251027.mbx

251027.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, October 27, 2025, Vol. 29, No. 299 Headlines 1650 ARCH INVESTOR: Nov. 5 Auction of Interests Securing Acore Loan 1713 N CAMERON: Hires Redfin Corporation as Real Estate Broker 2 BOWERY: Buyer Must Pay Commission, Costs to Real Estate Advisor 25 MY RENTCO: Seeks Subchapter V Bankruptcy in New York 360 FAST: Seeks to Hire Midwest CPA LLC as Accountant 366 REALTY LLC: Besen Partners' Gandhi Proposed as Receiver 393 HOLDINGS: Case Summary & Two Unsecured Creditors 418RE - ONE: Unsecured Creditors to be Paid in Full in Plan 535 12TH AVE: Gets Interim OK to Use Cash Collateral 5A SOLUTIONS: Seeks Chapter 7 Bankruptcy in Texas 700 17TH STREET: Hires Michael Best & Friedrich as Legal Counsel ABUELO'S INTERNATIONAL: Affiliate's Restaurant Asset Sale OK'd ACLCP CINCINNATI: Hires Schneider Smeltz as Special Counsel AEMETIS INC: Series A Redemption Deadline Extended to Dec. 31 ALLIANCE LAUNDRY: S&P Ups ICR to 'B+' on Debt Reduction After IPO AMBIPAR EMERGENCY: NYSE to Delist Shares After Bankruptcy Filing AMBIPAR EMERGENCY: Says Borlenghi's Stake Drops Amid Dispute AMERICAN MACHINERY: Seeks to Hire DeMarco Mitchell as Counsel AQUATIC RESOURCE: Case Summary & 20 Largest Unsecured Creditors ARCIS GOLF: Moody's Affirms 'B2' CFR, Outlook Remains Stable AVANT GARDNER: Judge Clears Axar's Purchase of Brooklyn Mirage AWMR LLC: Seeks Chapter 11 Bankruptcy in Texas BALLY'S CORP: Fitch Alters Outlook on 'B-' IDR to Stable BELL BUSINESS: To Sell Houston Property to Sugar Pine for $35MM BELLAVIVA AT WHISPERING: Sec. 341(a) Creditors' Meeting on Nov. 17 BIKES ON THE BAYOU: Seeks Chapter 7 Bankruptcy in Texas BORDEAUX VENTURES: Plan Not Confirmable, Winhall Wins Stay Relief BOSQUE BREWING: Hires Elevar Business Advisors as Accountant BRAZOS PRESBYTERIAN: Fitch Rates Series 2025 Bonds 'BB+' BRIDGE TO ADULTHOOD: Hires Gray Ice Higdon as Litigation Counsel BUNTING GRAPHICS: Hires Calaiaro Valencik as Legal Counsel CANDYWAREHOUSE.COM INC: Seeks Chapter 11 Bankruptcy in Texas CANOO INC: Judge Says Co. Leaders Must Defend SPAC Fraud Claims CAPITAL DISTRICT: Seeks to Hire Boyle Legal LLC as Counsel CATHOLIC HEALTH: S&P Raises Outstanding Debt Rating to 'B' CEC ENTERTAINMENT: S&P Withdraws 'B-' Issuer Credit Rating CENTRAL FLORIDA: Gets OK to Use Cash Collateral Until Nov. 4 CIS INTERNATIONAL: Taps Ervin Cohen & Jessup as General Counsel CLNG HOMES: Hires Keller Williams as Real Estate Broker CMC ADVERTISING: Wins Bid for Default Judgment in Idea 247 Case CNO FINANCIAL: Fitch Affirms 'BB+' Rating on Subordinated Notes COMMERCIAL METALS: Fitch Alters Outlook on 'BB+' IDR to Stable COMPLETELY CONCRETE: Taps Michael Jay Berger as Bankruptcy Counsel CONTOUR SPA: Sixth Interim DIP Order Entered COOKSON'S TRANSMISSION: Hires Arise Capital Real Estate as Broker COOKSON'S TRANSMISSION: Taps Integra Realty Resources as Appraiser CORONET CERAMICS: To Sell Apex Property to West Apex Central COUTURE INVESTMENTS: Seeks to Hire Riggi Law Firm as Legal Counsel COX OPERATING: Ex-CEO Seeks to Move Trustee's $190MM Suit to Texas CROSSKIX LLC: Gets Interim OK to Use Cash Collateral Until Dec. 2 CYTOPHIL INC: Unsecured Creditors to Split $1M over 10 Years D SAN JOSE: Section 341(a) Meeting of Creditors on November 11 D.R. PATEL: Case Summary & Five Unsecured Creditors DCA OUTDOOR: Wins Bid to Reject Unexpired Leases DYNAMISM LLC: Gets Extension to Access Cash Collateral ECCENTIAL HEALTH: Seeks Chapter 7 Bankruptcy in Texas ECS FARMS: Seeks to Hire Michael Best & Friedrich as Legal Counsel EDMUNDSON INC: May Seek Bankruptcy Amid Receivership Bid EEHF 18 INC: Deadline to Assume Dartmouth Property Lease Extended EEHF 18 INC: Gordon's Administrative Expense Request Resolved EMINIFX INC: $93 Million Distributed to Class 3 Claimants ETHEMA HEALTH: Reports $885,097 Net Loss in Q1 2025 EVERGREEN LODGING: Seeks to Tap Hilco Real Estate as Estate Broker EVERSTREAM SOLUTIONS: Nov. 19 Plan Confirmation Hearing EVOFEM BIOSCIENCES: Amends Adjuvant Notes With 6-Month Maturity FIRESTAR DIAMOND: Court Declines Modi's Tardy RFA Responses FLAGSTAR BANK: Moody's Affirms Ba1 Deposit Rating, Outlook Positive FRANCHISE GROUP: Ex-CEO Kahn Regains Partial Control FREE SPEECH: Court Doubts Jones Ex-Atty Can Evade Suspension FTAI INFRASTRUCTURE: S&P Withdraws 'B-' ICR on Debt Repayment FTX TRADING: Updates Country List, Restricted Jurisdiction Process G1 TRANSPORT: Seeks Chapter 11 Bankruptcy in Georgia GABHALTAIS TEAGHLAIGH: Can Hire Bernkopf Goodman as Special Counsel GAI AIR: Seeks Chapter 11 Bankruptcy in Texas GEC TRANSPORT: Seeks Chapter 11 Bankruptcy in Texas GENESIS HEALTHCARE: Cavazos Hendricks Represents Carroll & Howard GENESIS HEALTHCARE: Stops HHS From Ending Nursing Home GETTY IMAGES: Completes Exchange Offer With 98% Participation GETTY IMAGES: Settles Exchange Offer and Closes $628M Notes Deal GFW PROPERTIES: Section 341(a) Meeting of Creditors on November 24 GILBERT LEGGETT: Ward and Smith Advises Triangle Chemical et al. GIRARDI & KEESE: Edelson Plans to Drop Suit Against Co.'s Ex-Attys GOOD FLOOR LOANS: Seeks Chapter 11 Bankruptcy in Texas GOOD LIFE: Taps Luvaas Cobb Richards & Fraser as Special Counsel GREENIDGE GENERATION: Reports Early Tender Results for 2026 Notes HIGH SOURCES: Gets Extension to Access Cash Collateral HOBBS & ASSOCIATES: Moody's Cuts CFR to 'B3', Outlook Stable HONOR STUDIOS: Hires Victor Mokuolu CPA PLLC as Accountant HORIZON HOUSE: Fitch Lowers IDR to 'BB', Outlook Stable HOUDINISWAP LLC: DHECA Seeks Receiver for Crypto Firm HUMPER EQUIPMENT: Taps Aleshire Robb and Clifford Law as Counsel INDEPENDENT MEDEQUIP: Unit OK'd to Withdraw Bid to Sell IR4C INC: To Sell Lakeland Property to Gregory Madden for $3.6MM JASS LLC: Seeks Subchapter V Bankruptcy in Colorado JJTA9 REAL PROPERTIES: Case Summary & Seven Unsecured Creditors JOSHUA CABINETRY: Case Summary & 20 Largest Unsecured Creditors KCP HARKINS: Wells Fargo Seeks Receiver for Maryland Office Tower KENNEDY CONSTRUCTION: Gets Interim OK to Use Cash Collateral KIM ENGINEERING: Court Authorizes Payments to Critical Vendors KNIGHT HEALTH: Moody's Cuts CFR to 'Caa3', Outlook Stable KOLSTEIN MUSIC: Court Extends Cash Collateral Access to Nov. 13 KPOWER GLOBAL: Court Rejects Bid to Prohibit Cash Collateral Access LIFESCAN GLOBAL: Asks Judge to Require PBMs to Submit Records LML LOGISTICS: North Berwick Property Sale to Jason & K. Day OK'd LNCMJ MANAGEMENT: Seeks Chapter 11 Bankruptcy in Texas LODGING ENTERPRISES: Nov. 20 Plan & Disclosure Statement Hearing LODGING ENTERPRISES: Unsecureds to Get Share of GUC Reserve Account LORDSTOWN MOTORS: Former Execs Cleared in Foxconn Lawsuit MAIN STREET: U.S. Trustee Unable to Appoint Committee MARIANAS PROPERTIES: Unsecureds to be Paid in Full with Interest MARYLAND HEALTH: Hires Steiner Law Group LLC as Counsel MAWSON INFRASTRUCTURE: All Proposals Approved at Annual Meeting MAWSON INFRASTRUCTURE: Expects Q3 Net Loss to Drop 88% to $1.5M MAWSON INFRASTRUCTURE: Gets More Time to Regain Nasdaq Compliance MEDICAL UNIT: Nov. 12 Auction of Condo Unit Set MESOGLASS LLC: Seeks Chapter 7 Bankruptcy in Texas MEYER BURGER: Nov. 21, 2025 Claims Bar Date Set MUNAWAR LAW: Examiner Hires JW Infinity as Financial Advisor MYELLA INC: Hires LaMonica Herbst as General Counsel MYELLA INC: Hires Peter Kutner CPA as Accountant NEW AGE: To Sell Vehicles to Peakfinity for $200K NEW MEXICO TERMINAL: Section 341(a) Meeting of Creditors on Nov. 13 NORTHERN FUEL: Sells Solway Convenience Store for $1.2MM OHIO POWER: S&P Assigns Preliminary 'BB-' ICR, Outlook Stable OMNIA PARTNERS: Moody's Alters Outlook on 'B2' CFR to Negative PAIA PARK: Case Summary & 10 Unsecured Creditors PANORAMIC HUDSON: Secured Party Sets Dec. 18, 2025 Auction PARAGON INDUSTRIES: Seeks to Sell Assets via Auction PARK 54 RESTAURANT: May Use Cash Collateral Through Nov. 10 PARK ESTATES FO: Fannie Mae Seeks Appointment of Receiver PARK RIVER: Completes Exchange Offer With 99.99% Participation PINSTRIPES HOLDINGS: Hires Ropes & Gray as Special Counsel PLOR T1: S&P Affirms 'B-' ICR on Planned Acquisition PRIMALEND CAPITAL: Blames Subprime Market Downturn for Ch.11 Filing PUBLIC PREPARATORY: S&P Places 'BB' ICR on CreditWatch Negative PURDUE PHARMA: Court Postpones Decision on Moss Proof of Claim PURDUE PHARMA: Court Postpones Decision on Walker Proof of Claim R&R TRANSPORT: Hires Fuqua & Associates as Legal Counsel R&R TRANSPORT: Seeks to Hire Fuqua & Associates as Counsel REATON HOMES: Case Summary & One Unsecured Creditor REFRIGERATED LOGISTICS: Seeks Chapter 7 Bankruptcy in Texas REVIVA PHARMACEUTICALS: Regains Compliance With Nasdaq's MVLS Rule REVIVA PHARMACEUTICALS: Remains Below Nasdaq's Bid Price Rule RHEUMATOLOGY WELLNESS: Hires Baumeister Denz LLP as Counsel RIO DEL PILAR: Hires Compass as Real Estate Broker ROBRAD TOOL: Seeks Subchapter V Bankruptcy in Arizona RSA SECURITY: Lenders Hire Advisers as Debt Talks Continue RT ACQUISITION: Court Approves Knoxville Property Sale for $2.4MM RUNITONETIME LLC: Says Talks Underway for Expanded DIP Funding SANTOPIETRO FOOD: Gets Extension to Access Cash Collateral SCORPIUS HOLDINGS: Defaults Prompt Sale of Subsidiaries, Assets SECURE WASTE: S&P Alters Outlook to Positive, Affirms 'B+' ICR SEELOS THERAPEUTICS: GLD Partners Buys Assets in Chapter 11 Process SF OAKLAND: Hires Finestone Hayes as Bankruptcy Counsel SILICON VALLEY: Court Won't Toss FDIC Case Over 2023 Bank Collapse SIMBA IL HOLDINGS: Hires Reeves & Weiss LLP as Special Counsel SKY ROCK: Seeks to Hire DeMarco Mitchell PLLC as Counsel SKYX PLATFORMS: Extends $7.6 Million Convertible Notes to 2030 SO-BEN REALTY: Hires Ehrhard & Associates as Counsel SOUTHERN EXPRESS: May Use Cash Collateral Through Nov. 19 SOUTHERN EXPRESS: To Sell Buses to Chris Huang for $65K SPIRIT AVIATION: Hires O'Melveny & Myers as Special Counsel SPLASH BEVERAGE: Adopts Bylaw Amendments Excluding Broker Non-Votes ST. AUGUSTINE FOOT: Section 341(a) Meeting of Creditors on Nov. 20 STAGGEMEYER STAVE: Seeks Chapter 11 Bankruptcy in Minnesota STRANGE BIKINIS: Hires Darby Law Practice Ltd as Counsel TELLICO RENTALS: Hires Tom Bible Law as Legal Counsel THRILL INTERMEDIATE: Proskauer & McDonald Carano Advise 1L Lenders TLH-26 GILES: U.S. Trustee Unable to Appoint Committee TRAFFIC MONSOON: SEC Wants BRG's Strong as Successor Receiver TRANSMEDCARE LLC: Fox Funding Suit Remanded to Florida State Court TROLLMAN ENTERPRISES: Court OKs Fenton Property Sale to JL Duck TTF LOWER: Moody's Downgrades CFR to B3, Outlook Stable U-TELCO UTILITIES: Gets Final OK to Use Cash Collateral UNIVERSITY AUTO: Seeks Subchapter V Bankruptcy in California V850JACKSON LLC: Strategic Unsecured Creditors to Get 80% of Claims VDR MULTIFAMILY: Hires DeMarco·Mitchell PLLC as Legal Counsel VERITONE INC: Files Exhibits for $12.9M Registered Direct Offering VISIONARY FUND: Investors Ask Court to Freeze Assets WALKER EDISON: Twin Star Home Acquires Assets in Bankruptcy Sale WANDERLY LLC: Fine-Tunes Plan Documents WATER'S EDGE: Mulls Lawsuit to Challenge City of Revere Claim WATERBRIDGE OPERATING: S&P Withdraws 'BB-' Issuer Credit Rating WKH L.L.C.: Case Summary & Two Unsecured Creditors WOODBRIDGE GROUP: Court Narrows Claims in Lawsuit vs Brundage XTREME SPORTS: Hires DeMarco·Mitchell PLLC as Legal Counsel ZMETRA LAND: Wins Bid to Use Cash Collateral Until November 20 ********* 1650 ARCH INVESTOR: Nov. 5 Auction of Interests Securing Acore Loan ------------------------------------------------------------------- Acore Capital Mortgage, LP, as administrative agent for and on behalf of the mezzanine lender, will offer for sale at public auction to be held at 12:30 P.M. (prevailing Eastern time) on November 5, 2025, and conducted both via Zoom and in-person in front of the New York Supreme Court, all right, title, and interest of 1650 Arch Investor LP ("Debtor") to: (i) 99.5% of the partnership interests in 1650 Arch Partners LP, (ii) all of the shares of common in 1650 Arch Inc., and (iii) all other collateral pledged by the Debtor under that Mezzanine Pledge and Security Agreement dated as of June 14, 2018. The Premises is subject to a first mortgage loan securing indebtedness in the original principal amount of $75,753,844 and with an outstanding principal balance of $42,982,095.18. Prospective bidders must register with the Broker by email, by hand, or overnight delivery to: Carl L. Neilson, Colliers, carl.neilson@colliers.com on or before October 29, 2025. Information on the sale are available at www.bit.ly/1650Arch 1713 N CAMERON: Hires Redfin Corporation as Real Estate Broker -------------------------------------------------------------- 1713 N Cameron st llc seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Jim Sandidge of Redfin Corporation as real estate broker. The firm will assist in marketing and sale of the Debtor's commercial real estate located at 1713 N. Cameron St., Arlington, VA 22207. The firm will be paid a commission of 1.5 percent of the gross sales price of the Property, subject to a minimum of $5,500, plus an extra 1 percent of the gross sales price of the Property if the buyer is unrepresented by a broker. Mr. Sandidge 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: Jim Sandidge Redfin Corporation 3110 Fairview Park Dr S Ste 200 Falls Church, VA 22042 Tel: (703) 665-6665 About 1713 N Cameron st llc 1713 N Cameron St LLC is a single-asset real estate entity as defined in 11 U.S.C. Section 101(51B). 1713 N Cameron St LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-11697) on August 19, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Steven B. Ramsdell, Esq. at Tyler, Bartl & Ramsdell, PLC. 2 BOWERY: Buyer Must Pay Commission, Costs to Real Estate Advisor ----------------------------------------------------------------- Chief Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York granted Northgate Real Estate Group, LLC's motion to hold 2 Bowery LLC (the "Buyer") in civil contempt. The request to compel the Buyer to pay Northgate the Buyer's Premium, attorney's fees and expenses, and monetary sanctions is granted. On March 31, 2022, each of 26 Bowery LLC and 2 Bowery Holding LLC filed voluntary petitions under Chapter 11 of the Bankruptcy Code. 26 Bowery was the owner of 26 Bowery, New York, New York. 2 Bowery was the owner of 2 Bowery, New York, New York. On March 21, 2024, the Court authorized the Debtors' retention of Northgate as their real estate advisor. The Retention Order authorizes Northgate's commission to be 4% of the gross purchase price for the Properties. The sale of the 2 Bowery Property to the Buyer closed on Feb. 28, 2025, and the Court subsequently entered a fee approval order, instructing the Buyer to pay Northgate the buyer's premium in the amount of $220,000 on account of a 4% commission of the $5,500,000 purchase price for the 2 Bowery Property within five days after entry of the Order. Despite the Court's Fee Approval Order, the Buyer did not pay the Buyer's Premium to Northgate within five days of the Order. Northgate seeks entry of an order: (i) finding 2 Bowery LLC in civil contempt for its failure to comply with the Court's Memorandum Opinion and Order Granting Motion to Hold 2 Bowery LLC in Civil Contempt, which ordered the Buyer to pay Northgate's commission on the sale of 2 Bowery, New York, New York 10013 as a buyer's premium in the amount of $220,000 within seven (7) days of entry of the Contempt Order; (ii) compelling the Buyer to immediately pay to Northgate the Buyer's Premium; and (iii) imposing sanctions against the Buyer, including but not limited to awarding Northgate its attorney's fees and costs it was forced to incur to bring the Motion, and fining the Buyer $1,000 per day of non-compliance. A copy of the Court's Memorandum Opinion and Order dated October 21, 2025, is available at https://urlcurt.com/u?l=5sRIyC from PacerMonitor.com. Counsel for Northgate Real Estate Group, LLC: Paul A. Rubin, Esq. Hanh V. Huynh, Esq. RUBIN LLC 11 Broadway, Suite 715 New York, NY 10004 E-mail: prubin@rubinlawllc.com About 26 Bowery 26 Bowery, LLC is the owner of the real property and improvements located at 26 Bowery, N.Y. The property is a mixed-use commercial property located in Manhattan's Chinatown neighborhood. 26 Bowery and its affiliate, 2 Bowery Holding, LLC, filed their voluntary petitions for Chapter 11 protection (Bankr. S.D.N.Y. Case Nos. 22-10412 and 22-10413) on March 31, 2022. Both reported as much as $10 million in both assets and liabilities at the time of the filing. Judge Martin Glenn oversees the cases. A. Mitchell Greene, Esq., at Leech Tishman Robinson Brog PLLC, serves as the Debtors' legal counsel. 25 MY RENTCO: Seeks Subchapter V Bankruptcy in New York ------------------------------------------------------- On October 16, 2025, 25 My RentCo LLC filed Chapter 11 protection in the Southern District of New York. According to court filing, the Debtor reports $226,243 in debt owed to 1 and 49 creditors. About 25 My RentCo LLC 25 My RentCo LLC is a New York limited liability company that serves as a holding entity for the remaining sponsor-controlled condominium units at 25 Murray Street, New York City. The Company acquired fee ownership of the units from Tribeca Mews Ltd. in July 2011 and became the successor sponsor under the property's condominium offering plan. 25 My RentCo LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-12280) on October 16, 2025. In its petition, the Debtor reports total assets of $11,053,987 and total liabilities of $226,243. Honorable Bankruptcy Judge Martin Glenn handles the case. The Debtor is represented by Scott S. Markowitz, Esq. and Jacob Gabor, Esq., at TARTER KRINSKY & DROGIN LLP. 360 FAST: Seeks to Hire Midwest CPA LLC as Accountant ----------------------------------------------------- 360 Fast, LLC seeks approval from the U.S. Bankruptcy Court for the District of Kansas to employ Midwest CPA, LLC as accountant. The firm will assist the Debtor in the preparation of monthly financial statements, maintenance of the chart of accounts, general ledger, fixed assets, reconciliation of bank statements, troubleshooting, and support. The firm will be paid $900 for monthly bookkeeping, and $200 for standard tax services. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Barrett 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: Chris Barrett Midwest CPA, LLC 1317 Nantucket Drive Janesville, WI 53546 Tel: (860) 926-3668 About 360 Fast, LLC 360 Fast, LLC offers specialized cleaning services. 360 Fast sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-21454) on October 7, 2025. In the petition signed by Vijay Das, managing member, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Judge Robert D. Berger oversees the case. Colin N. Gotham, Esq., at Evans & Mullinix, P.A., represents the Debtor as legal counsel. 366 REALTY LLC: Besen Partners' Gandhi Proposed as Receiver ----------------------------------------------------------- In the mortgage foreclosure action captioned, Wells Fargo Bank National Association v. 366 Realty LLC et al., Case No. 1:17-cv-03570 (E.D.N.Y.), the law firm of McCarter & English LLP, counsel to Wells Fargo, asks the Hon. Joseph A. Marutollo to appoint Sanjay Gandhi of Besen Partners as proposed receiver for the property located at 366 Knickerbocker Ave., Brooklyn, NY. Joseph Lubertazzi, Jr., a partner at McCarter & English, tells the Court Mr. Gandhi and Besen have extensive experience managing properties in New York City and are more than qualified to act as receiver and to manage the Mortgaged Property. Mr. Gandhi is a Senior Managing Director of property management at Besen, a New York City-based full-service commercial real estate firm that includes property management services through related entities New York City Management LLC and leasing services through Besen Retail/NYC Rentals. Mr. Gandhi has been with Besen for over 20 years and has direct experience with managing properties of various classes including multi-family, commercial, and mixed-use, such as the Mortgaged Property at issue in this foreclosure action. Mr. Gandhi is also well versed in the New York Division of Housing and Community Renewal guidelines and rent stabilization, as well as stabilizing distressed assets as Head of the Distressed Asset Advisory Group. Mr. Gandhi is eligible to receive appointments in Kings County in 2025 pursuant to that database, and he currently has two active state court foreclosure case appointments in New York in which he was appointed property manager [2617-2623 Foster Ave, Brooklyn, NY, Index No. 50042/2024 and 1466 49th Street, Brooklyn, NY, Index No. 509367/2024], neither of which would interfere with his role in acting as receiver for the Mortgaged Property. In addition, Mr. Gandhi currently has no active litigations pending against him in the Circuit, with the exception of an NYC Civil Court landlord-tenant matter pending at LT-321282-24/NY, involving a fire that preceded the court appointed rent receiver's appointment (who is not Mr. Gandhi), turnover of the related insurance proceeds, and in which Mr. Gandhi is not the specific Court-appointed secondary for New York City Management, LLC. The cases mentioned by the Court in its Order (pp. 26-27) are no longer active. Mr. Gandhi served as a witness in the first matter and the second matter in which he was a named defendant was dismissed. His role in the above-referenced matters would not impact his ability to be a receiver in this matter. It is believed that the estimated monthly gross rental income is currently $22,605. The monthly Receiver fee proposed is $1,000. 393 HOLDINGS: Case Summary & Two Unsecured Creditors ---------------------------------------------------- Debtor: 393 Holdings, LLC d/b/a Pinewood 30-A 179 393 S. County Highway Santa Rosa Beach, FL 32459 Business Description: 393 Holdings, LLC, doing business as Pinewood 30-A, engages in activities related to real estate in Santa Rosa Beach, Florida. The Company manages and oversees operations associated with the Pinewood 30-A condominium property at 179 South County Highway 393. Chapter 11 Petition Date: October 23, 2025 Court: United States Bankruptcy Court Northern District of Florida Case No.: 25-31055 Judge: Hon. Jerry C Oldshue Jr Debtor's Counsel: Edward J. Peterson, Esq. BERGER SINGERMAN LLP 101 E. Kennedy Boulevard Suite 1165 Tampa, FL 33602 Tel: 813-498-3400 E-mail: epeterson@bergersingerman.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Robert C. Easter, Jr. as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CZCMMLI/393_Holdings_LLC__flnbke-25-31055__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Two Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Coast Dist $885,000 169 Griffin Boulevard Suite 106 Panama City Beach, FL 32413 2. CST Construction LLC $681,030 169 Griffin Boulevard Suite 107 Panama City Beach, FL 32413 418RE - ONE: Unsecured Creditors to be Paid in Full in Plan ----------------------------------------------------------- 418RE - One Appleton, LLC filed with the U.S. Bankruptcy Court for the District of Massachusetts a Disclosure Statement with respect to Plan of Reorganization dated October 16, 2025. The Debtor owns and operates a mixed-use commercial building located at 439 Tremont Street in the South End of Boston (the "Property"). On August 22, 2019, the Debtor entered into a Term Loan Agreement with Brookline Bank (the "Loan Agreement"). In connection with the Loan Agreement, the Debtor gave Brookline Bank a Promissory Note dated August 22, 2019, in the original principal amount of $8,500,000 (the "Note"). The Loan is secured by a Mortgage and Security Agreement (the "Mortgage") encumbering the Property, and a Collateral Assignment of Leases and Rents dated as of August 22, 2019, recorded with the Registry in Book 61630, Page 100 (the "Assignment of Rents"). On or about June 20, 2025, the Debtor commenced an action in Suffolk Superior Court seeking damages for breach of contract, and seeking an order enjoining Alpha Debt from recording the deed-in lieu. On June 26, 2025, the Debtor made an additional good faith payment to Alpha in the amount of $100,000, which Alpha accepted. After granting a 10-day temporary restraining order, on July 3, 2025, the Superior Court denied the injunction request. When the injunction was denied, the Debtor filed this Chapter 11 case. The Debtor's Plan provides for the Debtor's sole member, Euzenando Azevedo, Jr., to provide the funds necessary to make payment in full, with interest, to each secured and unsecured creditor, on the later of the Effective Date of the Plan, or the date on which a creditor's claim is allowed by the Court. The Plan further provides for the equity of the Debtor to be retained by Mr. Azevedo. Class 3 is comprised of all holders of Allowed general unsecured claims against the Debtor. Based upon the proofs of claim that have been filed and the Debtor's Schedules, the Debtor estimates that there will be approximately $223,187 in Allowed Class 3 claims. In full and complete settlement, satisfaction and release of all Allowed Class 3 Claims, each holder of an Allowed Class 3 Claim shall receive payment in full, with interest at the federal judgment rate, currently 4.25 percent, upon the later of the Effective Date, or the date on which such claim becomes an Allowed Claim, if in dispute. Class 3 is unimpaired. Class 4 is comprised of all equity interests in the Debtor. The sole equity interest holder of the Debtor is Euzenando Azevedo, Jr., who shall receive no distribution under the Plan on account of such interest, but will retain unaltered, the ownership interest of the Debtor. Class 4 is unimpaired. Confirmation of the Plan shall constitute authorization for the Debtor to effectuate the Plan and to enter into all documents, instruments and agreements reasonably necessary to effectuate the terms of the Plan. On the Effective Date of the Plan, the Debtor will make the payments set forth in the Plan. The Plan is being funded by Mr. Azevedo personally. He has already placed into a separate account, held by his personal counsel, approximately $7.5 million. He is in the process of depositing more funds into that account to the extent it appears that more funds are needed to fund the Plan. Therefore, in accordance with the provisions of Section 1129(a)(11) of the Bankruptcy Code, the confirmation of the Plan is not likely to be followed by the liquidation or the need for further financial reorganization of the Debtor. A full-text copy of the Disclosure Statement dated October 16, 2025 is available at https://urlcurt.com/u?l=vxav69 from PacerMonitor.com at no charge. Counsel to the Debtor: David B. Madoff, Esq. Steffani M. Pelton, Esq. Madoff & Khoury LLP 124 Washington Street Foxboro, MA 02035 Tel: (508) 543-0040 Email: madoff@mandkllp.com About 418RE - One Appleton, LLC 418RE - One Appleton, LLC is a single asset real estate company that owns property at 439 Tremont Street in Boston's South End. 418RE - One Appleton sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11380) on July 3, 2025. In its petition, the Debtor reported estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Judge Christopher J. Panos handles the case. The Debtor is represented by David B. Madoff, Esq. at Madoff & Khoury, LLP. 535 12TH AVE: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, granted 535 12th Ave NE, LLC interim authorization to use cash collateral. The Debtor was authorized to use cash collateral to pay U.S. Trustee fees and necessary operating expenses listed in its approved budget, with up to a 10% variance per line item. Any spending beyond this requires written consent from U.S. Bank Trust N.A., the secured creditor. As adequate protection, U.S. Bank Trust and other secured creditors will be granted replacement liens on post-petition cash collateral, with the same validity and priority as their pre-bankruptcy liens. In addition, the Debtor must maintain insurance coverage as required under its loan agreements with secured creditors. The interim order preserves the rights of creditors and committees to challenge liens or request modified protections. It also requires the Debtor to meet all its obligations and grant the secured creditors access to its records and premises. A continued hearing is scheduled for November 4. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/mWHGq from PacerMonitor.com. The Debtor owns and manages a residential complex, which consists of three long-term rental units and one being prepared for short-term rental to target the local tourist market. The business is organized as a single-member LLC and taxes as a pass-through entity on the member's personal tax returns. As of the petition date, all three long-term rental units are leased. Two are rented at $2,100 per month each, and one is rented at $2,295, generating a total of $6,495 per month. The Debtor's pre-bankruptcy financial activity shows a year-to-date gross revenue of $51,454.32, with gross revenue totals of $110,490 in 2024 and $112,555 in 2023. About 535 12th Ave NE 535 12th Ave NE, LLC is a single-asset real estate entity as defined under 11 U.S.C. Section 101(51B). It owns a property located at 535 12th Ave NE in St. Petersburg, Florida, which has an appraised value of $1.63 million. 535 12th Ave NE sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06747) on September 16, 2025, with $1,636,583 in assets and $1,058,802 in liabilities. Kathleen L. DiSanto, Esq., serves as Subchapter V trustee. Judge Catherine Peek Mcewen oversees the case. Jake C. Blanchard, Esq., at Blanchard Law, P.A. represents the Debtor as bankruptcy counsel. 5A SOLUTIONS: Seeks Chapter 7 Bankruptcy in Texas ------------------------------------------------- On October 22, 2025, 5A Solutions STX LLC submitted a voluntary Chapter 7 bankruptcy filing in the Eastern District of Texas. Court documents show the company's debts fall between $100,001 and $1 million. The filing notes a creditor count of 1 to 49. About 5A Solutions STX LLC 5A Solutions STX LLC is a limited liability company. 5A Solutions STX LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-10487) on October 22, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Joshua P. Searcy handles the case. The Debtor is represented by Frank J. Maida, Esq. of Maida Law Firm, PC. 700 17TH STREET: Hires Michael Best & Friedrich as Legal Counsel ---------------------------------------------------------------- 700 17th Street, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Michael Best & Friedrich LLP as counsel. The firm will represent the Debtor in connection with, among other things, all matters concerning the administration of the estate, including (without limitation) prepare the bankruptcy statements and schedules, a plan of reorganization and disclosure statement, and all contested and litigation matters that arise in this case, except for litigation to be handled by special counsel separately employed. The firm will be paid at these hourly rates: Jeffrey Weinman, Attorney $650 Bailey Pompea, Attorney $425 Partners $475 - $725 Associates $350 - $450 Paralegals $150 - $250 In addition, the firm will seek reimbursement for expenses incurred. Mr. Weinman disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey A. Weinman, Esq. Michael Best & Friedrich LLP 675 15th Street, Suite 2000 Denver, CO 80202 Telephone: (720) 240-9515 Email: jeffrey.weinman@michaelbest.com About 700 17th Street LLC 700 17th Street LLC is a single asset real estate company. 700 17th Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case. No. 25-16173) on September 24, 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 Kimberley H. Tyson handles the case. The Debtor tapped Jeffrey A. Weinman, Esq., at Michael Best & Friedrich LLP as counsel. ABUELO'S INTERNATIONAL: Affiliate's Restaurant Asset Sale OK'd -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, has granted Abuelo's International LP and its affiliates, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor's affiliate, Food Concepts International Holdings, Inc. (FCIH) is the sole member of the general partner of Food Concepts International, L.P., a Texas limited partnership “(FCI). FCI is the 99.99% limited partner of the Abuelo's International, L.P., a Texas limited partnership (AB) The Debtors are headquartered in Lubbock, Texas where they conduct their restaurant operations. The Debtors own and operate a chain of full-service, casual dining Mexican restaurants serving made-from-scratch Mexican food. The Debtors’ first restaurant opened in 1989, and they now operate a total of 16 restaurants located in 7 states throughout the nation. The Debtors' operations have been impacted by a significant drop in sales, rising food and labor costs, continued staffing challenges, and changes in consumer preferences. The Debtors have determined it is in their best interest as well as the interests of creditors and the Debtors' estates to cease operations and close a restaurant located at 5733 State Hwy 121, The Colony, Texas 75056 (Colony), to sell at public auction the furniture, equipment, inventory and supplies (Assets) located at the Colony, and reject the lease associated with the Colony. The Debtors will cease operations and close the Colony on October 19, 2025, and vacate the leased premises before November 1, 2025. The Court has authorized the Debtors to sell the Assets by way of auction conducted by Local Liquidators, upon the terms and conditions proposed by the Debtors in the Motion, and the Debtors' application to employ Local Liquidators which is being granted contemporaneously. The Assets sold at the auction shall be sold without warranty and on an "as is" "where is" subject to all defects basis. The Assets shall be sold free and clear of all liens, claims, interests and encumbrances and all valid liens, claim, interests and encumbrances shall follow and attach to the proceeds of sale in the order established by applicable law. The Debtors' are authorized to satisfy, from the proceeds of sale, the auctioneer fees of Local Liquidators and 2025 and prior year ad valorem property taxes assessed against the Assets, with the balance of the proceeds of sale, if any, to be retained by the Debtor to assist in funding future operations. All amounts owed to Denton County, City of The Colony, and Lewisville ISD for unpaid ad valorem personal property taxes for all years including 2025, plus interest at the state statutory rate of 1% per month that has accrued from the date of the filing of the petition through the date of the closing of the sale for 2024 and prior year personal property taxes, shall be paid in full as soon as practicable after the conclusion of the auction sale by tendering payment to their respective counsel. The Debtors be and the same are authorized to execute all documents and take all actions necessary to carry out the purposes and intent of the order. 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. ACLCP CINCINNATI: Hires Schneider Smeltz as Special Counsel ----------------------------------------------------------- ACLCP Cincinnati, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Schneider Smeltz Spieth Bell LLP as special counsel. The Debtors need the firm's legal services related to: -- five interpleader actions (the "Interpleader Cases") against various defendants, including the Debtors, in Federal Courts around the country. -- breach of contract case against the Debtors that is currently pending in the United States District Court Northern District of Ohio (the "Ohio Case"). The firm will be paid at these rates: Aanchal Sharma $405 per hour Jenna R. Bird $310 per hour Kaley Elliot $260 per hour Paralegals $230 per hour Schneider Bell is owed $66,069.31 for pre-petitions services. Consistent with the United States Trustees' Appendix B – Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed Under 11 U.S.C. § 330 by Attorneys in Larger Chapter 11 Cases (the "U.S. Trustee Guidelines"), which became effective on November 1, 2013, I state as follows: a. Schneider Bell has not agreed to a reduction of its standard or customary billing arrangements for this engagement; b. None of Schneider Bell's professionals included in this engagement have varied their rate based on the geographic location of these chapter 11 cases; c. Schneider Bell was initially retained by the Debtors pursuant to an engagement agreement dated as of February 20, 2024, as amended. The material terms of the prepetition engagement are the same as the terms described in the Application and herein; and d. The Debtors have approved or will be approving a prospective budget and staffing plan for Schneider Bell's engagement for the post-petition period as appropriate. In accordance with the U.S. Trustee Guidelines, the budget may be amended as necessary to reflect changed or unanticipated developments. Aanchal Sharma, Esq. disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Aanchal Sharma, Esq. Schneider Smeltz Spieth Bell LLP 1375 E. Ninth Street, Suite 900 Cleveland, OH 44114 About ACLCP Cincinnati, LLC ACLCP Cincinnati, LLC and affiliates are U.S.-based real estate companies primarily engaged in owning and leasing commercial and residential properties in Ohio and Michigan. The companies operate properties in Cincinnati, Fort Gratiot, and Port Huron, including retail and mixed-use buildings. ACLCP Cincinnati sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11691) on September 10, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by Kevin S. Mann, Esq., at Cross & Simon, LLC. AEMETIS INC: Series A Redemption Deadline Extended to Dec. 31 ------------------------------------------------------------- Aemetis Inc. said in a Form 8-K filing with the Securities and Exchange Commission its subsidiary Aemetis Biogas LLC entered into a Tenth Waiver and Amendment to the Series A Preferred Unit Purchase Agreement with Protair-X Technologies Inc. and Third Eye Capital Corp., as agent for the holder, effective Aug. 31, 2025. Protair-X holds all Series A Preferred Units of Aemetis Biogas under the original 2018 agreement and its prior amendments. The PUPA Tenth Amendment provides, among other provisions, (i) an extension of Aemetis Biogas' existing requirement to redeem all of the Holder's outstanding Series A Preferred Units from Aug. 31, 2025, to Dec. 31, 2025, and (ii) a modification to the aggregate redemption price to $118.8 million, which includes a $2 million fee increase for the PUPA Tenth Amendment. The PUPA Tenth Amendment further provides that if Aemetis Biogas does not redeem the Preferred Units by the Redemption Date, Aemetis Biogas will enter into a credit agreement with Protair-X and Third Eye Capital, in substantially the form attached to the PUPA Tenth Amendment, which entry would satisfy Aemetis Biogas' redemption obligation. Once the Credit Agreement is entered, its key terms would include: (i) an effective date of Jan. 1, 2026, (ii) a maturity date of Sept. 1, 2026, (iii) accruing interest at a rate equal to the greater of 16.0% and the prime rate plus 10.0%, (iv) a requirement for Aemetis, Inc. and several of its subsidiaries to guarantee Aemetis Biogas' obligations, and (v) a grant of a security interest in the assets of Aemetis Biogas and the guarantors. About Aemetis Inc. Aemetis, Inc., founded in 2006 and based in Cupertino, California, produces renewable natural gas and renewable fuels through the development, acquisition, and operation of low- and negative-carbon intensity technologies that replace conventional fossil fuels. The Company operates through three reportable segments: California Ethanol, California Dairy Renewable Natural Gas, and India Biodiesel, with additional activities classified under "All Other." Aemetis focuses on converting agricultural feedstocks and waste into advanced renewable fuels aimed at reducing greenhouse gas emissions and improving air quality. In an audit report dated March 14, 2025, RSM US LLP issued a "going concern" qualification citing that the Company has suffered recurring losses from operations and has a net capital deficiency. This raises substantial doubt about the Company's ability to continue as a going concern. Aemetis stated in its Quarterly Report for the period ended June 30, 2025, that despite recent positive developments and plans to strengthen its liquidity, its high debt levels, dependence on its senior secured lender, and anticipated short-term cash flow deficits have led it to maintain the assessment that substantial doubt remains regarding its ability to continue as a going concern within the next twelve months. As of June 30, 2025, the Company had $240.02 million in total assets, $321.93 million in total current liabilities, $207.34 million in total long-term liabilities, and a total stockholders' deficit of $289.26 million. ALLIANCE LAUNDRY: S&P Ups ICR to 'B+' on Debt Reduction After IPO ----------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on U.S.-based Alliance Laundry Holdings LLC to 'B+' from 'B' and its issue-level rating on its first-lien credit facilities to 'BB-' from 'B'. S&P revised its recovery rating on the first-lien credit facilities to '2' from '3' to reflect greater recovery prospects for lenders following debt repayment. S&P also removed all its ratings from CreditWatch, where S&P placed them with positive implications on Oct. 2, 2025. S&P also assigned a 'B+' issuer credit rating to its parent company Alliance Laundry Holdings Inc. The positive outlook reflects the possibility S&P could raise its ratings on Alliance if it sustains steady sales and EBITDA growth and continues to prioritize debt repayment over shareholder returns, such that it maintains S&P Global Ratings-adjusted debt to EBITDA below 4.5x. Alliance completed its IPO and used the net proceeds and cash on hand to pay down $525 million in term loan B borrowings. Pro forma for the repayment, its S&P Global Ratings-adjusted debt to EBITDA improved to 4.9x from 6.5x as of June 30, 2025. S&P expects Alliance will maintain more conservative financial policies as a publicly traded company and continue to prioritize debt repayment to further reduce leverage. S&P said, "Our ratings upgrade and positive outlook reflect Alliance's stronger credit metrics following its debt paydown and our expectation for further deleveraging. Alliance listed its shares of common stock on the New York Stock Exchange on Oct. 9, 2025. The company was valued at a $4.3 billion market capitalization. Alliance raised approximately $826 million of gross proceeds, $537 million of which were from primary shares issued. The company paid down $525 million of borrowings under its term loan B on Oct. 17, 2025. This follows its $135 million voluntary prepayment made in September. As a result, its term loan B borrowings decreased to about $1.42 billion. We estimate the company reduced its S&P Global Ratings-adjusted debt to EBITDA to about 4.9x, compared with 6.5x for the 12 months ended June 30, 2025. "We believe Alliance's operating performance will support further deleveraging. We forecast its sales will increase more than 10% in 2025 and 4% in 2026, driven by growing demand for on-premise and commercial laundromats, customer replacement of aging equipment, and continued international expansion. The company has contracted steel prices from U.S. producers through early 2026, mitigating some of the impact of potentially higher steel prices. We anticipate Alliance will seek to protect dollar profits through pricing actions if steel prices rise. "Moreover, its ongoing strategic initiatives, including operational improvements, product design and engineering, will improve profitability. We forecast Alliance will expand its S&P Global Ratings-adjusted EBITDA more than 11% in 2025 and 7% in 2026 from higher production volumes, product mix, pricing actions, and greater operating leverage. Furthermore, we estimate it will generate free operating cash flow (FOCF) exceeding $140 million in 2025, improving to over $200 million in 2026 on higher profitability and lower interest expense. We estimate the company's profitability and FOCF expansion will support further reduction in its S&P Global Ratings-adjusted debt to EBITDA to about 4.4x in fiscal 2025 and 4.1x in 2026." Alliance remains majority owned and controlled by financial sponsor BDT & MSD Partners. BDT & MSD Partners retains majority ownership and control of over 70% following the IPO. The financial sponsor has owned Alliance for over 10 years, but S&P believes it will seek to exit its investment over time. Therefore, it expects Alliance will maintain more conservative financial policies as a publicly traded company and prioritize debt repayment over shareholder returns, resulting in continued deleveraging in the near term. S&P said, "We believe the risk of large and transformative debt-financed acquisitions is low because management is focused on organic growth opportunities. We anticipate Alliance will continue to seek out small bolt-on acquisition opportunities to continue to expand primarily through internally generated funds. Moreover, Alliance has publicly stated that it does not intend to pay dividends over the near term. While the company does not have a public leverage target, we anticipate it will seek to maintain more conservative leverage levels going forward to maximize investor interest and its market valuation. "The positive outlook reflects the possibility we could raise our rating on Alliance if it sustains steady sales and EBITDA growth and continues to demonstrate prudent financial policies, resulting in leverage sustained below 4.5x." S&P could revise the outlook to stable if the company fails to reduce S&P Global Ratings-adjusted debt to EBITDA below 4.5x. This could occur if Alliance: -- Adopts financial policies that deviate from our expectations, including engaging in large, debt-financed acquisitions, dividends, or share repurchases. -- Cannot offset rising steel, labor, input, or other operating costs through price increases or other mitigating actions; -- Loses market share due to its competitors' introduction of more -- innovative and efficient products; or -- Suffers product quality issues or manufacturing disruptions that affect its reputation, leading to market share losses. S&P could raise its ratings if S&P expects Alliance will sustain S&P Global Ratings-adjusted debt to EBITDA below 4.5x. We believe this could occur if the company: -- Sustains steady organic sales and EBITDA growth; -- Can offset higher steel and input costs through price increases or other mitigation initiatives; and -- Prioritizes debt repayment over acquisitions, share buybacks, and dividends. AMBIPAR EMERGENCY: NYSE to Delist Shares After Bankruptcy Filing ---------------------------------------------------------------- NYSE American LLC announced on October 22, 2025, that the staff of NYSE Regulation has determined to commence proceedings to delist the two securities of Ambipar Emergency Response from NYSE American: a. AMBI Ordinary Shares and b. AMBIWS Warrants. NYSE Regulation has determined that the Company is no longer suitable for listing and will commence delisting proceedings pursuant to Section 1003(c)(iii) of the NYSE American Company Guide in light of the Company's disclosure on October 21, 2025 announcing that it filed for Chapter 11 with United States Bankruptcy Court for the Southern District of Texas, Houston Division. The Company has a right to a review of staff's determination to delist the Company's Securities by the Listings Qualifications Panel of the Committee for Review of the Board of Directors of the Exchange. Following such appeal, a decision by the Panel will be made and announced by NYSE American regarding either proceeding with suspension and delisting or continued trading in the Company's Securities. If the Company does not appeal this determination, NYSE American will announce the date that trading in the Company's Securities will be suspended. The filing of an application with the Securities and Exchange Commission to delist the Company's Securities is pending completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff's decision. AMBIPAR EMERGENCY: Says Borlenghi's Stake Drops Amid Dispute ------------------------------------------------------------ Augusto Decker of Bloomberg Law reports that Ambipar said its controlling shareholder, Tercio Borlenghi Junior, has reduced his combined direct and indirect ownership in the company to 59.54% from 67.68%. The environmental services company disclosed that the change stems from the use of about 136 million common shares that were pledged as collateral, according to the report. Borlenghi contends that the transactions leading to the stake reduction were irregular and carried out illegally, alleging that certain share transfers were made without his authorization. He emphasized that this is not the first time his holdings have been affected by similar collateral-related operations, the report states. Ambipar recently reported that Borlenghi's stake had also fallen to around 67.7% amid a dispute involving Banco Bradesco SA, highlighting an ongoing conflict between the shareholder and the lender over control and share management, according to report. About Ambipar Emergency Response Ambipar Emergency Response is a global environmental and emergency response firm. Ambipar Emergency Response sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90524) on October 20, 2025. In its petition, the Debtor reports more than $1 billion in assets and $328.2 million in liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Jason S. Brookner, Esq. of Gray Reed & Mcgraw LLP. AMERICAN MACHINERY: Seeks to Hire DeMarco Mitchell as Counsel ------------------------------------------------------------- American Machinery Group LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ DeMarco Mitchell, PLLC as general counsel. The firm will provide these services: (a) take all necessary action to protect and preserve the estate; (b) prepare on behalf of the Debtor all necessary legal papers in connection with the administration of the estate herein; (c) formulate, negotiate, and propose a plan of reorganization; and (d) perform all other necessary legal services in connection with these proceedings. The firm will be paid at these hourly rates: Robert DeMarco, Attorney $450 Michael Mitchell, Attorney $350 Barbara Drake, Paralegal $125 In addition, the firm will seek reimbursement for expenses incurred. The firm required a post-petition retainer of $10,000 from the Debtor. Robert DeMarco, a member at DeMarco Mitchell, 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: Robert T. DeMarco, Esq. DeMarco Mitchell PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (972) 578-1400 Facsimile: (972) 346-6791 About American Machinery Group LLC American Machinery Group LLC, also operates under the name American Wranger Products LLC, is a Texas-based manufacturing company operating in the machinery sector. American Machinery Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-42411) on August 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by DeMarco Mitchell, PLLC. AQUATIC RESOURCE: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Aquatic Resource Center, LLC 7901 4th St. N Suite 300 Saint Petersburg, FL 33702 Chapter 11 Petition Date: October 23, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-07853 Judge: Hon. Caryl E Delano Debtor's Counsel: Daniel A. Velasquez, Esq. LATHAM LUNA EDEN & BEAUDINE LLP 201 S. Orange Avenue Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 E-mail: dvelasquez@lathamluna.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Eric Thomas as sole managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QMH2RAA/Aquatic_Resource_Center_LLC__flmbke-25-07853__0001.0.pdf?mcid=tGE4TAMA ARCIS GOLF: Moody's Affirms 'B2' CFR, Outlook Remains Stable ------------------------------------------------------------ Moody's Ratings affirmed Arcis Golf LLC's (Arcis) B2 Corporate Family Rating and B2-PD Probability of Default Rating. Concurrently, Moody's affirmed the B2 senior secured first lien bank credit facility rating consisting of a revolving credit facility and term loan. The ratings outlook remains stable. The affirmation reflects Arcis' ability to deliver steady operating performance, despite its narrow business focus, exposure to cyclical consumer discretionary spending, recurring reinvestment needs, and elevated pro forma debt-to-EBITDA leverage in the mid-4x range including 2025 acquisitions. Arcis continues to benefit from the sustained popularity of golf, with monthly rounds up 1.7% for the twelve months ended June 30, 2025, consistent with trends observed in FY 2024. Arcis' value proposition is evident in the company's ability to increase membership, golf, and green cart fees, resulting in mid-single digit same-store revenue growth. Membership attrition has slowed to the low teens, while total rounds played continue to increase, even as year-over-year comparisons become more challenging following post-pandemic growth. These factors have contributed to improved Moody's-adjusted EBITDA margins, reaching 24.5%, the highest level in the past three years. Despite these performance improvements, Arcis maintains elevated Moody's-adjusted debt-to-EBITDA leverage at 5.6x for the twelve months ended June 30, 2025, reflecting its acquisitive growth strategy financed with incremental debt. Moody's expects leverage to end the year at 4.5x on a pro-forma basis assuming the full year benefits of acquisitions. The most recent acquisition, completed in the second quarter of 2025, included one golf club in Houston, Texas and three in Atlanta, Georgia, financed with a $155 million incremental term loan and a significant sponsor equity contribution. These acquisitions have enhanced Arcis' business profile by improving geographic diversification and increasing membership revenue to nearly 40%. Private clubs, operating under a dues-based membership model, consistently exhibit lower attrition rates, higher initiation fees, and higher average dues. Despite the temporary closure of Cowboys Golf Club, a high-volume NFL themed daily fee asset, Moody's expects Arcis' overall performance in FY 2025 to remain stable, reflecting the resilience and diversification of its portfolio. The closure, driven by accelerated renovation plans to enhance course quality, is expected to be temporary, with phased reopening beginning in October and full operations resuming by December. Following renovation, the club is anticipated to benefit from increased dues and ancillary revenue, further supporting Arcis' earnings profile and cash flow generation. RATINGS RATIONALE Arcis' B2 CFR reflects the company's narrow business focus as a golf club owner and operator, exposure to cyclical consumer discretionary spending, recurring reinvestment needs and elevated debt-to-EBITDA leverage in a mid-to-high 4x range. Arcis has geographic concentration in Texas and Arizona, where competition is high, and is susceptible to regional economic and weather conditions. Golf and country clubs require high capital spending for ongoing maintenance and upgrades of facilities and amenities to maintain service offerings and premium pricing. The company's growth by debt-financed tuck-in acquisitions strategy increases financial leverage but also expands the revenue scale and geographic locations. The credit profile also reflects the company's position as the second largest golf club owner and operator in the US with both high-end private clubs and more accessible public courses that offer daily fee access. About 40% of the company's revenue is recurring in nature, underpinned by a dues-based membership business and an affluent clientele. Arcis' significant real estate value provides good collateral support with the company owning the real estate associated with the majority of its clubs. All fee-owned real estate located in Arizona and Texas is pledged to the credit facility, which real estate is associated with clubs that the company estimates represent about half of its total annual revenue. Arcis' good liquidity is supported by relatively good free cash flow generation, good revolver availability and several unencumbered properties. The company also has flexibility to adjust growth capital spending depending on operating performance to preserve cash if necessary. The company has no near-term maturities, full availability under its $75 million revolving credit facility, and positive free cash flow in the $50 million range, which provides flexibility to reinvest in the business, pursue growth initiatives including potential acquisitions, and navigate any potential softness in discretionary consumer demand. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that golf activity will continue to remain steady and relatively in line with the strong demand experienced during the pandemic. The outlook also reflects that debt-to-EBITDA leverage will decline to the mid-4x range over the next 12 to 18 months, supported by continued earnings growth from stable rounds played, steady membership gains, and incremental EBITDA from recent acquisitions. Ratings could be upgraded if Arcis demonstrates a consistent track record of organic revenue and earnings growth, debt-to-EBITDA is sustained below 4.0x, and free cash flow to debt is sustained in a high single digit percentage range. Good liquidity with ample revolver availability and financial policies that support credit metrics at the above levels are also necessary for an upgrade. Ratings could be downgraded if Arcis' operating performance deteriorates due to factors such as a decline in membership, pricing power, or golf rounds, or an increase in operating costs. Debt-to-EBITDA sustained above 5.0x, debt-funded acquisitions or shareholder distributions or a deterioration in liquidity could also lead to a downgrade. Headquartered in Dallas, Texas, Arcis Golf LLC is an owner and operator of golf clubs. The company operates 32 private clubs and 34 daily fee clubs in 14 states. Arcis Golf is owned by Atairos and Fortress Investment Group. Revenue for the last 12 months (LTM) period ending June 30, 2025 was about $533 million. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. AVANT GARDNER: Judge Clears Axar's Purchase of Brooklyn Mirage -------------------------------------------------------------- James Nani of Bloomberg Law reports that Avant Gardner, the bankrupt owner of New York City's popular Brooklyn Mirage and other event spaces, will proceed with a sale to its primary lender, Axar Capital Management LP. The agreement allows Axar to take control of most of the company’s assets as part of its financial recovery plan. An Axar affiliate, AG Acquisition 1 LLC, won court approval Wednesday to purchase the assets with a $110 million credit bid. Judge Mary F. Walrath of the Delaware Bankruptcy Court granted the motion despite resistance from several merchant cash advance lenders who challenged the transaction, according to report. As part of the deal, Axar will forgive certain secured loans made before bankruptcy and write off $45.8 million in financing extended during the case. The court found the proposal to be the most viable path to preserve Avant Gardner's venues and satisfy creditor claims, Bloomberg Law reports. About Avant Gardner Avant Gardner is a prominent Brooklyn-based entertainment venue operator and event promoter that is operating from its principal location at 140 Stewart Ave in Brooklyn, New York. The company manages entertainment venues and produces live events, with operations in the performing arts and entertainment event promotion sector. Avant Gardner sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11443) on August 4, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $100,000 and $500,000. The Debtor is represented by Sean Matthew Beach, Esq. at Young, Conaway, Stargatt & Taylor. AWMR LLC: Seeks Chapter 11 Bankruptcy in Texas ---------------------------------------------- AWMR LLC filed for Chapter 11 bankruptcy protection in the Southern District of Texas on October 24, 2025. According to court filings, the company reported liabilities ranging from $0 to $100,000. AWMR, LLC listed between 1 and 49 creditors in its submission. About AWMR LLC AWMR LLC is a limited liability company. AWMR LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90528) on October 24, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $100,000. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Susan Tran Adams, Esq. of Tran Singh LLP. BALLY'S CORP: Fitch Alters Outlook on 'B-' IDR to Stable -------------------------------------------------------- Fitch Ratings has removed Bally's Corporation and its debt from Rating Watch Negative (RWN). The Long-Term Issuer Default Rating (IDR) of 'B-' is affirmed. The senior secured term loan rated 'B+' with a Recovery Rating of 'RR2' and the unsecured notes are rated 'CCC'/RR6 are also affirmed. The Outlook is Stable. The rating reflects the completed Intralot transaction and revolver amendments, offset by an impasse in securing consent by the stipulated deadline from term-loan lenders which would have allowed Bally's to sell its Twin River casino to Gaming and Leisure Properties, Inc. (GLPI). Bally's has liquidity to fund its Chicago casino. No material debt maturities occur until 2028. The rating also reflects limited debt market access, high leverage, and reliance on Chicago's construction and execution. The Stable Rating Outlook recognizes the stability of the company's land-based casinos and adequate near-term liquidity. The ability to close the Twin River transaction could have an impact on Bally's rating and Outlook. Key Rating Drivers Intralot Transaction: Bally's completed the combination of its International Interactive business with Intralot for cash proceeds of $1.76 billion (Fitch's estimate) and an approximate 58% equity stake in the new Intralot entity. Proceeds were used to repay outstanding revolver borrowings, redeem the 11% secured notes due 2028, prepay a portion of its term loan B due in 2028, increase cash on hand. Despite the repayment of the secured debt, EBITDAR leverage is expected to increase to 10x for the restrictive group. Fitch will evaluate the credit by using proportional leverage (100% of restricted group debt and EBITDA and 58% of Intralot's debt and EBITDA) to reflect the value of the Intralot investment to Bally's and future statutory distributions from Intralot to Bally's. Twin River Potential Sale, Leaseback: Bally's was unable to receive the required consents from its senior secured lenders to remove a covenant restricting the sale of the Twin River casino. Bally's has an agreement to sell and lease back the Twin River casino to GLPI by Sept. 30, 2026. Starting Oct. 1, 2026, GLPI can purchase the property even if Bally's has not obtained consents or refinanced, although that could result in a default of the term loan. The agreed sale price is $735 million, and GLPI will receive an annual rent payment of approximately $58.8 million with escalators. Fitch believes the property will eventually be sold but the timing is uncertain. Enhancing Liquidity: The Intralot transaction should allow the company to meet its funding obligations for the Chicago project and other funding needs over the next several years. The company increased its revolver to $670 million, with $510 million committing to an extension term maturing in 2028 and the remainder maturing in 2026. Fixed-charge coverage is weak given the substantial leases, but the company's regional gaming portfolio is relatively stable, and liquidity should be sufficient to fund minor downturns. Fitch believes Bally's has limited access to capital markets and may need to rely on third-party funding for its development projects and other funding needs. Chicago Casino Development: Despite the Chicago's property's scale and location in a city with strong demographics, Fitch is concerned that it may take time for the property to ramp up profitability. Challenges include a saturated Chicago gaming market, the higher-than-average gaming tax rate, higher promotional spending to attract patrons from other casinos, and higher startup costs to ensure a smooth opening. The return on this project will be an important factor in Bally's ability to refinance its capital structure in 2028 and beyond. Other Development Opportunities: Bally's is one of the three remaining bidders for the three New York City gaming licenses, although there is uncertainty whether all three will be awarded. Bally's would need to make an immediate $500 million payment to the state if it is awarded a license. The company also owns acreage on the Las Vegas Strip adjacent to the stadium of Major League Baseball team The Athletics, which is currently under construction. Fitch believes that if Bally's were to move forward with either or both projects, it would need to rely on material funding from third parties. Improving Domestic Interactive Business: The momentum in U.S. sports betting and online gaming has led to multiple land-based and digital operators entering the market, including Bally's. Although the U.S. interactive business benefits the company's product diversification, Fitch does not expect it to be a material credit driver in the near to medium term. The segment just turned EBITDA positive in the 2Q25 and Fitch expects results to steadily improve over time. Peer Analysis The 'B-' rating reflects Bally's diversified U.S. regional gaming footprint and international digital presence, as well as its high EBITDAR leverage. Bally's aggressive development program offers further growth opportunities but also poses execution and financing risks. Mohegan Tribal Gaming (B/Stable) has limited diversification, but leverage is lower and earnings are more stable. MGM Resorts International (BB-/Stable) has higher-quality properties, broader diversification with a strong presence on the Las Vegas Strip, strong liquidity, and a greater normalized FCF profile. Both companies lease most of their gaming properties. Wynn Resorts, Limited (BB-/Stable) is less diversified but holds a strong market position in two of the largest gaming markets in the world, Macau and Las Vegas, and maintains strong liquidity to fund future development projects. Key Assumptions - Same-store land-based revenue increases by 15% in 2025 and 6% in 2026 from the addition of the Casino Queen properties, with flat to 2% growth at regional properties. The Chicago property is fully reflected in 2027 and 2028 results; - International Interactive only reflected for first nine months of 2025; - Total company EBITDAR margins at 26% in 2025 and drops to 22.5% after removal of International Interactive; - The Twin River casino is assumed to be sold in 2026 through a sale-leaseback arrangement for $735 million; - The permanent Chicago casino is expected to open in late 2026. Fitch expects a slow ramp-up at the property, which may take several years to reach an adequate return on investment; - Bally's U.S. interactive business EBITDA is expected to be around breakeven in in 2025 and grow over the forecast horizon; - Base interest rates applicable to the company's outstanding variable-rate debt obligations reflect the current SOFR forward curve; - Maintenance and non-development capex of $80 million per year, plus spending on the permanent Chicago casino of $250 million in 2025 and $200 million in 2026. Recovery Analysis The recovery analysis assumes that Bally's would be considered a going concern (GC) in bankruptcy, and the company would be reorganized rather than liquidated. The bankruptcy would be likely due to a weaker-than-expected opening of the Chicago casino, which would make it challenging to refinance its 2028 term loan maturity. Fitch has assumed a 10% administrative claim and a full draw on its $510 million revolver due 2028 (excludes non-extended of $160 million due 2026). The revolver commitment steps down in October 2026 to $319 million following the completion of the Intralot transaction. The recovery ratings contemplate roughly $2.0 billion of secured debt claims and approximately $1.5 billion of unsecured debt claims. Fitch uses an aggregate GC EBITDA of about $275 million, including anticipated dividends from Intralot in EBITDA which is expected to still pay dividends even if the restricted group is in default. The enterprise value (EV) multiple of 5.75x, which includes land-based gaming and online gaming, equates to $1.4 billion of EV. The 5.75x multiple is a discount to traditional gaming assets' M&A and slightly lower than the 6.0x to 7.0x range used for other gaming companies. This reflects the asset-light strategy, material lease costs, the relatively weaker competitive position of some of the company's regional casinos, potential funding requirements of unrestricted subsidiaries, and the weak performance of the U.S. interactive business. As the interactive business grows and becomes a more meaningful part of overall cash flow, it could support a higher EV multiple. Under the waterfall, the first lien secured credit facilities and notes would be rated 'B+' with a Recovery Rating of 'RR2' and the unsecured notes would be rated 'CCC'/'RR6'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Inability to make progress on the Twin River sale-leaseback; - Material reduction in liquidity due to funding other development projects (excluding Chicago) or return of capital to shareholders; - EBITDAR leverage sustained above 7.0x; - EBITDAR fixed-charge coverage ratio at 1.0x or below. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDAR leverage sustained below 6.0x; - EBITDAR fixed-charge coverage ratio above 1.5x; - On-time completion of the Chicago project within budget, and Chicago becomes materially additive to EBITDA. Liquidity and Debt Structure As of June 30, 2025, Bally's had $250 million borrowed on its $620 million revolver and $175 million in cash. Following the quarter, the revolver was upsized to $670 million, with $510 million extended to October 2028; the remainder matures in October 2026. The company used Intralot proceeds to repay all revolver borrowings, redeem $500 million of 11% senior secured notes and prepay approximately $395 million of the senior secured term loan. It also increased cash, supporting funding for the permanent Chicago casino. Fitch believes that both Bally's and GLPI would prefer to complete the sale leaseback of the Twin River casino as early as possible, but Bally's requires consents from its term loan lenders. Despite the failure to complete the consent process with lenders in October 2025 to allow the sale, Fitch is modeling the completion of the sale in 2026. Even if that does not occur in 2026, Fitch believes current liquidity is supportive enough to meet near-term funding requirements. Furthermore, Bally's will have the opportunity to amend the agreement with GLPI because both parties have incentives to do so under their current outstanding leases. Issuer Profile Bally's Corporation is a U.S. regional gaming operator. It owns 19 land-based casinos in 11 states and an iGaming business in the U.S. and Canada. The company owns a 58% interest in Intralot S. A. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Bally's Corporation LT IDR B- Affirmed B- senior unsecured LT CCC Affirmed RR6 CCC senior secured LT B+ Affirmed RR2 B+ BELL BUSINESS: To Sell Houston Property to Sugar Pine for $35MM --------------------------------------------------------------- Bell Business Investments LLC seeks permission from the U.S. Bankruptcy Court for the Southern District of New York, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Emergency Motion is being filed to ensure that the Debtor does not lose a valuable contract to sell a property -- its only asset -- at a price, $35 million, which will allow the Debtor to pay all creditors in full. The Purchaser has indicated it wants to close by October 31, 2025. The only reason this contract is in jeopardy is because 800 Bell Holdings LLC, which acquired the mortgage on the Property only a few months ago, insists that the Debtor pay an additional $1,000,000 in disputed funds at closing rather than have the proceeds of sale put in escrow pending a resolution of the dispute. It has previously put in a bid for the Property and stated that in acquiring the Mortgage it wanted to own the Property. The Debtor's opportunity to close on a sale transaction that will allow it to pay all creditors in full is in jeopardy if it is not closed by October 31, 2025. The mortgage holder, which originally acquired the mortgage for the stated purpose of owning the Debtor's property, has manufactured bogus1 non-monetary defaults and claimed an additional $1,000,000 in usurious default interest and legal fees. By threatening to foreclose on the Debtor's property and now hold up a sale until it illegitimately extracts an additional $1 million from the Debtor, the mortgage holder is jeopardizing a sale beneficial to all other stakeholders in this case, including twenty-two other creditors with claims approximating $450-500,000. This may facilitate its stated intention to acquire the Property if the Purchase agreement falls through. The Debtor is the owner of the buildings located at 800 Bell Street and 700 Leland Street, Houston, Texas. When Bell acquired the Property on January 3, 2023 from Shorenstein Properties (Original Lender) it executed a certain documents including a Secured Promissory Note in favor of the Original Lender in the principal amount of $14,500,000 and a Deed of Trust, Security Agreement, and Fixture Filing with the Original Lender as beneficiary. In January 2025, The Debtor listed the Property for sale, assisted by Texas-based commercial real estate broker. On June 17, 2025, the Debtor executed a contract for the sale of the Property with Sugar Pine Developments LLC for the purchase price of $35 million. The Purchaser has paid a deposit of $1 million; it has partnered with an investor to acquire the Property. The Debtor has no previous connection with the Purchaser or any of its identified principals. The Purchase Agreement was negotiated at arms-length and in good faith. On April 28, 2025, the Loan Documents were purchased by 800 Bell Holdings LLC (the "New Lender"). The Original Lender reported that (i) the New Lender approached it without being solicited and without the debt having been marketed for sale; (ii) the Loan Documents were sold at a $2 million discount and (iii) New Lender stated it wanted to own the Property. The Debtor later discovered in its files a Letter of Intent signed by the principal of the New Lender a scant two months before acquiring the Loan Documents, Exhibit E annexed, offering to acquire the Property for $20 million – a far cry from the $35 million price in the Purchase Agreement. Almost immediately after New Lender stepped in, New Lender began claiming multiple bogus non-monetary defaults even though the Original Lender had asserted no such defaults over a period of two and a half years. New Lender also demanded payment of default interest at a usurious rate3 which it calculated from the date of these bogus defaults. Based on its bogus default claims and the Debtor’s failure to pay the disputed default interest charges, New Lender caused a public sale of the Property to be scheduled for September 2, 2025. The action was taken even though New Lender was advised of the Purchase Agreement. In response, the Debtor commenced an action in the Texas state court seeking, amongst other things, a declaration that the Debtor was not in default of the Mortgage and a temporary restraining order to prevent the New Lender from proceeding with the foreclosure sale. A closing under the Purchase Agreement has been set for October 31, 2025, with the Purchaser indicating that its financing is in place for that date. In order to ensure a closing without conceding the New Lender's illegitimate claim for an additional $1,000,000, the Debtor needs to effectuate a "free and clear" sale with liens to attach to the proceeds. About Bell Business Investments LLC Bell Business Investments LLC is a single-asset real estate debtor under 11 U.S.C. Section 101(51B) that primarily manages and appraises real estate for clients. The The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No.: 25-12220) on October 7, 2025. In the petition that was signed by Marty Spitzer as president, the Debtor disclosed an estimated assets of $10 million to $50 million and estimated liabilities of $10 million to $50 million. Honorable Philip Bentley presides over the case. Isaac Nutovic of Law Offices Of Isaac Nutovic and Michael Paneth of Paneth & O'Mahony, PLLC, represent the debtor as legal counsel. BELLAVIVA AT WHISPERING: Sec. 341(a) Creditors' Meeting on Nov. 17 ------------------------------------------------------------------ On October 16, 2025, Bellaviva at Whispering Hills LLC filed Chapter 11 protection in the Middle District of Florida. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. Section 341(a) meeting to be held on 11/17/2025 at 02:00 PM. U.S. Trustee (Orl) will hold the meeting telephonically. Call in Number: 888-330-1716. Passcode: 5814238#. About Bellaviva at Whispering Hills LLC Bellaviva at Whispering Hills LLC, based in Orlando, Florida, develops and manages residential real estate, focusing on the Whispering Hills subdivision in Lake County. The Company is a single-asset real estate entity whose activities are concentrated on designing, building, and promoting residential properties in this development. Bellaviva at Whispering Hills LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06655) on October 16, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. The Debtor is represented by Stewart J. Subjinski, Esq. of LIPPES MATHIAS, LLP. BIKES ON THE BAYOU: Seeks Chapter 7 Bankruptcy in Texas ------------------------------------------------------- Bikes on the Bayou LLC filed a 7 chapter bankruptcy in the Southern District of Texas bankruptcy court on October 22, 2025. The bankruptcy petition for Bikes on the Bayou LLC showed liabilities in the range of $0-$100,000. Bikes on the Bayou LLC reports that the number of creditors is in the range of 1-49. About Bikes on the Bayou LLC Bikes on the Bayou LLC is a limited liability company. Bikes on the Bayou LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-36260) on October 22, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $100,000 each. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Christopher Lee Harbin, Esq. of Platt Richmond PLLC. BORDEAUX VENTURES: Plan Not Confirmable, Winhall Wins Stay Relief ----------------------------------------------------------------- Judge Nancy B. King of the United States Bankruptcy Court for the Middle District of Tennessee granted Winhall 9, LLC's expedited motion for relief from the automatic stay in the bankruptcy case of Bordeaux Ventures LLC pursuant to 11 U.S.C. Sec. 362(d)(3), concluding that the Debtor's Plan is patently unconfirmable and does not present a realistic prospect of confirmation within a reasonable time. This is in essence, a renewed motion based on the Court's prior evidentiary hearing on Winhall's request for stay relief that was denied without prejudice on Sept. 4, 2025. Winhall moved to dismiss the bankruptcy or receive relief from the automatic stay, asserting that the Chapter 11 was a last-minute, bad-faith effort to stall foreclosure on a SARE case, with Bordeaux having no real business, employees, or operations and only sporadic unsecured creditors with nominal claims. It is undisputed that the Debtor did not, and could not, commence monthly payments pursuant to 11 U.S.C. Sec. 362(d)(3)(B). Therefore, the only issue is whether the Debtor's Plan has a "reasonable possibility of being confirmed within a reasonable time" pursuant to 11 U.S.C. Sec. 362(d)(3)(A). Winhall argues that the Debtor falls within the Bankruptcy Code's definition of single asset real estate and that the Debtor's proposed plan is unconfirmable on its face. If the Debtor's plan is patently unconfirmable, meaning there is not a delineated path to reorganization without Winhall bearing all the risks of the Debtor's desire to reorganize, stay relief should be granted. The Plan contemplates either securing new development, exit financing -- facilitating phased sales of lots, primarily to DRB Group Tennessee, LLC -- or, if this cannot be achieved within 30 days after plan confirmation, marketing the property for sale and then auction. The DRB Group letter of intent is the centerpiece of Bordeaux's path forward, proposing the sale of approximately 159 lots (44.52 acres), with pricing and takedowns phased across several years. The LOI, however, is explicitly non-binding and contingent during DRB Group's feasibility/due diligence period. According to Judge King, "The Plan requires Winhall to accept all the risk for this Debtor who has been unable to develop or sell this land since 2019. The Debtor's Plan fails to present as more than a desire to hang on to the equity in this Property by any means necessary. Unfortunately, it does not 'delineate a credible path to reorganization.'" The Court finds the Plan: (1) is not feasible under 11 U.S.C. Sec. 1129(a)(3); (2) is not "fair and equitable" as to Winhall under 11 U.S.C. Sec. 1129(b)(2)(A); and (3) is more likely than not to be followed by the need for liquidation or further reorganization under 11 U.S.C. Sec. 1129(a)(11). A copy of the Court's Memorandum Opinion dated October 17, 2025, is available at http://urlcurt.com/u?l=VImH7Ufrom PacerMonitor.com. About Bordeaux Ventures Bordeaux Ventures LLC is a single-asset real estate debtor under 11 U.S.C. Section 101(51B). Its principal asset is located at 1501 E. Stewarts Lane in Nashville, Tennessee. Bordeaux Ventures LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-02702) on June 30, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Nancy B. King handles the case. The Debtor tapped Denis Graham "Gray" Waldron, Esq., at Dunham Hildebrand Payne Waldron, PLLC as counsel and Guardian Restructuring, LLC as restructuring advisor. BOSQUE BREWING: Hires Elevar Business Advisors as Accountant ------------------------------------------------------------ Bosque Brewing Co., LLC seeks approval from the U.S. Bankruptcy Court for the District of New Mexico to employ Elevar Business Advisors as accountant. The firm will assist the Debtor in the preparation of the following: -- Q1 2025 monthly and quarterly financial reportings; -- 2024 Year End financial statements; -- 2025 Monthly and Quarterly profit and loss statements. The firm will be paid at these rates: Accounting services $60 to $105 per hour Bookkeeping services $50 to $85 per hour Administrative services $50 to $55 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Erin V. Gandara Elevar Business Advisors PO Box 27344 Albuquerque, NM 87102 Tel: (505) 615-9409 About Bosque Brewing Co., LLC Bosque Brewing Co., LLC doing business as Restoration Pizza and The Drinkery, operates as a craft brewery and hospitality company based in Albuquerque, New Mexico. The Company produces and sells a range of craft beers at its brewery and taproom while also offering dining experiences through Restoration Pizza and a 21+ beverage-focused environment at The Drinkery. It serves the Albuquerque area with a focus on local community engagement and multiple on-site operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.M. Case No. 25-11236 on October 6, 2025. In the petition signed by Gabriel Jensen, managing member and CEO, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. BRAZOS PRESBYTERIAN: Fitch Rates Series 2025 Bonds 'BB+' -------------------------------------------------------- Fitch Ratings has assigned a 'BB+' rating to the series 2025 bonds issued on behalf of Brazos Presbyterian Homes, TX's (Brazos) by New Hope Cultural Education Facilities Finance Corporation. Fitch has affirmed Brazos' Issuer Default Rating (IDR) at 'BB+'. Fitch has also affirmed the $190 million outstanding series 2013A&B and series 2016 revenue bonds issued by Harris County Cultural Education Facilities Finance Corporation on behalf of Brazos at 'BB+'. Fitch does not rate Longhorn Village's (LHV) series 2017 bonds. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Brazos Presbyterian Homes, Inc. (TX) LT IDR BB+ Affirmed BB+ Brazos Presbyterian Homes, Inc. (TX) /General Revenues/1 LT LT BB+ Affirmed BB+ The affirmation of Brazos' IDR reflects sustained operational improvement and a stronger balance sheet, balanced against the likelihood of a large-scale expansion at the Hallmark campus. Operating performance has strengthened over the past two years. Combined ILU occupancy has advanced from the low-80% range and is now approaching 90%, supporting more durable revenue and margin traction. Cost discipline has also improved, with operating ratios receding below90% after exceeding 100% in 2022-2023. These gains have translated into enhanced liquidity and financial flexibility, with unrestricted cash increasing from $95 million in 2023 to $136 million as of August 2025. Fitch expects management to maintain these operating and financial gains, which, if sustained, would be sufficient to move the financial profile into the 'bbb' assessment range and could support a higher overall rating over time. However, Fitch believes Brazos is likely to resume its Uptown Oaks expansion on the Hallmark campus as occupancy strengthens. Brazos paused the 35-story, 113-ILU Uptown Oaks project in 2023 amid soft occupancy in existing ILUs (low-70% range). ILU occupancy has since improved to nearly 80%, and continued improvement is likely to renew interest in restarting the project. While improved performance has strengthened its credit profile, Brazos could not absorb the debt associated with Uptown Oaks at a higher rating level. SECURITY The bonds are secured by a gross revenue pledge, mortgage pledge and debt service reserve fund. KEY RATING DRIVERS Revenue Defensibility - 'bbb' Brazos' three communities operate in distinct markets, providing demand diversification. While the Hallmark and Brazos Towers are proximate in Houston, they tap different zip codes and referral networks. In the Galleria submarket, resident asset capacity is strong, with many home values above the Hallmark's highest entrance fees (near $1 million), though weighted-average entrance fees at both Houston campuses exceed the average Houston home value. LHV in Austin faces less competition, and entrance fees are broadly aligned with local home values, supporting accessibility and conversion. Demand is strongest at LHV, where ILU occupancy has generally held near 95%. The Ballantyne expansion reached 96% occupancy by August 2025. It leased up in about four months, well ahead of schedule, which demonstrates robust absorption. Houston remains more competitive, with premium pricing tempering velocity. As of August 2025, ILU occupancy improved to 78% at the Hallmark and 86% at Brazos Towers, with further gains expected. Fitch expects occupancy to improve in the Houston market now that management is consolidating marketing practices and beginning to employ successful strategies from LHV on the Brazos and Hallmark campuses. Leadership across the three campuses is collaborating to align messaging, optimize lead generation, and replicate proven conversion tactics. As a result, Fitch anticipates occupancy to strengthen at Brazos Towers and The Hallmark, with momentum building to support an eventual expansion on the Hallmark campus. Overall revenue defensibility is supported by geographic diversification, Austin's sustained strength, and improving trends in Houston. Elevated entrance fees versus average Houston home values and abundant competitors constrain pricing flexibility, but the affluent Hallmark catchment mitigates affordability risk. Management is deploying proven Austin sales and marketing tactics in Houston, and Fitch expects incremental utilization improvement as these scale. Operating Risk - 'bbb' Brazos has demonstrated adequate cost control, with operating ratios historically between 93% and 100%. For FY24, the obligated group had a 93.2% operating ratio, a 14.2% net operating margin (NOM), and a 37.4% NOM-adjusted. Performance further strengthened to an 85.9% operating ratio and 23.4% NOM, reflecting benefits from the rapid fill of Ballantyne. These trends indicate revenue growth from the expansion and improved occupancy. Capital-related metrics remain consistent with a weaker assessment, though showing recent improvement. Debt-to-net available averaged 8.4x over the past three fiscal years, and MADS has typically exceeded 20% of revenues. Revenue-only MADS coverage averaged 0.7x, underscoring reliance on turnover entrance fees under the Type B framework; this improved to 1.4x in 2QFY25, signaling better cash flow sufficiency and increased flexibility. Sustaining revenue-only coverage at or above 1.0x will be a marker of operating durability. Capital spending is elevated, driven by the LHV expansion. FY24 capex exceeded 300% of depreciation, with further spending expected in 2025-2026 for elevator refurbishment, roofing, common space upgrades, and necessary investments across all three campuses. Average age of plant is approximately 15 years, and planned projects should slow aging and support service quality. Brazos planned a new tower on its Hallmark campus with 113 luxury high-rise ILUs and ample high-end amenities to attract more affluent residents. However, with existing demand lagging in the 70% range and an anticipated $140 million construction cost, management chose not to proceed. Fitch viewed that decision as prudent at the time. Brazos's new CEO, Diedre Kinsey (former CEO of LHV and COO of Brazos OG), has been coordinating efforts across the system and apply successful LHV strategies to the Houston campuses, which Fitch expects will ultimately position the Hallmark to reconsider its Uptown Oaks expansion from a stronger footing. Financial Profile - 'bb' Brazos' financial profile is consistent with a 'bb' assessment, in the context of the 'bbb' revenue defensibility and 'bbb' operating risk assessments. As of YE 2024, Brazos had approximately $230 million of debt, including the series 2013A&B, 2016, 2017 LHV bonds and series 2023 bank debt. Series 2025 will add approximately $18 million to Brazos' overall debt burden while refunding an aggregate $40 million of series 2013A, 2013B, 2017 and 2023A-1 and 2023A-2 bonds. Based on fiscal 2024 results, Brazos' cash-to-adjusted debt was 55.4% and MADS coverage was 2.5x. Fitch's forward-looking scenario analysis incorporates the Uptown Oaks project along with series 2025-funded projects and routine capital expenditures. Liquidity and debt service coverage metrics remain consistent with the 'BB+' rating even with the large expansion project reflecting the pronounced operating improvement over the past few years as operations have consolidated and occupancy has improved. Fitch's baseline scenario is a reasonable forward look of financial performance over the next five years given current economic expectations. Fitch's stress scenario assumes an economic stress (to reflect equity volatility), which is specific to Brazos' asset allocation. Liquidity, as measured by days of cash on hand, remains above 500 days throughout Fitch's scenario analysis and is not an asymmetric risk consideration. The three communities offer a variety of entrance fee refund contracts with the 90% current contract most popular. The total refundable entrance fee liability was approximately $250 million at YE 2024. This grew to $314 million at the end of the second quarter of 2025, reflecting favorable occupancy growth. Sustained occupancy growth mitigates the repayment risk associated with highly refundable contracts. Asymmetric Additional Risk Considerations No asymmetric risk considerations were relevant to the rating determination. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Balance sheet erosion or issuance of additional debt that results in cash-to-adjusted debt sustained at levels below 40% (post-stabilization); - Decrease in operating performance such that MADS coverage falls to below their covenant requirement of 1.2x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Cash-to-adjusted debt sustained at 70% or greater in a stress case including the Uptown Oaks expansion. - MADS coverage consistently above 1.7x in a stress case. PROFILE Brazos's obligated group includes three life plan communities: LHV, Brazos Towers at Bayou Manor (Brazos Towers) and the Hallmark, located in Houston, TX. Brazos has operated Brazos Towers and the Hallmark since 1963 and 1972, respectively. Brazos Towers currently has 168 ILUs (84 added since March 2016), 25 assisted living units (ALUs), eight memory support units, and 37 licensed skilled nursing facility (SNF) beds. The Hallmark has 110 ILUs, 12 ALUs, 10 memory support units and a 32-bed SNF. In 2022, LHV (a non-obligated affiliate in Austin, TX) was added to the obligated group. LHV has 262 ILUs, 20 ALUs, 16 MCUs and 34 SNF beds. Brazos's obligated group had $68 million in operating revenue in 2024. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by data from DIVER by Solve. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. BRIDGE TO ADULTHOOD: Hires Gray Ice Higdon as Litigation Counsel ---------------------------------------------------------------- Bridge to Adulthood, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to employ Gray Ice Higdon, PLLC as litigation counsel. The Debtor needs a special counsel to represent it in its appeal of the jury verdict entered in Bridge to Adulthood, LLC v. TJ&L Consulting, LLC, et. al., Todd Cty. Case No. 20-CI-00108. The firm will be paid at a flat fee of $25,000 from the Debtor. Jennifer Barbour, Esq., an attorney at Gray Ice Higdon, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jennifer M. Barbour, Esq. Gray Ice Higdon, PLLC 3939 Shelbyville Rd., Ste. 201 Louisville, KY 40207 About Bridge to Adulthood LLC Bridge to Adulthood LLC provides residential and community-based support services for individuals with intellectual and developmental disabilities in Kentucky. The Company participates in state Medicaid waiver programs, including the Michelle P. Waiver for children and teenagers and the Supports for Community Living program for adults, offering alternatives to institutional care. Its services include residential care, in-home and community support, and animal therapy, with operations centered at its facility in Allensville. Bridge to Adulthood LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 25-10810) on September 23, 2025. In its petition, the Debtor reports estimated estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Joan A. Lloyd handles the case. The Debtor tapped Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird LLP as bankruptcy counsel and Gray Ice Higdon, PLLC as special counsel. BUNTING GRAPHICS: Hires Calaiaro Valencik as Legal Counsel ---------------------------------------------------------- Bunting Graphics, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Calaiaro Valencik to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) preparing bankruptcy petition and attendance at the meeting of creditors; (b) representing the Debtor in relation to negotiating an agreement on cash collateral; (c) representing the Debtor in relation to acceptance or rejection of executory contracts; (d) advising the Debtor about preference actions; (e) advising the Debtor regarding their rights and obligations during the Chapter 11 case; (f) representing the Debtor in relation to any motions to convert or dismiss this Chapter 11; (g) representing the Debtor in relation to any motions for relief from stay filed by any creditors; (h) preparing the Plan of Reorganization; (i) preparing any objection to claims in the Chapter 11; and (j) otherwise, representing the Debtor in general. The firm's billing rates effective January 1, 2025, are: Donald R. Calaiaro Attorney/Equity Partner $475 David Z. Valencik Attorney/Equity Partner $395 Andrew K. Pratt Attorney/Equity Partner $335 Daniel R. White Attorney/Partner $350 Paralegals $125 Calaiaro Valencik was paid a retainer in the amount of $25,000. Calaiaro Valencik 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: Donald R. Calaiaro, Esq. CALAIARO VALENCIK 555 Grant Street, Suite 300 Pittsburgh, PA 15219 Telephone: (412) 232-0930 Facsimile: (412) 232-3858 E-mail: dcalaiaro@c-vlaw.com About Bunting Graphics, Inc. Bunting Graphics, Inc., filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 25-22741-GLT) on Oct. 9, 2025. The Debtor hires Calaiaro Valencik as counsel. CANDYWAREHOUSE.COM INC: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------------------ On October 24, 2025, Candywarehouse.com Inc. submitted a voluntary Chapter 11 bankruptcy filing in the Northern District of Texas. Court documents show the company holds liabilities total between $1 million and $10 million. The filing lists between 1 and 49 creditors. About Candywarehouse.com Inc. CandyWarehouse.com Inc. specializes in online candy retail, offering a diverse lineup of bulk and novelty sweets, including chocolates, gummies, mints, and seasonal confections. The company serves both retail and business customers seeking quality candy for events and promotional purposes. Candywarehouse.com Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-34192) on October 24, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Michelle V. Larson handles the case. The Debtor is represented by Robert Lane, Esq. of The Lane Law Firm PLLC. CANOO INC: Judge Says Co. Leaders Must Defend SPAC Fraud Claims --------------------------------------------------------------- Gillian R. Brassil of Bloomberg Law reports that a California federal judge has ruled that Canoo Inc.'s former executives must defend against investor claims that they misrepresented the company's engineering services revenue during its SPAC merger. The electric-vehicle company allegedly misled the market by promoting a business model that executives knew was no longer viable. Judge Fernando M. Olguin said shareholders had plausibly shown that Canoo's leadership made false or misleading statements about its revenue potential. The court agreed that the executives publicly touted a specific business strategy even as internal data showed its collapse, according to report. Calling the executives' claimed ignorance of the revenue decline "absurd," the court concluded that investors had sufficiently alleged intent to deceive. The case now proceeds, keeping the securities fraud allegations alive, the report states. About Canoo Inc. Torrance, California-based Canoo Inc. -- http://www.canoo.com/-- is a high tech advanced mobility technology company with a proprietary modular electric vehicle platform and connected services initially focused on commercial fleet, government and military customers. The Company has developed a breakthrough EV platform that it believes will enable it to rapidly innovate, iterate and bring new products, addressing multiple use cases, to market faster than its competition and at lower cost. Canoo Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10094) on January 17, 2025. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor is represented by Robert Alan Weber, Esq. at Chipman Brown Cicero & Cole, LLP. CAPITAL DISTRICT: Seeks to Hire Boyle Legal LLC as Counsel ---------------------------------------------------------- Capital District Interventional Spine and Rehabilitation, PLLC seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to employ Boyle Legal, LLC as counsel. The firm will render these services: a. give the Debtor legal advice with respect to its powers and duties as Debtor-in- Possession in the continued operation of its business and in its management of its property; b. take necessary actions to avoid liens against Debtor's property, remove restraints against Debtor's property and such other actions to remove any encumbrances and liens which are avoidable, which were placed against the property of the Debtor prior to the filing of the Petition instituting this proceeding and at a time when the Debtor was insolvent; c. take necessary action to enjoin and stay until final decree any attempts by secured creditors to enforce liens upon property of the Debtor in which property of the Debtor has substantial equity; d. represent Debtor, as Debtor-in-Possession, in any proceedings which may be instituted in this Court by Debtor, Creditors, or other Parties-in-Interest during the course of this proceeding; e. prepare necessary pleadings, answers, orders, reports, and other legal papers; f. perform all other Bankruptcy legal services for Debtor-in-Possession or to employ attorneys, or other Professionals, for such other non-Bankruptcy legal services during the pendency of this Case. The firm will be paid at these rates: Michael Boyle, Esq. $400 per hour Paralegal $150 per hour The firm received an initial retainer in the amount of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael L. Boyle Esq., a partner at Boyle Legal, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael L. Boyle, Esq. Boyle Legal, LLC 64 2nd Street Troy NY 12180 Telephone: (518) 407-3121 Email: mike@boylebankruptcy.com About Capital District Interventional Spine and Rehabilitation, PLLC Capital District Interventional Spine and Rehabilitation, PLLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 25-11140-1) on September 30, 2025. In the petition signed by Syed Hassan, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Michael Boyle, Esq., at Boyle Legal LLC, represents the Debtor as legal counsel. CATHOLIC HEALTH: S&P Raises Outstanding Debt Rating to 'B' ---------------------------------------------------------- S&P Global Ratings raised its rating on Catholic Health System (CHS), N.Y.'s outstanding debt to 'B' from 'B-'. The outlook is stable. The upgrade reflects significant operational improvement over the past few years with narrower operating losses and higher unrestricted reserves. CHS also had its forbearance agreement expire and is in compliance with master trust indenture (MTI) covenants. S&P expects the trend of operating improvement will be sustained and result in gradually strengthening balance sheet metrics and an improved credit profile. S&P said, "We view human capital risk as elevated in our credit rating analysis, given the high percentage of unionized employees (37%) that has historically resulted in prolonged contract negotiations, contributing to prior large operating losses. However, management recently successfully negotiated updated union contracts. We also analyzed CHS' governance and environmental factors and view both as neutral in our credit rating analysis. "The stable outlook reflects our expectation that operating performance will continue to improve and the balance sheet will strengthen over the outlook period, leading to growth in unrestricted reserves. The outlook also reflects our view that the system will remain in compliance with the MTI covenants over the outlook period. "We could lower the rating or revise the outlook to negative if CHS' unrestricted reserves decline or the system does not sustain the current trajectory of stronger operating performance. There could also be negative credit pressure if CHS violates its DSCR covenant or if its enterprise profile diminishes. "We could revise the outlook to positive or raise the rating if there is continued operational improvement and sustained balance sheet strengthening. This would be contingent on stability in the enterprise profile." CEC ENTERTAINMENT: S&P Withdraws 'B-' Issuer Credit Rating ---------------------------------------------------------- S&P Global Ratings withdrew its 'B-' issuer credit rating on CEC Entertainment LLC, at the issuer's request following the completion of its private refinancing. At the time of the withdrawal no rated debt was outstanding, and S&P's 'B-' issuer credit rating on CEC Entertainment remained on CreditWatch, where it placed them with negative implications on Feb. 13, 2025, primarily due to its approaching maturity, which it has since refinanced. S&P was unable to resolve the CreditWatch placement due to insufficient information on the go-forward capital structure. CENTRAL FLORIDA: Gets OK to Use Cash Collateral Until Nov. 4 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, issued a preliminary order granting Central Florida Firearms, LLC authorization to use cash collateral through November 4. The Debtor's cash collateral consists of funds subject to liens by Cadence Bank (successor to First Chatham Bank and guaranteed by the U.S. Small Business Administration) and other secured creditors with subordinate interests. The preliminary order authorized the Debtor to use funds for ordinary business expenses listed in its budget, with a 10% variance per line item, as well as U.S. Trustee fees. Expenditures outside the approved budget may be reviewed upon request, and payments to professionals still require separate court approval. To protect secured creditors, the court granted them a replacement lien on post-petition cash collateral, with the same validity, priority, and extent as their pre-bankruptcy liens. In addition, the Debtor was ordered to maintain proper insurance coverage in accordance with its loan and security agreements with secured creditors. The next hearing is scheduled for November 4. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Vtz6C from PacerMonitor.com. About Central Florida Firearms LLC Central Florida Firearms, LLC, doing business as Live Free Armory, specializes in the production of slides, barrels, and other firearm parts, offering next-day shipping on available inventory for orders received before the daily cutoff. Central Florida Firearms LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case. No. 25-06150) on September 26, 2025. In its petition, the Debtor reported estimated assets of $5.2 million and estimated liabilities of $12.7 million. The Debtor is represented by Jeffrey S. Ainsworth, Esq. of BransonLaw, PLLC. CIS INTERNATIONAL: Taps Ervin Cohen & Jessup as General Counsel --------------------------------------------------------------- CIS International Holdings (N.A.) Corporation, doing business as E Tropical Fish, seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Ervin Cohen & Jessup LLP as counsel. The firm's services include: (a) advise the Debtor regarding matters of bankruptcy law; (b) advise the Debtor with respect to its right, powers, duties and obligations in the administration of this case, the management of its business affairs and the management of its properties or other assets; (c) advise and assist the Debtor with respect to compliance with the requirements of the United States Trustee; (d) represent the Debtor in any proceedings or hearings in the Bankruptcy Court or before the United States Trustee; (e) prepare and file pleadings, applications, motions and other papers and conduct examinations incidental to administration of the Chapter 11 case; (f) advise and assist the negotiation, formulation, presentation, confirmation and implementation of a Chapter 11 plan of reorganization and any and all matters relating thereto; and (g) perform any and all other legal services as requested by Debtor in connection with this Chapter 11 case. The firm will be paid at these hourly rates: B. Alsbrook, Attorney $1,075 P. Davidson, Attorney $1,075 B. Moldo, Attorney $1,075 C. Stone, Attorney $650 D. Gabai, Attorney $650 D. Allen, Attorney $650 Paralegal - General $310 Paralegal - Estate Planning $265 Law Clerk - General $260 Receivership Manager $250 Legal Technology Specialist $235 Paralegal – Litigation, Jr. $220 Document Clerk $200 - $215 Clerk – Bankruptcy $175 Specific Project Clerk $125 - $185 Clerk – Bankruptcy $175 Entry Document Clerk $85 - $110 In addition, the firm will seek reimbursement for expenses incurred. The firm received an initial retainer of $50,000 from the Debtor. Mr. Moldo 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: Byron Z. Moldo, Esq. Ervin Cohen & Jessup LLP 9401 Wilshire Boulevard, 12th Floor Beverly Hills, CA 90212 Telephone: (310) 273-6333 About CIS International Holdings (N.A.) CIS International Holdings (N.A.) Corporation, doing business as DBA E Tropical Fish, imports, breeds, and distributes ornamental fish, aquatic plants, live rock, and aquarium accessories. The Company sources livestock and products from regions including Sri Lanka, Thailand, Maldives, Fiji, Australia, China, and the United Kingdom, and supplies customers across the United States as well as in Canada and Mexico. Founded in 1999, it is based in Gardena, California. CIS International Holdings (N.A.) Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18374 on September 22, 2025. In its petition, the Debtor reports estimated estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Byron Z. Moldo, Esq., and Chase A. Stone, Esq., at Ervin Cohen & Jessup LLP. CLNG HOMES: Hires Keller Williams as Real Estate Broker ------------------------------------------------------- CLNG Homes, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Jessica Angel, realtor/sales associate at Keller Williams Jacksonville Realty and Florida Homes Realty and Mortgage, LLC as real estate broker. The professional will market and sell the Debtor's real property located at 2576 Huntington Way, Orange Park, FL 32073. Ms. Angel will be paid a commission of 5 percent of the purchase price. As disclosed in a court filing, the professional is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jessica Angel Keller Williams Jacksonville Realty 2950 Halcyon Lane Ste 102 Jacksonville, FL 32223 Tel: (904) 290-4427 About CLNG Homes, LLC CLNG Homes, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03106) on September 5, 2025, listing up to $50,000 in assets and liabilities. Bryan K. Mickler, Esq., at Mickler & Mickler represent Debtor as legal counsel. CMC ADVERTISING: Wins Bid for Default Judgment in Idea 247 Case --------------------------------------------------------------- The Honorable John P. Gustafson of the United States Bankruptcy Court for the Northern District of Ohio granted the motion for default judgment filed by CMC Advertising Ltd. in the adversary proceeding captioned as CMC Advertising Ltd., Plaintiff, v. Idea 247, Inc., Defendant, Adv. Pro. No. 25-03032 (Bankr. N.D. Ohio). This adversary proceeding is before the Court upon Plaintiff-Debtor CMC Advertising Ltd.'s Complaint: (1) to Determine the Validity, Priority and Extent of Lien, (2) to Determine the Value and Secured Status of Interests in Property of the Estate, (3) to Avoid Lien Pursuant to 11 U.S.C. Sec. 506, and (4) to Disallow Secured Claim. According to the Complaint, Plaintiff-Debtor granted a security interest in all its personal property to Defendant-Creditor in consideration of a revolving loan not to exceed $146,000.00. Plaintiff-Debtor's bankruptcy schedules listed personal property with a value of $389,597.16, including accounts receivable. Plaintiff-Debtor states that secured creditors Huntington, the SBA, Navitas, and Leaf Capital have claims totaling approximately $1,287,794.29. Creditors Huntington and the SBA perfected their interests (totaling approximately $1,232,794.29) secured by Plaintiff-Debtor's personal property prior to Defendant-Creditor's date of perfection. Creditors Navitas and Leaf Capital claim purchase money security interest (totaling approximately $55,000) in specific property owned by the Plaintiff-Debtor. Plaintiff-Debtor seeks to have the perfected security interest of the Defendant-Creditor declared junior to that of any interest claimed by Huntington, the SBA, Navitas, and Leaf Capital in the Plaintiff-Debtor's personal property. Based upon the value of Plaintiff-Debtor's personal property, and the superior interests existing and claimed by Huntington, the SBA, Navitas, and Leaf Capital, Plaintiff-Debtor contends Defendant-Creditor's security interest does not attach to any equity in Plaintiff-Debtor's personal property. Plaintiff-Debtor requests the court determine the value of Plaintiff-Debtor's personal property to be $389,597.16 and that Defendant-Creditor's claim be determined to be wholly unsecured under 11 U.S.C. Sec. 506(a). Plaintiff-Debtor further requests the court determine any asserted security interest of Defendant-Creditor's claim to be declared void and released under 11 U.S.C. Sec. 506(d). Additionally, Plaintiff-Debtor requests that any claim filed by the Defendant-Creditor be disallowed as a secured claim. The Court finds the straightforward and detailed, well-pleaded allegations of the Complaint and the basic circumstances underlying it substantiate and establish a valid cause of action against Defendant under Sec. 506, as to priority of Defendant's lien, and deems them as true. See, Fed. R. Civ. P. 8(b)(6); Fed. R. Bankr. P. 7008. In the absence of evidence to the contrary, the Court finds that Defendant-Creditor had a security interest, if any, that is junior to any interest claimed by Huntington, the SBA, Navitas, and Leaf Capital. The Court further finds from the Complaint that the value of Plaintiff-Debtor's personal property is $389,597.16. Thus, any claim by Defendant-Creditor is determined to be wholly unsecured under 11 U.S.C. Sec. 506(a) and the Defendant-Creditor's security interest is determined to be void and released pursuant to 11 U.S.C. Sec. 506(d). The Complaint also demonstrates that, to the extent the Defendant-Creditor files a proof of claim in the main case, any such claim should not be allowed as a secured claim. Accordingly, Plaintiff-Debtor has established a basis for avoiding Defendant-Creditor's lien, if any, and has established a basis for disallowance of Defendant's proof of claim as secured. Based on these reasons, Plaintiff-Debtor's Motion for Default Judgment is granted. A copy of the Court's Memorandum of Decision and Order dated October 21, 2025, is available at https://urlcurt.com/u?l=z7Axll from PacerMonitor.com. About CMC Advertising Ltd. CMC Advertising, Ltd. operating as Mailworks II, is an Ohio-based advertising company. CMC Advertising sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-31341) on June 27, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Claude R. Montgomery, Jr., managing member of CMC Advertising, signed the petition date. Judge John Gustafson oversees the case. Eric R. Neuman, Esq., at Diller and Rice, LLC, represents the Debtor as legal counsel. CNO FINANCIAL: Fitch Affirms 'BB+' Rating on Subordinated Notes --------------------------------------------------------------- Fitch Ratings has affirmed the Insurer Financial Strength (IFS) ratings of CNO Financial Group Inc.'s insurance operating subsidiaries, including Bankers Life and Casualty Company (Bankers Life), Bankers Conseco Life Insurance Company, Colonial Penn Life Insurance Company and Washington National Insurance Company (collectively, CNO), at 'A'. Fitch has affirmed the Long-Term Issuer Default Rating (IDR) and senior unsecured ratings of CNO at 'BBB+' and 'BBB' respectively. Fitch also affirmed the subordinated ratings at 'BB+' and CNO Global Funding's Long-Term Senior Secured rating at 'A'. The Rating Outlook is Stable. The ratings affirmation reflects CNO's strong, stable earnings performance over recent periods, moderate company profile driven by the company's competitive advantages in its core markets, and strong capital position. Key Rating Drivers Middle-Market Focused Profile: CNO primarily focuses on middle-income pre-retiree and retired American consumers, a market in which the company maintains a significant competitive advantage. CNO markets its variety of products through traditional agent channels, worksite sales and directly to consumers. Fitch expects the company's overall competitive positioning in the life and health insurance industry to continue to improve and scores company profile in the 'a' category. Strong Operating Performance: Operating earnings remained strong in 2024, with the company's operating return on equity (ROE) improving to 11%. The company has continued to record strong profitable sales increases, especially within its annuity products. CNO has consistently delivered operating results at or above Fitch 's expectations for companies rated in the 'A' category. Strong Capital Position: Fitch considers CNO's capital to be strong, based on a YE 2024 Prism capital model score of 'Strong' and an RBC ratio of 383%. Following the maturity of the $500 million senior notes in May 2025, the company's financial leverage ratio lowered to 26%, which is in-line with management's target range. Increased Investment Risk: CNO's investment and asset risk is historically below-average relative to the industry. At YE 2024, the company's risky asset ratio increased to 95%, which is in-line with the broader industry average of 94%. The increase was primarily driven by equity in residential mortgage holding entities and a relative increase in below investment grade bonds. Fitch favorably views CNO's significantly lower allocation to alternative, Schedule BA assets compared to the industry and its more annuity-focused peers. CNO Bermuda Re: Late in 2023, CNO launched CNO Bermuda Re, Ltd., a captive reinsurer that assumes the fixed-indexed annuity business of Bankers Life. The initial agreement was for $6.2 billion of reserves. As of YE 2024, $7.6 billion had been ceded to the Bermuda entity. Legacy Liabilities: Historically, Fitch viewed CNO's exposure to legacy individual long-term care (LTC) liabilities negatively due to their elevated risk levels. However, the company undertook a series of significant de-risking actions, which reduced individual LTC exposure. Fitch considers the remaining LTC liability to be of relatively lower risk. The company's remaining LTC block of business continues to perform well. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A shift in business profile that leads to a departure from the company's risk postures by expanding into more price-sensitive product offerings or new market segments outside of its stated risk tolerances; - Financial leverage consistently above 28%; - An operating ROE sustained below 8%; - A combined RBC ratio consistently below 350% and a Prism capital model assessment below the high end of 'Strong'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An improvement in Fitch's assessment of CNO's company profile, as evidenced by further growth in operating scale and competitive position within its core markets; - Financial leverage consistently below 20%; - Strong operating profitability, as evidenced by an operating ROE in excess of 13%; - A combined RBC ratio at or above 400% and a Prism capital model assessment maintained in the 'Very Strong' category. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Bankers Conseco Life Insurance Company LT IFS A Affirmed A Washington National Insurance Company LT IFS A Affirmed A Bankers Life And Casualty Company LT IFS A Affirmed A CNO Financial Group, Inc. LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB Affirmed BBB subordinated LT BB+ Affirmed BB+ Colonial Penn Life Insurance Company LT IFS A Affirmed A CNO Global Funding senior secured LT A Affirmed A COMMERCIAL METALS: Fitch Alters Outlook on 'BB+' IDR to Stable -------------------------------------------------------------- Fitch Ratings has revised the Outlook on Commercial Metals Company's (CMC) Long-Term Issuer Default Rating (IDR) to Stable from Positive and affirmed the IDR at 'BB+'. Fitch has also affirmed CMC's senior secured revolving credit facility at 'BBB-' with a Recovery Rating of 'RR1' and its senior unsecured notes at 'BB+'/'RR4'. The Stable Outlook reflects the additional debt raised to acquire Foley Products Company, which results in EBITDA leverage within sensitivities. Fitch believes the acquisition is a long-term credit positive. It diversifies the company's product offering mix and should improve margins and free cash flow (FCF) because the precast business has higher margins and lower capital intensity than CMC's core steel operations. The rating reflects Fitch's expectation that CMC's EBITDA leverage will be sustained below 3.5x and that EBITDA margins will be sustained above 8% through fiscal 2029. Key Rating Drivers Precast Acquisitions Positive Longer-Term: In FY1Q26, CMC announced it has entered into a definitive agreement to acquire Foley Products Company for $1.84 billion. In the same quarter, CMC also announced it will be acquiring Concrete Pipe & Precast, LLC (CP&P) for $675 million. Both companies are leading producers of pipe and precast solutions in the Southeast U.S. and strengthen CMC's Emerging Businesses Group (EBG) segment. The acquisitions diversify CMC's product offering mix and exposure to rebar prices. Both companies have a high geographical and commercial overlap with CMC's existing business and CMC says that together they will improve EBITDA by a combined roughly $250 million. The additional debt to acquire Foley is expected to increase EBITDA leverage in the near term but additional earnings and cash flow will provide the ability to quickly de-lever. EBITDA leverage is 1.5x as of Aug. 31, 2025, and is expected to remain below 3.5x post-acquisition, trending closer toward 2.8x through FY26. Growing Emerging Businesses Segment: In fiscal 2022, CMC acquired Tensar, a global provider of engineered solutions for subgrade reinforcement and soil stabilization used in road, infrastructure and commercial construction projects. In fiscal 2023, CMC also acquired BOSTD America, LLC, a geogrid manufacturing facility, and EDSCO Fasteners, LLC, a leading provider of anchoring solutions for the electrical transmission market. These businesses are reported within CMC's EBG segment and tend to have higher margins than CMC's core steel business margins. History of Conservative Leverage: Fitch believes EBITDA leverage will be slightly elevated in the quarters immediately following the Foley acquisition, but trend closer to 2.8x through FY26. CMC has a long track record of conservative leverage, maintaining EBITDA leverage below 2.0x in the last five years, including during the pandemic-induced downturn in 2020. Management targets 2.0x net leverage through the cycle. This supports Fitch's view that the company will prioritize de-levering before making any sizable acquisitions in the near term. New Mill Improves Operational Profile: In December 2022, CMC announced plans to construct a 500,000-ton micro mill in West Virginia, which is expected to cost between $550 million and $600 million, net of $75 million of government assistance, and begin operations calendar year 2026. Under the Inflation Reduction Act, the construction of the facility also qualifies for an $80 million net tax credit. Fitch views the new mill positively as a low-cost facility that provides margin support and increases CMC's size and scale. Europe Segment Improving: CMC's Europe Segment EBITDA generation declined significantly in fiscal 2023-2024, driven by challenging European market conditions, including a decline of about 21% in average selling prices from fiscal 2022 levels, inflation, and rising interest rates. This negatively affected consumer sentiment and industrial production, delayed European construction starts, and led to negative EBITDA margins over the last three quarters of fiscal 2024. EBITDA margins have since improved to about 7.5% in fiscal 2025. Europe Segment Expectations: Fitch expects Europe EBITDA margins to gradually improve over the next few years in line with a recovery in Poland's economic environment. CMC primarily operates in U.S. regions with strong nonresidential construction demand and secondarily in Central Europe, despite near-term economic challenges. CMC's Poland operations account for approximately 20% of total mill capacity, have historically been profitable with healthy margins, and provide diversification from U.S. construction exposure. Peer Analysis CMC is smaller by annual shipments than EAF steel producers Nucor Corporation (A-/Stable) and Steel Dynamics, Inc. (BBB+/Stable), and majority blast furnace producers United States Steel Corporation (BBB-/Stable) and Cleveland-Cliffs Inc. (BB-/Stable). However, the flexible operating structure of its EAF production and CMC's low-cost position leads to lower profits, more margin volatility, and more consistent leverage metrics than majority blast furnace producers. CMC has less product- and end-market diversification than Nucor, Steel Dynamics, U. S. Steel, and Cleveland-Cliffs due to its concentration in rebar and construction. However, CMC's European operations give it geographic diversification. CMC generally has more stable through-the-cycle margins and favorable leverage metrics than U. S. Steel and Cleveland-Cliffs, and less-favorable margins than Nucor and Steel Dynamics because of CMC's concentration in rebar, a commoditized product. Key Assumptions - Rebar prices increase slightly in fiscal 2026, then average around $850/ton from fiscal 2027-2029; - Annual North American external shipments increase to around 3.3 million tons when the new West Virginia mill begins operations in 2026; - Europe segment earnings recover over the forecast period; - EBITDA margins trend to around 13%; - Elevated capex of $475 million in fiscal 2026 trending toward around $350 million annually thereafter; - Acquisitions of Concrete Pipe & Precast, LLC and Foley Products Company occur before the end of calendar 2025 partially funded by $2 billion in new debt; - Steady dividends and no additional acquisitions. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - EBITDA leverage sustained above 3.5x; - Prolonged negative FCF, driven by a material reduction in steel demand or an influx of rebar imports, depressing rebar prices for a significant period; - Depressed metal margins, leading to overall EBITDA margins sustained below 6%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Commitment to maintaining a conservative financial policy and investment-grade credit profile; - EBITDA leverage sustained below 2.5x; - EBITDA margins sustained above 8%, representing a sustainably higher pricing environment for rebar, further cost reduction, or an expansion of its product portfolio into a higher value-add mix. Liquidity and Debt Structure As of Aug. 31, 2025, CMC had cash and cash equivalents of $1.043 billion, and $599 million available under its $600 million secured RCF due 2029. The company had full availability under its PLN288 million ($78.9 million as of Aug. 31, 2025) Poland accounts receivable facility. CMC had $161.8 million of availability under its PLN600 million ($164.5 million) Poland credit facilities. CMC has no material maturities until its $300 million 4.125% senior unsecured notes mature in 2030. Issuer Profile CMC manufactures, recycles, and markets steel and metal products, related materials and services through a network of facilities in the U.S. and Poland. The company manufactures long steel products, primarily rebar, which is particularly tied to construction demand. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Commercial Metals Company LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ senior secured LT BBB- Affirmed RR1 BBB- COMPLETELY CONCRETE: Taps Michael Jay Berger as Bankruptcy Counsel ------------------------------------------------------------------ Completely Concrete Structures Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ the Law Offices of Michael Jay Berger as counsel. The firm's services include: (a) communicate with creditors of the Debtor; (b) review the Debtor's Chapter 11 bankruptcy petition and all supporting schedules; (c) advise the Debtor of its legal rights and obligations in a bankruptcy proceeding; (d) work to bring the Debtor into full compliance with reporting requirements of the Office of the United States Trustee; (e) prepare status reports as required by the court; and (f) respond to any motions filed in the Debtor's bankruptcy proceeding. The firm's hourly rates are as follows: Michael Berger, Partner $695 Sofya Davtyan, Partner $645 Angela Gill, Senior Associate $595 Robert Poteete, Associate $475 Senior Paralegals and Law Clerks $275 Bankruptcy Paralegals $200 The firm received a retainer of $25,000, including the filing fee of $1,738 from the Debtor. Mr. Berger 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: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Blvd., 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: Micahel.berger@bankruptcypower.com About Completely Concrete Structures Completely Concrete Structures Inc., based in Los Angeles, California, provides structural concrete contracting services, specializing in commercial, multi-family, and mixed-use developments. The Company offers expertise in shoring, superstructure construction, and value engineering. Completely Concrete Structures Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18746) on October 1, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Neil W. Bason handles the case. The Debtor is represented by Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger. CONTOUR SPA: Sixth Interim DIP Order Entered -------------------------------------------- Judge Tiffany P. Geyer of the United States Bankruptcy Court for the Middle District of Florida entered a Sixth Interim DIP Order granting Contour Spa LLC and and its debtor affiliates' Emergency Motion for Entry of Interim and Final Orders: (I) Authorizing the Debtors to Obtain Post-Petition Financing, (II) Authorizing the Debtor to Use Cash Collateral, (III) Granting Second Priority Liens, (IV) Modifying the Automatic Stay, (V) Scheduling a Final Hearing, and (VI) Granting Related Relief. During the Sixth Interim Period, the Debtor is authorized to borrow an additional $100,000.00 in new money under the existing DIP Facility. The DIP Motion seeks to authorize the Debtor to obtain senior secured post-petition financing from Leventhal Family Trust or any affiliate thereof in the aggregate principal amount of up to $608,288 and $41,712 in roll-up financing (for funds advanced in connection with Chapter 11 filing fees), under which each dollar of New Money DIP Loan provided to the Debtors shall be deemed to convert, upon entry of the final DIP order, up to $41,712 of DIP Lender pre-petition debt to the DIP Facility loan balance, subject to the terms and conditions of this Interim DIP Order and the DIP Facility Term Sheet, by and among the Debtor and its affiliated entities, as borrower, and the Leventhal Family Trust, as the DIP Lender. As set forth in the DIP Motion, approval of this financing is essential for the Debtor's continued operations and is the best financing available to the Debtor. The Court emphasizes that the DIP Lender and the Debtor have entered into arm's length negotiations in reaching the terms set forth in the Motion and in this Interim DIP Order. The Court finds that entry of this Interim DIP Order is in the best interest of the Debtor, the estate, creditors, and parties in interest because it will enable the Debtor to continue to operate and maintain the going concern value of the Debtor's assets. The Motion is granted on an interim basis through Nov. 20, 2025. A final hearing will be conducted by the Court on Nov. 20, 2025, at 2:00 p.m. A copy of the Court's Memorandum Opinion is available at http://urlcurt.com/u?l=mPMGcLfrom PacerMonitor.com. A copy of the DIP Term Sheet is available at https://urlcurt.com/u?l=wrOH5H About Contour Spa LLC Contour Spa LLC is a spa services provider based in Orlando that provides wellness and beauty treatments including massage therapy, skincare, and body contouring services, as suggested by its name. Contour Spa LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03602) on June 11, 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 Tiffany P. Geyer handles the case. The Debtor is represented by Jimmy D. Parrish, Esq., at Baker & Hostetler LLP. Joseph A Pack, Esq., at Pack Law represents the Official Committee of Unsecured Creditors. COOKSON'S TRANSMISSION: Hires Arise Capital Real Estate as Broker ----------------------------------------------------------------- Cookson's Transmission City, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Arise Capital Real Estate as real estate broker. The Debtor needs a broker to market its properties located at: (a) 723 E. Hwy. 67, Duncanville, Texas; (b) 1218 Crestdell Drive, Duncanville, Texas; (c) 1201 Crestdell Drive, Duncanville, Texas; and (d) 1211 Crestdell Drive, Duncanville, Texas. The broker will receive a commission of 6 percent of the purchase price of the properties. Preston Dean, a realtor at Arise Capital Real Estate, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Preston Dean Arise Capital Real Estate 5049 Edwards Ranch Rd., Floor 4 Fort Worth, TX 76109 About Cookson's Transmission City Cookson's Transmission City, Inc. provides automotive repair services with a focus on transmission diagnostics, maintenance, and rebuilding, and also offers related services including tune-ups, air conditioning repair, and alternator replacement. The Company has operated in Duncanville, Texas since 1978, serving individual car owners and local customers in the Dallas-Fort Worth area. Cookson's sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33212) on August 22, 2025, listing $1,063,188 in total assets and $880,770 in total liabilities. Joey Carbon, president, signed the petition. Judge Michelle V. Larson oversees the case. Bryan C. Assink, Esq., at Bonds Ellis Eppich Schafer Jones, LLP represents the Debtor as counsel. COOKSON'S TRANSMISSION: Taps Integra Realty Resources as Appraiser ------------------------------------------------------------------ Cookson's Transmission City, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Integra Realty Resources as real estate appraiser. The firm will provide real estate appraisal services for the Debtor. The firm will be paid at a flat fee of $5,000. Jason Jackson, a senior managing director at Integra Realty Resources, will be compensated at his regular hourly rate of $450 for any court appearances or testimony that may be required related to the appraisal services. Mr. Jackson 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: Jason Jackson Integra Realty Resources 7080 Camp Bowie Blvd. Fort Worth, TX 76116 Telephone: (817) 969-4627 Email: jsjackson@irr.com About Cookson's Transmission City Cookson's Transmission City, Inc. provides automotive repair services with a focus on transmission diagnostics, maintenance, and rebuilding, and also offers related services including tune-ups, air conditioning repair, and alternator replacement. The Company has operated in Duncanville, Texas since 1978, serving individual car owners and local customers in the Dallas-Fort Worth area. Cookson's sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33212) on August 22, 2025, listing $1,063,188 in total assets and $880,770 in total liabilities. Joey Carbon, president, signed the petition. Judge Michelle V. Larson oversees the case. Bryan C. Assink, Esq., at Bonds Ellis Eppich Schafer Jones, LLP represents the Debtor as counsel. CORONET CERAMICS: To Sell Apex Property to West Apex Central ------------------------------------------------------------ Coronet Ceramics Inc., dba Coronet Energy dba Coronet PPE dba Fortune88 dba Blue Sky Properties, dba Vegas Renewable Diesel, seeks permission from the U.S. Bankruptcy Court for the District of Nevada, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Nevada corporation, originally incorporated in California in 1974 and registered in Nevada on January 13, 2020. The Debtor has historically operated in the sale of ceramic goods and now engages in the wholesale of energy and petroleum products. Its sole officer, director, and shareholder is Mi Shen Goldberg. The Debtor owns two properties: the vacant Apex Property located in Apex, Nevada that is the subject of the sale motion, and a commercial property located at 2300 Western Avenue, Las Vegas, Nevada. The Debtor has expressed its desire to sell the Apex Property to fund the completion and operation of a gas and service station at the 2300 Western Property, and to fund creditor payments under its proposed Plan. The Court previously approved the sale of this property on substantially the same terms to Nelson Family Holdings, LLC, conditioned on clear title, for $2.2 million. Subsequently, Nelson Family Holdings, LLC cancelled its purchase agreement, and another buyer, West Apex Central, LLC has offered to purchase the property on substantially the same terms as the previously approved sale. The Buyer desires to close the sale on or after November 14, 2025, and under the Agreement, the sale must close no later than December 1, 2024. The title must be free of liens and encumbrances. Both properties were previously transferred to and from a trust controlled by the Debtor's principal, Ms. Goldberg, for estate planning purposes. The Apex Property was partially funded through third-party contributions, including funds from Ying Zhu totaling $395,000.00. Ms. Zhu has recorded a lis pendens on both the Apex Property and the Western Property, which has hindered the Debtor’s ability to refinance and triggered foreclosure proceedings by the secured lender, American First National Bank Upon closing, the sales proceeds will repay American First in full for the Apex Property, and will leave additional funds for the Debtor to reorganize and attempt to resolve the claims held of Ying Zhu. The Debtor and Ms. Zhu and her entities have a settlement conference pending on December 18, 2025, where they hope to reach a resolution of their disputes and claims. The Debtor believes that the offer that is has received is commercially reasonable, and would benefit the estate by paying the bank in full and having approximately $650,000 in excess proceeds to fund its Plan and pay creditors. The Debtor believes that the sale is in the best interests of the estate. That American First be paid in full from the proceeds of the sale directly out of escrow, that the closing costs and real estate commissions be paid from the proceeds out of escrow, and that the excess proceeds be placed in the Debtor’s Debtor in Possession Account to be used to fund its Plan, and pay the costs and fees associated with its Reorganization. About Coronet Ceramics Coronet Ceramics Inc., doing business as Coronet Energy, Coronet PPE, Fortune88, Blue Sky Properties, and Vegas Renewable Diesel, is engaged in the business of petroleum and coal products manufacturing. Coronet Ceramics Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 24-15153) on October 1, 2024, with total assets of $3,503,259 and total liabilities of $6,213,194. Mi Shen Goldberg, president of Coronet Ceramics, signed the petition. The Debtor is represented by Matthew L. Johnson, Esq., at Johnson & Gubler, P.C. COUTURE INVESTMENTS: Seeks to Hire Riggi Law Firm as Legal Counsel ------------------------------------------------------------------ Couture Investments 1, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ the Riggi Law Firm as counsel. The firm's services include: (a) institute, prosecute, or defend any contested matters arising out of this bankruptcy proceeding in which the Debtor may be a party; (b) assist in the recovery and obtaining necessary court approval for recovery and liquidation of estate assets, and assist in protecting and preserving the same where necessary; (c) assist in determining the priorities and status of claims and in filing objections thereto where necessary; (d) assist in preparation of a Chapter 11 plan; and (e) advise the Debtor and perform all other legal services which may be or become necessary in this bankruptcy proceeding. The firm's hourly rates are as follows: Partners $500 Associates $100 The firm received a retainer of $5,000 from a third party, Benchmark Investors LLC. David Riggi, Esq. disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David A. Riggi, Esq. Riggi Law Firm 7900 W. Sahara Ave. #100 Las Vegas, NV 89117 Telephone: (702) 463-7777 Facsimile: (888) 306-7157 Email: RiggiLaw@gmail.com About Couture Investments 1 LLC Couture Investments 1 LLC is a single asset real estate company operating in Nevada. Couture Investments 1 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Nev. Case No. 25-14546) on August 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge August B. Landis handles the case. The Debtor is represented by the Riggi Law Firm. COX OPERATING: Ex-CEO Seeks to Move Trustee's $190MM Suit to Texas ------------------------------------------------------------------ Angelica Serrano-Roman of Bloomberg Law reports that Craig Sanders, former president and CEO of bankrupt offshore oil producer Cox Operating LLC, urged a Louisiana court to send a $190 million trustee lawsuit to Texas, where the company's bankruptcy and alleged transfers occurred. He said Texas is the proper venue since the trustee and key witnesses are located there, according to the report. In an October 21, 2025, filing, Sanders cited the trustee's own statement that a nearly identical case could be pursued in Texas, he related. He argued that shifting the suit would reduce unnecessary litigation costs and align the case with the jurisdiction most connected to the dispute, the report said. About Cox Operating LLC Cox Operating LLC provides offshore drilling services. The Company extracts oil from wells from offshore Florida to Texas. On May 12, 2023, certain trade creditors filed an involuntary petition under chapter 7 of the Bankruptcy Code against debtor Cox Operating (Bankr. E.D. La. Case No. 23-10734). The petitioning creditors -- Keystone Chemical, LLC, et al. -- are represented by the Slyvester Law Firm. Cox Operating LLC along with affiliates M21K, LLC, EPL Oil & Gas, LLC, Cox Oil Offshore, L.L.C., Energy XXI Gulf Coast, LLC, and Energy XXI GOM, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90328) on May 14, 2023. The Debtors have sought joint administration of the cases under In re MLCJR LLC (Bankr. S.D. Tex. Lead Case No. 23-90324). The cases are overseen by Honorable Bankruptcy Judge Christopher M. Lopez. In its petition, Cox Operating estimated assets and liabilities between $100 million and $500 million each. The Debtors tapped the law firms of Latham & Watkins LLP and Jackson Walker LLP as counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Moelis & Company LLC, as investment banker. CROSSKIX LLC: Gets Interim OK to Use Cash Collateral Until Dec. 2 ----------------------------------------------------------------- Crosskix, LLC received third interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division to use cash collateral through December 2. The interim order signed by Judge Lori Vaughan authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditor JPMorgan Chase Bank, N.A. As adequate protection, JPMorgan Chase Bank and other creditors with security interest in the cash collateral will be granted a replacement lien on property acquired by the Debtor after its bankruptcy filing. The replacement lien will have the same validity, priority and extent as the secured creditors' pre-bankruptcy lien. As further protection, the Debtor was ordered to keep its property insured in accordance with applicable loan and security agreements. The next hearing is scheduled for December 2. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/JTXvk from PacerMonitor.com. About Crosskix LLC Crosskix, LLC, an Ocoee, Florida-based company, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04309) on July 11, 2025. In its petition, the Debtor reported estimated assets and liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP is the Debtor's legal counsel. CYTOPHIL INC: Unsecured Creditors to Split $1M over 10 Years ------------------------------------------------------------ Cytophil, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of Wisconsin a Disclosure Statement describing Plan of Reorganization dated October 16, 2025. The Debtor is a Delaware corporation, headquartered and operating in East Troy, Wisconsin. The Debtor was founded in 2005 by Dr. William "Bill" Hubbard. The Debtor took its first product to market in 2014. The Debtor manufactures medical devices for vocal, orthopedic, dental, and aesthetic implants. It also performs contract manufacturing for other medical device companies. For many years the Debtor operated a profitable business with domestic and international sales. The Debtor's financial problems first arose from the disruption to the supply chain caused by the Covid-19 pandemic. Those problems were compounded by a costly litigation on two fronts. First, the Debtor was dragged into an intellectual property lawsuit which resulted in more than a million dollars in attorney's fees for the Debtor. In addition, the Debtor had a lawsuit with a consulting firm, Health Policy Associates ("HPA") over invoicing. The Debtor engaged HPA in June 2017 to advise it on regulatory filings. The litigation over the invoices commenced in 2018. On February 5, 2025, the Debtor filed a voluntary petition under chapter 11 of the Code to preserve its value as a going concern and repay creditors through a plan of reorganization. The Debtor projects that it will have $112,000 on an annual basis to fund payments under the Plan. The Debtor also projects that it will have an increase in revenue beginning January 2026. The increase is expected to occur upon the Debtor obtaining new certificates to permit it to enter the European market. The final Plan payment is expected to be paid ten years after the Effective Date. Class 1 consists of Allowed General Unsecured Creditors. Allowed Claims of Creditors in Class 1 consist of Allowed Unsecured Claims without priority. The Debtor estimates that the total amount for all Class 1 Creditors will be in the range of $4,284,576 to $2,086,859. Claimants shall receive their pro rata share of the Debtor's available net income paid over ten years. It is projected that Class 1 Claimants shall be paid $1,000,000 over the term of the Plan. Class 2 consists of Opt-In Allowed Unsecured Claims. Allowed Claims of Creditors in Class 2 consist of Allowed Unsecured Claims in Class 1 that affirmatively elect or opt-in to Class 2. The Class 2 claims will have half (50%) of their Allowed Unsecured Claim treated under Class 1. The remaining half (50%) will receive a pro-rata share of New Class B Common Stock. The New Class B Common Stock will be entitled to 10% of the entire voting rights; 25% of the Reorganized Debtor’s Net Profits; and to elect one director on the board of directors. The New Class B Common Stock may be redeemed upon the aggregate of the payments made on account of the New Class B Common Stock being redeemed totaling the portion of the amount of the Allowed Claim converted to the New Class B Common Stock being redeemed plus interest at the rate of 5% per annum from the Effective Date. The redemption right is void after ten years from the Effective Date. Class 3 consists of Allowed Voting Common Stock Interests. The holders voting common stock interests in the Debtor shall be cancelled. New Class A Common Stock shall be issued equal to the same number of shares held before the Petition Date. The New Class A Common Stock will be entitled: 90% of the entire voting rights; and 75% of the Reorganized Debtor's Net Profits. The Debtor will implement and fund this Plan through the sale of the Collateral. The Plan primarily depends on the Debtor's business operations. The Debtor projects that it will have $176,500 to $223,500 on an annual basis to fund payments under the Plan. The Debtor believes the projections to be reasonable. The Debtor has reviewed the projections with its accountant, Jim Potter and the Debtor's board chairman, Tom Vassallo. They agree that the assumptions underlying the projections are reasonable and that the Plan is feasible. A full-text copy of the Disclosure Statement dated October 16, 2025 is available at https://urlcurt.com/u?l=opKq2k from PacerMonitor.com at no charge. Cytophil Inc. is represented by: Evan P. Schmit, Esq. Kerkman & Dunn 839 N. Jefferson St., Ste. 400 Milwaukee, WI 53202-3744 Tel: (414) 277-8200 Email: eschmit@kerkmandunn.com About Cytophil Inc. Cytophil Inc., doing business as RegenScientific, operates in the field of manufacturing medical devices. Cytophil sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wisc. Case No. 25-20576) on February 4, 2025. In its petition, the Debtor reported total assets of $1,131,109 and total liabilities of $3,520,398 as of September 30, 2024. Judge G. Michael Halfenger handles the case. The Debtor is represented by Evan P. Schmit, Esq. at Kerkman & Dunn. D SAN JOSE: Section 341(a) Meeting of Creditors on November 11 -------------------------------------------------------------- On October 22, 2025, D San Jose LLC filed Chapter 11 protection in the Eastern District of Texas. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. A meeting of 341(a) meeting to be held on 11/12/2025 at 09:00 AM via Telephonic Dial-In Information. About D San Jose LLC D San Jose LLC operates in the hospitality industry and is associated with Cosmo Hotels Management and D Tur Hotel LLC. D San Jose LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex.Case No.: 25-43157) on October 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Brenda T. Rhoades handles the case. The Debtor is represented by Joyce Lindauer, Esq. of JOYCE W. LINDAUER ATTORNEY, PLLC. D.R. PATEL: Case Summary & Five Unsecured Creditors --------------------------------------------------- Debtor: D.R. Patel Investments, LLC 2 W Clay St. San Francisco, CA 94121-1231 Business Description: D.R. Patel Investments, LLC owns and operates a motel at 2230 Lombard Street in San Francisco's Marina District. Classified under NAICS 7211 for traveler accommodation, it focuses on providing short-term lodging services. Chapter 11 Petition Date: October 23, 2025 Court: United States Bankruptcy Court Northern District of California Case No.: 25-30866 Debtor's Counsel: Matthew D. Metzger, Esq. BELVEDERE LEGAL, P.C. 1777 Borel Place, Suite 314 San Mateo, CA 94402 Tel: 415-513-5980 Fax: 415-513-5985 Email: info@belvederelegal.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million Vijay D. Patel signed the petition as managing member. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/H5EX3RI/DR_Patel_Investments_LLC__canbke-25-30866__0001.0.pdf?mcid=tGE4TAMA DCA OUTDOOR: Wins Bid to Reject Unexpired Leases ------------------------------------------------ The Honorable Cynthia A. Norton of the United States Bankruptcy Court for the Western District of Missouri granted the amended motion of DCA Outdoor, Inc. and its affiliates to reject certain unexpired leases of non-residential real property. The time period within which Debtors must assume or reject leases expired on Sept. 19, 2025. There were no objections to the Rejection Motion. The Court finds good cause exists to grant the relief requested in the Rejection Motion. A copy of the Court's Order dated October 20, 2025, is available at https://urlcurt.com/u?l=5ukrc4 from PacerMonitor.com. A schedule of the leases is available at https://urlcurt.com/u?l=4ywTsI Attorneys for the Debtors: Larry E. Parres, Esq. John J. Hall, Esq. C. David Goerisch, Esq. LEWIS RICE LLC 600 Washington Ave., Suite 2500 St. Louis, MO 63101 Phone: (314) 444-7600 Fax: (314) 612-7660 E-mail: lparres@lewisrice.com jhall@lewisrice.com - and - Colin Gotham, Esq. EVANS & MULLENIX, P.A. 7225 Renner Road, Suite 200 Shawnee, KS 66217 Phone: (913) 962-8700 Fax: (913) 962-8701 E-mail: cgotham@emlawkc.com About DCA Outdoor Inc. Established in 2016, DCA Outdoor Inc. is a vertically integrated green industry organization headquartered in Kansas City, Missouri. DCA Outdoor connects various sectors -- including agricultural production, landscape distribution, retail, agritourism, and transportation -- through its family of brands. The DCA Outdoor family comprises several brands including Schwope Brothers Tree Farms, Utopian Plants, RIO, Anna Evergreen, Brehob Nurseries, KAT Landscape, Colonial Gardens, PlantRight, PlantRight Supply, and Utopian Transport. DCA Outdoor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Miss. Case No. 25-50053) on February 20, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $50 million and $100 million in liabilities. Honorable Bankruptcy Judge Cynthia A. Norton handles the case. The Debtor tapped Larry E. Parres, Esq., John J. Hall, Esq., and C. David Goerisch, Esq., at LEWIS RICE LLC; and Colin Gotham, Esq., at EVANS & MULLENIX, P.A., as legal counsel and Creative Planning, LLC and its affiliate BerganKDV as audit and tax professionals. Summit Investment Management LLC, as DIP lender, can be reached through: Patrick Gilbert Summit Investment Management, LLC Wells Fargo Center 1700 Lincoln Street, Suite 2150 Denver, CO 80203 Office: (720) 221-3154 Cell: (651) 688-6127 E-mail: pgilbert@summit-investment.com DYNAMISM LLC: Gets Extension to Access Cash Collateral ------------------------------------------------------ Dynamism, LLC received second interim approval from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral to fund operations. The court's order authorized the Debtor's interim use of cash collateral consistent with its budget, which projects October revenue of $162,622.93 and expenses of $143,141.30, including a $731 adequate protection payment to the U.S. Small Business Administration. Except in the event of emergency, no funds should be spent in excess of 110% of the amount set forth in the budget without further court order and consent from secured creditors. The creditors asserting liens on the cash collateral through UCC filings include the U.S. Small Business Administration, Ulster Savings Bank, Pinnacle Business Funding, LLC and Titan Funding, LLC. The secured creditors will be granted post-petition replacement liens on property securing the Debtor's pre-bankruptcy debt as adequate protection. The Debtor said it has no alternative financing and needs to use the secured creditors' cash collateral to cover essential operational expenses. About Dynamism LLC Dynamism LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-35951) on September 8, 2025, listing up to $500,000 in assets and liabilities. Michael Lockwood, managing member, signed the petition. Judge Kyu Young Paek oversees the case. Michael D. Pinsky, Esq., at Michael D. Pinsky, Esq., represents the Debtor as legal counsel. ECCENTIAL HEALTH: Seeks Chapter 7 Bankruptcy in Texas ----------------------------------------------------- On October 22, 2025, Eccential Health Services Inc. voluntarily filed a Chapter 7 bankruptcy case in the Eastern District of Texas. The filing shows liabilities totaling $100,001 to $1 million, with up to 49 creditors listed. About Eccential Health Services Inc. Eccential Health Services Inc. is a healthcare services provider headquartered in Texas. Eccential Health Services Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-43163) on October 22, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Brenda T. Rhoades handles the case. The Debtor is represented by Christopher J. Moser, Esq. of Quilling Selander Lownds Winslett Moser. ECS FARMS: Seeks to Hire Michael Best & Friedrich as Legal Counsel ------------------------------------------------------------------ ECS Farms, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Michael Best & Friedrich LLP as counsel. The firm's services include: (a) provide legal advice and representation in connection with the general administration of the estate; (b) confirm any proposed plan of reorganization, all other contested and adversary matters that arise in this case; (c) investigate and litigate any avoidance or other action the estate may have; and (d) perform other legal services for the Debtor related to or arising out of contested matters in this bankruptcy case. Jeffrey Weinman, Attorney $650 Bailey Pompea, Attorney $425 Partners $475 - $725 Associates $350 - $450 Paralegals $150 - $250 In addition, the firm will seek reimbursement for expenses incurred. Mr. Weinman disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey Weinman, Esq. Michael Best & Friedrich LLP 675 15th Street, Suite 2000 Denver, CO 80202 Telephone: (720) 240-9515 Email: jeffrey.weinman@michaelbest.com About ECS Farms LLC ECS Farms LLC is an affiliate of Eastern Colorado Seeds LLC, is a full-service seed company offering a wide range of agricultural seeds, including grains, forages, reclamation seeds, and specialty products like pulses, millets, and sunflowers. With locations in Burlington, CO, Dumas, TX, and Clovis, NM, the company ensures efficient delivery and a consistent supply of high-quality products to its customers. ECS Farms LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-10247) on January 16, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Jeffrey A. Weinman, Esq., at Michael Best & Friedrich LLP. EDMUNDSON INC: May Seek Bankruptcy Amid Receivership Bid -------------------------------------------------------- American AgCredit, ACA; American AgCredit, FLCA; and American AgCredit, PCA ask the U.S. District Court for the District of Oregon to appoint Jake Diiorio and Stapleton Group as receiver for: -- Edmundson Inc. dba Arbor Valley Nursery; -- Green River Holdings, LLC; and -- Edmundson Land, LLC ACA et al want the receiver to have exclusive and complete possession, control, and management authority over AVN et al., as the Borrower Defendants, and all personal and real property of the Borrower Defendants. Meanwhile, the Defendants ask the Court to extend their response deadline to Nov. 6, saying they intend to file bankruptcy in the coming weeks, which will in all likelihood render moot ACA et al.'s Motion to Appoint Receiver. Receiver Needed ACA et al. contend that, by appointing Jake Diiorio and Stapleton Group as the receiver over the Borrower Defendants, the Court will (i) preserve the Property for the benefit of the Borrower Defendants' members, shareholders, and creditors, (ii) continue the revenue-producing potential of the Borrower Defendants' business operations, and (iii) maximize the value of the Property, during which time either the Borrower Defendants can be reorganized and the outstanding debt restructured, or the receiver can conduct one or more sales as he deems appropriate in coordination with a separate receivership involving Rio Verde Holdings LLC. ACA et al. originally filed a Complaint in the Circuit Court for the State of Oregon for the County of Washington, which was subsequently removed to the Federal District Court in Oregon by Defendants. The Borrower Defendants, together with non-party Rio Verde, are a vertically integrated nursery stock operation. Green River owns real property located in the State of Oregon, which it rents to Rio Verde for its nursery stock farming operation. AVN is a nursery-plant wholesaler, acting as a distributor for Rio Verde. AVN leases its operating location located in the State of Colorado from Edmundson Land. Non-party Matthew Edmundson is the majority shareholder of AVN, and is the sole member of Green River, Edmundson Land, and Defendant Rio Verde Plantas LLC. Matt Edmunson and his wife, Angela, are guarantors of various loan obligations, along with Plantas. Plantas, in turn, is a 50% member of Rio Verde; the other 50% member of Rio Verde is O&S Holdings, LLC. Rio Verde and its assets are currently subject to a receivership in the United States Court for the District of Oregon, Case No. 3:25-cv-00098-JR. Rio Verde and its assets are not the subject of this action. Between 2016 and 2024, ACA made a number of loans to the Borrower Defendants and Rio Verde. The Borrowers have obtained a combined $30.53 million in credit through ten of the loans made by ACA. Each Loan is cross-collateralized (i.e., each of the Borrowers granted security interests and liens in their assets to Lender in order to secure the obligations owed by each of the other Borrowers) and is cross-defaulted with one or more Loan or guaranty agreements such that a default under any associated Loan Document is a default under each other Loan and guaranty agreement. AVN executed a security agreement giving ACA a blanket lien over all of AVN's assets. ACA has properly perfected liens on all of the Property, which, together with the property in the Rio Verde Receivership, constitutes its Collateral. Beginning in early Fall 2024, the Borrowers breached their reporting requirements under various financial covenants. ACA also has notified the Borrowers that the Loans were considered distressed under the Farm Credit Act, and they may be eligible for restructuring. This began formal negotiations between Edmundson (on behalf of the Borrowers) in connection with the rights afforded to the Borrowers under the Farm Credit Act. As part of these discussions, ACA stressed that any restructuring plan would require certain levels of financial transparency, up-to-date and ongoing financial reporting, and additional security to account for the adverse changes to Rio Verde and AVN's operations that threatened the value of the Collateral securing the Loans advanced by ACA. Edmundson submitted a proposal for restructuring on January 17, 2025, which notably excluded any internal or external controls for financial transparency and did not include any additional security. The proposal was formally denied on February 27, 2025. As part of the Borrowers' rights under the Farm Credit Act, the Borrowers requested additional review of certain decisions and access to additional review processes. By April 14, 2025, all rights to review had either been exhausted or had expired. Through counsel, ACA issued a notice of acceleration and intention to foreclose on April 19, 2025 to the Borrowers and guarantors, citing the failure to cure the defaults; Rio Verde's failure to make payments on Loan *8093 after December 31, 2024, and its failure to pay all outstanding amounts due under Loan *1915 when it matured on January 1, 2025. ACA declared that all of the Loans were in default, the applicable default interest rates were immediately in effect, and all Loans were accelerated and immediately due and owing. As of September 30, 2025, the outstanding principal due and owing on all of the Loans made to Borrowers for which the Borrower Defendants are obligated to pay is $25,877,414.49, and the total amount due and owing including interest is $28,901,878. About $16,902,092.58 of the Total Outstanding Indebtedness is on account of the Loans made directly to the Borrower Defendants. Interest continues to accrue at the default rate on the Total Outstanding Indebtedness in the approximate amount of $8,410.22 per day. Bankruptcy Bid Defendants contend that ACA et al.'s Motion to Appoint Receiver raises complex -- and potentially far reaching -- issues of law and fact, as this case is proceeding contemporaneously with two related cases (one filed in this District and the other filed in the U.S. District Court for the District of Colorado), each of which has required and continues to require attention from Defendants' counsel. Additionally, as Defendants' counsel has told Plaintiffs' counsel, Defendants are actively working towards a bankruptcy filing in the near future, which has consumed time and resources. Defendants intend to file bankruptcy in the coming weeks, which will in all likelihood render moot Plaintiffs' request. Defendants also contend they have diligently analyzed and investigated Plaintiffs' Motion to Appoint Receiver, but nonetheless anticipate needing additional time to complete their investigation and prepare their response given the factual and legal complexities of this case. One of the attorneys representing Defendants in this matter, Jessie Zerpoli, recently left her employment with Schwabe, requiring new counsel to get up to speed, which has taken longer than anticipated. Defendants also assert that the requested extension, if granted, would have no effect on any other scheduling deadlines. The case is, American AgCredit, ACA et al v. Edmunson, Inc. et al, Case No. 3:25-cv-00979 (D. Or.). Counsel for ACA et al.: Oren B. Haker, Esq. Britta E. Warren, Esq. Elli M. Tillotson, Esq. BLACK HELTERLINE LLP 805 SW Broadway, Suite 2600 Portland, OR 97205 Tel: (503) 224-5560 Fax: (503) 224-6148 E-mail: oren.haker@bhlaw.com britta.warren@bhlaw.com elli.tillotson@bhlaw.com Attorneys for Defendants: Craig G. Russillo, Esq. Alex C. Carroll, Esq. SCHWABE, WILLIAMSON & WYATT, P.C. 1211 SW 5th Ave., Suite 1900 Portland, OR 97204 Tel: (503) 796-2975 E-mail: crussillo@schwabe.com acarroll@schwabe.com - and - K. Jamie Buechler, Esq. BUECHLER LAW OFFICE, LLC 10901 W. 120th Avenue, Suite 130 Broomfield, CO 80021 Telephone: 720-381-0045 Email: jamie@kjblawoffice.com EEHF 18 INC: Deadline to Assume Dartmouth Property Lease Extended ----------------------------------------------------------------- Judge Christopher J. Panos of the United States Bankruptcy Court for the District of Massachusetts granted the emergency motion filed by EEHF 18, Inc. to extend time to assume a lease of non-residential, real estate at 571 Dartmouth Street, Dartmouth, MA. The deadline is extended to December 13, 2025. A copy of the Court's Order dated October 14, 2025, is available at https://urlcurt.com/u?l=wOCO2M from PacerMonitor.com. About EEHF 18 Inc. EEHF 18, Inc., doing business as A Sunrise Bakery and Coffee Shop, operates a bakery and coffee shop under the name Sunrise Bakery & Coffee Shop in New Bedford, Massachusetts. It offers Portuguese-style pastries, breads, and other baked goods through its retail locations. EEHF 18 sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11218) on June 15, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Christopher J. Panos handles the case. The Debtor is represented by John Sommerstein, Esq. EEHF 18 INC: Gordon's Administrative Expense Request Resolved ------------------------------------------------------------- Judge Christopher J. Panos of the United States Bankruptcy Court for the District of Massachusetts held that the application filed by creditor Gordon Food Services, Inc. for administrative expenses in the bankruptcy case of EEHF 18, Inc. has been resolved pursuant to a stipulation and motion to approve stipulation that has been filed. The parties have agreed to settle the Application and the Debtor's Objection and stipulate that: A. GFS shall have an allowed administrative claim of $7,681.14 pursuant to 11 U.S.C. Sec. 503(b)(9). B. Provided the Debtor confirms a plan of reorganization, GFS has agreed to accept a reduced payment through such plan in the amount of $6,000.00 payable on the effective date. C. The Debtor intends to reject the Customer Account Application and the Incentive Program Agreement between the Debtor and GFS. Upon such rejection, GFS shall have an allowed unsecured claim of $42,465.18 -- $22,066.89 in unpaid prepetition invoices plus the $20,398.29 in prebate refund due to the rejection as set forth in GFS's Proof of Claim. GFS may offset all accrued and unpaid rebates against the general unsecured claim. If Debtor proceeds to assume the agreements, the full $22,066.89 in unpaid prepetition invoices plus any unpaid post-petition invoices must be cured in full on the effective date of the plan. D. Provided the Debtor's plan comports with the terms of the Stipulation and does not propose to release any claims GFS may have against third parties, GFS agrees to vote in favor of the plan. GFS is represented in the case by: John C. Cannizzaro, Esq. Ice Miller LLP 250 West Street, Suite 700 Columbus, OH 43215 E-mail: John.Cannizzaro@icemiller.com A copy of the Court's Order dated October 15, 2025, is available at https://urlcurt.com/u?l=ADyLcj from PacerMonitor.com. About EEHF 18 Inc. EEHF 18, Inc., doing business as A Sunrise Bakery and Coffee Shop, operates a bakery and coffee shop under the name Sunrise Bakery & Coffee Shop in New Bedford, Massachusetts. It offers Portuguese-style pastries, breads, and other baked goods through its retail locations. EEHF 18 sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11218) on June 15, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Christopher J. Panos handles the case. The Debtor is represented by John Sommerstein, Esq. EMINIFX INC: $93 Million Distributed to Class 3 Claimants --------------------------------------------------------- In an Oct. 3 report, the receiver over EminiFX, Inc. and certain assets of Eddy Alexandre, disclosed that as of the Third Quarter 2025, over $93.3 million has been distributed to approximately 24,000 Class 3 and Class 3A claimants. Under the Plan, payments to Classes 1 and 2 are made from time to time consistent with the Court's Orders, and the Receiver expects to make future payments periodically in accordance with any applicable Court Order. All Class 4 distributions are complete. According to the Receiver, pursuant to the Plan and applicable law, he is "conservatively holding over $50 million in reserve primarily to satisfy, in my judgment and in consultation with my tax advisors, the reasonable worst-case tax liabilities of the estate for both pre-receivership and postreceivership returns. The need for me to hold these reserves is substantially exacerbated by the inapplicability of 11 U.S.C. Sec. 505(b) to this matter, combined with my obligation to comply with 31 U.S.C. Sec. 3713." On Oct. 20, the Hon. Valerie E Caproni issued a Standing Order (1:25-mc-00433-LTS) relating to the stay of certain civil cases, and the tolling of certain deadlines in those cases, involving the United States Attorney's Office for the Southern District of New York. These cases are subject to the terms of the Standing Order: 20-cv-2796 22-cv-3822 25-cv-5959 25-cv-6639 25-cv-7166 On Oct. 1, the Commodity Futures Trading Commission asked the Court to stay the deadlines during the current government shutdown, saying all non-essential employees, including the CFTC's counsel, are being furloughed and are prohibited by law from performing actions related to their employment. The CFTC said it was taking steps to effectuate the shutdown, but also to ensure that it (a) complies with all of its obligations before the Court and (b) does not violate the Anti-Deficiency Act. In late September, the Commission, pursuant to 7 U.S.C. sections 13a-1(a) and (d)(1)(A) and 17 C.F.R. sections 143.8(a) and (b)(1), asked the Court for an order (1) permanently enjoining Defendants from (i) future violations of the Commodity Exchange Act and Commission Regulations as charged and (ii) trading in Commission-regulated markets and registering with the Commission in any capacity, and (2) imposing a civil monetary penalty against Defendants. In response, David A. Castleman, the receiver, said he does not oppose the Commission's request as it relates to EminiFX. Mr. Castleman said his Response is without prejudice to the CFTC's or Mr. Alexandre's rights and defenses under applicable law, and without prejudice to Mr. Alexandre's right to contest any factual statement or legal conclusion as outlined in the Motion. The Receiver noted that his Distribution Plan, approved by the Court in an Opinion and Order dated Jan. 21, provides that "any fine or penalty levied by the CFTC in connection with [the action] that is in whole or in part payable by the Receivership or from Receivership Assets" will be treated as a "Subordinated Claim." As such, any monetary penalty assessed against EminiFX as a result of the Motion may be paid, if at all, only upon full satisfaction of claims held by victims, among other higher priority claims. The Receiver also noted proposed order submitted with the CFTC Motion conforms to this requirement in the Plan. CFTC sued EminiFX founder Eddy Alexandre and EminiFX in 2022, alleging the company operated as a Ponzi scheme. The Court appointed David Castleman as equity receiver to oversee "all customer funds and property and other assets traceable to customers in the possession of or under the control of Eddy Alexandre." Mr. Alexandre is serving a nine-year prison sentence for the fraud he committed. As reported by Troubled Company Reporter on Jan. 24, 2025, the Hon. Judge Valerie Caproni on Jan. 21 approved the EminiFX receiver's distribution plan that would partially refund the losses of the roughly 35,000 investors in the Ponzi scheme run by EminiFX founder Eddy Alexandre. Otterbourg partner David Castleman, the court-appointed receiver of the purported cryptocurrency and foreign exchange trading platform, one of the largest Ponzi schemes in the last few years as well as one of the top recoveries, will make an initial distribution of $100 million to investors, who were promised weekly investment returns of at least 5%. The average initial distribution for the EminiFX investors, most of whom are from the Haitian community, is roughly $3,000, reflecting a 45% recovery for investors who invested more than $1,000. Additional distributions may be made over the following years as funds are released from reserves. This is welcome news for a community that's been hard hit. In fact, an estimated 1%-3% of the Haitian population in the United States are claimants, following investments that were made in late 2021 and early 2022. In his email to investors early this year, the receiver noted that, "My total budget for the first distribution is $100 million. This distribution is the majority of the assets currently in the Receivership, and those funds are going to investors in EminiFX as a partial refund of their investments. Because you have a verified claim as an EminiFX investor, you will be receiving a share of this amount, using the above calculation. I have listened to the feedback we have received from EminiFX investors. I want all investors to know -- regardless of what they may have heard -- that returning money to EminiFX investors is the primary goal of our entire team and of this Receivership." In her order dated Jan. 21, Judge Caproni approved the receiver's proposal to use the Rising Tide method of distribution. The Rising Tide method treats any pre-Receivership withdrawals as the equivalent of Receivership distributions. That is, if any of the money an investor contributed to their EminiFX account made its way back to them, it is treated as recovered; it makes no difference whether the money is returned due to a payout from the Receiver or a voluntary withdrawal the investor made from their account at some point before the Receivership was established. The case is, COMMODITY FUTURES TRADING COMMISSION, Plaintiff, -against- EDDY ALEXANDRE, EMINIFX, INC., Defendants, 22-CV-3822 (VEC)(S.D.N.Y.). The Receiver's counsel may be reached at: William M. Moran, Esq. Jennifer S. Feeney, Esq. Michael R. Maizel, Esq. OTTERBOURG P.C. 230 Park Avenue New York, NY 10169 Tel: (212) 661-9100 Email: wmoran@otterbourg.com jsfeeney@otterbourg.com mmaizel@otterbourg.com ETHEMA HEALTH: Reports $885,097 Net Loss in Q1 2025 --------------------------------------------------- Ethema Health Corp. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $885,097 and $374,203 for the three months ended March 31, 2025 and 2024, respectively. The Company reported revenues of $3.52 million and $1.30 million for the three months ended March 31, 2025 and 2024, respectively. For the three months ended March 31, 2025, the Company incurred operating losses of $0.6 million. As of March 31, 2025, the Company had an accumulated deficit of $45.3 million, working capital deficiency of $11.7 million and total liabilities in excess of total assets of $8.3 million. These matters raise substantial doubt about Company's ability to continue as a going concern. Management believes that current available resources will not be sufficient to fund the Company's planned expenditures over the next 12 months. Accordingly, the Company will be dependent upon the raising of additional capital through placement of common shares, and/or debt financing in order to implement its business plan and generating sufficient revenue in excess of costs. If the Company raises additional capital through the issuance of equity securities or securities convertible into equity, stockholders will experience dilution, and such securities may have rights, preferences or privileges senior to those of the holders of common stock or convertible senior notes. If the Company raises additional funds by issuing debt, the Company may be subject to limitations on its operations, through debt covenants or other restrictions. If the Company obtains additional funds through arrangements with collaborators or strategic partners, the Company may be required to relinquish its rights to certain geographical areas, or techniques that it might otherwise seek to retain. There is no assurance that the Company will be successful with future financing ventures, and the inability to secure such financing may have a material adverse effect on the Company's financial condition. Based on the uncertainties, the Company believes its business plan does not alleviate the existence of substantial doubt about its ability to continue as a going concern within the next 12 months. As of March 31, 2025, the Company had $28.54 million in total assets, $36.89 million in total liabilities, and $8.34 million in total stockholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yvhu4zwx About Ethema Health Ethema Health Corp. is a Colorado-based company headquartered in West Palm Beach, Florida, focused on addiction treatment services in the United States. Originally established as an oil and gas exploration firm, the Company transitioned through various sectors including electronics -- before shifting to healthcare. It now operates primarily through Evernia, maintaining in-network relationships with healthcare providers to source most of its clients. In an audit report dated May 23, 2025, RBSM LLP issued a "going concern" qualification citing that the Company has suffered recurring losses from operations, generated negative cash flows from operating activities, has working capital deficiency and accumulated deficit. These conditions raise substantial doubt about the Company's ability to continue as a going concern. EVERGREEN LODGING: Seeks to Tap Hilco Real Estate as Estate Broker ------------------------------------------------------------------ Evergreen Lodging, LLC and Ephesians320 Partners, LLC seek approval from the U.S. Bankruptcy Court for the District of Colorado to employ Hilco Real Estate, LLC as commercial real estate broker. The firm will render these services: (a) advise the Debtors with respect to a sale of their hotel located at 15059 W. Colfax Ave., Golden, Colorado; (b) solicit interest for the sale of the hotel; (c) as applicable, negotiate the terms of the sale at the Debtors' direction and act as its exclusive agent with respect to the sale of the hotel; and (d) run a comprehensive sale process to meet the goals and needs of the case. The firm will receive a commission in the amount of 3 percent of the gross proceeds from the sale. Hilco shall further be entitled to a reimbursement of up to $25,000 for any costs incurred in connection with marketing the hotel. The firm represents no interest adverse to the Debtor or to the estate on the matters upon which it is to be engaged. The firm can be reached at: Hilco Real Estate LLC 5 Revere Dr. Ste. 320 Northbrook, IL 60062 Telephone: (855) 755-2300 About Evergreen Lodging LLC Evergreen Lodging LLC, owned by Sean and Susi Keating, is a Colorado-based hospitality company that operates lodging facilities and manages a 155-room Days Inn lodging facility in Golden under a 2020 franchise agreement. Evergreen Lodging LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-15542) on August 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The Debtor is represented by Keri L. Riley, Esq., at Kutner Brinen Dickey Riley, PC. EVERSTREAM SOLUTIONS: Nov. 19 Plan Confirmation Hearing ------------------------------------------------------- A hearing to consider confirmation of the Amended Joint Chapter 11 Plan of Everstream Solutions LLC and its affiliated debtors has been scheduled for November 19, 2025, at 1:00 p.m. (Prevailing Central Time). The voting deadline is November 11, 2025. Holders of Claims or Interests in Class 1 (Other Secured Claims), Class 2 (Other Priority Claims), Class 6 (HoldCo General Unsecured Claims), Class 7 (Intercompany Claims), Class 8 (Subordinated Claims), Class 9 (HoldCo Equity Interests), and Class 10 (Intercompany Interests) are either (a) impaired and deemed to have rejected the Plan pursuant to section 1126(g) of the Bankruptcy Code or (b) unimpaired and presumed to have accepted the Plan pursuant to section 1126(f) of the Bankruptcy Code. Accordingly, holders of Claims and Interests in the Non-Voting Classes are not entitled to vote to accept or reject the Plan and will not receive a Ballot. All Rule 3018(a) Motions must be filed on or before Oct. 30, 2025 at 4:00 p.m. (Prevailing Central Time). 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. 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. EVOFEM BIOSCIENCES: Amends Adjuvant Notes With 6-Month Maturity --------------------------------------------------------------- Evofem Biosciences, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company, Adjuvant Global Health Technology Fund, L.P., and Adjuvant Global Health Technology Fund DE, L.P. (together, "Adjuvant") entered into a third amendment to the Securities Purchase Agreement dated as of October 14, 2020, as amended, pursuant to which Adjuvant purchased from the Company certain convertible promissory notes. The Third Amendment amends certain provisions within the Securities Purchase Agreement including updating the date that the Notes will be payable in full to the earlier of: (a) six months after the Effective Date, (b) at the election of Adjuvant, the date of a consummation of a Change of Control (as defined in the Securities Purchase Agreement), and (c) the date of any acceleration of the Notes in accordance with Section 8 (the "Maturity Date", as per the Securities Purchase Agreement). The Notes may not be prepaid prior to the date that is six months after the Effective Date without prior written consent of Adjuvant. A copy of the Third Amendment to Securities Purchase Agreement is available at https://tinyurl.com/2z35e3cw About Evofem Evofem Biosciences, Inc. is a San Diego-based biopharmaceutical company focused on sexual and reproductive health innovations. Its first commercial product, PHEXXI, is a hormone-free prescription contraceptive gel that was FDA-approved in 2020. In November 2024, they re-launched SOLOSEC, an oral antimicrobial agent for treating two common sexual health infections, following its acquisition of global rights. The Company aims to expand its global presence through partnerships and licensing agreements, such as the recent licensing of PHEXXI commercial rights in the Middle East to Pharma 1 Drug Store, LLC. In its report dated March 23, 2025, the Company's auditor, BPM, LLP, issued a "going concern" qualification attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, noting that the Company has experienced recurring operational losses, negative cash flows from operations since its inception, and a net capital deficiency, all of which raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $14.38 million in total assets, $79.21 million in total liabilities, and $69.61 million in total stockholders' deficit. FIRESTAR DIAMOND: Court Declines Modi's Tardy RFA Responses ----------------------------------------------------------- The Honorable David S. Jones of the United States Bankruptcy Court for the Southern District of New York granted the motion of Richard Levin, Firestar Diamond Inc.'s Chapter 11 Trustee, for entry of an order deeming admitted the matters stated in his requests for admission ("RFAs") to defendant Nirav Modi in the adversary proceeding captioned as RICHARD LEVIN, trustee for the liquidating trust of FIRESTAR DIAMOND, INC., Plaintiff v. NIRAV MODI and MIHIR BHANSALI, Defendants, Adv. Proc. No. 19-01102 (DSJ) (Bankr. S.D.N.Y.) Firestar Diamond is alleged to have been a central player in the largest bank fraud in Indian history. Mr. Modi is alleged to have been at the center of this fraudulent scheme. He is incarcerated in England pending extradition to India, where he faces criminal charges. The Trustee is attempting to identify and recover assets that may be used to compensate creditors of the Firestar Diamond estate. Critical to the Trustee's efforts is his attempt to secure financial records and other information from and about Mr. Modi. In March 2019, the Trustee commenced this adversary proceeding against Mr. Modi and two co-defendants, who served as executives of the Debtors, for breach of fiduciary duty, aiding and abetting breach of fiduciary duty, corporate waste, and violations of the Racketeering Influenced Corrupt Organizations Act. The defendants moved to dismiss the complaint. On Sept. 20, 2019, the Trustee filed an amended complaint against Mr. Modi and his co-defendants. In June 2023, the Trustee served his First Requests for Production of Documents to Mr. Modi, who provided a limited document production in December 2023 and served responses and objections in April 2024. In January 2024, the Trustee served his Second Requests for Production of Documents to Mr. Modi, who did not produce any documents in response to the Second RFPs. In April 2025, the the Trustee served the requests for admissions on Mr. Modi, who, while not represented by counsel in this matter, acknowledged receiving the RFAs on May 5, 2025. He earlier had participated via telephone in a hearing held on April 24, 2025, during which the Court specifically informed him of the need to respond to RFAs and the serious consequences of a failure to do so. Mr. Modi nevertheless took no action in response to the RFAs for months, but, shortly before the Sept. 23, 2025, hearing on the Trustee's motion, he caused English counsel to transmit to this Court correspondence and grossly untimely proposed responses to the RFAs, urging the Court to deny the Motion and accept his belatedly offered RFA responses. Fact discovery was to be completed by Oct. 24, 2025. The Trustee opposes this request as inexcusably late, inadequately supported, consistent with Mr. Modi's failure to constructively engage with this litigation or with his discovery obligations as a party, and prejudicial to the Trustee given the difficulty the Trustee has had obtaining needed information from parties including Mr. Modi and given the impending end of fact discovery. The Court finds the amendment or withdrawal of the deemed admissions would not promote the presentation of the merits of the action. The Court is persuaded that a withdrawal or amendment would significantly prejudice the Trustee's ability to prosecute his claim. A copy of the Court's Decision and Order dated October 15, 2025, is available at http://urlcurt.com/u?l=lS4DZMfrom PacerMonitor.com. Counsel for the Trustee: Carl N. Wedof, Esq. JENNER & BLOCK LLP 1155 Avenue of the Americas New York, NY 10036 E-mail: cwedoff@jenner.com About Firestar Diamond Firestar Diamond Inc. procured, designed, manufactured and distributed diamond-studded jewelry. Firestar Diamond's operations spanned the USA, Europe, the Middle East, the Far East and India, with offices in Mumbai, Surat, New York, Chicago, Johannesburg, Antwerp, Yerevan, Dubai, and Hong Kong. It employed over 1,200 people. A. Jaffe, Inc., a subsidiary of Firestar Diamond, designed and manufactured wedding rings and wedding bands. Firestar Diamond, A. Jaffe and Fantasy, Inc. sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 18-10509) on Feb. 26, 2018. Firestar Diamond estimated assets and debt of $50 million to $100 million. The Hon. Sean H. Lane was the case judge. The Debtors tapped Ian R. Winters, Esq., at Klestadt Winters Jureller Southard & Stevens, LLP as their bankruptcy counsel; Forchelli Deegan Terrana LLP as conflicts counsel; Lackenbach Siegel, LLP as special counsel; Getzler Henrich & Associates LLC and its managing director Mark Samson as chief restructuring officer; and Rust Consulting/Omni Bankruptcy as claims and noticing agent. Richard Levin, Esq., has been appointed as Chapter 11 trustee for Firestar Diamond. The trustee tapped Jenner & Block, LLP as his legal counsel; Alvarez & Marsal Disputes and Investigations, LLC as his financial advisor; and Gem Certification & Assurance Lab, Inc. as his appraiser. John J. Carney, Esq., has been appointed as examiner in the Debtors' cases. Alvarez & Marsal Disputes and Investigations, LLC, serves as his financial advisor. FLAGSTAR BANK: Moody's Affirms Ba1 Deposit Rating, Outlook Positive ------------------------------------------------------------------- Moody's Ratings has affirmed all long-term ratings and assessments of Flagstar Bank, NA (Flagstar) including Flagstar's baseline credit assessment (BCA) and adjusted BCA of ba3 following its merger with Flagstar Financial, Inc. (FLG), the bank's holding company. FLG's B1 long-term issuer rating was also withdrawn because the entity no longer exists. Moody's also affirmed the B1 subordinate debt rating and B3 (hyb) preferred stock rating now under Flagstar who became the borrower of FLG's subordinate debt and preferred stock following the merger. Moody's affirmed New York Community Capital Trust V's backed B2 (hyb) preferred stock rating. Moody's also affirmed Flagstar's short-term bank deposits at Not Prime, its short-term counterparty risk ratings at Not Prime and its short-term counterparty risk assessment at Not Prime(cr). The outlook remains positive for Flagstar's long-term bank deposits and issuer ratings. RATINGS RATIONALE The affirmation of the ratings follows the recent merger of Flagstar Financial Inc., the bank's holding company, into its lead bank Flagstar Bank NA. The merger will streamline the bank's organizational structure and reduce operating expenses. The bank will no longer be under Federal Reserve supervision, and the Office of the Comptroller of the Currency will continue to serve as its primary regulator. Flagstar's ba3 BCA remain well below Moody's median US bank rating (baa1 BCA) as improved qualitative and quantitative risk mitigants over the last two years are balanced against the credit risks associated with its still substantial concentration in CRE loans and its transition towards C&I lending. The bank still needs to make progress towards returning to profitability, reducing losses in its CRE portfolio, and securing an unqualified audit opinion on its internal controls over financial reporting (it currently has material weaknesses in the areas of risk assessment, monitoring activities and in the credit review process). Flagstar anticipates achieving profitability by the fourth quarter of this year. The positive outlooks reflect Moody's views that upward rating pressure could develop should sustained progress become evident in addressing these various factors. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Flagstar's ratings could be upgraded if it maintain a Moody's Ratings tangible common equity (TCE) to risk-weighted assets (RWA) ratio above 10.5% and demonstrates a path to achieving a consistent return on assets above 0.5% without incurring further outsized losses on its loan portfolio or lower deposits. The ratings could also be upgraded if Flagstar demonstrates a sustained improvement in governance, oversight, risk management and internal controls, including through the successful remediation of its material weaknesses in internal controls over financial reporting. Flagstar's outlook could return to stable if its capital as measured by TCE/RWA falls below 10.5%, its use of market funding expands in relation to deposit funding, or if its liquidity or profitability should weaken. The ratings could be also downgraded if credit performance deteriorates meaningfully relative to through-the-cycle expectations. The emergence of evidence of further challenges in governance, oversight, risk management and internal controls could also trigger a downgrade. LIST OF AFFECTED RATINGS Issuer: Flagstar Bank, NA Affirmations: Adjusted Baseline Credit Assessment, Affirmed ba3 Baseline Credit Assessment, Affirmed ba3 ST Counterparty Risk Assessment, Affirmed NP(cr) LT Counterparty Risk Assessment, Affirmed Ba2(cr) ST Counterparty Risk Rating (Foreign Currency), Affirmed NP ST Counterparty Risk Rating (Local Currency), Affirmed NP LT Counterparty Risk Rating (Foreign Currency), Affirmed Ba3 LT Counterparty Risk Rating (Local Currency), Affirmed Ba3 LT Issuer Rating (Local Currency), Affirmed B1 POS ST Bank Deposits (Local Currency), Affirmed NP LT Bank Deposits (Local Currency), Affirmed Ba1 POS Preferred Stock Non-cumulative (Local Currency), Affirmed B3 (hyb) Subordinate (Local Currency), Affirmed B1 Outlook Actions: Outlook, Remains Positive Issuer: Flagstar Financial, Inc. Withdrawals: LT Issuer Rating, Withdrawn, Previously B1 POS Outlook Actions: Outlook, Changed To Rating Withdrawn From Positive Issuer: New York Community Capital Trust V Affirmations: Backed Preferred Stock (Local Currency), Affirmed B2 (hyb) PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks Methodology published in March 2024. Flagstar's "Assigned BCA" of ba3 is set four notches below the "Financial Profile" initial score of baa2 to reflect the bank's expected trend in capitalization, its asset concentrations and its risk management practices. FRANCHISE GROUP: Ex-CEO Kahn Regains Partial Control ---------------------------------------------------- David Voreacos, Steven Church, and Donal Griffin of Bloomberg News report that Brian Kahn, the former CEO of Franchise Group Inc., has resurfaced in a new business role despite ongoing fraud allegations and a prior split from the company during its bankruptcy. A new lawsuit claims Kahn is involved with a firm that acquired parts of Franchise Group’s assets, contradicting assurances given to the bankruptcy court that he would have no part in the buyer's operations, according to the report. Filed in Delaware Chancery Court, the suit alleges Kahn secretly regained influence over certain assets and concealed his role through the company's ownership structure. Franchise Group argues that the move violates the court-approved sale terms and undermines the integrity of the bankruptcy proceedings, the report states. About Franchise Group Inc. Franchise Group, Inc., through its subsidiaries, operates franchised and franchisable businesses including The Vitamin Shoppe, Pet Supplies Plus, LLC, Badcock Home Furniture & More, American Freight, Buddy's Home Furnishings and Sylvan Learning Systems, Inc. Franchise Group, Inc. and its affiliates filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12480) on Nov. 3, 2024, listing $1,000,000,001 to $10 billion in both assets and liabilities. The petitions were signed by David Orlofsky as chief restructuring officer. Willkie Farr & Gallagher LLP and Young Conaway Stargatt & Taylor, LLP are serving as legal counsel, AlixPartners is serving as financial advisor and Chief Restructuring Officer, and Ducera Partners is serving as investment banker to the Company. Paul Hastings LLP is serving as legal counsel and Lazard is serving as investment banker to the first lien ad hoc group. FREE SPEECH: Court Doubts Jones Ex-Atty Can Evade Suspension ------------------------------------------------------------ Brian Steele of Law360 reports that a Connecticut appeals panel on Thursday, October 23, 2025, cast doubt on former Alex Jones attorney Norm Pattis's bid to avoid serving a disciplinary suspension. Judges questioned whether his procedural objections were sufficient to undo the penalty, according to the report. The court underscored that Pattis's misconduct findings cannot simply be erased through technical arguments, the report related. Instead, the panel said, any appeal must substantively address the ethical violations that led to the suspension, the report said. About Free Speech Systems Free Speech Systems LLC is a broadcast media production and distribution company that provides broadcasting aural programs by radio to the public. Free Speech Systems is a family-run business founded by Alex Jones. FSS is presently engaged in the business of producing and syndicating Jones' radio and video talk shows and selling products targeted to Jones' loyal fan base via the Internet. Today, FSS produces Alex Jones' syndicated news/talk show (The Alex Jones Show) from Austin, Texas, which airs via the Genesis Communications Network on over 100 radio stations across the United States and via the internet through websites including Infowars.com. Due to the content of Alex Jones' shows, Jones and FSS have faced an all-out ban of Infowars from mainstream online spaces. Shunning from financial institutions and banning Jones and FSS from major tech companies began in 2018. Conspiracy theorist Alex Jones has been sued by victims' family members over Jones' lies that the 2012 Sandy Hook Elementary School shooting was a hoax. Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet TV, LLC, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April 18, 2022. FTAI INFRASTRUCTURE: S&P Withdraws 'B-' ICR on Debt Repayment ------------------------------------------------------------- S&P Global Ratings withdrew all its ratings on FTAI Infrastructure Inc., including its 'B-' issuer credit rating and 'B-' issue-level rating, following the company's full repayment of its rated debt. At the time of the withdrawal, the rating outlook was stable. FTX TRADING: Updates Country List, Restricted Jurisdiction Process ------------------------------------------------------------------ Alex Wolf of Bloomberg Law reports that FTX Trading Ltd., operating as a bankruptcy trust, has updated its plan to handle distributions to creditors in restricted jurisdictions after objections from claimants in China. Filed on October 20, 2025, in the Delaware bankruptcy court, the proposal outlines how the trust will process claims that may be subject to local restrictions or sanctions. While no final restrictions are in place, FTX listed 44 countries -- including China, Russia, and Iran 00 as potentially affected pending further review, the report related. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. G1 TRANSPORT: Seeks Chapter 11 Bankruptcy in Georgia ---------------------------------------------------- On October 3, 2025, G1 Transport LLC filed Chapter 11 protection in the Northern District of Georgia. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. About G1 Transport LLC G1 Transport provides transportation services specializing in general freight hauling and offering cargo loading and unloading support. G1 Transport LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-11487) on October 3, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Paul Baisier handles the case. GABHALTAIS TEAGHLAIGH: Can Hire Bernkopf Goodman as Special Counsel ------------------------------------------------------------------- Judge Elizabeth D. Katz of United States Bankruptcy Court for the District of Massachusetts approved Gabhaltais Teaghlaigh LLC's application to employ Bernkopf Goodman, LLP as special counsel in its Chapter 11 case. Bernkopf Goodman will provide these services: (a) resolve competing claims and priorities affected by the avoided foreclosure sale of the Real Property, including who holds the Synergy Mortgage and whether any sums are due thereunder; (b) determine any sums due under the Rockland Mortgage; (c) address OHP's improper retention of rents from July 2022 through March 2024 and other damages Debtor has suffered relating thereto; (d) challenge the validity of the Gill Mortgage with respect to the bankruptcy estate; (e) determine the entitlement of any alleged secured creditors to proceeds from the sale of the Real Property; and (f) perform all other legal services and provide all other legal advice requested by the Debtor with respect to the above matter. Bernkopf Goodman will be paid at a reduced negotiated rate that is 10% less than their standard billing rates, with the primary work to be completed by Attorney Jason A. Manekas at a rate of $589.50 per hour and Attorney Meredith Swisher at a rate of $513 per hour. In addition, Bernkopf shall be paid a $10,000 retainer, subject to Court approval. A copy of the Court's Order dated October 16, 2025, is available at https://urlcurt.com/u?l=NjzY6U from PacerMonitor.com. About Gabhaltais Teaghlaigh LLC Gabhaltais Teaghlaigh, LLC is a real estate rental company that immediately prior to the petition date, owned six residential or commercial properties. Gabhaltais Teaghlaigh sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 22-10839) on June 15, 2022. In the petition filed by Virginia Hung, as member, Gabaltais Teaghlaigh listed under $50,000 in both assets and liabilities. Judge Elizabeth D. Katz oversees the case. David G. Baker, Esq., at Baker Law Offices is the Debtor's bankruptcy counsel. Synergy Funding is represented by Alex F. Mattera, Esq., at Pierce Atwood, LLP, in Boston, Massachusetts. GAI AIR: Seeks Chapter 11 Bankruptcy in Texas --------------------------------------------- GAI Air LLC filed for Chapter 11 bankruptcy in the Southern District of Texas on October 24, 2025. The voluntary petition was assigned case number #25-90526. According to court documents, the company listed liabilities between $1 million and $10 million, with an estimated 1 to 49 creditors. About GAI Air LLC GAI Air LLC operates within the aviation and air logistics sector. GAI Air LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90526) on October 24, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Susan Tran Adams, Esq. of Tran Singh LLP. GEC TRANSPORT: Seeks Chapter 11 Bankruptcy in Texas --------------------------------------------------- On October 6, 2025, GEC Transport Solutions LLC voluntarily filed for Chapter 11 bankruptcy in the Southern District of Texas. The company's bankruptcy petition indicates total liabilities each ranging from $1 million to $10 million. GEC Transport Solutions LLC also stated it has between 50 and 99 creditors. About GEC Transport Solutions LLC GEC Transport Solutions LLC is a limited liability company. GEC Transport Solutions LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-70297) on October 6, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $0 million each. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Susan Tran Adams, Esq. of TRAN SINGH, LLP. GENESIS HEALTHCARE: Cavazos Hendricks Represents Carroll & Howard ----------------------------------------------------------------- In the Chapter 11 bankruptcy cases of Genesis Healthcare Inc. and its debtor-affiliates, law firm Cavazos Hendricks Poirot, P.C., filed with the United States Bankruptcy Court for the Northern District of Texas, Dallas Division, a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019 to disclose that it represents Samuel Carroll, as executor of the Estate of Theresa Carroll (deceased), and Patricia A. Howard and Dennis J. Puls, as co-administrators of the Estate of Richard M. Puls (deceased). Cavazos Hendricks was contacted by John Kantner and James Amato of the law firm Fanelli, Evans & Patel, PC to represent their clients, Carroll and Puls, as counsel in the Genesis Healthcare bankruptcy cases. Carroll had a lawsuit filed in the Court of Common Pleas, Schuylkill County, Pennsylvania, against one or more of the Debtors. The lawsuit was pending as of July 9, 2025. Carroll had accepted a settlement that was reached prior to the Petition Date. Puls had a lawsuit filed in the Court of Common Pleas, Schuylkill County, Pennsylvania, against one or more of the Debtors, that was pending as of the Petition Date. As of the Petition Date, Puls had received one of five settlement payments. The creditors and the nature of their claims are: 1. Samuel Carroll c/o John Kantner, Fanelli, Evans & Patel, PC No. 1 Mahantongo Street Pottsville, PA 17901 Personal injury claims/wrongful death 2. Patricia A. Howard and Dennis J. Puls c/o James J. Amato Fanelli, Evans & Patel, PC No. 1 Mahantongo Street Pottsville, PA 17901 Survival/wrongful death The firm may be reached at: Anne Elizabeth Burns, Esq. CAVAZOS HENDRICKS POIROT, P.C. Suite 570, Founders Square 900 Jackson Street Dallas, TX 75202 Direct Dial: (214) 573-7343 Email: aburns@chfirm.com About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group that provides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The Committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. The U.S. Trustee also appointed: -- Melanie Cyganowski of Otterbourg, PC as patient care ombudsman for the healthcare facilities listed at https://is.gd/uSxEBx She tapped Otterbourg as her counsel. -- Susan Goodman of Pivot Health Law as PCO for the healthcare facilities listed at https://is.gd/M5zlls She is represented by Kane Russell Coleman Logan PC as counsel. -- Suzanne Koenig of SAK Healthcare as PCO for the healthcare facilities listed at https://is.gd/qv5SwV She is represented by Greenberg Traurig, LLP, as counsel. SAK Management Services, LLC d/b/a SAK Healthcare serves as her medical operations advisor. Brown Rudnick LLP and Stutzman, Bromberg, Esserman, & Plifka, PC represent an ad hoc group of holders of personal injury and wrongful death claims. Whitaker Chalk Swindle & Schwartz represents a personal injury claimant and six wrongful death claimants. GENESIS HEALTHCARE: Stops HHS From Ending Nursing Home ------------------------------------------------------ Alex Wittenberg of Law360 reports that a federal bankruptcy judge in Texas has temporarily barred the Centers for Medicare and Medicaid Services (CMS) from halting payments to one of Genesis Healthcare's Alabama-based nursing homes. The decision came as part of Genesis's ongoing Chapter 11 proceedings, according to the report. Judge Stacey G. C. Jernigan issued a preliminary injunction Thursday, October 23, 2025, concluding that CMS's move to cut off reimbursements might violate bankruptcy safeguards designed to protect the debtor's assets and patients, according to report. The order allows Genesis Healthcare to keep receiving federal payments for the facility while the company continues efforts to reorganize its finances and ensure uninterrupted care for residents, the report states. About Genesis Healthcare Inc. Genesis Healthcare Inc. is a Medical Group, based in Culver City, CA. The medical group, which has also operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare, provides physician services in Southern California. Genesis Healthcare Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case 25-80185) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Marcus Alan Helt, Esq. at Mcdermott Will & Emery LLP. The U.S. Trustee for Region 11 appointed Michael Bubman of BFW, LLC and Sunset-Herman-Frankel-Fleishman, LLC and Peter Gudaitis of Aculabs, Inc., as additional members of the official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The Committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel. GETTY IMAGES: Completes Exchange Offer With 98% Participation ------------------------------------------------------------- Getty Images Holdings, Inc. announced on Oct. 20, 2025, the final results of the previously announced offer by Getty Images, Inc., an indirect wholly owned subsidiary of Getty Images, to exchange any and all of the Issuer's issued and outstanding unsecured 9.750% Senior Notes due 2027 for newly issued unsecured 14.000% Senior Notes due 2028 of the Issuer and the related solicitation of consents to certain proposed amendments to the terms of the indenture governing the Old Notes. The Exchange Offer and Consent Solicitation were made pursuant to the terms of and subject to the conditions set forth in a confidential Offering Memorandum and Consent Solicitation Statement, dated September 18, 2025. According to Accuratus Tax and CA Services LLC, using the commercial names "Bondholder Communications Group" or "BondCom", the information and exchange agent for the Exchange Offer and Consent Solicitation, as of 5:00 p.m., New York City time, on October 17, 2025, the principal amount of Old Notes set forth in the table below had been validly tendered and not validly withdrawn (and consents thereby deemed validly given and not validly revoked) in the Exchange Offer and the Consent Solicitation: * Percent of Old Notes Tendered and Accepted: 98.23% * Aggregate Principal Amount of Old Notes Tendered and Consents Delivered: $294,686,000 * Title of Security: 9.750% Senior Notes due 2027 * CUSIP / ISIN Numbers: * 144A CUSIP: 374276AJ2 * 144A ISIN: US374276AJ21 * Reg S CUSIP: U3742LAA5 * Reg S ISIN: USU3742LAA53 The Issuer has accepted all tendered Old Notes. As a result, the Issuer will issue New Notes in an aggregate principal amount of $294,686,000 in exchange for the tendered Old Notes. Following the settlement date, $5,314,000 aggregate principal amount of Old Notes will remain outstanding. About Getty Images Getty Images (NYSE: GETY) is a preeminent global visual content creator and marketplace that offers a full range of content solutions to meet the needs of any customer around the globe, no matter their size. Through its Getty Images, iStock and Unsplash brands, websites and APIs, Getty Images serves customers in almost every country in the world and is the first place people turn to discover, purchase and share powerful visual content from the world's best photographers and videographers. Getty Images works with almost 600,000 content creators and more than 355 content partners to deliver this powerful and comprehensive content. Each year Getty Images covers more than 160,000 news, sport and entertainment events providing depth and breadth of coverage that is unmatched. Getty Images maintains one of the largest and best privately-owned photographic archives in the world with millions of images dating back to the beginning of photography. Through its best-in-class creative library and Custom Content solutions, Getty Images helps customers elevate their creativity and entire end-to-end creative process to find the right visual for any need. With the adoption and distribution of generative AI technologies and tools trained on permissioned content that include indemnification and perpetual, worldwide usage rights, Getty Images and iStock customers can use text to image generation to ideate and create commercially safe compelling visuals, further expanding Getty Images capabilities to deliver exactly what customers are looking for. GETTY IMAGES: Settles Exchange Offer and Closes $628M Notes Deal ---------------------------------------------------------------- Getty Images Holdings, Inc. announced on October 21, 2025, the settlement of the previously announced offer by Getty Images, Inc., an indirect wholly owned subsidiary of Getty Images, to exchange any and all of the Issuer's issued and outstanding unsecured 9.750% Senior Notes due 2027 for newly issued unsecured 14.000% Senior Notes due 2028 of the Issuer, and the related solicitation of consents to certain proposed amendments to the terms of the indenture governing the Old Notes. On October 21, 2025, $294,686,000 aggregate principal amount of Old Notes validly tendered (and not validly withdrawn) and were accepted for exchange by the Issuer, and the exchange of such principal amount of Old Notes for $294,686,000 aggregate principal amount of New Notes, issued to the exchanging holders, was settled. Following the consummation of the Exchange Offer, $5,314,000 aggregate principal amount of Old Notes remain outstanding. The New Notes were issued pursuant to an indenture, as supplemented by the first supplemental indenture thereto, each dated the date hereof and each by and among the Issuer, the guarantors party thereto and Wilmington Trust, National Association as trustee. In connection with the Issuer's acceptance of tendered Old Notes on the Settlement Date, the Issuer confirmed it had received the consents of at least a majority of the outstanding principal amount of Old Notes, and in connection therewith, on the Settlement Date, the Issuer entered into a supplemental indenture effecting the Proposed Amendments to the indenture governing the Old Notes, dated the date hereof, by and among the Issuer, the guarantors party thereto and Wilmington Trust, National Association, as trustee. The Third Supplemental Indenture became effective upon execution and is operative as of the date hereof, following: (i) payment by the Issuer of the Total Consideration to the Holders and (ii) notification to Wilmington Trust, National Association that such payment was made. Getty Images also announced the closing of the previously announced private offering of $628,400,000 aggregate principal amount of 10.500% Senior Secured Notes due 2030 offered to certain initial purchasers by the Issuer. The Senior Secured Notes are senior secured obligations of the Issuer and are jointly and severally guaranteed on a senior secured first lien basis by the same guarantors that provide guarantees for the Issuer's outstanding 11.250% Senior Secured Notes due 2030 and its secured credit facility. The Issuer: (i) issued such aggregate principal amount of Senior Secured Notes pursuant to an indenture, dated as of October 21, 2025, by and among the Issuer, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee and notes collateral agent, and (ii) entered into an escrow agreement, dated as of October 21, 2025, by and among the Issuer and U.S. Bank National Association, as escrow agent, and U.S. Bank Trust Company, National Association, as trustee. Pursuant to the terms of the Escrow Agreement, the Issuer has caused to be deposited an amount equal to the gross proceeds of the offering of the Senior Secured Notes in an escrow account, secured by a first-priority security interest in the escrow account and all funds deposited therein in favor of the Escrow Agent. Upon release from escrow, Getty Images and the Issuer intend to use such escrowed proceeds furnished by the offering of Senior Secured Notes to pay approximately $350,000,000 of fees, expenses and cash consideration to holders of Shutterstock common stock payable in connection with the Merger and to use the remaining proceeds to refinance certain indebtedness of Shutterstock and pay fees and expenses in connection with this offering. The offering of the Senior Secured Notes was made in connection with Getty Images' previously announced proposed merger of equals with Shutterstock, Inc., creating a premier visual company, pursuant to that certain Agreement and Plan of Merger, dated as of January 6, 2025 by and among, inter alios, Getty Images and Shutterstock. In the event that: (i) the Merger Agreement is terminated or not consummated on or prior to October 6, 2026, or (ii) the Issuer informs the Escrow Agent that in the reasonable judgment of the Issuer, the Merger will not be consummated on or prior to October 6, 2026, the Senior Secured Notes will be redeemed in accordance with a special mandatory redemption at a redemption price equal to 100% of the issue price of the Senior Secured Notes plus accrued and unpaid interest, if any, from the date of issuance or the most recent date to which interest has been paid or provided for, to, but not including, the date of such redemption. About Getty Images Getty Images (NYSE: GETY) is a preeminent global visual content creator and marketplace that offers a full range of content solutions to meet the needs of any customer around the globe, no matter their size. Through its Getty Images, iStock and Unsplash brands, websites and APIs, Getty Images serves customers in almost every country in the world and is the first place people turn to discover, purchase and share powerful visual content from the world's best photographers and videographers. Getty Images works with almost 600,000 content creators and more than 355 content partners to deliver this powerful and comprehensive content. Each year Getty Images covers more than 160,000 news, sport and entertainment events providing depth and breadth of coverage that is unmatched. Getty Images maintains one of the largest and best privately-owned photographic archives in the world with millions of images dating back to the beginning of photography. Through its best-in-class creative library and Custom Content solutions, Getty Images helps customers elevate their creativity and entire end-to-end creative process to find the right visual for any need. With the adoption and distribution of generative AI technologies and tools trained on permissioned content that include indemnification and perpetual, worldwide usage rights, Getty Images and iStock customers can use text to image generation to ideate and create commercially safe compelling visuals, further expanding Getty Images capabilities to deliver exactly what customers are looking for. GFW PROPERTIES: Section 341(a) Meeting of Creditors on November 24 ------------------------------------------------------------------ On October 22, 2025, GFW Properties LLC filed a voluntary Chapter 11 bankruptcy petition in the Northern District of Texas. Court documents show the firm's debts between $100,001 and $1 million. It estimates a total creditor count of 1–49. A meeting of creditors under Section 341(a) to be held on November 24, 2025 at 03:00 PM by TELEPHONE. About GFW Properties LLC GFW Properties LLC is a limited liability company. GFW Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-44090) on October 22, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Craig D. Davis, Esq. of DAVIS, ERMIS & ROBERTS, P.C. GILBERT LEGGETT: Ward and Smith Advises Triangle Chemical et al. ---------------------------------------------------------------- In the Chapter 11 bankruptcy cases of Gilbert Leggett Farms Inc. and its debtor-affiliates, Ward and Smith, P.A., filed with the United States Bankruptcy Court for Eastern District of North Carolina, Greenville Division, a Verified Statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to inform the Court that the firm represents these creditors: 1. Triangle Chemical Company; 2. Severn Peanut Company, Inc.; and 3. Sandy Land Peanut Company, LLC f/k/a Sandy Land Peanut Company, Inc. Triangle Chemical is a Georgia corporation authorized to do business in Lenoir County, N.C. Severn Peanut operates in Northampton County, and Sandy Land Peanut Company, LLC f/k/a Sandy Land Peanut Company Inc. is a limited liability firm that operates in Hertford County. In accordance with the North Carolina Rules of Professional Conduct, Ward and Smith has considered and evaluated all potential conflicts of interest and has determined that the representations are permissible and has obtained proper consents from its clients where required. The firm may be reached at: J. Michael Fields, Esq. Lilian L. Faulconer, Esq. WARD AND SMITH, P.A. Post Office Box 8088 Greenville, NC 27835-8088 Tel: (252) 215-4000 Fax: (252) 215-4077 E-mail: jmf@wardandsmith.com E-mail: llfaulconer@wardandsmith.com About Gilbert Leggett Farms Inc. Gilbert Leggett Farms, Inc. grows and sells sweet potato seed plants, including the Covington variety, and is also involved in cultivating crops such as peanuts, sweet corn, and cotton. Gilbert Leggett Farms sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02668) on July 14, 2025. In its petition, the Debtor reported total assets of $2,329,639 and total liabilities of $2,340,328. Judge Pamela W. McAfee handles the case. David J. Haidt, Esq., at Ayers & Haidt, P.A. is the Debtor's legal counsel. Delmas B. Cumbee, Jr. serves as the Debtor's accountant. GIRARDI & KEESE: Edelson Plans to Drop Suit Against Co.'s Ex-Attys ------------------------------------------------------------------ Lauraann Wood of Law360 reports that Edelson PC has moved to drop its civil suit against two ex-Girardi Keese lawyers accused of helping Tom Girardi steal client settlement funds. The firm submitted a notice in Illinois federal court indicating its plan to end the claims but offered few details behind the decision, according to the report. On Friday, October 24, 2025, the presiding judge said he would not immediately approve the withdrawal, instead seeking a discussion about the filing. The case remains part of the wider fallout from Girardi's alleged misconduct, which left numerous clients without compensation. About Girardi & Keese Girardi and Keese or Girardi & Keese was a Los Angeles-based law firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It served clients in California in a variety of legal areas. It wasknown for representing plaintiffs against major corporations. An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No. 20-21022) was filed in December 2020 against GIRARDI & KEESE by alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian, Erika Saldana, Virginia Antonio, and Kimberly Archie. The petitioners' attorneys is Andrew Goodman, at Goodman Law Offices, Apc. Elissa D. Miller, a member of the firm SulmeyerKupetz, has been appointed as Chapter 7 trustee for GIRARDI KEESE. GOOD FLOOR LOANS: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------------ On October 22, 2025, Good Floor Loans LLC filed for Chapter 11 bankruptcy in the Northern District of Texas. Court documents show that the lender reported liabilities ranging from $100 million to $500 million. The petition also lists between 200 and 999 creditors. About Good Floor Loans LLC Good Floor Loans LLC is a limited liability company. Good Floor Loans LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-90014) on October 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Jason Patrick Kathman, Esq. of Spencer Fane LLP. GOOD LIFE: Taps Luvaas Cobb Richards & Fraser as Special Counsel ---------------------------------------------------------------- Good Life, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Oregon to employ Luvaas, Cobb, Richards, & Fraser PC as special counsel. The firm will provide advice and strategy relating to the registration and maintenance of registration of the Debtor's trademarks. The firm will be paid at these hourly rates: Andrew M.J. Pinchin, Attorney $325 Sabrina Overcash, Legal Assistant $130 Mr. Pinchin disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Andrew M.J. Pinchin, Esq. Luvaas, Cobb, Richards, & Fraser PC 777 High Street, Suite 300 Eugene, OR 97401 About Good Life Inc. Good Life, Inc. develops and sells ultrasonic bark control and pest repellent products. The company operates through its primary e-commerce site -- ultimatebarkcontrol.com -- and is based in Medford, Oregon. Its offerings include devices such as the Dog Silencer MAX, BarkWise, and Pest Repeller Ultimate. Good Life sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-61636) on June 11, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Kathy Alexander, secretary, signed the petition. Judge Thomas M. Renn oversees the case. Keith Y. Boyd, Esq., at Keith Y. Boyd, PC, represents the Debtor as legal counsel. GREENIDGE GENERATION: Reports Early Tender Results for 2026 Notes ----------------------------------------------------------------- Greenidge Generation Holdings Inc., a vertically integrated cryptocurrency datacenter and power generation company, on October 22, 2025, announced the early results of its previously announced concurrent tender and exchange offers to exchange or to purchase, at the election of each holder, its outstanding 8.5% Senior Notes due 2026 as set forth in the Offer to Purchase/Exchange, dated October 6, 2025 (as may be amended. modified, supplemented and/or restated from time to time, the "Offer"), which trade on the Nasdaq Global Select Market under the symbol "GREE." According to the information provided to Greenidge by Computershare Trust Company, N.A., the exchange agent in connection with the Offer, the following aggregate principal amount of the Old Notes set forth below was validly tendered pursuant to the Tender Option and not properly withdrawn as of the Early Tender Date: Aggregate Principal Amount Validly Tendered and Not Properly Withdrawn (as of the Early Tender Date): * Title of Security: 8.50% Senior Notes Due 2026 * CUSIP Number: 39531G209 * Outstanding Principal Amount: $38,409,825 * Tendered Amount: $276,225 According to the information provided to Greenidge by Computershare Trust Company, N.A., the exchange agent in connection with the Offer, an aggregate principal amount of $31,275 of Old Notes have been validly tendered and not properly withdrawn pursuant to the Exchange Option (as defined in the Offer to Purchase/Exchange) as of the Early Tender Date. Information Relating to the Tender/Exchange Offer The complete terms and conditions of the Offer are set forth in the Offer to Purchase/Exchange, dated October 6, 2025 (the "Offer to Purchase/Exchange"), which sets forth a detailed description of the Tender/Exchange Offer. Greenidge refers investors to the Offer to Purchase/Exchange for the complete terms and conditions of the Tender/Exchange Offer. Investors with questions regarding the terms and conditions of the Tender/Exchange Offer may contact our information agent as follows: D.F. KING & CO., INC. Banks and Brokers call: (212) 434-0035 Toll free: (800) 669-5550 Email: GREE@dfking.com About Greenidge Generation Holdings Inc. Greenidge Generation Holdings Inc. (Nasdaq: GREE) is a vertically integrated power generation company, focusing on cryptocurrency mining, infrastructure development, engineering, procurement, construction management, operations and maintenance of sites. HIGH SOURCES: Gets Extension to Access Cash Collateral ------------------------------------------------------ High Sources, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral to fund operations. The court's third interim order authorized the Debtor to use its secured creditors' cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in its budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditors. This authorization will continue until further order of the court. As adequate protection, secured creditors will be granted post-petition liens on their cash collateral, with the same validity, priority and extent as their pre-bankruptcy liens. The Debtor must also make $5,000 monthly payments to INBANK. As further protection, the Debtor was ordered to keep its property insured in accordance with its loan agreements with the secured creditors. The secured creditors include the U.S. Small Business Administration, INBANK, Newtek Small Business Finance, and several merchant cash advance lenders. The next hearing is set for December 2. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/TSsKU from PacerMonitor.com. Newtek is represented by: Stephanie C. Lieb, Esq. Trenam, Kemker, Scharf, Barkin, Frye, O'Neill & Mullis, P.A. 101 East Kennedy Boulevard, Suite 2700 Tampa, FL 33602 Phone: (813) 223-7474 Fax: (813) 229-6553 slieb@trenam.com INBANK is represented by: Kathleen L. DiSanto, Esq. Bush Ross, P.A. P.O. Box 3913 Tampa, FL 33601-3913 Phone: (813) 224-9255 Fax: (813) 223-9620 kdisanto@bushross.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, Esq., and Jonathan A. Semach, Esq., at Ford & Semach, P.A. are the Debtor's bankruptcy attorneys. HOBBS & ASSOCIATES: Moody's Cuts CFR to 'B3', Outlook Stable ------------------------------------------------------------ Moody's Ratings downgraded Hobbs & Associates, LLC's (Hobbs) corporate family rating to B3 from B2 and probability of default rating to B3-PD from B2-PD. Concurrently, Moody's downgraded Hobbs' $125 million backed senior secured revolving credit facility expiring July 2029 and approximate $874 million backed senior secured term loan maturing July 2031 to B3 from B2, and assigned B3 ratings to the proposed $25 million backed senior secured delayed draw term loan and $125 million additional capacity backed senior secured term loan maturing July 2031. The outlook has been changed to stable from negative. The company is a Virginia-based commercial heating, ventilation, and air conditioning (HVAC) solutions provider. The, Hobbs announced it will increase the amount of its term loan by $125 million and add the delayed draw term loan. The downgrade of the CFR to B3 from B2 follows the issuance of incremental debt, for the second time in the last nine months, to fund acquisitions, as was done in a similar debt raise in February, 2025. Therefore, Moody's considers the proposed transaction an acceleration in the company's debt-funded M&A strategy versus Moody's previous expectations, which could result in sustained high debt leverage and extend the timeline to achieve meaningful positive free cash flow generation, while increasing integration risks. In addition, the company maintains a concentrated equity ownership. Governance considerations, given Moody's anticipations for the company to seek rapid, debt-fueled acquisition growth, were a key driver of the rating actions. RATINGS RATIONALE The company's B3 CFR is negatively impacted by its limited history operating at a much larger size than in the past (Hobbs reported $1.9 billion of pro forma (including new acquisitions) revenue size as of the LTM period ended June 30, 2025 versus $170 million as recently as fiscal year end 2022) as well as higher pro forma (including new debt) debt/EBITDA leverage of over 7.0x as of June 30, 2025 versus 5.8x as of September 30, 2024 and historical levels around 4.0x. The company's margin profile and free cash flow expectations remain uncertain given the company's large pro forma adjustments linked to a very active M&A pipeline that could result in larger than anticipated integration costs or weaker profitability from the acquired targets. All financial metrics cited reflect Moody's standard adjustments, unless otherwise noted. Moody's anticipations of an aggressive pace of debt-funded acquisitions is also a credit constraint as such activity will keep quality of earnings weak and integration risks elevated. The company's active M&A pipeline will also result in sustained periods of low to possibly negative free cash flow, which could pressure the ratings. Supported to the credit profile is provided by Hobbs' asset light and flexible business model, with growing revenue size and geographic scope, potential for increased profitability margins and cash flow if the company achieves its plans, as well as low customer concentration, a variable cost structure, and a favorable competitive position within a large and growing HVAC market that is benefitting from positive industry trends, supporting Moody's expectations for mid to high single digit organic revenue growth over the next several years. The downgrade of the company's senior secured bank credit facilities to B3 from B2 reflect the downgrade of the CFR to B3. The B3 secured debt ratings remain consistent with the CFR, as the secured debt instruments account for the preponderance of the company's debt structure and rank pari passu in the capital structure. There are no financial covenants applicable to the term loan. The revolver is subject to a springing first lien net leverage covenant below 7.75x, which is tested when the revolver is 40% or more drawn. Moody's expects that the company would be able to maintain an ample cushion under its financial covenant if it is tested over the next 12 to 15 months. Moody's views Hobbs' liquidity as good, with a pro forma (for incremental debt) cash balance of roughly $61 million as of June 30, 2025. Moody's expects the company to generate about $25 million of free cash flow over the next 12 to 15 months, corresponding to free cash flow to debt of 2%. The company has a $125 million revolving credit facility which also supports liquidity. The revolver might be needed to fund seasonal cash needs and potential acquisitions. The stable outlook reflects Moody's views that Hobbs could achieve lower financial leverage if it is able to efficiently execute on its acquisition integration by improving both profitability and cash flow while operating at an increased scale. Moody's expects Hobbs will maintain a high pace of debt fueled acquisitions, and that debt/EBITDA will remain above 6x for the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Hobbs & Associates experiences success operating on a larger scale, demonstrates its ability to reduce debt leverage through organic revenue growth, and improves free cash flow generation on a sustained basis. An upgrade would also require debt/EBITDA sustained below 5.5x, EBITA/interest sustained above 2x, EBITDA margins sustained above 10%, as well as improved free cash flow generation and an improvement in internally generated liquidity, and better earnings visibility, with a lower proportion of the company's EBITDA linked to pro forma adjustments, in conjunction with a materially decreased anticipated cadence of debt funded acquisitions. The ratings could be downgraded if the company experiences weaker than expected operating performance, including organic revenue declines or contracting profitability rates, or if it faces challenges in operating on a larger scale. The ratings could also be downgraded if Moody's expects debt/EBITDA will remain above 7.0x on a sustained basis, EBITA/interest will be sustained below 1.25x, EBITDA margins materially decline, free cash flow sustained below break-even or liquidity deteriorates. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Norfolk, VA, Hobbs & Associates, LLC is a commercial HVAC rep firm and value added solutions company. The company has a primary footprint across the Mid-Atlantic, Northeast, and Southeast regions of the US under the brand name Air Control Concepts Parent, LLC. Hobbs is owned by private equity firms Madison Dearborn Partners, LLC and Blackstone. Moody's expects 2026 revenue of over $2.0 billion. HONOR STUDIOS: Hires Victor Mokuolu CPA PLLC as Accountant ---------------------------------------------------------- Honor Studios LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Victor Mokuolu CPA PLLC as accountant. The firm will prepare and file the Debtor's 2024 income tax return. The firm will be paid a flat fee of $650. Mr. Mokuolu 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: Victor Mokuolu Victor Mokuolu CPA PLLC Tel: (281) 640-3400 About Honor Studios LLC Honor Studios, LLC, also operating as The House of Honor and House of Honor, is a limited liability company. Honor Studios sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-43139) on August 22, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $100,000 and $500,000 in liabilities. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC. HORIZON HOUSE: Fitch Lowers IDR to 'BB', Outlook Stable ------------------------------------------------------- Fitch Ratings has assigned a 'BB' rating to series 2025A, 2025B-1, 2025B-2, and 2025B-3 revenue bonds issued by Washington State Housing Finance Commission on behalf of Horizon House. Fitch also downgraded the Issuer Default Rating (IDR) and the rating on Horizon House's (HH) outstanding bonds issued by Washington State Housing Finance Commission on behalf of HH to 'BB' from 'BB+'. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Horizon House (WA) LT IDR BB Downgrade BB+ Horizon House (WA) /General Revenues/1 LT LT BB Downgrade BB+ Fitch downgraded HH to 'BB+' from 'BBB' in 2023 when the organization first disclosed its West Tower expansion. After reviewing the feasibility study and receiving more detailed project information, Fitch has further lowered the rating one notch to 'BB'. This action reflects elevated risk from the 40-month construction period, presales below industry standards at 60% versus the typical 70%, and heightened inflationary, execution, construction, and fill-up risks. The 'BB' rating also incorporates Fitch's expectation that the project will proceed as planned and ultimately be accretive for the community. The series 2025 bonds will fund the West Tower project, a 33-story replacement of the existing west tower that adds 202 independent living units (ILU) for a net increase of 151 ILUs. The West wing was selected for redevelopment due to its relative ease of demolition and limited disruption to campus operations. Although the central tower is older (1953), it is the structural nexus among the east, west, and north towers and therefore not practical to replace. Presales performance is below industry standards at approximately 60% as of October 2025, with improved velocity since July 2025 and strong uptake among higher-priced units. HH's financial profile is weak due to the magnitude of debt incurred for the West Tower project. The overall rating reflects both this elevated leverage and Fitch's expectation that the balance sheet will rebuild post-completion. SECURITY The bonds are secured by a pledge of gross revenues and certain mortgaged property of the obligated group. There will be debt service reserve funds associated with the series 2025 bonds. KEY RATING DRIVERS Revenue Defensibility - a Single-Site LPC with Historically Strong Demand HH benefits from favorable demographic trends in the Seattle metro. Its location in First Hill, adjacent to downtown, offers proximity to healthcare, cultural amenities, and transit, broadening its draw and enhancing marketability. The community's mission-driven approach and high resident engagement distinguish HH from competitors and support resilient demand. Fitch assesses HH's pricing flexibility at strong. Management executes regular rate and fee increases, with historical acceptance indicating adequate headroom. Entrance fees range from about $56,000 to $1.9 million, reflecting a strategy to attract residents across the socio-economic spectrum while capturing premium pricing for larger, high-end ILUs. This breadth diversifies revenue and helps balance affordability with margin preservation. ILU occupancy exceeded 95% pre-pandemic but softened to around 90% in 2022, which management attributes to aging inventory rather than market weakness. The West Tower project is expected to address this by delivering newer, larger ILUs aligned with market preferences, supporting a recovery in ILU occupancy and entrance fee activity. The entrance fees on the West Tower range from $550,000 to over $3 million, with a weighted average of $1.1 million. Assisted living unit (ALU) and memory care unit (MCU) occupancy, historically near 80%, improved to roughly 90% as of end-June 2025, indicating stabilization. Fitch expects HH to maintain favorable occupancy through construction despite temporary operational disruptions. Fourteen ALUs will be taken out of service to accommodate the residents' weekly market, but the effect is expected to be manageable given the community's demand profile and engagement strategy. Operating Risk - bb History of Sound Operating Results; Elevated Debt Stresses Capital-Related Metrics The elevated debt associated with the West Tower project significantly weakens HH's capital-related metrics. Fitch projects maximum annual debt service (MADS) to exceed 20% of revenues and debt-to-net to surpass 12x during construction and early ramp-up, both of which are very weak for the sector and highlight the execution and fill up risks inherent in a project of this scale. Historically, these metrics were midrange, with MADS of approximately 13% of revenue and debt-to-net of about 6.4x, underscoring the step-change in leverage. Fitch also expects cost containment metrics to soften, though not to the same degree as capital metrics. Historically, HH's operating risk aligned with a midrange assessment, supported by good ILU occupancy and disciplined cost management. Over recent years, average operating ratio (OR), net operating margin (NOM), and net operating margin adjusted (NOM-A) averaged approximately 95%, 12%, and 30%, respectively. Project-related challenges, most notably the temporary reduction of total available ILUs by 51 as the existing West Tower comes offline, have softened these metrics to 101.9% OR, 1.8% NOM, and 25.7% NOM-A as of end-June 2025, consistent with a weak operating risk profile. Capital spending will exceed 250% of depreciation over the course of the project, materially lowering the average age of plant (13 years at fiscal YE 2024) once completed. While the existing campus remains broadly attractive, footprint constraints in downtown Seattle require a large-scale redevelopment rather than incremental expansion, elevating near-term leverage and operating risk but aimed at sustaining demand and modernizing the ILU offering over time. Financial Profile - bb Elevated Capex and Debt Stress Balance Sheet The West Tower's direct construction cost is approximately $415 million. The series 2025 issuance also includes roughly $25 million for additional campus capital projects and $40 million of refunding bonds. Of the initial entrance fee pool of about $240 million, approximately $190 million is expected to retire TEMPS debt. The magnitude of the debt load places HH's financial profile in the weak category on leverage and coverage metrics. Fitch expects the project to successfully fill and ultimately generate substantial net turnover entrance fees and operating revenue, which should support rebuilding of HH's balance sheet over time as units stabilize. Liquidity provides some cushion through the construction period: unrestricted cash was approximately $58 million at YE 2024, equating to about 57% cash to adjusted debt and 715 days cash on hand, which is neutral to the financial profile assessment. The debt will weaken HH's cash-to-adjusted debt considerably (below 20% pro forma). In a forward-looking stress scenario, the ratio should improve, although incrementally and only reach 20% by year five. Asymmetric Additional Risk Considerations No asymmetric risk considerations were relevant to the rating determination. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Indications of weakening ILU demand generally, inability to presell 60% of the expansion units before construction begins; - Decrease in unrestricted liquidity resulting in cash to adjusted debt levels sustained below 25%; - Decline in MADS coverage to levels sustained below 0.5x; - Significant cost overruns or construction delays. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - While likely outside of the two-year outlook period, a successful completion of the west tower expansion project (on time, on budget with stabilized occupancy) that improves operating risk and financial profile assessments to a midrange could result in positive rating action. PROFILE HH owns and operates a Type-B contract LPC located in the First Hill neighborhood of Seattle, WA. HH is affiliated with the Pacific Northwest Conference of the United Church of Christ. The campus originally opened its doors in 1961 and is currently comprised of 377 ILUs, and has 90 licenses for AL and MC. The west wing includes 51 ILUs, which will be demolished and replaced with 202 ILUs. HH has no SNF and is the only member of the obligated group. HH converted its contracts to non-refundable and favorably has very low and declining entrance fee refund liabilities. At fiscal YE 2024, entrance fee refund liabilities totaled about $8.9 million. Fitch's analysis is based solely on the obligated group financial statements. In fiscal 2024, HH had approximately $40 million in total revenue. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. HOUDINISWAP LLC: DHECA Seeks Receiver for Crypto Firm ----------------------------------------------------- Defendant and Counterclaim-Plaintiff DHECA, S.R.L. asks the U.S. District Court for the District of Maryland to appoint a receiver to take control of HoudiniSwap LLC. DHECA contends it and defendant Lukas Kaczmarek have provided the Court with dozens of corporate records showing DHECA is the rightful owner of HoudiniSwap and the assets formerly controlled by that entity. Yet DHECA -- while incurring the liability and accountability of owning HoudiniSwap -- remains essentially locked out from control and ownership by Plaintiff Louis Goldberg and, now, "CEO" Rogers. DHECA asserts Goldberg lacks any corporate document showing that he is the rightful owner of HoudiniSwap. To the contrary, Rogers, the terminated actor who was fired with Goldberg but who now (through counsel) claims that he is running the company, signed at least one corporate record affirming that Goldberg was not the owner of the Company. Neither Goldberg nor Rogers has addressed how the documents prepared by and in connection with outside counsel regarding the Company's ownership can be discarded as a matter of law. Nor have they addressed how their conduct is appropriate under the applicable corporate law of St. Vincent and the Grenadines. Yet they continue to exercise control, despite their failure to identify a single document vesting either of them with that authority. DHECA also tells the Court Goldberg et al. have locked out the rightful owner (DHECA), dissipated at least $3.9 million worth of the Company's crypto assets, improperly asserted claims on behalf of the Company, exposed the Company to self-serving frauds, taken positions that threaten the Company's contracts with third-party vendors, and subjected the Company to significant regulatory liabilities. In his lawsuit, Goldberg alleges fraud, extortion, and a jaw-dropping breach of fiduciary trust against Kaczmarek, a Maryland-licensed attorney. According to the lawsuit, Kaczmarek and his cohorts deliberately interfered with HoudiniSwap's business and operations, sending false and damaging communications to HoudiniSwap employees claiming ownership over the company. They also stifled a sales process that was in its advanced stages. And they broke into HoudiniSwap's computer systems and stole valuable, proprietary trade secrets and confidential, commercially sensitive information. Armed with perceived leverage from their fraudulent claim of ownership and stolen HoudiniSwap records, Defendants laid bare their true aim -- extortion—offering to "sell back" the company to Lou for a cash payment to which they are not entitled. The case is captioned, Goldberg et al v. Kaczmarek et al, Case No. 1:25-cv-02477 (D. Md.), and is pending before the Hon. Judge Julie Rebecca Rubin. Counsel for Plaintiffs Louis Goldberg and HoudiniSwap LLC: Martin J. Weinstein, Esq. Douglas F. Gansler, Esq. CADWALADER, WICKERSHAM & TAFT LLP 1919 Pennsylvania Avenue NW Washington, DC 20006 Tel: (202) 862-2200 Fax: (202) 862-2400 E-mail: martin.weinstein@cwt.com douglas.gansler@cwt.com - and – Adam K. Magid, Esq. Andrew D. Huynh, Esq. CADWALADER, WICKERSHAM & TAFT LLP 200 Liberty Street New York, NY 10281 Tel: (212) 504-6000 Fax: (212) 504-6666 E-mail: adam.magid@cwt.com andrew.huynh@cwt.com Attorneys for Defendant/Counter-Plaintiff DHECA: William N. Sinclair, Esq. SILVERMAN, THOMPSON, SLUTKIN & WHITE, LLC 400 E. Pratt St., Suite 900 Baltimore, MD 21202 Tel: (410) 385-2225 Fax: (410) 547-2432 E-mail: bsinclair@silvermanthompson.com - and - Eric Rosen, Esq. Jamie Hoxie Solano, Esq. Constantine P. Economides, Esq. DYNAMIS LLP 11 Park Place New York, NY 10007 E-mail: ERosen@dynamisllp.com JSolano@dynamisllp.com CEconomides@dynamisllp.com HUMPER EQUIPMENT: Taps Aleshire Robb and Clifford Law as Counsel ---------------------------------------------------------------- Humper Equipment LLC and RBX, Inc. seek approval from the U.S. Bankruptcy Court for the Western District of Missouri to employ Aleshire Robb, PC and Clifford Law Offices, PC as special counsel. The firms will represent the Debtors in a litigation of a certain complex commercial claim against PACCAR, Inc. on behalf of the bankruptcy estate. The firm will receive a contingency fee of 40 percent of the amount recovered, whether by suit or settlement, together with a reimbursement of costs. Gregory Aleshire, Esq., an attorney at Aleshire Robb, and Shannon McNulty, Esq., an attorney at Clifford Law Offices, disclosed in court filings that the firms are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firms can be reached through: Gregory W. Aleshire, Esq. Aleshire Robb, PC 2847 S. Ingram Mill Rd., Suite A-102 Springfield, MO 65804 - and - Shannon McNulty, Esq. Clifford Law Offices, PC 120 N. LaSalle Street, 36th Floor Chicago, IL 60602 About Humper Equipment Humper Equipment LLC, a company in Strafford, Mo., filed a Chapter 11 petition (Bankr. W.D. Miss. Case No. 24-60818) on Dec. 12, 2024, with up to $50,000 in assets and $10 million to $50 million in liabilities. James A. Keltner, sole member of Humper Equipment, signed the petition. Judge Brian T. Fenimore oversees the case. The Debtor is represented by Sharon L. Stolte, Esq. at Sandberg Phoenix & Von Gontard. INDEPENDENT MEDEQUIP: Unit OK'd to Withdraw Bid to Sell ------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Alabama, Southern Division, has permitted Independent MedEquip, LLC, and its affiliates, to withdraw Motion to Sell Property. The Debtor desires to sell and convey all its interest in the Property located at 1201 3rd Avenue North Birmingham, Alabama 35293 to City on 3rd LLC, an Alabama limited liability company, in the purchase price of $1,899,000. The Property is consists of approximately 0.6 acres plus an adjacent alley, and including one building with approximately 19,000 square feet. Based on representations of counsel in open court on October 23, 2025, the Debtor's Motion to Sell is withdrawn. About Independent MedEquip LLC Independent MedEquip, LLC, a company in Birmingham, Ala., provides durable medical equipment such as oxygen tanks, CPAP machines, mobility aids, and other home-use medical devices. Independent MedEquip and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Lead Case No. 25-02821) on September 18, 2025. At the time of the filing, Independent MedEquip disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Tamara O'Mitchell oversees the cases. Stuart Memory, Esq., at Memory Memory and Causby LLP, is the Debtor's legal counsel. Jackson Investment Group, LLC, the Debtors' DIP lender, may be reached through Richard L. Jackson, CEO. Cadence Bank, a prepetition secured creditor, may be reached through C. Ellis Brazeal III, Esq., at Jones Walker, LLP, in Birmingham, Alabama. IR4C INC: To Sell Lakeland Property to Gregory Madden for $3.6MM ---------------------------------------------------------------- R4C Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 3715 Drane Field Road, Lakeland, Florida and more specifically described as: LOT 4, AIRPORT COMMERCE PARK, according to the map or plat thereof as recorded in Plat Book 168, Page 1, Public Records of Polk County, Florida. The Debtor listed the property for sale with Gary Ralstron with Saunders Real Estate LLC. The Debtor receives an offer to purchase the real property from Gregory Madden in the amount of $3,650,000. Thee Buyers do not have any relationship with the Debtor or any estate professionals. The contract does, however, provide for leaseback terms to allow the Debtor to maintain its operations in the building. The Debtor represents that to the best of its knowledge, it is not aware of any fraud or collusion in the proposed sale. Reed, Mawhinney & Link, PLLC is holding the escrow deposit of $50,000 and will handle the real estate closing. The Debtor seeks authority from the court for Reed, Mawhinney & Link PLLC to handle the real estate closing and to distribute from the sale proceeds the items listed in the Settlement Statement attached as Exhibit 2, including any and all reasonable and customary expenses necessary to consummate the sale. These amounts are estimates and are subject to change based on the date of closing. The Debtor proposes payment of all disbursements related to such sale, including payment of pro-rated 2025 real estate taxes; 2024 real estate taxes; broker’s commission; reasonable and customary closing costs, including but not limited to, closing fees, title and municipal lien searches/storage fees, affidavits, owner’s title insurance, state tax/stamps, recording costs, wire / FedEx / notary fees, and the payoff to the Lake Michigan Credit Union and Small Business Administration. About IR4C Inc. IR4C, Inc., a company in Lakeland, Fla., is the owner and operator of a mobile application fitness program using augmented reality to create virtual "races." It conducts business under the name Yes.Fit and Make Yes Happen. IR4C filed Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 24-05458) on Sept. 13, 2024. In its petition, IR4C listed total assets of $4,280,839 and total liabilities of $7,922,422. IR4C President Kevin D. Transue signed the petition. Judge Roberta A. Colton oversees the case. Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace is the Debtor's legal counsel. Lake Michigan Credit Union, as secured creditor, is represented by Andrew W. Lennox, Esq., and Casey Reeder Lennox, Esq., at Lennox Law, P.A., in Tampa, Florida. JASS LLC: Seeks Subchapter V Bankruptcy in Colorado --------------------------------------------------- On October 15, 2025, Jass LLC filed Chapter 11 protection in the District of Colorado. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. About Jass LLC Jass LLC, d/b/a Conoco Truck Stop, runs a truck stop in Longmont, Colorado, offering fuel, parking, and convenience amenities mainly for commercial truck drivers and other travelers. Jass LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-16683) on October 15, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Gregory K. Stern, Esq. of GREGORY K. STERN, P.C. JJTA9 REAL PROPERTIES: Case Summary & Seven Unsecured Creditors --------------------------------------------------------------- Debtor: JJTA9 Real Properties LLC 2501 Jammes Road Jacksonville, FL 32210 Business Description: JJTA9 Real Properties LLC is primarily engaged in the ownership and leasing of real estate properties as a single-asset real estate entity under U.S. bankruptcy law Section 101(51B). Chapter 11 Petition Date: October 23, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-03850 Judge: Hon. Jason A. Burgess Debtor's Counsel: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 E-mail: jeff@bransonlaw.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Jarek Tadla as manager of Peoples Choice Apartments LLC. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YNS6LLQ/JJTA9_Real_Properties_LLC__flmbke-25-03850__0001.0.pdf?mcid=tGE4TAMA JOSHUA CABINETRY: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Joshua Cabinetry LLC d/b/a JCAB Contractors 1055 Big Shanty Rd NW Suite 300 Kennesaw, GA 30144 Business Description: Joshua Cabinetry LLC, doing business as JCAB Contractors, operates as a licensed general contractor based in Kennesaw, Georgia. The company provides kitchen and bath design, cabinetry, and countertop services, along with full remodeling that includes flooring, tiling, and painting. It serves residential and commercial clients throughout the greater Atlanta metropolitan area. Chapter 11 Petition Date: October 23, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-62270 Debtor's Counsel: Paul Reece Marr, Esq. PAUL REECE MARR, P.C. 6075 Barfield Road Suite 213 Sandy Springs, GA 30328-4402 Tel: (770) 984-2255 Email: paul.marr@marrlegal.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Karen Te Ellis as co-manager. 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/IZ3443Q/Joshua_Cabinetry_LLC__ganbke-25-62270__0001.0.pdf?mcid=tGE4TAMA KCP HARKINS: Wells Fargo Seeks Receiver for Maryland Office Tower ----------------------------------------------------------------- Wells Fargo Bank, National Association asks the U.S. District Court for the Southern District of New York to appoint Chris Neilson, a managing partner of Trigild, Inc. and a principal of its affiliate Trigild IVL, LLC, as receiver of the assets owned by KCP Harkins Fee Owner, LLC, which, among other things, include certain real property and improvements located at what is commonly known as 7900 Harkins Road, Lanham, Maryland, and the income, i.e., rents, from the Property, which is a single-tenant office tower. After losing 2U Inc. as its anchor tenant, Defendant defaulted on its loan obligations and has not paid any debt service on the Loan since August 2024. Wells Fargo says the Parties have negotiated terms of a proposed consent order appointing a receiver, but were not able to reach agreement following the status conference held with the Court on October 8, 2025. Wells Fargo originally filed the case in January 2025 to address Defendant's ongoing breach of its payment obligations under a Loan Agreement dated October 17, 2017. Wells Fargo is the successor-in-interest to Citi Real Estate Funding, Inc., which agreed to lend Defendant $54,000,000. The Loan is secured by, among other things, the Property, and the rental income from the property. On July 25, 2024, the Property's anchor tenant, 2U Harkins Road, LLC, and its parent company 2U, Inc. filed their respective petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. The Bankruptcy Court approved the rejection of 2U Tenant's lease at the Property, and 2U Tenant ceased paying rent and vacated the Property. While Defendant and 2U were litigating claims and objections in the Bankruptcy Court, Wells Fargo and Defendant entered into a Forbearance Agreement, effective as of April 22, 2025, which, subject to conditions set forth therein, (1) addressed certain extensions of the time for Defendant to answer the complaint in this lawsuit, and (2) granted Defendant time to market the Property for sale or lease during the forbearance period. The Forbearance Agreement expired on August 29, 2025, and Defendant could not consummate a sale or lease before the expiration date. Wells Fargo is acting solely in its capacity as Trustee for the benefit of the Registered Holders of CCUBS Commercial Mortgage Trust 2017-C1, Commercial Mortgage Pass-Through Certificates, Series 2017-C1, acting by and through Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer under the Pooling and Servicing Agreement dated November 1, 2017. Plaintiff acts by and through Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer under the Pooling and Servicing Agreement, dated November 1, 2017. KENNEDY CONSTRUCTION: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, issued an interim order allowing Kennedy Construction Groups, LLC to use cash collateral. The interim order granted the Debtor approval to use funds in which Midwest Regional Bank and other secured creditors assert an interest and to use such funds for necessary expenses listed in its budget, subject to a 10% variance per line item. The Debtor estimates that the collective claims of secured creditors are secured by $304,646.08 in assets consisting of $19,657.20 in cash and $284,988.88 in accounts receivables. Midwest Regional Bank asserts $1.19 million in secured claim. As adequate protection, secured creditors will be granted replacement liens, maintaining the same priority as their pre-bankruptcy liens. In addition, the order requires the Debtor to maintain insurance on its assets and preserves all parties' rights to later request modified protection or restrictions on cash use. It also keeps open the rights of a creditors' committee, should one be appointed, to challenge any liens. A continued hearing is scheduled for November 3. About Kennedy Construction Groups LLC Kennedy Construction Groups, LLC, operating as Kennedy Roofing, provides residential and commercial roofing, gutter, window, and carpentry services in Florida. Kennedy Construction Groups sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07452) on October 9, 2025. At the time of the filing, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $1 million and $10 million. Judge Roberta A. Colton oversees the case. Ford & Semach, P.A. serves as the Debtor's legal counsel. KIM ENGINEERING: Court Authorizes Payments to Critical Vendors -------------------------------------------------------------- Judge Lori S. Simpson of the United States Bankruptcy Court for the District of Maryland granted Kim Engineering, Inc.'s Verified Motion for Entry Of Interim and Final Orders: (I) Authorizing Payments to Certain Prepetition Claims of Critical Vendors; and (II) Granting Related Relief. The Court finds the relief requested in the Motion is in the best interests of the Debtor's estates, their creditors, and other parties in interest. The Debtor is authorized to pay COGC in the amount of $7,500 to operate its business as provided in the Invoice. A copy of the Court's Order dated October 15, 2025, is available at https://urlcurt.com/u?l=Yya1aO from PacerMonitor.com. About Kim Engineering Inc. Kim Engineering Inc. is a professional engineering services firm based in Laurel, Maryland. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-16453) on July 15, 2025. In its petition, the Debtor reports estimated assets between $1 million and $50 million and estimated liabilities between $10 million and $50 million. Judge Lori S. Simpson oversees the case. The Debtor is represented by Weon G. Kim, Esq., at Weon G. Kim Law Office. KNIGHT HEALTH: Moody's Cuts CFR to 'Caa3', Outlook Stable --------------------------------------------------------- Moody's Ratings downgraded Knight Health Holdings LLC's (ScionHealth or the "Company") corporate family rating to Caa3 from Caa2, the probability of default rating to Caa3-PD from Caa2-PD, and the senior secured term loan B to Caa3 from Caa2. The outlook remains stable. The ratings downgrade reflects Moody's views that ScionHealth's weak liquidity elevates the probability of default and that Moody's expects debt recovery rates will be lower. Moody's anticipates that financial expenses will remain elevated pressuring cash flow and liquidity. As such, ScionHealth has relied on external and alternate sources of liquidity to fund operations, debt maturities, and repayments related to the borrowings under UnitedHealth Group Incorporated's (United, A2 Negative) advances related to Change Healthcare. RATINGS RATIONALE ScionHealth's Caa3 CFR reflects its weak liquidity profile and high finance expense burden. Additionally, ScionHealth has elevated financial leverage, high operating costs and low organic growth outlook for the overall business. Moody's anticipates that financial leverage will remain elevated as expenses will continue to pressure profitability and liquidity in the near term. As such, ScionHealth may need to continue to rely on external and alternate sources of liquidity to fund operations. In the last year, the company has sold multiple hospitals to source liquidity. ScionHealth's minimal reliance on a single state Medicaid program or a single commercial payer bolsters the credit profile as the company operates in 26 states and has a diverse mix of payors. Further, ScionHealth benefits from its large scale with over $3.7 billion in combined revenue and diversified service line offering. Moody's anticipates that ScionHealth will maintain weak liquidity. The company has a $537 million ABL revolving credit facility expiring in 2028 that has about $129 million (after letters of credit) of available capacity and about $67 million of cash on hand on as of June 30, 2025. Moody's forecasts ScionHealth will likely need to continue to rely on external and alternate sources for liquidity to fund negative free cash flow and the repayment of funds borrowed under United's advances related to Change Healthcare. Further, Moody's expects that ScionHealth will continue to burn cash in 2025 and 2026. ScionHealth has a springing fixed charge coverage ratio covenant in its ABL revolving credit facility that springs when the ABL revolver is 87.5% or more drawn. Moody's expects the covenant will be tested and have limited buffer. The company has limited sources of alternate liquidity. The Caa3 rating on the $450 million senior secured term loan, is at the CFR, reflecting its subordination to the unrated $537 million ABL and priority to lease and trade claims. The ABL facility has a first priority lien on all liquid assets of the company including cash, accounts receivable and inventories (collectively, "ABL collateral") and a second lien on all other tangible and intangible property. The secured term loan has a second priority lien on the ABL collateral and first lien interest in substantially all other tangible and intangible assets. The stable outlook reflects Moody's views that ScionHealth's operating performance and profitability will remain constrained and that the default probability is high, and debt recoveries will remain within Moody's expectations. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if ScionHealth fails to make its schedule interest or principal payments, files for bankruptcy or if recovery estimates deteriorate. The ratings could be upgraded if ScionHealth can show sustained improvement in operating performance and liquidity such that interest coverage and estimated debt instrument recoveries improve. Knight Health Holdings LLC is a leading provider of a community-based acute and post-acute care, with 64 Specialty hospitals and 15 community hospitals across 26 states. Revenue is approximated at $3.7 billion as of June 30, 2025. The company is owned by private equity firm Apollo Funds & Management. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. ScionHealth's Caa3 rating is two notches below the scorecard indicated outcome. The scorecard indicated outcome differs from the rating assigned given the higher probability of default driven by an untenable capital structure and weak liquidity. KOLSTEIN MUSIC: Court Extends Cash Collateral Access to Nov. 13 --------------------------------------------------------------- Kolstein Music, Inc. received fourth interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral through November 13. The fourth interim order signed by Judge Tiffany Geyer authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditor, the U.S. Small Business Administration. As adequate protection for the Debtor's use of its cash collateral, SBA and other secured creditors will have a perfected post-petition replacement lien on the cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy lien. In addition, the Debtor was ordered to keep its property insured in accordance with its loan and security agreements with secured creditors. The next hearing is scheduled for November 13. The Debtor's cash collateral is comprised of cash on hand and funds to be received during normal operations, which may be encumbered by the lien of SBA by virtue of a UCC-1 financing statement filed with the State of New York on May 30, 2020. A copy of the court's order and the Debtor's budget is available at https://tinyurl.com/4ufrjcky from PacerMonitor.com. About Kolstein Music Inc. Kolstein Music, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03511) on June 8, 2025, listing up to $1 million in both assets and liabilities. Andrew Layden serves as Subchapter V trustee. Judge Tiffany P. Geyer oversees the case. The Debtor is represented by: Daniel A. Velasquez, Esq. Latham, Luna, Eden & Beaudine, LLP Tel: 407-481-5800 dvelasquez@lathamluna.com KPOWER GLOBAL: Court Rejects Bid to Prohibit Cash Collateral Access ------------------------------------------------------------------- A U.S. bankruptcy judge denied the Internal Revenue Service's motion to prohibit KPower Global Logistics, LLC from using cash collateral. In her order, Judge Jennie Latta of the U.S. Bankruptcy Court for the Western District of Tennessee denied the request, without prejudice, for lack of prosecution. The IRS holds an allowed secured claim of $930,774.28, secured by all unencumbered assets of the Debtor, their cash proceeds, and other cash collateral. About KPower Global Logistics KPower Global Logistics LLC provides third-party logistics services specializing in customized supply chain solutions across the United States. The Company offers staffing, warehousing, bulk storage, consulting, packaging, and special project services for distribution centers and manufacturing operations. KPower Global Logistics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-22294) on May 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Judge Jennie D. Latta handles the case. The Debtor is represented by the Law Offices of Craig M. Geno, PLLC. LIFESCAN GLOBAL: Asks Judge to Require PBMs to Submit Records ------------------------------------------------------------- Alex Wittenberg of Law360 reports that glucose monitor maker LifeScan has asked a Texas bankruptcy judge to compel several pharmacy benefit managers to hand over key documents amid an ongoing dispute over administrative expense claims in its Chapter 11 case, arguing that PBMs such as OptumRx and Caremark are using delay tactics as both "a sword and a shield." In a motion filed Thursday, October 23, 2025, LifeScan said the PBMs have refused to produce records relevant to determining whether they are entitled to millions in administrative expense claims, despite repeated requests and prior agreements to cooperate. The company contends the information is critical to assessing the legitimacy and scope of the claims tied to rebate and reimbursement programs, the report states. LifeScan urged the court to intervene, saying the PBMs' continued obstruction threatens to stall the bankruptcy proceedings and undermine equitable treatment of creditors. The company argued that compelling production is necessary to move forward with resolving the contested claims and advancing its reorganization efforts, the report relays. About LifeScan Global Corporation LifeScan delivers personalized health, wellness, and digital solutions to individuals living with diabetes. Since 1981, LifeScan has advanced glucose care and diabetes management with pioneering technologies and new products, and is actively engaged in designing, developing, manufacturing, and marketing devices, software, and applications. Its comprehensive portfolio of diabetes-related products and services includes blood glucose monitoring devices, blood glucose test strips, lancing devices, and digital applications. LifeScan Global Corp. and several affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90259) on July 15, 2025. As of the Petition Date, the Debtors have approximately $786 million assets and approximately $1.7 billion in liabilities. Judge Alfredo R Perez presides over the cases. Milbank LLP and Porter Hedges LLP are the Debtors' legal counsel. PJT Partners LP is the investment banker. GA Advisory & Valuation Services, LLC dba GA Group as its financial advisor. The Official Committee of Unsecured Creditors retained Paul Hastings LLP as counsel; Pachulski Stang Ziehl & Jones LLP to serve as its conflicts counsel; Jefferies LLC as investment banker; and Province, LLC as its financial advisor. Davis Polk & Wardwell LLP and Norton Rose Fulbright US LLP represent an Ad Hoc Group whose members, collectively, beneficially own (or are the investment advisors or managers for funds that beneficially own) or manage approximately (i) $317 million in aggregate principal amount of First Lien Loans and (ii) $200 million in aggregate principal amount of Second Lien Term Loans. LML LOGISTICS: North Berwick Property Sale to Jason & K. Day OK'd ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, has granted LML Logistics LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 25 Appys Acres, North Berwick, Maine. The lienholders of the Property are: Kennebunk Savings Bank, Kennebunk Savings Bank, Town of North Berwick, and Town of North Berwick. The Court has authorized the Debtor to sell the Property to Jason A. Day and Kelley R. Day for the purchase price of $500,000.00. The form and substance of the Purchase and Sale Agreement between the Debtor as Seller and the Buyer dated as of September 16, 2025 and the transaction contemplated is approved in all respects. The Debtor and the Buyer may enter into any non-material amendment or modification to the Purchase Agreement that is not adverse to the Debtor's estate or any lienholders, including Kennebunk Savings Bank without the need of further notice and hearing or Court order. The Buyer shall pay or deliver the purchase price less any deposit or earnest previously paid to the closing agent as provided in the Purchase Agreement. The Encumbrances securing the claims of any lienholders, including Kennebunk Savings Bank shall attach to the proceeds received from the sale of the Property hereunder, to the same extent, validity and priority as existed on such Property as of the Petition Date. The Buyer is a good-faith purchaser entitled to the protections of 11 U.S.C. Section 363(m). About LML logistics LLC LML logistics LLC, also known as Littlefield Family Trucking, is a transportation and logistics company based in Ocala, Florida, specializing in freight management, offering warehousing, distribution, and freight forwarding services. LML logistics LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01314) on April 25, 2025. In its petition, the Debtor reports total assets of $477,655 and total liabilities of $1,104,342. Bankruptcy Judge Jacob A. Brown handles the case. The Debtor is represented by Jeffrey S. Ainsworth, Esq., at BRANSONLAW, PLLC. LNCMJ MANAGEMENT: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------------ On October 22, 2025, LNCMJ Management, LLC, sought Chapter 11 bankruptcy protection in the Northern District of Texas, according to court records. The case, filed voluntarily. The company's petition indicates estimated liabilities of $100 million to $500 million. LNCMJ Management, LLC disclosed that it has between 200 and 999 creditors. About LNCMJ Management LLC LNCMJ Management LLC is a limited liability company. LNCMJ Management LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25=90015) on October 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Jason Patrick Kathman, Esq. of Spencer Fane LLP. LODGING ENTERPRISES: Nov. 20 Plan & Disclosure Statement Hearing ---------------------------------------------------------------- The amended disclosure statement explaining the amended Chapter 11 plan of Lodging Enterprises, LLC, is conditionally approved. Separate hearings to consider final approval of the amended disclosure statement and confirmation of the amended Plan will be held on November 20, 2025, at 1:30 pm CT. Objections to the amended disclosure statement and to the confirmation of the amended plan should be filed on or before November 18, 2025. About Lodging Enterprises Founded in 1984, Lodging Enterprises, LLC, a company in Wichita, Kansas, offers a full suite of crew accommodations, specializing in 24-hour food, lodging and hospitality services. A large segment of the company's clientele are composed of railroad, and other transportation-industry workers for whom it is essential that lodging is available. The company owns and operates 44 Wyndham branded hotels and 27 restaurants located in 23 states across the country. Lodging Enterprises filed a Chapter 11 petition (Bankr. D. Kan. Case No. 24-40423) on June 26, 2024, with $100 million to $500 million in both assets and liabilities. Jonathan Margolies, Esq., at SEIGFREID & BINGHAM, P.C., is the Debtor's counsel. LODGING ENTERPRISES: Unsecureds to Get Share of GUC Reserve Account ------------------------------------------------------------------- Lodging Enterprises, LLC, submitted a Disclosure Statement for the Amended Plan of Liquidation dated October 16, 2025. The Debtor has proposed the Plan consistent with the provisions of the Bankruptcy Code. Pursuant to the Bidding Procedures Order, the Debtor, with the assistance of its Professional Persons, has completed the Marketing and Sale Process for the sale of the Portfolio. On September 25, 2025, the Debtor conducted the Auction, and all five of the Qualified Bidders attended the Auction. The Auction proceeded for multiple rounds prior to concluding. At the conclusion of the Auction, the Debtor, in consultation with its advisors and the Committee, determined, in the exercise of the Debtor's business judgment, that: (i) the credit bid of $91,000,000.00 of the indebtedness due and owing under the Prepetition Loan Agreement (the "Credit Bid") submitted by the Prepetition Secured Parties (in their capacity as the winning bidder (the "Winning Bidder") was the highest and otherwise best bid (the "Winning Bid"); and (ii) that the $86,000,000 bid submitted by American Hotel Income Properties REIT Inc. (in its capacity as the back-up bidder, the "Back-Up Bidder") was the next highest and otherwise best bid (the "Back-Up Bid"). Following the conclusion of the Auction, the Debtor entered into the Purchase and Sale Agreement dated September 25, 2025, by and between the Debtor, as seller, and the Winning Bidder, as purchaser, for the sale of the Property free and clear of liens, claims, encumbrances, and other interests (except as otherwise provided in the Purchase and Sale Agreement), subject to the Court's approval of the Sale Transaction. The Plan provides for: (i) the distribution of the Debtor's assets, including, without limitation, the Debtor's Cash, in accordance with Portfolio Sale Settlement, which was approved by the Portfolio Sale Settlement Order; and (ii) the appointment of the Plan Administrator to, among other things, make Distributions in accordance with the terms of the Plan, wind up the Debtor's Estate, and administer and liquidate certain property of the Debtor, including the Retained Causes of Action. On September 29, 2025, the Debtor filed the Debtor's Motion For Entry of Order: (I) Approving the Purchase and Sale Agreement Between the Debtor and the Purchaser; (II) Authorizing the Sale of the Property Free and Clear of Liens, Claims, Encumbrances, and Other Interests; (III) Authorizing the Assumption and Assignment of Assumed Contracts; and (IV) Granting Related Relief (the "Sale Motion"). The Plan provides for: (i) the distribution of the Debtor's assets, including, without limitation, the Debtor's Cash, in accordance with Portfolio Sale Settlement, which was approved by the Portfolio Sale Settlement Order; and (ii) the appointment of the Plan Administrator to, among other things, make Distributions in accordance with the terms of the Plan, wind up the Debtor's Estate, and administer and liquidate certain property of the Debtor, including the Retained Causes of Action. Class 4 consists of General Unsecured Claims. On the Effective Date, each General Unsecured Claim shall be released and each Holder of an Allowed General Unsecured Claim shall be entitled to receive from the Disbursing Agent its Pro Rata Share of the Claims Payment from the General Unsecured Claim Reserve Account. Class 4 is Impaired and the Holders of Class 4 Claims are entitled to vote. On the Effective Date, all Equity Interests shall be cancelled, released and extinguished, and each holder of an Equity Interest shall not receive or retain any Distribution, property, or other value on account of its Equity Interest. The Debtor has completed the Marketing and Sale Process for the sale of the Portfolio as authorized by the Bidding Procedures Order. On September 25, 2025, the Debtor conducted the Auction, and, following the completion of the Auction, the Debtor, in consultation with its Professional Persons and the Committee, determined, in the exercise of the Debtor's business judgment, that (i) the highest and otherwise best bid for the Portfolio was the Credit Bid submitted by the Prepetition Secured Parties, and (ii) the next highest and otherwise best bid for the Portfolio was the Back-Up Bid submitted by the Back-Up Bidder. Pursuant to the Sale Motion, the Debtor seeks the Bankruptcy Court's approval and authorization to: (i) enter into the Purchase and Sale Agreement with the Purchaser, (ii) sell the Property to the Purchaser free and clear of liens, claims, and encumbrances (except as otherwise provided in the PSA), pursuant to section 363 of the Bankruptcy Code, (iii) assume and assign, pursuant to sections 363 and 365 of the Bankruptcy Code, the Assumed Contracts to the Purchaser, and (iv) to consummate the Sale Transaction with the Purchaser in accordance with the terms of the Purchase and Sale Agreement and the Sale Order. A full-text copy of the Disclosure Statement dated October 16, 2025 is available at https://urlcurt.com/u?l=WEGf1S from PacerMonitor.com at no charge. Lodging Enterprises, LLC is represented by: Jonathan Margolies, Esq. SEIGFREID & BINGHAM, P.C. 2323 Grand Boulevard Suite 1000 Kansas City, MO 64108 Tel: (816) 265-4195 Fax: (816) 474-3447 Email: jmargolies@sb-kc.com - and - Timothy A. ("Tad") Davidson II, Esq. Brandon Bell, Esq. Kaleb Bailey, Esq. HUNTON ANDREWS KURTH LLP 600 Travis Street, Suite 4200 Houston, TX 77002 Phone: (713) 220-4200 Email: taddavidson@HuntonAK.com bbell@HuntonAK.com kbailey@HuntonAK.com - and - Jason W. Harbour, Esq. HUNTON ANDREWS KURTH LLP Riverfront Plaza, East Tower 951 East Byrd Street Richmond, Virginia 23219 Phone: (804) 788-8200 Email: jharbour@HuntonAK.com About Lodging Enterprises Founded in 1984, Lodging Enterprises, LLC, a company in Wichita, Kansas, offers a full suite of crew accommodations, specializing in 24-hour food, lodging and hospitality services. A large segment of the company's clientele are composed of railroad, and other transportation-industry workers for whom it is essential that lodging is available. The company owns and operates 44 Wyndham branded hotels and 27 restaurants located in 23 states across the country. Lodging Enterprises filed a Chapter 11 petition (Bankr. D. Kan. Case No. 24-40423) on June 26, 2024, with $100 million to $500 million in both assets and liabilities. Jonathan Margolies, Esq., at SEIGFREID & BINGHAM, P.C., is the Debtor's counsel. LORDSTOWN MOTORS: Former Execs Cleared in Foxconn Lawsuit --------------------------------------------------------- Gillian R. Brassil of Bloomberg Law reports that the former leaders of Lordstown Motors Corp. were cleared of investor fraud allegations tied to the bankrupt electric vehicle maker’s failed partnership with Foxconn Technology Group. The Sixth Circuit Court of Appeals on Tuesday, October 21, 2025, upheld most of a lower court's ruling dismissing a proposed securities class action, with Judge Karen Nelson Moore offering a partial dissent. The appellate panel determined that investors had not demonstrated any false or misleading statements by company executives regarding the Foxconn relationship. According to the court, while the plaintiffs claimed the executives knowingly exaggerated the partnership’s stability, the complaint lacked sufficient factual basis to infer intent or deception that would justify reviving the lawsuit. About Lordstown Motors Corp. Lordstown Motors Corp. -- http://www.lordstownmotors.com/-- was an electric vehicle OEM developing innovative light duty commercial fleet vehicles, with the Endurance all electric pickup truck as its first vehicle. It has engineering, research and development facilities in Farmington Hills, Mich. and Irvine, Calif. On June 27, 2023, Lordstown Motors Corp. and two affiliated debtors filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10831). The cases are pending before Judge Mary F. Walrath. The Debtors tapped White & Case, LLP and Richards, Layton & Finger, P.A., as bankruptcy counsels; Baker & Hostetler, LLP as special counsel; Jefferies, LLC as investment banker; KPMG, LLP as auditor; and Silverman Consulting as restructuring advisor. Kurtzman Carson Consultants, LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Troutman Pepper Hamilton Sanders, LLP, as legal counsel and Huron Consulting Group Inc. as financial advisor. In October 2023, Lordstown Motors received Bankruptcy Court approval to sell its manufacturing assets to a new company affiliated with its founder and former CEO Stephen Burns for $10.2 million. LAS Capital, majority-owned by Burns, acquired the Debtors' intellectual property, business records, and machinery including assembly lines for electric vehicle motors and batteries. The Debtors later renamed to Nu Ride Inc. The Court on March 6, 2024, confirmed the Debtors' Third Modified First Amended Joint Chapter 11 Plan. The Plan was declared effective on March 14, 2024. MAIN STREET: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Main Street at Tuttle Royale, LLC, according to court dockets. About Main Street at Tuttle Royale Main Street at Tuttle Royale, LLC is a single asset real estate company in Royal Palm Beach, Fla. Main Street at Tuttle Royale and affiliate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21129) on September 23, 2025. In its petition, the Debtor reported estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq., at Shraiberg Page, PA. MARIANAS PROPERTIES: Unsecureds to be Paid in Full with Interest ---------------------------------------------------------------- Marianas Properties, LLC submitted a Revised Disclosure Statement describing Plan of Liquidation dated October 16, 2025. After exploring various options, the Debtor determined to pursue an asset sale (the "Sale") in the Chapter 11 Case. Details regarding the Debtor's pre-petition marketing and sale efforts are set forth in the Motion for Authority to Sell Certain Assets of Marianas Properties, LLC, to Assume and Assign Certain Unexpired Leases and Executory Contracts, and to Assign Permits and Licenses in Relation Thereto (the "Sale Motion"). The Bankruptcy Court authorized the Sale to Cartium Enterprise Guam, LLC, as assignee of Eastern Contractors Corporation, through its entry of the Order Granting Motion for Authority to Sell Certain Assets of Marianas Properties, LLC, to Assume and Assign Certain Unexpired Leases and Executory Contracts, and to Assign Permits and Licenses in Relation Thereto (the "Sale Order"). The Sale Closing occurred on April 3, 2025. After the Sale, the Debtor negotiated a settlement with BOG resolving the Stay Relief Motion. In exchange for prompt payment from the proceeds of the Sale, BOG agreed to stop interest accruals under the Promissory Note and the Loan Documents, and provided the Debtor with a payoff amount of $32,503,544.87. The Debtor filed its Motion of the Debtor and Debtor In Possession for Approval of Settlement with Bank of Guam Pursuant to Rule 9019 of the Federal Rules of Bankruptcy Procedure (the "9019 Motion") seeking the entry of an order approving the compromise and settlement. On June 4, 2025, the Bankruptcy Court entered an order granting the 9019 Motion, and the Debtor subsequently paid BOG $32,503,544.87, in full satisfaction of BOG's claim. Class 5 consists of General Unsecured Claims, including Rejection Damages Claims. On, or as soon as reasonably practicable after, the Effective Date, except to the extent such Holder and the Debtor agree to a less favorable treatment, each Holder of an Allowed General Unsecured Claim shall receive payment in full of its Allowed General Unsecured Claim plus post-petition interest of 6% at the legal rate of interest pursuant to 18 G.C.A. § 47106. The Debtor is not aware of and does not anticipate any Rejection Damages Claims. Such Claims in Class Five are, therefore, Unimpaired and not entitled to vote on the Plan. Section 1129(a)(11) of the Bankruptcy Code requires that confirmation of a plan is not likely to be followed by the liquidation, or the need for further financial reorganization, of the Debtor or any successor to the Debtor (unless such liquidation or reorganization is proposed in the plan). Considerable assets have been liquidated and converted to Cash in the Chapter 11 Case, and the Plan provides for the liquidation of any remaining assets and distribution of the Remaining Estate Funds and Remaining Cash to Holders of Allowed Claims in accordance with the Plan. Specifically, the Reorganized Debtor projects that, from the Remaining Estate Funds and the Remaining Cash, it will have sufficient Cash to pay Unclassified Claims (including Administrative Expenses, Professional Fee Claims, the DIP Financing Claim, U.S. Trustee Fees, and Priority Tax Claims), the SBA Secured Claim, Allowed Priority Non-Tax Claims, General Unsecured Claims, and the Estate Expenses, each to the extent required by the Plan. The Plan, therefore, is feasible. A full-text copy of the Revised Disclosure Statement dated October 16, 2025 is available at https://urlcurt.com/u?l=yJonXJ from PacerMonitor.com at no charge. Marianas Properties, LLC is represented by: Minakshi V. Hemlani, Esq. Law Offices Of Minakshi V. Hemlani, P.C. 285 Farenholt Ave., Suite C-312 Tamuning, Guam 96913 Tel: (671) 588-2030 Email: mvhemlani@mvhlaw.net Andrew C. Helman, Esq. Dentons Bingham Greenebaum LLP One City Center, Suite 11100 Portland, ME 04101 Tel: (207) 619-0919 Email: andrew.helman@dentons.com About Marianas Properties Marianas Properties, LLC in Tumon, GU, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Guam Case No. 24-00013) on Sept. 12, 2024, listing as much as $10 million to $50 million in both assets and liabilities. Ajay Pothen as president, signed the petition. Judge Frances M Tydingco-Gatewood oversees the case. DENTONS BINGHAM GREENEBAUM LLP serves as the Debtor's legal counsel. LAW OFFICES OF MINAKSHI V. HEMLANI, P.C., is the local counsel. GIBBINS ADVISORS, LLC is the Debtor's financial advisor. MARYLAND HEALTH: Hires Steiner Law Group LLC as Counsel ------------------------------------------------------- Maryland Health Alliance, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Steiner Law Group, LLC as counsel. The firm's services include: a. preparing pleadings and applications and conducting examinations incidental to any related proceedings or to the administration of this case; b. determining the status of the Debtor with respect to the claims of creditors in this case; c. advising the Debtor of its rights, duties, and obligations as a debtor-in-possession operating under Chapter 11 of the Bankruptcy Code; d. taking any and all other necessary action incident to the proper preservation and administration of this Chapter 11 case; and e. advising and assisting the Debtor in the formation and preservation of a plan pursuant to Chapter 11 of the Bankruptcy Code, the disclosure statement, and any and all matters related thereto. The firm will be paid at the rate of $400 per hour. The Debtor paid the firm a retainer of $38,262. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Steiner 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: Eric S. Steiner, Esq. Steiner Law Group, LLC 115 Sudbrook Lane, Suite 206 Baltimore, MD 21208 Tel: (410) 670-7060 About Maryland Health Alliance, Inc. Maryland Health Alliance Inc. operates as an outpatient mental health practice providing counseling and rehabilitation services to individuals and families in Maryland. The organization offers group therapy and psychiatric rehabilitation programs with an emphasis on culturally competent care and community engagement. It focuses on promoting personal growth, family well-being, and holistic approaches to mental health within the communities it serves. Maryland Health Alliance Inc. in Greenbelt, MD, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Md. Case No. 25-19411) on Oct. 8, 2025, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Corey A. Williams as president, signed the petition. STEINER LAW GROUP, LLC serve as the Debtor's legal counsel. MAWSON INFRASTRUCTURE: All Proposals Approved at Annual Meeting --------------------------------------------------------------- Mawson Infrastructure Group held its annual meeting of stockholders. As described in the definitive proxy statement furnished to stockholders in connection with the Annual Meeting, which was filed with the U.S. Securities and Exchange Commission on September 4, 2025, the following matters were voted on and approved by the Company's stockholders at the Annual Meeting: (1) Approved and ratified the appointment of Wolf & Company, P.C. as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025; (2) Approved the election of three nominees as directors of the Company to serve until the 2026 annual meeting of stockholders: Ryan Costello; Steven Soles; and Kathryn Yingling Schellenger; * Ryan Costello - Independent Board Chair, Chair of Nominating & Governance Committee Former U.S. Congressman (PA) and long-time public policy / strategic communications advisor; founded Ryan Costello Strategies, LLC and brings public policy, regulatory and governance experience. Mr. Costello earned a J.D. from Villanova and undergraduate degree from Ursinus College and has an executive education certificate from Wharton (Economics of Blockchain & Digital Assets). * Steven G. Soles - Independent Director, Chair of the Audit Committee and Chair of Strategic Transactions Committee COO & General Counsel of Elmagin Capital LLC (quant investment firm focused on U.S. wholesale electricity markets) since 2014; prior VP & General Counsel at TFS Capital. Holds a B.A. (West Chester University) and J.D. (Villanova). Mr. Soles brings legal, M&A, compliance and transactional experience to the board. * Kathryn (Katie) Yingling Schellenger - Independent Director, Chair of Compensation Committee Kathryn (Katie) Yingling Schellenger joins the board as an independent director after being elected at the 2025 Annual Meeting. Since 2022, Ms. Schellenger has served as Head of Global Compliance / Senior Counsel at a global luxury retail brand. Previously, Ms. Schellenger served as Director, Ethics & Compliance at Qurate Retail Group. She is a Cum Laude graduate of both Bucknell University and Villanova University School of Law. Ms. Schellenger brings with her deep experience in building global ethics and compliance programs for retail companies, leading whistleblower and internal investigations programs, and reporting to boards on compliance matters. (3) Approved the advisory and non-binding vote to approve the compensation paid to the Company's named executive officers; (4) Approved an amendment to the Company's Certificate of Incorporation, as amended, to effect a reverse stock split of the Company's common stock at a ratio of at least 1-for-2 and up to 1-for-30, as determined by the Board of Directors of the Company in its discretion and publicly announced prior to the effectiveness of such reverse stock split, subject to the authority of the Board to abandon such amendment; and (5) Authorized the adjournment, if necessary or appropriate, of the Annual Meeting, including to solicit additional proxies if there are not sufficient votes at the time of the Annual Meeting to approve any of the foregoing proposals. About Mawson Infrastructure Group Mawson Infrastructure Group specializes in data centers for Bitcoin miners and AI firms. Mawson Infrastructure Group's creditors filed a Chapter 11 involuntary petition against the company (Bankr. D. Del. Case No. 24-12726) on Dec. 4, 2024. The petitioning creditors include W Capital Advisors Pty Ltd, Marshall Investments MIG Pty Ltd, and Rayra Pty Ltd. The petitioners' counsel is Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell. Judge Mary F. Walrath handles the case. MAWSON INFRASTRUCTURE: Expects Q3 Net Loss to Drop 88% to $1.5M --------------------------------------------------------------- Mawson Infrastructure Group Inc. announced preliminary, unaudited financial results for the Third Quarter and Nine Months ended September 30, 2025. Preliminary Estimated Results for the Third Quarter and Nine Months Ended September 30, 2025: Mawson Infrastructure stated: "Our expectations with respect to our revenue, cost of revenues, gross profit, gross profit margin and net loss for the third quarter and the nine months ended September 30, 2025 discussed below are based upon management estimates for the period. Our expectations are subject to the completion of our financial closing procedures and any adjustments that may result from the completion of the review of our consolidated financial statements for the three and nine months ended September 30, 2025. Following the completion of our financial closing process and the review of our consolidated financial statements, we may report revenue, cost of revenues, gross profit, gross profit margin and net loss for the three and nine months ended September 30, 2025 that could differ from our expectations, and the differences could be material." The expectations have been prepared by, and are the responsibility of, the Company's management. Wolf & Company, P.C., its independent registered public accounting firm, has not audited, reviewed, compiled or performed any procedures with respect to the preliminary estimates. Accordingly, Wolf & Company, P.C. does not express an opinion or any other form of assurance with respect thereto. Preliminary Results for Third Quarter Ended September 30, 2025: * Preliminary estimated revenues are expected to be approximately $11.2 million for the third quarter of 2025 compared with $12.3 million for the third quarter of 2024, a year-on-year decrease of 9%. * Preliminary estimated cost of revenues is expected to be approximately $4.6 million for the third quarter of 2025 compared with $8.0 million for the third quarter of 2024, a year-on-year decrease of 42%. * Preliminary estimated gross profit is expected to be approximately $6.6 million for the third quarter of 2025 compared with $4.3 million for the third quarter of 2024, a year-on-year increase of 53%. * Preliminary estimated gross profit margin is expected to be 59% for the third quarter of 2025 compared with 35% for the third quarter of 2024. * Preliminary net loss is expected to be approximately $1.5 million for the third quarter of 2025 compared with $12.2 million for the third quarter of 2024, a year-on-year decrease of 88%. Preliminary Results for Nine Months Ended September 30, 2025: * Preliminary estimated revenues are expected to be approximately $34.5 million for the nine months of 2025 compared with $44.2 million for the nine months of 2024, a year-on-year decrease of 22%. * Preliminary estimated cost of revenues is expected to be approximately $18.1 million for the nine months of 2025 compared with $28.6 million for the nine months of 2024, a year-on-year decrease of 37%. * Preliminary estimated gross profit is expected to be approximately $16.4 million for the nine months of 2025 compared with $15.6 million for the nine months of 2024, a year-on-year increase of 5%. * Preliminary estimated gross profit margin is expected to be 48% for the nine months of 2025 compared with 35% for the nine months of 2024. * Preliminary net loss is expected to be approximately $9.8 million for the nine months of 2025 compared with $41.8 million for the nine months of 2024, a year-on-year decrease of 76%. Overall, the Company's reduction in net loss for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 is attributable to the following: * An increase in gross profit primarily due to a new profit share agreement executed in 2025. * A reduction in operating expenses primarily due to a reduction in depreciation and amortization expense and stock based compensation partially offset by an increase in selling, general and administrative costs. * A reduction in non-operating expenses primarily due to 2024 including a loss on deconsolidation of $12.4 million. About Mawson Infrastructure Group Mawson Infrastructure Group specializes in data centers for Bitcoin miners and AI firms. Mawson Infrastructure Group's creditors filed a Chapter 11 involuntary petition against the company (Bankr. D. Del. Case No. 24-12726) on Dec. 4, 2024. The petitioning creditors include W Capital Advisors Pty Ltd, Marshall Investments MIG Pty Ltd, and Rayra Pty Ltd. The petitioners' counsel is Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell. Judge Mary F. Walrath handles the case. MAWSON INFRASTRUCTURE: Gets More Time to Regain Nasdaq Compliance ----------------------------------------------------------------- Mawson Infrastructure Group disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that previously on September 12, 2025, the Company was notified that the Nasdaq Hearings Panel had determined to grant the Company's request for continued listing on Nasdaq, subject to the Company timely satisfying certain conditions. As previously disclosed in the Company's filings under the Exchange Act, on January 24, 2025, the Company was notified by the Listing Qualifications Department of The Nasdaq Stock Market LLC that for the 33 consecutive business days preceding the date of the notice, the Company's Market Value of Listed Securities was less than the $35.0 million minimum required for continued listing under Nasdaq Listing Rule 5550(b)(2) and the Company was granted a 180-calendar day period to regain compliance. On February 6, 2025, the Company was notified that it had reported a closing bid price of less than $1.00 per share for the previous 30 consecutive business days in contravention of Nasdaq Listing Rule 5550(a)(2) and the Company was granted a 180-calendar day period to regain compliance. As the Company was unable to regain compliance with the MVLS Rule or the Bid Price Rule within the grace periods provided by Nasdaq, the Company was notified that its securities were subject to delisting unless the Company timely requested a hearing before the Panel. The Company timely requested a hearing, at which it presented its compliance plan and requested an extension to demonstrate compliance with the MVLS Rule and the Bid Price Rule. Following the hearing, on September 12, 2025, the Company received the Panel's decision, which granted the Company's request for continued listing on Nasdaq subject to the Company demonstrating compliance with: (i) the MVLS Rule by no later than October 15, 2025, and (ii) the Bid Price Rule by no later than November 7, 2025. The Panel's decision also served to notify the Company that it must provide Nasdaq with prompt notification of any significant events that occur during the Exception Period that may affect the Company's compliance with Nasdaq's listing requirements and that the Panel reserved the right to reconsider the terms of the exception based on any event, condition, or circumstance that exists or develops that would, in the opinion of the Panel, make the continued listing of the Company's securities on Nasdaq inadvisable or unwarranted. On October 10, 2025, the Company requested an extension of the October 15, 2025 deadline to evidence compliance with the Bid Price Rule, through November 7, 2025, which coincides with the deadline for the Company's compliance with the MVLS Rule. There can be no assurance that the Company will be able to regain compliance with either the MVLS Rule or the Bid Price Rule or otherwise maintain compliance with all other applicable criteria for continued listing on Nasdaq. In such case, the Company's securities would be subject to delisting. About Mawson Infrastructure Group Mawson Infrastructure Group specializes in data centers for Bitcoin miners and AI firms. Mawson Infrastructure Group's creditors filed a Chapter 11 involuntary petition against the company (Bankr. D. Del. Case No. 24-12726) on Dec. 4, 2024. The petitioning creditors include W Capital Advisors Pty Ltd, Marshall Investments MIG Pty Ltd, and Rayra Pty Ltd. The petitioners' counsel is Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell. Judge Mary F. Walrath handles the case. MEDICAL UNIT: Nov. 12 Auction of Condo Unit Set ----------------------------------------------- Pursuant to a judgment of foreclosure and sale with Index Number 156127/2024 dated September 8, 2025, Jeffrey R. Miller, Esq., the Referee will sell at a public auction on Nov. 12, 2025, at 2:15 p.m., the condo unit known as Medical Unit No. 1, located at 157 East 74th Street, in New York, in the condo building known as "Saga House Condominium" together with an undivided 6.19% interest in the common elements. The approximate amount of lien is $251,391.84, plus attorney's fees and costs as awarded in the judgment, along with interests and costs. Plaintiff is represented by Douglas Michaels, Esq. -- dmichaels@levinglasser.com -- at Levin & Glasser, P.C. MESOGLASS LLC: Seeks Chapter 7 Bankruptcy in Texas -------------------------------------------------- On October 20, 2025, Mesoglass LLC filed a voluntary Chapter 7 bankruptcy case in the Western District of Texas. According to the filing, the company has debts that fall between $1 million and $10 million. The petition indicates a creditor count of roughly 1 to 49. About Mesoglass LLC Mesoglass LLC is a limited liability company. Mesoglass LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52473) on October 20, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Craig A. Gargotta handles the case. The Debtor is represented by H. Anthony Hervol, Esq. of Law Office of H. Anthony Hervol. MEYER BURGER: Nov. 21, 2025 Claims Bar Date Set ----------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware entered an order establishing November 21, 2025 at 5:00 p.m. (prevailing Eastern Time) as the last date for each person or entity to file proofs of claim in the Chapter 11 cases of Meyer Burger (Holding) Corp. and its debtor affiliates. November 21, 2025 is the deadline for each person or entity that asserts an Administrative Expense Claim arising from and after June 25, 2025, through and including September 30, 2025, to assert such claim. Governmental units have until December 22, 2025, to file a proof of claim. About Meyer Burger (Holding) Corp. Meyer Burger (Holding) Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-11217) on June 25, 2025. At the time of the filing, Debtor had estimated assets of between $100 million to $500 million and liabilities of between $500 million to $1 billion. Judge Craig T. Goldblatt oversees the case. Richards, Layton & Finger, P.A., is the Debtor's legal counsel. MUNAWAR LAW: Examiner Hires JW Infinity as Financial Advisor ------------------------------------------------------------ Jolene E. Wee, the examiner in the bankruptcy case of Munawar Law Group PLLC f/k/a Munawar & Hashmat LLP, seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ JW Infinity Consulting, LLC as financial advisor. The firm's services include: a. providing all financial, forensic and valuation advisory services; b. making asset tracing analyses needed to determine if any of the Debtor's transfers of assets (i.e., cash, property, etc.) out of the estate may constitute avoidable transfers under chapter 5 of the Bankruptcy Code; c. analyzing creditors' claims, liens, and collateral, including certain claims that are scheduled as disputed by the Debtor; d. analyzing the Debtor's approximately 250 pending personal injury lawsuits with total estimated recoveries of between $5.2 to $7.9 million, according to the Debtor's amended schedules; e. analyzing the Debtor's previously resolved personal injury lawsuits and the disposition of any settlements, judgments, or any other related proceeds; f. attending meetings, interviews, and depositions with representatives of the Debtor, creditors, Predecessor Firms, and other parties in interest, as needed; g. making at least one site visit to the Debtor's offices; h. Analyzing the Debtor's leases and contracts; i. analyzing the corporate structure of the Debtor; and j. advising the Examiner on corporate, litigation, and other matters, as needed. The firm will be paid at these hourly rates: Jolene Wee, Managing Director and Founder $640 to $660 Clifford Sowell, Senior Economist $595 to $615 Christopher Rahne, Senior Valuation Analyst $525 to $550 Gregory Sowers, Director $300 to $315 Andrew Harvey, Analyst $150 to $165 In addition, the firm will seek reimbursement for its out-of-pocket expenses. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jolene Wee, CIRA, CDBV JW Infinity Consulting, LLC 244 5th Ave #2131 New York, NY 10001 Tel: (212) 726-2545 Email: jwee@jw-infinity.com About Munawar Law Group PLLC f/k/a Munawar & Hashmat LLP Munawar Law Group PLLC is operating as a legal services firm with offices in New York City and Jericho, New York. Munawar Law Group PLLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10020) on January 7, 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 David S. Jones handles the case. The Debtor tapped Ronald D. Weiss, Esq., as counsel and MI Tax LLC as accountants. MYELLA INC: Hires LaMonica Herbst as General Counsel ---------------------------------------------------- Myella, Inc. d/b/a Mim's Restaurant seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ LaMonica Herbst & Maniscalco, LLP as general counsel. The firm's services include: a. providing legal advice with respect to the Debtor's powers and duties as debtors-in-possession in accordance with the provisions of the Bankruptcy Code; b. preparing, on behalf of the Debtor, all necessary schedules, applications, motions, answers, orders, reports, adversary proceedings and other legal documents required by the Bankruptcy Code and Federal Rules of Bankruptcy Procedure; c. assisting the Debtor in the development and implementation of a plan of reorganization; and d. performing all other legal services for the Debtor that may be necessary in connection with the Chapter 11 cases and the Debtor's attempts to reorganize their affairs under the Bankruptcy Code. The firm will be paid at these rates: Partners $725 per hour Associates $475 per hour Paraprofessionals $225 per hour Prior to the Filing Date, the firm was paid the sum of $15,262 as a retainer and the sum of $1,738 for the filing fee required by the Court. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Adam Wofse, Esq., a partner at LaMonica Herbst & Maniscalco, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Adam P. Wofse, Esq. Lamonica Herbst & Maniscalco, LLP 3305 Jerusalem Avenue, Suite 201 Wantagh, NY 11793 Telephone: (516) 826-6500 Email: awofse@lhmlawfirm.com About Myella, Inc. d/b/a Mim's Restaurant Myella, Inc. operates a full-service restaurant in Roslyn Heights, New York. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 25-73404) on February 9, 2025. In the petition signed by Brian J. Kauffman, Esq., owner, president, the Debtor disclosed up to $50,000 in assets and up to $500 million in liabilities. Judge Alan S. Trust oversees the case. Adam P. Wofse, Esq., at LaMonica Herbst & Maniscalco, LLP, represents the Debtor as legal counsel. MYELLA INC: Hires Peter Kutner CPA as Accountant ------------------------------------------------ Myella, Inc. d/b/a Mim's Restaurant seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Peter Kutner CPA, an accountant in New York, to provide accounting services. Mr. Kutner's services include: (a) analyzing the Debtor's overall financial information and condition; (b) preparing the Debtor's financial reports, as needed; (c) preparing and filing the Debtor's federal, state and local tax returns, as needed; (d) assisting the Debtor in the development and implementation of a plan of reorganization; and (e) performing all other accounting services for the Debtor that may be necessary in connection with this Chapter 11 case and the Debtor's attempts to reorganize its affairs under the Bankruptcy Code. Mr. Kutner's hourly billing rate is $400. As disclosed in the court filings, Mr. Kutner is a "disinterested person" as that term is defined in Bankruptcy Code section 101(14). Mr. Kutner can be reached at: Peter L. Kutner, CPA 175 Broadhollow Road, Suite 250 Melville, NY 11747 About Myella, Inc. d/b/a Mim's Restaurant Myella, Inc. operates a full-service restaurant in Roslyn Heights, New York. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 25-73404) on February 9, 2025. In the petition signed by Brian J. Kauffman, Esq., owner, president, the Debtor disclosed up to $50,000 in assets and up to $500 million in liabilities. Judge Alan S. Trust oversees the case. Adam P. Wofse, Esq., at LaMonica Herbst & Maniscalco, LLP, represents the Debtor as legal counsel. NEW AGE: To Sell Vehicles to Peakfinity for $200K ------------------------------------------------- New Age Leasing LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to sell certain vehicles free and clear of liens, claims, interests, and encumbrances. The Debtor is in the trucking business has a principal place of business in Glenview, Illinois. The Debtor filed an Amended Plan of Reorganization on August 11, 2025 and the Debtor is working with its creditors to try and confirm a Plan on a consensual basis. The Debtor owns a fleet of trucks and trailers, subject to liens of various secured parties. Part of its fleet consists of four (4) 2022 Dry Van Trailers and eight (8) 2019 Freightliner Cascadia Trucks which are encumbered by liens of Bank of America. The Vehicles are more specifically described as follows: 1JJV532D6NL284398 2022 Dry Van Trailer 1JJV532D8NL284399 2022 Dry Van Trailer 1JJV532D6NL305430 2022 Dry Van Trailer 1JJV532D8NL305431 2022 Dry Van Trailer 3AKJHHDR0KSKF7125 2019 Freightliner Cascadia 3AKJHHDR9LSLM9646 2019 Freightliner Cascadia 3AKJHHDR0KSKF7139 2019 Freightliner Cascadia 3AKJHHDR8KSKF7115 2019 Freightliner Cascadia 3AKJHHDR5KLKC1541 2019 Freightliner Cascadia 3AKJHHDRXKLKC1535 2019 Freightliner Cascadia 3AKJHHDR5KLKC1510 2019 Freightliner Cascadia 3AKJHHDR1KLKC1519 2019 Freightliner Cascadia Bank of America filed a secured claim in the amount of $1,207,681.29, asserting liens on and security interests in the Vehicles, among other vehicles which were surrendered to Bank of America. On April 4, 2025, the Debtor filed a Motion to Provide Adequate Protection to Bank of America with respect to the Vehicles. On April 9, 2025, the Court entered an Order granting the Debtor's Motion to Provide Adequate Protection, and authorized the Debtor to pay Bank of America the sum of $46,320 in April 2025 and $11,580 per month. The Debtor and Bank of America could not agree on valuation of the Vehicles for purposes of a Plan of Reorganization. However, Bank of America agreed to $200,000 in full payment for the sale of the Vehicles. The third party Buyer, Peakfinity LLC, wishes to purchase the Vehicles for $200,000. The Purchase Price will be paid to Bank of America in full, and Bank of America agrees to release its liens on and security interests in the Vehicles for the sum of $200,000. The Debtor requests that the sale be approved on shortened notice since the Debtor will avoid having to make the November 2025 adequate protection payment to Bank of America if the sale is consummated on a shortened basis; the Debtor will save on ongoing expenses with respect to the Vehicles; and Bank of America has agreed to the sale for a Purchase Price which is less than the amount of its security interest. About New Age Leasing New Age Leasing, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-18710) on December 16, 2024, listing under $1 million in both assets and liabilities. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Law Offices of David Freydin PC serves as the Debtor's counsel. NEW MEXICO TERMINAL: Section 341(a) Meeting of Creditors on Nov. 13 ------------------------------------------------------------------- On October 16, 2025, New Mexico Terminal Services LLC filed Chapter 11 protection in the District of New Mexico. According to court filing, the Debtor reports between $1 million and $10 million debt owed to 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on November 13, 2025 at 09:30 AM at US Trustee: Teleconference # 1-888-330-1716, Passcode: 3003165. About New Mexico Terminal Services LLC New Mexico Terminal Services LLC is classified as a single-asset real estate entity under 11 U.S.C. Section 101(51B). New Mexico Terminal Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.M. Case No. 25-11291) on October 16, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Robert H Jacobvitz handles the case. The Debtor is represented by Victor Gerald Grafe III, Esq. of VICTOR GRAFE LAW FIRM LLC. NORTHERN FUEL: Sells Solway Convenience Store for $1.2MM -------------------------------------------------------- Northern Fuel and Convenience, Inc. (NFC) and its affiliate, and My Store – Solway Inc., sought and obtained permission from the U.S. Bankruptcy Court for the District of Minnesota, to sell substantially all of their assets free and clear of liens, claims, interests, and encumbrances. The Court has authorized the Debtor to sell the Property to Mid 2 West LLC, a limited liability company organized under the law of the state of Minnesota, in the purchase price of $1,200,000. The Debtor, NFC, owns real property used to operate a convenience store located at 4895 Jones Townhall Road NW, Solway, MN 56678. Debtor Solway owns all of the personal property, fixtures, equipment and inventory used to operate the convenience store located on the Property. The Debtors have limited time to effectuate a sale transaction because the Real Property is subject to a pending redemption period that expires on November 26, 2025. Counsel interviewed some potential brokers, but given the time constraints, it was not feasible to select a broker, file an application to employ, traditionally market the property, etc. The Debtors proposed to sell the Real Property and Personal Property pursuant to the highest asset purchase agreement (APA). The key terms of the Highest APA are: a. The purchase price set forth in the Highest APA is $1,200,000. b. The proposed buyer is Mid 2 West LLC, a limited liability company organized under the law of the state of Minnesota. c. The Buyer will pay the Purchase Price with financing and a mortgage from Dakota Heritage Bank. d. The Highest APA is not subject to any conditions, including without limitation a due diligence contingency or right of inspection. e. Buyer agrees to purchase the Real Property and Personal Property "as is" and 'where is," subject to entry of an order granting the Sale Motion and allowing the assets to be sold free and clear of liens. f. Buyer will bear their own attorney’s fees and costs associated with the proposed sale transaction. g. Buyer shall not be liable for any Claims against any of the Debtor[s] or any of their respective predecessors or affiliates, and the Purchaser shall have no successor or vicarious liabilities of any kind of character. h. Buyer is ready, willing and able to close no later than November 25, 2025. The proposed backup buyer is Bemidji Cooperative Association, an entity organized under the law of the state of Minnesota. The Debtors said in court papers that they have a fiduciary duty to maximize value for the estate. To that end, Debtors will consider additional competing offers and backup offers that are submitted by email to ktanabe@vogellaw.com at least two days before the Sale Hearing. Competing offers must be at least $100,000 more than the prevailing purchase price and in the same form and terms as the Highest and Backup APA. The Debtors intend to use 100% of the sale proceeds to offset the cost of the sale and to pay creditors' claims, in the following order of priority: a. Closing costs (to be allocated ratably on the closing date); b. Outstanding Real Property Tax (to be allocated ratably on the closing date); c. Outstanding MPCA Fine up to $4,000; d. Solway Properties LLC up to $650,000; and e. Security Bank USA up to $1,197,560.83. The Debtors disclose that Mid 2 West LLC is owned by two relatives of the Debtors' managing member. However, Mid 2 West LLC, Debtors, Solway Properties, and Security Bank have at all times been represented by separate, independent counsel. It is the Debtors' good faith belief that the APAs and the Sale Motion were drafted through a proper, arms-length process. About Northern Fuel & Convenience Inc. Northern Fuel & Convenience Inc. operates convenience stores and gas stations in Minnesota, managing locations at 54345 Highway 72 NE in Waskish and 4895 Jones Townhall Road NW in Solway, serving local communities with fuel and retail products. Northern Fuel & Convenience Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-60536) on September 2, 2025. In its petition, the Debtor reports total assets of $214,000 and total Liabilities of $2,468,948. The Debtor is represented by Kesha Tanabe, Esq. at VOGEL LAW FIRM. OHIO POWER: S&P Assigns Preliminary 'BB-' ICR, Outlook Stable ------------------------------------------------------------- S&P Global Ratings assigned its preliminary 'BB-' rating and '2' recovery rating to Ohio Power Partners LLC's (Middletown Energy Center or MEC) $325 million senior secured term loan B (TLB). S&P said, "Based on our view of industry factors and market-driven variables, such as power demand and the pace and magnitude of retirements of inefficient and uneconomic units, as well as commodity and capacity pricing, we forecast MEC will achieve an average debt service coverage ratio (DSCR) of about 2.3x during the TLB period. Our minimum DSCR of 1.45x occurs in the refinancing period, when we assume a fully amortizing structure through 2046 "The stable outlook on MEC reflects our expectation that the facility can achieve robust dispatch in the coming years, capture higher spark spreads from improved market fundamentals in PJM, benefit from sustained high capacity prices, and maintain operating and maintenance (O&M) and capital spending levels such that it can deleverage through its cash flow sweep mechanism." In July, affiliates of ArcLight Capital Partners LLC entered into a definitive agreement to acquire 100% of the economic interest in Middletown Energy Center, a combined-cycle gas turbine (CCGT), through project company Ohio Power Partners LLC. The transaction has received all necessary regulatory approvals and has closed. To fund the acquisition, ArcLight is raising a $325 million senior secured term loan B (TLB) and $40 million senior secured revolving credit facility. MEC is a 484-megawatt (MW) CCGT operating in Middletown, Ohio. The project sells energy and capacity into the Pennsylvania-New Jersey-Maryland (PJM) interconnection. The plant began operations in 2018 and is composed of one Mitsubishi 501GAC combustion turbine (CT), a Toshiba steam turbine (ST), and one Vogt heat recovery steam generator (HRSG) in a 1x1 configuration. ArcLight indirectly owns 100% of the project company Ohio Power Partners LLC. MEC is a highly efficient baseload asset that is well-positioned to capitalize on AI-driven demand growth and tightening market dynamics across PJM. With a heat rate of about 6,900 Btu per kilowatt-hour (kWh), MEC is positioned favorably on the PJM dispatch curve, demonstrated by its robust capacity factors. Including 2021, when it experienced a transformer-related outage, the plant's average capacity factor from 2021–2024 was about 80%. S&P said, "We believe MEC will continue to benefit from high levels of dispatch in the near term as demand grows and less efficient units exit. Over the TLB period, we expect the plant to average a capacity factor in the low- to mid-80% before stepping down to average about 70% over the remainder of our forecast, reflecting the entry of lower cost resources into the PJM supply stack." S&P said, "In addition to strong dispatch, MEC has exhibited expanded profitability over 2024 and 2025, which we expect to continue as the load growth narrative continues to materialize. The plant has captured spark spreads of around $17 per megawatt-hour (MWh) in 2024 and around $21/MWh on a last-12-months basis as of June 2025. Forward curves utilizing the plant's gas interconnection (Rockies Express Pipeline Zone 3) and nearest power hub (AEP-Dayton) indicate sparks of a similar magnitude over the next several years. Middletown has also historically experienced a positive basis when compared to AEP-Dayton, which suggests further profitability. "Historically, MEC utilized heat rate call options (HRCOs) to hedge its cash flows. Going forward, we expect a new hedging strategy as MEC executes spark spread hedges on a rolling basis. Currently, the plant has hedged approximately 300 MW of capacity over the remainder of 2025 and full-year 2026 at spark spreads of about $20/MWh. To the extent the plant maintains its operations, we believe these hedges increase cash flow visibility and bolster gross margin. We will continue to monitor the plant's hedge book as the sponsor has communicated the intention to hedge into 2027 and beyond, although no hedges beyond 2026 have been executed at this time. The plant also benefits from the PJM capacity price cap and floor that will persist at least through the next uncleared auction. "MEC has demonstrated a solid operational track record, but historical outages during weather events limit how much capacity can be compensated. Excluding 2021, when MEC experienced a transformer-related outage, the plant has achieved an average EFORd of about 3% from 2020–2024, which we view as slightly better than the average for CCGTs across the U.S. Additionally, we believe the low EFORd over 2024 and 2025 indicates improving operational performance, which we anticipate will continue over our forecast." However, Middletown has had several historical outages during weather events that reduced its performance-specific adjustment factor (specific to the plant, unlike effective load carrying capability (ELCC), which looks at technology class) below one, which lowers the amount of capacity that can be remunerated. All else equal, MEC is compensated for less capacity than a plant with identical nameplate capacity that has exhibited more reliability. This factor should improve over time as MEC continues to exhibit strong operations, but under PJM's current methodology, past years are not removed from the calculation, which essentially acts as a limiting factor to the total improvement possible. The plant's single-asset nature and 1x1 configuration also limit redundancy. Although the plant is not a single shaft, which is less redundant due to there being one point of failure, a 1x1 design offers less operational flexibility than a 2x1. Although an outage of the steam turbine would have a similar effect on both configurations, a 2x1 offers additional redundancy with respect to the plant's combustion turbines. This also engenders an element of flexibility with hedging arrangements. Additionally, as with all single assets, there is an inherent concentration of operational and market risk in comparison to a portfolio of multiple different assets or with assets in several markets. Finally, although the plant has historically never had an issue sourcing gas--including through Winter Storm Elliott--and has a gas supply agreement in place, MEC is not party to a firm gas transportation agreement, which somewhat elevates procurement risk in comparison to other facilities with similar agreements in place. S&P said, "We also note that, although the plant is interconnected to two pipelines (Texas Eastern and Rockies Express), only one connection is currently operational. Despite these considerations, we do not expect the plant to experience issues related to gas access going forward, as has been the case historically including during times of extreme conditions." The minimum DSCR of 1.45x occurs in the refinancing period and is a function of the project's ability to repay its debt over the TLB period via its sweep mechanism, a recommended asset life of 2046, and the cash flows available to the project in the post-refinancing period. Given the age and efficiency of the plant and the projected surge in demand in PJM, S&P believes MEC's economic asset life should run through 2046, which is consistent with that of peers with similar heat rates and COD dates. Although the project is raising an initial TLB of $325 million, a provision in the marketing term sheet allows MEC to raise additional debt of $25 million without a rating reaffirmation. S&P said, "We have included this incremental debt in our opening TLB balance, and when doing so opening leverage is about $720/kW (versus about $670/kW without incorporating this additional basket). This represents leverage that is somewhat elevated in comparison to the broader peer group. However, given our forecasted energy margin, capacity cash flows, and overall cash flow available for debt service profile for MEC, we believe it can still support this leverage at an issue-level rating of 'BB-', albeit within minimal cushion against its downside trigger of 1.4x. Before the refinancing period, where we model a sculpted, fully amortizing approach and arrive at our minimum DSCR, the project is reliant on its cash flow sweep mechanism to deleverage. We ultimately project a TLB balance of about $200 million at maturity. "The stable outlook on MEC reflects our expectation that the facility will be able to achieve robust levels of dispatch in the coming years, capture higher spark spreads engendered by improved market fundamentals in PJM, benefit from sustained high cleared capacity prices in addition to the visibility provided by the current price cap and floor, and maintain O&M and capital spending levels such the project exhibits meaningful deleveraging through its cash flow sweep mechanism. We expect the project to achieve an average DSCR of about 2.3x over the TLB period and reach a TLB balance of about $200 million at maturity. Our minimum DSCR of 1.45x occurs during the post-TLB period, when we assume a fully amortizing structure at a relatively higher interest margin." S&P could lower its rating on Middletown's debt if a combination of these factors reduces minimum DSCRs to less than 1.4x on a sustained basis: -- Higher-than-expected operating outages, reduced utilization, and performance penalties. -- Lower-than-expected realized energy margin or weaker demand because of a less favorable market outlook. -- Higher-than-expected operating costs and major maintenance expenses leading to reduced cash flows. It is unlikely that S&P raises the debt rating in the near term due to the single-asset nature of the project and limited operating redundancy. However, S&P could raise the rating if: -- S&P expects the project will maintain a minimum base-case DSCR greater than 1.80x in all years, including the post-refinancing period; and -- S&P has a qualitative view that the project can be rated in the 'BB' category given its single-asset nature and exposure to inherent power price volatility, operational risk, and refinancing risk. S&P said, "We would expect such outcomes to occur if the project's financial performance and debt repayment well exceed our forecast on a sustained basis. This could be due to factors such as improved energy margins, higher dispatch, and substantially improved capacity pricing, leading to lower-than-expected debt outstanding at the time of the TLB's maturity, as well as a track record of decreasing debt per kW." OMNIA PARTNERS: Moody's Alters Outlook on 'B2' CFR to Negative -------------------------------------------------------------- Moody's Ratings affirmed OMNIA Partners, Inc.'s (OMNIA) corporate family rating at B2 and probability of default rating at B2-PD. At the same time, Moody's also affirmed OMNIA Partners, LLC's backed senior secured term loan rating at B2, and assigned a B2 rating to its extended backed senior secured revolving credit facility due 2030. The existing B2 rating on its senior secured revolving credit facility due 2028 was reviewed in rating committee and remains unchanged, and will be withdrawn at close. The outlooks for both OMNIA and OMNIA Partners, LLC were changed to negative from stable. The company plans to do a dividend recapitalization transaction where they will issue an incremental $141 million under the senior secured bank credit facility and $165 million under the second lien term loan (not rated), along with cash to fund a $526 million dividend to OMNIA's private equity owners and other shareholders, and pay transaction-related fees. "The debt funded dividend weakens OMNIA's financial leverage (pro forma debt to EBITDA on Moody's-adjusted basis) to about 7.5x (PF Q2/25) from about 6.7x previously, which Moody's expect tos remain elevated (high 6x) over the next 12-18 months with little buffer for any potential operational underperformance" said Will Gu, Moody's Ratings analyst. The negative outlook reflects sustained elevated financial leverage and limited buffer in OMNIA's B2 credit metrics. Moody's expects OMNIA will maintain solid revenue growth and healthy profit margins, such that financial leverage reduces to around mid to high 6x and interest coverage is above 2x over the next 12-18 months. Moody's may consider changing the outlook to stable if leverage drops below 6.5x and Moody's don't anticipate the financial policy becoming more aggressive. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. RATINGS RATIONALE OMNIA's B2 CFR is challenged by: (1) a high pro-forma total leverage (7.5x as of LTM Q2 2025) and weaker pro-forma interest coverage (1.7x estimate as of LTM Q2 2025); (2) exposure to volume fluctuations given its small scale; and (3) concentration in providing procurement efficiencies to the public sector as a GPO. The company's rating benefits from: (1) the ongoing transition of public and private sector groups to group purchasing organizations (GPOs) for savings; (2) healthy EBITDA margins, complemented by an asset-light business model supporting free cash flow generation; (3) long-term contracts and high customer retention rate of over 95%; and (4) good liquidity. Governance considerations include an elevated financial leverage and a continued history of aggressive financial policy (multiple dividend recaps, large M&A), that has repeatedly pushed financial leverage higher heightening financial risks. Moody's also expects the company to be left with little cushion for operational underperformance or further leveraging actions given the financial leverage comparable position amongst B2 rated peers. However Moody's recognizes OMNIA's strong track record of consistent business execution and earnings profile, track record of rapid deleveraging through strong EBITDA growth and strong FCF generation. OMNIA has very good liquidity. Pro forma for the debt transaction, sources total about $475 million, consisting of cash balance around $25 million as of Sept 2025, Moody's expectations of about $130 million free cash flow through 2026 and full availability under OMNIA Partners, LLC's $320 million revolving credit facility due 2030. Uses are limited to about $22 million in mandatory debt amortizations, before consideration of the excess cash flow sweep. The revolver has a springing maximum first lien net leverage covenant when drawings exceed 40% of the total commitment with which Moody's expects the company to remain in compliance over the next 12 months. The company has limited sources of alternate liquidity. OMNIA Partners, LLC's senior secured revolving credit facility and senior secured term loan, both due in 2030, are rated B2, same as OMNIA's CFR. The facilities are guaranteed by OMNIA and its operating subsidiaries and secured by substantially all of the company's domestic assets. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company sustains Debt/EBITDA below 4.5x, EBITDA/Interest above 3x, demonstrates a conservative financial policy track record, and maintains a strong liquidity profile. The ratings could be downgraded if the company faces deterioration in revenue, earnings or operating margins, debt/EBITDA remains above 6.5x, EBITDA/interest is below 1.5x or if liquidity deteriorates for any reason. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Franklin, TN, OMNIA Partners, Inc. is a leading GPO serving state and local public agencies, educational institutions and corporate clients in the US through its subsidiaries (OMNIA Partners, Public Sector and OMNIA Partners, Private Sector). PAIA PARK: Case Summary & 10 Unsecured Creditors ------------------------------------------------ Debtor: Paia Park LLC P.O. Box 790100 Paia, HI 96779 Business Description: Paia Park LLC operates short-term lodging accommodations at 69 Hana Highway in Paia, Maui, Hawai'i, within a mixed-use property that includes retail and residential units. Chapter 11 Petition Date: October 24, 2025 Court: United States Bankruptcy Court District of Hawaii Case No.: 25-00954 Judge: Hon. Robert J Faris Debtor's Counsel: Chuck C. Choi, Esq. CHOI & ITO 700 Bishop Street, Suite 1107 Honolulu, HI 96813 Tel: 808-533-1877 Fax: 808-566-6900 Email: cchoi@hibklaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Michael S. Baskin as member. A full-text copy of the petition, which includes a list of the Debtor's 10 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CMKIDWA/Paia_Park_LLC__hibke-25-00954__0001.0.pdf?mcid=tGE4TAMA PANORAMIC HUDSON: Secured Party Sets Dec. 18, 2025 Auction ---------------------------------------------------------- By virtue of certain events of default under a Mezzanine Loan and Security Agreement dated December 21, 2018, between Panoramic Hudson Mezz LLC ("Debtor") and CMTG Lender 34 LLC ("Secured Party"), the Secured Party will offer for sale at public auction all of its right, title and interest in and to: (a) 100% of the limited liability company interests in Panoramic Hudson LLC ("Owner"), and (b) certain related rights and property relating to interests owned by the Debtor. The public sale will take place at 2:00 P.M. (New York Time) on December 18, 2025, and conducted both via Zoom and in-person in front of the New York Supreme Court. The principal asset of the Owner is a real property commonly known as, and located at, 545 West 37th Street, in New York. The Sale of the Collateral involves the sale of equity interests in Owner and does not involve the direct sale of the Property. Racebrook Marketing Concepts, LLC, under the direction of Jonathan Cuticelli, Auctioneer, will conduct the sale in respect of an indebtedness of an original principal loan amount of $31,300,000. Information on the Collateral and the Terms of Sale can be found at www.545West37thStUCCSale.com or by contacting Secured Party's UCC Broker, JLL, c/o Brett Rosenberg at (212) 812-5926 or Brett.Rosenberg@jll.com PARAGON INDUSTRIES: Seeks to Sell Assets via Auction ---------------------------------------------------- Paragon Industries Inc. seeks permission from the U.S. Bankruptcy Court for the Eastern District of Oklahoma, to sell substantially all assets at auction, free and clear of liens, claims, interests, and encumbrances. Paragon Industries Inc. manufactures steel pipe products used in the oil and gas, construction, and fire protection industries. Based in Sapulpa, Oklahoma, the Company offers services such as heat treatment, threading, and fabrication. Its product range includes mechanical, sprinkler, line pipe, OCTG, and construction pipes, with a customer base extending across North and South America. The Debtor proposes bidding procedures to solicit and may select the highest or otherwise best offer for the In-Court Sale, potentially at an auction if needed; The Debtor establishes the following dates and deadlines in connection with the Bidding Procedures: -- Sale Notice Deadline: 3 Business Days After Entry of the Bidding Procedures Order -- Deadline to File Assumption and Assignment Notice: November 25, 2025 -- Deadline for Debtor to Provide Notice of Selection of Stalking Horse Bidder (if applicable): December 2, 2025 -- Deadline for Debtor to File Form of Proposed Purchase Agreement: December 2, 2025 -- Qualified Bid Deadline: January 5, 2026, at 5:00 p.m. prevailing Central Time -- Supplemental Sale Objection Deadline: January 12, 2026 at 4:00 p.m. prevailing Central Time -- Sale Hearing: January 14, 2026, subject to the availability of the Court -- Closing Date: January 29, 2026 The Debtor believes the proposed procedures will promote active bidding from seriously interested parties and will dispel any doubt as to the best and highest offer reasonably available for the Debtor's assets. The procedures will allow the Debtor to conduct a marketing and sale process in a controlled, fair, and open fashion that will encourage participation by financially capable bidders who demonstrate the ability to close a transaction. According to the Debtor, it requires flexibility to offer Bid Protections. Without such ability, the Debtor is unlikely to be able to obtain the commitment of any Stalking Horse Bidder. Any Stalking Horse Bidder will need to have expended time and resources performing due diligence, negotiating, and drafting, despite the fact that its bid will be subject to Court approval and overbidding by third parties. Any Bid Protections offered by the Debtor will have been negotiated in good faith. As a result, by preserving the ability to offer Bid Protections, the Debtor maximizes the likelihood that its estate can realize the benefit of a transaction with a Stalking Horse Bidder without sacrificing the potential for other parties to submit overbids at the Auction. About Paragon Industries Inc. Paragon Industries Inc. manufactures steel pipe products used in the oil and gas, construction, and fire protection industries. Based in Sapulpa, Oklahoma, the Company offers services such as heat treatment, threading, and fabrication. Its product range includes mechanical, sprinkler, line pipe, OCTG, and construction pipes, with a customer base extending across North and South America. Paragon Industries Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Okla. Case No. 25-80433) on May 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. Judge Paul R. Thomas presides over the case. The Debtor is represented by Clayton D. Ketter, Esq. at PHILLIPS MURRAH P.C. PARK 54 RESTAURANT: May Use Cash Collateral Through Nov. 10 ----------------------------------------------------------- Judge Christopher J. Panos of the United States Bankruptcy Court for the District of Massachusetts granted Park 54 Restaurant Group LLC interim approval to use cash collateral. The hearing to consider further approval of the Debtor's use of collateral and adequate protection therefor as proposed in the motion is scheduled for 1:00 P.M. on Nov. 10. Objections must be filed by Nov. 6. In its Motion, Park 54 Restaurant Group asked the Court for entry of an order, pursuant to Sections 361 and 363(c)(2) of the Bankruptcy Code, and MLBR 4001-2, authorizing the use of the cash collateral held by WebBank and Dorchester Bay Neighborhood Loan Fund. In addition, the Debtor seeks authority to make adequate protection payments to WebBank and Dorchester Bay Neighborhood Business Loan Fund. The Debtor, founded in 2021 by Tasha Hull, owns and operates a restaurant in Hyde Park, Massachusetts. Park 54 is inspired by the life and service of the men who served during the Civil War in the 54th Regiment -- a volunteer infantry comprised of free Black American male soldiers. The regiment was established in Readville, now known as Hyde Park. The Debtor has significant obligations to the Massachusetts DOR for unpaid meals and withholding taxes. Recently, the Debtor looked to merchant cash advances to fund its business, including the repayment of loan obligations to a former owner of the business. As a result, the DOR recently placed a hold on the Debtor's operating accounts, and the MCA lenders froze the payment of receipts from certain credit card processors. The Debtor believes that by reducing and restructuring its MCA debt, and by paying its back tax obligations over a five-year plan period, it will be able to return to a positive cash flow and make a reasonable distribution to unsecured creditors. The Debtor's Secured Debt: Creditor Amount Owed -------- ----------- 325 LLC $427,500 Pursuant to a December 2021 Promissory Note and Pledge Agreement. The obligation is secured by the Debtor’s City of Boston All Alcohol Liquor License. The Debtor asserts that the Liquor License has a current fair market value of approximately $450,000 and, therefore, 325 LLC is fully secured. Creditor Amount Owed -------- ----------- WebBank $107,813 Pursuant to a merchant cash advance agreement. The WebBank obligation is secured by a first-place lien on the Debtor's credit card receivables collected through the Toast point of sale application. The Debtor asserts that the current value of the receivables securing the WebBank debt is approximately $46,000. Creditor Amount Owed -------- ----------- Dorchester Bay Neighborhood $58,635 Business Loan Fund The obligation is secured by a lien on all of the Debtor's assets. The Dorchester lien is junior to: (i) the 325 LLC lien on the Liquor License; and (ii) the WebBank lien on the Debtor's receivables. Dorchester has a first-place lien on all remaining assets of the Debtor. The Debtor asserts that, after accounting for the 325 LLC and WebBank secured debt, the current fair market value of all remaining assets, including equipment and inventory, securing the Dorchester debt is approximately $70,000, making Dorchester Fully Secured. Creditor Amount Owed -------- ----------- Square Advance $89,900 The Square obligation is secured by a lien on all of the Debtor's assets. The Square lien is junior to: (i) the 325 LLC lien on the Liquor License; (ii) the WebBank lien on the Debtor's receivables; and (iii) the Dorchester first-place lien on all of the Debtor's remaining assets. The Debtor asserts that, after accounting for the 325 LLC, WebBank and Dorchester secured debt, the current fair market value of all remaining assets securing the Square debt is approximately $12,000. Square is undersecured. Creditor Amount Owed -------- ----------- FundPro Solutions $195,305 Pursuant to a merchant cash advance agreement. The obligation is secured by a fourth-place lien on the Debtor's credit card receivables. The Debtor asserts that after accounting for senior liens, FundPro is wholly unsecured. Creditor Amount Owed -------- ----------- LG Funding $125,950 Pursuant to a merchant cash advance agreement. The obligation is secured by a fifth-place lien on the Debtor's credit card receivables. The Debtor asserts that after accounting for senior liens, LG is wholly unsecured. Currently, LG Funding has placed a restraint on over $34,000 currently held by the Toast POS application. The Debtor requests that LG be required to immediately release its restraint on all funds currently held by any POS application, including Toast. Creditor Amount Owed -------- ----------- Ocean Funding Corp. $44,463 Pursuant to a merchant cash advance agreement. The obligation is secured by a sixth-place lien on the Debtor's credit card receivables. The Debtor asserts that after accounting for senior liens, Ocean Funding is wholly unsecured. Creditor Amount Owed -------- ----------- CFG Merchant Solutions LLC $91,570 Pursuant to a merchant cash advance agreement. The obligation is secured by a seventh-place lien on the Debtor's credit card receivables. The Debtor asserts that after accounting for senior liens, CFG is wholly unsecured. Creditor Amount Owed -------- ----------- Union Funding Source $56,062 Pursuant to a merchant cash advance agreement. The obligation is secured by an eighth-place lien on the Debtor's credit card receivables. The Debtor asserts that after accounting for senior liens, Union Funding is wholly unsecured. Creditor Amount Owed -------- ----------- Door Dash Capital $19,173 Pursuant to a merchant cash advance agreement. Upon information and belief, no UCC has been filed and the Door Dash debt is wholly unsecured. However, Door Dash has placed a restraint on approximately $12,000 currently held by Shift4 (POS application). The Debtor requests that Door Dash be required to immediately release its restraint on all funds currently held by any POS application, including Shift4. The Debtor is also obligated to the Massachusetts Department of Revenue in the amount of approximately $290,000.00 for unpaid meals and withholding taxes, and to the Massachusetts Department of Unemployment Assistance in the amount of $55,000 for unpaid unemployment taxes. The Debtor has approximately $275,000.00 in general unsecured debt, comprised primarily of vendors. A copy of the Court's Order dated October 21, 2025, is available at https://urlcurt.com/u?l=Gv3sPF from PacerMonitor.com. About Park 54 Restaurant Group LLC Park 54 Restaurant Group, LLC, doing business as Park 54 Restaurant & Lounge, operates a full-service restaurant at 81 Fairmount Avenue in Hyde Park, Massachusetts, serving American, Southern, Caribbean, and soul cuisine with signature dishes such as chicken and waffles, shrimp and lobster grits, and Rasta pasta. The Company offers private event space through its upstairs "Oasis Room," accommodating up to 50 guests for gatherings including birthdays and repass services. Founded by Hyde Park resident Tasha Hull, Park 54 emphasizes a community-oriented dining experience inspired by the 54th Massachusetts Volunteer Infantry, the first African American regiment to serve in the Civil War. Park 54 Restaurant Group filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 25-12185) on October 10, 2025, with $627,265 in assets and $1,837,756 in liabilities. Tasha Hull, manager, signed the petition. Judge Christopher J. Panos presides over the case. David B. Madoff, Esq., at Madoff & Khoury, LLP represents the Debtor as legal counsel. PARK ESTATES FO: Fannie Mae Seeks Appointment of Receiver --------------------------------------------------------- Federal National Mortgage Association ("Fannie Mae") filed a Verified Complaint for Appointment of Receiver, Enforcement of Assignments of Rents, and Other Relief. Fannie Mae wants a receiver appointed to take possession of, manage, and operate a multifamily residential rental property owned and operated by Park Estates FO LLC, commonly known as "Park Estates" and addressed at 1150 Maple Walk Circle, Decatur, DeKalb County, Georgia 30032. Fannie Mae is the successor in interest to Greystone Servicing Company LLC relating to a multifamily loan in the principal amount of $10,377,000. Fannie Mae says the Borrower has failed to maintain the Property in accordance with the terms of the applicable loan documents and has failed to make a required deposit of $871,400 within 30 days after notice by Fannie Mae as additional security. In light of these defaults, Fannie Mae has elected to declare the Loan obligations to be immediately due and payable. Park Estates FO LLC is a Georgia limited liability company with a principal place of business in Atlanta, Georgia. Membership of the Borrower was composed of: (1) 20% in the name of Park Estates FO Investors, LLC, a Delaware limited liability company with a principal place of business in New Jersey, and (2) 80% in the name of Sero Four Fund I, LLC, a Delaware limited liability company with a principal place of business in California. The case is captioned, Federal National Mortgage Association v. Park Estates FO LLC, Case No. 1:25-cv-06005 (N.D. Ga.), the Hon. Judge Michael L Brown presiding. Counsel for Plaintiff Federal National Mortgage Association ("Fannie Mae"): Eric Barton, Esq. SEYFARTH SHAW LLP 1075 Peachtree Street, NE, Suite 2500 Atlanta, GA 30309 Tel: (404) 885-1500 Fax: (404) 892-7056 E-mail: ebarton@seyfarth.com PARK RIVER: Completes Exchange Offer With 99.99% Participation -------------------------------------------------------------- Park River Holdings, Inc., the parent company of PrimeSource Brands, an industry-leading provider of branded specialty building products and hardware in North America, announced on Oct. 20, 2025, the expiration and final results of the previously announced: (i) offers to exchange any and all of the Company's outstanding 5.625% Senior Notes due 2029 and 6.750% Senior Notes due 2029 held by Eligible Holders for a combination of newly issued 8.75% Second Lien Secured Notes due 2030 to be issued by the Company and cash, and (ii) the related Consent Solicitations, in each case as set forth in, and upon the terms and subject to the conditions of, the confidential offering memorandum and consent solicitation statement, dated September 18, 2025. As of 5:00 P.M., New York City time, on October 17, 2025, the Company received and accepted from Eligible Holders valid and unwithdrawn tenders and related Consents, as reported by D.F. King & Co., Inc., representing: (a) $346,329,000 in aggregate principal amount of 5.625% Notes, or approximately 99.998% of the aggregate principal amount of 5.625% Notes outstanding and (b) $291,960,000 in aggregate principal amount of 6.750% Notes, or approximately 99.994% of the aggregate principal amount of 6.750% Notes outstanding. As a result, the Minimum Participation Condition (as defined in the Exchange Offering Memorandum) has been satisfied with respect to each series of Old Notes. In addition, on October 1, 2025, the First Lien Financing Condition (as defined in the Exchange Offering Memorandum) was satisfied upon closing of the Company's previously announced: (i) offering of $800.0 million aggregate principal amount of its 8.000% First Lien Secured Notes due 2031 and (ii) $1,020.0 million aggregate principal amount of its new first lien term loan facility due 2031. In addition, as previously announced, as of 5:00 P.M., New York City time on October 1, 2025, the Company received the requisite number of consents in the concurrent consent solicitation from : (i) Eligible Holders of the 5.625% Notes to certain proposed amendments to the indenture governing the 5.625% Notes, dated as of January 22, 2021 and (ii) Eligible Holders of the 6.750% Notes to certain proposed amendments to the indenture governing the 6.750% Notes, dated as of June 9, 2021, in each case, to eliminate substantially all of the restrictive covenants and certain of the default provisions, modify covenants regarding mergers and consolidations, and modify or eliminate certain other provisions, and release the guarantees provided by the guarantors of the Old Notes/ Park River Holdings, Inc., headquartered in Irving, Texas, is a specialty branded building products distributor. Clearlake Capital Group, L.P., through its affiliates, is the owner of PrimeSource. PINSTRIPES HOLDINGS: Hires Ropes & Gray as Special Counsel ---------------------------------------------------------- Pinstripes Holdings, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Ropes & Gray LLP as counsel to the special committee of the board of directors of the Debtor Pinstripes Holdings, Inc. The firm's services include: (a) evaluating, negotiating, and making recommendations to the Board with respect to various strategic alternatives; (b) reviewing, addressing, and making recommendations to the Board with respect to claims or causes of action of Pinstripes that arise out of or relate to the Special Committee's review of transactions involving certain affiliates or insiders (the "Investigation"); (c) relaying relevant information and updates to the Board, to ensure that all of the members of the Board are kept apprised of material developments; (d) determining whether a potential strategic transaction is advisable, fair to, and in the best interest of the Company and all of its stakeholders, including its stockholders; (e) carrying out its responsibilities, coordinating, and consulting with management, and professional advisors of and to the Company, as appropriate, regarding matters within its authority and mandate; (f) retaining professionals for advice or assistance, as it deems necessary and proper, to carry out its responsibilities; and (g) taking such other actions as the Special Committee deems necessary or desirable in order to carry out its mandate. The firm will be paid at these rates: Partners $1,800 to $2,600 per hour Counsels $1,250 to $1,880 per hour Associates $900 to $1,620 per hour Paraprofessionals $315 to $695 per hour The Debtors paid the firm $50,000 as advance retainer. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Dickerson, Esq. disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Chris L. Dickerson, Esq. Ropes & Gray LLP 1211 Avenue of the Americas New York, NY 10036 Tel: (212) 596-9000 About Pinstripes Holdings, Inc. Pinstripes Holdings, Inc. operates a dining and entertainment concept restaurants. The company provides Italian-American cuisine with bowling, bocce, and private event services. It also offers off-site events catering services. The company was incorporated in 2006 and is based in Northbrook, Illinois. Pinstripes Holdings and four of its affiliates sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 25- 11677) on September 8, 2025. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as counsel; CR3 Partners LLC as restructuring advisor; and Hilco Corporate Finance LLC as investment banker. The Debtors' notice and claims agent is Epiq Corporate Restructuring LLC. PLOR T1: S&P Affirms 'B-' ICR on Planned Acquisition ---------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating and 'B-' issue-level rating on Xplor T1 LLC's (wholly owned subsidiary of Xplor Technologies) term loan, with a '3' recovery rating. S&P also expects to withdraw the existing rating on the company's revolving credit facility upon close. S&P said, "The outlook is stable and reflects our view that the transaction is highly synergistic and transformational for Xplor. We expect the Clubessential assets to be immediately margin accretive, given their relatively stronger profitability profile, and to generate sufficient revenue to mostly offset the negative impact of the incremental debt on credit metrics." On Sept. 16, 2025, Xplor Technologies LLC and Clubessential Holdings LLC (CE Intermediate I LLC) entered into a merger agreement. The transaction is expected to close by the end of 2025. To finance the transaction, Xplor T1 LLC (wholly owned subsidiary of Xplor Technologies) plans to issue a $1.35 billion fungible term loan add-on and receive new equity investment from Advent International, with Silver Lake and Battery Ventures rolling a significant portion of their stake in Clubessential. S&P estimates pre-synergy S&P Global Ratings-adjusted debt to EBITDA at about 10x, but organic growth, mix improvement, and steady realization of expected synergies will support S&P Global Ratings-adjusted leverage of about 7.3x at the end of 2026. Assuming run-rate synergy benefit, it projects adjusted debt to EBITDA of approximately 6.6x at the end of 2026. Xplor's merger with Clubessential will provide meaningful profit expansion opportunities and critical business scale. Clubessential provides software-as-a-service (SaaS) and integrated payments solutions for membership-based organizations operating in the golf and club, fitness and leisure, and parks and recreation end markets. S&P said, "We view the platform as highly complementary to Xplor's--which also serves the fitness and wellbeing segment, in addition to the field services, childcare and education, and personal services end markets. The acquisition is Xplor's largest to date and builds scale (project revenues to grow approximately 50% from our stand-alone 2025 forecast for Xplor to nearly $900 million), adds scope of brand offerings, and increases the company's exposure to faster growing and stickier customer verticals. We project the end-market expansion will contribute to high-single-digit percent in annual organic revenue growth (up from our assumption of mid-single-digit percent growth for stand-alone Xplor) and gross and net dollar customer retention improvements with the addition of new membership-based customers." S&P said, "We expect the business combination to be immediately margin-accretive due to Clubessential's stronger margin profile, relative to stand-alone Xplor's. We believe this is due to Clubessential's heavier-weighted software sales mix and embedded payments model. By contrast, Xplor's current operating model also incorporates a slowing direct payments segment. We anticipate the transaction will support growth of embedded payments, specifically with respect to its payment facilitator (payfac) capabilities. This includes the ongoing steady migration of Clubessential client payments to their proprietary ODIN payments platform that may result in more favorable take rates over time. "In our base case, we project the successful integration of Clubessential will increase S&P Global Ratings-adjusted margins by about 10%, to the low-30% range in 2026. We believe additional cost savings and payments synergies could lead to further S&P Global Ratings-adjusted margin expansion of around 300 basis points (bps). However, under our base case, we expect it to take up to 24 months for the impacts of synergies to roll through to our adjusted earnings, as upfront implementation costs will likely offset their margin impacts in the near term. We believe the business combination improves Xplor's operating efficiency and absolute profitability profile. "The transaction increases Xplor's debt load, although Clubessential's earnings contribution will maintain leverage consistent with our expectations for the 'B-' rating. We now forecast S&P Global Ratings-adjusted debt of $2.2 billion at the end of 2025, up from $746.4 million at the end of the second quarter. However, we project incremental Clubessential earnings to absorb most of the higher debt impact and support year-over-year deleveraging. We project leverage to decline to about 7.3x at the end of 2026 from about 10x (pre-synergy), as the company benefits from the integration of full-year sales and earnings. We forecast leverage of about 6.6x at the end of 2026, pro forma run-rate synergies. "At the same time, we project Xplor to generate healthy positive free operating cash flow (FOCF) throughout the forecast period, consistent with our forecast of stronger earnings generation and modest cash outflows. Providing further support is our expectation of good tax savings benefits from assumption of Clubessential's net operating loss (NOLs) tax assets. (We also assume a portion of the tax savings to be paid out to Xplor's sponsors in the form of distributions; we estimate $15 million-$20 million in distributions in 2026 and 2027.) We project FOCF of about $100 million-$110 million in 2026, increasing to around $170 million-$180 million in 2027. We believe this level of projected FOCF compares favorably to that of other 'B-'-rated industry peers. "The transformational nature of the transaction heightens the importance of successful business integration. This business combination is Xplor's largest transaction since its inception. Under our base case, we consider relatively smooth integration, based on our expectation that the company will continue to operate distinct software brand offerings in the near term and achieve steady realization of planned synergies. However, we believe it is possible the company may face integration-related frictions, given the added complexity, that could hamper earnings generation and result in slower or less margin improvement than forecasted. Our sensitivity analysis shows that if S&P Global Ratings-adjusted EBITDA margins are 200 bps lower than our base case, adjusted leverage will remain elevated at around 7.8x. We would like to see the company successfully integrate Clubessential, establish a track record managing the larger enterprise, and produce several quarters of results in line with our expectations before raising the rating. "We believe M&A will remain a key growth driver for Xplor. The announced business combination with Clubessential highlights M&A's importance to the company's growth strategy, and we expect the company will remain acquisitive. We expect the company to opportunistically pursue acquisitions that enhance its technological capabilities/functionality, broaden its presence in existing and adjacent industry verticals, support its transition to a more embedded payments platform, and add international scale. However, we expect acquisitions will be more tuck-in in the near term as Xplor prioritizes the successful integration of Clubessential. It would likely finance these smaller-scale acquisitions using FOCF. However, given the company's financial sponsor ownership, we believe there is an inherent likelihood that the company could pursue additional large debt-financed acquisitions. "The stable outlook reflects our expectation that Xplor's business and earnings profile will strengthen following its integration of Clubessential. Specifically, we believe the integration will support better profitability, such that S&P Global Ratings-adjusted EBITDA margin grows to around 30% at the end of 2026 from a forecasted 21% on a stand-alone basis at the end of 2025. At the same time, the outlook reflects the transformational nature of the business combination. While our base-case forecast considers smooth integration and relatively low pro forma run-rate synergy leverage of about 6.6x, we believe there may be some integration-related risks and challenges that could constrain earnings generation and margin profile." S&P could lower its rating on Xplor if: -- A deterioration in its business prevents it from improving its FOCF such that its FOCF to debt remains below the low-single-digit percent area; -- Its liquidity position weakens because of persistently low FOCF generation; or -- Its cash interest coverage weakens to 1x on a sustained basis. S&P could raise its rating on Xplor if: -- It successfully integrates the Clubessential platform, executes planned synergies, and achieves margin expansion in line with our base-case forecast; -- It demonstrates a consistent track record of business growth stemming from the successful execution of its software and embedded payment strategies, which supports higher payment attach rates, higher average revenue per customer, and new customer wins; -- Its credit metrics improve such that it sustains FOCF to debt of more than 5% and debt to EBITDA of well below 7.5x, even after accounting for acquisitions; and -- S&P believes the company's capital allocation and financial policies will support its maintenance of these credit metrics. PRIMALEND CAPITAL: Blames Subprime Market Downturn for Ch.11 Filing ------------------------------------------------------------------- Steven Church of Bloomberg News reports that subprime lender PrimaLend Capital Partners said financial pressure from auto dealers catering to credit-challenged buyers pushed it into bankruptcy. The Texas-based firm filed for Chapter 11 protection Wednesday, October 22, 2025, after prolonged efforts to stabilize operations, according to the report. Chief Restructuring Officer Tanya Meerovich said the company faced declining auto sales to borrowers with poor credit, alongside rising interest rates and inflation that squeezed margins. Volatile used-vehicle values further intensified its challenges, according to Bloomberg News. Meerovich added that defaults and instability among auto dealers have triggered a destructive cycle impacting the entire industry. PrimaLend's filing underscores how economic strain is spreading through the subprime auto-lending market, according to report. About PrimaLend Capital PrimaLend Capital, a U.S.-based commercial finance company, provides asset-backed lending solutions to buy-here-pay-here (BHPH) auto dealerships. PrimaLend Capital sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-90013) on October 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Jason P. Kathman, Esq. of SPENCER FANE. FTI CONSULTING INC. is the Debtor's Financial Advisor. HOULIHAN LOKEY INC. is the Debtor's Investment Banker. STRETTO INC. is the Debtor's Claims, Noticing & Solicitation Agent. PUBLIC PREPARATORY: S&P Places 'BB' ICR on CreditWatch Negative --------------------------------------------------------------- S&P Global Ratings placed its 'BB' issuer credit rating on Public Preparatory Charter Schools Academies (PPA, or the network), N.Y., a not-for-profit education corporation, on behalf of Boys Preparatory Charter School of New York, on CreditWatch with negative implications. The CreditWatch placement reflects S&P's view of the network's lack of timely and sufficient information to maintain the rating. The rating is at risk of being withdrawn, preceded by any change to the rating that we consider appropriate, given available information, if S&P does not receive sufficient information within 90 days. Environmental, social, and governance (ESG) credit factors for this change in credit rating/outlook and/or CreditWatch status: -- Risk management, culture, and oversight PURDUE PHARMA: Court Postpones Decision on Moss Proof of Claim -------------------------------------------------------------- The Honorable Sean H. Lane of the United States Bankruptcy Court for the Southern District of New York issued an order postponing a decision on the motion of British Moss seeking leave to have his personal injury proof of claim (the "Late Claim") deemed timely filed. The Court needs to make an informed decision on the Late Claim Motion based on, among other things, the review by the Personal Injury Claims Administrator of the Movant's unique circumstances, including without limitation his assertions with some documentation that he was subject to solitary confinement while incarcerated and has a mental disability, as well as the number of similarly-situated claimants who may subsequently seek to assert late claims in these chapter 11 cases and whether allowing the Late Claim as timely would open the floodgates to additional late claims against the Debtors and prejudice the estates. A decision on the Late Claim Motion will be postponed until the PI Claims Administrator has first reviewed the Late Claim Motion and Mr. Moss's entire claim record and provided a recommendation, if possible, regarding whether to deem the Late Claim timely based on the Movant's unique circumstances, including without limitation the circumstances of his asserted solitary confinement while incarcerated and mental disability. A copy of the Court's Order dated October 20, 2025, is available at https://urlcurt.com/u?l=wnJvsC from PacerMonitor.com. 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 private plaintiffs 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. PURDUE PHARMA: Court Postpones Decision on Walker Proof of Claim ---------------------------------------------------------------- The Honorable Sean H. Lane of the United States Bankruptcy Court for the Southern District of New York issued an order postponing a decision on the motion of Michael Walker seeking leave to have his personal injury proof of claim (the "Late Claim") deemed timely filed. The Court needs to make an informed decision on the Late Claim Motion based on, among other things, the review by the Personal Injury Claims Administrator of the Movant's unique circumstances, including without limitation his assertions with some documentation that he was subject to solitary confinement while incarcerated and has a mental disability, as well as the number of similarly-situated claimants who may subsequently seek to assert late claims in these chapter 11 cases and whether allowing the Late Claim as timely would open the floodgates to additional late claims against the Debtors and prejudice the estates. A decision on the Late Claim Motion will be postponed until the PI Claims Administrator has first reviewed the Late Claim Motion and Mr. Walker's entire claim record and provided a recommendation, if possible, regarding whether to deem the Late Claim timely based on the Movant's unique circumstances, including without limitation the circumstances of his asserted physical disability. A copy of the Court's Order dated October 20, 2025, is available at https://urlcurt.com/u?l=I9x1lh from PacerMonitor.com. 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 private plaintiffs 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. R&R TRANSPORT: Hires Fuqua & Associates as Legal Counsel -------------------------------------------------------- R&R Transport Inc. dba Corporate Delivery Systems seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Richard L. Fuqua of Fuqua & Associates, P.C. to serve as its legal counsel. Mr. Fuqua will provide these services: (a) provide the Debtor legal advice with respect to its powers and duties as a Debtor-in-possession in the continued operation of its business, and management of its property; (b) prepare all pleadings on behalf of the Debtor, as Debtor-in-possession, which may be necessary herein; (c) negotiate and submit a potential plan of arrangement satisfactory to the Debtor, its estate, and the creditors at large; and (d) perform all other legal services for the Debtor as a Debtor-in-possession which may become necessary to these proceedings herein. The firm will be paid at these hourly rates: Mr. Fuqua $750 Law Clerks and Legal Assistants $150 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Fuqua & Associates, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Richard L. Fuqua, Esq. Fuqua & Associates, P.C. 8558 Katy Freeway, Suite 119 Houston, TX 77024 Telephone: (713) 960-0277 Facsimile: (713) 960-1064 About R&R Transport Inc. dba Corporate Delivery Systems R&R Transport Inc., doing business as Corporate Delivery Systems, provides freight, hot shot, and route delivery services, as well as warehousing solutions, primarily in Houston, Texas. The company specializes in urgent and scheduled shipments, offering both local and long-haul transportation to support businesses with time-sensitive delivery needs. It has been operating in the logistics and courier industry since 1990. R&R Transport filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-36036) on October 9, 2025, listing between $500,000 and $1 million in assets and between $1 million and $10 million in liabilities. Randy Russell, president of R&R Transport, signed the petition. Richard L. Fuqua, II, Esq., at Fuqua & Associates, P.C. represents the Debtor as legal counsel. R&R TRANSPORT: Seeks to Hire Fuqua & Associates as Counsel ---------------------------------------------------------- R&R Transport & Logistics, LLP seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Richard L. Fuqua of Fuqua & Associates, P.C. to serve as its legal counsel. Mr. Fuqua will provide these services: (a) provide the Debtor legal advice with respect to its powers and duties as a Debtor-in-possession in the continued operation of its business, and management of its property; (b) prepare all pleadings on behalf of the Debtor, as Debtor-in-possession, which may be necessary herein; (c) negotiate and submit a potential plan of arrangement satisfactory to the Debtor, its estate, and the creditors at large; and (d) perform all other legal services for the Debtor as a Debtor-in-possession which may become necessary to these proceedings herein. The firm will be paid at these hourly rates: Mr. Fuqua $750 Law Clerks and Legal Assistants $150 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Fuqua & Associates, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Richard L. Fuqua, Esq. Fuqua & Associates, P.C. 8558 Katy Freeway, Suite 119 Houston, TX 77024 Telephone: (713) 960-0277 Facsimile: (713) 960-1064 About R&R Transport & Logistics, LLP R&R Transport & Logistics, LLP provides courier, delivery, and logistics services specializing in the transportation of parcels and freight. It operates from Houston, Texas, serving clients across regional and interstate routes through its fleet of trucks and delivery vehicles. R&R Transport & Logistics sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-36034) on October 9, 2025. In its petition, the Debtor reported total assets of $1,124,622 and total debts of $1,489,420. The Debtor is represented by Richard L. Fuqua, II, Esq., at Fuqua & Associates, P.C. REATON HOMES: Case Summary & One Unsecured Creditor --------------------------------------------------- Debtor: Reaton Homes, LLC f/d/b/a Reaton Property Management 4920 Windmere Chase Dr Raleigh, NC 27616 Business Description: Reaton Homes, LLC, formerly doing business as Reaton Property Management, engages in residential real estate development and property management. The Company builds, sells, and manages single-family homes and other residential properties in the Raleigh– Durham area of North Carolina. Chapter 11 Petition Date: October 24, 2025 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 26-04217 Debtor's Counsel: Richard P. Cook, Esq. RICHARD P. COOK PLLC dba Cape Fear Debt Relief 7036 Wrightsville Avenue, Suite 101 Wilmington, NC 28403 Tel: (910) 399-3458 Fax: (877) 836-6822 Email: CapeFearDebtRelief@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Harry Kyle Poston as managing member. The Debtor identified the North Carolina Department of Revenue's Bankruptcy Unit in Raleigh as its only unsecured creditor. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HSFBS6A/Reaton_Homes_LLC__ncebke-25-04217__0001.0.pdf?mcid=tGE4TAMA REFRIGERATED LOGISTICS: Seeks Chapter 7 Bankruptcy in Texas ----------------------------------------------------------- On October 23, 2025, Refrigerated Logistics Inc. voluntarily filed for Chapter 7 bankruptcy in the Eastern District of Texas. According to the petition, the company has debts between $1 million and $10 million. The filing indicates that Refrigerated Logistics Inc. has 1 to 49 creditors as it proceeds with liquidation under Chapter 7. About Refrigerated Logistics Inc. Refrigerated Logistics Inc. is a Dallas-based carrier specializing in temperature-controlled freight, offering refrigerated trucking and LTL services. Refrigerated Logistics Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-43173) on October 23, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Brenda T. Rhoades handles the case. The Debtor is represented by Christopher J. Moser, Esq. of Quilling Selander Lownds Winslett Moser. REVIVA PHARMACEUTICALS: Regains Compliance With Nasdaq's MVLS Rule ------------------------------------------------------------------ Reviva Pharmaceuticals Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it received a compliance letter from the Listing Qualifications Department of The Nasdaq Stock Market formally notifying the Company that it has regained compliance with the minimum Market Value of Listed Securities (MVLS) requirement for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(b)(2) and that the MVLS Requirement matter is now closed. The MVLS Compliance Letter was pursuant to a previous notice received on August 8, 2025 from Nasdaq Staff indicating, as previously reported, that the Company was not then in compliance with the MVLS Requirement because the Company had failed to maintain a minimum MVLS of $35 million over the previous 30 consecutive business days preceding such previous notice. Since then, Nasdaq Staff has determined that for the last 10 consecutive business days preceding the MVLS Compliance Letter, from September 30, 2025 to October 13, 2025, the Company's MVLS has been $35 million or greater. About Reviva Pharmaceuticals Holdings Cupertino, Calif.-based Reviva Pharmaceuticals Holdings, Inc. is a late-stage biopharmaceutical company that discovers, develops, and seeks to commercialize next-generation therapeutics for diseases representing unmet medical needs and burdens to society, patients, and their families. San Francisco, Calif.-based Moss Adams LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 2, 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 a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $11.63 million in total assets, $12.09 million in total liabilities, and $459,147 in total stockholders' deficit. REVIVA PHARMACEUTICALS: Remains Below Nasdaq's Bid Price Rule ------------------------------------------------------------- As previously disclosed, pursuant to the written notice received from Nasdaq on May 13, 2025, Reviva Pharmaceuticals Holdings, Inc. is not in compliance with the $1.00 minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market. The Nasdaq Listing Rules require listed securities to maintain a minimum bid price of $1.00 per share and, based upon the closing bid price of the Company's common stock for the last 30 consecutive business days preceding the Minimum Bid Price Notice, the Company is not currently in compliance with Minimum Bid Price Requirement. As previously reported, in accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial period of 180 calendar days, or until November 10, 2025, to regain compliance with the Minimum Bid Price Requirement. The Company intends to continue to actively monitor the closing bid price of its common stock and assess potential actions to regain compliance with the Minimum Bid Price Requirement and may, if appropriate, consider and effectuate available options, including implementation of a reverse stock split of the Company's common stock. However, there can be no assurance that the Company will be able to regain compliance with the Minimum Bid Price Requirement, or that the Company will be able to maintain compliance with this requirement or with the other Nasdaq continued listing requirements. About Reviva Pharmaceuticals Holdings Cupertino, Calif.-based Reviva Pharmaceuticals Holdings, Inc. is a late-stage biopharmaceutical company that discovers, develops, and seeks to commercialize next-generation therapeutics for diseases representing unmet medical needs and burdens to society, patients, and their families. San Francisco, Calif.-based Moss Adams LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 2, 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 a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $11.63 million in total assets, $12.09 million in total liabilities, and $459,147 in total stockholders' deficit. RHEUMATOLOGY WELLNESS: Hires Baumeister Denz LLP as Counsel ----------------------------------------------------------- Rheumatology Wellness Care of Wny, PLLC seeks approval from the U.S. Bankruptcy Court for the Western District of New York to employ Baumeister Denz, LLP to handle its Chapter 11 case. Arthur Baumeister, Jr., Esq., the primary attorney in this representation, will be paid at his hourly rate of $375. Prior to the petition date, the firm received a retainer of $10,000. Mr. Baumeister 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: Arthur G. Baumeister, Jr., Esq. Baumeister Denz, LLP 174 Franklin Street, Suite 2 Buffalo, NY 14202 Telephone: (716) 852-1300 Email: abaumesiter@bdlegal.net About Rheumatology Wellness Care of Wny, PLLC Rheumatology Wellness Care of WNY, PLLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.Y. Case No. 25-11089) on September 15, 2025. In the petition signed by Mary Margaret O'Neil, MD, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Carl L. Bucki oversees the case. Arthur G. Baumeister, Jr., Esq., at Baumeister Denz LLP, represents the Debtor as legal counsel. RIO DEL PILAR: Hires Compass as Real Estate Broker -------------------------------------------------- Rio Del Pilar, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Compass and its authorized agent Nikolay Tsvetanov as real estate broker. The firm assist in marketing and lease of the Debtor's real property located at 720 Dinsmore Ranch Rd., Rio Dell, CA 95562. The firm will be paid a fixed fee of $1,999 per signed tenant. Mr. Tsvetanov 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: Nikolay Tsvetanov Compass 3512 16th Street San Francisco, CA 94114 Tel: (415) 260-1911 About Rio Del Pilar, LLC Rio Del Pilar, LLC operates in cattle ranching and farming. It is based in Rio Dell, California, and its activities involve livestock and agricultural land use. Rio Del Pilar sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-10467) on July 31, 2025, with $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Christopher Cortazar, special manager, signed the petition. Andy Warshaw, Esq., at DiMarco Warshaw, APLC represents the Debtor as legal counsel. ROBRAD TOOL: Seeks Subchapter V Bankruptcy in Arizona ----------------------------------------------------- On October 16, 2025, Robrad Tool & Engineering Inc. filed Chapter 11 protection in the District of Arizona. According to court filing, the Debtor reports $2,662,489 in debt owed to 1 and 49 creditors. About Robrad Tool & Engineering Inc. Robrad Tool & Engineering Inc., based in Mesa, Arizona, manufactures high-precision complex machined parts and assemblies for aerospace and defense clients. Founded in 1978, the Company operates a 20,000-square-foot facility equipped with CNC lathes, mills, grinding machines, EDM, and assembly lines, supporting production from bar stock, castings, and forgings in both low- and high-temperature alloys. Robrad is ISO9001:2000 and AS9100B certified and employs engineers, programmers, and machinists experienced in multi-axis programming, CAD/CAM design, and high-speed machining. Robrad Tool & Engineering Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-09862) on October 16, 2025. In its petition, the Debtor reports total assets of $593,195 and total liabilities of $2,662,489. The Debtor is represented by Christopher R. Kaup, Esq. of TIFFANY & BOSCO, P.A. RSA SECURITY: Lenders Hire Advisers as Debt Talks Continue ---------------------------------------------------------- Reshmi Basu of Bloomberg News reports that a group of lenders to private equity-backed RSA Security, including BlackRock Inc. and Veritas Capital, has hired advisers as the cybersecurity company works to manage its debt load, according to people familiar with the matter. The lenders are receiving counsel from investment bank Ducera Partners and law firm Akin Gump Strauss Hauer & Feld, said the people, who asked not to be identified because the discussions are private. The creditors hold a mix of first- and second-lien debt in the company, they added. RSA, a computer and network security firm backed by Symphony Technology Group and Clearlake Capital Group, is reportedly exploring options to restructure or refinance its obligations amid rising financing costs, the report states. About RSA Security LLC RSA Security LLC -- https://www.rsa.com/ -- formerly RSA Security, Inc. and trade name RSA, is an American computer and network security company with a focus on encryption and decryption standards. RT ACQUISITION: Court Approves Knoxville Property Sale for $2.4MM ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Tennessee, Northern Division, has permitted RT Acquisition & Investments LLC to sell Property located at 2216 Cherokee Boulevard, Knoxville, TN 37919, free and clear of liens, claims, interests, and encumbrances. The Court has authorized the Debtor to sell the Property to Dandelion 2655, LLC for the purchase price of $2,400,000, free and clear of the liens, encumbrances, and claims of Mountain Commerce Bank, Reditus Laboratories, LLC, Sugarloaf Holdings, LLC, Knox County, and the City of Knoxville, and the Objection to the sale by Mountain Commerce Bank. The Debtor's Motion is well taken in that the sale is in the best interest of the Estate and its creditors. Reditus Laboratories, LLC and Sugarloaf Holdings, LLC have recorded lis pendens with respect to the subject property. While the recording of a lis pendens is a cloud on title, it does not create a lien for bankruptcy purposes, and it cannot be extinguished pursuant to powers granted by by Section 363. The parties have agreed, however, as evidenced by the signatures of their respective counsel below, that Reditus Laboratories, LLC and Sugarloaf Holdings, LLC will terminate their respective lis pendens on the subject property in exchange for the creation of an equitable lien on the net proceeds of the sale, with the amount of such lien equal to their respective claims for a constructive trust. Reditus Laboratories,LLC, and Sugarloaf Holdings, LLC, as evidenced by the signatures of their respective counsel, will terminate their respective lis pendens on the subject property in exchange for the creation of an equitable lien on the net proceeds of the sale, with the amount of such lien equal to their respective claims for a constructive trust and irretrievably agree that any claim they have, under any legal theory whatsoever, to the property located at 2216 Cherokee Boulevard, Knoxville, TN 37919 attaches to the proceeds of the sale and that upon the closing of the sale. Christopher Brett Thomason is authorized to execute all necessary documents to effectuate the sale set forth in Paragraph 1. No other signature of any other person is required for the Debtor to pass fee simple absolute title to the purchasers in accordance with the terms of this order. The net proceeds of sale shall be transferred to an interest-bearing trust account to be set up and maintained by Farinash & Stofan, as Escrow Agent pursuant to an Escrow Agreement between Reditus Laboratories, LLC, Sugarloaf Holdings, LLC as the Lis Pendens Parties, the Debtor and Farinash & Stofan, in accordance with the rules and policies of the United States Trustee. There will be no distributions from this trust account unless by agreement of the parties, or as ordered by the Court. Nothing in the order or in the consents of Reditus Laboratories, LLC, and Sugarloaf Holdings, LLC, as outlined herein shall be treated as a waiver of any rights of Reditus Laboratories, LLC, and Sugarloaf Holdings, LLC to claim that the Voluntary Petition filed in this matter was not legally authorized by the Debtor or that the said filing is a legal nullity. About RT Acquisition & Investments LLC RT Acquisition & Investments LLC is a real estate investment firm based in Knoxville, Tennessee. The Company focuses on acquiring and managing properties primarily in the Knoxville area. RT Acquisition & Investments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-30974) on May 20, 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 Suzanne H. Bauknight handles the case. The Debtors are represented by Richard Collins, Esq. at COLLINS LAW PLLC. RUNITONETIME LLC: Says Talks Underway for Expanded DIP Funding -------------------------------------------------------------- Emlyn Cameron of Law360 reports that RunItOneTime LLC informed a Texas bankruptcy judge on Friday, October 24, 2025, that it is negotiating with its debtor-in-possession lender for additional financing as it anticipates a loss of operating funds tied to assets slated for sale. The company said the extra funding is essential to maintain stability during the transition, according to the report. According to the debtor's counsel, the discussions aim to secure enough liquidity to continue operations while asset sales close under court oversight. The company emphasized that the added financing would help bridge the gap and support its restructuring efforts, the report states. About RunItOneTime LLC RunItOneTime LLC, formerly known as Maverick Gaming LLC, headquartered in Kirkland, Washington, is a regional casino and cardroom operator across Washington State, Nevada, and Colorado. The company operates a portfolio of 31 properties, with 1,800 slot machines, 350 table games, 1,020 hotel rooms, and 30 restaurants. Maverick was founded in 2017 by Eric Persson and Justin Beltram, who hold over 70% ownership in the company. RunItOneTime LLC and 67 affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90191) on July 14, 2025. In its petition, RunItOneTime estimated assets and liabilities between $100 million and $500 million each. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Latham & Watkins LLP as counsel; and Hunton Andrews Kurth LLP, as bankruptcy co-counsel. The Debtors also engaged GLC Advisors & Co., LLC and GLC Securities, LLC, as investment banker, and Triple P TRS, LLC as financial advisor. The Debtors' tax advisor is KPMG LLP. SANTOPIETRO FOOD: Gets Extension to Access Cash Collateral ---------------------------------------------------------- Santopietro Food Group, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral. The court's third interim order authorized the Debtor to use cash collateral in accordance with its 30-day budget pending a further hearing on November 13. The Debtor may spend as much as 10% more of the budget if needed. The budget projects total operational expenses of $156,452. As adequate protection, United Community Bank and other potential secured creditors will receive a post-petition lien on the Debtor's cash, inventory and other assets in the same priority as existed on the petition date. As further adequate protection, United Community Bank will receive payment in the amount of $2,500 from the Debtor. The Debtor's use of cash collateral will expire or terminate on the earlier of (i) the Debtor ceasing operations of its business; or (ii) the non-compliance or default of the Debtor with any terms and provisions of the interim order. There are four UCC financing statements filed with the North Carolina Secretary of State that may perfect liens on the Debtor's cash collateral. These include filings by United Community Bank, Funding Futures LLC, and two by CT Corporation System acting as a representative. Notably, none of the potentially secured creditors have consented to the Debtor's use of the cash collateral. About Santopietro Food Group LLC Santopietro Food Group, LLC, doing business as Nancy's Pizzeria, operates a franchised casual dining restaurant specializing in Chicago-style stuffed and deep-dish pizzas along with other Italian-American dishes. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03108) on August 13, 2025. In the petition signed by Ted Ormsby, member, the Debtor disclosed up to $100,000 in assets and up to $10 million in liabilities. Judge Pamela W. McAfee oversees the case. William P. Janvier, Esq., at Stevens Martin Vaughn & Tadych, PLLC, represents the Debtor as legal counsel. SCORPIUS HOLDINGS: Defaults Prompt Sale of Subsidiaries, Assets --------------------------------------------------------------- Scorpius Holdings, Inc. said in an SEC filing that its creditors will sell collateral securing over $26 million in defaulted notes, including the Company's personal property and its stakes in Scorpius Biomanufacturing and Skunkworx Bio, with a public sale scheduled for Nov. 12, 2025. According to the filing, the sale stems from multiple defaults under Scorpius Holdings' senior secured and promissory notes, giving the collateral agent the right to liquidate assets pledged by the Company and its subsidiaries to recover outstanding debt. The public sale will be conducted at the offices of SC&H Capital in Columbia, Maryland, or remotely via Zoom at the discretion of the collateral agent. The auction will include all personal property of Scorpius Holdings and its subsidiaries, as well as the Company's 94% stake in Scorpius Biomanufacturing and full ownership of Skunkworx Bio. The defaults relate to senior secured convertible notes issued Dec. 6, 2024, in the original principal amount of $13.39 million, a non-convertible promissory note of $500,083 dated Sept. 30, 2025, and additional non-convertible secured notes totaling $7.39 million, which, with accrued interest, fees, and expenses, now exceed $26 million. The Company has not provided a public comment on the planned sale. About Scorpius Holdings Scorpius Holdings, Inc., based in San Antonio, Texas, operates as a contract development and manufacturing organization (CDMO) providing biologics manufacturing services, including process development, CGMP clinical and commercial production, and quality control for biotechnology and biopharmaceutical companies. The Company supports cell- and gene-based therapies and large molecule biologics with capabilities in upstream and downstream process development, analytical method development, and cell line characterization. Since 2023, Scorpius has concentrated on biomanufacturing operations and divested certain clinical-stage oncology assets while continuing discovery efforts at its subsidiary, Skunkworx Bio, Inc. In its audit report dated April 30, 2025, BDO USA, P.C. included a "going concern" qualification noting that Company has suffered recurring losses from operations and has not generated significant revenue or positive cash flows from operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. The Company has an accumulated deficit of $297.9 million as of March 31, 2025; a net loss of approximately $11.3 million for the three months ended March 31, 2025; and has not generated significant revenue or positive cash flows from operations. The Company is in default on the 2025 Non-Convertible Promissory Notes, Related Party as a result of its failure to repay amounts when due and failing to pay indebtedness in excess of $150,000 to certain third parties. As of March 31, 2025, the Company had approximately $0.2 million in cash and cash equivalents and short-term investments. The Company will need to generate significant revenues to achieve profitability, and it may never do so. To meet its funding needs, the Company is exploring a range of options, including additional equity offerings like at-the-market sales of its common stock, debt financing, equipment sale-leaseback deals, partnerships, grants, and other available funding opportunities. In February 2025, it brought in a third party to help evaluate strategic alternatives. SECURE WASTE: S&P Alters Outlook to Positive, Affirms 'B+' ICR -------------------------------------------------------------- S&P Global Ratings revised its outlook on Secure Waste Infrastructure Corp. to positive from stable and affirmed the 'B+' issuer credit rating and 'BB-' issue-level ratings on the company's senior unsecured notes (with a '2' recovery rating). The positive outlook reflects S&P's view that Secure will achieve funds from operations (FFO)/debt of 35%-40% over the next 12 months, moderate its share repurchases, and generate positive discretionary cash flow. S&P said, "We expect Secure's credit measures will strengthen moderately as revenues and EBITDA continue to grow, with support from organic growth capital expenditures (capex) and sustained activity in Western Canada. "We believe Secure's FFO to debt will remain strong at around 35%-40% through 2026. We expect revenues and EBITDA to continue growing for the remainder of 2025 and in 2026, with support from the company's organic growth capex and potential price increases. The growth in EBITDA should help offset the increase in revolver borrowings, which the company used to facilitate share repurchases. Secure spent C$241 million on share repurchases during the first half of the year and paid dividends of C$45 over that same time frame, using its credit facility to fund the shareholder rewards. While we generally view using debt to fund shareholder initiatives as a credit negative, we believe the company had some capacity to do so, given leverage at year-end 2024 was 1.2x, far below the company's stated long-term target of 2x-2.5x. "We expect the company to maintain a balanced approach to future debt reduction and share repurchases going forward. We also expect Secure's EBITDA and cash flow to continue improving over time, driven by expansion projects to increase its water disposal capabilities and metals recycling operations. Given our expected increase in EBITDA in the back half of 2025 and full-year 2026, we forecast the company's FFO to debt will be well above 30%. However, the company's ability to maintain FFO to debt well above 30% will depend on its capital allocation priorities. "We expect industry activity will remain steady and management will maintain its moderate financial policies. We believe industry activity levels in Western Canada will remain steady over the next two years, supported by the Trans Mountain Expansion (TMX) Project that came online in May 2024, the Coastal Gaslink pipeline that started operations in November 2024, and LNG Canada, which shipped its first cargo in June. Additionally, there is potential for Secure to benefit from growth in its metals recycling business as the company continues to integrate a tuck-in acquisition completed in January 2025 and funnel volume to its central hub in Edmonton. We expect Secure to continue spending on organic growth opportunities, as well as potential tuck-in acquisitions, over the next two years, including enhancing its water disposal capabilities. We forecast EBITDA averaging C$500 million to $C560 million annually over the next two years. We expect Secure to moderate its share repurchases as the company approaches its 2x-2.5x reported leverage target." Secure benefits from its leading market position as an environmental services provider in Western Canada, with complementary midstream services. Secure serves a diverse customer base across key active plays (Montney, Duvernay, Deep Basin, Viking, and Oil Sands). It has a broad product offering, deriving a substantial portion of its revenues from production-related activity. In addition, the company has complementary midstream services, including the Kerrobert Light Pipeline System, East Kaybob oil pipeline, and Nipisi terminal in the Clearwater oil region of Alberta, all of which are contracted for 10-year average tenures with multiple anchor tenants. S&P said, "In our view, the long-term contracts and exposure to production-related activity provide some resiliency in a volatile hydrocarbon price environment compared to similarly-rated oilfield services companies. We project EBITDA margins in the 30%-35% range, among the highest for environmental services peers." S&P said, "The positive outlook reflects our expectation that Secure will achieve FFO/debt of well above 30% over the next 12 months, moderate its share repurchase program at the expense of increased debt levels, and generate positive discretionary cash flow while increasing revenue. "We could revise the outlook to stable if we no longer expect the company will sustain FFO to debt of well above 30% or if discretionary cash flow remains negative. Such a scenario is possible if the company continues to fund share repurchases using its credit facility, thereby increasing debt levels and weakening liquidity. "We could raise our rating on Secure if the company sustains FFO/debt well above 30%, reduces borrowings on its credit facility, and generates positive discretionary cash flow over the next 12 months. This could occur if Secure uses its free cash flow to pay down its borrowings on its credit facility, maintains favorable EBITDA margins, and moderates its shareholder reward initiatives." SEELOS THERAPEUTICS: GLD Partners Buys Assets in Chapter 11 Process ------------------------------------------------------------------- GLD Partners, LP, with a growing footprint of investments in life sciences, healthcare, and biotech, announced on Oct. 21, 2025, the successful acquisition of select assets from Seelos Therapeutics, Inc. through the Chapter 11 bankruptcy process. Following its acquisition of Seelos' senior secured debt, GLD served as the stalking horse bidder in the U.S. Bankruptcy Court in the Southern District of New York and emerged as the successful acquirer through a Section 363 sale. The transaction includes Seelos' late-stage ketamine and trehalose programs, both representing high-value opportunities in central nervous system (CNS) and rare disease therapeutics. "Seelos' ketamine and trehalose assets align with our strategy of acquiring scientifically validated, late-stage programs that were undercapitalized but hold transformative potential," said Daniel Gordon, Managing Director of GLD Partners LP. "Merged into our existing biotech portfolio, these programs will benefit from GLD's focused regulatory strategy and execution discipline, enabling efficient advancement toward patient impact." Clinical and Regulatory Pathway: While prior trials of both ketamine and trehalose faced operational and clinical challenges, the underlying science remains compelling. With enhancements to the intellectual property and a renewed focus on trial design and execution, GLD aims to advance both programs through late-stage development to address high unmet needs in CNS and rare disease therapeutics. The ketamine program is positioned as a CNS therapy for major depressive disorder (MDD) and related neuropsychiatric conditions. GLD will initiate confirmatory Phase 3 pivotal trials aligned with FDA guidance, leveraging existing safety and efficacy data with enhanced study design and execution. The trehalose program is a disease-modifying therapy candidate for rare neurodegenerative and lysosomal storage disorders. GLD will progress trehalose into adaptive Phase 2/3 studies, supported by recent regulatory feedback and opportunities for orphan drug designation and expedited development. Investor and Market Impact: -- Large market opportunities: -- According to a Future Market Insights analysis, the global MDD therapeutics market is expected to exceed $15 billion annually by 2035, with ketamine-based treatments projected to drive significant growth. -- Trehalose's rare disease applications reside within a multibillion-dollar space for rare disease treatments, where orphan drug frameworks and premium per-patient pricing have supported high-value therapeutic opportunities. -- Capital-efficient acquisition: Through a capital-efficient acquisition, GLD acquired Seelos' senior secured debt prior and assets at an attractive valuation with strong upside potential. -- High-value synergy: These assets not only offer stand-alone value but also strengthen GLD's existing portfolio of CNS and rare disease programs, enabling both clinical and commercial synergies. -- Pipeline acceleration: With enhanced trial design and GLD's operational infrastructure, near-to mid-term value inflection points are expected from upcoming Phase 3 trials and regulatory milestones. "This transaction underscores our commitment to identifying underappreciated assets and executing the strategies needed to realize their full potential," Gordon added. "We're confident these programs can achieve meaningful clinical milestones and contribute lasting value across our life sciences portfolio." About GLD Partners LP GLD Partners LP invests in private companies focused on healthcare and biotech innovation. The firm's life sciences portfolio centers on advancing next-generation therapeutic platforms that have the potential to dramatically improve patient outcomes and medical breakthroughs. By combining deep scientific expertise with operational and financial leadership, GLD builds companies capable of delivering transformative medicines. For more information, https://www.gldlp.com/. About Seelos Therapeutics Inc. Seelos Therapeutics Inc., a publicly traded biopharmaceutical company in New York. Seelos Therapeutics Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11987) on November 16, 2024. In its petition, the Debtor reports estimated liabilities between $10 million and $50 million. The Debtor is represented by Gabriel Del Virginia, Esq. at Law Offices of Gabriel Del Virginia. SF OAKLAND: Hires Finestone Hayes as Bankruptcy Counsel ------------------------------------------------------- SF Oakland Bay LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Finestone Hayes LLP as general bankruptcy counsel. The firm will provide these services: a. advise and represent the Debtor as to all matters and proceedings within this Chapter 11 case, other than those particular areas that may be assigned to special counsel; b. assist, advise and represent the Debtor in any manner relevant to a review of its debts, obligations, maximization of its assets and where appropriate, disposition thereof; c. assist, advise and represent the Debtor in the operation of its business; d. assist, advise, and represent the Debtor in the performance of all its duties and powers under the Bankruptcy Code and Bankruptcy Rules, and in the performance of such other services as are in the interests of the estate; and e. assist, advise, and represent the Debtor in dealing with its creditors and other constituencies, analyzing the claims in this case, and formulating and seeking approval of a plan of reorganization. The firm's hourly rates in this case range from $670 to $450. The retainer is $75,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Stephen D. Finestone, Esq. a partner at Finestone Hayes LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Stephen D. Finestone Finestone Hayes LLP 456 Montgomery Street, Suite 1300 San Francisco, CA 94104 Tel: (415) 481-5481 Fax: (415) 398-2820 Email: sfinestone@fhlawllp.com 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. SILICON VALLEY: Court Won't Toss FDIC Case Over 2023 Bank Collapse ------------------------------------------------------------------ Katryna Perera of Law360 reports that a California federal judge has ruled that the Federal Deposit Insurance Corp. can move forward with its lawsuit against former Silicon Valley Bank executives over their alleged mismanagement leading to the bank's dramatic 2023 collapse. The FDIC, acting as receiver, accused the former leadership of failing to properly address risks tied to the bank's concentrated deposits and heavy exposure to interest rate fluctuations. Those missteps, the agency claims, directly contributed to one of the biggest bank failures in recent U.S. history, according to report. By denying the executives' motion to dismiss, the court has cleared the way for the FDIC's negligence and breach of fiduciary duty claims to proceed, keeping the spotlight on how management decisions may have fueled the bank's downfall, the report states. About Silicon Valley Bank Silicon Valley Bank was the nation's 16th largest bank and the biggest to fail since the 2008 financial meltdown. During the week of March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a severe "run-on-the-bank." On the morning of March 10, 2023, the California Department of Financial Protection and Innovation seized SVB and placed it under the receivership of the Federal Deposit Insurance Corporation (FDIC). The FDIC on March 13, 2023, disclosed that it transferred all deposits -- both insured and uninsured -- and substantially all assets of the former Silicon Valley Bank of Santa Clara, California, to a newly created, full-service FDIC-operated "bridge bank" in an action designed to protect all depositors of Silicon Valley Bank. SVB Financial Group is a financial services company focusing on the innovation economy, offering financial products and services to clients across the United States and in key international markets. Prior to March 10, 2023, SVB Financial Group owned and operated Silicon Valley Bank, a state-chartered bank. On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 23-10367). The Hon. Martin Glenn is the bankruptcy judge. The Debtor had assets of $19,679,000,000 and liabilities of $3,675,000,000 as of Dec. 31, 2022. Centerview Partners LLC is proposed financial advisor, Sullivan & Cromwell LLP proposed legal counsel and Alvarez & Marsal proposed restructuring advisor to SVB Financial Group as debtor-in-possession. Kroll is the claims agent. On June 13, 2023, a collective of depositors of the Silicon Valley Bank (Cayman Islands Branch) filed a petition with the Court seeking an order that SVB Cayman be wound up and liquidators be appointed under the provisions of the Companies Act (2023 Revision) on the grounds that the Company is insolvent. On June 29, 2023, the Grand Court of the Cayman Islands appointed Andrew Childe and Michael Pearson of FFP limited in the Cayman Islands and Niall Ledwidge from Stout in New York, United States as Joint Official Liquidators of SVB Cayman. Liquidators of Silicon Valley Bank (Cayman Islands) filed a Chapter 15 bankruptcy petition (Bankr. S.D.N.Y. Case No. 24-10076) on Jan. 18, 2024. The Liquidators' counsel in the U.S. case is Warren E. Gluck, Esq. at Holland & Knight LLP. SIMBA IL HOLDINGS: Hires Reeves & Weiss LLP as Special Counsel -------------------------------------------------------------- Simba IL Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Reeves & Weiss LLP as special litigation counsel. The Debtor needs the firm's legal assistance in connection with these cases: -- Winters v. Lugano Diamonds & Jewelry, Inc., et al. – Case No. 8:25-cv-01202, pending in the United States District Court, Central District of California, filed on June 3, 2025. -- Gadol, et al. v. Ferder, et al. – Case No. 30-2025-01488102-CU-BC-CJC, pending in Orange County Superior Court, filed on June 6, 2025. -- Gadol, et al. v. Ferder, et al. – Case No. 2025CV30067, pending in Pitkin County Superior Court, filed on June 18, 2025. -- Gadol, et al. v. Ferder, et al. – Case No. N25C-07-026 PAW, pending in Delaware Superior Court, filed on July 2, 2025. -- Gadol, et al. v. Simba IL Holdings, LLC – Case No. N25J-01759, pending in Delaware Superior Court, filed on July 2, 2025. -- Winters v. Simba IL Holdings, LLC – Case No. N25J-02463, pending in Delaware Superior Court, filed on September 12, 2025. The firm will be paid at these rates: Jeffrey Reeves $1,350 per hour Daniel Weiss $1,050 per hour Dana Martin $675 per hour Paralegals $375 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Reeves 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: Jeffrey Reeves, Esq. Reeves & Weiss LLP 3333 Michelson Dr. Suite 300 Irvine, CA 92612 Tel: (949) 231-9975 Email: JReeves@reevesandweiss.com About Simba IL Holdings, LLC Simba IL Holdings, LLC operates as a nonbank holding company that manages equity interests in subsidiary businesses. Simba IL Holdings filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12616) on September 16, 2025, with $10 million to $50 million in assets and $100 million to $500 million in liabilities. Mordechai H. Ferder, manager, signed the petition. Judge Mark D. Houle oversees the case. Leonard M. Shulman, Esq., at Shulman Bastian Friedman Bui & O'Dea, LLP represents the Debtor as legal counsel. SKY ROCK: Seeks to Hire DeMarco Mitchell PLLC as Counsel -------------------------------------------------------- Sky Rock Trucking LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ DeMarco Mitchell, PLLC as counsel. The firm will provide these services: a. take all necessary action to protect and preserve the Estate; b. prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate; c. formulate, negotiate, and propose a plan of reorganization; and d. perform all other necessary legal services in connection with these proceedings. The firm will be paid at these rates: Robert T. DeMarco $450 per hour Michael S. Mitchell $300 per hour Barbara Drake, Paralegal $125 per hour The firm was paid a retainer in the amount of $9,238. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert DeMarco, Esq., a partner at Demarco Mitchell, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. Demarco Mitchell, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (972) 991-5591 Email: robert@demarcomitchell.com mike@demarcomitchell.com About Sky Rock Trucking LLC Sky Rock Trucking, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-43702) on September 29, 2025, with $500,001 to $1 million in assets and liabilities. Judge Edward L. Morris presides over the case. Robert Thomas DeMarco, Esq., represents the Debtor as legal counsel. SKYX PLATFORMS: Extends $7.6 Million Convertible Notes to 2030 -------------------------------------------------------------- SKYX Platforms Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company restructured and extended the maturity date of four outstanding convertible promissory notes with an aggregate principal balance of $7.6 million by 5 years to October 17, 2030, and secured $2 million in additional capital from one of its lead existing investors, pursuant to a Securities Purchase Agreement. As a result, the Company will have a total of $9.6 million in 5-year subordinated secured convertible promissory notes by issuing a new note in the total principal amount of $8.9 million and amending two of the outstanding notes with the principal amount of $700,000 for a 5-year term (collectively, the "$9.6 Million Notes"). The $2 million of incremental proceeds will be used for general working capital purposes. The principal amount of the $9.6 Million Notes is convertible, at the option of the holder at any time after the Closing Date, in whole or in part, into shares of the Company's common stock at a conversion price of $1.20 per share. The $9.6 Million Notes bear 7% interest payable quarterly in arrears in cash and 3% interest payable quarterly in arrears in cash or shares of Company's common stock at the conversion price upon repayment or conversion of the $9.6 Million Notes, with total interest accruing at a rate of 10% per annum. The SPA contains customary representations and warranties and provides the investor with certain registration rights. The $9.6 Million Notes also include customary beneficial ownership limitations, restricting conversions that would result in the holders and its affiliates owning more than 4.99% or 9.99%, at the holder's election, of the Company's outstanding common stock. The foregoing summary of the SPA and $9.6 Million Notes does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the SPA and $9.6 Million Notes, copies of which are filed as Exhibit 10.1, Exhibit 4.1, and Exhibit 4.2 respectively, to the Report on Form 8-K available at https://tinyurl.com/hpn6n4hj The representations, warranties and covenants contained in the SPA were made solely for the benefit of the parties to the SPA and may be subject to limitations agreed upon by the contracting parties. Accordingly, the SPA is incorporated herein by reference only to provide investors with information regarding the terms of the SPA, 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. About SKYX Platforms Corp. Headquartered in Pompano Beach, Florida, SKYX Platforms Corp. develops advanced platform technologies focused on enhancing safety, quality, and ease of use in homes and buildings. With nearly 100 patents and pending applications, the Company's products are designed to improve safety and lifestyle in residential and commercial spaces. In 2023, Sky expanded by acquiring an online retailer specializing in home lighting, ceiling fans, and furnishings. The Company's technologies enable quick and safe installation of light fixtures and ceiling fans without the need to handle hazardous wires. In its report dated March 24, 2025, the Company's auditor, M&K CPAS, PLLC, issued a "going concern" qualification attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing the Company's accumulated deficit, negative cash flows from operations, and recurring net losses, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, SKYX reported total assets of $65.89 million, total liabilities of $56.83 million, and total equity of $4.05 million. As of June 30, 2025, the Company had $64.3 million in total assets, $58.7 million in total liabilities, and $689,939 in total stockholders' equity. SO-BEN REALTY: Hires Ehrhard & Associates as Counsel ---------------------------------------------------- So-Ben Realty, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Ehrhard & Associates, P.C. to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) give the Debtor legal advice with respect to its powers and duties as a Debtor in this Chapter 11 proceeding; (b) perform on behalf of the Debtor necessary applications, answers, orders, reports and other legal papers required for these proceedings; (c) perform all other legal services for the Debtor which may be necessary herein; and (d) represent the Debtor with the sale, refinance or restructuring of the property of the Debtor. The firm will be paid at these rates: Attorney $325 per hour Paralegals $175 per hour The firm received from the Debtor a retainer of $10,000. Mr. Ehrhard disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: James P. Ehrhard, Esq. EHRHARD & ASSOCIATES, P.C. 27 Mechanic Street, Suite 101 Worcester, MA 01608 Telephone: (508) 791-8411 E-mail: ehrhard@ehrhardlaw.com About So-Ben Realty, LLC So-Ben Realty LLC holds principal real estate assets at 164-170 Hampshire Street and 262 Oak Street, both in Holyoke, Massachusetts. So-Ben Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-40985) on September 18, 2025. In its petition, the Debtor reports estimated estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. The Debtor is represented by James P. Ehrhard, Esq. of 27 Mechanic Street. SOUTHERN EXPRESS: May Use Cash Collateral Through Nov. 19 --------------------------------------------------------- Judge Pamela W. Mcafee of the United States Bankruptcy Court for the Eastern District of North Carolina granted Southern Express Inc. interim approval to use the cash collateral of the U.S. Small Business Administration and CT Corporation System. The court's fourth interim order authorized the Debtor to use cash collateral until Nov. 19 to pay operating expenses in accordance with its budget. As adequate protection for the Debtor's use of the cash collateral, the SBA and CT Corp. will be granted post-petition replacement liens on the collateral securing their respective indebtedness. The replacement lien will have the same validity, priority and enforceability as the secured creditors' had against the collateral as of the petition date. The next hearing is scheduled for Nov. 19. A copy of the Court's Order dated October 20, 2025, is available at https://urlcurt.com/u?l=hHz11M from PacerMonitor.com. About Southern Express Inc. Southern Express Inc. provides motorcoach and shuttle transportation services across the southern United States, including corporate charters, event and campus shuttles, school and family trips, and airport transfers. Founded in 2010 by industry professionals Bruce Bechard and Vance Hoover, the privately held company operates a modern, sanitized fleet staffed by certified driving professionals and emphasizes locally made decisions to ensure consistent, client-focused service. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-02978) on August 5, 2025. In the petition signed by R. Vance Hoover, president, the Debtor disclosed $3,330,694 in assets and $6,321,019 in liabilities. Judge Pamela W. Mcafee oversees the case. Jason L. Hendren, Esq., at Hendren, Redwine & Malone, PLLC, represents the Debtor as legal counsel. SOUTHERN EXPRESS: To Sell Buses to Chris Huang for $65K ------------------------------------------------------- Southern Express, Inc., seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to sell Property in a private sale, free and clear of liens, claims, interests, and encumbrances. The Debtor is a North Carolina corporation headquartered in Apex, North Carolina and founded in 2010. The Debtor is a motorcoach transportation company located in Apex, North Carolina that provides transportation services across the United States to a variety of clients and customers, including, among others, collegiate athletics teams, entertainers and performers, military groups, utilities companies, and various private charter clients. The Debtor intends to liquidate some of its vehicle fleet and restructure its debts and operations as a debtor-in-possession for the benefit of its creditors. The Debtor owned several buses of personal property. The titles to the Vehicles are held by Capital Bank, N.A. The Debtor requests the authority to sell its interest in the Vehicles via private sale to Chris Huang, for a total purchase price of $65,000.00, as is, where is, and with no representations or warranties: Information about the year, model and VIN number of the vehicles is also provided in the table. The proposed purchase price of $65,000.00 for the Vehicles is the sum that the Debtor and the Purchaser believe to be fair and reasonable under the circumstances, given the age, mileage, and condition of the Vehicles. The proposed purchase price has been approved by Capital Bank, N.A. The proposed sale price was negotiated at arms-length between the Purchaser on the one hand, and the Debtor on the other hand by Mr. Hoover, the Debtor's president. A private sale of the Vehicles to the Purchaser will avoid the cost of an auctioneer’s commission and additional costs of transportation and sale, which would otherwise be incurred upon any auction of the vehicles. The Debtor submits that the sale is for a fair and reasonable price, is an arms-length and bona fide sale, and that it is in the best interests of the estate to approve the private sale of the Property. The Debtor requests that the Purchaser be deemed to be good faith purchasers. Capital Bank, N.A. holds a perfected security interest in the Vehicles through its possession of the vehicle titles. Capital Bank consents to the sale of the Vehicles, and the proceeds from the sale shall be directed to Capital Bank and applied to reduce the indebtedness of the Debtor to Capital Bank. About Southern Express Inc. Southern Express Inc. provides motorcoach and shuttle transportation services across the southern United States, including corporate charters, event and campus shuttles, school and family trips, and airport transfers. Founded in 2010 by industry professionals Bruce Bechard and Vance Hoover, the privately held company operates a modern, sanitized fleet staffed by certified driving professionals and emphasizes locally made decisions to ensure consistent, client-focused service. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-02978) on August 5, 2025. In the petition signed by R. Vance Hoover, president, the Debtor disclosed $3,330,694 in assets and $6,321,019 in liabilities. Judge Pamela W. Mcafee oversees the case. Jason L. Hendren, Esq., at Hendren, Redwine & Malone, PLLC, represents the Debtor as legal counsel. SPIRIT AVIATION: Hires O'Melveny & Myers as Special Counsel ----------------------------------------------------------- Spirit Aviation Holdings, Inc. and affiliate seek approval from the U.S. Bankruptcy Court for the Southern District of New York to employ O'Melveny & Myers LLP as special labor counsel. The firm will represent the Debtors in connection with general labor matters, including issues involving section 1113 of the Bankruptcy Code, the Railway Labor Act, and other similar matters. In addition, the firm may provide additional litigation services with respect to any other pending labor matters where the firm acted as pre-petition counsel to the Debtors. The firm will be paid at these rates: Partners $1,525 to $2,400 per hour Other Attorneys $825 to $1,525 per hour Paraprofessionals $250 to $510 per hour As of the date of the Application, the remaining balance of the retainer is $45,720.92. In addition, the firm will seek reimbursement for its out-of-pocket expenses. The following is provided in response to the request for additional information set forth in Section D.1 of the UST Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: Yes, the firm has agreed to a discount off its standard hourly rates with respect to labor arbitrations during the Chapter 11 Cases. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months pre-petition, disclose your billing rates and material financial terms for the pre-petition engagement, including any adjustments during the 12 months pre-petition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: The material financial terms for OMM's pre-petition engagement have remained the same post-petition. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: Given the events that led to the need for these filings with very little notice, this is under discussion. Mr. Siegel disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert A. Siegel, Esq. O'Melveny & Myers LLP 400 South Hope Street, 19th Floor Los Angeles, CA 90071 Tel: (213) 430-6000 About Spirit Aviation Holdings, Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. Spirit Aviation Holdings, Inc. and its affiliates filed their voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11897) on August 29, 2025. Judge Sean H. Lane oversees the case. Marshall Scott Huebner, Esq. at Davis Polk & Wardwell LLP represents the Debtors as counsel. SPLASH BEVERAGE: Adopts Bylaw Amendments Excluding Broker Non-Votes ------------------------------------------------------------------- Splash Beverage Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board approved and adopted amendments to the Company's Bylaws. The Bylaw Amendments clarify that except for matters requiring a majority of outstanding voting power or a plurality of the votes cast, a majority of the votes entitled to vote shall be the act of the stockholders. The amendment specifically provided that broker non-votes are not entitled to vote on any such matter. The Amendments became effective upon their adoption on October 13, 2025. The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is available at https://tinyurl.com/5xza6ctt About Splash Beverage Group Fort Lauderdale, Florida-based Splash Beverage Group, Inc. is a portfolio company specializing in managing multiple brands across various growth segments within the consumer beverage industry. The Company focuses on incubating and acquiring brands with the aim of ccelerating them to higher volumes and increased sales revenue. Encino, Calif.-based Rose, Snyder & Jacobs LLP, the Company's auditor since 2023, issued a "going concern" qualification dated July 11, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The report indicated that the Company has suffered recurring losses from operations and has an accumulated deficit and a working capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $22.24 million in total assets, $13.52 million in total liabilities, and $8.72 million in total stockholders' equity. ST. AUGUSTINE FOOT: Section 341(a) Meeting of Creditors on Nov. 20 ------------------------------------------------------------------ On October 14, 2025, St. Augustine Foot & Ankle Inc. filed Chapter 11 protection in the Middle District of Florida. According to court filing, the Debtor reports $2,908,294 in debt owed to 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on November 20, 2025 at 12:00 PM. U.S. Trustee (Jax) will hold the meeting telephonically. Call in Number: 888-330-1716. Passcode: 1501240#. About St. Augustine Foot & Ankle Inc. St. Augustine Foot & Ankle Inc., based in St. Augustine, Florida, is a multispecialty clinic offering podiatry, dermatology, vein procedures, physical therapy, and neuropathy treatment, including care for common foot conditions and wounds. The clinic is led by board-certified podiatric surgeon Dr. Thomas A. LeBeau and provides both conservative and minimally invasive outpatient treatments. St. Augustine Foot & Ankle Inc.sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03696) on October 14, 2025. In its petition, the Debtor reports total assets of $333,404 and total liabilities of $2,908,294. The Debtor is represented by Brian K. Mickler, Esq. of LAW OFFICES OF MICKLER & MICKLER, LLP. STAGGEMEYER STAVE: Seeks Chapter 11 Bankruptcy in Minnesota ----------------------------------------------------------- Lauren Bowes of The Spirits Business reports that white oak barrel maker Staggemeyer Stave has entered Chapter 11 bankruptcy following creditor action earlier in October 2025. On October 3, 2025, Decorah Bank & Trust Company filed a Chapter 7 petition against the Minnesota-based company, claiming it failed to meet its debt obligations totaling nearly $4 million. In response to the filing, the court required Staggemeyer Stave to answer the petition, and the company subsequently submitted its own Chapter 11 filing on October 17, 2025. The petition lists between 50 and 99 creditors, with both assets and liabilities estimated between $1 million and $10 million, according to The Spirits Business. Staggemeyer Stave supplies white oak barrel staves to the whiskey and wine industries. The bankruptcy reflects ongoing headwinds in the cooperage sector, following job cuts at Independent Stave Company and Brown-Forman’s divestment of its cooperage earlier this 2025, the report states. About Staggemeyer Stave Company Inc. Staggemeyer Stave Company Inc., based in Caledonia, Minnesota, manufactures premium white oak barrel staves and headings for whiskey distilleries and wineries, sourcing high-quality oak from the surrounding region. The Company has supplied cooperages for brands including Seagram and Jack Daniel's and exports staves to wineries worldwide. Staggemeyer Stave Company Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-33297) on October 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge William J. Fisher handles the case. The Debtor is represented by Steven R. Kinsella, Esq. of FREDRICKSON & BYRON, P.A. STRANGE BIKINIS: Hires Darby Law Practice Ltd as Counsel -------------------------------------------------------- Strange Bikinis, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Darby Law Practice, Ltd as counsel. The firm will provide these services: (a) advise the Debtor of its rights, powers and duties in the continued operation of business and management of its properties; (b) take all necessary action to protect and preserve the Debtor's estate; (c) prepare on behalf of the Debtor all necessary legal papers in connection with the administration of its estate; (d) attend meetings and negotiations with the Subchapter 5 trustee, representatives of creditors, equity holders or prospective investors or acquirers and other parties in interest; (e) appear before the court, any appellate courts, and the Office of the United States Trustee to protect the interests of the Debtor; (f) pursue approval of confirmation of a plan of reorganization and approval of the corresponding solicitation procedures and disclosure statement; and (g) perform all other necessary legal services in connection with the Chapter 11 case. Kevin Darby, Esq., the primary attorney in this representation, will be paid at his hourly rate of $550. In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $10,000 plus a filing fee of $1,738 from the Debtor. Mr. Darby disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kevin A. Darby, Esq. Darby Law Practice, Ltd. 499 W. Plumb Lane, Suite 202 Reno, NV 89509 Telephone: (775) 322-1237 Facsimile: (775) 996-7290 Email: kevin@darbylawpractice.com About Strange Bikinis, LLC Strange Bikinis, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nevada Case No. 25-50960) on October 13, 2025, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Hilary L. Barnes presides over the case. Kevin A. Darby, Esq., at Darby Law Practice, Ltd. represents the Debtor as bankruptcy counsel. TELLICO RENTALS: Hires Tom Bible Law as Legal Counsel ----------------------------------------------------- Tellico Rentals, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to employ the Law Office of W. Thomas Bible Jr., doing business as Tom Bible Law, as counsel. The firm will render these services: (a) advise the Debtor as to its rights, duties, and powers; (b) investigate and if necessary, institute legal action on behalf of the Debtor to collect and recover assets of its estate; (c) prepare and file the statements, schedules, plans, and other documents and pleadings necessary to be filed by the Debtor in this case; (d) assist and counsel the Debtor in the preparation, presentation and confirmation of its disclosure statement and plan of reorganization; (e) represent the Debtor at all hearings, meetings of creditors, conferences, trials, and other proceedings in this case; and (f) perform such other legal services as may be necessary in connection with this case. The firm will be paid at the rates of $375 per hour for attorneys, and $125 per hour for paralegals. The firm will be paid a retainer of $11,738. W. Thomas Bible, Esq., an attorney at the firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: W. Thomas Bible, Jr., Esq. Tom Bible Law 6918 Shallowford Road, Suite 100 Chattanooga, TN 37421 Telephone: (423) 424-3116 Facsimile: (423) 553-0639 Email: tom@tombiblelaw.com About Tellico Rentals, LLC Tellico Rentals, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-31173) on June 19, 2025, listing up to $10 million in both assets and liabilities. Mohit Mankad, Tellico manager, signed the petition. Judge Suzanne H. Bauknight oversees the case. Edward J. Shultz, Esq., at Tarpy, Cox, Fleishman & Leveille, PLLC represents the Debtor as legal counsel. THRILL INTERMEDIATE: Proskauer & McDonald Carano Advise 1L Lenders ------------------------------------------------------------------ In the Chapter 11 bankruptcy cases of Thrill Intermediate LLC and its affiliated debtors, Proskauer Rose LLP and McDonald Carano LLP filed with the United States Bankruptcy Court District of Nevada a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019 to inform the Court that both firms represent: 1. an Ad Hoc Group of Prepetition First Lien Lenders holding total Prepetition First Lien Loans of $85,570,586; and 2. CION Agent, LLC, in its capacity as administrative sub-agent under the Credit Agreement. The members of the Ad Hoc Group and the nature and principal amount of their disclosable economic interests are: 1. Funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised, or controlled by CION Investment Corporation, or a subsidiary or affiliate thereof: 34th Street Funding, LLC 100 Park Avenue, 25th Floor New York, NY 10017 Prepetition First Lien Loans: $18,602,301.31 2. Funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised, or controlled by MGG Investment Group LP, or a subsidiary or affiliate thereof: MGG Offshore Funding IV LLC MGG Onshore Funding IV LLC MGG SF Drawdown Unlevered Master Fund III (Cayman) LP MGG SF Drawdown Unlevered Offshore III SPV S.a.r.l. MGG SF Evergreen Unlevered Master Fund II (Cayman) LP MGG US Direct Lending Fund 2019 LP c/o MGG Investment Group LP 1 Pennsylvania Plaza, 53rd Floor New York, NY 10119 Prepetition First Lien Loans: $11,161,380.44 3. Funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised, or controlled by PGIM, Inc., or a subsidiary or affiliate thereof: Fund Bayerinvest SDF 2-Fonds PGIM Non-US Investors / Non-US Senior Debt I Fund PGIM Non-US Investors / US Senior Debt I Fund A PGIM Senior Loan Opportunities (Levered) I, L.P. PGIM Senior Loan Opportunities Management Fund I, L.P. Pruco Life Insurance Company PSLO I US Investors Levered Debt SPV LLC The Prudential Insurance Company of America Windhill CLO 1, Ltd. 655 Broad Street Newark, NJ 07102 Prepetition First Lien Loans: $55,806,904.26 The firms may be reached at: Ryan J. Works, Esq. Jimmy F. Dahu, Esq. McDONALD CARANO LLP 2300 West Sahara Avenue, Suite 1200 Las Vegas, NV 89102 - and - David M. Hillman, Esq. Michael T. Mervis, Esq. PROSKAUER ROSE LLP Eleven Times Square New York, NY 10036 - and - Charles A. Dale, Esq. PROSKAUER ROSE LLP One International Place Boston, MA 02110 About Thrill Intermediate LLC Thrill Intermediate, LLC, a Las Vegas-based holding company, through its direct and indirect wholly owned subsidiaries, creates and produces television content and has at times produced live entertainment events, most notably the MTV show Ridiculousness, a 30-minute studio clip show where host Rob Dyrdek and co-hosts comment on viral videos featuring stunts, mishaps, and everyday chaos, which constitutes roughly half of MTV's programming. The Company also manages subsidiaries involved in media production, digital marketing, event management, and intellectual property. Thrill Intermediate and several affiliated entities sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Lead Case No. 25-15714) on September 28, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. The Hon. Bankruptcy Judge Mike K. Nakagawa handles the case. The Debtors are represented by Gregory E. Garman, Esq., at Garman Turner Gordon, LLP. Stretto, Inc. serves as their as Claims, Noticing, and Solicitation Agent. Force 10 Partners assists the Company as financial advisors. The Ad Hoc Group of First Lien Lenders and CION Agent, LLC, as administrative sub-agent, are represented by McDonald Carano, LLP. TLH-26 GILES: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of TLH-26 Giles, LLC, according to court dockets. About TLH-26 Giles LLC TLH-26 Giles LLC classified its business as single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). TLH-26 Giles LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21130) on September 23, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq., at Shraiberg Page, PA. TRAFFIC MONSOON: SEC Wants BRG's Strong as Successor Receiver ------------------------------------------------------------- In the case Securities and Exchange Commission v. Traffic Monsoon et al., Case No. 2:16-cv-00832 (D. Utah), the Securities and Exchange Commission asks the Hon. Judge Jill N. Parrish to appoint a Successor Receiver. Specifically, the Commission requests that Michael F. Thomson of Greenberg Traurig, LLP be discharged from his duties and responsibilities as Receiver and that D. Ray Strong of Berkeley Research Group, LLC appointed as Receiver. At this time, Greenberg Traurig will continue in its capacity as counsel to the Receiver on receivership matters, and that all other professionals who have been previously retained by the Receiver likewise will continue in their current capacities. The SEC explains Mr. Thomson plans to resign from Greenberg Traurig by November 1, 2025, to take the position of Bankruptcy Judge for the United States Bankruptcy Court for the District of Utah. Mr. Strong, who is a Certified Public Accountant, Certified Insolvency and Restructuring Advisor, and Certified Fraud Examiner, has served as financial adviser to the Receiver and has been involved and apprised on most of the receivership matters in this action. According to the SEC, Mr. Strong is familiar with the duties and responsibilities of a receiver appointed in a Commission enforcement action. Among other things, Mr. Strong has significant experience serving as a court-appointed fiduciary in bankruptcy and state court receivership cases and representing other fiduciaries in receivership and bankruptcy cases. Mr. Strong is fully prepared to assume all receivership responsibilities in this matter, including the pending Receiver's Motion for Approval of Revised Plan of Distribution. He will be advised by counsel at Greenberg Traurig familiar with these issues, and Mr. Thomson has committed to make himself available to Mr. Strong to the extent any questions arise that would require Mr. Thomson's input or knowledge. TRANSMEDCARE LLC: Fox Funding Suit Remanded to Florida State Court ------------------------------------------------------------------ Judge Tiffany P. Geyer of the United States Bankruptcy Court for the Middle District of Florida granted Fox Funding Group, LLC's motion to remand the adversary case captioned as FOX FUNDING GROUP, LLC, Plaintiff, v. TRANSMEDCARE, LLC, CUSTOM RV BUILDERS, LLC, PROPERTY DETAILERS ORLANDO, LLC AND STEPHEN BRAINARD, Defendants, Adv. Pro. No. 6:25-ap-00094-TPG (Bankr. M.D. Fla.). The case is remanded back to the Seventeenth Judicial Circuit in and for Broward County, Florida Circuit Court. On Feb. 28, 2025, the Debtor filed its voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in this Court. On March 5, 2025, as FFG had not yet received notice of the filing of the bankruptcy case, FFG commenced the State Court Action. The State Court Action alleges claims for breach of the Purchase Agreement against the Debtor, Custom RV Builders, LLC and Property Detailers Orlando, LLC and a claim for breach of the guaranty of performance against Stephen Brainard. On March 10, 2025, the Debtor filed a Suggestion of Bankruptcy in the State Court Action. After one hundred twenty one (121) days, on July 9, 2025, Transmedcare, LLC removed the State Court Action to the Bankruptcy Court. FFG argues the Debtor has plainly violated 28 U.S.C. Sec. 1446 and Fed. R. Bankr. P. 2027(a)(3) by its untimely removal of the State Court Action. As such, the Bankruptcy Court must remand the case back to the Circuit Court for Broward County, Florida. In the instant case, Defendants disingenuously assert that the Bankruptcy Court has jurisdiction over the claims in the State Court Action. However, FFG argues that there is no question the Bankruptcy Court does not have jurisdiction over the state law breach of contract claims against the Non-Debtor Defendants. It contends the state law breach of contract claims do not arise in or under Title 11. FFG argues the breach of contract claims against the Non-Debtor Defendants are also not related to the bankruptcy case in any way. A copy of the Court's Order is available at https://urlcurt.com/u?l=FuVfCv from PacerMonitor.com. A copy of the Fox Funding Group, LLC's, Motion to Remand and Memorandum of Law is available at https://urlcurt.com/u?l=8P3vKb from PacerMonitor.com. Counsel for Transmedcare, LLC: Justin M. Luna, Esq. LATHAM, LUNA, EDEN, & EAUDINE, LLP 201 S. Orange Avenue, Suite 1400 Orlando, FL 32801 Telephone: 407-481-5804 E-mail: jluna@lathamluna.com Counsel for Fox Funding Group, LLC: Mitun Mitra, Esq. KAMINSKI LAW PLLC P.O. Box 1018 Sarasota, FL 34230 Telephone: (248) 462-7111 E-mail: mmitra@kaminskilawpllc.com About TransMedCare LLC TransMedCare, LLC specializes in long-distance non-emergency medical transportation services. It offers state-to-state and coast-to-coast transport, primarily for distances over 300 miles. Their services cater to individuals with medical needs, including the elderly, disabled, and post-surgical patients, ensuring safe and comfortable transfers between hospitals, nursing homes, assisted living facilities, hospice care facilities, or home to be with family. TransMedCare sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01162) on February 28, 2025. In its petition, the Debtor reported between $500,000 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Tiffany P. Geyer handles the case. The Debtor is represented by: Justin M. Luna, Esq. Latham, Luna, Eden & Beaudine, LLP 201 S. Orange Avenue, Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 Email: jluna@lathamluna.com TROLLMAN ENTERPRISES: Court OKs Fenton Property Sale to JL Duck --------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, has granted Trollman Enterprises, LLC to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor's only asset real property is located at 1005 Hartland Road, Fenton, Michigan. A related entry, Seven Lakes Enterprises LLC, owns all of the personal property at the Hartland Road location and operates a gas station and convenience stores at the location. The Court has authorized the Debtor to sell the Property to JL Duck Lake LLC, a Michigan limited liability company, in the purchase price of $335,000. The Debtor is authorized and directed to sell the Asset to the Purchaser free and clear of all liens, claims, encumbrances and other interests. The transfer of the Asset to the Purchaser shall be, and hereby is deemed to be, a legal, valid and effective transfer of the assets. This Order shall be construed and shall constitute for any and all purposes a full and complete general assignment, conveyance and transfer of the Asset or a bill of sale transferring good and marketable title in the Asset to the Purchaser. Debtor’s creditors are authorized and directed on or before the closing to execute such documents and take all other actions as may be necessary to release their interests in or claims against the Asset, if any, as such interests or claims may have been recorded or otherwise exist. About Trollman Enterprises LLC Trollman Enterprises LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-32448) on December 30, 2024. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Joel D. Applebaum handles the case. The Debtor is represented by George E. Jacobs, Esq., at Bankruptcy Law Offices. TTF LOWER: Moody's Downgrades CFR to B3, Outlook Stable ------------------------------------------------------- Moody's Ratings downgraded TTF Lower Intermediate, LLC's (Soliant) corporate family rating to B3 from B2 and probability of default rating to B3-PD from B2-PD. The backed senior secured first-lien bank credit facilities instrument ratings were also downgraded to B3 from B2. The outlook is stable. Soliant is a Georgia-based staffing and outsourcing services provider. The ratings action is based on slower than expected growth in the Education segment of the company, which accounts for the majority of revenue, and continued declines in the Healthcare segment. Revenue pressure has arisen due to higher competition in staffing for special education specialists as well as uncertainty in funding sources for school districts that has caused increased budget scrutiny for school districts. Moody's expects that these conditions will continue for the next several quarters. Slower revenue growth reduces Moody's expectations for credit metric improvement. Moody's expects the company will operate with higher financial leverage than previously anticipated. RATINGS RATIONALE Soliant's B3 CFR is constrained by its high leverage, the potential for opportunistic financial strategies, exposure to changing regulation that has slowed down revenue growth and reduced the company's deleveraging capacity, and smaller scale compared to higher-rated services providers. Moody's estimates debt/EBITDA of over 7x as of June 30, 2025 (Moody's adjusted, excluding preferred equity instruments at a holding company above the borrower that Moody's views as equity). Growth and profitability could be further pressured if larger staffing companies with deep pockets entered its niche markets. The company has some exposure to economic cycles, especially in its healthcare segment, which could face sudden drops in demand. However, Soliant's focus on highly specialized (less volatile) positions limits the impact of macroeconomic swings. Soliant's ability to invest in staffing segments that command high margins and have limited exposure to cyclical macroeconomic swings supports the credit profile. Demand for Soliant's specialists is supported by regulation that mandates spending on special education in schools. Moody's considers Soliant a leading player within the niche special education and healthcare markets it serves. Stable EBITDA margins and Moody's expectations for sustained growth, driven by the education segment (albeit at a much slower pace than historical levels), will support modest debt/EBITDA reduction. Established customer relationships and an extensive database of candidates create barriers to entry. Soliant´s ability to pass on labor costs to clients supports its good profitability, which, combined with minimal capex results in positive cash flow generation. A highly variable cost structure also mitigates cyclical risks. The stable outlook reflects the expectation for revenue growth rates in the low single-digit range or above over the next 12-18 months, with declines in the healthcare segment offset by modest growth in education. Moody's expects profitability rates to remain in the 17% area, but debt/EBITDA will be sustained above 6.5x over the next 12-18 months. Soliant's good liquidity position is supported by Moody's expectations for operating cash flow generation of at least $50 million in 2025, along with a $200 million revolving facility (undrawn). The revolver contains a springing maximum First-Lien Secured Leverage Ratio of 9.5x, with no step downs, when the drawn amount exceeds 40%. Moody's expects Soliant will maintain an ample cushion against the covenant test. The $200 million revolver will cover any seasonal cash flow needs stemming from the nine-month education calendar and associated volatility in working capital. Soliant's preferred equity dividend is expected to be paid in kind, but there is the risk that the company may dividend most excess cash to its holding company parent. The B3 rating on Soliant's backed senior secured first-lien credit facilities reflect both the probability of default rating of B3-PD and Moody's loss given default expectations. The backed senior secured first-lien credit facilities benefit from secured guarantees from all existing and subsequently acquired wholly-owned domestic subsidiaries. Given the lack of other meaningful debt in the capital structure, the facilities are rated in line with the B3 CFR. The capital structure includes preferred equity issued at a holding company above the borrower, that Moody's do not consider as debt in the credit metric calculations or loss given default expectations. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if revenue growth improves to at least the mid single digit area while sustaining EBITDA margins around 17% (Moody's adjusted). An upgrade would require debt/EBITDA to remain under 5.5x (Moody's adjusted) and free cash flow to debt above 3%. A track record of more moderate financial policies and strong liquidity will also have to be maintained for an upgrade. The ratings could be downgraded if revenue growth is weaker than expected or profitability declines, due to increased competition, saturation in the niche segments Soliant serves, or other factors impacting the business model. Ratings could also be downgraded if Moody's expects the company to pursue more aggressive financial policies. Higher financial leverage or diminished liquidity, including free cash flow that is approaching break even, could also lead to a ratings downgrade. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. TTF Lower Intermediate, LLC (dba Soliant), based in Atlanta, GA, is a specialized staffing and outsourcing services provider operating solely in the United States. The company sources and deploys skilled contractors, such as speech therapists or nurses, to public schools and healthcare providers. The company is owned by The Vistria Group. Moody's expects the company will generate over $1 billion of revenue in fiscal year 2026. U-TELCO UTILITIES: Gets Final OK to Use Cash Collateral ------------------------------------------------------- U-Telco Utilities, Inc. received final approval from the U.S. Bankruptcy Court for the Northern District of New York to use cash collateral. The final order penned by Judge Wendy Kinsella authorized the Debtor to use cash collateral to pay operating expenses in accordance with its monthly budget. The Debtor projects total operational expenses of $137,036.39 from March to February 2026. As adequate protection, secured creditors will be granted rollover liens on and security interests in all collateral in which such creditors hold liens and security interests pursuant to their existing loan documents with the Debtor. In addition, the Debtor was authorized to continue its monthly payments of $2,197.93 to Sumitomo Mitsui Finance and Leasing Company and $990.06 to Ford Motor Credit Company, LLC until the effective date of a Subchapter V plan. The final order is available at https://is.gd/zHyH7R from PacerMonitor.com. About U-Telco Utilities Inc. U-Telco Utilities Inc. specializes in the rental of commercial and industrial machinery and equipment, including heavy construction machinery such as dozers, excavators, and compact track loaders. It provides a diverse range of equipment for construction and mining operations, offering machinery for rent to support grading, excavation, and material screening projects. U-Telco Utilities Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-30126) on February 25, 2025. In its petition, the Debtor reported total assets of $544,250 and total liabilities of $1,184,527. Judge Wendy A. Kinsella handles the case. The Debtor is represented by: Peter Alan Orville, Esq. Orville & Mcdonald Law, PC Tel: 607-770-1007 Email: peteropc@gmail.com UNIVERSITY AUTO: Seeks Subchapter V Bankruptcy in California ------------------------------------------------------------ On October 16, 2025, University Auto Spa & Detailing Center Inc. filed Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports $715,955 in debt owed to 1 and 49 creditors. About University Auto Spa & Detailing Center Inc. University Auto Spa & Detailing Center Inc. provides car wash and auto detailing services at its facility in Riverside, California. The Company offers hand washing, waxing, and interior cleaning for vehicles, catering to individual customers seeking full-service auto care. It also operates a customer lounge and snack shop that serves light food and beverages, allowing visitors to relax and dine while their vehicles are being serviced. University Auto Spa & Detailing Center Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-17440) on October 16, 2025. In its petition, the Debtor reports total assets of $3,700,000 and total debts of $715,955. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtor is represented byJoseph Nowicki, Esq. of 5150 E Pacific Coast Hwy #200. V850JACKSON LLC: Strategic Unsecured Creditors to Get 80% of Claims ------------------------------------------------------------------- V850Jackson, LLC filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Disclosure Statement describing First Amended Plan of Reorganization dated October 16, 2025. V850 is an Illinois limited liability company organized on October 19, 2015. The sole member of V850 is AV Wheaton Town Square I, LLC, a Delaware limited liability company. The sole manager of this manager-managed limited liability company is Andrew P. Vaccaro. V850 is engaged in leasing and otherwise commercializing the real property commonly known as 850 West Jackson, Chicago, Illinois 60607 ("Property") pursuant to a 99-year Ground Lease for the Property dated December 7, 2016 (the "Lease"). The Lessor under the terms of the Lease is 850 W. Jackson, LLC, an affiliate of Marc Realty. V850 is a lessee of the Property pursuant to approximately 16 Real Property Leases ("Underlying Leases"). Through this Plan, the Debtor proposes to pay its creditors on their respective allowed claims from a number of sources. Those sources include the following: (a) V850 obtaining on or before November 30, 2025, subject to and conditioned on approval of the Bankruptcy Court pursuant to Section 364 of the Bankruptcy Code, "debtor in possession" financing sufficient in amount to satisfy all pre- and post-petition arrearages under the terms of the Lease, including amounts owed to any mechanics lien claimants encumbering the Property, to pay the Huntington Bank $1,200,000.00 in satisfaction of Huntington Bank’s claims and to satisfy any outstanding administrative claims and Priority Claims against the Debtor, and partially, the Strategic Creditors, as defined herein ("DIP Loan"); and (b) the revenues of the Debtor. Also, the funds of the DIP Loan will be used to pay for "tenant improvements" for prospective tenants of the Property, or existing tenants of the Property that will transition to larger space in the Property, either at different locations than currently leased or expanding current spaces with additional square footage. The sole member of V850, AV Wheaton Town Square I, LLC, shall sell, transfer and assign all of the membership interests that it owns in the Debtor to a new business organization, unaffiliated with AV Wheaton Town Square I, LLC, Anthony P. Vaccaro and the AP Vaccaro Trust u/t/a 1-14-03 ("New Owner"). The New Owner or its affiliate(s) will be the obligor(s) on the First DIP Loan and the Second DIP Loan and will guaranty all payments under the terms of the Plan. The term of the Plan shall not exceed a period of five years (except for payments pursuant to a longer period as specified by the contract between the creditor and Debtor). Class V Claims are represented by the claims of The Strategic Creditors. The claim of the Strategic Creditors will be paid from the revenues of the Debtor and from proceeds of the DIP Loan and post-petition revenues of the Debtor in an amount equal to eighty percent of each claimant's Allowed Claim on or before one year from the Effective Date. There are 27 Strategic Vendors with claims totaling $570,711.69. This Class is impaired. Class VI Claims are represented by the claims of The Non-Strategic Creditors. The claim of the Non-Strategic Creditors will be paid from the revenues of the Debtor in an amount equal to five percent of each claimant's Allowed Claim on or before 4 years from the Effective Date, in equal amounts in the second, third and fourth years from the Effective Date. There are 18 Non-Strategic Vendors with claims totaling $123,688.90. This Class is impaired. The Class VII Interests are represented by AV Wheaton Town Square I, LLC. Upon the Effective Date or pursuant to the consummation of the First DIP Loan, whichever shall be the earlier, AV Wheaton Town Square I, LLC will transfer all right, title and interest in all of the Membership Interests to New Owner. Under the Plan, the Debtor seeks to liquidate its non-exempt assets (i.e. the Property) and use its future earnings if necessary to pay debts in accordance with the Plan. The Debtor shall distribute all payments required by the Plan to creditors of the Debtor according to the priorities set forth in the Bankruptcy Code and as set forth in the Plan. The Debtor believes that confirmation of the Plan is in the best interests of the Debtor and its creditors. The Plan and its proposed treatment of creditors is feasible. A full-text copy of the Disclosure Statement dated October 16, 2025 is available at https://urlcurt.com/u?l=uXg8DI from PacerMonitor.com at no charge. Counsel to the Debtor: Ariel Weissberg, Esq. Weissberg and Associates Ltd. 125 South Wacker Drive, Suite 300 Chicago, IL 60606 Telephone: (312) 663-0004 Facsimile: (312) 663-1514 Email: ariel@weissberglaw.com About V850Jackson LLC V850Jackson LLC is engaged in real estate investment and development. The Company focuses on acquiring, managing, and leasing commercial properties such as office buildings and retail spaces. V850Jackson LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-06934) on May 5, 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 Janet S. Baer handles the case. The Debtor is represented by Ariel Weissberg, Esq. at Weisberg and Associates, Ltd. VDR MULTIFAMILY: Hires DeMarco·Mitchell PLLC as Legal Counsel -------------------------------------------------------------- VDR Multifamily LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ DeMarco·Mitchell, PLLC as legal counsel. The firm will provide these services: (a) take all necessary action to protect and preserve the Estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; (b) prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate herein; (c) formulate, negotiate, and propose a plan of reorganization; and (d) perform all other necessary legal services in connection with these proceedings. The firm will receive these hourly compensation: Robert T. DeMarco $450 Michael S. Mitchell $300 paralegal Barbara Drake $125 The firm received from the Debtor a retainer of $9,238. In addition, the firm will seek reimbursement for its out-of-pocket expenses. DeMarco·Mitchell, 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: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. DeMarco·Mitchell, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (972) 991-5591 Facsimile: (972) 346-6791 E-mail: robert@demarcomitchell.com mike@demarcomitchell.com About VDR Multifamily LLC VDR Multifamily LLC, doing business as Villa del Rey Apartments, operates a residential apartment community in Dallas, Texas, offering modern rental units with amenities including a swimming pool, fitness center, and landscaped grounds. The Company provides property management, on-site operations, and diverse portfolio management services. It serves the local multifamily housing market, emphasizing convenience to nearby highways, shopping, dining, and entertainment. VDR Multifamily LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33888) on October 5, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor is represented by Robert T DeMarco, Esq. of DEMARCO MITCHELL, PLLC. VERITONE INC: Files Exhibits for $12.9M Registered Direct Offering ------------------------------------------------------------------ Veritone, Inc. disclosed in a Form 8-K Report with the U.S. Securities and Exchange Commission that it filed Exhibits in connection with the registered direct offering by the Company of 12,864,494 shares of the Company's common stock, $0.001 par value per share, to the purchasers named in that certain securities purchase agreement entered into on October 15, 2025 by and among the Company and the Purchasers. The Registered Direct Offering was made pursuant to the Company's effective registration statement on Form S-3 (Registration Statement No. 333-280148) that was originally filed with the Securities and Exchange Commission on June 12, 2024, and that became effective on June 21, 2024 and a related base prospectus and prospectus supplement thereunder. Exhibits: * Opinion of Cooley LLP, dated October 17, 2025 * Consent of Cooley LLP Full-text copy is available at https://tinyurl.com/4t6up7br 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. VISIONARY FUND: Investors Ask Court to Freeze Assets ---------------------------------------------------- Oliver and Company, et al., ask the United States District Court for the Eastern District of Missouri to issue a preliminary injunction freezing the assets of Dr. Ronald Zamber, Michael Cosby and Robert Grenley to prevent further dissipation, transfer, or concealment of assets that the Individual Defendants improperly obtained directly or indirectly from Oliver and Co. et al. or Visionary Private Equity Group I, LP. Plaintiffs also seek a court order assessing the costs of the court-appointed receiver against the Individual Defendants because of their misconduct, lack of cooperation, and breaches of fiduciary duty both before and after the appointment of the receiver. In January this year, Oliver and Co., Barbara Indra, Susan Delmanowski, Oliver Family Holdings, LLC, J. Oliver Cunningham, Jr. Revocable Trust, John Oliver Teem Trust, Rachelle L. Indra Revocable Trust, Dan L. Indra Revocable Trust, Jane Warriner 1971 Trust, James Hart, and Donald Riggs sued Zamber, Cosby, Grenley, Visionary PE GP I, LLC, and Visionary Fund Manager, LLC, citing mismanagement of non-party Visionary Private Equity Group I, LP, a Missouri Limited Partnership which has been marketed by the Defendants as Visionary Private Equity Group, through various breaches, gross negligence and other misconduct principally by Zamber, Cosby, and Grenley. According to the complaint filed Jan. 31, Defendants' scheme includes providing investors with false or misleading information (including omitting material information) about the state of their investments and the Fund itself, while keeping shares in the Fund at the same price (and recently at discounted prices), to attract new investors to enrich the Individual Defendants and to pay out those who sought an exit from the Fund (due to Defendants' misconduct and mismanagement). To further conceal their scheme, the Individual Defendants have failed to provide financial information about the Fund, and when such information is provided, it has been incomplete and deficient such that it fails to even show the payments that the Individual Defendants have received and other pertinent details. Oliver and Co. et al. are limited partners in VPEG that together have invested roughly $11 million in the Fund. Plaintiffs believe they are likely to succeed on their breach of fiduciary duty claim, as there is ample evidence that the Individual Defendants misrepresented VPEG's financial status and the status of several portfolio companies on numerous occasions, causing Plaintiffs to invest and loan millions of dollars to VPEG. Plaintiffs assert that, absent an injunction by the Court, there is a clear and present danger that Plaintiffs will be unable to recover an adequate monetary judgment against the Individual Defendants. Plaintiffs have confirmed in discovery, and the Receiver has confirmed in his recent report, that the Individual Defendants dissipated at least $7.7 million from VPEG since 2020, between themselves and VFM. Plaintiffs contend, "Defendants have treated VPEG as their personal piggybank, siphoning at least $7.7 million through undisclosed accounts, fabricated explanations, and brazen self-dealing -- often immediately after soliciting new money from Plaintiffs with false assurances of imminent distributions and no fund-level debt. They diverted investor capital to immediately pay themselves, their affiliates, and their personal obligations, concealed accounts from the Receiver, misrepresented receipts, and continued making insider payments to themselves even as they knew VPEG was failing to meet its basic obligations to Plaintiffs, investors, and vendors." The Defendants, meanwhile, have asked the Court to dismiss Count II of the Plaintiffs' Complaint (Fraudulent Inducement) and Count IV (Fraudulent Misrepresentation), arguing that Plaintiffs' fraud theories rest on conclusory allegations that Defendants made false and misleading statements about distributions, and grossly misrepresented or concealed the performance of VPEG and its portfolio companies. The Defendants assert that under Fed. R. Civ. P. 9, fraud claims must be asserted with particularity. Plaintiffs failed to identify (1) who said what, (2) what was said, (3) when it was said, (4) where it was said, (5) how it was communicated, or (6) how it was false or misleading at the time stated. The Eighth Circuit insists on the classic who, what, when, where, and how for alleged fraud. Failure to plead these elements in fraud claims do not satisfy Rule 9(b) or the plausibility requirement of Rule 8, the Defendants point out, citing Bell Atl. Corp. v. Twombly, 550 U.S. 544 (2007) and Ashcroft v. Iqbal, 556 U.S. 662 (2009), as well as Parnes v. Gateway 2000, Inc., 122 F.3d 539, 549 (8th Cir. 1997). The case is captioned, Oliver and Company et al v. Zamber et al, Case No. 4:25-cv-00132 (E.D. Mo., Jan 31, 2025). The Hon. Judge Matthew T Schelp presides over the case. Oliver and Co. et al. are represented by: Matthew J. Reh, Esq. Emily Goeke, Esq. ARMSTRONG TEASDALE LLP 7700 Forsyth Blvd., Suite 1800 St. Louis, MO 63105 Tel: (314) 621-5070 Fax: (314) 621-5065 Email: mreh@atllp.com egoeke@atllp.com - and - John Ruskusky, Esq. Jordan Rice, Esq. NIXON PEABODY LLP 70 W. Madison Street, Ste. 5200 Chicago, IL 60602 Tel: (312) 977-4400 Fax: 312-977-4405 - and - Brian A. Hill, Esq. NIXON PEABODY LLP 799 9th Street NW, Suite 500 Washington, DC 20001-5327 Tel.: (202) 585-8040 Fax: (833) 400-2588 E-mail: bhill@nixonpeabody.com Defendants are represented by: David B. McCall, Esq. Blair B. McCall, Esq. DUGGINS WREN MANN & ROMERO LLP 600 Congress Ave, Suite 2700 Austin, TX 78701-3349 Tel: 512-744-9300 Fax 512-744-9399 Email: dmccall@dwmrlaw.com bmccall@dwmrlaw.com WALKER EDISON: Twin Star Home Acquires Assets in Bankruptcy Sale ---------------------------------------------------------------- Twin Star Home, a leader in indoor and outdoor home furnishings and a portfolio company of Z Capital Group, announced on October 22, 2025, the acquisition of Walker Edison, a renowned innovator in ready-to-assemble furniture. Walker Edison filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on August 28, 2025, and Twin Star Home emerged as the successful bidder in the court-supervised auction process for its assets. This strategic acquisition further strengthens Twin Star Home's position as a top furniture manufacturer in both brick-and-mortar and omnichannel markets, expanding its design, sourcing, and distribution capabilities across multiple product categories and retail channels. Walker Edison will be fully integrated into Twin Star Home, aligning with the company's mission to deliver thoughtfully designed, high-quality products that enhance everyday living. The integration will leverage Twin Star Home's robust infrastructure and brand portfolio, combined with Walker Edison's strong e-commerce platform and product design pipeline, to drive continued growth and operational excellence. "We are thrilled to welcome Walker Edison to the Twin Star Home family," said Todd Outten, President and Chief Commercial Officer of Twin Star Home. "Walker Edison's expertise in e-commerce and its proven track record of delivering modern, affordable designs complement our existing strengths and accelerate our shared vision of transforming how consumers shop for and enjoy their homes." About Twin Star Home Twin Star Home is a leading omnichannel, consumer-driven designer and manufacturer of indoor and outdoor living products to enhance the home experience. Twin Star Home's award-winning designs of functional, beautiful, and affordable product lines include furnishings for the living room, home office, and bathroom, many with integrated technology and media solutions. Outdoor living products include modular seating collections, dining tables, bars, fire pits, covers, and accessories. Twin Star Home is recognized for its trusted national brands: ClassicFlame(R), TK Classics(R), Classic Accessories(R), Bell'O(R), Duck Covers(TM), Tresanti(R) and ChimneyFree(R), and licensed brand partnerships with duraflame(R), John Deere and Craftsman. Learn more at www.twinstarhome.com. About Walker Edison Holdco Walker Edison, a Delaware corporation headquartered in West Jordan, Utah, designs and distributes affordable, ready-to assemble home furnishings, operating primarily through e-commerce channels rather than traditional retail stores. Its business is managed by Walker Edison Intermediate, LLC and Walker Edison Holdco, LLC, and it owns EW Furniture, LLC, a Utah-based subsidiary. The company sources most products from suppliers in Asia and Brazil, distributing them through its Ohio and California centers or directly via major e-commerce platforms including Wayfair, Amazon, Walmart, Target, and Home Depot, with gross sales of roughly $124.6 million in 2024. Walker Edison Holdco, LLC and three affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11602) on August 28, 2025. At the time of the filing, Walker Edison Holdco listed up to $50,000 in assets and between $100 million and $500 million in liabilities. Judge Thomas M. Horan oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as legal counsel; Lincoln International, LLC as investment banker; MACCO Restructuring Group, LLC as transformation advisor. Epiq Corporate Restructuring, LLC is the Debtors' notice, claims and administrative agent. WANDERLY LLC: Fine-Tunes Plan Documents --------------------------------------- Wanderly, LLC submitted a Third Amended Disclosure Statement describing Plan of Liquidation dated October 16, 2025. During the pendency of this case, the Debtor made a business decision that it was in the best interest of the estate to sell the assets of the Debtor instead of attempting to reorganize. Initially, the Debtor filed a Motion to Sell substantially all of its assets to an entity known as StaffDNA (the "StaffDNA Contract") for $2,000,000.00. That deal fell through and the Debtor then negotiated a deal with an entity known as OnPoint Analytics Capital Partners, LLC which then assigned its contract rights to a special purpose entity Wanderly AV, LLC. The purchase price was $2,100,000.00 (the "Sale Proceeds"). This Court ultimately approved the sale. Simultaneously, the Debtor, its principal, MBP, and the HWL Defendants entered into a settlement agreement to settle the various claims between them. Per the settlement agreement, the funds to pay the agreed amount due to MBP was to come from three pools of money: (i) the Registry Funds, (ii) the Escrowed Funds and (iii) the Sales Proceeds. The remaining funds were earmarked for the administrative claims, wind down expenses and the unsecured creditors. The Settlement Agreement was approved by this Court on August 4, 2025. The Registry Funds, Escrowed Funds and portion of the Sale Proceeds which were to be paid to MBP have been paid. The remaining funds in the trust account of Kelley, Kaplan & Eller, PLLC are reserved for administrative and unsecured claims. The funds used to pay the creditors, including the secured claim of MBP, are coming from the (i) the Registry Funds, (ii) the Escrowed Funds and (iii) $1,000,000.00 of the Sales Proceeds per the Settlement Agreement. The $1,000,000.00 has been transmitted to MBP. The remaining Sales Proceeds are held in the trust account of Kelley, Kaplan & Eller, PLLC. The remaining claims shall be satisfied as follows: * All administrative claims shall be paid from the Sales Proceeds, subject to Applications for Compensation filed by the administrative claimants and approved by this Court. * Any outstanding fees due to the Office of the United States Trustee shall also be paid from the Sales Proceeds. * All Debtor wind down expenses1 shall be paid from the Sales Proceeds, subject to confirmation of this Plan. * Subject to any objections sustained by the Court, all Priority Unsecured Claims, if any, shall be paid in full as set forth in each Creditor's Proof of Claim, ("Allowed Priority Claims"). * Finally, subject to any objections sustained by the Court, all general unsecured creditors ("Allowed General Unsecured Claims") shall receive a pro rata distribution after payment of all other claims set forth above. The pro rata distribution to the General Unsecured Claims shall be determined after any claims objections that may be filed are resolved, the fees due to the U.S. Trustee and administrative claims are determined, the wind down expenses are finalized and it is determined whether, if any priority unsecured claims need to be paid. Like in the prior iteration of the Plan, Class Two General Unsecured claims include all other allowed claims of Unsecured Creditors of the Debtor, subject to any Objections that are filed and sustained by the Court. The general unsecured claims prior to the filing of any objections total the amount of $$2,782,683.90. These claims shall be paid a lump sum distribution on a prorate basis on the Effective Date after payment of administrative expenses and wind down expenses. These claims are impaired. The Debtor has been liquidated and there shall be no continuing operations after the sale. A full-text copy of the Third Disclosure Statement dated October 16, 2025 is available at https://urlcurt.com/u?l=oo6lKt from PacerMonitor.com at no charge. Counsel to the Debtor: Craig I. Kelley, Esq. Kelley Kaplan & Eller, PLLC 1665 Palm Beach Lakes Blvd., Suite 1000 West Palm Beach, FL 33401 Telephone: (561) 491-1200 Facsimile: (561) 684-3773 Email: bankruptcy@kelleylawoffice.com About Wanderly LLC Wanderly, LLC is a technology marketplace platform created for traveling healthcare professionals and healthcare staffing companies. Wanderly filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 24-23477) on Dec. 26, 2024, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Linda Leali, Esq., serves as Subchapter V trustee. Judge Erik P. Kimball handles the case. The Debtor is represented by Craig I. Kelley, Esq., at Kelley Kaplan & Eller, PLLC. WATER'S EDGE: Mulls Lawsuit to Challenge City of Revere Claim ------------------------------------------------------------- Judge Christopher J. Panos of the United States Bankruptcy Court for the District of Massachusetts said the request of Water's Edge Limited Partnership for expedited determination with respect to its objection to Claim 38 of City of Revere has been withdrawn on the record. The Debtor has indicated that its intention is to file an adversary proceeding and a motion to consolidate with the claim objection. A copy of the Court's Order dated October 15, 2025, is available at https://urlcurt.com/u?l=7Re2vc from PacerMonitor.com. About Water's Edge Limited Partnership Water's Edge Limited Partnership is primarily engaged in renting and leasing real estate properties. Water's Edge Limited Partnership sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 24-12445) on December 5, 2024. In the petition filed by Evelyn M. Carabetta, authorized representative, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtor tapped David Frye, Esq., at Russo, Frye & Associates, LLP as counsel; Verdolino & Lowey, PC as financial advisor; and Bradford Carlson at Gray, Gray & Gray, LLP as accountant. Counsel to DIV OA Lender, LLC, the Debtor's previous DIP lender, are: John J. Monaghan, Esq. Lynne B. Xerras, Esq. Kathleen M. St. John, Esq. HOLLAND & KNIGHT 10 St. James Avenue, 11th Floor Boston, MA 02116 Tel.: (617) 523-2700 Facsimile: (617) 523-6850 E-mail: Bos-Bankruptcy@hklaw.com Lynne.Xerras@hklaw.com Kathleen.StJohn@hklaw.com Fairbridge Credit, LLC, as DIP lender, is represented by: Kate E. Nicholson, Esq. Nicholson Devine, LLC 21 Bishop Allen Dr. Cambridge, MA 02139 Tel: (857) 600-0508 E-mail: kate@nicholsondevine.com WATERBRIDGE OPERATING: S&P Withdraws 'BB-' Issuer Credit Rating --------------------------------------------------------------- S&P Global Ratings withdrew all its ratings on WaterBridge Operating LLC and WaterBridge NDB Operating LLC, including its 'BB-' issuer credit ratings and 'BB-' issue-level ratings, following the company's full repayment of its rated debt. At the time of the withdrawal, our outlooks on both entities were stable. WKH L.L.C.: Case Summary & Two Unsecured Creditors -------------------------------------------------- Debtor: WKH, L.L.C. 209 Goodwood Gdns Baltimore, MD 21210-2531 Business Description: WKH, L.L.C. is a single-asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: October 23, 2025 Court: United States Bankruptcy Court District of Maryland Case No.: 25-19909 Judge: Hon. Michelle M Harner Debtor's Counsel: Gary S Poretsky, Esq. THE LAW OFFICES OF GARY S PORETSKY, LLC 6 Church Ln Pikesville MD 21208-3708 Tel: (443) 738-5432 Email: gary@plgmd.com Total Assets: $2,036,750 Total Liabilities: $1,525,000 The petition was signed by Patrick Hudson as member. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DTV7NDA/WKH_LLC__mdbke-25-19909__0001.0.pdf?mcid=tGE4TAMA WOODBRIDGE GROUP: Court Narrows Claims in Lawsuit vs Brundage ------------------------------------------------------------- Judge J. Kate Stickles of the United States Bankruptcy Court for the District of Delaware granted in part and denied in part the the motion for partial summary judgment filed by Michael Goldberg in his capacity as Liquidating Trustee of the Woodbridge Liquidation Trust, in the adversary proceeding captioned as MICHAEL GOLDBERG, in his capacity as Liquidating Trustee of the WOODBRIDGE LIQUIDATION TRUST, Plaintiff, v. DEB BRUNDAGE, Defendant, Adv. Pro. No. 19-51069-JKS (Bankr. D. Del.). On Dec. 3, 2019, the Trustee filed this Adversary Complaint seeking to avoid and recover monies paid by the Debtors to the Defendant on the grounds that such payments were actually fraudulent and/or constructively fraudulent transfers. The Defendant worked as an outside broker who was recruited by the Debtors to refer investors to the Debtors for the purchase of First Position Commercial Mortgages for which she received commissions. The brokers, including Defendant, sold FPCMs, in the form of Notes and Units, issued by Woodbridge to investors. The Complaint alleges that the Defendant acted as a financial advisor and/or broker who sold securities to the public and provided investment services. The Complaint further alleges that the Defendant sold Notes and Units, created marketing materials and sales scripts to facilitate the sale of Notes and Units to unsuspecting investors. In so doing, the Trustee alleges that the Defendant made materially false and fraudulent statements to induce investors to provide money. The Trustee alleges that within the two years preceding the Initial Petition Date, Defendant received transfers totaling not less than $55,989.00, including commission payments and other compensation. The Complaint contains four claims: -- The First and Third Claims seek avoidance and recovery of actual intent fraudulent transfers under section 548(a)(1)(A) of Bankruptcy Code and California Civil Code Sec. 3439.04(a)(1). -- The Second and Fourth Claims seek avoidance and recovery of constructive fraudulent transfers under section 548(a)(1)(B) of the Bankruptcy Code and California Civil Code Sec. 3439.04(a)(2). On all Claims, the Trustee seeks an award of prejudgment interest as permitted by law, costs of suit, and such other and further relief as is just and proper. The Trustee seeks summary judgment on Claims One through Four in the Complaint in his favor and against the Defendant. The Trustee seeks to avoid the Transfers under theories of both actual fraud and constructive fraud under the Bankruptcy Code and California State law. He argues that the Transfers are avoidable as actual fraudulent transfer (First and Third Claims) because the existence of a Ponzi scheme is sufficient to establish actual intent to hinder, delay, or defraud creditors under the Bankruptcy Code and state law. The Trustee also contends that the "badges of fraud" independently establish the actual intent to defraud. He argues that the Transfers are avoidable as constructive fraudulent transfers (Second and Fourth Claims) because the Debtors were insolvent, and the Debtors received no value for the Transfers. The Defendant asserts the following defenses: (1) the Defendant did not know she was participating in a fraudulent scheme, (2) the evidence does not prove the Defendant actually received payments from the Debtors, (3) the evidence relied upon by the Trustee is inadmissible hearsay, and (4) the Debtors' wrongdoing must be imputed to the Trustee because the Trustee stands in the shoes of the Debtors. The Court finds that there is no genuine dispute that the Debtors were operated as a Ponzi scheme and that the commissions paid to Defendant for her promotion and sale of the Debtors' fraudulent securities were related to and in furtherance of the Ponzi scheme. According to the Court, the Transfers are avoidable pursuant to section 548(a)(1)(A) and California Civil Code Sec. 3439.04(a)(1). To establish that the Transfers were constructively fraudulent under the Bankruptcy Code, section 548(a)(1)(B) requires the Trustee to show that the Debtors received less than reasonably equivalent value in exchange for such Transfers and was insolvent on the date of such Transfers or became insolvent because of the Transfer. Judge Stickles explains, "Here both constructive fraudulent transfer elements are satisfied. Defendant's recruitment of new investors into the Ponzi scheme provided no value. The Debtors were insolvent at the time of the Transfers through the Initial Petition Date. The Debtors could not pay investors from their legitimate existing operations. The Debtors used funds received primarily from new investors to make payments to old investors. Thus, the evidence establishes that the Transfers were constructively fraudulent under section 548(a)(1)(B) of the Bankruptcy Code." The Court finds that there are no disputes of material facts that prevent it from finding in favor of the Trustee and against the Defendant on the Second Claim. As to the Fourth Claim, the request for summary judgment is denied. The Fourth Claim seeks relief under section 3439.04(a)(2) of the California Civil Code. According to the Court, although California law allows claims under California Civil Code sections 3439.04(a)(2) and 3439.05 to avoid constructive fraudulent transfers, the Complaint does not assert a constructive fraudulent transfer claim under section 3439.05, thus summary judgment cannot be considered on that basis. In light of the absence of argument (and evidence), the Court does not address, nor award, prejudgment interest. A copy of the Court's Order dated October 20, 2025, is available at http://urlcurt.com/u?l=eIuYMdfrom PacerMonitor.com. About Woodbridge Group Headquartered in Sherman Oaks, California, The Woodbridge Group Enterprise -- http://www.woodbridgecompanies.com/-- was a comprehensive real estate finance and development company. Its principal business was buying, improving, and selling high-end luxury homes. The Woodbridge Group Enterprise also owned and operated full-service real estate brokerages, a private investment company, and real estate lending operations. The Woodbridge Group Enterprise and its management team had been in the business of providing a variety of financial products for more than 35 years, and had been primarily focused on the luxury home business for the past five years. Since its inception, the Woodbridge Group Enterprise has completed more than $1 billion in financial transactions. These transactions involved real estate, note buying and selling, hard money lending, and alternative financial transactions involving thousands of investors. Woodbridge filed for bankruptcy as a result of a massive, multi-year Ponzi scheme perpetrated by Robert Shapiro between (at least) 2012 and 2017. As part of this fraud, Shapiro, through the Woodbridge entities, raised over one billion dollars from approximately 10,000 investors -- as either noteholders or unitholders. Woodbridge Group of Companies and certain of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case No. 17-12560) on Dec. 4, 2017. Woodbridge estimated assets and liabilities at between $500 million and $1 billion. The Chapter 11 cases are being jointly administered. Judge Kevin J. Carey presides over the case. Samuel A. Newman, Esq., Oscar Garza, Esq., Daniel B. Denny, Esq., Jennifer L. Conn, Esq., Eric J. Wise, Esq., Matthew K. Kelsey, Esq., and Matthew P. Porcelli, Esq., at Gibson, Dunn & Crutcher, LLP, and Sean M. Beach, Esq., Edmon L. Morton, Esq., Ian J. Bambrick, Esq., and Allison S. Mielke, Esq., at Young Conaway Stargatt & Taylor, LLP, served as the Debtors' bankruptcy counsel. Homer Bonner Jacobs, PA, served as special counsel; Province, Inc., as expert consultant; and Moelis & Company LLC, as investment banker. The Debtors' financial advisors were Larry Perkins, John Farrace, Robert Shenfeld, Reece Fulgham, Miles Staglik, and Lissa Weissman at SierraConstellation Partners, LLC. Beilinson Advisory Group served as independent management to the Debtors. Garden City Group, LLC, served as the Debtors' claims and noticing agent. An official committee of unsecured creditors was appointed in the Chapter 11 cases on Dec. 14, 2017. Pachulski Stang Ziehl & Jones served as counsel to the Official Committee of Unsecured Creditors; and FTI Consulting, Inc., acted as its financial advisor. On Jan. 23, 2018, the Court approved a settlement providing for the formation of an ad hoc noteholder group and an ad hoc unitholder group. Woodbridge Group said that effective as of February 15, 2019, it has emerged from chapter 11 bankruptcy following confirmation of its plan of liquidation. The Plan was confirmed on Oct. 26, 2018. XTREME SPORTS: Hires DeMarco·Mitchell PLLC as Legal Counsel ------------------------------------------------------------ Xtreme Sports Group Chattanooga, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ DeMarco·Mitchell, PLLC as legal counsel. The firm will provide these services: (a) take all necessary action to protect and preserve the Estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; (b) prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate herein; (c) formulate, negotiate, and propose a plan of reorganization; and (d) perform all other necessary legal services in connection with these proceedings. The firm will receive these hourly compensation: Robert T. DeMarco $450 Michael S. Mitchell $300 paralegal Barbara Drake $125 The firm received from the Debtor a retainer of $16,738. In addition, the firm will seek reimbursement for its out-of-pocket expenses. DeMarco·Mitchell, 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: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. DeMarco·Mitchell, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (972) 991-5591 Facsimile: (972) 346-6791 E-mail: robert@demarcomitchell.com mike@demarcomitchell.com About Xtreme Sports Group Chattanooga, LLC Xtreme Sports Group Chattanooga, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-43798) on October 1, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Edward L. Morris presides over the case. Robert Thomas DeMarco, Esq., represents the Debtor as legal counsel. ZMETRA LAND: Wins Bid to Use Cash Collateral Until November 20 -------------------------------------------------------------- Judge Elizabeth Katz of the United States Bankruptcy Court for the District of Massachusetts granted Zmetra Land Holdings, LLC's motion to use cash collateral on an interim basis through Nov. 20, 2025. A hearing on the Debtor's further use of cash collateral is set for Nov. 20, 2025 at 10:30 a.m. in Worcester, Courtroom 3. The Debtor is ordered to file, on or before Nov. 17, 2025, a reconciled budget showing actual to projected income and expenses for the period ending Oct. 31, 2025, as well as beginning and ending bank balances monthly, and a projected budget for November and December, 2025, and January 2026. The Debtor is engaged in the business of owning, selling, leasing, managing and developing real estate. The Debtor is the record holder of a 35,000 square foot industrial facility located at 2 Old Worcester Road, Webster, MA. According to an appraisal dated November 5, 2018, the real estate had a market value of $2,500,000. In addition to real estate, the Debtor's assets on the petition date include $2.40 in cash and $462,282 in accounts receivable. Approximately $69,342 of the accounts receivable are 90 days or less. The accounts receivable represent amounts owed to the Debtor by Zmetra Clearspan Structures, LLC, the sole tenant of 2 Old Worcester Road. The Debtor and Clearspan are both Massachusetts Limited Liability Companies. Joseph Zmetra is the manager and sole member of both the Debtor and Clearspan. In 2019, the Debtor and Clearspan obtained a $1,750,000 loan from the United States Small Business Administration through Newtek Small Business Finance, LLC. As security for the loan, Newtek holds the mortgage and assignment of rents on 2 Old Worcester Road. The mortgage is in arrears and a foreclosure sale was scheduled for October 16, 2025 by Newtek. Unpaid real estate taxes to the Town of Webster in the amount of $85,238 are the only other encumbrance. Clearspan has sufficient cash flow to pay $40,000 per month to the Debtor. From this amount, the Debtor proposes to pay $32,240.36 to Newtek as adequate protection. The Debtor would maintain insurance and would also pay property taxes going forward to the Town of Webster. The Debtor sought authority to use the cash collateral and to provide a "roll-over" lien to Newtek to the same extent and validity as it held a security interest on the filing date. The Debtor intends to use cash collateral in the amount of $129,233.46 for a period of 90 days so that it may continue its operations through the date of a final cash collateral hearing. The Debtor has submitted a 90-day budget. The Debtor believes its budget is adequate to pay administrative expenses due and payable during the period covered by the budget. A copy of the Court's Order dated October 16, 2025, is available at https://urlcurt.com/u?l=nnpUcR from PacerMonitor.com. About Zmetra Land Holdings LLC Zmetra Land Holdings LLC engages in property management and owns a property at 2 Old Worcester Road in Webster, Massachusetts, valued at about $2.5 million. Zmetra Land Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-41079) on October 9, 2025. In its petition, the Debtor reports total assets of $2,962,293 and total liabilities of $1,835,238. The Debtor is represented by James L. O'Connor, Jr., Esq. of SEDER & CHANDLER, LLP. Newtek Small Business Finance, LLC, which holds the mortgage and assignment of rents on 2 Old Worcester Road, is represented by Lauren Solar, Esq., at Hackett Feinberg. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***