our operating cash requirements and strategic growth objectives for the next twelve months. "To address our capital needs and sustain operations beyond the next year, we are actively pursuing strategies to increase sales, reduce expenses, sell non-core assets, seek additional financing through debt or equity, and seek other strategic alternatives. While we are committed to these plans, there is no assurance that these efforts will be successful or sufficient to meet our capital requirements. "As part of our efforts to reduce costs, we have implemented significant cost-cutting measures in an attempt to extend our cash runway and work towards increasing revenues to cover overhead costs. "These factors raise substantial doubt about our ability to continue as a going concern. Our future viability depends on the successful execution of our strategic plans, securing additional near-term financing, and achieving profitable operations," the Company concluded. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/52a4e4p6 About Biomerica, Inc. Headquartered in Irvine, Calif., Biomerica, Inc. is a global biomedical technology Company that develops, patents, manufactures and markets advanced diagnostic and therapeutic products. The Company's diagnostic test kits are utilized in the analysis of blood, urine, nasal, or fecal samples for the diagnosis of various diseases, food intolerances, and other medical conditions. These kits also measure levels of specific hormones, antibodies, antigens, and other substances, which may exist in the human body at extremely low concentrations. The Company's products are designed to enhance health and well-being while reducing overall healthcare costs. Irvine, Calif.-based Haskell & White LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated Aug. 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended May. 31, 2025, citing that the Company has experienced recurring losses and negative cash flows from operations and has an accumulated deficit and limited liquid resources. These matters raise substantial doubt about the Company's ability to continue as a going concern. BOAT ENERGY: Seeks to Hire Bilu Law PA as Bankruptcy Counsel ------------------------------------------------------------ Boat Energy LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Bilu Law, PA as counsel. The Debtor requires legal counsel to: (a) give advice with respect to the powers and duties of the Debtor in the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare legal papers; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. The firm will be paid at these rates: Partner $500 per hour Associate Attorney $425 per hour Paralegal/Legal Assistant $250 per hour The Debtor agrees to deposit an initial retainer of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Nicholas Rossoletti, Esq., an attorney at Bilu Law, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Nicholas G. Rossoletti, Esq. Bilu Law, PA 2760 W. Atlantic Blvd. Pompano Beach, FL 33069 Telephone: (954) 596-0669 Facsimile: (954) 427-1518 Email: nrossoletti@bilulaw.com About Boat Energy LLC Boat Energy LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21427) on September 29, 2025, listing up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Scott M Grossman presides over the case. Nicholas G Rossoletti, Esq. of Bilu Law, P.A. represents the Debtor as counsel. BOXLIGHT CORP: Names Ryan Zeek as Chief Financial Officer --------------------------------------------------------- Boxlight Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company appointed Ryan Zeek to serve as the Chief Financial Officer of the Company. Mr. Zeek, 37, previously served as the Chief Financial Officer from April 2025 to July 2025 & Vice President of Strategy at Incident IQ, a K-12 school software provider, from February 2024 to March 2025. Prior to serving as chief financial officer, he also served as Director in Financial Planning and Analysis at Incident IQ from November 2021. Mr. Zeek also served in various Financial Planning and Analysis, Strategy and Corporate development, and Internal Audit roles from November 2014 to August 2021 at Crawford & Company, a publicly traded global provider of claims management and outsourcing solutions to insurance companies and self-insured entities with an expansive network serving clients in more than 70 countries. Prior to joining Crawford & Company, Mr. Zeek also served in Controller and Senior Accountant roles at a software company and a multifamily development & construction company. Mr. Zeek began his career at PricewaterhouseCoopers LLP (PwC) in the Audit practice. He earned his Bachelor of Business Administration in Accountancy from Auburn University, his Master of Sciences Accounting from the University of Notre Dame, and is a Certified Public Accountant (CPA). In connection with his appointment as Chief Financial Officer of the Company, Mr. Zeek entered into an employment agreement with the Company, effective as of October 8, 2025. Pursuant to the Employment Agreement, Mr. Zeek will be entitled to receive an annual base salary of $260,000 and will be eligible for a quarterly performance-based bonus, the total annualized value of which would be $106,000 for on target performance. Mr. Zeek will also be eligible to participate in an executive equity incentive plan and in all employee benefit plans, including medical, disability, 401K and other employee benefit plans and programs generally provided by the Company. Under the terms of the Employment Agreement, either the Company or Mr. Zeek may, at any time, terminate the Employment Agreement by giving 60 days' advance written notice to the other party. The Company may also terminate the Employment Agreement at any time without notice for "cause," as defined in the Employment Agreement. Pursuant to the Employment Agreement, if the Company terminates Mr. Zeek's employment without "cause," Mr. Zeek will be eligible to receive, as severance, his then current annual base salary for a period six months, generally payable in accordance with the Company's normal payroll practices, plus any quarterly bonus earned but unpaid at the termination date, subject in each case to Mr. Zeek entering into a release of claims against the Company. Mr. Zeek is also subject to certain confidentiality obligations and two-year non-competition, non-solicitation and non-disparagement covenants pursuant to the terms of the Employment Agreement. A copy of the Employment Agreement is available at https://tinyurl.com/567s483y Mr. Zeek has no family relationships with any of the Company's directors or executive officers, and he is not a party to, and does not have any direct or indirect material interest in, any transaction requiring disclosure under Item 404(a) of Regulation S-K. About Boxlight Corp Boxlight Corporation, based in Duluth, Georgia, develops, sells, and services interactive technology solutions primarily for the education sector, with additional offerings for corporate and government clients. The Company designs, produces, and distributes interactive and non-interactive flat-panel displays, LED video walls, classroom audio systems, cameras, peripherals, STEM products, and software integrated into a classroom suite for learning, assessment, and collaboration. Boxlight sells its products through over 1,000 global reseller partners, reaching more than 1.5 million classrooms and meeting spaces in over 70 countries. In its audit report dated March 28, 2025, Forvis Mazars, LLP issued a "going concern" qualification citing that the Company has identified certain conditions relating to its outstanding debt and Series B and C Preferred Stock that are outside the control of the Company. In addition, the Company has generated recent losses. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. The Company's Term Loan, which has an outstanding balance of $39.0 million as of June 30, 2025, matures on Dec. 31, 2025. As of June 30, 2025, the Company's short-term debt will mature within the six months. The Company said it is seeking to refinance its debt with new lenders but noted there is no guarantee the effort will succeed before the Term Loan matures, at which point all amounts will be due. As of June 30, 2025, the Company had cash and cash equivalents of $7.6 million, a working capital balance of ($0.5) million, and a current ratio of 0.99. Boxlight reported total assets of $99.20 million, total liabilities of $91.32 million, total mezzanine equity of $28.51 million, and a total stockholders' deficit of $20.63 million. BOXLIGHT CORP: Regains Compliance With Nasdaq Listing Rules ----------------------------------------------------------- Boxlight Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Staff of The Nasdaq Capital Market has determined that the Company complies with Nasdaq Listing Rules relating to minimum stockholders' equity, independent director, and audit committee requirements with which it previously did not comply. The Staff indicated that Nasdaq will continue to monitor the Company's compliance with the minimum stockholders' equity and, if at the time of its next periodic report the Company does not comply, the Company may be subject to delisting. The Staff further indicated that the independent director and audit committee matters are now closed. The Company announced on October 3, 2025, that it believed that it had stockholders' equity of at least $2.5 million as required for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(b)(1). The Company also included in that announcement a summary of other recent events that enabled it to attain this achievement, including: * The receipt of shareholder approval of an amendment to the Company's Articles of Incorporation to increase the number of authorized shares of Class A common stock to 25,000,000; * The completion of an offering of its Class A common stock that raised $4.0 million in gross proceeds, before deducting the placement agent's fees and other offering expenses payable by the Company; * The exercise of warrants that provided the Company with $1.9 million of gross proceeds; * Its entry into an agreement to modify the terms of its Series B Preferred Stock that the Company believes allows it to classify the Series B Preferred Stock as permanent equity on its consolidated balance sheet; and * the conversion of its Series C Preferred Stock into common stock of the Company by the holders. Furthermore, as reported on August 14, 2025, the Company regained compliance with Nasdaq Listing Rule 5605(b)(1), which requires that a majority of the Board must be comprised of independent directors as defined in Nasdaq listing standards, through the election of new independent directors. Finally, as reported on October 3, 2025, the Company regained compliance with Nasdaq Listing Rule 5605(c)(2)(A), which requires, among other things, that audit committees have at least one member that has past employment experience in finance or accounting, requisite professional certification in accounting, or any other comparable experience or background which results in the individual's financial sophistication. The Board of Directors has concluded that Carine Clark, including through her primary occupation as chief executive officer of a mortgage lender, has the requisite experience and background that results in her financial sophistication. About Boxlight Corp Boxlight Corporation, based in Duluth, Georgia, develops, sells, and services interactive technology solutions primarily for the education sector, with additional offerings for corporate and government clients. The Company designs, produces, and distributes interactive and non-interactive flat-panel displays, LED video walls, classroom audio systems, cameras, peripherals, STEM products, and software integrated into a classroom suite for learning, assessment, and collaboration. Boxlight sells its products through over 1,000 global reseller partners, reaching more than 1.5 million classrooms and meeting spaces in over 70 countries. In its audit report dated March 28, 2025, Forvis Mazars, LLP issued a "going concern" qualification citing that the Company has identified certain conditions relating to its outstanding debt and Series B and C Preferred Stock that are outside the control of the Company. In addition, the Company has generated recent losses. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. The Company's Term Loan, which has an outstanding balance of $39.0 million as of June 30, 2025, matures on Dec. 31, 2025. As of June 30, 2025, the Company's short-term debt will mature within the six months. The Company said it is seeking to refinance its debt with new lenders but noted there is no guarantee the effort will succeed before the Term Loan matures, at which point all amounts will be due. As of June 30, 2025, the Company had cash and cash equivalents of $7.6 million, a working capital balance of ($0.5) million, and a current ratio of 0.99. Boxlight reported total assets of $99.20 million, total liabilities of $91.32 million, total mezzanine equity of $28.51 million, and a total stockholders' deficit of $20.63 million. CANO HEALTH: Former CEO Settles $70MM Dental Dispute ---------------------------------------------------- Carolina Bolado of Law360 reports that Cano Health Inc.'s former chief executive has reached a settlement in a $70 million Florida lawsuit filed by CD Support LLC and Onsite Dental, which accused him of personally causing their company's collapse. The case centered on a failed business deal with Cano Health that the plaintiffs said led to their financial ruin, according to the report. The parties finalized the settlement late Sunday, October 19, 2025, just before jury selection was scheduled to begin in Miami. The agreement brings an end to a contentious legal battle that had been building toward trial for several years, the report states. According to court filings, the dental services company sought damages over the alleged mishandling of the deal. While the exact terms of the settlement remain confidential, the resolution avoids what was expected to be a high-profile courtroom confrontation. About Cano Health Inc. Cano Health, Inc. and its affiliates are independent primary care physician group. The Debtors sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10164) on February 4, 2024. In the petitions signed by Mark Kent, authorized signatory, the Debtors disclosed $1,211,931,000 in assets and $1,471,032,000 in liabilities. Judge Karen B. Owens oversees the cases. The Debtors tapped Richards, Layton & Finger, PA and Weil, Gotshal & Manges, LLP as bankruptcy counsels; Quinn Emanuel Urquhart & Sullivan, LLP as special counsel; Houlihan Lokey, Inc. as investment banker; and AlixPartners, LLP as financial advisor. Kurtzman Carson Consultants, LLC is the claims, notice and solicitation agent. Gibson, Dunn & Crutcher, LLP and Pachulski, Stang, Ziehl & Jones, LLP represent the ad hoc first lien group while ArentFox Schiff, LLP represents Wilmington Savings Fund Society, FSB, the DIP agent. Credit Suisse AG, Cayman Islands Branch, serves as administrative agent and collateral agent, under the Credit Agreement. Freshfields Bruckhaus Deringer US, LLP is counsel to the agent. JPMorgan Chase Bank, N.A., serves as administrative agent and collateral agent under the Side-Car Credit Agreement. It is represented by Proskauer Rose, LLP. Daniel McMurray was appointed as the patient care ombudsman in these Chapter 11 cases. He tapped Neubert Pepe & Monteith PC and Klehr Harrison Harvey Branzburg, LLP as his counsel. CEDAR VALLEY: Disclosure Statement Filing Deadline on Feb. 10 ------------------------------------------------------------- On October 13, 2025, Cedar Valley Cypress TX LLC filed Chapter 11 protection in the Northern District of Texas. According to court filing, the Debtor reports between $50,000 and $100,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. According to bkalerts, Cedar Valley's deadline for filing of disclosure statement is on February 10, 2026. About Cedar Valley Cypress TX LLC Cedar Valley Cypress TX LLC and affiliates form a network of for-profit healthcare companies that own and manage skilled nursing and rehabilitation centers. The group oversees facilities such as Cedar Valley Nursing & Rehabilitation Center in Cedartown, Georgia, and operates through related entities providing administrative and clinical support. The companies share common ownership under the Cypress structure, which manages nursing home operations in Texas, New York, and Georgia. Cedar Valley Cypress TX LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-34017) on October 13, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $50,000 and $100,000. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Jason S. Brookner, Esq. of GRAY REED. CHERISHED LAND: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 1 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Cherished Land, LLC. About Cherished Land LLC Cherished Land, LLC owns and operates a single real estate property that generates substantially all of the company's income. The company is structured as a single-asset real estate entity under U.S. bankruptcy law. Cherished Land sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 25-20220) on September 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Peter G. Cary handles the case. The Debtor is represented by D. Sam Anderson, Esq. at Adam R. Prescott, Esq., at Bernstein, Shur, Sawyer & Nelson, P.A. CLINE'S CORNER: Seeks to Hire Levy Law LLC as Bankruptcy Counsel ---------------------------------------------------------------- Cline's Corner Truck Wash seeks approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to employ Steven A. Levy d/b/a/ Levy Law, LLC as its attorneys. The firm will render these services: (a) investigate whether or not any creditors have perfected security interests which are enforceable against the estate of the Debtor-in-possession, and based upon said investigation, to take all necessary steps to invalidate such security interests which have not been properly perfected; (b) take all necessary action to protect and preserve the estate of the Debtor-in-possession including the prosecution of actions commenced against them, negotiations concerning all litigation in which they are involved, and objecting to claims filed in these proceedings; (c) prepare on behalf of the Debtor, as Debtor-in possession, all necessary applications, answers, orders, reports and papers in connection with the administration of the estate; (d) perform all other necessary legal service in connection with their proceedings. Levy Law will be paid at these hourly rates: Steven A. Levy, Esq. $300 Paralegal $100 The Debtor has previously provided payment to said attorney $4,770 for pre-filing services during the month of October 2025, and for the filing fee for this case of $1,738. Mr. Levy, a principal in the firm of Levy Law, LLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Levy Law may be reached at: Steven A Levy, Esq. Levy Law, LLC 606 W. Washington Cuba, MO 65453 Tel: (573) 885-1400 E-mail: salevy@att.net About Cline's Corner Truck Wash Cline's Corner Truck Wash is a truck repair shop in Missouri. Virgil and Debbie Cline d/b/a Cline's Corner Truck Wash sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E. D. Miss. Case No. 25-20171) on October 14, 2025. In the petition filed by Virgil Cline, as member and manager, the Debtor reported assets and liabilities between $1 million and $10 million. Judge Kathy A Surratt-States presides over the case. Steven A Levy, Esq. at Paulus Law Office, LLC represents the Debtor as counsel. COLD SPRING: Unsecureds Will Get 2% in Liquidating Plan ------------------------------------------------------- Cold Spring Acquisition, LLC, filed with the U.S. Bankruptcy Court for the Southern District of New York a Disclosure Statement describing Plan of Liquidation dated October 14, 2025. The Debtor is a limited liability company formed in July 2014 which operated a skilled nursing and rehabilitation center in Woodbury, New York (the "Senior Care Facility"). The Debtor owes approximately $21,803,468 to its landlord, Cold Spring Realty Acquisition LLC ("Realty"), which holds a judgment in that amount against the Debtor. Bent Phillipson, Avi Phillipson's father, is a member of Realty. Thus, Realty is an insider of the Debtor. The Debtor has not paid full rent to Realty since approximately 2016. The Plan is a liquidation of the Debtor's assets, premised upon (i) the Sale of substantially all of the Debtor's assets to 378SYWOOD LLC (as that term is defined in the Asset Purchase Agreement, the "Purchaser"), and pursuant to the Asset Purchase Agreement attached to the Receivership and Sale Order dated March 20, 2023. The Sale was the result of extensive good-faith negotiations among the Debtor and the Purchaser. As a result of the transfer of operations to the Temporary Receiver and pending an approval of sale by the New York Department of Health (the "DOH"), the Debtor has liquidated its primary tangible assets and its primary secured debt obligations will be assumed by the Purchaser. The Plan requires any Excluded Assets (as defined herein and the Asset Purchase Agreement) be used to the extent necessary to satisfy the priorities set forth in the Bankruptcy Code and any remaining cash that is not required to be used to pay administrative expenses, other statutory priority claims or statutory secured claims, as required under the Bankruptcy Code, shall be distributed for the benefit of general unsecured creditors by the Plan Administrator, Martin Cauz. The Plan also provides that the Plan Administrator will continue to liquidate and wind down any remaining assets of the Debtor not sold prior to the Effective Date. Class Four consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to different, less favorable treatment, in full and final satisfaction, settlement, and release of, and in exchange for, all such Allowed Claims, each Holder of an Allowed General Unsecured Claim shall receive such Holder’s Pro Rata share of cash available for Distribution on each such Distribution Date as determined by the Plan Administrator. The allowed unsecured claims total $79,089,360. This Class will receive a distribution of 2% of their allowed claims. This Class is impaired. On the Effective Date, all Interests shall be eliminated, and Holders of Interests shall not receive or retain any property under the Plan on account of such Interests. On the Effective Date, all property of the Estate, including any Causes of Action and any Excluded Assets under the Asset Purchase Agreement, and any property acquired by the Debtor re-vest in the post-confirmation Debtor, free and clear of all Liens, Claims, charges, or other encumbrances. On and after the Effective Date, the Plan Administrator may take any action, including to use, acquire, or dispose of property and maintain, prosecute, abandon, compromise or settle any Claims, Interests, or Causes of Action without supervision or approval by the Bankruptcy Court and free of any restrictions of the Bankruptcy Code or Bankruptcy Rules, subject only to those restrictions expressly imposed by this Plan or the Confirmation Order. The primary source of funding the Distributions and payments required to be made under the Plan shall be the Cash on hand as of the Effective Date, any future collections of accounts receivable and any proceeds of Causes of Action. A full-text copy of the Disclosure Statement dated October 14, 2025 is available at https://urlcurt.com/u?l=htWxbc from PacerMonitor.com at no charge. Counsel to the Debtor: Schuyler G. Carroll, Esq. Russell E. Potter, Esq. Thomas A. Whittington, Esq. MANATT, PHELPS & PHILLIPS, LLP 7 Times Square New York, NY 10036 Tel: (212) 790-4500 Email: scarroll@manatt.com rpotter@manatt.com twhittington@manatt.com About Cold Spring Acquisition Cold Spring Acquisition LLC operates a 588-bed skilled nursing and rehabilitation facility in Woodbury, N.Y. In particular, the senior care facility provides hospice, dementia care, medical needs, as well as short-term and long-term rehabilitation care. The senior care facility also runs a senior day program. Cold Spring Acquisition sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22002) on January 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $50 million and $100 million in liabilities. Judge Sean H. Lane handles the case. Russell E. Potter, Esq., and Schuyler Carroll, Esq., at Manatt, Phelps & Phillips represent the Debtor as legal counsels. CORPORATE AIR: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------- The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Corporate Air, LLC and its affiliates. The committee members are: 1. Precision Recruiting Solutions Group, LLC A.J. Ray 3919 William Penn Hwy, Ste 200 Murrysville, PA 15668 ajray@prsgllc.com Tel: (412) 550-4071 2. Air Inter LLC Pedro Barelli 5505 Dunmoyle Street Pittsburgh, PA 15217 pedro.barelli@gmail.com Tel: (412) 512-4305 3. Francois Bitz 1640 Pleasant Hill Road Baden, PA 15005 francoisbitz@gmail.com Tel: (412) 913-1244 Counsel: Ryan Cooney, Esq. Cooney Law Offices, LLC 223 Fourth Ave, 4th Floor Pittsburgh, PA 15222 rcooney@cooneylawyers.com Tel: (412) 546-1234 John Linkosky, Esq. 715 Washington Avenue Carnegie, PA 15106 linklaw@comcast.net Tel: (412) 278-1280 Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Corporate Air LLC Corporate Air, LLC provide flight training, aircraft rental (including charter services), maintenance, and Fixed-Base Operator services in Pennsylvania and Colorado, operating facilities that support charter flights, pilot training, and related airport operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Court (Bankr. W.D. Pa. Lead Case No. 25-22602) on September 29, 2025. In the petition signed by David Nolletti, chief restructuring officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge John C. Melaragno oversees the case. The Debtors tapped Domenic E. Pacitti, Esq., and Michael W. Yurkewicz, Esq., at Klehr Harrison Harvey Branzburg, LLP as general bankruptcy counsel; Kevin Douglass, Esq., at Babst, Calland, Clements and Zomnir, P.C., as co-bankruptcy counsel; Riveron Management Services, LLC as financial advisor; and Omni Agent Solutions, Inc. as noticing, claims, and solicitation agent. DATAVAULT AI: Regains Compliance With Nasdaq's Bid Price Rule ------------------------------------------------------------- Datavault AI Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company received a Letter from The Nasdaq Stock Market LLC confirming that the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2), which requires a minimum bid price of $1.00 per share for the Company's common stock. As previously disclosed, on May 6, 2025, the Company received notice from Nasdaq that it was not in compliance with the minimum bid price requirement. The Letter states that for 10 consecutive business days from September 26, 2025 through October 9, 2025, the closing bid price of the Company's common stock was at least $1.00 per share. Accordingly, the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2), and this matter is now closed. About Datavault AI Datavault AI Inc., headquartered in Beaverton, Oregon, develops and licenses patented platforms for AI-driven data management, valuation, and monetization. The Company offers cloud-based Web 3.0 solutions incorporating high-performance computing, generative AI agents, and secure data utilities. Datavault AI operates in the data technology and software licensing industry, providing tools for enterprise-grade data solutions focused on privacy and cybersecurity. BPM LLP's audit report dated March 31, 2025, included a "going concern" qualification, noting that the Company's ongoing operational losses, net capital deficiency, and cash flow situation cast significant doubt on its ability to continue operating. Management of the Company intends to raise additional funds through the issuance of equity securities or debt. There can be no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company, if at all. Failure to generate sufficient cash flows from operations, raise additional capital and reduce discretionary spending could have a material adverse effect on the Company's ability to achieve its intended business objectives. As of June 30, 2025, the Company had $120.69 million in total assets, $46.62 million in total liabilities, and $74.07 million in total stockholders' equity. Cash and cash equivalents as of June 30, 2025 were $0.7 million compared to $3.3 million, as of Dec. 31, 2024. The Company recorded a net loss of $37.1 million and $46.7 million for the three and six months ended June 30, 2025 and used net cash in operating activities of $12.8 million for the six months ended June 30, 2025 vs $9.0 million for the six months ended June 30, 2024. Excluding non-cash adjustments, the primary reasons for the increase in the use of net cash from operating activities during the six months ended June 30, 2025, was related to an increase in the net loss. DCA OUTDOOR: Seeks to Hire Root Realty LLC as Real Estate Broker ---------------------------------------------------------------- DCA Outdoor, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Missouri to hire Root Realty LLC as its broker. The firm's services include: a. soliciting parties who may be interested in purchasing some or all of the Sale Assets; b. preparing, hosting, and managing a virtual data room to facilitate sharing diligence regarding the Sale Assets with interested parties; c. marketing the Sale Assets to local, regional, and national buyers; d. conducting negotiations, on behalf of the Debtors and at the Debtors' direction (in each case, exclusively through the CRO), for the sale of the Sale Assets; e. conducting and managing a bidding process and, as necessary, an auction with respect to the Sale Assets; and f. closing one or more sale(s) of the Sale Assets to the successful purchaser(s). Root Realty has agreed to a multi-staged, multi-scenario compensation structure as follows: a. Engagement Fee. At the time of execution and delivery of the Root Realty Contract, the Debtors will pay Root Realty a non-refundable cash engagement fee of $25,000 (the "Engagement Fee"). b. Retainer Fees. At the beginning of each full month following the execution of the Root Realty Contract, the Debtors will pay Root Realty a non-refundable cash retainer fee of $10,000 per month for a minimum of six (6) months (collectively, the "Retainer Fees"), due on the first day of each month and payable immediately upon receipt by Debtors of Root Realty's invoices therefor. c. Success Fees. At the time of closing of a transaction of the Sale Assets ("Transaction"), the Debtors agree to pay Root Realty, through escrow, a cash Success Fee equal to the following tiered structure: Going concern sale(s) 1.50 percent Real estate sale(s) -- no Co-op advisor 2.50 percent Real estate sale(s) -- with Co-op advisor 3.00 percent (1.75 percent to Firm; 1.25 percent to Co-op broker) In the event of a closing of a Transaction, any Success Fee paid to Root Realty will be reduced by the sum of the Engagement Fee plus the Retainer Fees paid through closing. As disclosed in the court filings, Root Realty is "disinterested" within the meaning of section 101(14) of the Bankruptcy Code and as required by section 327 of the Bankruptcy Code. The broker can be reached through: Skye Root Root Realty LLC 2670 S. Eagle Rd. Meridian, ID 83642 Phone: (208) 908-3848 Email: skye@rootagadvisory.com About DCA Outdoor Inc. Established in 2016, DCA Outdoor Inc. is a vertically integrated green industry organization headquartered in Kansas City, Missouri. DCA Outdoor connects various sectors -- including agricultural production, landscape distribution, retail, agritourism, and transportation -- through its family of brands. The DCA Outdoor family comprises several brands including Schwope Brothers Tree Farms, Utopian Plants, RIO, Anna Evergreen, Brehob Nurseries, KAT Landscape, Colonial Gardens, PlantRight, PlantRight Supply, and Utopian Transport. DCA Outdoor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Miss. Case No. 25-50053) on February 20, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $50 million and $100 million in liabilities. Honorable Bankruptcy Judge Cynthia A. Norton handles the case. The Debtor tapped Larry E. Parres, Esq., at Lewis Rice, LLC as legal counsel and Creative Planning, LLC and its affiliate BerganKDV as audit and tax professionals. Summit Investment Management LLC, as DIP lender, can be reached through: Patrick Gilbert Summit Investment Management, LLC Wells Fargo Center 1700 Lincoln Street, Suite 2150 Denver, CO 80203 Office: (720) 221-3154 Cell: (651) 688-6127 E-mail: pgilbert@summit-investment.com DIESEL DEVELOPMENT: Case Summary & Three Unsecured Creditors ------------------------------------------------------------ Debtor: Diesel Development Systems, LLC 404 Weldstone Road Cranberry Township, PA 16066 Business Description: Diesel Development Systems, LLC operates the Diesel Sports Complex, a sports and training facility located in Cranberry Township, Pennsylvania. The Company owns the 9043 Marshall Road property, which features indoor and outdoor turf fields used for athletic training and recreational events. Diesel Development Systems is classified under the amusement and recreation industry and conducts business primarily in western Pennsylvania. Chapter 11 Petition Date: October 17, 2025 Court: United States Bankruptcy Court Western District of Pennsylvania Case No.: 25-22796 Debtor's Counsel: Brian C. Thompson, Esq. THOMPSON LAW GROUP, P.C. 301 Smith Drive, Suite 6 Suite 200 Cranberry Township, PA 16066 Tel: (724) 799-8404 Fax: (724) 799-8409 Email: bthompson@thompsonattorney.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Matthew Diesel as managing member. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WBW6QMI/Diesel_Development_Systems_LLC__pawbke-25-22796__0001.0.pdf?mcid=tGE4TAMA DORMIFY INC: Plan Exclusivity Period Extended to Nov. 18 -------------------------------------------------------- Judge Thomas M. Horan of the U.S. Bankruptcy Court for the District of Delaware extended Dormify, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to November 18, 2025 and January 19, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that it is currently undertaking activities that will return funds to the estate, such as investigating and pursuing preferential or fraudulent transfer issues, which are expected to augment estate funds, as well as continuing to investigate a sale of certain assets. However, proposing a chapter 11 plan before these activities can be completed would be premature and would not allow sufficient time to successfully secure these funds for the estate, which is necessary to determine the amount of recovery to creditors under a chapter 11 plan. The Debtor claims that the extension of the Exclusive Periods will afford the Debtor time to augment the estate via the activities. For that reason, the extension of the Exclusive Periods will not harm parties in interest but rather will benefit parties in interest as the Debtor coordinates with those parties to propose a feasible chapter 11 plan, fully developing the grounds upon which such plan can be based. Accordingly, the Debtor should be afforded a full and fair opportunity to propose, negotiate, and seek acceptance of a chapter 11 plan. The Debtor believes that the requested extension of the Exclusive Periods is warranted and appropriate under the circumstances. The Debtor submits that the requested extension is realistic and necessary, will not prejudice the legitimate interests of creditors and other parties in interest, and will afford the Debtor a meaningful opportunity to pursue a consensual plan, all as contemplated by chapter 11 of the Bankruptcy Code. Dormify, Inc., is represented by: GOLDSTEIN & MCCLINTOCK LLLP Maria Aprile Sawczuk, Esq. 501 Silverside Road, Suite 65 Wilmington, DE 19809 Telephone: (302) 444-6710 Email: marias@goldmclaw.com - and - Harley J. Goldstein, Esq. Ainsley G. Moloney, Esq. Joshua M. Grenard, Esq. William H. Thomas, Esq. 111 W. Washington Street, Suite 1221 Chicago, IL 60602 Telephone: (312) 337-7700 Email: harleyg@goldmclaw.com ainsleyg@goldmclaw.com joshuag@goldmclaw.com willt@goldmcl About Dormify Inc. Dormify, Inc., filed a Chapter 11 petition (Bankr. D. Del. Case No. 24-12634) on Nov. 18, 2024, with $1 million to $10 million in assets and $10 million to $50 million in liabilities. Judge Thomas M. Horan oversees the case. The Debtor tapped Goldstein & McClintock, LLLP, as counsel and B. Riley Advisory Services as financial advisor. Reliable Companies is the Debtor's claims and noticing agent. DOTHAN BUILDING: Seeks Chapter 7 Bankruptcy in Texas ---------------------------------------------------- On October 10, 2025, Dothan Building Partners LLC voluntarily filed for Chapter 7 bankruptcy protection in the Eastern District of Texas. Court documents show that the company's debts are estimated between $1 million and $10 million. The filing also notes that the business has 50 to 99 creditors. About Dothan Building Partners LLC Dothan Building Partners LLC is a limited liability company. Dothan Building Partners LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-43067) on October 10, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Brenda T. Rhoades handles the case. The Debtor is represented by Howard Marc Spector, Esq. of Spector & Cox, PLLC. DUOMO GSP: Seeks to Tap Middlebrooks Shapiro as Bankruptcy Counsel ------------------------------------------------------------------ Duomo GSP Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Hersey to hire Middlebrooks Shapiro, P.C. as attorneys. The firm will render these services: (a) prepare and file the Debtor's Chapter 11 petition, schedules, and statement of financial affairs; (b) represent the Debtor at the Initial Debtor Interview and the section 341(a) meeting of creditors; and (c) represent the Debtor in all aspects of the Chapter 11 case, including contested matters and adversary proceedings. The firm will be paid at these hourly rates: Melinda Middlebrooks, Attorney $500 Joseph Shapiro, Attorney $450 Jessica Minneci, Attorney $400 Law Clerks and Paralegals $100 In addition, the firm will seek reimbursement for expenses incurred. The firm received a total retainer of $7,000 from the Debtor plus a filing fee of $1,738. Ms. Middlebrooks disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Melinda D. Middlebrooks, Esq. Middlebrooks Shapiro, P.C. P.O. Box 1630 Belmar, NJ 07719 Telephone: (973) 218-6877 Email: middlebrooks@middlebrooksshapiro.com About Duomo GSP Inc. Duomo GSP Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-21039) on October 17, 2025, listing up to $50,000 in both assets and liabilities. Joseph M. Shapiro, Esq. at Middlebrooks Shapiro, P.C. represents the Debtor as counsel. EDGE DOCUMENT: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: EDGE Document Solutions, LLC 1358 Old Hickory Drive Greenwood IN 46142 Business Description: EDGE Document Solutions, LLC provides print and digital document management solutions for clients in education, municipal, and commercial sectors. The Company develops and integrates software systems for eDocuments, and electronic content management, while continuing to support traditional print and mailing needs such as checks and forms. Chapter 11 Petition Date: October 17, 2025 Court: United States Bankruptcy Court Southern District of Indiana Case No.: 25-06350 Judge: Hon. James M Carr Debtor's Counsel: John Allman, Esq. HESTER BAKER KREBS LLC One Indiana Sq Suite 1330 Indianapolis IN 46204 Tel: 317-833-3030 Email: jallman@hbkfirm.com Total Assets: $112,146 Total Liabilities: $1,198,635 The petition was signed by Benjamin Bickham as vice president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2QOXWZQ/EDGE_Document_Solutions_LLC__insbke-25-06350__0001.0.pdf?mcid=tGE4TAMA ELANCO ANIMAL: Fitch Gives BB+ Rating on $1.1BB Secured Term Loan B ------------------------------------------------------------------- Fitch Ratings has assigned a 'BB+' rating with a Recovery Rating of 'RR2' to the $1.1 billion senior secured term loan B of Elanco Animal Health Incorporated and Elanco US Inc. (collectively, Elanco). Elanco intends to use the net proceeds from the new term loan B, a new $540 million farm credit term loan and a new EUR400 million term loan A, to repay in full the existing 2027 senior secured term loan B. Key Rating Drivers Balance Sheet Deleveraging: Fitch forecasts that (Fitch-defined) EBITDA leverage will decline to 4.2x by YE 2025 and sustain in the 3.5x-4.0x range thereafter, assuming further debt reduction after 2025 and some EBITDA margin expansion. Management remains committed to balance sheet deleveraging, planning to repay $125 million to $175 million of debt in the second half of 2025. In the near term, Fitch expects the company to prioritize debt repayment to achieve its net leverage target of 3.0x. Pet Health Positive Momentum: Management said in early September 2025 that Credelio Quattro (CQ) net sales reached $100 million in less than eight months, exceeding Fitch's 2025 projection of $80 million-$90 million, driven by strong adoption by veterinarians and pet owners. Although competition and product cannibalization are risks to near-term growth, CQ's key differentiations will help Elanco strengthen its position in the fast-growing U.S. endectocide market. Fitch forecasts global sales could reach $180 million in 2026, following regulatory submissions in key international markets. Fitch maintains its projection of Zenrelia's global sales of $45 million to $50 million in 2025. Management reports that Zenrelia doubled its U.S. patient market share to 4% in June 2025. Nearly 10,000 clinics have purchased the product, with about 50% of Zenrelia users using it as a first-line treatment. Fitch expects the removal of the risk of fatal vaccine-induced disease from the U.S. label in September 2025 will improve adoption and confidence among veterinarians and pet owners. Following additional approvals in the EU, the U.K. and Switzerland, Fitch forecasts that global sales could reach $90 million in 2026. Producer Economics Improving: Fitch assumes organic revenue growth of 5.0% in 2025 and 3.5%-4.0% thereafter for Elanco's farm animal segment. Near-term growth will be driven by its favorable position in the U.S. markets, increasing adoption of Experior and Bovaer, improving swine economics and growing poultry consumption. However, further trade war escalation and pharmaceutical-specific tariffs remain a concern for pharmaceutical manufacturers and farmers. Over the forecast period, Fitch assumes the U.S. Department of Agriculture will maintain its vaccine policy for farm animals to protect U.S. livestock and the domestic food supply. Growth Outlook Favorable: Fitch's organic revenue growth assumptions of 4%-6% in the near term are supported by Elanco's market share gain in the global pet health market and its strong position in the U.S. farm animal markets. The continued strength among legacy products and the growth potential of innovative products will help maintain the durability of Elanco's product portfolio and ensure its presence across different geographies. With more than $1.8 billion of debt reduction over the last 18 months, Elanco should have sufficient financial flexibility to invest in future growth opportunities and address near-term challenges. Near-Term Margin Contraction: Fitch expects (Fitch-defined) EBITDA margin to decline by 170 basis points (bps) in 2025 from 21.7% in 2024. Fitch has revised this from its prior expectation of 120 bps due to incremental investments to support global launches of new products and expenses related to finance leases. Thereafter, Fitch assumes EBITDA margins will remain in the 20%-21% range as direct-to-consumer spending is expected to continue in 2026, partially offsetting benefits from higher sales of higher-margin innovative products. Tariff Impact Likely Manageable: Fitch expects tariff impacts to be more manageable than previously anticipated due to the de-escalation in U.S.-China trade tensions. Management recently revised its tariff impact projection to $10 million to $14 million in 2025 and estimated the full-year impact could be up to $28 million in 2026. Elanco has implemented several actions, including supply chain optimization and strategic sourcing, to reduce tariff impacts. Over the forecast period, Fitch assumes price increases will be passed through to pet owners and farmers. Capital Allocation Priorities: Fitch believes Elanco will maintain its focus on growth opportunities in the near term. Fitch assumes research and development spending will remain in excess of 7% of revenue to help advance early- and mid-stage pipeline assets. Fitch assumes capex will be elevated in 2025 as Elanco expands its monoclonal antibody manufacturing facility and production capacity but decline to approximately $200 million annually thereafter. While bolt-on acquisitions are possible, management states that the primary use for FCF will be debt repayment in the near term. Peer Analysis The 'BB' IDR reflects Elanco's strong position in the animal health industry. The company's a global footprint and scale provide competitive advantages in procurement, manufacturing and distribution, as well as a buffer against the effects of customer consolidation. Fitch compares Elanco's credit profile with that of Zoetis Inc. (not rated by Fitch) and peers in the broader human health pharmaceutical industry. Teva Pharmaceutical Industries Limited (BB+/Stable) and Viatris Inc. (BBB/Negative) are larger in scale, have higher profit margins and operate with lower leverage. Zoetis, a direct competitor of Elanco, also operates at a larger scale and with lower leverage. Perrigo Company plc (BB/Stable) and Jazz Pharmaceuticals Public Limited Company (BB/Stable) are comparable in scale. Although Jazz Pharmaceuticals has a stronger financial profile, competition, product concentration and the potential for leveraged acquisitions are risks to its credit profile. Key Assumptions - Revenue of $4.6 billion in 2025, with annual organic growth rate of 4.0%-4.5% thereafter; - Fitch-defined EBITDA margins of 20%-21% over the near term; - Effective interest rates of 5.5%-6.5% over the forecast period, moving with SOFR; - Fitch-defined cash flow from operation (CFO) of $365 million in 2025 and more than $500 million annually thereafter; - Working capital will be a use of cash over the forecast period, averaging 2% of revenue; - Fitch-defined FCF of $115 million in 2025 and more than $300 million annually thereafter; - Annual capex of $250 million in 2025 and $200 million to $210 million thereafter; - Debt repayments of $525 million in 2025 and $90 million to $100 million annually in 2026 and 2027; - Refinance of remaining outstanding debt at maturities at current market rates; - Acquisitions totaling $250 million in 2026 and 2027. Recovery Analysis The 'RR2' Recovery Rating assigned to Elanco's senior secured debt results from its classification as a Category 2 first-lien instrument under Fitch's rating criteria. The company maintains a $300 million receivables securitization facility that Fitch views as senior to the senior secured debt instruments in a bankruptcy scenario. Therefore, the senior secured debt instruments are rated 'BB+'/'RR2', one notch above Elanco's 'BB' IDR. The senior unsecured debt instrument is rated 'BB'/'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 4.5x due to operational challenges and increased strategic investments; - (CFO-capex) to debt ratio durably maintained below 7.5% driven by increased days sale outstanding and elevated capex. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 3.5x through a combination of margin expansion and incremental debt repayment; - (CFO-capex) to debt ratio durably maintained above 10.0% driven by effective working capital management and lower interest expense; - Material improvements in scale and competitive position and a robust pipeline of assets that supports long-term growth prospects. Liquidity and Debt Structure Liquidity is supported by $539 million of cash on hand and an undrawn revolving credit facility of $750 million as of June 30, 2025. Over the rating horizon, Fitch forecasts (Fitch-defined) CFO of $365 million in 2025 and more than $500 million annually thereafter, which should be sufficient to cover capex and other cash requirements. Fitch assumes Elanco will repay $525 million of debt in 2025 and anticipates further leverage reduction through EBITDA growth and debt repayment over the forecast period. Pro forma for the incurrence of the new senior secured term loans, Elanco will have approximately $1.2 billion of debt maturing in 2028. Fitch assumes effective interest rates of 5.5%-6.5% over the forecast period. The company repaid $374 million of debt in the first half of 2025 using available cash on hand and net proceeds from the sale of future royalties of XDEMVY in the U.S. Management plans to repay $500 million to $550 million of debt in 2025 and maintain its net leverage target of 3.0x over the long term. Issuer Profile Elanco is a global leader in animal health, offering innovative products for pets and farm animals. With around 200 brands available in more than 90 countries, the company distributes its products through third-party distributors, retailers, veterinarians and farm animal producers Summary of Financial Adjustments Fitch adjusts historical and projected EBITDA to remove non-cash and non-recurring expenses, including goodwill and asset impairment charges; acquisition, integration and divestiture expenses; stock-based compensation and restructuring and other related costs. Date of Relevant Committee 19 August 2025 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 Elanco Animal Health Incorporated has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to regulatory interventions and end-consumer preferences against using antibiotics in animal feeds, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Elanco Animal Health Incorporated senior secured LT BB+ New Rating RR2 Elanco US Inc. senior secured LT BB+ New Rating RR2 ELANCO ANIMAL: S&P Rates New $1.1BB First-Lien Sec Term Loan 'BB+' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB+' issue-level rating and '2' recovery rating to Elanco Animal Health Inc.'s proposed $1.1 billion first-lien senior secured term loan. The '2' recovery rating indicates its expectation for substantial recovery (70%-90%; rounded estimate: 75%) in the event of a payment default. In addition to the new $1.1 billion term loan, the company is issuing a new $540 million farm credit term loan due 2032 and a EUR400 million term loan A due 2029. S&P said, "We expect Elanco will use the proceeds from these issuances and balance sheet cash to repay the remaining balance of its $2.2 billion term loan maturing 2027, thus we view the transaction as neutral to net leverage." Together, these transactions will spread out the company's debt maturities, significantly extend its weighted average maturity, and modestly reduce its net borrowing costs. S&P said, "Our 'BB' issuer credit rating and positive outlook on Elanco are unchanged. The positive outlook reflects that we could raise our ratings on the company in the next 12-18 months if it reduces its leverage below 3.5x, and we expect it will generally maintain it at that level, while sustaining its free operating cash flow to debt above 10%. Pro forma for this issuance, we expect Elanco's S&P Global Ratings-adjusted debt to EBITDA was about 3.9x for the trailing 12 months ended June 30, 2025." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- Elanco's pro forma capital structure will comprise a $300 million receivables securitization facility (assumed 60% drawn at default, with a priority claim on working capital), a $750 million first-lien revolving facility due 2029 (assumed 85% drawn at default), a new $1.1 billion term loan B due 2032, about $1.4 billion of secured farm credit term loans with various maturities (not rated), a EUR400 million first-lien term loan A due 2029 (not rated), and $750 million of unsecured notes due 2028. -- S&P's simulated default scenario assumes a default in 2030 stemming from intensified competition and higher operating costs related to the company's research and development, labor, and overhead. -- S&P estimates Elanco's EBITDA would need to decline significantly for it to default. -- In S&P's distress scenario, it valued Elanco as going concern using a 6.5x multiple of its projected emergence EBITDA. This multiple, which is similar to those S&P uses for its peers, reflects the company's diversified portfolio of generic and branded products. Simulated default assumptions -- Simulated year of default: 2030 -- EBITDA at emergence: $485 million -- EBITDA multiple: 6.5x Simplified waterfall -- Gross recovery value: $3.15 billion -- Net recovery value (after 5% administrative costs): $2.99 billion -- Valuation split (obligors/nonobligors): 50%/50% -- Priority claims: $183 million -- Collateral value available to first-lien claims (collateral + deficiency): $2.60 billion -- First-lien debt: $3.40 billion --Recovery expectations: 70%-90% (rounded estimate: 75%) -- Value available to unsecured claims: $524 million -- Unsecured debt: $768 million -- Total unsecured claims (including deficiency claims): $1.89 billion --Recovery expectations: 10%-30% (rounded estimate: 25%) Note: All debt amounts include six months of prepetition interest. ENVELOPE MART: Unsecureds Will Get 10% of Claims over 3 Years ------------------------------------------------------------- Envelope Mart of Northeast Ohio Inc. filed with the U.S. Bankruptcy Court for the Northern District of Ohio a First Amended Plan of Reorganization under Subchapter V dated October 13, 2025. The Debtor operates a specialized envelope and full-service, wholesale printing production and warehousing business in Elyria (Lorain County), Ohio. The Debtor is a family-owned business that was started by Robert T. Thompson and is now owned and operated by his three sons: Bradley P. Thompson, Robert A. Thompson, and Brian H. Thompson, each owning a one-third interest. In November 2023, the Debtor purchased used envelope converting equipment. To finance the startup phase, short-term, high-interest loans were obtained, with the intention of refinancing once operations stabilized. Due to ongoing, unforeseeable delays in set-up and equipment malfunction, the Debtor suffered from cost overruns and was unable to generate the expected revenue. This resulted in the Debtor being unable to obtain long-term financing with a lender, which led to defaults on other creditor accounts and contributed to financial strain on the Debtor. The primary objectives of the Plan are: (a) to alter the Debtor's capital structure to permit it to emerge from its chapter 11 case with a viable capital structure; (b) to maximize the value of the ultimate recoveries to all creditors on a fair and equitable basis; and (c) to settle, compromise or otherwise dispose of certain claims and interests on the terms that the Debtor believes to be fair and reasonable and in the best interests of its estate and creditors. Class B consists of Claims treated as Wholly Unsecured Claims & General Unsecured Claims. The alleged secured claim of ODK Capital, LLC and Itria Ventures, LLC shall be treated as a wholly unsecured claim in Class B. All other Allowed Claims that are General Unsecured Claims shall be included in Class B. The Debtor estimates total claims in Class A-2 and Class B to be $1,440,800. Each holder of a Class A-2 and Class B Allowed Claim, General Unsecured Claims, shall receive in full satisfaction of its Allowed Class B Claim its pro rata share of Distributable Cash from the Debtor. The payment under this Plan to holders of Allowed Class B Claims shall be made in quarterly payments for a period of three years commencing within twelve months of the Effective Date. Total payments of Distributable Cash shall be not less than a pro rata distribution that is the greater of $25,000.00 or ten percent of all Allowed Class B Claims. The holders of Allowed Interests in the Debtor including its Units. Holders of Allowed Interests in the Debtor shall retain the interest in the Reorganized Debtor but shall not receive a distribution under the Plan. If the Plan is confirmed under section 1191(a) the holders of Allowed Claims in Class B (including those claims from Allowed Class A-2 treated as Class B claims) shall be paid in quarterly payments from the Debtor’s disposable income for a period of three years, commencing within twelve months of the Effective Date. Distributions of Distributable Cash shall be each holder's Pro-Rata share of Distributable Cash from (i) the Debtor's disposable income; and (ii) any funds recovered by the Debtor, less any costs associated with recovering such funds, with respect to those claims, demands, and causes of action retained pursuant to Article IX of this Plan from the preceding calendar year. Distributable Cash available to paid to Class B (including those claims from Allowed Class A-2 treated as Class B claims) shall not be less than $ 25,000.00. A full-text copy of the First Amended Plan dated October 13, 2025 is available at https://urlcurt.com/u?l=cb4jTi from PacerMonitor.com at no charge. Counsel to the Debtor: Michael A. Steel, Esq. Steel & Company Law Firm 2950 West Market Street, Suite G Fairlawn, OH 44333 Telephone: (303) 223-5050 Email: msteel@steelcolaw.com About Envelope Mart of Northeast Ohio Inc. Envelope Mart of Northeast Ohio Inc., d/b/a Envelope Mart Print Group and EM Print Group, is a wholesale printing company that produces envelopes, sheet printing, and other print services exclusively for print distributors. Founded in 1975, the family-owned business operates in Northeast Ohio and handles high-volume print orders, including stationery management, instruction sheet programs, and warehousing. Envelope Mart of Northeast Ohio Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-12125) on May 18, 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 Suzana Krstevski Koch handles the case. Michael A. Steel, Esq., at Steel & Company Law Firm, represents the Debtor as bankruptcy counsel. FAMILY SOLUTIONS: Trustee Taps Lincolnwood Properties as Broker --------------------------------------------------------------- George Sanderson, III, the trustee appointed in the Chapter 11 case of Family Solutions of Ohio, Inc., seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Reginald Newhouse of Lincolnwood Properties as real estate broker. The broker will list, market, and sell the Debtor's real property bearing the street address 4538 Country Road, Maud, Texas 75567 and to pay the broker a realtors' commission of 6% of the purchase price, which commission may be split with a buyer's broker. As disclosed in the court filings, the Broker represents no interest adverse to the Trustee or to the bankruptcy estate in the matters upon which it is to be engaged. The firm can be reached through: Reginald Newhouse Lincolnwood Properties 11354 Fernald Ave Dallas, TX 75218 Tel: (214) 437-3684 About Family Solutions of Ohio Family Solutions of Ohio, Inc. in Wake Forest, NC, filed its voluntary petition for Chapter 11 protection (Bankr. E.D.N.C. Case No. 24-03043) on Sept. 5, 2024, listing as much as $1 million to $10 million in both assets and liabilities. John Hopkins, Jr., vice president, signed the petition. Judge Pamela W. McAfee oversees the case. Hendren, Redwine & Malone, PLLC serves as the Debtor's counsel. George Sanderson III was appointed as trustee appointed in this Chapter 11 case. The trustee tapped The Sanderson Law Firm, PLLC and Hendren, Redwine & Malone, PLLC as bankruptcy counsel and Calfee, Halter & Griswold LLP as special purpose counsel. FELT & FAT: Seeks Ch. 11 Bankruptcy in Pennsylvania, Pursues Sale ----------------------------------------------------------------- Emma Dooling of Philadelphia Business Journal reports that Felt & Fat LLC, a Philadelphia ceramics manufacturer popular among the city's top chefs has filed for Chapter 11 bankruptcy and is negotiating the sale of its assets to a European porcelain maker. The Kensington-based company said it will keep operating and intends to remain in its current location, according to the report. Leaders of the business explained that the move comes amid profitability concerns but stressed their commitment to sustaining local production. The sale and restructuring are expected to provide the company with a path to financial recovery while supporting its workforce, the report states. About Felt & Fat LLC Felt & Fat LLC is a Philadelphia ceramics manufacturer. Felt & Fat LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14162) on October 14, 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 Patricia M. Mayer handles the case. The Debtor is represented by Albert Anthony Ciardi, III, Esq. of Ciardi Ciardi & Astin. FERRELLGAS PARTNERS: Plans $650M Senior Notes Offering Due 2031 --------------------------------------------------------------- Ferrellgas, L.P. and its wholly-owned subsidiary Ferrellgas Finance Corp. announced that, subject to market conditions, the Company intends to offer $650 million aggregate principal amount of senior notes due 2031. The Notes will be senior obligations of the Company and will be guaranteed on a senior unsecured basis by Ferrellgas, Inc., and each existing and future subsidiary of the Company, subject to certain exceptions. The Company intends to use the net proceeds received from the offering of the Notes, together with cash on hand, to redeem all of the Company's 5.375% Senior Notes due 2026. The redemption of the 2026 Notes is conditioned upon the completion of the proposed offering of Notes and the completion of an amendment to the credit agreement governing the Company's existing revolving credit facility. The Notes have not been and will not be registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. The Notes are being offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act. About Ferrellgas Ferrellgas Partners, L.P., through its operating partnership, Ferrellgas, L.P., and subsidiaries, serves propane customers in all 50 states, the District of Columbia, and Puerto Rico. As of July 31, 2025, the Company had $1.42 billion in total assets, $2.45 billion in total liabilities, and $1.03 billion in total deficit. * * * In October 2025, S&P Global Ratings raised its Company credit rating on Ferrellgas Partners L.P. to 'B' from 'CCC'. . . "The stable outlook reflects our expectation that Ferrellgas will maintain S&P Global Ratings-adjusted leverage in the 6.0x-6.5x range over our forecast period." FIRST BRANDS: Seeks to Hire Hilco Global as Appraiser ----------------------------------------------------- First Brands Group, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Hilco Global as appraiser. Hilco will initially provide an appraisal of the Debtor's machinery and equipment and an appraisal of the its inventory. The fee for the appraisal is set at a fixed amount of $2,500,000. Hilco received $1,500,000 as a retainer from a non-debtor entity of the company. For litigation support services, Hilco shall charge these hourly rates: Senior Executive $1,000 Director $600 Analyst $450 Eric Kaup, an executive vice president at Hilco Real Estate, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Eric W. Kaup Hilco Global 5 Revere Dr., Ste. 410 Northbrook, IL 60062 Telephone: (855) 755-2300 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: Taps Bennett Thrasher as Valuation Expert ----------------------------------------------------------- Firstbase.Io, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Bennett Thrasher LLP as its business valuation expert. For the benefit of the estate, the Debtor obtained an independent valuation of its business from Bennett Thrasher. The cost of the analysis and preparation of the Valuation Report was $26,250, which sum was paid by Filipe Senna Business Consulting LTDA, an entity owned 100% by Debtor's Chief Operating Officer, Filipe Senna. Brett Dixon, a director of Bennett Thrasher LLP, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Brett Dixon Bennett Thrasher LLP 1401 17th Street, Suite 1200 Denver, CO 80202 Phone: (770) 790-6479 Fax: (770) 390-0394 Email: brett.dixon@btcpa.net 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) 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. FOSSIL GROUP: Further Extends Exchange Offer to October 22 ---------------------------------------------------------- Fossil Group, Inc. (NASDAQ: FOSL) announced on October 16, 2025, that, in connection with its previously announced offer to exchange and consent solicitation with respect to its 7.00% Senior Notes due 2026, it has extended the expiration of the Exchange Offer, Consent Solicitation and its concurrent rights offering to 5:00pm New York City time on October 22. The Company intends to proceed concurrently with the UK Proceeding on the previously disclosed schedule, and as described herein, and may make effective the UK Proceeding Amendments to the Indenture for the Old Notes prior to a definitive determination that the Company is required to proceed with the UK Proceeding pursuant to the Transaction Support Agreement (and, if applicable, will make corresponding amendments to the Exchange Offer Amendments to the Old Notes Indenture). All other terms, provisions and conditions of the Exchange Offer, Consent Solicitation and Rights Offering will remain in full force and effect, and capitalized terms used but not defined herein have the meanings ascribed to them in the prospectus included in the Registration Statements. The Company reserves the right to terminate, withdraw, amend or further extend the Exchange Offer, the Consent Solicitation and the Rights Offering independently of each other at any time and from time to time, as described in the Registration Statements. As of 5:00pm New York City time on October 15, 2025, according to Epiq Corporate Restructuring, LLC, the Information, Exchange and Subscription Agent for the Exchange Offer, Consent Solicitation and Rights Offering, the principal amount of Old Notes set forth in the table below had been validly tendered and not validly withdrawn (and consents thereby deemed validly given and not validly revoked) in the Exchange Offer, Consent Solicitation and Supporting Holders Exchange (as defined in the Registration Statements). 1. 7.00% Senior New Money Notes due 2026 CUSIP No.: 34988 V304 Principal Amount Tendered: $106,870,250 Percentage Tendered: 71.25% 2. 7.00% Senior Non-New Money Notes due 2026 CUSIP No.: 34988 V304 Principal Amount Tendered: $6,187,625 Percentage Tendered: 4.13% 3. 7.00% Senior Notes Total due 2026 CUSIP No.: 34988 V304 Principal Amount Tendered: $113,057,875 Percentage Tendered: 75.37% Update on UK Proceeding: In relation to the UK Proceeding, at the convening hearing held on October 15, 2025 in the High Court of Justice, Business and Property Courts of England and Wales, Mr. Justice Cawson granted an order approving the application of Fossil (UK) Global Services Ltd. to convene a meeting of the holders of the Old Note to consider and vote on the UK Proceeding. As previously disclosed, the Plan Meeting is scheduled to take place on November 6, 2025. If the UK Proceeding is approved by the requisite majority of Plan Creditors (75% by value of those present and voting) at the Plan Meeting, Fossil UK will return to the Court for a sanction hearing on November 10, 2025, at which hearing the Court will determine whether to exercise its discretion to sanction the UK Proceeding. Statement Regarding Media Report: It is generally Company policy to not comment on market rumors or speculation. However, the Company is aware of a recent media report regarding a potential initial public offering of a Company subsidiary in India and believes it is prudent to note that while Fossil Group regularly evaluates its capital structure and financing strategies, the Company is not currently pursuing an initial public offering of a Company subsidiary. The Company has filed a registration statement (including a prospectus) on Form S-3, as amended (File No. 333-290139) (the "S-3 Registration Statement"), and a registration statement (including a prospectus) on Form S-4, as amended (File No. 333-290141), in connection with the Exchange Offer, Consent Solicitation and Rights Offering with the U.S. Securities and Exchange Commission. Before you invest, you should read the prospectus dated September 25, 2025 in the Registration Statements, any prospectus supplement thereto, and other documents the Company has filed with the SEC for more complete information about the Company and the offerings. You may get these documents for free by visiting EDGAR on the SEC website (www.sec.gov). Alternatively, Epiq Corporate Restructuring, LLC will arrange to send you the prospectus if you request it by emailing registration@epiqglobal.com (with the subject line to include "Fossil") or via phone at (646) 362-6336. Any questions regarding the terms of the transactions contemplated by the Registration Statements may be directed to Cantor Fitzgerald & Co., as dealer manager, via email at Ian.Brostowski@cantor.com (with the subject line to include "Fossil") or phone at (212) 829-7145; Attention: Tom Pernetti and Ian Brostowski. FRASER CHILD: $725,000 Settlement Final OK Hearing Set Nov. 20 -------------------------------------------------------------- Tracy Bagdonas of ClassAction.org reports that a $725,000 class action settlement with Fraser Child and Family Center offers cash payments and free credit monitoring services to individuals impacted by a 2024 data breach. The Fraser Child and Family Center class action settlement received preliminary approval from the court on August 1, 2025, and covers any person in the United States whose information may have been impacted during the Fraser Child and Family Center data breach, including anyone who received notice from Fraser about the incident. The court-approved website for the Fraser settlement can be found at https://www.FraserDataSettlement.com/. Fraser settlement class members who submit a timely, valid claim form have several options for reimbursement. Those who submit a valid claim for documented out-of-pocket losses due to the data incident can receive a one-time cash payout of up to $2,500 via check. Alternatively, class members can choose to receive a pro-rated cash payment from the expected leftover settlement fund, after the payment of attorneys' fees and costs, plaintiff services awards and settlement administration costs. In addition to either cash payment option, all settlement class members are also entitled to submit a claim for two free years of credit monitoring from CyEx, according to the settlement website. Class members have the option to pick between two plans: CyEx Identity Defense Complete (which monitors credit files, high-risk transactions, and dark web protection) or CyEx Minor Defense (which monitors identity through Social Security numbers across credit files, public records, and the dark web). To submit a settlement claim form online, Fraser class members can head to this page and enter the class member ID found in their copy of the settlement notice. Consumers who believe they are a class member but did not receive a notice should contact the settlement administrator to confirm their identity and receive their login ID. Alternatively, a class member can download a PDF of the claim form to print, fill out, and return by mail to the address listed near the top of the form. Fraser Child and Family Center settlement claim forms must be submitted online or by mail by December 1, 2025. The settlement website adds that class members who submit a valid claim will have 90 days to cash their check after the date of issuance before it expires. The court will determine whether to grant final approval to the Fraser settlement at a hearing on November 20, 2025. Compensation will begin to be distributed to class members only after final approval is granted and any appeals are resolved. The Fraser Child and Family Center class action lawsuit claimed that cybercriminals accessed the organization's computer and information systems between May and June 2024, compromising the personal information of current and former patients. The allegedly breached patient data included, but was not limited to, names, SSNs, dates of birth, home addresses, and medical information. [GN] FREE SPEECH: Hook Families Object to Restoring Alex Jones' Equity ----------------------------------------------------------------- Rae Ann Varona of Law360 reports that the families of the Sandy Hook Elementary School shooting victims have objected to a bankruptcy trustee's plan to abandon Alex Jones' equity in Free Speech Systems LLC, the parent company of Infowars. In a filing with a Texas bankruptcy court, the families said relinquishing Jones' ownership would undermine their efforts to recover more than $1 billion in judgments awarded for defamation. The trustee's proposal would effectively restore Jones' full control over Free Speech Systems, reversing court-supervised oversight that has been in place during the bankruptcy proceedings. The families warned that this step would be "premature" and would allow Jones to regain access to assets that should remain available to satisfy creditor claims, according to report. According to their October 17, 2025 filing, returning the equity to Jones would only reset the process to where it stood 18 months ago, erasing progress made in holding him financially accountable. They urged the court to reject the motion, emphasizing that creditor recoveries must take priority over Jones' ownership interests. About Free Speech Systems Free Speech Systems LLC is a broadcast media production and distribution company that provides broadcasting aural programs by radio to the public. Free Speech Systems is a family-run business founded by Alex Jones. FSS is presently engaged in the business of producing and syndicating Jones' radio and video talk shows and selling products targeted to Jones' loyal fan base via the Internet. Today, FSS produces Alex Jones' syndicated news/talk show (The Alex Jones Show) from Austin, Texas, which airs via the Genesis Communications Network on over 100 radio stations across the United States and via the internet through websites including Infowars.com. Due to the content of Alex Jones' shows, Jones and FSS have faced an all-out ban of Infowars from mainstream online spaces. Shunning from financial institutions and banning Jones and FSS from major tech companies began in 2018. Conspiracy theorist Alex Jones has been sued by victims' family members over Jones' lies that the 2012 Sandy Hook Elementary School shooting was a hoax. Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet TV, LLC, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April 18, 2022. FRUGALITY INC: Gets Extension to Access Cash Collateral ------------------------------------------------------- Frugality, Inc. received fourth interim approval from the U.S. Bankruptcy Court for the Northern District of Florida, Pensacola Division to use cash collateral. The order penned by Judge Jerry Oldshue, Jr. authorized the Debtor's interim use of cash collateral to pay monthly expenses and court-approved fees. As protection, BayFirst National Bank and other creditors with secured claims on the cash collateral will be granted post-petition replacement liens on personal property, which the Debtor acquired after the petition date. The Debtor may still dispute the validity of any creditor's security interest in its assets. As further protection, BayFirst will continue to receive a monthly payment of $3,000 until confirmation of its Chapter 11 plan. The next hearing is scheduled for November 7. About Frugality Inc. Frugality Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-30177) on March 3, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Jerry C. Oldshue Jr. presides over the case. Byron Wright, III, Esq., at Bruner Wright, P.A. is the Debtor's legal counsel. BayFirst National Bank, as secured creditor, is represented by: Douglas A. Bates, Esq. Clark Partington 125 East Intendencia Street, 4th Floor Pensacola, FL 32502 Phone: (850) 434-9200 Fax: (850) 432-7340 dbates@clarkpartington.com GEM GALLERY: Hires Middlebrooks Shapiro as Bankruptcy Counsel ------------------------------------------------------------- Gem Gallery LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Middlebrooks Shapiro, P.C. as its attorneys. The firm will render these services: (a) prepare and file the Debtor's Chapter 11 petition, schedules, and statement of financial affairs; (b) represent the Debtor at the Initial Debtor Interview and the section 341(a) meeting of creditors; and (c) represent the Debtor in all aspects of the Chapter 11 case, including contested matters and adversary proceedings. The firm will be paid at these hourly rates: Melinda Middlebrooks, Attorney $500 Joseph Shapiro, Attorney $450 Jessica Minneci, Attorney $400 Law Clerks and Paralegals $100 In addition, the firm will seek reimbursement for expenses incurred. The firm received a total retainer of $5,000 from the Debtor plus a filing fee of $1,738. Ms. Middlebrooks disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Melinda D. Middlebrooks, Esq. Middlebrooks Shapiro, P.C. P.O. Box 1630 Belmar, NJ 07719 Telephone: (973) 218-6877 Email: middlebrooks@middlebrooksshapiro.com About Gem Gallery LLC Gem Gallery LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-20885) on October 4, 2025, listing up to $50,000 in both assets and liabilities. Joseph M. Shapiro, Esq. at Middlebrooks Shapiro, P.C. represents the Debtor as counsel. GENESIS HEALTHCARE: Clark Hill Represents Arch and Waste Mgmt ------------------------------------------------------------- The law firm of Clark Hill disclosed in a Verified Statement pursuant to Rule 2019(a) of the Federal Rules of Bankruptcy Procedure that it represents parties-in-interest and/or creditors in the Chapter 11 bankruptcy cases of Genesis Healthcare Inc. and its affiliated debtors pending before the United States Bankruptcy Court for the Northern District of Texas, Dallas Division. The creditors/parties and their claims are: 1. Arch Insurance Company Nature of Claim: Surety Bonds/Indemnity Agreement Amount: Unknown 2. Waste Management, and its various affiliates and/or subsidiaries, including Stericycle, Inc. Nature of Claim: Unsecured Creditor-Vendor/Utility Amount: $96,000 Approximate pre-petition balance These clients do not constitute a committee of any kind. The firm may be reached at: Andrew G. Edson, Esq. CLARK HILL PLC 901 Main Street, Suite 6000 Dallas, TX 75202 Tel: (214) 651-2047 Fax: (214) 651-4330 E-mail: aedson@clarkhill.com - and - Duane J. Brescia, Esq. CLARK HILL PLC 3711 South Mopac Expressway Building One, Suite 500 Austin, TX 78746 Tel: (512) 499-3647 Fax: (512) 499-3660 E-mail: dbrescia@clarkhill.com About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group that provides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The Committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. The U.S. Trustee also appointed: -- Melanie Cyganowski of Otterbourg, PC as patient care ombudsman for the healthcare facilities listed at https://is.gd/uSxEBx She tapped Otterbourg as her counsel. -- Susan Goodman of Pivot Health Law as PCO for the healthcare facilities listed at https://is.gd/M5zlls She is represented by Kane Russell Coleman Logan PC as counsel. -- Suzanne Koenig of SAK Healthcare as PCO for the healthcare facilities listed at https://is.gd/qv5SwV She is represented by Greenberg Traurig, LLP, as counsel. SAK Management Services, LLC d/b/a SAK Healthcare serves as her medical operations advisor. Brown Rudnick LLP and Stutzman, Bromberg, Esserman, & Plifka, PC represent an ad hoc group of holders of personal injury and wrongful death claims. Whitaker Chalk Swindle & Schwartz represents a personal injury claimant and six wrongful death claimants. GENEURO SA: Postpones Half-Year Report Amid Debt Moratorium ----------------------------------------------------------- GeNeuro (Euronext Paris: CH0308403085 -- GNRO), a biopharmaceutical company developing new treatments for neurodegenerative and autoimmune diseases, announces the postponement of its June 30, 2025 half-yearly results and half-yearly financial report. This decision is in line with the postponement of the annual results for the fiscal year ended December 31, 2024, annual results and annual financial report in order to be able to take into account the financial impacts of the restructuring targeted by the Company as part of the debt-restructuring moratorium procedure extended on September 25, 2025. The Company will announce by press release the new date of their approval and publication. About the debt-restructuring moratorium Under Swiss law (the law applicable to GeNeuro SA), a debt moratorium, or stay of execution, is a preventive measure to bankruptcy proceedings. The purpose of this procedure is to enable a company in financial difficulty to restructure its debts with its creditors and find measures to improve its situation. The stay protects the Company from legal action by its creditors while it works with the "commissaire au sursis", an independent expert appointed by the judge to supervise the process, help draw up a draft composition agreement and validate possible recovery measures. This process may result in a recapitalization of the company, a restructuring of its debt or a sale of all or some of its assets, among other things, with the proviso that if this fails, the company may be forced into bankruptcy. The aim of this procedure is to reach an agreement that will enable the Company to continue its operations while satisfying its creditors. For more information, visit: www.geneuro.com About GeNeuro GeNeuro's mission is to develop safe and effective treatments against neurological disorders and autoimmune diseases, such as multiple sclerosis, by neutralizing causal factors encoded by HERVs, which represent 8% of human DNA. GeNeuro is based in Geneva, Switzerland. GLOBAL WOUND: Seeks to Extend Plan Exclusivity to February 13, 2026 ------------------------------------------------------------------- Global Wound Care Medical Group, a Professional Corporation, asked the U.S. Bankruptcy Court for the Southern District of Texas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 13, 2026 and April 16, 2026, respectively. Since the Second Exclusivity Motion, the Debtor and the DOJ have continued to negotiate regarding the final terms of a global DOJ Settlement. In addition to the Debtor, there are non-debtors that are part of the negotiations, which adds a layer of complexity and time required to reach a final resolution. The Debtor claims that the additional time is needed to continue negotiations with the DOJ on a global resolution, which resolution will pave the way for a chapter 11 plan. The DOJ represents CMS, HHS, and other agencies, which are the largest creditors in these Cases. A resolution with these parties will be implemented into the Debtor's plan to mitigate against any potential objections from these parties. Therefore, this factor weighs heavily in support of the Debtor's request for an extension of the Exclusivity Periods. The Debtor explains that it has a viable business, which continues to generate sufficient revenue to pay its postpetition accounts payables. If a global DOJ Settlement with the United States can be reached, there is no reason to believe that the Debtor will not be viable going forward and will be able to file a viable plan. This factor also supports an extension of the Exclusivity Periods. The Debtor asserts that its request for an extension of the Exclusive Periods is not a tactical decision aimed at pressuring creditors to accept its goals and objectives related to a plan of reorganization. The Debtor genuinely intends to reorganize and move forward with its business at the end of this Case. Therefore, this factor does not weigh against the Court granting this Motion. The Debtor further asserts that its current potential plan of reorganization anticipates a global resolution between the company and the United States, and until terms and conditions of such global resolution can be settled, it is premature to file a plan of reorganization. Counsel to the Debtor: Casey W. Doherty, Jr., Esq. Dentons US LLP 1300 Post Oak Blvd. Suite 650 Houston, TX 77056 Phone: (713) 658-4600 Email: casey.doherty@dentons.com -and- Samuel R. Maizel, Esq. Tania M. Moyron, Esq. Dentons US LLP 601 S. Figueroa Street Suite 2500 Los Angeles, CA 90017 Phone: (213) 892-2910 Email: samuel.maizel@dentons.com tania.moyron@dentons.com About Global Wound Care Medical Group Global Wound Care Medical Group sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-34908) on Oct. 21, 2024, with $100 million to $500 million in both assets and liabilities. Owen B. Ellington, M.D., president of Global Wound Care Medical Group, signed the petition. Judge Eduardo V. Rodriguez oversees the case. Casey W. Doherty, Jr., Esq., at Dentons US, LLP serves as the Debtor's legal counsel while Verita Global serves as notice, claims and balloting agent. Suzanne Richards is the patient care ombudsman appointed in the Debtor's case. GLORY DIVINE: Seeks to Hire Wilson Law Firm as Legal Counsel ------------------------------------------------------------ Glory Divine Home Care, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to employ Kathleen M. Wilson, Esq. of Wilson Law Firm, LLC as counsel. Ms. Wilson will provide legal services necessary for the administration of this case, including: advising the Debtor on its duties under the Bankruptcy Code, preparing and filing pleadings, representing the Debtor in negotiations and hearings, assisting in plan formulation, and other necessary services. The firm's compensation will be at the hourly rates customarily charged by Ms. Wilson and Wilson Law Firm. Ms. Wilson assured the court that her firm has no interests adverse to the estate and is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Kathleen M. Wilson, Esq. WILSON LAW FIRM, LLC 1762 Dallas Drive Baton Rouge, LA 70806 Telephone: (225) 923-8237 Email: wilsonlawfirmllc@gmail.com About Glory Divine Home Care, LLC Glory Divine Home Care, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. La. Case No. 25-10941) on October 14, 2025, listing up to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Michael A Crawford presides over the case. Kathleen M Wilson, Esq. at Wilson Law Firm, LLC represents the Debtor as counsel. GRADY'S HARDWARE: Gets Final OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the District of Minnesota entered a final order authorizing Grady’s Hardware, Inc. to use cash collateral and granting adequate protection to secured creditors. The final order authorized the Debtor to use cash collateral through December 28 consistent with its budget projections. As adequate protection, secured creditors will be granted replacement liens on assets acquired by the Debtor that are similar to their pre-bankruptcy collateral. These replacement liens do not attach to Chapter 5 avoidance claims. In addition, the Debtor was ordered to keep its assets insured as additional protection to secured creditors and pay Red Iron Acceptance, LLC the purchase cost of any Toro-branded unit that is sold. About Grady's Hardware Inc. Grady's Hardware, Inc. sought protection under U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-43090) on September 22, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Shawn Grady, president and owner of About Grady's Hardware, signed the petition. Judge Mychal A. Bruggeman oversees the case. Mary Sieling, Esq., at Sieling Law, PLLC, represents the Debtor as bankruptcy counsel. GROFF TRACTOR: Deadline for Panel Questionnaires Set for Oct. 27 ---------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of Groff Tractor Mid Atlantic, LLC, et al. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/k92b3bm2 and return by email it to Erin Schmidt -- Erin.Schmidt2@usdoj.gov –- and – Elizabeth A. Young -- Elizabeth.A.Young@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on Friday, October 27, 2025. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About US Groff Tractor 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. Groff Tractor Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N. D. Tex. Case No. 25-90010) on October 14, 2025. In its petition, Groff Tractor reported estimated assets and liabilities between $100 million to $500 million each. The petitions were signed by Charles Collie as authorized person and Ross Gatlin as manager. Judge Edward L. Morris presides over the cases. The Debtors' counsel is Bonds Ellis Eppich Schafer Jones LLP. HERITAGE COAL: Court Rejects Ch. 11 Liquidation Plan Over Releases ------------------------------------------------------------------ Emlyn Cameron of Law360 reports that on October 20, 2025, Heritage Coal Company LLC's bid to confirm its Chapter 11 liquidation plan was rejected by a Delaware bankruptcy judge, who agreed with the unsecured creditors committee's objections to the plan's release terms. The committee claimed the proposed provisions were too expansive and would shield insiders from accountability, according to the report. The report related that the creditors argued that allowing the releases would bar legitimate claims and weaken creditor protections established under bankruptcy law. They emphasized that the plan, if approved, would prioritize insiders’ interests over those of the general creditor body, according to report. The judge sided with the committee, ruling that the plan's release provisions were inappropriate and inconsistent with Chapter 11 confirmation requirements. The decision sends Heritage Coal back to revise its plan to ensure compliance with creditor fairness standards, the report states. About Heritage Coal & Natural Resources LLC Heritage Coal & Natural Resources LLC is a coal mining company based in Meyersdale, Pennsylvania that specializes in coal extraction and processing operations in Somerset County. The company operates from its principal location at 1117 Shaw Mine Road and maintains multiple coal leases with regional landowners including Allegany Coal and Land Company, Beechwood Coal LLC, and Shaw Big Vein Coal Company for its mining operations. Heritage Coal & Natural Resources LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10602) on March 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by Jeffrey R. Waxman at Morris James LLP. HIGH WIRE: Reports $1.9 Million Net Loss in Fiscal Q2 ----------------------------------------------------- High Wire Network, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1.90 million attributable to the Company's common shareholders for the three months ended June 30, 2025, compared to a net income of $4.10 million in the same period of 2024. For the six months ended June 30, 2025, the Company had a net loss attributable to High Wire Networks, Inc. common shareholders of $4.46 million, compared to a net income of $3.68 million in the same period of 2024. Total revenue for the three months ended June 30, 2025, was $2.26 million, compared to a revenue of $1.94 million for the same period in 2024. Total revenue for the six months ended June 30, 2025, was $4.43 million, compared to a revenue of $4 million for the same period in 2024. As of June 30, 2025, the Company had $5.46 million in total assets, $10.76 million in total liabilities, and a total stockholders' deficit of $5.30 million. Going Concern Assessment: Management assesses going concern uncertainty in the Company's unaudited condensed consolidated financial statements to determine whether there is sufficient cash on hand and working capital, including available borrowings on loans, to operate for a period of at least one year from the date the unaudited condensed consolidated financial statements are issued or available to be issued, which is referred to as the "look-forward period", as defined in GAAP. As part of this assessment, based on conditions that are known and reasonably knowable to management, management will consider various scenarios, forecasts, projections, estimates and will make certain key assumptions, including the timing and nature of projected cash expenditures or programs, its ability to delay or curtail expenditures or programs and its ability to raise additional capital, if necessary, among other factors. Based on this assessment, as necessary or applicable, management makes certain assumptions around implementing curtailments or delays in the nature and timing of programs and expenditures to the extent it deems probable those implementations can be achieved and management has the proper authority to execute them within the look-forward period. The Company generated operating losses in the six months ended June 30, 2025 and 2024, and High Wire has historically generated operating losses since its inception and has relied on cash on hand, sales of securities, external bank lines of credit, and issuance of third-party and related party debt to support cash flow from operations. As of and for the six months ended June 30, 2025, the Company had an operating loss of $2.71 million, cash flows used in continuing operations of $1.34 million, and a working capital deficit of $9.36 million. These factors raise substantial doubt regarding the Company's ability to continue as a going concern for the next 12 months. Management believes that based on relevant conditions and events that are known and reasonably knowable, its forecasts of operations for one year from the date of the filing of the unaudited condensed consolidated financial statements in the Company's Quarterly Report on Form 10-Q indicate improved operations and the Company's ability to continue operations as a going concern. The Company has contingency plans to reduce or defer expenses and cash outlays should operations not improve in the look forward period. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of management to raise additional equity capital through private and public offerings of its common stock, and the attainment of profitable operations. Management requires additional funds over the next twelve months to fully implement its business plan. Management is currently seeking additional financing through the sale of equity and from borrowings from private lenders to cover its operating expenditures. There can be no certainty that these sources will provide the additional funds required for the next 12 months. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3chjm5r4 About High Wire High Wire Network, Inc., incorporated on Jan. 20, 2017, is a global provider of managed cybersecurity, managed networks, and tech-enabled professional services delivered exclusively through a channel sales model. The Company's Overwatch managed security platform-as-a-service offers organizations end-to-end protection for networks, data, endpoints, and users via multiyear recurring revenue contracts in this fast-growing technology segment. HWN has continuously operated under the High Wire Networks brand for 23 years. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2014, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred losses since inception, has negative cash flows from operations, and has negative working capital, which creates substantial doubt about its ability to continue as a going concern. HIGH ZZEAZZZ: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: High Zzeazzz, Inc. d/b/a Dowry Creek Marina d/b/a The Salty Crab Restaurant 110 Spinnaker Run Rd. Belhaven, NC 27810 Business Description: High ZZeazzz, Inc., operating as Dowry Creek Marina, runs a family-owned marina in Belhaven, North Carolina, providing deep- water slips, dock services, and on-site amenities for recreational boaters along the Intracoastal Waterway. The Company supports boating activities with fuel, maintenance, and facilities such as a ship store, Captain's Lounge, pool, and pet-friendly areas. Its operations center on marina management, hospitality, and waterway recreation in the Upper Dowry Creek area. Chapter 11 Petition Date: October 17, 2025 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 25-04096 Judge: Hon. Pamela W Mcafee Debtor's Counsel: C. Scott Kirk, Esq. SCOTT KIRK 1025C Director Court Greenville, NC 27858 Tel: (252) 689-6249 Email: scott@csklawoffice.com Total Assets: $2,386,705 Total Liabilities: $2,264,997 The petition was signed by Stephen Zeltner as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/23P4M4A/High_Zzeazzz_Inc__ncebke-25-04096__0001.0.pdf?mcid=tGE4TAMA HIGH ZZEAZZZ: Seeks to Hire C. Scott Kirk as Bankruptcy Counsel --------------------------------------------------------------- High Zzeazzz, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire C. Scott Kirk, Attorney at Law, PLLC as counsel. The firm will render these services: (a) prepare on behalf of the Debtor all necessary legal documents necessary for its reorganization; (b) perform all necessary legal services in connection with the Debtor's reorganization; and (c) perform all other legal services for the Debtor which may be necessary for a Chapter 11 case. The firm will be paid at these hourly rates: C. Scott Kirk, Attorney $350 Paralegal $100 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $14,200 from Debtor. Mr. Kirk disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: C. Scott Kirk, Esq. C. Scott Kirk, Attorney at Law, PLLC 1025C Director Court Greenville, NC 27858 Telephone: (252) 689-6249 Email: scott@csklawoffice.com About High Zzeazzz, Inc. High Zzeazzz, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04096) on October 17, 2025, listing $1,000,001 to $10 million in assets and liabilities. Judge Pamela W Mcafee presides over the case. Christopher Scott Kirk, Esq. at C. Scott Kirk, Attorney At Law, PLLC represents the Debtor as counsel. HILCO GLOBAL: Receives TMA Award for WeWork Lease Restructuring --------------------------------------------------------------- Hilco Global, a diversified global financial services company, announced that it has been recognized by the Turnaround Management Association (TMA) as part of the team awarded the 2025 Large Company Turnaround/Transaction of the Year Award for its role in the restructuring of WeWork. The award formally presented at the TMA Annual Conference on October 13-17 in New Orleans, LA. "We were proud to have partnered with WeWork and the exceptional team of advisors on this highly complex and successful real estate restructuring, " said Dan O'Brien, Executive Director -- Real Estate at Hilco Global. "This recognition from the TMA highlights our expertise in delivering measurable results for clients in high-stakes situations at scale." WeWork initially hired the Hilco Global Real Estate practice to initiate a comprehensive global lease repositioning process with its landlords. Shortly after, WeWork filed for bankruptcy protection in the U.S. under Chapter 11 of the Bankruptcy Code and in Canada under the CCAA and initiated a process of conciliation in France. However, formal restructuring was withheld in all other countries, in an effort to restructure leasehold commitments consensually with landlords. The Hilco Global Real Estate team collaborated with WeWork's management team and debtor's advisors to mitigate real estate liabilities with the optimal strategy for lease repositioning and restructuring. Hilco Global leveraged its deep expertise in lease restructuring, landlord negotiations, and portfolio optimization to optimize lease terms of approximately 500 leases across 24 countries. Working alongside WeWork and its advisors, Hilco Global's efforts resulted in nearly $10B in lease mitigation savings and enhanced annual profitability of approximately $800M. The TMA Turnaround and Transaction Awards honor the most successful turnarounds and impactful transactions across the industry and includes a rigorous peer review process. Hilco Global's involvement in WeWork's lease restructuring played a critical role in achieving a successful outcome for the company and its stakeholders. About Hilco Global Hilco Global, a subsidiary of ORIX Corporation USA, is a diversified financial services company that delivers integrated professional services and capital solutions that help clients maximize value and drive performance across the retail, commercial and industrial, real estate, manufacturing, brand and intellectual property sectors, and more. Hilco Global provides a range of customized solutions to healthy, stressed, and distressed companies to resolve complex situations and enhance long-term enterprise value. Hilco Global works to deliver the best possible result by aligning interests with clients and providing strategic advice and, in many instances, the capital required to complete the deal. Hilco Global is based in Northbrook, Illinois and has more than 810 professionals operating on four continents. Visit www.hilcoglobal.com. HILLSDALE PALLETS: Case Summary & Five Unsecured Creditors ---------------------------------------------------------- Debtor: Hillsdale Pallets, LLC f/d/b/aFDBA Hillsdale Pallet, LLC 2351 East Bear Lake Road Hillsdale, MI 49242 Business Description: Hillsdale Pallets, LLC, based in Hillsdale, Michigan, manufactures and distributes wooden pallets, custom crating, and shipping boxes, offering services that include ISPM 15-certified heat treatment and reconditioned standard pallets. The Company provides custom-size pallets and specialty skids built to client specifications, emphasizing punctual delivery and customer service. Its operations focus on pallet production, shipping solutions, and related logistics services. Chapter 11 Petition Date: October 17, 2025 Court: United States Bankruptcy Court Western District of Michigan Case No.: 25-02967 Judge: Hon. Scott W Dales Debtor's Counsel: Michael P. Hanrahan, Esq. CBH ATTORNEYS & COUNSELORS, PLLC Main Office 25 Division Avenue S., Suite 500 Grand Rapids, MI 49503 Tel: 616-608-3061 Fax: 616-719-3782 Email: nikki@chasebylenga.com Total Assets: $353,531 Total Liabilities: $2,215,075 Ross Hakamaki signed the petition as member and manager. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SGQJMDI/Hillsdale_Pallets_LLC__miwbke-25-02967__0001.0.pdf?mcid=tGE4TAMA HURON ACADEMY: Moody's Affirms 'Ba1' Revenue Rating, Outlook Stable ------------------------------------------------------------------- Moody's Ratings has affirmed Huron Academy, MI's Ba1 revenue rating. The outlook is stable. The charter school academy has $13.3 million in outstanding revenue-backed bonds. RATINGS RATIONALE The Ba1 rating reflects the charter school's balanced competitive position, highlighting its long-standing history and stable enrollment trends against its small scale and average academic performance. The demand profile should improve moderately as recently completed capital projects consolidate the academy's preK-8th grade operations at one site. Financial performance is sound, with satisfactory cash flow margins, days cash on hand, and debt service coverage. Stable per-pupil state aid and enrollment growth could enhance liquidity over the next two years. The academy's low charter renewal risk and solid government relations, including with its contracted charter management organization (CMO), are positive factors. Additionally factored is the academy's moderately-high debt burden and annual fixed costs. RATING OUTLOOK The stable outlook indicates an expectation that the school will reach full enrollment in the coming years while maintaining satisfactory operating cash flow margins, healthy days of cash on hand, and sound annual debt service coverage. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Sustained full enrollment combined a bolstering of the academy's student waitlist and improved academic performance -- Maintenance of liquidity above 150 days cash on hand along with annual debt service coverage above 2.0x -- Material improvement to the academy's debt leverage ratios FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Weakened competitive considerations including declining enrollment or deteriorating academic performance -- Narrowing of operating margins below 10%, declines to days cash below 75 days, or annual debt service coverage below 1.5x -- Material increases to the academy's debt leverage ratios PROFILE The Huron Academy is a preK-8th grade charter school that operates one facility in Clinton Township with an enrollment of approximately 675 students. The academy began its operations in 1999 and is authorized Ferris State University. The academy's charter has been renewed five times and its current-year charter runs through June 30, 2030. METHODOLOGY The principal methodology used in these ratings was US Charter Schools published in April 2024. IDEANOMICS INC: Plan Exclusivity Period Extended to October 30 -------------------------------------------------------------- Judge Craig T. Goldblatt of the U.S. Bankruptcy Court for the District of Delaware extended Idex Wind Down, Inc. f/k/a Ideanomics, Inc. and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to October 30 and December 29, 2025, respectively. As shared by Troubled Company Reporter, the Debtors explain that given the size and complexity of these Chapter 11 Cases, not extending exclusivity would be detrimental to an efficient resolution of these cases. While no other party has yet suggested they would be willing or able to propose a plan, terminating exclusivity could create a situation where the Debtors' estates are saddled with multiple and competing plans. The Debtors claim that these chapter 11 cases involve eight affiliated entities. The Debtors and their professionals have expended significant effort in negotiating and consummating the sales of the Debtors' assets, workstreams that were the primary focus of the initial phase of these Chapter 11 Cases. Accomplishing these tasks and addressing the concerns of the Debtors' creditors, among other things, required the full attention of the Debtors' employees and advisors. The Debtors assert that they are focusing their efforts on finalizing the drafting and filing a value-maximizing plan of liquidation. Therefore, if achieved, a chapter 11 plan would be the product of the Debtors' extensive efforts, and cause exists to extend the Exclusive Periods to allow the Debtors to negotiate and formulate such plan. The Debtors further assert that they have been paying their undisputed post-petition amounts owed in the ordinary course of business or as otherwise provided by the Court Order. In addition, the Debtors have sufficient liquidity to continue paying administrative expenses as they become due and will continue to make such payments. This factor therefore weighs in favor of allowing the Debtors to extend the Exclusive Periods. The Debtors note that during the first ten months of these Chapter 11 Cases, they have primarily focused their efforts on the sale of substantially all of their assets to maximize value for all stakeholders. The Debtors were successful in competing the sales, which will benefit the estate and all creditors. The prospect of competing plans would only lead to disorder and waste scarce estate resources, thereby ultimately diminishing the remaining pool of value available for distribution to creditors. Co-Counsel to the Debtors: Palacio, Esq. Gregory A. Taylor, Esq. ASHBY & GEDDES, P.A. 500 Delaware Avenue, 8th Floor P.O. Box 1150 Wilmington, DE 19801 Tel: (302) 654-1888 Fax: (302) 654-2067 Email: RPalacio@ashbygeddes.com GTaylor@ashbygeddes.com John A. Simon, Esq. Jake W. Gordon, Esq. FOLEY & LARDNER LLP 500 Woodward Ave., Suite 2700 Detroit, MI 48226-3489 Tel: (313) 234-7100 Fax: (313) 234-2800 Email: jsimon@foley.com Jake.gordon@foley.com - and - Timothy C. Mohan, Esq. 1400 16th Street, Suite 200 Denver, CO 80202 Tel: (720) 437-2000 Fax: (720) 437-2200 Email: tmohan@foley.com About Ideanomics Inc. New York, N.Y.-based Ideanomics, Inc. is a global electric vehicle company that is focused on driving the adoption of electric commercial vehicles and associated sustainable energy consumption. It is made up of 5 subsidiaries including: VIA Motors, Solectrac, Treeletrik, Wave, and US Hybrid. Ideanomics Inc. and seven of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12728) on December 4, 2024. In its petition, the Debtor reports assets between $50 million and $100 million and liabilities ranging from $100 million to $500 million. Foley & Lardner LLP serves as the Debtors' general bankruptcy counsel and Ashby & Geddes, P.A. acts as the Debtors' Delaware co-counsel. The Debtors tapped Epiq Corporate Restructuring as noticing and claims agent. Riveron Management Services, LLC is the Debtors' CRO and financial advisor, and SSG Advisors, LLC, is the Debtors' investment banker and financial adviser. IF YOU PLEASE: Seeks to Hire Panda Accounting LLC as Accountant --------------------------------------------------------------- If You Please LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Panda Accounting LLC as accountant. Panda will assist the Debtor in the ongoing maintenance and general bookkeeping; accounting support, bank statement, merchant account, and general ledger reconciliations; year-end 1099 preparation, and W2, time tracking and payroll services for up to 25 employees; certain vendor and contractor payment processing and disbursement services; and other financial filings with government agencies. The accountant will receive compensation on a fixed fee basis of $1,450 per month. As disclosed in the court filings, Preston Jensen, CPA, and the firm Panda Accounting LLC represent no other entity in connection with this case and represents or holds no interest adverse to the interests of this estate. The firm can be reached through: Preston Jensen, CPA Panda Accounting LLC 4100 S Lindsay Rd, Ste 125 Gilbert, AZ 85297 Phone: (480) 681-6868 About If You Please LLC If You Please LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 2:25-bk-09405-DPC) on October 2, 2025. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000, and liabilities of between $1,000,001 and $10 million. Honorable Judge D. Paul Carey oversees the case. Ellett Law Offices, PC is Debtor's legal counsel. IMMERSIVE ART: Taps Joseph S. Reisman & Associates as Tax Advisor ----------------------------------------------------------------- Immersive Art Space LP seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Joseph S. Reisman & Associates as its tax advisor. The firm will assist and consult with the Debtor with respect to obtaining a Federal Employee Retention Credit for the Debtor. Joseph S. Reisman will charge, upon receipt of the ERC check, a commission of 15 percent of the net ERC received. Joseph S. Reisman, the principal at Joseph S. Reisman & Associates, disclosed in the court filings that his firm is a "disinterested person" as such term is defined under section 101(14) of the Bankruptcy Code. The firm can be reached through: Joseph S. Reisman Joseph S. Reisman & Associates 2751 Coney Island Ave Brooklyn, NY 11235 Phone: (718) 332-1040 About Immersive Art Space LP Immersive Art Space, LP, operates Lighthouse ArtSpace Chicago, a venue specializing in immersive digital art exhibitions. Located in the historic Germania Club Building in Chicago, the space hosts large-scale experiences such as Immersive Van Gogh, combining visual projections with music and narrative. The venue also offers facilities for private events and spans approximately 22,000 square feet. Immersive Art Space sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10977) on June 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Laurie Selber Silverstein handles the case. The Debtor tapped Clark Hill, PLC and Husch Blackwell LLP as counsel. INDEPENDENT MEDEQUIP: Hires Richard L. DeShazo CPA as Accountant ---------------------------------------------------------------- Independent MedEquip LLC and its affiliates filed an amended application seeking approval from the U.S. Bankruptcy Court for the Northern District of Alabama to hire Richard L. DeShazo, CPA as their accountant. Mr. DeShazo's services include: a. preparation of monthly operating reports for IMED; b. ongoing day-to-day accounting and bookkeeping services for IMED; c. assistance with feasibility and liquidation analyses of IMED; and d. performance of all other necessary accounting services in the case. Mr. DeShazo will receive an hourly rate of $225. Mr. DeShazo received pre-petition retainers totaling $35,000. Mr. DeShazo assured the court that he is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The professional can be reached at: Richard L. DeShazo, CPA Caladan Oceanic LLC Birmingham, AL About Independent MedEquip LLC Independent MedEquip LLC, based in Birmingham, Alabama, is a Delaware holding company that owns a network of subsidiaries across multiple states operating in the durable medical equipment sector, including iMedEquip LLC, its primary operating arm, as well as Viking Medical Supply, Independent Offices, MedAlliance, Cloud City Medical, Physician's Choice Medical, Central Mobility & Rehab Equipment, Georgia Medical Supply, LifeAid Medical Equipment, and Life Medical Supply. Through these entities, the group rents and sells medical equipment such as oxygen systems, CPAP machines, wheelchairs, hospital beds, diabetic and incontinence supplies, and complex mobility solutions, with revenues primarily derived from Medicare, Medicaid, private insurers, and patient payments, while also managing administrative functions and real estate assets tied to its operations. Independent MedEquip LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-02821-TOM11) on September 18, 2025. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $100,001 to $500,000. Judge Tamara O. Mitchell oversees the case. Memory Memory & Causby, LLP is Debtor's legal counsel. INDEPENDENT MEDEQUIP: Hires Samek & Flynn LLC as General Counsel ---------------------------------------------------------------- Independent MedEquip LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Alabama to hire Samek & Flynn, LLC as their general counsel. The firm will render these services: a. provide advice and assistance to the Debtors and their other professionals; b. negotiate with creditors and critical vendors; c. continue to assist with healthcare compliance matters; and d. render all action necessary to protect and preserve the Debtors' Estates, including negotiation concerning any material litigation in which the Debtors are involved; and e. perform all other necessary legal services in the case. The firm's hourly rates are: Yuliya Flynn $450 Tarrell Calloway $325 Roxanna $200 Flynn received pre-petition retainers totaling $40,000. Yuliya Flynn, a member of Samek & Flynn, LLC, disclosed in the court filing that her firm is a "disinterested person" as the term is defined in 11 U.S.C. 101(14). The firm can be reached through: Yuliya Flynn, Esq. Samek & Flynn, LLC 2000 Tower Oaks Boulevard, Suite 440 Rockville, MD 20852 Phone: (240) 912-3000 Email: yuliya@samekflynn.com About Independent MedEquip LLC Independent MedEquip LLC, based in Birmingham, Alabama, is a Delaware holding company that owns a network of subsidiaries across multiple states operating in the durable medical equipment sector, including iMedEquip LLC, its primary operating arm, as well as Viking Medical Supply, Independent Offices, MedAlliance, Cloud City Medical, Physician's Choice Medical, Central Mobility & Rehab Equipment, Georgia Medical Supply, LifeAid Medical Equipment, and Life Medical Supply. Through these entities, the group rents and sells medical equipment such as oxygen systems, CPAP machines, wheelchairs, hospital beds, diabetic and incontinence supplies, and complex mobility solutions, with revenues primarily derived from Medicare, Medicaid, private insurers, and patient payments, while also managing administrative functions and real estate assets tied to its operations. Independent MedEquip LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-02821-TOM11) on September 18, 2025. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $100,001 to $500,000. Judge Tamara O. Mitchell oversees the case. Memory Memory & Causby, LLP is Debtor's legal counsel. INDEPENDENT MEDEQUIP: Hires Warren Averett CPAs as Accountant ------------------------------------------------------------- Independent MedEquip LLC and its affiliates filed an amended application seeking approval from the U.S. Bankruptcy Court for the Northern District of Alabama to hire Warren Averett Certified Public Accountants to serve as independent certified public accountants in their Chapter 11 case. Warren Averett will provide these services: (a) provide CPA labor resources necessary to handle the workload contemplated in this filing to support management and other bankruptcy-related retained professionals; (b) provide CPA labor resources to assist management and other bankruptcy-related retained professionals, as might be required, in the ongoing day-to-day accounting and bookkeeping services for IMED; (c) prepare Federal, state, and local tax returns and similarly situated compliance filings for IMED's multi-state operations, as might be required; (d) provide CPA labor resources to assist management and other bankruptcy-related retained professionals, in preparing feasibility and liquidation analyses of IMED; (e) provide CPA labor resources to assist in preparing reorganization plans, as might be required; and (f) perform all other necessary CPA services to support management and other bankruptcy-related retained professionals related directly to this case. The firm's hourly rates are: Intern $165 Associates $225 Senior Associates $255 Manager $385 Principal $410 Member $450 The CPA Firm received a pre-petition retainer of $20,000 from iMedEquip, LLC in advance of the bankruptcies. Warren Averett CPAs 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: Adam West, CPA Warren Averett CPAs 2500 Acton Road #200 Birmingham, AL 35243 Telephone: (205) 979-4100 About Independent MedEquip LLC Independent MedEquip LLC, based in Birmingham, Alabama, is a Delaware holding company that owns a network of subsidiaries across multiple states operating in the durable medical equipment sector, including iMedEquip LLC, its primary operating arm, as well as Viking Medical Supply, Independent Offices, MedAlliance, Cloud City Medical, Physician's Choice Medical, Central Mobility & Rehab Equipment, Georgia Medical Supply, LifeAid Medical Equipment, and Life Medical Supply. Through these entities, the group rents and sells medical equipment such as oxygen systems, CPAP machines, wheelchairs, hospital beds, diabetic and incontinence supplies, and complex mobility solutions, with revenues primarily derived from Medicare, Medicaid, private insurers, and patient payments, while also managing administrative functions and real estate assets tied to its operations. Independent MedEquip LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-02821-TOM11) on September 18, 2025. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $100,001 to $500,000. Judge Tamara O. Mitchell oversees the case. Memory Memory & Causby, LLP is Debtor's legal counsel. INDEPENDENT MEDEQUIP: Taps Memory & Memory as Bankruptcy Counsel ---------------------------------------------------------------- Independent MedEquip LLC and its affiliates filed an amended application seeking approval from the U.S. Bankruptcy Court for the Northern District of Alabama to hire Memory Memory & Causby, LLP as bankruptcy counsel. The firm's services include: (a) preparation of the petition, schedules, and disclosures incident to the Chapter 11 bankruptcies; (b) preparation of motions to jointly administer the bankruptcies of the Debtors, authorize cash collateral and DIP lending, and other first-day motions; (c) preparation, negotiation, and prosecution of plans of reorganization or liquidation and all related documents on behalf of the Debtors; (d) negotiation on behalf of the Debtors with all major creditor classes with respect to the plans of reorganization or liquidation and certain other substantive aspects of the cases; (e) preparation on behalf of the Debtors, as Debtors-in-Possession, of certain necessary motions, applications, answers, orders, reports, and papers necessary to the administration of the Debtors' Estate; (f) all action necessary to protect and preserve the Debtors' Estates, including negotiation concerning any material litigation in which the Debtors are involved; and (g) performance of all other necessary legal services in the case. The firm will be paid at these rates: Von G. Memory $425 per hour Stuart H. Memory $375 per hour Wm. Wesley Causby $375 per hour McKenna J. Meldrum $250 per hour Paralegals $150 per hour The firm received pre-petition retainers totaling $70,000. Memory Memory & Causby, 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: Wm. Wesley Causby, Esq. Memory Memory & Causby, LLP Post Office Box 4054 Montgomery, AL 36103-4054 Telephone: (334) 834-8000 Facsimile: (334) 834-8001 E-mail: wcausby@memorylegal.com About Independent MedEquip LLC Independent MedEquip LLC, based in Birmingham, Alabama, is a Delaware holding company that owns a network of subsidiaries across multiple states operating in the durable medical equipment sector, including iMedEquip LLC, its primary operating arm, as well as Viking Medical Supply, Independent Offices, MedAlliance, Cloud City Medical, Physician's Choice Medical, Central Mobility & Rehab Equipment, Georgia Medical Supply, LifeAid Medical Equipment, and Life Medical Supply. Through these entities, the group rents and sells medical equipment such as oxygen systems, CPAP machines, wheelchairs, hospital beds, diabetic and incontinence supplies, and complex mobility solutions, with revenues primarily derived from Medicare, Medicaid, private insurers, and patient payments, while also managing administrative functions and real estate assets tied to its operations. Independent MedEquip LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-02821-TOM11) on September 18, 2025. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $100,001 to $500,000. Judge Tamara O. Mitchell oversees the case. Memory Memory & Causby, LLP is Debtor's legal counsel. INTREX INC: Seeks to Hire EAG Triangle LLC as Accountant -------------------------------------------------------- Intrex, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire EAG Triangle LLC as accountant. The accountant has agreed to prepare and file the Debtor's federal and state tax returns for 2024 for a flat fee of $3,300. Dain Mickalites, CPA, an accountant at EAG Triangle LLC, assured the court that the firm is disinterested within the meaning of Sec. 327(a) of the Bankruptcy Code. The firm can be reached through: Dain Mickalites EAG Triangle LLC 1500 Sunday Drive, Suite 300 Raleigh, NC 27607 About Intrex, Inc. Intrex, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-03407) on September 2, 2025. William H. Kroll, Esq. at Gaskins Hancock Tuttle Hash LLP represents the Debtor as counsel. JEREMY KIDO: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Jeremy Kido Invesments, LLC d/b/a Jeremy Kido Investments, Inc. 2845 Jamul Heights Drive El Cajon, CA 92019 Business Description: Jeremy Kido Invesments, LLC is a real estate company based in El Cajon, California, classified under NAICS 5311 and identified as a single-asset real estate (SARE) entity. It owns the property at 10752 Lupin Way in La Mesa, California, which it holds for leasing or long-term investment purposes. Chapter 11 Petition Date: October 19, 2025 Court: United States Bankruptcy Court Southern District of California Case No.: 25-04310 Judge: Hon. Christopher B Latham Debtor's Counsel: Quintin Shammam, Esq. LAW OFFICES OF QUINTIN G. SHAMMAM 2221 Camino Del Rio South, Ste. 207 San Diego, CA 92108 Tel: (619) 444-0001 E-mail: quintin@shammamlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million Arkan Hamana signed the petition as manager. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QCUPKEY/Jeremy_Kido_Invesments_LLC__casbke-25-04310__0001.0.pdf?mcid=tGE4TAMA JKMD MEDICAL: Seeks Chapter 7 Bankruptcy in Texas ------------------------------------------------- On October 10, 2025, JKMD Medical Partners PLLC voluntarily filed for Chapter 7 bankruptcy protection in the Eastern District of Texas. The bankruptcy petition lists company debts estimated between $1 million and $10 million. The firm also reported having 100 to 199 creditors. About JKMD Medical Partners PLLC JKMD Medical Partners PLLC is a medical group headquartered in Texas and operating as a professional limited liability company. JKMD Medical Partners PLLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-43069) on October 10, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Brenda T. Rhoades handles the case. The Debtor is represented by Robert DeMarco, III, Esq. JMC UNIT 1: Gets Final OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, granted JMC Unit 1, LLC final approval to use cash collateral. The final order authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditors. As adequate protection, secured creditors will be granted replacement liens on all property acquired or generated by the Debtor after its Chapter 11 filing. The replacement liens will have the same validity, priority and extent as the secured creditors' pre-bankruptcy liens but junior to professional fees and costs. The budget term extends through October 30 and may be further extended with the written consent of both the secured creditor and the Subchapter V trustee. The Debtor must also escrow $1,000 per month to cover Subchapter V trustee fees. The final order is available at https://is.gd/SQztyg from PacerMonitor.com. About JMC Unit 1 LLC JMC Unit 1, LLC, doing business as WaveMAX Hialeah, operates a full-service laundromat in Hialeah, Florida, providing self-service laundry, wash-dry-fold, dry cleaning, and scheduled pickup and delivery services. The Company also offers commercial laundry solutions to businesses including colleges, health clubs, medical offices, country clubs, Airbnb rentals, and salons. Its operations emphasize modern equipment, customer convenience, and rapid turnaround. JMC Unit 1 sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19413) on August 14, 2025, listing up to $1 million in assets and up to $10 million in liabilities. John Cooper, president and authorized representative of JMC Unit 1, signed the petition. Jacqueline Calderin, Esq., at Agentis PLLC, represents the Debtor as legal counsel. KARYOPHARM THERAPEUTICS: Completes $131M Convertible Note Financing ------------------------------------------------------------------- Karyopharm Therapeutics Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company closed a series of transactions with its term loan lenders, holders of its then-outstanding convertible notes and other investors, which were previously announced by the Company on October 8, 2025. On October 10, 2025, the Company entered into; (i) an indenture with respect to the Company's 9.00% convertible senior notes due 2028, dated October 10, 2025, between the Company, the guarantors party thereto and Wilmington Savings Fund Society, FSB ("WSFS"), as trustee and collateral agent, (ii) an indenture with respect to the Company's 9.00% convertible senior notes due 2029, dated October 10, 2025, between the Company, the guarantors party thereto and WSFS, as trustee and collateral agent and (iii) registration rights agreements, dated October 10, 2025, with each of the term loan lenders, in each case on the terms described in the Current Report on Form 8-K filed by the Company on October 8, 2025. Additionally, on the Closing Date and as disclosed in the Current Report on Form 8-K filed by the Company on October 8, 2025, the Company borrowed $12.5 million under its credit and guaranty agreement, as amended, by the First Amendment and Waiver to Credit and Guaranty Agreement dated as of October 7, 2025. Moreover, on the Closing Date and as disclosed in the Current Report on Form 8-K filed by the Company on October 8, 2025, the Company issued $15million aggregate principal amount of 9.00% senior secured convertible notes due 2028 and $103.5 million aggregate principal amount of 9.00% senior secured convertible notes due 2029. As of October 14, 2025, the Company had 15,926,939 shares of common stock outstanding (assuming no exercise of any outstanding pre-funded warrants or warrants or conversions of any outstanding convertible notes issued in the Financing Transactions). About Karyopharm Therapeutics Karyopharm Therapeutics Inc. operates as an oncology-focused pharmaceutical company. The Company offers combination with dexamethasone as a treatment for patients with pretreated multiple myeloma, as well as provides single-agent and combination activity against a variety of human cancers. Karyopharm Therapeutics serves patients in the United States, Germany, and Israel. As of June 30, 2024, the Company had $104.88 million in total assets, $343.81 million in total liabilities, and $238.93 million in total stockholders' deficit. Boston, Massachusetts-based Ernst & Young LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated February 19, 2025, citing that the Company has incurred significant operating losses since inception, expects to incur significant operating losses for the foreseeable future, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. KC 117: Hires Law Offices of Shai Oved as Bankruptcy Counsel ------------------------------------------------------------ KC 117 LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire The Law Offices of Shai Oved as bankruptcy counsel. The firm will render these services: a. advise the Debtor regarding matters of the bankruptcy law relating to the administration of this case; b. represent the Debtor in proceedings and hearings in the court involving matters of bankruptcy law; c. assist in compliance with the requirements of the Office of the United States trustee; d. provide the Debtor legal advice and assist with respect to the Debtor's powers and duties in the continued operation of the Debtor's business and management of property of the estate; e. assist the Debtor in the administration of the estate's assets and liabilities; f. prepare necessary legal documents on behalf of the Debtor; g. assist the collection of all accounts receivable and other claims that the Debtor may have and resolve claims against the Debtor's estate; h. provide advice concerning the claims of secured and unsecured creditors, prosecution and/or defense of all actions; i. prepare, negotiate, prosecute and attain a sale of the Debtor's primary assets to pay all creditors in full and/or seek confirmation of a plan of reorganization. The firm will be paid at these rates: Shai Oved $600 per hour Paralegals $200 per hour The firm received an advance payment of $5,000, which was applied to filing fees of $1,738 and $3,262 toward emergency filing. Shai Oved, Esq., a partner of The Law Offices of Shai Oved, disclosed in the court filings that the firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Shai Oved, Esq. The Law Offices of Shai Oved 7445 Topanga Canyon Blvd #220 Canoga Park, CA 91303 Telephone: (818) 293-7999 Facsimile: (818) 992-6511 About KC 117 LLC KC 117 LLC is a limited liability company. KC 117 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11802) on September 29, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. The Debtor is represented by Shai Oved, Esq. of THE LAW OFFICES OF SHAI OVED. KC 117: Seeks to Hire Coldwell Banker Realty as Broker ------------------------------------------------------ KC 117 LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Coldwell Banker Realty as real estate broker. The broker will market and sell the Debtor's property located at 5712 Donna Ave., Tarzana, CA 91356. The broker will receive a commission of 3.5 percent of sales price. Phoenix Rain, an agent with Coldwell Banker Realty, assured the court that he is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Phoenix Rain Coldwell Banker Realty 27111 Camino De Estrella Suite 101 Capistrano Beach, CA 92624 Home: (949) 741-4617 Mobile: (949) 741-4617 Email: phoenix.rain@cbrealty.com About KC 117 LLC KC 117 LLC is a limited liability company. KC 117 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11802) on September 29, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. The Debtor is represented by Shai Oved, Esq. of THE LAW OFFICES OF SHAI OVED. KENNISON STRATEGIC: Seeks to Hire Keller Williams Realty as Broker ------------------------------------------------------------------ Kennison Strategic Development Co. LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Keller Williams Realty as broker. The broker will sell the Debtor's real property located at 88 North Main Street, Washington, PA 15301. The broker will receive a broker's commission in the amount of 5 percent of the sale price on real estate and the business. Mr. Miller assured the court that Keller Williams Realty has no connection to any creditor or other party in interest and represent no interest adverse to the Chapter 11 estate. The firm can be reached at: Ean Miller, Broker KELLER WILLIAMS REALTY 460 Washington Road, Suite 2 Washington, PA 15301 Telephone: (724) 222-5500 E-mail: Eanm2323@gmail.com About Kennison Strategic Development Kennison Strategic Development Co. LLC is engaged in activities related to real estate. Kennison Strategic Development Co. LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 24-21944) on August 8, 2024. In the petition filed by Mark Kennison, as president, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. Honorable Judge Gregory L. Taddonio oversees the case. The Debtor is represented by Brian C. Thompson, Esq. at Thompson Law Group, P.C. KITCHEN MAN: Gets Extension to Access Cash Collateral ----------------------------------------------------- The Kitchen Man Inc. received third interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Wilmington Division, to use cash collateral. The third interim order authorized the Debtor to use cash collateral for its post-petition operating expenses as set forth in its budget, which projects total operational expenses of $453,967 for the period from October 18 to November 17. As adequate protection, secured creditors including NFS Capital, LLC, Pearl Delta Funding, LLC and Corporation Service Company, which hold UCC-1 liens, will receive replacement post-petition liens on the Debtor's property, receivables, and other assets. The immediate use of cash collateral is necessary to avoid irreparable harm and ensure continued operations, which generate the largest source of funds for creditors, according to the Debtor. The next hearing is set for November 18. About The Kitchen Man Inc. The Kitchen Man Inc. specializes in custom countertop installations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03176) on August 18, 2025. In the petition signed by Chris Dabideen, president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Joseph N. Callaway oversees the case. Richard P. Cook, Esq., at Richard P. Cook. PLLC, represents the Debtor as legal counsel. KPOWER GLOBAL: Funding Deal OK'd, Hearing Thurs on Case Dismissal ----------------------------------------------------------------- The United States Bankruptcy Court for the Western District of Tennessee is scheduled to hold a hearing Thursday, Oct. 23, to consider the request of the United States Trustee for dismissal or conversion of KPower Global Logistics, LLC's Chapter 11 cases. The Court has rescheduled a number of hearings for Oct. 23, including the Debtor's request for additional funding of its operating capital through a factoring arrangement with a "new" factor, the United States Trustee's amended motion to dismiss or convert, and certain procedural matters. On Oct. 16, the Court issued an interim order authorizing the Debtor to obtain post-petition financing from SouthStar Financial LLC in the form of a receivables purchase agreement. The Hon. M. Ruthie Hagan heard the matter Oct. 15 and issued her bench opinion granting the motion after some amendments had been made and announced in open court. A copy of the Court's order is available at https://urlcurt.com/u?l=E0RyhS According to the Debtor's Motion, SouthStar as the Factor will evidence its agreement to purchase Accounts by the issuance of a check, wire or other electronic transfer to the Debtor in an amount up to 85% of the face amount of each Account, or such lesser percentage as the Factor deems necessary in its permitted discretion, with the exception of Accounts for Williams-Sonoma, Inc. and/or all of its subsidiaries, including but not limited to, Accounts for WilliamsSonoma Direct, Inc., which shall have a Purchase Price up to 90% of the face amount of each Account. The total outstanding funds to be advanced by SouthStar to the Debtor will not exceed $14 million. SouthStar may reduce or increase this Facility Amount in its sole discretion without notice to the Seller. The Debtor will grant the Factor automatically perfected priming liens on the receivables or their proceeds. SouthStar is represented by Howard Marc Spector, Esq. -- hspector@spectorcox.com -- at Spector & Cox, PLLC. The Debtor has completed its withdrawal from the so-called Delp property located at 4290-4354 Delp Street, Memphis, Tennessee 38115. The Debtor has advised the Court it continues to favorably receive financial advisor advice from Bobby Clements and Leverage Supply Chain Group/Leverage Supply Chain, LLC, and is looking forward to Mr. Clements being the Chief Restructuring Officer in the event the Court grants that request at Thursday's hearing. About KPower Global Logistics, LLC KPower Global Logistics LLC provides third-party logistics services specializing in customized supply chain solutions across the United States. The Company offers staffing, warehousing, bulk storage, consulting, packaging, and special project services for distribution centers and manufacturing operations. KPower Global Logistics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-22294) on May 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Judge Jennie D Latta handles the case. The Debtor is represented by the Law Offices of Craig M. Geno, PLLC. LEGACY DRAYAGE: Hires 4 Points Consultants as Financial Advisor --------------------------------------------------------------- Legacy Drayage, Inc., filed an amended application seeking approval from the U.S. Bankruptcy Court for the Central District of California to hire 4 Points Consultants as financial advisor. The firm will render these services: a. assist the Debtor in preparing its Schedules of Assets and Liabilities, Statement of Financial Affairs, and related reporting documents; b. assist the Debtor in preparing and maintaining budgets and cash flow projections; c. assist the Debtor in preparing reports acceptable to the Court and the U.S. Trustee including, but not limited to, Monthly Operating Reports; d. assist the Debtor in analyzing potential factor, loan, and/or other financing arrangements; and e. engage in such other financial and administrative activities as necessary to assist the Debtor in its reorganization efforts. Gerald Barth will serve as the primary professional from 4 Points Consultants. His rate is $300 per hour. 4 Points Consultants is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Gerald Barth, CPA, CFE 4 Points Consultants 1947 Cimarron Circle Steamboat Springs, CO 80487 About Legacy Drayage Inc. Legacy Drayage, Inc provides trucking, freight logistics, and transportation services, offering solutions such as drayage, transloading, hazardous materials handling, overweight cargo transport, and over-the-road trucking. The Company serves customers with route planning, warehousing, and logistics management, and emphasizes technology-driven operations to improve service levels and delivery efficiency. It also engages in zero-emissions trucking and logistics initiatives as part of its operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-17226) on August 20, 2025. In the petition signed by Walter Umana, president and chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Barry Russell oversees the case. Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik, LLP, represents the Debtor as legal counsel. LIFESCAN GLOBAL: Court Confirms Joint Chapter 11 Plan ----------------------------------------------------- Judge Alfredo R. Perez of the United States Bankruptcy Court for the Southern District of Texas entered a conditional order: (i) approving the disclosure statement, and (ii) confirming the Joint Chapter 11 Plan of LifeScan Global Corporation and its debtor affiliates. The Disclosure Statement, including exhibits contains "adequate information" as such term is defined in section 1125(a)(1) and used in section 1126(b)(2) of the Bankruptcy Code. The Filing of the Disclosure Statement satisfied Bankruptcy Rule 3016(b). All procedures used to tabulate the votes on the Plan were in good faith, fair, reasonable, and conducted in accordance with the applicable provisions of the Bankruptcy Code, the Bankruptcy Rules, the Local Rules, the Disclosure Statement, the Scheduling Order, and all other applicable nonbankruptcy laws, rules, and regulations. The Debtors, as proponents of the Plan, have met their burden of proving all applicable elements of section 1129 of the Bankruptcy Code by a preponderance of the evidence, the applicable evidentiary standard for Confirmation. GUC Settlement The Plan incorporates and implements a global settlement regarding, among other things, the treatment of Allowed General Unsecured Claims under the Plan (including, without limitation, the GUC Cash Pool and the GUC Commercial Tort Claim Share), the establishment of the GUC Trust, the issuance of the GUC Trust Interests, and the execution, delivery and implementation of all Definitive Documents related thereto, including the provisions of the Plan and the GUC Trust Documents reasonably necessary or advisable to give effect to and implement the GUC Settlement, and the releases under the Plan of the Consenting Lenders, the Sponsor and their Related Parties. The terms of the GUC Settlement represent a good-faith compromise and settlement of numerous issues and disputes between and among (a) the Debtors, (b) the Committee, (c) the Holders of First Lien Claims and Holders of Second Lien Claims, and (d) the Sponsor, among others. Entry of this Combined Order constitutes the Court's approval of the GUC Settlement, under section 1123 of the Bankruptcy Code and Bankruptcy Rule 9019, as well as findings by the Court that the GUC Settlement is fair, equitable, reasonable and in the best interest of the Debtors, their Estates and Holder of Claims and Interest and falls above the lowest point in the range of reasonableness. The Court finds the Plan does not unfairly discriminate between such Class and similarly situated Classes of Claims. Further, the Plan is fair and equitable with respect to the Class of Claims that rejected the Plan, as the Plan provides that no holder of any Claim or Interest that is junior to the Claims or Interests of such Classes will receive or retain any property under the Plan on account of such junior Claim or Interests. With respect to each Class that has voted or is deemed to reject the Plan, the requirements of section 1129(b) of the Bankruptcy Code have been satisfied, and the Plan may be confirmed pursuant to section 1129(b)(1) of the Bankruptcy Code. Bidding Procedures and Marketing of Assets The Court finds the Bidding Procedures were substantively and procedurally fair to all parties and all potential bidders and afforded notice and a full, fair and reasonable opportunity for any person to make a higher or otherwise better offer to purchase the Credit Bid Purchased Assets. As evidenced by the Singh Declaration, the amount offered by the BidCo Buyer in exchange for the Credit Bid Purchased Assets reflects the highest and best offer available for the Credit Bid Purchased Assets. The Debtors have demonstrated that: (i) the Credit Bid Transaction constitutes the highest or otherwise best offer for the Credit Bid Purchased Assets, (ii) the Credit Bid Purchase Agreement and the closing thereon presents the best opportunity to realize the maximum value of the Credit Bid Purchased Assets, and (iii) the Debtors' entry into the Credit Bid Purchase Agreement and consummation of the Credit Bid Transaction is a sound exercise of the Debtors' business judgment and is entirely fair. The total consideration provided by the BidCo Buyer pursuant to the Credit Bid Purchase Agreement constitutes reasonably equivalent value and fair consideration under the Bankruptcy Code, the Uniform Fraudulent Transfer Act, the Uniform Fraudulent Conveyance Act, and any other applicable law, and may not be avoided under section 363(n) of the Bankruptcy Code or any other applicable law. The Credit Bid Purchase Agreement was negotiated and is undertaken by the Debtors, on the one hand, and BidCo, its affiliates, and representatives, on the other hand, at arm's length, without collusion or fraud, and in good faith within the meaning of section 363(m) of the Bankruptcy Code. The Disclosure Statement is approved as having adequate information as contemplated by section 1125(a)(1) of the Bankruptcy Code. The Court finds the Plan satisfies or complies with all applicable provisions of sections 1122, 1123, 1125, 1126, and 1129 of the Bankruptcy Code and is confirmed pursuant to section 1129 of the Bankruptcy Code. Pursuant to sections 105, 363, 365, 1123, 1129 and 1141 of the Bankruptcy Code, the Credit Bid Transaction is approved in its entirety, and the Credit Bid Purchase Agreement (including, without limitation, the Wind-Down Budget), as it may be amended through and in accordance with and as permitted by the Credit Bid Purchase Agreement, the Restructuring Support Agreement, the Bankruptcy Code, and the Bankruptcy Rules, including, but not limited to, any consent or approval rights set forth therein, is approved. Pursuant to section 1123 of the Bankruptcy Code and Bankruptcy Rule 9019, the GUC Settlement is approved in its entirety, including as it relates to the treatment of General Unsecured Claims under the Plan and the establishment of the GUC Trust. The automatic stay pursuant to section 362 of the Bankruptcy Code is lifted with respect to the Debtors to the extent necessary, without further order of the Court, to allow BidCo Buyer to deliver any notice provided for in the Credit Bid Purchase Agreement and to allow BidCo Buyer to take any and all actions permitted under the Credit Bid Purchase Agreement. A copy of the Court's Order dated October 21, 2025, is available at https://urlcurt.com/u?l=5J2cn2 from PacerMonitor.com. The Debtors' Chapter 11 restructuring plan aims to cut approximately $1.7 billion in debt and secure $75 million in exit financing. As reported by the Troubled Company Reporter, LifeScan and affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement for Joint Chapter 11 Plan dated September 2, 2025. ifeScan has entered into a Restructuring Support Agreement with certain of the Debtors' creditors that allows them to effectuate a recapitalization pursuant to the terms of the Plan. The Debtors anticipate the proposed restructuring to improve their financial condition and credit worthiness and ensure their continued operations as a going concern. LifeScan has commenced these Chapter 11 Cases with a clear path to consummate a value-maximizing transaction that eliminates approximately $1.4 billion in liabilities pursuant to a chapter 11 plan. The Plan is supported by approximately 97% of secured creditors and LifeScan's equity sponsor, each of whom are party to a revised restructuring support agreement (the "Revised RSA") setting forth the terms of the restructuring. For more than the past ten months, LifeScan has engaged in negotiations with stakeholders at every level of its capital structure and has determined that efficient confirmation of the Plan is the best outcome for all stakeholders. The Plan contemplates the following stakeholder recoveries: * Except to the extent a Holder agrees to less favorable treatment, each Holder of an Allowed Other Secured Claim shall receive, at the option of the Debtors, in full and final satisfaction of its Allowed Other Secured Claim: (i) Cash in an amount equal to such Allowed Claim on the later of (a) the Effective Date or as soon as reasonably practicable thereafter and (b) the date that is ten Business Days after the date on which such Other Secured Claim becomes an Allowed Other Secured Claim; (ii) reinstatement of its Allowed Other Secured Claim; or (iii) such other treatment so as to render such Allowed Other Secured Claim Unimpaired; * Except to the extent that a Holder agrees to less favorable treatment, each Holder of an Allowed Other Priority Claim shall receive, in full and final satisfaction of its Allowed Other Priority Claim, (i) Cash in an amount equal to such Allowed Claim, (ii) reinstatement of its Allowed Other Priority Claims or (iii) other treatment consistent with section 1129(a)(9) of the Bankruptcy Code, as to render such Allowed Other Priority Claim Unimpaired, in each case, payable on the later of (a) the Effective Date or as soon as reasonably practicable thereafter and (b) the date that is ten Business Days after the date on which such Other Priority Claim becomes an Allowed Other Priority Claim; * Except to the extent that a Holder agrees to a less favorable treatment, each Holder of an Allowed First Lien Term Loan Claim shall receive, in full and final satisfaction of its First Lien Term Loan Claim, its pro rata share of (i) First Lien Emergence Excess Cash and (ii) the New First Lien Term Loans, subject to the Equitization Election; * Except to the extent that such Holder agrees to a less favorable treatment, each Holder of an Allowed Second Lien Secured Claim shall receive, in full and final satisfaction of such Claim, its pro rata share of 100% of the Reorg Equity, subject to dilution by any Reorg Equity in the 1L TL Equitization Pool, the Advisory Equity and the Management Incentive Plan; * Each Holder of an Allowed Third Lien Term Loan Claim shall receive, in full and final satisfaction of such Claim, its pro rata share of (i) $9.25 million in Cash, plus (ii) any portion of the Third Lien Restructuring Expenses Amount not used to pay the Restructuring Expenses of the Specified Third Lien Parties. * Each Holder of an Allowed General Unsecured Claim shall receive, in full and final satisfaction of its General Unsecured Claim, its pro rata share of the GUC Pool; * All Intercompany Claims and Intercompany Interests will be adjusted, reinstated, or cancelled, to the extent determined to be appropriate by the Reorganized Debtors and the Required Consenting Lenders, each acting reasonably; and * All Existing Equity Interests shall be cancelled, released, and extinguished, and their Holders shall neither receive nor retain any property on account of such Interests. Class 6 consists of General Unsecured Claims. Each Holder of an Allowed General Unsecured Claim shall receive, in full and final satisfaction of its General Unsecured Claims, its pro rata share of the GUC Pool. For the avoidance of doubt, General Unsecured Claims shall be classified and vote on a Debtor-by-Debtor basis. The allowed unsecured claims total $1.116 billion. This Class will receive a distribution of 1% of their allowed claims. This Class is impaired. A full-text copy of the Disclosure Statement dated September 2, 2025 is available at https://urlcurt.com/u?l=9XMgHW from Epiq Corporate Restructuring, LLC, claims agent. About LifeScan Global Corporation LifeScan delivers personalized health, wellness, and digital solutions to individuals living with diabetes. Since 1981, LifeScan has advanced glucose care and diabetes management with pioneering technologies and new products, and is actively engaged in designing, developing, manufacturing, and marketing devices, software, and applications. Its comprehensive portfolio of diabetes-related products and services includes blood glucose monitoring devices, blood glucose test strips, lancing devices, and digital applications. LifeScan Global Corp. and several affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90259) on July 15, 2025. As of the Petition Date, the Debtors have approximately $786 million assets and approximately $1.7 billion in liabilities. Judge Alfredo R Perez presides over the cases. Milbank LLP and Porter Hedges LLP are the Debtors' legal counsel. PJT Partners LP is the investment banker. GA Advisory & Valuation Services, LLC dba GA Group as its financial advisor. The Official Committee of Unsecured Creditors retained Paul Hastings LLP as counsel; Pachulski Stang Ziehl & Jones LLP to serve as its conflicts counsel; Jefferies LLC as investment banker; and Province, LLC as its financial advisor. Davis Polk & Wardwell LLP and Norton Rose Fulbright US LLP represent an Ad Hoc Group whose members, collectively, beneficially own (or are the investment advisors or managers for funds that beneficially own) or manage approximately (i) $317 million in aggregate principal amount of First Lien Loans and (ii) $200 million in aggregate principal amount of Second Lien Term Loans. MACVA SABAC: Seeks to Hire Bach Law Offices as Bankruptcy Counsel ----------------------------------------------------------------- Macva Sabac, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Bach Law Offices, Inc. as counsel. The firm will provide these services: a. represent the Debtor in matters concerning negotiation with creditors; and b. prepare a plan and disclosures statement, examining and resolving claims filed against the estate, preparation and prosecution of adversary matters, and otherwise to represent each Debtor in matters before the bankruptcy court. The firm will be paid at $425 per hour. The firm received from the Debtor a retainer of $10,000, inclusive filing fee of $1,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Paul Bach, Esq., a partner at Bach Law Offices, Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Paul M. Bach, Esq. Penelope N. Bach, Esq. Bach Law Offices, Inc. P.O. BOX 1285 Northbrook, IL 60062 Tel: (847) 564 0808 About Macva Sabac Inc. Macva Sabac, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-14591) on September 22, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Deborah L. Thorne presides over the case. Paul M. Bach, Esq., at Bach Law Offices represents the Debtor as bankruptcy counsel. MARQUIE GROUP: Reports Net Loss of $2.31 Million in Q1 2025 ----------------------------------------------------------- The Marquie Group, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss for the three months ended August 31, 2025, of $2.31 million, compared to a net loss of $204,944 in the same period of 2024. Net revenues for the three months ended August 31, 2025, were $11,920, compared to no revenue for the same period in 2024. At August 31, 2025, the Company had negative working capital of $4,186,461 and an accumulated deficit of $18.12 million. These factors raise substantial doubt regarding the Company's ability to continue as a going concern. To date, the Company has funded its operations through a combination of loans and sales of common stock. The Company anticipates another net loss for the fiscal year ending May 31, 2026, and with the expected cash requirements for the coming year, there is substantial doubt as to the Company's ability to continue operations. The Company is attempting to improve these conditions by way of financial assistance through issuances of additional equity and by generating revenues through sales of products and services. As of August 31, 2025, the Company had $2.61 million in total assets, $4.25 million in total liabilities, and a total stockholders' deficit of $1.64 million. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/57yn9ch4 About Marquie Group Inc. The Marquie Group, Inc. -- www.themarquiegroup.com -- is an emerging direct-to-consumer firm specializing in marketing, product development, and media, with a focus on a dynamic radio and digital network. The Company crafts and promotes top-tier health and beauty solutions that enrich lives, showcased through engaging radio content for its audience. Lagos, Nigeria-based Olayinka Oyebola & Co., the Company's auditor since 2022, issued a "going concern" qualification in its report dated Aug. 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2025, citing that the Company suffered an accumulated deficit of $(14,863,486), net loss of $(165,456). These matters raise substantial doubt about the Company's ability to continue as a going concern. MAY INTERNATIONAL: Hires Cairncross & Hempelmann as Legal Counsel ----------------------------------------------------------------- May International, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to hire Cairncross & Hempelmann, P.S. as legal counsel. The firm's services include: a. assisting the Debtor in the investigation of the financial affairs of the estate; b. providing legal advice and assistance to the Debtor with respect to matters relating to this case and creditor distribution; c. preparing all pleadings necessary for proceedings arising under this case; and d. performing all necessary legal services for the estate in relation to this case. The firm will be paid at these rates: Steven M. Palmer $575 per hour Associates $400 per hour Paralegals $265 to 240 per hour Cairncross received a retainer in the amount of $15,000. Steven Palmer, Esq., of counsel with Cairncross, assured the court that the firm is a disinterested person within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Steven M. Palmer, Esq. Ryan R. Cole, Esq. CAIRNCROSS & HEMPELMANN, P.S 524 Second Avenue, Suite 500 Seattle, WA 98104-2323 Tel: (206) 587-0700 Fax: (206) 587-2308 E-mail: spalmer@cairncross.com rcole@cairncross.com About May International Inc. May International, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12615) on September 18, 2025, listing up to $10 million in both assets and liabilities. Kevin May, chief executive officer of May International, signed the petition. Steven M. Palmer, Esq., at Cairncross & Hempelmann, P.S., represents the Debtor as legal counsel. MEAT U ANYWHERE: Seeks to Hire OLD Inc as Business Broker --------------------------------------------------------- Meat U Anywhere Grapevine, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ OLD Inc. Business Brokers as its business broker. OLD Inc. will market the Debtors' business and their assets for sale. The broker will be paid at these fees: (a) a $2,500 initial engagement fee upon approval of this application; and (b) a commission in the amount of 10 percent of the first million dollars of the purchase price of the business, and 6 percent of the second million dollars of the business. OLD Inc. is a "disinterested person" within the meaning of Sec. 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Neil Jenkins OLD Inc Business Brokers 2101 Clinton Ave W Suite 301-A Huntsville, AL 35805 Phone: (256) 344-1746 About Meat U Anywhere Grapevine, LLC 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. MIDNIGHT VENTURES: Case Summary & Eight Unsecured Creditors ----------------------------------------------------------- Debtor: Midnight Ventures, LLC 419 W Highway 491 Dove Creek, CO 81324 Business Description: Midnight Ventures, LLC, based in Dove Creek, Colorado, owns and operates the Sinclair at Dove Creek fuel and convenience station at 419 W Highway 491, offering fueling services with DINOCARE additives, mobile payments through DINOPAY, and convenience store amenities for local and traveling customers. Chapter 11 Petition Date: October 17, 2025 Court: United States Bankruptcy Court District of Colorado Case No.: 25-16775 Judge: Hon. Joseph G Rosania Jr Debtor's Counsel: Jonathan M. Dickey, Esq. DENVER 1660 Lincoln St. Denver, CO 80264 Tel: (303) 832-2400 Email: jmd@kutnerlaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million Timothy Meyer signed the petition as managing member. A copy of the Debtor's list of eight unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/L4M3JOY/Midnight_Ventures_LLC__cobke-25-16775__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LWDBDOY/Midnight_Ventures_LLC__cobke-25-16775__0001.0.pdf?mcid=tGE4TAMA MISTER M&K: Case Summary & 18 Unsecured Creditors ------------------------------------------------- Debtor: Mister M&K Trucking, LLC 8503 S County Road 1160 Midland, TX 79706-8072 Business Description: Mister M&K Trucking LLC, based in Midland, Texas, provides interstate freight transportation services, specializing in hauling oilfield equipment and general cargo using owned and leased tractors and trailers. Chapter 11 Petition Date: October 17, 2025 Court: United States Bankruptcy Court Western District of Texas Case No.: 25-70173 Judge: Hon. Shad Robinson Debtor's Counsel: Dean W. Greer, Esq. WEST & WEST ATTORNEYS AT LAW, P.C. 2929 Mossrock Suite 204 San Antonio TX 78230 Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Moises E. Sanchez as managing member. 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/KOUD27A/Mister_MK_Trucking_LLC__txwbke-25-70173__0001.0.pdf?mcid=tGE4TAMA MOUSEROAR LLC: Seeks to Extend Plan Exclusivity to March 10, 2026 ----------------------------------------------------------------- MouseROAR LLC, asked the U.S. Bankruptcy Court for the Southern District of New York to extend its exclusivity period to file a plan of reorganization to March 10, 2026. The Debtor continues to operate its business and manage its property as a debtor in possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. No trustee, examiner or committee has been appointed in this case. The Debtor is a Delaware limited liability company with its corporate office located at 115 Perry Street, Ste. 6B, New York, New York 10014. The Debtor produces branded entertainment for television and film. The Debtor explains that it intends to immediately take all actions necessary to bring the Debtor in compliance with the Bankruptcy Code, including but not limited to (i) filing timely and proper monthly operating reports; (ii) retaining any and all estate professionals by Order(s) of the Court; (iii) closing the section 341 meeting of creditors; and (iv) ensuring all of the Debtor's creditors have proper notice of the pending bankruptcy. In addition, the Debtor intends to move forward toward a resolution of the Arbitration and Litigation before this Court, as contemplated on the record of the Hearing. The Debtor anticipates that it will be able to propose a confirmable Chapter 11 plan within the additional Time Periods requested of the Court herein. Further, the Debtor asserts that there will be no prejudice to FSE as a result of extending the Time Periods, as any plan in this case will be subject to a resolution of the Arbitration and Litigation, which is now underway. Ultimately, the Debtor is trying to do everything that it should be doing as a Chapter 11 debtor and to progress towards the successful conclusion of its Chapter 11 case. Accordingly, the Debtor submits that the Court may find by a preponderance of the evidence, and the circumstances of this case, that it is more likely than not that the Court will confirm a plan within a reasonable time, and should approve an extension of the Time Periods as provided herein. Proposed Counsel to the Debtor: Rosen, Tsionis & Pizzo, PLLC Avrum J. Rosen, Esq. Alex E. Tsionis, Esq. Daniel J. LeBrun, Esq. 38 New Street Huntington, New York 11743 (631) 423-8527 Email: arosen@ajrlawny.com atsionis@ajrlawny.com dlebrun@ajrlawny.com About MouseROAR LLC MouseROAR LLC is a company operating in the motion picture and video industries. MouseROAR LLCsought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10984) on May 13, 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 Christine M. Gravelle handles the case. The Debtor is represented by H. Bruce Bronson, Esq., at Bronson Law Offices, PC. MUELLER WATER: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable ---------------------------------------------------------------- Moody's Ratings affirmed Mueller Water Products, Inc.'s (Mueller) Ba1 corporate family rating, Ba1-PD probability of default rating and Ba1 senior unsecured notes rating. The SGL-1 Speculative Grade Liquidity Rating remains unchanged. The outlook remains stable. The affirmation and stable outlook reflect the company's strong credit metrics and robust liquidity profile. The company is expected to maintain its conservative business operations and strong balance sheet. RATINGS RATIONALE Mueller' Ba1 CFR reflects the company's leading market position as a manufacturer and marketer of products and services used in the transmission, distribution and measurement of water in North America. The rating also reflects the company's very good liquidity and strong credit metrics in addition to end market dynamics that support long-term growth. Additionally, Mueller has a proven track record of maintaining solid credit metrics and a low leverage through the cycle. Overall, debt-to-EBITDA should remain below 2x over the next 12-18 months, and Moody's projects robust free cash flow generation. These factors are counterbalanced by the company's exposure to business cyclicality because a portion of its business is tied to residential new construction activity. Other constraining factors include the company's small scale and limited diversification by products and regions compared to similarly rated manufacturing peers. The rating is also constrained by its capital structure that includes secured debt in the form of an ABL facility. The stable outlook reflects Moody's expectations that Mueller will continue to generate strong operating margins and solid free cash flow. Very good liquidity, maintaining conservative financial policies, disciplined approach to acquisitions and relatively inelastic demand for water-related products further support the stable outlook. Mueller's SGL-1 Speculative Grade Liquidity Rating reflects Moody's views that the company will maintain very good liquidity, generating about $100 million in annual free cash flow each of the next two years. Mueller has access to $175 million asset based revolving credit facility (ABL) due in March 2029. Revolver availability totaled about $163 million on June 30, 2025 with no borrowings and about $12 million of letters of credit. At June 30, 2025, Mueller also had a cash balance of $372 million. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade would require the company to grow its scale and expand its product offerings, while maintaining very good liquidity and conservative financial policies. An upgrade would also require strong corporate governance practices and for the company to move toward a capital structure that allows for maximum flexibility, which includes being fully unsecured. Quantitatively, an upgrade would require free cash flow-to-debt above 12.5% and debt-to-EBITDA maintained below 2.0x. The ratings could be downgraded if there is a contraction in operating performance or a deterioration in liquidity. The ratings could also be downgraded with more aggressive financial policy actions, including large debt-financed acquisitions. Quantitatively, the ratings could be downgraded if debt-to-EBITDA is above 3.0x. Headquartered in Atlanta, Georgia, Mueller Water Products, Inc. (NYSE: MWA) a North American manufacturer of water infrastructure, flow control and repair products for use in water distribution networks and wastewater treatment facilities. Mueller also sells products for gas distribution and pipe systems. Revenue for the twelve months ended June 30, 2025 was around $1.4 billion. The principal methodology used in these ratings was Manufacturing published in September 2025. Mueller's Ba1 rating is two notches below the scorecard-indicated outcome of Baa2. The difference reflects the company's small scale, limited diversification by products and regions and secured capital structure. NIGHTFOOD HOLDINGS: Net Loss Widens to $8.12 Million in FY2025 -------------------------------------------------------------- Nightfood Holdings, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended June 30, 2025, reporting a net loss of $8.12 million and $3.24 million for the years ended June 30, 2025 and 2024, respectively. Net revenues for the years ended June 30, 2025 and 2024, were $482,285 and $nil, respectively. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated October 14, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company has an accumulated deficit, limited available cash resources and does not believe cash on hand will be sufficient to fund operations and growth. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. Liquidity and Going Concern: As reflected in the accompanying consolidated financial statements, for the year ended June 30, 2025, the Company had: * Net loss available to common stockholders of $8.13 million; and * Net cash used in operations was $1.63 million Additionally, at June 30, 2025, the Company had: * Accumulated deficit of $46.75 million * Stockholders' deficit of $17.33 million * Working capital deficit of $10.69 million; and * Cash on hand of $350,231 Following its recent acquisitions of SWC and Skytech, the Company has initiated early customer deployments under its Robotics-as-a-Service model and commenced revenue-generating activities. While these deployments represent an important step toward building recurring revenue, revenues to date are not sufficient to fund ongoing operations. Based on current operating levels and cash usage forecasts, existing cash resources are not sufficient to fund operations for the 12 months following the issuance of these financial statements without additional financing. Historically, the Company has relied on third-party and related-party debt financing. There is no assurance that additional financing will be available on commercially acceptable terms, or at all. Furthermore, there is no assurance that any funds raised will be sufficient to enable the Company to complete its initiatives or achieve profitable operations. The Company's future capital requirements and the adequacy of its available funds will depend on many factors, including the ability to successfully scale both its Foodservice Packaging and RaaS businesses, expand into new markets, respond to competitive pressures, and pursue strategic opportunities. Current capital needs reflect investments in: The Company's capital needs reflect investments in: * Scaling RaaS deployments to new customers and markets; * Maintaining and upgrading robotic systems in the field; and * Supporting working capital and day-to-day operations While the Company sees significant opportunity to grow recurring revenue through RaaS, its ability to execute on this opportunity depends on securing additional financing. If sufficient capital is not raised, the Company may be required to slow expansion plans, reduce operating activities, or adjust its overall strategy. Management's strategic plans to address these matters include the following: * Expand into new and existing markets, with a focus on Robotics as a Service; * Obtain additional debt and/or equity financing to support working capital and growth; * Pursuing collaborations with other operating businesses for strategic opportunities; and * Selectively evaluating acquisitions to enhance or complement the current business model. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/59ty8fjd About Nightfood Holdings Tarrytown, N.Y.-based Nightfood Holdings, Inc. is focused on identifying and exploiting explosive market trends within the hospitality, food services, and consumer goods sectors. By leading newly emerging categories and by identifying opportunities in markets undergoing transformational upheaval, our aim is to create upside potential unmatched in more mature markets. As of June 30, 2025, the Company had total assets of $7.32 million, $11.95 million in total liabilities, $12.71 million in total temporary equity and $17.33 million in total stockholders' deficit. NORDICUS PARTNERS: ABCHill Holding ApS Holds 5.97% Equity Stake --------------------------------------------------------------- ABCHill Holding ApS disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of February 17, 2025, it beneficially owns 1,098,973 shares of Nordicus Partners Corp's common stock, representing approximately 5.97% of the 18,399,038 shares outstanding. The beneficial ownership includes sole voting and dispositive power over all 1,098,973 shares. The shares were acquired through a combination of private transactions, subscription agreements, warrants exercised, and gifts from affiliate shareholders as part of ABCHill's long-term strategy for asset diversification and liquidity. ABCHill Holding ApS may be reached through: Christian Torben Hill-Madsen Mesterlodden 3A, 1. Gentofte, DK-2820, Denmark Phone: (45) 21 42 24 12 A full-text copy of ABCHill Holding ApS' Sec report is available at: About Nordicus Partners Headquartered in Beverly Hills, Calif., Nordicus Partners Corporation is a financial consulting company specializing in providing Nordic companies with the best possible conditions to establish themselves in the U.S. market. The Company leverages management's combined 90+ years of experience in the corporate sector, serving in various capacities both domestically and globally. Additionally, Nordicus operates as a business incubator, offering support resources and services such as office space, legal and accounting services, and marketing expertise to facilitate a smooth transition for companies entering the U.S. marketplace. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated July 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has nominal revenue and has incurred losses since inception resulting in an accumulated deficit. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company's recent acquisitions, its generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next 12 months with existing cash on hand and the private placement of Common Stock. As of March 31, 2025, the Company had $70.2 million in total assets, against $10.4 million in total liabilities. NORDICUS PARTNERS: GK Partners ApS Holds 17.71% Equity Stake ------------------------------------------------------------ GK Partners ApS, disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of December 19, 2024, it beneficially owns 3,259,025 shares of Nordicus Partners Corp's common stock, representing approximately 17.71% of the 18,399,038 shares outstanding. The beneficial ownership includes sole voting and dispositive power over all 3,259,025 shares. The shares were acquired and disposed of through a combination of warrant exercises, private transactions, subscription agreements, and gifts from affiliate shareholders, as part of GK Partners' long-term strategy for asset diversification and liquidity. GK Partners ApS may be reached through: Tom Glaesner Larsen Dyrehavevej 3B Klampenborg, DK-2930, Denmark Phone: (45) 20 30 59 61 A full-text copy of GK Partners ApS' SEC report is available at: https://tinyurl.com/ye2thtuz About Nordicus Partners Headquartered in Beverly Hills, Calif., Nordicus Partners Corporation is a financial consulting company specializing in providing Nordic companies with the best possible conditions to establish themselves in the U.S. market. The Company leverages management's combined 90+ years of experience in the corporate sector, serving in various capacities both domestically and globally. Additionally, Nordicus operates as a business incubator, offering support resources and services such as office space, legal and accounting services, and marketing expertise to facilitate a smooth transition for companies entering the U.S. marketplace. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated July 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has nominal revenue and has incurred losses since inception resulting in an accumulated deficit. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company's recent acquisitions, its generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next 12 months with existing cash on hand and the private placement of Common Stock. As of March 31, 2025, the Company had $70.2 million in total assets, against $10.4 million in total liabilities. NORTH BROWARD: Seeks to Hire Adam I. Skolnik PA as Legal Counsel ---------------------------------------------------------------- North Broward Pentecostal Tabernacle Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire the Law Office of Adam I. Skolnik, PA as counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties and in its relationship with its creditors, committees, the Office of the United States Trustee and other interested parties; (b) advise the Debtor with respect to its responsibilities in complying, with the U.S. Trustee's Operating Guidelines and Reporting Requirements, the requirements of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, applicable bankruptcy rules; (c) assist the Debtor with the investigation and pursuit of property of the estate, sale of some or all of its assets, if needed; (d) assist the Debtor in the formulation and dissemination and approval of disclosure statement and plan; (e) prepare and review motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (f) protect the interest of the Debtor in all matters pending before the court; (g) represent the Debtor in negotiation with its creditors in the preparation of a plan; and (h) perform all other necessary functions as attorney for the proper administration of the bankruptcy estate. The firm will be paid at these hourly rates: Adam Skolnik, Attorney $550 Paralegals $185 In addition, the firm will seek reimbursement for expenses incurred. Prior to petition date, the firm received $12,500 as retainer from the Debtor. Mr. Skolnik disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Adam I. Skolnik, Esq. Law Office of Adam I. Skolnik, P.A. 1761 West Hillsboro Boulevard, Suite 201 Deerfield Beach, FL 33442 Telephone: (561) 265-1120 Facsimile: (561) 265-1828 Email: askolnik@skolniklawpa.com About North Broward Pentecostal Tabernacle Inc. North Broward Pentecostal Tabernacle Inc., based in Sunrise, Florida, operates as a religious organization providing Pentecostal Christian worship services and community programs. It is registered as an active not-for-profit entity with the Florida Department of State and is led by a board of officers including Horatio A. Tulloch as president. North Broward Pentecostal Tabernacle Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21561) on September 30, 2025. In its petition, the Debtor reports total assets of $914,437 and total liabilities of $1,615,844. The Debtor is represented by Adam I. Skolnik, Esq. of LAW OFFICE OF ADAM I SKOLNIK, PA. NOVA LIFESTYLE: Appoints COO Steven Zhao to Board of Directors -------------------------------------------------------------- Nova LifeStyle, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors approved the increase in the size of the Board from six members to seven members. The Board also appointed Mr. Yizhou (Steven) Zhao, the Chief Operating Officer and Corporate Secretary of the Company as a new member to serve on the Board. The new member of the Board was appointed to fill the vacancy on the Board created by the increase of the size of the Board. Mr. Zhao, age 28, has served as the Chief Operating Officer and Corporate Secretary of the Company since October 7, 2025. Mr. Zhao also has worked as Data Analysis Statistician at Diamond Bar Outdoors Inc., a wholly owned subsidiary of the Company since June 2025. Since May 2024, Mr. Zhao has been a self-directed independent investor in U.S. stock market. Mr. Zhao received his Bachelor of Science degree with Major in Statistics, Minor in Economics from Queen's University in Canada in May 2023 and his Master of Arts in Statistic from Columbia University in February 2023. Mr. Zhao was not selected pursuant to any arrangement or understanding between him and any other person. There are no family relationships between Mr. Zhao and the directors, nor between Mr. Zhao and any executive officer of the Company. Mr. Zhao is not a party to any transaction that would require disclosure under Item 404(a) of Regulation S-K promulgated under the Securities Act of 1933, as amended. About Nova Lifestyle Headquartered in Commerce, Calif., Nova LifeStyle, Inc. is a distributor of contemporary styled residential and commercial furniture incorporated into a dynamic marketing and sales platform offering retail as well as online selection and global purchase fulfillment. The Company monitors popular trends and products to create design elements that are then integrated into the Company's product lines that can be used as both stand-alone or whole room and home furnishing solutions. Through its global network of retailers, e-commerce platforms, stagers, and hospitality providers, Nova LifeStyle also sells (through an exclusive third-party manufacturing partner) a managed variety of high-quality bedding foundation components. Singapore-based Enrome LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company incurred a net loss and operating cash outflow of $5,561,705 and $1,391,779 respectively for the year ended December 31, 2024 and accumulated deficit of $49,991,515 for the year ended December 31, 2024. These factors, raise substantial doubt about its ability to continue as going concern. As of June 30, 2025, Nova LifeStyle had $11,634,504 in total assets, $5,087,783 in total liabilities, and $6,546,721 in total stockholders' deficit. NOVA LIFESTYLE: Prices $14M Registered Direct Offering of Stock --------------------------------------------------------------- Nova LifeStyle, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a Securities Purchase Agreement with certain purchasers identified on the signature pages thereto, pursuant to which the Company will sell to the Purchasers in a registered direct offering, an aggregate of 3,708,500 shares of its common stock, par value $0.001 per share at a purchase price of $3.78 per share, for aggregate gross proceeds to the Company of $14,018,130, before deducting offering expenses payable by the Company. The Shares are being offered and sold by the Company pursuant to an effective shelf registration statement on Form S-3 previously filed with the U.S. Securities and Exchange Commission on October 13, 2023 and declared effective on October 23, 2023 (File No. 333-274970). The form of Purchase Agreement is filed as Exhibits 10.1 to the Current Report on Form 8-K. The summary of the terms of the Purchase Agreement is subject to, and qualified in its entirety by form of Purchase Agreement which is available at https://tinyurl.com/3pryufb9 About Nova Lifestyle Headquartered in Commerce, Calif., Nova LifeStyle, Inc. is a distributor of contemporary styled residential and commercial furniture incorporated into a dynamic marketing and sales platform offering retail as well as online selection and global purchase fulfillment. The Company monitors popular trends and products to create design elements that are then integrated into the Company's product lines that can be used as both stand-alone or whole room and home furnishing solutions. Through its global network of retailers, e-commerce platforms, stagers, and hospitality providers, Nova LifeStyle also sells (through an exclusive third-party manufacturing partner) a managed variety of high-quality bedding foundation components. Singapore-based Enrome LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company incurred a net loss and operating cash outflow of $5,561,705 and $1,391,779 respectively for the year ended December 31, 2024 and accumulated deficit of $49,991,515 for the year ended December 31, 2024. These factors, raise substantial doubt about its ability to continue as going concern. As of June 30, 2025, Nova LifeStyle had $11,634,504 in total assets, $5,087,783 in total liabilities, and $6,546,721 in total stockholders' deficit. ODYSSEY MARINE: Investors Convert $5.15M Notes to Common Stock -------------------------------------------------------------- Odyssey Marine Exploration, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that as previously reported: (a) on March 6, 2023, the Company entered into a Note and Warrant Purchase Agreement with institutional investors pursuant to which the Company issued convertible promissory notes (as amended, the "March 2023 Notes") in the aggregate principal amount of $14 million and warrants to purchase shares an aggregate of 3,703,710 shares of the Company's common stock, and (b) on December 1, 2023, the Company entered into a Note and Warrant Purchase Agreement with institutional investors pursuant to which the Company issued convertible promissory notes (as amended, the "December 2023 Notes") in the aggregate principal amount of $6 million and warrants to purchase shares an aggregate of 1,623,330 shares of the Company's common stock. On October 6, 7 and 8, 2025, investors converted: (a) an aggregate of $2,095,618 of indebtedness under the March 2023 Notes into 1,516,728 shares of the Company's common stock and (b) an aggregate of $3,057,908 of indebtedness under the December 2023 Notes into 2,157,497 shares of the Company's common stock. The issuance and sale of the shares of common stock were exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 thereunder. After giving effect to these issuances, the Company has 54,059,123 shares of common stock outstanding. The remaining balance of the March 2023 Notes is approximately $1.05 million; the December 2023 Notes have been satisfied in full. About Odyssey Marine Odyssey Marine Exploration, Inc. and its subsidiaries are engaged in deep-ocean exploration. Their innovative techniques are currently applied to mineral exploration and other marine survey and contracted services. The corporate headquarters are in Tampa, Florida. Tampa, Fla.-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company incurred a loss from operations of $12 million during the year ended December 31, 2024, and as of that date, the Company's current liabilities exceeded its current assets by $16 million and its total liabilities exceeded its total assets by $79 million. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $16.6 million in total assets, $106.8 million in total liabilities, and a total stockholders' deficit of $90.3 million. OMNICARE LLC: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------- The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Omnicare LLC and its affiliates. The committee members are: 1. Ben Carlsen Managing Chief Counsel McKesson Corporation 6555 State Hwy 161 Irving, TX 75039 ben.carlsen@mckesson.com 2. Uri Bassan Relator in United States v. Omnicare, Inc., Case No 15-CV-4179 (S.D.N.Y. 2015) co./ Douglas P. Dehler O'Neil, Cannon, Hollman, DeJong & Laing S.C. 111 E. Wisconsin Ave. Suite 1400 Milwaukee, WI 53202 doug.dehler@wilaw.com 3. Adam Bruno Chief Executive Officer Institute of Nursing Excellence dba Heartworks IV 1113 Murfreesboro Rd. Suite #106-312 Franklin, TN 37064 adam@heartworksiv.com 4. Marie Roeper Associate General Counsel International Association of Machinists & Aerospace Workers 9000 Machinists Place Upper Marlboro, MD 20772 mroeper@iamaw.org Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Omnicare LLC Omnicare, LLC is a subsidiary of CVS Health that provides comprehensive pharmacy services. Omnicare and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-80486). In its petition, Omnicare reported estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. Judge Stacey G. Jernigan oversees the cases. The Debtors tapped Jenner & Block, LLP and Haynes Boone as legal counsel; Houlihan Lokey as investment banker; Alvarez & Marsal as restructuring advisor; and Stretto, Inc. as claims agent. JMB Capital Partners Lending, LLC, as DIP lender, is represented by: Kristian W. Gluck, Esq Norton Rose Fulbright US, LLP 2200 Ross Ave., Suite 3600 Dallas, TX 75201 Telephone: (214) 855-8000 Facsimile: (214) 855-8200 kristian.gluck@nortonrosefulbright.com -and- Robert M. Hirsh, Esq. James Copeland. Esq. Norton Rose Fulbright US, LLP 1301 Avenue of the Americas New York, NY 10019 Telephone: (212) 318-3000 Facsimile: (212) 318-3400 robert.hirsh@nortonrosefulbright.com james.copeland@nortonrosefulbright.com PC LEARNING: Final Hearing to Use Cash Collateral Set for Oct. 23 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York is set to hold a hearing on October 23 to consider final approval of PC Learning Centers, Inc.'s bid to use cash collateral. The Debtor was previously authorized to use up to $19,280.21 in cash collateral to fund operations pursuant to the court's second supplemental interim order entered on October 14. The second supplemental interim order authorized the Debtor to provide its secured creditors, Citibank N.A. and the U.S. Small Business Administration, with adequate protection in the form of replacement liens and superpriority administrative expense claims. The cash collateral at issue is claimed by Citibank, which holds a lien based on a 1999 UCC-1 financing statement and is owed $329,647.91, and the SBA, which filed its own UCC-1 statement in 2020 and is owed about $467,477. As of the bankruptcy filing on September 9, the Debtor had approximately $25,718 in its operating account, $5,649 in accounts receivable, and a $150,000 security deposit held by its landlord. About PC Learning Centers PC Learning Centers, Inc., doing business as NYC Seminar and Conference Center (NYCSCC), operates a 9,300-square-foot event and conference facility in New York City's Flatiron District, Chelsea neighborhood. The center provides flexible seminar and meeting spaces accommodating 6 to 200 participants, supporting hybrid events with integrated audiovisual and technology infrastructure, including internet connectivity, video conferencing, and on-site tech support. NYCSCC offers event planning services, catering options, customizable room configurations and online booking, targeting corporate meetings, training sessions, and professional seminars. PC Learning Centers filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-11964) on September 9, 2025, with up to $50,000 in assets and $1 million to $10 million in liabilities. Tod Shapiro, vice president of PC Learning Centers, signed the petition. Judge Michael E. Wiles presides over the case. Kenneth L. Baum, Esq., at the Law Offices of Kenneth L. Baum, LLC represents the Debtor as the bankruptcy counsel. PCP GROUP: Taps Hernan Serrano of YIP Associates as CRO ------------------------------------------------------- PCP Group, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ YIP Associates and designate Hernan Serrano as chief restructuring officer. The firm's services include: (a) serving as a financial advisor to the CRO; (b) assisting with day to day operations, if requested; (c) reconciling the Debtor's financial records; (d) developing business plans, including in connection with the sale of the Debtor's assets; (e) assisting the CRO with providing information to the Bankruptcy Examiner, existing lenders, creditors and other parties in interest; (f) preparing the Debtor's monthly operating reports; (g) attending and testifying at hearings, as requested; (h) assisting with the preparation of any due diligence requests from any prospective buyers; and (i) negotiating with proposed purchasers, existing lenders, creditors, and other parties-in-interest in the implementation of a chosen transaction. YIP's standard hourly billing rates are: Partner $595 Director $475 Managers $375 Senior Associates/ Associates $295 to $245 YIP is "disinterested" within the meaning of Bankruptcy Code Secs. 101(14) and327(a), according to court filings. The firm can be reached through: Hernan Serrano YIP Associates 65 Mechanic Street, Suite 204 Red Bank, NJ 07701 Direct: (732) 784-4402 Cell: (516) 236-3209 E-mail: hserrano@yipcpa.com About PCP GROUP, LLC PCP Group LLC, a company in Clearwater, Fla., sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-42448) on June 10, 2024, with up to $50,000 in assets and up to $50 million in liabilities. John S. Haskell, chairman and chief executive officer, signed the petition. Judge Nancy Hershey Lord oversees the case. The Debtor is represented by Brian J. Hufnagel, Esq., at Morrison Tenenbaum, PLLC. PEBBLE BEACH: Seeks Chapter 7 Bankruptcy in Texas ------------------------------------------------- On October 13, 2025, Pebble Beach Enterprises LLC voluntarily filed for Chapter 7 bankruptcy protection in the Northern District of Texas. Court documents show that the company's debts are both within the $0 to $100,000 range. The filing also notes that the firm has 1 to 49 creditors. About Pebble Beach Enterprises LLC Pebble Beach Enterprises LLC is a limited liability company. Pebble Beach Enterprises LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-34015) on October 13, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor is represented by Vickie L. Driver, Esq. of Driver Stephenson, PLLC. PEEK LLC: Amends Clear Sky Secured Claims Pay --------------------------------------------- Peek, LLC, submitted an Amended Disclosure Statement for the Amended Plan of Reorganization dated October 14, 2025. The Plan calls for the repayment of secured creditors, priority creditors of the Estate, and payment of all allowed administrative expense claims of the Estate. The only obligations disclosed in the Debtor's claims register are a secured creditor and a priority creditor. The Plan contemplates the payment of all administrative expense claims. The Plan will pay in full all allowed Claims, with the possible exception of the Clear Sky claim, which may be impaired. As part of Peek, LLC's financial plan to repay under the Chapter 11 Plan, the Debtor projects $25,000 in revenue for 2025, with an anticipated increase of $25,000 annually, refinancing the debt, and subcontracting with private entities until all outstanding debts are satisfied. The Debtor believes that through continued operations, it can meet the obligations outlined in its Plan. Clear Sky is owed $125,000 from a loan that originated on or around November 21, 2018. Proposed resolution: * A $0 lump sum payment is due from Peek, LLC, to Clear Sky to settle the account, and a $0 lump sum/annual extension fee is also due from Peek, LLC, to Clear Sky. * The interest is fixed at 10%. * Increase the principal from $125,000 to $165,000 to cover some past extension fees, penalties, legal fees, and foreclosure cost disputes. * The monthly payment of principal and interest at $1,592.29 starting December 1, 2025, and remains at this amount, subject to adjustments for paydowns and principal reductions over 60 payments Amended Plan of Reorganization. The Amended plan contemplates and outlines specifically, a) Peek, LLC will pay down the principal in staged increments of $25,000 or more throughout the repayment period, b) Peek, LLC will operate as a subcontractor to fund the plan, c) Mr. Peek in his capacity as a shareholder member of Peek, LLC will gift monies to Peek, LLC, if needed, to meet the objectives of this plan. * Peek, LLC, or its Member, will be allowed to borrow against property and pay down Clear Sky, LLC, of $25,000 or more within 12 months of the petition dismissal. Clear Sky, LLC will not object to Peek, LLC's member retitle the property in Mr. Peek's name. Peek LLC's members retitled the property in their own names. In exchange for a principal paydown, Clear Sky will credit 25% of the DC taxes, title, and recordation taxes to the loan's value for the repayment. * If Peek, LLC or its Member secures or can secure a loan or property payoff of up to $100,000 within 12 months following the dismissal of the petition, the remaining balances will be subordinated to a third lien. * Peek will pay the IRS Debt in full over 60 months and the SBA debt in Full over 60 months. Like in the prior iteration of the Plan, IRS General Unsecured claim of $4,500 to be paid over 60 months. All other general unsecured claims are to be paid in full unless disallowed. The Debtor anticipates generating $25,000 in revenue for 2025, with an annual increase of $25,000 per year. The proposed restructuring will enable the Debtor to make the required payments under the Plan while maintaining its business operations. A full-text copy of the Amended Disclosure Statement dated October 14, 2025 is available at https://urlcurt.com/u?l=Cln0Ki from PacerMonitor.com at no charge. Counsel to the Debtor: Charles E. Walton, Esq. Walton Law Group, LLC 10905 Fort Washington Road, Suite 201 Fort Washington, MD 20744 Telephone: (301) 233-0607 Facsimile: (202) 595-9121 Email: cwalton@cwaltonlaw.com About Peek, LLC Peek, LLC is an accounting and financial services firm wholly owned and managed by Christopher Peek, CPA. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.D.C. Case No. 24-00415) on Dec. 4, 2024, listing $500,001 to $1 million in both assets and liabilities. Judge Elizabeth L Gunn presides over the case. Charles Earl Walton, Esq. at Law Office Of Charles E. Walton represents the Debtor as counsel. PLANET GREEN: Bin Zhou Holds 27.65% Equity Stake as of October 14 ----------------------------------------------------------------- Bin Zhou disclosed in a Schedule 13D (Amendment No. 7) filed with the U.S. Securities and Exchange Commission that as of October 14, 2025, he beneficially owns 2,594,200 shares of Planet Green Holdings Corp.'s common stock, par value $0.001 per share, representing approximately 27.65% of the 9,382,714 shares outstanding. The beneficial ownership includes sole voting and dispositive power over all 2,594,200 shares. The shares were acquired through a combination of share exchange agreements, stock purchase agreements, and equity compensation under the 2025 Equity Incentive Plan, as part of Bin Zhou's investment strategy and role in the Company's corporate structure. Bin Zhou may be reached through: Bin Zhou 130-30 31st Ave, Suite 512 Flushing, N.Y., 11345 Phone: (718) 799-0380 A full-text copy of Bin Zhou's SEC Report is available at: https://tinyurl.com/3vnmvesm About Planet Green Planet Green Holdings Corp., headquartered in Flushing, New York, functions as a Nevada-incorporated holding company rather than an operating entity in mainland China. Its business operations are conducted through subsidiaries based in the PRC, Hong Kong, and Canada. The Company engages in diverse sectors, including consumer goods, chemical products, and online advertising. In an April 11, 2025 report, auditor YCM CPA Inc. issued a "going concern" qualification, citing Planet Green's accumulated deficit, working capital deficit, continued net losses, and negative operating cash flows. These conditions raise substantial doubt about the company's ability to continue as a going concern. As of June 30, 2025, the Company had $28.14 million in total assets, $18.07 million in total liabilities, and $10.07 million in total stockholders' equity. PLURI INC: Shayna LP, 3 Others Hold 4.99% Stake ----------------------------------------------- Shayna LP, Carmel Argaman Investments Ltd., Avraham Levin Holdings Ltd., and Avraham Levin, disclosed in a Schedule 13G (Amendment No. 3) filed with the U.S. Securities and Exchange Commission that as of September 30, 2025, they beneficially own 406,981 common shares of Pluri Inc., par value $0.00001 per share, and related warrants exercisable within 60 days for up to an additional 449,952 shares, representing 4.99% of the 8,155,948 shares outstanding. The Reporting Persons share voting and dispositive power over all 406,981 shares and collectively hold the warrants subject to a beneficial ownership limitation of 4.99% of the outstanding common shares. Shayna LP may be reached through: CO Services, P.O. Box 10008 Willow House, Cricket Square Grand Cayman, KY1-1001, Cayman Islands Tel: 972 522430090 A full-text copy of the SEC Report is available at: https://tinyurl.com/2s72vs8j About Pluri Inc. Haifa, Israel-based Pluri Inc. is a biotechnology company, leveraging proprietary cell expansion platform to develop scalable, cell-based solutions across the healthcare, food, and agriculture sectors. As of June 30, 2025, the Company had $38.68 million in total assets, $39.33 million in total liabilities, and $865 thousand in total deficit. Haifa, Israel-based Kesselman & Kesselman, the Company's auditor since 2021, issued a "going concern" qualification in its report dated September 17, 2025, attached to the Company's Annual Report on Form 10-K for the year ended June 30, 2025, citing that the Company has incurred recurring losses and negative cash flows from operating activities and has an accumulated deficit as of June 30, 2025 and the loan received from European Investment Bank is due on June 1, 2026. These circumstances raise substantial doubt about its ability to continue as a going concern. POWER BROKER: Seeks Chapter 7 Bankruptcy in Texas ------------------------------------------------- On October 13, 2025, Power Broker Management LLC voluntarily filed for Chapter 7 bankruptcy in the Northern District of Texas. Court documents show the business has liabilities ranging from $0 to $100,000 and lists between 1 and 49 creditors. About Power Broker Management LLC Power Broker Management LLC is a limited liability company. Power Broker Management LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-34010) on October 13, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000. Honorable Bankruptcy Judge Michelle V. Larson handles the case. The Debtor is represented by Adrian Cleothis Spearman, Esq. of Spearman Legal Firm, P.C. POWER SOLUTIONS: Two Weichai Execs Join Board --------------------------------------------- Power Solutions International, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Kui (Kevin) Jiang and Gengsheng Zhang resigned from the Board of Directors effective October 9, 2025. Mr. Kui (Kevin) Jiang served on the Board as Chairman of the Nominating and Governance Committee and a member of the Compensation Committee. Mr. Jiang previously served as a member of the Board of the Company from 2017 to 2020. Mr. Jiang's resignation is not based upon any disagreement with the Company on any matter relating to the respective operations, policies, or practices of the Company. Mr. Gengsheng Zhang served on the Board as a member of the Nominating and Governance Committee. Mr. Zhang's resignation is not based upon any disagreement with the Company on any matter relating to the respective operations, policies, or practices of the Company. Further, on the Effective Date, the Board appointed Mr. Xuesen Yang to the Board and to serve as a member of the Nominating and Governance Committee and a member of the Compensation Committee. The Board also appointed Mr. Zhao Jin to the Board and to serve as a member of the Strategic Committee. Both directors will serve on the Board as designees of Weichai America Corp., PSI's largest stockholder. Further, on the Effective Date, the Board appointed Mr. Jiwen (James) Zhang to serve as Chairman of the Nominating and Governance Committee. Mr. Zhang is currently Chaiman of the Board and Chairman of the Strategic Committee. Finally, on the Effective Date, the Board appointed Ms. Courtney Shea to serve as a member of the Compensation Committee. Ms. Shea is currently a member of the Audit Committee. Mr. Xuesen Yang will serve until the Company's 2026 annual meeting of stockholders or until his successor is duly elected and qualifies. Mr. Yang currently serves as Vice President of Weichai Holding Group Co., Ltd., and has served as Chairman and Chief Operating Officer of Weichai America Corp. since October 1, 2025. He has over 20 years of extensive executive-level experience within the Weichai organization, with responsibilities for overseeing investment strategy, planning, and program management, including managing fixed asset investments. Mr. Yang holds a Master's degree in Technical Economy and Management from Tianjin University (2005) and a Bachelor's degree in Business Administration from Hebei Institute of Architectural Science and Technology (2003). Mr. Zhao Jin will serve until the Company's 2026 annual meeting of stockholders or until his successor is duly elected and qualifies. Mr. Jin currently serves as Vice General Manager of Weichai Holding Group Co., Ltd., a multi-field and multi-industry international group. He brings extensive experience in international business operations and cross-regional management, having held various leadership positions across multiple Weichai subsidiaries and international affiliates. Mr. Jin's current and recent leadership roles include Chairman of Ferretti International Holding S.P.A., Director of Ferretti S.P.A., Chairman of Supervisory Board of Société Internationale des Moteurs Baudouin, and Chairman of Weichai Middle East FZE. He previously served as General Manager and Chairman of Shandong Weichai Import and Export Co., Ltd., and held senior executive positions at Weichai Power Equipment Co., Ltd., including Chairman and General Manager roles. Mr. Jin has specialized expertise in international sales, overseas marketing of power equipment, and cross-regional business management. Mr. Jin earned his Bachelor's degree in Thermal Energy & Power Engineering from Harbin Institute of Technology in 2005. Board Compensation and Related Matters: In connection with their appointments to the Board, Mr. Jin and Mr. Yang will receive indemnification to the fullest extent permitted under Delaware General Corporation Law and the Company's bylaws, under which the Company indemnifies, defends and holds harmless its directors from and against losses and expenses as a result of Board service. The Board will decide on whether Mr. Jin or Mr. Yang will receive compensation for their services on the Board on a later day. Neither Mr. Jin nor Mr. Yang is a party to any transaction that would require disclosure under Item 404(a) of Regulation S-K. In addition, there are no family relationships between either Mr. Jin or Mr. Yang and any director or executive officer of the Company. About Power Solutions Wood Dale, Ill.-based Power Solutions International, Inc., incorporated under the laws of the state of Delaware in 2011, designs, engineers, manufactures, markets and sells a broad range of advanced, emission-certified engines and power systems that are powered by a wide variety of clean, alternative fuels, including natural gas, propane, and biofuels, as well as gasoline and diesel options, within the power systems, industrial and transportation end markets. The Company manages the business as a single reportable segment. Chicago, Ill.-based BDO USA P.C., the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 24, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company will not have sufficient cash and cash equivalents to repay amounts owed under its existing debt arrangements as they become due in 2025 without additional financing and uncertainties exist about the Company's ability to refinance, amend or extend these debt arrangements. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $437.68 million in total assets, $302.03 million in total liabilities, and a total stockholders' equity of $135.65 million. PRECISION AGGREGATES: Section 341(a) Meeting of Creditors on Nov. 5 ------------------------------------------------------------------- On October 8, 2025, Precision Aggregates and Concrete LLC voluntarily filed for Chapter 7 bankruptcy protection in the Southern District of Texas. Court documents show that the company's debts are estimated between $100,001 and $1 million. The filing further notes that the business has 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on November 5, 2025 at 01:30 PM, via Zoom - Curtis: Meeting ID 226 275 2576, Passcode 3292237658, Phone 1 956 597 3216. About Precision Aggregates and Concrete LLC Precision Aggregates and Concrete LLC is a limited liability company. Precision Aggregates and Concrete LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-50109) on October 8, 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 Judge Jeffrey P. Norman handles the case. The Debtor is represented by William R Davis, Jr., Esq. of Langley & Banack, Inc. PRESTON CONSULTING: Hires RK Pruitt Law Firm LLC as Attorney ------------------------------------------------------------ Preston Consulting I LLC seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to hire RK Pruitt Law Firm LLC as attorney. The firm's services include: a. advising the Debtor of its rights, powers and duties; b. attending meetings with the Debtor and hearing before the court; c. assisting other professionals in the investigation of the acts, conduct, assets, liabilities and financial condition of the Debtor, any other matters relevant to the case or to the formulation of a plan of organization or liquidation; d. investigating the validity, extend and priority of secured claims against the Debtor's estate and investigating the acts and conduct of such secured creditors and other parties to determine whether any causes of action exist; e. advising the Debtor with regard to the preparation and filing of all necessary and appropriate applications, motions, pleadings, draft orders, notices, schedules, and other documents, and reviewing all financial and other reports to be filed in these matters; f. advising the Debtor with regard to the preparation and filing of response to applications, motions, pleadings, notices, and other papers that may be filed and served in these Chapter 11 cases by other parties; and g. performing other necessary legal services. The firm's current rates are: Attorneys $350 per hour Paralegals $100 per hour The firm received a pre-petition retainer in the amount of $9,738. As disclosed in the court filings, RK Pruitt Law Firm LLC is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Roger Pruitt, Esq. RK Pruitt Law Firm LLC PO Box 162 Columbia, SC 29202 Email: attorney@rkpruitt.com About Preston Consulting I LLC Preston Consulting I LLC provides consulting and business-development services and performs government-contracting work. Preston Consulting I LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 25-03923) on October 6, 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 Roger K Pruitt, Esq., at RK PRUITT LAW FIRM. PRESTON CYCLES: Seeks to Hire RK Pruitt Law Firm LLC as Attorney ---------------------------------------------------------------- Preston Cycles LLC seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to hire RK Pruitt Law Firm LLC as attorney. The firm's services include: a. advising the Debtor of its rights, powers and duties; b. attending meetings with the Debtor and hearing before the court; c. assisting other professionals in the investigation of the acts, conduct, assets, liabilities and financial condition of the Debtor, any other matters relevant to the case or to the formulation of a plan of organization or liquidation; d. investigating the validity, extend and priority of secured claims against the Debtor's estate and investigating the acts and conduct of such secured creditors and other parties to determine whether any causes of action exist; e. advising the Debtor with regard to the preparation and filing of all necessary and appropriate applications, motions, pleadings, draft orders, notices, schedules, and other documents, and reviewing all financial and other reports to be filed in these matters; f. advising the Debtor with regard to the preparation and filing of response to applications, motions, pleadings, notices, and other papers that may be filed and served in these Chapter 11 cases by other parties; and g. performing other necessary legal services. The firm's current rates are: Attorneys $350 per hour Paralegals $100 per hour The firm received a pre-petition retainer in the amount of $9,738. As disclosed in the court filings, RK Pruitt Law Firm LLC is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Roger Pruitt, Esq. RK Pruitt Law Firm LLC PO Box 162 Columbia, SC 29202 Email: attorney@rkpruitt.com About Preston Cycles LLC Preston Cycles LLC, doing business as Thunder Tower Harley-Davidson, operates a motorcycle dealership and service center in Elgin, South Carolina. The Company sells new and pre-owned Harley-Davidson motorcycles, offers parts and accessories, and provides maintenance and repair services. It serves retail customers in the Columbia metropolitan area. Preston Cycles LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 25-03922) on October 6, 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 Elisabetta Gm Gasparini handles the case. The Debtor is represented by Roger K. Pruitt, Esq. of RK PRUITT LAW FIRM. PROFESSIONAL DIVERSITY: Forms Japan Subsidiary to Drive Asia Growth ------------------------------------------------------------------- Professional Diversity Network, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors approved, and authorized the officers of the Company to effect, the organization and establishment of a Japanese wholly-owned subsidiary to support the Company's operations, business development, and strategic growth initiatives. On October 13, 2025, the Company announced the establishment of a wholly owned subsidiary in Tokyo, Japan. This marks a significant milestone in the Company's ongoing globalization strategy, and further strengthens its presence in Asia, with Japan serving as the central hub for business development, technological innovation, and strategic collaboration throughout the region. The newly established IPDN's Japanese subsidiary will serve as the group's regional headquarter for Web3.0 and entertainment-related initiatives in Asia, focusing on the following four key strategic areas: * Real-World Asset Tokenization (RWA): Driving the digital transformation of traditional assets and enabling innovative cross-border investment opportunities. * Decentralized Finance (DeFi): Building a secure, transparent, and efficient blockchain-based financial ecosystem. * Non-Fungible Tokens (NFTs): Integrating entertainment and intellectual property resources to establish a diverse and sustainable digital asset value framework. * Distributed Storage Technology: Delivering secure and scalable data infrastructure to support the growth of the Web3.0 ecosystem. In addition, IPDN's Japanese subsidiary plans to collaborate with leading entertainment groups and talent agencies across Asia to invest in and host global artists' concert tours in the region. By integrating Web3.0 technologies with entertainment content ecosystems, IPDN aims to explore new applications of blockchain technology within the media and entertainment industries – creating immersive, interactive, and value-driven digital experiences for users worldwide. Japan has long been recognized as a global leader in both finance and entertainment. Tokyo, as a key financial and technological innovation center in Asia, offers a favorable regulatory environment and strong international connectivity. IPDN's decision to establish its subsidiary in Japan underscores the company's commitment to advancing its Asia-focused strategy and demonstrates its determination to strengthen its presence within the global Web3.0 and entertainment sectors. Mr. Wu, Chief Executive Officer IPDN, commented, "The establishment of our Japan subsidiary reflects the strong support we have received from our blockchain and entertainment industry partners across Asia. Moving forward, we will continue to deepen collaboration, drive innovation, and foster cross-industry integration. Together, we aim to build a globally influential Web3.0 and entertainment ecosystem. We believe our Japanese subsidiary will serve as a key growth driver and strategic platform for our continued expansion in Asia and beyond." About Professional Diversity Professional Diversity Network, Inc., headquartered in Chicago, Illinois, operates online and in-person professional networks with a focus on diversity, employment, and career development. The Company serves women, ethnic minorities, military professionals, persons with disabilities, LGBTQ+ individuals, and students transitioning into the workforce through its technology platform. It runs three business segments: TalentAlly Network, which provides job-seeking communities and career resources for diverse groups and employers; NAPW Network, a women-only professional networking organization; and RemoteMore, a service connecting global companies with software developers. In its audit report dated March 31, 2025, Sassetti LLC issued a "going concern" qualification citing that the Company has incurred recurring operating losses, has a significant accumulated deficit, and will need to raise additional funds to meet its obligations and the costs of its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company had an accumulated deficit of $103,612,710 at June 30, 2025. During the six months ended June 30, 2025, the Company generated a loss from continuing operations, net of tax, of $1,233,147. During the six months ended June 30, 2025, the Company used cash in continuing operations of 779,651. At June 30, 2025, the Company had a cash balance of $125,081. Total revenues were $3,146,076 and $3,417,302 for the six months ended June 30, 2025 and 2024, respectively. The Company had a working capital deficit from continuing operations of $1,919,261 at June 30, 2025 and a working capital from continuing operations of $270,695 at Dec. 31, 2024. The Company stated it is keeping a close watch on operating expenses and capital needs, noting that management is working to cut costs through staff reductions, renegotiating with certain vendors, and using technology to lessen manual work in routine tasks. It cautioned that if these efforts are not enough, it may have to sell other assets or shut down certain business lines. As of June 30, 2025, the Company reported $7.33 million in total assets, $3.49 million in total liabilities, and $3.84 million in total stockholders' equity. RAISING CANE'S: Fitch Gives BB+ Rating on Incremental Loan Term B ----------------------------------------------------------------- Fitch Ratings has assigned Raising Cane's Restaurants, LLC's senior secured incremental term loan B a rating of 'BB+' with a Recovery Rating of 'RR1'. Fitch expects the net proceeds to be used to refinance a portion of the revolving indebtedness outstanding and redeem the existing $500 million senior unsecured notes due 2029. The ratings reflect Raising Cane's sound competitive position within the quick-service restaurant (QSR) sector, supported by a focused menu and strong brand that continue driving share gains. The company continues scaling nationally with double-digit unit growth and healthy same-restaurant sales (SRS), driving double-digit top-line growth and above-average unit volumes (AUV).The ratings are tempered by Raising Cane's single-brand reliance, which increases brand-specific risks, significant FCF deficits and increasing debt levels fueled by expansion investments and member distributions. Fitch-calculated EBITDAR leverage is expected to reach the high 3x range exiting 2025 and trend toward 4x in 2026. Key Rating Drivers Streamlined Durable Model, Strong Execution: Fitch views Raising Cane's streamlined operating model, centered on chicken fingers and a limited menu, as a key factor in reducing operational complexities and supporting efficient service at competitive prices. The QSR model has demonstrated resilience across economic cycles, benefiting from increased consumer spending during periods of economic strength. Raising Cane's is well-positioned within the growing chicken segment, which has expanded at a mid-single-digit rate over the past decade and is expected to continue outpacing the broader QSR category. Fitch believes the company's proven brand concept and strong portability will support further unit expansion and EBITDA scale. The company's single-brand concept with narrow consumer appeal leaves it more vulnerable to brand-specific downturns or changes in consumer trends. Healthy SRS Growth, Near-Term Softness: Raising Cane's has a track record of positive SRS growth around the high single digits annually during the past decade, with relatively balanced growth between traffic and check. Fitch believes this reflects a value proposition that resonates with consumers. Raising Cane's system-wide AUVs remain healthy and are more than double the QSR industry, supported by consistent unit economics across all-aged restaurant sites and strong restaurant-level margins. This demonstrates an ability to identify appropriate sites for new store locations. In 1H25, top-line growth moderated to the mid-teens range due to weak traffic impacting SRS. Fitch expects near-term headwinds — softening consumer sentiment and heightened competition — to further pressure industry-wide foot traffic and constrain pricing. The company's SRS moderated over the last two quarters and was relatively flat in 2Q25 due to low-single-digit traffic declines, partially offset by pricing actions taken in February 2025. Fitch expects SRS to be flattish in 2025 and sustain low-single-digit SRS from 2026. Raising Cane's remains focused on expanding its systemwide units as planned, aiming to open 85 new owned restaurants annually. Sizable Growth, Significant FCF Deficit: Fitch expects material FCF deficits annually over the next three years as Raising Cane's intends to grow its company-owned stores at a high-single-digit rate on a current base of 841 units over the next five years, with capital expenditures materially above historical levels. Member distributions are expected to rise as EBITDA grows, with payout rates consistent with historical levels. Any operational missteps could further widen FCF deficits and elevate credit risk, which could be mitigated by pulling back on unit expansion or member distributions to preserve liquidity and manage leverage. Growing EBITDA Margins: Fitch expects EBITDA margins to sustain in the mid-teens over the forecast period, supported by timely pricing actions, expectations of relatively stable food and labor costs, and increased operating leverage as the company continues to scale the business. Operating performance was robust in 2024, with over 30% top-line growth and EBITDA margins in the high teens. During 1H25, EBITDA margins remained strong, supported by pricing actions taken in February, relatively stable food and labor costs, and ongoing business scaling and operational efficiencies, resulting in EBITDA growing above 20%. Leverage Expectations: Decision making for Raising Cane's is controlled by one individual, the founder Todd Graves, who has roughly 90% ownership of the company. The company has built a strong track record, and Fitch expects the company to continue to demonstrate consistent capital allocation priorities by investing in the business and returning value to shareholders through member distributions while maintaining long-term leverage within its stated EBITDAR leverage target of 3x to 4x, which equates to approximately 3.5x to 4.5x on Fitch-calculated EBITDAR leverage. Fitch estimates EBITDAR leverage in the high-3x range exiting 2025 and trending toward 4x from 2026. Peer Analysis Raising Cane's 'BB-' IDR is lower than Darden Restaurants, Inc.'s IDR (Darden; BBB/Stable) due to its lower scale, single-brand concept, material FCF deficits and weaker credit metrics. Darden is one of the largest full-service restaurant companies in the U.S., with more than 2,000 restaurants, a sizable revenue base of over USD12 billion, strong FCF and liquidity, disciplined financial policy, and proven ability to outperform the broader casual dining segment. Despite potential discretionary spending challenges, Fitch expects EBITDAR leverage to remain in the mid- to high-2x area over the next 12-24 months. Raising Cane's ratings reflects the company's good competitive position within the QSR industry, centered on a simple menu offering with good brand perception that has driven share gains. The company continues to gain national scale with units that generate high AUVs. The ratings are tempered by its single-brand concept, which results in a more concentrated business profile with higher exposure to changes in consumer preferences and brand perception. Raising Cane's significant FCF deficits and higher leverage, relative to Darden, weigh on Raising Cane's credit profile. Key Assumptions - Revenue is expected to grow in the mid-teen percentage range in 2025, mainly driven by the opening of approximately 85 new restaurants and flattish SRS growth. For 2026, Fitch assumes an additional 81 net new openings and low-single-digit SRS growth, which would result in high-single digit revenue growth; - Fitch expects EBITDA margins, including restaurant opening costs, to sustain the high-teen range in 2025 and 2026, supported by moderate chicken and wage costs, as well as higher operating leverage as the company scales the business; - New store openings, along with higher member distributions, are expected to result in material FCF deficits during the forecast period; - EBITDAR leverage is expected to reach the high-3x range exiting 2025 and trend toward 4x in 2026; - Raising Cane's has variable interest rate exposure through its senior secured credit facilities, with base rate secured overnight financing rate assumptions of around 4% in 2025 and 3.75% in 2026. RATING SENSITIVITIES - Weaker-than-expected top-line growth and EBITDA contribution with higher FCF deficits and/or more aggressive financial policy that leads to EBITDAR leverage sustained above 4.5x; - Continued unit growth and positive SRS that result in an increased EBITDAR scale of at least $1 billion, with sustained positive FCF (after member distributions) combined with an articulated and/or demonstrated financial policy that results in EBITDAR leverage sustained below 4.0x. Liquidity and Debt Structure Raising Cane's $1.25 billion incremental senior secured TLB with a seven-year maturity is expected to pay down outstanding borrowings under the existing revolving credit facility and redeem its existing senior unsecured notes due 2029. Fitch expects the transaction to be leverage neutral and the total revolving capacity to remain at $1.2 billion, which provides flexibility for the company to execute its expansion plans. As of July 1, 2025, Raising Cane's liquidity consisted of $54 million of unrestricted cash on its balance sheet and access to $700 million of available capacity under its $1.2 billion RCF. The company's current capital structure is comprised of $500 million drawn on the revolver due to mature on 2028, $925 million secured term loan A due 2028, $496 million secured term loan B due 2031, $500 million in senior unsecured notes due 2029, and $167 million in subordinated notes due between 2027 and 2028. The combination of adequate liquidity and a balanced capital structure provides flexibility to meet its short-term obligations and support the expansion plan. Issuer Profile Raising Cane's Restaurants, LLC is a privately held U.S. quick-service restaurant chain specializing in chicken finger meals, operating and franchising over 900 restaurants across the U.S. and certain international markets, with the majority of revenue generated from company-owned restaurants. Date of Relevant Committee 27-Aug-2025 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 ----------- ------ -------- Raising Cane's Restaurants, LLC senior secured LT BB+ New Rating RR1 RE4 GEORGIA: To Sell Conley Property to Reboot Properties --------------------------------------------------------- RE4 Georgia LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns multiple single-family rental homes, including the Property located at 1556 Rock Cut Road, Conley, Georgia 30288. The Property is not currently rented and is earning no revenue for the estate. The Property needs significant renovation in order to be ready for a tenant. The Debtor wants to sell the Property to Reboot Properties. Weinberg Servicing, LLC holds a first position security deed on the Property. As of the Petition Date, Lender was owed $212,688.45. Three other properties also serve as collateral for amount owed by the Debtor to Lender. The Debtor and Lender have agreed to consensual plan treatment that is incorporated in the Debtor's Plan of Reorganization. The Plan treatment requires that the Debtor sell the Property within nine months of confirmation of the Plan. The Debtor is not aware of any other liens on the Property other than that of Lender. The Purchaser has made an all-cash offer of $100,000.00 and will close the sale on November 12, 2025. The Debtor has determined that the sale of the Property pursuant to the Purchase Agreement will help maximize the value of the Debtor's bankruptcy estate for the benefit of creditors. The Property is a drain on the resources of the estate, and the sale proceeds will help pay down the amount owed to the Lender. About RE4 Georgia LLC RE4 Georgia LLC leases residential, commercial, and self-storage properties, operating primarily as a property lessor in the real estate sector. RE4 Georgia LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Case No. 25-56171) on June 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Judge Paul W. Bonapfel presides over the case. The Debtors are represented by William Rountree, Esq. at ROUNTREE, LEITMAN, KLEIN & GEER, LLC. REKOR SYSTEMS: Expects Record Q3 Revenue Up to $14.3 Million ------------------------------------------------------------ Rekor Systems, Inc. (NASDAQ: REKR) announced its preliminary financial results for the third quarter ended September 30, 2025. The Company expects to report: * Record quarterly revenue between $13.9 million and $14.3 million * Adjusted EBITDA loss between $1.6 million and $1.9 million; and * Gross margin between 61% and 65% These preliminary results reflect record quarterly revenue, a significant reduction in Adjusted EBITDA loss of more than 65% compared to the second quarter of 2025 and more than 75% compared to the third quarter of 2024, respectively, and continued Gross Margin expansion, driven by increased demand for data delivered as a service and software products. "Our Q-3 performance was strong," said Eyal Hen, Chief Financial Officer at Rekor. "Expanding adoption of our data-as-a-service (DaaS) model, as well as software solutions, is driving operating leverage and improving economics. While quarterly results can vary with the timing of deployments and the start of DaaS contracts, the trend remains clear and positive for long-term shareholder value." The Company also announced that its full financial results for the third quarter of 2025 will be released on Thursday, November 13, 2025, after market close. On the same day, the company will host its earnings conference call at 4:30 p.m. Eastern Time to discuss financial and operating results. CONFERENCE CALL INFORMATION: Any person interested in participating in the call should please dial in approximately 10 minutes before the start of the call using the following information: North America: Participant Dial-In: 877-407-8037 / +1 201-689-8037 Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=gyrVsAf5 About Rekor Systems Rekor Systems, Inc., headquartered in Columbia, Md., is working to revolutionize public safety, urban mobility, and transportation management using AI-powered solutions designed to meet the distinct demands of each market it serves. The Company works hand-in-hand with its customers to deliver mission-critical traffic and engineering services that assist them in achieving their goals. The Company's vision is to improve the lives of citizens and the world around them by enabling safer, smarter, and greener roadways and communities. The Company works towards this by collecting, connecting, and organizing mobility data, and making it accessible and useful to its customers for real-time insights and decisioning for situational awareness, rapid response, risk mitigation, and predictive analytics for resource and infrastructure planning and reporting. Morristown, N.J.-based Marcum LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred significant losses and will need 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 $80.1 million in total assets against $44.7 million in total liabilities. RICCA REAL ESTATE: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: Ricca Real Estate, LLC 7537 Bayshore Drive Unit 201 Saint Petersburg, FL 33706 Business Description: Ricca Real Estate, LLC is a Florida-based limited liability company offering real estate brokerage and property management services from 7537 Bayshore Drive, Unit 201, Saint Petersburg. Chapter 11 Petition Date: October 17, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-07672 Debtor's Counsel: Marshall G. Reissman, Esq. THE REISMANN LAW GROUP, P.A. 1700 66th Street North Suite 405 Saint Petersburg, FL 33710 Tel: 727-322-1999 Email: marshall@reissmanlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Brian Joseph Ricca as president. The Debtor reported in its petition that it does not have any unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CVCWSGI/Ricca_Real_Estate_LLC__flmbke-25-07672__0001.0.pdf?mcid=tGE4TAMA RITE AID: CVS Completes Court-Approved Asset Purchase ----------------------------------------------------- CVS Pharmacy announced on October 15, 2025, the completion of its acquisition of select Rite Aid assets nationwide. In total, the company acquired and is now operating 63 former Rite Aid and Bartell Drugs stores in Idaho, Oregon and Washington. CVS Pharmacy also acquired the prescription files of 626 former Rite Aid and Bartell Drugs pharmacies in 15 states. As a result of the transactions, CVS Pharmacy is pleased to be serving more than nine million former Rite Aid and Bartell Drugs patients. "We're excited to have completed the acquisition of select Rite Aid and Bartell Drugs stores in the Pacific Northwest, as well as the acquisition of prescription files of hundreds of Rite Aid and Bartell Drugs pharmacies across 15 states," said Len Shankman, Executive Vice President and President, Pharmacy and Consumer Wellness, CVS Health. "We're helping maintain and expand access to convenient and trusted pharmacy care across the U.S. and growing our retail footprint and presence in local communities. From our innovative pharmacy care programs to our exclusive store brand products, we look forward to showing Rite Aid and Bartell Drugs patients and customers all that CVS has to offer." To increase capacity or fill open roles to ensure patients are well served, CVS Pharmacy has hired more than 3,500 former Rite Aid and Bartell Drug colleagues who were interested in joining the CVS Pharmacy team. In addition, the company has made targeted investments in existing CVS Pharmacy locations, such as scheduling additional support, enhancing recruitment and hiring, and strengthening training programs, to ensure the teams are best positioned to continue to deliver service excellence to all customer and patients, whether existing or new. Rite Aid bankruptcy asset transactions completed: In May, the U.S. Bankruptcy Court for the District of New Jersey approved the sale of select Rite Aid assets to CVS Pharmacy. Following the court's approval, CVS Pharmacy began moving through the transaction process. The entire process took less than four months and the last transactions, for the acquisition and operation of former Rite Aid stores in Bend, OR and Bainbridge Island, WA, were completed on September 30. Helping to maintain convenience for the community and ongoing access to necessary prescriptions were the major factors CVS Pharmacy considered when deciding which stores and prescription files to purchase. Most CVS Pharmacy locations that received prescription files from Rite Aid are located within three miles of an existing Rite Aid store and nearly half are within a mile. Getting to know CVS Pharmacy A trusted provider of accessible health, wellness and pharmacy care services, CVS Pharmacy offers thousands of products, including over-the-counter medications, beauty items, and better-for-you food options, such as the company's Well Market consumables line, and delivers innovative health solutions that create a simpler, more accessible experience for patients, customers and caregivers. In addition, CVS Pharmacy is continuing to offer many of the local brands former Rite Aid and Bartell Drugs customers have grown to know and love. A series of Grand Opening Block Parties, each featuring a DJ, food truck and product giveaways, will be held at some of the newly converted CVS Pharmacy stores in Idaho, Oregon and Washington throughout the month of October. A list of the community events can be found on CVS.com. About CVS Health CVS Health is a leading health solutions company building a world of health around every consumer, wherever they are. As of June 30, 2025, the Company had approximately 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics, a leading pharmacy benefits manager with approximately 87 million plan members, and a dedicated senior pharmacy care business serving more than 800,000 patients per year. The Company also serves an estimated more than 37 million people through traditional, voluntary and consumer-directed health insurance products and related services, including highly rated Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan. The Company's integrated model uses personalized, technology driven services to connect people to simply better health, increasing access to quality care, delivering better outcomes, and lowering overall costs. Media contact Amy Thibault (401) 318-2865 Amy.Thibault@CVSHealth.com Shannon Dillon (346) 291-7131 Shannon.Dillon@CVSHealth.com About Rite Aid Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through the Company's wholly owned subsidiary Bartell Drugs. On the Web: http://www.riteaid.com/ Rite Aid and certain of its subsidiaries previously filed for chapter 11 bankruptcy in October 2023 and emerged from bankruptcy in August 2024. On May 5, 2025, New Rite Aid, LLC and its subsidiaries, including Rite Aid Corporation, commenced voluntary Chapter 11 proceedings (Bankr. D.N.J. Lead Case No. 25-14861). As of the 2025 bankruptcy filing date, Rite Aid operates 1,277 stores and 3 distribution centers in 15 states and employs approximately 24,500 people. Rite Aid is using the Chapter 11 process to pursue a sale of its prescriptions, pharmacy and front-end inventory, and other assets. The cases are being administered by the Honorable Michael B. Kaplan. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor, Guggenheim Securities, LLC is serving as investment banker, and Alvarez & Marsal is serving as financial advisor to the Company. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to the Company. Kroll is the claims agent and maintains the page https://restructuring.ra.kroll.com/RiteAid2025 Bank of America, N.A., as DIP Agent, is represented by lawyers at Greenberg Traurig, LLP; and Choate Hall & Stewart LLP. RIZO-LOPEZ FOODS: Hires Juarez and Company CPA as Accountant ------------------------------------------------------------ Rizo-Lopez Foods, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Juarez and Company CPA as accountant. The firm will render these services: a. assist in cash forecasting and liquidity management; b. assist in the preparation, design and presentation of proposals to creditors, investors and regulatory authorities regarding terms of potential forbearances, amendments, modification and/or the restructuring/organization of the Debtor; c. analyze and evaluate the likelihood of cost savings initiatives; d. assist the Debtor in managing vendor and supplier related matters; e. assist the Debtor in the preparation of the monthly operating reports; and f. assist the Debtor in the preparation of financial projections and analysis for the best interest of creditors' test for a reorganization plan and/or negotiation purposes. The firm's hourly rates are: CPA $325 Senior Accountant $200 Staff Accountant $95 Paraprofessionals $75 The firm has requested a $40,000 retainer. Ralph Juarez, CPA, sole owner in Juarez and Company CPA, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Ralph Juarez, CPA Juarez and Company CPA 1110 Tully Rd Ste A Modesto, CA 95350 Phone: (209) 522-1192 Email: hanybal@modestocpa.com About Rizo-Lopez Foods, Inc. Rizo-Lopez Foods, Inc. produces Mexican-style dairy products including cheeses, sour creams, and desserts under the Tio Francisco and Don Francisco brands. Rizo-Lopez Foods, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ca. Case No. 25-25004) on September 15, 2025. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities. The petition was signed by Edwin Rizo as chief executive officer. Judge Christopher M Klein presides over the case. Hagop T. Bedoyan, Esq. at MCCORMICK, BARSTOW, SHEPPARD, WAYTE & CARRUTH represents the Debtor as counsel. ROCKY MOUNTAIN: Reports $662,000 Net Loss in Fiscal Q2 ------------------------------------------------------ Rocky Mountain Chocolate Factory, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss for the three months ended August 31, 2025, of $662,000, compared to a net loss of $722,000 in the same period of 2024. Net loss for the six months ended August 31, 2025, was $986,000, compared to a net loss of $2.38 million in the same period of 2024. Revenue for the three months ended August 31, 2025, was $6.82 million, compared to a revenue of $6.38 million for the same period in 2024. Revenue for the six months ended August 31, 2025, was $13.2 million, compared to a revenue of $12.79 million for the same period in 2024. As of August 31, 2025, the Company had $22.25 million in total assets, $16.13 million in total liabilities, and a total stockholders' equity of $6.13 million. In a press release Jeff Geygan, Interim CEO of the Company commented, "We've taken meaningful steps to transform and modernize our business and are beginning to see early signs of progress. During the quarter, we focused on strengthening our operations and laying the groundwork for scalable growth. Our ERP and POS systems are providing us with clearer insight into store performance and customer trends, enabling faster, data-driven decisions. With new leadership in operations and franchising, we are seeing sharper execution, stronger discipline and greater accountability across the organization." "We're also very encouraged by the launch of our rebrand and new store developments," continued Geygan. "The reimagined store design and updated packaging are elevating the Rocky Mountain Chocolate experience for customers and franchisees alike. We recently announced two new franchise locations at Palladio Mall in Folsom, California, and Jersey Shore Premium Outlets® in New Jersey, further extending our refreshed store concept in key markets. We also added a company-owned location in Camarillo, California, and expect to open our Chicago flagship location around the holidays. Interest from experienced multi-unit operators continues to build, and our development pipeline is the strongest we have seen in a long time. Alongside these initiatives, we are preparing to introduce a new loyalty program and expand our digital capabilities to help franchisees strengthen connections with their customers." Geygan added, "We're entering the next phase of our transformation with stronger leadership, better visibility across the business, and greater operational discipline. Our initiatives are gaining traction throughout the organization, and we're focused on translating that progress into long-term, sustainable growth. As we move forward, we will continue to build on this foundation through consistent execution and a clear focus on creating sustainable value for all our stakeholders." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/myym9vdj About Rocky Mountain Chocolate Factory Durango, Colo.-based Rocky Mountain Chocolate Factory, Inc. is an international franchisor, confectionery producer, and retail operator. Founded in 1981, the Company produces an extensive line of premium chocolate candies and other confectionery products. New York, N.Y.-based CohnReznick LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated June 20, 2025, attached to the Company's Annual Report on Form 10-K for the year ended February 29, 2025, citing that the Company has incurred recurring losses and negative cash flows from operations in recent years and is dependent on debt financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. SAGA FORMATIONS: Fine-Tunes Plan Documents ------------------------------------------ Claudia Springer, the Chapter 11 Trustee of the Estates of Saga Formations, Inc. f/k/a Epic! Creations, Inc., and affiliates, submitted a Second Amended Combined Disclosure Statement and Chapter 11 Plan for the Debtors dated October 14, 2025. The Chapter 11 Trustee retained investment bankers to conduct a marketing process for substantially all of the Debtors' assets. Following that process, the Chapter 11 Trustee sold substantially all of the Epic and Neuron Fuel assets on May 27, 2025, and May 30, 2025, respectively. The Tangible Play marketing process did not result in a buyer for the company. The Chapter 11 Trustee determined, in her business judgment, that there was not a path forward for Tangible Play's business to continue as a going concern. Tangible Play's business ceased operations in April 2025. The Chapter 11 Trustee continues to evaluate a sale of certain Tangible Play assets. On December 9, 2024, the Chapter 11 Trustee discovered that on November 20, 2024, contrary to the stay and the Bankruptcy Court's temporary restraining orders, the Voizzit Entities filed suit in India before a commercial court in Ernakulam, Kerela (the "Kerala Court") against the Chapter 11 Trustee and the India-based subsidiaries of Apple, Google, Microsoft, and certain other internet companies asking an Indian court to bar the Chapter 11 Trustee from interfering with the Voizzit Entities' access to the Debtors' accounts and property (the "India Lawsuit"). Most recently, on July 1, 2025, the Chapter 11 Trustee's India counsel appeared before the Kerala High Court on the Chapter 11 Trustee's motion to dismiss the India Lawsuit and the contempt motion. On July 23, 2025, the Kerala High Court denied the motion to dismiss. The Trustee's India counsel appealed this decision to the India Supreme Court. The India Supreme Court directed the Chapter 11 Trustee to file a dismissal application in the Kerala Court, and that application is currently pending before the Kerala Court. Pursuant to the Epic Purchase Agreement, the Epic Estate is required to defend the India Lawsuit and obtain its dismissal. The Estates or the Wind-Down Debtors, as applicable, will continue to cover the costs of defending against the India Lawsuit in accordance with the terms of the Epic Purchase Agreement. The Amended Combined Disclosure Statement and Plan does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 4 consists of General Unsecured Claims. On the Effective Date, all Allowed General Unsecured Claims shall be cancelled, released, and extinguished, and will be of no further force or effect, without any distribution on account of such Claims. This Class will receive a distribution of 0% of their allowed claims. Class 4 is Impaired under the Plan. * Class 7 consists of all Interests. On the Effective Date, all Interests (including Intercompany Interests) shall be cancelled, released, and extinguished, and will be of no further force or effect, without any distribution on account of such Claims. For the avoidance of doubt, the treatment of Class 7 Interests under the Plan pertains only to any Interest in any Debtor and shall in no way release, alter, impair, or otherwise impact the vesting of all Retained Assets in the Wind-Down Debtors, which shall be entitled to retain ownership of, dispose of, or otherwise monetize such Retained Assets, including any Interest that any Debtor has in any non-Debtor, as set forth elsewhere herein and in the Plan Administrator Agreement. The Wind-Down Debtors will be established, formed, and merged on the Effective Date. The Wind Down Debtors shall be the successors in interest to the Debtors, and the Wind-Down Debtors shall be successors to each Debtor and its respective Estate's right, title, and interest to the Wind-Down Debtor Assets. The Wind-Down Debtors will conduct no business operations and will be charged with winding down the Debtors' Estates. The Wind-Down Debtors shall be managed by the Plan Administrator and shall be subject to the oversight of the Wind-Down Debtors Oversight Committee. Prior to the Effective Date, any and all of the Debtors' assets shall remain assets of the Estates pursuant to section 1123(b)(3)(B) of the Bankruptcy Code and on the Effective Date the Wind-Down Debtor Assets shall irrevocably vest in the Wind-Down Debtors. For the avoidance of doubt, to the extent not otherwise waived in writing, released, settled, compromised, assigned or sold pursuant to a prior Final Order of the Bankruptcy Court or the Plan, the Wind-Down Debtors specifically retain and reserve the right to assert, after the Effective Date, any and all of the Retained Causes of Action and related rights, whether or not asserted as of the Effective Date (and whether or not listed on the Schedule of Retained Causes of Action), and all proceeds of the foregoing, subject to the terms of the Plan. To the extent that the Wind-Down Debtors or the Plan Administrator request cooperation from the Chapter 11 Trustee or a Professional after the Effective Date that will cause such Professional or the Chapter 11 Trustee to expend more than a de minimis amount of time or to incur out-of-pocket costs to comply with such request, such Professional or the Chapter 11 Trustee shall not be required to provide the requested cooperation without compensation at such Professional's standard hourly rates and reimbursement for such actual expenses. A full-text copy of the Second Amended Combined Disclosure Statement and Plan dated October 14, 2025 is available at https://urlcurt.com/u?l=17LUpK from PacerMonitor.com at no charge. Counsel for the Chapter 11 Trustee: JENNER & BLOCK LLP Catherine Steege, Esq. Melissa Root, Esq. William Williams, Esq. 353 N. Clark Street Chicago, Illinois 60654 Telephone: (312) 923-2952 Email: csteege@jenner.com mroot@jenner.com wwilliams@jenner.com PASHMAN STEIN WALDER HAYDEN, P. C. Henry J. Jaffe, Esq. Joseph C. Barsalona II, Esq. Alexis R. Gambale, Esq. 824 North Market Street, Suite 800 Wilmington, DE 07601 Telephone: (302) 592-6497 Email: hjaffe@pashmanstein.com jbarsalona@pashmanstein.com agambale@pashmanstein.com About Epic! Creations, Inc. Epic! Creations Inc. -- https://www.getepic.com/ -- doing business as Byju's, retails books online. The Company offers digital library which includes kids books, ebooks, and videos. Epic! Creations serves customers in the State of California. Alleged creditors of Epic! Creations sought involuntary petition under Chapter 11 of the the U.S. Bankruptcy Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024. The creditors who signed the petition are: * HPS Investment Partners, LLC, * TBK Bank, SSB * Redwood Capital Management, LLC, * Veritas Capital Credit Opportunities Fund SPV, L.L.C. and Veritas Capital Credit Opportunities Fund II SPV, L.L.C. * HGV BL SPV, LLC, * Midtown Acquisitions GP LLC, * Silver Point Capital, L.P., * Shawnee 2022-1 LLC, * Sentinel Dome Partners, LLC, * Stonehill Capital Management LLC, * Diameter Capital Partners LP, * Ellington CLO III, Ltd. and Ellington Special Relative ValueFund L.L.C. * GLAS Trust Company LLC, in its capacity as administrativeagent and collateral agent, * Continental Casualty Company, and * India Credit Solutions, L.P. Glas Trust Company is represented by: Laura Davis Jones Pachulski, Stang, Ziehl & Jones LLP Telephone: (302) 778-6401 E-mail: ljones@pszjlaw.com TBK Bank, et al., are represented by: G. David Dean Cole Schotz P.C. Telephone: (302) 652-3131 E-mail: ddean@coleschotz.com SANCTUARYSPA INC: 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 Sanctuaryspa Inc. to use cash collateral through confirmation of its Chapter 11 Subchapter V plan of reorganization. The final order directed Sanctuaryspa to continue making adequate protection payments of $843.95 per month to Five Star Bank, due on the first of each month until further order of the court. The court's authorization remains in effect until further order or modification, ensuring continued operations while protecting creditor interests. About Sanctuaryspa Inc. Sanctuaryspa Inc. is a boutique day spa in Long Beach offering a range of services including facials, massages, body treatments, dermaplaning, chemical peels, and DiamondGlow treatments. The spa customizes services to individual needs and emphasizes a holistic approach to skincare. It operates in a tranquil setting designed to promote wellness and relaxation. Sanctuaryspa sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C. D. Calif. Case No. 25-14964) on June 12, 2025. In the petition signed by Crista Rossi, chief executive officer, the Debtor disclosed $50,397 in assets and $1,032,222 in liabilities. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger, is the Debtor's bankruptcy counsel. Five Star Bank, as secured creditor, is represented by: Thomas P. Griffin, Jr., Esq. Hefner, Stark & Marois, LLP 2150 River Plaza Drive, Suite 450 Sacramento, CA 95833 Telephone: (916) 925-6620 Facsimile: (916) 925-1127 tgriffin@hsmlaw.com SCCY INDUSTRIES: Seeks to Hire James Moore & Co. as Accountant -------------------------------------------------------------- SCCY Industries, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ James Moore & Co., P.L. as accountant. The accountant will be performing accounting tasks as needed including tax preparation/filing and tax consulting services. The firm will charge a fixed fee in the amount of $8,000. As disclosed in the court filings, James Moore & Co. represents no interest adverse to the Debtors in matters upon which it is to be engaged. The firm can be reached through: James Moore, CPA James Moore & Co., P.L. 5931 NW 1st Place Gainesville, FL 32607-2063 Phone: (352) 378-1331 About SCCY Industries, LLC SCCY Industries LLC manufactured affordably priced polymer-frame pistols for the civilian market. Operating out of Daytona Beach, Florida, the Company specialized in models such as the CPX and DVG series, with in-house production and a focus on personal defense firearms. SCCY Industries LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04877) on August 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Grace E. Robson handles the case. The Debtor is represented by Justin M. Luna, Esq. at Latham, Luna, Eden & Beaudine, LLP. SCILEX HOLDING: Holds 82.07% Stake in Semnur Pharmaceuticals ------------------------------------------------------------ Scilex Holding Company and Scilex, Inc., disclosed in a Schedule 13D Amendment No. 1 filed with the U.S. Securities and Exchange Commission that as of September 22, 2025, they beneficially own the following shares of Semnur Pharmaceuticals, Inc. common stock, par value $0.0001 per share: Scilex Holding Company (SHC) beneficially owns 188,554,849 shares of Common Stock, consisting of: * 500,000 shares purchased by SHC prior to the Business Combination, * 542,361 shares issued upon exchange of Series A Preferred Stock of Old Semnur in the Business Combination, and * 12,488 shares issued upon conversion of the SHC Convertible Promissory Note. Additionally, SHC shares voting and dispositive power over 188,054,849 shares held by its subsidiaries (Scilex, Inc. and Scilex Bio, Inc.), representing 82.07% of the Issuer's outstanding Common Stock (based on 229,740,978 shares outstanding as of September 25, 2025). Scilex, Inc., a wholly owned subsidiary of SHC, beneficially owns 181,804,849 shares of Common Stock, with shared voting and dispositive power with SHC, representing 79.13% of the Issuer's outstanding Common Stock (based on 229,740,978 shares outstanding as of September 25, 2025). Scilex Holding Company may be reached through: Henry Ji, Chief Executive Officer and President 960 San Antonio Rd. Palo Alto, Calif. 94303 Phone: 650-516-4310 A full-text copy of Scilex Holding's SEC report is available at: https://tinyurl.com/2r5mb5st About Scilex Holding Company Palo Alto, Calif.-based Scilex Holding Company -- www.scilexholding.com -- is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and, following the formation of its proposed joint venture with IPMC Company, neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain and is dedicated to advancing and improving patient outcomes. Scilex's commercial products include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults. In its report dated March 31, 2025, the Company's auditor, BMP LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Scilex Holding had $92.95 million in total assets, $285.59 million in total liabilities, and a total stockholders' deficit of $192.64 million. SHEBO LLC: Seeks to Tap Middlebrooks Shapiro as Bankruptcy Counsel ------------------------------------------------------------------ Shebo LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Middlebrooks Shapiro, P.C. as counsel. The firm will render these services: (a) prepare and file the Debtor's Chapter 11 petition, schedules, and statement of financial affairs; (b) represent the Debtor at the Initial Debtor Interview and the section 341(a) meeting of creditors; and (c) represent the Debtor in all aspects of the Chapter 11 case, including contested matters and adversary proceedings. The firm will be paid at these hourly rates: Melinda Middlebrooks, Attorney $500 Joseph Shapiro, Attorney $450 Jessica Minneci, Attorney $400 Law Clerks and Paralegals $100 In addition, the firm will seek reimbursement for expenses incurred. The firm received a total retainer of $5,000 from the Debtor plus a filing fee of $1,738. Ms. Middlebrooks disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Melinda D. Middlebrooks, Esq. Middlebrooks Shapiro, P.C. P.O. Box 1630 Belmar, NJ 07719 Telephone: (973) 218-6877 Email: middlebrooks@middlebrooksshapiro.com About Shebo LLC Shebo LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-20884) on October 14, 2025, listing up to $50,000 in both assets and liabilities. Melinda D. Middlebrooks, Esq. at Middlebrooks Shapiro, P.C. represents the Debtor as counsel. SHIVSANYA CORP: Hires Magee Goldstein Lasky & Sayers as Attorney ---------------------------------------------------------------- Shivsanya Corp. seeks approval from the U.S. Bankruptcy Court for the Western District of Virginia to hire Magee Goldstein Lasky & Sayers, P.C. as its attorneys. The firm's services include: a. advising the Debtor with respect to its powers and duties as debtor in possession in the continued management of its business and properties; b. advising and consulting on the conduct of the Bankruptcy Case, including all of the legal and administrative requirements of operating in chapter 11; c. attending meetings and negotiating with representatives of Debtor's creditors and other parties in interest; d. taking all necessary action to protect and preserve the Debtor's estate, including prosecuting actions on the Debtor's behalf, defending any actions commenced against the Debtor, and representing the Debtor's interests in negotiations concerning all litigation in which the Debtor is involved, including objections to claims filed against the Debtor's estates; e. preparing all pleadings, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtor's estate; f. representing the Debtor in connection with obtaining post-petition financing, if necessary; g. advising the Debtor in connection with any potential sale of assets; h. appearing before the Court to represent the interests of the Debtor's estate before the Court; i. taking any necessary action on behalf of the Debtor to negotiate, prepare on behalf of the Debtor, and obtain approval of a chapter 11 plan and documents related thereto; and j. performing all other necessary or otherwise beneficial legal services to the Debtor in connection with prosecution of this Bankruptcy Case, including (i) analyzing the Debtor's leases and contracts and the assumptions, rejections, or assignments thereof, (ii) analyzing the validity of liens against the Debtor; and (iii) advising the Debtor on corporate and litigation matters. MGLS's hourly rates are: Attorneys $450 Paraprofessional $115 The firm has agreed to accept $15,000 retainer plus the filing fee of $1,738 from the Debtor. Magee Goldstein Lasky & Sayers is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Andrew S. Goldstein, Esq. MAGEE GOLDSTEIN LASKY & SAYERS, P.C. PO Box 404 Roanoke, VA 24003-0404 Tel: (540) 529-1609 Fax: (540) 343-9898 EMail: agoldstein@mglspc.com About Shivsanya Corp. Shivsanya Corp. is a single-asset real estate company that leases residential and nonresidential buildings. Shivsanya Corp. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Va. Case No. 25-61245) on October 15, 2025, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The petition was signed by Paresh K. Suthar as president. Andrew S. Goldstein, Esq. at MAGEE GOLDSTEIN LASKY & SAYERS, P.C. represents the Debtor as counsel. SINO GREEN: Net Loss Widens to $1.81 Million in FY2025 ------------------------------------------------------ Sino Green Land Corp. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended June 30, 2025, reporting a net loss of $1,808,994 and $798,804 for the years ended June 30, 2025 and 2024, respectively. Revenue for the years ended June 30, 2025 and 2024, were $1,338,300 and $2,088,028, respectively. Singapore-based Audit Alliance LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated October 14, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company incurred a net loss of $1,808,994 and used cash in operating activities of $845,971, result in an accumulated deficit of $4,700,553. The Company's current liabilities exceeded current assets $4,442,949, and the stockholder deficit of $2,394,659. These conditions raise substantial doubt about the Company's ability to continue as a going concern. No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/mvtnn73x About Sino Green Land Corp. Sino Green Land Corp. is a US holding company incorporated in Nevada. It conducts business through its Malaysia subsidiary "Tian Li Eco Holdings Sdn. Bhd", which is an environmental protection technology, recycling and renewal of plastic waste bottles and packaging materials being recycled and sale of recovered and recycled products, a company incorporated and based in Malaysia. With the mission too rooted in advocating for waste recycling, aiming for a sustainable environmental future. With its strategic initiatives, the company's objective is to become a prominent environmental recycling entity in Asia over the coming five years. As of June 30, 2025, the Company had total assets of $4.43 million, $6.83 million in total liabilities, and $2.39 million in total stockholders' deficit. SK INDUSTRIES: Gets Extension to Access Cash Collateral ------------------------------------------------------- SK Industries, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Florida, Pensacola Division, to use cash collateral until the next hearing set for October 31. The court issued its sixth interim order authorizing the Debtor to use cash collateral to pay its expenses per the budget, subject to a 10% variance per line item. As protection, Regions Bank, the Debtor's lender, was granted post-petition replacement liens on all personal property of the Debtor, including accounts receivable. In addition, the Debtor was ordered to make a monthly payment of $15,000 to Regions Bank and to keep its property insured in accordance with the terms of their loan agreement. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/D4GG6 from PacerMonitor.com. About SK Industries LLC SK Industries, LLC, doing business as Pensacola Athletic Center, is a comprehensive fitness facility offering 24-hour gym access, personal training, childcare services, tennis courts, swimming pools, and group fitness classes. The family-owned business has been serving the Pensacola community since 1985, with a focus on health and wellness for individuals of all ages. SK Industries filed Chapter 11 petition (Bankr. N.D. Fla. Case No. 25-30138) on February 18, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Jerry C. Oldshue, Jr. oversees the case. The Debtor is represented by Byron W. Wright III, Esq., at Bruner Wright, P.A. Regions Bank, as lender, is represented by: Dana L. Robbins-Boehner, Esq. Burr & Forman, LLP 201 North Franklin Street, Suite 3200 Tampa, FL 33602 (813) 221-2626 (voice) (813) 221-7335 (fax) drobbins-boehner@burr.com SPECIAL ENFORCEMENT: Hires Oaktree Law as Bankruptcy Counsel ------------------------------------------------------------ Special Enforcement Security Services seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Oaktree Law as bankruptcy counsel. The firm will render these services: a. advise the Debtor regarding matters of bankruptcy law and concerning the requirement of the Bankruptcy Code, and Bankruptcy Rules relating to the administration of this case, and the operation of the Debtor's estate as a debtor in possession; b. represent the Debtor in proceedings and hearings in the court involving matters of bankruptcy law; c. assist in compliance with the requirements of the Office of the United States trustee; d. provide the Debtor legal advice and assistance with respect to the Debtor's powers and duties in the continued operation of the Debtor's business and management of property of the estate; e. assist the Debtor in the administration of the estate's assets and liabilities; f. prepare necessary applications, answers, motions, orders, reports and/or other legal documents on behalf of the Debtor; g. assist in the collection of all accounts receivable and other claims that the Debtor may have and resolve claims against the Debtor's estate; h. provide advice, as counsel, concerning the claims of secured and unsecured creditors, prosecution and/or defense of all actions; i. prepare, negotiate, prosecute and attain confirmation of a plan of reorganization; and j. work with the Chapter 11 Trustee. The firm will be paid at these hourly rates: Larry Fieselman, Attorney $500 Julie J. Villalobos, Attorney $500 Gus Gomez, Paralegals $200 Jennifer Leonard, Paralegals $200 The firm received a retainer in the total amount of $23,790. Ms. Villalobos, owner of Oaktree Law, disclosed in a court filing that she does not hold any interests adverse to the Debtor's estate, creditors or equity security holders. The firm can be reached through: Julie J. Villalobos, Esq. Oaktree Law 10900 183rd St., Suite 270 Cerritos, CA 90703 Tel: (562) 741-3938 Fax: (888) 408-2210 Email: julie@oaktreelaw.com About Special Enforcement Security Services Special Enforcement Security Services, doing business as Private Sector Security, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11859) on October 6, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Martin R. Barash presides over the case. Lawrence R. Fieselman, Esq., at the Law Offices of Lawrence R. Fieselman represents the Debtor as bankruptcy counsel. SPIRIT AVIATION: Court OKs $475M DIP Loan, AerCap Settlement ------------------------------------------------------------ As previously disclosed, on August 29, 2025, Spirit Aviation Holdings, Inc. and certain of its controlled affiliates commenced filing voluntary petitions in the U.S. Bankruptcy Court for the Southern District of New York seeking relief under chapter 11 of title 11 of the U.S. Code. The Chapter 11 Cases are being jointly administered under Case No. 25-11897 (SHL). Each Debtor continues to operate its business as a "debtor-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. DIP Credit Agreement: In connection with the Chapter 11 Cases, on October 10, 2025, the Bankruptcy Court entered an interim order approving Spirit Airlines, LLC, as borrower, and certain subsidiaries of the Company from time to time party thereto as guarantors, entering into that certain Superpriority Priming Debtor-in-Possession Credit Agreement, dated October 14, 2025, with the lenders from time to time party thereto and Wilmington Trust, National Association, as administrative agent and collateral agent. Pursuant to the DIP Credit Agreement, the DIP Lenders have agreed, upon the terms and conditions set forth therein, to make available to the Company up to $475,000,000 in aggregate principal amount of term loans. Under the DIP Facility: (i) $200,000,00 in new money term loans has been funded under the Interim DIP Order and (ii) subject to the terms and conditions set forth in the Interim DIP Order and the DIP Credit Agreement, up to $275,000,000 in additional new money term loans will be made available on certain subsequent dates, including up to $75,000,000 on November 7, 2025, $100,000,000 on December 13, 2025, and $100,000,000 on a subsequent date to be determined as set forth in the Interim DIP Order and the DIP Credit Agreement. DIP Lenders that provide New Money DIP Loans shall be entitled to "roll up" a portion of their outstanding PIK Toggle Senior Secured Notes due 2030 in amounts, and on the terms and conditions, set forth in the Interim DIP Order and the DIP Credit Agreement. New Money Loans will bear interest payable in-kind at a rate equal to, at the Debtors' option: (i) the Base Rate (subject to a 4% floor) plus 7% per annum or (ii) Term SOFR (subject to a 3% floor) plus 8% per annum. Roll-Up Loans will not bear interest; provided that if the Prepetition Notes and/or the separate tranche of Roll-Up Loans attributable to subsequent borrowings are determined to be oversecured under section 506(b) of the Bankruptcy Code, interest will accrue on the Roll-Up Loans retroactive to the closing date in the manner described in the DIP Credit Agreement. The scheduled maturity date of the DIP Facility is July 14, 2026. The foregoing description of the DIP Credit Agreement and the DIP Facility does not purport to be complete and is qualified in its entirety by reference to the full text of the DIP Credit Agreement, which is available at https://tinyurl.com/yvr425d3 AerCap Settlement: On October 10, 2025, the Bankruptcy Court approved the entry by Spirit Airlines, LLC, on behalf of itself, its subsidiaries and the Company, into a binding, global restructuring term sheet agreement with AerCap Ireland Limited, on behalf of itself and its subsidiaries, affiliates, owner trusts, managed entities and assignees. Pursuant to the Term Sheet, Spirit and the AerCap Parties agreed to: (i) certain arrangements in respect of specific aircraft and engines, (ii) the assumption of 10 leases and the rejection of 27 leases in respect thereof, (iii) the entry into 30 new, postpetition leases, (iv) the settlement of claims and disputes and agreement to the terms of mutual releases in exchange for, among other things, certain payments, including a $150.0 million liquidity payment by AerCap to the Debtors and allowed unsecured claims and administrative expense claims, and (v) the terms of the transfer of purchase rights and options in respect of certain aircraft. The foregoing description of the Term Sheet does not purport to be complete and is qualified in its entirety by reference to the full text of the Term Sheet, which is available at https://tinyurl.com/395hjdrt Cleansing Material: Prior to the filing of the Chapter 11 Cases, the Company entered into confidentiality agreements with certain Senior Secured Noteholders. Pursuant to the NDAs, the Company provided the NDA Parties with confidential information and agreed to publicly disclose certain information upon the occurrence of certain events set forth in the NDAs. A copy of the Cleansing Material is available https://tinyurl.com/bdsbe2te. The Cleansing Material: * was prepared by the Company solely to facilitate a discussion with the parties to the NDAs and was not prepared with a view toward public disclosure and should not be relied upon to make an investment decision with respect to the Company. * should not be regarded as an indication that the Company or any third party considers the Cleansing Material to be a reliable prediction of future events, and the Cleansing Material should not be relied upon as such. * includes certain values for illustrative purposes only and such values are not the result of, and do not represent, actual valuations, estimates, forecasts or projections of the Company or any third party and should not be relied upon as such. Neither the Company nor any third party has made or makes any representation to any person regarding the accuracy of any Cleansing Material or undertakes any obligation to publicly update the Cleansing Material to reflect circumstances existing after the date when the Cleansing Material was prepared or conveyed or to reflect the occurrence of future events, even in the event that any or all of the assumptions underlying the Cleansing Material are shown to be in error. Exchange Opportunity: The Company intends to launch a tender offer providing the opportunity for the holders of record as of October 14, 2025 of the Prepetition Notes issued by Spirit IP Cayman Ltd. and Spirit Loyalty Cayman Ltd., to: (i) participate as a lender in the DIP Credit Agreement on a pro rata basis up to such holder's percentage ownership of the outstanding Prepetition Notes, and (ii) to exchange, or "roll-up", a principal amount of their Prepetition Notes in accordance with the terms of the DIP Credit Agreement. The Company intends to distribute to each holder of the Prepetition Notes a notice and subscription form that will describe the terms and conditions of the exchange opportunity. About Spirit Aviation Holdings Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. Spirit Aviation Holdings, Inc. and its affiliates filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11897) on August 29, 2025. Judge Sean H. Lane oversees the case. Marshall Scott Huebner, Esq. at Davis Polk & Wardwell LLP represents the Debtors as counsel. SPIRIT AVIATION: Esopus Creek Entities Hold 4.97% Equity Stake -------------------------------------------------------------- ESOPUS CREEK VALUE SERIES FUND LP - SERIES A, Esopus Creek Advisors LLC, and Andrew L. Sole, disclosed in a Schedule 13D Amendment No. 1 filed with the U.S. Securities and Exchange Commission that as of October 9, 2025, they beneficially own 1,286,000 shares of common stock of Spirit Aviation Holdings, Inc., representing approximately 4.97% of the Company's outstanding common stock (based on 25,882,259 shares outstanding as of August 11, 2025). The beneficial ownership consists of shares held directly by Esopus Creek Value Series Fund LP - Series A, over which the Reporting Persons share voting and dispositive power. By virtue of his positions with the Fund and Esopus Creek Advisors LLC, Mr. Andrew L. Sole may be deemed to beneficially own the shares held by the Fund. The Reporting Persons ceased to be beneficial owners of more than 5% of the Common Stock effective October 9, 2025, following a sale of shares. The Reporting Persons may be reached through: Martin Sklar Kleinberg, Kaplan, Wolff & Cohen P.C. 500 Fifth Avenue New York, N.Y. 10110 Phone: 212-986-6000 A full-text copy of Esopus Creek's SEC Report is available at: https://tinyurl.com/ynrnj48b About Spirit Aviation Holdings Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. Spirit Aviation Holdings, Inc. and its affiliates filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11897) on August 29, 2025. Judge Sean H. Lane oversees the case. Marshall Scott Huebner, Esq. at Davis Polk & Wardwell LLP represents the Debtors as counsel. ST. AUGUSTINE: Seeks to Hire Mickler & Mickler LLP as Attorney -------------------------------------------------------------- St. Augustine Foot & Ankle, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire the Law Offices of Mickler & Mickler, LLP as attorneys. The professional services which this attorney is to render include general representation of the applicant in this proceeding and the performance of all legal services for the Debtor which may be necessary. Rates for the firm range from $300 to $400 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Bryan K. Mickler, Esq., a partner at Law Offices of Mickler & Mickler, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Bryan K. Mickler, Esq. Law Offices of Mickler & Mickler, LLP 5452 Arlington Expressway Jacksonville, FL 322211 Tel: (904) 725-0822 Fax: (904) 725-0855 Email: bkmickler@planlaw.com About St. Augustine Foot & Ankle, Inc. St. Augustine Foot & Ankle, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03696) on October 14, 2025, listing $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Bryan K. Mickler, Esq. at Mickler & Mickler represents the Debtor as counsel. STAGGEMEYER STAVE: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Staggemeyer Stave Company, Inc. 18318 State 76 Caledonia, MN 55921 Business Description: Staggemeyer Stave Company, Inc., based in Caledonia, Minnesota, manufactures premium white oak barrel staves and headings for whiskey distilleries and wineries, sourcing high-quality oak from the surrounding region. The Company has supplied cooperages for brands including Seagram and Jack Daniel's and exports staves to wineries worldwide. Court: United States Bankruptcy Court District of Minnesota Case No.: 25-33297 Judge: Hon. William J Fisher Debtor's Counsel: Steven R. Kinsella, Esq. FREDRICKSON & BYRON, P.A. 60 South 6th Street, Suite 1500 Minneapolis, MN 55402 Tel: 612-492-7000 E-mail: skinsella@fredlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jed J. Hammell as chief executive officer. 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/MSYATLA/Staggemeyer_Stave_Company_Inc__mnbke-25-33297__0001.0.pdf?mcid=tGE4TAMA STONE BRIDGE: Unsecureds to Recover 5% via Quarterly Payments ------------------------------------------------------------- Stone Bridge Brewing Company filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Small Business Plan of Reorganization dated October 13, 2025. The Debtor owns and operates two restaurants and a brewery. The Debtor is a Pennsylvania LLC that is owned 100% by Jeremy Shearer. The Debtor expanded its restaurant and brewery business since its inception in 2018. Due to changes in the industry, the consumer market, and increased prices of food products, the Debtor was unable to maintain a profitable operations given the debt load. The Debtor has added new lines of revenue, including lunch, events, and distribution sales. In addition, the debtor has cut staffing by nearly 45%. This has allowed the Debtor to become profitable and fund this Plan. The Plan proposes to pay the Debtor's creditors from cash flow from operations. The Plan proposes to pay administrative and priority claims in full unless otherwise agreed. The Debtor estimates approximately 5% dividend will be paid on account of general unsecured claims pursuant to the Plan. Class 5 consists of General Unsecured Claims. Undisputed, known Class 5 General unsecured Claims total $962,878.84. The Debtor shall make distribution of $2,407.15 per quarter that shall be divided and paid pro-rata to all allowed Class 5 claims. Payments shall begin on or before the last day of the third month following the effective date of the Plan. Subsequent payments shall be made by the Debtor on a quarterly basis on or before the last day of the month every third month thereafter for a total of 20 quarterly payments. Total payment to Class 5 creditors shall be $48,143.00, which will pay all allowed and currently known General Unsecured Creditors approximately 5% of their allowed claims. Disputed Class 5 claims will not receive any distributions pursuant to the Plan. Any Class 5 creditor who has an outstanding UCC filing against the Debtor, aside from Douglas F. Damico and Apollo Funding Co. whose secured claims are dealt with in Section 2.2.1 of this Plan, shall have 30 days after the Effective Date to satisfy, remove, and/or extinguish any liens against the assets of the Debtor supported by a UCC filing. The creditor shall file said satisfaction/termination with the appropriate state office. The Plan will be funded through the ongoing revenue of the Debtor's restaurant and brewery business. A full-text copy of the Plan of Reorganization dated October 13, 2025 is available at https://urlcurt.com/u?l=M1RtHV from PacerMonitor.com at no charge. The Debtor's Counsel: Christopher M. Frye, Esq. STEIDL & STEINBERG, P.C. 436 Seventh Avenue Suite 322 Pittsburgh, PA 15219 Tel: 412-391-8000 Fax: 412-391-0221 E-mail: chris.frye@steidl-steinberg.com About Stone Bridge Brewing Company Stone Bridge Brewing Company operates a microbrewery, taproom, and restaurant in Johnstown, Pennsylvania. It offers house-brewed beers, a full-service kitchen under the name The Craft Kitchen, and a wine bar known as The Wine Loft on Franklin. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-70290) on July 15, 2025. In the petition signed by Jeremy J. Shearer, member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Christopher M. Frye, Esq., at Steidl & Steinberg, P.C., represents the Debtor as legal counsel. STONEPEAK BAYOU: Moody's Alters Outlook on 'B1' CFR to Stable ------------------------------------------------------------- Moody's Ratings changed the rating outlook for Stonepeak Bayou Holdings LP (Bayou Holdings) to stable from positive. At the same time, the existing ratings of Bayou Holdings were affirmed, including the B1 Corporate Family Rating, B1-PD Probability of Default Rating, and B1 rating on the senior secured term loan due 2032. The change in outlook to stable follows a similar action by us on the outlook of Venture Global Calcasieu Pass, LLC (VGCP, Ba1 stable). "The change in Stonepeak Bayou Holdings' ratings outlook to stable from positive reflects uncertainty over the cash flow implications of an unfavorable arbitration ruling against Venture Global Calcasieu Pass," commented James Wilkins, Moody's Ratings Vice President- Senior Analyst. RATINGS RATIONALE The change to a stable outlook on Bayou Holdings' ratings is consistent with the change to a stable outlook on VGCP's ratings. It follows the announcement by VGCP that they have been informed by the International Chamber of Commerce, International Court of Arbitration that a partial final award had been issued in the arbitration proceedings between VGCP and BP Gas Marketing Limited (BP) regarding LNG sales under a long-term sale and purchase agreement (SPA). Remedies will be determined in a separate damages hearing that is expected to occur in 2026 followed by a final award. BP is seeking damages in excess of $1.0 billion, but it is not known what damages will be required to be paid in the arbitration case and the implications, if any, on remaining arbitration. While any damages awarded to BP or an other party through arbitration would be the legal obligation of VGCP, Moody's expect its indirect parent, Venture Global LNG, Inc. (VGLNG) to be the primary source of funding to satisfy such payment obligations. It is uncertain what the impact will be on VGCP's distributions to Bayou Holdings, which depends on the distributions to service its debt. The stable outlook reflects the expectation that VGCP will continue to demonstrate strong operational and financial performance. VGCP has six foundational contracts for a total of 8.5 MTPA of LNG that run for 20 years from the Commercial Operating Date (April 15, 2025), with options to extend. It also has three and five year contracts for the remaining 1.5 MTPA of nameplate capacity as well as the ability to produce an additional 2.4 MTPA under its permitted capacity of 12.4 MTPA. Seven customers, including BP, have filed arbitration proceedings against VGCP over its alleged delay in achieving commercial operations. Two of these proceedings have been resolved in their entirety in manners that have no material financial impact on VGCP or VGLNG, including one arbitration proceeding that reached an outcome favorable to VGCP. The four other proceedings remain with uncertain timelines. Bayou Holdings' credit profile reflects VGCP's credit profile, as well as Bayou Holdings' financial leverage, structural subordination to debt at VGCP and minority non-operating ownership interest. Bayou Holdings has no operating assets and is entirely dependent on distributions from VGCP to service its term loan. VGCP is expected to generate high stability of cash flow due to the highly contracted nature of its business that is underpinned by long-term, take-or-pay contacts (minimum volume commitments) with limited commodity price exposure. Distributions from VGCP are expected to be made quarterly, but the decision to make a distribution is a board of directors decision. It has the ability to forego making distributions and may do so to fund capital expenditures or might do so, if required, to make payments to settle arbitration proceedings. Bayou Holdings' governance rights provide moderate influence to support continued distributions from VGCP. Implementation of many actions at VGCP requires Bayou Holdings' consent to implement. The rating considers the additional debt placed at Bayou Holdings that is structurally subordinated to VGCP's $5.6 billion of balance sheet debt (as of June 30, 2025). Moody's expects VGCP's leverage, as measured by debt to EBITDA, to be [6.6]x at year-end 2026. Bayou Holdings' leverage will be higher at ~[9.2]x (calculated using a 23.4 percent proportional share of VGCP's debt and EBITDA as well as the term loan debt at Bayou Holdings). Bayou Holdings' leverage as measured by its term loan debt to distributions received will be ~[4.0]x. Bayou Holdings' term loan is rated B1, the same level as the B1 CFR, reflecting the lack of other material amounts of debt in its capital structure. The term loan has a first priority senior secured lien on substantially all assets of Bayou Holdings, which is primarily the equity interest in the entity that indirectly owns VGCP. Moody's expects Bayou Holdings to maintain adequate liquidity through 2026, supported by cash distributions from VGCP. Bayou Holdings will rely on the distributions to service its debt and pay for the organization's minimal expenses. The term loan has one financial covenant – a minimum debt service coverage ratio of 1.05:1.00, which Moody's expects Bayou Holdings to comply with. An excess cash flow sweep under the term loan and expected distributions to Bayou Holdings' owner will likely result in little excess cash being maintained at Bayou Holdings. The term loan matures in 2032. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Bayou Holdings' ratings could be upgraded if VGCP's rating is upgraded and Bayou Holding's stand-alone credit metrics remain in line with expected levels. Bayou Holdings' ratings could be downgraded if VGCP's rating is downgraded, distributions to Bayou Holdings are expected to decline or debt at Bayou Holdings materially increases, leading to a deterioration in its stand-alone credit metrics. Stonepeak Bayou Holdings LP (Bayou Holdings) is a holding company established in connection with Stonepeak's indirect investment in Venture Global Calcasieu Pass, LLC (VGCP, Ba1 stable). Stonepeak has a minority 23.4% common equity stake in Calcasieu Pass Holdings, LLC (unrated), which indirectly wholly owns VGCP. Venture Global LNG, Inc. (B1 stable) indirectly owns the remaining 76.6% common equity stake in Calcasieu Pass Holdings, LLC. VGCP owns and operates a liquefied natural gas (LNG) liquefaction facility in Cameron Parish, Louisiana with a permitted peak annual production capacity of 12.4 million tons per year (MTPA) of LNG and nameplate design capacity of 10 MTPA of LNG. The principal methodology used in these ratings was Generic Project Finance published in October 2024. Bayou Holdings' B1 CFR is two notches below the scorecard indicated outcome of Ba2 due to the structural subordination of Bayou Holdings' debt to VGCP's debt, minority ownership position and governance rights providing moderate influence to support continued distributions from VGCP. TAPS RANCH II: Taps O'Connor & Associates as Real Estate Appraiser ------------------------------------------------------------------ TAPS Ranch II, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Patrick O'Connor & Associates, L.P. dba O'Connor & Associates as real estate appraiser. O'Connor will perform an appraisal of the Debtor's properties located at 509 FM 3409, San Augustine, Texas 75972 and 15433 E State Highway 21, Chireno, Texas 75937. O'Connor will receive $7,000 to perform the appraisal and prepare an appraisal report. O'Connor, is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: John R. Fisher Patrick O'Connor & Associates, L.P. dba O'Connor & Associates 2200 N. Loop W., Suite 200 Houston, TX 77018 Tel: (713) 375-4010 Email: jfisher@poconnor.com About TAPS Ranch II, LLC TAPS Ranch II, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34509) on August 4, 2025, listing $1,000,001 to $10 million in both assets and liabilities. Judge Jeffrey P Norman presides over the case. Reese W Baker, Esq. at Baker & Associates represents the Debtor as counsel. TASTY PEACH: Hires Daniel L. Freeland & Associates as Attorney -------------------------------------------------------------- Tasty Peach Studios, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Indiana to hire Daniel L. Freeland & Associates, P.C. as attorneys. The firm will provide these services: a. give the Debtor legal advice with respect to its powers and duties as debtor-in-possession in the continued operation of his businesses and management of its property; b. defend the various complaints and motions for relief of stay filed by creditors of the debtor; c. protect the Debtor's interest in any executory contracts; d. prepare on behalf of your applicant, as debtor-in-possession, necessary applications, answers, order, reports, and other legal papers; e. perform all other legal services for debtor as debtor-in-possession which may be necessary; and f. prepare and file Plans, Disclosures and other papers related thereto. The firm will be paid at these rates: Sheila A. Ramacci $400 per hour Daniel L. Freeland $500 per hour The firm was paid a retainer in the amount of $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Daniel Freeland, Esq., a partner at Daniel L. Freeland & Associates, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Daniel L. Freeland, Esq. Daniel L. Freeland & Associates, P.C. 9105 Indianapolis Blvd. Highland, IN 46322 Telephone: (219) 922-0800 Facsimile: (219) 922-1261 Email: dlf9601@aol.com About Tasty Peach Studios, Inc. Tasty Peach Studios, Inc., based in Dyer, Indiana, designs and sells merchandise inspired by Japanese culture, including plush toys, apparel, accessories, and home goods. The Company operates primarily through its online store and attends anime conventions across the United States. Its product lines include the Meowchi mochi-themed cats and the Dino S'mores collection. Tasty Peach Studios, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ind. Case No. 25-22094) on October 14, 2025. At the time of filing, the Debtor estimated $719,184 in assets and $1,448,012 in liabilities. The petition was signed by Carmelo Zanfei as CFO and treasurer. Judge James R Ahler presides over the case. Daniel L. Freeland, Esq. at DANIEL L. FREELAND & ASSOCIATES, P.C. represents the Debtor as counsel. TRICOLOR AUTO: Vervent Manages Loan Portfolio After Bankruptcy -------------------------------------------------------------- Less than three weeks after the Tricolor Holdings Chapter 7 bankruptcy filing, Vervent Inc. has assumed successor servicing responsibilities for the majority of Tricolor Holdings' approximate 100,000 subprime auto loans. With the company's robust payment infrastructure, all consumer payments have been processed without interruption since day one. Before the Tricolor Holdings collapse, Vervent was designated as backup servicer by client lenders and investors, a role designed to protect consumers and investors in the event of servicer or loan originator failure. Vervent was not involved in Tricolor Holdings' originating practices or servicing operations prior to the collapse. Following the September 19 bankruptcy trustee court ruling, Vervent was authorized to assume servicing duties to provide continuity for impacted borrowers. "Our focus is on stabilizing operations and supporting borrowers who have been caught in a difficult situation," said David Johnson, CEO of Vervent. "As of October 1, we onboarded borrower data and are handling account management. Call volumes remain elevated as consumers work through legitimate questions and concerns about their loans and vehicle titles. We're addressing each consumer with the seriousness it deserves." Vervent is focused on maintaining continuity for borrowers, complying with bankruptcy trustee rulings, and cooperating with all agencies throughout their investigation. As successor servicer, Vervent's responsibilities include managing loan payments and account servicing, securing and transferring funds, assisting customers with loan payoffs, payment plans and insurance claims, and working with regulatory agencies to ensure compliance with all laws, rules, and regulations. It is important for consumers to be aware that all loan terms and payment obligations remain unchanged. Borrowers will receive updates as the bankruptcy process continues. Support for Impacted Tricolor Borrowers Consumers with accounts under Ganas, Ganasya, and Apoyo Financial will be serviced under the Tricolor brand when receiving correspondence or calling customer service. Tricolor Customer Service: 1-888-44TRICO (1-888-448-7426) Email: Tricolor@acct-admin.com Correspondence Address: Tricolor 6021 Connection Dr. 4th Floor Irving, TX 75039 The Role of Backup Servicing in Portfolio Failures: The Tricolor situation underscores why Capital Markets Services such as Backup Servicing, secure eVaults, and Collateral and Liquidation Agent capabilities exist in structured finance. These safeguards are designed to protect consumers and investors when servicers or originators fail, providing a mechanism for portfolio continuity even in cases of significant operational breakdown. "This situation highlights why having an experienced and capable backup servicer is so critical," added Johnson. "Vervent was purpose-built for moments like this. Our infrastructure, protocols, and team are designed to respond quickly and effectively to servicing transitions -- especially in distressed or high-stakes environments." Vervent has activated emergency protocols to address urgent borrower needs. With over 35 years of experience, the company has successfully managed multiple high-pressure servicing transfers, including converting distressed auto portfolios in compressed timeframes and handling high volumes of consumer communications while maintaining service quality. About Vervent: As a fintech leader in the industry, Vervent sets the global standard for outperformance by delivering superior expertise, future-built technology, and meaningful services. We support our partners with primary strategic services including Primary Loan & Lease Servicing, Backup Servicing/Capital Markets Services, eVault Solutions, Managed Services, and Credit Card Servicing. Vervent empowers companies to accelerate business, drive compliance, and maximize service. Contact us today to find out how we can help boost your performance at Vervent.com or Solutions@Vervent.com. About Tricolor Auto Acceptance Tricolor Auto Acceptance is an Irving, Texas-based subprime auto lender. Tricolor Auto Acceptance, together with its parent Tricolor Auto Group and other affilites sought relief under Chapter 7 of the U.S. Bankruptcy Code(Bankr. N.D. Tex. Case No. 25-33497) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. TRUTH GRAPHICS: Hires Middlebrooks Shapiro as Bankruptcy Counsel ---------------------------------------------------------------- The Truth Graphics LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Middlebrooks Shapiro, P.C. as its attorneys. The firm will render these services: (a) prepare and file the Debtor's Chapter 11 petition, schedules, and statement of financial affairs; (b) represent the Debtor at the Initial Debtor Interview and the section 341(a) meeting of creditors; and (c) represent the Debtor in all aspects of the Chapter 11 case, including contested matters and adversary proceedings. The firm will be paid at these hourly rates: Melinda Middlebrooks, Attorney $500 Joseph Shapiro, Attorney $450 Jessica Minneci, Attorney $400 Law Clerks and Paralegals $100 In addition, the firm will seek reimbursement for expenses incurred. The firm received a total retainer of $5,000 from the Debtor plus a filing fee of $1,738. Ms. Middlebrooks disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Melinda D. Middlebrooks, Esq. Middlebrooks Shapiro, P.C. P.O. Box 1630 Belmar, NJ 07719 Telephone: (973) 218-6877 Email: middlebrooks@middlebrooksshapiro.com About The Truth Graphics LLC The Truth Graphics LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-20883) on October 4, 2025, listing up to $50,000 in both assets and liabilities. Joseph M. Shapiro, Esq. at Middlebrooks Shapiro, P.C. represents the Debtor as counsel. UNITED CABINET: U.S. Trustee Appoints Creditors' Committee ---------------------------------------------------------- The U.S. Trustee for Region 8 appointed an official committee to represent unsecured creditors in the Chapter 11 case of United Cabinet Company, LLC. The committee members are: 1. Argo Fine Imports, LLC Robert MacMaster 68388 Commercial Way N Mandeville, LA 70471 985-237-3059 robert@argofineimports.com 2. Cullman Cabinet & Supply Joy Howard P.O. Box 1150 Cullman, AL 35056 334-590-6737 jhoward@cullmancabinet.com 3. J.L. Gilbert Company, Inc. Keith Gilbert P.O. Box 153 Sellersburg, IN 47172 502-592-9912 keith@jlgilbert.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About 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. UNITED NATURAL: S&P Affirms 'B' ICR, Outlook Stable --------------------------------------------------- S&P Global Ratings lowered its issue-level rating on United Natural Food Inc.'s (UNFI) $383 million senior secured first-lien term loan to 'B' from 'B+' because S&P revised its recovery rating to '3' from '2'. S&P corrected an error in our recovery analysis to include the company's accounts receivable monetization commitment (started in October 2022) as a priority claim given its view that it is akin to secured financing. S&P had inadvertently not factored it into our previous analysis. S&P said, "We forecast significant deleveraging to the mid-4x area in fiscal 2026 from 6.4x in fiscal 2025 (ended Aug. 2, 2025) as one-time costs roll off, UNFI realizes the benefits of certain expense management and optimization initiatives, and it dedicates meaningful free cash flow to debt repayment. S&P Global Ratings-adjusted leverage is also corrected to include the accounts receivable monetization program in our adjusted debt figures, adding about 0.7x to our adjusted debt to EBITDA ratio. "We affirmed our 'B' issuer credit rating on UNFI because of expected profit improvements and debt reduction. "The stable outlook reflects our forecast for deleveraging and improved profitability over the next year. "We forecast meaningful deleveraging to 4.7x in fiscal 2026. The roll-off of one-time costs, realization of cost-saving initiatives, and a commitment to debt reduction results in our expectation for a significant reduction in leverage from fiscal 2025. Fiscal 2025 adjusted leverage of 6.4x was affected by more than $125 million of one-time charges and lost profits incurred in the fourth quarter related to a cyber incident and a contract termination fee from its split with Key Foods. Specifically, UNFI incurred a $50 million hit to EBITDA from lost sales and about $25 million of charges and remediation costs related to the cyber incident. Our forecast does not reflect the benefit of cyber insurance proceeds, which UNFI expects to be sufficient to offset recovery and remediation costs. In addition, UNFI incurred a $53 million contract termination fee associated with its split with Key Foods. "We also expect solid operating expense management and innovation and efficiency initiatives will support EBITDA expansion in fiscal 2026. These initiatives largely pertain to value-adding supplier go-to-market programs, lower shrink expense, process improvement efforts, and waste management. With the charge roll-offs, we forecast these initiatives will improve S&P Global Ratings-adjusted EBITDA by nearly $175 million--approximately 30%--in fiscal 2026. "Our forecast also considers more than $230 million of debt reduction. We expect UNFI will dedicate most of its excess cash flow in the near term and maintain approximately $1.5 billion in liquidity. The company now expects to reach its net leverage target of 2.5x by fiscal year-end 2026, a year ahead of its initial expectation. "Improved working capital management and profitability will increase FOCF. UNFI reported a nearly $240 million inflow in 2025 versus a $110 million free operating cash flow (FOCF) deficit in fiscal 2024. We attribute this to its network optimization efforts, operating expense management, improved working capital management, and reduced capital expenditures. UNFI consolidated volumes from four distribution centers into larger, more modern facilities with broader assortments, and expanded its lean daily management practice to 28 of its 52 distribution centers. In addition, it reduced capital spending nearly $115 million year over year, while also lowering its inventory days on hand. In our view, these factors will continue to support annual FOCF of about $250 million in fiscal years 2026 and 2027. "UNFI has scale and a leading market position in the higher-growth natural and organic wholesale distribution sector. We expect favorable expansion trends in its natural segment will offset targeted customer loss in its conventional segment. Our forecast for flat to a 1% revenue increase over the next few years is driven by an expanding customer base, introduction of new categories, solid customer retention, and increased demand for natural, organic, specialty, and fresh products and private label. Targeted customer losses in its lower-growth conventional segment partially offsets this. "UNFI estimates its contract with Key Foods accounted for approximately $1 billion in annual sales. We expect UNFI will seek growth through its natural, organic, and specialty products given industry tailwinds. Meanwhile, we expect lower conventional volumes from retailers catering to middle- and lower-income consumers, who we view as being more pressured by food inflation. "The stable outlook reflects our expectation that S&P Global Ratings-adjusted debt to EBITDA will improve toward the mid-4x area through fiscal 2026 from the elevated 6.4x in fiscal 2025." S&P could lower the rating on UNFI if S&P Global Ratings-adjusted leverage remains above 6x. This could occur if the company: -- Does not continue to improve EBITDA because of higher costs or faces operation disruptions that restrict profit growth and FOCF, limiting cash available for debt repayment; or -- Deviates from its financial policy and prioritizes shareholder returns or debt-funded acquisitions over debt reduction. S&P could raise the rating on UNFI if S&P Global Ratings-adjusted debt to EBITDA improves and remains below 5x. This could occur if the company: -- Executes its strategic initiatives, including the realization of incremental savings from its operating expense management and innovation and efficiency initiatives; and -- Remains committed to a more conservative financial policy by utilizing excess free cash flow for debt reduction. USA STAFFING: Affiliate Gets Extension to Access Cash Collateral ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division issued a fourth interim order authorizing Staffing Management Group, LLC, an affiliate of USA Staffing Services, LLC, to continue using cash collateral. The fourth interim order signed by Judge Catherine Peek McEwen authorized Staffing Management Group to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by senior creditor, Change Capital Holdings I, LLC. As adequate protection, Change Capital will be granted first-priority perfected post-petition security interests in and liens on all assets of the Debtor existing on or after the petition date that are similar to its pre-bankruptcy collateral. These replacement liens will have the same validity, extent and priority as those that existed on the petition date. In addition, Change Capital will receive a weekly payment of $5,000. As further protection, the Debtor was ordered to keep its property insured in accordance with its loan agreement with the senior creditor. The next hearing is scheduled for December 16. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/oKISS from PacerMonitor.com. About USA Staffing Services LLC USA Staffing Services, LLC provides staffing solutions across the United States through a network of locally owned partner offices. It offers temporary staffing, direct hire, and customized workforce solutions for businesses across various industries and locations. USA Staffing Services and its affiliates, Staffing Management Group, LLC and MK Ultra Investments, LLC filed Chapter 11 petitions (Bankr. M.D. Fla. Lead Case No. 25-04358) on June 27, 2025. In its petition, USA Staffing Services reported total assets of $6,315,418 and total liabilities of $3,239,607. Judge Catherine Peek McEwen handles the cases. The Debtors are represented by Daniel E. Etlinger, Esq., at Underwood Murray, P.A. Change Capital Holdings I, LLC, as senior creditor, is represented by: Steven J. Brotman, Esq. Troutman Pepper Locke, LLP 777 South Flagler Drive Suite 215 East Tower West Palm Beach, FL 33401 Telephone: 561-833-7700 Facsimile: 561-655-8719 steven.brotman@troutman.com -- and -- Sean A. Feener, Esq. Troutman Pepper Locke, LLP 875 Third Avenue, New York, NY 10022 Telephone: 212.912.2724 sean.feener@troutman.com VENTURE GLOBAL: Moody's Alters Outlook on 'B1' CFR to Stable ------------------------------------------------------------ Moody's Ratings affirmed Venture Global LNG, Inc.'s (VGLNG) B1 Corporate Family Rating, B1-PD Probability of Default Rating, B1 senior secured note rating and B3 perpetual preferred rating, and also affirmed the Ba1 rating assigned to Venture Global Calcasieu Pass, LLC's (VGCP) senior secured notes. In conjunction with the rating affirmations. Moody's revised the rating outlook for each of VGLNG and VGCP to stable from positive. VGCP owns and operates an LNG export facility consisting of 18 midscale, modular liquefaction trains, with an aggregate nameplate capacity of 10.0 MTPA of liquified natural gas (LNG) and permitted liquefaction capacity of 12.4 MTPA. VGCP is majority owned by VGLNG. RATINGS RATIONALE The rating action considers the recent credit negative tribunal decision from the International Chamber of Commerce, International Court of Arbitration (ICC) in the arbitration proceedings between VGCP and BP Gas Marketing Limited (BP) regarding LNG sales under a long-term sale and purchase agreement (SPA). The arbitration panel found that VGCP had breached its obligations to declare commercial operation in a timely manner and act as a reasonable and prudent operator and issued a partial final award to BP. Remedies will be determined in a separate damages hearing that is expected to occur in 2026 followed by a final award. BP is seeking damages in excess of $1.0 billion. While any damages awarded to BP or any other party through arbitration would be the legal obligation of VGCP, Moody's expects VGLNG to be the primary source of funding to satisfy such payment obligations. Moody's notes that seven customers, including BP, have filed arbitration proceedings against VGCP over its alleged delay in achieving commercial operation. Two of these proceedings have been resolved in their entirety in manners that have had no material financial impact on VGCP or VGLNG, including one arbitration proceeding that reached an outcome in favor of VGCP. The four other proceedings remain with uncertain timelines and should they be resolved through the arbitration process, will each be handled as separate and distinct hearings and decisions. From a liquidity perspective, Moody's observes that VGLNG's consolidated cash position as of June 30, 2025 was approximately $2.9 billion. Activities during the third quarter, including the export of 64 cargoes totaling 238.8 TBtu of LNG from its subsidiary Venture Global Plaquemines LNG, LLC (VGPL: Ba2, stable) at a weighted average fixed liquefaction fee of $6.79/MMBtu and a financing at its Blackfin Pipeline, LLC (Blackfin: Ba3, stable) subsidiary, have likely added to VGLNG's cash balance. Moody's expects VGPL, which has become a primary source of cash flow generated within the Venture Global family, to export at least 190 cargoes totaling more than 700 TBtu cumulatively over the next three quarters, which collectively will add to consolidated cash balances. VGPL owns an approximately 20 MTPA nameplate LNG liquefaction facility under construction in Plaquemines Parish, Louisiana. First LNG production at VGPL started in December 2024 and as of August 2025, VGPL had 16 of its eighteen blocks (32 out of 36 LNG trains) commissioning. VGPL is expected to continue to sell cargoes on a commissioning basis until the first phase of its SPAs commence in Q4 2026 followed by a second phase in mid-2027, providing an opportunity to produce meaningful cash flow. RATING OUTLOOK The change in outlook for VGLNG and VGCP to stable from positive acknowledges that the outcome of the BP arbitration was unexpected, creates a high degree of uncertainty related to the amount of damages potentially due to BP, its impact on pending arbitration and the source of funding within the Venture Global family owing in part to an elevated capital spending program. Collectively these considerations reduce the likelihood of any positive rating action at either entity over the near-term. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could consider upward rating movement of VGLNG and VGCP's rating upon receipt of greater clarity around the potential quantum of damages in the BP arbitration along with the remaining arbitrations; with damages limited to an amount that does not weaken credit quality at VGLNG or VGCP and is combined with continued sound operating and financial performance at each of VGCP and VGPL. Additional adverse rulings concerning the BP arbitration or prolonged uncertainty on the resolution of the remaining arbitration could cause us to consider negative rating action. In that regard, damages that require VGLNG or VGCP to issue material incremental debt for such purposes would be viewed negatively from a rating perspective as would a weakening in operating performance at VGCP and VGPL, a primary source of cash flow for the Venture Global family. The principal methodology used in rating Venture Global Calcasieu Pass, LLC was Generic Project Finance published in October 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. VERDE RESOURCES: Subsidiary Signs 10-Year Licensing Deal With Ergon ------------------------------------------------------------------- Verde Resources, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Verde Renewables, Inc., a wholly owned subsidiary ("Verde Renewables" and together with Verde, the "Company"), entered into a license agreement with Ergon Asphalt & Emulsions, Inc., pursuant to which the Company has granted Ergon an exclusive, non-transferable license to use, manufacture, commercialize, market, sell and distribute any product that contains or is manufactured or formed by Ergon using the Company's proprietary cold mix biochar asphalt emulsifying agent, which the Company calls "Verde V24", in the United States (including its territories), Canada and Mexico, in exchange for Ergon agreeing to purchase Verde V24 from the Company at a fixed price (which is inclusive of all fees associated with the license, but subject to consumer price index adjustments) for use in Ergon's asphalt road materials products. Ergon, the largest asphalt marketer in North America, is a subsidiary of Ergon, Inc., a diversified global organization engaged in multiple industries. The privately held Ergon is an industry pioneer in asphalt innovation and supply, employing more than 4,000 people and serving customers and partners in over 90 countries worldwide. The Company has agreed with Ergon to an initial 15-month "go-to-market period", during which there will be no minimum purchase requirements for Ergon's purchases of Verde V24. For each calendar year beginning January 1, 2027, Ergon has agreed to negotiate with the Company in good faith towards the establishment of possible minimum purchase amounts based on certain customary factors. The Company have also agreed with Ergon that if minimum purchase amounts are agreed to for any given calendar year, the Company and Ergon will agree in good faith to new minimum purchase amounts for each subsequent year, subject to consideration of customary factors. The Company also agreed to provide Ergon with 40% of its share of the carbon removal credits generated from the mixing of the final carbon sequestering BioAsphalt(TM) surface material, so long as: (a) the carbon removal credits are generated from bulk mixing or packaged mixed product, and (b) the mixing of the final BioAsphal(TM) surface material includes biochar purchased from the Company. The Ergon License additionally grants Ergon the right to use the Company's trademarks and access to ongoing technical services to facilitate the monitoring, reporting, and verification process of each ton of carbon dioxide sequestered. The term of the Ergon License is 10 years, with an automatic renewal for additional 10-year periods, subject to a minimum of six months' notice of cancellation prior to renewal. The Ergon License may be terminated in the event of non-payment of amounts due, initiation of bankruptcy proceedings, or under other customary terms. Additionally, Ergon may terminate the Ergon License upon 60 days' prior written notice in the event that the Company's Chief Executive Officer, Jack Wong, or Chief Operating Officer, Eric Bava, are removed from their respective positions with the Company for reasons other than termination for cause or voluntary resignation. The Ergon License additionally contains provisions regarding confidentiality, indemnification, and representations and warranties of the parties that are customary for such an agreement. The foregoing description of the material terms of the Ergon License is not complete and is qualified in its entirety by reference to the full text of the Ergon License, a copy of which is available at https://tinyurl.com/j7za2z3b Addendum to C-Twelve Joint Development Agreement: As previously disclosed, on May 19, 2025, the Company entered into a Joint Development Agreement with C-Twelve Pty Ltd, the manufacturer of Verde 24, which, among other things, provided the Company with the exclusive right to distribute Verde 24 in the United States, either on its own or through sublicensees. Effective October 8, 2025, the Companu entered into an addendum to the Joint Development Agreement with C-Twelve pursuant to which: (i) C-Twelve approved the Company's entry into the License Agreement with Ergon, (ii) the exclusive territory granted to Verde under the Joint Development Agreement is expanded to comprise the United States of America (including all states, territories, and regions thereof), Canada and Mexico, (iii) the Company agreed to pay an additional $1 million in exclusive licensing fees for the expanded territories of Canada and Mexico, which shall be paid concurrently with the $2 million loan previously agreed upon under the Joint Development Agreement and (iv) the Company agreed to a potential conditional fee payment to C-Twelve in 2027 based on agreed to minimum amounts of liters of Verde 24 which the Company may purchase from C-Twelve. The Company is required to fund the C-Twelve Loan and the additional $1 million fee to C-Twelve (the proceeds of which are expected to be used by C-Twelve in part to enhance its Verde 24 manufacturing capability) within 30 days of closing of a transaction in which the Company's common stock becomes listed on a U.S. national exchange, provided that if such funding is not achieved by July 31, 2026, C-Twelve shall have the right, on 10 business days' notice, to hold the Company in breach of the Joint Development Agreement. The foregoing description of the material terms of the C-Twelve Addendum is not complete and is qualified in its entirety by reference to the full text of the Ergon License, a copy of which is available at https://tinyurl.com/3wj3pm3m Press Release: On October 14, 2025, the Company issued a press release announcing the execution of the Ergon License as well as the execution of a non-binding term sheet with Ergon for a $2 million equity financing. A copy of the press release issued by the Company is available at https://tinyurl.com/2xucje5j About Verde Resources Headquartered in St. Louis, Mo., Verde Resources, Inc. specializes in Net Zero road construction and building materials, driving innovations that enhance sustainability and advance environmental stewardship. Since 2021, the Company's BioFraction facility in Borneo has been converting palm waste into biochar and other sustainable byproducts. Kuala Lumpur, Malaysia-based J&S Associate PLT, the Company's auditor since 2022, issued a "going concern" qualification in its report dated Oct. 16, 2024, citing that the Company has incurred recurring losses and accumulated a deficit of $13,480,204 as of June 30, 2024. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, Verde Resources had $39.75 million in total assets, $1.79 million in total liabilities, and $37.96 million in total stockholders' equity. The Company has yet to file its Annual Report on Form 10-K for the year ended June 30, 2025 by September 29, 2025. VERSANT MEDIA: Fitch Rates $1BB Secured Notes Due 2031 'BB+' ------------------------------------------------------------ Fitch Ratings has published a rating on Versant Media Group Inc's. $1 billion senior secured notes due 2031 at 'BB+' with a Recovery Rating of 'RR2'. The notes will be pari passu with Versant's existing senior secured borrowings. The rating reflects Versant's strong credit metrics, including solid FCF generation, and conservative EBITDA leverage and interest coverage metrics. The rating is constrained by secular declines in the linear media industry, which are expected to result in revenue and EBITDA contractions over Fitch's rating horizon (fiscal 2025 - 2028). Key Rating Drivers Cable Networks with Significant Brand Loyalty: Versant's key brands, including MSNBC, CNBC, The Golf Channel and USA Network, are well-positioned in their respective programming verticals. These cable networks maintain strong viewer loyalty and engagement, which helps drive premium advertising rates and generates ancillary revenue opportunities through events, sponsorship, and social media. Declining Industry Trends: Secular pressures are reducing subscribers in traditional linear TV, as consumer preferences shift and technology changes. Versant relies largely on the pay-TV ecosystem for revenue, making ongoing cord-cutting and demand for alternative video content significant risks to its portfolio. These risks may be mitigated over time if Versant successfully expands revenue and cash flow contributions from its portfolio of digital assets. The video industry has rapidly evolved, with direct-to-consumer (DTC) platforms such as Netflix, Amazon and Disney+ amassing large subscriber bases, driving losses at traditional distributors. Conservatively Capitalized Given Secular Risks: Fitch expects Versant to be separated from Comcast with a conservative capital structure, with management acknowledging the secular industry pressures it faces as a standalone entity. Fitch-calculated leverage is expected to be below 1.5x throughout the rating horizon, providing significant cushion to both withstand industry headwinds and enable management to develop a viable long-term growth strategy as a standalone credit. Sufficient Liquidity and Stress Resilience: Fitch expects FCF margins in the mid- to high-teens over the rating horizon, supported by high but declining EBITDA, manageable cash interest costs and low capex intensity. Liquidity is further supported by a $750 million undrawn RCF. Fitch expects Versant can weather material declines in both revenue and EBITDA without impacting overall credit quality, given its modest leverage and management's commitment to maintaining at least $500 million in cash on the balance sheet. Long-Term Contract Visibility: Versant has secured long-term agreements with major multichannel video programming distributors (MVPDs), as well as key sports leagues that provide creditors with clear visibility over the rating horizon. Fitch believes live programming, particularly sports, is the most dependable source of reach and engagement in a fragmenting market. Stable Operating Performance Expected: Fitch does not expect revenue or EBITDA growth over the rating horizon, given ongoing secular pressures on the business. While Versant intends to invest in its digital platforms to capture market share, grow revenues and moderately diversify from core linear-based revenues, such investments would not offset declines in the linear business. The rating is primarily dependent on expectations of low leverage and solid liquidity from stable and substantial FCF generation. Conservative Capital Allocation Policy: Fitch assumes Versant will prioritize investment in its core business and shareholder returns through share repurchases and/or dividends. Under Fitch's base case, Fitch projects moderate share repurchases and investment, alongside dividend payments, over the rating horizon. Peer Analysis Versant's closest publicly rated peers include Warner Bros. Discovery, Inc. (WBD; BB+/Rating Watch Negative), Paramount Skydance (Paramount; BBB-/Negative), and DIRECTV (BB/Stable). While Versant is significantly smaller than these peers in terms of revenue and EBITDA scale, it will benefit from stronger credit metrics and conservative capital structure following its separation from Comcast Corporation (A-/Stable). Versant's 'BB' rating reflects expectations for leverage below 1.5x, which compares favorably to WBD and Paramount's higher leverage profiles. However, like its peers, Versant faces secular pressures from cord-cutting and the shift towards DTC platforms. The Negative Watch on WBD reflects uncertainty regarding sustainable long-term revenue and EBITDA growth following its own corporate restructuring, similar challenges that Versant will face as a newly independent entity. Compared to Paramount, Versant benefits from a more conservative financial profile but operates with less content creation scale and lacks Paramount's growing DTC platform (Paramount+). DIRECTV faces similar secular headwinds as a traditional pay-TV distributor but operates with lower EBITDA margins, higher leverage and lower interest coverage. Versant's competitive positioning reflects its inheritance of established cable network brands from Comcast, including MSNBC, CNBC and USA Network, which provide strong advertiser relationships and viewer loyalty. However, the company lacks the diversification benefits that supported its former parent's higher rating, including broadband services, theme parks, and film studios. Key Assumptions - Low-single digit revenue declines over the rating horizon due to declines in linear distribution and advertising revenues offsetting growth in platforms and content licensing. Revenue declines reflect long-term secular headwinds in the linear media ecosystem. Linear and advertising segments decline in the mid- to high-single digits; platforms revenue grow in the high-single digits to low 20s due to optimized monetization and growth investments; content licensing grows in the low to mid-single digits. - EBITDA margins decline by approximately 100bps on an annual basis due to top line revenue declines. - Capex intensity maintained below 3%. Elevated capex in fiscal 2026 due to costs associated with a new permanent headquarters and other new initiatives. - Moderate share repurchases, investments and dividend payments over the rating horizon. - Floating rate debt is modeled on secured overnight financing rate (SOFR) declining from 4.3% to 3.5% between 2025 and 2028. Recovery Analysis The senior secured ratings reflect the application of Fitch's Corporates Recovery Ratings and Instrument Ratings Criteria for 'BB' category issuers and category 2 first lien debt. Therefore, the secured debt is rated one notch above Versant's 'BB' IDR, supported by expected recoveries in the 'RR2' range. The 'RR2' Recovery Rating reflects enterprise valuation (EV) uncertainty for Versant as a newly independent entity in a secularly declining industry. Following separation from Comcast, Versant will operate as a standalone public company with no established market valuation benchmarks and exposure to traditional linear television networks facing structural headwinds, including cord-cutting and evolving consumer preferences. Market reception of Versant's equity post-distribution remains uncertain. This uncertainty limits confidence in an EV that would support superior recovery expectations. While the instruments benefit from structural priority, the combination of valuation uncertainty and industry pressures constrains recovery to substantial rather than superior levels, consistent with 'RR2' versus 'RR1'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA Leverage sustained above 1.75x; - FCF on a sustained basis less than $500 million. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Fitch does not anticipate an upgrade given secular declines in the business; however, the following could result in positive rating action: - Demonstrated sustained positive revenue and EBITDA growth; - EBITDA leverage below 1x on a sustained basis. Liquidity and Debt Structure Versant's liquidity comprises proceeds from its proposed senior secured debt and full availability under its $750 million RCF, which will be undrawn at close. Liquidity will be supported by strong FCF generation. Versant's capital structure will comprise a five-year $750 million revolver, undrawn at close and approximately $2.75 billion of secured debt including $1billion senior secured notes and a $750 million term loan B, both maturing in 2031. Issuer Profile Versant is a media and entertainment business that operates in four core markets: political news and opinion; business news and personal finance; golf and athletics participation; and sports and genre entertainment. Summary of Financial Adjustments Fitch has adjusted EBITDA to reflect reported transactions costs, non-cash stock-based compensation expenses and other non-recurring charges. Date of Relevant Committee 09-Oct-2025 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 ----------- ------ -------- Versant Media Group, Inc. senior secured LT BB+ Publish RR2 VERSANT MEDIA: S&P Rates New $1BB Senior Secured Bond Issue 'BB' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '3' recovery rating to Versant Media Group Inc.'s (BB/Stable/--) $1 billion proposed senior secured bond issuance. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of default. The proposed bond issuance is in conjunction with its spin-off from Comcast Corp. Versant intends to use proceeds from both the bond issuance and term loan issuance to fund a $2.25 billion one-time cash distribution to Comcast to effectuate the spin-off and increase cash to the balance sheet. Issue Ratings--Recovery Analysis Key analytical factors -- The company's proposed capital structure comprises a $750 million revolving credit facility (due in 2031; not rated), $1 billion term loan A (due in 2031; not rated), $750 million term loan B (due in 2031), and $1 billion of senior secured notes (due in 2031). -- S&P's simulated default scenario considers a payment default in 2030 due to a combination of factors: consumers dropping subscriptions to paid linear television services in favor of direct-to-consumer streaming services, higher costs for subscriber acquisitions and acquisition of programming content, prolonged decline in advertising revenue due to economic weakness and pull-back in consumer nondiscretionary spending, financial strain from shareholder-return initiatives, and debt-financed acquisitions that underperform. -- S&P believes lenders would pursue reorganization instead of liquidation in a hypothetical default scenario due to the company's favorable brand recognition and strong industry connections with media distributors. -- S&P uses a recovery multiple 5x, in line with most industry peers. -- Other default assumptions include an 85% draw on the revolving credit facility, U.S. dollar benchmark rate of 2.5%, and all debt amounts including six months of prepetition interest. Simulated default assumptions -- Simulated year of default: 2030 -- Emergence EBITDA: $398 million -- EBITDA multiple: 5x Simplified waterfall -- Net emergence value (after 5% administrative costs): About $1.9 billion -- Estimated senior secured debt claims: About $3.3 billion --Recovery expectations: 50%-70% (rounded estimate: 55%) VETCOR LLC: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: VetCor, LLC 5898 Jet Port Industrial Blvd Tampa, FL 33634 Business Description: VetCor, LLC, based in Tampa, Florida, is a veteran-owned restoration services company founded in 2013, providing water and mold damage restoration for residential and commercial properties. The Company operates from 5898 Jet Port Industrial Blvd and also offers fire and smoke mitigation, emergency board-up and roof tarping, and related cleanup services. VetCor is IICRC-certified and emphasizes rapid response and adherence to industry restoration standards. Chapter 11 Petition Date: October 17, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-07690 Debtor's Counsel: Jake C. Blanchard, Esq. BLANCHARD LAW, P.A. 8221 49th Street N. Pinellas Park, FL 33781 Tel: 727-531-7068 Email: jake@jakeblanchardlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Paul Huszar as principal and owner. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2QPHYZI/VetCor_LLC__flmbke-25-07690__0001.0.pdf?mcid=tGE4TAMA VISA INC: Agrees to Settle Antitrust Suit for $199.5 Million ------------------------------------------------------------ Mike Scarcella of Reuters reports that Visa (V.N) and Mastercard (MA.N) have agreed to pay a combined $199.5 million to settle a nearly decade-old class action that accused them of forcing merchants to swallow some of the costs of fraudulent transactions involving counterfeit, lost, or stolen cards. A proposed settlement was filed on Friday, October 10, in the federal court in Brooklyn, and requires approval from Chief U.S. District Judge Margo Brodie. Merchants first sued the payment networks in 2016, alleging they violated antitrust law by moving in lockstep to change rules on chargebacks, which are reversed payments triggered by customer disputes. The shift exposed businesses to greater costs without any reduction in transaction fees. Under the new framework, merchants became liable for chargebacks if they had not upgraded point-of-sale systems to accept chip-enabled cards. Visa said it will pay $119.7 million, and Mastercard will pay $79.8 million, according to the settlement. Two other defendants, Discover and American Express, agreed earlier to pay a combined $32.2 million to resolve the merchants' claims against them. All four companies denied any wrongdoing in agreeing to settle the class action. In a statement, Mastercard said it welcomed the resolution and emphasized its efforts to promote adoption of advanced technology "to protect Mastercard purchases at every step." Visa and attorneys for the merchants did not immediately respond to requests for comment. In a court filing, plaintiffs' lawyers called the deal "an excellent outcome for the class." They said the settlement represents about 13% of the plaintiffs' best-case damages estimate and more than 50% of a conservative benchmark provided by Visa and Mastercard's experts. The proposed accord is separate from the $5 billion that Visa and Mastercard agreed to pay in 2019 to resolve merchant claims that they improperly fixed credit and debit card fees. The case is B&R Supermarket Inc et al v. Visa Inc et al, U.S. District Court, Eastern District of New York, No. 1:17-cv-02738-MKB-JAM. For plaintiffs: George Aguilar and Michael Nicoud of Robbins; John Devine of Devine Goodman & Rasco; and Thomas Amon of Law Office of Thomas G. Amon For Visa: Matthew Eisenstein and Robert Vizas of Arnold & Porter Kaye Scholer For Mastercard: Kenneth Gallo and Brette Tannenbaum of Paul, Weiss, Rifkind, Wharton & Garrison [GN] VISTAGE INTERNATIONAL: Moody's Affirms 'B2' CFR, Outlook Stable --------------------------------------------------------------- Moody's Ratings affirmed Vistage International, Inc.'s (Vistage) B2 corporate family rating and B2-PD probability of default rating. Moody's also affirmed Vistage's backed senior secured first-lien bank credit facilities, which consist of a revolving credit facility maturing July 2029 and a first-lien term loan maturing July 2029, at B2. The outlook is stable. Vistage is a provider of peer advisory board membership and executive coaching services for senior executives and business owners. The affirmation of the B2 CFR with a stable outlook reflects Moody's views that Vistage will sustain debt/EBITDA near 5x and maintain solid free cash flow to debt in the mid to high-single-digit range over the next 12 to 18 months. This is supported by a resilient subscription model with strong member retention, strong EBITDA margins, and favorable working capital dynamics from upfront member payments and a highly variable cost structure. A very good liquidity profile, including full availability under its $50 million revolving credit facility maturing in 2029, provides further support to the B2 CFR. RATINGS RATIONALE Vistage's B2 CFR is constrained by its modest revenue size, high financial leverage, with debt/EBITDA of 5.4x for the 12-month period ended June 30, 2025, and a narrow business profile that limits growth potential. The company operates in a fragmented industry with numerous smaller competitors and a discretionary service offering, increasing credit risk and exposing Vistage to competitive pressures and macroeconomic volatility. In the US, member retention was around the 80% range, albeit slightly below historical averages for the 12 months ended June 30, 2025. Moody's expects member retention to remain under pressure, driven by macroeconomic headwinds and SMBs shifting toward lower cost, AI-enabled alternatives. This dynamic underscores the challenge of maintaining growth and margin stability in a market sensitive to economic cycles and alternative solutions. Competition across peer learning and executive coaching alternatives and the company's narrow focus continue to constrain scale and diversification. Additionally, Vistage may pursue aggressive financial strategies, such as debt-financed acquisitions or distributions, which could hinder meaningful deleveraging. All financial metrics cited reflect Moody's standard adjustments. Vistage's business profile benefits from a large and diversified global member base (over 40,000 recurring subscribers across 35 countries as of June 30, 2025) and a highly variable cost structure that helps protect profitability through cycles. Moody's expects disciplined operating execution and annual price increases will help offset macroeconomic pressures. Additionally, the credit profile is supported by high retention of chairs (over 1,300 as of June 30, 2025), who build and lead member groups and run monthly in-person meetings. Chair compensation flexes with group size and activity, aligning expenses with revenue and supporting margins if growth moderates. The company's subscription-based model (98% of revenue) and advance billing of membership dues provide solid revenue visibility and favorable working capital dynamics. Additionally, the company is investing in AI technology to streamline workflows and reduce operational costs, further supporting profitability. Moody's expects that Vistage will maintain a very good liquidity profile over the next 12 to 15 months. Liquidity is supported by $47 million in cash as of June 30, 2025, and Moody's expectations of positive free cash flow generation and full availability under the $50 million revolving credit facility. Free cash flow benefits from minimal capital expenditures and positive working capital dynamics, as the company collects membership fees in advance, leading to the generation of deferred revenue before services are delivered. Moody's believes that all available sources of liquidity provide good coverage for its $6.25 million required annual first lien term loan amortization payments. While the company's term loan due July 2029 is not subject to financial covenants, the revolving credit facility includes a springing covenant tied to a maximum net first lien leverage ratio of 8.0x. Moody's expects the company to remain comfortably in compliance with this covenant if tested over the next 12 to 15 months. The senior secured first-lien bank credit facilities are rated B2, which is in line with Vistage's B2 CFR, reflecting their position as the preponderance of the company's debt. The rated debt is secured on a first priority basis by substantially all tangible and intangible assets and capital stock of the borrowers (VSTG Intermediate Holdings, Inc., Vistage International, Inc. and Vistage Worldwide, Inc.) and the guarantors, which include existing and future domestic subsidiaries and parent holding companies. The stable outlook reflects Moody's expectations for low-single-digit organic revenue growth from new member adds and pricing, sustained robust EBITDA margins, and free cash flow/debt in the mid to high-single-digit percentage range, with debt/EBITDA trending around 5x over the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Vistage expands its scale and service offerings while maintaining strong chair and member retention, robust profit margins, and good liquidity, and sustains a conservative financial policy, with debt/EBITDA below 4.5x and free cash flow to total debt above 10%. The ratings could be downgraded if Vistage experiences a contraction in its revenue base, such as a significant decline in member count. The ratings could also be downgraded if Vistage adopts more aggressive financial policies, resulting in sustained debt/EBITDA above 6.5x and free cash flow to debt declining below 5%. 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. Vistage, headquartered in San Diego, California, offers peer advisory board memberships and executive coaching services to CEOs for SMB enterprises, senior executives, and business owners. The company is owned by an investor group led by private equity firm Gridiron Capital. VIVAKOR INC: Issues Third Convertible Note of $1.62M to J.J. Astor ------------------------------------------------------------------ As previously reported, on March 17, 2025, Vivakor, Inc., issued a Junior Secured Convertible Promissory Note (the "Initial Note") to J.J. Astor & Co. (the "Lender"), in the principal amount of $6,625,000, in relation to a Loan and Security Agreement by and between the Company, its subsidiaries, and the Lender (the "Loan Agreement"). The Company received $5,000,000, before fees, on March 18, 2025. In relation to the Loan Agreement, the Company also entered into a Registration Rights Agreement (RRA) with the Lender, under which the Company was obligated to file a resale registration statement with the SEC registering any shares of its common stock issuable under the Note no later than 60 days after closing. First Forbearance: As previously reported, on July 9, 2025, the Company entered into a Forbearance and Amendment to Loan Agreement and Note, which amended the terms of the Loan Agreement, Initial Note and RRA (the "First Forbearance Agreement"). Under the terms of the First Forbearance Agreement, the Lender agreed to loan the Company additional funds under a Second Junior Secured Promissory Note (the "Second Note") and agreed to forbear any default under the Initial Note in exchange for certain consideration. Second Forbearance: On October 8, 2025, the Company entered into a Second Forbearance and Amendment to Loan Agreement and Notes, which amended the terms of the Loan Agreement, Initial Note, the RRA, the Second Note and the First Forbearance Agreement (the "Second Forbearance Agreement"). Under the terms of the Second Forbearance Agreement: (i) the Lender agreed to loan the Company an additional amount up to $2,450,000, (ii) the Outstanding Principal Amount of the Initial Note was $2,259,319.89 and the Outstanding Principal Balance on the Second Note was $5,685,805.13 on the Forbearance Agreement Effective Date (iii) the Lender provided notice of default to the under the Second Note, thereby accelerating all amounts due thereunder, (iv) the Lender agreed the Company was not in default of the Initial Note, Second Note or other Transaction Documents effective September 30, 2025 and to forbear declaring an Event of Default going forward and accelerating all amounts due under the Initial Note and the Second Note, subject to the Company complying with the terms of the Second Forbearance Agreement, (v) all amounts due under the Initial Note and the Second Note, with any accrued interest, will be due on or before November 30, 2025, (vi) interest under the Initial Note and Second Note will continue at the default interest rate of 19%, (vii) the conversion terms under the Initial Note and Second Note will remain on the Default Conversion Price under those instruments, and (viii) the Lender agreed to a standstill period until November 30, 2025, during which time the Lender will not declare an event of default or accelerate any payment obligations under the Initial Note or the Second Note, so long at the Company: (a) pays interest at the Default Interest Rate on the Initial Note and the Second Note, (b) issues the Third Note to the Lender, and (c) pays in full all past due payments on the Initial Note and the Second Note on or before November 30, 2025. In connection with the Second Forbearance Agreement the Lender agreed to loan the Company up to an additional $2,450,000. On October 9, 2025, the Company and Lender entered into an Additional Junior Secured Convertible Note (the "Third Note"), under which the Company agreed to issue the Lender the Third Note in the principal amount of $1,620,000, with the Company receiving proceeds of $1,152,000 before subtracting $53,000 for legal fees and origination fees. The Company is obligated to repay the principal amount, plus any interest, in forty-two equal installment payments of $38,572. The Company received the first funds from the Third Note on October 9, 2025 with the remainder received on October 10, 2025. As additional consideration for the Second Forbearance Agreement and the Third Note, the Company agreed to issue the Lender 286,000 shares of its common stock for $286. This summary is not a complete description of all of the terms of the Second Forbearance Agreement and the Third Note, and are qualified in their entirety by reference to the full text of the Second Forbearance Agreement and the Third Note, forms of which are available at https://tinyurl.com/3sz9t733 and https://tinyurl.com/ub2vcf7t, respectively. About Vivakor Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. Vivakor reported total assets of $244.54 million, total liabilities of $146.5 million, and total stockholders' equity of $98.04 million as of June 30, 2025. The Company has historically suffered net losses and cumulative negative cash flows from operations, and as of June 30, 2025, it had an accumulated deficit of approximately $112.1 million. As of June 30, 2025 and Dec. 31, 2024, Vivakor had a working capital deficit of approximately $105.8 million and $101.5 million, respectively. As of June 30, 2025, the Company had cash of approximately $3.7 million, of which $3.2 million is restricted cash. In addition, the Company has obligations to pay approximately $74 million of debt within one year of the issuance of these financial statements. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, 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. VSM PROPERTIES: Seeks to Hire Tom Bible Law as Bankruptcy Counsel ----------------------------------------------------------------- VSM Properties LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to hire the Law Office of W. Thomas Bible, Jr., doing business as Tom Bible Law, as counsel. The firm's services include: (a) advise the Debtor as to its rights, duties, and powers; (b) investigate and if necessary, institute legal action on behalf of the Debtor to collect and recover assets of the estate; (c) prepare and file the statements, schedules, plans, and other documents and pleadings necessary to be filed by the Debtor in this case; (d) assist and counsel the Debtor in the preparation, presentation and confirmation of its disclosure statement and plan of reorganization; (e) represent the Debtor at all hearings, meetings of creditors, conferences, trials, and other proceedings in this case; and (f) perform such other legal services as may be necessary in connection with this case. The firm's hourly rates are: Attorney $350 Paralegal $125 The firm will receive a retainer of $11,000 from Debtor. W. Thomas Bible, Jr., Esq., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: W. Thomas Bible, Jr., Esq. Tom Bible Law 6918 Shallowford Road, Suite 100 Chattanooga, TN 37421 Telephone: (423) 424-3116 Facsimile: (423) 553-0639 Email: tom@tombiblelaw.com About VSM Properties LLC VSM Properties LLC owns and operates short-term rental and residential real estate in Tellico Plains, Tennessee and the surrounding area, focusing on cabin and hospitality properties. VSM Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-12708) on October 9, 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 Nicholas W. Whittenburg handles the case. The Debtor is represented by W. Thomas Bible, Jr., Esq. of TOM BIBLE LAW. WATER'S EDGE: To Sell Water's Edge Apartments to Helge Capital -------------------------------------------------------------- Water's Edge Limited Partnership seeks permission from the U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, to sell substantially all Assets in a private sale, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Massachusetts limited partnership. It owns and operates an approximately 303-unit residential community located at 364,370 and 388 Ocean Avenue in Revere, Massachusetts known as Water's Edge Apartments. The Property consists of three apartment buildings situated on a 4.95-acre site. Each of the buildings includes three commercial suites that are approximately 400 square feet. A parking garage is located on both the upper and lower level of each building. Improvements at the Property include a fitness center, laundry facilities, pool, and elevators. On June 21,2022, a fire occurred on the eleventh floor of 370 Ocean Avenue. That fire, caused by the careless disposal of smoking material by a tenant, and the water used to put out that fire, caused substantial damage to that building. As a result, in July of 2022,the Board of Health for the City of Revere voted to issue a condemnation order for the building and the Debtor was required to relocate the tenants and secure 370 Ocean Avenue. On November 17,2022,a cold-water pipe in the wall of the seventh floor of 364 Ocean Avenue leaked and water migrated to the first-floor utility room, causing water damage to the alarm system outside. Nearly two years later, on August 29,2024,the Board of Health for the City of Revere voted to issue a condemnation order with respect to 364 ocean Avenue and the Land Court thereafter required the Debtor to relocate the tenants to other vacant units or to a hotel. While the Condemnation Order was reversed, two of the Debtor's three buildings, 364 ocean Avenue and 370 ocean Avenue, remain unoccupied and must be repaired and renovated prior to being occupied, and the Debtor's efforts to refinance the Property prior to the Petition Date were derailed. The Debtor intends to sell and the purchaser intends to buy the property, and the equipment, furnishings, furniture and other tangible personal property owned by the Debtor and located at the property as listed on Exhibit B to the Sale Agreement. The Debtor engaged Newmark Real Estate of Massachusetts, LLC to assist it with the marketing and sale of the Property. Newmark is a global commercial real estate advisor and service provider with offices in approximately sixty countries, including 142 offices in United States. Newmark specializes in commercial real estate consulting and its areas of expertise include multifamily capital markets. within that specialty, its services including marketing real estate portfolios for sale and complex debt structuring. Newmark, in consultation with the Debtor, issued a call for offers with respect to the Property. Initial Bids were due by September 12,2025, resulting to nine initial bids for the Property from well capitalized, experienced developers. Following a second round of bidding, and interviews of four finalists on Friday, October 3,2025 and Monday, October 6,2025, the Debtor, with the assistance of Newmark and its professionals, narrowed the field to three finalists. Two of the finalist bidders proposed a joint venture agreement with the Debtor, on the express condition that the Debtor's interest would be passive, and that no principal of the Debtor would have any continuing role in the ownership or management of the Property or the purchaser entity in any respect. Each of the three finalists was asked to submit further revised offers' and from those offers, the Debtor, in consultation with Newmark and its advisors, selected the Purchaser, Helge Capital Inc. The Purchaser is a vertically integrated real estate owner and operator focusing on value-add middle-income multifamily assets in Greater Boston. The Purchaser has in-house property' asset and constructing management departments in Waltham, Hyde Park and Revere, Massachusetts' Through its property management arm, the Purchaser manages its own properties' It has more than three decades of hands-on acquisitions and operations experience in both multifamily real estate and other operating businesses. The Purchaser currently owns similar properties in Revere. In Revere, the Purchaser has extensive permitting, construction and operating experience . In 2019, the Purchaser acquired land, built, leased up and currently manages a 75-unit apartment building on Revere Beach at 90 ocean Avenue. In 2022, the Purchaser acquired, renovated and currently manage s a l2-unit apartment building in Revere's Point of Pines neighborhood. In August of 2025,the first residents began moving into the Purchaser's newest building in Revere, a 11S-unit apartment building at 93 Bennington Street, Revere. The Debtor and the Purchaser have agreed to the terms of the purchase and Sale Agreement, attached as Exhibit D. The Purchaser will pay to the Debtor the cash amount of $42,500,000, subject to customary closing adjustments and prorations, payable as follows: within two business days of the filing of the Sale Motion, a deposit of $2,000,000, and $40,500,000 payable at the time of delivery of the deed and related documents. In addition, the Debtor shall receive a profits interest equal to 10% of Purchaser's profits of the venture over and above Purchaser's 25% internal rate of return, payable only upon Purchaser's disposition of the Assets. The Deed is to be delivered and the Purchase Price to be paid on the later of December l, 2025 or the date that is 45 days after the Bankruptcy Court approves the Private Sale to the Purchaser, unless mutually extended by the terms of the Agreement or by Seller and Buyer in writing. The Debtor shall convey the Assets to the Purchaser, free and clear of any liens, claims, encumbrances, and interests. The Private Sale is not subject to a financing contingency. Based upon its discussions with Newmark, the Debtor is confident that the Purchaser has the ability to close on the Private Sale. At Closing, the Debtor seeks authority to pay Newmark its 1% brokerage fee, totaling $425,000, ordinary and usual closing costs; any undisputed portion of the claims of DIV OA Lender and the City of Revere; and the Debtor's debtor-in-possession financing. The Purchaser has also reserved the right to remove any of the Contracts appended to the Sale Agreement prior to the Sale Hearing. 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., and Kathleen M. St. John, Esq., at Holland & Knight, in Boston, Massachusetts. Fairbridge Credit, LLC, as DIP lender, is represented by Kate E. Nicholson, Esq., at Nicholson Devine, LLC, in Cambridge, Massachusetts. WCR HOLDINGS: Case Summary & Two Unsecured Creditors ---------------------------------------------------- Debtor: WCR Holdings, LLC 2351 East Bear Lake Rd. Hillsdale, MI 49242 Business Description: WCR Holdings, LLC, based in Hillsdale, Michigan, owns and manages real estate properties, including a facility on East Bear Lake Road previously used for sawmill operations. The Company focuses on property holding and leasing and is classified under NAICS 5311 for lessors of real estate. Chapter 11 Petition Date: October 17, 2025 Court: United States Bankruptcy Court Western District of Michigan Case No.: 25-02968 Judge: Hon. Scott W Dales Debtor's Counsel: Michael P. Hanrahan, Esq. CBH ATTORNEYS & COUNSELORS, PLLC Main Office 25 Division Avenue S., Suite 500 Grand Rapids, MI 49503 Tel: 616-608-3061 Fax: 616-719-3782 Email: nikki@chasebylenga.com Total Assets: $300,026 Total Liabilities: $2,098,856 The petition was signed by Ross Hakamaki as member. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NJLPSOY/WCR_Holdings_LLC__miwbke-25-02968__0001.0.pdf?mcid=tGE4TAMA WELCOME GROUP: Seeks to Extend Plan Exclusivity to April 17, 2026 ----------------------------------------------------------------- Dayton Hotels 2, LLC, debtor affiliate of Welcome Group 2, LLC, asked the U.S. Bankruptcy Court for the Southern District of Ohio to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 17, 2026 and June 17, 2026, respectively. This is the first request to extend the exclusivity deadline and the first request to extend the deadline to obtain acceptance of a plan. The Debtor explains that it has a high degree of confidence that a plan of reorganization will be and can be confirmed. Further, the extension granted herein would fall well within the 18 months of exclusivity under Section 1121(d)(2)(B) of the Bankruptcy Code. Debtor anticipates that its plan and disclosure statement will submitted as part of the amended plan and disclosure statement of the other jointly administered Debtors in this case. The Debtor asserts that no prejudice will be suffered by parties-in-interest as a result of an extension of the Exclusivity Period and Plan Acceptance Period requested herein. The proposed extensions are being requested in good faith and are in the best interests of the creditors and the estate. Counsel for the Debtors: Darlene E. Fierle, Esq. Ira H. Thomsen, Esq. Denis E. Blasius, Esq. THOMSEN LAW GROUP, LLC 140 North Main Street, Suite A Springboro, OH 45066 Telephone: (937) 748-5001 Facsimile: (937) 748-5003 Email: ithomsen@ihtlaw.com dfierle@ihtlaw.com dblasius@ihtlaw.com About Welcome Group 2 Welcome Group 2, LLC, Hilliard Hotels, LLC and Dayton Hotels, LLC own hotels and are headquartered at 5955 E. Dublin Granville Road, New Albany, Ohio. Debtor Hilliard Hotels owns the Hampton Inn-Sidney, a Hilton property. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Lead Case No. 23-53043) on Sept. 1, 2023. In the petition signed by Abhijit Vasani, as president, InnVite Opco, Inc., sole member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Mina Nami Khorrami oversees the case. Denis E. Blasius, Esq., at Thomsen Law Group, LLC, is the Debtor's legal counsel. [] Bankruptcy Auction Set Oct. 22 for 5 Paterson Properties ----------------------------------------------------------- AuctionAdvisors, a real estate auction firm of national repute, is announced another live bankruptcy auction featuring investment properties in Paterson, New Jersey. The auction will take place October 22, 2025, at 6:00 PM at the Wyndham Garden Totowa. Registration begins at 5:00 PM. Final property previews took place on Sunday, October 19, precise times can be seen on the AuctionAdvisors.com website. "Five properties are being offered at this auction, all with incredibly low reserve prices" According to Joshua Olshin, Managing Partner at Auction Advisors "this auction comes on the heels of an earlier auction back in March of this year, where we were able to successfully sell 7 quality properties throughout Paterson. It is working out very well for those buyers, many of whom are already turning around those properties and repositioning them for sale, or are in the process of stabilizing the income at higher levels." "Five properties are being offered at this auction, all with incredibly low reserve prices" notes Oren Klein, Managing Partner at Auction Advisors. He further notes the following defining characteristics with respect to each property: -- 189-193 Park Ave -- a vacant multifamily property with driveway and garage. -- 267-269 6th Ave -- a partially occupied multifamily property with parking area and garages. -- 83-85 Madison St -- two partially occupied multifamily properties on one lot. -- 466-468 10th Ave -- a six family with exterior and interior entrances and a large parking area. -- 95 Market St -- a mixed-use property with 7 residential units and 2 retail units in downtown. Properties to be sold "free and clear" of liens, financial encumbrances, back taxes etc. A bank or certified check is required to bid on each property. Detailed information on the properties, including property facts, pictures, and tax maps and reserves is available on the AuctionAdvisors website: www.AuctionAdvisors.com or by going to www.PatersonAuction.com. Auction Details: -- Date: Wednesday, October 22, 2025 -- Time: 6:00 PM (Registration at 5:00 PM) -- Location: Wyndham Garden Totowa, One Route 46 West, Totowa, NJ 07512 -- Contact: Oren Klein (oklein@auctionadvisors.com) or Joshua Olshin (jolshin@auctionadvisors.com) -- BROKER COOP: 2% to duly qualified About AuctionAdvisors: AuctionAdvisors is a national real estate auction firm with a local touch. It provides a comprehensive range of auction services to buyers and sellers of various properties. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. 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