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T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, October 28, 2025, Vol. 29, No. 300
Headlines
18222 YORBA: Employs Park Place Partners as Real Estate Broker
245-249 8th STREET: Seeks to Tap Hirschler Fleischer as Counsel
3MOTIONAI INC: Seeks Chapter 15 Bankruptcy in Delaware
907 ASSOCIATES: Nov. 19 Auction of Bronx Property
AEMETIS INC: ABGL Extends Redemption Deadline for Preferred Units
ALSALOUSSI HOLDINGS: Section 341(a) Meeting of Creditors on Nov. 19
AMERICAN RESOURCES: Citadel Advisors Holds 9.78% Equity Stake
ANCHOR GLASS: Davis Polk Advised Lenders in Recapitalization
APS TRANSPORT: Douglas Adelsperger Named Subchapter V Trustee
ARTISAN FOODIE: Claims to be Paid From Available Cash and Income
ASPIRE LOGISTICS: Voluntary Chapter 11 Case Summary
AT HOME GROUP: Exits Chapter 11, Completes Financial Restructuring
ATLANTIC OVERSEAS: Case Summary & 20 Largest Unsecured Creditors
AURA SYSTEMS: Posts $4.76M Net Loss in Fiscal Q2
AUXILIARY OPERATIONS: Seeks to Extend Plan Exclusivity to Nov. 24
BAGBY INVESTMENT: Jerrett McConnell Named Subchapter V Trustee
BAYOU TECHNOLOGIES: Unsecureds to Get 10% of Claims over 60 Months
BEACON LIGHT: Dwayne Murray Named Subchapter V Trustee
BEAN BROTHERS: Gets Extension to Access Cash Collateral
BIMERGEN ENERGY: Cole Johnson, Robert Brilon Named Co-CEOs
BREAD FINANCIAL: S&P Alters Outlook to Positive, Affirms 'BB-' ICR
BROOKFIELD PROPERTIES: Receiver Gets Lease Deal for Providence Mall
BURTON TRANSPORT: Case Summary & 20 Largest Unsecured Creditors
CANDYWAREHOUSE.COM: Case Summary & 20 Largest Unsecured Creditors
CANO HEALTH: S&P Cuts ICR to 'CCC+' Following Distressed Exchanges
CAR TOYS: Hires Stretto Inc. as Administrative Advisor
CITIUS PHARMACEUTICALS: Completes $6-Mil. Equity Offering
CIVILGEO INC: Seeks Approval to Tap Taron LLC as Expert Witness
CLEMTEX INC: Jan. 23, 2026 Deadline to File Silica Claims
COCOS MARISCOS: Final Cash Collateral Hearing Set for Oct. 30
CONCRETE TRUTH: U.S. Trustee Unable to Appoint Committee
CORCHIS CAPITAL: Court Extends Cash Collateral Access to Dec. 12
COUNTRY GARDEN: Seeks Chapter 15 Bankruptcy in New York
DASE BLINDS: Seeks Chapter 7 Bankruptcy in Texas
DIMMER'S PRECISION: Case Summary & 20 Largest Unsecured Creditors
DYCAL LAND: Seeks Chapter 7 Bankruptcy in Texas
EDB INVESTMENTS: Janice Seyedin Named Subchapter V Trustee
EDGE DOCUMENT: Section 341(a) Meeting of Creditors on December 2
EMORY INDUSTRIAL: Case Summary & 20 Largest Unsecured Creditors
EMPIRE TODAY: S&P Withdraws 'CCC' ICR, Outlook Negative
ENDI PLAZA: Court Tosses Ch.11 Case, Ostreicher Losses Apt. Complex
ENTECCO FILTER: Court Extends Cash Collateral Access to Dec. 12
ESSATIONS INC: Unsecureds Will Get 4.5% of Claims over 5 Years
EVOFEM BIOSCIENCES: Shareholders Reject Merger With Aditxt
EVOFEM BIOSCIENCES: Terminates Merger Deal With Aditxt
FINANCE OF AMERICA: FOA Funding Amends 2026, 2029 Note Indentures
FIRST LIBERTY BUILDING: Cos. Challenge Receivership in Loan Dispute
FLUX POWER: Regains Nasdaq Compliance on Market Equity Rule
FORGE INNOVATION: Returns 51% Stake in Legend, Regains 1.97M Shares
FOUNDATION BUILDING: S&P Withdraws 'B' Issuer Credit Rating
GENERAL ENTERPRISE: Enters PIPE Offering Agreement With Investors
GENERAL ENTERPRISE: Lorenzo Calinawan, Craig Huff Join Board
HARBOR SPRINGS: S&P Affirms 'BB+' Rating on 2024A/B Revenue Bonds
HIGH ZZEAZZZ: Section 341(a) Meeting of Creditors on December 12
HOUSTON CLASSICAL: S&P Assigns 'BB' ICR, Outlook Stable
JACKSON HOSPITAL: Law Firm Admits AI Misuse, Returns Fees
JEREMY KIDO: Section 341(a) Meeting of Creditors on November 19
JML ENGINEERING: Court Partly Approves to Use Cash Collateral
JVK OPERATIONS: Reaches MediServ-JVK Settlement; Amends Plan
KACHINA AIR: Seeks Chapter 11 Bankruptcy in Texas
KND HOSPITALITY: Seeks to Tap The Mitchell Law Firm as Counsel
LAREDO OIL: Posts $952K Net Loss in Q1 2026
LIMITLESS ABA: L. Todd Budgen Named Subchapter V Trustee
LINQTO TEXAS: Seeks to Extend Plan Exclusivity to Feb. 2, 2026
LOOK CINEMAS: Final Hearing to Use Cash Collateral Set for Oct. 29
LOOP MEDIA: Delays Filing of 2025 Annual Report
LOOP MEDIA: Files Chapter 7 Case; W. Donald Gieseke Named Trustee
LUTHERAN HOME: Hires Plante Moran Living Forward as Consultant
LUTHERAN HOME: Seeks to Extend Plan Exclusivity to April 30, 2026
MARQUIE GROUP: Jeff Foster Appointed CEO as GETGOLF Gains Control
MAWSON INFRASTRUCTURE: Inks $9.6M ATM Offering With H.C. Wainwright
MEAT U ANYWHERE: Taps Bonds Ellis Eppich Schafer Jones as Counsel
MJS MATERIALS: Hires Shapiro Blasi Wasserman & Hermann as Counsel
MODIVCARE INC: Randstad Steps Down as Committee Member
NABORS INDUSTRIES: CFO Reports 14,401 Common Shares in Form 3
NATIONAL BUILDERS: Seeks to Hire Lee & Associates as Estate Broker
NEWARK EXPO: Case Summary & Eight Unsecured Creditors
NIGHTFOOD HOLDINGS: Inks $25M Equity Purchase Deal With Mast Hill
NIGHTFOOD HOLDINGS: Issues $2.27M Convertible Note to Mast Hill
NORTHERN DYNASTY: Receives Final Tranche of $12M Royalty Investment
NOVA LIFESTYLE: Xmax Alpha Invests $5.6M in SpaceX Fund
NTG 392 WHITE: Case Summary & 10 Unsecured Creditors
ORIGIN FOOD: Gets Final OK to Use Cash Collateral
OUR LITTLE ANGELS: Seeks Chapter 7 Bankruptcy in Georgia
PAIA INN: Case Summary & 18 Unsecured Creditors
PAIA LIFE: Case Summary & Nine Unsecured Creditors
PARAGON INDUSTRIES: Hires Three Keys Capital as Investment Banker
PASTIME LOUNGE: Seeks to Hire Deschenes & Associates as Counsel
PAULAZ ENTERPRISES: Seeks to Hire Bharat I Thackar as Accountant
PEEK LLC: Seeks to Hire Bynum & Jenkins as Special Counsel
PERFORMANCE MOBILE: Hires Michael Best & Friedrich as Counsel
PHAIR COMPANY: Seeks to Extend Plan Exclusivity to Feb. 20, 2026
PLATE RESTAURANT: Unsecured Creditors to Get Nothing in Plan
POINT CLEAR: Hires Stichter Riedel Blain & Postler as Counsel
PORTE ROUGE: Amends 1900 Capital Secured Claims Pay Details
POWIN EKS SELLCO: Seeks Chapter 11 Bankruptcy in New Jersey
PRIMALEND CAPITAL: Bondholders Raise Concerns Over Ch. 11 Filing
PROJECT PIZZA: Employs Ronald D. Charyn Appraisals as Appraiser
QUANTUM CORP: Sets 2025 Annual Meeting for Dec. 16
RAYONIER ADVANCED: S&P Withdraws 'B' Issuer Credit Rating
RAZZOO'S INC: Hires Stout Capital as Investment Banker
REBORN PHOENIX: Court OKs Deal to Use Cash Collateral Until Dec. 31
REMEMBER ME: Court Extends Cash Collateral Access to Nov. 13
RHODIUM ENCORE: Creditors Challenge Quinn Emanuel's Fees
RIVERDALE ASSEMBLY: Walter Dahl Named Subchapter V Trustee
ROBRAD TOOL: Seeks to Hire Tiffany & Bosco as Legal Counsel
ROLLING HILLS FOOD: Seeks Chapter 11 Bankruptcy in Texas
SEASHORE PROPERTIES: Case Summary & 12 Unsecured Creditors
SF OAKLAND: Gets Interim OK to Use Cash Collateral Until Nov. 13
SHARPLINK GAMING: Increases ETH Holdings With $76.5M Capital Raise
SHELLE REALTY: Voluntary Chapter 11 Case Summary
SOLUNA HOLDINGS: Appoints Agnieska Budzyn to Board of Directors
SPLASH BEVERAGE: Frederick William Caple Holds 24.1% Equity Stake
SPLASH BEVERAGE: Justin Yorke Holds 28.6% Equity Stake
SPLASH BEVERAGE: William Devereux Holds 29.4% Equity Stake
SPLASH BEVERAGE: William Meissner Holds 23.8% Equity Stake
STONEWOOD PROPERTY: Retains Middlebrooks Shapiro as Legal Counsel
STONEWOOD PROPERTY: Retains Tranzon Auction as Auctioneer
STRIPE A LOT: Amy Denton Mayer Named Subchapter V Trustee
THREE STAR: Seeks Court Approval to Tap Page & Smith as Accountant
THRILL INTERMEDIATE: Taps Stretto as Claims and Noticing Agent
TURQUIOSE LLC: Seeks Approval to Hire US Auctioneers as Appraiser
UTICA TOWNSHIP: Seeks to Extend Plan Filing Deadline to Oct. 29
V820JACKSON LLC: Amends Strategic Unsecured Claims Pay Details
VEON LTD: Beeline Kazakhstan to Acquire OLX for US$75M
VITAMINS ONLINE: Seeks Chapter 7 Bankruptcy in Delaware
VSM PROPERTIES: Seeks Approval to Hire Zach Miller as Realtor
WHITE WILSON: Taps Johnson Pope Bokor Ruppel & Burns as Counsel
X4 PHARMA: Empery Asset, 2 Others Hold 9.99% Stake
YUNHONG GREEN: Regains Compliance With Nasdaq Bid Price Rule
ZETA CHARTER SCHOOLS:S&P Places 'BB+' ICR on 2025A/B Revenue Bonds
*********
18222 YORBA: Employs Park Place Partners as Real Estate Broker
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18222 Yorba Linda Owner, LLC seeks approval from the U.S.
Bankruptcy Court for the Central District of California, Los
Angeles Division, to employ Park Place Partners, Inc. d/b/a Land
Advisors Organization as real estate broker in its Chapter 11
case.
The Debtor requires the services of Land Advisors to market and
sell its real property located at 18222 Mariposa Avenue, Yorba
Linda, California, consisting of approximately 4.88 acres of vacant
land. The employment of Land Advisors is to be effective as of
October 10, 2025.
Land Advisors Organization specializes in land advisory and
brokerage across the United States and has experience with sales in
the Orange County market, where the Property is located.
Anthony Eaton, Vice President of the California Division of Land
Advisors, will lead the engagement. Mr. Eaton began his career in
land brokerage in 2007 and has been responsible for the purchase
and sale of over 9,000 residential lots. He is licensed by the
California Department of Real Estate (DRE #01744543).
Land Advisors will perform these services:
(a) market and sell the Debtor's real property located at 18222
Mariposa Avenue, Yorba Linda, CA;
(b) provide real estate brokerage services and advisory support in
connection with the sale; and
(c) perform any other services necessary to complete the
transaction on behalf of the estate.
Land Advisors Organization can be reached at:
PARK PLACE PARTNERS, INC. d/b/a LAND ADVISORS ORGANIZATION
100 Spectrum Center Drive, Suite 1400
Irvine, CA 92618
Telephone: (949) 852-8288
About 18222 Yorba Linda Owner, LLC
18222 Yorba Linda Owner, LLC is a single-asset real estate debtor,
as defined in 11 U.S.C. Section 101(51B).
18222 Yorba Linda Owner, LLC filed its voluntary petition forrelief
under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No.
25-18421) on September 23, 2025. At the time of filing, the Debtor
estimated $10 million to $50 million in both assets and
liabilities. The petition was signed by Afshin Etebar as managing
member.
Judge Julia W. Brand oversees the case.
Michael Jay Berger, Esq. at LAW OFFICES OF MICHAEL JAY BERGER
represents the Debtor as counsel.
245-249 8th STREET: Seeks to Tap Hirschler Fleischer as Counsel
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245-249 8th Street NE REI LLC seeks approval from the U.S.
Bankruptcy Court for the District of Columbia to hire Hirschler
Fleischer to serve as bankruptcy counsel in its Chapter 11 case.
HF will provide these services:
(a) advising the Debtor with respect to local practice and
procedure;
(b) advising the Debtor with respect to its powers and duties as
debtor-in-possession in the continued operation of its businesses;
(c) attending meetings and negotiating with representatives of
creditors and other parties-in-interest;
(d) taking necessary actions to protect and preserve the Debtor's
estate, including the prosecution of actions on the Debtor's
behalf, the defense of any actions commenced against the Debtor,
and, where appropriate, objecting to claims filed against the
Debtor's estate;
(e) assisting the Debtor in connection with preparing necessary
motions, answers, applications, orders, reports, or other legal
papers necessary to the administration of the estate, and appearing
in Court on behalf of the Debtor in proceedings related thereto;
(f) assisting the Debtor in the preparation of a chapter 11 plan
and disclosure statement, and in any other matters and proceedings
in connection therewith, including attending court hearings;
(g) representing the Debtor in matters which may arise in
connection with its business operations, financial and legal
affairs, dealings with creditors and other parties-in-interest,
sales, and other transactional matters, litigation matters and in
any other matters which may arise during this case; and
(h) performing all other necessary legal services in connection
with the prosecution of this Chapter 11 Case.
HF will be compensated at hourly rates ranging from $300 for
associates to $700 for senior partners. Ms. Burgers' current hourly
rate is $560, the current hourly rate for Kollin Bender is $350,
and the current hourly rate for Stephen Leach is $665. HF will also
be reimbursed for reasonable and necessary out-of-pocket expenses
incurred.
According to court filings, Hirschler Fleischer is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Stephen E. Leach, Esq.
Kristen E. Burgers, Esq.
HIRSCHLER FLEISCHER, PC
1676 International Drive, Suite 1350
Tysons, VA 22102
Telephone: (703) 584-8900
Facsimile: (703) 584-8901
E-mail: sleach@hirschlerlaw.com
kburgers@hirschlerlaw.com
About 245-249 8th STREET NE REI LLC
245-249 8th STREET NE REI LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.D.C. Case No. 25-00422-ELG) on
September 17, 2025.
At the time of the filing, Debtor had estimated assets of between
$1,000,001 and $10 million and liabilities of between $1,000,001
and $10 million.
Judge Elizabeth L. Gunn oversees the case.
Hirschler Fleischer, PC is the Debtor's proposed legal counsel.
3MOTIONAI INC: Seeks Chapter 15 Bankruptcy in Delaware
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James Nani of Bloomberg Law reports that Canadian artificial
intelligence company 3MotionAI Inc. has filed for U.S. bankruptcy
court recognition of its ongoing insolvency proceedings in Ontario.
The company is also seeking to suspend a noncompete lawsuit filed
in Delaware by competitor VelocityEHS Holdings Inc.
According to a Chapter 15 petition submitted in the U.S. Bankruptcy
Court for the District of Delaware, 3MotionAI aims to halt the
litigation as it moves forward with a court-supervised sale of its
assets, according to report.
The company's request for recognition of its Canadian restructuring
is intended to protect its U.S.-based assets, including
intellectual property, customer contracts, and accounts receivable.
3MotionAI develops AI-driven software that analyzes human motion
for applications in health, safety, and performance management, the
report states.
About 3MotionAI Inc.
3MotionAI Inc. is a Canadian artificial intelligence company.
3MotionAI Inc. sought relief under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 25-11864) on October 23,
2025.
Honorable Bankruptcy Judge Craig T. Goldblatt handles the case.
The Debtor is represented by Frederick Brian Rosner, Esq. of The
Rosner Law Group LLC.
907 ASSOCIATES: Nov. 19 Auction of Bronx Property
-------------------------------------------------
Pursuant to a consensual final judgment entered on October 2, 2025,
by the U.S. District Court for the Southern District of New York in
the case captioned Computershare Trust Company N.A., solely in its
capacity as trustee for the benefit of the certificateholders of
CFSP 2024 AHP1 Mortgage Trust, Commercial Mortgage Pass Through
Certificates, Series 2024 AHP1 Mortgage Trust, acting by and
through its special servicers, Berkeley Point Capital LLC, d/b/a
Newmark, as Special Servicer under the Pooling and Servicing
Agreement dated as of December 30, 2024, Plaintiff, against 907
Associates LLC, et al., Defendants, Civil Action File No.
1:25-cv-05015-MMG, the Referee will sell at public auction on
November 19, 2025, at 11:00 a.m., prevailing Eastern Time, the
property located at 907 East 221st Street, aka 901/907 221st
Street, aka 3846/3856 Bronxwood Avenue, Bronx, New York 10469.
The approximate amount of the lien is $4,949,248, plus default
interest and costs.
The appointed referee is Orazio Crisalli of Syracuse Realty Group.
The court-appointed auctioneer is Matthew D. Mannion of Mannion
Auctions, LLC.
Holland & Knight, LLP, represents the Plaintiff.
AEMETIS INC: ABGL Extends Redemption Deadline for Preferred Units
-----------------------------------------------------------------
Aemetis, Inc. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that Aemetis Biogas LLC
("ABGL"), a subsidiary of the Company, entered into an agreement,
effective as of August 31, 2025, entitled Tenth Waiver and
Amendment to Series A Preferred Unit Purchase Agreement, with
Protair-X Technologies Inc. and Third Eye Capital Corporation, as
agent for Protair-X.
Protair-X owns 100% of the Series A Preferred Units of ABGL
pursuant to the original Series A Preferred Unit Purchase Agreement
dated December 20, 2018, and its subsequent amendments.
The PUPA Tenth Amendment provides, among other provisions:
(i) an extension of ABGL's existing requirement to redeem all
of Protair-X's outstanding Series A Preferred Units from August 31,
2025, to December 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 ABGL does not
redeem the Preferred Units by the Redemption Date, ABGL 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 ABGL's redemption obligation.
Once the Credit Agreement is entered, its key terms would include:
(i) an effective date of January 1, 2026,
(ii) a maturity date of September 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 (the "Guarantors") to guarantee ABGL's obligations,
and
(v) a grant of a security interest in the assets of ABGL and
the Guarantors.
The foregoing summary of the material terms of the PUPA Tenth
Amendment is qualified in its entirety by reference to the full
text of the agreement, available at https://tinyurl.com/yku7zru2
About Aemetis Inc.
Founded in 2006 and headquartered in Cupertino, California,
Aemetis, Inc. -- www.aemetis.com -- is an international renewable
natural gas, and renewable fuels company focused on the operation,
acquisition, development and commercialization of innovative low
and negative carbon intensity products and technologies that
replace traditional fossil fuel products. The Company operates in
three reportable segments consisting of "California Ethanol,"
"California Dairy Renewable Natural Gas," and "India Biodiesel."
The Company's mission is to create sustainable and innovative
renewable fuel solutions that benefit communities and restore the
environment. The Company achieves this by establishing a local,
circular bioeconomy that utilizes agricultural products and waste
to produce low-carbon, advanced renewable fuels that reduce
greenhouse gas (GHG) emissions and enhance air quality by replacing
traditional fossil fuel products.
The auditor's report dated March 14, 2025, issued by RSM US LLP in
the Company's Annual Report for the year ended December 31, 2024,
raised additional concerns, with the auditor issuing a "going
concern" qualification. The report highlighted that the Company has
suffered recurring losses from operations and has a net capital
deficiency, casting substantial doubt about the Company's ability
to continue as a going concern.
As of June 30, 2025, Aemetis reported $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.
ALSALOUSSI HOLDINGS: Section 341(a) Meeting of Creditors on Nov. 19
-------------------------------------------------------------------
On October 17, 2025, Alsaloussi Holdings LLC filed Chapter 11
protection in the Southern District of Florida. According to
court filing, the Debtor reports between $1 million and $10 million
in debt owed to 1 and 49 creditors.
A meeting of creditors under Section 341(a) to be held on November
19, 2025 at 01:00 PM by TELEPHONE.
About Alsaloussi Holdings LLC
Alsaloussi Holdings LLC, based in Miami Beach, Florida, operates in
the real estate sector, focusing on property ownership and
management. The Company is affiliated with several related entities
and engages in residential property transactions in the Miami
area.
Alsaloussi Holdings LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22256) on October 17,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
The Debtor is represented by Humberto Rivera Esq. of RIVERA LAW
FIRM, P.A.
AMERICAN RESOURCES: Citadel Advisors Holds 9.78% Equity Stake
-------------------------------------------------------------
Citadel Advisors LLC, Citadel Advisors Holdings LP, Citadel GP LLC,
Citadel Securities LLC, Citadel Securities Group LP, Citadel
Securities GP LLC, and Kenneth Griffin, disclosed in a Schedule 13G
filed with the U.S. Securities and Exchange Commission that as of
October 14, 2025, they beneficially own the following shares of
American Resources Corporation's Class A common stock, par value
$0.0001 per share:
* Citadel Advisors LLC, Citadel Advisors Holdings LP, and
Citadel GP LLC each beneficially own 9,661,800 shares, including
3,561,800 shares issuable upon conversion of certain warrants held
by affiliates, representing 9.78% of the 98,757,605 shares
outstanding.
* Citadel Securities LLC beneficially owns 191,137 shares,
representing 0.19% of the 98,757,605 shares outstanding.
* Citadel Securities Group LP and Citadel Securities GP LLC
each beneficially own 204,084 shares, representing 0.21% of the
98,757,605 shares outstanding.
* Kenneth Griffin beneficially owns 9,865,884 shares,
representing 9.99% of the 98,757,605 shares outstanding.
The reporting persons may be reached through:
Seth Levy, Authorized Signatory
830 Brickell Plaza
Miami, Fla. 33131
305-929-6851
A full-text copy of the SEC Report is available at:
https://tinyurl.com/yck3v2pc
About American Resources Corp
American Resources Corporation operates through subsidiaries that
were formed or acquired in 2020, 2019, 2018, 2016, and 2015 for the
purpose of acquiring, rehabilitating, and operating various natural
resource assets, including coal used in the steel-making and
industrial markets, critical and rare earth elements used in the
electrification economy, and aggregated metal and steel products
used in the recycling industries.
As of December 31, 2024, the Company had $205,013,999 in total
assets, $286,923,743 in total liabilities, and total deficit of
$81,909,744.
Columbus, Ohio-based GBQ Partners LLC, the Company's auditor since
2024, issued a "going concern" qualification in its report dated
May 19, 2025, attached to the Company's Annual Report on Form 10-K
for the year ended December 31, 2024, citing that the Company has
suffered recurring losses from operations that raise substantial
doubt about its ability to continue as a going concern.
ANCHOR GLASS: Davis Polk Advised Lenders in Recapitalization
------------------------------------------------------------
Davis Polk advised an ad hoc group of first-lien and second-lien
lenders in connection with a comprehensive out-of-court
recapitalization of Anchor Glass Container Corporation. Pursuant to
the terms of the transaction, Anchor Glass reduced its debt by
about 60% and participating lenders injected $100 million of new
money into the business. As a result of the transaction, lenders in
the ad hoc group became the majority owners of the company. The
company also refinanced its existing revolving credit facility.
Anchor Glass is a leading North American manufacturer of premium
specialty glass packaging products. Anchor Glass has longstanding
relationships with blue-chip companies across the food, beverage,
liquor, ready-to-drink and craft beer end markets. The company
employs approximately 1,500 people and operates five glass
manufacturing facilities located in New York, Oklahoma, Indiana,
Minnesota and Georgia.
The Davis Polk restructuring team included partner Damian S.
Schaible, counsel Aryeh Ethan Falk and Michael Pera and associates
Amber Leary and Mckenzie K. Whalen. The restructuring finance team
included partner Christian Fischer and associates Christopher
Martin and Carly (Yoona) Cha. Partner Lucy W. Farr provided tax
advice. The corporate team included partner Harold Birnbaum and
counsel Jacob S. Kleinman. Partner Adam Kaminsky provided executive
compensation advice. Partner Randall Derek Walters provided
derivatives advice. Members of the Davis Polk team are based in the
New York and Washington DC offices.
Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited
liability partnership, and its associated entities.
APS TRANSPORT: Douglas Adelsperger Named Subchapter V Trustee
-------------------------------------------------------------
The U.S. Trustee for Region 10 appointed Douglas Adelsperger, Esq.,
as Subchapter V trustee for APS Transport, Inc.
Mr. Adelsperger will be paid an hourly fee of $400 for his services
as Subchapter V trustee and will be reimbursed for work related
expenses incurred.
Mr. Adelsperger declared that he is a disinterested person
according to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Douglas R. Adelsperger, Trustee
1251 N. Eddy St., Suite 200
South Bend, IN 46617
Tel: (260) 407-0909
Email: trustee@adelspergerlawoffices.com
About APS Transport Inc.
APS Transport, Inc. filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. N.D. Ind. Case No. 25-22117) on
October 15, 2025, with $100,001 to $500,000 in assets and $500,001
to $1 million in liabilities.
Judge James R. Ahler presides over the case.
Shawn D. Cox, Esq., at Hodges And Davis P.C. represents the Debtor
as legal counsel.
ARTISAN FOODIE: Claims to be Paid From Available Cash and Income
----------------------------------------------------------------
Artisan Foodie Group, LLC, filed with the U.S. bankruptcy Court for
the Middle District of Florida a Second Amended Plan of
Reorganization dated October 16, 2025.
The Debtor is a Florida limited liability corporation that was
formed on February 10, 2021. The Debtor began operating in 2023 and
the Debtor operates as a culinary incubator that supports food
entrepreneurs by providing access to commercial-grade shared
kitchen facilities.
The Debtor was forced to file for Chapter 11 bankruptcy due to its
inability to meet the debt service obligations on its SBA loan
serviced through DFCU Financial. Despite efforts to stabilize
operations and generate sufficient cash flow, the Debtor faced
financial difficulties that prevented it from continuing to service
its debt at prepetition rates, necessitating the restructuring
protections offered under Chapter 11.
The Plan provides for: 1 class of priority claims, 1 class of
disputed secured claims, 1 class of non-priority unsecured claims;
and 1 class of equity security holders.
The Debtor's financial projections show that the Debtor will be
able to make distributions to the holder of allowed administrative,
priority tax, secured, and unsecured creditors. Payments to Class 3
creditors will be made on a quarterly basis over a period of no
longer than five years, commencing on the first day of the calendar
quarter, beginning after the payment in full of all Allowed
Administrative Expense Claims.
Class 3 consists of NonPriority Unsecured Claims. Each holder of an
allowed Class 3 claim will receive, beginning on the Effective Date
of the Plan, and continuing quarterly for five years, a pro-rata
share of unencumbered proceeds after the payment of allowed
administrative expense claims, allowed priority tax claims, allowed
priority claims, and allowed secured claims. The quarterly payments
shall begin in January of 2026 and be due on the last day of the
final month for each quarter (March 31st, June 30, September 31st
for five years from the effective date of the plan.
Class 3 is impaired by the Plan. The liquidated, scheduled and
filed unsecured claims of creditors total $57,115.11.
Class 4 is comprised of all equity interests in the Debtor, which
are owned by James Pachence, Babette Pachence, and Paul Pachence
which are unimpaired as they will retain their equity interests.
Payments required under the Plan will be funded from: (i) existing
cash on hand on the Effective Date; and (ii) projected disposable
income remaining after the payment of operating expenses.
A full-text copy of the Second Amended Plan of Reorganization dated
October 16, 2025 is available at https://urlcurt.com/u?l=fAAVbu
from PacerMonitor.com at no charge.
Counsel to the Debtor:
Katelyn M. Vinson, Esq.
JENNIS MORSE
606 East Madison Street
Tampa, Florida 33602
Telephone: (813) 229-2800
Email: kvinson@jennislaw.com
About Artisan Foodie Group
Artisan Foodie Group, LLC, is a Florida limited liability
corporation that was formed on February 10, 2021.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00506) on Jan. 27,
2025, listing up to $1 million in assets and up to $10 million in
liabilities. Ruediger Mueller of TCMI, Inc., serves as Subchapter V
trustee.
Judge Roberta Colton oversees the case.
The Debtor is represented by Katelyn M. Vinson, Esq., at Jennis
Morse.
ASPIRE LOGISTICS: Voluntary Chapter 11 Case Summary
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Debtor: Aspire Logistics, Inc.
3341 North Coley Rd
Belden, MS 38826
Business Description: Aspire Logistics, Inc., based in Belden,
Mississippi, provides logistics and
transportation services, operating as a
carrier registered with the U.S. Department
of Transportation.
Chapter 11 Petition Date: October 24, 2025
Court: United States Bankruptcy Court
Northern District of Mississippi
Case No.: 25-13607
Judge: Hon. Selene D Maddox
Debtor's Counsel: Craig M. Geno, Esq.
LAW OFFICES OF GENO AND STEISKAL, PLLC
601 Renaissance Way
Suite A
Ridgeland, MS 39157
Tel: 601-427-0048
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Brock White as president.
The petition was filed without the Debtor's list of its 20 largest
unsecured creditors.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/AHRA6UY/Aspire_Logistics_Inc__msnbke-25-13607__0001.0.pdf?mcid=tGE4TAMA
AT HOME GROUP: Exits Chapter 11, Completes Financial Restructuring
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Dale Quinn of Bloomberg News reports that At Home has completed its
financial restructuring and officially emerged from Chapter 11
bankruptcy, the company announced. The process allowed the retailer
to eliminate nearly $2 billion in funded debt, implement a more
profitable operating model, and secure $500 million in exit
financing.
The company operates 229 stores across 39 states, serving a broad
customer base. At Home's $2 billion rescue plan includes provisions
designed to mitigate potential risks from tariffs and other market
disruptions, the report states.
About At Home Group Inc.
At Home Group Inc. is a home decor and furnishings retailer
offering a wide range of everyday and seasonal products for all
areas of the home. The Company operates 260 large-format stores
across 40 U.S. states and an e-commerce platform. Headquartered in
Coppell, Texas, At Home was founded in 1979 and employs 7,170
people.
On June 16, 2025, At Home announced it entered a Restructuring
Support Agreement (RSA) with certain of its lenders, which will
eliminate substantially all of its long-term debt and provide the
Company with new financial resources to support the business and
position At Home for future success.
To implement the terms of the RSA, At Home and 41 of its
subsidiaries have commenced voluntary Chapter 11 proceedings in
Delaware (Bankr. D. Del. Lead Case No. 25-11120). The proceedings
are pending before Judge J. Kate Stickles.
In connection with this process, At Home is entering into an
agreement for $600 million in debtor-in-possession financing, which
includes a $200 million capital infusion from certain of its
existing lenders and a "roll up" of $400 million of existing senior
secured debt.
The Debtors tapped Kirkland & Ellis LLP as restructuring counsel;
Young Conaway Stargatt & Taylor, LLP, as Delaware restructuring
counsel; AlixPartners LLP as financial advisor; and PJT Partners,
Inc., as investment banker. Omni Agent Solutions, Inc., is the
claims agent.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
ATLANTIC OVERSEAS: Case Summary & 20 Largest Unsecured Creditors
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Debtor: Atlantic Overseas Express, Inc.
8501 N.W. 17th Street, Suite 102
Doral, FL 33126
Business Description: Atlantic Overseas Express, Inc. provides
freight forwarding and logistics services
from its headquarters in Doral, Florida,
specializing in project cargo and complex
shipments. The Company operates
domestically and internationally, offering
air, ocean, truckload, rail, and
distribution services, and maintains a
Customs-bonded warehouse as a licensed Non-
Vessel Operating Common Carrier (NVOCC).
Chapter 11 Petition Date: October 24, 2025
Court: United States Bankruptcy Court
Southern District of Florida
Case No.: 25-22574
Judge: Hon. Robert A Mark
Debtor's Counsel: Nicholas Rossoletti, Esq.
RON S. BILU PA
2760 West Atlantic Blvd
Pompano Beach, FL 33069
E-mail: rbilu@bilulaw.com
Total Assets: $699,334
Total Liabilities: $1,301,998
The petition was signed by Maria L. Leon-Roosevelt as president.
A full-text copy of the petition, which includes a list of the
Debtor's 20 largest unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/2YFMTMI/Atlantic_Overseas_Express_Inc__flsbke-25-22574__0001.0.pdf?mcid=tGE4TAMA
AURA SYSTEMS: Posts $4.76M Net Loss in Fiscal Q2
------------------------------------------------
Aura Systems, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $4.76 million and $6.39 million for the three months ended
August 31, 2025 and 2024, respectively. For the six months ended
August 31, 2025 and 2024, the Company reported net loss of $7.61
million and $21.65 million, respectively.
The Company reported no net revenues for the three ended August 31,
2025 and $3,000 revenue for the same period in 2024. For the six
months ended August 31, 2025 and 2024, the Company had net revenue
of $185,000 and $50,000, respectively.
As of August 31, 2025, the Company had $1.12 million in total
assets, $44.62 million in total liabilities, and $43.50 million in
total stockholders' deficit. As of August 31, 2025, the Company had
an accumulated deficit of $507.73 million.
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/4dp8b55w
About Aura Systems
Headquartered in Lake Forest, California, Aura Systems, Inc.,
develops and manufactures electric motors and generators using
proprietary axial flux induction technology. The Company offers
solutions for commercial, industrial, and military applications
under the AuraGen and VIPER brands. It focuses on designing
high-efficiency, compact, and magnet-free machines, with ongoing
development in electric vehicle systems, mobile power generation,
and renewable energy integration. Aura operates primarily in North
America with plans for global expansion through partnerships,
licensing, and joint ventures.
As of Feb. 28, 2025, Aura Systems had $1.48 million in total
assets, $39.07 million in total liabilities, and a total
shareholders' deficit of $37.59 million.
In an audit report dated June 13, 2025, Weinberg & Company, P.A.
issued a "going concern" qualification citing that during the year
ended Feb. 28, 2025, the Company incurred a net loss of $21
million, used cash in operations of $3 million, and at Feb. 28,
2025, had a stockholders' deficit of $37 million. In addition, at
Feb. 28, 2025, notes payable and related accrued interest with an
aggregate balance of $5 million have reached maturity and are past
due. These matters raise substantial doubt about the Company's
ability to continue as a going concern.
AUXILIARY OPERATIONS: Seeks to Extend Plan Exclusivity to Nov. 24
-----------------------------------------------------------------
Auxiliary Operations Resource, Inc., asked the U.S. Bankruptcy
Court for the Southern District of Indiana to extend its
exclusivity periods to file a plan of reorganization and disclosure
statement to November 24, 2025.
The Debtor explains that the interests of all parties are best
served by allowing the company an extension of time for the
exclusivity period so as to be able to submit a feasible plan of
reorganization.
The Debtor believes that it needs an additional thirty days
authorized by Section 1121 of the Bankruptcy Code, or to and
including November 24, 2025, to review the Internal Revenue Service
and Indiana Department of Revenue claims (secured and priority) to
determine how they should be treated in a plan in order to submit a
disclosure statement and plan of reorganization.
The Debtor submits the complex interplay between the liens filed by
both entities, and the issue of whether those liens secured
penalties creates a more complex analysis than normal that requires
more time than a normal plan. Thus the Debtor seeks an extension,
albeit only a short one of 30 days.
Auxiliary Operations Resource Inc. is represented by:
Jeffrey H. Hester, Esq.
Hester Baker Krebs LLC Suite 1330
One Indiana Square
Indianapolis, IN 46204
Tel: (317) 608-1129
Fax: (317) 833-3031
Email: jhester@hbkfirm.com
About Auxiliary Operations Resource Inc.
Auxiliary Operations Resource Inc., also known as Aux-Ops, is a
warehousing and logistics services provider based in Plainfield,
Indiana. It operates in the transportation and warehousing
industry, primarily providing general warehousing and storage
services as indicated by its NAICS code 493110. The company has
multiple facilities in Indiana and works with various staffing
agencies to support its operations.
Auxiliary Operations Resource sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-03727) on June
2, 2025. In its petition, the Debtor reported between $1 million
and $10 million in assets and liabilities.
Judge James M. Carr handles the case.
The Debtor is represented by Jeffrey M. Hester, Esq., at Hester
Baker Krebs, LLC.
BAGBY INVESTMENT: Jerrett McConnell Named Subchapter V Trustee
--------------------------------------------------------------
The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell,
Esq., at McConnell Law Group, P.A. as Subchapter V trustee for
Bagby Investment Properties LLC.
Mr. McConnell will be paid an hourly fee of $350 for his services
as Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. McConnell declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jerrett M. McConnell, Esq.
McConnell Law Group, P.A.
6100 Greenland Rd., Unit 603
Jacksonville, FL 32258
Phone: (904) 570-9180
info@mcconnelllawgroup.com
About Bagby Investment Properties LLC
Bagby Investment Properties LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03804) on
October 21, 2025, listing between $1 million and $10 million in
assets and liabilities.
Thomas C. Adam, Esq., at Adam Law Group, P.A. represents the Debtor
as bankruptcy counsel.
BAYOU TECHNOLOGIES: Unsecureds to Get 10% of Claims over 60 Months
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Bayou Technologies, LLC, d/b/a Bayou Marketing, filed with the U.S.
Bankruptcy Court for the Western District of Louisiana a Plan of
Reorganization dated October 16, 2025.
The company was formed on January 26, 2007, and is domiciled in
Lake Charles, Calcasieu Parish, Louisiana, originally formed as a
company to assist businesses with technology issues.
A notice of assumed name for the debtor was filed on March 31,
2025, and the company is now doing business as "Bayou Marketing."
The founder of the company, Victor Wukovits began working part time
as a technology consultant for third party, and continues to manage
the debtor's marketing employees and promote business for the firm.
As the original technology business of the debtor began to wane,
the founder of the company began to incur substantial unsecured
liability of the debtor and through personal borrowing by the
founder to the maintain operations while it transitioned to a
marketing company. Hurricanes Laura and Delta and the Covid 19
pandemic further negatively affected the business of the debtor
requiring among other expenses, obtaining SBA business loans. The
debt service became overwhelming, leading to the filing of this
Chapter 11 proceeding.
As of the petition date, the Debtor's unsecured debt to creditors
totaled $1.36 million. Debtor does not own any real property, and
the personal assets of the debtor are subject to a commercial
security agreement covering accounts receivable and furniture
fixtures and equipment, with a value of $21,576.33 as of the
petition date.
This plan contemplates 60 monthly payments to the classes out of
its net cash flow after expenses. Assuming that $1,500.00 per month
in net cash flow for 60 months (after payment of administrative,
priority and secured claims of approximately $53,010) which will be
paid to unsecured creditors amounting to $90,000, it is certain
that a liquidation of the company would pay nothing to unsecured
creditors. This plan is projected to pay unsecured creditors
$48,000.00 or approximately 10% of their claims.
Class 2 consists of the Claims of unsecured and trade creditor
claimants. This class totals $448,092.50. This class shall be
repaid their pro rata share of $48,000 payable in 60 equal monthly
installments of $800.00 each without interest commencing 30 days
after the Effective Date of the Plan. This class is impaired and is
entitled to vote to accept or reject the plan.
Class 3 shall consist of the equity security claims of the owner of
the limited liability company interests, namely Victor Wukovits.
The equity security holder shall retain his interests as allowed by
Section 1181 of the Bankruptcy Code, et seq. as the absolute
priority rule does not apply in a Subchapter V Chapter 11 case. As
proponent, the class is presumed to accept the plan.
On and after the Effective Date, the Debtor shall operate the
company in accordance with the provisions of this Plan. Margeret
Wukovits and Emma Wukovits shall continue to receive $3,200 per
month in salary combined plus health care insurance.
A full-text copy of the Plan of Reorganization dated October 16,
2025 is available at https://urlcurt.com/u?l=H1Ikwu from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Wade N. Kelly, Esq.
Packard LaPray
2201 Oak Park Boulevard
Lake Charles, LA 70601
Tel: (337) 431-7170
Email: wade@packardlaw.com
About Bayou Technologies
Bayou Technologies LLC, d/b/a Bayou Marketing, provides information
technology services, cybersecurity solutions, and digital marketing
through its Bayou Marketing division. The Company operates in Lake
Charles, Louisiana, offering managed IT, VoIP, networking, web
development, SEO, and multimedia content services.
Bayou Technologies LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. La. Case No. 25-20275) on June 10,
2025. In its petition, the Debtor reports total assets of $44,041
and total liabilities of $1,401,754.
Honorable Bankruptcy Judge John W. Kolwe handles the case.
The Debtors are represented by Wade N. Kelly, Esq. at WADE N KELLY
LLC.
BEACON LIGHT: Dwayne Murray Named Subchapter V Trustee
------------------------------------------------------
The Acting U.S. Trustee for Region 5 appointed Dwayne Murray, Esq.,
at Murray & Murray, LLC, as Subchapter V trustee for Beacon Light
Baptist Church of Houma, LA.
Mr. Murray will be paid an hourly fee of $500 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Murray declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Dwayne Murray, Esq.
Murray & Murray, LLC
4970 Bluebonnet Blvd., Suite B
Baton Rouge, LA 70809
Tel: (225) 925-1110
Fax: (225) 925-1116
Email: dmm@murraylaw.net
About Beacon Light Baptist Church of Houma
Beacon Light Baptist Church of Houma, LA, located in Gray,
Louisiana, operates as a nonprofit religious organization providing
Christian worship services, educational programs, and community
outreach activities. The church offers Sunday services, Bible
study, and virtual worship through online platforms. It serves the
Houma-Terrebonne Parish community as part of the broader Beacon
Light ministry network.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. La. Case No. 25-12347) on October 17,
2025, with $1 million to $10 million in assets and liabilities.
Bishop Herbert Andrew, officer, signed the petition.
Douglas S. Draper, Esq., at Heller, Draper & Horn, LLC represents
the Debtor as legal counsel.
BEAN BROTHERS: Gets Extension to Access Cash Collateral
-------------------------------------------------------
Bean Brothers Landscaping, LLC received another extension from the
U.S. Bankruptcy Court for the Western District of North Carolina,
Shelby Division, to use cash collateral.
At the hearing held on October 24, the court approved the Debtor's
continued use of cash collateral pending a further hearing on
November 18.
The Debtor was previously authorized to use cash collateral to pay
necessary operating expenses pursuant to the court's October 20
second interim order.
The interim order granted secured creditors replacement liens on
property acquired by the Debtor after its bankruptcy filing, with
the same priority and extent as their pre-bankruptcy liens.
The Debtor has identified several creditors with UCC financing
statements filed in North Carolina but has not yet fully reviewed
the related loan documents.
About Bean Brothers Landscaping LLC
Bean Brothers Landscaping, LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-40201) on
September 25, 2025, listing up to $100,001 to $500,000 in both
assets and liabilities.
Judge Ashley Austin Edwards handles the case.
The Debtor is represented by:
John C. Woodman, Esq.
Essex Richards
Tel: 704-377-4300
Email: jwoodman@essexrichards.com
BIMERGEN ENERGY: Cole Johnson, Robert Brilon Named Co-CEOs
----------------------------------------------------------
Bimergen Energy Corporation disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that effective
October 21, 2025, Bejamin Tran resigned as the Chief Executive
Officer.
The resignation was not a result of any disagreements with the
Company on any matter relating to the Company's operations,
policies, or practices and Mr. Tran will serve as the Company's
Executive Chairman.
To fill the vacancy, the Board of Directors of the Company
appointed Cole W. Johnson and Robert J. Brilon as the Co-Chief
Executive Officers.
The Board also confirmed that Messrs. Johnson and Brilon will
continue to hold their prior positions of President and Chief
Financial Officer, respectively.
About Bimergen Energy
Bimergen Energy Corporation is a renewable energy project developer
dedicated to enabling the clean energy transition and providing
critical grid stability via solutions across a range of
applications through our portfolio of utility-scale Battery Energy
Storage System (BESS) and solar development projects.
As of June 30, 2025, the Company had $23.16 million in total
assets, $2.62 million in total liabilities, and a total
stockholders' equity of $20.53 million.
Irvine, Calif.-based Ramirez Jimenez International CPAs, the
Company's auditor since 2025, issued a "going concern"
qualification in its report dated May 30, 2025, attached to the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2024, citing that the Company has suffered recurring
losses from operations and negative cash flows from operating
activities, therefore, the Company has stated that substantial
doubt exists about its ability to continue as a going concern.
BREAD FINANCIAL: S&P Alters Outlook to Positive, Affirms 'BB-' ICR
------------------------------------------------------------------
S&P Global Ratings revised its rating outlook on Bread Financial
Holdings Inc. to positive from stable. At the same time, S&P
affirmed its 'BB-' long-term issuer credit rating and its 'BB-' and
'B' issue ratings on its senior unsecured and subordinated debt,
respectively.
S&P said, "The positive outlook reflects our expectation of
improved overall performance, supported by better credit trends
alongside a strengthened balance sheet and enterprise-risk
management. In the last two years, the company has consistently
executed its strategic priorities. Notably, Bread has implemented a
more extensive enterprise governance and risk management framework
to be closer aligned with more rigorous bank holding company
regulatory standards, which we view as positive for credit. We
believe the company will likely continue to improve in this regard
as it potentially seeks to become a bank holding company."
Additionally, Bread has made significant progress in strengthening
its balance sheet, particularly by reducing parent debt from
previously elevated levels. As of Sept. 30, 2025, Bread had $1.1
billion in outstanding parent debt. This consisted mostly of senior
unsecured notes after the company paid its term loan, repurchased
nearly all of its convertible notes with cash, and repurchased
higher-cost senior notes outstanding. As such, double leverage as
of third-quarter 2025 fell under 100%, well-below its historical
levels (double leverage in third-quarter 2022 was 182%).
The company also built its capital ratios in recent years, with
common equity Tier 1 in third-quarter 2025 up about 110 basis
points (bps) from the same period in 2023 while improving its
funding mix--growing its retail deposit base to about 47% of total
funding, from 35% as of third-quarter 2023.
S&P said, "Furthermore, we think Bread's performance has been
relatively resilient amid evolving macroeconomic and regulatory
challenges. Its low- to middle-income consumer base has faced
persistent high prices and elevated interest rates over the past
few years, slowing credit sales and pressuring borrower
performance. While these factors have elevated losses, underlying
credit metrics have improved over the last year, helped by Bread's
tighter underwriting. Additionally, the Consumer Financial
Protection Bureau's rule to reduce the allowable level of late fees
was vacated in second-quarter 2025. As we expected the rule could
hurt Bread's earnings, we now think the company is better
positioned to deliver higher profitability.
"We think Bread will continue to expand its partnerships to drive
business growth. The company has a limited, but stable, market
share in the U.S. credit card industry at about 2%, lagging all
credit card-focused peers. However, Bread has a long-standing,
diversified retailer partnership base with a growing pipeline. Some
of its recent additions include Bed, Bath, and Beyond, Raymour &
Flanigan, and Saks Fifth Avenue. Additionally, its top 10
partnerships are secured through at least 2028, lowering renewal
risk in the near term. Bread has continued to grow its co-brand
business, reaching 55% of credit sales as of Sept. 30, 2025, which
we view favorably. However, over time, we expect this would likely
result in lower yields.
"We think Bread will demonstrate more consistent and strong
earnings performance, sustaining solid capital ratios. While
earnings in recent years have fluctuated, primarily due to one-time
items related to its business transformation, we expect more
normalized operating expenses and its peer-leading net interest
margin (18.2% for the nine months ended Sept. 30, 2025) to support
financial performance. Additionally, we think that higher yields
and statement fees (implemented to mitigate the impact of the late
fee cap) and lower funding costs from reducing higher-cost
borrowings will benefit earnings. That said, further interest rate
cuts are likely to weigh on net interest income given the company's
moderately asset-sensitive balance sheet."
Regulatory capital ratios have grown toward Bread's stated target
in the near term (CET1 of 14% as of Sept. 30, 2025). S&P thinks the
company will further optimize its capital and debt stacks,
resulting in a ratios moderating toward the company's 12%-13%
target over the medium term. This is also reflected by Bread's
shift toward higher shareholder payouts, raising its dividend and
periodically increasing its share repurchase authorization in
2025.
S&P said, "We expect Bread to maintain a robust loss-absorbing
buffer as credit metrics continue to improve. Net charge-offs and
delinquencies have been generally declining in recent quarters from
elevated levels. For the nine months ended Sept. 30, 2025,
charge-offs were 7.8% of loans, down 50 bps from the prior-year
period. We think that Bread's tighter underwriting and some
stabilization for its borrowers, as reflected by an increased
payment rate, will aid in lowering credit losses toward the
company's historical average of about 6% over the medium term."
That said, Bread has a higher-risk profile, with 42% of receivables
from nonprime borrowers (those with a VantageScore less than 660)
that would be particularly impacted if unemployment were to
increase more than S&P expects. However, Bread's reserve rate
remains strong at 11.7% of loans, supporting a higher-than-peer
total loss-absorbing buffer (tangible common equity and reserves)
of over 26% of loans.
Bread's growing retail deposit base should continue to strengthen
its funding profile over time. In addition to reducing double
leverage, Bread has meaningfully grown its direct-to-consumer
deposits, up nearly 35% in the last two years. This has reduced the
company's reliance on brokered deposits, which decreased to under
40% of total deposits--down by about 15 percentage points since
third-quarter 2023. However, Bread sources deposits online, which
S&P views as a relative weakness because of the higher price
sensitivity and lack of cross-product relationships.
S&P said, "While we expect Bread to further reduce its reliance on
brokered deposits and wholesale funding, we think its funding mix
will still trail that of its credit-card focused peers. About a
quarter of its funding mix consists of wholesale borrowings,
primarily from secured bank credit lines and asset-backed
securitizations.
"Our positive outlook indicates that we could raise Bread's
long-term rating by two notches over the medium term. We rate
Bread, the nonoperating holding company, two notches below its
speculative-grade stand-alone credit profile (SACP), reflecting its
structural subordination to its operating banks. An upgrade would
raise Bread's SACP to an investment-grade 'bbb-' from 'bb+'.
Because the SACP is investment-grade, we would then deduct only one
notch for the rating on the holding company. As such, if we raised
the SACP by one notch, the rating on Bread Financial Holdings would
increase two notches, to 'BB+' from 'BB-.'
"The positive outlook reflects our expectations that Bread will
demonstrate strong, consistent profitability and improved credit
performance while responsibly growing its business and maintaining
liquidity and loss absorbency buffers around current levels.
"We could revise the outlook to stable over the next 12 to 24
months if Bread's credit quality or financial performance don't
improve as we expect. We could also revise the outlook to stable if
its regulatory capital ratios decline below its targeted range, or
if we perceive a higher risk appetite.
"We could raise our ratings on Bread by two notches over the next
12 to 24 months if it continues to improve financial performance
and asset quality metrics while maintaining a robust capital and
reserve buffer. We would also consider Bread growing its proportion
of direct-to-consumer deposits while reducing its reliance on
brokered deposits as positive for credit."
BROOKFIELD PROPERTIES: Receiver Gets Lease Deal for Providence Mall
-------------------------------------------------------------------
Nancy Lavin of Rhode Island Current reports that the Providence
Place mall movie theater will soon have a new operator as Apple
Cinemas prepares to take over under a recently approved lease.
According to the report, court-appointed receiver Mark Russo
announced the agreement and confirmed that Judge Brian Stern
authorized the deal on Monday, October 13, 2025, clearing the way
for the new operator to begin as early as November 1, 2025. The
decision follows months of uncertainty after Showcase Cinemas
announced plans to leave the mall.
Showcase Cinemas, owned by National Amusements, had been a key
tenant since the mall opened in 1999 but opted to end its lease
early, closing October 26, 2025 due to business reasons. The
departure left a major gap in mall revenues, as the theater
contributed nearly 10% of annual rent in 2024, second only to
department store Boscov's. Apple Cinemas' arrival is seen as vital
to restoring stability to the shopping center’s operations,
according to Rhode Island Current.
Providence Place has faced financial struggles that led to
receivership in 2024 after lenders alleged Brookfield Properties
defaulted on a $259 million loan. Russo has since implemented
multiple recovery initiatives, including property maintenance,
enhanced security, and preparations for a potential sale. While the
mall was expected to hit the market in September 2025, final
listing procedures remain in progress, the report states.
Russo and his team view the Apple Cinemas lease as a positive sign
for the mall's future. The operator was chosen from several
candidates for its favorable lease terms and strong regional
presence. The new theater will feature Apple's signature upgraded
experience, though specifics have yet to be released. The move
aligns with Russo's ongoing efforts to strengthen the mall's value
and attract new tenants.
About Brookfield Properties
Brookfield Properties --
https://www.brookfieldproperties.com/en.html -- is a multifamily
services company, providing asset and property management across
the North America. It is the operator and owner of Providence Place
Mall.
Providence Place was burdened by heavy debt related to a $305
million loan issued in 2011, which was collateralized by much of
the 1.3 million-square-foot complex. Brookfield's default on the
loan in May 2021 marked a turning point in the mall's financial
struggles. Despite repeated extensions of the loan's maturity date,
lenders eventually moved to enforce their claims.
On October 31, 2024, Rhode Island Superior Court Judge Brian P.
Stern approved a petition from the mall's lenders to place
Providence Place under court-appointed receivership. The filing
cited approximately $259 million in unpaid principal and interest
owed to creditors. Attorneys Mark Russo and John Dorsey were first
appointed as temporary receivers and were later confirmed as
permanent receivers in December 2024.
BURTON TRANSPORT: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Burton Transport, Inc.
9872 US Hwy 60
Mountain View, MO 65548
Business Description: Burton Transport Inc. provides freight
transportation services across the United
States, hauling a range of cargo including
general freight, building materials, metal
products, beverages, chemicals, paper goods,
and agricultural supplies. The Company
operates from Mountain View, Missouri, with
a fleet of tractors and trailers serving
interstate shipping routes. It is
registered as an authorized for-hire
property carrier under the U.S. Department
of Transportation.
Chapter 11 Petition Date: October 27, 2025
Court: United States Bankruptcy Court
Western District of Missouri
Case No.: 25-60719
Judge: Hon. Brian T. Fenimore
Debtor's Counsel: Colin N. Gotham, Esq.
EVANS & MULLINIX, P.A.
7225 Renner Road, Suite 200
Shawnee, KS 66217
Tel: (913) 962-8700
Fax: (913) 962-8701
Email: cgotham@emlawkc.com
Total Assets: $1,603,470
Total Liabilities: $1,801,184
The petition was signed by Lucinda Burton as president.
A full-text copy of the petition, which includes a list of the
Debtor's 20 largest unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/52QN5SQ/Burton_Transport_Inc__mowbke-25-60719__0001.0.pdf?mcid=tGE4TAMA
CANDYWAREHOUSE.COM: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: CandyWarehouse.com, Inc.
aka Yum Junkie
aka Candy Warehouse
2661 Midway Rd, Ste 200
Carrollton, TX 75006-2368
Case No.: 25-34192
Business Description: CandyWarehouse.com, Inc. operates an e-
commerce platform that sells bulk candies,
snacks, and party supplies, offering
products such as chocolates, gummies, and
international confections. The Company
provides customers with search options by
flavor, color, event, or holiday, and caters
to both individual and wholesale buyers.
Chapter 11 Petition Date: October 24, 2025
Court: United States Bankruptcy Court
Northern District of Texas
Judge: Hon. Michelle V Larson
Debtor's Counsel: Robert C. Lane, Esq.
THE LANE LAW FIRM
6200 Savoy Dr Ste 1150
Houston TX 77036-3369
Tel: (713) 595-8200
Email: notifications@lanelaw.com
Total Assets: $223,957
Total Debts: $3,244,950
The petition was signed by Mimi Kwan-Nguyen as president.
A full-text copy of the petition, which includes a list of the
Debtor's 20 largest unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/QTNESXQ/CandyWarehousecom_Inc__txnbke-25-34192__0001.0.pdf?mcid=tGE4TAMA
CANO HEALTH: S&P Cuts ICR to 'CCC+' Following Distressed Exchanges
------------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Cano Health
LLC to 'CCC+' from 'D', reflecting its belief that the capital
structure remains unsustainable and the company is dependent on
favorable economic and operating conditions to return to sustained
positive free operating cash flow (FOCF).
S&P said, "We raised our issue-level rating on the company's
existing second-out delayed draw term loan (DDTL) to 'B', with a
'1' recovery rating, and our issue-level rating on the existing
third-out term loan to 'CCC', with a '5' recovery rating.
"We assigned a 'B' issue-level rating and '1' recovery rating to
the company's new second-out exchange DDTL and assigned a 'CCC'
rating, with a '5' recovery rating, to the new third-out exchange
term loan.
"At the same time, we assigned a 'B' issue-level rating and '1'
recovery rating to the new first-out DDTL.
"Cano Health LLC completed a transaction which we view as
tantamount to a default.
"While the transaction improved Cano's liquidity, we do not believe
the company will generate positive cash flow in 2025 and 2026, and
its overall ability to return to positive cash flow is highly
uncertain.
"The negative outlook reflects our expectation that Cano's FOCF
will remain negative through 2026, depleting its available cash
balance and requiring it to fully utilize its DDTLs to supplement
liquidity. It also reflects our view that the company is dependent
on favorable operating conditions for cash flow to turn positive by
2027.
"The transaction provides Cano with additional liquidity, but we
still expect a significant cash burn over the next 12 months."
Cano's revenue growth and profitability have continued to
underperform our expectations since the company emerged from
bankruptcy in 2024. The underperformance, combined with substantial
working capital outflows mainly from payor-related liabilities, has
led to significant cash outflows in 2025. The recently executed
debt exchange aims to provide some relief by allowing the company
to pay interest in kind (PIK) on its exchanged debt instead of
paying cash interest through the end of 2026.
The exchange also provides an additional $60 million DDTL (offset
by the $15.7 million cash interest waiver). The new DDTL, combined
with the company's $35 million existing DDTL and about $49 million
in unrestricted cash on the balance sheet as of June 30, 2025,
should provide it with enough liquidity to fund its cash outflows
over the next 12 months. However, the company will be required to
repay $57 million of pre-funding that it received from the Centers
for Medicare and Medicaid Services (CMS) over the next 12 months.
Because of the low profitability and payments to CMS, S&P believes
the company will likely burn through most of its available
liquidity by the end of 2026.
S&P said, "We still believe Cano depends on favorable economic and
operating conditions to meet its obligations. The 2026 Medicare
Advantage (MA) 5% rate increase should provide a tailwind for the
industry, but it is unclear how much of that rate increase will
flow through to MA-focused providers. If Cano's payors choose to
increase benefits in an attempt to gain market share, it could keep
its profitability pressured despite the higher per-member-per-month
(PMPM) rate. We believe the company is vulnerable to the changing
priorities of its payors and has limited ability to negotiate for
better pricing. It is also vulnerable to continued reimbursement
risk, as the increase for 2026 does not guarantee strong increases
in 2027 and beyond.
"The company's profitability has also continued to lag our
expectations. Cano is heavily dependent on improving its coding
accuracy and cost management practices to greatly improve its
medical cost ratio. We believe there are substantial execution
risks to this strategy, and Cano has not yet demonstrated that it
can operate this business at a profit, even after substantially
reducing costs in bankruptcy.
"Even if the company improves its cost management and benefits from
rate increases, we don't think it will be able to generate positive
FOCF until 2027 at the earliest, and we expect it to fully draw on
its DDTLs in 2026. The new first-out DDTL has a springing maturity
on March 29, 2028, if the second-out DDTL still exists on that
date. This will give Cano a very limited window to show dramatic
improvements in profitability and cash flow before its next
refinancing cycle."
Cano's exposure to value-based contracts leads to inherent
volatility in profitability and cash flow. Cano derives a
significant portion of its revenues (over 95%) from value-based
contracts, in which it takes on capitated risk in managing the
health care of MA and Accountable Care Organization Realizing
Equity, Access, and Community Health (ACO REACH) plan enrollees for
a PMPM premium. Utilization in MA has been elevated since
second-quarter 2023 as seniors returned to receiving normalized
levels of care post-COVID-19 pandemic. S&P said, "We believe most
insurers did not capture this trend in their pricing assumptions,
which led to higher medical cost ratios across the entire MA
industry. While we expect utilization and pricing will eventually
reach an equilibrium, it highlights the risks that when pricing
assumptions are incorrect, it can have a drastic effect on provider
profitability."
S&P said, "Additionally, we expect insurers will use their scale
and market clout to limit provider rate increases in contract
negotiations. We believe this contributes to inherent volatility in
the company's profitability and cash flows, leading to potential
dramatic declines in EBITDA if the PMPMs are not accurately priced
or funding levels and policies change.
"The negative outlook reflects our expectation that Cano's
operating performance remains weak and it will have difficulty
generating positive FOCF through 2026, necessitating it to deplete
its cash balance and fully utilize its DDTLs. We also believe the
company's ability to generate positive free cash flow longer term
is highly uncertain."
S&P could lower its rating on Cano if it anticipates a default over
the next 12 months. This could occur if:
-- Cash flow does not materially improve in 2026 such that S&P
believes the company will have insufficient liquidity to meet its
obligations; or
-- S&P expects it to pursue another restructuring of its debt
obligations.
S&P said, "While unlikely over the next 12 months, we could raise
our rating on Cano if we expect the company to generate positive
cash flow on a sustained basis, even when factoring in the inherent
volatility of the business."
CAR TOYS: Hires Stretto Inc. as Administrative Advisor
------------------------------------------------------
Car Toys, Inc. seeks approval from the U.S. Bankruptcy Court for
the Western District of Washington to employ Stretto, Inc. as
Administrative Advisor in its Chapter 11 case.
Stretto will provide these services:
(a) assist with solicitation, balloting, and tabulation of votes
and prepare related reports as required in support of confirmation
of a Chapter 11 plan;
(b) prepare an official ballot certification and, if necessary,
testify in support of the ballot tabulation results;
(c) assist with the preparation of the Debtor's schedules of
assets and liabilities and statements of financial affairs and
gather data in conjunction therewith;
(d) assist with the preparation of the Debtor’s monthly
operating reports and gather data in conjunction therewith;
(e) manage and coordinate any distributions pursuant to a Chapter
11 plan if designated as distribution agent under such plan; and
(f) provide claims analysis and reconciliation.
The Debtor provided Stretto an advance in the amount of $47,500.
Stretto will seek reimbursement for reasonable expenses in
accordance with the terms of its engagement and will apply to the
Court for approval of compensation and reimbursement of expenses
incurred after the Petition Date.
According to court filings, Stretto, Inc. is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Sheryl Betance
Stretto, Inc.
410 Exchange, Ste. 100
Irvine, CA 92602
Telephone: (714) 716-1872
E-mail: sheryl.betance@stretto.com
About Car Toys Inc.
Car Toys, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12288-TWD) on August
18, 2025. In the petition signed by Philip Kaestle, chief
restructuring officer, the Debtor disclosed up to $50 million in
both assets and liabilities.
Judge Timothy W. Dore oversees the case.
Steven M. Palmer, Esq., at Cairncross & Hempelmann, P.S.,
represents the Debtor as legal counsel.
Daniel Brettler, as senior secured lender and DIP lender, is
represented by:
Nathan T. Riordan, Esq.
Wenokur Riordan PLLC
600 Stewart Street
Seattle, WA 98101
Telephone: (206) 903-0401
Facsimile: (206) 209-4141
E-mail: nate@wrlawgroup.com
- and -
Alan J. Wenokur, Esq.
Wenokur Riordan PLLC
Telephone: (206) 682-6224
Facsimile: (206) 826-9009
E-mail: alan@wrlawgroup.com
CITIUS PHARMACEUTICALS: Completes $6-Mil. Equity Offering
---------------------------------------------------------
Citius Pharmaceuticals, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that the Company
entered into a Securities Purchase Agreement with a certain
institutional investor for the issuance and sale, in a registered
direct offering by the Company, of 1,460,000 shares of the
Company's common stock, par value $0.001 per share, and pre-funded
warrants to purchase up to 2,513,510 shares of common stock at an
offering price of $1.51 and $1.5099, respectively. The Company also
issued to the investor warrants to purchase up to 3,973,510 shares
of common stock.
The Offering closed on October 21, 2025.
The Warrants have an exercise price equal to $1.40 per share, are
exercisable immediately upon issuance and will expire five years
after the initial exercise date. The exercise price and number of
shares of common stock issuable upon exercise are subject to
appropriate adjustments in the event of stock dividends, stock
splits, reorganizations or similar events affecting the common
stock and the exercise price. If there is no effective registration
statement for the resale of the shares issuable upon exercise of
the Warrants, holders of Warrants may elect a "cashless" exercise,
whereby they would receive the net number of shares of common stock
determined according to a formula set forth in the Warrants. On the
expiration date of the Warrants, any Warrants outstanding and
unexercised will be automatically exercised via cashless exercise.
The Pre-funded Warrants are exercisable immediately, at an exercise
price of $0.0001 per share, and will remain valid and exercisable
until all the Pre-funded Warrants are exercised in full.
A holder of a Warrant or a Pre-funded Warrant will not have the
right to exercise any portion of its warrants if the holder,
together with its affiliates, would beneficially own in excess of
4.99% (or 9.99% at the election of the holder prior to the date of
issuance) of the number of shares of common stock outstanding
immediately after giving effect to such exercise; provided,
however, that upon 61 days' prior notice to the Company, the holder
may increase or decrease the Beneficial Ownership Limitation,
provided that in no event shall the Beneficial Ownership Limitation
exceed 9.99%. The exercise price and number of shares of common
stock issuable upon exercise are subject to appropriate adjustment
in the event of stock dividends, stock splits, reorganizations or
similar events affecting the common stock and the exercise price.
H.C. Wainwright and Co., LLC acted as the Company's exclusive
placement agent in connection with the Offering.
In connection with the Offering, the Company agreed to pay
Wainwright a cash fee of 7.0% of the gross proceeds the Company
received in the Offering. The Company agreed to also reimburse
Wainwright up to $50,000 for fees and expenses of legal counsel,
$35,000 for non-accountable expenses and $15,950 for a clearing
fee.
In addition, the Company granted placement agent warrants to
Wainwright, or its designees, to purchase up to 278,146 shares of
the common stock. The terms of the Placement Agent Warrants are
substantially the same as the terms of the Warrants, except that
the exercise price is $1.8875 per share.
The gross proceeds to the Company from the Offering were
approximately $6.0 million. Net proceeds are expected to be
approximately $5.5 million, after deducting placement agent fees
and other offering expenses payable by the Company. The Company
anticipates using the net proceeds to support the commercial launch
of LYMPHIR™, including milestone, regulatory and other payments,
development initiatives for all of its product candidates and
general corporate purposes.
Pursuant to the Purchase Agreement, the Company agreed for a period
of 90 days following the closing of the Offering not to issue,
enter into an agreement to issue or announce the issuance or
proposed issuance of the shares or any other securities convertible
into, or exercisable or exchangeable for, shares of common stock,
subject to certain exceptions; provided that after 30 days after
closing, the Company may issue shares of common stock in an "at the
market" offering with the placement agent as sales agent at an
offering price equal to or greater than $2.15 per share.
The Offering was made pursuant to the Company's effective
registration statement on Form S-3 (File No. 333-277319), which was
previously declared effective by the Securities and Exchange
Commission on March 1, 2024, including a prospectus supplement
filed with the SEC on October 21, 2025.
The Purchase Agreement contains customary representations and
warranties and agreements of the Company and the investor and
customary indemnification rights and obligations of the parties.
The representations, warranties and covenants contained in the
Purchase Agreement were made solely for the benefit of the parties
to the Purchase Agreement and may be subject to limitations agreed
upon by the contracting parties.
Accordingly, the Purchase Agreement is incorporated herein by
reference only to provide investors with information regarding the
terms of the Purchase Agreement, and not to provide investors with
any other factual information regarding the Company or its
business, and should be read in conjunction with the disclosures in
the Company's periodic reports and other filings with the SEC.
The foregoing descriptions of the Purchase Agreement, the Warrants,
the Pre-funded Warrants and the Placement Agent Warrants are
qualified in their entirety by reference to the forms of the
Purchase Agreement, the Warrants, the Pre-funded Warrants and the
Placement Agent Warrants, copies of which are attached in the Form
8-K as Exhibits 10.1, 4.1, 4.2 and 4.3, respectively, and are
available at https://tinyurl.com/jyv7tfwr
About Citius Pharmaceuticals
Headquartered in Cranford, N.J., Citius Pharmaceuticals, Inc., is a
biopharmaceutical company dedicated to the development and
commercialization of first-in-class critical care products. The
Company's goal generally is to achieve leading market positions by
providing therapeutic products that address unmet medical needs yet
have a lower development risk than usually is associated with new
chemical entities. New formulations of previously approved drugs
with substantial existing safety and efficacy data are a core
focus. The Company seeks to reduce development and clinical risks
associated with drug development yet still focus on innovative
applications.
Boston, Mass.-based Wolf & Company, P.C., the Company's auditor
since 2014, issued a "going concern" qualification in its report
dated Dec. 27, 2024, citing that the Company has suffered recurring
losses and has a working capital deficit as of Sept. 30, 2024.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.
As of Sept. 30, 2024, the Company had $116.7 million in total
assets, $42.5 million in total liabilities, and $74.1 million in
total equity. As of Jun. 30, 2025, the Company had $127.7 million
in total assets, $60.1 million in total liabilities, and $67.6
million in total stockholders' equity.
CIVILGEO INC: Seeks Approval to Tap Taron LLC as Expert Witness
---------------------------------------------------------------
CivilGEO, Inc. seeks approval from the U.S. Bankruptcy Court for
the Western District of Wisconsin to employ Taron, LLC d/b/a
DisputeSoft as its expert witness in support of confirmation in its
Chapter 11 case.
DisputeSoft will provide these services:
(a) prepare expert reports regarding the Debtor's software
products; and
(b) offer expert testimony in support of confirmation at the
Joint Final Hearing.
Nick Ferrara will charge an hourly rate of $500, and Aparna
Kaliappan, working under his direction as required, will charge
$325 per hour. DisputeSoft requires an advance retainer of $10,000,
which will be applied against approved fees.
According to court filings, DisputeSoft is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code, and
it does not hold or represent an interest adverse to the Debtor's
estate.
The firm can be reached at:
Taron, LLC d/b/a DisputeSoft
6116 Executive Blvd., Suite 330
North Bethesda, MD 20852
About Civilgeo, Inc.
CivilGEO Inc. specializes in creating intuitive CAD and GIS-based
hydrologic engineering software for a global market. The Company's
product lineup includes three key offerings: GeoHECRAS, GeoHECHMS,
and GeoSTORM, with no other software available for purchase.
CivilGEO's solutions are widely used by consulting engineers,
public utilities, government agencies, and educational institutions
across the U.S. for effective water resource management. CivilGEO's
software is particularly focused on hydrologic simulation modeling,
which involves designing and running computational models to
simulate both surface and groundwater flow.
CivilGEO Inc. sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-10731) on April
1, 2025. In its petition, the Debtor reports total assets as of
February 28, 2025 amounting to $653,051 and total liabilities as of
February 28, 2025 of $1,283,472.
Honorable Judge Catherine J. Furay oversees the case.
The Debtor is represented by Justin M. Mertz, Esq. at MICHAEL BEST
& FRIEDRICH LLP.
CLEMTEX INC: Jan. 23, 2026 Deadline to File Silica Claims
---------------------------------------------------------
The Clemtex Silica Settlement Trust (the "Trust") was formed
pursuant to the First Amended Plan of Reorganization for Clemtex,
Inc., which was confirmed by the U.S. Bankruptcy Court for the
Southern District of Texas on August 1, 2003, to pay any silica
claims against Clemtex.
The Trustee has determined that, under the terms of the Clemtex
Silica Settlement Trust Agreement, the conditions for termination
of the Trust have been met, as no new claims have been filed for a
considerable period of time.
Any individual who believes that they hold a claim against the
Trust must file a claim with the Trust on or before January 23,
2026. Any claims not filed by this date will be permanently
enjoined and the holders of any such potential claims will have no
recourse in respect to such claim, either against the Trust or the
reorganized debtor.
More information about filing claims with the Trust may be
requested by contacting:
Clemtex Silica Settlement Trust
P.O. Box 1013
Greenville, TX 75403-1013
clemtextrust.claims@outlook.com
COCOS MARISCOS: Final Cash Collateral Hearing Set for Oct. 30
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Washington is
set to hold a hearing on October 30 to consider final approval of
Cocos Mariscos & Bar, Inc.'s bid to use cash collateral.
The Debtor's authority to utilize cash collateral pursuant to the
court's October 17 interim order expires on October 30.
The interim order approved the payment of expenses, including
post-petition payroll and taxes, from the cash collateral in
accordance with the Debtor's budget.
The interim order granted secured creditors including the Internal
Revenue Service and Washington State Department of Revenue
replacement liens on post-petition cash, accounts receivable, and
inventory of the Debtor as adequate protection.
About Cocos Mariscos & Bar Inc.
Cocos Mariscos & Bar Inc. is a dining establishment specializing in
Mexican cuisine and seafood dishes.
Cocos Mariscos & Bar Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No.
25-12833) on October 9, 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 Christopher M. Alston handles the case.
The Debtor is represented by Jennifer L. Neeleman, Esq. of Neeleman
Law Group, P.C.
CONCRETE TRUTH: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------
The U.S. Trustee for Region 13 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Concrete Truth Title, LLC.
About Concrete Truth Title
Concrete Truth Title, LLC filed Chapter 11 petition (Bankr. W.D.
Mo. Case No. 25-40479) on April 3, 2025, listing $100,001 to
$500,000 in both assets and liabilities.
Judge Cynthia A Norton presides over the case.
Erlene W. Krigel, Esq., at Krigel Nugent Moore, P.C. represents the
Debtor as legal counsel.
The Debtor filed a Combined Plan of Reorganization and Disclosure
Statement on July 30, 2025.
CORCHIS CAPITAL: Court Extends Cash Collateral Access to Dec. 12
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Florida,
Pensacola Division issued a second interim order authorizing
Corchis Capital, Inc. and its affiliates to use cash collateral
through December 12.
The second interim order signed by Judge Karen Specie authorized
the Debtors to use cash collateral to pay the amounts expressly
authorized by the court, including payments to the U.S. trustee for
quarterly fees; the expenses set forth in the budget, plus an
amount not to exceed 10% for each line item; and additional amounts
subject to approval by secured creditor, Gulf Coast Bank and Trust
Company and Community Bank.
As adequate protection, Gulf Coast Bank, Community Bank and other
creditors with interests in the cash collateral will be granted
post-petition replacement liens on the cash collateral, maintaining
the same validity and priority as their pre-bankruptcy liens.
Additionally, the Debtors were required to pay $25,000 to Gulf
Coast Bank and $1,000 to Community Bank this month and by
mid-November, with future payments to be set at a continued
hearing.
The Debtors must also maintain insurance, comply with their
obligations, and provide proper notice of any amended budgets.
A final evidentiary hearing is set for December 11.
A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/ajKkN from PacerMonitor.com.
About Corchis Capital Inc.
Corchis Capital Inc., together with Corchis Hospitality Group, LLC,
Corchis Hospitality Management, LLC, Amici 30A Italian Kitchen,
LLC, Amigos 30A Mexican Kitchen, LLC, and Friends 30A Burger Bar,
LLC, operates a portfolio of dining and hospitality businesses
based in Inlet Beach, Florida. The group develops and manages
restaurant concepts including Italian, Mexican, and American casual
dining brands serving the 30A and greater Northwest Florida market.
Their operations span corporate management, hospitality services,
and restaurant ownership.
Corchis Capital Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Fla. Lead Case No. 25-30866) on
September 10, 2025. In its petition, the Debtor reports estimated
assets and liabilities up to $50,000.
Honorable Bankruptcy Judge Karen K. Specie handles the case.
The Debtor is represented by Edward J. Peterson, Esq. at BERGER
SINGERMAN LLP.
COUNTRY GARDEN: Seeks Chapter 15 Bankruptcy in New York
-------------------------------------------------------
Marco Schaden of Global Restructuring Review reports that Chinese
property developer Country Garden Holdings Company Limited,
incorporated in the Cayman Islands, has filed a Chapter 15
bankruptcy petition in the U.S. Bankruptcy Court for the Southern
District of New York. The company, which leads the Country Garden
Group with operations across property development, construction,
and hotel management in Hong Kong and mainland China, is pursuing
recognition of its foreign restructuring process.
The petition was submitted by Fong Ching Lam, the company's
appointed foreign representative, in connection with a Hong Kong
scheme of arrangement designed to restructure the developer's debt.
By seeking U.S. court recognition, Country Garden aims to protect
its assets and prevent potential lawsuits from dissenting creditors
in the United States.
About Country Garden Holdings Company Limited
Country Garden Holdings Company Limited is a holding company that
has issued, borrowed, or guaranteed secured and unsecured debt as
part of a restructuring scheme. It serves as the ultimate parent of
the Country Garden Group, a major property developer in Hong Kong
and mainland China engaged in property development, construction,
interior decoration, and property investment. The group also
develops, operates, and manages hotels across its markets.
Country Garden Holdings sought relief under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12175) on October 1,
2025.
Honorable Bankruptcy Judge Philip Bentley handles the case.
The Debtor is represented by Christopher J. Hunker, Esq. of
Linklaters LLP.
DASE BLINDS: Seeks Chapter 7 Bankruptcy in Texas
------------------------------------------------
On October 24, 2025, Dase Blinds Inc. submitted a voluntary Chapter
7 bankruptcy petition in the Eastern District of Texas. The case
shows the company's liabilities between $100,001 and $1,000,000.
The filing indicates that Dase Blinds Inc. has approximately 1 to
49 creditors.
About Dase Blinds Inc.
Dase Blinds Inc. provides blinds/window-covering solutions.
Dase Blinds Inc. sought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-43185) on October 24,
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 Mark S. Toronjo, Esq. of Toronjo &
Prosser Law.
DIMMER'S PRECISION: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Dimmer's Precision Grading, LLC
1036 Mary's Grove Church Road
Kings Mountain, NC 28086
Business Description: Dimmer's Precision Grading LLC provides
site preparation and excavation services,
including grading, land clearing, driveway
construction, and drainage solutions,
operating from Kings Mountain, North
Carolina.
Chapter 11 Petition Date: October 24, 2025
Court: United States Bankruptcy Court
Western District of North Carolina
Case No.: 25-40239
Judge: Hon. Ashley Austin Edwards
Debtor's Counsel: Cole Hayes, Esq.
COLE HAYES
601 S. Kings Drive
Suite F - PMB# 411
Charlotte, NC 28204
Tel: 704-490-4247
Email: cole@colehayeslaw.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Brandon S. Dimmer as president.
A full-text copy of the petition, which includes a list of the
Debtor's 20 largest unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/YULLLPY/Dimmers_Precision_Grading_LLC__ncwbke-25-40239__0001.0.pdf?mcid=tGE4TAMA
DYCAL LAND: Seeks Chapter 7 Bankruptcy in Texas
-----------------------------------------------
Dycal Land Holdings LLC filed for Chapter 7 bankruptcy in the U.S.
Bankruptcy Court for the Northern District of Texas on October 24,
2025. According to court documents, the company listed liabilities
ranging from $1 million to $10 million. The filing indicates that
Dycal Land Holdings LLC has between 1 and 49 creditors.
About Dycal Land Holdings LLC
Dycal Land Holdings LLC is a limited liability company.
Dycal Land Holdings LLC sought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case no. 25-34200) 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 Scott W. Everett handles the case.
The Debtor is represented by Joyce W. Lindauer, Esq. of Joyce W.
Lindauer Attorney, PLLC.
EDB INVESTMENTS: Janice Seyedin Named Subchapter V Trustee
----------------------------------------------------------
The U.S. Trustee for Region 11 appointed Janice Seyedin as
Subchapter V trustee for EDB Investments, LLC.
Ms. Seyedin will be paid an hourly fee of $295 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Seyedin declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
About EDB Investments LLC
EDB Investments, LLC, doing business as D.A.'s Corn Beef Stand,
filed a petition under Chapter 11, Subchapter V of the Bankruptcy
Code (Bankr. N.D. Ill. Case No. 25-16172) on October 21, 2025, with
up to $50,000 in assets and $500,001 to $1 million in liabilities.
Gregory K. Stern, Esq. at Gregory K. Stern, P.C. represents the
Debtor as legal counsel.
EDGE DOCUMENT: Section 341(a) Meeting of Creditors on December 2
----------------------------------------------------------------
On October 17, 2025, EDGE Document Solutions LLC filed Chapter 11
protection in the Southern District of Indiana. According to court
filing, the Debtor reports $1,198,635 in debt owed to 1 and 49
creditors.
A meeting of creditors under Section 341(a) to be held on December
2, 2025 at 02:00 PM Eastern via a teleconference at 888-330-1716;
passcode 6790688.
About EDGE Document Solutions LLC
EDGE Document Solutions LLC provides print and digital document
management solutions for clients in education, municipal, and
commercial sectors. The Company develops and integrates software
systems for eDocuments, and electronic content management, while
continuing to support traditional print and mailing needs such as
checks and forms.
EDGE Document Solutions LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-06350) on
October 17, 2025. In its petition, the Debtor reports total assets
of $112,146 and total liabilities of $1,198,635.
Honorable Bankruptcy Judge James M. Carr handles the case.
.
The Debtor is represented byJohn Allman, Esq. of HESTER BAKER KREBS
LLC
EMORY INDUSTRIAL: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Five affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Emory Industrial Services 1, Inc. 25-44148
201 Mesquite Street
Abilene, TX 79601
Emory Dry Ice 1, Inc. 25-44150
f/k/a Emory Dry Ice, Inc
201 Mesquite Street
Abilene, TX 79601
Emory Industrial Products, Inc. 25-44151
201 Mesquite Street
Abilene, TX 79601
Emory Industrial Services, Inc. 25-44153
f/k/a Emory Dry Ice, Inc.
201 Mesquite Street
Abilene, TX 79601
Emory Industrial Holdings, Inc. 25-44155
201 Mesquite Street
Abilene, TX 79601
Business Description: Emory Industrial Services 1, Inc., based in
Abilene, Texas, provides industrial
cleaning, maintenance, and repair services
for heavy equipment and machinery, including
dry ice blasting for surface cleaning. The
Company serves sectors such as oil and gas,
food and beverage, power generation,
manufacturing, agriculture, and
construction. Emory Dry Ice 1, Inc.,
operating under the Emory Dry Ice brand,
produces and distributes dry ice products
for industries such as pharmaceuticals,
food, and logistics. Emory Industrial
Products, Inc. and Emory Industrial
Holdings, Inc. are affiliated entities
within the Emory Industrial Services group.
Chapter 11 Petition Date: October 27, 2025
Court: United States Bankruptcy Court
Northern District of Texas
Judge: Hon. Mark X Mullin
Debtors'
General
Bankruptcy
Counsel: Joseph F. Postnikoff, Esq.
ROCHELLE MCCULLOUGH, LLP
300 Throckmorton Street, Suite 520
Fort Worth TX 76102-2929
Tel: (817) 347-5260
Tel: (817) 347-5261
Fax: (817) 347-5269
E-mail: jpostnikoff@romclaw.com
Emory Industrial Services 1, Inc.'s
Estimated Assets: $1 million to $10 million
Emory Industrial Services 1, Inc.'s
Estimated Liabilities: $10 million to $50 million
Emory Dry Ice 1, Inc.'s
Estimated Assets: $1 million to $10 million
Emory Dry Ice 1, Inc.'s
Estimated Liabilities: $1 million to $10 million
Emory Industrial Services, Inc.'s
Estimated Assets: $1 million to $10 million
Emory Industrial Services, Inc.'s
Estimated Liabilities: $10 million to $50 million
Emory Industrial Products'
Estimated Assets: $100,000 to $500,000
Emory Industrial Products'
Estimated Liabilities: $1 million to $10 million
Emory Industrial Holdings's
Estimated Assets: $1 million to $10 million
Emory Industrial Holdings's
Estimated Liabilities: $10 million to $50 million
The petitions were signed by Charles L. Wolfe as director.
Full-text copies of the petitions are available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/AIROCBA/Emory_Industrial_Services_1_Inc__txnbke-25-44148__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/T4PSA4A/Emory_Dry_Ice_1_Inc__txnbke-25-44150__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/QFWXOUI/Emory_Industrial_Products_Inc__txnbke-25-44151__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/QV7RMSQ/Emory_Industrial_Services_Inc__txnbke-25-44153__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/QQHZB4Q/Emory_Industrial_Holdings_Inc__txnbke-25-44155__0001.0.pdf?mcid=tGE4TAMA
EMPIRE TODAY: S&P Withdraws 'CCC' ICR, Outlook Negative
-------------------------------------------------------
S&P Global Ratings withdrew its ratings on Empire Today LLC at the
issuer's request. At the time of the withdrawal, S&P rated the
company 'CCC' with a negative outlook.
ENDI PLAZA: Court Tosses Ch.11 Case, Ostreicher Losses Apt. Complex
-------------------------------------------------------------------
Mike Hughlett of The Minnesota Star Tribune reports that the
developer behind a controversial Duluth project has lost control of
a $50 million apartment complex after a federal judge dismissed his
latest bankruptcy attempt.
Lazar "Luzy" Ostreicher, a New York-based developer, bought the
Endi Plaza apartments in 2021 but has since faced financial
challenges tied to the property's debt, according to the report.
In an effort to prevent foreclosure, Ostreicher filed for Chapter
11 protection twice, seeking to block Fannie Mae from enforcing its
receivership order. The U.S. bankruptcy court, however, rejected
the latest filing, concluding it was made in "bad faith."
The ruling effectively returns Endi Plaza -- a premier apartment
property on Duluth's London Road overlooking Lake Superior -- to
receivership, as ordered by a Minnesota judge in June 2025. A
court-appointed receiver will now manage operations until the
property's future is determined.
Neither Ostreicher nor attorneys representing Endi Plaza responded
to media inquiries regarding the case.
About Endi Plaza LLC
Endi Plaza LLC owns a mixed use residential apartment and
commercial complex located at 2120 London Road, Duluth, Minnesota,
known as "Endi Apartments" containing 142 apartment units and
13,876 square feet of retail space and relating parking.
Endi Plaza LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No.: 25-35613) on June 2,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $50 million and $100 million each.
The Debtors are represented by GOLDBERG WEPRIN FINKEL GOLDSTEIN
LLP.
ENTECCO FILTER: Court Extends Cash Collateral Access to Dec. 12
---------------------------------------------------------------
Entecco Filter Technology, Inc. received another extension from the
U.S. Bankruptcy Court for the Middle District of North Carolina,
Winston-Salem Division to use the cash collateral of PNC Bank,
National Association.
The court's 12th interim order authorized the Debtor to use cash
collateral until December 12 based on its four-week budget
projection. During this interim period, the Debtor can use up to
110% of any line item in the budget.
PNC has a lien on certain assets of the Debtor based on a $125,000
loan extended under a revolving line of credit issued in July
2023.
As protection for PNC's interest in the cash collateral, the court
granted the bank a lien on the Debtor's post-petition assets to the
same extent as its pre-bankruptcy lien.
In case of any default or unauthorized use of funds, PNC can
request immediate relief, including termination of the Debtor's
ability to use cash collateral.
The next hearing is scheduled for December 10.
A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/iGCxd from PacerMonitor.com.
About Entecco Filter Technology
Entecco Filter Technology, Inc., is a Delaware-based environmental
technology company, specializing in air purification systems and
filter products used in various industries.
Entecco filed Chapter 11 petition (Bankr. M.D.N.C. Case No.
24-50707) on September 19, 2024, listing between $1 million and $10
million in both assets and liabilities. James David Edgerton,
president and chief executive officer, signed the petition.
Judge Lena M. James oversees the case.
The Debtor is represented by James C. Lanik, Esq., at Waldrep Wall
Babcock & Bailey, PLLC.
Secured creditor PNC Bank, N.A. is represented by:
Brian D. Darer, Esq.
Parker Poe Adams & Bernstein, LLP
301 Fayetteville Street, Suite 1400
Raleigh, NC 27602
Telephone: (919) 828-0564
briandarer@parkerpoe.com
ESSATIONS INC: Unsecureds Will Get 4.5% of Claims over 5 Years
--------------------------------------------------------------
Essations Inc. filed with the U.S. Bankruptcy Court for the
Northern District of Illinois a Plan of Reorganization dated
October 16, 2025.
Essations, Inc. is a family operated business, which was started by
Stephen Luster, Sr. in the 1980s. Over the years, Essations, Inc.
became a well-established manufacturer of quality personal care
products.
Unfortunately, due to recent unforeseen economic conditions, such
as unpredictable tariffs policy and lingering effects of COVID-19,
the Debtor had to take on additional debt to continue its
operations. The Debtor is revising its marketing strategy and
cutting costs and is expected to return to profitability in the
early 2026.
The Debtor's financial projections show that the Debtor will have
cumulative projected disposable income (as defined by Section
1191(d) of the Bankruptcy Code for the period described in Section
1191(c)(2) sufficient to pay the required payments under the Plan.
The Plan is a 5-year plan. The final Plan payment will be in
approximately 2030.
Generally, the Plan provides that all administrative creditors will
be paid in full on the Effective Date of the Plan (which is 30 days
after the Order confirming the Plan is a final Order) unless
otherwise agreed. Priority creditors will receive 100% of their
allowed claims over the period of the Plan term (5 years) ("Plan
Term").
Unsecured Creditors will receive a pro rata share of the Unsecured
Creditor Payment over a period of 5 years, which shall equal
approximately 4.59% distribution on their claims. Claims of
insiders, if any, will be subordinated and will not receive a
distribution unless all other classes of creditors receive payment
in full. Equity security holders will not receive a distribution.
Class 2 consists of Allowed Unsecured Claims. Holders of allowed
unsecured claims shall receive a pro rata share of the Unsecured
Creditor Payments on an annual basis for a period of 5 years
beginning on the 1st anniversary of the Effective Date of the Plan,
and continuing yearly for another 4 years. The Unsecured Creditor
Payments shall equal $60,000 in the aggregate, and each yearly
payment shall be $15,000 for five payments. Based upon the
unsecured claims, the estimated distribution to unsecured creditors
is 4.5%.
No distribution will be made for unsecured claims which were either
(i) scheduled as disputed; or (ii) no timely proof of claim was
filed.
Class 3 consists of Insider Claims. Insider Claims, if any, will
not be paid under the Plan unless or until Classes 1 and 2 are paid
in full. The Debtor does not believe there are any outstanding
insider claims.
Class 4 consists of Equity Security Holders. Equity security
holders shall retain their interests in the Debtor. In addition,
the principal of the Debtor will be entitled to a salary for his
work on behalf of the Debtor.
A full-text copy of the Plan of Reorganization dated October 16,
2025 is available at https://urlcurt.com/u?l=uUz48Y from
PacerMonitor.com at no charge.
Counsel to the Debtor:
David Freydin, Esq.
Law Offices of David Freydin PC
Skokie Blvd., Suite 312
Skokie, IL 60077
Telephone: (847) 972-6157
Facsimile: (866) 897-7577
Email: david.freydin@freydinlaw.com
About Essations Inc.
Essations Inc. is a corporation based in Chicago Heights,
Illinois.
Essations Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill.Case No. 25-10931) on July 18,
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 Donald R. Cassling handles the case.
The Debtor is represented by David Freydin, Esq. at Law Offices Of
David Freydin Ltd.
EVOFEM BIOSCIENCES: Shareholders Reject Merger With Aditxt
----------------------------------------------------------
Evofem Biosciences, Inc.'s Special Meeting of the Stockholders was
held pursuant to a definitive notice and proxy statement filed with
the SEC on September 8, 2025 and additional definitive proxy
materials filed with the SEC on September 9, 2025 and September 19,
2025.
Of the Company's 256,360,511 eligible votes as of August 26, 2025,
100,494,436 votes (approximately 39.2% of the total eligible votes)
were represented by proxy or in person, which constituted a quorum
for the purposes of the Special Meeting.
* Approximately 18.5% of eligible votes, present in person or
represented by proxy, were from holders of the Company's Common
Stock.
* Approximately 66.7% of the Company's shares of Series E-1
Convertible Preferred Stock issued and outstanding (and eligible to
vote on an as-converted basis) as of the Record Date were present
in person or represented by proxy.
* Approximately 53.7% of votes were from holders of the
Company's shares of Series G-1 Convertible Preferred Stock issued
and outstanding (and eligible to vote on an as-converted basis) as
of the Record Date were present in person or represented by proxy.
Each of the matters set forth below is described in detail in the
Company's Definitive Proxy.
The following is a summary of the proposals voted on at the Annual
Meeting, including the number of votes cast for, against, and the
number of votes withheld and broker non-votes, with respect to each
proposal.
Proposal 1: To consider and vote upon a proposal to approve the
transactions contemplated under the Amended and Restated Merger
Agreement dated as of July 12, 2024, as amended, with Aditxt, Inc.
and Adifem, Inc., a wholly owned Subsidiary of Aditxt, pursuant to
which Adifem will merge with and into the Company, with the Company
surviving as a wholly owned subsidiary of Aditxt, subject to the
right of the Board to abandon the Merger if the Board determines it
to be in the best interests of the shareholders.
Combined voting power:
* Votes For: 93,239,872
* Votes Against: 7,208,466
* Votes Withheld: 46,097
* Broker Non-Vote: 1
Series E-1 Preferred Stock:
* Votes For: 23,707,538
* Votes Against: 0
* Votes Withheld: 0
* Broker Non-Vote: 0
Series G-1 Preferred Stock:
* Votes For: 54,805,191
* Votes Against: 0
* Votes Withheld: 0
* Broker Non-Vote: 0
Proposal 1 was not approved.
Proposal 2: Authorization of the Company's Board of Directors, in
its discretion, to adjourn the Special Meeting to another place, or
a later date or dates, if necessary or appropriate, to solicit
additional proxies in favor of the proposal listed above at the
time of the Special Meeting.
Combined voting power:
* Votes For: 97,435,999
* Votes Against: 2,840,322
* Votes Withheld: 218,115
* Broker Non-Vote: 0
Proposal 2 was approved.
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.
EVOFEM BIOSCIENCES: Terminates Merger Deal With Aditxt
------------------------------------------------------
As previously disclosed on July 18, 2024 in that Current Report on
Form 8-K filed by Evofem Biosciences, Inc. with the Securities and
Exchange Commission, on July 12, 2024, the Company, Aditxt, Inc.,
and Adifem, Inc., a Delaware corporation and wholly-owned
subsidiary of Aditxt, entered into the Amended and Restated
Agreement and Plan of Merger.
Under the Merger Agreement, Adifem will merge with and into Evofem
Biosciences with Evofem Biosciences being the surviving company and
wholly-owned subsidiary of Aditxt.
On October 20, 2025, after the Company's stockholders did not
approve the transactions contemplated by the Merger Agreement, the
Company delivered a notice of termination to Aditxt notifying it
that the Company was exercising its right to terminate the Merger
Agreement effective October 20, 2025 in accordance with Section
8.1(b)(ii), which allows either party to terminate the Merger
Agreement if the Merger shall not have been consummated on or
before 5:00 p.m. Eastern Time, on September 30, 2025 and as per
Section 8.1(b)(iv), which allows either party to terminated the
Merger Agreement if the Company Shareholder Approval shall not have
been obtained at a duly held Company Shareholders Meeting at which
a vote on the approval of the Agreement and the Transactions,
including the Merger, was taken.
As a result of the termination of the Merger Agreement, all other
ancillary agreements related to the Merger Agreement, with the
exception of the obligations under the Non-Disclosure Agreement,
entered into by and between the Company and Aditxt, as of October
23, 2023, terminated concurrently with the termination of the
Merger Agreement. No consideration was paid in connection with the
termination.
In a press release, Saundra Pelletier, CEO of Evofem Biosciences
commented: "With the outcome of this meeting, we are pivoting to
focus our efforts on regaining a national listing for Evofem's
stock and securing capital to catalyze our growth trajectory and
better position us to deliver sustainable positive EBITDA in 2027.
We are grateful to Aditxt for its support of Evofem and our mission
through its meaningful investments, and we look forward to a
fruitful collaboration to commercialize the Mitomic diagnostic
tests for women's health conditions, including endometriosis and
ovarian cancer, under our September 2024 agreement."
Evofem is taking steps to execute its long-term growth strategy
with emphasis on delivering value for investors and the women and
healthcare providers who rely on its products for their sexual
health needs.
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.
FINANCE OF AMERICA: FOA Funding Amends 2026, 2029 Note Indentures
-----------------------------------------------------------------
Finance of America Companies Inc. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that Finance
of America Funding LLC, a subsidiary of the Company, completed the
previously disclosed consent transactions contemplated by the
Consent Support Agreement, by entering into the Supplemental
Indentures, in each case, as defined herein.
FOA Funding, together with Finance of America Equity Capital LLC,
Finance of America Holdings LLC, Incenter LLC, Finance of America
Mortgage LLC, Finance of America Reverse LLC and MM Risk Retention
LLC, as contemplated by the Consent Support Agreement, dated as of
August 4, 2025, by and among FOA Funding, the Guarantors and
certain holders representing the requisite majority of holders (or
their investment advisors, sub-advisors or managers) of FOA
Funding's 7.875% Senior Secured Notes due 2026 and 10.000%
Exchangeable Senior Secured Notes due 2029, entered into:
(i) the First Supplemental Indenture with U.S. Bank Trust
Company, National Association, as trustee and collateral trustee,
to the Indenture, dated October 31, 2024, by and among FOA Funding,
the Guarantors, the Company (solely for Section 6.03 thereto), the
Secured Notes Trustee and the Secured Notes Collateral Trustee,
relating to the 2026 Notes; and
(ii) the First Supplemental Indenture with U.S. Bank Trust
Company, National Association, as trustee and collateral trustee,
to the Indenture, dated October 31, 2024, by and among FOA Funding,
the Guarantors, the Company (solely for certain provisions
specifically identified therein), the Exchangeable Notes Trustee
and the Exchangeable Notes Collateral Trustee, relating to the 2029
Exchangeable Notes.
The Supplemental Indentures, executed in substantially the same
forms as previously filed, provide:
(i) for the ability of FOA Funding and its restricted
subsidiaries to make restricted payments, in an aggregate amount
not to exceed $45.0 million, to fund the repurchase of equity
interests in the Company and/or one or more of its subsidiaries
pursuant to the previously disclosed Repurchase Agreement by and
between the Company, FOA Equity Capital and the seller entities
named therein, dated as of August 4, 2025, subject to certain terms
and conditions,
(ii) that FOA Funding and any subsidiary of FOA Funding that
holds any HMSR Instrument (as defined in such Supplemental
Indentures) treat the aggregate net proceeds allocable to the
monetization of such instrument as if they were Collateral Net Cash
Proceeds (as defined in such Supplemental Indentures) and
(iii) in the case of the Secured Notes Supplemental Indenture,
that the Issuer waives its existing right to extend the maturity
date from November 30, 2026 to November 30, 2027 with respect to
$60.0 million principal amount of the 2026 Notes.
The foregoing is a summary of the material terms of, and is
qualified by, the Secured Notes Supplemental Indenture and the
Exchangeable Notes Supplemental Indenture, copies of which are
available at https://tinyurl.com/3f5etawr and
https://tinyurl.com/yh377nhk, respectively.
About Finance of America
Plano, Texas-based Finance of America Companies Inc. is a financial
services holding company. Through its operating subsidiaries, it
operates as a modern retirement solutions platform, providing
customers with access to an innovative range of retirement
offerings centered on the home. In addition, Finance of America
offers capital markets and portfolio management capabilities to
optimize distribution to investors.
As of June 30, 2025, it had $30.15 billion in total assets, $29.67
billion in total liabilities, and a total stockholders' equity of
$473.43 million.
* * *
As reported by the Troubled Company Reporter in November 2024,
Fitch Ratings has downgraded the Long-Term Company Default Ratings
(IDRs) of Finance of America Companies Inc. and its
subsidiaries,Finance of America Equity Capital LLC and Finance of
America Funding LLC (together, FOA) to 'RD' (Restricted Default)
from 'C'. The action follows the completion of the company's debt
restructuring on Oct. 31, 2024, which Fitch views as a distressed
debt exchange (DDE).
Fitch has also upgraded FOAs IDRs to 'CCC' from 'RD' subsequent to
the DDE.
Fitch has assigned a rating of 'CCC-' with a Recovery Rating of
'RR5' to Finance of America Funding, LLC's new $196 million senior
secured notes due in 2026 and $147 million convertible senior
secured notes due in 2029 issued as part of the exchange.
Concurrently, Fitch has also downgraded Finance of America Funding
LLC's unsecured debt rating to 'RD' from 'C'/'RR6' and withdrawn
the rating as 98% of the notes were exchanged into the new secured
notes.
FIRST LIBERTY BUILDING: Cos. Challenge Receivership in Loan Dispute
-------------------------------------------------------------------
Clay Neely of The Newnan Times-Herald reports that three firms
connected to the First Liberty Building & Loan receivership have
filed a court motion seeking to sue the receivership estate,
arguing they unknowingly became entangled in transactions linked to
an alleged Ponzi operation.
Filed October 16, 2025, in the U.S. District Court, the motion from
Riverdawg LLC, No Free LLC, and Holt Knob Holdings LLC says they
signed what they thought were valid loan contracts with First
Liberty and had no awareness of any fraudulent activity by Edwin
Brand Frost IV.
The companies contend that a North Carolina Deed of Trust filed by
First Liberty was improperly modified after execution, adding a
property description that now clouds ownership of an active
construction site, according to the report. They also accuse
receiver S. Gregory Hays of withholding payoff figures and failing
to release the lien.
They are asking Judge Michael L. Brown to authorize a new case to
determine payment obligations and the enforceability of
cross-collateralization terms. The dispute follows the July
receivership, initiated after SEC fraud allegations against Frost
and his network of companies.
About First Liberty Building & Loan
First Liberty Building & Loan offers promissory notes and
loan-participation deals to retail investors, touting returns of up
to 18% from funds supposedly used for short-term business bridge
loans.
In July 2025, First Liberty Building & Loan, LLC of Newnan,
Georgia, was placed under federal receivership after the SEC
accused the firm and founder Edwin Brand Frost IV of orchestrating
a $140 million Ponzi-style operation. The case is being overseen by
U.S. District Judge Michael L. Brown of the Northern District of
Georgia, who appointed S. Gregory Hays as receiver on July 11,
2025. The receivership extends to several related entities,
including First Liberty Capital Partners, LLC, First National
Investments, LLC, MyHealthAI Capital, LLC, and The Legacy Advisory
Group, Inc.
FLUX POWER: Regains Nasdaq Compliance on Market Equity Rule
-----------------------------------------------------------
Flux Power Holdings, Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that it received a
notification from the Listing Qualifications Department of The
Nasdaq Stock Market that it had regained compliance with Nasdaq's
continued listing rules because it met the requirement to have
market value of listed securities of at least $35 million.
Nasdaq requires that for continued listing on the Nasdaq Capital
Market, the Company must continue to meet all the requirements set
forth in Rule 5550(a) and at least one of the standards set forth
in Rule 5550(b). The standards set forth in 5550(b) include:
(i) having a minimum of $2,500,000 in stockholders' equity
(the "Stockholders' Equity Requirement"),
(ii) (the "Market Equity Requirement"), or
(iii) net income from continuing operations of $500,000 in the
most recently completed fiscal year or in two of the three most
recently completed fiscal years (the "Net Income Requirement").
The Notification also provided that, for a period of one year, the
Staff of Nasdaq will monitor the Company's compliance with the
continued listing requirements.
If, during such one-year period, the Company fails to comply with
Rule 5550(b), the Staff of Nasdaq will issue a delist determination
letter and the Company will have an opportunity to request a new
hearing.
As previously disclosed, on January 31, 2025, the Staff of Nasdaq
notified the Company that it did not comply with the Stockholders'
Equity Requirement.
On March 17, 2025, the Company filed its plan with Nasdaq to regain
compliance with the Stockholders' Equity Requirement, which
included requesting an extension through July 30, 2025.
On July 31, 2025, due to non-compliance with the Stockholders'
Equity Requirement, the Staff informed the Company that trading of
the Company's common stock would be suspended at the opening of
business on August 11, 2025, unless the Company requested an appeal
of the Staff's determination to a Nasdaq Hearings Panel.
The Company requested an appeal hearing with the Panel and the
Panel determined to grant the Company an exception to demonstrate
compliance with the Stockholders' Equity Requirement and granted
the Company's request for continued listing, which extension was
subject to, among other requirements, the Company demonstrating
compliance with the Stockholder's Equity Requirement on or before
October 31, 2025.
However, the Company was able to comply with the Market Equity
Rule.
About Flux Power
Flux Power Holdings, Inc. (FLUX: NASDAQ), through its subsidiary
Flux Power, Inc., designs, develops, and sells rechargeable
lithium-ion energy storage systems for electric forklifts, airport
ground support equipment (GSE), and other industrial motive
applications in the United States. The Company is headquartered in
Vista, California.
As of June 30, 2025, the Company had $34.75 million in total
assets, $40.16 million in total liabilities, and $5.40 million in
total stockholders' deficit.
Irvine, California-based Haskell & White LLP, the Company's auditor
since 2025, issued a "going concern" qualification in its report
dated September 16, 2025, attached to the Company's Annual Report
on Form 10-K for the year ended June 30, 2025, citing that the
Company has recurring losses from operations, an accumulated
deficit, expects to incur losses for the foreseeable future and
requires additional working capital to achieve its operating plans.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.
FORGE INNOVATION: Returns 51% Stake in Legend, Regains 1.97M Shares
-------------------------------------------------------------------
Forge Innovation Development Corp. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that on July
27, 2025, it completed an internal restructuring transaction
involving its partnership interest in Legend International
Investment LP.
Pursuant to a mutual agreement between Forge and Legend Investment
Management LLC, the prior seller of the interest, Forge voluntarily
released, transferred and returned its 51% partnership interest in
Legend LP to Legend LLC.
The transaction was effected without any cash consideration and
represents a non-cash internal return of equity interests
previously acquired under the Asset Purchase Agreement dated March
24, 2023.
In connection with the release, Legend LLC concurrently returned to
the Company an aggregate of 1,967,143 shares of Forge common stock
that had been originally issued to Legend LLC as consideration for
the 2023 acquisition.
As a result of the foregoing, Legend LP ceased to be a subsidiary
or consolidated entity of the Company, and Forge no longer holds
any ownership, management, voting, or financial rights in or to
Legend LP.
The decision was duly authorized and approved by the Company's
Board of Directors at a special meeting held on July 27, 2025.
The foregoing description of the internal restructuring and equity
return is qualified in its entirety by reference to the Statement
Regarding the Release and Return of Partnership Interest in Legend
International Investment LP, dated July 27, 2025, available at
https://tinyurl.com/225y8unu
About Forge Innovation
Jurupa Valley, Calif.-based Forge Innovation Development Corp.
focuses on real estate development, land purchasing and selling,
and property management. The Company's primary objective is
commercial and residential land development, including, to a lesser
extent, the possible purchase and sale of real estate, targeting
properties primarily in Southern California.
As of June 30, 2025, the Company had $8.12 million in total assets,
$6.71 million in total liabilities, and total equity of $1.41
million.
Rowland Heights, Calif.-based Simon & Edward LLP, the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated April 15, 2025, attached to the Company's Annual
Report on Form 10-K for the year ended December 31, 2024, citing
that the Company has suffered recurring losses from operations, has
a net capital deficiency, and has stated that substantial doubt
exists about the Company's ability to continue as a going concern.
FOUNDATION BUILDING: S&P Withdraws 'B' Issuer Credit Rating
-----------------------------------------------------------
S&P Global Ratings withdrew all of its ratings on Foundation
Building Materials, Inc., including the 'B' issuer credit rating,
'B' rating on its senior secured debt, and 'CCC+' rating on its
senior unsecured debt, at the company's request.
Lowe's Cos. Inc. announced its acquisition of Foundation in August
and completed the transaction on Oct. 9, 2025.
At the time of withdrawal, the outlook on Foundation was negative.
GENERAL ENTERPRISE: Enters PIPE Offering Agreement With Investors
-----------------------------------------------------------------
General Enterprise Ventures, Inc. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that it
entered into Securities Purchase Agreement with certain investors
for the issuance and sale (the "PIPE Offering") of:
(i) 193,967 shares of its Series C Convertible Preferred Stock
par value $0.0001 per share for an aggregate purchase price of
$2,909,515, each convertible into 3.3333 shares of the Company's
common stock, par value $0.0001 per share, and
(ii) warrants to purchase up to 323,276 shares of Common Stock
at an offering price of $15.00 per share of Series C Preferred
Stock and accompanying PIPE Warrant.
The PIPE Warrants are exercisable immediately upon issuance at an
exercise price of $6.00 per share, subject to customary adjustments
for stock splits, reorganizations and such similar events, and will
expire five years from the date of issuance.
The 193,967 shares of Series C Preferred Stock are referred to
herein as the "Preferred Stock Shares".
The Securities Purchase Agreement includes representations,
warranties, and covenants customary for a transaction of this type.
There is no trading market available for the Preferred Stock Shares
or the PIPE Warrants on any securities exchange or nationally
recognized trading system. The Company does not intend to list the
Preferred Stock Shares or PIPE Warrants on any securities exchange
or nationally recognized trading system.
Univest Securities, LLC acted as placement agent in connection with
the PIPE Offering, pursuant to that certain Placement Agency
Agreement, dated as of September 30, 2025, between the Company and
the Placement Agent.
Pursuant to the Placement Agency Agreement, the Company:
(i) paid the Placement Agent a cash fee equal to 8% of the
gross proceeds from the PIPE Offering, and
(ii) issued the Placement Agent, or its designees, warrants to
purchase up to a number of shares of Common Stock equal to 5% of
the total number of Common Stock issuable upon conversion of the
Preferred Stock Shares and exercise of the PIPE Warrants sold in
the PIPE Offering.
The Placement Agent Warrants have substantially the same terms as
the PIPE Warrants except that the exercise price per share of
Common Stock is equal to 120% of the exercise price of the Common
Warrants, or $5.40 per share.
The securities being offered and sold by the Company in the PIPE
Offering and the Placement Agent Warrants have not been registered
under the Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration with the
Securities and Exchange Commission or an applicable exemption from
such registration requirements. The securities were offered only to
accredited investors.
The foregoing descriptions of the Securities Purchase Agreements,
PIPE Warrants, Placement Agent Agreement and the Placement Agent
Warrant do not purport to be a complete description of such
documents and are qualified in their entirety by reference to the
full text of each document, copies of which are filed on Form 8-K
as Exhibits 4.1, 10.1, 10.2 and 10.3, respectively, and available
at https://tinyurl.com/59p2ref8
About General Enterprise
Headquartered in Cheyenne, Wyoming, General Enterprise Ventures,
Inc. is an environmentally sustainable flame retardant and flame
suppression company for the residential home industry throughout
the United States and international markets. The Company acquired
Mighty Fire Breaker, LLC on April 13, 2022, and formed Mighty Fire
Breaker UK Ltd. on November 14, 2022. MFB owns 39 patents and
patents pending for environmentally sustainable flame retardant and
flame suppression technology. MFB's products are currently being
sold to fire departments in the State of California.
San Mateo, California-based WWC, P.C., the Company's auditor since
2024, issued a "going concern" qualification in its report dated
Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K
for the year ended Dec. 31, 2024, citing that Company has suffered
recurring losses from operations and has a working capital deficit
that raise substantial doubt about its ability to continue as a
going concern. The Company has incurred losses since inception and
has a net loss of approximately $6.9 million and revenue of $0.8
million for the year ended December 31, 2024. The Company also has
a working capital deficiency of approximately $0.5 million as of
December 31, 2024. In addition, the Company has been dependent on
related parties to fund operations and has an amount owing to
related parties of $0.6 million outstanding at December 31, 2024.
As of June 30, 2025, the Company had $6.69 million in total assets,
$6.50 million in total liabilities, and $2.19 million in total
stockholders' deficit.
GENERAL ENTERPRISE: Lorenzo Calinawan, Craig Huff Join Board
------------------------------------------------------------
General Enterprise Ventures, Inc. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that Lorenzo
Calinawan and Craig Huff were appointed as members of the Board of
Directors of the Company.
Mr. Huff is the founder and managing member of BoltRock Holdings
LLC, a family investment firm and significant shareholder in the
Company. Prior to founding BoltRock, Mr. Huff co-founded and served
as co-chief executive officer of Reservoir Capital, a multi-billion
dollar opportunistic investment firm, for over two decades. He also
served in the U.S. Navy as a nuclear engineer and nuclear submarine
officer.
Mr. Huff has extensive board experience in both private and public
companies across a wide range of sectors, including the insurance
industry. He holds a bachelor's degree in engineering physics,
magna cum laude, from Abilene Christian University, and an MBA with
high distinction from Harvard Business School where he was
recognized as a Baker Scholar.
Mr. Calinawan is the co-founder and managing director of Chemlink
Partners, a boutique M&A advisory firm focused exclusively on the
global chemicals, specialty materials and adjacent industrial
sectors. Over his career, Mr. Calinawan has advised on more than
$90 billion of completed transactions, including landmark deals,
transformative carve-outs, platform builds and cross-border
transactions for leading strategics and private equity sponsors.
Prior to founding Chemlink, he held senior investment banking roles
at Citibank and Piper Sandler and also served as an investment
professional at SK Capital Partners, where he focused on building
and growing specialty chemicals and materials platforms. Mr.
Calinawan brings deep sector knowledge, a global network and proven
transaction execution and investment expertise to the company's
board.
There are no arrangements between Mr. Huff or Mr. Calinawan and any
other person pursuant to which he was selected to become a director
of the Company. Mr. Huff and Mr. Calinawan do not have any family
relationships with any executive officer or director of the
Company, or with any person selected to become an officer or
director of the Company. Neither Mr. Huff, Mr. Calinawan nor any
member of his immediate family has any direct or indirect material
interest in any transaction required to be disclosed pursuant to
Item 404(a) of Regulation S-K.
About General Enterprise
Headquartered in Cheyenne, Wyoming, General Enterprise Ventures,
Inc. is an environmentally sustainable flame retardant and flame
suppression company for the residential home industry throughout
the United States and international markets. The Company acquired
Mighty Fire Breaker, LLC on April 13, 2022, and formed Mighty Fire
Breaker UK Ltd. on November 14, 2022. MFB owns 39 patents and
patents pending for environmentally sustainable flame retardant and
flame suppression technology. MFB's products are currently being
sold to fire departments in the State of California.
San Mateo, California-based WWC, P.C., the Company's auditor since
2024, issued a "going concern" qualification in its report dated
Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K
for the year ended Dec. 31, 2024, citing that Company has suffered
recurring losses from operations and has a working capital deficit
that raise substantial doubt about its ability to continue as a
going concern. The Company has incurred losses since inception and
has a net loss of approximately $6.9 million and revenue of $0.8
million for the year ended December 31, 2024. The Company also has
a working capital deficiency of approximately $0.5 million as of
December 31, 2024. In addition, the Company has been dependent on
related parties to fund operations and has an amount owing to
related parties of $0.6 million outstanding at December 31, 2024.
As of June 30, 2025, the Company had $6.69 million in total assets,
$6.50 million in total liabilities, and $2.19 million in total
stockholders' deficit.
HARBOR SPRINGS: S&P Affirms 'BB+' Rating on 2024A/B Revenue Bonds
-----------------------------------------------------------------
S&P Global Ratings revised the outlook to negative from stable and
affirmed its 'BB+' long-term rating on the California School
Finance Authority's (CSFA) series 2024A (tax-exempt) and series
2024B (taxable) charter school revenue bonds, issued for Harbor
Springs Charter Schools.
The outlook revision reflects a weakening of financial performance
and lease-adjusted maximum annual debt service (MADS) coverage, and
our view that there is a one-in-three chance that we could lower
the rating over the next year if Harbor Springs does not achieve at
least balanced operating margins and sufficient lease-adjusted MADS
coverage above 1.0x.
Environmental physical risks in California are typically elevated
given the state's exposure to extreme weather conditions such as
drought and wildfires, in addition to elevated seismic risk, but
the network has not experienced any recent weather events that
affected enrollment or operations. The school-age population of San
Diego County is projected to decline by 3.7% over the next five
years, with the high cost of living being the key driver for
regional population decline. S&P said, "Despite this, we consider
social risk neutral in our credit analysis given the network's
solid demand profile, which is characterized by an overall rising
enrollment trend. We Harbor Springs' view governance factors as
neutral in our credit rating analysis."
S&P said, "The negative outlook reflects at least a one-in-three
likelihood that we could lower the rating during the next year, if
Harbor Springs does not achieve positive operating margins, and
maintain MADS coverage above 1.0x. Additionally, we expect the
network will not issue additional debt in the near term, and that
it will receive timely charter renewals in 2026 and 2027.
"We could lower the rating if financial performance and MADS
coverage do not improve, leading to MADS coverage below 1.0x and
negative operating margins. We could also take a negative rating
action if there are any adverse issues with renewal of the school's
charters.
"We could revise the outlook to stable if the network is able to
improve and stabilize financial operations, resulting in
consistently sufficient MADS coverage, while maintaining at least
steady enrollment and its high cash reserve levels."
HIGH ZZEAZZZ: Section 341(a) Meeting of Creditors on December 12
----------------------------------------------------------------
On October 17, 2025, High Zzeazzz Inc. filed Chapter 11 protection
in the Eastern District of North Carolina. According to court
filing, the Debtor reports $2,264,997 in debt owed to 1 and 49
creditors.
A meeting of creditors under Section 341(a) to be held on December
12, 2025 at 10:00 AM at Zoom 341 Meeting.
About High Zzeazzz Inc.
High Zzeazzz Inc., doing business as Dowry Creek Marina and The
Salty Crab Restaurant, runs a family-owned marina in Belhaven,
North Carolina, providing deep-water slips, dock services, and
on-site amenities for recreational boaters along the Intracoastal
Waterway. The Company supports boating activities with fuel,
maintenance, and facilities such as a ship store, Captain's Lounge,
pool, and pet-friendly areas. Its operations center on marina
management, hospitality, and waterway recreation in the Upper Dowry
Creek area.
High Zzeazzz Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04096) on October 17,
2025. In its petition, the Debtor reports total assets of
$2,386,705 and total liabilities of $2,264,997.
Honorable Bankruptcy Judge Pamela W. Mcafee handles the case.
The Debtor is represented by Christopher Scott Kirk, Esq. of C.
Scott Kirk, Attorney At Law, PLLC.
HOUSTON CLASSICAL: S&P Assigns 'BB' ICR, Outlook Stable
-------------------------------------------------------
S&P Global Ratings assigned its 'BB' issuer credit rating (ICR) to
Houston Classical School (HCCS), Texas.
The outlook is stable.
S&P said, "We analyzed HCCS' environmental, social, and governance
factors relative to the school's market position, financial
performance, reserves and liquidity, and debt burden. Based on data
from S&P Global Sustainable 1, physical risks in Texas are
typically elevated in service areas proximate to the coastline, a
region that has experienced increased incidents of extreme weather
such as hurricanes and flooding in recent years. Given HCCS'
proximity to the coast with its location in Houston, we believe
acute events could affect enrollment should population displacement
occur or should chronic physical risk lead to lower growth. Both
could affect our view of the organization's market position over
time. However, the school maintains flood and hurricane insurance,
and its primary student base and the location of facilities in more
inland areas of the Houston area partially mitigate these risks. We
view HCCS' social and governance factors as being neutral in our
credit rating analysis.
"The stable outlook reflects our expectation that over the one-year
outlook period enrollment will continue to increase, as projected,
and other demand metrics will remain healthy. We also expect
surplus operating performance in fiscal years 2025 and 2026 and
maintenance of at least acceptable unrestricted liquidity following
planned drawdowns. No additional debt is expected over the near
term.
"We could consider a negative rating action if the network fails to
meet operating, coverage, or liquidity projections. In addition, we
could consider a negative rating action if enrollment or demand
metrics weaken, or if the school takes on additional debt without
commensurate growth in financial resources.
"We could consider a positive rating action beyond the outlook if
HCCS executes its middle school expansion strategy, such that
enrollment growth continues as expected, operating performance
remains healthy, and lease-adjusted maximum annual debt service
(MADS) coverage improves, coupled with maintenance of a healthy
liquidity position, and continued organizational maturity."
JACKSON HOSPITAL: Law Firm Admits AI Misuse, Returns Fees
---------------------------------------------------------
Angelica Serrano-Roman of Bloomberg Law reports that Gordon Rees
Scully Mansukhani has admitted that one of its attorneys misled a
bankruptcy court by denying the use of generative artificial
intelligence in filings that contained fabricated citations.
The firm reimbursed more than $55,000 in legal fees to the law
firms representing Alabama-based Jackson Hospital & Clinic and its
lender, according to the report. The repayment came after those
firms accused Gordon Rees of submitting filings with inaccurate and
misleading citations, according to documents filed Thursday,
October 23, 2025, in the U.S. Bankruptcy Court for the Middle
District of Alabama, Bloomberg says.
In a statement, the firm expressed regret over the incident,
saying, "Gordon Rees is profoundly embarrassed by the events
leading to the show cause order," the report states
About Jackson Hospital & Clinic Inc.
Jackson Hospital & Clinic, Inc. is a non-membership, non-profit
corporation based in Alabama. JHC is the direct or indirect parent
company of JHC Pharmacy, LLC, an Alabama limited liability company
that provides pharmacy services to JHC patients. JHC owns 100% of
JHC Pharmacy. Additionally, JHC is a direct or indirect parent
company of certain other entities that have not filed for
bankruptcy.
JHC operates a 344-bed healthcare facility in Montgomery, Ala.,
with a rich history dating back to 1894. Since its official opening
in 1946, JHC has grown into one of the largest hospitals in
Alabama, offering specialized services in cardiac care, cancer
treatment, neurosciences, orthopedics, women's care, and emergency
services. JHC's service area includes 16 counties across central
Alabama.
JHC and JHC Pharmacy filed Chapter 11 petitions (Bankr. M.D. Ala.
Lead Case No. 25-30256) on February 4, 2025. In its petition, JHC
reported between $100 million and $500 million in both assets and
liabilities.
Judge Christopher L. Hawkins handles the cases.
The Debtors are represented by Derek F. Meek, Esq. at Burr &
Forman, LLP.
Suzanne Koenig serves as patient care ombudsman.
JEREMY KIDO: Section 341(a) Meeting of Creditors on November 19
---------------------------------------------------------------
On October 19, 2025, Jeremy Kido Invesments LLC filed Chapter 11
protection in the Southern District of California. According to
court filing, the Debtor reports $500,000 and $1 million in debt
owed to 1 and 49 creditors.
A meeting of creditors under Section 341(a) to be held on November
19, 2025 at 01:00 PM To access telephonic 341 meeting, call
888-330-1716 and enter passcode 6374440#.
About Jeremy Kido Invesments LLC
Jeremy Kido Invesments LLC is a real estate company based in El
Cajon, California,classified under NAICS 5311 and identified as a
single-asset real estate (SARE) entity. It owns the property at
10752 Lupin Way in La Mesa, California, which it holds for leasing
or long-term investment purposes.
Jeremy Kido Invesments LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-04310) on
October 19, 2025. In its petition, the Debtor reports estimated
assets between $1 million and $10 million and estimated liabilities
between $ 500,000 and $1 million.
Honorable Bankruptcy Judge Christopher B. Latham handles the
case.
The Debtor is represented by Quintin Shammam, Esq. of LAW OFFICES
OF QUINTIN G. SHAMMAM.
JML ENGINEERING: Court Partly Approves to Use Cash Collateral
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of California,
Oakland Division issued an order granting in part a stipulation
between JML Engineering & Construction, Inc. and a secured creditor
regarding the use of cash collateral.
The stipulation filed on August 14 involved the Operating
Engineers' Health & Welfare Trust Fund for Northern California,
which claims secured interests in the Debtor's cash collateral.
This creditor filed an objection, prompting multiple hearings.
The court ruled that the Operating Engineers' proof of claim is
secured up to $220,000, representing the amount of pre-bankruptcy
cash collateral held by the Debtor at the time of filing.
The court will hold a further hearing to determine whether the
Operating Engineers' claim is secured in full ($361,878.01), based
on arguments regarding their entitlement to a lien on accounts
receivable generated after the Debtor's bankruptcy filing.
The Operating Engineers must file a brief by October 29 and the
Debtor must respond by November 5.
A further hearing is scheduled for November 13.
About JML Engineering & Construction Inc.
JML Engineering & Construction, Inc. is a specialty contractor that
serves the San Ramon, California area and specializes in paving and
surfacing, landscaping, concrete, and irrigation.
JML Engineering & Construction sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No.
24-41729) on October 30, 2024. In the petition filed by John
Michael Shearer, as chief executive officer and chief financial
officer, the Debtor reported between $1 million and $10 million in
assets and liabilities.
Honorable Bankruptcy Judge William J. Lafferty handles the case.
The Debtor is represented by C. Alex Naegele, Esq., at C. Alex
Naegle.
JVK OPERATIONS: Reaches MediServ-JVK Settlement; Amends Plan
------------------------------------------------------------
JVK Operations Limited submitted a Third Amended Disclosure
Statement for the Third Amended Plan of Reorganization dated
October 16, 2025.
The Plan as proposed is based on a settlement reached by and
between, among other parties, MediServ Global USA Inc. and JVK NY
dated October 9, 2025 and annexed as Exhibit A to the Plan (the
"MediServ-JVK Settlement").
The MediServ-JVK Settlement sets forth the basic agreed terms
between MediServ and JVK NY which form the basis of the Plan that
the Debtor is proposing, and this Plan is consistent with the
treatment of Claims, distribution of equity interests and Plan
funding under the MediServ-JVK Settlement.
The Debtor has approximately 9 creditors asserting secured claims
in this case asserting claims of approximately $5 MM in the
aggregate and approximately $21 million in non-insider, trade
vendors, utility providers and the FLSA claim.
Bidding Procedures authorized the Debtor to conduct the Auction
Sale to select the party to purchase the Assets after the Debtor
received "Qualifying Bids" from Qualifying Bidders prior to the Bid
Deadline on April 3, 2025 ("Auction Sale"). By the Bid Deadline,
Silver Birch had two Qualified Bids, one from the Stalking Horse
and one from Xcellence Laundry. In accordance with the Bidding
Procedures, on April 7, 2025, the Debtor, in consultation with
their professionals, determined and announced that a bid submitted
by Xcellence Laundry was a "Qualified Bid" for the Auction.
MediServ delivered a certain notice letter, dated July 9, 2025 (and
received by email July 10, 2025), to Sellers pursuant to which
MediServ purported to terminate the APA (the "MediServ Notice").
Sellers delivered that certain notice letter, dated July 10, 2025,
to MediServ pursuant to which the Sellers purported to reject the
termination of the Purchase Agreement set forth in the MediServ
Notice and purported to terminate the Purchase Agreement (the
"Seller Notice"). The APA deposit of $836,700 (the "Deposit") is
being held by MediServ's counsel.
It should be noted that following receipt of the MediServ Notice,
the Debtor reached out to the Xcellence Laundry, the back-up
bidder, who was not ultimately interested in proceeding with the
purchase of JVK NY. By Agreement dated as of July 14, 2025, the
Sellers and MediServ entered into a certain standstill agreement
tolling all time periods and deadlines under the APA and in the
MediServ Notice and Seller Notice while they re-engaged in
discussions regarding settlement of the claims arising from the APA
and a plan of reorganization in the case of JVK NY which
discussions culminated in the MediServ-JVK Settlement fully
executed and dated October 9, 2025.
Funds for the Plan are already on deposit for MediServ (the
contract Deposit from Joseph Samuel ($100,000) and from Vinny
Samuel and Mike Connell who have also committed $836,700 coming
from the sale of the building in New Jersey where JVK NJ operates.
Based on the MediServ-JVK Settlement, the Debtor expects an
Effective Date no later than December 31, 2025.
The $1.1 million proposed settlement with the FLSA is payable over
8 years under the Plan with payments commencing in accordance with
Class 10. and the MediServ-JVK Settlement. Based on a discount for
present value, the FLSA is receiving a present value payout of
approximately 4% of its total claim. 4% is also the approximate
dividend to Allowed General Unsecured Claims for claims against JVK
Operations Ltd. The settlement with the FLSA is in full
satisfaction of the FLSA claims, including without limitation the
FLSA filed proof of claim in this case.
Like in the prior iteration of the Plan, except to the extent that
the Holders of the Class 5 Allowed General Unsecured Claims agree
to less favorable treatment, in full and final satisfaction,
compromise, settlement, release, and discharge of, and in exchange
for, each Holder of an Allowed General Unsecured Claim shall
receive its pro rata share from the Asset Sale to Arway. In no
event will such Holder of an Allowed General Unsecured Claim be
paid more than the scheduled or filed amount of its Allowed Claim.
Class 12 consists of all Interests in Debtor. The Existing Equity
Holders' Interests in the Debtor shall be Reinstated, vest in, or
otherwise be assumed by, the Reorganized Debtor and the Existing
Equity Holders shall in MediServ-JVK Settlement exchange for the
funding they are providing for the Plan under the MediServ-JVK
Settlement, retain all Interests in the Reorganized Debtor in
accordance with the Plan and subject to the MediServ-JVK Settlement
wherein their equity interests in the Reorganized Debtor will be
diluted in accordance with Schedule 1m1 thereof by the issuance of
new shares by the Reorganized Debtor to the incoming shareholders
in exchange for the funding provided by the incoming shareholders.
The Debtor or the Reorganized Debtor, as applicable, shall fund
distributions under the Plan with Cash on hand, investments as
provided in the MediServ-JVK Settlement, and income or other
proceeds generated by the operation of the Reorganized Debtor. Cash
payments to be made pursuant to the Plan will be made by the
Disbursing Agent. Each distribution and issuance referred to in
Article VI of the Plan shall be governed by the terms and
conditions set forth herein applicable to such distribution or
issuance and by the terms and conditions of the instruments or
other documents evidencing or relating to such distribution or
issuance, which terms and conditions shall bind each Entity
receiving such distribution or issuance; provided, that to the
extent that a term of the Plan conflicts with the term of any such
instruments or other documents, the terms of the Plan shall
govern.
A full-text copy of the Third Amended Disclosure Statement dated
October 16, 2025 is available at https://urlcurt.com/u?l=rA0eY9
from PacerMonitor.com at no charge.
Counsel to the Debtor:
Robert J. Spence, Esq.
Spence Law Office, P.C.
55 Lumber Road, Suite 5
Roslyn, NY 11576
Tel: (516) 336-2060
Fax: (516) 605-2084
Email: rspence@spencelawpc.com
About JVK Operations Limited
JVK Operations Ltd. is a provider of linen and garments laundry
services for healthcare facilities on the East Coast. JVK was
founded in 2004 and has been servicing hospitals, nursing homes and
healthcare institutions. The Company's processing services include
sorting of the soiled linen, washing, drying, ironing packing and
delivery according to customer specifications.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-70800) on March 1,
2024. In the petition signed by Vinod Samuel, president, the
Debtor disclosed up to $10 million in both assets and liabilities.
Judge Robert E. Grossman oversees the case.
Robert J. Spence, Esq., at SPENCE LAW OFFICE, P.C., is the Debtor's
legal counsel.
KACHINA AIR: Seeks Chapter 11 Bankruptcy in Texas
-------------------------------------------------
On October 24, 2025, Kachina Air Inc. filed a voluntary Chapter 11
bankruptcy petition in the U.S. Bankruptcy Court for the Southern
District of Texas. The bankruptcy documents list the company's
liabilities in the range of $0 to $100,000 and indicate that the
number of creditors is between 1 and 49.
About Kachina Air Inc.
Kachina Air, Inc. is a U.S. charter airline that provides on-demand
air travel services to clients across the country.
Kachina Air Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-9527) on October 24,
2025. In its petition, the Debtor reports estimated assets and
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.
KND HOSPITALITY: Seeks to Tap The Mitchell Law Firm as Counsel
--------------------------------------------------------------
KND Hospitality Company, Inc. seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to employ The
Mitchell Law Firm, LP to handle its Chapter 11 case.
The firm will be paid at these rates:
Gregory Mitchell, Attorney $585
Associates $365
Paralegal $250
Paraprofessionals $165
Legal Assistants $150
In addition, the firm will seek reimbursement for expenses
incurred.
Mr. Mitchell disclosed in a court filing that his firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Gregory W. Mitchell, Esq.
The Mitchell Law Firm, LP
1100 W. Campbell Road, Suite 200
Richardson, TX 75080
Telephone: (972) 463-8417
Facsimile: (972) 432-7540
Email: greg@mitchellps.com
About KND Hospitality Company
KND Hospitality Company, Inc., operates primarily in the
hospitality sector, focusing on providing catering and consulting
services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-33108) on Oct. 1,
2024, with $100,001 to $500,000 in assets and $500,001 to $1
million in liabilities.
Judge Michelle V. Larson oversees the case.
The Debtor is represented by Gregory Wayne Mitchell, Esq., at The
Mitchell Law Firm, LP.
LAREDO OIL: Posts $952K Net Loss in Q1 2026
-------------------------------------------
Laredo Oil, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $952,074 and $469,252 for the three months ended August 31, 2025
and 2024, respectively.
The Company reported revenues of $1,543 and $6,048 for the three
months ended August 31, 2025 and 2024, respectively.
As of August 31, 2025, the Company had $1.60 million in total
assets, $14.94 million in total liabilities, and $13.34 million in
total stockholders' deficit. As of August 31, 2025, the Company had
an accumulated deficit of $26.86 million.
The Company has routinely incurred losses since inception,
resulting in an accumulated deficit, and historically was dependent
on one customer for its revenue. There is no assurance that in the
future any financing will be available to meet the Company's needs.
This situation raises substantial doubt about the Company's ability
to continue as a going concern within the next 12 months.
The Company's management has undertaken steps as part of a plan to
improve operations with the goal of sustaining operations for the
next twelve months and beyond. These steps include an ongoing
effort to:
(a) controlling overhead and expenses;
(b) raising funds connected with specific well development;
and
(c) raising funds through notes payable and convertible debt
to expand and fund property acquisitions exploration and
development as well as maintaining operations.
The Company has worked to attract and retain key personnel with
significant experience in the industry.
At the same time, to control costs, the Company has required
several of its personnel to multi-task and cover a wider range of
responsibilities to manage the Company's headcount. There can be no
assurance that the Company can successfully accomplish these steps
and it is uncertain that the Company will achieve a profitable
level of operations and obtain additional financing. There can be
no assurance that any additional financing will be available to the
Company on satisfactory terms and conditions, if at all
A full-text copy of the Company's Form 10-Q is available at:
https://tinyurl.com/5db6xdkd
About Laredo Oil Inc.
Austin, Texas-based Laredo Oil, Inc. is an oil exploration and
production company that focuses on acquiring and exploring mineral
properties to identify and develop oil reserves. Since 2009, it
has specialized in acquiring mature oil fields and recovering
stranded oil reserves through enhanced oil recovery techniques.
From 2011 to 2020, the company provided management services to
Stranded Oil Resources Corporation, overseeing the acquisition and
operation of mature oil fields in exchange for management fees and
reimbursements.
The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor
since 2024, issued a "going concern" qualification in its report
dated September 15, 2025, attached to the Company's Annual Report
on Form 10-K for the fiscal year ended May 31, 2025, citing that
the Company has yet to achieve profitable operations, has negative
cash flows from operating activities, and is dependent upon future
issuances of equity or other financing to fund ongoing operations,
all of which raises substantial doubt about its ability to continue
as a going concern.
LIMITLESS ABA: L. Todd Budgen Named Subchapter V Trustee
--------------------------------------------------------
The Acting U.S. Trustee for Region 21 appointed L. Todd Budgen,
Esq., a practicing attorney in Longwood, Fla., as Subchapter V
trustee for Limitless ABA, LLC.
Mr. Budgen will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Budgen declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
L. Todd Budgen, Esq.
P.O. Box 520546
Longwood, FL 32752
Tel: (407) 232-9118
Email: Todd@C11Trustee.com
About Limitless ABA LLC
Limitless ABA, LLC filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03824) on
October 21, 2025, with $100,001 to $500,000 in assets and
liabilities.
Judge Jacob A. Brown presides over the case.
Lisa C. Cohen, Esq., at Ruff & Cohen, PA represents the Debtor as
legal counsel.
LINQTO TEXAS: Seeks to Extend Plan Exclusivity to Feb. 2, 2026
--------------------------------------------------------------
Linqto Texas, LLC, and its affiliates asked the U.S. Bankruptcy
Court for the Southern District of Texas to extend their
exclusivity periods to file a plan of reorganization and obtain
acceptance thereof to February 2, 2026 and April 3, 2026,
respectively.
The Debtors explain that the size and complexity of the Chapter 11
Cases warrant extension of the Exclusive Periods. The Debtors have
over $500 million in assets and over 13,000 Customers spread around
the world. Unfortunately, the Company's previous management engaged
in practices that ran afoul of applicable securities laws,
resulting in internal and external investigations along with
substantial questions regarding the Debtors' ownership of assets
and the rights of their Customers.
The Debtors claim that the companies and the Committee have been
working diligently towards drafting a plan, disclosure statement,
and related documents that implement the terms of the Committee
Settlement. The Committee's support is a clear indicator that the
plan is viable and the Debtors are proceeding toward confirmation
expeditiously. The Debtors are committed to continuing to engage in
discussions with the Committee, the Customers, and all
constituencies, including equity holders, with the goal of reaching
a consensual resolution of the Chapter 11Cases that meets the
requirements under Section 1129.
The Debtors cite that their restructuring process is intended to
confirm a Chapter 11 plan that maximizes the value of the
Debtors’ estates for the benefit of the Debtors' economic
stakeholders. The Debtors request an extension of the Exclusive
Periods not to pressure creditors, but to provide a sufficient
window in which the Debtors can solicit votes on, and obtain
confirmation of, a plan and implement the transactions contemplated
thereby without the distraction and disruption created by competing
plan proposals.
In addition, failure to extend the Exclusive Periods would harm the
creditors as the solicitation of any competing plan would greatly
complicate and increase the cost of administering these Chapter 11
Cases to the detriment of creditors. The Debtors believe that, to
maximize efficiency in these Chapter 11 Cases and distributable
value for the benefit of the Debtors' stakeholders, the
restructuring efforts must be conducted in an orderly fashion,
channeled through the Debtors and their advisors.
The Debtors assert that less than four months have elapsed since
the Petition Date, and this is the Debtors' first request for an
extension of the Exclusive Periods. In less than four months, the
Debtors have secured the financing necessary to administer the
Chapter 11 Cases, filed schedules of assets and liabilities and
statements of financial affairs, provided substantial due diligence
to the Committee, and entered into and obtained approval of the
Committee Settlement, among other things.
The Debtors further assert that they seek to maintain exclusivity
so that parties with competing interests do not hinder the Debtors'
efforts to finalize a value-maximizing restructuring. Extending the
Exclusive Periods will permit the Debtors to continue pursuing a
plan process and enable the Debtors' stakeholders to realize the
benefits of months of hard-fought negotiations.
Moreover, an extension of the Exclusive Periods will not prejudice
creditors because it will avoid the unnecessary drain on Debtors'
estates that would result from competing Chapter 11 plans. All
stakeholders benefit from continued stability and predictability,
which comes only with the Debtors being the sole potential plan
proponents. Further, approval of an extension of the Exclusive
Periods does not preclude parties in interest from later arguing to
the Court that cause exists to terminate the Exclusive Periods.
The Debtors' Counsel:
Gabrielle A. Hamm, Esq.
Veronica A. Polnick, Esq.
Renee D. Wells, Esq.
Athanasios E. Agelakopoulos, Esq.
SCHWARTZ PLLC
440 Louisiana Street, Suite 1055
Houston, Texas 77002
Tel: (713) 900-3737
Fax: (702) 442-9887
E-mail: ghamm@nvfirm.com
vpolnick@nvfirm.com
rwells@nvfirm.com
aagelakopoulos@nvfirm.com
- and -
Samuel A. Schwartz, Esq.
601 East Bridger Avenue
Las Vegas, Nevada 89101
Tel: (702) 385-5544
Fax: (702) 442-9887
E-mail: saschwartz@nvfirm.com
About Linqto Inc.
Linqto Inc. is a San Jose-based financial technology company
operating in the alternative investment space.
Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Texas Case No. 25-90187) on July 7, 2025. The
case is jointly administered with the Chapter 11 cases of Linqto
Texas, LLC, Linqto Liquidshares, LLC and Linqto Liquidshares
Manager, LLC under case number 25-90186. In its petition, Linqto
Inc. reported estimated assets and liabilities between $500 million
and $1 billion.
Judge Alfredo R. Perez oversees the cases.
The Debtors tapped Gabrielle A. Hamm, Esq. at Schwartz, PLLC as
legal counsel; Breakpoint Partners, LLC as restructuring advisor;
ThroughCo Communications, LLC as public relations agent; and Epiq
Corporate Restructuring, LLC as claims agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by Orrick, Herrington & Sutcliffe, LLP.
Sandton Capital Solutions Master Fund VI, LP, as DIP Lender, is
represented by its attorneys:
Kristen L. Perry, Esq.
Faegre Drinker Biddle & Reath, LLP
2323 Ross Avenue, Suite 1700
Dallas, TX 75201
Tel: (469) 357-2500
Fax: (469) 327-0860
Email: kristen.perry@faegredrinker.com
-- and --
Richard J. Bernard, Esq.
Faegre Drinker Biddle & Reath, LLP
1177 Avenue of the Americas, 41st Floor
New York, NY 10036
Tel: (212) 248-3263
Fax: (212) 248-3141
Email: richard.bernard@faegredrinker.com
-- and --
Michael R. Stewart, Esq.
Adam C. Ballinger, Esq.
Faegre Drinker Biddle & Reath, LLP
2200 Wells Fargo Center
90 South 7th Street
Minneapolis, MN 55402
Telephone: (612) 766-7000
Facsimile: (612) 766-1600
Email: michael.stewart@faegredrinker.com
adam.ballinger@faegredrinker.com
Sandton may also be reached through:
Robert Rice
Sandton Capital Partners
16 West 46th Street, 11th Floor
New York, NY 10036
Direct: 310-600-3980
Office: 212-444-7200
LOOK CINEMAS: Final Hearing to Use Cash Collateral Set for Oct. 29
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas,
Dallas Division, is set to hold a hearing on October 29 to consider
final approval of Look Cinemas II, LLC's bid to use cash
collateral.
The Debtor's authority to utilize cash collateral pursuant to the
court's eight interim order expires on October 29.
The eight interim order entered on October 17 approved the payment
of expenses from the cash collateral for the period from October 15
to 29 in accordance with the Debtor's budget.
The eight interim order granted lenders replacement liens on and
security interests in all property currently owned or to be
acquired by the Debtor that are similar to their pre-bankruptcy
collateral.
About LOOK Cinemas II
LOOK Cinemas II, LLC operates in the motion picture and video
industries.
LOOK Cinemas II sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Case No. 24-33696) on November
14, 2024, with $1 million to $10 million in both assets and
liabilities. Brian E. Schultz, chief executive officer of LOOK
Cinemas II, signed the petition.
Judge Michelle V. Larson handles the case.
The Debtor is represented by:
Frank Wright, Esq.
Law Offices of Frank J. Wright, PLLC
1800 Valley View Lane 250
Farmers Branch TX 75234
Tel: 214-238-4153
Email: frank@fjwright.law
LOOP MEDIA: Delays Filing of 2025 Annual Report
-----------------------------------------------
Loop Media, Inc. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that the audit of the Company's
financial statements for its fiscal year ended September 30, 2025,
by the Company's independent registered public accounting firm was
not completed, and the Company will no longer have the capability
to prepare and file with the Securities and Exchange Commission the
Company's Annual Report on Form 10-K for the fiscal year ended
September 30, 2025, or any other periodic reports.
About Loop Media
Loop Media, Inc. operates a multichannel digital video platform
that curates and distributes short-form video content to connected
televisions in out-of-home venues such as restaurants, hotels,
retail stores, and convenience outlets. The Company leverages its
technology and content library to provide businesses with digital
signage, advertising solutions, and customer engagement tools,
while also offering ad-free subscription options. Its platform
serves both location operators and third-party advertisers seeking
targeted marketing channels.
The Company has generated limited revenue, and as of June 30, 2025,
its cash totaled $109,692, and it had an accumulated deficit of
$164,959,880. The Company anticipates further losses as well as
negative cash flows used in operations in the foreseeable future.
According to the Company, these factors raise substantial doubt
about its ability to continue as a going concern for a period of at
least one year from the date of issuance of the financial
statements for the period ended June 30, 2025.
In its audit report dated Dec. 12, 2024, Marcum LLP issued a "going
concern" qualification citing that the Company has incurred
recurring losses resulting in an accumulated deficit, had negative
cash flows used in operations, and needs to raise additional funds
to meet its obligations and sustain its operations.
As of June 30, 2025, Loop Media reported $3.36 million in total
assets, $30 million in total liabilities, and $26.64 million in
total stockholders' deficit.
LOOP MEDIA: Files Chapter 7 Case; W. Donald Gieseke Named Trustee
-----------------------------------------------------------------
Loop Media, Inc. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that on October 9, 2025, the
Company and its wholly owned subsidiary, Retail Media TV, Inc.,
each filed a voluntary petition for relief under Chapter 7 of Title
11 of the United States Code, 11 U.S.C. Section 101 et seq.
The Debtors' Bankruptcy Filings were lodged in the United States
Bankruptcy Court for the District of Nevada under Case Nos.
25-50945 and 25-50944, respectively.
As a result of the Bankruptcy Filings, W. Donald Gieseke has been
appointed as Chapter 7 trustee and he will administer the Debtors'
Bankruptcy Cases, including liquidating assets of the Debtors in
accordance with the Bankruptcy Code.
Pursuant to 11 U.S.C. Section 341(a), an initial meeting of
creditors has been scheduled for November 6, 2025, at 2:30 p.m.
Pacific Time, and the Notice of Chapter 7 Bankruptcy Case filing
has been mailed to all known creditors.
The Bankruptcy Filings may trigger events of default under certain
of the Debtors' contracts, agreements or debt instruments, which
may result in the termination of, or an acceleration of the
Debtors' obligations under, such contracts, agreements or debt
instruments. Such events of defaults, however, may be stayed
pursuant to 11 U.S.C. Section 362.
About Loop Media
Loop Media, Inc. operates a multichannel digital video platform
that curates and distributes short-form video content to connected
televisions in out-of-home venues such as restaurants, hotels,
retail stores, and convenience outlets. The Company leverages its
technology and content library to provide businesses with digital
signage, advertising solutions, and customer engagement tools,
while also offering ad-free subscription options. Its platform
serves both location operators and third-party advertisers seeking
targeted marketing channels.
The Company has generated limited revenue, and as of June 30, 2025,
its cash totaled $109,692, and it had an accumulated deficit of
$164,959,880. The Company anticipates further losses as well as
negative cash flows used in operations in the foreseeable future.
According to the Company, these factors raise substantial doubt
about its ability to continue as a going concern for a period of at
least one year from the date of issuance of the financial
statements for the period ended June 30, 2025.
In its audit report dated Dec. 12, 2024, Marcum LLP issued a "going
concern" qualification citing that the Company has incurred
recurring losses resulting in an accumulated deficit, had negative
cash flows used in operations, and needs to raise additional funds
to meet its obligations and sustain its operations.
As of June 30, 2025, Loop Media reported $3.36 million in total
assets, $30 million in total liabilities, and $26.64 million in
total stockholders' deficit.
LUTHERAN HOME: Hires Plante Moran Living Forward as Consultant
--------------------------------------------------------------
Lutheran Home and Services for the Aged, Inc. and its affiliates
seek approval from the U.S. Bankruptcy Court for the Northern
District of Illinois to employ Plante Moran Realpoint, LLC, doing
business as Plante Moran Living Forward, as consultant.
The firm will render these services:
(a) prepare and deliver an operation assessment for Pleasant
View, which deliverable is intended to provide an overview of
operational opportunity and an analysis of key data provided;
(b) prepare a market study for Lutheran Life Communities;
(c) grant a license to the Debtors for the use of Debtor
Lutheran Home for the Aged, Inc. (LHFA) Report; and
(d) provide advising services.
The firm will be paid at these hourly rates:
Partner/Principal $405 - $635
Senior Vice President $315 - $400
Vice President $260 - $310
Sr. Consultant $225 - $255
Consultant/Administative Staff $125 - $220
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $30,000 from the Debtors.
Dana Wollschlager, a partner at Plante Moran Living Forward,
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:
Dana Wollschlager
Plante Moran Living Forward
10 South Riverside Plaza
Chicago, IL 60606
About Lutheran Home and
Services for the Aged, Inc.
Lutheran Home and Services for the Aged, Inc. is a non-profit,
mission-driven community offering a range of services including
assisted living, memory care, skilled nursing, and short-term
rehabilitation, along with extensive outpatient rehabilitation
therapy.
Lutheran Home and its affiliates filed Chapter 11 petitions (Bankr.
N.D. Ill. Lead Case No. 25-01705). At the time of the filing,
Lutheran Home reported between $100 million and $500 million in
both assets and liabilities.
The Debtors tapped Squire Patton Boggs (US), LLP as bankruptcy
counsel; McDonald Hopkins, LLC as Illinois counsel; and one point
Partners, LLC as financial advisor. Stretto is the claims,
noticing, solicitation, balloting, and tabulation agent.
LUTHERAN HOME: Seeks to Extend Plan Exclusivity to April 30, 2026
-----------------------------------------------------------------
Lutheran Home and Services for the Aged, Inc. and affiliates asked
the U.S. Bankruptcy Court for the Northern District of Illinois to
extend their exclusivity periods to file a plan of reorganization
and obtain acceptance thereof to April 30, 2026 and May 31, 2026,
respectively.
The Debtors explain that their operations and debt structure are
complicated and both must be addressed in coordination with
interested parties for the Debtors to reach a successful conclusion
of these cases as has been evident at the various hearings in these
Chapter 11 Cases, and as discussed in the First Day Declaration. In
short, these Chapter 11 Cases are large and complex. This
complexity alone warrants granting the Debtors' request to extend
the Exclusivity Periods.
The Debtors believe that the Restructuring Transaction pursuant to
a plan of reorganization will maximize the value of the Debtors'
estates, provide the Debtors' creditors with the highest possible
recovery, be in best interests of the Residents and all other
creditors, and facilitate a successful resolution to these Chapter
11 Cases. As such, an extension of the Exclusivity Periods will
allow the Debtors to continue their efforts to finalize plan
documents as contemplated in the Plan Support Agreement and to
proceed with the contemplated schedule for filing a plan and
soliciting votes thereon.
Additionally, the extension will protect against unforeseen delays
in the process or the termination of the Plan Support Agreement,
which would require the Debtors to revert to a sale process.
Accordingly, the Debtors believe it is necessary and appropriate to
extend the Exclusivity Periods as requested herein.
The Debtors claim that they are working toward finalizing plan
documents that memorialize the terms of the Restructuring
Transaction that is supported by the Master Indenture Trustee, the
beneficial holders that collectively hold at least 90% of the
aggregate principal amount of the Series 2019A Bonds, and Old
National Bank, as successor by merger to First Midwest Bank, the
initial purchaser of the Series 2019B-1 Bonds and the Series
2019B-2 Bonds as evidenced by the entry into the Plan Support
Agreement.
Since the Petition Date, the Debtors have made significant progress
in negotiating with their creditors, which further warrants an
extension of the Exclusivity Periods. Most recently, the Debtors'
negotiation of the Plan Support Agreement and the Term Sheet show
material progress toward formulating a viable plan of
reorganization.
The Debtors assert that they do not seek to extend the Exclusivity
Periods to pressure creditors, nor will extension prejudice
creditors. Rather, the breathing room provided by a further
extension of the Exclusivity Periods will promote the Debtors'
ongoing negotiations with key stakeholders, and allow such parties
the benefit of a fulsome negotiation without competing plan
proposals.
Counsel to the Debtors:
Stephen D. Lerner, Esq.
SQUIRE PATTON BOGGS (US) LLP
201 E. Fourth St., Suite 1900
Cincinnati, OH 45202
Tel: (513) 361-1200
Fax: (513) 361-1201
Email: stephen.lerner@squirepb.com
- and -
Jeffrey R. Rothleder, Esq.
2550 M Street, NW
Washington, DC 20037
Tel: (202) 457-6000
Fax: (202) 457-6315
Email: jeffrey.rothleder@squirepb.com
- and -
Maura P. McIntyre, Esq.
1000 Key Tower
127 Public Square
Cleveland, OH 44114
Tel: (216) 479-8715
Fax: (216) 479-8780
Email: maura.mcintyre@squirepb.com
-and-
David A. Agay, Esq.
Marc Carmel, Esq.
Nicholas M. Miller, Esq.
Maria G. Carr, Esq.
Ashley Jericho, Esq.
MCDONALD HOPKINS LLC
300 North LaSalle Street, Suite 1400
Chicago, Illinois 60654
Tel: (312) 280-0111
Email: dagay@mcdonaldhopkins.com
mcarmel@mcdonaldhopkins.com
nmiller@mcdonaldhopkins.com
mcarr@mcdonaldhopkins.com
ajericho@mcdonaldhopkins.com
About Lutheran Home and
Services for the Aged, Inc.
Lutheran Home and Services for the Aged, Inc. is a non-profit,
mission-driven community offering a range of services including
assisted living, memory care, skilled nursing, and short-term
rehabilitation, along with extensive outpatient rehabilitation
therapy.
Lutheran Home and its affiliates filed Chapter 11 petitions (Bankr.
N.D. Ill. Lead Case No. 25-01705). At the time of the filing,
Lutheran Home reported between $100 million and $500 million in
both assets and liabilities.
The Debtors tapped Squire Patton Boggs (US), LLP as bankruptcy
counsel; McDonald Hopkins, LLC as Illinois counsel; and one point
Partners, LLC as financial advisor. Stretto is the claims,
noticing, solicitation, balloting, and tabulation agent.
MARQUIE GROUP: Jeff Foster Appointed CEO as GETGOLF Gains Control
-----------------------------------------------------------------
The Marquie Group, Inc. announced that a change of control has
occurred following the transfer of a majority of the Company's
voting securities to GETGOLF, LLC pursuant to the successful
completing of the remaining closing items relating to the Stock
Purchase Agreement dated September 18, 2025.
As a result of this transaction, Jeff Foster has been appointed
Chairman of the Board and Chief Executive Officer, effective
immediately, succeeding Marc Angell, who previously served in those
capacities. The Company also announced the expansion of its Board
of Directors to include an additional member, with Kelly Kirchhoff
appointed to serve as a Director effective immediately.
The Board unanimously approved these appointments and authorized
all necessary filings with the Securities and Exchange Commission
and OTC Markets Group to reflect this change of control and the new
leadership structure.
"I thank Marc Angell for his leadership, and invaluable
contributions to TMGI and the transition process," said Foster, the
newly appointed Chairman and CEO, adding "We look forward to
building on the Company's foundation and pursuing new strategic
opportunities under the GETGOLF leadership with Marc in a
consulting role."
"Jeff and his team have built an extraordinary company that's
redefining the golf industry, and I couldn't be more excited to
help usher in this new era for TMGI," said outgoing CEO Marc
Angell. "Jeff's track record of success and the respect he's earned
both on and off the course make this a huge win for our
shareholders. We're thrilled to have closed such a complex deal so
quickly and smoothly."
TMGI recently announced the acquisition of GETGOLF, including its
subsidiaries - Mountain Brook Golf Club, Apache Creek Golf Club,
and Stand-by-Golf. Combined, these businesses generate annual gross
revenues of more than $8-million, with nearly $2-million in profit
(estimated and unaudited). The next phase will include new
management and a change in control of the company.
All corporate filings and updates related to this transition will
be made available through the Company's public disclosure channels,
including SEC filings and OTC Markets disclosures.
About Marquie Group Inc.
The Marquie Group, Inc. -- www.themarquiegroup.com -- is a publicly
traded company engaged in media, wellness, and consumer lifestyle
products, recently entering into the golf and hospitality industry
through the acquisition of GETGOLF and it's wholly owned
subsidiaries, Mountain Brook Golf Club, Apache Creek, and
Stand-by-Golf.
As of May 31, 2025, the Company had total assets of $6,247,926,
$5,762,299 in total liabilities, and $485,627 in total
shareholders' equity.
Lagos, Nigeria-based Olayinka Oyebola & Co., the Company's auditor
since 2022, issued a "going concern" qualification in its report
dated Aug. 29, 2025, attached to the Company's Annual Report on
Form 10-K for the fiscal year ended May 31, 2025, citing that the
Company suffered an accumulated deficit of $(14,863,486), net loss
of $(165,456). These matters raise substantial doubt about the
Company's ability to continue as a going concern.
MAWSON INFRASTRUCTURE: Inks $9.6M ATM Offering With H.C. Wainwright
-------------------------------------------------------------------
Mawson Infrastructure Group Inc. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that it
entered into an At the Market Offering Agreement with H.C.
Wainwright & Co., LLC to sell shares of its common stock, par value
$0.001 per share, having an aggregate sales price of up to $9.6
million, from time to time, through an "at the market offering"
program under which Wainwright will act as sales agent.
The sales, if any, of Shares made under the Sales Agreement will be
made by any method that is deemed an "at the market offering" as
defined in Rule 415 promulgated under the Securities Act of 1933,
as amended.
Mawson will pay Wainwright a commission in an amount equal to 3.0%
of the gross proceeds from the sale of the Shares and have agreed
to provide Wainwright with customary indemnification and
contribution rights.
In addition, Mawson have agreed to reimburse Wainwright for fees
and disbursements related to its legal counsel in an amount not to
exceed $50,000.
Additionally, pursuant to the terms of the Sales Agreement, Mawson
agreed to reimburse Wainwright for the documented fees and costs of
its legal counsel reasonably incurred in connection with
Wainwright's ongoing due diligence from time to time arising from
the transactions contemplated by the Sales Agreement in an amount
not to exceed $2,500 in the aggregate per due diligence update. The
Sales Agreement contains customary representations and warranties
and conditions to the sale of the Shares pursuant thereto.
Mawson is not obligated to sell any of the Shares under the Sales
Agreement and may at any time suspend solicitation and offers
thereunder. The offering of Shares pursuant to the Sales Agreement
will terminate on the earlier of:
(1) the sale, pursuant to the Sales Agreement, of Shares
having an aggregate offering price of $9.6 million and
(2) the termination of the Sales Agreement by either us or
Wainwright, as permitted therein.
The Shares will be issued pursuant to our shelf registration
statement on Form S-3 (File No. 333-290013). Concurrently herewith,
the Company are filing a prospectus supplement, dated October 17,
2025, with the U.S. Securities and Exchange Commission in
connection with the offer and sale of the Shares.
Wainwright and its affiliates may in the future provide various
investment banking and other financial services for the Company and
affiliates, for which services they may in the future receive
customary fees.
In addition, Wainwright has advised that in the ordinary course of
their various business activities, Wainwright and its respective
affiliates, officers, directors and employees may purchase, sell or
hold a broad array of investments and actively trade securities,
derivatives, loans, commodities, currencies, credit default swaps
and other financial instruments for their own account and for the
accounts of their customers, and such investment and trading
activities may involve or relate to our assets, securities and/or
instruments (directly, as collateral securing other obligations or
otherwise) and/or persons and entities with relationships with the
Company.
Wainwright and its respective affiliates may also communicate
independent investment recommendations, market color or trading
ideas and/or publish or express independent research views in
respect of such assets, securities or instruments and may at any
time hold, or recommend to clients that they should acquire, long
and/or short positions in such assets, securities and instruments.
The foregoing description is qualified in its entirety by reference
to the full text of the Sales Agreement, the form of which is
available at https://tinyurl.com/4v26j4ac
In reviewing the Sales Agreement the Report on Form 8-K, please
remember it is included to provide you with information regarding
its terms and is not intended to provide any other factual or
disclosure information about us or the other party to the Sales
Agreement. The Sales Agreement contains representations and
warranties by each of the parties thereto. These representations
and warranties have been made solely for the benefit of the other
party to the Sales Agreement and:
* should not in all instances be treated as categorical
statements of fact, but rather as a way of allocating the risk to
one of the parties if those statements prove to be inaccurate;
* have been qualified by disclosures that were made to the
other party in connection with the negotiation of the Sales
Agreement, which disclosures are not necessarily reflected in the
Sales Agreement;
* may apply standards of materiality in a way that is
different from what may be viewed as material to you or other
investors; and
* were made only as of the date of the Sales Agreement or such
other date or dates as may be specified in the Sales Agreement and
are subject to more recent developments. Accordingly, these
representations and warranties may not describe the actual state of
affairs as of the date they were made or at any other time.
H.C. Wainwright & Co., LLC may be reached at:
Edward D. Silvera
Chief Executive Officer
430 Park Avenue
New York, N.Y. 10022
E-mail: notices@hcwco.com
Mawson Infrastructure Group Inc. may be reached at:
Address for Notice:
950 Railroad Avenue
Midland, Pa. 15059
Attention: Kaliste Saloom - Interim Chief Executive Officer,
General Counsel and Corporate Secretary
E-mail: legal@mawsoninc.com
With copies to (which shall not constitute notice):
Stoel Rives LLP:
101 S. Capitol Blvd, Suite 1900
Boise, Idaho 83702
Attention: Meaghan Nelson
E-mail: meaghan.nelson@stoel.com
Lewis Brisbois Bisgaard & Smith, LLP:
45 Fremont Street, Suite 3000
San Francisco, Calif. 94105
Attention: Daniel Eng
Dale Bergman
E-mail: Daniel.Eng@lewisbrisbois.com
Dale.Bergman@lewisbrisbois.com
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.
MEAT U ANYWHERE: Taps Bonds Ellis Eppich Schafer Jones as Counsel
-----------------------------------------------------------------
Meat U Anywhere Grapevine, LLC and its affiliates seek approval
from the U.S. Bankruptcy Court for the Northern District of Texas
to employ Bonds Ellis Eppich Schafer Jones LLP as counsel.
The firm will render these services:
(a) serve as attorneys of record for the Debtors and provide
representation and legal advice with respect to their powers and
duties in the continued operation of their businesses;
(b) assist the Debtors in carrying out their duties under the
Bankruptcy Code;
(c) take all necessary action to protect and preserve the
Debtors' estates;
(d) consult with the United States Trustee and all other
creditors and parties in interest concerning administration of
these Chapter 11 cases;
(e) assist in potential sales of the Debtors' assets;
(f) prepare on behalf of the Debtors all legal papers and
documents to further their estates' interests and objections, and
assist them in preparation of schedules, statements, and reports,
and represent them and their estates at all related hearings and at
all related meetings of creditors, United States Trustee
interviews, and the like;
(g) assist the Debtors in connection with preparing and
refining their Chapter 11 plans and/or all related agreements and
documents necessary to facilitate an exit from these Chapter 11
cases, take appropriate action on behalf of them to obtain
confirmation of such plans, and take such further actions as may be
required in connection with the implementation of such plans;
(h) assist the Debtors in analyzing and appropriately treating
the claims of creditors;
(i) appear before this Court and any appellate courts or other
courts having jurisdiction over any matter associated with these
Chapter 11 cases; and
(j) perform all other legal services and provide all other
legal advice to the Debtors as may be required or deemed to be in
the interest of their estates in accordance with its rights and
duties as set forth in the Bankruptcy Code.
The firm will be paid at these hourly rates:
Bryan Assink, Partner $425
Linda Paquette-Gordon, Senior Paralegal $275
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to filing these Chapter 11 cases, the firm received a
retainer of $18,700 from the Debtors.
Mr. Assink 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:
Bryan C. Assink, Esq.
Bonds Ellis Eppich Schafer Jones LLP
420 Throckmorton Street, Suite 1000
Fort Worth, TX 76102
Telephone: (817) 405-6900
Facsimile: (817) 405-6902
Email: bryan.assink@bondsellis.com
About Meat U Anywhere Grapevine
Meat U Anywhere Grapevine, LLC; Meat U Anywhere Trophy Club, LLC;
Meat U Anywhere Management, LLC; and MUA GV Properties, LLC are
part of the Meat U Anywhere business, founded by Andres Sedino, and
operate under a unified brand focused on barbecue and catering
services. The Grapevine and Trophy Club LLC run the two restaurant
locations in Texas, serving slow-smoked meats, exclusive sides,
special offerings, and breakfast tacos, while Meat U Anywhere
Management, LLC oversees operational and administrative functions
and MUA GV Properties, LLC manages properties.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-43503) on
September 15, 2025, with $1,875,756 in combined total assets as of
June 30, 2025, and $2,551,985 in combined total liabilities as of
June 30, 2025. Andres Sedino, manager, signed the petitions.
Judge Edward L. Morris presides over the case.
Bryan C. Assink, Esq., at Bonds Ellis Eppich Schafer Jones, LLP
represents the Debtors as counsel.
MJS MATERIALS: Hires Shapiro Blasi Wasserman & Hermann as Counsel
-----------------------------------------------------------------
MJS Materials, Inc. seeks approval from the U.S. Bankruptcy Court
for the Southern District of Florida to employ Shapiro, Blasi,
Wasserman & Hermann, PA as counsel.
The firm's services include:
(a) advise the Debtor with respect to its powers and duties in
the continued management of its financial affairs;
(b) advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
(c) prepare legal documents necessary in the administration of
the case;
(d) protect the interests of the Debtor in all matters pending
before the Court in this Chapter 11 case; and
(e) represent the Debtor in negotiation with its creditors in
the preparation of a plan and disclosure statement.
Matthew Kish, Esq., an attorney at Shapiro, Blasi, Wasserman &
Hermann, 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:
Matthew S. Kish, Esq.
Shapiro, Blasi, Wasserman & Hermann, PA
777 Glades Road, Suite 400
Boca Raton, FL 33434
Telephone: (561) 477-7800
Email: mkish@sbwh.law
About MJS Materials Inc.
MJS Materials, Inc. is a Florida-based business offering aggregate
hauling and logistics solutions for the construction, land
development, and infrastructure sectors.
MJS Materials sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21971) on
October 10, 2025. In its petition, the Debtor reported up to
$50,000 in assets and liabilities.
Honorable Bankruptcy Judge Mindy A. Mora handles the case.
The Debtor is represented by Matthew S. Kish, Esq., at Shapiro,
Blasi, Wasserman & Hermann, PA.
MODIVCARE INC: Randstad Steps Down as Committee Member
------------------------------------------------------
The U.S. Trustee for Region 7 disclosed in a court filing the
resignation of Randstad North America from the official committee
of unsecured creditors in the Chapter 11 cases of ModivCare
Inc. and its affiliates.
The remaining members of the committee are:
1. Wilmington Savings Fund Society, FSB
As Indentured Trustee
Patrick Healy
500 Delaware Avenue
Wilmington, DE 19801
(302) 888-7420
phealy@wsfsbank.com
Counsel:
Jon Levine
Winston & Strawn LLP
200 Park Avenue
New York, NY 10166
(212) 294-4641
jonlevine@winston.com
2. Madison Avenue International LP
Chris Carroll, CFO
150 East 58th Street, Suite 1403
New York, NY 10155
(212) 702-8648
eli@madisonavelp.com
3. Jupiter Asset Management
David Rowe, Investment Analyst
70 Victoria Street
London SW1E 6SQ
England
+44 20 3817 1472
david.rowe@jupiteram.com
4. Uber Health, LLC
Niels Melius
Randall Haimovici, Associate GC
1725 3rd Street
San Francisco, CA 94158
(415) 612-8582
nielsm@uber.com
5. MedEx Medical Transport Service, Inc.
Dillon Lowe
902 East Memorial Drive
Ahoskie, NC 27910
(252) 287-7365
dillon@medextransport.com
Counsel:
Zachry McKay
Jackson Walker LLP
1401 McKinney, Suite 1900
Houston, TX 77010
(713) 752-4261
zmckay@jw.com
6. Marquis Hines
C/O: Zev Antell
Butler Curwood, PLC
140 Virginia Street, Suite 302
Richmond, VA 23219
(804) 347-5740
zev@butlercurwood.com
Counsel:
Zev Antell
Butler Curwood, PLC
140 Virginia Street, Suite 302
Richmond, VA 23219
(804) 347-5740
zev@butlercurwood.com
About ModivCare
ModivCare Inc. is a technology-enabled healthcare services company
that provides a suite of integrated supportive care solutions for
public and private payors and their members.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20,
2025. In the petition signed by Chad J. Shandler, chief
transformation officer, the Debtor disclosed up to $10 billion in
both assets and liabilities.
Judge Alfredo R. Perez oversees the case.
The Debtor tapped Hunton Andrews Kurth, LLP and Latham & Watkins,
LLP as legal counsel; FTI Consulting, Inc. as financial advisor and
Chad J. Shandler, senior managing director at FTI, as chief
transformation officer; and Ernst & Young, LLP as tax, consulting,
accounting and valuation services provider.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
White & Case, LLP and AlixPartners, LLP serve as the committee's
legal counsel and financial advisor, respectively.
NABORS INDUSTRIES: CFO Reports 14,401 Common Shares in Form 3
-------------------------------------------------------------
Miguel Angel Rodriguez-Rodriguez, Chief Financial Officer of Nabors
Industries Ltd., disclosed in a Form 3 filed with the U.S.
Securities and Exchange Commission that as of October 1, 2025, he
beneficially owns 14,401 shares of common stock directly, including
9,558 unvested restricted shares from five separate grants:
(i) 686 shares granted on February 11, 2022, vesting on
February 11, 2026;
(ii) 1,134 shares granted on February 15, 2023, vesting equally
on February 15, 2026 and 2027;
(iii) 603 shares granted in February 2023, vesting on February
15, 2026;
(iv) 1,987 shares granted on February 19, 2024, vesting equally
on February 19, 2026, 2027, and 2028; and
(v) 5,148 shares granted on February 18, 2025, vesting in four
equal annual installments beginning February 18, 2026.
Address of Reporting Person:
C/O Nabors Corporate Services, Inc.
515 W. Greens Road
Houston, Texas 77067
A full-text copy of the SEC report is available at
https://tinyurl.com/4fvywszf
About Nabors
Bermuda-based Nabors Industries Ltd. (NYSE: NBR) owns and operates
land-based drilling rig fleets and provides offshore platform rigs
in the United States and several international markets. Nabors also
provides directional drilling services, tubular services,
performance software, and innovative technologies for its own rig
fleet and those of third parties.
As of June 30, 2025, the Company had $5.04 billion in total assets,
$3.59 billion in total liabilities, and $640.33 million in total
stockholders' equity.
* * *
Egan-Jones Ratings Company on June 10, 2025, maintained its 'CCC+'
foreign currency and local currency senior unsecured ratings on
debt issued by Nabors Industries, Inc.
NATIONAL BUILDERS: Seeks to Hire Lee & Associates as Estate Broker
------------------------------------------------------------------
National Builders & Acceptance Corporation seeks approval from the
U.S. Bankruptcy Court for the Western District of Pennsylvania to
employ Lee & Associates of Western Pennsylvania, LLC as real estate
broker.
The Debtor needs a broker to market and sell its real property
located at 219-223 Atwood Street, Pittsburgh, Pennsylvania.
The firm will receive a commission of 6 percent of the property's
purchase price.
Dana Grau, a member at Lee & Associates of Western Pennsylvania,
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:
Dana Grau
Lee & Associates of Western Pennsyylvania, LLC
11 Stanwix St.
Pittsburgh, PA 15222
Telephone: (412) 339-2424
About National Builders & Acceptance
National Builders & Acceptance Corporation filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Pa.
Case No. 25-22277) on August 28, 2025, with up to $10 million in
both assets and liabilities.
Judge John C. Melaragno presides over the case.
Ryan J. Cooney, Esq., at Cooney Law Offices LLC represents the
Debtor as counsel.
NEWARK EXPO: Case Summary & Eight Unsecured Creditors
-----------------------------------------------------
Debtor: Newark Expo Center, Inc.
Chandni Restaurant
5748 Mowry School Road
Newark CA 94560
Business Description: Newark Expo Center, Inc., operating as
Chandni Restaurant, provides event and
banquet services and restaurant operations
at 5748 Mowry School Road in Newark,
California, hosting weddings, parties,
corporate events, and other gatherings. The
restaurant offers Pakistani and Indian
cuisine, including halal and halal-Chinese
options.
Chapter 11 Petition Date: October 23, 2025
Court: United States Bankruptcy Court
Northern District of California
Case No.: 25-419924
Debtor's Counsel: Ruth Auerbach, Esq.
RUTH AUERBACH
236 West Portal Ave., Suite 185
San Francisco CA 94127
Tel: (415) 722-5596
Email: ruth.auerbach.esq@gmail.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Syed Sarwat as CEO.
A full-text copy of the petition, which includes a list of the
Debtor's eight unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/HYPYFHQ/Newark_Expo_Center_Inc__canbke-25-41992__0001.0.pdf?mcid=tGE4TAMA
NIGHTFOOD HOLDINGS: Inks $25M Equity Purchase Deal With Mast Hill
-----------------------------------------------------------------
Nightfood Holdings, Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that the Company
entered into an Equity Purchase Agreement with Mast Hill Fund,
L.P., a Delaware limited partnership, pursuant to which the Company
agreed to issue and sell to the Investor in a private placement up
to an aggregate of $25 million in newly issued common stock, par
value $0.001 per share, from time to time on the terms, and subject
to the conditions set forth therein. The price at which the Common
Stock will be sold will be based on the applicable Initial Purchase
Price (as defined in the Purchase Agreement).
The Company expects to use the net proceeds from any sales pursuant
to the Purchase Agreement for working capital and other general
corporate purposes.
Pursuant to the Purchase Agreement, the Company covenants and
agrees that it will not enter into an agreement involving a
Variable Rate Transaction or Equity Line of Credit (as defined in
the Purchase Agreement) from the Effective Date until the later
of:
(i) 18 months from the date of the Purchase Agreement or the
date the Purchase Agreement is no longer in effect, without the
prior written consent of the Investor.
The Company may terminate the Purchase Agreement at any time by
written notice to the Investor, except during any Valuation Period
or at any time the Investor holds any Put Shares (as defined in the
Purchase Agreement).
Additionally, from the date of the Purchase Agreement until
termination, the company shall not enter into a Subsequent
Placement, unless the Company first delivers an Offer Notice (as
defined in the Purchase Agreement) to the Investor and offer to the
Investor at least 20% of the securities in the Subsequent
Placement.
In connection with the Purchase Agreement, the Company issued a
warrant to the Investor to purchase 6,000,000 shares of Common
Stock at an exercise price of $0.10. The Warrant became exercisable
on the Issuance Date (as defined in the Warrant) and expires on the
five-year anniversary of the Issuance Date.
The Common Stock and Common Stock underlying the Warrant Shares (as
defined in the Warrant) have not been and will not be registered
under the Securities Act of 1933, as amended, and were offered and
will be issued and sold pursuant to the exemption provided in
Section 4(a)(2) under the Securities Act.
Entry into Registration Rights Agreement:
In connection with entering into the Purchase Agreement, the
Company and the Investor also entered into a Registration Rights
Agreement, pursuant to which, within 60 days of the date of the
Purchase Agreement, the Company is required to file a registration
statement on Form S-1 with the SEC to register the maximum number
of Registrable Securities (as defined in the Registration Rights
Agreement).
The Company also agreed to use its commercially reasonable efforts
to cause the Registration Statement to become effective within 90
days following its filing with the SEC.
The Purchase Agreement and Registration Rights Agreement contains
standard representations, warranties, covenants, indemnification
and other terms customary in similar transactions.
The foregoing description of the Warrant, Purchase Agreement, and
Registration Rights Agreement do not purport to be complete and is
qualified in its entirety by reference to the full text of the
Warrant, Purchase Agreement, and Registration Rights Agreement
which are filed as Exhibit 4.1, 10.1 and 10.2 respectively, to this
Report on Form 8-K and is available at https://tinyurl.com/r72md93a
In connection with the issuance of the Common Stock, The Company
relied upon the exemption from registration provided by Section
4(a)(2) under the Securities Act of 1933, as amended, for
transactions not involving a public offering.
About Nightfood Holdings
Tarrytown, N.Y.-based Nightfood Holdings, Inc. is focused on
identifying and exploiting explosive market trends within the
hospitality, food services, and consumer goods sectors. By leading
newly emerging categories and by identifying opportunities in
markets undergoing transformational upheaval, our aim is to create
upside potential unmatched in more mature markets.
As of June 30, 2025, the Company had total assets of $7.32 million,
$11.95 million in total liabilities, $12.71 million in total
temporary equity and $17.33 million in total stockholders'
deficit.
Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated October 14, 2025, attached to the Company's Annual
Report on Form 10-K for the fiscal year ended June 30, 2025, citing
that the Company has an accumulated deficit, limited available cash
resources and does not believe cash on hand will be sufficient to
fund operations and growth. These factors, among others, raise
substantial doubt about the Company's ability to continue as a
going concern.
NIGHTFOOD HOLDINGS: Issues $2.27M Convertible Note to Mast Hill
---------------------------------------------------------------
Nightfood Holdings, Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that the Company
entered into a Securities Purchase Agreement with Mast Hill Fund,
L.P., pursuant to which the Company issued a senior secured
promissory note in the aggregate principal amount of $2,270,000.00,
at an original issue discount of 15%, resulting in net proceeds to
the Company of $1,929,500.00, with certain amounts withheld for
transaction-related expenses.
In connection with the SPA, the Company also entered into
amendments to that certain Security Agreement, dated June 1, 2023,
by and between the Company, Nightfood, Inc., MJ Munchies, Inc.,
Future Hospitality Ventures Holdings Inc., SWC Group, Inc., and the
Investor, as amended, that certain Pledge Agreement, dated June 1,
2023, by and between the Company, Mr. Lei Sonny Wang, and the
Investor, as amended, and that certain Guarantee, dated June 1,
2023, by and between Nightfood, Inc., MJ Munchies, Inc., the
Company, Future Hospitality Ventures Holdings Inc., SWC Group,
Inc., and the Investor, as amended to, respectively, incorporate
the Note under the Security Agreement, Pledge Agreement and
Guarantee.
The Note matures 12 months from the issue date and bears interest
at a rate of 15% per annum, with additional interest provisions.
The Note is convertible at any time on or after the Issue Date (as
defined in the Note) into shares of the Company's common stock, par
value $0.001 per share, at a conversion price equal to the lesser:
(i) of $0.033 per share or
(ii) the Market Price (as defined in the Note), subject to
adjustments for stock splits, dividends, and similar corporate
actions.
The SPA, Note, and the amendments to the Security Agreement, Pledge
Agreement, and Guarantee are being filed as exhibits to this Report
on Form 8-K and are incorporated herein by reference. The foregoing
descriptions do not purport to be complete and are qualified in
their entirety by reference to the full text of each agreement,
which are filed herewith as Exhibits 10.1 through 10.5. The Form
8-K is available at https://tinyurl.com/2svjjbx2
About Nightfood Holdings
Tarrytown, N.Y.-based Nightfood Holdings, Inc. is focused on
identifying and exploiting explosive market trends within the
hospitality, food services, and consumer goods sectors. By leading
newly emerging categories and by identifying opportunities in
markets undergoing transformational upheaval, our aim is to create
upside potential unmatched in more mature markets.
As of June 30, 2025, the Company had total assets of $7.32 million,
$11.95 million in total liabilities, $12.71 million in total
temporary equity and $17.33 million in total stockholders'
deficit.
Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated October 14, 2025, attached to the Company's Annual
Report on Form 10-K for the fiscal year ended June 30, 2025, citing
that the Company has an accumulated deficit, limited available cash
resources and does not believe cash on hand will be sufficient to
fund operations and growth. These factors, among others, raise
substantial doubt about the Company's ability to continue as a
going concern.
NORTHERN DYNASTY: Receives Final Tranche of $12M Royalty Investment
-------------------------------------------------------------------
Northern Dynasty Minerals Ltd. announced the receipt of a $12
million payment representing the fifth and final tranche of
investment under the Company's royalty agreement dated July 26,
2022, as amended. All amounts are in U.S. dollars unless otherwise
noted.
The payment was received well before the December 31, 2025
deadline, and brings the aggregate total purchase price to $60
million. The maximum royalty rates under the original Royalty
Agreement are now in effect.
Accordingly, the royalty holder has the right to receive 10% of the
payable gold production and 30% of the payable silver production
from the Pebble Project.
"With this final $12 million investment we have completed the
royalty investment program that began in 2022," said Ron Thiessen,
Northern Dynasty's President and CEO. "We embarked on this royalty
investment program because we saw it as an opportunity to improve
our liquidity without issuing equity at what we considered
depressed prices. In retrospect, our decision has been validated as
our share price has increased more than five-fold since entering
into the agreement in 2022 when our share price was depressed and,
as a result, we have avoided significant dilution to shareholders.
We are pleased that we raised a substantial amount of capital in
return for the right to buy a small portion of future, gold and
silver production from the Proposed Project, while keeping 100% of
the copper, molybdenum and rhenium production."
"We want to thank the royalty holder for their support and the vote
of confidence this investment represents. We now have the strongest
liquidity position we have had in many years as we continue to push
to have the illegal veto withdrawn and to advance the project
through permitting," Mr. Thiessen concluded.
About Northern Dynasty Minerals Ltd.
Northern Dynasty is a mineral exploration and development company
based in Vancouver, Canada. Northern Dynasty's principal asset,
owned through its wholly owned Alaska-based U.S. subsidiary, Pebble
Limited Partnership, is a 100% interest in a contiguous block of
1,840 mineral claims in Southwest Alaska, including the Pebble
deposit, located 200 miles from Anchorage and 125 miles from
Bristol Bay. The Pebble Partnership is the proponent of the Pebble
Project.
In an audit report dated March 27, 2025, Deloitte LLP issued a
"going concern" qualification citing that the Company incurred a
consolidated net loss of $33 million during the year ended December
31, 2024, and, as of that date, the Company's consolidated deficit
was $729 million. These conditions, along with other matters,
raise substantial doubt about its ability to continue as a going
concern.
Northern Dynasty reported a net loss of C$36.15 million for the
year ended Dec. 31, 2024, compared to a net loss of $21 million for
the year ended Dec. 31, 2023. As of Dec. 31, 2024, the Company
reported total assets of C$137.16 million, total liabilities of
C$39.96 million, and total equity of C$97.20 million.
NOVA LIFESTYLE: Xmax Alpha Invests $5.6M in SpaceX Fund
-------------------------------------------------------
Nova LifeStyle, Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that Xmax Alpha Holdings
Ltd. (the "Company"), a company incorporated in the Cayman Islands
and an indirectly wholly owned subsidiary of Nova LifeStyle,
entered into a Subscription Agreement with Preamble Capital I, A
Series of CGF2021 LLC, a Delaware Limited Liability Company (the
"Fund").
Pursuant to the Agreement, the Company subscribed 99.82% interest
in the Fund in an amount equal to $5,605,000 and has become a
member of the Fund and been bound by the LLC Agreement as a member
of the Fund.
Sydecar LLC, a Delaware limited liability company, is the
administrator of the Fund. The applicable management fee percentage
for the Company is 0%. October 15, 2025, the Company completed the
subscription.
On October 16, 2025, the Fund entered into a Subscription Agreement
with a certain fund to subscribe certain interest of such fund for
an amount of $5,600,000, which will be used by such fund to
purchase shares of common stock of Space Exploration Technologies
Corp.
A full-text copy of the Subscription Agreement is available at
https://tinyurl.com/58jv79sm
About Nova Lifestyle
Headquartered in Commerce, Calif., Nova LifeStyle, Inc. is a
distributor of contemporary styled residential and commercial
furniture incorporated into a dynamic marketing and sales platform
offering retail as well as online selection and global purchase
fulfillment. The Company monitors popular trends and products to
create design elements that are then integrated into the Company's
product lines that can be used as both stand-alone or whole room
and home furnishing solutions. Through its global network of
retailers, e-commerce platforms, stagers, and hospitality
providers, Nova LifeStyle also sells (through an exclusive
third-party manufacturing partner) a managed variety of
high-quality bedding foundation components.
Singapore-based Enrome LLP, the Company's auditor since 2024,
issued a "going concern" qualification in its report dated March
31, 2025, attached to the Company's Annual Report on Form 10-K for
the fiscal year ended December 31, 2024, citing that the Company
incurred a net loss and operating cash outflow of $5,561,705 and
$1,391,779 respectively for the year ended December 31, 2024 and
accumulated deficit of $49,991,515 for the year ended December 31,
2024. These factors, raise substantial doubt about its ability to
continue as going concern.
As of June 30, 2025, Nova LifeStyle had $11,634,504 in total
assets, $5,087,783 in total liabilities, and $6,546,721 in total
stockholders' deficit.
NTG 392 WHITE: Case Summary & 10 Unsecured Creditors
----------------------------------------------------
Three affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
NTG 392 White Horse, LLC (Lead) 25-21270
392 White Horse Pike
Hammonton, NJ 08037
NTG 6727 Delilah, LLC 25-21272
6727 Delilah Rd
Egg Harbor Township, NJ 08234
NTG 897 12th Street, LLC 25-21273
897 12th Street
Hammonton, NJ 08037
Business Description: NTG 392 White Horse LLC, NTG 897 12th Street
LLC, and NTG 6727 Delilah LLC are limited
liability companies organized under the laws
of New Jersey and share identical ownership
and management. Each Debtor is managed by
Nicole Raso, who holds a 34% membership
interest, while Gianna Mortellite and
Tiffany Mortellite each hold 33%. The
Debtors are single asset real estate
entities. NTG 392 White Horse owns the real
property known as 392 North White Horse
Pike, Hammonton, NJ; NTG 897 12th Street
owns the real property known as 897 12th
Street, Hammonton, NJ; and NTG 6727 Delilah
owns the real property known as 6727 Delilah
Road, Egg Harbor Township, NJ.
Chapter 11 Petition Date: October 23, 2025
Court: United States Bankruptcy Court
District of New Jersey
Judge: TBD
Debtors'
General
Bankruptcy
Counsel: Brian G Hannon, Esq.
NORGAARD OBOYLE HANNON
184 Grand Avenue
Englewood, NJ 07631
Tel: (201) 871-1333
Fax: (201) 871-3161
Email: bhannon@norgaardfirm.com
NTG 392 White Horse's
Total Assets: $2,920,000
NTG 392 White Horse's
Total Liabilities: $11,053,654
NTG 6727 Delilah's
Total Assets: $1,970,000
NTG 6727 Delilah's
Total Liabilities: $11,063,157
NTG 897 12th Street's
Total Assets: $9,910,000
NTG 897 12th Street's
Total Liabilities: $11,100,269
The petitions were signed by Nicole Raso as managing member.
Full-text copies of the petitions are available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/GFFCANQ/NTG_392_White_Horse_LLC__njbke-25-21270__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/GCSRBNA/NTG_6727_Delilah_LLC__njbke-25-21272__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/GMZEGXI/NTG_897_12th_Street_LLC__njbke-25-21273__0001.0.pdf?mcid=tGE4TAMA
A. List of NTG 392 White Horse, LLC's 10 Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Anthony Rodio & Frank Ingemi $0
c/o Matthew A. Luber, Esq.
McOmber, McOmber, & Luber, PC
50 Lake Center Dr,
Ste 400
Marlton, NJ 08053
2. Atlantic City Electric Utility Bill $333
PO Box 13610
Philadelphia, PA
19101-3610
3. Dennis LaSassa, Jr. Business Debt $159
Plumbing, Inc.
895 12th Street
Hammonton, NJ 08037
4. Garden State Investment $3,407
6601 Ventnor Ave.,
Ste 103
Ventnor City, NJ
08406-2168
5. Interstate Waste Utility Bill $0
Services, Inc.
253 N. White Horse Pike
Hammonton, NJ 08037
6. IRS-Centralized Insolvency $0
Operations
PO Box 7346
Philadelphia, PA
19101-7346
7. South Jersey Gas Utility Bill $0
1 South Jersey Place
Atlantic City, NJ 08401
8. SSS Funding, LLC Business Debt $500,000
c/o Swati Shah,
Registered Agent
838 Green Street,
Suite 201
Iselin, NJ 08830
9. State of New Jersey $0
Division of Taxation,
Bankruptcy Unit
3 John Fitch Way, 5th Floor
PO Box 245
Trenton, NJ
08695-0245
10. Wilmington Trust, $7,629,753
National Association
1100 North Market Street
Wilmington, DE 19890
B. List of NTG 6727 Delilah's 13 Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Anthony Rodio & Frank Ingemi $0
c/o Matthew A. Luber, Esq.
McOmber, McOmber, & Luber, PC
50 Lake Center Dr,
Ste 400
Marlton, NJ 08053
2. Atlantic City Electric Utility Bill $5,363
PO Box 13610
Philadelphia, PA
19101-3610
3. Atlantic City Electric Utility Bill $2,038
PO Box 13610
Philadelphia, PA
19101-3610
4. Atlantic City Electric Utility Bill $245
PO Box 13610
Philadelphia, PA
19101-3610
5. FIGNJ19, LLC $74
PO Box 54226
New Orleans, LA 70154
6. Garden State Investment $534
6601 Ventnor Ave.,
Ste 103
Ventnor City, NJ
08406-2168
7. Interstate Waste Services, Inc. $0
253 N. White Horse Pike
Hammonton, NJ 08037
8. IRS-Centralized Insolvency $0
Operations
PO Box 7346
Philadelphia, PA
19101-7346
9. South Jersey Gas Utility Bill $0
1 South Jersey Place
Atlantic City, NJ 08401
10. SSS Funding, LLC Business Debt $500,000
c/o Swati Shah,
Registered Agent
838 Green Street,
Suite 201
Iselin, NJ 08830
11. State of New Jersey $0
Division of Taxation,
Bankruptcy Unit
3 John Fitch Way, 5th Floor
PO Box 245
Trenton, NJ
08695-0245
12. TK Elevator Business Debt $5,148
788 Circle 75 Pkwy
SE, Ste 500
Atlanta, GA 30339
13. Wilmington Trust, $8,579,753
National Association
1100 North Market Street
Wilmington, DE 19890
C. List of NTG 897 12th Street's 13 Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Anthony Rodio & Frank Ingemi $0
c/o Matthew A. Luber, Esq.
McOmber, McOmber, & Luber, PC
50 Lake Center Dr,
Ste 400
Marlton, NJ 08053
2. Atlantic City Electric Utility Bill $126
PO Box 13610
Philadelphia, PA
19101-3610
3. Atlantic City Electric Utility Bill $90
PO Box 13610
Philadelphia, PA
19101-3610
4. Atlantic City Electric Utility Bill $86
PO Box 13610
Philadelphia, PA
19101-3610
5. Balsley Losco Realty Business Debt $27,352
1630 New Rd
Northfield, NJ 08225
6. Dennis LaSassa, Jr. Business Debt $10,500
Plumbing, Inc.
895 12th Street
Hammonton, NJ 08037
7. Interstate Waste Services, Inc. $0
253 N. White Horse Pike
Hammonton, NJ 08037
8. IRS-Centralized Insolvency $0
Operations
PO Box 7346
Philadelphia, PA
19101-7346
9. Nor'easter Electric Business Debt $12,360
358 Bremen Ave
Egg Harbor City, NJ 08215
10. South Jersey Gas Utility Bill $0
1 South Jersey Place
Atlantic City, NJ 08401
11. SSS Funding, LLC Business Debt $500,000
c/o Swati Shah,
Registered Agent
838 Green Street,
Suite 201
Iselin, NJ 08830
12. State of New Jersey $0
Division of Taxation,
Bankruptcy Unit
3 John Fitch Way, 5th
Floor
PO Box 245
Trenton, NJ
08695-0245
13. Wilmington Trust, $639,753
National Association
1100 North Market Street
Wilmington, DE 19890
ORIGIN FOOD: Gets Final OK to Use Cash Collateral
-------------------------------------------------
The U.S. Bankruptcy Court for the Western District of North
Carolina, Statesville Division, entered a final order authorizing
Origin Food Group, LLC to use cash collateral.
The order authorized the Debtor to use cash collateral to fund
operating expenses in accordance with an updated budget. The Debtor
may exceed individual budget line items by up to 10% on a
cumulative basis without being deemed noncompliant.
Additionally, the order required that any professional fee carveout
for the Debtor's counsel be deposited into the counsel's trust
account within 14 days of the order, pending court approval of
final fee applications.
As adequate protection, creditors will be granted replacement liens
or property interests under Section 361 of the Bankruptcy Code to
the extent their pre-bankruptcy collateral is used. However, the
order preserves all parties' rights to later challenge the
validity, priority, or extent of those liens.
Several creditors claim secured interests based on a list of UCC
financing statements on file with the North Carolina Secretary of
State. These secured creditors include banks and equipment
financiers such as Branch Banking & Trust, International Financial
Services Corporation, Treemount Holding, Longitude 80 Dairies,
DariFill, The Huntington National Bank, Goodman Capital Finance,
First Commonwealth Equipment Finance, and others.
The Debtor believes that all creditors are adequately protected,
noting that the continued use of cash collateral in the ordinary
course of business preserves its going concern value, thereby
maintaining or even enhancing the value of the creditors'
collateral.
The final order is available at https://is.gd/EL3pQd from
PacerMonitor.com.
About Origin Food Group LLC
Origin Food Group, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. N.C. Case No. 25-50268) on August
20, 2025. In the petition signed by Halil Ulukaya, president, the
Debtor disclosed up to $10 million in both assets and liabilities.
Judge Laura T. Beyer oversees the case.
John C. Woodman, Esq., at Essex Richards PA, represents the Debtor
as legal counsel.
OUR LITTLE ANGELS: Seeks Chapter 7 Bankruptcy in Georgia
--------------------------------------------------------
Our Little Angels Childcare LLC voluntarily filed for Chapter 7
bankruptcy in the Northern District of Georgia on October 16, 2025.
According to the petition, the company has liabilities ranging from
$100,001 to $1 million. The filing notes that the number of
creditors is between 1 and 49.
About Our Little Angels Childcare LLC
Our Little Angels Childcare LLC, located in Marietta, Georgia,
provides childcare services with a focus on early childhood
education for infants, toddlers, and preschoolers.
Our Little Angels Childcare LLC sought relief under Chapter 7 of
the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-62067) on
October 16, 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 Paul W. Bonapfel handles the case.
The Debtor is represented by William A. Rountree, Esq. of Rountree
Leitman Klein & Geer, LLC.
PAIA INN: Case Summary & 18 Unsecured Creditors
-----------------------------------------------
Debtor: Paia Inn LLC
P.O. Box 790100
Paia, HI 96779
Business Description: Paia Inn LLC operates a boutique hotel in
Paia on Maui's North Shore, Hawai'i,
offering oceanfront lodging and event
spaces, including weddings. The Company
provides accommodations with modern
amenities such as air-conditioning, WiFi,
flat-screen TVs, and private bathrooms.
Paia Inn also engages with the local
community and supports regional businesses,
artisans, and environmental initiatives.
Chapter 11 Petition Date: October 24, 2025
Court: United States Bankruptcy Court
District of Hawaii
Case No.: 25-00956
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
E-mail: cchoi@hibklaw.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Michael S. Baskin as authorized
representative of the Debtor.
A full-text copy of the petition, which includes a list of the
Debtor's 18 unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/CQBWQFA/Paia_Inn_LLC__hibke-25-00956__0001.0.pdf?mcid=tGE4TAMA
PAIA LIFE: Case Summary & Nine Unsecured Creditors
--------------------------------------------------
Debtor: Paia Life LLC
P.O. Box 790100
Paia, HI 96779
Business Description: Paia Life LLC operates lodging
accommodations at 23 Nalu Place in Paia, on
the island of Maui, Hawai'i. The Company is
classified under NAICS 7211 for traveler
accommodation, a category for businesses
providing short-term lodging services.
Chapter 11 Petition Date: October 24, 2025
Court: United States Bankruptcy Court
District of Hawaii
Case No.: 25-00953
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 Manager of Paia
Properties LLC, the Debtor's Manager.
A full-text copy of the petition, which includes a list of the
Debtor's nine unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/52GYW4I/Paia_Life_LLC__hibke-25-00953__0001.0.pdf?mcid=tGE4TAMA
PARAGON INDUSTRIES: Hires Three Keys Capital as Investment Banker
-----------------------------------------------------------------
Paragon Industries, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Oklahoma to employ Three Keys
Capital Advisors II LLC to serve as investment banker in its
Chapter 11 case.
Three Keys will provide these services:
(a) assist the Debtor in evaluating its strategic alternatives,
including a potential sale or restructuring transaction;
(b) identify and contact potential interested parties or
purchasers;
(c) assist in the negotiation of any transaction and provide
related financial advice; and
(d) perform such other financial advisory and investment banking
services as may be requested by the Debtor and agreed to by Three
Keys.
As compensation, Three Keys will receive a monthly advisory fee of
$75,000, a transaction fee of $1.25 million upon consummation of a
sale transaction, and reimbursement for reasonable out-of-pocket
expenses.
Three Keys Capital Advisors II LLC has disclosed that it is a
"disinterested person" as defined in Section 101(14) of the
Bankruptcy Code and holds no interest adverse to the Debtor or its
estate.
The firm can be reached at:
Attn: Steven R. Gerbsman
Three Keys Capital Advisors II LLC
1034 Bridgeway, Suite 102
Sausalito, CA 94965
Telephone: (415) 456-0628
E-mail: steve@gerbsmanpartners.com
About Paragon Industries Inc.
Paragon Industries Inc. manufactures steel pipe products used in
the oil and gas, construction, and fire protection industries.
Based in Sapulpa, Oklahoma, the Company offers services such as
heat treatment, threading, and fabrication. Its product range
includes mechanical, sprinkler, line pipe, OCTG, and construction
pipes, with a customer base extending across North and South
America.
Paragon Industries Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Okla. Case No. 25-80433) on May 21,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $100 million and $500 million. Paul R Thomas
The Debtor is represented by Clayton D. Ketter, Esq. at PHILLIPS
MURRAH P.C.
PASTIME LOUNGE: Seeks to Hire Deschenes & Associates as Counsel
---------------------------------------------------------------
Pastime Lounge, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Montana to employ the firm of Deschenes &
Associates Law Offices as counsel.
The firm will render general counseling and local representation
before the Bankruptcy Court in connection with this case.
The firm will be paid at these hourly rates:
Gary Deschenes, Attorney $450
Zach Duhon, Attorney $250
Lisa Peck, Paralegal $175
Bryanna Richards, Paralegal $155
Harry Wright, Paralegal $155
Grae Gould, Paralegal $155
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a general retainer in the amount of $300.50 from
Curtis Bilger, the Debtor's managing member.
Mr. Deschenes disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Gary S. Deschenes, Esq.
Deschenes & Associates Law Offices
309 First Avenue North
P.O. Box 3466
Great Falls MT 59403
Telephone: (406) 761-6112
Email: gsd@dalawmt.com
About Pastime Lounge
Pastime Lounge, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mont. Case No. 25-40070) on Sept. 17,
2025, listing under $1 million in both assets and liabilities.
Judge Benjamin P. Hursh oversees the case.
Gary S. Deschenes, Esq., at Deschenes & Associates Law Offices
serves as the Debtor's counsel.
PAULAZ ENTERPRISES: Seeks to Hire Bharat I Thackar as Accountant
----------------------------------------------------------------
Paulaz Enterprises Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Bharat I
Thackar, Inc. as accountant.
The firm will prepare the Debtor's tax returns and monthly
operating reports.
The firm will be paid at a monthly payment in the fixed amount of
$500.
Bharat Thackar, a certified public accountant 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:
Bharat Thackar, CPA
Bharat I Thackar, Inc.
9600 Weathervane Manor
Plantation, FL 33324
Telephone: (954) 336-1780
Facsimile: (954) 530-1690
Email: bharat@bharatcpa.com
About Paulaz Enterprises Inc.
Paulaz Enterprises Inc., doing business as Image360 Hollywood FL,
provides custom signage, graphics, and display solutions for
businesses and organizations in Hollywood, Miami, Fort Lauderdale,
and surrounding areas. It offers interior signs, business signage,
vehicle wraps, and event displays, coordinating projects from
design to installation. Paulaz Enterprises operates as part of a
national network, ensuring consistent quality and branding across
various applications.
Paulaz Enterprises sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18061) on July 15,
2025. In its petition, the Debtor reported total assets of $303,282
and total liabilities of $1,733,834.
Judge Peter D. Russin handles the case.
The Debtor tapped Chad Van Horn, Esq., at Van Horn Law Group, PA
and Bharat Thackar, CPA at Bharat I Thackar, Inc. as accountant.
PEEK LLC: Seeks to Hire Bynum & Jenkins as Special Counsel
----------------------------------------------------------
Peek, LLC seeks approval from the U.S. Bankruptcy Court for the
District of Columbia to employ Bynum & Jenkins, PLLC as special
counsel.
The firm will render these services:
(a) draft, file, and prosecute the Motion to Disqualify
Counsel due to actual and potential conflicts of interest;
(b) represent the Debtor at hearings and in related litigation
regarding that motion; and
(c) provide advice and counsel solely as to matters arising
from the conflict of interest/disqualification issue.
Robert Jenkins, Esq., the primary attorney in this representation,
will be compensated at a flat rate of $2,500.
Mr. Jenkins disclosed in a court filing 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 L. Jenkins, Esq.
Bynum & Jenkins, PLLC
1010 Cameron St., Ste. 123
Alexandria, VA 22314
Telephone: (703) 537-5522
About Peek, LLC
Peek, LLC is an accounting and financial services firm wholly owned
and managed by Christopher Peek, CPA.
The Debtor sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D.D.C. Case No. 24-00415) on Dec. 4, 2024,
listing $500,001 to $1 million in both assets and liabilities.
Judge Elizabeth L. Gunn presides over the case.
Charles Earl Walton, Esq., at Law Office Of Charles E. Walton
represents the Debtor as counsel.
PERFORMANCE MOBILE: Hires Michael Best & Friedrich as Counsel
-------------------------------------------------------------
Performance Mobile Care, LLC, doing business as Sherman's Detail
and Reconditioning, 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 in the case.
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 Weinman, Esq.
Michael Best & Friedrich LLP
675 15th Street, Suite 2000
Denver, CO 80202
Telephone: (720) 240-9515
Email: jeffrey.weinman@michaelbest.com
About Performance Mobile Care
Performance Mobile Care, LLC is a vehicle detailing company
specializing in providing mobile detailing services for trucks.
Performance Mobile Care LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No.
25-11281) on March 13, 2025. In its petition, the Debtor reported
assets between $100,000 and $500,000 and liabilities between $1
million and $10 million.
Judge Kimberley H. Tyson handles the case.
The Debtor is represented by Jeffrey A. Weinman, Esq., at Michael
Best & Friedrich LLP.
PHAIR COMPANY: Seeks to Extend Plan Exclusivity to Feb. 20, 2026
----------------------------------------------------------------
Jeffrey David Phair and The Phair Company LLC asked the U.S.
Bankruptcy Court for the Southern District of California to extend
their exclusivity periods to file a plan of reorganization and
obtain acceptance thereof to February 20, 2026 and April 21, 2026,
respectively.
The Debtors explain that their request for a second extension of
the exclusivity periods for the filing of a plan and the
solicitation of acceptances to such plan satisfies the general
principles established by courts as guideposts for demonstrating
"cause" within the meaning of Section 1121(d).
The first factor, the size and complexity of the case, weighs in
favor of granting the Motion. This jointly administered case
involves two related Debtors, numerous creditors, and multiple
development projects. The Debtors, through their counsel and estate
professionals, are actively working on the preparation and
negotiation of a joint plan of reorganization and the related plan
projections that will pay all of the Debtors' creditors in full
based on the sale of the Debtors' multiple development projects.
The second factor, the necessity of sufficient time to permit the
debtor to negotiate a plan of reorganization and prepare adequate
information, weighs in favor of granting the Motion. This is the
Debtors' second request for an extension, and less than eight
months have elapsed since the Debtors filed their voluntary
petitions. The requested relief would extend the exclusivity
periods to February 20, 2026, and April 21, 2026, approximately 12
and 14 months from the Petition Date.
The third factor, the existence of good faith progress towards
reorganization, weighs in favor of granting the Motion. The Debtors
have made good faith progress in moving toward reorganization. Such
activity has included the Debtor timely filing their schedules,
appearing at their 341(a) meetings, filing their monthly operating
reports, filing their periodic reports on related entities, seeking
the employment of professionals, and obtaining the joint
administration of the two cases.
The fourth factor, whether the debtors are paying their bills as
they come due, weighs in favor of granting the Motion. As reflected
in the Debtors' monthly operating reports, the Debtors are
consistently paying their post-petition bills as they come due.
The fifth factor, whether the debtors have demonstrated reasonable
prospects for filing a viable plan, weighs in favor of granting the
Motion. Since the Petition Date, the Debtors have been diligently
pursuing reorganization and have made substantial progress with
preparation and negotiation of a joint plan of reorganization that
will pay all allowed claims in full. Based on the Debtors'
interests in multiple real estate projects, as reflected in their
bankruptcy schedules, the Debtors' have reasonable prospects for
proposing a viable joint plan of reorganization in this jointly
administered case.
The sixth factor, whether the debtors have made progress in
negotiations with creditors, weighs in favor of granting the
Motion. The Debtors, through their counsel, are presently engaged
in settlement discussions with Yaptangco and Kastlunger with
respect to their claims and resolution of the Executory Contract
Rejection Motion. The Debtors have also been in discussion with a
number of their general unsecured creditors, all of whom support
the Debtors and want to see them and their joint plan of
reorganization succeed.
The seventh factor, the amount of time that has elapsed in the
case, weighs in favor of granting the Motion. Less than eight
months have passed since the filing of these cases and the request
of an additional 120 days is a modest extension under the
circumstances. The Debtors simply require more time to finalize
their joint plan and plan projections in order to propose what they
believe will be a plan that pays all allowed claims in full.
The eighth factor, whether the debtors are seeking an extension of
exclusivity in order to pressure creditors to submit to the
debtors' reorganization demands, weighs in favor of granting the
Motion. The Debtors are not seeking to extend the exclusivity
periods in order to maintain leverage over a group of creditors
whose interests are being harmed by the pendency bankruptcy cases.
No party will suffer any "prejudice" if an extension is granted,
especially considering that the Debtors will continue to develop
their real estate development projections which will provide for
the funding for the joint plan upon sale.
Jeffrey David Phair is represented by:
D. Edward Hays, Esq.
Aaron E. De Leest, Esq.
Laila Rais, Esq.
Sarah R. Hasselberger, Esq.
MARSHACK HAYS WOOD LLP
870 Roosevelt, Irvine, CA 92620
Telephone: 949-333-7777
Facsimile: 949-333-7778
The Phair Company LLC is represented by:
Vincent Renda, Esq.
PINNACLE LEGAL, P.C.
9565 Waples Street, Suite #200
San Diego, CA 92121
Telephone: 858-868-5000
Facsimile: 866-303-8383
About The Phair Company LLC
The Phair Company LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-00667) on Feb. 25,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million.
Vincent Renda, Esq. at PINNACLE LEGAL P.C., is the Debtor's
counsel.
PLATE RESTAURANT: Unsecured Creditors to Get Nothing in Plan
------------------------------------------------------------
Plate Restaurant Group LLC filed with the U.S. Bankruptcy Court for
the District of Kansas a Plan of Reorganization for Small Business.
The Debtor is a corporation and a holding company for the
subsidiary businesses, Plate Restaurant LLC and Plate Restaurant
Leawood LLC. The Debtor is the managerial element of these two
restaurants.
This Plan of Reorganization proposes to pay creditors of the Debtor
from future business earnings of the Debtor.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 0 cents on the dollar. This Plan also provides for
the payment of administrative and priority claims.
Class 1 consists of the Secured claims of Community America Credit
Union. Community America Credit Union has two filed claims. One is
for approximately $126,015 at 10% interest, and the other is for
approximately $25,000 at 9.5% interest. The first loan will be paid
off at the current contract amount of $3726.09 per month, and the
second will be paid at $500 per month until completed. Thus the
claims will be paid in full during the Plan.
Class 3 consists of Non-priority unsecured creditors. General
unsecured creditors will receive 0%. This Class is impaired.
Class 4 consists of Equity security holders of the Debtor.
Christian Joseph will retain his ownership interest in the Debtor.
The plan will be funded by the earnings of the subsidiary entities,
Plate Restaurant LLC and Plate Restaurant Leawood LLC.
A full-text copy of the Plan of Reorganization dated October 16,
2025 is available at https://urlcurt.com/u?l=XzWLZY from
PacerMonitor.com at no charge.
About Plate Restaurant Group LLC
Plate Restaurant Group LLC is a Kansas City-based restaurant
business.
Plate Restaurant Group LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-20996) on July 18,
2025. In its petition, the Debtor reports estimated assets up to
$50,000 and estimated liabilities between $500,000 and $1 million.
Bankruptcy Judge Dale L. Somers handles the case.
The Debtor is represented by:
George J. Thomas
Phillips & Thomas, LLC
Tel: 913-385-9900
Email: geojthomas@gmail.com
POINT CLEAR: Hires Stichter Riedel Blain & Postler as Counsel
-------------------------------------------------------------
Point Clear Capital Advisors, LLC and its affiliates seek approval
from the U.S. Bankruptcy Court for the Northern District of Florida
to employ Stichter, Riedel, Blain & Postler, PA as counsel.
The firm's services include:
(a) advise the Debtors with respect to their powers and duties
in the continued management of their property;
(b) prepare on behalf of the Debtors necessary legal papers;
(c) appear before this Court and the United States Trustee to
represent and protect the interests of the Debtors;
(d) assist with and participate in negotiations with creditors
and other parties in interest in formulating a plan of
reorganization, drafting such a plan, and take necessary legal
steps to confirm such a plan;
(e) represent the Debtors in all adversary proceedings,
contested matters, and matters involving administration of this
case;
(f) represent the Debtors in negotiations with potential
financing sources, and prepare contracts, security instruments, and
other documents necessary to obtain financing; and
(g) perform all other legal services that may be necessary for
the proper preservation and administration of this Chapter 11
case.
The firm has received the aggregate sum of $75,000 on account of
prepetition services and as a retainer for postpetition services.
Jodi Daniel Dubose, Esq., an attorney at Stichter, Riedel, Blain &
Postler, 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:
Jodi Daniel Dubose, Esq.
Stichter, Riedel, Blain & Postler, PA
440 Bayfront Pkwy.
Pensacola, FL 32502
Telephone: (850) 637-1836
Email: jdubose@srbp.com
About Point Clear Capital Advisors
Point Clear Capital Advisors, LLC provides investment management
and advisory services and is based in Pensacola, Florida.
Point Clear Capital Advisors and their affiliates sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case
No. 25-30963) on Oct. 1, 2025. The case is jointly administered in
Case No. 25-30963. In its petition, Point Clear Capital Advisors
reported between $100 million and $500 million in assets and
liabilities.
Honorable Bankruptcy Judge Peggy Hunt handles the case.
The Debtors are represented by Stichter, Riedel, Blain & Postler,
PA.
PORTE ROUGE: Amends 1900 Capital Secured Claims Pay Details
-----------------------------------------------------------
Porte Rouge Enterprises, LLC submitted a Second Amended Subchapter
V Plan of Liquidation dated October 16, 2025.
The Debtor has formulated a plan of liquidation. Under this Plan,
the Debtor intends to distribute the proceeds from the sale of its
immovable property (real estate).
The Debtor filed an Amended Schedule D on April 16, 2024 to add
1900 Capital Trust as the holder of a Secured Claim. Pursuant to
the order setting the Claims Bar Dates, 1900 Capital Trust had
until Tuesday, May 14, 2024 to file a Proof of Claim. As of the
date of this Plan, 1900 Capital Trust has not filed a Proof of
Claim despite having been provided adequate and sufficient notice
of the commencement of this Case and the applicable Claims Bar
Date.
Class 1 relates to the Secured Claim of 1900 Capital Trust. 1900
Capital Trust's Allowed Secured Claim shall be fixed at
$375,000.00. 1900 Capital Trust shall retain its mortgage upon the
Carrollton Property, subject only to the Carrollton Carveout
relating to the Allowed Claims of holders of Administrative Claims
and Priority Tax Claims.
1900 Capital Trust's Allowed Secured Claim shall be fixed at
$375,000.00 to be amortized over 30 years at 6.5% per annum, and
all due and payable on or before the eighteenth month following the
Initial Distribution Date. In full satisfaction, settlement,
release, and discharge of and in exchange for its Allowed Claim,
1900 Capital Trust shall receive: (a) seventeen monthly
interest-only payments of $2,031.25 commencing on the Initial
Distribution Date, and on or by the 5th day of each month
thereafter for 17 months, and (b) a balloon payment of $375,000 on
the eighteenth Distribution Date.
If the Debtor sells or refinances the Carrollton Property within
eighteen months after the Initial Distribution Date, the Debtor
shall pay 1900 Capital Trust's Allowed Secured Claim in full from
the proceeds of such sale or refinance subject to the Carrolton
Carveout.
Commencing on the Effective Date and continuing thereafter,
Liquidating Debtor shall directly pay all property taxes and
maintain appropriate insurance, including flood insurance, if
applicable, with respect to the Carrolton Property. Liquidating
Debtor shall provide 1900 Capital Trust with proof of insurance
upon request and shall name 1900 Capital Trust as mortgagee and
loss payee on all applicable insurance policies.
Upon full payment of 1900 Capital Trust's Allowed Secured Claim in
accordance with this Plan, 1900 Capital Trust shall release its
Lien on the real property and take all necessary actions to
evidence such release. Except as set forth herein, all remaining
terms of the loan documents shall govern the treatment of
Creditor's Secured Claim. 1900 Capital Trust is Impaired, and thus,
is entitled to vote to accept or reject the Plan.
Like in the prior iteration of the Plan, holders of Allowed General
Unsecured Claims shall receive a Pro Rata share of the Carrollton
Carveout after the payment of Allowed Administrative Claims and
Priority Claims (if any).
Holders of Equity Interests shall retain their membership interests
in the Debtor on and after the Effective Date. If, and only if,
Holders of Allowed Administrative, Priority, Secured, and General
Unsecured Claims are paid in full will the Debtor's members receive
any distributions under this Plan.
On Confirmation of this Plan, all property of the Debtor, tangible
and intangible, including, without limitation, licenses, furniture,
fixtures, and equipment, will revert, free and clear of all Claims
and interests except as provided in the Plan, to the Debtor.
Not later than the twenty-eighth calendar date following the
Effective Date, in full satisfaction, settlement, release, and
discharge of and in exchange for Civic Holdings' Secured Claim,
Liquidating Debtor shall execute a dation en paiement in favor of
Civil Holdings.
With respect to the Carrollton Property:
* Liquidating Debtor shall sell, or refinance no later than
eighteen months after the Initial Distribution Date.
* At the closing of the sale or refinance of the Carrollton
Property, the Net Proceeds of the sale or refinance of the
Carrollton Property shall be distributed to Holders of certain
Claims until paid in full in the following priority (in each case
on a Pro Rata Basis): (a) first, on account of the Carrollton
Carveout; (b) second, on account of 1900 Capital Trust's Class 1
Claim; and (c) third, Liquidating Debtor.
* The Carrollton Carveout shall be distributed to holders of
certain Claims until paid in full in the following priority (in
each case on a Pro Rata Basis): (a) first, to holders of Allowed
Administrative Claims; (b) second, to holders of allowed Priority
Claims; and (c) third, to holders of Allowed General Unsecured
Claims.
* "Net Proceeds" from the sale of the Carrolton Property means
the gross proceeds less any costs of closing such as title
premiums, filing and recordation charges, notary fees, and property
taxes, but does not include Rêve's commission (which shall be
treated as an Administrative Claim).
* Commencing on the Effective Date and continuing thereafter,
Liquidating Debtor shall directly pay all property taxes and
maintain appropriate insurance, including flood insurance, if
applicable, with respect to the Carrolton Property. Liquidating
Debtor shall provide 1900 Capital Trust with proof of insurance
upon request and shall name 1900 Capital Trust as mortgagee and
loss payee on all applicable insurance policies.
* The Debtor shall make distributions to holders of Allowed
Claims each Distribution Date from its Projected Disposable Income.
Should the Debtor's cash on hand or Projected Disposable Income be
insufficient to make distributions to holders of Allowed Claims on
a Distribution Date, the deficiency shall be paid by the Debtor's
members.
* Should the proceeds of the sale or refinance of the
Carrollton Property, after satisfaction of the Carrolton Carveout,
be insufficient to satisfy 1900 Capital Trust's Allowed Claim, then
the balance shall be paid by the Debtor's members.
A full-text copy of the Second Amended Liquidating Plan dated
October 16, 2025 is available at https://urlcurt.com/u?l=834Tg3
from PacerMonitor.com at no charge.
Attorneys for the Debtor:
Ryan J. Richmond, Esq.
Ashley M. Caruso, Esq.
STERNBERG NACCARI & WHITE, LLC
251 Florida Street, Suite 203
Baton Rouge, LA 70801-1703
Tel: (225) 412-3667
Fax: (225) 286-3046
Email: ryan@snw.law
ashley@snw.law
About Porte Rouge Enterprises
Porte Rouge Enterprises, LLC, owns and operates a short-term rental
business in New Orleans, LA.
The Debtor filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. La. Case No. 24-10264) on Feb.
13, 2024, listing $500,001 to $1 million in both assets and
liabilities.
Judge Meredith S Grabill presides over the case.
Ryan James Richmond, Esq. at Sternberg, Naccari & White, LLC
represents the Debtor as counsel.
POWIN EKS SELLCO: Seeks Chapter 11 Bankruptcy in New Jersey
-----------------------------------------------------------
Powin EKS SellCo LLC voluntarily filed for Chapter 11 bankruptcy in
the District of New Jersey on October 10, 2025. According to the
petition, the company's liabilities each fall between $0 and
$100,000, with the number of creditors reported in the range of 1
to 49.
About Powin EKS SellCo LLC
Powin EKS SellCo LLC is a limited liability company.
Powin EKS SellCo LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Case No. 25-20757) on October 10,
2025. In its petition, the Debtor reports estimated assets and
liabilities up to $100,000 each.
Honorable Bankruptcy Judge Michael B. Kaplan handles the case.
The Debtor is represented by Lauren M. Macksoud, Esq. of Dentons US
LLP.
PRIMALEND CAPITAL: Bondholders Raise Concerns Over Ch. 11 Filing
----------------------------------------------------------------
Eliza Ronalds-Hannon and Steven Church if Bloomberg News report
that the creditors of a PrimaLend subsidiary have filed an
objection to the company's bid for around $16 million in
debtor-in-possession financing from banks that previously held
secured claims.
The bondholders raised "grave concerns" regarding the handling of
lenders and company assets by insiders before the bankruptcy
filing, questioning the transparency of these actions, the report
states.
The group requested court intervention, arguing that PrimaLend is
trying to circumvent oversight by omitting the bond-issuing unit
from its Chapter 11 case. Analysts note this case underscores
continued strains in subprime consumer lending, the report relays.
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.
PROJECT PIZZA: Employs Ronald D. Charyn Appraisals as Appraiser
---------------------------------------------------------------
Project Pizza Polk LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of California, San Francisco
Division, to employ Ronald D. Charyn of Ronald D. Charyn Appraisals
as appraiser in its Chapter 11 Subchapter V case.
Mr. Charyn and the firm will provide these services:
(a) conduct an appraisal of the Debtor's personal property located
at Fiorella Polk, 2238 Polk Street, San Francisco, CA 94109;
(b) determine the replacement value of the Debtor's furniture,
fixtures, and equipment (FF&E); and
(c) prepare and deliver an appraisal report within five business
days following the site inspection.
RCA will perform these services for a flat fee of $2,000, subject
to court approval after entry of an order authorizing compensation.
Payments may be sent to 359 Deer Hollow Drive, Napa, CA 94558, or
wired as instructed upon request.
The Debtor disclosed that its affiliated entities -- Project Pizza
Sunset LLC dba Fiorella Sunset and Project Pizza LLC dba Fiorella
Clement -- have previously engaged Charyn Asset Management Group,
Inc. (CAM), Mr. Charyn’s former corporation, for appraisal
services.
Mr. Charyn now operates as a sole proprietor under Ronald D. Charyn
Appraisals and is a disinterested person as defined by the
Bankruptcy Code, holding no interest adverse to the Debtor, its
estate, or creditors. Mr. Charyn has extensive experience providing
liquidation and valuation services for restaurants throughout the
Bay Area.
The firm can be reached at:
Ronald D. Charyn
Ronald D. Charyn Appraisals
359 Deer Hollow Drive
Napa, CA 94558
Telephone: (415) 531-4860
About Project Pizza Polk
Project Pizza Polk, LLC, doing business as Fiorella Polk and
operated by Project Pizza Polk LLC, is a neighborhood Italian
restaurant offering wood-fired pizza, restaurant offering
wood-fired pizza, handmade pasta, and seasonal dishes. It operates
in Noe Valley and is part of a family of four Fiorella restaurants
serving San Francisco, including the original location in the
Richmond District.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30521) on July 2,
2025, with $206,216 in assets and $1,053,818 in liabilities. Boris
Nemchenok, manager, signed the petition.
Judge Hannah L Blumenstiel oversees the case.
The Debtor tapped Matthew D. Metzger, Esq., at Belvedere Legal, PC
as counsel and Boos & Associates, PC as accounting consultant.
QUANTUM CORP: Sets 2025 Annual Meeting for Dec. 16
--------------------------------------------------
Quantum Corporation disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that it has established
December 16, 2025 as the date for its 2025 Annual Meeting of
Stockholders.
A stockholder proposal not included in the proxy statement for the
Annual Meeting will not be eligible for presentation at the meeting
unless the stockholder gives timely notice of the proposal in
writing to the Company's Secretary at its principal executive
offices and otherwise complies with the provisions of the Company's
Amended and Restated Bylaws.
To be timely, the Bylaws provide that the Company must have
received the stockholder's notice not later than the 45th day nor
earlier than the 75th day before the one-year anniversary of the
date on which the Company first mailed its proxy materials or a
notice of availability of proxy materials (whichever is earlier)
for the preceding year's annual meeting of stockholders.
However, because the date of the Annual Meeting is delayed by more
than 60 days after the one-year anniversary of the 2024 annual
meeting, the Company must receive the stockholder's notice not
earlier than the close of business on the 120th day before the
Annual Meeting and not later than the close of business on the
later of:
(i) the 90th day before the Annual Meeting, and
(ii) the tenth day after public announcement of the Annual
Meeting date.
For the Annual Meeting, stockholders must submit written notice to
the Secretary in accordance with the Bylaws no later than the close
of business on October 30, 2025.
In addition to complying with the October 30, 2025 deadline,
stockholder proposals intended to be considered for inclusion in
the Company's proxy materials and director nominations for the
Annual Meeting must also comply with all applicable Securities and
Exchange Commission rules, including Rule 14a-8 and Rule 14a-19,
Delaware corporate law, and the Bylaws in order to be eligible for
inclusion in the proxy materials for the Annual Meeting.
About Quantum Corporation
Quantum Corporation, together with its consolidated subsidiaries,
stores and manages digital video and other forms of unstructured
data, providing streaming performance for video and rich media
applications, along with low-cost, long-term storage systems for
data protection and archiving. The Company helps customers around
the world capture, create and share digital data and preserve and
protect it for decades.
As of March 31, 2025, the Company had $155.40 million in total
assets, $319.77 million in total liabilities, and total deficit of
$164.37 million.
Bellevue, Wash.-based Grant Thornton LLP, the Company's auditor
since 2013, issued a "going concern" qualification in its report
dated August 26, 2025, attached to the Company's Annual Report on
Form 10-K for the year ended March 31, 2025, citing that the
Company believes it will be in violation of the net leverage
coverage covenant for the quarter ended September 30, 2025. The
Company's plan contemplates the Company negotiating waivers to
these covenants and is evaluating strategies to restructure or
refinance the existing term debt. If the Company is unable to
obtain additional waivers, the term debt will become immediately
due, and additional liquidity will be required to satisfy the
obligations. The Company's ability to achieve the foregoing
elements of its business, which may be necessary to permit the
realization of assets and satisfaction of liabilities in the
ordinary course of business, is uncertain and raises substantial
doubt about its ability to continue as a going concern.
RAYONIER ADVANCED: S&P Withdraws 'B' Issuer Credit Rating
---------------------------------------------------------
S&P Global Ratings withdrew its 'B' issuer credit rating on
Rayonier Advanced Materials Inc. at the issuer's request. The
outlook was stable at the time of the withdrawal.
RAZZOO'S INC: Hires Stout Capital as Investment Banker
------------------------------------------------------
Razzoo's, Inc. and its affiliate, Razzoo's Holdings, Inc., seek
approval from the U.S. Bankruptcy Court for the Southern District
of Texas, Houston Division, to employ Stout Capital, LLC as
investment banker in their Chapter 11 cases.
Stout Capital will perform these services:
(a) assist the Debtors in the development and distribution of
selected information, documents, and other materials, including, if
appropriate, advising the Debtors in the preparation of an offering
memorandum;
(b) assist the Debtors in evaluating indications of interest
and proposals regarding any Transaction(s) from current and/or
potential lenders, equity investors, acquirors, and/or strategic
partners;
(c) assist the Debtors with the negotiation of any
Transaction(s), including participating in negotiations with
creditors and other parties involved in any Transaction(s);
(d) provide expert advice and testimony at Court hearings in
these Chapter 11 Cases regarding financial matters related to any
Transaction(s), if necessary;
(e) attend meetings of the Debtors' Board of Directors,
creditor groups, official constituencies, and other interested
parties, as the Debtors and Stout Capital mutually agree; and
(f) provide such other investment banking services as may be
required by additional issues and developments.
Under the proposed terms, Stout Capital will receive a monthly fee
of $30,000, with the first four monthly payments credited toward
any transaction fee. Upon consummation of a restructuring or sale
transaction, Stout Capital will earn a restructuring or sale
transaction fee based on the aggregate gross consideration, along
with reimbursement of reasonable out-of-pocket expenses. The firm
received an initial payment of $30,000 on September 22, 2025.
Stout Capital is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code and does not hold or
represent an interest adverse to the Debtors, according to court
filings.
The firm can be reached at:
Luis Pillich
Stout Capital, LLC
1818 Market Street, Suite 3150
Philadelphia, PA 19103
Telephone: (267) 571-4597
Email: lpillich@stout.com
About Razzoo's Inc.
Razzoo's, Inc. operates a chain of casual dining restaurants that
specialize in Cajun-inspired cuisine and Louisiana-style dishes
across Texas, North Carolina, and Oklahoma.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-90522) on Oct
01, 2025. In the petition signed by Philip Parsons, chief executive
officer, the Debtors disclosed up to $50 million in both assets and
liabilities.
Judge Alfredo R. Perez oversees the case.
The Debtors tapped Okin Adams Bartlett Curry, LLP as general
bankruptcy counsel, Stout Risius Ross, LLC as financial advisor,
Stout Capital, LLC as investments banker, and Donlin, Recano &
Company, Inc. as claims, noticing, and solicitation agent.
REBORN PHOENIX: Court OKs Deal to Use Cash Collateral Until Dec. 31
-------------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York
approved the second interim stipulation between Reborn Phoenix
Management, Inc. and Habib American Bank governing the continued
use of cash collateral.
Habib American Bank, holding a secured claim of about $674,797
backed by rent receivables, consented to the Debtor's use of cash
collateral (which consists of rental income) until December 31,
after which both parties will revisit the agreement.
Under the stipulation, Habib will receive a first post-petition
lien on all new rent proceeds, along with replacement liens for
pre-bankruptcy security interests. The agreement also includes
carveouts for U.S. Trustee fees; professional fees; up to $10,000
in fees and expenses of a hypothetical Chapter 7 trustee, and
avoidance action recoveries.
The Debtor was ordered to provide monthly operating reports and
stay within 10–20% of the approved budget. Any amended budget
must be served to Habib and submitted to the court for approval.
The Debtor projects total operational expenses of $12098.89 for
November and $12098.89 for December.
This second interim agreement ensures continued operations while
preserving Habib's secured position and oversight over the Debtor's
financial performance.
About Reborn Phoenix Management, Inc.
Reborn Phoenix Management Inc. is a single asset real estate
management company.
Reborn Phoenix Management Inc. sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41897) on
April 18, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $500,000 and $1 million each.
Honorable Bankruptcy Judge Elizabeth S. Stong handles the case.
The Debtor is represented by Ronald D. Weiss, Esq. at Ronald D.
Weiss, P.C.
REMEMBER ME: Court Extends Cash Collateral Access to Nov. 13
------------------------------------------------------------
Remember Me Senior Care, LLC received interim approval from the
U.S. Bankruptcy Court for the Eastern District of Tennessee at
Chattanooga to use cash collateral until November 13, marking the
sixth extension since its Chapter 11 filing.
The sixth interim order authorized the Debtor to use cash
collateral to pay its expenses pending the final hearing on
November 13.
As adequate protection, Andrew Johnson Bank and other secured
creditors will be granted replacement liens on the Debtor's
post-petition property to the same extent and priority as their
security interest in the Debtor's pre-bankruptcy property.
In addition, the Debtor was ordered to make payment of $88,000 to
Andrew Johnson Bank on the due date set forth in their loan
agreement.
The sixth interim order granted the Debtor a carveout and
authorized the Debtor to pay from the cash collateral fees and
disbursements to bankruptcy professionals, and any fees payable to
the Clerk of the Bankruptcy Court.
A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/obdoQ from PacerMonitor.com.
About Remember Me Senior Care
Remember Me Senior Care, LLC, a company in Cleveland, Tenn., offers
personalized assisted living and memory care services in a homelike
environment. The facility provides a range of services, including
help with daily activities, medication management, and specialized
care for those with Alzheimer's or other dementias.
Remember Me Senior Care sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-10451) on February
18, 2025. In its petition, the Debtor reported up to $50,000 in
assets and between $10 million and $50 million in liabilities.
Judge Nicholas W. Whittenburg oversees the case.
The Debtor is represented by:
Jeffrey W. Maddux, Esq.
Chambliss, Bahner & Stophel P.C.
Liberty Tower
605 Chestnut Street, Ste. 1700
Chattanooga, TN 37450
Tel: 423-757-0296
Fax: 423-508-1296
Email: jmaddux@chamblisslaw.com
RHODIUM ENCORE: Creditors Challenge Quinn Emanuel's Fees
--------------------------------------------------------
Alex Wolf of Bloomberg Law reports that a group of loan creditors
to Rhodium Encore LLC has filed an objection to Quinn Emanuel
Urquhart & Sullivan LLP's request for $4 million in fees for
representing the bankrupt Bitcoin miner. The creditors argue that
the fees are excessive and overlap with legal work performed by
other firms.
Led by Transcend Partners Legend Fund LLC, the creditors also
challenged Quinn Emanuel's overall $12 million Chapter 11 legal
bill. They criticized Rhodium’s plan to cover the fees and
expenses of another creditor group under a recently announced
liquidation proposal, the report states.
About Rhodium Encore
Rhodium Encore LLC is a founder-led, Texas based, digital asset
technology company utilizing proprietary tech to self-mine bitcoin.
The Company creates innovative technologies with the goal of being
the most sustainable and cost-efficient producer of bitcoin in the
industry.
Rhodium Encore sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90448) on Aug.
24, 2024. In the petition filed by Michael Robinson, as co-CRO, the
Debtor reports lead debtor's estimated assets between $100 million
and $500 million and estimated liabilities between $50 million and
$100 million.
The Honorable Bankruptcy Judge Alfredo R. Perez oversees the case.
The Debtor tapped QUINN EMANUEL URQUHART & SULLIVAN, LLP, as
counsel, and PROVINCE as restructuring advisor.
RIVERDALE ASSEMBLY: Walter Dahl Named Subchapter V Trustee
----------------------------------------------------------
The U.S. Trustee for Region 17 appointed Walter Dahl, Esq., a
partner at Dahl Law, as Subchapter V trustee for Riverdale Assembly
of God, Inc. Riverdale, California.
Mr. Dahl will be compensated at $485 per hour for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
In court filings, Mr. Dahl declared that he is a disinterested
person according to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Walter R. Dahl
Dahl Law
2304 "N" Street
Sacramento, CA 95816-5716
Telephone: (916) 446-8800
Telecopier: (916) 741-3346
Email: wdahl@dahllaw.net
About Riverdale Assembly of God, Inc. Riverdale
Riverdale Assembly of God, Inc. is a Pentecostal church in
Riverdale, California, providing religious services, community
events, and operating Riverdale Christian Academy at 2813 W Mt
Whitney Ave.
Riverdale Assembly of God filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. E.D. Calif. Case No.
25-13513) on October 17, 2025, with $1 million to $10 million in
assets and liabilities. Douglas Spencer, chief executive officer of
Riverdale Assembly of God, signed the petition.
Judge Rene Lastreto II presides over the case.
Peter Fear, Esq., at Fear Waddell, P.C. represents the Debtor as
legal counsel.
ROBRAD TOOL: Seeks to Hire Tiffany & Bosco as Legal Counsel
-----------------------------------------------------------
Robrad Tool & Engineering, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Arizona to hire Tiffany &
Bosco, P.A. to serve as legal counsel in its Chapter 11 case.
Christopher R. Kaup and David M. Barlow will provide these
services:
(a) give the Debtor legal advice with respect to its duties
and powers in the case;
(b) prepare motions and represent the Debtor at all hearings,
meetings of creditors, conferences, trials, and other proceedings;
(c) review and object to claims;
(d) evaluate and pursue causes of action belonging to the
Bankruptcy Estate;
(e) assist in the administration of the Bankruptcy Case and
business operations;
(f) participate in the formulation, preparation, and
confirmation of a Chapter 11 Plan; and
(g) perform such other legal services as may be required in
the interest of the Debtor and the Bankruptcy Estate.
Tiffany & Bosco has agreed to represent the Debtor at these hourly
rates:
- Christopher R. Kaup, Esq. $600
- David M. Barlow $370
- Matthew D. Burns $275
- Bianca Ochoa $150
- Jordan Turoff $90
Tiffany & Bosco, P.A. 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:
Christopher R. Kaup, Esq.
David M. Barlow, Esq.
TIFFANY & BOSCO, P.A.
Seventh Floor Camelback Esplanade II
2525 East Camelback Road
Phoenix, AZ 85016
Telephone: (602) 255-6000
Facsimile: (602) 255-0103
E-mail: crk@tblaw.com, dmb@tblaw.com
About Robrad Tool & Engineering, Inc.
Robrad Tool & Engineering, Inc. sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Ariz. Case No. 2:25-bk-09862) on
October 16, 2025.
At the time of the filing, Debtor had estimated assets of between
$500,001 to $1 million and liabilities of between $1,000,001 to $10
million.
Judge Paul Sala oversees the case.
Tiffany & Bosco, P.A. is Debtor's legal counsel.
ROLLING HILLS FOOD: Seeks Chapter 11 Bankruptcy in Texas
--------------------------------------------------------
Rolling Hills Food & Beverage Inc. voluntarily filed for Chapter 11
bankruptcy in the Northern District of Texas on October 24, 2025.
The case was assigned number 25‑44129.
According to the petition, the company has estimated liabilities
ranging from $10 million to $50 million. The filing indicates that
the company has between 1 and 49 creditors.
About Rolling Hills Food & Beverage Inc.
Rolling Hills Food & Beverage, Inc., based in San Marcos, Texas, is
a privately owned operator of bars and food services. The company
focuses on offering a wide selection of alcoholic drinks and
freshly prepared foods for customers to enjoy on-site.
Rolling Hills Food & Beverage Inc. sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No.25-44129) on
October 24, 2025. In its petition, the Debtor reports estimated
assets between $100,001 and $1 million and estimated liabilities
between $10 million and $50 million.
Honorable Bankruptcy Judge Mark X. Mullin handles the case.
The Debtor is represented by Robert Thomas DeMarco, Esq.
SEASHORE PROPERTIES: Case Summary & 12 Unsecured Creditors
----------------------------------------------------------
Debtor: Seashore Properties, LLC
P.O. Box 790100
Paia, HI 96779
Business Description: Seashore Properties, LLC, doing business as
Paia Inn, operates a boutique hotel located
at 93 Hana Highway in Paia on the island of
Maui, Hawai'i. The inn provides upscale
lodging accommodations that blend
contemporary amenities with local design
elements, offering rooms and suites equipped
with modern conveniences such as private
baths, Wi-Fi, and air conditioning.
Situated in Maui's North Shore beach town,
the property serves both leisure and
business travelers seeking personalized
hospitality and proximity to local dining,
shopping, and coastal attractions.
Chapter 11 Petition Date: October 24, 2025
Court: United States Bankruptcy Court
District of Hawaii
Case No.: 25-00952
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: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Michael S. Baskin as the authorized
representative of the Debtor.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/5W3TYYI/Seashore_Properties_LLC__hibke-25-00952__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 12 Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. RE Nectar Inc. Agreement $1,186,000
170 Mitchell St SW
Atlanta, GA 30303
John K. Rezac
Email: jrezac@taylorenglish.com
2. Maui Electric Company Utilities $78,087
P.O. Box 310040
Honolulu, HI 96820
Kevin Oda
Email: kevin.oda@hawaiianelectric.com
3. EC Paia LLC Agreement $60,000
Attn: Calvert G. Chipchase, Esq.
1000 Bishop Street,
Suite 1200
Honolulu, HI 96813
Email: cchipchase@cades.com
4. Matthew Kohm, Esq. Commissioner $28,432
1335 Hiahia Street Fee
Wailuku, HI 96793
Email: mkohm@kohmlaw.com
5. Department of Water Utilities $27,451
Supply - Maui County
200 South High Street
Wailuku, HI
96793-2155
6. Pacific Accounting Services $8,000
Company Rendered
3950 Kalai Waa St
Kihei, HI 96753-7742
Jack Weinstein
Email: jack@pacfins.com
7. Maui Electric Company Utilities $7,296
P.O. Box 310040
Honolulu, HI 96820
Kevin Oda
Email: kevin.oda@hawaiianelectric.com
8. Department of Water Utilities $2,998
Supply - Maui County
200 South High Street
Wailuku, HI
96793-2155
9. Ecolab Inc. Services $921
1 ECOLAB PLACE Rendered
Saint Paul, MN 55102
10. Damon Key Leong Attorneys' Unknown
Kupchak Hastert Fees
1003 Bishop Street,
Suite 1600
Pauahi Tower
Honolulu, HI 96813
Mark M. Murakami, Esq.
Email: mmm@hawaiilawyer.com
11. Department of Taxation Taxes Unknown
State of Hawaii
Attn: Bankruptcy Unit
P.O. Box 259
Honolulu, HI
96809-0259
Cynthia M. Johiro, Esq.
Email: Cynthia.M.Johiro@hawaii.gov
12. The Law Office Attorneys' Unknown
Frederick J. Arensmeyer Fees
737 Bishop Street,
Suite 2920
Honolulu, HI 96813
Frederick J. Arensmeyer, Esq.
Email: fja@arensmeyerlaw.com
SF OAKLAND: Gets Interim OK to Use Cash Collateral Until Nov. 13
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of California
granted SF Oakland Bay, LLC interim authority to use cash
collateral.
The interim order authorized the Debtor to use cash collateral
through November 13, consistent with its budget, with up to 5%
variance per line item, provided the total does not exceed the
budgeted amount.
No insider payment is allowed and the Debtor must maintain strict
reporting on post-petition revenues and expenses.
As adequate protection, the court granted replacement liens to
affected creditors including Bank of Hawaii, Portside, the U.S.
Small Business Administration, 21st Century Corporation, and
Continental Casualty Insurance, with the same priority and extent
as their pre-bankruptcy liens. These liens exclude Chapter 5 causes
of action.
A final hearing is set for November 13.
About SF Oakland Bay LLC
SF Oakland Bay, LLC operates a parking garage located at 401 Main
Street/38 Bryant Street in San Francisco, which serves nearby
condominiums, offices, and residences.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30699) on September
3, 2025, listing up to $10 million in assets and liabilities.
Judge Hannah L. Blumenstiel oversees the case.
Peter Hadiaris, Esq., at the Law Office of Peter N. Hadiaris,
represents the Debtor as bankruptcy counsel.
SHARPLINK GAMING: Increases ETH Holdings With $76.5M Capital Raise
------------------------------------------------------------------
SharpLink Gaming, Inc. announced that its total ETH holdings
increased to 859,8531, reflecting the Company's continued
commitment to strengthening its balance sheet through the
accumulation of ETH. In addition, on October 17, 2025, the Company
raised gross proceeds of $76.5 million, before factoring placement
agent fees and other related expenses.
"Our top priority remains creating value for shareholders through
disciplined execution and a relentless focus on accretive ETH
accumulation," stated Joseph Chalom, SharpLink's Co-CEO. "The
capital raise was executed at a premium to NAV. Shortly thereafter,
we took advantage of attractive market conditions to acquire ETH at
prices lower than when we raised the capital. This sequence was
immediately accretive to shareholders and showcases the precision
of our strategy."
Key Highlights for the Week Ending October 19, 2025:
* Purchased 19,271 ETH at a cost average of $3,892 per ETH
* Total ETH holdings increased to 859,8531
* Total staking rewards climbed to 5,671 since launching our
treasury strategy on June 2, 20252
* ETH Concentration4 increased to 4.0, up 100% since June 2,
2025
* Approximately $36.4 million in cash and equivalents on hand
Weekly ETH and Capital Summary:
(reflected in 000's)
* Beginning balance: 840.1
* ETH acquired: 19.3
* ETH staking rewards: 0.5
* Ending balance: 859.9
* Average ETH purchase price: $3,892
* ETH concentration: 4.0
* Shares issued (million): 4.5
* Gross proceeds (million): $76.5
About SharpLink Gaming
SharpLink Gaming, Inc., operates as a marketing partner to
sportsbooks and online casino gaming operators globally. SharpLink
Gaming operates as a marketing partner to sportsbooks and online
casino gaming operators globally. Based in Minneapolis, Minnesota,
the Company operates PAS.net, an affiliate marketing network that
facilitates player acquisition and engagement for regulated iGaming
operators. It also manages a portfolio of state-specific affiliate
websites targeting local sports betting and online casino
audiences. It also manages a portfolio of state-specific affiliate
websites targeting local sports betting and online casino
audiences.
Cherry Bekaert LLP, the Company's auditor since 2022, included a
"going concern" qualification in its audit report dated March 14,
2025, for the fiscal year ended December 31, 2024. The firm cited
recurring losses and negative operating cash flows as factors that
raise substantial doubt about the Company's ability to continue
operating.
As of Dec. 31, 2024, the Company had $2.57 million in total assets
against $488,300 in total liabilities. As of June 30, 2025, the
Company had $453.92 million in total assets, including $382.4
million in digital tangible assets, against $1.393 million in total
liabilities.
SHELLE REALTY: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Shelle Realty, LLC
28 Church Street, Suite 14
Winchester MA 01890
Chapter 11 Petition Date: October 24, 2025
Court: United States Bankruptcy Court
District of Massachusetts
Case No.: 25-12293
Debtor's Counsel: James P. Ehrhard, Esq.
JAMES P. EHRHARD, ESQ.
27 Mechanic Street
Worcester MA 01608
Tel: 508-791-8411
E-mail: ehrhard@ehrhardlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Michelle Ngila as manager.
The Debtor failed to attach a list of its 20 largest unsecured
creditors to the petition.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/RJLN2TQ/Shelle_Realty_LLC__mabke-25-12293__0001.0.pdf?mcid=tGE4TAMA
SOLUNA HOLDINGS: Appoints Agnieska Budzyn to Board of Directors
---------------------------------------------------------------
Soluna Holdings, Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that the Board of Directors
appointed Agnieska Budzyn to serve as a member of the Board,
effective immediately.
As a member of the Board:
(i) Ms. Budzyn will receive cash compensation of $7,500 per
quarter, and
(ii) on October 15, 2025, Ms. Budzyn was granted 135,000
restricted stock awards subject to a three-year vesting period,
with the first vesting date for 1/3 of the grant amount to occur on
September 1, 2026.
Ms. Budzyn brings more than a decade of experience across finance,
digital assets, and technology strategy, with a proven track record
of bridging traditional finance and emerging innovation. She
currently serves as CEO and Managing Partner of Bluedge Ventures,
an investment firm focused on digital infrastructure and dual-use
technology, and has previously held leadership roles at BlackRock
and ConsenSys, where she helped shape the growth of the Ethereum
ecosystem.
"Agnes is a dynamic leader who deeply understands both the
financial and technological forces shaping the future of energy and
computing," said John Belizaire, CEO of Soluna. "Her experience
across digital assets, infrastructure, and capital formation will
be invaluable as we continue scaling our Renewable Computing
platform."
Throughout her career, Ms. Budzyn has collaborated with major
global institutions, including the European Central Bank, Swiss
National Bank, and the U.S. Federal Reserve, during her tenure at
BlackRock, where she managed over $40 billion in portfolio
restructuring. She has also advised organizations on IPO readiness,
business transformation, and strategic funding, and currently
serves on the Board of Yale Club Audit Committee and the London
Stock Exchange/FTSE Russell Digital Assets Advisory Committee.
A recognized thought leader in fintech and decentralization, Ms.
Budzyn has spoken at leading institutions such as Harvard, Oxford,
Cornell, and the World Economic Forum in Davos, where she was named
to the Forum of Young Global Leaders.
"I'm honored to join Soluna's Board at such a pivotal time," said
Agnes Budzyn. "Soluna's vision to make renewable energy a global
superpower through sustainable computing aligns closely with my
passion for innovation that advances technology, sustainability,
and economic resilience. I look forward to contributing to the
Company's continued growth and impact."
This appointment reflects Soluna's ongoing efforts to enhance its
governance and deepen expertise across finance, capital markets,
and digital infrastructure.
There are no family relationships between Ms. Budzyn and any
Company director or executive officer, and no arrangements or
understandings between Ms. Budzyn and any other person pursuant to
which she was selected as a director. Ms. Budzyn is not a party to
any current or proposed transaction with the Company for which
disclosure is required under Item 404(a) of Regulation S-K.
About Soluna Holdings
Headquartered in Albany, N.Y., Soluna Holdings, Inc. designs,
develops, and operates digital infrastructure that transforms
surplus renewable energy into global computing resources. The
Company's modular data centers can be co-located with wind, solar,
or hydroelectric power plants and support compute-intensive
applications, including Bitcoin mining, generative AI, and
scientific computing. This approach aids in energizing a greener
grid while providing cost-effective and sustainable computing
solutions.
Albany, N.Y.-based UHY LLP, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated March
31, 2025, attached in the Company's Annual Report on Form 10-K for
the year ended Dec. 31, 2024, citing that the Company was in a net
loss, has negative working capital, and has significant outstanding
debt that raise substantial doubt about its ability to continue as
a going concern.
As of June 30, 2025, Soluna Holdings had $98.68 million in total
assets, $48.74 million in total liabilities, and $49.93 million in
total equity.
SPLASH BEVERAGE: Frederick William Caple Holds 24.1% Equity Stake
-----------------------------------------------------------------
Frederick William Caple disclosed in a Schedule 13D filed with the
U.S. Securities and Exchange Commission that as of July 31, 2025,
he beneficially owns 767,500 shares of Splash Beverage Group,
Inc.'s Common Stock, $0.001 par value, consisting of:
(i) 1,875 shares of common stock held indirectly through SNS
Universal Solutions, LLC, an entity he controls,
(ii) 3,125 shares issuable upon exercise of stock options with
an exercise price of $50.40 per share,
(iii) 15,000 shares issuable upon exercise of stock options with
an exercise price of $13.60 per share, which vest as follows: 5,000
immediately and 1,250 per quarter for the next 8 quarters, and
(iv) 750,000 shares issuable upon exercise of five-year
warrants with an exercise price of $0.80 per share, representing
24.1% of the 2,414,226 shares outstanding as of October 17, 2025.
Frederick William Caple may be reached through:
Constantine Christakis, Esq.
3001 PGA Blvd., Suite 305
Palm Beach Gardens, Fla. 33410
561-686-3307
A full-text copy of Frederick William Caple's SEC report is
available at:
https://tinyurl.com/3dpzvpsa
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
accelerating them to higher volumes and increased sales revenue.
As of December 31, 2024, the Company and $2.8 million in total
assets, $21.4 million in total liabilities, and $18.6 million in
total stockholders' deficit.
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.
SPLASH BEVERAGE: Justin Yorke Holds 28.6% Equity Stake
------------------------------------------------------
Justin W. Yorke, disclosed in a Schedule 13D filed with the U.S.
Securities and Exchange Commission that as of July 31, 2025, he
beneficially owns 907,979 shares of Splash Beverage Group, Inc.'s
Common Stock, $0.001 par value, consisting of:
(i) 6,242 shares of common stock,
(ii) 137,153 shares of common stock indirectly through Richland
Fund, LLC, an entity he controls,
(iii) 8,333 shares issuable upon exercise of warrants with an
exercise price of $30.00 per share,
(iv) 3,125 shares issuable upon exercise of stock options with
an exercise price of $104.00 per share,
(v) 3,125 shares issuable upon exercise of stock options with
an exercise price of $44.80 per share, and
(vi) 750,000 shares issuable upon exercise of five-year
warrants with an exercise price of $0.80 per share, representing
28.6% of the 2,414,226 shares outstanding as of October 17, 2025.
Justin W. Yorke may be reached through:
Constantine Christakis, Esq.
3001 PGA Blvd., Suite 305
Palm Beach Gardens, Fla. 33410
561-686-3307
A full-text copy of Justin W. Yorke's SEC report is available at:
https://tinyurl.com/ytuebd9k
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.
As of December 31, 2024, the Company and $2.8 million in total
assets, $21.4 million in total liabilities, and $18.6 million in
total stockholders' deficit.
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.
SPLASH BEVERAGE: William Devereux Holds 29.4% Equity Stake
----------------------------------------------------------
William T. Devereux, disclosed in a Schedule 13D filed with the
U.S. Securities and Exchange Commission that as of July 31, 2025,
he beneficially owns 1,005,000 shares of Splash Beverage Group,
Inc.'s Common Stock, $0.001 par value, consisting of:
(i) 15,000 shares issuable upon exercise of five-year stock
options, which vest as follows: 5,000 completely vested, 5,000
vesting on March 20, 2026, and 5,000 vesting on March 20, 2027,
with an exercise price of $6.04 per share, and
(ii) 1,000,000 shares issuable upon exercise of five-year
warrants with an exercise price of $0.80 per share, representing
29.4% of the 2,414,226 shares outstanding as of October 17, 2025.
William T. Devereux may be reached through:
Constantine Christakis, Esq.
3001 PGA Blvd., Suite 305
Palm Beach Gardens, Fla. 33410
561-686-3307
A full-text copy of William T. Devereux's SEC report is available
at: https://tinyurl.com/66vjbsa3
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
accelerating them to higher volumes and increased sales revenue.
As of December 31, 2024, the Company had $2.8 million in total
assets, $21.4 million in total liabilities, and $18.6 million in
total stockholders' deficit.
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.
SPLASH BEVERAGE: William Meissner Holds 23.8% Equity Stake
----------------------------------------------------------
William R. Meissner, disclosed in a Schedule 13D filed with the
U.S. Securities and Exchange Commission that as of July 31, 2025,
he beneficially owns 752,500 shares of Splash Beverage Group,
Inc.'s Common Stock, $0.001 par value, consisting of:
(i) 2,500 shares issuable upon exercise of stock options with
an exercise price of $104.00 per share and
(ii) 750,000 shares issuable upon exercise of five-year
warrants with an exercise price of $0.80 per share, representing
23.8% of the 2,414,226 shares outstanding as of October 17, 2025.
William R. Meissner may be reached through:
Constantine Christakis, Esq.
3001 PGA Blvd., Suite 305
Palm Beach Gardens, Fla. 33410
561-686-3307
A full-text copy of William R. Meissner's SEC report is available
at: https://tinyurl.com/3jzcury4
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.
As of December 31, 2024, the Company and $2.8 million in total
assets, $21.4 million in total liabilities, and $18.6 million in
total stockholders' deficit.
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.
STONEWOOD PROPERTY: Retains Middlebrooks Shapiro as Legal Counsel
-----------------------------------------------------------------
Stonewood Property LLC seeks approval from the U.S. Bankruptcy
Court for the District of New Jersey to retain Middlebrooks
Shapiro, P.C. as legal counsel in its Chapter 11 case.
Middlebrooks Shapiro, P.C. will provide these services:
(a) preparation and filing of pleadings;
(b) representation in hearings;
(c) negotiations with creditors;
(d) compliance with Bankruptcy Code and Local Rules;
(e) preparation and filing of motions, pleadings, and
applications on behalf of the Debtor;
(f) representation in hearings and negotiation with creditors;
and
(g) formulation and pursuit of a plan under Chapter 11.
The firm received a $3,762 retainer plus $1,738 for court costs
prior to the petition date. Attorneys' fees will be billed at the
firm's hourly rates: $500/hr for Middlebrooks, $450/hr for Shapiro,
$400/hr for Minneci, and $100/hr for paralegals.
According to court filings, Middlebrooks Shapiro, P.C. is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Joseph M. Shapiro, Esq.
MIDDLEBROOKS SHAPIRO, P.C.
P.O. Box 1630
Belmar, NJ 07719-1630
Telephone: (973) 218-6877
Facsimile: (973) 218-6878
E-mail: jshapiro@middlebrooksshapiro.com
About Stonewood Property LLC
Stonewood Property LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 25-20971) on October 16,
2025.
At the time of the filing, the Debtor had estimated assets of
between $0 to $50,000 and liabilities of between $0 to $50,000.
Judge Vincent F. Papalia oversees the case.
Middlebrooks Shapiro, P.C. serves as the Debtor’s legal counsel.
STONEWOOD PROPERTY: Retains Tranzon Auction as Auctioneer
---------------------------------------------------------
Stonewood Property LLC seeks approval from the U.S. Bankruptcy
Court for the District of New Jersey to retain John M. Dobos of
Tranzon Auction Properties as auctioneer in its Chapter 11 case.
Mr. Dobos, an Approved Bankruptcy Auctioneer of the NJ District for
over 7 years, is a member of the National Auctioneers Association,
holds a New Jersey Real Estate License since 2006, and has been a
New Jersey Real Estate Broker since 2018.
Mr. Dobos and Tranzon Auction Properties will provide these
services:
(a) conduct marketing, property-signage, and website advertising;
(b) oversee and conduct the auction process for the Debtor's
property;
(c) implement a sale strategy offering the real estate and liquor
license individually and as a package, with the highest bids or
combination of bids winning;
(d) manage buyer registration, deposits, and closing procedures;
and
(e) perform related auctioneer duties necessary to complete the
sale.
According to the application, the Auctioneer shall charge and
retain an 8% buyer's premium from the high bidder, with marketing
costs capped at $5,000, paid at closing from sale proceeds.
Mr. Dobos and his firm, Tranzon Auction Properties, have
represented that they are "disinterested persons" within the
meaning of Section 101(14) of the Bankruptcy Code, and that they do
not hold or represent any interest adverse to the estate.
The firm can be reached at:
John Dobos, Sales Associate
Tranzon Auction Properties
1800 Main Street
Lake Como, NJ 07719
Telephone: (908) 642-7984
E-mail: jdobos@tranzon.com
About Stonewood Property LLC
Stonewood Property LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 25-20971) on October 16,
2025.
At the time of the filing, the Debtor had estimated assets of
between $0 to $50,000 and liabilities of between $0 to $50,000.
Judge Vincent F. Papalia oversees the case.
Middlebrooks Shapiro, P.C. serves as the Debtor's legal counsel.
STRIPE A LOT: Amy Denton Mayer Named Subchapter V Trustee
---------------------------------------------------------
The Acting U.S. Trustee for Region 21 appointed Amy Denton Mayer of
Stichter Riedel Blain & Postler, P.A. as Subchapter V trustee for
Stripe a Lot of America II, Corp.
Ms. Mayer will be paid an hourly fee of $350 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Mayer declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Amy Denton Mayer
Stichter Riedel Blain & Postler P.A.
110 East Madison Street, Suite 200
Tampa, FL 33602
Phone: (813)229-0144
Email: amayer@subvtrustee.com
About Stripe a Lot of America II Corp.
Stripe a Lot of America II, Corp. filed a petition under Chapter
11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
25-07715) on October 20, 2025, listing between $500,001 and $1
million in assets and between $1 million and $10 million in
liabilities.
Judge Roberta A. Colton presides over the case.
Buddy D. Ford, Esq., at Ford & Semach, P.A. represents the Debtor
as legal counsel.
THREE STAR: Seeks Court Approval to Tap Page & Smith as Accountant
------------------------------------------------------------------
Three Star Trucking, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of North Carolina to employ Page &
Smith, PA as accountant.
The firm's services include preparation of the Debtor's tax
returns, bookkeeping, and provision of general tax advice.
Dana Letchworth, CPA, the primary accountant in this
representation, will be paid at an hourly rate of $300.
Ms. Letchworth 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:
Dana T. Letchworth, CPA
Page & Smith, PA
713 W. Vernon Avenue
Kinston, NC 28504
Telephone: (252) 523-1088
Email: dana@pageandsmith.com
About Three Star Trucking
Three Star Trucking, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-01027) on
November 2, 2022, listing up to $50,000 in estimated assets and up
to $1 million in estimated liabilities. Charles L. Stokes, Jr.,
manager, signed the petition.
The Debtor tapped George Mason Oliver, Esq., at The Law Offices of
George Oliver, PLLC as counsel and Dana T. Letchworth, CPA, at Page
& Smith, PA as accountant.
THRILL INTERMEDIATE: Taps Stretto as Claims and Noticing Agent
--------------------------------------------------------------
Thrill Intermediate, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Nevada to employ Stretto, Inc. as claims,
noticing, and solicitation agent.
Stretto will oversee the distribution of notices and will assist in
the maintenance, processing, and docketing of proofs of claim filed
in the Chapter 11 case of the Debtor.
Prior to the petition date, the Debtor did not provide Stretto with
an advance or retainer.
Sheryl Betance, a senior managing director at Stretto, 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:
Sheryl Betance
Stretto, Inc.
410 Exchange Suite 100
Irvine, CA 92602
Telephone: (800) 634-7734
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 sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Nev. 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.
Honorable Bankruptcy Judge Mike K. Nakagawa handles the case.
The Debtor tapped Gregory E. Garman, Esq., at Garman Turner Gordon,
LLP as counsel and Stretto, Inc. as claims, noticing, and
solicitation agent.
TURQUIOSE LLC: Seeks Approval to Hire US Auctioneers as Appraiser
-----------------------------------------------------------------
Turquiose, LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of Iowa to employ US Auctioneers Inc. as
appraiser.
The Debtor needs an appraiser to appraise the values of its
trucking operating equipment.
The firm will be compensated $1,000 per day for the appraisal, plus
expenses.
Mike Detmer, an employee at US Auctioneers, 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:
Mike Detmer
US Auctioneers Inc.
1401 Thornwood Ln.
Le Claire, IA 52753
About Turquiose LLC
Turquiose, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Iowa Case No. 25-01112) on Oct. 8,
2025, listing up to $10 million in both assets and liabilities.
The Debtor is represented by Austin J. Peiffer, Esq., at AG &
Business Legal Strategies.
UTICA TOWNSHIP: Seeks to Extend Plan Filing Deadline to Oct. 29
---------------------------------------------------------------
Utica Township Volunteer Fire Fighters Association and Utica
Township Fire Department, Incorporated asked the U.S. Bankruptcy
Court for the Southern District of Indiana to extend their period
to file chapter 11 plan to October 29, 2025.
The current deadline for the Debtors to file their chapter 11 plans
is October 22, 2025. On August 29, 2025, the Debtors filed a
motion, seeking authorization to enter into a settlement agreement
to resolve disputes with certain parties with an interest in these
bankruptcy proceedings.
The Debtors explain that the settlement was reached at mediation
and involved additional parties and issues outside the scope of
these bankruptcy proceedings. Furthermore, the settlement was
subject to the review of certain officials of the State of Indiana.
As the Debtors understand it, the State has not completed its final
review of the form of the agreement and may require certain changes
that primarily concern other parties and do not alter the terms of
the agreement that are material to the Debtors and their estates.
The Debtors claim that their ability to fund their chapter 11 plans
relies heavily on the settlement. During the hearing held on
October 20, 2025, the relevant parties had discussions, which lead
the Debtors to believe that the terms of the settlement will soon
be finalized.
Counsel for the Debtors:
Joseph H. Haddad, Esq.
William P. Harbison, Esq.
Adam B. Buckman, Esq.
Seiller Waterman LLC
Meidinger Tower, 22nd Floor
462 S. Fourth Street
Louisville, KY 40202
Telephone: (502) 584-7400
Facsimile: (502) 583-2100
Email: haddad@derbycitylaw.com
E-mail: harbison@derbycitylaw.com
E-mail: abuckman@derbycitylaw.com
About Utica Township Volunteer
Fire Fighters Association
Utica Township Volunteer Fire Fighters Association is a nonprofit
organization based in Clarksville, Indiana, providing volunteer
fire protection and emergency services for Utica Township and
surrounding areas.
Utica Township Volunteer Fire Fighters Association sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case
No. 25-90840) on July 22, 2025. In its petition, the Debtor reports
total assets of $3,023,08 and total liabilities of $1,076,837.
Honorable Bankruptcy Judge Andrea K. McCord handles the case.
The Debtor is represented by William P. Harbison, Esq. at SEILLER
WATERMAN LLC.
V820JACKSON LLC: Amends Strategic Unsecured Claims Pay Details
--------------------------------------------------------------
V820Jackson, LLC submitted a Disclosure Statement describing First
Amended Plan of Reorganization dated October 16, 2025.
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) V820 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, to pay the Huntington Bank $1,800,000 to release its
claim and to satisfy any outstanding administrative claims and
Priority Claims against the Debtor ("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 V820, AV Wheaton Town Square I, LLC, shall sell,
transfer and assign all of the membership interests that it owns in
the Debtor to New Owner. The New Owner or its affiliate(s) will be
the obligor(s) on the DIP Loan and will guaranty all payments under
the terms of the Plan.
Class IV 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 in an
amount equal to eighty percent of each claimant's Allowed Claim on
or before one year from the Effective Date. There are 20
NonStrategic Creditors. This Class is impaired.
Like in the prior iteration of the Plan, the claim of the Non
Strategic Creditors will be paid from the revenues of the Debtor in
an amount equal to fifteen 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 21 Non-Strategic Creditors.
The Class VI Interests are represented by AV Wheaton Town Square I,
LLC. Upon the Effective Date or pursuant to the consummation of the
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.
A full-text copy of the Disclosure Statement dated October 16, 2025
is available at https://urlcurt.com/u?l=giPiZv 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
Tel: (312) 663-0004
Fax: (312) 663-1514
Email: ariel@weissberglaw.com
About V820Jackson, LLC
V820Jackson, LLC is classified as a single-asset real estate debtor
under the definition set forth in Section 101(51B) of the U.S.
Bankruptcy Code.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-07228) on May 12,
2025. In the petition signed by Andrew P. Vaccaro, manager, the
Debtor disclosed up to $10 million in assets and up to $50 million
in liabilities.
Judge Michael B .Slade oversees the case.
Ariel Weissberg, Esq., at Weissberg and Associates, Ltd.,
represents the Debtor as legal counsel.
VEON LTD: Beeline Kazakhstan to Acquire OLX for US$75M
------------------------------------------------------
VEON Ltd. announced that Beeline Kazakhstan, VEON's Kazakh
operating company, has agreed to acquire 100% of the Kazakh online
classifieds business OLX Kazakhstan, from OLX Group for a total
consideration of USD75 million.
Founded as a marketplace connecting millions of buyers and sellers
across goods and services, jobs, autos and real estate, OLX KZ is
one of the most widely used digital platforms in Kazakhstan. As of
June 30, 2025, OLX KZ had approximately 10 million monthly active
users and 3.6 million listings, and was visited monthly by more
than 52% of the country's active internet users1.
"Beeline Kazakhstan is a leader in digital innovation for consumers
and enterprises, and the acquisition of OLX KZ represents a
significant opportunity to further enhance the digital operator's
offering to customers," said Kaan Terzioglu, VEON Group CEO. "I am
happy to welcome the OLX KZ team, who have successfully developed a
consistently profitable, market-leading business in Kazakhstan, to
the VEON family and look forward to the opportunities that this new
digital vertical will create for the Group's digital operator
strategy."
"I am excited about the potential synergies we see from integrating
Kazakhstan's leading online classifieds business into Beeline
Kazakhstan's digital services ecosystem. OLX KZ will make it
possible for us to offer customers a more comprehensive and better-
integrated set of digital services, while also reaching more users
with one of the market-leading businesses," said Evgeniy Nastradin,
CEO of Beeline Kazakhstan.
"We're proud of what our team in Kazakhstan has built with OLX KZ-a
trusted, scaled marketplace serving millions of Kazakhs every day,"
commented Christian Gisy, CEO of OLX Group. "This transaction
aligns with our strategy to focus on core categories and key
markets, while placing OLX KZ with an owner that brings deep local
reach and a powerful digital ecosystem. We thank the team for their
outstanding work and are confident Beeline Kazakhstan will drive
the business's next phase of growth."
Beeline Kazakhstan's acquisition of OLX KZ is subject to regulatory
approvals and customary closing conditions. OLX Group will provide
certain IT related support services to OLX KZ over a transitional
period.
About Beeline Kazakhstan:
Beeline Kazakhstan serves 11 million customers with mobile
connectivity and two million with fixed internet services. Since
2018, the company has been executing its digital operator strategy.
Over the past five years, leveraging its expertise in digital
solution development, Beeline has created an ecosystem of 60
internal and external products. Beeline Kazakhstan is
majority-owned by VEON.
About Veon Ltd.
VEON is a digital operator strategically positioned across six
frontier markets: Bangladesh, Kazakhstan, Pakistan, Ukraine
Uzbekistan and Kyrgyzstan (currently classified as held for sale).
The Company delivers comprehensive telecommunications and digital
services (including voice, fixed broadband, data and cloud
services) through local brands that resonate with each market's
unique digital landscape, including our "Kyivstar," "Banglalink,"
"Toffee" and "Jazz" brands. VEON operates across six countries that
are home to more than 7% of the world's population. The company's
digital operator strategy focuses on delivering services beyond
traditional mobile and fixed connectivity, and expands into digital
financial services, entertainment, healthcare, education and
digital enterprise services.
As of December 31, 2024, the Company had $8 billion in total
assets, $6.8 billion in total liabilities, $28 million in
liabilities associated with assets held for sale, and a total
equity of $1.3 billion.
Melville, New York-based UHY LLP, the Company's auditor since 2024,
issued a "going concern" qualification in its report dated April
25, 2025, attached to the Company's Annual Report on Form 10-K for
the year ended December 31, 2024, citing that the Company has been
negatively impacted and will continue to be negatively impacted by
the consequences of the war in Ukraine, and has stated that these
events or conditions indicate that a material uncertainty exists
that may cast significant doubt (or raise substantial doubt as
contemplated by PCAOB standards) on the Company's ability to
continue as a going concern.
VITAMINS ONLINE: Seeks Chapter 7 Bankruptcy in Delaware
-------------------------------------------------------
Vitamins Online Inc. voluntarily filed for Chapter 7 bankruptcy in
the District of Delaware on October 24, 2025. According to the
petition, the company's liabilities ranging from $10 million to $50
million. The filing notes that the company has between 1 and 49
creditors.
About Vitamins Online Inc.
Vitamins Online Inc., based in Delaware, is an e-commerce retailer
focused on dietary supplements and wellness products. Through its
website, vitaminsonline.com, the company offers a variety of items
including vitamins, minerals, herbs, and other health-related
goods.
Vitamins Online Inc. sought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 25-11871) on October 24,
2025. In its petition, the Debtor reports estimated assets and
liabilities up to $50,000 each.
Honorable Bankruptcy Judge J Kate Stickles handles the case.
The Debtor is represented by Robert I. Masten, Jr., Esq. of Masten
Law, LLC.
VSM PROPERTIES: Seeks Approval to Hire Zach Miller as Realtor
-------------------------------------------------------------
VSM Properties LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Tennessee to employ Zach Miller as
realtor in its Chapter 11 case.
Mr. Miller will provide these services:
(a) sell the Debtor's real property commonly known as 903 Veterans
Memorial Drive, Tellico Plains, TN 37385; and
(b) perform all other services customary and necessary to complete
the sale of the Debtor’s property.
Mr. Miller will receive compensation fixed at 2.5% of the sales
price.
The firm can be reached at:
Zach Miller
200 Lakeside Plaza
Loudon, TN 37774
Telephone: (865) 224-1396
About VSM Properties LLC
VSM Properties LLC owns and operates short-term rental and
residential real estate in Tellico Plains, Tennessee and the
surrounding area, focusing on cabin and hospitality properties.
VSM Properties LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-12708) on October 9,
2025. In its petition, the Debtor reports estimated assets up to
$50,000 and estimated liabilities between $10 million and $50
million.
Honorable Bankruptcy Judge Nicholas W. Whittenburg handles the
case.
The Debtor is represented by W. Thomas Bible, Jr., Esq. of TOM
BIBLE LAW.
WHITE WILSON: Taps Johnson Pope Bokor Ruppel & Burns as Counsel
---------------------------------------------------------------
White Wilson Medical Center, PA seeks approval from the U.S.
Bankruptcy Court for the Northern District of Florida to employ
Johnson Pope Bokor Ruppel & Burns, LLP as counsel.
The firm will render these services:
(a) advise the Debtor with respect to its duties and
obligations;
(b) take necessary steps to analyze and pursue any avoidance
actions, if in the best interest of the estate;
(c) prepare on behalf of the Debtor necessary legal papers
required in this Chapter 11 case;
(d) assist the Debtor in taking all legally appropriate steps
to effectuate compliance with the Bankruptcy Code;
(e) perform all other legal services for the Debtor which may
be necessary herein; and
(f) provide advice and legal counsel on healthcare related
matters and regulatory compliance.
The firm's attorneys will be paid at these hourly rates:
Alberto Gomez, Esq. $525
Michael Markham, Esq. $475
The firm received a payment of $100,300 plus a filing fee of $1,738
from the Debtor.
Mr. Gomez 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:
Alberto F. Gomez, Jr., Esq.
Johnson Pope Bokor Ruppel & Burns, LLP
400 N. Ashley Drive, Suite 3100
Tampa, FL 33602
Telephone: (813) 225-2500
Email: al@jpfirm.com
About White Wilson Medical Center
White Wilson Medical Center PA is a multi-specialty medical
practice headquartered in Fort Walton Beach, Florida. Founded in
1952 by Dr. Henry C. White and Dr. Joseph C. Wilson, the group
provides primary care and outpatient services through more than 20
medical specialties, including cardiology, gastroenterology,
neurology, pediatrics, radiology, and surgery, as well as operating
an ambulatory surgery center. It is the largest private physician
group on Florida's Emerald Coast, employing about 58 medical
providers and over 230 staff across 12 leased clinic locations in
Fort Walton Beach, Crestview, DeFuniak Springs, Destin, Navarre,
and Niceville.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40486) on October 3,
2025. In the petition signed by Kenneth Persaud, chief executive
officer, the Debtor disclosed up to $10 million in assets and up to
$50 million in liabilities.
Judge Karen K. Specie oversees the case.
Alberto F. Gomez, Jr., Esq., at Johnson, Pope, Bokor, Ruppel &
Burns, LLP represents the Debtor as counsel.
X4 PHARMA: Empery Asset, 2 Others Hold 9.99% Stake
--------------------------------------------------
Empery Asset Management, LP, Ryan M. Lane, and Martin D. Hoe
disclosed in a Schedule 13G filed with the U.S. Securities and
Exchange Commission that as of September 30, 2025, they
beneficially own 2,498,162 shares of X4 Pharmaceuticals, Inc.'s
Common Stock, $0.001 par value per share, including 106,946 shares
issuable upon exercise of warrants (subject to a 9.99% ownership
blocker), representing 9.99% of the 24,899,689 shares outstanding
as of August 13, 2025, plus 2,450,000 shares issued upon warrant
exercises prior to September 30, 2025.
Empery Asset Management may be reached through:
Ryan M. Lane, Managing Member
1 Rockefeller Plaza, Suite 1205
New York, N.U. 10020
212-608-3300
A full-text copy of Empery Asset Management's SEC report is
available at: https://tinyurl.com/k8jz2tx9
About X4 Pharmaceuticals
Boston, Mass.-based X4 Pharmaceuticals, Inc. is a biopharmaceutical
company focused on discovering, developing, and commercializing
novel therapeutics for the treatment of rare diseases and those
with limited treatment options, particularly conditions resulting
from immune system dysfunction.
Boston, Mass.-based PricewaterhouseCoopers LLP, the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated March 25, 2025, attached to the Company's Annual
Report on Form 10-K for the year ended Dec. 31, 2024, citing that
the Company has incurred operating losses and negative cash flows
from operations since inception that raise substantial doubt about
its ability to continue as a going concern.
As of December 31, 2024, X4 Pharmaceuticals had $146.45 million in
total assets, $124.23 million in total liabilities, and $22.15
million in total shareholders' equity. As of June 30, 2025, it had
$105.17 million in total assets, $101.2 million in total
liabilities, and $3.97 million in total shareholders' equity.
YUNHONG GREEN: Regains Compliance With Nasdaq Bid Price Rule
------------------------------------------------------------
Yunhong Green CTI Ltd. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that it received
written notice from the Nasdaq Capital Market that the Company had
regained compliance with Nasdaq Listing Rule 5550(a)(2) (the
"Minimum Bid Price Rule").
On October 21, 2024, the Company received written notice from The
Nasdaq Capital Market stating that the Company was not in
compliance with Nasdaq Listing Rule 5550(a)(2) because the
Company's common stock failed to maintain a minimum closing bid
price of $1.00 for 30 consecutive business days. The Notice has no
immediate effect on the Nasdaq listing or trading of the Company's
common stock. This Notice provided an initial 180 calendar day
period, or until April 21, 2025, in which to regain compliance,
pursuant to Listing Rule 5810(c)(3)(A).
The Company was unable to gain compliance within the initial
180-day grace period, therefore on April 24, 2025, a second grace
period was granted by Nasdaq which allowed the Company an
additional 180-day period or until October 19, 2025 to regain
compliance.
The Company committed to effect a reverse stock split, if
necessary, in order to regain compliance. On August 22, 2025, the
Company received approval from its stockholders to effect a reverse
stock split at a ratio of one-for-ten (1:10) of the Company's
common stock, no par value.
The reverse stock split became effective on October 1, 2025.
About Yunhong Green
Barrington, Ill.-based Yunhong Green CTI Ltd develops, produces,
distributes and sells a number of consumer products throughout the
United States and in several other countries, and it produces film
products for commercial and industrial uses in the United States.
The Company's principal lines of products include Novelty Products
consisting principally of foil and latex balloons and related gift
items; and Flexible Films for food and other commercial and
packaging applications.
Boston, Mass.-based Wolf & Company, P.C, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated April 14, 2025, attached to the Company's Annual Report on
Form 10-K for the year ended December 31, 2024, citing that the
Company has suffered recurring losses from operations and has an
accumulated deficit of $25.9 million for the year ended December
31, 2024. This raises substantial doubt about the Company's ability
to continue as a going concern.
As of Dec. 31, 2024, the Company had $25.6 million in total assets,
$14.9 million in total liabilities, and a total stockholders'
equity of $10.7 million. As of June 30, 2025, the Company had $22.7
million in total assets, $11.4 million in total liabilities, and
$11.4 million in total equity.
ZETA CHARTER SCHOOLS:S&P Places 'BB+' ICR on 2025A/B Revenue Bonds
------------------------------------------------------------------
S&P Global Ratings placed its 'BB+' issuer credit rating (ICR) and
long-term rating on Build NYC Resource Corp.'s series 2025A and
2025B revenue bonds for ERE425LLC as borrower, on behalf of its
lessee, Zeta Charter Schools Inc. (ZCS), N.Y. on CreditWatch with
negative implications.
S&P said, "The CreditWatch placement reflects a likely material and
unexpected increase in leverage over the next six months to finance
new high school facilities. During our most recent review, we
understood the timing of this financing was uncertain and, as such,
it was not incorporated in the financial modeling provided to S&P
Global Ratings. As indicated in our prior report, additional debt
without commensurate enrollment and financial growth could lead to
a negative rating action.
"We analyzed environmental, social, and governance factors and view
them as neutral in our credit rating analysis.
"The CreditWatch placement reflects a likely material and
unexpected increase in leverage over the next six months to finance
new high school facilities. We will fully incorporate these plans
into our rating as additional information becomes available. We
could lower the rating over the next 90 days if we believe the
leverage associated with these plans is no longer consistent with
the current rating. We could return the outlook to stable if we
believe the credit profile, inclusive of the additional financing,
is consistent with current rating expectations."
*********
Monday's edition of the TCR delivers a list of indicative prices
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