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251023.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, October 23, 2025, Vol. 29, No. 295 Headlines 1027 FANTASY: L. Todd Budgen Named Subchapter V Trustee 19TH HOLDINGS: Moody's Lowers CFR to B2 & Alters Outlook to Stable 7530 LLC: Claims to be Paid From Property Sale Proceeds A.E. SCHLUETER: Seeks to Extend Plan Exclusivity to Feb. 10, 2026 ABUELO'S INTERNATIONAL: Hires Local Liquidators as Auctioneer AKOUSTIS TECHNOLOGIES: Ch. 11 Liquidation Plan Disclosures OK'd ALBERTSONS COS: S&P Rates New $1.25BB Senior Unsecured Notes 'BB+' ALL 4 HIM: Case Summary & 13 Unsecured Creditors ALTAR BIDCO: Incremental Term Loan No Impact on Moody's 'B2' CFR AMERIGO METAL: Seeks to Extend Plan Exclusivity to Feb. 26, 2026 ANNALEE DOLLS: Seeks Cash Collateral Access ARTIFICIAL INTELLIGENCE: Swings to $763,064 Net Income in Fiscal Q2 ASCEND PERFORMANCE: Includes Several Financing Agreement Claims ASOCIACION HOSPITAL: Hires IEC Consulting as Investment Consultant BEELINE HOLDINGS: Expands Warehouse Lending Capacity to $25 Million BIG MIKES: Andrew Layden Named Subchapter V Trustee BOOTLEGGER'S BREWERY: Mark Sharf Named Subchapter V Trustee BOXLIGHT CORP: Inks $4.8M At-the-Market Sales Deal With A.G.P. CABALLITO LLC: Hire Rodriguez Espola LLC as Accountant CAMPBELL REALTY: Case Summary & Nine Unsecured Creditors CAMTREN HOLDINGS: Seeks to Extend Plan Exclusivity to Feb. 26, 2026 CATHETER PRECISION: Shareholders OK Share Increase to 500-Mil. CHARLES & COLVARD: Delays 2025 Meeting Results Amid Legal Challenge COMMERCIAL METALS: Moody's Affirms 'Ba1' CFR, Outlook Stable COMMSCOPE HOLDING: Shareholders OK Sale of CCS Segment to Amphenol CREATIVE REALITIES: CEO Richard Mills Appointed Interim CFO CREATIVE REALITIES: To Acquire Cineplex's CDM Biz for CAD$70M CTL-AEROSPACE: Seeks Cash Collateral Access Until Oct. 31 D'CASSA LLC: Tarek Kiem of Kiem Law Named Subchapter V Trustee DARKPULSE INC: CEO Hosts X Space for Business Updates DCA OUTDOOR: Seeks to Extend Plan Exclusivity to December 19 EAGLE THEATER: Plan Exclusivity Period Extended to October 31 EAGLE THEATER: Plan Exclusivity Period Extended to October 31 EAZY-PZ LLC: Plan Exclusivity Period Extended to Jan. 14, 2026 ELANCO ANIMAL: S&P Rates New $1.1BB First-Lien Sec Term Loan 'BB+' ELECTRIC PLAYHOUSE: Case Summary & 20 Largest Unsecured Creditors EMERALD TECHNOLOGIES: S&P Lowers ICR to 'CCC', Outlook Negative EVERSTREAM SOLUTIONS: Plan Exclusivity Extended to Jan. 23, 2026 FELT & FAT: Employs Ciardi Ciardi & Astin as Legal Counsel FERRELLGAS PARTNERS: Reports $15.6 Million Net Loss in FY2025 FFP HOLDINGS: S&P Cuts ICR to 'SD' on Completed Debt Restructuring FFP HOLDINGS: S&P Upgrades ICR to 'CCC+' on Improved Liquidity FINANCE OF AMERICA: Bloom Retirement Holds 9.49% of Class A Shares FIREFLY NEUROSCIENCE: Windsor Private, Six Others Hold 11.3% Stake FUTURA ENTERPRISES: Unsecureds to Get $15K per Month over 5 Years GENERAL ENTERPRISE: BoltRock Reports Ownership of Over 3.3M Shares GG ROCK: Carol Fox of GlassRatner Named Subchapter V Trustee GUARANTEED ON TIME: Jill Durkin Named Subchapter V Trustee HARDWOOD RESTAURANT: Court OKs Deal on Cash Collateral Access HERMS LUMBER: Plan Exclusivity Period Extended to Feb. 13, 2026 HIGH SOURCES: Unsecureds to Split $192K via Quarterly Payments HIGH ZZEAZZZ: Seeks Cash Collateral Access ICON LLC: Unsecured Creditors to Get 100 Cens on Dollar in Plan IN HOME PROGRAM: Hires Ciardi Ciardi & Astin as Legal Counsel JAMIE HOLDINGS: Hires Joyce W. Lindauer Attorney as Legal Counsel KARBONX CORP: Reports $2.6 Million Net Loss for Q1 2026 KC 117: To Sell Tarzana Property to Tomer On for $1.6MM KC PET: Unsecured Creditors to Split $20K over 4 Years KINGDOM AMBASSADOR: Seeks Subchapter V Bankruptcy in Virginia LAS VEGAS SANDS: AAEC Case Remains Pending in Nevada Court LIFE CENTER: Case Summary & Two Unsecured Creditors LS TRUCKING: Employs Fuller Law Firm P.C. as Legal Counsel LUNAI BIOWORKS: Regains Compliance With Minimum Bid Price Rule MATTHEW BRIDWELL: Employs Vanessa Cash Adams Inc. as Attorney MERCY HOSPITAL: Trustee Can't Compel Creditor to Accept Payment MOUSEROAR LLC: Employs Rosen Tsionis & Pizzo PLLC as Legal Counsel NEW HEALTH: Seeks to Tap Thompson Law Group as Legal Counsel NORTHEAST INSURANCE: Chapter 15 Case Summary NOVARIA HOLDINGS: S&P Upgrades ICR to 'B' on Revenue Growth ODYSSEY MARINE: William George Brumder II Holds 5.9% Stake OMNICARE LLC: Receives Court OK to Reject Pharmacy Leases in Ch. 11 PEGRUM CREEK: New Market Property Sale to Allen & Heath Roeber OK'd PIONEER ACQUISITIONCO: S&P Assigns 'B-' ICR, Outlook Stable PLURI INC: Grants CEO Equity Awards for 2025 Performance PREDICTIVE ONCOLOGY: Sets Annual Meeting for Nov. 25 in Pittsburgh PRESBYTERIAN HOMES: Court OKs Louisville Property to Buechel Bank PURDUE PHARMA: Touts Widespread Support for New Chapter 11 Plan RAISING CANE'S: Moody's Rates New $1.25-Bil. First Lien Loan 'B1' RAISING CANE'S: S&P Affirms 'BB-' ICR, Outlook Stable REENVISION AESTHETICS: Unsecureds Will Get 11% over 5 Years RIC LAVERNIA: Otisco Loses Bid to Reconsider Dismissal Order RIVERDALE ASSEMBLY: Case Summary & Three Unsecured Creditors RIVULET ENTERTAINMENT: Astra Audit Raises Going Concern Doubt ROCKPOINT GAS: Moody's Assigns 'B1' CFR, Outlook Positive ROYAL INTERCO: Wants to End Ch. 11 Bankruptcy After Creditor Deal RUSS'S MULCH: Hires Benjamin Legal Services as Bankruptcy Counsel RYVYL INC: Regains Nasdaq Compliance Ahead of Roundtable Merger SAR AMERICAN: Seeks to Extend Exclusivity to Jan. 30, 2026 SECURITY TRANSPORT: Section 341(a) Meeting of Creditors on Nov. 13 SEXTANT STAYS: Claims to be Paid From Asset Sale Proceeds SF OAKLAND: Taps Scrubbed.net Global Services as Financial Advisor SHEPHERD BROTHERS: Hires Boyer Terry LLC as Bankruptcy Counsel SHERWOOD HOSPITALITY: Seeks Continued Cash Collateral Access SHIVSANYA CORP: Section 341(a) Meeting of Creditors on November 10 SILVERROCK DEVELOPMENT: $65MM Sale of Calif. Resort Project Okayed SOLANA COMPANY: CBIZ CPAs Replaces Baker Tilly as Auditor SPAC RECOVERY: Seeks to Hire Cullen and Dykman LLP as Legal Counsel ST. AUGUSTINE FOOT: Jerrett McConnell Named Subchapter V Trustee STAGGEMEYER STAVE: Gets Interim OK to Obtain DIP Loan STOKES & STOKES: Seeks to Hire Liberty Bell Estate as Realtor STRIPE A LOT: Case Summary & 20 Largest Unsecured Creditors TALPHERA INC: Appoints CorMedix CEO Joseph Todisco to Board TASTY PEACH STUDIOS: Seeks Subchapter V Bankruptcy in Indiana TECH RABBIT: Gina Klump Named Subchapter V Trustee TRANSOCEAN LTD: Closes Notes Offering, Inks Indenture With Truist TRANSOCEAN LTD: Upsizes Tender Offer for 2028, 2041 Notes to $100M VERITONE INC: Secures VDR Contract Wins, Updates Q3 Outlook VERSANT MEDIA: Moody's Assigns 'Ba2' CFR, Outlook Stable VILLAGE HOMES: To Sell Fort Worth Properties to Multiple Buyers VIRGIL AND DEBBIE: Seth Albin Named Subchapter V Trustee WHITE PINE: Moody's Alters Outlook on 'Ba3' Bond Rating to Positive WINDMILL POINT: Orlando Property Sale to Shrevin for $12.3MM OK'd WINDTREE THERAPEUTICS: Issues $1.6M Convertible Notes Due 2026 WORKSPORT LTD: Closes $10-Mil. Regulation A Offering WORKSPORT LTD: Posts Record Q3 Revenue of $5M, 31% Gross Margin ZOOZ POWER: Changes Corporate Name to ZOOZ Strategy Ltd. ZOOZ POWER: Expands Bitcoin Holdings to 942 BTC After $10M Purchase ZOOZ POWER: Schedules Annual Shareholders Meeting for Nov. 21 [] Latham & Watkins Adds Three New Restructuring Partners [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 1027 FANTASY: L. Todd Budgen Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for 1027 Fantasy, LLC. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About 1027 Fantasy LLC 1027 Fantasy, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06490) on October 6, 2025, listing between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. Judge Tiffany P. Geyer presides over the case. 19TH HOLDINGS: Moody's Lowers CFR to B2 & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings downgraded 19th Holdings Golf, LLC's ("TaylorMade") Corporate Family Rating to B2 from B1, the Probability of Default Rating to B2-PD from B1-PD, and the rating on the backed senior secured first lien term loan B to B2 from B1. The outlook changed to stable from negative. The downgrades reflect that TaylorMade's profitability and credit metrics remain weak for the B1 rating category through Q2 2025 and are improving at a slower pace than previously expected. Growth investments, interest expense and dividends to private equity sponsor Centroid Investment Partners continue to limit free cash flow. Earnings are slowly improving as TaylorMade continues to benefit from favorable golf trends and its leading market position, but the EBITDA margin has declined considerably over the last few years. The golf equipment market is highly competitive and requires large investment to support new product launches in order maintain market share. Selling, general, and administrative (SG&A) costs have risen in 2024 and 2025 to support the launch of new golf equipment and due to the roll-out of the Sun Day Red golf apparel brand. TaylorMade's penetration in the apparel space is meaningfully smaller than other leading golf equipment OEMs and the Sun Day Red brand, launched in 2024, is an opportunity for the company to capture market share in this category. However, investments in marketing, personnel, and distribution in order to drive brand expansion and consumer adoption is contributing to pressure on the EBITDA margin. The roll-out carries considerable execution risk given the brands small size and uncertainty around its longer-term contribution to the company's profitably. Tariffs are also creating some incremental costs. Moody's anticipates leverage will continue to moderate but remain high based on Moody's expectations that sales and earnings will grow in 2026. TaylorMade continues to benefit from healthy golf participation in most major markets. TaylorMade's #1 market share in golf clubs, with top one-to-three positions in select club categories, and a typically top-3 position in golf balls should support sales growth. Moody's anticipates revenue will improve at a low-to-mid single digit range over the next 12 -18 months, with the EBITDA margin remaining relatively flat to slightly up. The company has taken steps to largely mitigate tariff exposure through actions such as supply chain reorientation, pricing, and cost sharing arrangements with suppliers. Moody's anticipates free cash flow-to-debt will remain modestly below 5% over the next 12-18 months but improve from roughly 3% for the 12 months ended June 2025. Financial policy is aggressive and also a factor in the rating with high leverage and sponsor dividends consuming cash that could otherwise be utilized to reinvest and repay debt. RATINGS RATIONALE TaylorMade's B2 CFR reflects its high leverage and product concentration in the discretionary, seasonal and highly competitive golf equipment market. The company's very high debt position is contributing to high cash interest costs and moderate free cash flow. Maintaining share in a competitive market requires significant investment in marketing and product development to support consumer demand and brand image through economic cycles. Aggressive financial policies under private equity ownership including cash dividends reduce flexibility during challenging economic conditions when consumers pull back on discretionary purchases of golf equipment. TaylorMade's strong brand name and resonance with golfers, leading market position particularly in golf clubs, and global diversification including exposure to faster growing foreign markets partially offsets these credit risks. Tariffs are a risk because the company manufactures golf equipment, including golf balls, and golf apparel in East and Southeast Asia, including China, and assembles golf clubs in Mexico. However, products entering the US directly from these countries are a modest portion of total cost goods sold and goods assembled in Mexico are mostly USMCA compliant. Further, Moody's believes the company has good flexibility in its supply chain and has taken steps to largely mitigate the exposure including shifting how the flow of goods routes to the US market and implementing cost sharing arrangements with suppliers and pricing. The company's long-standing relationships as a leading OEM in the golf equipment market support these efforts. TaylorMade also has good pricing power stemming from a focus on consumers that typically have higher disposable income and for whom golf is often not just a hobby but an integral part of their lifestyle and social identity. Liquidity is good. An expected roughly $50 million of free cash flow over the next 12-18 months and $96 million of balance sheet cash for the 12 months ended June 2025 is sufficient to address the company's cash needs including $10.5 million of annual term amortization. Moody's expects the company will remain reliant on a currently undrawn $300 million asset based lending facility to fund the high seasonal working capital usage ahead of the peak golf season. Moody's expects ample cushion on the revolver's springing 1.0x minimum fixed charge coverage ratio that Moody's do not anticipate will be tested. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that solid consumer participation in golf, the company's leading market position in golf equipment, and new product development will lead to a low 3-5% revenue and EBITDA growth in 2026, and moderate improvement in leverage and free cash flow. Moody's expects the company will largely offset tariff costs assuming good execution on tariff mitigation efforts. The outlook also anticipates free cash flow of roughly $50 million over the next 12-18 months and good liquidity. Moody's may upgrade the ratings if TaylorMade successfully executes on its new product launches leading to strong gains in earnings and free cash flow. An upgrade would require the company to sustain EBITDA-capital spending/interest expense above 2.25x and free cash flow ("FCF")-to-debt above 5% while maintaining good liquidity and financial policies that support these stronger credit metrics. Moody's may downgrade the ratings if operating earnings deteriorate as result of factors such as weak consumer demand for golf products, market share declines, pricing pressure or cost increases. FCF-to-debt below 2%, EBITDA-capital spending/interest expense below 1.5x, a deterioration in liquidity or debt-financed acquisitions or shareholder distributions could also lead to a downgrade. The principal methodology used in these ratings was Consumer Durables published in September 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. 19th Holdings Golf, LLC (TaylorMade), is headquartered in Carlsbad, California. TaylorMade designs, manufactures and sells high performance golf equipment, including golf clubs, golf balls and related accessories. Key products include Qi 35 carbonwoods, Qi10 carbonwoods, Qi Irons, Stealth2/Stealth carbonwoods, Stealth irons, P Series irons, TP5/TP5X golf balls and Spider putters. TaylorMade was purchased in August 2021 by private-equity firm Centroid Investment Partners, which is based in South Korea. The company generated roughly $1.45 billion in revenue for the 12 months ended June 30, 2025. 7530 LLC: Claims to be Paid From Property Sale Proceeds ------------------------------------------------------- 7530, LLC filed with the U.S. Bankruptcy Court for the District of New Jersey a Plan of Reorganization for Small Business dated October 14, 2025. The Debtor is an Ohio Limited Liability Company. Since 2018, the Debtor has been in the business of real estate holding company, owning several properties, including commercial property in Ohio and residential real estate in New Jersey. The sale of the property at 2 Windmill Court, Columbus, NJ is expected to realize in excess of $350,000 in proceeds after expenses of sale, and will provide adequate funding to pay all expected allowed claims in this Chapter 11. There are no valid unsecured non-priority claims in this case, the only claims are the secured debtor, The Union Bank Company, along with property tax debts. Debtor proposes to sell its unencumbered New Jersey real property and to pay all secured, priority, and any allowed unsecured claims in full out of the proceeds of that sale. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 100 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Debtor believes there are no valid non-priority unsecured claims to be paid in this Chapter 11. Class 3 consists of Non-priority unsecured creditors. The Debtor does not believe there are any valid claims of non-priority unsecured creditors to be paid in this Chapter 11. Any allowed claims of non-priority unsecured creditors will be paid in full out of the proceeds of the sale of New Jersey Real Estate. Class 4 consists of Equity security holders of the Debtor. Any and all proceeds remaining from the sale of the New Jersey Real Estate after payment of the above claims shall be distributed to the Debtor. Any and all proceeds remaining from the sale of the New Jersey Real Estate after payment of the claims shall be distributed to the Debtor. The Plan will be funded entirely by the sale of the unencumbered New Jersey Property. The Property will be listed for sale, and is expected to sell within 180 days of listing. A full-text copy of the Plan of Reorganization dated October 14, 2025 is available at https://urlcurt.com/u?l=SiNRPT from PacerMonitor.com at no charge. The Debtor's Counsel: John F. Thomas, Jr., Esq. ALLEN b DUBROFF ESQ. & ASSOCIATES, LLC 1500 JFK Boulevard Suite 910 Philadelphia, PA 19102 Tel: 856-234-1746 Email: john@dubrofflawllw.com About 7530 LLC 7530 LLC is a real estate company whose principal assets are located at 409 Main Street, Lots 001-003, in Beaverdam, Ohio. 7530 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-17354) on July 14, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. The Debtors are represented by John F. Thomas, Jr., Esq. at ALLEN b DUBROFF ESQ. & ASSOCIATES, LLC. A.E. SCHLUETER: Seeks to Extend Plan Exclusivity to Feb. 10, 2026 ----------------------------------------------------------------- A.E. Schlueter Pipe Organ Sales and Service Inc. asked the U.S. Bankruptcy Court for the Northern District of Georgia to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 10, 2026 and April 13, 2026, respectively. The Debtor's exclusive time within which to propose a plan expires on November 12, 2025, and Debtor's exclusive time within which to solicit acceptance or rejection of such a plan expires on January 12, 2026 (collectively the "Exclusive Period"). The Debtor explains that it is continuing in the process of negotiating multiple change orders and the corresponding assumption of a subcontract with J.E. Dunn Construction Company ("Dunn") regarding the Cadet Chapel at the United States Air Force Academy. The claims that the outcome of negotiations over these proposed change orders to Debtor's largest executory contract are reasonably projected to significant impact Debtor's formulation of a plan of reorganization. The Debtor shows that extending the exclusivity deadline is appropriate. The Debtor is in the process of negotiating several large contracts to assist with their reorganization. Thus, extending the exclusive period for filing and soliciting of a plan is fair and equitable in this instance. A.E. Schlueter Pipe Organ Sales and Service Inc. is represented by: Thomas T. McClendon, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Tel: (404) 564-9300 Email: TMcClendon@joneswalden.com About A.E. Schlueter Pipe Organ Sales and Service A.E. Schlueter Pipe Organ Sales and Service Inc. designs, builds, restores, and maintains pipe organs primarily in the Southeastern United States. Founded in Lithonia, Georgia, the Company provides custom pipe organ construction, tuning, and repair services. A.E. Schlueter Pipe Organ Sales and Service Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55514) on May 16, 2025. In its petition, the Debtor estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtors are represented by Thomas T. McClendon, Esq. at JONES & WALDEN LLC. ABUELO'S INTERNATIONAL: Hires Local Liquidators as Auctioneer ------------------------------------------------------------- Abuelo's International, L.P. and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Local Liquidators as auctioneer. The firm will sell the furniture, equipment, inventory and supplies at the various locations through an auction sale process. Local Liquidators charges a fee equal to 30 percent of the gross sale proceeds, excluding any buyer premium or applicable taxes. As disclosed in the court filings, Local Liquidators represents that it is a "disinterested person" as that term is defined by 11 U.S.C. Sec. 101(14), and has no interests which are adverse to those of the estates of the Debtors. The firm can be reached through: Chris Rushford Local Liquidators 9034 N 23rd Avenue, Suite 13 Phoenix, AZ 85021 https://localliquidators.com/ About Abuelo's International L.P. Abuelo's International, L.P. operates the Abuelo's Mexican Restaurant locations, managing day-to-day restaurant operations, customer service, and loyalty programs across the U.S. Food Concepts International, L.P., headquartered in Lubbock, Texas, owns and oversees the brand, providing management, strategic direction, employee training, and menu development. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43339) on September 2, 2025. In the petition signed by Robert L. Lin, President of ABI GP, LLC, the general partner of Abuelo's International, L.P., and as President of FC GPH, LLC LP, the general partner of Food Concepts International, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Edward L. Morris oversees the case. Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP, represents the Debtor as legal counsel. AKOUSTIS TECHNOLOGIES: Ch. 11 Liquidation Plan Disclosures OK'd --------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge approved Akoustis Technologies' disclosure statement on Tuesday, October 21, 2025, advancing the radio frequency filter maker's Chapter 11 liquidation process. The court's decision came without opposition, signaling a smooth path for the next phase of the case. The approval authorizes Akoustis to circulate its liquidation plan to creditors as it prepares for a confirmation hearing. The company's filing outlines how it intends to distribute remaining assets and conclude its bankruptcy case. About Akoustis Technologies Akoustis Technologies, Inc. -- http://www.akoustis.com/-- is a high-tech BAW RF filter solutions company that is pioneering next-generation materials science and MEMS wafer manufacturing to address the market requirements for improved RF filters -- targeting higher bandwidth, higher operating frequencies and higher output power compared to legacy polycrystalline BAW technology. The Company utilizes its proprietary and patented XBAW(R) manufacturing process to produce bulk acoustic wave RF filters for mobile and other wireless markets, which facilitate signal acquisition and accelerate band performance between the antenna and digital back end. Superior performance is driven by the significant advances of poly-crystal, single-crystal, and other high purity piezoelectric materials and the resonator-filter process technology which enables optimal trade-offs between critical power, frequency and bandwidth performance specifications. Akoustis owns and operates a 125,000 sq. ft. ISO-9001:2015 registered commercial wafer-manufacturing facility located in Canandaigua, NY, which includes a class 100 / class 1000 cleanroom facility -- tooled for 150-mm diameter wafers -- for the design, development, fabrication and packaging of RF filters, MEMS and other semiconductor devices. Akoustis is headquartered in the Piedmont technology corridor near Charlotte, North Carolina. Akoustis and three affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 24-12796) on Dec. 16, 2024. Akoustis disclosed $53,371,000 in total assets against $122,586,000 in total debt as of Sept. 30, 2024. The Hon. Laurie Selber Silverstein is the case judge. The Debtors tapped K&L Gates, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel. Raymond James & Associates, Inc. as investment banker; Getzler Henrich & Associates, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Stretto is the claims agent and has launched the page https://cases.stretto.com/Akoustis The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. ALBERTSONS COS: S&P Rates New $1.25BB Senior Unsecured Notes 'BB+' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB+' issue-level rating and '3' recovery rating to Albertsons Cos. Inc.'s (ACI) proposed $1.25 billion senior unsecured notes due 2031 and 2034. The '3' recovery rating indicates our expectation for meaningful recovery for lenders (50%-70%; rounded estimate: 65%) in the event of a payment default. All its existing ratings on the company, including the 'BB+' issuer credit rating, are unchanged. The notes will rank pari-passu with ACI's existing senior unsecured notes. The company will use the net proceeds from the notes to fully redeem its $750 million senior notes due 2026 and repay outstanding borrowings under its asset-based lending (ABL) facility, thus S&P views the refinancing as leverage neutral. ACI maintains a satisfactory competitive position in the grocery industry, supported by its vast national network of over 2,200 stores, wide portfolio of private-label brands (generating over $16 billion of annual revenue), and double-digit percent digital and pharmacy growth. The company maintains good margins and cash flow despite its price investments and the margin dilution from its more-rapid digital and pharmacy expansions. For the second quarter ended Sept. 6, 2025, ACI increased its identical sales by 2.2% on a strong rise in pharmacy. S&P expects the company's leverage will be 3.9x as of the end of 2025, unchanged from the end of 2024, as the increase in its EBITDA offsets its recently announced $750 million accelerated share repurchase program. Issue Ratings--Recovery Analysis Key analytical factors -- S&P's 'BB+' issue-level rating on the senior unsecured notes at ACI, Safeway Inc., and NALP are 'BB+', in line with its issuer credit rating on the company. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default. -- S&P typically cap its recovery ratings on the unsecured debt issued by companies S&P rates in the 'BB+' category at '3' to reflect that, in distressed situations, they would likely incur additional debt, which would dilute the recovery prospects for its lenders in the event of a payment default. -- S&P's ratings incorporate Albertsons' $14.3 billion portfolio of owned real estate, and it utilizes a capitalization rate of 8.05% after stressing the asset's net operating income prospects, arriving at a net property valuation of $8.84 billion. -- S&P's simulated default scenario contemplates that cash flow deteriorates due to an economic downturn, which, combined with outsized and fast-paced share erosion from lower-priced mass merchant and club competitors as well as dollar store operators, leads to a significant decline in ACI's revenue and profitability. -- S&P's recovery analysis assumes $2.40 billion of borrowings will be outstanding under the ABL revolver at default, which reflects a 60% utilization of the $4 billion commitment, less undrawn letters of credit. Simulated default assumptions -- Simulated year of default: 2030 -- EBITDA at emergence: $950 million -- EBITDA multiple: 5x -- Gross enterprise value: $4.74 billion -- Gross real estate valuation: $14.3 billion --Implied rent income: $750 million --Capitalization rate: 8.05% --Net residual value (after 5% property level costs): $8.84 billion Simplified waterfall -- Combined gross value: $13.59 billion -- Net enterprise value after 5% administrative costs: $12.91 billion -- Priority claims (ABL revolver outstanding and mortgage debt): $2.44 billion -- Net value available to ACI unsecured notes: $10.47 billion -- ACI unsecured claims: $7.23 billion -- ACI senior unsecured notes recovery expectations: Capped at 50%-70% (rounded estimate: 65%) -- Net value available to Safeway Inc. unsecured notes: $1.53 billion -- Safeway Inc. unsecured claims: $395 million --Safeway Inc. recovery expectations: Capped at 50%-70% (rounded estimate: 65%) -- Net value available to NALP unsecured notes: $475 million -- NALP unsecured claims: $540 million --NALP recovery expectations: Capped at 50%-70% (rounded estimate: 65%) Note: All debt amounts include six months of prepetition interest. ALL 4 HIM: Case Summary & 13 Unsecured Creditors ------------------------------------------------ Debtor: All 4 Him, LLC 131 Laurel Dr. Bardstown, KY 40004 Business Description: All 4 Him, LLC owns a single-family home at 131 Laurel Dr, Bardstown, KY 40004. Chapter 11 Petition Date: October 14, 2025 Court: United States Bankruptcy Court Western District of Kentucky Case No.: 25-32491 Judge: Hon. Charles R Merrill Debtor's Counsel: Charity S. Bird, Esq. KAPLAN JOHNSON ABATE & BIRD LLP 710 West Main Street Fourth Floor Louisville, KY 40202 Tel: (502) 540-8285 Fax: (502) 540-8282 E-mail: cbird@kaplanjohnsonlaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million James Hicks signed the petition as member. A full-text copy of the petition, which includes a list of the Debtor's 13 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FZ2EWHQ/All_4_Him_LLC__kywbke-25-32491__0001.0.pdf?mcid=tGE4TAMA ALTAR BIDCO: Incremental Term Loan No Impact on Moody's 'B2' CFR ---------------------------------------------------------------- Moody's Ratings said that the existing credit ratings of Altar BidCo, Inc. (d/b/a Brooks Automation), including its B2 Corporate Family Rating, are unaffected by its proposed $150 million fungible incremental senior secured first lien term loan due 2029 and proposed $225 million senior secured first lien revolving credit facility due 2029, which would effectively upsize and extend the tenor of the company's existing $175 million senior secured first lien revolving credit facility (rated B1). The stable outlook remains unchanged. The incremental senior secured first lien term loan will be primarily used to repay the current $142 million balance (it was $110 million at September 30) on the existing senior secured first lien revolving credit facility due 2027, which will be replaced by the new revolver at transaction close. The transaction is credit positive given the improved liquidity position that results from increased revolver availability. The stable outlook reflects expectations that transformation expenses related to building a new factory and distribution center in Malaysia, establishing a shared services center in India, and rolling out a new global ERP system, will significantly decline in FY 2026, leading to improved margins from efficiency gains related to these investments together with the phasing out of one-time costs for these initiatives. These factors, along with expected topline growth in 2026, should lead to improved credit metrics, with debt-to-EBITDA (Moody's adjusted) of around 6.5x and free cash flow to debt approaching the mid single digit range, with further improvements in FY 2027 from higher expected growth. RATINGS RATIONALE The company's B2 CFR reflects the company's elevated financial leverage, which has remained challenged by non-recurring investments as well as sales challenges in China, due to excess inventory there that has taken time to digest, and overall revenue pressures with some customers that have slowed down spending. The company's customer concentration, cyclicality, and acquisitive appetite are also factors in its credit profile. These items are balanced by a leading position in semiconductor manufacturing automation equipment and contamination control systems, expectations that the market will improve in 2026 along with secular tailwinds, and a decline in special investments that will benefit the cost structure primarily in 2026, resulting in improved credit metrics. The company will also benefit from design-in-wins with major players in the semiconductor industry, which will result in solid revenue growth, especially in FY 2027 as those programs ramp up. Liquidity is adequate, characterized by a $75 million cash balance at September 30, 2025, the proposed $225 million revolving credit facility due 2029 (undrawn at transaction close) and expectations of free cash flow to turn positive in the next 12 months, after an expected free cash flow negative 2025 impacted by special investments, revenue slowdown, and working capital dynamics related to the added manufacturing buildout and changes in revenue mix which impacted supply chain efficiencies. Annual mandatory debt amortization is close to $10 million, pro forma for the transaction. The revolving credit facility contains a springing first lien net leverage ratio of 9.0x, which is triggered if borrowings exceed 40% of revolving commitments. Moody's do not expect the covenant to be triggered over the next 12-18 months, and if it was, Moody's would expect that the company would comply with a sufficient cushion. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded with erosion of equipment demand or loss of market share, debt-to-EBITDA (Moody's-adjusted) failing to return to under 6.5x and remaining there on a sustained basis, free cash flow to debt sustained in the low single digit range, weak liquidity, and/or increasingly aggressive financial policies including debt-financed dividends or sizable acquisitions. The ratings could be upgraded if the company diversifies into new markets while maintaining profitability margins, debt-to-EBITDA is sustained below 4.5x, free cash flow to debt is maintained above 10%, and the company maintains a more conservative financial policy. Altar BidCo, Inc. ("Brooks Automation" or "Brooks") manufactures precision vacuum robotics, integrated automation systems and contamination control solutions for semiconductor chip makers and equipment manufacturers. The company also manufactures laboratory automation equipment, within its Emerging Automation segment. The company is owned by private equity firm, Thomas H. Lee Partners L.P. Revenue for the LTM ended June 30, 2025, was approximately $893 million. AMERIGO METAL: Seeks to Extend Plan Exclusivity to Feb. 26, 2026 ---------------------------------------------------------------- Amerigo Metal Recycling, LLC asked the U.S. Bankruptcy Court for the Northern District of Georgia to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 26, 2026 and April 28, 2026, respectively. The Debtor explains that facts and circumstances of this Chapter 11 case warrant the requested extension of the Exclusivity Periods. Debtor cannot formulate a plan of reorganization or solicit acceptances of a plan until it installs an additional system to improve recovery of materials from its current processing procedure. The additional system will increase revenue for Debtor so that it can formulate a confirmable plan of reorganization. The Debtor claims that it requires the additional time to gather the remaining quotes and lead times to prepare a budget for the installation. additional information regarding the systems needed to install a new income generating line. With a final budget, Debtor will have the opportunity to enter into an agreement with a similarly situated company to install the system and increase income. The final analysis of this project will be the best predicator of Debtor's future income to fund a plan of reorganization. The Debtor cites that presenting a plan at this stage will not provide an accurate picture of its ability to fund payment to unsecured creditors and its secured creditors under the plan. Debtor believes filing a plan that will require amending will result in unnecessary concerns for its creditors. On the other hand, filing a plan that will not require substantive amendments will foster Debtor's reorganization effort. The Debtor asserts that the request for an extension will not unfairly prejudice or pressure its creditors or grant Debtor any unfair bargaining leverage. Debtor needs creditor support to confirm any plan, so Debtor is in no position to impose or pressure its creditors to accept unwelcome plan terms. The Debtor further asserts that termination of the current Exclusivity Periods may engender duplicative expense and litigation associated with multiple competing plans. Any litigation with respect to competing plans and resulting administrative expenses will only decrease recoveries to Debtor's creditors and significantly delay, if not undermine entirely, the possibility of prompt confirmation of a plan of reorganization. Amerigo Metal Recycling, LLC is represented by: Ceci Christy, Esq. ROUNTREE LEITMAN KLEIN & GEER, LLC 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 E-mail: cchristy@rlkglaw.com About Amerigo Metal Recycling Amerigo Metal Recycling, LLC operates a metal recycling business. Amerigo sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-57425) on July 1, 2025, listing up to $50,000 in assets and up to $50 million in liabilities. Jeffrey H. Cammllarie, manager, signed the petition. The Debtor tapped William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC as counsel and Elite Tax Preparers as tax preparer. ANNALEE DOLLS: Seeks Cash Collateral Access ------------------------------------------- Annalee Dolls, LLC asks the U.S. Bankruptcy Court for the District of New Hampshire for authority to amend its budget in relation to its use of cash collateral. The amended cash collateral budget is for the period of November 1 through January 31, 2026. This amended budget corrects and updates the prior version. The original budget did not include payment for quarterly U.S. Trustee fees due in January 2026, which are estimated at $12,992. The amended budget now explicitly includes this payment, to be made from the escrow account that already holds sufficient funds. A formatting issue also led to an incorrect maximum expenditure of $814,980 being listed (only January's total), instead of the full $2,104,772 for the three-month period. The amended documents correct this and restore the missing "Total" column. A copy of the motion is available at https://urlcurt.com/u?l=gwUwz5 from PacerMonitor.com. About Annalee Dolls LLC Annalee Dolls, LLC is an American company known for its handcrafted felt dolls that embody holiday themes and whimsical charm. Founded in 1934, the business has become a staple of collectible Americana, with its headquarters and flagship store located in Meredith, New Hampshire. The company continues to attract visitors and collectors with its nostalgic products and scenic gift shop near Lake Winnipesaukee. Annalee Dolls sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10232) on April 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Kimberly Bacher handles the case. The Debtor is represented by William S. Gannon, Esq., at William S. Gannon PLLC. ARTIFICIAL INTELLIGENCE: Swings to $763,064 Net Income in Fiscal Q2 ------------------------------------------------------------------- Artificial Intelligence Technology Solutions Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income for the three months ended August 31, 2025, of $763,064, compared to a net loss of $3.93 million for the same period of 2024. Net loss for the six months ended August 31, 2025, was $3.83 million, compared to a net loss of $8.12 million for the same period of 2024. Revenue for the three months ended August 31, 2025, was $1.89 million, compared to a revenue of $1.34 million for the same period in 2024. Revenue for the six months ended August 31, 2025, was $3.74 million, compared to a revenue of $2.53 million for the same period in 2024. For the six months ended August 31, 2025, the Company had negative cash flow from operating activities of $5.4 million. As of August 31, 2025, the Company has an accumulated deficit of $160.36 million, and negative working capital of $6.41 million. Management does not anticipate having positive cash flow from operations in the near future. These factors raise a substantial doubt about the Company's ability to continue as a going concern for the next 12 months. The Company does not have the resources currently to repay all its credit and debt obligations, make any payments in the form of dividends to its shareholders or fully implement its business plan. Without additional capital, the Company will not be able to remain in business. At the same time management points to its successful history with maintaining Company operations and reminds all with reasonable confidence this will continue. Management has plans to address the Company's financial situation as follows: * Management is committed to raise either non-dilutive funds or minimally dilutive funds. There is no assurance that these funds will be able to be raised, nor can the Company provide assurance that these possible raises may not have dilutive effects. In June 2025, the Company entered into an equity financing agreement whereby an investor will purchase up to $30,000,000 of the Company's common stock at a discount over a two-year period. There still remains $29 million left to issue under this arrangement. Management believes that it has the necessary support to continue operations by continuing its funding methods in the following ways: * growing revenues, through equity proceeds, and * issuing non-convertible debt. Management has had many recent conversations with the Company's primary debt holder and believes that the non-convertible debt on the balance sheet will be extended. Management notes that non-convertible debt on the books has been extended by this debt holder twice in the past and notes that this debt holder has been a strong supporter of the Company. As of August 31, 2025, the Company had $9.53 million in total assets, $56.41 million in total liabilities, and a total stockholders' deficit of $47 million. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/bd8pxjbk About Artificial Intelligence Technology Headquartered in Ferndale, Mich., Artificial Intelligence Technology Solutions Inc. provides artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges, and fuel new business ideas. Through its next-generation robotic product offerings, AITX's RAD, RAD-R, RAD-M, and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services, allowing experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced costs. AITX solutions are well-suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. Deer Park, Illinois-based L J Soldinger Associates, LLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company had negative cash flow from operating activities of approximately $12.2 million, an accumulated deficit of approximately $156.5 million and negative working capital of approximately $2.5 million as of and for the year ended February 28, 2025, which raises substantial doubt about its ability to continue as a going concern. ASCEND PERFORMANCE: Includes Several Financing Agreement Claims --------------------------------------------------------------- Ascend Performance Materials Holdings Inc. and affiliates submitted a Disclosure Statement for the First Amended Joint Plan of Reorganization dated October 15, 2025. Since the Petition Date, the Debtors have engaged in extensive negotiations with vendors, customers, and Asset Financing Agreement Counterparties to ensure a smooth transition into chapter 11 and streamline the Debtors' operations. With respect to the Asset Financing Agreements, with the assistance of Hilco, Kirkland, and PJT, have been engaged in extensive negotiations with Asset Financing Agreement Counterparties to improve agreement terms and strengthen the Debtors' balance sheet and cost structure. The Plan contemplates treatment for each subclass of the Asset Financing Agreement Claims that the Debtors believe is both consistent with the Bankruptcy Code and will help right-size the Debtors' obligations under the Asset Financing Agreements going forward. With respect to the Committee, after good-faith, arm's-length negotiations among the Debtors, the Committee, and the Ad Hoc Group, the parties agreed to the terms of the Committee Settlement that provides for meaningful distributions to Holders of the general unsecured claims, resolves the Committee's Claims and causes of action against the Debtors and maximizes the value of the Debtors' estate. Specifically, the Committee Settlement provides for (a) the bifurcation of the general unsecured claims into (i) Go-Forward Vendor Claims, and (ii) General Unsecured Claims, (b) the establishment of a cash pool to fund a recovery for the Go-Forward Vendor Claims, (c) payment of fees accrued by Committee Advisors, and (d) payment of certain amounts budgeted for the Committee's go-forward advisor fees and an ombudsman to assist in the resolution of remaining general unsecured claims. The Committee Settlement not only secures meaningful recoveries for Holders of Go-Forward Vendor Claims but is also supported by the Committee and allows the Debtors to emerge from these Chapter 11 Cases in a value-maximizing and orderly fashion, without further delay. Class 4A consists of 36th Street Financing Agreement Claims. In exchange for the full and final satisfaction, settlement, release, and discharge of the 36th Street Financing Agreement Claims, each Holder of an Allowed 36th Street Financing Agreement Claim shall receive the 36th Street Financing Takeback Debt. Class 4B consists of Ansley Park Financing Agreement Claims. In exchange for the full and final satisfaction, settlement, release, and discharge of the Ansley Park Financing Agreement Claims, each Holder of an Allowed Ansley Park Financing Agreement Claim shall receive the Ansley Park Financing Takeback Debt. Class 4C consists of Citizens CoGen Financing Agreement Claims. In exchange for the full and final satisfaction, settlement, release, and discharge of the Citizens CoGen Financing Agreement Claims, each Holder of an Allowed Citizens CoGen Financing Agreement Claim shall receive the Citizens CoGen Financing Takeback Debt. Class 5A consists of Go-Forward Vendor Claims. In exchange for the full and final satisfaction, settlement, release, and discharge of the Trade Claims, each Holder of an Allowed Trade Claim shall receive its Pro Rata share of the Go-Forward Vendor Recovery Pool. Class 5B consists of General Unsecured Claims. In exchange for the full and final satisfaction, settlement, release, and discharge of the General Unsecured Claims, each Holder of an Allowed General Unsecured Claim shall receive its Pro Rata share of the Litigation Trust Class D Interests, as set forth in the Litigation Trust Documents; provided that, in no event, shall any Excluded Party receive any distribution on account of any Litigation Trust Assets. 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; (7) the Asset Financing Takeback Debt; and (8) the Litigation Trust Interests. A full-text copy of the Disclosure Statement dated October 15, 2025 is available at https://urlcurt.com/u?l=BRxSfm from Epiq Corporate Restructuring, LLC, claims agent. Co-Counsel to the Debtors: Jason G. Cohen, Esq. Jonathan L. Lozano, Esq. BRACEWELL LLP 711 Louisiana Street, Suite 2300 Houston, Texas 77002 Tel: (713) 223-2300 Fax: (800) 404-3970 Email: jason.cohen@bracewell.com jonathan.lozano@bracewell.com Co-Counsel to the Debtors: Christopher Marcus, P.C. Derek I. Hunter, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: cmarcus@kirkland.com derek.hunter@kirkland.com 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. ASOCIACION HOSPITAL: Hires IEC Consulting as Investment Consultant ------------------------------------------------------------------ Asociacion Hospital del Maestro, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ IEC Consulting, LLC as its investment consultant in its Chapter 11 case. IEC Consulting, LLC will provide these services: (a) assist the Debtor in identifying and contacting potential investors or purchasers; (b) provide advice and analysis regarding potential investment structures; (c) assist in the negotiation of investment and purchase agreements; (d) prepare and deliver reports and recommendations regarding investor interest and proposals; and (e) perform all other consulting and advisory services necessary or desirable to advance the Debtor's restructuring objectives. IEC Consulting, LLC will be compensated at $150 per hour with a monthly cap of 40 hours ($5,000), and a transaction fee equal to 1.5% of the gross proceeds from any completed investment or sale transaction. The Debtor asserts that IEC Consulting, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ivan E. Colon IEC Consulting, LLC PO Box 360493 San Juan, PR 00936 Telephone: (787) 645-7870 E-mail: ivancolon311@gmail.com About Asociacion Hospital El Maestro Asociacion Hospital El Maestro, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03780) on Aug. 25, 2025, listing under up to $50 million in both assets and liabilities. Judge Enrique S. Lamoutte Inclan oversees the case. The Debtor tapped Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC as counsel and CPA Luis R. Carrasquillo & CO, PSC as financial consultant. BEELINE HOLDINGS: Expands Warehouse Lending Capacity to $25 Million ------------------------------------------------------------------- Beeline Holdings, Inc., among the fast-growing digital mortgage platforms redefining the path to homeownership, announced a significant expansion of its warehouse lending capacity from $5 million to $25 million, supporting its rapid revenue growth and scaling loan origination volume. Loan originations have increased over 30% per quarter in 2025, with further acceleration expected in Q4 2025 and into 2026 as interest rate cuts are expected to drive new mortgage activity. Beeline's existing $5 million facility with First Funding was expanded to $15 million, while two additional $5 million warehouse lines were secured with Customers Bank and Northpointe Bank, bringing total capacity to $25 million. With warehouse lines turning approximately three times per month, Beeline now has the ability to originate up to $75 million in loans monthly. Loans typically remain on Beeline's lines for just seven business days before sale, consistent with leading independent mortgage bankers. "We expect our revenues to increase substantially as headwinds turn into tailwinds and as we continue closing loans faster than many competitors," said Nick Liuzza, Co-Founder and CEO of Beeline. "October is tracking to be our strongest month since the market downturn, and we are on pace to achieve cash-flow-positive operations by January 2026." With the addition of new banking partners and expanding our relationship with warehouse lenders, Beeline is strategically positioned to further grow its warehouse capacity as origination volume surpasses $75 million per month. The company also continues to advance its fractional equity sale product, which leverages blockchain technology and a partnership with a new digital coin. This innovation will enable Beeline to tokenize residential real estate, creating liquidity for equity-rich homeowners who face challenges accessing cash through traditional refinance or HELOC options. Additional details are expected in late October. About Beeline Holdings Beeline Financial Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $66.5 million in total assets, against $17.5 million in total liabilities. As of June 30, 2025, the Company had $68.57 million in total assets, against $13.02 million in total liabilities. BIG MIKES: Andrew Layden Named Subchapter V Trustee --------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Andrew Layden as Subchapter V trustee for Big Mikes Tree Service, LLC. Mr. Layden will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Layden declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Andrew Layden 200 S. Orange Avenue, Suite 2300 Orlando, FL 32801 Telephone: 407-649-4000 Email: alayden@bakerlaw.com About Big Mikes Tree Service LLC Big Mikes Tree Service, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06540) on October 10, 2025, with $100,001 to $500,000 in assets and liabilities. Jeffrey Ainsworth, Esq., at Bransonlaw PLLC represents the Debtor as bankruptcy counsel. BOOTLEGGER'S BREWERY: Mark Sharf Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 17 appointed Mark Sharf, Esq., a practicing attorney in Los Angeles, as Subchapter V trustee for Bootlegger's Brewery, LLC. Mr. Sharf will charge $660 per hour for his services as Subchapter V trustee and $150 per hour for his trustee administrator's services. In addition, the Subchapter V trustee will seek reimbursement for work-related expenses incurred. Mr. Sharf declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark Sharf, Esq. 6080 Center Drive, 6th Floor Los Angeles, CA 90045 Telephone: (323) 612-0202 Email: mark@sharflaw.com About Bootlegger's Brewery LLC Bootlegger's Brewery, LLC, a company in Fullerton, Calif., produces a range of craft beers, including year-round and seasonal varieties. Founded in 2008, it serves both on-site visitors and local consumers in North Orange County. Its operations focus on brewing, tastings, and community engagement within the alcoholic beverages industry. Bootlegger's Brewery filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12907) on October 15, 2025, with $156,358 in assets and $1,865,389 in liabilities. Aaron M. Barkenhagen, managing member, signed the petition. Judge Mark D. Houle presides over the case. Andrew Bisom, Esq., at the Law Office of Andrew S. Bisom represents the Debtor as bankruptcy counsel. BOXLIGHT CORP: Inks $4.8M At-the-Market Sales Deal With A.G.P. -------------------------------------------------------------- Boxlight Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company, entered into a Sales Agreement with A.G.P./Alliance Global Partners, pursuant to which the Company may issue and sell, from time to time, up to an aggregate of $4,800,000 of shares of its Class A Common Stock, par value $0.0001 per share, through an "at the market offering" program, under which the Agent will act as sales agent or principal. The sales, if any, of the Shares made under the Sales Agreement will be made by any method permitted by law deemed to be an "at the market offering" as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended. The Sales Agreement provides that the Agent will be entitled to compensation at a fixed commission rate of 3.00% of the gross proceeds from the sale of the Shares on our behalf pursuant to the Sales Agreement. Boxlight have agreed to reimburse the Agent for their reasonable and documented out-of-pocket costs and expenses (including but not limited to the reasonable and documented fees and expenses of their legal counsel) in an amount not to exceed $60,000 and up to an additional $5,000 per calendar quarter thereafter payable with each Representation Date (as defined in the Sales Agreement) and up to an additional $20,000 for each at-the-market offering program "refresh" (which would include the filing of a new registration statement, prospectus, or prospectus supplement relating to the Shares and/or an amendment of the Sales Agreement). The Sales Agreement contains customary representations, warranties and agreements by the Company, indemnification obligations of the Company and the Agent, as well as other obligations of the parties and termination provisions and rights. The Shares will be issued pursuant to the Company's effective shelf registration statement on Form S-3 (File No. 333-284493), filed with the Securities and Exchange Commission on January 24, 2025, as amended on February 4, 2025, and declared effective by the SEC on February 5, 2025, and the accompanying base prospectus included therein as supplemented by the prospectus supplement, dated October 16, 2025, filed with the SEC. The Company has no obligation to sell any of the Shares under the Sales Agreement and may at any time suspend solicitation and offers thereunder. The offering of Shares pursuant to the Sales Agreement will terminate on the earlier of: (1) the issuance and sale, pursuant to the Sales Agreement, of Shares having an aggregate offering price of $4.8 million, (2) the expiration of the Registration Statement on the third anniversary of its initial effective date pursuant to Rule 415(a)(5) under the Securities Act, or (3) the termination of the Sales Agreement by either us or the Agent, or by mutual agreement, as permitted therein. A.G.P./Alliance Global Partners may be reached at: Thomas J. Higgins Managing Director 590 Madison Avenue, 28th Floor New York, N.Y. 10022 A copy of the opinion of Kilpatrick Townsend & Stockton LLP, relating to the legality of the Shares is available at https://tinyurl.com/2k9bndra The foregoing description of the Sales Agreement is not complete and is qualified in its entirety by reference to the full text of the Sales Agreement, a copy of which is available at https://tinyurl.com/mvvva62z 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. CABALLITO LLC: Hire Rodriguez Espola LLC as Accountant ------------------------------------------------------ Caballito LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Jerry Rodriguez Espola, managing partner of Rodriguez Espola, LLC, to serve as accountant in its Chapter 11 case. The firm will provide these services: (a) review accounting records for preparation of month and year end accounting and financial reports; (b) prepare monthly reconciliations of all bank accounts; (c) accumulate payroll transactions to produce quarterly and annual payroll tax returns; (d) prepare liquidation analysis, financial projections, claim reconciliation, and related financial documents as support for a Plan of Reorganization; and (e) prepare the Monthly Operating Reports to be filed with the Court. Mr. Rodriguez Espola will receive a fixed rate of $500 monthly. Rodriguez Espola (RELLC), LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Jerry Rodriguez Espola Rodriguez Espola (RELLC), LLC PO Box 16036 San Juan, PR 00908 Telephone: (787) 903-1156 About Caballito LLC Caballito LLC is a limited liability company. Caballito LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. P.R. Case No. 25-04578) on October 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Mildred Caban handles the case. The Debtor is represented by Jose M. Prieto Carballo, Esq. of JPC Law Office. CAMPBELL REALTY: Case Summary & Nine Unsecured Creditors -------------------------------------------------------- Debtor: Campbell Realty Investment Group, LLC 8 Fairway View Hammond, LA 70401 Business Description: Campbell Realty Investment Group, LLC engages in leasing and managing real estate properties, holding assets that include a site at 14207 W. Club Deluxe Drive in Hammond, Louisiana. Chapter 11 Petition Date: October 20, 2025 Court: United States Bankruptcy Court Eastern District Case No.: 25-12356 Judge: Hon. Meredith S Grabill Debtor's Counsel: Ryan J. Richmond, Esq. STERNBERG, NACCARI & WHITE, LLC 450 Laurel Street Suite 1450 Baton Rouge, LA 70801 Tel: (225) 412-3667 Email: ryan@snw.law Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Stanley Campbell as manager. A copy of the Debtor's list of nine unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NZZ4XNY/Campbell_Realty_Investment_Group__laebke-25-12356__0004.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NW7QZ5Y/Campbell_Realty_Investment_Group__laebke-25-12356__0001.0.pdf?mcid=tGE4TAMA CAMTREN HOLDINGS: Seeks to Extend Plan Exclusivity to Feb. 26, 2026 ------------------------------------------------------------------- CamTren Holdings, LLC asked the U.S. Bankruptcy Court for the Northern District of Georgia to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 26, 2026 and April 28, 2026, respectively. The Debtor explains that it cannot formulate a plan of reorganization or solicit acceptances of a plan until its tenant, Amerigo Metal Recycling, LLC files its plan of reorganization. Amerigo filed a motion to extend its exclusive periods. Debtor's income is rental income. The Debtor claims that it receives lease payments from Amerigo which Amerigo pays directly to Debtor's secured lender. Debtor's successful reorganization is tied directly to Amerigo's success. Amerigo's success will be the best predicator of Debtor's future income to fund a plan of reorganization. The Debtor cites that presenting a plan at this stage will not provide an accurate picture of its ability to fund payment to unsecured creditors and its secured creditors under the plan. Debtor believes filing a plan that will require amending will result in unnecessary concerns for its creditors. On the other hand, filing a plan that will not require substantive amendments will foster Debtor's reorganization effort. The Debtor asserts that its request for an extension will not unfairly prejudice or pressure Debtor's creditors or grant Debtor any unfair bargaining leverage. Debtor needs creditor support to confirm any plan, so Debtor is in no position to impose or pressure its creditors to accept unwelcome plan terms. The Debtor further asserts that termination of the current Exclusivity Periods may engender duplicative expense and litigation associated with multiple competing plans. Any litigation with respect to competing plans and resulting administrative expenses will only decrease recoveries to Debtor's creditors and significantly delay, if not undermine entirely, the possibility of prompt confirmation of a plan of reorganization. CamTren Holdings LLC is represented by: Ceci Christy, Esq. ROUNTREE LEITMAN KLEIN & GEER, LLC 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 E-mail: cchristy@rlkglaw.com About CamTren Holdings LLC CamTren Holdings LLC is a real estate services company operating under NAICS code 531390 (Other Activities Related to Real Estate). CamTren Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-57423) on July 1, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. The Debtors are represented by Rountree, Leitman, Klein & Geer, LLC. CATHETER PRECISION: Shareholders OK Share Increase to 500-Mil. -------------------------------------------------------------- Catheter Precision, Inc. held a Special Meeting of stockholders at which, of the 1,487,266 shares of the Company's common stock outstanding as of September 10, 2025, the record date for the Annual Meeting, 641,616 shares of common stock were represented, either in person or by proxy, constituting, of the shares entitled to vote, approximately 43.1% of the outstanding shares of common stock. At the Annual Meeting, the Company's stockholders considered three proposals, which are described in more detail in the Company's definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on September 15, 2025. The matters voted on at the Annual Meeting and the votes cast with respect to each such matter are: 1. Proposal No. 1: To approve an amendment to the Company's Amended and Restated Certificate of Incorporation to increase the number of authorized shares of its common stock from sixty (60) million shares to five hundred (500) million shares. Proposal No. 1 was approved, based on the following results of voting: Votes For: 497,162 Votes Against: 133,882 Abstentions: 10,571 Broker Non-Votes: 0 2. Proposal No. 2: To ratify the appointment of WithumSmith+Brown, PC as the Company's independent registered public accounting firm for the fiscal year ended December 31, 2026. Proposal No. 2 was approved, based on the following results of voting: Votes For: 610,134 Votes Against: 16,778 Abstentions: 14,703 Broker Non-Votes: 0 3. Proposal No. 3: To approve the adjournment or postponement of the Special Meeting, if necessary, to continue to solicit votes for Proposals Nos 1 and/or 2. Proposal No. 3 was approved, based on the following results of voting: Votes For: 514,362 Votes Against: 120,394 Abstentions: 6,860 Broker Non-Votes: 0 About Catheter Precision Inc. Headquartered in the U.S., Catheter Precision, Inc. is a medical device company focused on improving the treatment of cardiac arrhythmias. The Company, which was reincorporated as Ra Medical Systems, Inc. in Delaware in 2018 and changed its name to Catheter Precision, Inc. on August 17, 2023, develops technology for electrophysiology procedures through collaborations with physicians and continuous product advancements. As of June 30, 2025, the Company had $25.56 million in total assets, $19.01 million in total liabilities, and a total stockholders' equity of $6.55 million. East Brunswick, New Jersey-based WithumSmith+Brown, PC., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring losses from operations and negative cash flows from operations and expects to continue to incur operating losses that raise substantial doubt about its ability to continue as a going concern. CHARLES & COLVARD: Delays 2025 Meeting Results Amid Legal Challenge ------------------------------------------------------------------- Charles & Colvard, Ltd. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it held its Annual Meeting of Shareholders on October 13, 2025. The shareholders considered one proposal -- to elect five nominees to the Company's Board of Directors -- as described in more detail in the Notice of Annual Meeting of Shareholders filed with the Securities and Exchange Commission on September 12, 2025. Due to the pending legal challenges related to the 2025 Annual Meeting, the Company is unable to present the results at this time. An amended Form 8-K will be filed once the outcome of the 2025 Annual Meeting is known and votes can be tabulated. About Charles & Colvard Ltd. Charles & Colvard, Ltd., a North Carolina corporation, was founded in 1995. The Company manufactures, markets, and distributes Charles & Colvard Created Moissanite and finished jewelry featuring moissanite, including Forever One, the Company's premium moissanite gemstone brand, for sale in the worldwide fine jewelry market. The Company also markets and distributes Caydia lab-grown diamonds and finished jewelry featuring lab grown diamonds and created color gems for sale in the worldwide fine jewelry market. As of March 31, 2025, the Company had $29.11 million in total assets, $10.02 million in total liabilities, and total stockholders' equity of $19.09 million. The Company concluded in the quarterly period ended March 31, 2025 that its existing cash and cash equivalents and availability of other resources combined will not be sufficient to meet working capital and capital expenditure needs over the next 12 months, and therefore, there is substantial doubt about the Company's ability to continue as a going concern. COMMERCIAL METALS: Moody's Affirms 'Ba1' CFR, Outlook Stable ------------------------------------------------------------ Moody's Ratings affirmed Commercial Metals Company's (CMC) ratings including its Ba1 Corporate Family Rating, Ba1-PD Probability of Default Rating and Ba2 senior unsecured notes rating. Moody's also affirmed the Ba2 rating on the revenue bonds issued by West Virginia Economic Development Authority and the Maricopa County Industrial Dev. Auth., AZ. CMC's Speculative Grade Liquidity Rating of SGL-1 remains unchanged. The outlook remains stable. "The affirmation of CMC's ratings reflects Moody's expectations the company will maintain credit metrics commensurate with its rating following the mostly debt funded acquisitions of Foley Products and Concrete Pipe & Precast. It also incorporates the strategic benefits of these deals including establishing a new growth platform, enhancing product diversity, higher pro forma margins and stronger free cash flow" said Michael Corelli, Moody's Ratings' Senior Vice President and lead analyst for Commercial Metals Company. RATINGS RATIONALE Commercial Metals Company's (CMC) Ba1 corporate family rating reflects its strong position in the rebar and merchant bar markets in the US, which are currently benefitting from high import tariffs. It also reflects its newly established position in the precast concrete products sector, as well as its exposure to the steel market in Eastern Europe through its operations in Poland. This operation will continue to be supported by government assistance programs established to offset the high cost of electricity, natural gas, and carbon emission rights, which is counterbalancing weak near-term operational profitability. The company's rating also incorporates Moody's expectations for it to maintain relatively low financial leverage, ample interest coverage and very good liquidity on a pro forma basis including the acquisitions of Foley Products and Concrete Pipe & Precast, and for it to focus on using free cash flow to pay down debt to move back towards its net debt target of below 2.0x. CMC's rating is constrained by its reliance on two steel product categories for the majority of its earnings, its dependence on cyclical construction activity and its exposure to volatile steel and scrap prices. It also reflects its focus on organic and acquisitive growth investments and its willingness to use debt to mostly fund these deals. Organic growth investments by CMC and others have increased the risk that significant rebar capacity additions weigh on pricing and metal spreads; however, the majority of this capacity is being added by CMC and Nucor Corporation (A3 stable) which have leading shares in this product category. CMC and Nucor should have incentive to not chase market share at the expense of profitability. CMC does have a track record of prudently funding its growth initiatives without materially impacting its credit profile. The company's rating is also constrained by the potential payment of around $330 million to Pacific Steel Group related to an adverse legal ruling, but the company plans to appeal this verdict. CMC's operating earnings materially declined for the second consecutive year in fiscal 2025 (ended August 2025) due to a compression in steel and downstream products metal margins in the North America Steel Group segment. Its fiscal 2025 (ended August 2025) adjusted EBITDA was around $830 million versus $1.0 billion in fiscal 2024 and $1.4 billion in fiscal 2023. Nevertheless, it remained above pre-pandemic levels due to import protections and acquisitions and capacity additions completed over the past few years. CMC's fiscal 2026 adjusted EBITDA will increase materially due to the acquisitions of Concrete Pipe & Precast for $675 million and Foley Products for $1.84 billion. The company estimates these companies will add about $250 million to adjusted EBITDA excluding potential synergies, which CMC estimates at $30 million - $40 million. However, these businesses will only contribute for part of the fiscal year which began September 2025 since they are not expected to close until sometime during the second fiscal quarter. These acquisitions will provide strategic benefits including a new growth platform, enhanced product diversity, higher pro forma margins and stronger earnings and free cash flows. Nevertheless, it doesn't improve the company's end market diversity since these companies are also reliant on US construction activity. Moody's estimates pro forma fiscal 2025 adjusted EBITDA at about $1.1 billion assuming modest synergies. This will result in a pro forma leverage ratio of about 3.0x assuming the company funds the CP&P and Foley acquisitions with about $675 million of its cash balance and $1.84 billion of borrowings. This will remain below Moody's downgrade guidance of 4.0x and Moody's expects this ratio to decline as the company uses free cash flow to pay down debt. Also, CMC's leverage ratio could decline if it achieves organic growth in the near term supported by higher steel product margins, increased utilization at the Arizona 2 micro mill, cost savings from its TAG program, and increased spending related to infrastructure, data center and carbon transition related investments. This will likely be somewhat tempered by soft economic growth and competition from increased rebar capacity. CMC has a Speculative Grade Liquidity rating of SGL-1 reflecting its very good liquidity including $1.043 billion of cash. The company plans to use about $675 million of its cash balance to fund a portion of the Foley and CP&P acquisitions, but should maintain a very good liquidity profile. It has availability of about $599 million under its unrated $600 million revolving credit facility (secured by US inventory) which had no outstanding borrowings and $1.0 million of letters of credit issued. The company amended the revolver in October 2024 and extended the maturity to October 2029. The company also has about $165 million of USD equivalent unsecured revolving credit facilities (unrated) in Poland that have an expiration date in April 2029, and these facilities are mostly undrawn except for letters of credit. It also has a factoring accounts receivable program in Poland of about $79 million USD equivalent. The company's US credit agreement has financial maintenance covenants including a minimum interest coverage ratio of 2.5x and a debt to capitalization ratio not to exceed 60%. It should remain comfortably in compliance with these covenants. The Ba2 rating on the company's senior unsecured debt (one notch below the Ba1 CFR) reflects the effective subordination to the US revolving credit facility, which is secured by US inventory, as well as to priority accounts payable in the liability waterfall in Moody's loss given default model. Instrument ratings could change depending on the mix of secured versus unsecured debt in the capital structure. The stable ratings outlook incorporates Moody's expectations that CMC will produce significantly improved operating results in fiscal 2026 driven by the EBITDA contribution from acquired companies. It also assumes the company will use free cash flow to pay down debt and maintain credit metrics that support its Ba1 rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS CMC's ratings could be upgraded should it enhance its product and end market diversity and sustain an EBIT margin above 8%, a leverage ratio (debt/EBITDA) below 2.75x, interest coverage (EBIT/Interest) above 4.0x and operating cash flow less dividends above 25% of outstanding debt through various steel price points and metal spread environments. The ratings could be downgraded if economic weakness or increased competition leads to a material deterioration in its operating performance and credit metrics. Quantitatively, the ratings could be downgraded if its EBIT margin is sustained below 4%, its leverage ratio above 4.0x and interest coverage below 2.5x. Headquartered in Irving, Texas, Commercial Metals Company (CMC) offers products and technologies to meet the reinforcement needs of the global construction sector. It manufactures finished long steel products including rebar, merchant bar, light structural and other special sections and wire rod. Its North America Steel Group has six electric arc furnace mini mills, three micro mills, and one rerolling mill with total rolling capacity of about 6.1 million tons and operates steel fabrication facilities and ferrous and nonferrous scrap metal recycling facilities. The Europe Steel Group has a vertically integrated network of recycling facilities, an EAF mini mill with about 1.6 million tons of rolling capacity and fabrication operations in Poland. Its Emerging Business Group includes its Tensar® geogrids and Geopier® foundation systems and its CMC Anchoring Systems business which provides anchoring solutions for the electrical transmission market. The acquisitions of Foley Products and Concrete Pipe & Precast will add a range of pipe and other precast products to this segment. Revenues for the fiscal year ended August 31, 2025, were $7.8 billion. The principal methodology used in these ratings was Steel published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMMSCOPE HOLDING: Shareholders OK Sale of CCS Segment to Amphenol ------------------------------------------------------------------ CommScope Holding Company, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that at a special meeting of stockholders of the Company held on October 16, 2025, its stockholders approved the proposal (the "CCS Sale Proposal") to adopt the Purchase Agreement, dated as of August 3, 2025, by and between Amphenol Corporation and the Company, and approve the transactions contemplated thereby, including the sale of the Company's Connectivity and Cable Solutions segment to Amphenol Corporation (the "CCS Sale Transaction"). The stockholders of the Company also approved the proposal to approve, on an advisory, non-binding basis, certain compensation that has, will or may be paid or become payable to the Company's named executive officers in connection with the CCS Sale Transaction (the "Advisory Compensation Proposal"). The stockholders of the Company also voted to approve the proposal to adjourn or postpone the special meeting, if necessary or appropriate, for the purpose of soliciting additional votes for the approval of the CCS Sale Proposal (the "Adjournment Proposal"). However, given the outcome of the vote on the CCS Sale Proposal, it was not necessary to adjourn or postpone the special meeting to a later date. The holders of shares of common stock and shares of Series A Convertible Preferred Stock, voting together as a single class (with the holders of Series A Convertible Preferred Stock voting on an as-converted basis as described in the Proxy Statement), voted on the three proposals at the special meeting. The final voting results for each proposal are set forth below: (1) Approval of the CCS Sale Proposal * Votes For: 187,133,839 * Votes Against: 56,279 * Abstentions: 298,695 * Broker Non-Votes: -- (2) Approval of the Advisory Compensation Proposal * Votes For: 176,597,498 * Votes Against: 8,384,588 * Abstentions: 2,506,727 * Broker Non-Votes: -- (3) Approval of the Adjournment Proposal * Votes For: 180,676,340 * Votes Against: 6,402,066 * Abstentions: 410,407 * Broker Non-Votes: -- A copy of the press release issued by the Company regarding the results of the stockholder vote at the special meeting of stockholders of the Company is available at https://tinyurl.com/4y48hnrb About CommScope Holding Headquartered in Hickory, North Carolina, CommScope Holding Company, Inc. -- https://www.commscope.com -- is a global provider of infrastructure solutions for communication, data center, and entertainment networks. The Company's solutions for wired and wireless networks enable service providers, including cable, telephone, and digital broadcast satellite operators, as well as media programmers, to deliver media, voice, Internet Protocol (IP) data services, and Wi-Fi to their subscribers. This allows enterprises to experience constant wireless and wired connectivity across complex and varied networking environments. As of March 31, 2025, CommScope Holding Company had $7.5 billion in total assets, $8.8 billion in total liabilities, $1.2 billion in Series A convertible preferred stock and total stockholders' deficit of $2.5 billion. * * * S&P Global Ratings placed its 'CCC+' issuer credit rating on network connectivity provider CommScope Holdings Co. Inc. on CreditWatch with positive implications., as reported by the TCR on Aug. 07, 2025. S&P said, "We will resolve the CreditWatch placement after we collect the necessary information about CommScope's new capital structure, operating strategy, financial outlook, and financial policy, potentially upgrading the issuer credit rating by more than one notch." In March 2025, Moody's Ratings upgraded CommScope Holding Company, Inc.'s ratings including the corporate family rating to Caa1 from Caa2 and the probability of default rating to Caa1-PD from Caa3-PD. CommScope's speculative grade liquidity (SGL) rating was upgraded to SGL-3 from SGL-4. The new backed senior secured term loan and backed senior secured notes issued in December 2024 at CommScope's subsidiary, CommScope, LLC. were assigned a B3 rating and the existing secured notes were confirmed at B3. The existing senior unsecured notes at CommScope, LLC and CommScope Technologies LLC were upgraded to Caa3 from Ca. The B3 rating on the backed senior secured term loan due 2026 was withdrawn. The outlook is stable, previously the ratings were on review for upgrade. These actions conclude the review for upgrade that was initiated on January 8, 2025. The ratings upgrade reflects the refinancing of debt due in 2025 and 2026 with a combination of about $2.1 billion in assets sale proceeds and $4.15 billion in new secured debt as well as Moody's expectations for a significant improvement in operating performance that will lead to a reduction in leverage levels well below 9x in 2025. The ratings are constrained by the existing high pro forma leverage (over 10x as of Q4 2024, including Moody's standard lease adjustments) and the significant amount of debt due in 2027 ($1.6 billion as of Q4 2024). CREATIVE REALITIES: CEO Richard Mills Appointed Interim CFO ----------------------------------------------------------- Creative Realities, Inc. disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission that its Board of Directors appointed Richard Mills, the Company's Chairman and Chief Executive Officer, as interim Chief Financial Officer, following the resignation of David Ryan Mudd from the same position effective on October 10, 2025. About Creative Realities Headquartered in Louisville Ky., Creative Realities -- www.cri.com -- designs, develops and deploys digital signage-based experiences for enterprise-level networks utilizing its Clarity, ReflectView, and iShowroom Content Management System (CMS) platforms. The Company is actively providing recurring SaaS and support services across diverse vertical markets, including but not limited to retail, automotive, digital-out-of-home (DOOH) advertising networks, convenience stores, foodservice/QSR, gaming, theater, and stadium venues. In addition, the Company assists clients in utilizing place-based digital media to achieve business objectives such as increased revenue, enhanced customer experiences, and improved productivity. This includes the design, deployment, and day to day management of Retail Media Networks to monetize on-premise foot traffic utilizing its AdLogic and AdLogic CPM+ programmatic advertising platforms. The independent registered public accounting firm's report on the Company's Consolidated Financial Statements for the fiscal year ended Dec. 31, 2024, included a note stating that there is significant uncertainty regarding the Company's ability to continue as a going concern within one year from the date the Consolidated Financial Statements are issued. Grant Thornton LLP, the Company's auditor since 2014 and based in Cincinnati, Ohio, emphasized that the Company is facing challenges in generating adequate cash flow to meet its contingent consideration obligations, which raises considerable doubt about its ability to remain a going concern. Creative Realities incurred a net loss of $3.51 million for the year ending Dec. 31, 2024, compared to a net loss of $2.94 million for the year ending Dec. 31, 2023. As of Dec. 31, 2024, the Company held total assets of $65.21 million, total liabilities of $39.75 million and total shareholders' equity of $25.46 million. CREATIVE REALITIES: To Acquire Cineplex's CDM Biz for CAD$70M ------------------------------------------------------------- Creative Realities, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a Share Purchase Agreement with its wholly owned subsidiary, 1001372953 Ontario Inc., an Ontario corporation, and Cineplex Entertainment Limited Partnership, a Manitoba limited partnership, to acquire DDC Group International, Inc., an Ontario corporation and wholly owned subsidiary of Cineplex. DDC is the parent company of its wholly owned subsidiary, Cineplex Digital Media Inc., an Ontario corporation, and CDM's wholly owned subsidiary, Cineplex Digital Media U.S. Inc., a Delaware corporation. DDC, CDM and CDMUS are collectively referred to as the "CDM Business," and such acquisition is referred to as the "CDM Acquisition." Subject to the terms and conditions of the Share Purchase Agreement, at the closing of the CDM Acquisition, Creative Realities will acquire ownership of all of the issued and outstanding capital shares of DDC for a total purchase price of approximately CAD$70,000,000, subject to customary purchase price adjustments. The Share Purchase Agreement contains customary and negotiated representations, warranties, covenants, and indemnity provisions. The Share Purchase Agreement also contains closing conditions requiring that the Company shall have obtained debt and equity financing sufficient to pay the Purchase Price, that the CDM Acquisition shall have received regulatory approval pursuant to Canada's Competition Act, and other customary conditions. The Share Purchase Agreement contains certain termination rights for both Creative Realities and Cineplex, including rights to terminate the Share Purchase Agreement in the event of a material breach by the other party subject to a cure period), and the right of the parties to terminate the agreement on or after December 15, 2025 if the CDM Acquisition has not been consummated on such date, in each case, subject to the terms and condition of the Share Purchase Agreement. Audited historical financial information for the operations comprising the CDM Business, together with pro forma financial information, will be made publicly available as required by applicable Securities and Exchange Commission rules adn regulations. The foregoing description of the Share Purchase Agreement and the CDM Acquisition is not a complete description thereof and is qualified in its entirety by reference to the full text of the Share Purchase Agreement, a copy of which is available at https://tinyurl.com/ye2y826z Securities Purchase Agreement and Certificate of Designations: To finance the acquisition, on October 15, 2025, Creative Realities entered into a Securities Purchase Agreement with certain accredited investors, pursuant to which Creative Realities agreed to sell to the Buyers in a private placement, for an aggregate gross purchase price of $30.0 million, an aggregate of 30,000 shares of a newly established series of preferred stock, par value $0.01 per share, to be designated as Series A Convertible Preferred Stock, which will have a stated value of $1,000 per share and will initially be convertible into 10,000,000 shares of the Company's common stock, par value $0.01 per share, subject to the Beneficial Ownership Limitation and the Exchange Cap limitation. The Company anticipates that the Offering will close concurrently with the closing of the CDM Acquisition, subject to the satisfaction of closing conditions (which include the closing of the CDM Acquisition). The Company plans to use the net proceeds of the Offering to pay a portion of the purchase price for the CDM Acquisition and for other general corporate purposes. As provided in the Securities Purchase Agreement, before the closing of the Offering, the Company will file with the Secretary of State of the State of Minnesota a Certificate of Designations, Preferences and Rights of Series A Convertible Preferred Stock. The Certificate of Designations, in the form attached as an exhibit to the Securities Purchase Agreement, will establish and set forth the designations, preferences, powers and rights of the Preferred Shares. Pursuant to the Certificate of Designations, holders of Preferred Shares will be entitled to vote on an as-converted basis with the Common Stock (after taking into the account the Beneficial Ownership Limitation and the Exchange Cap limitation). The Preferred Shares will rank senior to the Common Stock as to distributions and payments upon the liquidation, dissolution and winding up of the Company. Upon a liquidation, dissolution or winding up of the Company, the holders of Preferred Shares will be entitled to receive in cash, before any amount is paid to the holders of Common Stock, an amount per Preferred Share equal to the greater of: (i) the Liquidation Preference, or (ii) such amount per share as would have been payable had all Preferred Shares been converted into Common Stock immediately prior to such liquidation, dissolution or winding up. The Preferred Shares will accrue dividends for a period of five years from and after the issuance date at a rate of 5.25% per year on the Stated Value, which will be payable in cash only at the Company's option beginning upon expiration of the Guaranteed Term. To the extent that, during the Guaranteed Term: (i) the Company undergoes any liquidation, dissolution, winding up, or "Fundamental Transaction" (as defined in the Certificate of Designations), or (ii) the Company elects to effect a Mandatory Conversion, then, immediately prior to the effective time of such Make Whole Event, the amount of dividends accrued on the Preferred Shares will automatically be increased by an amount equal to any additional dividends that would have otherwise accrued on the Preferred Shares between the date of the Make Whole Event and the end of the Guaranteed Term, and the dividends will thereafter cease to accrue. In addition, holders of Preferred Shares will participate with the holders of Common Stock on an as-converted basis (without regard to any limitations or restrictions on conversion) to the extent any dividends are declared on the Common Stock. Each Preferred Share will be convertible at the option of the holder from and after the date of issuance into shares of Common Stock at a rate calculated by dividing (i) the Stated Value plus an amount per share equal to dividends accrued and unpaid through the date of determination (including, if applicable, any Make Whole Payment), by (ii) by a conversion price of $3.00, subject to customary adjustment in the event of stock splits, stock dividends, and similar events, subject to the Beneficial Ownership Limitation and the Exchange Cap limitation. A holder's ability to convert and vote its Preferred Shares will be subject to certain limitations. Under the Beneficial Ownership Limitation (as such term is defined in the Securities Purchase Agreement), no holder of Preferred Shares may acquire Conversion Shares if the issuance thereof would result in the converting holder or its affiliates beneficially owning in excess of 19.99% of the number of shares of our Common Stock outstanding immediately after giving effect to the issuance. Under the Exchange Cap limitation (as such term is defined in the Securities Purchase Agreement), the total number of Conversion Shares issuable upon conversion of outstanding Preferred Shares, when added to all Conversion Shares previously issued upon prior conversions, may not exceed 2,102,734 shares, which represents 19.99% of the Company's issued and outstanding Common Stock immediately prior to entering into the Securities Purchase Agreement. If the Company obtains shareholder approval to issue shares of Common Stock in excess of the conversion limitations, as required by applicable Nasdaq Listing Rules, a holder of Preferred Shares may elect for the Exchange Cap to cease to apply to the holder's Preferred Shares, which election will become effective 61 days after the election. A holder of Preferred Shares, upon written notice to the Company, may decrease (and thereafter increase) the Beneficial Ownership Limitation; provided that the Beneficial Ownership Limitation in no event exceeds 19.99%, or, if such shareholder approval is obtained, 49.99%. Under the Securities Purchase Agreement, the Company has agreed to call and hold, not later than 90 days after the closing of the Offering, an annual or special meeting of shareholders to approve the issuance of Conversion Shares in excess of the Exchange Cap limitation and to increase the maximum Beneficial Ownership Limitation percentage to 49.99%. In addition, as a condition to the Closing, each director and executive officer of the Company will enter into a voting agreement under which the director or executive officer will agree to vote his or her shares of Common Stock in favor of such approval. After the three year anniversary of the issuance date, if on any date: (x) the Company's EBITDA (as defined in the Certificate of Designations) for the four consecutive calendar quarters immediately preceding such date equals or exceeds $30.0 million, (y) the Net Debt Leverage Ratio (as defined in the Certificate of Designations) of the Company as of such date is less than 1.5X, and (z) the closing price of the Common Stock on its principal trading market equals or exceeds 300% of the then-applicable Conversion Price for 45 trading days during any 60 consecutive trading day period, the Company will have the right to cause the conversion of all of the outstanding Preferred Shares into Conversion Shares at the Conversion Rate. The Preferred Shares will be subject to automatic redemption for cash upon a "Fundamental Transaction" by the Company, which includes a merger, sale of all or substantially all the assets of the Company, recapitalization, or the sale by the Company of shares resulting in more than 50% ownership by a person or group. In such event, the redemption price would be equal to the greater of: (i) the Liquidation Preference or (ii) the consideration per share of Common Stock in the Fundamental Transaction (or, in the event of a Fundamental Transaction in which consideration does not consist solely of cash, the volume-weighted average price of the Common Stock immediately preceding the closing of the Fundamental Transaction). The Certificate of Designations will provide that, for so long as the Buyer designated as the Lead Investor under the Securities Purchase Agreement and its affiliates beneficially own at least 20% of the Conversion Shares underlying the Preferred Shares, the Company may not, without the consent of the Lead Investor: (i) create, authorize, or issue any capital stock that rank senior to or pari passu with the Preferred Shares, (ii) incur debt that would result in the ratio of debt to EBITDA of the Company for preceding twelve calendar months would exceed 2.5:1, (iii) purchase or redeem, or pay or declare any dividend on shares of capital stock other than redemptions of or dividends on the Preferred Shares, (iv) complete an acquisition (other than the CDM Acquisition) with consideration above $5.0 million, (v) enter into, renew, extend or be a party to certain related party transactions, or (vi) amend, alter or repeal any provision of the Company's articles of incorporation or bylaws in a manner that adversely affects the rights, powers and preferences of the Preferred Shares. In addition, the Securities Purchase Agreement prohibits the Company from issuing Common Stock or securities convertible into or exchangeable or exercisable for Common Stock within 120 days of the closing of the Offering (subject to exceptions for stock plan issuances), and provides that, for so long as the Ownership Condition is satisfied: (i) the Lead Investor or its designees will have a right to participate on a pro rata basis in equity financing transactions, and (ii) the Company may not, without the consent of Lead Investor, issue securities that in the aggregate constitute more than 10% of the Company's outstanding shares of Common Stock as of the closing of the Offering, subject to certain exceptions. The Securities Purchase Agreement also prohibits the Company from entering into or effecting variable rate transactions for five years following the closing of the Offering. The Securities Purchase Agreement provides that the Board of Directors of the Company will approve an increase in the size of the Board to seven directors, and will appoint each of Thomas B. Ellis and Todd B. Hammer to the Board effective as of the closing of the Offering, and will provide the Lead Investor with continuing director designation rights based on the beneficial ownership of the Lead Investor and its affiliates' beneficial ownership of Common Stock on an as-converted basis. The director designation right will be limited to one Board designee at such time as the Lead Investor and its affiliates cease to beneficially own at least 15% of the Company's outstanding shares of Common Stock on an as-converted basis, and the designation right will cease to exist if such beneficial ownership threshold fall below 5%. The Securities Purchase Agreement includes a standstill provision pursuant to which the Lead Investor has agreed that neither it nor any of its affiliates or associates will, for a period of two years after the closing of the Offering, initiate any corporate action relating to: (i) the nomination of any individual to serve as a director of the Company (other than the pursuant to the director designation right described above), or (ii) any business combination, merger, tender offer, sale or acquisition of material assets, recapitalization, reorganization or any other extraordinary transaction involving the Company or its subsidiaries, subject to certain exceptions. In addition to the foregoing, the Securities Purchase Agreement contains representations, warranties, and covenants that are customary for financing transactions such as the Offering, which were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement, and may be subject to limitations agreed upon by the contracting parties. Accordingly, the Securities Purchase Agreement is incorporated herein by reference only to provide investors with information regarding the terms of the Securities Purchase Agreement, and not to provide investors with any other factual information regarding the Company or its business, and should be read in conjunction with the disclosures in the Company's periodic reports and other filings with the Securities and Exchange Commission. At or prior to the closing of the Offering, the Company and the Buyers will enter into a registration rights agreement in the form attached as an exhibit to the Securities Purchase Agreement pursuant to which the Company will agree to file a resale registration statement with respect to the resale of the Conversion Shares not later than 45 calendar days following the execution of the Registration Rights Agreement, and to use its reasonable best efforts to cause such resale registration statement to be declared effective by the SEC as soon as practicable, but in any event no later than 75 calendar days following the execution of the Registration Rights Agreement (or, in the event of a "full review" by the SEC, the 90th calendar day following the execution of the Registration Rights Agreement). The foregoing descriptions of the Securities Purchase Agreement, the Certificate of Designations and the Registration Rights Agreement are not complete and are qualified in their entirety by the terms of the Securities Purchase Agreement available at https://tinyurl.com/ycecvp84 About Creative Realities Headquartered in Louisville Ky., Creative Realities -- www.cri.com -- designs, develops and deploys digital signage-based experiences for enterprise-level networks utilizing its Clarity, ReflectView, and iShowroom Content Management System (CMS) platforms. The Company is actively providing recurring SaaS and support services across diverse vertical markets, including but not limited to retail, automotive, digital-out-of-home (DOOH) advertising networks, convenience stores, foodservice/QSR, gaming, theater, and stadium venues. In addition, the Company assists clients in utilizing place-based digital media to achieve business objectives such as increased revenue, enhanced customer experiences, and improved productivity. This includes the design, deployment, and day to day management of Retail Media Networks to monetize on-premise foot traffic utilizing its AdLogic and AdLogic CPM+ programmatic advertising platforms. The independent registered public accounting firm's report on the Company's Consolidated Financial Statements for the fiscal year ended Dec. 31, 2024, included a note stating that there is significant uncertainty regarding the Company's ability to continue as a going concern within one year from the date the Consolidated Financial Statements are issued. Grant Thornton LLP, the Company's auditor since 2014 and based in Cincinnati, Ohio, emphasized that the Company is facing challenges in generating adequate cash flow to meet its contingent consideration obligations, which raises considerable doubt about its ability to remain a going concern. Creative Realities incurred a net loss of $3.51 million for the year ending Dec. 31, 2024, compared to a net loss of $2.94 million for the year ending Dec. 31, 2023. As of Dec. 31, 2024, the Company held total assets of $65.21 million, total liabilities of $39.75 million and total shareholders' equity of $25.46 million. CTL-AEROSPACE: Seeks Cash Collateral Access Until Oct. 31 --------------------------------------------------------- CTL-Aerospace, Inc asks the U.S. Bankruptcy Court for the Southern District of Ohio, Western Division, to modify the terms of its previously approved debtor-in-possession financing arrangement. The original DIP order, entered on October 1, authorized the Debtor to obtain up to $725,000 in post-petition financing from Wells Fargo Bank, N.A. through two weekly draws in September. At the time, both the Debtor and the DIP lender anticipated that additional financing would follow, contingent upon the Debtor providing a 13-week operating budget. However, subsequent negotiations failed to produce an agreement for further post-petition funding. As a result, the Debtor has shifted to operating solely through the use of cash collateral, with the conditional consent of Wells Fargo in its capacity as both pre-petition and post-petition lender. Disputes have since arisen between the parties regarding the interpretation and implementation of certain provisions of the original DIP order. In response, the Debtor now seeks entry of a proposed amended order to clarify key terms, define expectations, and formalize a consensual path forward. The proposed amendments include additional financial reporting obligations, specifically, daily reporting to the DIP lender as well as clarifications to defined terms to prevent further disputes. Since these terms were negotiated, the Debtor has already been providing the requested reporting. The proposed amended order would authorize continued use of cash collateral through October 31, allowing the Debtor to maintain operations while actively pursuing alternative financing sources and engaging in negotiations with a key customer regarding possible prepayment arrangements or material purchases to support liquidity. Additionally, as a significant accommodation, Wells Fargo has agreed not to seek immediate payment of more than $200,000 in allowable post-petition interest and reimbursable fees through October 31, unless a default or termination event occurs. This deferral offers the Debtor critical liquidity during this interim period. The Debtor believes that formalizing these amendments will reduce ambiguity, rebuild trust with the DIP Lender, and provide much-needed flexibility to continue operations and pursue a potential refinancing or sale of the business. A copy of the motion is available at https://urlcurt.com/u?l=W4HYH4 from PacerMonitor.com. About CTL-Aerospace Inc. CTL-Aerospace, Inc. is a family-owned composites manufacturer based in West Chester, Ohio, specializing in advanced fiber-rein forced polymer structures and component repair and overhaul. Founded in 1946, the Company operates as a full-service NADCAP- and AS9100D-certified facility supplying the U.S. government and major aerospace firms. Its products serve aerospace and industrial markets, leveraging its location in the Cincinnati aerospace corridor for cost and supply chain advantages. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-12226) on September 8, 2025. In the petition signed by Scott Crislip, president and COO, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Beth A. Buchanan oversees the case. Patricia Friesinger, Esq., at COOLIDGE WALL CO., L.P.A., represents the Debtor as legal counsel. Wells Fargo Bank, N.A., as pre-petition and DIP lender, is represented by: Elliot M. Smith, Esq. Benesch, Friedlander, Coplan & Aronoff, LLP 127 Public Square, Suite 4900 Cleveland, OH 44114 Tel: (216) 363-4500 esmith@beneschlaw.com -and- Jacob H. Marshall, Esq. Benesch, Friedlander, Coplan & Aronoff, LLP 71 South Wacker Drive, Suite 1600 Chicago, IL 60606 Tel: (312) 212-4949 jmarshall@beneschlaw.com D'CASSA LLC: Tarek Kiem of Kiem Law Named Subchapter V Trustee -------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Tarek Kiem, Esq., at Kiem Law, PLLC as Subchapter V trustee for D'Cassa, LLC. Mr. Kiem will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Kiem declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tarek Kiem, Esq. Kiem Law, PLLC 8461 Lake Worth Road, Suite 114 Lake Worth, FL 33467 Tel: (561) 600-0406 tarek@kiemlaw.com About D'Cassa LLC D'Cassa, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22119) on October 15, 2025, with $500,001 to $1 million in assets and liabilities. Judge Laurel M. Isicoff presides over the case. James Schwitalla, Esq., represents the Debtor as legal counsel. DARKPULSE INC: CEO Hosts X Space for Business Updates ----------------------------------------------------- DarkPulse, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Dennis O'Leary, the Chief Executive Officer, hosted an X Space (formerly Twitter Space) which provided general business discussion and updates. The X Space can be found at the following link and is incorporated herein by reference: https://twitter.com/i/spaces/1DXGyWZgvgbxM and can also be found at the company's X.com profile "@darkpulsetech" The furnishing of the X Space is not an admission as to the materiality of any information therein. The information contained in the X Space is summary information that is intended to be considered in the context of more complete information included in the Company's filings with the U.S. Securities and Exchange Commission and other public announcements that the Company has made and may make from time to time by press release or otherwise. The Company undertakes no duty or obligation to update or revise the information contained in this report, although it may do so from time to time as its management believes is appropriate. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosures. About DarkPulse Inc. Houston, Texas-based DarkPulse, Inc. is a technology-security company incorporated in 1989 as Klever Marketing, Inc. Its wholly-owned subsidiary, DarkPulse Technologies Inc., originally started as a technology spinout from the University of New Brunswick, Fredericton, Canada. The Company's security and monitoring systems will initially be delivered in applications for border security, pipelines, the oil and gas industry, and mine safety. Current uses of fiber optic distributed sensor technology have been limited to quasi-static, long-term structural health monitoring due to the time required to obtain the data and its poor precision. The Company's patented BOTDA dark-pulse sensor technology allows for the monitoring of highly dynamic environments due to its greater resolution and accuracy. Lagos, Nigeria-based Boladale Lawal & Co., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 14, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company suffered an accumulated deficit of $(71,259,677), net loss of $(3,893,859) and a negative working capital of $(17,160,706). The Company is dependent on obtaining additional working capital funding from the sale of equity and/or debt securities to execute its plans and continue operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $2,788,299 in total assets, $19,785,133 in total liabilities, and total stockholders' deficit of $16,996,834. DCA OUTDOOR: Seeks to Extend Plan Exclusivity to December 19 ------------------------------------------------------------ DCA Outdoor, Inc. and its affiliates asked the U.S. Bankruptcy Court for the Western District of Missouri to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to October 20 December 19, 2025 and February 20, 2026, respectively. The Debtors explain that they are still in the process of employing various professionals to assist them. The Debtors have recently filed an Application to Employ Skye Root and Root Realty LLC as Realtor/Broker for the Debtor. Responses to the Debtors' application are due November 4, 2025. Further, the Debtors intend to file an Application to Employ Glass Ratner Advisory & Capital Group, LLC to act as their financial advisor. The Debtors require the services of the foregoing professional in order to propose a confirmable Chapter 11 Plan and Disclosure Statement. The Debtors further state that additional time is needed to prepare and file their confirmable Chapter 11 Plan. The Debtors assert that the extension of time for the filing of the Plan and Disclosure Statement and the extension of time for the exclusivity periods will not work a hardship on creditors and is in the best interest of all parties to allow Debtors time to complete the employment of and consultation with its proposed realtor/broker and financial advisor so that they can work to formulate the Debtor's Chapter 11 Plan. Counsel to the Debtor: Larry E. Parres, Esq. Lewis Rice LLC 600 Washington Ave., Suite 2500 St. Louis, MO 63101 Telephone: (314) 444-7600 Facsimile: (314) 612-7660 Email: lparres@lewisrice.com About DCA Outdoor, Inc. DCA Outdoor Inc. established in 2016, is a vertically integrated green industry organization headquartered in Kansas City, Missouri. The Company 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 Inc. 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 reports estimated assets up to $50,000 and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Cynthia A. Norton handles the case. The Debtor tapped Larry E. Parres, Esq., at Lewis Rice LLC as counsel and Creative Planning, LLC and its affiliate BerganKDV as audit and tax professionals. EAGLE THEATER: Plan Exclusivity Period Extended to October 31 ------------------------------------------------------------- Judge Mary E. Lopinot of the U.S. Bankruptcy Court for the Southern District of Illinois extended Eagle Theater Management, LLC's exclusive period to file a plan of reorganization to October 31, 2025. As shared by Troubled Company Reporter, the Debtor filed its voluntary Chapter 11 case on May 11, 2025 and since that time has been managing its financial affairs as a Debtor in possession. Counsel for Management has currently been involved in other matters which have required a substantial amount of time and attention. In addition, the Debtor's proposed plan is dependent on a third-party investor. That investor requires additional time to confirm and document it proposal for infusion of cash in the Debtor, whether that infusion takes the form of an asset purchase or some other investment vehicle. Pursuant to Section 1121(d)(1) of the Bankruptcy Code, Management reasonably requires and extension of its exclusive period for filing a proposed plan of reorganization through and including October 31, 2025. Eagle Theater Management, LLC is represented by: Steven M. Wallace, Esq. GOLDBERG HELLER & ANTOGNOLI, P.C. 2227 South State Route 157 Edwardsville, IL 62025 Tel: 618-656-5150 E-mail: Steven@ghalaw.com About Eagle Theater Management Eagle Theater Management, LLC operates a movie theater in Robinson, Illinois, providing film screenings to local audiences. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-60077) on May 11, 2025, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Kurt Eric Gubelman, manager and member, signed the petition. Judge Mary E. Lopinot presides over the case. Steven M. Wallace, Esq. at GOLDBERG HELLER & ANTOGNOLI, P.C. represents the Debtor as legal counsel. EAGLE THEATER: Plan Exclusivity Period Extended to October 31 ------------------------------------------------------------- Judge Mary E. Lopinot of the U.S. Bankruptcy Court for the Southern District of Illinois extended Eagle Theater Operating LLC's exclusive period to file a plan of reorganization to October 31, 2025. As shared by Troubled Company Reporter, the Debtor filed its voluntary Chapter 11 case on May 11, 2025 and since that time has been managing its financial affairs as a Debtor in possession. Counsel for the Debtor has currently been involved in other matters which have required a substantial amount of time and attention. In addition, the Debtor's proposed plan is dependent on a third-party investor. That investor requires additional time to confirm and document it proposal for infusion of cash in the Debtor, whether that infusion takes the form of an asset purchase or some other investment vehicle. Pursuant to Section 1121(d)(1) of the Bankruptcy Code, the Debtor reasonably requires and extension of its exclusive period for filing a proposed plan of reorganization through and including October 31, 2025. Eagle Theater Operating LLC is represented by: Steven M. Wallace, Esq. GOLDBERG HELLER & ANTOGNOLI, P.C. 2227 South State Route 157 Edwardsville, IL 62025 Tel: 618-656-5150 E-mail: Steven@ghalaw.com About Eagle Theater Operating LLC Eagle Theater Operating LLC operates a movie theater in Robinson, Illinois. The Company provides cinema services, including movie screenings and concessions. Eagle Theater Operating LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-60076) on May 11, 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 Mary E. Lopinot handles the case. The Debtors are represented by Steven M. Wallace, Esq. at GOLDENBERG HELLER & ANTOGNOLI, P.C. EAZY-PZ LLC: Plan Exclusivity Period Extended to Jan. 14, 2026 -------------------------------------------------------------- Judge Thomas B. McNamara of the U.S. Bankruptcy Court for the District of Colorado extended Eazy-PZ LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 14, 2026 and April 14, 2026, respectively. As shared by Troubled Company Reporter, Debtor explains that cause exists to extend the exclusivity periods in this case. The following is an analysis of the applicable factors: * The size and complexity of the case; and (b) the necessity of sufficient time to prepare adequate information: While the case is not unusually complex, resolving the issues relating to Luv n' Care Ltd. and Nouri E. Hakim (together, "LNC") and the judgment that entered against Debtor in the amount of approximately $2.9 million in the case styled Luv n' Care, Ltd. v. Laurain, et al., Case No. 16-cv-777 in the United States District Court for the Western District of Louisiana (the "Judgment" and "Louisiana Case", respectively) are of critical importance. * The existence of good faith progress toward reorganization; (e) whether the debtor has demonstrated reasonable prospects for filing a viable plan; and (f) whether the debtor has made progress in negotiations with its creditors: Debtor has made good faith progress toward seeking confirmation of a plan of reorganization. The Debtor has demonstrated reasonable prospects for filing a viable plan as demonstrated, described progress in the case, ongoing operations, and approximately $262,000 in its bank account as August 31, 2025. * Whether an unresolved contingency exists: Appealing the Judgment is the most important unresolved contingency. Whether the Judgment is reversed, modified, or amended bears directly on plan formulation and confirmation. Until the Judgment becomes final, formulating and confirming a plan is not practical. The landscape of this case will be significantly altered once the appeal is concluded because LNC is currently Debtor's largest creditor (for the avoidance of doubt, Debtor disputes LNC's claim). Eazy-PZ LLC is represented by: Aaron J. Conrardy, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 W. Main St., Ste. 200 Littleton, CO 80120 Tel: (303) 296-1999 Email: aconrardy@wgwc-law.com About Eazy-PZ LLC Eazy-PZ LLC designs and sells silicone mealtime products for infants and toddlers, including plates, bowls, mats, and utensils. The Company operates through online and retail channels from its base in Parker, Colorado. Eazy-PZ LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-13720) on June 18, 2025. In its petition, the Debtor reports total assets of $1,019,774 and total liabilities of $3,881,257. Honorable Bankruptcy Judge Thomas B. Mcnamara handles the case. The Debtors are represented by Aaron J. Conrardy, Esq. at WADSWORTH GARBER WARNER CONRARDY, P.C. 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. ELECTRIC PLAYHOUSE: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Electric Playhouse NV, LLC d/b/a Electric Playhouse 3500 Las Vegas Blvd., S., T01A Las Vegas, NV 89109 Business Description: Electric Playhouse NV, LLC operates immersive entertainment venues that combine motion-based gaming, dining, and interactive art experiences. The Company runs a flagship 20,000-square-foot facility in Albuquerque, New Mexico, and is expanding to a second location at The Forum Shops at Caesars Palace in Las Vegas, Nevada. It develops proprietary technology integrating hardware and software to create interactive environments for events, performances, and family entertainment. Chapter 11 Petition Date: October 20, 2025 Court: United States Bankruptcy Court District of Nevada Case No.: 25-16273 Judge: Hon. Natalie M Cox Debtor's Counsel: Matthew C. Zirzow, Esq. LARSON & ZIRZOW, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Tel: 702-382-1170 Email: mzirzow@lzlawnv.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Brandon Garrett 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/2U35DGI/ELECTRIC_PLAYHOUSE_NV_LLC__nvbke-25-16273__0001.0.pdf?mcid=tGE4TAMA EMERALD TECHNOLOGIES: S&P Lowers ICR to 'CCC', Outlook Negative --------------------------------------------------------------- S&P Global Ratings downgraded electronics manufacturing services (EMS) provider Emerald Technologies to 'CCC' from 'CCC+'. S&P also lowered its rating on its revolving credit facility and first-lien term loan to 'CCC' from 'CCC+'. The '3' recovery rating is unchanged. The negative outlook reflects S&P's expectation that Emerald's weak financial performance will cause the company to continue to incur negative cash flow, which will further strain the company's limited liquidity, increase refinancing risk, and elevate the risk of a debt restructuring or liquidity event. Emerald Technologies has seen weak customer demand for its EMS solutions because of tariff-related headwinds during the first half of 2025. S&P said, "Due to the weak customer demand, we expect leverage above the 10x area and negative free operating cash flow (FOCF) generation, which in our view increase Emerald's refinancing risk of its upcoming debt maturities and the increases the risk of it meeting near-term debt service obligations. "We believe it will be difficult for Emerald to refinance upcoming debt maturities, due to its weak financial performance. Emerald has seen tariff-related headwinds hamper its end customer demand in the first half of 2025." The uncertainty regarding tariffs and tough macroeconomic environment has made its large customers pause orders as they evaluate demand. This uncertainty has led Emerald to see weakened credit metrics for the first half of 2025. While revenue has been flat, Emerald's EBITDA margins have been weak at 7%-8% on underutilization from lower-than-expected revenue and Malaysia ramp causing redundant China cost. This has caused Emerald's leverage to remain above 10x and a $10 million FOCF deficit for first half of 2025. Emerald's $45 million revolving credit facility is due December 2026 and $265 million first-lien term loan is due December 2027. Due to its negative FOCF generation, Emerald has fully drawn on its revolver as of the second quarter of 2025. S&P said, "Given our expectation for soft demand on tariff-related headwinds over the next year, we believe Emerald's operating performance will not improve enough to reverse cash flow deficits, thereby consuming the company's limited liquidity. This could make it difficult for the company to meet is operating needs and service its debt obligations." Furthermore, if Emerald's operating performance remains weak, refinancing its revolver due in December 2026 or first-lien term loan due in December 2027 could be challenging, elevating the risk of a debt restructuring. Financial sponsor Crestview Partners has put in equity infusion over the past few years to support Emerald, but we cannot count on further support from the sponsor. S&P said, "We believe demand will remain volatile leading to elevated leverage and negative FOCF for year-end 2025. Given the uncertainty regarding tariff-related and geopolitical headwinds, we expect demand will remain volatile as customers will remain very selective on what orders to take from Emerald. We believe large customers will have the ability to push out orders, which will constrain Emerald's revenue visibility. We expect modest topline growth from stable demand in mission critical aerospace and defense (A&D) EMS products offsetting weakness in industrial tech products. However, lower EBITDA margins from underutilization and duplicative costs will keep margins in the 6%-8% area, which will lead Emerald's leverage above 10x for year-end 2025." Emerald, like other tech hardware companies, have shown the ability to monetize working capital when revenue is weak. Emerald did so in first half of the year and we expect that will continue for rest of 2025. However, FOCF generation is still hampered by high interest expense and low EBITDA margins. S&P expects Emerald will have roughly 2% capital expenditures (capex) per revenue for 2025. Due to those factors, it expects Emerald to incur more than negative $15 million of FOCF in year-end 2025. S&P said, "The negative outlook reflects our expectation that Emerald's weak financial performance will cause the company to continue to incur negative cash flow, which will further strain the company's limited liquidity, increase refinancing risk, and elevate the risk of a debt restructuring or liquidity event. "We could lower the rating if we believe a liquidity event, failure to make debt service payments, or debt restructuring is likely to occur in the next six months. "We could take a positive rating action if we believe Emerald has improved its capital structure and sustainably deleveraged. This could occur if its financial performance improves significantly due to strong end-customer demand such that it can refinance its 2026 revolver. We would also need to see a credible path for Emerald to address its 2027 first-lien term loan. We could also look to upgrade if Emerald deleveraged significantly from asset sales or sponsor equity infusion." EVERSTREAM SOLUTIONS: Plan Exclusivity Extended to Jan. 23, 2026 ---------------------------------------------------------------- Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas extended Everstream Solutions LLC and its affiliated debtors' exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 23, 2026 and March 24, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that ample cause exists to grant the Debtors' requested extension of the Exclusive Periods. Since the Petition Date, the Debtors have made significant progress toward their stated goals in these chapter 11 cases, including obtaining approval of a value-maximizing going-concern sale, progressing the wind down of the Debtors' operations in the Pennsylvania Market, and negotiating and filing a chapter 11 plan. First, the scale and complexity of the Debtors' business and industry, which require the Debtors to navigate complex issues in their chapter 11 plan efforts, support the need for the extension of the Exclusive Periods. The Debtors have a complex capital structure, with over $1 billion in total funded debt, including the OpCo Loans and HoldCo Loans. Accordingly, the Debtors' size and the complexity of these chapter 11 cases, and the breadth of financial and legal issues involved therein, warrant the requested extension of the Exclusive Periods. Second, the Debtors need sufficient time to confirm the Plan. On September 10, 2025, after negotiating with and obtaining the support of the OpCo Lenders, HoldCo Lenders, and DIP Lenders, the Debtors filed their Plan and Disclosure Statement. A confirmation hearing is scheduled for November 19, 2025. Expiration of the Exclusive Periods could result in the Debtors having to face the prospect of litigation concerning competing plans with a confirmation hearing on the horizon. Third, the Debtors have demonstrated good faith progress in these chapter 11 cases. This is the Debtors' first motion for extension of the Exclusive Periods. Only four months have passed since the Petition Date, which is not enough time to formulate, prosecute, and implement a chapter 11 plan in most chapter 11 cases, and not enough time here. The Debtors have expended significant efforts since the Petition Date to bridge competing views and garner consensus and have filed a Plan that reflects such consensus. The Debtors' Counsel: Gabriel A. Morgan, Esq. Clifford W. Carlson, Esq. WEIL, GOTSHAL & MANGES LLP 700 Louisiana Street, Suite 3700 Houston, Texas 77002 Tel: (713) 546-5000 Fax: (713) 224-9511 Email: gabriel.morgan@weil.com clifford.carlson@weil.com - and - Matthew S. Barr, Esq. Andriana Georgallas, Esq. Alexander P. Cohen, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Tel: (212) 310-8000 Fax: (212) 310-8007 Email: matt.barr@weil.com andriana.georgallas@weil.com alexander.cohen@weil.com About Everstream Networks Everstream Networks LLC is a business-focused provider of data, internet, and communications services, operating a fiber network spanning over 34,000 miles across 13 states in the U.S. Midwest and Northeast. Headquartered in Cleveland, Ohio, the Company offers enterprise-grade solutions such as dedicated internet access, dark fiber, Ethernet, and network security. Founded in 2014 as a subsidiary of nonprofit OneCommunity, Everstream has expanded through a mix of organic growth and acquisitions. Everstream Networks LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90144) on May 28, 2025. In its petition, the Debtor reports estimated assets (on a consolidated basis) between $500 million and $1 billion and estimated liabilities (on a consolidated basis) between $1 billion and $10 billion. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Gabriel A. Morgan, Esq., Clifford W. Carlson, Esq., Matthew S. Barr, Esq., Andriana Georgallas, Esq., and Alexander P. Cohen, Esq. at WEIL, GOTSHAL & MANGES LLP. The Debtors' Special Counsel is RICHARDS, LAYTON & FINGER, P.A. BANK STREET GROUP LLC is the Debtors' M&A Advisor. ALVAREZ & MARSAL NORTH AMERICA, LLC is the Debtors' Financial Advisor. STRETTO, INC. is the Debtors' Claims, Noticing & Solicitation Agent. FELT & FAT: Employs Ciardi Ciardi & Astin as Legal Counsel ---------------------------------------------------------- Felt & Fat LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ Ciardi Ciardi & Astin to serve as legal counsel in its Chapter 11 case. Ciardi Ciardi & Astin will provide these services: (a) give the Debtor legal advice with respect to its powers and duties as a Debtor-in-Possession; (b) prepare, on behalf of the Debtor, any necessary applications, answers, orders, reports, and other legal papers; (c) perform all other legal services for the Debtor which may be necessary herein; and (d) prepare and file a Plan of Reorganization. The professionals at Ciardi Ciardi & Astin who are most likely to work on this case are Albert A. Ciardi, III $625 per hour Jennifer C. McEntee $475 per hour; and Stephanie Frizlen, Paralegal $100 per hour. Ciardi Ciardi & Astin does not hold or represent any adverse interest to the Debtor, the estate, any other party in interest, their respective attorneys and accountants, the United States Trustee, or any person employed in the Office of the United States Trustee. The firm conducted a conflict check and confirmed that it is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Albert A. Ciardi, III, Esq. CIARDI CIARDI & ASTIN 1905 Spruce Street Philadelphia, PA 19103 Telephone: (215) 557-3550 E-mail: aciardi@ciardilaw.com 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: Reports $15.6 Million Net Loss in FY2025 ------------------------------------------------------------- Ferrellgas Partners, L.P. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended July 31, 2025, reporting a net loss of $15.6 million attributable to the Company in fiscal 2025 compared to net earnings of $110.2 million attributable to the Company in fiscal 2024. Total revenues for the years ended July 31, 2025 and 2024, were $1.94 billion and $1.84 billion, respectively. As of July 31, 2025, the Company had $1.42 billion in total assets, $1.79 billion in total liabilities, $651.35 million in mezzanine equity, and $1.03 billion in total deficit. Liquidity and Capital Resources: General: The Company said, "Our primary sources of liquidity and capital resources are cash flows from operating activities, our Credit Facility and funds received from sales of debt and equity securities. The operating partnership, the general partner and certain of the operating partnership's subsidiaries as guarantors are parties to a credit agreement dated March 30, 2021, as amended on January 15, 2025, with JPMorgan Chase Bank, N.A. as administrative agent and collateral agent, and the lenders and issuing lenders party thereto from time to time, which provides for a four-year revolving credit facility, with a maturity date of December 31, 2025, in an aggregate principal amount of up to $350.0 million. On March 31, 2025, in conjunction with the commencement of the Fifth Amendment, the commitment level of the Credit Facility was reduced from $350.0 million to $308.8 million. The Credit Agreement includes a sublimit not to exceed $300.0 million for the issuance of letters of credit." "As of July 31, 2025, our total liquidity was $259.7 million, which was comprised of $96.9 million in unrestricted cash and $162.8 million of availability under our Credit Facility. These sources of liquidity and short-term capital resources are intended to fund our working capital requirements, acquisitions and capital expenditures. As of July 31, 2025, letters of credit outstanding totaled $121.9 million. Our access to long-term capital resources, to the extent needed to refinance debt or for other purposes, may be affected by our ability to access the capital markets, covenants in our debt agreements and other financial obligations, unforeseen demands on cash, or other events beyond our control." "As of July 31, 2025, we have no restricted cash. As of July 31, 2024, we had $10.7 million of restricted cash for a cash deposit made with the administrative agent under our prior senior secured credit facility that was terminated in April 2020. In January 2025, we settled our outstanding litigation as described in Note P "Contingencies and commitments" in the notes to our consolidated financial statements. As a result, the administrative agent released the restricted cash deposit in January 2025." "Our working capital requirements are subject to, among other things, the price of propane, delays in the collection of receivables, volatility in energy commodity prices, liquidity imposed by insurance providers, downgrades in our credit ratings, decreased trade credit, significant acquisitions, the weather, customer retention and purchasing patterns and other changes in the demand for propane. Relatively colder weather or higher propane prices during the winter heating season are factors that could significantly increase our working capital requirements." "In March 2025, Moody's downgraded the operating partnership's corporate rating from B2 to B3 and our senior unsecured notes from B3 to Caa1. In April 2025, the operating partnership's senior unsecured notes rating was downgraded from B to CCC+ by S&P. In June 2025, S&P further downgraded this rating to CCC." "Our ability to satisfy our obligations is dependent upon our future performance, which will be subject to prevailing weather, economic, financial and business conditions and other factors, many of which are beyond our control. Due to the seasonality of the retail propane distribution business, a significant portion of our propane operations and related products cash flows from operations is generated during the winter heating season. Our net cash provided by operating activities primarily reflects earnings from our business activities adjusted for depreciation and amortization and changes in our working capital accounts. Historically, we generate significantly lower net cash from operating activities in our first and fourth fiscal quarters as compared to the second and third fiscal quarters due to the seasonality of our propane operations and related equipment sales operations." "During periods of high volatility, our risk management activities may expose us to the risk of counterparty margin calls in amounts greater than we have the capacity to fund. Likewise, our counterparties may not be able to fulfill their margin calls from us or may default on the settlement of positions with us." "The liquidity available from cash flows from operating activities, unrestricted cash and the Credit Facility may not be sufficient to meet our capital expenditure, working capital and letter of credit requirements for the foreseeable future. Due to the timing of the maturities of both the 2026 Notes and the Credit Facility, and the $121.9 million in letters of credit which it secures as of July 31, 2025, management has performed an evaluation to consider whether or not there is substantial doubt about the Company's ability to continue as a going concern for at least one year from the date of issuance of this Annual Report. We have developed and received internal approval on a plan to restructure our capital structure and debt and refinance and/or extend the maturity date for the Credit Facility. External advisors have been engaged to assist in this process. The general partner believes that it is probable that the plans will be successfully implemented prior to the maturities of the 2026 Notes and the Credit Facility, and these plans will alleviate the substantial doubt about the Company's ability to continue as a going concern," the Company concluded." Management Commentary: Tamria Zertuche, President and Chief Executive Officer, commented in a press release, "As we close the fiscal year, we are proud to have delivered growth in annual sales volume, revenue, gross profit, and adjusted EBITDA. The high performing employee-owners of Ferrellgas delivered gains from ongoing operational efficiency improvements, counter-seasonal tank exchange growth, and executing on more normalized weather conditions to deliver a successful year." Ms. Zertuche continued, "During fiscal 2025, the Company continued to leverage talent, technology, and training to fuel growth and efficiencies. We became early adopters of the Propane Education & Research Council's Education Program, or PEP. This employee-focused program combines e-learning with hands-on training, reinforcing the Company's mission to lead with safety every day. Investing in our employee-owners and their safety creates an environment for success and innovation." A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/2s3mytz7 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." FFP HOLDINGS: S&P Cuts ICR to 'SD' on Completed Debt Restructuring ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on U.S.-based FFP Holdings Group Inc. to 'SD' (selective default) from 'CCC-', its issue-level rating on its first-lien term loan to 'D' from 'CCC-', and its issue-level rating on its second-lien term loan instruments to 'D' from 'C'. S&P's '3' recovery rating (50%-70%; rounded estimate: 50%) on the first-lien term loan and '6' recovery rating (0%-10%; rounded estimate: 0%) on the second-lien term loan are unchanged. S&P expects to reevaluate the company's new capital structure shortly and raise the issuer credit rating to the 'CCC' category. FFP Holdings Group Inc. completed a debt restructuring on Oct. 6, 2025, which will improve its liquidity due to the addition of new money, the extensions of its maturities, and the reduction of its cash interest and principal amortization requirements over the next two years. As part of the transaction, the company raised $92 million of new money from its existing first-lien lenders on a pro rata basis and rolled $92 million of existing first-lien term loan debt at par into a new $188 million super-priority first-out term loan, which will rank ahead of all the debt in its capital structure. S&P said, "We view this restructuring as tantamount to a default because the first- and second-lien term loan lenders will receive less than they were originally promised due to the subordination of their claims behind the super-priority first-out term loan, as well as from the maturity extensions and reductions in the cash interest and amortization payments. We believe the revolving credit facility (RCF) lenders are being adequately compensated for the facility's maturity extension (to 2030 from 2026) because they are retaining a first-out position--pari passu with the new $188 million super-priority term loan--and are entitled to the same cash interest margin." The downgrade follow's FFP's completed debt restructuring. On Oct. 6, 2025, the company completed a priming liability management exercise, which included issuing a new super-priority first-lien, first-out $188 million term loan comprising $92 million of new money financing (contributed on a pro rata basis by its existing first-lien term loan lenders) and $92 million of existing first-lien debt rolled up at par. As part of the transaction, FFP lowered the priority of all its remaining debt to collateral (excluding the RCF). S&P views this as tantamount to a default because the company's first- and second-lien lenders now have a lower ranking in the revised capital structure, which will reduce their recoveries in the event of a default. Additionally, FFP extended all of its debt maturities, including its first- and second-lien term loans to 2030 and 2031, from 2028 and 2029, respectively, and RCF to 2030 from 2026. The company also secured a temporary two-year amortization holiday and the flexibility to pay in-kind interest on the second- and third-out term loans (the majority of its existing first- and second-lien debt), reducing its cash interest requirements until the fourth quarter of 2027. While this transaction enhances FFP's near-term liquidity, S&P ultimately views this transaction as distressed and tantamount to default because its lenders will receive less-favorable terms than they originally agreed upon. S&P said, "We believe the RCF lenders are being adequately compensated for the maturity extension. FFP's RCF lenders will have a super-priority, first-out position in the revised capital structure, ranking pari passu with the new $188 million super-priority, first-out term loan. We believe the up-tiered ranking in exchange for a four-year maturity extension is adequate compensation because the RCF lenders will benefit from greater recovery prospects in the event of a payment default given the smaller quantum of first-out debt. Additionally, we believe the RCF lenders were made whole by the company's repayment of its outstanding borrowings (the facility was fully drawn pre-transaction) with the new money. "We plan to reevaluate our ratings on FFP shortly to reflect its new capital structure and liquidity position. Ultimately, we believe the company's limited liquidity (driven by its weak operating performance) and elevated risk of a covenant breach motivated this transaction, which we view as distressed. We intend to review our issuer credit and recovery ratings on FFP based on its new capital structure. Our review will focus on the company's liquidity position, the long-term viability of its capital structure, and our forward-looking opinion of its creditworthiness." FFP HOLDINGS: S&P Upgrades ICR to 'CCC+' on Improved Liquidity -------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating to 'CCC+' from 'SD' on U.S.-based FFP Holdings Group Inc. S&P said, "We assigned our 'B' issue-level rating to the super priority first-lien first-out term loan and $50 million revolving credit facility with a recovery rating of '1' (90%-100%; rounded estimate: 95%); our 'CCC' issue-level rating to the first-lien second-out term loan with a recovery rating of '5' (10%-30%; rounded estimate: 15%); and our 'CCC-' issue-level rating to the first-lien third-out term loan with a recovery rating of '6' (0%-10%; rounded estimate: 0%). At the same time, we withdrew our ratings on the company's existing first- and second-lien term loans. "The negative outlook reflects our belief that the capital structure remains unsustainable and that, while unlikely over the next 12 months, FFP faces the risk of default absent meaningful improvement in performance." FFP Holdings Group Inc. completed a liability management exercise restructuring on Oct. 6, 2025, resulting in a capital structure comprising new debt tranches including a super priority term loan that subordinated the majority of its prior debt. FFP amended its credit agreement to extend maturities, as well as pause principal amortization and pay interest in kind (PIK) on a portion of its debt (at the company's option) for two years. S&P said, "The transaction improved the company's liquidity (including a $92 million cash infusion) such that we no longer envision a default occurring over the next 12 months. However, we continue to view the capital structure as unsustainable because we forecast weak credit metrics with leverage of about 11.6x and EBITDA cash interest of 1.3x in 2026, as well as continued negative free operating cash flow (FOCF) that will reduce the company's liquidity position over time." The upgrade reflects FFP's completion of an out-of-court debt restructuring. FFP completed a priming liability management exercise that included the issuance of $92 million of new money (contributed on a pro rata basis by existing first-lien term loan lenders), which it used to repay $50 million outstanding on its revolving credit facility, cover third-quarter interest, amortization, and transaction fees, and add a modest amount of cash to the balance sheet. The new money, along with $92 million of existing first-lien debt, was rolled at par into a new $188 million super-priority first-out term loan. This resulted in a new capital structure with several tranches of debt, including $503 million in second-out term loans (consisting of 84% of existing first-lien term loan debt and 16% existing second-lien debt exchanged at par), $105 million in third-out term loans (consisting of remaining existing second-lien term loan debt exchanged at par), and a $6 million fourth-out sponsor bridge loan, which it received in the third quarter from Ardian. All debt was exchanged at par. The transaction improved FFP's liquidity position such that we no longer envision a default scenario over the next 12 months. Pro forma to the transaction, the company has $68 million of available liquidity, including an undrawn $50 million revolver and $18 million in cash on hand, compared with total liquidity of $14 million prior to the transaction. Additionally, the transaction will result in about $50 million of cash savings from the temporary pause in principal debt amortization ($10 million of savings) and option to PIK on its second- and third-out term loans ($40 million of cash interest savings) through the third quarter of 2027. Our base case assumes the company PIK's on both term loans for the next eight quarters. This provides it with cash flow relief such that FFP can increase working capital and capital expenditures (capex) to support future growth in the business. Additionally, the company extended its revolver maturity to 2030 from 2026; its term debt matures in 2030 and 2031. Further, there is lower likelihood of a covenant violation due to its solid covenant cushion considering a smaller amount of first-out debt under the amended credit agreement relative to first-lien debt under the existing credit agreement. S&P said, "We continue to view the capital structure as unsustainable because of weak credit metrics and continued forecasted FOCF deficits, which will erode the company's liquidity position overtime absent sustained improved operating performance. Despite lower cash interest, we continue to forecast sizeable FOCF deficits in 2026 due to greater working capital outflows and capex to support growth opportunities. Additionally, we forecast S&P Global Ratings-adjusted leverage of 11.6x and EBITDA interest coverage of 1x in 2026 (or EBITDA cash interest coverage of 1.3x excluding noncash interest). "While we believe FFP has sufficient liquidity to cover projected FOCF deficits of about $55 million in 2025 and $40 million in 2026, our base-case forecast indicates liquidity will decline materially in 2027, increasing the risk of default. This includes our expectation for EBITDA to grow 30% in 2026 and 2027, driven by new business wins and improved operating efficiency." Ultimately, despite freeing up additional liquidity in the transaction, FFP still has a significant debt load, and its cash interest burden of about $75 million annually will continue to weigh on its cash-generating ability. FFP remains a small competitor in a concentrated market, with a narrow product focus in niche food ingredient categories. In the first half of 2025, S&P Global Ratings-adjusted EBITDA declined approximately 20% compared with the prior year. S&P said, "While we expect profitability declines to decelerate in the second half of 2025 because of higher pricing and cost-cutting, we expect demand for natural cures to remain weak over the next 12 months." This reflects continued pressure on meat and foodservice companies--key drivers of FFP's nature cure performance--which have been hindered by elevated protein costs, particularly beef, in recent years. Additionally, competitive pressures in the natural cures segment have intensified over the past year, with FFP losing share to lower-priced alternatives including synthetic cures given lower demand for premium offerings during weaker economic periods. Natural cures now represent roughly 25% of total net revenue following notable diversification through acquisitions made over the past few years; however, as its highest-margin segment, its deterioration impaired the company's profitability and cash flow in 2025 and could continue to be a headwind in 2026 due to lower discretionary spending. S&P said, "We believe FFP's ability to scale and improve liquidity hinges on securing new business and executing effectively to drive EBITDA and cash flow growth. The beverage and flavors segments together represent around 75% of total revenue, which we forecast will continue to grow largely driven by solid industry demand for coffee and tea. However, the beverage segment is lower margin (compared to natural cures and flavors) and has not offset declines in the natural cures segment over the past several quarters. We ultimately believe FFP depends on favorable performance to offset continued weakness in natural cures, stemming from winning new business contracts. "The negative outlook reflects our belief that the capital structure remains unsustainable and that--while unlikely over the next 12 months--FFP faces the risk of default absent meaningful improvement in performance." S&P could lower the rating if we envision a potential default over the next 12 months. This could occur if: -- The company cannot meet its debt service requirements, or we anticipate a distressed exchange or debt restructuring that we would view as tantamount to a default; -- Revenue continues to decline due to a weakening macroeconomic environment or greater competition in natural cures; -- FFP loses key customers or fails to deliver on new business opportunities; or -- Costs increase due to raw material inflation, tariffs, or supply chain disruptions. S&P could take a positive rating action if it anticipates sustained positive FOCF and EBITDA interest coverage of at least 1.5x. This could occur if: -- Demand for natural cures improves, potentially due to reduced competition and an improving macroeconomic environment; -- The company executes on its strategic initiatives; and -- New business opportunities deliver meaningful incremental revenue and profits. FINANCE OF AMERICA: Bloom Retirement Holds 9.49% of Class A Shares ------------------------------------------------------------------ Bloom Retirement Holdings Inc. and Reza Jahangiri, disclosed in a Schedule 13D (Amendment No. 12) filed with the U.S. Securities and Exchange Commission that as of October 10, 2025, they beneficially own 2,126,091 shares of Finance of America Companies Inc.'s Class A Common Stock, representing 9.49% of the 11,079,270 shares of Class A Common Stock outstanding as of August 6, 2025. This includes 326,484 shares of Class A Common Stock directly held by Bloom Retirement Holdings Inc. and 1,799,607 FOAEC Units, which are exchangeable into Class A Common Stock on a one-for-one basis, subject to a Conversion Agreement limiting ownership to 9.49% until certain conditions are met. Reza Jahangiri, as the majority shareholder of Bloom Retirement Holdings Inc., shares voting and dispositive power over these securities. Bloom Retirement Holdings Inc. may be reached through Reza Jahangiri, Majority Shareholder 895 Dove Street, Suite 300 Newport Beach, Calif. 92660 Tel: (866) 948-0003 A full-text copy of Bloom Retirement's SEC report is available at: https://tinyurl.com/ykkhsh3f About Finance of America Plano, Texas-based Finance of America Companies Inc. is a financial services holding company. Through its operating subsidiaries, it operates as a modern retirement solutions platform, providing customers with access to an innovative range of retirement offerings centered on the home. In addition, Finance of America offers capital markets and portfolio management capabilities to optimize distribution to investors. As of June 30, 2025, Wynn Resorts had $30.15 billion in total assets, $29.67 billion in total liabilities, and a total stockholders' equity of $473.43 million. * * * As reported by the Troubled Company Reporter in November 2024, Fitch Ratings has downgraded the Long-Term Company Default Ratings (IDRs) of Finance of America Companies Inc. and its subsidiaries,Finance of America Equity Capital LLC and Finance of America Funding LLC (together, FOA) to 'RD' (Restricted Default) from 'C'. The action follows the completion of the company's debt restructuring on Oct. 31, 2024, which Fitch views as a distressed debt exchange (DDE). Fitch has also upgraded FOAs IDRs to 'CCC' from 'RD' subsequent to the DDE. Fitch has assigned a rating of 'CCC-' with a Recovery Rating of 'RR5' to Finance of America Funding, LLC's new $196 million senior secured notes due in 2026 and $147 million convertible senior secured notes due in 2029 issued as part of the exchange. Concurrently, Fitch has also downgraded Finance of America Funding LLC's unsecured debt rating to 'RD' from 'C'/'RR6' and withdrawn the rating as 98% of the notes were exchanged into the new secured notes. FIREFLY NEUROSCIENCE: Windsor Private, Six Others Hold 11.3% Stake ------------------------------------------------------------------ Windsor Private Capital LP, WPC Management Services Inc., WPC GP I Inc., Jordan Kupinsky, HJRK Holdings Inc., Rocco Marcello, and John Cundari, disclosed in a Schedule 13D (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of October 13, 2025, they beneficially own 1,521,461 shares of Firefly Neuroscience, Inc.'s Common Stock, $0.0001 par value, representing 11.3% of the 13,448,848 Common Shares outstanding as of September 4, 2025. This includes 1,452,701 Common Shares held by Windsor Private Capital LP, with shared voting and dispositive power among WPC Management Services Inc., WPC GP I Inc., Windsor Private Capital LP, Rocco Marcello, and John Cundari, and 68,760 Common Shares held by HJRK Holdings Inc., with shared voting and dispositive power with Jordan Kupinsky. The Reporting Persons are part of a group, and their ownership reflects a decrease due to the sale of 184,072 Common Shares by Windsor between October 9 and October 15, 2025, and an increase in the Company's outstanding shares. Windsor Private Capital LP Inc may be reached through: Jordan Kupinsky, Managing Partner 22 St. Clair Avenue East, Suite 202 Toronto, A6, M4T 2S3 Tel: (416) 515-2318 A full-text copy of the SEC report is available at: https://tinyurl.com/2edvtjsf About Firefly Firefly (NASDAQ: AIFF) (formerly WaveDancer, Inc.) is an Artificial Intelligence company developing innovative solutions that improve brain health outcomes for patients with neurological and mental disorders. The FDA-510(k)-cleared Brain Network Analytics (BNA) software platform is designed to advance diagnostic and treatment approaches for individuals with mental illnesses and cognitive disorders, such as depression, dementia, anxiety, concussions, and attention-deficit/hyperactivity disorder (ADHD). Toronto, Ontario, Canada-based Marcum Canada LLP, the Company's auditor since 2012, issued a "going concern" qualification in its report dated Apr. 2, 2025, attached on the Company's Annual Report on Form 10-K for the year ended Dec. 30, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $14.93 million in total assets, $2.84 million in total liabilities, and a total stockholders' equity of $12.1 million. FUTURA ENTERPRISES: Unsecureds to Get $15K per Month over 5 Years ----------------------------------------------------------------- Futura Enterprises Inc. filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization dated October 14, 2025. The Debtor operates a construction and remodel business in North Texas. The primary cause for the filing of this bankruptcy case was a lack of cash flow attributable to certain agreements entered into by and between the Debtor and several merchant cash vendors. The Plan provides for a reorganization and restructuring of the Debtor's financial obligations. The Plan provides for a distribution to Creditors in accordance with the terms of the Plan from the Debtor over the course of five years from the Debtor's continued business operations. Class 3 consists of non-priority unsecured claims. Each holder of an Allowed Unsecured Claim in Class 3 shall be paid by Reorganized Debtor from an unsecured creditor pool, which pool shall be funded at the rate of $15,000.00 per month commencing March 2026. Payments from the unsecured creditor pool shall be paid quarterly, for a period not to exceed 5 years (19 quarterly payments) and the first quarterly payment will be due on the twentieth day of June 2026. The Debtor estimates the aggregate of all Allowed Class 3 Claims is less than $855,000 based upon the Debtor's review of the Court's claim register, Debtor's bankruptcy schedules, and anticipated Claim objections. The holder of an Allowed Class 4 Interest shall retain their interests in the Reorganized Debtor. The Debtor proposes to implement and consummate this Plan through the means contemplated by Sections 1123 and 1145(a) of the Bankruptcy Code. A full-text copy of the Plan of Reorganization dated October 14, 2025 is available at https://urlcurt.com/u?l=9EeY8G from PacerMonitor.com at no charge. Counsel to the Debtor: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. Demarco Mitchell, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (972) 991-5591 Email: robert@demarcomitchell.com mike@demarcomitchell.com About Futura Enterprises Inc. Futura Enterprises Inc., doing business as Futura Building Systems, provides residential and commercial construction services in Texas. The Company offers roofing, remodeling, gutters, siding, and renovation work, operating from its office in Dallas. Futura Enterprises Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42551) on July 14, 2025. In its petition, the Debtor reports total assets of $313,607 and total liabilities of $2,583,194. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtors are represented by Robert T DeMarco, Esq. at DEMARCO MITCHEL, PLLC. GENERAL ENTERPRISE: BoltRock Reports Ownership of Over 3.3M Shares ------------------------------------------------------------------ BoltRock Holdings LLC, a 10% owner of General Enterprise Ventures, Inc. (GEVI), disclosed in a Form 3 filed with the U.S. Securities and Exchange Commission that as of March 17, 2025, it beneficially owns 1,815,155 shares of Series A Preferred Stock and 1,500,000 shares of Common Stock, both held directly. Additionally, it holds derivative securities including 13,000,000 shares of Common Stock underlying Series C Convertible Preferred Stock, convertible at any time at the holder's option into 20 shares of Common Stock per share with no expiration date; a Convertible Note convertible at the holder's election or automatically upon certain conditions into 5,500,000 shares of Common Stock at $0.4 per share, including accrued interest, with an expiration date of February 28, 2026; and a Warrant exercisable for 2,500,000 shares of Common Stock at $0.5 per share until February 28, 2030. BoltRock Holdings may be reached at: Craig A. Huff, Managing Member BoltRock Holdings LLC 712 5th Avenue New York, N.Y. 10019 Tel: 917-587-9000 A full-text copy of BoltRock's SEC Report is available at https://tinyurl.com/p5fentey About General Enterprise Headquartered in Cheyenne, Wyoming, General Enterprise Ventures, Inc. is an environmentally sustainable flame retardant and flame suppression company for the residential home industry throughout the United States and international markets. The Company acquired Mighty Fire Breaker, LLC on April 13, 2022, and formed Mighty Fire Breaker UK Ltd. on November 14, 2022. MFB owns 39 patents and patents pending for environmentally sustainable flame retardant and flame suppression technology. MFB's products are currently being sold to fire departments in the State of California. San Mateo, California-based WWC, P.C., the Company's auditor since 2024, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that Company has suffered recurring losses from operations and has a working capital deficit that raise substantial doubt about its ability to continue as a going concern. The Company has incurred losses since inception and has a net loss of approximately $6.9 million and revenue of $0.8 million for the year ended December 31, 2024. The Company also has a working capital deficiency of approximately $0.5 million as of December 31, 2024. In addition, the Company has been dependent on related parties to fund operations and has an amount owing to related parties of $0.6 million outstanding at December 31, 2024. As of June 30, 2025, the Company had $6.69 million in total assets, $6.50 million in total liabilities, and $2.19 million in total stockholders' deficit. GG ROCK: Carol Fox of GlassRatner Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Carol Fox of GlassRatner as Subchapter V trustee for GG Rock Developments, LLC. Ms. Fox will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fox declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Carol Fox GlassRatner 200 East Broward Blvd., Suite 1010 Fort Lauderdale, FL 33301 Tel: 954.859.5075 Email: cfox@brileyfin.com About GG Rock Developments LLC GG Rock Developments LLC is a single asset real estate company. GG Rock Developments sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22050) on October 14, 2025. In its petition, the Debtor reported estimated assets between $100,001 and $1 million and estimated liabilities up to $100,000. Honorable Bankruptcy Judge Peter D. Russin handles the case. GUARANTEED ON TIME: Jill Durkin Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Jill Durkin, Esq., at Durkin Law, LLC as Subchapter V trustee for Guaranteed On Time Deliveries, LLC. Ms. Durkin will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Durkin declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jill E. Durkin, Esq. Durkin Law, LLC 401 Marshbrook Road Factoryville, PA 18419 Phone number: (570) 881-4158 Email: jilldurkinesq@gmail.com About Guaranteed On Time Deliveries Guaranteed On Time Deliveries, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-02897) on October 9, 2025, with up to $50,000 in assets and liabilities. Judge Mark J. Conway presides over the case. James K. Jones, Esq., at Cga Law Firm represents the Debtor as bankruptcy counsel. HARDWOOD RESTAURANT: Court OKs Deal on Cash Collateral Access ------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California approved a stipulation between Hardwood Restaurant Holdings, LLC and its landlord, E3 Realty, LLC, regarding the use of cash collateral. Under the stipulation, the Debtor is authorized to use the landlord's cash collateral, which consists of revenues from ongoing restaurant operations, through October 31 or until a reorganization plan is confirmed. Use of funds is limited to ordinary and necessary business expenses per a financial projection, with a 10% variance allowed. As adequate protection, the Debtor agrees to pay the landlord $5,000 monthly (split into two $2,500 payments on the 1st and 15th), in addition to any post-petition rent owed. The agreement allows for future extensions and gives both parties flexibility to pursue further court action. Defaults (e.g., missed payments, trustee appointment, or Chapter 7 conversion) may terminate landlord's consent to cash collateral use after a seven-day notice period. Court approval is required for the stipulation to take effect. The Debtor operates two barbecue restaurants in Los Angeles, including one located at 3973 Sepulveda Blvd., Culver City, under a lease agreement with E3 Realty LLC. The Debtor intends to assume the lease, with details to be addressed in a separate court motion. Prior to the bankruptcy filing, the Debtor became delinquent on rent payments. On October 7, 2024, the landlord filed a UCC financing statement securing its claim, which is estimated at $103,131.78 and backed by all of the Debtor's assets. To date, the landlord has not filed a proof of claim but is the sole secured creditor in the Debtor's bankruptcy case. A copy of the stipulation is available at https://urlcurt.com/u?l=w0fcLp from PacerMonitor.com. E3 Realty LLC, as landlord, is represented by Elliot N. Kermani, Esq., at EK Law, Inc. About Hardwood Restaurant Holdings LLC Hardwood Restaurant Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-19049) on October 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Neil W. Bason handles the case. The Debtor is represented by Michael Jay Berger, Esq. HERMS LUMBER: Plan Exclusivity Period Extended to Feb. 13, 2026 --------------------------------------------------------------- Judge Scott Clarkson of the U.S. Bankruptcy Court for the Central District of California extended Herms Lumber Sales, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 13, 2026 and April 17, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that its request for an extension of the exclusivity periods for the filing of a plan and the solicitation of acceptances to such plan satisfies the general principles established by courts as guideposts for demonstrating within the meaning of Section 1121(d). * The first factor, the size and complexity of the case, weighs in favor of granting the Motion. This case involves numerous creditors, and the Debtor is actively working on preparing a plan of reorganization to make a meaningful distribution to creditors. The Debtor has taken meaningful strides towards preparing the Plan but needs more time to resolve the disputes with these creditors before the Plan is filed. * The second factor, the necessity of sufficient time to permit the debtor to negotiate a plan of reorganization and provide adequate information, weighs in favor of granting the Motion. This is the Debtor's second request for an extension. The Debtor seeks further extensions to February 13, 2026, and April 17, 2026, respectively. These extensions are well within the caps set forth by the Bankruptcy Code. * The third factor, the existence of good faith progress towards reorganization, weighs in favor of granting the Motion. The Debtor has made good faith progress in moving toward reorganization, particularly in light of the stage of the case and the status of negotiations with its junior lenders. Negotiations with the Debtor's other junior lenders are ongoing. Once those negotiations are concluded, the Debtor will finalize its plan and projections. The Debtor is also hopeful that these efforts to negotiate and formulate a plan will result in a consensual plan. * The fourth factor, whether the debtor is paying its bills as they come due, weighs in favor of granting the Motion. As reflected in the Debtor's monthly operating reports, the Debtor is consistently paying its post-petition bills as they come due. * The fifth factor, whether the debtor has demonstrated reasonable prospects for filing a viable plan, weighs in favor of granting the Motion. The Debtor has been using its time since the Petition Date to formulate a plan that will provide a meaningful distribution to creditors. Based on the Debtor's preliminary projections, it appears that there are reasonable prospects for filing a viable plan in this case. Herms Lumber Sales, Inc. is represented by: Aaron E. De Leest, Esq. Laila Rais, Esq. Sarah R. Hasselberger, Esq. Marshack Hays Wood LLP 870 Roosevelt Irvine, CA 92620 Telephone: (949) 333-7777 Facsimile: (949) 333-7778 Email: adeleest@marshackhays.com About Herms Lumber Sales Inc. Herms Lumber Sales, Inc. specializes in the wholesale distribution of lumber and related construction materials. The Company offers a variety of products, including dense mixed hardwoods, softwoods, and plywood/OSB, catering to industries such as pallet manufacturing and construction. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10403) on Feb. 19, 2025. In the petition signed by Mark C. Herms, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Theodor Albert oversees the case. Aaron E. De Leest, Esq., at Marshack Hays Wood, LLP, is the Debtor's legal counsel. HIGH SOURCES: Unsecureds to Split $192K via Quarterly Payments -------------------------------------------------------------- High Sources Inc. filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement describing Plan of Reorganization dated October 15, 2025. The Debtor was incorporated on August 1, 2015. For the last ten years, the Debtor has provided nationwide commercial janitorial and facility services. Until recently, the Debtor also provided construction services as well. The Debtor was incorporated on August 1, 2015. For the last ten years, the Debtor has provided nationwide commercial janitorial and facility services. Until recently, the Debtor also provided construction services as well. Although the Debtor provided janitorial services to many entities, the Debtor's largest account by far was for Joann Fabric and Craft. This account alone generated upwards $600,000 per month in gross revenue. The Debtor also began to branch out into construction services providing both new construction and renovations. Since the Petition Date, the Debtor has taken substantial steps to increase profitability. More specifically, the Debtor has aggressively pursued new commercial contract to replace the income it received from Joann Fabric. The Debtor has also vacated two of its three locations and intends to vacate its third remaining location by the end of December 2025. The Debtor is actively looking for a new location which will better mesh with its current cash flow projections. The Plan will be funded by the continued operation of the Debtor with the anticipation that the Debtor will be able to procure new commercial contracts over the next six to twelve months. This Plan provides for one class of priority claims; 23 classes of secured claims; one class of general unsecured claims, and one class of equity security holders. Unsecured creditors holding allowed claims will receive payment a pro rata distribution on their allowed claim over sixteen quarterly payments. This Plan also provides for the payment of administrative and priority claims under the terms to the extent permitted by the Code or by agreement between the Debtor and the claimant. Class 25 consists of General Unsecured Claims. The Debtor will fund a total of $192,000 for payment of claims in this class. Claimants in this class will be paid a pro rata share of their allowed claim without interest, in sixteen equal quarterly payments of $12,000 commencing on the start of the calendar quarter immediately following the one-year anniversary of the Effective Date of the Plan and continuing quarterly thereafter. Promissory notes will be issued to each creditor in this class with allowed claims to evidence payments, which promissory notes shall be enforceable in any court of competent jurisdiction. The amount of the pro rata distribution will be considered final and binding thirty days after the filing of the Certificate of Substantial Consummation by the Debtor. Class 26 consists of Equity Secured Holders. Equity will retain ownership in the Debtor post-confirmation, subject to liens in such equity interests granted to ConnectOne Bank as security for the Debtors' obligations to ConnectOne Bank under the Plan and loan and security documents to be executed in connection with the Plan. No distributions will be made to equity until such time as all payments in Class 25 have been made. The Plan will be funded by the income generated through the Debtor' regular business income. A full-text copy of the Disclosure Statement dated October 15, 2025 is available at https://urlcurt.com/u?l=QBVoKG from PacerMonitor.com at no charge. High Sources Inc. is represented by: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. FORD & SEMACH, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 877-4669 Email: Buddy@tampaesq.com Jonathan@tampaesq.com Heather@tampaesq.com About High Sources Inc. High Sources, Inc., provides janitorial, facilities maintenance, and construction services across multiple sectors, including healthcare and retail. Based in Tampa, Florida, the Debtor operates field offices in Arizona, Florida, and Texas. Founded in 2015, the Debtor is a minority-owned business. High Sources sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03583) on May 30, 2025. In its petition, the Debtor reported total assets of $1,110,080 and total liabilities of $9,148,669. Judge Catherine Peek Mcewen handles the case. Buddy D. Ford, and Jonathan A. Semach, at Ford & Semach, P.A., are the Debtor's bankruptcy attorneys. HIGH ZZEAZZZ: Seeks Cash Collateral Access ------------------------------------------ High Zzeazzz, Inc. asks the U.S. Bankruptcy Court for the Eastern District of North Carolina, Greenville Division, for authority to use cash collateral and provide adequate protection. The Debtor contends that certain cash, accounts, and receivables constitute cash collateral under the Bankruptcy Code and requests permission to use this collateral to continue its operations. High Zzeazzz proposes to establish debtor-in-possession bank accounts for deposit and management of funds and requests that customers be directed to make payments directly to these accounts. The Debtor proposes that secured creditors receive replacement liens on all post-petition cash and related assets to the same extent and priority as their pre-petition liens, with perfection of these liens deemed automatic. It does not dispute the validity or priority of these liens but leaves open the possibility of challenges by a trustee. The Debtor's operations include a marina, ship's store, restaurant, refueling station, and common area amenities, serving boating enthusiasts primarily from the East Coast. Since January 2018, the Debtor has expanded its services, notably adding a restaurant and amenities in 2019, which led to construction beginning in early 2020. Originally budgeted at around $650,000, the project’s costs ballooned to approximately $1.1 million due to COVID-19-related delays, supply chain disruptions, and inflation. Financing challenges arose when Bancorp Bank halted funding at $750,000, forcing the Debtor to seek alternative loans, including from Kimmit Investments and various merchant cash advance lenders. The MCA loans, though providing short-term cash inflows, imposed heavy costs and difficult terms, leading to a cycle of borrowing to cover previous loans. Faced with mounting debts and unsustainable cash flow, the Debtor filed for Chapter 11 bankruptcy protection under Subchapter V on October 17, seeking to restructure its debts or possibly sell assets to satisfy creditors. The Debtor acknowledges several secured creditors, including the U.S. Small Business Administration, Bancorp, Kimmit, Everest Funding, Fintegra, and several MCA lenders, which hold liens on various assets such as cash, receivables, real property, equipment, and other intangibles. The Debtor estimates outstanding balances ranging from approximately $10,000 to over $1 million among these creditors. About High Zzeazzz Inc. High Zzeazzz, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04096) on October 17, 2025, listing up to $10 million in both assets and liabilities. Stephen Zeltner, president of High Zzeazz, signed the petition. Judge Pamela W. McAfee oversees the case. C. Scott Kirk, Esq. represents the Debtor as legal counsel. ICON LLC: Unsecured Creditors to Get 100 Cens on Dollar in Plan --------------------------------------------------------------- ICON LLC filed with the U.S. Bankruptcy Court for the District of Maryland a Subchapter V Plan dated October 14, 2025. The Debtor is a lessee of Omni Vision and, further, is a start-up entity. Debtor's income is derived entirely from the ongoing operation of a Ballroom, Restaurant and Café. As of the date of this filing, Debtor has solely operated the Café as that portion of the leased premises that has received a final Use and Occupancy Permit ("U&O") from the City of Baltimore. The Ballroom has just received a final U&O from the City of Baltimore. The operation of the Restaurant (and kitchen serving the same) has been suspended solely until such time as Debtor has repaired a hood system in the kitchen and obtained a final U&O for both kitchen and Restaurant. The Debtor proposes to pay Omni Vision 100% of its claim and all postpetition arrears over the term of the Plan by way of quarterly payments in the amount of $50,000. It is also Debtor's intention to provide, by way of Court Order or an amendment to the existing Lease and as a part of this Plan, an equity interest unto Omni Vision of 5.00% of all net income thereafter and for all periods of time during which Debtor remains a tenant of Omni Vision and/or any of its successors and/or assigns. During the term of this Plan, the Debtor shall submit the disposable income (or value of such disposable income) necessary for the performance of this plan to the Subchapter V Trustee (the "Trustee") and shall pay the Trustee the sums set forth herein. The term of this Plan begins on the date of confirmation of this Plan and ends on the 24th month subsequent to that date. Debtor reserves the right to request a modification of the Plan so as to end the term of the Plan sooner only at such time as Debtor completes all obligations under this Plan on any such date. The value of the property to be distributed under the Plan during the term of the Plan is not less than the Debtor's projected disposable income for that same period. Unsecured creditors holding allowed claims will receive distributions, which the Debtor has valued at approximately 100 cents on the dollar; i.e. - a 100% Plan. The Plan also provides for the payment of secured, administrative, and priority claims in accordance with the Bankruptcy Code. The Debtor's sole unsecured creditor as of the date of this filing is Cellco Partnership dba Verizon Wireless. Verizon has submitted an unsecured claim in the sum of $3,165.26. Debtor proposes to pay Verizon 100% of its claim over the term of the Plan. The Debtor believes that the Plan maximizes the recovery to creditors and allows a full return to creditors on their respective claims. Accordingly, Debtor respectfully submits that the Plan is in the best interests of creditors and urges all holders of Impaired Claims to vote for the Plan. A full-text copy of the Subchapter V Plan dated October 14, 2025 is available at https://urlcurt.com/u?l=5kJ99c from PacerMonitor.com at no charge. Counsel to the Debtor: Douglas N. Gottron, Esq. Morris Palerm, LLC 751 Rockville Pike, Suite 2A Rockville, MD 20852 Tel: (301) 424-6290 Fax: (301) 424-6294 Email: dgottron@morrispalerm.com About ICON LLC ICON LLC, operating as Vida Investments, is a Maryland-based food services company as indicated by its NAICS code 7223, which covers special food services including caterers, food service contractors, and mobile food vendors. ICON LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-16451) on July 1, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $50,000 and $100,000. The Debtors are represented by Douglas N. Gottron, Esq. at Morris Palerm, LLC. IN HOME PROGRAM: Hires Ciardi Ciardi & Astin as Legal Counsel ------------------------------------------------------------- In Home Program, Inc. d/b/a MARS Care seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ Ciardi Ciardi & Astin to serve as legal counsel in its Chapter 11 case. Ciardi Ciardi & Astin will provide these services: (a) give the Debtor legal advice with respect to its powers and duties as a Debtor-in-possession; (b) prepare on behalf of the Debtor any necessary applications, answers, orders, reports, and other legal papers; (c) perform all other legal services for the Debtor which may be necessary; and (d) prepare and file a Plan of Reorganization. The professionals at Ciardi Ciardi & Astin who are most likely to work on this bankruptcy are: Albert A. Ciardi, III $625 per hour Daniel S. Siedman $450 per hour Dorene Torres, Paralegal $100 per hour Ciardi Ciardi & Astin 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: Albert A. Ciardi, III CIARDI CIARDI & ASTIN 1905 Spruce Street Philadelphia, PA 19103 Telephone: (215) 557-3550 Facsimile: (215) 557-3551 E-mail: aciardi@ciardilaw.com jcranston@ciardilaw.com About In Home Program, Inc. In Home Program, Inc. d/b/a MARS Care sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14136) on October 10, 2025. On June 10, 2024, the Company first filed protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-11991-amc). The case was terminated on July 2, 2025. At the time of the new filing, Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $500,001 and $1 million. Judge AMC oversees the case. Ciardi Ciardi & Astin is Debtor's legal counsel. JAMIE HOLDINGS: Hires Joyce W. Lindauer Attorney as Legal Counsel ----------------------------------------------------------------- Jamie Holdings LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas, Tyler Division, to hire Joyce W. Lindauer Attorney, PLLC to serve as legal counsel in its Chapter 11 case. Joyce W. Lindauer Attorney, PLLC will provide these services: (a) represent the interests of the Debtor and the estate and propose a plan of reorganization; (b) prepare on behalf of the Debtor the necessary applications, answers, orders, reports, and other legal papers; (c) perform all other legal services for the Debtor which may be necessary in the course of this Chapter 11 proceeding; and (d) represent the Debtor in matters arising in connection with its bankruptcy case. Joyce W. Lindauer Attorney, PLLC has been paid a retainer of $26,738 in connection with this proceeding, which included the filing fee of $1,738, and which was paid by the Debtor. The primary attorneys and paralegal within the Firm who will represent the Debtor and their hourly rates are: Joyce W. Lindauer $595 Paul B. Geilich, Of Counsel $525 and Dian Gwinnup, Paralegal $250 Joyce W. Lindauer Attorney, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC 117 S. Dallas Street Ennis, TX 75119 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 E-mail: joyce@joycelindauer.com About Jamie Holdings LLC Jamie Holdings LLC, classified under NAICS code 5313 for activities related to real estate, identifies its principal assets as located in the Lake Towns at Lake Palestine Subdivision, recorded in Cabinet H, Slide 348 of the Plat Records in Henderson County, Texas. Jamie Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-60598) on September 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Joshua P. Searcy handles the case. The Debtor is represented by Joyce Lindauer, Esq. at JOYCE W. LINDAUER ATTORNEY, PLLC. KARBONX CORP: Reports $2.6 Million Net Loss for Q1 2026 ------------------------------------------------------- Karbon-X Corp filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $2.6 million for the three months ended August 31, 2025, compared to a net loss of $804,766 for the same period of 2024. Revenue for the three months ended August 31, 2025, was $35.66 million, compared to a revenue of $127,429 for the same period in 2024. To date, the Company has generated minimal revenues from its business operations and has incurred operating losses since inception of $14.18 million. The Company will require additional funding to meet its ongoing obligations and to fund anticipated operating losses. The ability of the Company to continue as a going concern is dependent on raising capital to fund its initial business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as to the Company's ability to continue as a going concern. The Company intends to continue to fund its business by way of private placements and advances from related parties as may be required. As of August 31, 2025, the Company had $7.44 million in total assets, $8.79 million in total liabilities, and a total stockholders' deficit of $1.35 million. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/ryznf6w2 About Karbon-X Calgary, Canada-based Karbon-X Corp. provides customized transactional options, tailored insights, and scalable access to the Verified Emissions Reduction markets. As of May 31, 2025, the Company had total assets of $6.78 million, $8.15 million in total liabilities, and $1.37 million in total shareholders' deficit. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated September 15, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2025, citing that Company has generated minimal revenues from its business operations and has incurred operating losses since inception. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. KC 117: To Sell Tarzana Property to Tomer On for $1.6MM ------------------------------------------------------- KC 117 LLC seeks permission from the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 5712 Donna Avenue, Tarzana, CA 91356. The Debtor intends to sell the Property to the Buyer, Tomer On for $1,605,000, free and clear of all liens and claims, with those liens removed from the Property and the allowed amounts of certain liens in favor Attorney Lender Services Inc. (senior lender/foreclosure trustee); Ruth V. Creary (junior lender) and, Los Angeles County Tax Assessor, to be paid through escrow as follows: 1. Debtor proposes to pay through escrow, the allowable amount of the liens due to Attorney Lender Services Inc., which is estimated to be $900,000 plus any attorney fees/foreclosure costs, daily interest and fees or such amount allowed by the Court. 2. The Debtor proposes to pay, through escrow, the allowable amount of the liens due to Ruth V. Creary, PhD, who has accepted a discounted payoff of $100,000 or such amount allowed by the Court. 3. The Debtor proposes to pay, through escrow, any amount owing to the LA County Tax Collector, estimated to be $5,063.99 or such other amounts allowed by the Court. 4. The Debtor proposes to pay, through escrow, all customary costs of sale (est. 2%). 5. The Debtor proposes to pay, through escrow, commissions totaling 6.0% of the sale price, payable 3.5% to listing agent and 2.5% to any successful buyer's agent or such amount allowed by the Court. 6. The Debtor proposes to pay, through escrow, a $50,000 retainer payment to counsel for Debtor pursuant to its retainer agreement. 7. The Debtor shall receive the net proceeds of approximately $421,536.01 which shall be used to pay all creditors in full of $3,900, leaving $417,636.01 to the Debtor (or such higher amounts based on any overbids). Sufficient surplus funds will be available to cover any possible capital gains taxes resulting from the sale which Escrow may hold in the amount of 3% of any such gain or such other amounts allowed by the Court. Any person interested in submitting an overbid on the Property must attend the hearing on the Motion or be represented by an individual with authority to participate in the overbid process, and will be defined as an initial overbid of $5,000 above the Purchase Price, with each additional bid in minimum $1,000 increments. The Debtor is a limited liability company which is owned by two equity security holders. The Debtor owns one parcel of real property located at 5712 Donna Ave., Tarzana, CA 91356, in Los Angeles County, California, which is subject to a Notice of Default and Notice of Trustee's Sale. 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 PET: Unsecured Creditors to Split $20K over 4 Years ------------------------------------------------------ KC Pet, Inc. filed with the U.S. Bankruptcy Court for the District of Minnesota a First Modified Plan of Reorganization for Small Business dated October 14, 2025. The Debtor is a Minnesota corporation formed in 2022. Its principal place of business and store location is 880 West 78th Street, Chanhassen, Minnesota 55317. The Debtor performs full-service grooming for pets, a self-service pet washing center, and operates a retail area with pet toys, leashes, food and other items for pets. The Debtor owns a van that it uses for mobile services such as nail trimming and teeth brushing for pets. The Debtor's financial projections show that the Debtor will have sufficient revenue to make payments on the Plan. The final Plan payment is expected to be paid in December 2030. Class 2 consists of all Allowed unsecured claims against the Debtor that are not entitled to priority and are not classified elsewhere in this Plan, including, without limitation, ONB's unsecured deficiency claim in the estimated amount of $605,000.00 and the claim of QuickBridge in the amount of $36,562.00. Pursuant to the Schedules and the filed proofs of claim, the Debtor believes the general unsecured claims total approximately $682,633.00. Holders of Allowed Class 2 claims shall receive their pro rata share of $20,000 pursuant to the Debtor's projections, which shall follow the payment schedule: Payment 1 Payment 2 Payment 3 Payment 4 December 2027 December 2028 December 2029 December 2030 $5,000 $5,000 $5,000 $5,000 The annual payments shall be paid on a pro rata basis to each holder of an Allowed Class 2 claim. Nothing contained in this Plan shall restrict the Debtor or the Reorganized Debtor from objecting to, contesting, or seeking to avoid a Class 2 claim as permitted under the Bankruptcy Code or otherwise applicable law. The payments to the holder of the Class 2 claims pursuant to this Article shall be in exchange for, and in full satisfaction, settlement, release, and discharge of, the Class 2 claims. Equity Interest Holders are people who hold an ownership interest in the Debtor. The only member of Class 3 is Kristina Clay (100% owner). Ms. Clay shall retain her equity interest in the Debtor. All property of the Debtor and the estate is dealt with by this Plan; therefore, on the Effective Date, to the full extent authorized by section 1141(b) of the Bankruptcy Code, all property of the Debtor and the estate vests in the Reorganized Debtor and such property is free and clear of all liens, encumbrances, claims, and interests of creditors, including any notices of lis pendens, except to the extent the Plan explicitly provides that such liens, encumbrances, claims, or interests are retained. A full-text copy of the First Modified Plan dated October 14, 2025 is available at https://urlcurt.com/u?l=fToiD7 from PacerMonitor.com at no charge. Counsel to the Debtor: Mary F. Sieling, Esq. Sieling Law, PLLC 12800 Whitewater Dr, Ste. 100, #3201 Minnetonka, MN 55343 Tel: (612) 325-1191 Email: mary@sielinglaw.com About KC Pet, Inc. KC Pet, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-41990) on June 18, 2025. In the petition signed by Kristina Clay, president and owner, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Katherine A. Constantine oversees the case. Mary Sieling, Esq., at Sieling Law, PLLC, represents the Debtor as legal counsel. KINGDOM AMBASSADOR: Seeks Subchapter V Bankruptcy in Virginia ------------------------------------------------------------- On October 14, 2025, Kingdom Ambassador Center & Ministry Inc. filed Chapter 11 protection in the Eastern District of Virginia. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Kingdom Ambassador Center & Ministry Inc. Kingdom Ambassador Center & Ministry Inc. operates as a Christian church and ministry engaged in preaching, teaching, and community outreach. The organization conducts worship services, discipleship programs, and evangelistic missions aimed at spreading Christian teachings and strengthening faith communities. It focuses on spiritual education, charitable activities, and the integration of individuals into the broader Christian fellowship. Kingdom Ambassador Center & Ministry Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-12126) on October 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Jonathan B. Vivona, Esq. of VIVONA PANDURANGI, PLC. LAS VEGAS SANDS: AAEC Case Remains Pending in Nevada Court ---------------------------------------------------------- The case styled Asian American Entertainment Corporation, Limited v. Venetian Macau Limited, et al. remains pending, according to Las Vegas Sands Corp.'s Form 10-Q filing with the U.S. Securities and Exchange Commission for the quarter ended June 30, 2025. On January 19, 2012, Asian American Entertainment Corporation, Limited filed a claim with the Macao First Instance Court against VML, LVS (Nevada) International Holdings, Inc., Las Vegas Sands, LLC and Venetian Casino Resort for 3.0 billion patacas (approximately $371 million at exchange rates in effect on June 30, 2025), which alleges a breach of agreements entered into between AAEC and LVS (Nevada), LVSLLC and VCR for their joint presentation of a bid in response to the public tender held by the Macao government for the award of gaming concessions at the end of 2001. On March 24, 2014, the Macao First Instance Court issued a decision holding that AAEC's claim against VML is unfounded and that VML be removed as a party to the proceedings. On May 8, 2014, AAEC lodged an appeal against that decision. On June 5, 2015, the U.S. Defendants applied to the Macao First Instance Court to dismiss the claims against them as res judicata based on the dismissal of prior action in the United States that had alleged similar claims. On March 16, 2016, the Macao First Instance Court dismissed the defense of res judicata. An appeal against that decision was lodged by U.S. Defendants on April 7, 2016. At the end of December 2016, all the appeals were transferred to the Macao Second Instance Court. Evidence gathering by the Macao First Instance Court commenced by letters rogatory, which was completed on March 14, 2019. On July 15, 2019, AAEC submitted a request to the Macao First Instance Court to increase the amount of its claim to 96.45 billion patacas (approximately $11.93 billion at exchange rates in effect on June 30, 2025), allegedly representing lost profits from 2004 to 2018, and reserving its right to claim for lost profits up to 2022. On September 4, 2019, the Macao First Instance Court allowed AAEC's amended request. The U.S. Defendants appealed the decision allowing the amended claim on September 17, 2019; the Macao First Instance Court accepted the appeal on September 26, 2019. On April 16, 2021, the U.S. Defendants moved to reschedule the trial because of the ongoing COVID-19 pandemic. The Macao First Instance Court denied the U.S. Defendants' motion on May 28, 2021. The U.S. Defendants appealed that ruling on June 16, 2021. The trial began on June 16, 2021. By order dated June 17, 2021, the Macao First Instance Court scheduled additional trial dates in late 2021 to hear witnesses who were subject to COVID-19 travel restrictions that prevented or severely limited their ability to enter Macao. The U.S. Defendants appealed certain aspects of the Macao First Instance Court's June 17, 2021 order. On July 10, 2021, the U.S. Defendants were notified of an invoice for supplemental court fees totaling 93 million patacas (approximately $12 million at exchange rates in effect on June 30, 2025) based on Plaintiff's July 15, 2019 amendment. By motion dated July 20, 2021, the U.S. Defendants moved for an order withdrawing that invoice. The Macao First Instance Court denied that motion by order dated September 11, 2021. The U.S. Defendants appealed that order on September 23, 2021. By order dated September 29, 2021, the Macao First Instance Court ordered that the invoice for supplemental court fees be stayed pending resolution of that appeal. From December 17, 2021 to January 19, 2022, Plaintiff submitted additional documents to the court file and disclosed written reports from two purported experts, who calculated Plaintiff's damages at 57.88 billion patacas and 62.29 billion patacas (approximately $7.16 billion and $7.70 billion, respectively, at exchange rates in effect on June 30, 2025). On April 28, 2022, the Macao First Instance Court entered a judgment for the U.S. Defendants. The Macao First Instance Court also held that Plaintiff litigated certain aspects of its case in bad faith. Plaintiff filed a notice of appeal from the Macao First Instance Court's judgment on May 13, 2022. On September 19, 2022, the U.S. Defendants were notified of an invoice for appeal court fees totaling 48 million patacas (approximately $6 million at exchange rates in effect on June 30, 2025). By motion dated September 29, 2022, the U.S. Defendants moved the Macao First Instance Court for an order withdrawing that invoice. The Macao First Instance Court denied that motion by order dated October 24, 2022. The U.S. Defendants appealed that order on November 10, 2022 and on January 6, 2023, submitted the appeal brief. On October 9, 2023, the U.S. Defendants were notified that the Macao Second Instance Court had invited Plaintiff to amend its appeal brief, primarily to separate out matters of fact from matters of law, and Plaintiff had submitted an amended appeal brief on October 5, 2023. The U.S. Defendants responded to Plaintiff's amended appeal brief on October 30, 2023. On November 8, 2023, the Macao Second Instance Court issued an order concluding that Plaintiff may have litigated in bad faith by exceeding the scope of permissible amendments to its appeal brief and invited responses from the parties. The U.S. Defendants responded to the November 8, 2023 order on November 23, 2023, and Plaintiff moved for clarification of the November 8 order on November 27, 2023. On January 5, 2024, the Macao Second Instance Court rejected AAEC's request for clarification. On October 17, 2024, the Macao Second Instance Court issued an order rejecting Plaintiff's appeal of the Macao First Instance Court's April 28, 2022 judgment based on procedural defects, again found the Plaintiff to be litigating in bad faith, and declined to address the interlocutory appeals that had been filed by the parties. On October 29 and November 1, 2024, respectively, the U.S. Defendants and Plaintiff moved for clarification of the Second Instance Court's decision not to hear certain interlocutory appeals. On November 5, 2024, Plaintiff filed a notice stating that its time to appeal should not begin to run until after the Macao Second Instance Court resolves the clarification motions and that Plaintiff intends to file a notice of appeal at that time or, in the alternative, Plaintiff asked the Macao Second Instance Court to treat its November 5 filing as a notice of appeal. On November 14, 2024, Plaintiff applied to rectify both its notice of appeal and its request for clarification. On November 18, 2024, the U.S. Defendants responded to Plaintiff's request for clarification. By order dated March 21, 2025, the Macao Second Instance Court denied both motions for clarification, and it found that Plaintiff's prior filings did not constitute a notice of appeal. On April 7, 2025, Plaintiff filed a notice of appeal to the Court of Final Appeal, and the Defendants moved to stay proceedings pending completion of the judicial liquidation proceedings against AAEC. On April 28, 2025, the Defendants moved to strike Plaintiff's notice of appeal. The Defendants supplemented their stay motion on May 2, 2025 to note that the Macao First Instance Court had entered a judgment liquidating Plaintiff. By order dated May 30, 2025, the Macao Second Instance Court denied the Defendants' motion to strike, accepted Plaintiff's notice of appeal, and concluded that it lacked jurisdiction to stay the proceedings. On June 11, 2025, the Defendants filed a notice that Plaintiff's liquidation had been registered with the Commercial Registry, and Plaintiff is no longer an existent legal entity. Plaintiff filed its appeal brief on June 18, 2025. On June 30, 2025, Plaintiff filed a notice claiming that the Macao Second Instance Court lacks jurisdiction to address its liquidation and, in the alternative sought to stay the proceedings so that it could challenge the liquidation. On July 7, 2025, Defendants submitted a response to Plaintiff's June 30, 2025 filing, noting that, under Macao law, Plaintiff no longer exists and should be replaced as a party in the litigation by its shareholders and urging the Macao Second Instance Court to deny Plaintiff's request to stay the proceedings. By order dated July 14, 2025, the Macao Second Instance Court denied AAEC's motion for a stay, rejected AAEC's appeal brief because AAEC did not exist at the time the brief was filed, and concluded that AAEC's shareholders automatically replaced AAEC as Plaintiff as a matter of Macao law. Because AAEC's shareholders did not file a timely appeal brief, the Macao Second Instance Court dismissed the appeal to the Macao Court of Final Appeal that AAEC had noticed on April 7, 2025. The deadline to challenge the July 14, 2025 order was July 31, 2025. Management has determined that, based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously. Las Vegas, Nevada-based Las Vegas Sands Corp. (NYSE:LVS) develops, owns, and operates integrated resorts in Asia and the United States. The company owns and operates The Venetian Macao Resort Hotel, Sands Cotai Central, the Four Seasons Hotel Macao, the Plaza Casino, and the Sands Macao in Macau, the People's Republic of China. It also owns and operates the Marina Bay Sands in Singapore; The Venetian Resort Hotel Casino, The Palazzo Resort Hotel Casino, and Five-Diamond luxury resorts on the Las Vegas Strip; the Sands Expo and Convention Center in Las Vegas, Nevada; and the Sands Casino Resort Bethlehem in Bethlehem, Pennsylvania. LIFE CENTER: Case Summary & Two Unsecured Creditors --------------------------------------------------- Debtor: Life Center Full Gospel Baptist Cathedral, Inc. 2100 Ames Blvd. Marrero, LA 70072 Business Description: Life Center Full Gospel Baptist Cathedral, Inc., operates as a religious organization providing worship services and community programs within the Baptist denomination. Chapter 11 Petition Date: October 20, 2025 Court: United States Bankruptcy Court Eastern District of Louisiana Case No.: 25-12353 Judge: Hon. Meredith S. Grabill Debtor's Counsel: Michael Landis, Esq. HELLER, DRAPER & HORN, LLC 650 Poydras Street, Suite 2500 New Orleans, LA 70130 Tel: 504-299-3300 Fax: 504-299-3399 E-mail: mlandis@hellerdraper.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Thomas Ussin as assistant finance director. 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/NMFQANY/Life_Center_Full_Gospel_Baptist__laebke-25-12353__0001.0.pdf?mcid=tGE4TAMA LS TRUCKING: Employs Fuller Law Firm P.C. as Legal Counsel ---------------------------------------------------------- LS Trucking, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California, Oakland Division, to employ The Fuller Law Firm, P.C. to serve as its counsel in the Chapter 11 case. The firm will provide these services: (a) advise Debtor with respect to its powers and duties as Debtor-in-Possession; (b) attend meetings and negotiate with representatives of creditors; (c) take necessary action to protect and preserve Debtor's estate, including prosecution of actions by Debtor, defense of actions commenced against Debtor, and objections to claims filed against the estate; (d) prepare on behalf of Debtor all motions, applications, answers, orders, reports, and papers necessary to the administration of the case; (e) represent Debtor in all proceedings before the Court; and (f) perform all other legal services for Debtor that may be necessary in this Chapter 11 proceeding. The firm will be paid at these hourly rates: Lars T. Fuller $505 Joyce K. Lau $475 The Debtor has paid a $40,000 retainer (inclusive of the $1,738 filing fee), leaving a balance of $26,395.50 held in trust. According to the firm's declaration, The Fuller Law Firm, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and has no connection with the Debtor, its creditors, or any other party in interest. The firm can be reached at: Lars T. Fuller, Esq. The Fuller Law Firm, P.C. 60 N. Keeble Ave. San Jose, CA 95126 Telephone: (408) 295-5595 Facsimile: (408) 295-9852 About L.S. Trucking Inc. L.S. Trucking Inc., based in Newark, California, provides trucking and transportation services focused on general freight, building materials, sand, and gravel. The Company operates intrastate with a fleet of trucks and trailers, serving construction, excavation, and landscape material transport needs. L.S. Trucking Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-41750) on September 23, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Charles Novack, Esq. handles the case. The Debtor is represented by Lars Fuller, Esq. of THE FULLER LAW FIRM PC. LUNAI BIOWORKS: Regains Compliance With Minimum Bid Price Rule -------------------------------------------------------------- Lunai Bioworks Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it received a Notice from the NASDAQ Stock Market that the Company has regained compliance with Listing Rule 5550(a)(2). Previously, on April 14, 2025, the NASDAQ staff notified the Company that its common stock failed to maintain a minimum bid price of $1.00 over the previous 30 consecutive business days as required by the Listing Rules of the NASDAQ Stock Market. Since then, the staff of NASDAQ has determined that for the 11 consecutive business days from September 30, 2025 to October 14, 2025, the closing bid price of the Company's common stock has been at $1.00 per share or greater. "This compliance milestone reflects our commitment to strategic execution and shareholder value during a transformative period for Lunai Bioworks," said David Weinstein, Chief Executive Officer. "We remain focused on advancing our AI-powered platform and delivering long-term impact across drug discovery and biodefense." About Lunai Bioworks Headquartered in Los Angeles, Calif., Lunai Bioworks Inc. (formerly Renovaro Inc.) is an AI-powered drug discovery and biodefense company pioneering safe and responsible generative biology. With proprietary neurotoxicity datasets, advanced machine learning, and a focus on dual-use risk management, Lunai is redefining how artificial intelligence can accelerate therapeutic innovation while safeguarding society from emerging threats. As of June 30, 2025, the Company had total assets of $8.23 million, $29.58 million in total liabilities, and $21.35 million in total shareholders' deficit. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated September 29, 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 incurred substantial recurring losses from operations, has used cash in the Company's continuing operations, and is dependent on additional financing to fund operations, which raises substantial doubt about its ability to continue as a going concern. MATTHEW BRIDWELL: Employs Vanessa Cash Adams Inc. as Attorney ------------------------------------------------------------- Matthew Bridwell DDS PA seeks approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to employ y Vanessa Cash Adams of Law Offices of Vanessa Cash Adams, Inc., as attorney for the Debtor in its Chapter 11 case. The firm will provide these legal services: (a) advising the Debtor regarding its rights, duties, and obligations under the Bankruptcy Code; (b) preparing and filing necessary pleadings, applications, motions, and reports; (c) representing the Debtor in court hearings and proceedings; and (d) performing all other legal services necessary for the administration of the Chapter 11 case. Ms. Adams will be paid $310 per hour for work performed by her and $85 for support staff. Vanessa Cash Adams has represented that she and her firm are "disinterested persons" as defined under Section 101(14) of the Bankruptcy Code and hold no interest adverse to the Debtor or the estate. The firm can be contacted at: Vanessa Cash Adams, Esq. LAW OFFICE OF VANESSA CASH ADAMS, INC. PO Box 250056 Little Rock, AR 72225 Telephone: (501) 400-7395 Facsimile: (501) 500-6072 E-mail: vanessa@vanessacash.org Website: https://vanessacash.org About Matthew Bridwell DDS PA Matthew Bridwell DDS PA, doing business as Kanis Dental, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-13477) on October 9, 2025, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Phyllis M. Jones presides over the case. Vanessa Cash Adams, Esq. at the Law Office of Vanessa Cash Adams, Inc. represents the Debtor as legal counsel. MERCY HOSPITAL: Trustee Can't Compel Creditor to Accept Payment --------------------------------------------------------------- Chief Judge Thad J. Collins of the United States Bankruptcy Court for the Northern District of Iowa denied the Motion to Compel Acceptance of Payment filed by Dan R. Childers, in his sole capacity as Trustee of the Mercy Hospital Liquidation Trust. The Debtors' bankruptcy-exit plan was confirmed on June 7, 2024 over the objection of MercyOne, the Debtor's former manager. Under the Plan, the Liquidation Trust was created, and Childers was appointed as Trustee. The Effective Date of the Plan was June 24, 2024. The Plan was to be substantially consummated under Bankruptcy Code sections 1101 and 1127 on the Effective Date. MercyOne has appealed the Confirmation Order. Under the terms of the confirmed Plan, MercyOne holds a Class 3 general unsecured claim of $31,524.63. The Trustee objected to MercyOne's Proof of Claim. In May 2025, the Trust Oversight Committee wrote to counsel for MercyOne stating that the Trust and the Oversight Committee tender immediate payment to Mercy Healthcare Network the amount of $31,524.23, as satisfaction in full of the Proof of Claim. Counsel for MercyOne rejected the cash tender, arguing that acceptance of the payment would violate 11 U.S.C. Sec. 1123(a)(4) and related authority. The Trustee then filed a Motion to Compel Acceptance of Payment, arguing that the Plan and Liquidation Trust Agreement authorize him to pay MercyOne's claim and that it would not constitute a violation of section 1123. The Trustee asks the Court to direct MercyOne to accept the cash tender of $31,524.63 -- the full amount of MercyOne's claim. The Trustee asserts that this cash tender is within the power vested in him by the confirmed Plan and LTA to negotiate, compromise, and settle any proof of claim against the Debtors. MercyOne argues the offer letter from the Oversight Committee was not a genuine attempt to reach a compromise. MercyOne points out it rejected the tender, that a meet and confer was not requested, and that the Trustee reserved all claims, causes of action, and rights against MercyOne. MercyOne argues this makes clear there was no attempt to truly settle its claim. In addition, MercyOne argues the payment of its claim would afford it better treatment than other unsecured creditors in the same class, in violation of 11 U.S.C. Sec. 1123(a)(4). The Trustee argues the payment would not violate section 1123 because that section exclusively governs the contents of a Chapter 11 plan, and the Debtors' Plan has already been confirmed. Even if section 1123 was applicable in this case, the Trustee argues there would be no violation "because the payment is based on 'distinct, legitimate rights,' akin to 'consideration for valuable new commitments,'" as opposed to treatment for MercyOne's claim. The Trustee cites In re Peabody, 933 F.3d 918, 925 (8th Cir. 2019), in support of this argument. It asserts that the Trustee's attempt to pay the claim was not on account of "valuable new commitments" made by MercyOne, nor was it based on "distinct, legitimate rights" separate from the proof of claim. Instead, the payment was meant to be treatment for MercyOne's claim. According to Judge Collins, "There is no way for the Trustee to pay MercyOne's claim without running afoul of the terms of the Plan and LTA. No provision of either agreement permits the Trustee -- or the Oversight Committee -- to do what they are attempting to do here. Under the applicable law, the Plan, and the LTA, the Trustee's attempt to enforce payment of MercyOne's claim fails on the record before this Court." The Court also finds the Trustee's second argument equally unavailing. The Court finds this case is distinguishable from Peabody, a case decided on appeal from a confirmation order. Judge Collins concludes, "Here, there is no similar provision in the Plan allowing MercyOne to make new commitments. MercyOne has not made any such new commitments to assist the implementation of the Plan. Trustee's suggestion that the benefit to the Trustee, the Trust, or the overall case by getting rid of the appeal is such a new commitment, or new value is misplaced. MercyOne did nothing to add value or give up a right in exchange for a benefit like the creditors in Peabody. In fact, MercyOne rejected the Trustee's proposal and took no action at all. Peabody is thus distinguishable and does not control the present case. None of the elements of Peabody are implicated, nor does the Plan permit what Trustee proposes here." A copy of the Court's Opinion and Order dated October 15, 2025, is available at https://urlcurt.com/u?l=MpOM0L from PacerMonitor.com. About Mercy Hospital, Iowa City Mercy Hospital, Iowa City, Iowa is a Catholic-based Iowa nonprofit corporation that operates an acute care community hospital and clinics in Iowa City, Iowa, and surrounding communities. Mercy Hospital and affiliates, Mercy Iowa City ACO, LLC and Mercy Services Iowa City, Inc., filed Chapter 11 petitions (Bankr. N.D. Iowa Lead Case No. 23-00623) on Aug. 7, 2023. In the petition signed by its chief restructuring officer Mark E. Toney, Mercy Hospital disclosed $100 million to $500 million in both assets and liabilities. Judge Thad J. Collins oversees the cases. The Debtors tapped Nyemaster Goode, P.C and McDermott Will & Emery LLP as bankruptcy counsels; H2C Securities Inc. as investment banker; and Epiq Corporate Restructuring, LLC as notice and claims agent. Toneykorf Partners, LLC provides interim management services to the Debtors. Mary Jensen, Acting U.S. Trustee for Region 12, appointed an official committee of unsecured creditors on Aug. 15, 2023. The committee tapped Sills Cummis & Gross P.C. and Cutler Law Firm, P.C. as legal counsels; and FTI Consulting, Inc. as financial advisor. Susan N. Goodman was the patient care ombudsman appointed in the Debtors' cases. The Debtors' bankruptcy-exit plan was confirmed on June 7, 2024. Under the Plan, Dan R. Childers was appointed as Trustee of the Mercy Hospital Liquidation Trust. MOUSEROAR LLC: Employs Rosen Tsionis & Pizzo PLLC as Legal Counsel ------------------------------------------------------------------ MouseROAR LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Rosen, Tsionis & Pizzo PLLC to serve as legal counsel in its Chapter 11 case. RTP will provide these services: (a) analysis of the financial situation, and rendering advice and assistance to the Debtor in administering its duties under the Bankruptcy Code as debtor-in-possession; (b) preparation and filing of the amended schedules, statement of financial affairs and other documents required by the Court; (c) representation of the Debtor at the meeting of creditors; (d) preparation of motions, documents and applications in connection with the case; and (e) rendering legal advice to the Debtor in connection with all matters pending before the Court. RTP's current billing rates are: Partner: up to $690 per hour; Associates: up to $590 per hour; and Paraprofessional: up to $200 per hour. Subject to Court approval, the Debtor entered into a retainer agreement with RTP for the sum of $25,000 through DIP financing, representing RTP's initial retainer in this case. RTP 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: Avrum J. Rosen, Esq. Daniel J. LeBrun, Esq. ROSEN, TSIONIS & PIZZO, PLLC 38 New Street Huntington, NY 11743 Telephone: (631) 423-8527 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 Judge Michael E. Wiles oversees the case. The Debtor is represented by H. Bruce Bronson, Esq., at Bronson Law Offices, PC. NEW HEALTH: Seeks to Tap Thompson Law Group as Legal Counsel ------------------------------------------------------------ New Health Solutions, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Thompson Law Group, P.C. as legal counsel in its Chapter 11 case. The firm will provide these services: (a) give legal advice with respect to the Debtor's powers and duties as debtor-in-possession; (b) take all necessary action to protect and preserve the Debtor's estate; (c) prepare all necessary motions, answers, reports, orders, and other legal papers in connection with the administration of the Debtor's estate; (d) perform any and all other legal services for the Debtor in connection with its Chapter 11 case; and (e) perform such legal services as the Debtor may request with respect to any matter appropriate in assisting the Debtor's effort to reorganize. Thompson Law Group's hourly billing rates are $350 for attorneys and $90 for paralegals. Prior to the petition date, the firm received a $10,000 retainer from the Debtor. According to court filings, Thompson Law Group is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Brian C. Thompson, Esq. THOMPSON LAW GROUP, P.C. 301 Smith Drive, Suite 6 Cranberry Township, PA 16066 Telephone: (724) 799-8404 Facsimile: (724) 799-8409 E-mail: bthompson@thompsonattorney.com About New Health Solutions, LLC New Health Solutions, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22772-CLB) on October 15, 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. Thompson Law Group, P.C. is Debtor's legal counsel. NORTHEAST INSURANCE: Chapter 15 Case Summary -------------------------------------------- Chapter 15 Debtor: Northeast Insurance Company Limited Clarendon House 2 Church Street Hamilton HM 11 Bermuda Business Description: Northeast Insurance Company Limited, incorporated in Bermuda on Dec. 16, 1975, provides insurance and reinsurance coverage for medical malpractice, general and auto liability, property deductible, directors' and officers' liability, and workers' compensation risks, primarily serving hospitals, camps, nursing homes, and other not-for- profit institutions associated with UJA/Federation of Jewish Philanthropies of New York. The Company operates as a Class 2 insurer under Bermuda's Insurance Act 1978. Chapter 15 Petition Date: October 15, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-12275 Judge: Hon. Judge Michael E. Wiles Foreign Representatives: Michael Morrison and Mark Allitt of TENEO (BERMUDA) LTD 19 Par-la-ville Road, 3rd Floor Hamilton HM 11 Bermuda Foreign Proceeding: Supreme Court of Bermuda Companies (Winding Up) Commercial Court 2025: No. 252 Foreign Representatives' Coulsel: Glenn S. Walter, Esq. HONIGMAN LLP 2290 First National Building 660 Woodward Avenue Detroit, MI 48226-3506 Tel: (313) 465-7712 Email: gwalter@honigman.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KX7CV2Q/Northeast_Insurance_Company_Limited__nysbke-25-12275__0001.0.pdf?mcid=tGE4TAMA NOVARIA HOLDINGS: S&P Upgrades ICR to 'B' on Revenue Growth ----------------------------------------------------------- S&P Global Ratings raised the issuer credit rating on Novaria Holdings LLC and the issue-level rating on its secured debt to 'B' from 'B-'. The stable outlook reflects S&P's expectation that Novaria's debt to EBITDA will remain well below 6x throughout our forecast, even with potential acquisitions, though scale is unlikely to meaningfully increase. Novaria's credit metrics continue to improve as the company reports revenue and margin expansion despite volatile conditions related to tariffs, supply chain constraints, and customer build rate uncertainty. S&P said, "The upgrade reflects our expectation that debt to EBITDA will remain below 6x. Significant organic revenue growth in 2025, partially attributable to more work from Airbus and an uptick in production from Boeing, are key factors in Novaria's steadily improving credit ratios. Increased revenues coupled with operational improvements that promote more efficient use of resources internally have expanded EBITDA margin. With an increasing top line and improved profitability, Novaria's earnings improvement has continued from 2024 into 2025. Cash conversion has also been a strength over the last year, and we expect that to continue with modest capital spending needs and solid working capital management. As a result, we expect debt to EBITDA of 4x-4.5x in 2025 and 3.5x-4x in 2026, and free operating cash flow (FOCF) to remain solidly positive." Novaria is well-positioned to overcome various uncertainties. Entering 2025, Novaria faced questions about tariffs, the supply chain, aircraft manufacturer build rates, and government spending. Most of them have been answered, with no material impact from tariffs that we don't expect to change. Boeing is set to increase production rates while Novaria's 2024 acquisition of Anillo Industries has diversified its revenue stream by creating new business with Airbus. Recent work stoppages and supply chain challenges seem behind Novaria, positioning the company to take advantage of growth opportunities. Risks regarding major reductions in defense spending or changes in strategic priorities appear to be manageable, not affecting Novaria's programs. At about 25% of revenues, the Defense Department business remains a strong, stable foundation for Novaria. S&P said, "We expect Novaria to pursue growth through acquisitions. The company has been acquisitive in 2024 and 2025, looking to expand its service offerings and scale. In July, Novaria acquired Precision Aero Corp., a manufacturer of fusible plugs and specialty aftermarket components for aerospace applications. The company increased its term loan to fund that and potential acquisitions. We expect it to use excess cash for acquisitions as opposed to dividends or additional debt repayment. This way, Novaria can continue to build scale while maintaining credit ratios in line with the rating. "The stable outlook on Novaria reflects our expectation that debt to EBITDA will remain well below 6x throughout our forecast, even with potential acquisitions. However, we don't expect scale to improve to a degree that we assess the business as meaningfully stronger. "We could lower our rating on Novaria if cash flow becomes pressured such that FOCF reaches break-even or debt to EBITDA rises above 6x with no expectation of improvement." This could occur if: -- Production among key commercial aerospace platforms fail to increase to S&P's forecast rates; or -- The company pursues a more aggressive financial policy than S&P expects, including sizable debt-funded acquisitions and/or dividends. Although unlikely in the next 12 months due to financial sponsor ownership, S&P could raise its rating on Novaria if it meaningfully improves scale through earnings and cash flow increases more in line with higher-rated peers, debt to EBITDA remains comfortably below 5x and S&P expects metrics to hold even with possible acquisitions. This could occur if: -- Top-line growth exceeds our forecast while holding current margins; and -- The sponsor commits to maintaining leverage below 5x. ODYSSEY MARINE: William George Brumder II Holds 5.9% Stake ---------------------------------------------------------- William George Brumder II disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of October 14, 2025, he beneficially owns 2,670,300 shares of Odyssey Marine Exploration Inc.'s Common Stock, $0.0001 par value, representing 5.9% of the 45,190,598 shares of Common Stock outstanding as of August 14, 2025. These shares are held with sole voting and dispositive power by Mr. Brumder. William George Brumder II may be reached through: William George Brumder II c/o HoganTaylor LLP, 1225 N. Broadway Ave., Ste. 200 Oklahoma City, Okla. 73103 A full-text copy of William George's SEC report is available at: https://tinyurl.com/547m6848 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: Receives Court OK to Reject Pharmacy Leases in Ch. 11 ------------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that Omnicare LLC, a CVS Health subsidiary that provides pharmacy services to long-term care facilities, secured approval Tuesday, October 21, 2025, from a Texas bankruptcy court to reject leases tied to several pharmacy sites and its former headquarters as part of its Chapter 11 restructuring. The move marks another step in the company's effort to streamline operations while pursuing a sale of its business. The court also allowed Omnicare to lift the automatic stay to facilitate payments for workers' compensation claims. This ruling clears the way for the company to continue its wind-down process and finalize arrangements that will help maximize value for creditors during its Chapter 11 proceedings, the report states. 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. PEGRUM CREEK: New Market Property Sale to Allen & Heath Roeber OK'd ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Alabama, Northern Division, has granted Pegrum Creek, LLC, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's is located at 396 Billy D Harbin Rd., New Market, Alabama 35761. The Court has authorized the Debtor to sell the Property to Allen Jon Roeber and Heath Allen Roeber for the purchase price of $465,000.00. The Order shall be binding in all respects upon the Debtor, its estate, all creditors, all holders of any claims against the Debtor, and any holders of encumbrances against or on all or any portion of the Property. The Property shall be transferred to Purchaser pursuant to the terms of the Purchase Agreement attached to the Debtor's Motion and such transfer shall constitute a legal, valid, binding and effective transfer of such Property. All persons and entities holding encumbrances or interests in all or any portion of the Property prior to the respective closing shall be forever barred, estopped and permanently enjoined from asserting any claim against the Property, the Purchasers, the Debtor, and their respective agents, attorneys, successors or assigns. The Closing Agent is authorized to pay the 2024 and 2025 ad valorem property taxes to satisfy Madison County’s tax lien on the Property, as well as any other closing costs, from the net proceeds associated with the Sale of the Property. The remaining proceeds from the Sale of the Property described in the Motion shall be escrowed in the Trust Account of Debtor's Counsel. About Pegrum Creek LLC Pegrum Creek is engaged in activities related to real estate. Pegrum Creek LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 24-81037) on June 3, 2024, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petition was signed by William E. Taylor, Jr., as president. Judge Clifton R Jessup Jr. presides over the case. Stuart Maples, Esq. at Thompson Burton PLLC represents the Debtor as counsel. PIONEER ACQUISITIONCO: S&P Assigns 'B-' ICR, Outlook Stable ----------------------------------------------------------- S&P Global Ratings assigned its 'B-' issuer credit rating to electrical maintenance, testing, engineering, and repair services company Pioneer AcquisitionCo LLC (Shermco Industries) and its 'B-' issue-level rating and '3' recovery rating to the proposed senior secured credit facilities. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. The stable outlook reflects our belief that the company will expand its S&P Global Ratings-adjusted EBITDA margin toward the upper teens and maintain leverage in the upper-7x range following the transaction, supported by its free operating cash flow (FOCF) generation in 2026. Shermco Industries is being acquired by private-equity sponsor Blackstone Energy Transition Partners. The company is proposing to issue a new senior secured credit facility comprising a $100 million cash flow revolver (undrawn at close) due 2030 and a $550 million first-lien term loan due 2032 to partially fund the acquisition. Following the leveraged buyout, the company will be highly leveraged with pro forma S&P Global Ratings-adjusted debt to EBITDA near 8x in 2025 and about 7x in 2026, which is up from the mid-6x area prior to the transaction. The rating reflects Shermco's large, certified workforce, smaller scale and highly leveraged capital structure. The company's revenue and EBITDA base are much smaller than those of its rated engineering and construction (E&C) peers. Shermco's rated peers are larger, given their national presence and greater breadth of services. Even though Shermco is at the smaller end of its peer range, it has established itself as a leading provider of electrical testing services for critical infrastructure across the power/utilities, data centers, energy, and general industrial end markets. The company's workforce comprises 600 highly trained technicians certified by the International Electrical Testing Association (NETA) that operate across its 38 branch locations in the Southern and Central U.S. and Western Canada, which we see as a core competitive advantage. In addition to NETA technicians, Shermco also retains professional engineers, craft workers, and corporate staff, with a total workforce of more than 1,400 personnel. The company's highly technical workforce is involved in every stage of the design, commissioning, and testing of critical electrical equipment, which has contributed to its long-standing and highly sticky customer relationships. S&P said, "However, we note that Shermco's NETA-certified services only account for only a portion of its revenue. We view the company's adjacent engineering, testing, and maintenance services offerings as providing it with opportunities to win incremental business with its customers over the long lifecycles of infrastructure assets." S&P said, "We believe Shermco will remain highly leveraged over the next few years. This reflects our expectation the company will continue to expand its geographic footprint via mergers and acquisitions (M&A) and greenfield investments. Pro forma for the transaction, the company's debt to EBITDA was 7.8x in 2025 and will gradually improve to 7x as it integrates its acquisitions and expands its scale, supporting increases in its EBITDA and margin. While the company's leverage is elevated, we note it is using equity contributions from its sponsor, Blackstone, and co-investors to cover a significant amount of the purchase price (more than 65%). "We expect the company will benefit from sectoral tailwinds in its higher-growth end markets. Shermco's relatively high exposure to the data center and power generation markets, which collectively account for 44% of its total revenue, positions it to capitalize on the outsized investment in these sectors. An unforeseen slowdown in the pace of investment in these end markets could limit the company's sales growth, but we believe it will likely continue to benefit from the highly recurring revenue from its testing and maintenances services. "We forecast Shermco will increase its revenue by 8%-13% annually over the next few years. While we see significant potential for expansion in certain of the company's higher-growth categories, the highly competitive landscape and the company's smaller scale could result in growth below that anticipated for power and data center industries overall. As a result, under our base-case forecast we anticipate it will modestly increase its organic revenue with the bulk of growth derived from M&A. "Shermco will expand its EBITDA margins. We expect the company will expand its S&P Global Ratings-adjusted EBITDA margins toward the mid-15% area in 2025 and above 17% over the next few years. Shermco generated EBITDA margins of 10.4% in 2024 and 12.3% for the 12-months ended June 30, 2025. The company significantly improved its profitability through the first half of the year, leading to an S&P Global Ratings-adjusted EBITDA margin of 16.7%. This expansion primarily stemmed from an improvement in Shermco's gross margins due to the pricing actions it implemented at the end of 2024, a favorable shift in its billable hour mix, and the scaling of its operating expenses. We expect these trends will persist through the back half of the year and support full-year margins similar to the first half of 2025, despite being partially offset by transaction costs related to the buyout. Our base case also assumes Shermco gradually expands its margins as it integrates its recent acquisitions and further scales its operating costs. "We anticipate the company will generate slightly negative to breakeven FOCF in 2025 and increasing in 2026. We expect Shermco will increase its FOCF generation to the $20 million-$30 million range in subsequent years resulting in FOCF to debt in the low-single-digit-percent range. The company's FOCF will be burdened by $11 million of transaction-related fees in 2025 and we estimate its S&P Global Ratings-adjusted FOCF to debt will be in the (0.5%)-0.0% range. In 2024, the company faced modest working capital uses of approximately $17 million; however, we note its intra-year working capital usage can peak in the low-$20 million range. Given the short-term nature and small job size of Shermco's work, we expect its working capital uses will remain modest in the $5 million-$15 million range. "The stable outlook reflects our belief that the company will expand its S&P Global Ratings-adjusted EBITDA margin toward the upper teens and maintain leverage in the upper-7x range following the transaction, supported by its free operating cash flow (FOCF) generation in 2026." S&P could lower its rating on Shermco over the next 12 months if: -- It fails to sustain positive FOCF on a sustained basis, leading S&P to assess its capital structure as unsustainable; or -- It erodes its liquidity position, due to ongoing FOCF deficits, and we believe it is unlikely to obtain additional financing. This could occur if EBITDA margins fell sharply from recent levels, possibly due to a shift in revenue mix towards lower margin work or a slowdown in project activity or maintenance cycle with customers. While unlikely over the next 12 months, S&P could raise its rating on Shermco if: -- Its S&P Global Ratings-adjusted debt to EBITDA approaches 6x on a sustained basis; and -- Its S&P Global Ratings-adjusted FOCF to debt approaches 5% on a sustained basis. This would most likely occur if the company expanded its revenue and margin while maintaining a disciplined financial policy. PLURI INC: Grants CEO Equity Awards for 2025 Performance -------------------------------------------------------- Pluri Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors approved a grant of equity awards to Yaky Yanay, the Company's Chief Executive Officer, in recognition of the achievement of certain performance objectives and other accomplishments during fiscal year 2025. The approved equity awards consist of: (i) 39,050 restricted stock units which are fully vested, and (ii) stock options to purchase 39,050 common shares of the Company which are fully vested and exercisable for a period of three years at an exercise price of $5.00 per share. The Board further approved, contingent upon the achievement of certain objectives and accomplishments by December 31, 2025, the future grant to the CEO of: (i) 9,266 RSUs, and (ii) stock options to purchase 9,266 common shares of the Company. The grant date of such RSUs and stock options, if awarded, will be the date on which the applicable objectives are satisfied, and the stock options will be exercisable for three years at an exercise price of $5.00 per share. 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. PREDICTIVE ONCOLOGY: Sets Annual Meeting for Nov. 25 in Pittsburgh ------------------------------------------------------------------ Predictive Oncology Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors has determined that the Company's 2025 annual meeting of stockholders will be held on November 25, 2025, at the offices of DLA Piper LLP (US) at 1001 Liberty Avenue, Suite 500, Pittsburgh, Pennsylvania 15222. The record date for determining stockholders entitled to notice of, and to vote at, the Annual Meeting will be October 24, 2025. The Annual Meeting is more than 30 days from the date of the Company's 2024 annual meeting of stockholders. In accordance with the Company's bylaws and the rules and regulations of the Securities and Exchange Commission, stockholders will have until October 26, 2025 to submit stockholder proposals and request proxy access with respect to any business to be considered at the Annual Meeting. To be eligible for inclusion, any such proposal should be directed to the following address: Predictive Oncology Inc. Attention: Secretary 91 43rd Street, Suite 110 Pittsburgh, Penn. 15201 The Company anticipates mailing definitive proxy materials for the Annual Meeting on or about November 3, 2025. Under the rules and regulations of the Securities and Exchange Commission, the Company undertakes to supplement such materials (and, if necessary, postpone the Annual Meeting) to address any stockholder proposals timely received before the Proposal Deadline. About Predictive Oncology Predictive Oncology Inc., headquartered in Pittsburgh, Pennsylvania, is a science- and knowledge-driven company that leverages artificial intelligence (AI) to advance the discovery and development of optimal cancer therapies. By combining AI with a proprietary biobank of over 150,000 tumor samples, categorized by tumor type, the Company delivers actionable insights into drug compounds, enhancing the drug discovery process and increasing the likelihood of clinical success. Predictive Oncology offers a comprehensive suite of solutions that support oncology drug development from early discovery through to clinical trials, ultimately aiming to improve treatment effectiveness and patient outcomes. In its report dated March 31, 2025, the Company's auditor, KPMG LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring losses from operations and has an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. As of June 30, 2025, Predictive Oncology had $3.44 million in total assets, $5.09 million in total liabilities, and a total stockholders' deficit of $1.65 million. PRESBYTERIAN HOMES: Court OKs Louisville Property to Buechel Bank ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Kentucky, Louisville Division, has granted Presbyterian Homes and Services of Kentucky, Inc. (PHSK) and its affiliate, St. James Group, Inc., to sell Property commonly identified as 2118 Buechel Bank Road and the St. James Unit in Louisville, Kentucky 40218, free and clear of liens, claims, interests, and encumbrances. The Debtors are nonprofit corporations organized under the laws of the Commonwealth of Kentucky. PHSK opened the doors of its first facility, Rose Anna Hughes, in 1947 with its mission of service to others. Consistent with its mission, PHSK provides assisted living and low income housing to seniors in the Pikeville and Louisville areas. St. James owns the real property on which PHSK operates. The Court has authorized the Debtors to sell their real property located at 2118 Buechel Bank Road and the St. James Unit, Louisville, Kentucky, together with all personal property and fixtures remaining on the premises at closing, all as described in the Sale Agreement to Buechel Bank Road Property Holdings, LLC. The sale of the Real Property through a private sale is justified under the facts and circumstances surrounding the Real Property and the Chapter 11 case. Debtors marketed the property for sale through the engagement of a broker experienced with commercial properties, and the Sale Agreement represents the only currently viable offer. Debtors and Buyer have no relationship with each other except for the Sale Agreement and are parties at arms-length. The terms and conditions of the Sale Agreement are the result of negotiations between Debtors and Buyer that were non-collusive, fair, and reasonable and conducted in good faith, and the transactions contemplated by the Sale Agreement have been bargained for and undertaken by Debtors and Buyer at arm’s length and without collusion. The sale and transfer of the Real Property to Buyer shall not subject Buyer to any liability (including, but not limited to, any successor liability) with respect to or relating to the operation of Debtors’ business prior to the sale or by reason of such transfer including but not limited to any liability relating to Debtors’ current or former leases at, or use or occupation of, the Real Property or otherwise. About Presbyterian Homes and Services of Kentucky, Inc. Presbyterian Homes and Services of Kentucky, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 24-33060) on December 15, 2024, listing up to $10 million in both assets and liabilities. Hattie H. Wagner, president and chief executive officer of Presbyterian, signed the petition. Judge Alan C. Stout oversees the case. Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird, LLP, represents the Debtor as legal counsel. Stock Yards Bank & Trust Company, as secured creditor, is represented by Edward M. King, Esq., and Jamie Brodsky, Esq., at Frost Brown Todd, LLP, in Louisville, Kentucky. Hardin KY Opco and Hardin KY Propco, as secured creditors, are represented by Mary Elisabeth Naumann, Esq., and Chacey R. Malhouitre, Esq., at Jackson Kelly, PLLC, in Lexington, Kentucky. PURDUE PHARMA: Touts Widespread Support for New Chapter 11 Plan --------------------------------------------------------------- Emlyn Cameron of Law360 reports that oxyContin maker Purdue Pharma reported Tuesday, October 21, 2025, that its latest Chapter 11 reorganization plan has received overwhelming backing from voting creditors. The company said the result demonstrates strong support for its revised approach to settling billions in opioid-related claims, according to the report. Purdue's management said that nearly unanimous creditor approval brings the company closer to distributing more than $7 billion through the restructuring process. The plan aims to compensate victims and entities impacted by the nationwide opioid epidemic, the report states. About Purdue Pharma LP Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the reimagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19 23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation. The Debtors' consolidated balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as legal counsels; PJT Partners as investment banker; AlixPartners as financial advisor; and Grant Thornton, LLP as tax structuring consultant. Prime Clerk, LLC, is the claims agent. Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the official committee of unsecured creditors appointed in the Debtors' bankruptcy cases. David M. Klauder, Esq., is the fee examiner appointed in the Debtors' cases. The fee examiner is represented by Bielli & Klauder, LLC. * * * U.S. Bankruptcy Judge Robert Drain in early September 2021 approved a plan to turn Purdue into a new company (Knoa Pharma LLC) no longer owned by members of the Sackler family, with its profits going to fight the opioid epidemic. The Sackler family agreed to pay $4.3 billion over nine years to the states and privateplaintiffs and in exchange for a lifetime legal immunity. The deal resolves some 3,000 lawsuits filed by state and local governments, Native American tribes, unions, hospitals and others who claimed the company's marketing of prescription opioids helped spark and continue an overdose epidemic. Separate appeals to approval of the Plan have already been filed by the U.S. Bankruptcy Trustee, California, Connecticut, the District of Columbia, Maryland, Rhode Island and Washington state, plus some Canadian local governments and other Canadian entities. In early March 2022, Purdue Pharma reached a nationwide settlement over its role in the opioid crisis, with the Sackler family members boosting their cash contribution to as much as $6 billion. The settlement was hammered out with attorneys general from the eight states -- California, Connecticut, Delaware, Maryland, Oregon, Rhode Island, Vermont and Washington -- and D.C. who had opposed the previous settlement. RAISING CANE'S: Moody's Rates New $1.25-Bil. First Lien Loan 'B1' ----------------------------------------------------------------- Moody's Ratings affirmed Raising Cane's Restaurants, LLC's B1 corporate family rating, B1-PD probability of default rating and the B3 senior unsecured notes rating. Moody's downgraded the company's existing senior secured first lien term loan B rating due 2031 to B1 from Ba3 and assigned a B1 rating to its proposed $1.25 billion senior secured first lien term loan B due 2032. The outlook remains stable. Proceeds from the proposed senior secured first lien term loan B due 2032 will be used to fully repay Raising Cane's revolver borrowings, as well as its $500 million senior unsecured notes due May 2029 and general corporate purposes. The company is also raising a $913 million term loan A due 2030 (unrated) to refinance its existing term loan A (unrated). Additionally, the company is also refinancing its $1.2 billion revolving credit facility (unrated) extending its maturity to 2030. Moody's will withdraw the ratings on the company's senior unsecured notes due May 2029 upon repayment. The affirmations reflect governance considerations particularly Raising Cane's private ownership and historical distributions to the owner. The affirmations also reflect the company's solid operating performance in the highly competitive quick service restaurant chicken segment, customer brand awareness as reflected by its high average unit volume and increasing EBITDA. Its credit metrics proforma for the transaction are moderate with leverage at 3.9x and EBITA/interest coverage at 3.1x. The downgrade of the existing senior secured first lien term B to B1 from Ba3 reflects the company's proposed transaction which will increase the amount of secured debt and repay its senior unsecured notes which provide junior support. RATINGS RATIONALE Raising Cane's B1 CFR reflects its narrow product offering, relatively small number of system-wide restaurants and geographic concentration in certain states in the US. The ratings also reflect the company's adequate liquidity given its good operating cash flow offset by the expectation that the revolving credit facility will continue to be used to fund its capital spend and distributions to the company's owner. The ratings benefit from the company's very good operating performance in the highly-competitive chicken QSR segment, its high EBITDA margin, and its good brand awareness in core markets as reflected by high average unit volumes. Moody's expects the company to maintain adequate liquidity as it utilizes its revolver to support capital spending for its new unit growth over the next 12 months with its proposed $1.2 billion revolving credit facility due 2030 fully available at transaction close. The stable outlook reflects the expectation that Raising Cane's will continue to generate solid operating performance and new restaurant openings will be at a measured pace. The outlook also reflects that Raising Cane's will maintain adequate liquidity as it continues to spend on new store growth and funds shareholder distributions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could result in an upgrade include sustained operating performance and same-restaurant sales resulting in improved credit metrics. Other factors include increased size, scale, and geographic diversification. Quantitatively, a higher rating would require debt/EBITDA sustained under 4.5x and EBITA/interest expense above 2.5x. An upgrade would also require at least good liquidity and positive free cash flow. A downgrade could occur if operating performance sustainably weakens, liquidity deteriorates, or if financial strategies become more aggressive, such as leveraging the company to fund shareholder distributions. Specifically, debt/EBITDA sustained above 5.25x or EBITA/interest expense below 2.0x would be considerations for a downgrade. Raising Cane's Restaurants, LLC owns and operates 841 restaurants and 73 franchises in 42 states in the US and five countries in the Middle East under the brand name Raising Cane's. Revenue for the twelve-month period ended July 01, 2025, was about $5.3 billion. The company is majority owned by its founder. The principal methodology used in these ratings was Restaurants published in September 2025. Raising Cane's Restaurants, LLC's Ba2 scorecard-indicated outcome is two notches above its B1 corporate family rating reflecting its aggressive financial strategy which utilizes external sources of capital to fund store growth and shareholder distributions. RAISING CANE'S: S&P Affirms 'BB-' ICR, Outlook Stable ----------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '3' recovery rating to Texas-based quick service restaurant (QSR) company Raising Cane's Restaurants LLC's proposed senior secured term loan B. At the same time, S&P lowered its issue-level rating on the existing senior secured term loan to 'BB-' from 'BB' and revised the recovery rating to '3' from '2'. In addition, S&P affirmed the 'BB-' issuer credit rating. The stable outlook reflects S&P's expectations that the company's operating cash flow will mostly fund its aggressive growth strategy and that EBITDA growth will be sufficient to keep leverage in the 4x area despite discretionary shareholder dividends. Raising Cane's Restaurants has proposed a $1.25 billion senior secured term loan B due 2032. This is primarily to pay down $700 million of outstanding borrowings under its $1.2 billion revolving credit facility (RCF) and to redeem its $500 million senior unsecured notes due 2029, significantly increasing the proportion of senior secured debt. S&P said, "We estimate its S&P Global Ratings-adjusted leverage will be about 4.0x in 2025, higher than 3.4x at the end of 2024, due to higher dividends. This is consistent with our prior expectation and is based on the company's financial policy. "We project low-double-digit percent revenue growth in 2025 and high-single-digit growth in 2026, primarily driven by new unit development. However, we expect flattish comparable sales in 2025, turning slightly negative in 2026. Our forecast reflects a pullback in discretionary spending amid a challenging macroeconomic environment characterized by increasing unemployment and a deceleration in GDP growth. We expect average check growth to remain flat to only slightly positive in the near term, as the company is likely to exercise caution with raising prices due to heightened price sensitivity among consumers. We expect traffic to be slightly negative in 2025 and 2026, similar to that of other QSRs. Raising Cane's average customer has a relatively higher income than those of many other QSRs, and its customers have been more economically resilient while lower-income consumers have struggled. However, we believe the broader economy is slowing and expect Raising Cane's generally higher priced menu to cede some traffic to the discounts offered at other restaurant (such as the $5 meal deal at McDonald's) and meals at home. At the same time, we think Raising Cane's is better positioned than prominent fast casual brands like Sweetgreen and Cava, which are generally higher priced. Our base case assumes Raising Cane's will generate double-digit percent revenue growth in 2027 and beyond, supported by growth in unit count and low- to mid-single-digit percent increases in same-restaurant sales, driven in part by improving discretionary spending as the economy improves. "We expect the S&P Global Ratings-adjusted EBITDA margin to remain largely unchanged this year, improving to the low-21% area in 2026. This year, we anticipate additional sales leverage from new units and slightly lower cost of sales will be partially offset by higher restaurant operating costs. We anticipate a slightly lower cost of chicken in the second half of this year, driven by increased production, will help bring down the cost of sales in 2025. In 2026, incremental improvements in cost of sales and labor--combined with additional sales leverage from unit expansion--will drive the higher adjusted EBITDA margin. Despite anticipating flat to negative low-single-digit percent same-restaurant sales growth, we believe Raising Cane's will effectively manage costs to maintain and improve its margins in 2025 and 2026. In the second quarter of 2025, S&P Global Ratings-adjusted EBITDA margin increased by 130 basis points year-over-year despite a 0.3% decline in same-store sales. This improvement was driven in part by operators' cost controls and strategic restaurant staffing. Over the longer term, we think Raising Cane's margin upside is limited, especially because it might have to invest more in advertising to maintain and grow market share given that a relatively high proportion of its restaurants are outside its original markets (such as Louisiana and Texas). "We expect operating cash flow will be sufficient to fund growth capital expenditures. We anticipate slightly positive free operating cash flow in 2026 and beyond. However, due to Raising Cane's dividend payments, which we forecast to exceed $600 million annually, we anticipate leverage will rise to approximately 4.0x in 2025 and remain at this level over the next several years, up from an average of 3.5x in 2024 and 2023. We anticipate Raising Cane's will grow dividend payments at the same rate as its adjusted EBITDA growth, keeping leverage in this area. In a stress scenario, we expect it will reduce dividends and capital expenditures if necessary to maintain leverage within its target range, as demonstrated by previous actions in 2020 (during the COVID-19 pandemic) and 2022 (during heightened inflation). Our 'BB-' rating reflects Raising Cane's financial policy of maintaining credit agreement rent-adjusted leverage of 3.0x-4.0x, which is roughly consistent with S&P Global Ratings-adjusted leverage of about 3.5x-4.5x. However, during periods of significant run-rate price increase adjustments, the divergence between the credit agreement rent-adjusted leverage and S&P Global Ratings-adjusted leverage is significantly higher, leading to spikes in S&P Global Ratings-adjusted leverage. "The stable outlook on Raising Cane's reflects our expectation for continued sales and EBITDA growth, with operating cash flow funding its aggressive growth strategy and debt-funded dividends offsetting any deleveraging from EBITDA growth. It also reflects our expectation that S&P Global Ratings-adjusted leverage will be maintained around 4x over the next 12 months." S&P could lower the rating if leverage approaches 5x. This could occur in the following scenarios, which would lead to deteriorating credit metrics: -- Operating results underperform our forecast, for example, due to heightened competition, weakening economic conditions, or execution issues related to its expansion plans; or -- The company embarks on a more aggressive financial policy, increasing the pace of dividend distributions faster than EBITDA growth while still rapidly expanding. S&P could raise the rating if the company: -- Generates meaningful cash flow that is sufficient to fund its aggressive growth strategy while maintaining S&P Global Ratings-adjusted leverage well below 4x. In this case, S&P would also expect its financial policy to be consistent with maintaining S&P Global Ratings-adjusted leverage below 4x over the long term; and -- The company consistently grows comparable sales at or above inflation and maintains or grows EBITDA margins. REENVISION AESTHETICS: Unsecureds Will Get 11% over 5 Years ----------------------------------------------------------- ReEnvision Aesthetics and Medspa, PC filed with the U.S. Bankruptcy Court for the Central District of California an Original Disclosure Statement describing Original Chapter 11 Plan dated October 15, 2025. The Debtor operates a medspa facility in Simi Valley that offers wellness and weight loss services to the general public ("Medspa"). The Debtor's staff work with dieters on nutritional guidance; they coach on lifestyle changes with some medical oversight. Doctor Lesley C. Prince ("Dr. Prince") is the president and majority shareholder. Other shareholders include Arlene Guinto, Pearl Mendoza, and Cynthia Belasco. Dr. Prince is an affiliate of the Debtor as is his professional corporation, Lesley C. Prince Corp, which was involved with the purchases of various machinery and equipment the Debtor uses. This is a reorganizing plan. The Effective Date of the proposed Plan is 30 days following entry of an order confirming the proposed Plan unless the Debtor advances this date. If an appeal is taken from an order confirming a Plan, the Debtor may, in its discretion, delay the Effective Date. Class 3 consists of General Unsecured Claims. Based upon unsecured claims of $441,122.87 and additional amounts reclassified as unsecured from claims 3, 4, 5 and 6 resulting in a revised unsecured claim amount of $1,096,092.21. The claims are paid at 11% over the 5-year plan. Monthly payments begin in month 7, and the monthly payments in years 1-2 are $893, year 3 are $2233, year 4 are $3126, and year 5 are $3349. Total unsecured payments are $120,570.14. This Class is impaired. The Plan will be funded by the Debtor's business operation. ReEnvision anticipates having $80,000 on hand at the Effective Date. Dr. Prince will be in charge of the Debtor's business operations. A full-text copy of the Original Disclosure Statement dated October 15, 2025 is available at https://urlcurt.com/u?l=wgF9iF from PacerMonitor.com at no charge. Counsel to the Debtor: Steven R. Fox, Esq. The Fox Law Corporation, Inc. 17835 Ventura Blvd., Suite 306 Encino, CA 91316 Tel: (818) 774-3545 Fax: (818) 774-3707 Email: srfox@foxlaw.com About ReEnvision Aesthetics and MedSpa ReEnvision Aesthetics and Medspa, PC operates a medspa facility in Simi Valley that offers wellness and weight loss services to the general public. The Debtor filed Chapter 11 bankruptcy petition (Bankr. C.D. Calif. Case No. 25-10127) on February 1, 2025, listing up to $1 million in both assets and liabilities. Judge Ronald A. Clifford, III oversees the case. The Debtor is represented by The Fox Law Corporation, Inc. RIC LAVERNIA: Otisco Loses Bid to Reconsider Dismissal Order ------------------------------------------------------------ Judge Michael M. Parker of the United States Bankruptcy Court for the Western District of Texas denies in substantial part Otisco RDX, LLC's motion to reconsider an order granting the motion to dismiss or, in the alternative, motion for summary judgment filed by RIC (Lavernia) LLC and TIG Romspen US Master Mortgage LP in the adversary proceeding captioned as OTISCO RDX, LLC, PLAINTIFF v. RIC (LAVERNIA) LLC, TIG ROMSPEN US MASTER MORTGAGE LP, DEFENDANTS, ADVERSARY NO. 25-05040-MMP (Bankr. W.D. Tex.). This adversary proceeding concerns the Debtor's interest in property in Wilson County, Texas. The Debtor claims to have acquired title to the Property as the successful bidder at a nonjudicial foreclosure sale in February 2024 after the Debtor's affiliate, Defendant TIG Romspen US Master Mortgage LP, foreclosed on a lien it had on the Property. Plaintiff Otisco RDX, LLC owned the Property before the Foreclosure Sale. After the Foreclosure Sale, the Debtor sued to challenge Otisco's asserted lien in the Property. Then Plaintiff brought this adversary proceeding challenging the Debtor's ownership interest to the Property. Plaintiff claimed the Foreclosure Sale was illegitimate because it did not comply with Texas Property Code Sec. 51.0075(c) and (e) -- that the Foreclosure Sale occurred without a duly appointed substitute trustee, so the sale was legally defective, and title therefore did not properly transfer. Defendants filed their Motion to Dismiss or, in the alternative, Motion for Summary Judgment arguing that Plaintiff's sole basis for its Complaint -- that there was no duly appointed substitute trustee for the Foreclosure Sale -- lacked merit because there was a duly appointed substitute trustee. Following a June 2 hearing, the Court granted Defendants' Motion to Dismiss or, in the alternative, Motion for Summary Judgment because it found that Plaintiff failed to state a claim for relief and, if a claim was stated, that Defendants presented persuasive evidence that firmly established the duly appointed substitute trustees conducted the Foreclosure Sale, negating the sole basis of Plaintiff's complaint. The Court dismissed Plaintiff's Complaint with prejudice or, alternatively, granted summary judgment to Defendants. Plaintiff filed its original Motion to Reconsider timely on June 17, 2025 (within 14 days after the entry of the June 3 Order), then amended it on July 21, 2025, after the deadline to file a Rule 9023 motion. The original Motion to Reconsider states one ground for relief: death of Kell Mercer, counsel of record for an affiliate of Plaintiff Milestone Capital CRE 1, LLC, on May 13, 2025. The Amended Motion to Reconsider seeks a reprieve from the Court based on two events -- Mr. Mercer's death and the admission of Plaintiff's then-counsel of record, Justin Rayome to a substance-abuse rehabilitation center on May 27, 2025 -- attacks the Court's Order on grounds of legal and factual sufficiency, and attempts to introduce issues not argued and evidence not offered at the June 2, 2025 hearing on the Motion to Dismiss or, in the alternative, Motion for Summary Judgment. Specifically, the Amended Motion to Reconsider argues: 1. The Order was legally improper because it granted dismissal without freely giving Plaintiff leave to amend under Federal Rule of Bankruptcy Procedure 7015. 2. The Order was legally improper because it alternatively granted summary judgment without an accompanying final judgment under Federal Rule of Bankruptcy Procedure 7058 and without enough notice to prevent surprise under Federal Rule of Bankruptcy Procedure 7012. 3. A video of the Foreclosure Sale shows it did not occur at the noticed location and that, even though the sale originally went to a Mr. Drew Dennett for $550,000, the sale was later reopened with an opening bid of $2,200,000. Emails from Defendants' counsel show the sale price was $100,000. Defendants filed objections to both the original and amended reconsideration motions; their Objection to Plaintiff's Amended Motion to Reconsider incorporates their original objection. They argue that Plaintiff's arguments are unsupported, untimely, and irrelevant: 1. Mr. Rayome's admission to the treatment facility was five days after the deadline to file a response to Defendants' Motion to Dismiss or, in the alternative, Motion for Summary Judgment (misstating the deadline as fourteen days rather than twenty-one for dispositive motions, see FED. R. BANKR. P. 7007-1(b)(2)), and he kept working on cases while at the facility. Plaintiff had other attorneys, as well, who could have filed a response or asked for an extension. 2. Plaintiff never asked the Court for an extension to respond, never properly asked for a continuance of the hearing, and never amended or sought leave to amend its Complaint. 3. None of the evidence of alleged irregularities in the Foreclosure Sale is newly discovered evidence. Plaintiff then filed its Motion for Leave on August 5, 2025, and Second Motion for Leave on August 21, 2025, seeking the ability to respond to Defendants' Objection because it says it has newly discovered evidence: 1. The Debtor did not exist on the date of the foreclosure and thus could not purchase the Property, let alone foreclose on the property. 2. The deed of trust to transfer interest from TIG Romspen to the Debtor was purportedly effective on February 5, 2024, but not executed until March 20, 2024 -- after the February 6 Foreclosure Sale. Plaintiff also seeks to add a claim to the lawsuit that the March 20 deed transfer is void. The Court finds Plaintiff's July 21 Amended Motion to Reconsider, filed forty-eight days after the Court's June 3 Order, is untimely. It had a June 17 deadline under Rule 9023, and the Court has no discretion to extend that deadline. Because the Court denies the Amended Motion to Reconsider, the Court denies as moot Defendants' Objection to Plaintiff's Amended Motion to Reconsider. And because the Court denies as moot Defendants' Objection to Plaintiff's Amended Motion to Reconsider, the Court denies as moot both Plaintiff's Motion for Leave to Allow Plaintiff's Response to Defendants' Objection to Plaintiff's Amended Motion to Reconsider and its Second Motion for Leave. To the extent Plaintiff's two motions for leave assert new matters -- not in response to Defendants' Objection to Plaintiff's Amended Motion to Reconsider, but bootstrapping in new grounds for reconsideration -- the Court denies them as untimely. The Court finds Plaintiff's original Motion to Reconsider fails because Mr. Mercer's death is immaterial to this proceeding. Mr. Mercer was not Plaintiff's counsel of record. Despite its army of attorneys, Plaintiff failed to ask for an extension, failed to properly move for continuance, and failed to file any response at all. The Court sustains Defendants' original Objection and denies Plaintiff's Motion to Reconsider -- except to the extent Plaintiff's Motion seeks that the Court issue grounds for its alternative grant of summary judgment. A copy of the Court's Opinion dated October 15, 2025, is available at https://urlcurt.com/u?l=euyaf2 from PacerMonitor.com. About Ric (Lavernia) LLC RIC (Lavernia) LLC is a Texas limited liability company that owns real property located in Wilson County, Texas (the "Property"). The Debtor filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Tex. Case No. 24-51195) on June 27, 2024, listing $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. Gianfriddo as authorized representative, signed the petition. Judge Michael M Parker oversees the case. BRYAN CAVE LEIGHTON PAISNER LLP serves as the Debtor's legal counsel. RIVERDALE ASSEMBLY: Case Summary & Three Unsecured Creditors ------------------------------------------------------------ Debtor: Riverdale Assembly of God, Inc. Riverdale, California Riverdale Christian Academy 2813 W Mt Whitney Ave Riverdale, CA 93656 Business Description: Riverdale Assembly of God, Inc. is a Pentecostal church in Riverdale, California, providing religious services, community events, and operating Riverdale Christian Academy at 2813 W Mt Whitney Ave. Chapter 11 Petition Date: October 17, 2025 Court: United States Bankruptcy Court Eastern District of California Case No.: 25-13513 Judge: Hon. Rene Lastreto II Debtor's Counsel: Peter Fear, Esq. FEAR WADDELL, P.C. 7650 N. Palm Avenue Suite 101 Fresno CA 93711 Tel: (559) 436-6575 E-mail: pfear@fearlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Douglas Spencer as CEO. 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/ETNJBWQ/Riverdale_Assembly_of_God_Inc__caebke-25-13513__0001.0.pdf?mcid=tGE4TAMA RIVULET ENTERTAINMENT: Astra Audit Raises Going Concern Doubt ------------------------------------------------------------- Rivulet Entertainment, Inc. disclosed in a Form 10-K Report filed with the U.S. Securities and Exchange Commission for the fiscal year ended June 30, 2025, that its auditor has expressed substantial doubt about the Company's ability to continue as a going concern. The Company had cash of $128,089 as of June 30, 2025, negative working capital of approximately $23.4 million and accumulated deficit of approximately $11 million. Further, during the 12 months ended June 30, 2025, the Company incurred a net loss of approximately $5.9 million and cash flow used in operations of approximately $11 million for the 12 months ended June 30, 2025. Tampa, Fla.-based Victor Astra Audit & Advisory, LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated October 15, 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 net losses and negative cash flow from operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. The Company hopes to mitigate the conditions or events that raise substantial doubt about its ability to continue as a going concern through its future sales of movie rights and future capital raises. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/54t5bn7w About Rivulet Entertainment Rivulet Entertainment, Inc. is an independent studio engaged in the production, distribution and marketing of star driven commercial feature-length films, television series and mini-series, and television movies, from initial creative development through principal photography, postproduction, distribution and ancillary sales. The Company also provides music production. As of June 30, 2025, the Company had total assets of $19.81 million, $26.31 million in total liabilities, and $6.50 million in total shareholders' deficit. ROCKPOINT GAS: Moody's Assigns 'B1' CFR, Outlook Positive --------------------------------------------------------- Moody's Ratings assigned Rockpoint Gas Storage Inc. (RGSI or Rockpoint) a B1 corporate family rating, B1-PD probability of default rating, and an SGL-2 speculative grade liquidity Rating (SGL). Moody's also affirmed the B1 senior secured term loan B issued by Rockpoint Gas Storage Partners LP (RGSP). RGSI's outlook is assigned positive, and RGSP's outlook is changed to positive from stable. Moody's simultaneously withdrew the B1 corporate family rating (CFR), B1-PD probability of default rating and SGL-2 SGL at RGSP. The placement of the CFR at RGSI follows the closing of the IPO transaction on October 15, 2025 and reflects its status as guarantor and go-forward reporting entity for Rockpoint's business, including earnings from the Warwick facility which was contributed by Brookfield and previously excluded from RGSP's financial statements. Post IPO, about 28% of Rockpoint will be a public float, with Brookfield Infrastructure Partners L.P. retaining majority ownership. IPO proceeds will be used to fund RGSI's purchase of the operating entities from Brookfield. "The positive outlook reflects Rockpoint's more robust liquidity and commitment to financial policy targets as a public company, including lower shareholder distributions and a long term net leverage target of under 3.5x," said Whitney Leavens, Moody's Ratings analyst. "Industry fundamentals for gas storage remain favorable as the company builds a track record of rising rates supporting EBITDA growth and stability," she added. RATINGS RATIONALE Rockpoint's B1 CFR is supported by: 1) strategic positions in both Alberta and California with integration into key infrastructure networks; 2) sizeable storage capacity representing around 30% share in both markets; 3) tightening natural gas storage market and key regional developments supporting steady demand and a continued shift toward longer and higher rate contracts; and 4) well diversified and primarily investment grade customer base with balanced exposure across producers, utilities, marketers and financial institutions. The CFR is constrained by: 1) short track record of rising contract rates and EBITDA sustained at current levels; 2) exposure to volatility in natural gas spreads with volumes weighted toward shorter-term contracts and optimization, limiting earnings visibility; 3) deleveraging dependent on improving go-forward contract rates and steady volumes which could be subject to variability; and 4) small asset base and lack of diversification relative to peers. Rockpoint has good liquidity. Following the IPO as of October 2025, Moody's estimates sources of around $400 million, consisting of about $20 million in cash following the refinancing of the Warwick Credit Facility, $270 million available under the new $350 million Senior Secured revolving credit facility expiring in October 2030 after accounting for letters of credit totaling about $40 million and Moody's free cash flow forecast of over $100 million for the 18 months ended March 2027. Moody's expects the company to remain comfortably in compliance with its net leverage covenant of 5.0x over the next 12 months. Rockpoint's assets are encumbered by the secured debt. RGSP's $1.25 billion senior secured term loan due 2031 is rated B1, at the same level as Rockpoint's CFR since the secured debt represents the preponderance of liabilities in the capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if leverage remains comfortably below 4x with a consistent track record of stable to increasing contract rates and increasing share of FSS volumes. The ratings could be downgraded if leverage remains above 5x, contract rates decline or the company generates negative free cash flow. Rockpoint is publicly traded and approximately 72% is owned by Brookfield. The company operates gas storage facilities in Alberta and California. The principal methodology used in these ratings was Midstream Energy published in October 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ROYAL INTERCO: Wants to End Ch. 11 Bankruptcy After Creditor Deal ----------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that Royal Interco LLC secured court approval Tuesday, October 21, 2025, for settlements reached with various creditor groups, as a Delaware bankruptcy judge authorized the company to proceed with dismissing its Chapter 11 case. The settlements effectively conclude key disputes that had stalled the company's restructuring efforts. Following the ruling, Royal Interco is set to finalize its exit from bankruptcy protection and begin returning funds to creditors under the terms outlined in the agreements. The move signifies the company's transition out of the court process toward full financial resolution, the report states. About Royal Interco Royal Interco, LLC is a manufacturer of high-quality paper products, including bath tissue, paper towels, facial tissue and napkins, offering a broad range of products and packaging configurations to serve both regional and national customers. Royal Interco sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10674) on April 8, 2025. In its petition, the Debtor reported between $100 million and $500 million in both assets and liabilities. Michael Ragano, chief restructuring officer, signed the petitions. Judge Thomas M Horan presides over the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as general counsel; Livingstone Partners, LLC as investment banker; and Epiq Corporate Restructuring, LLC as claims and noticing agent. The Debtors' provider of turnaround and business transformation advisory services is Novo Advisors, LLC. RUSS'S MULCH: Hires Benjamin Legal Services as Bankruptcy Counsel ----------------------------------------------------------------- Russ's Mulch & Trucking LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to hire Benjamin Legal Services PLC as its general bankruptcy counsel. The firm's services include: a. assisting and advising the debtor concerning the debtor's legal status as a debtor and the powers, duties, rights, and obligations as debtor in possession in the continued management and operation business and of its property and affairs relative to the administration of this proceeding; b. representing the debtor before the bankruptcy court and advising the debtor on all pending litigations, hearings, motions, and of the decisions of the bankruptcy court; c. reviewing and analyzing all applications, orders, and motions filed with the bankruptcy court by third parties in this proceeding and advising the Debtor thereon; d. attending all meetings conducted according to section 341(a) of the bankruptcy code and representing the debtor at all examinations and Debtor interviews; e. communicating and negotiating with representatives of creditors and other parties in interest; f. preparing all necessary applications, reports, complaints, motions, orders, and other legal papers and documents as may be necessary to appear before the court regarding such legal matters and to seek relief in accordance with said court documents, together with the preparation of the necessary orders thereto; g. defending the Estate against actions that may be instituted against the debtor's estate in these proceedings and to litigate matters relating to said proceedings in accordance with the attorney-client retainer agreement executed between the Parties; h. examining and take all actions necessary to protect and preserve the estate, including prosecution of such claims or actions and litigation as may be necessary or appropriate on behalf of the estate and to support positions taken by the debtor, and preparing witnesses and reviewing documents in this regard, when applicable; i. examining and resolve claims filed against the estate and to advise and consult with the debtor regarding claims that may be inappropriately or in error filed and to prepare and litigate objections thereto when appropriate; j. conferring with all other professionals, including any accountants and consultants retained by the debtor and by any other party in interest; k. assisting the debtor in its negotiations with creditors (and any creditor committees) or third parties concerning the terms of any proposed plan of reorganization; l. assisting the debtor in the formulation, preparation, implementation, and consummation of a plan of reorganization and disclosure statement, if necessary or appropriate, and all related agreements and documents, and to take any actions necessary to achieve confirmation of such plan and disclosure statement; m. performing all other legal services required of the debtor, be in the interest of the debtor and the estate, or incident to these proceedings and to provide such legal advice to the debtor as is necessary and in connection with this chapter 11 Case; and n. advising the debtor about any potential sale of assets or representation of the debtor in connection with obtaining post-petition financing if required or needed. The firm will be paid at these rates: J. Kevin Benjamin $495 per hour Theresa Benjamin $425 per hour Paraprofessional $125 per hour The firm will be paid a retainer in the amount of $5,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. J. Kevin Benjamin, a partner at Benjamin Legal Services, 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: J. Kevin Benjamin, Esq. Benjamin Legal Services PLC 1016 West Jackson Blvd. Chicago, IL 60607-2914 Tel: (312) 853-3100 Email: attorneys@benjaminlaw.com About Russ's Mulch & Trucking LLC Russ's Mulch & Trucking LLC provides general freight trucking services in Wisconsin, focusing on the intrastate transport of bulk and general freight materials. Russ's Mulch & Trucking LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-25134) on September 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Rachel M. Blise handles the case. The Debtor is represented by Kevin Benjamin, Esq. at Benjamin Legal Services PLC. RYVYL INC: Regains Nasdaq Compliance Ahead of Roundtable Merger --------------------------------------------------------------- Roundtable CEO James Heckman and RYVYL Inc. (NASDAQ: RVYL) announced that RYVYL was notified by NASDAQ that it has achieved the required shareholder equity threshold, thereby lifting the previous delisting risk, well ahead of anticipated merger between Roundtable and RYVYL. Compliance confirmation followed a direct capital investment by Roundtable into RYVYL, providing sufficient funding to strengthen its balance sheet and maintain its NASDAQ listing ahead of the previously announced merger between the two companies. RYVYL Management further confirmed that it is seeking shareholder approval of a planned 15:1 reverse stock split at the Company's 2025 Annual Meeting of Stockholders scheduled for October 30, 2025, which, upon shareholder approval, is expected to ensure compliance with the NASDAQ's minimum share price requirement, well in advance of the NASDAQ compliance deadline of December 9, 2025. There are no other legacy NASDAQ listing issues remaining; but requires RYVYL's continued compliance. Liquidity-Pool-Powered Media SaaS Platform, Not a Crypto Treasury: Heckman clarified and emphasized for RYVYL investors that, unlike many recently announced "crypto-treasury" mergers and SPAC transactions, Roundtable operates a fully funded enterprise-SaaS platform business, with no investor capital held in escrow. The company is already powering its Web3 media platform for major media brands and premium clients, generating Web3 revenue and reaching millions of monthly media consumers through partnerships with Yahoo, TheStreet and nearly two hundred sports reporters, including the majority of Sports Illustrated's top revenue producing and highest-audience team channels, as well as the world's #1 hockey network - also departing SI - all of which recently migrated to Roundtable's platform. "It's important shareholders understand that our Bitcoin-powered liquidity pool Is a competitive advantage for our Web3 SaaS platform business," said Heckman. "Our revolutionary DeFi media-liquidity pool powers a decentralized payment system that ensures total financial control and sovereignty for our partners and journalists. Roundtable leverages the most advanced and efficient elements of blockchain technology, including decentralized reporting, security, encrypted IP and audience data storage, Web3-based content management and storage, and automated syndication. Roundtable's "DeWeb" platform is the most efficient, secure, and profit-creating platform in the industry, architected by the top product pioneers in media and blockchain." Restoring IP and Financial Control for Media Companies: "We are excited to bring our large-scale vision to the public marketplace," said Roundtable co-founder Eyal Hertzog, designer of 'DeWeb', Roundtable's proprietary media platform. "Media companies everywhere have lost control of their IP and have forfeited economics and distribution - now more than ever as a result of AI co-opting their content – and face opaque revenue and traffic reporting. 'Followers' are a myth, payments are delayed for months, and audience data is taken and auctioned off to competitors. We created our platform to help major media brands and professional content creators reclaim ownership, control, and value over their content investments." Founders: Digital Media SaaS, Blockchain Pioneers: "DeWeb" Platform architect, Eyal Hertzog and Digital Media SaaS Entrepreneur James Heckman 1. Eyal Hertzog: Co-Founder, CTO -- RTB Digital Inventor of DeFi and Automated Market Maker (AMM); Founder & Chief Product Officer of Bancor, Metacafe, AppCoin, and Contact.com; Chief Executive Officer of DeWeb (acquired by RTB Digital; Former Chief Product Officer, AppCoin. 2. James Heckman: Founder, CEO, Director -- RTB Digital Global Strategy SVP at Yahoo; Chief Strategy Officer at Fox Interactive (News Corp/ Myspace/Hulu); Founder & CEO of Rivals.com, Scout.com, and 5to1 (acquired by Yahoo); President, NFL Exclusive Publishing: Publisher, Sports Illustrated; CEO, TheStreet. Heckman leads a team of world-class technology and blockchain innovators, including Eyal Hertzog, co-founder and architect of Roundtable's "DeWeb" platform, the inventor and patent holder of the primary DeFi protocols, including automated market-making and liquidity pool mechanisms that underpin decentralized finance today as well as Roundtable's payment system. Hertzog also invented the first social recommendation algorithm at MetaCafe, a precursor to YouTube. Heckman and Hertzog have joined forces to build the first major media scale, blockchain-based, professional SaaS media platform, including a decentralized payment system that offers publishers transparent, real-time reporting and ability to self-pay without collection delay, while restoring control of their data, audiences, and IP. They are joined by long-time technology collaborator and co-founder, Bill Sornsin, former Senior Product Leader at Microsoft and co-architect of several global-scale platforms, partnered with Heckman. The founders combined world-class expertise in digital media architecture, and blockchain innovation, to create the only large-scale, Web3-powered media platform - purpose-built for professional publishers and content networks. Heckman founded and led Arena which grew into a nine-figure public company powering publishing, distribution, and monetization for more than 300 brands, including Sports Illustrated, Maxim, History.com, and TheStreet. He previously served as Head of Global Media Strategy at Yahoo!, where he designed the landmark ad platform and coalition between MSN, Yahoo!, and AOL. As Chief Strategy Officer at Fox Interactive, Heckman created the first social-targeted ad platform for MySpace and architected the ~$1 billion ad alliance with Google, and leading the strategy team that built Hulu's original business model. Roundtable's founder has created and taken public and/or sold to major digital media, ten large scale ventures, including Rivals.com (acquired by Yahoo!), Scout.com (acquired by Fox), 5to1.com (public, acquired by Yahoo!), NFL Exclusive and Arena. Remarkably, each and every business he founded succeeded to sustainability and major industry scale. Visionary Partners and Board Members: Roundtable co-founders and strategic partners include: incoming Chair Walton Comer, XBTO co-founder, Lucid Holdings co-founder, which sold to CINT for over $1 billion, and founding investor of Deribit, recently sold to Coinbase for over $3 billion; Aly Madhavji, Managing Partner of Blockchain Founders Fund, investor in over 100 blockchain infrastructure platforms; David Bailey, CEO of Nakamoto, Bitcoin Conference and Magazine; Mike Alexander, former CEO of Jefferies Asia and CEO of Bullish's EOS Venture Capital Fund; W. Graeme Roustan, Roundtable co-founder, former Chairman of Bauer Hockey, and current owner of The Hockey News, the first to publish on-chain with Roundtable; and Brock Pierce, Tether co-founder and early Bitcoin visionary. Merger Details: A definitive agreement has been signed by the parties. Closing remains subject to shareholder approval and standard regulatory review. Upon closing of the merger: * James Heckman will become CEO * Walton Comer will become Chairman, leading board of 7 * George Oliva will remain as EVP/Finance and Chief Accounting Officer, reporting to Heckman * The company will change its name to RTB Digital, Inc., doing business as "Roundtable" * Six directors will be appointed by RTB, and independent director Brett Moyer retained; all other incumbent directors of RYVYL will step down. About Roundtable (RTB Digital, Inc.) Roundtable is a Web3, digital media SaaS platform company, providing white-label, full stack distribution, community, publishing and monetization for professional media brands, and professional journalists - fortified and powered by a Bitcoin liquidity pool integrated into the platform. Visit RTB.io. About RYVYL Inc. RYVYL Inc., headquartered in San Diego, California, develops financial technology platforms and tools focused on global payment acceptance and disbursement. The Company's QuickCard product, initially a physical and virtual card processing system for high-risk, cash-based businesses, has transitioned to a fully virtual, app-based platform and is now offered through a licensing model to partners with compliance capabilities. RYVYL operates in the fintech industry, providing cloud-based payment solutions and merchant management services. In its audit report dated March 28, 2025, Simon & Edward, LLP issued a "going concern" qualification citing that the Company transitioned its QuickCard product in North America away from terminal-based to app-based processing on February 2024, which was then terminated on the second quarter of 2024 and the Company then decided to introduce a licensing product for its payments processing platform. This business reorganization has resulted in a significant decline in processing volume and revenue, the recovery of the loss of revenues resulting from this product transition is not expected to occur until late 2025. The auditor said the loss of revenue has jeopardized the Company's ability to continue as a going concern. The Company reported a net loss of $26.83 million in 2024 following a net loss of $53.10 million in 2023. As of June 30, 2025, the Company had $20.60 million in total assets, $27.54 million in total liabilities, and a total stockholders' deficit of $6.94 million. As of Dec. 31, 2024, the Company had an accumulated deficit of $179.4 million. According to RYVYL, there can be no assurances that it will be able to achieve a level of revenues adequate to generate sufficient cash flow from operations or additional financing through private placements, public offerings and/or bank financing necessary to support its working capital requirements. To the extent that funds generated from any private placements, public offerings and/or bank financing are insufficient, it will need to raise additional working capital. There is no guarantee that additional financing will be available, or that any obtained funding can be secured on terms deemed acceptable. SAR AMERICAN: Seeks to Extend Exclusivity to Jan. 30, 2026 ---------------------------------------------------------- SAR American Properties, LLC asked the U.S. Bankruptcy Court for the Western District of Texas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 30, 2026 and March 30, 2026, respectively. The Debtor explains that exclusivity for the case ends on October 28, 2025. The Debtor have a mediation with the primary creditor set for October 27, 2025. Additionally, Debtor's affiliate Texas Auto Save, LLC is involved in negotiations with Westlake Financial, which is the second lien priority on Debtor’s real estate and possesses a $10 million secured claim against the affiliate. The Debtor claims that how the two negotiations are resolved directly impacts how a reorganization plan for Debtor will be structured. Debtor contends that there ultimately will be agreements reached on one or both of these disputes allowing for a successful reorganization plan to move forward. Therefore, Debtor is requesting an approximate 90-day extension to the exclusivity and solicitation periods. SAR American Properties LLC is represented by: Ronald J. Smeberg The Smeberg Law Firm, PLLC 4 Imperial Oaks San Antonio, TX 78248 Tel: (210) 695-6684 Fax: (210) 598-7357 Email: ron@smeberg.com About SAR American Properties, LLC SAR American Properties LLC operates as a real estate brokerage firm, facilitating the buying, selling, and leasing of properties in the San Antonio area. The Company primarily earns revenue through commissions and transactional services. SAR American Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-51470) on June 30, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Michael M. Parker handles the case. The Debtors are represented by Ronald Smeberg, Esq. THE SMEBERG LAW FIRM. SECURITY TRANSPORT: Section 341(a) Meeting of Creditors on Nov. 13 ------------------------------------------------------------------ On October 15, 2025, Security Transport Inc. filed Chapter 11 protection in the Northern District of Indiana. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 13, 2025 at 10:00 AM via Telephonic Meeting with US Trustee (Line 2). About Security Transport Inc. Security Transport Inc., headquartered in Hammond, Indiana, provides truckload transportation services for dry goods throughout the contiguous U.S. and Canada. Established in 2012, the Company operates a fleet of tractors and trailers to haul general freight, metals, beverages, paper products, and waste. Its operations concentrate on time-sensitive and value-added logistics solutions in the transportation and logistics sector. Security Transport Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ind. Case No. 25-22114) on October 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Daniel L. Freeland, Esq. of DANIEL L. FREELAND & ASSOCIATES, P.C. SEXTANT STAYS: Claims to be Paid From Asset Sale Proceeds --------------------------------------------------------- Sextant Stays Inc. d/b/a Roami filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement for Plan of Liquidation dated October 15, 2025. The Debtor is a Delaware Corporation that operates a short-term vacation rental business with properties located in Florida and Louisiana (each, a "Property", and collectively, the "Properties"). As of the Petition Date, the Debtor managed or leased approximately 716 short term vacation rental units in twenty-seven different Properties. The Debtor's interests in the properties arose from prepetition lease and management agreements entered into with the landlords and executory contract counterparties who own the Properties. The Debtor engaged Edelboim Lieberman, PLLC ("EL Law") and commenced its Chapter 11 Case with the Bankruptcy Court to effectuate the orderly liquidation and administration of the Debtor's Estate and winddown of the Debtor's business operations. The goal of the Debtor in the Chapter 11 Case is to liquidate the Debtor's assets to enable the Debtor to winddown its business operations in an orderly and efficient manner. To that end, the Debtor is seeking through this Plan to appoint a Plan Administrator to maintain, liquidate, and administer Estate Assets and oversee the winddown of the Debtor's business operations. On June 18, 2025, the Debtor entered into that certain Asset Purchase Agreement (the "APA") with CozySuites LLC ("Cozy" or "Buyer"), which was one of the five potential buyers identified by the Debtor through its pre-petition marketing efforts, that contemplated the sale of the Debtor's rights, title, and interest in twenty-two of the properties, subject to Bankruptcy Court approval. On August 16, 2025, when the Debtor and Buyer went to close on the Sale a dispute arose between the parties regarding the application of pre-closing security deposits on the amount of cash necessary to close. August 20, 2025, the Debtor and Buyer closed on the Sale (the "Sale Closing") and substantially all of the Debtor's assets were transferred to the Buyer. As part of the Liquidation contemplated in the Plan, all of the Debtor's assets will vest in the Reorganized Debtor that will be maintained, liquidated, and administered by an independent professional third-party fiduciary (the "Plan Administrator"). On or before the Effective Date, the Debtor shall appoint the Plan Administrator and shall provide notice to all parties-in-interest of said appointment. The appointment of the Plan Administrator shall be completed on or before the Effective Date to ensure the orderly liquidation and administration of the Debtor's estate. Class 5 consists of General Unsecured Claims. Except to the extent that a holder of a Class 5 Allowed General Unsecured Claim agrees to different treatment, on the later of the Effective Date and the date that is ten Business Days after the monetization of the Total Assets, or as soon thereafter as is reasonably practicable, after payment in full of Class 1, 2, 3 and Allowed Priority Tax Claims and Allowed Non-Priority Tax Claims as provided herein, each holder of a General Unsecured Claim will receive, in full and final satisfaction of their claim Allowed Claim, such holder's Pro Rata share of the Net Proceeds of the Total Assets after the Secured Claims and Priority Non-Tax Claims are satisfied as provided herein. As of October 15, 2025, approximately $33,846,185 in unsecured claims have been filed. Debtor continues to evaluate proofs of claims. The Debtor has identified approximately $7,933,911 in filed unsecured claims by the Vigo Entities to which the Debtor objects. The Debtor reserves all rights to evaluate all claims filed and to object to same consistent with the Plan. Class 5 is Impaired. On the Effective Date, all Equity Interests shall be cancelled. Each such holder thereof shall neither receive nor retain any property of the Estate or direct interest in property of the Estate on account of such Equity Interest. The Debtor shall fund distributions and satisfy applicable Allowed Claims and Allowed Interests under the Plan using Cash on hand and the net proceeds from the monetization of the Total Assets (which includes, among other things, the Net Proceeds from the Arkup Receivable, ERC Credit, Causes of Action, Options, and ABC Receivable). The Plan presently contemplates distributions of Cash as assets are monetized from the following sources: * Cash on hand, as of the Effective Date; * Cash from the Net Proceeds of the following assets: -- The account receivable for Michael P. Dunn, as Assignee for the Benefit of Creditors of Arkup, LLC and Arkup Sales, LLC (the "Arkup Entities"), sale of ARKUP 50 Livable Yacht, HIN: AUP40001C424 (the "Arkup Receivable"); -- All tax rebates, refunds, or credits from any federal, state, or local taxing authority including, but not limited to, an Employee Retention Credit ("ERC Credit"); -- 95,070 non-voting exit-only equity options of Squared Living LLC (the "Options"); -- Additional sale proceeds from Cozy; -- All Causes of Action belonging to the Debtor's Estate including, but not limited to, actions under Chapter 5 of the Bankruptcy Code (the "Causes of Action"); -- All remaining Assets of the Debtor's Estate, other than the: (i) Arkup Receivable, and (ii) Causes of Action, including all Cash owned by the Debtor on the Effective Date other than Cash used to fund or held in the Disputed Claim Reserve or the Carve Out Account (the “Other Assets”, and together with the Arkup Receivable, ERC Asset, and Causes of Action, the "General Assets"); and -- Cash from any distributions received from the estates of the Arkup Entities on account of the Debtor's unsecured claim in the case currently pending before the Circuit Court of the Eleventh Judicial Circuit in and for Miami-Dade County, Florida (the "ABC Receivable", and together with the General Assets, the "Total Assets"). A full-text copy of the Disclosure Statement dated October 15, 2025 is available at https://urlcurt.com/u?l=a5jVcN from PacerMonitor.com at no charge. Counsel for the Debtor: EDELBOIM LIEBERMAN PLLC Brett D. Lieberman, Esq. Alexander Lewitt, Esq. 2875 NE 191st St., Penthouse One Miami, FL 33180 Telephone: (305) 768-9909 Facsimile: (305) 928-1114 Email: brett@elrolaw.com Email: alex@elrolaw.com About Sextant Stays Sextant Stays, Inc., doing business as Roami, is a hospitality company that offers urban group travel accommodations in cities such as Miami and New Orleans. Founded in 2016, the company manages entire buildings to provide consistent, design-forward spaces aimed at delivering memorable and connected travel experiences. Sextant Stays' approach bridges the gap between traditional hotels and inconsistent vacation rentals, catering to modern travelers seeking comfort, reliability, and style. Sextant Stays sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15908) on May 27, 2025, listing $5,033,274 in assets and $15,895,759 in liabilities. Andreas King-Geovanis, chief executive officer of Sextant Stays, signed the petition. Judge Robert A. Mark oversees the case. Brett Lieberman, Esq., at Edelboim Lieberman, PLLC represents the Debtor as legal counsel. SF OAKLAND: Taps Scrubbed.net Global Services as Financial Advisor ------------------------------------------------------------------ SF Oakland Bay LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Scrubbed.net Global Services, Inc. as financial advisor in its Chapter 11 case. Scrubbed.net will provide these services: (a) assist the Debtor in responding to requests from the Office of the U.S. Trustee, including the preparation of the monthly operating reports; and (b) assist in the preparation of budgets and cash flow forecasts in connection with the Debtor's use of cash collateral, implementation of its debtor in possession financing, and an eventual plan of reorganization. Scrubbed will charge the Debtor $150 per hour for its services, which will primarily be carried out by Chief Financial Officer Lynaira Pineda and Corporate Finance and Restructuring Manager Miguel Trinidad. According to court filings, Scrubbed.net Global Services, Inc. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, as modified by Section 1107(b). The firm can be reached at: Lynaira Pineda Miguel Trinidad SCRUBBED.NET, LLC One Sansome St, Suite 3500, PMB 6006 San Francisco, CA 94104 Telephone: (800) 837-5160 E-mail: support@scrubbed.net About SF Oakland Bay LLC SF Oakland Bay, LLC operates a parking garage located at 401 Main Street/38 Bryant Street in San Francisco, which serves nearby condominiums, offices, and residences. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30699) on September 3, 2025, listing up to $10 million in assets and liabilities. Judge Hannah L. Blumenstiel oversees the case. Peter Hadiaris, Esq., at the Law Office of Peter N. Hadiaris, represents the Debtor as bankruptcy counsel. SHEPHERD BROTHERS: Hires Boyer Terry LLC as Bankruptcy Counsel -------------------------------------------------------------- Shepherd Brothers Woodlands LLC seeks approval from the Middle U.S. Bankruptcy Court for the District of Georgia to employ Boyer Terry LLC as counsel. The firm will render these services: a. provide legal advice with respect to the powers and obligations of the Debtor-in-Possession in the continued operation of his business and management of the Debtor; b. prepare on behalf of Debtor, as Debtor-in-Possession, necessary applications, motions, answers, reports, and other legal papers; c. continue existing litigation, if any, to which Debtor-in-Possession may be a party and to conduct examinations incidental to the administration of his estate; d. take any and all necessary actions for the proper preservation and administration of the Debtor's estate; e. assert, as directed by Debtor, all claims Debtor has against others; f. negotiate and work with creditors in this case to analyze the Debtor's assets and liabilities and determine the extent, validity, and priority of all claims and interests in this case; g. assist the Debtor in preparation of the Disclosure Statement and Plan of Reorganization; h. perform all other legal services for Debtor, as Debtor-in-Possession, as may be deemed necessary. The firm will be paid at these hourly rates: Attorney $350 - $370 Paralegal $125 Research Assistant $100 The firm received a prepetition retainer in the amount of $10,000. Christopher Terry, Esq., an attorney at Boyer Terry, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Christopher W. Terry, Esq. Boyer Terry LLC 348 Cotton Avenue, Suite 200 Macon, GA 31201 Tel: (478) 742-6481 Fax: (770) 200-9230 Email: chris@boyerterry.com About Shepherd Brothers Woodlands LLC Shepherd Brothers Woodlands LLC provides timber management and forestry services from its base in Irwinton, Georgia. Shepherd Brothers Woodlands LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-51620) on October 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Robert M. Matson handles the case. The Debtor is represented by Robert M. Matson, Esq. of BOYER TERRY LLC. SHERWOOD HOSPITALITY: Seeks Continued Cash Collateral Access ------------------------------------------------------------ Sherwood Hospitality Group, LLC and DVKOCR Tigard, LLC, ask the U.S. Bankruptcy Court for the District of Oregon to modify and extend a previous court order authorizing their use of cash collateral. Operating as debtors-in-possession under Chapter 11, Sherwood and DVKOCR seek to continue using funds that are subject to liens held by their secured creditors -- L-O Sherwood Finance, LLC and L-O Tigard Finance, LLC -- for an additional 30 days. Specifically, the Debtors request that the expiration date for the current cash collateral authorization be extended from October 20 to November 19. The Debtors also propose a limited modification to the termination provisions of the existing order. They add that the agreement will terminate if the automatic stay is lifted in favor of either of the lien creditors with respect to the Sherwood or Tigard properties. All other terms from the original and five prior stipulated orders remain unchanged. The Debtors state that the continued use of cash collateral is essential for maintaining operations and is agreed upon by the secured creditors. Notice of the motion was properly served to all necessary parties, including the 20 largest unsecured creditors and taxing authorities, with a 14-day window to object. If no objections are filed, the court may approve the request without a hearing. This cooperative approach between the Debtors and their lenders reflects an effort to maintain financial stability during the reorganization while preserving creditor rights through clearly defined termination triggers. The Debtors previously obtained court approval to use the cash collateral of the secured creditors. The court's order extended the original expiration date of September 18 to October 20. About Sherwood Hospitality Group Sherwood Hospitality Group LLC, doing business as Hampton Inn Sherwood Portland, is a hospitality company based in Sherwood, Oregon. It manages a hotel offering amenities like free breakfast, free Wi-Fi, a heated indoor pool, and a fitness center. Sherwood Hospitality Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Or. Case No. 25-30484) on February 17, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Bankruptcy Judge Peter C. Mckittrick handles the case. The Debtor tapped Douglas R. Ricks, Esq., at Sussman Shank, LLP as legal counsel and George Thana CPA, PC as accountant. SHIVSANYA CORP: Section 341(a) Meeting of Creditors on November 10 ------------------------------------------------------------------ On October 15, 2025, Shivsanya Corp. filed Chapter 11 protection in the Western District of Virginia. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 10, 2025 at 11:00 AM via crmtg Ch 11: By telephone. Dial 1-888-330-1716, Passcode 7310927. About Shivsanya Corp. Shivsanya Corp. is a single-asset real estate company that leases residential and nonresidential buildings. Shivsanya Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case No. 25-61245) on October 15, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge handles the case. The Debtor is represented byAndrew S. Goldstein, Esq. of MAGEE GOLDSTEIN LASKY & SAYERS, P.C. SILVERROCK DEVELOPMENT: $65MM Sale of Calif. Resort Project Okayed ------------------------------------------------------------------ Vince Sullivan of Law360 reports that SilverRock Development Co. LLC, a bankrupt real estate developer, won approval from a Delaware bankruptcy court for the $65 million sale of its resort project assets to affiliates of Turnbridge Equities. The court's decision overruled objections related to an existing ground lease, clearing the way for the deal to move forward. Despite concerns that the lease could reduce the value of the estate or create additional costs for creditors, the judge found that the sale met the legal requirements for a Chapter 11 free-and-clear transaction. The ruling marks a significant step toward resolving SilverRock's bankruptcy proceedings and maximizing recovery for stakeholders, the report states. About SilverRock Development Company SilverRock Development Company, LLC, is a San Diego, Calif.-based company primarily engaged in renting and leasing real estate properties. SilverRock filed Chapter 11 petition (Bankr. D. Del. Lead Case No. 24-11647) on Aug. 5, 2024, with $100 million to $500 million in both assets and liabilities. Robert S. Green, Jr., chief executive officer, signed the petition. Judge Mary F. Walrath handles the case. The Debtor is represented by Jonathan M. Stemerman, Esq., at Armstrong Teasdale. SOLANA COMPANY: CBIZ CPAs Replaces Baker Tilly as Auditor --------------------------------------------------------- Solana Company, formerly known as Helius Medical Technologies, Inc., disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Audit Committee of the Board of Directors received the resignation of Baker Tilly US, LLP as the Company's independent registered public accounting firm, effective immediately. The Committee accepted Baker Tilly's resignation. The reports of Baker Tilly on the Company's consolidated financial statements for each of the two most recent fiscal years ended December 31, 2024 and 2023 did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles, except that such reports contained an explanatory paragraph expressing substantial doubt as to the Company's ability to continue as a going concern. During the Company's two most recent fiscal years ended December 31, 2024 and 2023 and the subsequent interim period through October 15, 2025, there were: (a) no "disagreements" (as that term is described in Item 304(a)(1)(iv) of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended and the related instructions) with Baker Tilly on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Baker Tilly, would have caused it to make reference to the subject matter of the disagreements in connection with its reports and (b) no "reportable events," as defined in Item 304(a)(1)(v) of Regulation S-K and the related instructions. The Company provided Baker Tilly with a copy of the foregoing disclosures and requested that Baker Tilly furnish a letter addressed to the Securities and Exchange Commission stating whether or not it agrees with the statements made herein, as specified by Item 304(a)(3) of Regulation S-K. A copy of Baker Tilly's letter, dated October 16, 2025, is available at https://tinyurl.com/4shte27z (b) Engagement of New Independent Registered Public Accounting Firm Following Baker Tilly's resignation, the Committee approved the appointment of CBIZ CPAs P.C. as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025. During the Company's two most recent fiscal years ended December 31, 2024 and 2023 and the subsequent interim period through October 15, 2025, neither the Company nor anyone on its behalf consulted with CBIZ CPAs regarding: (i) the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's consolidated financial statements, and neither a written report or oral advice was provided to the Company that CBIZ CPAs concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing, or financial reporting issue, (ii) any matter that was the subject of a "disagreement" within the meaning of Item 304(a)(1)(iv) of Regulation S-K and the related instructions, or (iii) any reportable event within the meaning of Item 304(a)(1)(v) of Regulation S-K and the related instructions. About Solana Company Solana Company (Nasdaq: HSDT) formerly known as Helius Medical Technologies, Inc. is a listed digital asset treasury dedicated to acquiring Solana (SOL), created in partnership with Pantera and Summer Capital. Focused on maximizing SOL per share by leveraging capital markets opportunities and onchain activity, Solana Company offers public market investors optimal exposure to Solana's secular growth. In its report dated March 25, 2025, the Company's auditor since 2022, Baker Tilly US, LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has recurring losses from operations and an accumulated deficit, expects to incur losses for the foreseeable future, and requires additional working capital. These factors raise substantial doubt about their ability to continue as a going concern. As of March 31, 2025, Helius Medical Technologies had $3.5 million in total assets, $2.2 million in total liabilities, and total stockholders' equity of $1.3 million. SPAC RECOVERY: Seeks to Hire Cullen and Dykman LLP as Legal Counsel ------------------------------------------------------------------- SPAC Recovery Co. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Cullen and Dykman LLP to serve as legal counsel in its Chapter 11 case. Cullen and Dykman LLP will provide these services: (a) advise the Debtor with respect to its powers and duties in the continued operation of its business and management of its property as a Debtor and Debtor-in-possession; (b) represent the Debtor before the Court, and any other court of competent jurisdiction, on matters pertaining to its affairs; (c) advise and assist the Debtor in the preparation and negotiation of a plan of reorganization with its creditors and other parties in interest; (d) advise the Debtor in connection with financing matters; (e) advise the Debtor in connection with the sale of its assets; (f) advise the Debtor with respect to any leases and agreements and their obligations and rights thereunder; (g) advise the Debtor on legal issues related to its reorganization; (h) prepare all necessary or appropriate applications, motions, complaints, answers, orders, reports, and other legal documents; (i) perform all other legal services for the Debtor that may be desirable and necessary in this Chapter 11 case; and (j) take all necessary actions to protect and preserve the value of the estate of the Debtor and other related matters. Michael H. Traison, Esq., a partner at Cullen and Dykman and the primary person handling this matter, will be paid an hourly rate of $805. The other attorneys who may be working on this matter as well are Bonnie Pollack, whose hourly rate is $840, Michelle McMahon, whose rate is $790 and associates, Kynaki Cristodoulou, whose hourly rate is $410 and Sharlene Cubelo, whose hourly rate is $280. The current rate for paralegals, associates and partners ranges from $200 through $850 per hour. Prior to the petition date, the Debtor paid the firm $95,000, which was first applied to current invoices, leaving a balance of $954.68, which the firm is waiving. Cullen and Dykman LLP has received no retainer to be applied against post-petition fees and expenses. Cullen and Dykman LLP is a "disinterested person" within the meaning of Section 101(14) and 327(a) of the Bankruptcy Code, according to court filings. The firm can be reached at: Bonnie Pollack, Esq. Matthew G. Roseman, Esq. CULLEN AND DYKMAN LLP The Omni Building 333 Earle Ovington Blvd, 2nd Fl. Uniondale, NY 11553 Telephone: (516) 357-3700 E-mail: bpollack@cullenllp.com mroseman@cullenllp.com - and - Michelle McMahon, Esq. Michael Traison, Esq. CULLEN AND DYKMAN LLP One Battery Park Plaza, 34th Fl. New York, NY 10004 Telephone: (212) 510-2296 E-mail: mmcmahon@cullenllp.com mtraison@cullenllp.com About Spac Recovery Co. Spac Recovery Co., formerly known as Ackrell SPAC Partners I Co., is a Delaware-based special purpose acquisition company created to raise capital and pursue a merger, share exchange, asset acquisition, or similar business combination. The Company originally targeted investments in the consumer goods sector and entered into a proposed combination with North Atlantic Imports LLC, doing business as Blackstone Products, before the deal was terminated in 2022. It now operates under the name Spac Recovery Co. and is focused on litigation and recovery efforts connected to its prior activities. Spac Recovery Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12109) on September 26, 2025. In its petition, the Debtor reports total assets of $57,306,134 and total liabilities of $9,469,770 Honorable Bankruptcy Judge John P. Mastando III handles the case. The Debtor is represented by Michael H. Traison, Esq. of CULLEN AND DYKMAN LLP. SPV LIT FUND, LLC, as DIP Lender, is represented by: Michael Smiley, Esq. Samantha Espino, Esq. The Underwood Law Firm 500 S. Taylor, Suite 1200 Amarillo, TX 79101 Email: mike.Smiley@uwlaw.com samantha.espino@uwlaw.com ST. AUGUSTINE FOOT: Jerrett McConnell Named Subchapter V Trustee ---------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for St. Augustine Foot & Ankle, Inc. Mr. McConnell will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 info@mcconnelllawgroup.com About St. Augustine Foot & Ankle Inc. Based in St. Augustine, Fla., St. Augustine Foot & Ankle Inc. is a multispecialty clinic offering podiatry, dermatology, vein procedures, physical therapy, and neuropathy treatment, including care for common foot conditions and wounds. The clinic is led by board-certified podiatric surgeon Dr. Thomas A. LeBeau and provides both conservative and minimally invasive outpatient treatments. St. Augustine Foot & Ankle filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03696) on October 14, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Bryan K. Mickler, Esq., at Mickler & Mickler represents the Debtor as legal counsel. STAGGEMEYER STAVE: Gets Interim OK to Obtain DIP Loan ----------------------------------------------------- Staggemeyer Stave Company, Inc. received interim approval from the U.S. Bankruptcy Court for the District of Minnesota to obtain debtor-in-possession financing to get through bankruptcy. The interim order, signed by Judge William Fisher authorized the Debtor to obtain an initial $150,000 from Staggemeyer Wood Products, LLC, which has committed to provide up to $225,000 in DIP financing. The financing bears an interest of 10% and includes a $65,000 carveout for administrative expenses such as Chapter 11 and potential Chapter 7 professional fees. The financing is due and payable on the earliest of the closing of the sale of substantially all assets of the Debtor to Staggemeyer Wood Products; dismissal or conversion of the Chapter 11 case to one under Chapter 7; and termination of the financing after a default by the Debtor. In return for the financing, Staggemeyer Wood Products will be granted post-petition security interests in and liens on all assets of the Debtor, junior only to the fee carveout. In addition, the lender is entitled to a superpriority administrative expense claim. These liens and superpriority claim do not apply to any Chapter 5 causes of action. The Debtor, a Minnesota-based manufacturer of premium white oak staves and heading, began marketing its business more than six months prior to its Chapter 11 filing and ultimately found a buyer, Staggemeyer Wood Products. The bankruptcy case was filed specifically to complete the sale. Cash Collateral Access Okayed The Debtor also received interim court approval to use cash collateral in which its pre-bankruptcy lenders, Decorah Bank & Trust and the U.S. Small Business Administration, assert security interests. The interim order authorized the Debtor to use up to $390,305.94 of cash, including cash collateral, from the week beginning October 20 through the week beginning November 10. As adequate protection, the pre-bankruptcy lenders will be granted replacement liens on assets acquired by the Debtor after its bankruptcy filing, with the same priority and effect as their pre-bankruptcy liens. The interim order is available at https://is.gd/ESQm2g from PacerMonitor.com. The final hearing is set for November 13. Objections are due by November 6. Staggemeyer Stave Company owes approximately $3.88 million to Decorah Bank & Trust under several loans dating back to 2018 and owes an additional $2 million to the SBA under an Economic Injury Disaster Loan originally issued in 2021 and amended later that year. Both lenders hold security interests in substantially all of the Debtor's assets, including accounts receivable, inventory, equipment, and real property, which the Debtor values at approximately $1 million total ($323,000 real property and $700,000 personal property). About Staggemeyer Stave Company Inc. Staggemeyer Stave Company, Inc. is a Minnesota-based manufacturer of premium white oak staves and heading. Staggemeyer Stave Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-33297) on October 17, 2025. In the petition signed by Jed J. Hammell, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge William J. Fisher oversees the case. Steven R. Kinsella, Esq., at Fredrikson & Byron, P.A. represents the Debtor as legal counsel. STOKES & STOKES: Seeks to Hire Liberty Bell Estate as Realtor ------------------------------------------------------------- Stokes & Stokes Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ Daniel Maneely of Liberty Bell Real Estate and Property Management, LLC as Realtor for the Debtor in its Chapter 11 case. The firm will provide these services: (a) market the Property for sale; (b) list the Property on appropriate real estate listing services; (c) show the Property to prospective purchasers; (d) assist in negotiating the terms of sale; (e) prepare necessary documentation for the sale; and (f) provide other customary real estate brokerage services. Mr. Maneely will receive 6% of the sales price as compensation for his services. According to court filings, Mr. Maneely has no connection with the Debtor, creditors, or any other parties in interest, and represents no adverse interest to the Debtor or the estate. He has not entered into any undisclosed compensation arrangements and will comply with all applicable provisions of the Bankruptcy Code and Rules. The firm can be reached at: Daniel Maneely Liberty Bell Real Estate and Property Management, LLC 261 Old York Rd Unit 719 Jenkintown, PA 19046 Telephone: (215) 284-2891 E-mail: danmaneely@comcast.net About Stokes & Stokes Properties Stokes & Stokes Properties, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-12226) on June 3, 2025, with up to $50,000 in assets and liabilities. Judge Ashely M. Chan presides over the case. Demetrius J. Parrish, Esq., at The Law Offices of Demetrius J. Parrish represents the Debtor as bankruptcy counsel. Metropolitan Tower Life Insurance Company, as serviced by Fay Servicing, LLC, is represented by Mark A. Cronin, Esq., at McCalla Raymer Leibert Pierce, LLP, in Philadelphia, Pennsylvania. STRIPE A LOT: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Stripe a Lot of America II, Corp. 1607 N. Hercules Ave. Clearwater, FL 33765-1930 Business Description: Stripe-A-Lot of America II, Corp. provides asphalt paving, resurfacing, and repair services across Florida. The Company offers full-service commercial solutions including asphalt and concrete installation, sealcoating, striping, crack filling, ADA -compliant ramps, and drainage work. It also performs milling, full-depth reclamation, and parking lot maintenance projects for property owners and contractors. Chapter 11 Petition Date: October 20, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-07715 Judge: Hon. Roberta A. Colton Debtor's Counsel: Buddy D. Ford, Esq. FORD & SEMACH, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: (813) 877-4669 Fax: (813) 877-5543 Email: All@tampaesq.com Total Assets: $633,127 Total Liabilities: $4,028,903 The petition was signed by Gregg F. Kay 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/VETJFDQ/STRIPE_A_LOT_OF_AMERICA_II_CORP__flmbke-25-07715__0001.0.pdf?mcid=tGE4TAMA TALPHERA INC: Appoints CorMedix CEO Joseph Todisco to Board ----------------------------------------------------------- Talphera, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors appointed Joseph Todisco as a Class III member of the board of directors and member of the compensation committee to hold office for the balance of a term expiring at the Company's 2026 annual meeting of stockholders and until his successor is duly elected and qualified, or until his earlier death, resignation or removal. Mr. Todisco, 49, has served as the Chief Executive Officer of CorMedix Inc. since May 2022, and as a member of the board of directors of CorMedix Inc. since March 2022. From October 2011 to May 2022, he was a senior executive at Amneal Pharmaceuticals, where for the prior 11 years he held various roles, most notably as Executive Vice President, Chief Commercial Officer where he was responsible for Amneal Specialty, a branded specialty products business with a focus on neurology and endocrinology. He was previously Co-Founder and managing executive of Gemini Laboratories, a specialty pharmaceutical company focused on the sales and marketing for niche branded products in the U.S. Market. Gemini Laboratories was established as an affiliate of Amneal Pharmaceuticals and was subsequently acquired by Amneal in 2018. Prior to joining Amneal, Mr. Todisco was Vice President, Business Development & Licensing at Ranbaxy, Inc. Prior to Ranbaxy, he held various roles at Par Pharmaceutical, and in his earlier career held positions at Oppenheimer & Company and Marsh & McLennan Companies. Mr. Todisco obtained his M.B.A. in Finance from Fordham Graduate School of Business and his B.A. in Economics from Georgetown University. In connection with his appointment, the compensation committee approved an initial grant to Mr. Todisco, on October 15, 2025, of 6,397 restricted stock units and options to purchase 38,381 shares of the Company's common stock at an exercise price of $1.11 per share, pursuant to the Company's 2020 Equity Incentive Plan. The restricted stock units and options will vest in three equal annual installments over a three-year period, beginning on October 14, 2025, subject to Mr. Todisco's continued service on the board through each such vesting date. Additionally, we intend to enter into a non-employee director indemnification agreement with Mr. Todisco. There are no family relationships between Mr. Todisco and any director or executive officer of Talphera, and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K, other than as set forth below. CorMedix Board Nomination Right: Mr. Todisco was appointed to the board of directors pursuant to that certain Securities Purchase Agreement the Company entered into with CorMedix Inc. in September 2025. For so long as CorMedix and its affiliates beneficially own at least 25% of the shares of common stock it purchased at the first closing of such private placement, CorMedix shall have the right, subject to compliance with the applicable rules and regulations of The Nasdaq Stock Market, to designate one member of the Company's board of directors. The Securities Purchase Agreement is filed as Exhibit 10.1 to the Company's Current Report on Form 8-K (file no. 001-35068) filed with the Securities and Exchange Commission on September 10, 2025. CorMedix Right of First Negotiation: Pursuant to the securities purchase agreement , the Company entered into with CorMedix, following the public announcement, or the Public Announcement, by Talphera of the achievement of the primary endpoint and topline clinical data and results of the NEPHRO CRRT clinical study for the Company's product candidate Niyad, CorMedix shall have the right for 60 days thereafter, or the Exclusivity Period, to negotiate exclusively with Talphera, or the Right of First Negotiation, with respect to an acquisition of 100% of the capital stock and equity interests of Talphera, or an Acquisition Transaction. During the Exclusivity Period, the Company agreed that it shall not engage in discussions with any other third party about an Acquisition Transaction, a sale or exclusive license of all or substantially all of the assets of Talphera or any similar transaction. If after conducting good faith negotiations during the Exclusivity Period, the parties are unable to reach a definitive agreement with respect to an Acquisition Transaction, the Company will not, for a period of nine months from the date of the Public Announcement, enter into a definitive agreement or binding arrangement with a third party with respect to an Acquisition Transaction or similar transaction on financial terms less favorable (in the good faith determination its board of directors) than those offered in writing by CorMedix during the Exclusivity Period (if any) without the written consent of CorMedix, which consent shall not be unreasonably withheld, delayed or conditioned. The Right of First Negotiation shall terminate upon the earlier of: (i) the Company's public announcement of the termination of the NEPHRO CRRT clinical study for any reason prior to the achievement of the study's primary endpoint and (ii) December 31, 2027. About Talphera Headquartered in San Mateo, California, Talphera, Inc. -- www.talphera.com -- is a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for use in medically supervised settings. Talphera's lead product candidate, Niyad, is a lyophilized formulation of nafamostat and is currently being studied under an investigational device exemption (IDE) as an anticoagulant for the extracorporeal circuit, and has received Breakthrough Device Designation status from the U.S. Food and Drug Administration (FDA). Walnut Creek, Calif.-based BPM LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring operating losses and negative cash flows from operating activities since inception and expects to continue to incur operating losses and negative cash flows in the future. These matters raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, Talphera had $16.52 million in total assets, $9.89 million in total liabilities, and $6.63 million in total stockholders' equity. TASTY PEACH STUDIOS: Seeks Subchapter V Bankruptcy in Indiana ------------------------------------------------------------- On October 14, 2025, Tasty Peach Studios Inc. filed Chapter 11 protection in the Northern District of Indiana. According to court filing, the Debtor reports $1,448,012 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. 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. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ind. Case No. 25-22094) on October 14, 2025. In its petition, the Debtor reports total assets of $719,184 and total liabilities of $1,448,012 Honorable Bankruptcy Judge James R. Ahler handles the case. The Debtor is represented by Daniel L. Freeland, Esq. of DANIEL L. FREELAND & ASSOCIATES, P.C. TECH RABBIT: Gina Klump Named Subchapter V Trustee -------------------------------------------------- The U.S. Trustee for Region 17 appointed Gina Klump, Esq., at the Law Office of Gina R. Klump, as Subchapter V trustee for Tech Rabbit, Inc. Ms. Klump will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Klump declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gina Klump, Esq. Law Office of Gina R. Klump 11 5th Street, Suite 102 Petaluma, CA 94952 Phone: (707) 778-0111 Email: gklump@klumplaw.net About Tech Rabbit Inc. Tech Rabbit Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-51562) on October 10, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. David C. Johnston, Esq., at the Law Offices of David C. Johnston represents the Debtor as bankruptcy counsel. TRANSOCEAN LTD: Closes Notes Offering, Inks Indenture With Truist ----------------------------------------------------------------- Transocean Ltd. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on October 15, 2025, in connection with the closing of the previously announced offering by Transocean International Limited, a Bermuda exempted company limited by shares (the "Company") and a wholly owned subsidiary of Transocean Ltd., of $500 million in aggregate principal amount of 7.875% Senior Priority Guaranteed Notes due 2032, the Company entered into an indenture with Transocean Ltd., Transocean Holdings 1 Limited, Transocean Holdings 2 Limited, Transocean Holdings 3 Limited, Transocean Asset Holdings 1 Limited, Transocean Asset Holdings 2 Limited and Transocean Asset Holdings 3 Limited, as guarantors, and Truist Bank, as trustee. The Notes will be fully and unconditionally guaranteed, jointly and severally, by the Guarantors on a senior unsecured basis. The Notes will mature on October 15, 2032 and will bear interest at a rate of 7.875% per annum. Interest on the Notes will be paid on April 15 and October 15 of each year, beginning on April 15, 2026. The Notes have not been registered under the U.S. Securities Act of 1933, as amended, or under any state securities laws, and were offered only to qualified institutional buyers under Rule 144A under the Securities Act and outside the United States in compliance with Regulation S under the Securities Act. The terms of the Notes are governed by the Indenture, which contains covenants that, among other things, limit the Company's ability to allow its subsidiaries to incur certain additional indebtedness, incur certain liens on its drilling rigs or drillships without equally and ratably securing the Notes, engage in certain sale and lease-back transactions covering any of its drilling rigs or drillships and consolidate, merge or enter into a scheme of arrangement qualifying as an amalgamation. The Indenture also contains customary events of default. Indebtedness under the Notes may be accelerated in certain circumstances upon an event of default as set forth in the Indenture. A full-text copy of the Indenture is available at https://tinyurl.com/ykyp26wv About Transocean Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. As of Feb. 14, 2024, the Company owned or had partial ownership interests in and operated 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. Additionally, as of Feb. 14, 2024, the Company was constructing one ultra-deepwater drillship. As of June 30, 2025, the Company had $17.8 billion in total assets, $6.9 billion in total long-term liabilities, and $9.4 billion in total equity. * * * Egan-Jones Ratings Company on January 21, 2025, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by Transocean Ltd. In October 2025, S&P Global Ratings revised its outlook on offshore drilling contractor Transocean Ltd. to stable from negative and affirmed all its ratings on the company, including the 'CCC+' Company credit rating. TRANSOCEAN LTD: Upsizes Tender Offer for 2028, 2041 Notes to $100M ------------------------------------------------------------------ Transocean Ltd. announced the early results, as of 5:00 p.m. New York City time on October 14, 2025, of the previously announced cash tender offer by Transocean International Limited, a Bermuda exempted company limited by shares and a wholly owned subsidiary of Transocean, to purchase up to an aggregate principal amount of the outstanding 7.35% Senior Notes due December 2041 and 7.00% Notes due June 2028 listed in the table below for a combined aggregate purchase price of up to $50,000,000 (excluding accrued and unpaid interest, which also will be paid to, but excluding, the Settlement Date and excluding fees and expenses related to the Tender Offer), in the order of priority shown in the table below. The Company also announced that it has amended the terms of the Tender Offer to increase the combined aggregate purchase price from $50,000,000 to $100,000,000 (excluding accrued and unpaid interest, which also will be paid to, but excluding, the Settlement Date and excluding fees and expenses related to the Tender Offer). All other terms of the previously announced Tender Offer remain unchanged. As of the Early Tender Date, according to information provided to the Company by D.F. King & Co., Inc., as Tender Agent and Information Agent for the Tender Offer, $88,998,000 aggregate principal amount of the 2041 Notes (approximately 50.21% of the aggregate principal amount outstanding) was validly tendered and $120,628,000 aggregate principal amount of the 2028 Notes (approximately 46.18% of the aggregate principal amount outstanding) was validly tendered. The Company accepted for payment all such 2041 Notes validly tendered and not validly withdrawn in the Tender Offer. The Company will accept for purchase all such 2028 Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date on a pro rata basis based on the proration procedures described in the Offer to Purchase dated September 30, 2025. As a result, the proration factor applicable to the 2028 Notes is approximately 13.17%. The Total Tender Offer Consideration plus accrued and unpaid interest for the Notes that were validly tendered and not validly withdrawn in the Tender Offer prior to the Early Tender Date and accepted for purchase by the Company will be paid by the Company in same-day funds. The terms and conditions of the Tender Offer are described in the Offer to Purchase, which was previously distributed to holders of the Notes. All conditions were satisfied or waived by the Company at the Early Tender Date. A. CUSIP Number: 893830AZ2 Title of Security: 7.35% Senior Notes due December 2041 Aggregate Principal Amount Outstanding: $177,248,000 Aggregate Principal Amount Accepted for Purchase: $88,998,000 Acceptance Priority Level: 1 Tender Offer Consideration: $900.00 Early Tender Premium: $50.00 Total Tender Offer Consideration: $950.00 B. CUSIP Number: 379352AL1 Title of Security: 7.00% Notes due June 2028 Aggregate Principal Amount Outstanding: $261,217,000 Aggregate Principal Amount Accepted for Purchase: $15,767,000 Acceptance Priority Level: 2 Tender Offer Consideration: $930.00 Early Tender Premium: $50.00 Total Tender Offer Consideration: $980.00 The Tender Offer will expire at 5:00 p.m., New York City time, on October 29, 2025, unless extended or earlier terminated. However, because the aggregate principal amount of Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date exceeded the Maximum Tender Offer Amount, the Company does not expect to accept for purchase any Notes validly tendered after the Early Tender Date. As a result, the Company expects that any Notes tendered after the Early Tender Date, together with any Notes tendered at or prior to the Early Tender Date but not accepted for purchase in accordance with proration procedures set forth in the Offer to Purchase, will be returned to the holders thereof as described in the Offer to Purchase. Holders of Notes subject to the Tender Offer who validly tendered their Notes and did not validly withdraw their Notes on or before the Early Tender Date may no longer withdraw their Notes, except in the limited circumstances described in the Offer to Purchase. Holders of Notes subject to the Tender Offer who tender their Notes after the Early Tender Date may not withdraw their Notes except in the limited circumstances described in the Offer to Purchase. The Company expects to pay the Total Tender Offer Consideration, up to the Maximum Tender Offer Amount, on all Notes validly tendered, not validly withdrawn, and accepted for purchase with proceeds from the New Notes Offering. Wells Fargo Securities is the Dealer Manager for the Tender Offer. D.F. King & Co., Inc. is acting as Tender Agent and Information Agent. Persons with questions regarding the Tender Offer should contact Wells Fargo Securities at (collect) (704) 410-4820, (toll-free) (866) 309-6316 or by email to liabilitymanagement@wellsfargo.com. Any questions regarding the tendering of Notes should be directed to D.F. King & Co., Inc. at (toll-free) (800) 848-3405, (for banks and brokers) (646) 698-8770 or by email to transocean@dfking.com. About Transocean Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. As of Feb. 14, 2024, the Company owned or had partial ownership interests in and operated 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. Additionally, as of Feb. 14, 2024, the Company was constructing one ultra-deepwater drillship. As of June 30, 2025, the Company had $17.8 billion in total assets, $6.9 billion in total long-term liabilities, and $9.4 billion in total equity. * * * Egan-Jones Ratings Company on January 21, 2025, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by Transocean Ltd. In October 2025, S&P Global Ratings revised its outlook on offshore drilling contractor Transocean Ltd. to stable from negative and affirmed all its ratings on the company, including the 'CCC+' Company credit rating. VERITONE INC: Secures VDR Contract Wins, Updates Q3 Outlook ----------------------------------------------------------- Veritone, Inc. announced major contract wins to deploy its Veritone Data Refinery (VDR) product offering with leading hyperscalers, and announced preliminary, unaudited results for Q3 2025. Veritone's VDR solution is now being deployed across a rapidly expanding roster of hyperscalers and venture-backed model developers. These partnerships underscore Veritone's accelerated momentum in enabling the largest enterprises and model developers to transform proprietary, unstructured data into actionable, license-ready intelligence that fuels cognitive and generative AI development. Data sits at the core of the artificial intelligence revolution, yet AI is simultaneously transforming the market for data itself. According to NVIDIA and the Wall Street Journal, investors, corporations, and sovereign states are investing trillions into the infrastructure required to run ever-larger AI systems, and this rapid build-out has triggered a surge in demand for high-quality training data, resulting in a significant opportunity for companies to unlock significant economic value from data assets once treated as byproducts. AI systems are often framed around three essential inputs: power, compute, and data. Power represents the vast electricity needs of data centers; compute refers to the advanced chips driving trillions of operations per second; and data provides the raw material for training intelligent models. Among these, data is the least visible and least discussed. Unlike semiconductors or server farms, data cannot be touched or easily measured -- yet, it is increasingly the most strategic and scarce resource in the AI economy. The imbalance is pushing hyperscalers, model labs, and investors to pay premiums for unique datasets, specifically unstructured video and audio datasets. Proprietary rights holders who have historically kept data archives dormant now have a meaningful opportunity to monetize them. "Veritone is emerging as a critical partner to many global hyperscalers and the next generation of AI model developers," said Ryan Steelberg, President and Chief Executive Officer of Veritone. "We believe our VDR solution uniquely positions us to serve this fast-growing market, converting massive volumes of video, audio, and text into centralized license-ready datasets for proprietary applications and external AI model training alike. We're proud to see the industry increasingly recognize Veritone as a trusted partner for the unstructured training data ecosystem, and we are firmly on track to have formalized partnerships with nearly every major hyperscaler by the end of 2025." With these recent VDR contract wins, Veritone's near-time VDR pipeline and recent bookings total nearly $40 million, an increase of 100% from August 2025, including both commercial and public sector customers. Announcing Preliminary, Unaudited Results for Q3: Management is announcing certain preliminary, unaudited financial results for Q3: * Revenue in Q3 2025 between $28.5 million to $28.7 million, representing an increase of 30.5% at the midpoint from Q3 2024; and * Non-GAAP Net Loss in Q3 2025 between $5.5 million to $6.0 million, representing a 48.2% increase from the midpoint as compared to Non-GAAP Net Loss from continuing operations in Q3 2024. The above financial results for Q3 2025 are preliminary, unaudited estimates and are subject to change until the filing of the Company's Form 10-Q for the quarter ended September 30, 2025. The Company is currently finalizing its third quarter 2025 results and, as a result, these preliminary estimates are based solely on information available to management as of October 15, 2025. The Company's actual results may differ from these estimates due to the completion of its quarter-end closing procedures, final adjustments and developments that may arise or information that may become available between now and the time the Company's financial results are finalized and included in its Form 10-Q for the quarter ended September 30, 2025. The preliminary, unaudited financial results do not present all necessary information for a complete understanding of the Company's financial condition as of September 30, 2025, or its results of operations for the quarter and nine months ended September 30, 2025, and should not be viewed as a substitute for full financial statements prepared in accordance with GAAP. Q3 2025 Earnings: Veritone will hold a conference call on Thursday, November 6, 2025, at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time), to discuss its results for the third quarter 2025, provide an update on the business and conduct a question-and-answer session. About Veritone Veritone, Inc. is a provider of artificial intelligence computing solutions. The Company's proprietary AI operating system, aiWARETM, uses machine learning algorithms, or AI models, together with a unit of powerful applications, to reveal valuable insights from ast amounts of structured and unstructured data. The Company disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended June 30, 2025, that there is substantial doubt about its ability to continue as a going concern within the next 12 months. Based on the Company's liquidity position as of June 30, 2025 and current forecast of operating results and cash flows, absent any other action, management determined that there is substantial doubt about the Company's ability to continue as a going concern over the 12 months following the filing of this Quarterly Report on Form 10-Q, principally driven by current debt service obligations, historical negative cash flows and recurring losses. As a result, the Company will require additional liquidity to continue its operations over the next 12 months." As of June 30, 2025, the Company had $186.81 million in total assets, $185.59 million in total liabilities, and $1.22 million in total stockholders' equity. VERSANT MEDIA: Moody's Assigns 'Ba2' CFR, Outlook Stable -------------------------------------------------------- Moody's Ratings assigned a Ba2 corporate family rating and Ba2-PD probability of default rating to Versant Media Group, Inc. (Versant). Moody's also assigned a Ba2 rating to the company's proposed $750 million 5-year senior secured first lien delayed draw term loan B; an existing $1.0 billion 5-year senior secured first lien delayed draw term loan A and $750 million 5-year first lien revolving credit facility (undrawn) are both unrated. The net proceeds from draws under the senior secured first lien delayed draw term loan A and proposed senior secured first lien delayed draw term loan B issuance will be used in conjunction with other secured debt to fund a $2.25 billion distribution to Comcast Corporation (Comcast, A3 stable) and for general corporate purposes. Moody's assigned Versant a speculative grade liquidity rating (SGL) of SGL-1, reflecting very good liquidity. The outlook assigned is stable. In November 2024, Comcast announced that it would distribute to its shareholders all of the shares of common stock of Versant, a newly formed public company comprising the business, operations, products, services and activities of certain of Comcast's cable television networks and digital platforms. Versant is part of Comcast's Media segment and has not been operated as a distinct business unit or division of Comcast. At the time of the company's separation from Comcast, expected to be completed in early January 2026 and subject to the satisfaction of customary conditions, proceeds from draws under the delayed draw term loans and other senior secured debt aggregating approximately $2.75 billion will primarily fund a $2.25 billion distribution to Comcast, with the remaining cash balance of around $500 million expected to capitalize Versant's balance sheet. RATINGS RATIONALE Versant's Ba2 CFR reflects the company's significant scale, relative competitive positioning in live news and sports content, solid cash flow generation and modest starting debt leverage (Moody's adjusted) of 1.2x. These factors are offset by sustained secular pressures at the company's main Linear Distribution business which is expected to contract at a slightly accelerating pace as a result of changing consumer video consumption behavior in pay TV end markets. The company will face significant execution risks over an approximately two-year period as it works to operate on a standalone basis independent of its former parent. Versant will also need to partially offset the secular pressures contributing to sizable subscriber losses with inflation or inflation-plus price increases, as well as through steady cost reductions and operating efficiencies given increasingly competitive end markets. While such actions will help offset some of Versant's margin pressures, Moody's expects continued steady declines in overall revenue and EBITDA over at least the next two-to-three years. Further, Moody's believes aggressive and sustained reductions in entertainment programming & production expenses and the achievement of high-cost efficiencies across centralized functions may be more difficult to achieve, at least in the early period following the spin-off. In addition to maximizing revenue potential through pricing and monetization opportunities in its existing legacy pay TV end markets, the successful development of digital (or non-pay TV) revenue in new or adjacent end markets is critical to supporting Versant's current credit assessment. While Moody's acknowledges relative competitive strengths in the company's live news and sports channel content, including at MS NOW, CNBC and USA, Versant has faced steady subscriber loss trends across all of its cable network channels. Offsetting negative demographic trends and the broader industry pressures inherent in Versant's business model at this stage of its life cycle will remain increasingly difficult. The rate of EBITDA decline is expected to exceed the rate of revenue decline as continued subscriber attrition negatively impacts operating leverage given the company's fixed costs. Further, Moody's expect sany new or adjacent revenue growth largely in digital (or non-pay TV) businesses will be less profitable generally than Versant's legacy businesses. Versant's credit profile does benefit from a still sizable subscriber base, reasonably solid pricing power and revenue diversity from its smaller Advertising business, which is expected to contract at a slightly and generally slower pace than the company's Linear Distribution business. Comcast's continued representation of Versant in its advertising sales over approximately the first two years post the spin-off is supportive. However, the company's negotiating clout and current Comcast-driven advantages in advertising sales could be impaired when Versant competes as a standalone company. Versant's SGL-1 speculative grade liquidity rating reflects the company's very good liquidity profile, including pro forma balance sheet cash at its early January 2026 spin-off date of around $500 million. In addition, the company will start out with full availability under its $750 million revolving credit facility due 2031 (unrated). Moody's expects Versant to generate significant free cash flow in 2025 and 2026 given the company's historically high free cash flow conversion ratio. Excluding capital costs associated with the build out of a permanent headquarters in New York City, Moody's views Versant as having low capital investing intensity which will help support cash flow generation. As a priority, Moody's believes the company would need to emphasize business investment generally over deploying discretionary cash for more aggressive shareholder friendly actions in the early years following the spin-off to help blunt the pace of revenue and EBITDA contraction and support the current credit profile. Moody's expects declining but meaningful free cash flow generation based on a prudent financial capitalization that sustains debt leverage (Moody's adjusted) at around 1.3x absent M&A through Moody's prospectives outlook period. The revolver contains a first lien leverage covenant set at 3.5x which is only tested when utilization exceeds 35%. Governance and social factors are key drivers of Versant's ratings. The company's ESG Credit Impact Score of CIS-4 primarily reflects social and governance risks associated with sustained secular pressures on its main Linear Distribution business. These negative, secularly driven trends include consumers moving to direct-to-consumer video-on-demand services and terminating traditional linear bundled pay TV services which the company relies on for distribution of its cable network content. The potential for a successful evolution of the company's go-forward business strategy remains unclear, and Versant will face significant execution risks as it works to partially offset sizable subscriber losses in its increasingly competitive end markets. While the company's modest debt leverage policy helps to partially offset business risks, dividend and shareholder buyback financial policy objectives favor equity holders over debt holders and could result in future and sustained pressures on current capital structure objectives. Growth strategies tied to M&A could also negatively impact balance sheet strength. Versant will be a broadly owned public spin-off company, but like its pre-spin-off parent Comcast, Versant will have a dual class stock structure and Brian Roberts will beneficially own 33 1/3% of the combined voting power of its Class A and Class B common stock. The company will have a majority independent Board comprised of 10 members, nine of which will be independent, with the tenth being the CEO. Unlike the Comcast Board, Brian Roberts will not be a director. Moody's believes the company is committed to a financial policy targeting sustained debt leverage within an approximate range of 1.25x to 1.75x (Moody's adjusted) over time. Moody's expects the company will seek to grow dividends while optimizing share buybacks after adequately investing in the business to drive revenue growth, and also expect disciplined tuck-in and opportunistic M&A. The Ba2 rating on Versant's senior secured first lien delayed draw term loan B reflects the probability of default of the company as reflected in the Ba2-PD probability of default rating, an average expected recovery rate of 50% at default and the loss given default assessment of the debt instruments in the capital structure based on a priority of claims. The stable outlook reflects Moody's expectations that Versant's organic revenue and EBITDA will contract over the next 12 to 24 months while the company maintains sizable cash flow generation that provides for meaningful financial flexibility given modest debt leverage (Moody's adjusted). The stable outlook also incorporates Moody's expectations that the company will maintain very good liquidity and use any available free cash flow after scheduled debt amortization and planned for dividends and share repurchases to prudently invest in new end markets and businesses to drive future growth to offset the secular decline in legacy segments. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upwards ratings pressure is unlikely in the near term given the business risks and secular pressures causing subscriber, revenue and EBITDA declines within the company's business. However, over time Moody's could consider an upgrade if the company invests in new sustainable businesses such that it generates steady and material revenue and EBITDA growth and operates with low debt leverage (Moody's adjusted) on a sustained basis. Given industry secular pressures, Moody's could consider a downgrade if the pace of subscriber, revenue and EBITDA declines proves worse than Moody's current expectations or Moody's expects debt leverage (Moody's adjusted) to be sustained above 1.75x. In addition, potential negative credit implications could result if the company further amends its financial policy to a more aggressive posture or if liquidity deteriorates. Marketing terms for the senior secured first lien delayed draw term loan B credit facility (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the greater of $787.5 million and 35% of consolidated EBITDA, plus unlimited amounts subject to 2.0x first lien net leverage ratio. There is an inside maturity sublimit up to the greater of $1.125 billion and 50% of consolidated EBITDA. There will be "customary 'J. Crew'" and "customary 'Serta'" provisions that restrict (i) the transfer of material intellectual property to unrestricted subsidiaries and (ii) up-tiering transactions. Amounts up to 100% of the available capacity under the general restricted payments basket can also be reallocated to incur additional debt. Versant Media Group, Inc., with headquarters in New York, NY, is a planned spin-off of Comcast Corporation's media and entertainment businesses that will operate in four core markets: political news and opinion (MS NOW network, the renamed MSNBC); business news and personal finance (CNBC network); golf and athletics participation (Golf Channel network and digital platforms, including GolfNow and SportsEngine); and sports and genre entertainment (networks: USA Network, Oxygen, E! and Syfy; digital platforms: Fandango and Rotten Tomatoes). Pro forma revenue for the last 12 months ended June 30, 2025 was approximately $6.9 billion. The principal methodology used in these ratings was Media published in September 2025. Versant's Ba2 CFR is two notches below the scorecard-indicated outcome of Baa3. The difference primarily reflects uncertainty regarding secular pressures and the pace of subscriber losses and revenue and EBITDA contraction. In addition, high execution risks and the company's lack of a track record as a standalone company operating in competitive end markets also factored into the two-notch difference. VILLAGE HOMES: To Sell Fort Worth Properties to Multiple Buyers --------------------------------------------------------------- Village Homes, L.P. seeks permission from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Texas limited partnership formed in 1996. The Debtor's general partner is DH Management, Inc., a Texas corporation, which holds a 1% general partner interest. The Debtor has two limited partners: Michael Dike and James R. Harris. The Debtor is engaged in the construction of single-family homes, acquisition of single-family residential lots and options to acquire lots, and in the marketing and sale of the completed homes. The Debtor's properties are located in various subdivisions in Tarrant and Parker Counties, Texas. The Debtor has in its portfolio approximately 117 single family real property lots. Some of those Lots have completed Single Family Homes on them, some have homes under construction, but the majority are vacant lots. A substantial portion of the Debtor's business is selling pre-sale, or pre-construction, homes with a smaller portion of business being selling completed spec homes. To finance its homebuilding operations, the Debtor maintains various credit and borrowing facilities with several financial institutions, including Great Plains Bank, Plains Capital Bank, Simmons Bank, Texas Bank, Valliance Bank, Veritex Bank, and Worthington Bank. The Lenders are granted liens in the Lots for which they make advances for the acquisition or for construction of homes, or both. The Existing Credit Facilities presently in place ensure that no two Lenders advance funds secured by the same Lots. Thus, as between the Lenders, there are no concerns of competing liens on each Lender's collateral. The Debtor faced a dispute with Olerio Development, LLC due to failed Real Estate Sales Contract. The Debtor asserts that Olerio defaulted on the Contract and the Debtor validly terminated the Contract before the Petition Date. Consequently, Olerio has no rights or claims to the Contract Lots as a result of the termination of the Contract. The Debtor has entered into a Village Homes Purchase Agreement for the sale of a single-family home on a pre-construction basis at 2129 Sandlin, Fort Worth, Texas with Angela and Abundio Munoz for the sale price of $624,721. The Debtor also entered into a second Village Purchase Agreement for the sale of a home under construction and located at 404 Sunset Lane, Forth Worth, Texas with Rajan S. Makanji and Pranjal M. Chokshi for the sale price of $455,000. PlainsCapital Bank financed the acquisition of the Sandlin Property lot. The Sandlin Property is pledged to PlainsCapital Bank as collateral. The Sandlin DOT is believed to be the first priority lien against the Sandlin Property subject only to the liens securing property taxes. The Debtor proposes to sell the Sandlin Property free and clear of the lien asserted by the PlainsCapital Bank. Olerio's Lis Pendens covers the Contract Lots which include both the Sandlin Property and the Sunset Property. The Sandlin Agreement and Sunset Agreement both require that the properties be sold free and clear of claims, liens, rights, and interest, including any interest asserted by Olerio. PlainsCapital Bank holds a first priority lien in the Sandlin Property subject only to the liens securing property taxes. Simmons Bank holds a first priority lien in the Sunset Property subject only to the liens securing property taxes. As such, the Debtor seeks the authority to allow the title company, at closing of the sale of each property, to pay the affected bank the Release Price in exchange for the bank’s release of its lien on such property. The Debtor also seeks leave for the title company to distribute the sale proceeds to pay the ordinary and necessary cost of sale, including commissions, tax prorations, make-ready costs, and homeowners’ warranty premium costs. About Village Homes for Fort Worth Village Homes for Fort Worth was established in 1996 and has grown into a trusted homebuilder in Fort Worth, Texas, known for its inspired designs and dedication to quality. With almost three decades of experience, the company has fulfilled the dreams of over 1,500 homeowners while collaborating closely with the region's top architects, craftsmen, and vendors. KC 117 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Tex. Case No. 25-43782-mxm) on October 1, 2025. Jeff P. Prostok at Vartabedian Hester & Haynes LLP, represents as legal counsel of the Debtor. VIRGIL AND DEBBIE: Seth Albin Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 13 appointed Seth Albin of Summers Compton Wells, Attorneys At Law as Subchapter V trustee for Virgil and Debbie Cline, doing business as Cline's Corner Truck Wash. Mr. Albin will be paid an hourly fee of $295 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Albin declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Seth A. Albin Summers Compton Wells, Attorneys At Law 903 S. Lindbergh Blvd., Suite 200 St. Louis, MO 63131 (314)991-4999 office (314)872-0381 fax Email: salbin@summerscomptonwells.com About Virgil and Debbie Cline Virgil and Debbie Cline, doing business as Cline's Corner Truck Wash, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Miss. Case No. 25-20171) on October 14, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Kathy A. Surratt-States presides over the case. Steven A. Levy, Esq., at Paulus Law Firm, LLC is the Debtor's bankruptcy counsel. WHITE PINE: Moody's Alters Outlook on 'Ba3' Bond Rating to Positive ------------------------------------------------------------------- Moody's Ratings has revised White Pine Charter School, ID's outlook to positive from stable and affirmed its Ba3 revenue bond ratings. As of fiscal 2025 the school had around $15 million of long term debt outstanding. The outlook revision to positive reflects the stabilization and improvement of the school's financial position following several years of turbulence due to sudden enrollment declines. Should the present positive enrollment and financial trends continue the rating will likely be upgraded. RATINGS RATIONALE The Ba3 rating is based on White Pine's relatively small size and recent history of both enrollment and financial volatility. Recent reforms implemented by a new board and administrative team have improved the school's operational and financial performance. The school demonstrated strong operating peformance in fiscal 2024 and further improvement in fiscal 2025. These improvements are expected to be sustained as reforms take full effect. The school remains in good standing with its charter authorizer and the school has a long history of successful charter renewals. The school's elevated debt burden following the 2023 issuance, which is being used to consolidate operations in a single facility, will remain a credit challenge. RATING OUTLOOK The positive outlook reflects the recent improvement in the school's financial performance as enrollment has exceeded its prior peak. If these positive trends continue the rating will likely be upgraded. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Continued enrollment growth that meets or exceeds projections -- Significant and sustained improvement in financial position FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Further negative fluctuations in enrollment -- Additional draws on reserves or failure to generate sum sufficient debt service coverage PROFILE White Pine Charter School is a K-12 public charter school located in Ammon, Idaho that operates under a charter granted by the state charter board expiring in June 2030. The school opened in Fall 2003 and presently serves 652 students. METHODOLOGY The principal methodology used in these ratings was US Charter Schools published in April 2024. WINDMILL POINT: Orlando Property Sale to Shrevin for $12.3MM OK'd ----------------------------------------------------------------- The U.S. Bankruptcy Court of the Middle District of Florida, Orlando Division, has approved Windmill Point Apartments De, LLC, to sell Property, free and clear of liens, claims, interests and encumbrances. The Debtor is a Florida corporation that was formed in December 1984. The Debtor owns real property located at 2501 N. Alafaya Trail. Orlando, FL 32826, which consists of 69 apartment units that are 95% leased to tenants under one year leases. The Court is authorized to sell the Property to Shrevin, LLC for a purchase price of $12,300,000.00. Subject to higher and better offers, the Debtor is authorized to close, consummate, and comply with the Purchase Agreement for the sale and transfer of the Real Property, as set forth in the Purchase Agreement attached to the Order. The terms and provisions of this Sale Order shall be binding in all respects upon the Purchaser and the Debtor, the estate and any trustees thereof, and all creditors and shareholders of the Debtor, all interested parties and their respective successors and assigns, including, but not limited to, any creditor asserting an interest in the Real Property. The Real Property shall be purchased "as is" and free and clear of, liens, claims, and interest, security interests of any kind, and any successor liability claim that could be asserted by any entity or person, including but not limited to, the United States or the State of Florida. The Debtor shall retain and pay at Closing any broker representing the Debtor in the Sale and Purchase Agreement. The Broker is directed to continue to market the Real Property in an attempt to obtain higher or better offers until the Closing. The Debtor shall provide a copy of the closing statement from the sale of the property to the office of the United States Trustee within seven days of consummation of the sale. About Windmill Point Apartments De Windmill Point Apartments De, LLC is a single-asset real estate debtor under U.S. bankruptcy law, as defined in 11 U.S.C. section 101(51B). Windmill sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02855) on May 13, 2025, listing between $10 million and $50 million in both assets and liabilities. Barry Watson, manager of Windmill, signed the petition. Judge Tiffany P. Geyer oversees the case. Justin M. Luna, Esq., at Latham Luna Eden and Beaudine LLP, represents the Debtor as legal counsel. Wilmington Trust, N.A., as secured creditor, is represented by Ryan C. Reinert, Esq., and Bridget M. Dennis, Esq., at SHUTTS & BOWEN LLP, in Tampa, Florida. WINDTREE THERAPEUTICS: Issues $1.6M Convertible Notes Due 2026 -------------------------------------------------------------- Windtree Therapeutics, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company issued to institutional investors an aggregate principal amount of $1,600,000 in senior convertible promissory notes due 2026. The Commitment Notes were issued in connection with the termination and settlement of the Assignment and Conditional Assumption Agreement between WINT Real Estate, LLC, a wholly owned subsidiary of the Company, and Way Maker Growth Fund, LLC relating to that certain Purchase and Sale Agreement dated June 28, 2024, as amended by that certain First Amendment to Purchase and Sale Agreement, dated December 19, 2024 and that certain Second Amendment to Purchase and Sale Agreement, dated March 25, 2025, and that certain development services agreement, dated February 4, 2025 (each between Way Maker Growth Fund, LLC and TBB Crescent Park Drive LLC), as previously disclosed by the Company on October 6, 2025. The Commitment Notes are junior to the Company's June 2025 Convertible Promissory Note, which was issued to DFU, LLC and is a senior, unsecured obligation of the Company, with priority over all existing and future indebtedness of the Company. The Commitment Notes mature on October 9, 2026 and will bear interest at 10% per annum on a 360-day basis, due and payable on the Maturity Date. Accrued and unpaid interest is payable in arrears and due on the 5th calendar day of each month beginning on November 5, 2025. The Commitment Notes must be prepaid by the Company in an amount equal to 25% of the gross proceeds received by the Company from that certain Common Stock Purchase Agreement dated June 26, 2024 by and between an institutional investor and the Company, with a mandatory prepayment premium of 120%. If the Company completes a qualified equity financing with total gross proceeds to the Company of $1 million or more (excluding the conversion of the notes or other convertible securities issued for capital raising purposes) before the Maturity Date, the Commitment Notes must be repaid in full in an amount equal to the then-outstanding principal amount, any accrued but unpaid interest and a pre-payment premium equal to 120% of the Commitment Notes value on October 9, 2025. Such repayment will be due within one business day of the closing such qualified equity financing. The Company shall give written notice to the Holders as soon as practicable, but in no event less than ten days before the anticipated closing date of such qualified equity financing, during which period the Holders shall have the opportunity to convert the Commitment Notes pursuant its terms. The Commitment Notes provide for a beneficial ownership limitation of 4.99% of the number of shares of the Company's common stock, par value $0.001 per share, immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion of the Commitment Notes held by the Holders (increasable to 9.99% upon 61 days' notice by the Holders to the Company). The Commitment Notes are convertible at the Holders' option into shares of Common Stock at a conversion price equal to 90% of the lowest sale price for the 20 consecutive trading days preceding conversion, subject to adjustment. The Holders are entitled to an amount equal to $1,500 for each conversion of the Commitment Notes for the related review and applicable deposit of the related shares. The Commitment Notes include customary Events of Default (as defined in the Commitment Notes), including non-payment, covenant breaches, bankruptcy, and change of control, and provides for acceleration at 120% of the unpaid principal balance, together with any accrued and unpaid interest, if any. Pursuant to the terms of the Commitment Notes, the Company must file a resale registration statement on Form S-1 within 20 calendar days following October 9, 2025 for the resale of all registrable securities under the Commitment Note. If, while the Commitment Notes remain outstanding, the Company issues Common Stock or Common Stock Equivalents (as defined in the Commitment Notes) at an effective price per share lower than the then-current conversion price, the conversion price shall be reduced to equal the lower price, subject to certain exemptions as described in the Commitment Notes. The Company must notify the Holders no later than the trading day following any Dilutive Issuance. If, while the Commitment Notes remain outstanding, the Company, directly or indirectly, enters into a Fundamental Transaction (as defined in the Commitment Notes), upon any subsequent conversion of the Commitment Notes, the Holders have the right to receive, for each conversion share that would have been issuable upon such conversion immediately prior to the occurrence of such Fundamental Transaction, the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration receivable as a result of the Fundamental Transaction by a holder of the number of shares of Common Stock for which the Commitment Notes were convertible immediately prior to such Fundamental Transaction. For purposes of any such conversion, the determination of the conversion price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company will apportion the conversion price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. On the Applicable Date (as defined in the Commitment Notes) and on the 10th, 30th, 60th, 90th, 120th, and 180th calendar days thereafter, if the conversion price is less than the market price (80% of the lowest sale price for the 20 consecutive trading days), the conversion price automatically lowers to such adjustment price. If the Company completes any public offering or private placement of its equity, equity-linked or debt securities while the Commitment Notes remain outstanding, the Holders may, in its sole discretion, elect to apply all, or any portion, of outstanding principal and accrued interest as purchase consideration for such future transaction. The conversion price for such rollover rights will equal 80% of the cash purchase price paid per share, unit or other security denomination for the Company securities issued in the future transaction to the other investors in such transaction. The foregoing description of the Commitment Notes does not purport to be complete and is qualified in its entirety by reference to the full text of the Commitment Notes, a copy of which is available at https://tinyurl.com/3f7thf4h About Windtree Therapeutics Headquartered in Warrington, Pennsylvania, Windtree Therapeutics, Inc. -- windtreetx.com -- is a biotechnology company focused on advancing early and late-stage innovative therapies for critical conditions and diseases. The Company's portfolio of product candidates includes: (a) istaroxime, a Phase 2 candidate that inhibits the sodium-potassium ATPase and also activates sarco endoplasmic reticulum Ca2+ -ATPase 2a, or SERCA2a, for acute heart failure and associated cardiogenic shock; preclinical SERCA2a activators for heart failure; rostafuroxin for the treatment of hypertension in patients with a specific genetic profile; and a preclinical atypical protein kinase C iota, or aPKCi, inhibitor (topical and oral formulations), being developed for potential application in rare and broad oncology indications. The Company also has a licensing business model with partnership out-licenses currently in place. Philadelphia, Pennsylvania-based EisnerAmper LLP, the company's auditor since 2022, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and expects to incur losses for the foreseeable future, that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $31.83 million in total assets, $24.98 million in total liabilities, and $3.61 million in total stockholders' equity. WORKSPORT LTD: Closes $10-Mil. Regulation A Offering ---------------------------------------------------- Worksport Ltd. announced the successful completion of its $10 million Regulation A offering, a major milestone that removes near-term capital uncertainty and positions the Company to accelerate product launches and operational growth initiatives across its clean-energy and automotive divisions. The four-month-long offering drew strong participation from new retail and family office investors, featuring $4.50 warrants with no broker fees, resets, or ratchets. These instruments represent success-based growth capital, becoming exercisable only as Worksport's valuation rises through continued execution and value creation. Digital Offering, LLC acted as the lead selling agent for the offering along with Deal Maker Securities as selling agent. Chief Executive Officer (CEO) Statement: "Completing this offering is a defining moment for Worksport," said Steven Rossi, CEO of Worksport. "We've attracted new investors, increased market visibility, and secured the capital to launch our flagship clean-energy products. This funding propels Worksport into its next phase of growth and, we believe, positions us to achieve cash-flow positivity as we execute on our vision of sustainable, U.S.-made innovation." Advancing Commercialization and Execution: Proceeds from the offering are being strategically deployed to complete the commercial rollout of Worksport's flagship COR™ portable power system and SOLIS™ solar tonneau cover, both expected to launch in the fourth quarter of 2025. These milestones mark Worksport's transition from a development-stage innovator into an execution-focused, revenue-generating company. The Company believes the newly raised capital is sufficient to fund new product commercialization and support growth to cash-flow positivity. Worksport remains on schedule to announce official launch dates, specifications, and pricing within the next few weeks as it scales production and expands its dealer network to meet rising demand. Building Momentum Toward Profitability: This funding milestone builds on Worksport's strong operational momentum through 2025. The Company recently achieved its fourth consecutive monthly sales record, with gross margins reaching 31%, one quarter ahead of schedule. Supported by growing business-to-business (B2B) adoption and expanding U.S. manufacturing efficiencies, Worksport is progressing along a clear path toward sustained profitability and long-term value creation. About Worksport Ltd. West Seneca, N.Y.-based Worksport Ltd., through its subsidiaries, designs, develops, manufactures, and owns intellectual property on a portfolio of tonneau cover, solar integration, portable power station, and NP (Non-Parasitic), Hydrogen-based green energy products and solutions for the automotive aftermarket accessories, power storage, residential heating, and electric vehicle-charging industries. Buffalo, N.Y.-based Lumsden & McCormick, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. The Company recorded a net loss of $16,163,789 for the year ended December 31, 2024, and has an accumulated deficit of $64,476,966 as of December 31, 2024. As of Dec. 31, 2024, the Company had $25,736,660 in total assets, $8,323,029 in total liabilities, and a total stockholders' equity of $17,413,631. WORKSPORT LTD: Posts Record Q3 Revenue of $5M, 31% Gross Margin --------------------------------------------------------------- Worksport Ltd. announced its unaudited top-line results for the third quarter of 2025, reporting the highest quarterly revenue and gross profit in Company history. Q3 2025 Top-Line Highlights (Unaudited): * Revenue of $5.015 million, up from $4.10 million in Q2 2025 (+22% QoQ) and $3.10 million in Q3 2024 (+62% YoY) * Gross margin of 31%, versus 26.4% in Q2 2025 and just 7.9% in Q3 2024 -- an increase of over 2,300 basis points year-over-year * Gross profit of $1.60 million, up from $1.08 million in Q2 2025 and $0.247 million in Q3 2024 * Production of 8,600 units in Q3 2025, accelerating from 6,000 in Q2 2025 and 4,300 in Q1 2025 (100% production increase in just two quarters) These results mark the third consecutive record quarter for Worksport and underscore the Company's improving operational leverage and scale. CEO Commentary: "What's exciting isn't just the tremendous QoQ margin and revenue growth -- it's that this is happening before our next-generation products even hit the market," said Steven Rossi. "SOLIS, COR, and Terravis are the next chapter of a company that's already proven it can execute." said Steven Rossi, Chief Executive Officer of Worksport. Deepening Momentum Before SOLIS / COR / Terravis: The Q3 2025 performance delivers strong proof of point: Worksport is achieving robust growth and expanding margins before the commercialization of its next-generation technologies. The upcoming SOLIS solar tonneau cover, COR portable energy system, and innovations through its subsidiary Terravis Energy (ground breaking cold-climate heat pumps, currently being validated by the DOE) are poised to build on this foundation. By executing at scale in its legacy business, the Company expects to absorb the incremental cost and R&D burden associated with those upcoming product lines, while preserving margin strength. The accelerating production curve -- doubling since Q1 -- also signals manufacturing ramp efficiency that will support future product launches. Strategic Implications & Value Drivers" * Operating Leverage & Margin Expansion: The jump from ~7.9% margin in Q3 2024 to 31.0% in Q3 2025 reflects new product launches, structural improvements, processes, fixed-cost absorption, and scale. * Scalable U.S. Manufacturing Base: Domestic production momentum reduces supply chain risk and readies capacity for scaling SOLIS, COR, and Terravis products. The Company believes its US tonneau cover factory is capable of $100M+ in annual revenue without further investment. * Pre-launch Validation: Growth before the launch of SOLIS/COR is expected to de-risk the path ahead by establishing financial and production credibility. * Clean-Tech Positioning: As broader renewable energy and off-grid power demand grows, Worksport stands to benefit from its dual presence in automotive accessories and emerging portable energy systems. Taken together, the Company's Q3 results strengthen its financial footing just as it prepares to bring high-potential technologies to market. Worksport anticipates filing its Form 10-Q on November 13, 2025. About Worksport Ltd. West Seneca, N.Y.-based Worksport Ltd., through its subsidiaries, designs, develops, manufactures, and owns intellectual property on a portfolio of tonneau cover, solar integration, portable power station, and NP (Non-Parasitic), Hydrogen-based green energy products and solutions for the automotive aftermarket accessories, power storage, residential heating, and electric vehicle-charging industries. Buffalo, N.Y.-based Lumsden & McCormick, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. The Company recorded a net loss of $16,163,789 for the year ended December 31, 2024, and has an accumulated deficit of $64,476,966 as of December 31, 2024. As of Dec. 31, 2024, the Company had $25,736,660 in total assets, $8,323,029 in total liabilities, and a total stockholders' equity of $17,413,631. ZOOZ POWER: Changes Corporate Name to ZOOZ Strategy Ltd. -------------------------------------------------------- As previously reported, on September 19, 2025, ZOOZ Power Ltd. held an Extraordinary General Meeting of Shareholders at which the Company shareholders voted to approve, among other things, a proposal to change the Company's name from ZOOZ Power Ltd. to ZOOZ Strategy Ltd., subject to the approval of the Israeli Registrar of Companies, and a corresponding change in the Company's Articles of Association. On October 16, 2025, the Israeli Registrar of Companies approved the Company's name change to ZOOZ Strategy Ltd. About ZOOZ Power Headquartered in Lod, Israel, ZOOZ Power Ltd., formerly Chakratec, develops, produces, and markets energy storage and management systems for electric vehicle charging infrastructure. The Company's solutions use flywheel-based kinetic energy storage and advanced software to optimize power delivery to clusters of ultra-fast EV chargers, providing additional energy when grid capacity is limited and enabling off-peak energy storage. ZOOZ operates internationally, focusing on supporting the deployment and efficiency of robust, cost-effective EV charging networks. In its audit report dated March 7, 2025, Kesselman & Kesselman issued a "going concern" qualification citing that the Company has net losses and has generated negative cash flows from operating activities for the years ended Dec. 31, 2024, 2023 and 2022. Such circumstances raise substantial doubt about the Company's ability to continue as a going concern. The Company noted in its Quarterly Report for the period ended June 30, 2025, that since commercial sales of its products have only recently begun and in light of anticipated cash requirements, its cash balance as of June 30, 2025, and at the time the financial statements were approved, is insufficient to fund operations for at least 12 months from the approval date. In order to continue the Company's operations, including research and development and sales and marketing, the Company is looking to secure financing from various sources, including additional investment funding. There is no assurance that the Company will be successful in obtaining the level of financing necessary to finance its operations. As of June 30, 2025, ZOOZ Power had $6.55 million in total assets, $6.70 million in total liabilities, and a total deficit of $146,000. ZOOZ POWER: Expands Bitcoin Holdings to 942 BTC After $10M Purchase ------------------------------------------------------------------- ZOOZ Power Ltd. announced that it has completed an additional purchase of 88.888 Bitcoin at an average price of $112,500 per Bitcoin, for a total consideration of $10 million. Following this acquisition, the Company's total Bitcoin treasury now amounts to approximately 942 Bitcoin. This step marks another milestone in strengthening ZOOZ's position as one of the first companies globally to execute a long-term institutional Bitcoin treasury strategy, and reinforces its standing as the first dual-listed company on Nasdaq and the Tel Aviv Stock Exchange ("TASE") offering investors direct Bitcoin exposure denominated in New Israeli Shekels (NIS). Jordan Fried, CEO of ZOOZ, commented: "From day one following the closing of the PIPE announced on July 29, 2025, we set ourselves a clear goal - to make ZOOZ the first dual-listed company on Nasdaq and the TASE to hold Bitcoin as a core financial asset. In less than a month, we have purchased over 942 Bitcoin. This swift, deliberate, and strategic execution reflects our conviction that Bitcoin is not merely an investment asset, but a long-term strategic store of value that helps protect capital even in times of financial volatility". Bitcoin Purchases to Date: Since adopting its Bitcoin treasury strategy in July 2025, ZOOZ has acquired approximately 942 Bitcoin. About ZOOZ Power Headquartered in Lod, Israel, ZOOZ Power Ltd., formerly Chakratec, develops, produces, and markets energy storage and management systems for electric vehicle charging infrastructure. The Company's solutions use flywheel-based kinetic energy storage and advanced software to optimize power delivery to clusters of ultra-fast EV chargers, providing additional energy when grid capacity is limited and enabling off-peak energy storage. ZOOZ operates internationally, focusing on supporting the deployment and efficiency of robust, cost-effective EV charging networks. In its audit report dated March 7, 2025, Kesselman & Kesselman issued a "going concern" qualification citing that the Company has net losses and has generated negative cash flows from operating activities for the years ended Dec. 31, 2024, 2023 and 2022. Such circumstances raise substantial doubt about the Company's ability to continue as a going concern. The Company noted in its Quarterly Report for the period ended June 30, 2025, that since commercial sales of its products have only recently begun and in light of anticipated cash requirements, its cash balance as of June 30, 2025, and at the time the financial statements were approved, is insufficient to fund operations for at least 12 months from the approval date. In order to continue the Company's operations, including research and development and sales and marketing, the Company is looking to secure financing from various sources, including additional investment funding. There is no assurance that the Company will be successful in obtaining the level of financing necessary to finance its operations. As of June 30, 2025, ZOOZ Power had $6.55 million in total assets, $6.70 million in total liabilities, and a total deficit of $146,000. ZOOZ POWER: Schedules Annual Shareholders Meeting for Nov. 21 ------------------------------------------------------------- ZOOZ Strategy Ltd. (formerly ZOOZ Power Ltd.) disclosed in a Form 6-K Report filed with the U.S. Securities and Exchange Commission a notice to its shareholders of an upcoming Annual General Meeting of Shareholders of the Company. On or about October 27, 2025, the Company intends to commence distributing copies of its proxy statement to its shareholders and to mail to its shareholders of record a proxy statement for an annual general meeting of shareholders of the Company to be held on Friday, November 21, 2025, at 4:00 PM (Israel time) in Israel. A copy of the notice of the annual general meeting of shareholders of the Company, the proxy statement and the proxy card are available at https://tinyurl.com/2mke2t7v, https://tinyurl.com/75teux82, and https://tinyurl.com/26pw2vew, respectively. About ZOOZ Power Headquartered in Lod, Israel, ZOOZ Power Ltd., formerly Chakratec, develops, produces, and markets energy storage and management systems for electric vehicle charging infrastructure. The Company's solutions use flywheel-based kinetic energy storage and advanced software to optimize power delivery to clusters of ultra-fast EV chargers, providing additional energy when grid capacity is limited and enabling off-peak energy storage. ZOOZ operates internationally, focusing on supporting the deployment and efficiency of robust, cost-effective EV charging networks. In its audit report dated March 7, 2025, Kesselman & Kesselman issued a "going concern" qualification citing that the Company has net losses and has generated negative cash flows from operating activities for the years ended Dec. 31, 2024, 2023 and 2022. Such circumstances raise substantial doubt about the Company's ability to continue as a going concern. The Company noted in its Quarterly Report for the period ended June 30, 2025, that since commercial sales of its products have only recently begun and in light of anticipated cash requirements, its cash balance as of June 30, 2025, and at the time the financial statements were approved, is insufficient to fund operations for at least 12 months from the approval date. In order to continue the Company's operations, including research and development and sales and marketing, the Company is looking to secure financing from various sources, including additional investment funding. There is no assurance that the Company will be successful in obtaining the level of financing necessary to finance its operations. As of June 30, 2025, ZOOZ Power had $6.55 million in total assets, $6.70 million in total liabilities, and a total deficit of $146,000. [] Latham & Watkins Adds Three New Restructuring Partners --------------------------------------------------------- Latham & Watkins LLP announced that three prominent restructuring partners -- Ryan Preston Dahl, Benjamin M. Rhode, and Natasha Hwangpo -- will join the firm. The highly accomplished partners bring a wealth of experience advising on complex business restructuring, bankruptcy, and insolvency solutions, as well as cutting-edge liability management transactions. The additions of Mr. Dahl, Mr. Rhode, and Ms. Hwangpo follow the arrivals earlier this year of preeminent practitioners Ray C. Schrock, Andrew Parlen, Candace Arthur, Alexander Welch, and John Sobolewski. The team joining the firm marks another major milestone in Latham's development of the world's premier restructuring practice. The partners represent public and private companies, financial institutions, private equity funds, portfolio companies, investors, and creditors in US and international special situations, out-of-court restructurings and distressed acquisitions, and in-court chapter 11 processes through prepackaged, prearranged, and traditional restructurings, as well as in complex liability management exercises. The partners' experience spans virtually every industry sector, including healthcare, technology, automotive, logistics, retail, media, gaming, manufacturing, professional services, food services, and financial services. Rich Trobman, Chair and Managing Partner of Latham & Watkins, said, "Ryan, Ben, and Natasha are incredible lawyers, and their arrival further demonstrates our commitment to seeking out difference makers who embrace our foundational values and commitment to excellence. We are delighted to welcome them to the firm, as we continue to build the absolute best restructuring team in the world. The group's tremendous experience and personal drive seamlessly align with our unique capabilities to advise clients on their most sophisticated restructuring and liability management matters, and will accelerate our growth in this space." "Ryan is widely recognized as one of the foremost practitioners in the field and has built a venerable restructuring practice that is highly competitive," said Ray C. Schrock, Global Chair of Latham's Restructuring & Special Situations Practice. "Ryan's expertise is deep, spanning debtor, sponsor, and creditor mandates around the globe. Ben and Natasha likewise have earned stellar reputations for their significant experience, market profile, and client relationships. Our preeminent practice continues to grow and is sought after for consequential debtor- and creditor-side matters across industries, and the arrival of Ryan, Ben, and Natasha underscores our commitment to building the world's number one restructuring and liability management practice, now and for years to come." "Ryan, Ben, and Natasha are outstanding additions to our team, and their mix of expertise is a perfect fit for our restructuring and liability management practices," said Andrew Parlen, US Chair of Latham's Restructuring & Special Situations Practice. "These talented restructuring partners share our commitment to client service and fierce determination to succeed." Marc Jaffe, Managing Partner of Latham's New York office, said, "I'm thrilled to welcome Ryan, Ben, and Natasha to the firm. They bring extensive relationships with major public and private companies, sponsors, investors, and creditors, and they are well known for their commercial savvy, technical mastery, and formidable track record. We are particularly excited about the synergy between their experience and our market-leading private equity, private credit, hybrid capital, and liability management capabilities, as well as our broad public company practice." "These three partners are incredibly experienced in high-stakes matters and advise on the issues top of mind for boards and executives," said Mary Rose Alexander, Managing Partner of Latham's Chicago office. "We are the only firm with true breadth and depth across products and markets to handle today's most cutting-edge restructuring matters. Ryan, Ben, and Natasha bring additional firepower to our platform in Chicago, New York, and globally, and I'm pleased to welcome them to the firm." Mr. Dahl will join Latham in New York and Chicago. He received his JD from The University of Chicago Law School and BA from University of North Carolina at Chapel Hill. Mr. Rhode will join the Chicago office. He received his JD from Cornell Law School and BS from Clarkson University. Ms. Hwangpo will join the New York office. She received her JD from Columbia Law School, MSc from The London School of Economics & Political Science, and BA from University of California, Berkeley. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re 5211 Lakeside LLC Bankr. N.D. Ohio Case No. 25-14275 Chapter 11 Petition filed September 30, 2025 See https://www.pacermonitor.com/view/K433ZSQ/5211_Lakeside_LLC__ohnbke-25-14275__0001.0.pdf?mcid=tGE4TAMA represented by: Wilhelmina Huff, Esq. E-mail: wlfnotices@gmail.com In re Commercial Consultant Group, LLC Bankr. N.D. Ga. Case No. 25-61320 Chapter 11 Petition filed October 1, 2025 Filed Pro Se In re G1 Transport, LLC Bankr. N.D. Ga. Case No. 25-11487 Chapter 11 Petition filed October 3, 2025 Filed Pro Se In re Wayne Lee Services, Inc. Bankr. D. Colo. Case No. 25-16631 Chapter 11 Petition filed October 13, 2025 See https://www.pacermonitor.com/view/NI26AFQ/Wayne_Lee_Services_Inc__cobke-25-16631__0001.0.pdf?mcid=tGE4TAMA represented by: Keri L. Riley, Esq. KUTNER BRINEN DICKEY RILEY E-mail: klr@kutnerlaw.com In re Nurlan Rafiyev Bankr. N.D. Fla. Case No. 25-31008 Chapter 11 Petition filed October 13, 2025 represented by: Byron Wright, Esq. In re GG Rock Developments LLC Bankr. S.D. Fla. Case No. 25-22050 Chapter 11 Petition filed October 14, 2025 See https://www.pacermonitor.com/view/JUMQNRI/GG_Rock_Developments_LLC__flsbke-25-22050__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Leflo 4 Condos, Inc. Bankr. S.D. Fla. Case No. 25-22032 Chapter 11 Petition filed October 13, 2025 See https://www.pacermonitor.com/view/EKYMQ3A/Leflo_4_Condos_Inc__flsbke-25-22032__0001.0.pdf?mcid=tGE4TAMA represented by: Mark S. Roher, Esq. LAW OFFICE OF MARK S. ROHER, P.A. E-mail: mroher@markroherlaw.com In re Jeffrey Butler Bankr. D. Md. Case No. 25-19547 Chapter 11 Petition filed October 13, 2025 represented by: Craig Palik, Esq. In re Strange Bikinis, LLC Bankr. D. Nev. Case No. 25-50960 Chapter 11 Petition filed October 13, 2025 See https://www.pacermonitor.com/view/FDHJ7BA/STRANGE_BIKINIS_LLC__nvbke-25-50960__0001.0.pdf?mcid=tGE4TAMA represented by: Kevin A Darby, Esq. DARBY LAW PRACTICE E-mail: kevin@darbylawpractice.com In re C Ochoa Distribution LLC Bankr. N.D. Cal. Case No. 25-51574 Chapter 11 Petition filed October 14, 2025 See https://www.pacermonitor.com/view/7IZ53EI/C_Ochoa_Distribution_LLC__canbke-25-51574__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re John Roderick McKowen Bankr. D. Colo. Case No. 25-16665 Chapter 11 Petition filed October 14, 2025 In re Rodriguez Asociados, LLC Bankr. M.D. Fla. Case No. 25-06569 Chapter 11 Petition filed October 14, 2025 See https://www.pacermonitor.com/view/IVS2OXY/Rodriguez_Asociados_LLC__flmbke-25-06569__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Steve Mitchell Stigler and Lisa Connelly Stigler Bankr. E.D. La. Case No. 25-12314 Chapter 11 Petition filed October 14, 2025 represented by: Cynthia Traina, Esq. In re Elizabeth I, LLC Bankr. D. Mass. Case No. 25-12201 Chapter 11 Petition filed October 14, 2025 See https://www.pacermonitor.com/view/RF2QIQI/Elizabeth_I_LLC__mabke-25-12201__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Shawn Michael Hosner Bankr. E.D. Mich. Case No. 25-50313 Chapter 11 Petition filed October 14, 2025 represented by: Mark Shapiro, Esq. In re Gem Gallery LLC Bankr. D.N.J. Case No. 25-20885 Chapter 11 Petition filed October 14, 2025 See https://www.pacermonitor.com/view/EPG2I2I/Gem_Gallery_LLC__njbke-25-20885__0001.0.pdf?mcid=tGE4TAMA represented by: Melinda Middlebrooks, Esq. MIDDLEBROOKS SHAPIRO, P.C. E-mail: middlebrooks@middlebrooksshapiro.com In re R & S Property Investment Group LLC Bankr. D.N.J. Case No. 25-20858 Chapter 11 Petition filed October 14, 2025 See https://www.pacermonitor.com/view/AN23D7Q/R__S_Propert_Investment_Group__njbke-25-20858__0001.0.pdf?mcid=tGE4TAMA represented by: David L. Chapman, Esq. DAVID L. CHAPMAN ATTORNEY AT LAW E-mail: chapmanlaw646@gmail.com In re Shebo LLC Bankr. D.N.J. Case No. 25-20884 Chapter 11 Petition filed October 14, 2025 See https://www.pacermonitor.com/view/RUX7RTY/Shebo_LLC__njbke-25-20884__0001.0.pdf?mcid=tGE4TAMA represented by: Melinda Middlebrooks, Esq. MIDDLEBROOKS SHAPIRO, P.C. E-mail: middlebrooks@middlebrooksshapiro.com In re The Truth Graphics LLC Bankr. D.N.J. Case No. 25-20883 Chapter 11 Petition filed October 14, 2025 See https://www.pacermonitor.com/view/GWBDBZI/The_Truth_Graphics_LLC__njbke-25-20883__0001.0.pdf?mcid=tGE4TAMA represented by: Melinda Middlebrooks, Esq. MIDDLEBROOKS SHAPIRO, P.C. E-mail: middlebrooks@middlebrooksshapiro.com In re H2 Development Corp. Bankr. E.D.N.Y. Case No. 25-73949 Chapter 11 Petition filed October 14, 2025 See https://www.pacermonitor.com/view/AOAF6GQ/H2_Development_Corp__nyebke-25-73949__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re King Asset Management Corp Bankr. E.D.N.Y. Case No. 25-73957 Chapter 11 Petition filed October 14, 2025 See https://www.pacermonitor.com/view/HVUEWZQ/King_Asset_Management_Corp__nyebke-25-73957__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Kanatbek Nurmamatov Bankr. W.D. Pa. Case No. 25-22757 Chapter 11 Petition filed October 14, 2025 represented by: Christopher Frye, Esq. In re NEDCHC Inc. Bankr. D. Colo. Case No. 25-16708 Chapter 11 Petition filed October 15, 2025 See https://www.pacermonitor.com/view/3T7GFQQ/NEDCHC_INC__cobke-25-16708__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Rifle RFB LLC Bankr. D. Colo. Case No. 25-16687 Chapter 11 Petition filed October 15, 2025 See https://www.pacermonitor.com/view/QCYRLDQ/Rifle_RFB_LLC__cobke-25-16687__0001.0.pdf?mcid=tGE4TAMA represented by: Gregory K. Stern, Esq. GREGORY K. STERN, P.C. E-mail: greg@gregstern.com In re Tiny Reserve At Lake Haines LLC Bankr. M.D. Fla. Case No. 25-07593 Chapter 11 Petition filed October 15, 2025 See https://www.pacermonitor.com/view/MBZKKZQ/Tiny_Reserve_At_Lake_Haines_LLC__flmbke-25-07593__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re D'Cassa, LLC Bankr. S.D. Fla. Case No. 25-22119 Chapter 11 Petition filed October 15, 2025 See https://www.pacermonitor.com/view/NSFZABY/DCassa_LLC__flsbke-25-22119__0001.0.pdf?mcid=tGE4TAMA represented by: James Schwitalla, Esq. THE BANKRUPTCY LAW OFFICE OF JAMES SCHWITALLA, P.A. E-mail: jws@miamibkc.net In re APS Transport Inc Bankr. N.D. Ind. Case No. 25-22117 Chapter 11 Petition filed October 15, 2025 See https://www.pacermonitor.com/view/4AKWPLA/APS_Transport_Inc__innbke-25-22117__0001.0.pdf?mcid=tGE4TAMA represented by: Shawn D. Cox, Esq. HODGES & DAVIS E-mail: scox@hodgesdavis.com In re 673 Lawrenceville Holdings LLC Bankr. D.N.J. Case No. 25-20899 Chapter 11 Petition filed October 15, 2025 See https://www.pacermonitor.com/view/4IHUH6I/673Lawrenceville_Holdings_LLC__njbke-25-20899__0001.0.pdf?mcid=tGE4TAMA represented by: George E. Veitengruber, III, Esq. VEITENGRUBER LAW LLC E-mail: bankruptcy@veitengruberlaw.com In re Andrew Cosenza, Jr. Bankr. D.N.J. Case No. 25-20907 Chapter 11 Petition filed October 15, 2025 In re CPG Restaurant Corp Bankr. E.D.N.Y. Case No. 25-44958 Chapter 11 Petition filed October 15, 2025 See https://www.pacermonitor.com/view/NKYHGXQ/CPG_Restaurant_Corp__nyebke-25-44958__0001.0.pdf?mcid=tGE4TAMA represented by: Lawrence Morrison, Esq. MORRISON TENENBAUM PLLC E-mail: lmorrison@m-t-law.com In re Kelvin Jamarl King Bankr. E.D.N.C. Case No. 25-04051 Chapter 11 Petition filed October 15, 2025 represented by: Benjamin Eisner, Esq. In re Riverview Land Company, LLC Bankr. M.D. Pa. Case No. 25-02962 Chapter 11 Petition filed October 15, 2025 See https://www.pacermonitor.com/view/L75FMAY/Riverview_Land_Company_LLC__pambke-25-02962__0001.0.pdf?mcid=tGE4TAMA represented by: Robert E. Chernicoff, Esq. CUNNINGHAM, CHERNICOFF & WARSHAWSKY PC In re New Health Solutions, LLC Bankr. W.D. Pa. Case No. 25-22772 Chapter 11 Petition filed October 15, 2025 See https://www.pacermonitor.com/view/IK4NZKQ/New_Health_Solutions_LLC__pawbke-25-22772__0001.0.pdf?mcid=tGE4TAMA represented by: Brian C. Thompson, Esq. THOMPSON LAW GROUP, P.C. E-mail: bthompson@thompsonattorney.com In re Kayleb Warren Coker Bankr. E.D. Va. Case No. 25-72425 Chapter 11 Petition filed October 15, 2025 represented by: Cindy Baumgartner, Esq. In re Freedom Vans, LLC Bankr. W.D. Wash. Case No. 25-12878 Chapter 11 Petition filed October 15, 2025 See https://www.pacermonitor.com/view/OMJNTAQ/Freedom_Vans_LLC__wawbke-25-12878__0001.0.pdf?mcid=tGE4TAMA represented by: Jennifer L. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. E-mail: courtmail@expresslaw.com In re Streets of New York, Inc. Bankr. D. Ariz. Case No. 25-09832 Chapter 11 Petition filed October 16, 2025 See https://www.pacermonitor.com/view/TMJMGLQ/Streets_of_New_York_Inc__azbke-25-09832__0001.0.pdf?mcid=tGE4TAMA represented by: John M. Powers, Esq. JOHN M POWERS, PLLC E-mail: john@powerscounsel.com In re Travis Farley Oke Bankr. C.D. Cal. Case No. 25-19188 Chapter 11 Petition filed October 16, 2025 In re Francisco Rodriguez and Anita Rodriguez Bankr. E.D. Cal. Case No. 25-13491 Chapter 11 Petition filed October 16, 2025 In re Roy Seth Walzer Bankr. D. Conn. Case No. 25-50788 Chapter 11 Petition filed October 16, 2025 In re Jamal Kareen Williams Bankr. N.D. Ga. Case No. 25-62041 Chapter 11 Petition filed October 16, 2025 represented by: William A. Rountree, Esq. ROUNTREE LEITMAN KLEIN & GEER, LLC In re Kierrah L Flipping Bankr. D. Md. Case No. 25-19688 Chapter 11 Petition filed October 16, 2025 represented by: Daniel Staeven, Esq. In re Stonewood Property, LLC Bankr. D.N.J. Case No. 25-20971 Chapter 11 Petition filed October 16, 2025 See https://www.pacermonitor.com/view/D6GQPDA/Stonewood_Property_LLC__njbke-25-20971__0001.0.pdf?mcid=tGE4TAMA represented by: Melinda Middlebrooks, Esq. MIDDLEBROOKS SHAPIRO, P.C. E-mail: middlebrooks@middlebrooksshapiro.com In re Irina Gordon Bankr. E.D.N.Y. Case No. 25-44984 Chapter 11 Petition filed October 16, 2025 represented by: Alla Kachan, Esq. In re Flatten Enterprises LLC Bankr. D.S.C. Case No. 25-40314 Chapter 11 Petition filed October 15, 2025 See https://www.pacermonitor.com/view/SGY4QOY/Flatten_Enterprises_LLC__sdbke-25-40314__0001.0.pdf?mcid=tGE4TAMA represented by: Robert L Meadors, Esq. BRENDE & MEADORS LLP E-mail: rlm@bsmllp.com In re Christopher Lee Shankle Bankr. W.D. Tenn. Case No. 25-11425 Chapter 11 Petition filed October 16, 2025 represented by: C. Jerome Teel Jr., Esq. In re B's Hospitality, LLC Bankr. W.D. Wisc. Case No. 25-12274 Chapter 11 Petition filed October 16, 2025 See https://www.pacermonitor.com/view/ZB63VWY/Bs_Hospitality_LLC__wiwbke-25-12274__0001.0.pdf?mcid=tGE4TAMA represented by: Kristin J. Sederholm, Esq. KREKELER LAW, S.C. E-mail: ksederho@ks-lawfirm.com In re Myle Paulette Zagorsky Bankr. C.D. Cal. Case No. 25-11392 Chapter 11 Petition filed October 17, 2025 represented by: Thomas Ure, Esq. In re Full Standard Properties, LLC Bankr. N.D. Cal. Case No. 25-51602 Chapter 11 Petition filed October 17, 2025 See https://www.pacermonitor.com/view/P256BRI/Full_Standard_Properties_LLC__canbke-25-51602__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Rancho Hospitality Group, LLC Bankr. N.D. Cal. Case No. 25-51604 Chapter 11 Petition filed October 17, 2025 See https://www.pacermonitor.com/view/LYVM75A/Rancho_Hospitality_Group_LLC__canbke-25-51604__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Team VetCor, LLC Bankr. M.D. Fla. Case No. 25-07692 Chapter 11 Petition filed October 17, 2025 See https://www.pacermonitor.com/view/235R75A/Team_VetCor_LLC__flmbke-25-07692__0001.0.pdf?mcid=tGE4TAMA represented by: Jake C. Blanchard, Esq. BLANCHARD LAW, P.A. E-mail: jake@jakeblanchardlaw.com In re Mohammed Alsaloussi Bankr. S.D. Fla. Case No. 25-22264 Chapter 11 Petition filed October 17, 2025 represented by: Thomas Zeichman, Esq. In re Edward's Body Shop & Auto Repair Inc Bankr. S.D. Fla. Case No. 25-22217 Chapter 11 Petition filed October 17, 2025 See https://www.pacermonitor.com/view/XQ5FSFA/Edwards_Body_Shop__Auto_Repair__flsbke-25-22217__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Duomo GSP Inc. Bankr. D.N.J. Case No. 25-21039 Chapter 11 Petition filed October 17, 2025 See https://www.pacermonitor.com/view/6JG76YY/Duomo_GSP_Inc__njbke-25-21039__0001.0.pdf?mcid=tGE4TAMA represented by: Melinda Middlebrooks, Esq. MIDDLEBROOKS SHAPIRO, P.C. E-mail: middlebrooks@middlebrooksshapiro.com In re Rose Ann Tamburri Bankr. D.N.J. Case No. 25-21049 Chapter 11 Petition filed October 17, 2025 See https://www.pacermonitor.com/view/WB74HGA/Rose_Ann_Tamburri__njbke-25-21049__0001.0.pdf?mcid=tGE4TAMA represented by: Ira R. Deiches, Esq. DEICHES & FERSCHMANN E-mail: iradeiches@deicheslaw.com In re Celia R. Durao Bankr. E.D.N.Y. Case No. 25-74007 Chapter 11 Petition filed October 17, 2025 represented by: Mark E Cohen, Esq. In re Agoriani Inc Bankr. S.D.N.Y. Case No. 25-12287 Chapter 11 Petition filed October 17, 2025 See https://www.pacermonitor.com/view/IKNL37I/Agoriani_Inc__nysbke-25-12287__0001.0.pdf?mcid=tGE4TAMA represented by: Lawrence Morrison, Esq. MORRISON TENENBAUM PLLC E-mail: lmorrison@m-t-law.com In re Raymond Joseph Schneider Bankr. S.D. Ohio Case No. 25-12607 Chapter 11 Petition filed October 17, 2025 represented by: James Coutinho, Esq. In re Innovative Mens Health Solutions LLC Bankr. W.D. Wash. Case No. 25-12896 Chapter 11 Petition filed October 17, 2025 See https://www.pacermonitor.com/view/5WSN3JY/Innovative_Mens_Health_Solutions__wawbke-25-12896__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. 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